MIRA INFORM REPORT

Report Date :

09.10.2013

IDENTIFICATION DETAILS

Name :	SHREEDHAM CONSTRUCTIONS PRIVATE LIMITED
Registered Office :	105/106, 1st Floor, Vijayind Estate, New Link Road Malad (West) Mumbai -  400064, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.05.1989
Com. Reg. No.:	11-051699
Capital Investment / Paid-up Capital :	Rs. 9.865 Millions
CIN No.: [Company Identification No.]	U99999MH1989PTC051699
Legal Form :	Private Limited Liability Company
Line of Business :	Builders and Developers
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 275000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears drastic dip in the profit of the company in 2012. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Ashish Tiwari
Designation :	Accounts Department
Contact No.:	91-22-28755111
Date :	07.10.2013

LOCATIONS

Registered Office / Corporate Office :	105/106, 1st Floor, Vijayind Estate, New Link Road Malad (West) Mumbai -  400064, Maharashtra, India
Tel. No.:	91-22-28755741/28755111/42336999
Fax No.:	91-22-287551111
E-Mail :	shreedh333@hotmail.com shreedh333@gmail.com
Website :	www.shreedhamgroup.co
Location :	Owned

DIRECTORS

As on 22.09.2012

Name :	Mr. Satyanarian Maheshwari
Designation :	Director
Address :	501, Indra Darshan, Bldg No 17, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	26.05.1943
Date of Appointment :	11.05.1989
DIN No.:	00210612
Name :	Mr. Sanjay Satyanarain Maheshwari
Designation :	Director
Address :	501, Indra Darshan, Bldg No 17, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	02.11.1962
Date of Appointment :	11.05.1989
DIN No.:	00210410
Name :	Mr. Ajay Maheshwari
Designation :	Director
Address :	201, Belmont, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	02.11.1962
Date of Appointment :	01.04.2005
DIN No.:	00210700
Name :	Mr. Shashank Ajay Maheshwari
Designation :	Director
Address :	201, Belmont, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	18.11.1987
Date of Appointment :	10.11.2010
DIN No.:	01719914
Name :	Mr. Shwetank Sanjay Maheshwari
Designation :	Director
Address :	501, Indra Darshan, Bldg No 17, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	03.12.1993
Date of Appointment :	21.06.2012
DIN No.:	05301135

KEY EXECUTIVES

Name :	Mr. Ashish Tiwari
Designation :	Accounts Department

MAJOR SHAREHOLDERS

As on 22.09.2012

Names of Shareholders	No. of Shares
Satyanarain Maheshwari	406650
Sanjay Maheshwari	13100
Ajay Maheshwari	13000
Aditya Maheshwari	1000
Rahul Maheshwari	1000
Dinesh Kumar Saboo	11000
Jagdish Prasad Sharda	11000
Vijay Kumar	500
Asha Saboo	500
Jyanadevi	2500
Meena Saboo	3500
Sashi Saboo	10500
Savitri Devi	500
Shanta Devi Saboo	3000
Sudha Maheshwari	4000
Uma Saboo	3500
Shwetank Maheshwari	35100
Ashok Kumar Malani	10000
Madanlal Sharada	10000
Rajkumar Khator	10000
Shishir Maheshwari (Minor)	32500
Sudhanshu Maheshwari (Minor)	36600
Alka Diamond Industries Limited	15250
Captown Mercantile Company Private Limited	17750
Faststone Trading Company Private Limited	16000
Hema Trading Company Private Limited	15500
Javda India Impex Private Limited	8500
JKP Trading (India) Private Limited	7500
Kush Hindustan Entertainment Limited	8500
Lexus Infotech Limited	26250
New Planet Trading Company Private Limited	14750
Ostwal Trading (India) Private Limited	17500
Realgold Trading Company Private Limited	18000
Vanguard Jewels Limited	17250
Yash V. Jewels Limited	17250
Shreedham Agrotech Private Limited	167000
Total	986450

As on 30.03.2013

Names of Allottees (Preference Shares)	No. of Shares
Ajay Maheshwari (HUF)	17590
Sanjay Maheshwari (HUF)	19240
Satyanarain Maheshwari	41140
Satyanarain Maheshwari (HUF)	63150
Shashank Maheshwari	9000
Sheelu Maheshwari	40880
Sudha Maheshwari	9000
Total	200000

Equity Share Break up (Percentage of Total Equity)

As on 22.09.2012

Category	Percentage
Bodies corporate	37.20
Directors or relatives of Directors	55.60
Other top fifty shareholders	7.20
Total	100.00

BUSINESS DETAILS

Line of Business :	Builders and Developers
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Others

No. of Employees :

15 (Approximately)

Bankers :

ICICI Bank Limited, Versova Branch, Mumbai, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
From Banks
ICICI Bank Limited - Vehicle Loan (Secured against hypothecation of Motor Car) Terms of Repayment: Repayable under EMI of Rs. 0.016 Million for 60 months)	0.000	0.152
Short Term Borrowings
From Banks
Overdraft from ICICI Bank (Secured against Gala at Malad of the Directors and their Relatives) Terms of Repayment: After 90 days on demand	14.012	0.000
Total	14.012	0.152

Banking Relations :	--
Financial institution :	ICICI Home Finance Company Limited, ICICI Bank Tower, Bandra Kurla Complex, Mumbai – 400051, Maharashtra, India
Auditors :
Name :	R.R. Falod and Company Chartered Accountants
Address :	108, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India
PAN No.:	AAAPF2196E

CAPITAL STRUCTURE

After 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions
200000	Preference Shares	Rs. 100/- each	Rs. 20.000 Millions
	Total		Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
986450	Equity Shares	Rs. 10/- each	Rs. 9.865 Millions
200000	Preference Shares	Rs. 100/- each	Rs. 20.000 Millions
	Total		Rs. 29.865 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions
200000	Preference Shares	Rs. 100/- each	Rs. 20.000 Millions
	Total		Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
986450	Equity Shares	Rs. 10/- each	Rs. 9.865 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.865	5.865
(b) Reserves & Surplus	38.862	22.598
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	20.000	40.000
Total Shareholders’ Funds (1) + (2)	68.727	68.463
(3) Non-Current Liabilities
(a) long-term borrowings	26.000	7.652
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	26.000	7.652
(4) Current Liabilities
(a) Short term borrowings	45.778	2.554
(b) Trade payables	0.000	0.000
(c) Other current liabilities	87.742	76.916
(d) Short-term provisions	0.045	0.143
Total Current Liabilities (4)	133.565	79.613
TOTAL	228.292	155.728
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.120	1.439
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3.035	3.035
(e) Other Non-current assets	0.739	0.135
Total Non-Current Assets	4.894	4.609
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	206.704	94.136
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	3.444	15.835
(e) Short-term loans and advances	13.250	41.148
(f) Other current assets	0.000	0.000
Total Current Assets	223.398	151.119
TOTAL	228.292	155.728

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.865
2] Share Application Money		0.000
3] Reserves & Surplus		21.975
4] (Accumulated Losses)		0.000
NETWORTH		27.840
LOAN FUNDS
1] Secured Loans		1.067
2] Unsecured Loans		5.359
TOTAL BORROWING		6.426
DEFERRED TAX LIABILITIES		0.000
TOTAL		34.266
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.637
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.685
	Sundry Debtors	8.749
	Cash & Bank Balances	3.084
	Other Current Assets	28.441
	Loans & Advances	7.965
Total Current Assets		63.924
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	31.216
	Other Current Liabilities	0.000
	Provisions	0.115
Total Current Liabilities		31.331
Net Current Assets		32.593
MISCELLANEOUS EXPENSES		0.036
TOTAL		34.266

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	0.000	16.221	18.721
		Other Income	1.417	1.642	0.704
		TOTAL (A)	1.417	17.863	19.425
Less	EXPENSES
		Purchase of land	5.808	0.000
		Changes in the inventories of finished goods	(5.808)	14.810
		Employee benefits expense	0.117	0.182
		Other expenses	0.507	0.705
		TOTAL (B)	0.624	15.697	18.766
					(Including Finance Expense)
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.793	2.166
Less	FINANCIAL EXPENSES (D)		0.315	1.211
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.478	0.955	0.659
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.036	0.031	0.001
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.442	0.924	0.658
Less	TAX (H)		0.178	0.300	0.181
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.264	0.624	0.477
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.726	0.102	(0.375)
	BALANCE CARRIED TO THE B/S		0.990	0.726	0.102
	Earnings Per Share (Rs.)		0.43	1.06	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	18.63	3.49	2.46
Net Profit Margin (PBT/Sales)	(%)	0.00	5.70	3.51
Return on Total Assets (PBT/Total Assets)	(%)	0.19	0.60	1.00
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.02
Debt Equity Ratio (Total Debt /Networth)		1.04	0.15	0.23
Current Ratio (Current Asset/Current Liability)		1.67	1.90	2.04

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
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	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

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Other Loans and advances (of the above, Rs. NIL is guaranteed by Directors and / or others) Terms of Repayment : Over a period of 3 - 5 years)	26.000	7.500
Short Term Borrowings
Loans from Corporate (of the above, Rs. NIL is guaranteed by Directors and / or others) Terms of Repayment : On Demand	16.500	0.000
Loans and advances from related parties (of the above, Rs. NIL is guaranteed by Directors and / or others) Terms of Repayment : On Demand	5.866	2.554
Other loans and advances (of the above, Rs. NIL is guaranteed by Directors and / or others) Terms of Repayment : On Demand	9.400	0.000
Total	57.766	10.054

CURRENT MATURITY OF LONG TERM DEBT DETAIL:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Current Maturity of Long Term Debt	0.152	0.469	NA
Total	0.152	0.469	NA

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10409965	08/03/2013	150,000,000.00	ICICI HOME FINANCE COMPANY LIMITED	ICICI BANK TOWERS, BANDRA KURLA COMPLEX, MUMBAI, Maharashtra - 400051, INDIA	B7003798

FINANCIAL RESULT:

During the year, the company has made a profit of Rs. 0.264 Million after making provision for taxation of Rs. 0.180 Million as compared to a profit of Rs. 0.624 Million previous years. In view of conserving resources for upcoming projects of the company, the directors do not recommend any dividend.

During the year, the company has incurred further Rs. 63.646 Millions towards development of project at Vivekanand Project, Rs. 11.819 Millions toward Murbad Project and Rs. 1.726 Millions towards Meditya Nagar (Shreedham Excellency) project. New projects at Raigad and Sane Guruji were undertaken during the year and Rs. 29.462 and Rs. 0.050 Million respectively was incurred for the same. All the expenses incurred have been transferred to work in progress A/c.

FIXED ASSETS:

• Plant and Equipment
• Furniture and Fixture
• Vehicles
• Office Equipment
• Computers

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. 61.69
UK Pound	1	Rs. 99.20
Euro	1	Rs. 83.69

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	4
--LEVERAGE	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.