MIRA INFORM REPORT

Report Date :

23.03.2013

IDENTIFICATION DETAILS

Name :	PMC PROJECTS (INDIA) PRIVATE LIMITED
Registered Office :	Infrastructure House, Beside Shikhar Complex, Near Mithakhali Six Roads, Navrangpura, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.05.2005
Com. Reg. No.:	04-045974
Capital Investment / Paid-up Capital :	Rs.31.539 Millions
CIN No.: [Company Identification No.]	U45202GJ2005PTC045974
PAN No.: [Permanent Account No.]	AADCP5841L
Legal Form :	Private Limited Liability Company
Line of Business :	The subject is engaged in Construction and consulting Engineering, Procurement & sales of Equipments and material for Transmission line and Sub Station and dredging related services
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (20)

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Poor
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	Subject is a company having a poor track record. The networth of the company is completely eroded due to the huge accumulated loss recorded by the company. Even though the subject company has shown improvement in its operation, it has incurred heavy loss during 2012. However, business is active. Payment terms are slow and delayed. The company can be considered for business dealings on a safe and fully secured trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Infrastructure House, Beside Shikhar Complex, Near Mithakhali Six Roads, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-25555801
Fax No.:	Not Available
E-Mail :	kamlesh.bhagia@adani.com
Website :	http://www.pmcprojects.com

DIRECTORS

As on 29.09.2012

Name :	Mr. Bala Kalyanaraman Subramaniam
Designation :	Director
Address :	B-21, Samprath Residency, Behind Satyagrab – 2, Chavni, Off Judges Bunglow Road, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	27.05.1940
Date of Appointment :	01.02.2006
DIN No.:	02049144
Name :	Mr. Arvind Murlidhar Uplenchwar
Designation :	Director
Address :	76, Uganda Park, Near A-One School, Subhash Chowk, Gurukul Mem Nagar Road, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	16.07.1947
Date of Appointment :	26.02.2008
DIN No.:	00142114
Name :	Mr. Vinod George
Designation :	Director
Address :	A-45, Gangotri Apartments, Vikaspuri, New Delhi – 110018, India
Date of Birth/Age :	16.11.1952
Date of Appointment :	17.05.2010
DIN No.:	03042601

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
PMC Infra Limited, Mauritius	3153860
Sandip Mahendra Adani (Nominee of PMC Infra Limited, Mauritius)	1
Total	3153861

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The subject is engaged in Construction and consulting Engineering, Procurement & sales of Equipments and material for Transmission line and Sub Station and dredging related services

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	State Bank of India, 58, Shrimali Society, Navrangpura, Ahmedabad - 380009, Gujarat, India

Banking Relations :	--
Auditors :
Name :	Shah Dhandharia and Company Chartered Accountants
Address :	B-302, Anand View Society, Near Shahibaug Railway Crossing, Shahibaug, Ahmedabad – 380004, Gujarat, India
PAN No.:	AAGFM7049H

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3153861	Equity Shares	Rs.10/- each	Rs.31.539 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		31.539	31.539	31.539
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		(576.897)	249.652	218.544
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		(545.358)	281.191	250.083
LOAN FUNDS
1] Secured Loans		0.000	0.000	303.623
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	303.623
DEFERRED TAX LIABILITIES		0.000	10.697	20.111
TOTAL		(545.358)	291.888	573.817
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		278.586	302.528	371.048
Capital work-in-progress		3.134	0.000	0.000
INVESTMENT		10.777	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	39.912	36.946	0.000
	Sundry Debtors	17218.775	58.115	164.976
	Cash & Bank Balances	26.314	49.935	22.959
	Other Current Assets	877.873	0.063	0.000
	Loans & Advances	1696.624	1359.538	100.672
Total Current Assets		19859.498	1504.597	288.607
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13763.845	1328.083	23.437
	Other Current Liabilities	6875.175	167.834	47.258
	Provisions	28.333	19.320	15.143
Total Current Liabilities		20667.353	1515.237	85.838
Net Current Assets		(807.855)	(10.640)	202.769
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		(515.358)	291.888	573.817

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	22394.000	3269.400	773.700
		Other Income
		TOTAL (A)	22394.000	3269.400	773.700
Less	EXPENSES
		Office Expenses	22888.300	3113.300	554.600
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	22888.300	3113.300	554.600
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(494.300)	156.100	219.100
Less	FINANCIAL EXPENSES (D)		278.800	19.700	50.100
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(773.100)	136.400	169.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		65.100	77.400	65.400
	PROFIT BEFORE TAX (E-F) (G)		(838.200)	59.000	103.600
Less	TAX (H)		(11.700)	28.000	33.500
	PROFIT AFTER TAX (G-H) (I)		(826.500)	31.100	70.100
	Earnings Per Share (Rs.)		(262.06)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(3.69)	0.95	9.06
Return on Total Assets (PBT/Total Assets}	(%)	(4.16)	3.26	15.71
Return on Investment (ROI) (PBT/Networth)		1.54	0.21	0.41
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	1.21
Current Ratio (Current Asset/Current Liability)		0.96	0.99	3.36

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered office address of the company has been shifted from “8^th Floor, Shriu Krishna Centre, Near Mithakhali Six Road, Navrangpura, Ahmedabad - 380009, Gujarat, India” to the present address w.e.f 01.10.2007

FINANCIAL RESULTS:

Total income earned during the year was Rs.22394.000 Millions against expenditure of Rs.23232.200 Millions including financial charges amounting to Rs.278.800 Millions and depreciation amounting to Rs.65.100 Millions. The net loss after tax during the year under review was Rs.826.500 Millions.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.34
UK Pound	1	Rs.82.56
Euro	1	Rs.70.10

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		20

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.