MIRA INFORM REPORT

Report Date :

12.11.2013

IDENTIFICATION DETAILS

Name :	SIDDHIVINAYAK CONSTRUCTION PRIVATE LIMITED
Registered Office :	111, Siddhivinayak Annexe, S.J. Marg, Lower Parel (West), Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.07.1996
Com. Reg. No.:	11-100865
Capital Investment / Paid-up Capital :	Rs. 4.600 Millions
CIN No.: [Company Identification No.]	U45200MH1996PTC100865
TAN No.: [Tax Deduction & Collection Account No.]	MUMS23845D
Legal Form :	Private Limited Liability Company
Line of Business :	Construction Activity
No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 590000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Management has failed to file the financial information with the Government Department after 2010. As per the available financial (2010), financial position of the company appears to be decent. The rating also takes into consideration the high working capital intensive operations and the prevailing slowdown in the infrastructure industries. Trade relations are reported as fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealings with some cautions.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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 :	111, Siddhivinayak Annexe, S.J. Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-24224412 /13/ 14/ 24900055
Fax No.:	91-22-24224412 /13/ 14/ 24903313
E-Mail :	scplmumbai@yahoo.in deepsoffice@gmail.com
Website :	http://www.scpl-india.net

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Ashish Janardan Patankar

Designation :

Director

Address :

9, Kathiawar Society, Cross Road No. 12, Juhu, Mumbai – 400028, Maharashtra, India

Date of Appointment :

10.07.1996

DIN No.:

01721719

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U45200MH1996PTC100865	SIDDHIVINAYAK CONSTRUCTION PRIVATE LIMITED	Director	10/07/1996	10/07/1996	Active	NO
2	U45400MH2007PTC170480	SIDDHIVINAYAK INFRAPROJECTS PRIVATE LIMITED	Director	01/05/2007	01/05/2007	Active	NO
3	U24100MH2010PTC199609	MADHUKAR HORMONES & STEROIDS PRIVATE LIMITED	Director	03/02/2010	03/02/2010	Active	NO
4	U74140MH1996PTC102049	MADAV CONSULTNTS (INDIA) PRIVATE LIMITED	Director	30/09/2013	05/10/2011	Active	NO

Name :

Mr. Nitin Prakash Phadnis

Designation :

Director

Address :

Adha Niwas, Shivaji Park Road No. 3, Dadar (West), Mumbai – 400028, Maharashtra, India

Date of Appointment :

10.07.1996

DIN No.:

01724043

Name :

Mr. Abhijit Vasantrao Kabir

Designation :

Director

Address :

13, Yashodhara, 80, CSVS Marg, Dadar (West), Mumbai – 400028, Maharashtra, India

Date of Appointment :

10.07.1996

DIN No.:

01724201

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U45200MH1996PTC100865	SIDDHIVINAYAK CONSTRUCTION PRIVATE LIMITED	Director	10/07/1996	10/07/1996	Active	NO
2	U15520MH2005PTC150903	TERROIR INDIA WINERIES PRIVATE LIMITED	Director	31/01/2005	31/01/2005	Active	NO

Name :

Mr. Sachin Madhukar Khanolkar

Designation :

Director

Address :

3, Sarvamangal, Collage Lane, Dadar (West), Mumbai – 400028l, Maharashtra, India

Date of Appointment :

10.07.1996

DIN No.:

01724299

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45200MH1996PTC100865	SIDDHIVINAYAK CONSTRUCTION PRIVATE LIMITED	Director	10/07/1996	10/07/1996	-	Active	NO
2	U92120MH2001PTC130376	SIDDHIVINAYAK CINEVISION PRIVATE LIMITED	Director	10/01/2001	10/01/2001	-	Active	NO
3	U15520MH2005PTC150903	TERROIR INDIA WINERIES PRIVATE LIMITED	Director	31/01/2005	31/01/2005	24/12/2009	Active	NO
4	U74210MH2005PTC154338	SIDDHIVINAYAK CONSULTANTS PRIVATE LIMITED	Director	29/06/2005	29/06/2005	-	Converted to LLP and dissolved	NO
5	U92120MH2008PTC187505	FILM TREE MOTION PICTURES PRIVATE LIMITED	Director	14/10/2008	14/10/2008	-	Strike off	NO

Name :

Mr. Mayuresh Yashwant Awalegaonkar

Designation :

Director

Address :

16/3, Maikrupa Sagar CHS, Cadell Road, Dadar (West), Mumbai – 400028, Maharashtra, India

Date of Appointment :

10.07.1996

DIN No.:

01843036

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Sachin Khanolkar	39100
Bindiya Khanolkar	2300
Shobha Khanolkar	2300
Ashish Patankar	2300
Total	46000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Construction Activity

GENERAL INFORMATION

No. of Employees :

Not Available

[We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

· Shramik Sahakari Bank

ICICI Bank

Citi Bank

The Saraswat Co-operative Housing Society Limited

Union Bank of India

Axis Bank

Facilities :

SECURED LOANS	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Shramik Sahakari Bank	0.000	0.267
I.C.I.CI Bank	0.000	14.120
I.C.I.CI Bank - OD	0.000	0.102
Car Loan - ICICI Bank	0.271	0.003
Citi bank	0.346	0.442
Kotak Mahindra Prime Limited	1.965	2.486
The Saraswat Co-operative Housing Society Limited	46.707	50.552
Union Bank of India	100.226	0.000
Axis Bank	0.718	0.000
Total	150.233	67.972

Banking Relations :	--
Financial Institution :	· Viniyog Investment and Trading Company Private Limited, 121-A, Embassy Apartments, Nepeansea Road, Mumbai - 400026, Maharashtra, India Kotak Mahindra Prime Limited
Auditors :
Name :	Nayak and Rane Chartered Accountants
Address :	501, Siddhivinayak Annexe, C-Wing, S.J. Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-24984555
Income-tax PAN of auditor or auditor's firm :	AACFN4326J
Subsidiaries :	Siddhivinayak Cinevision Private Limited [U92120MH2001PTC130376]

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46,000	Equity Shares	Rs. 100/- each	Rs. 4.600 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		4.600	4.600	4.600
2] Share Application Money		50.000	0.000	0.000
3] Reserves & Surplus		92.888	86.172	71.562
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		147.488	90.772	76.162
LOAN FUNDS
1] Secured Loans		150.233	67.972	14.724
2] Unsecured Loans		19.871	45.994	9.609
TOTAL BORROWING		170.104	113.966	24.333
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		317.592	204.738	100.495
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.313	5.151	5.508
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		35.247	31.428	39.996
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	118.283	128.483	128.482
	Sundry Debtors	9.460	1.435	1.637
	Cash & Bank Balances	9.791	7.018	1.796
	Other Current Assets	177.856	69.420	3.624
	Loans & Advances	63.540	36.740	61.287
Total Current Assets		378.930	243.096	196.826
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.317	17.474
	Other Current Liabilities	59.589	33.190	103.056
	Provisions	26.992	24.273	38.779
Total Current Liabilities		101.898	74.937	141.835
Net Current Assets		277.032	168.159	54.991
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		317.592	204.738	100.495

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income			31.382
		Other Income			12.196
		TOTAL	27.466	NA	43.578
Less	EXPENSES
		Development Cost			23.864
		Administrative Expenses			16.730
		Changes in inventory of flat			(20.940)
		TOTAL	17.746	NA	19.654
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(Including Depreciation Expenses)	(Including Depreciation Expenses)	23.924
Less/ Add	DEPRECIATION/ AMORTISATION				0.843
	PROFIT BEFORE TAX		9.720	NA	23.081
Less	TAX		3.004	NA	8.048
	PROFIT AFTER TAX		6.716	NA	15.033
	Earnings Per Share (Rs.)		146.00	NA	326.80

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	24.45	NA	52.96
Net Profit Margin (PBT/Sales)	(%)	NA	NA	73.55
Return on Total Assets (PBT/Total Assets}	(%)	2.53	NA	11.41
Return on Investment (ROI) (PBT/Networth)		0.07	NA	0.30
Debt Equity Ratio (Total Debt/Networth)		1.15	1.26	0.32
Current Ratio (Current Asset/Current Liability)		3.72	3.24	1.39

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 two years	Yes
12]	Profitability for last two 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	Yes
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	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10399284	04/01/2013	10,000,000.00	VINIYOG INVESTMENT AND TRADING COMPANY PRIVATE LIM ITED	121-A, EMBASSY APARTMENTS, NEPEANSEA ROAD, MUMBAI - 400026, MAHARASHTRA, INDIA	B66253451
2	10265322	13/12/2010	2,676,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B04879292
3	10124128	16/09/2008	50,000,000.00	THE SARASWAT CO-OP. BANK LIMITED	MADHUKENDRA BRANCH, DADAR (WEST), MUMBAI - 400028, MAHARASHTRA, INDIA	A46933883
4	10009708	29/03/2006	32,250,000.00	KOTAK MAHINDRA BANK LIMITED	159A CST ROAD VINAY BHAVYA COMPLEX, KALINA SANTACURZ, MUMBAI - 400098, MAHARASHTRA, INDIA	A00752246
5	90160605	06/08/2004	40,000,000.00	BANK OF PUNJAB LIMITED	KHIRA BHAWAN;535; SVP ROAD; SANDHURST, CHOWAPATTY, MUMBAI - 400087, MAHARASHTRA, INDIA	-

UNSECURED LOANS

UNSECURED LOANS	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Abhijit Kabir	0.098	0.098
Antanksha Holding Private Limited	0.000	1.200
Astra Exim Private Limited	2.000	2.000
Bakelime Fabrics Private Limited	0.000	1.000
Datanand Pednekar	0.000	0.140
Mannu Agarwal	0.500	0.500
Meena Jain	3.000	3.000
Meghna Hegde	0.155	0.209
Bindiya Khanolkar	0.771	0.000
Rajiv	2.500	0.000
Ravi Sarangan	0.000	2.500
Rekha Dave	1.300	0.000
Sachin	0.500	0.500
S. Nayak	0.000	0.100
Saniay S.	0.000	15.000
Saniay Shrinivansan	0.000	2.500
Shantkala Realtors	0.500	4.500
Shrikant Joshi	0.282	2.782
Satej Kanakar	0.100	0.000
Sonu and Sons	0.225	0.225
Sudhakar Pandit	1.100	1.100
Suhash Thali	0.400	0.400
Tiny Elephant	0.000	0.400
Usha Pandit	0.600	0.600
Vmcu Rah too:	2.500	2.500
Vimal Kabir	0.240	0.240
Savita Kanekar	0.100	0.000
Vineet Enterprises	0.000	1.500
Vtech	3.000	3.000
Total	19.871	45.994

Note:

The registered office of the company has been shifted from 3, Sarvamangal, College Lane, Dadar (West), Mumbai - 400028, Maharashtra, India to the present w.e.f.15.11.2011

FIXED ASSETS:

· Plates

Shuttering

Computer

Pager

Furniture and Fixture

Office Equipment

Vehicles

Land

Machinery

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 records 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. 63.30
UK Pound	1	Rs. 101.36
Euro	1	Rs. 84.60

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.