MIRA INFORM REPORT

Report Date :

28.10.2013

IDENTIFICATION DETAILS

Name :	HES INFRA PRIVATE LIMITED
Registered Office :	74-5-9/1, Prakash Nagar, Rajahmundry - 533104, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.06.2007
Com. Reg. No.:	01-054641
Capital Investment / Paid-up Capital :	Rs. 155.000 Millions
CIN No.: [Company Identification No.]	U45400AP2007PTC054641
TAN No.: [Tax Deduction & Collection Account No.]	VPNH00273A
PAN No.: [Permanent Account No.]	AABCH8954L
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Civil Engineering Works of various kinds like Bridges, Roads, Aqueducts, Road over bridges, Railway Bridges and Irrigation Works etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 4756000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated as a partnership concern during the year 1997 with the name ‘Hindustan Engineers Syndicate’ and got converted into private limited in the year 2007. It is an established company having moderate track record. There appear huge external borrowings recorded by the company which seems to be increasing over year. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the trade deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term loans : B+
Rating Explanation	High risk of default.
Date	March 2013

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 DECLINED BY

Name :	Mr. Prakash Rao
Designation :	Finance Manager
Contact No.:	91-883-2429977
Date :	26.10.2013

LOCATIONS

Registered Office :	74-5-9/1, Prakash Nagar, Rajahmundry - 533104, Andhra Pradesh, India
Tel. No.:	91-883-2429977
Fax No.:	91-883-2430559
E-Mail :	info@hesinfra.com raonsridhar@rediffmail.com hes_hyd@yahoo.com
Website :	http://www.hesinfra.com
Corporate Office :	Plot No. 39, B. N. Reddy Colony, Road No.14, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India
Tel. No.:	91-40-23546979
Fax No.:	91-40-23544822

DIRECTORS

AS ON 27.09.2010

Name :

Venkata Rama Krishnam Raju Indukuri

Designation :

Managing director

Address :

F. No 502, Plot No. D 108, Gayatri Residency, Madhuranagar, Hyderabad - 500028, Andhra Pradesh, India

Date of Birth/Age :

23.09.1960

Date of Appointment :

27.06.2007

PAN No.:

AAJPI3011Q

DIN No.:

00916103

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	U72900KA2007PTC041911	ARTERIA TECHNOLOGIES PRIVATE LIMITED	Director	27/02/2007	27/02/2007	Active	NO
2	U45400AP2007PTC054641	HES INFRA PRIVATE LIMITED	Managing director	27/06/2007	27/06/2007	Active	NO
3	U01119AP2009PTC065822	HES AGRO PRIVATE LIMITED	Director	13/11/2009	13/11/2009	Active	NO
4	U01403AP2009PTC066042	HRUDAI AGRI PRIVATE LIMITED	Director	01/12/2009	01/12/2009	Active	NO
5	U05004AP2009PTC066062	JANAKIRAMA AQUA FARMS PRIVATE LIMITED	Director	02/12/2009	02/12/2009	Active	NO
6	U05004AP2009PTC066088	HRUDAI AQUA FOODS PRIVATE LIMITED	Director	03/12/2009	03/12/2009	Active	NO
7	U15490AP2009PTC066086	HRUDAI BIO-TECH PRIVATE LIMITED	Director	03/12/2009	03/12/2009	Active	NO
8	U11200AP2009PTC066268	ARYAN GAS TECHNOLOGIES INDIA PRIVATE LIMITED	Director	14/12/2009	14/12/2009	Active	NO
9	U45209AP2010PTC069727	GANGA TOLLWAYS PRIVATE LIMITED	Managing director	29/07/2010	29/07/2010	Active	NO
10	U40300AP2011PLC076149	BURGAMPADU GEO THERMAL LIMITED	Director	24/08/2011	24/08/2011	Active	NO
11	U40300AP2011PLC076235	GANDIKOTA WIND POWER LIMITED	Director	30/08/2011	30/08/2011	Active	NO
12	U05004AP2013PTC086822	NANDAN AQUATECH (INDIA) PRIVATE LIMITED	Director	06/04/2013	06/04/2013	Active	NO
13	U05004AP2013PTC086911	SALINI AQUATECH (INDIA) PRIVATE LIMITED	Director	10/04/2013	10/04/2013	Active	NO

Name :

Alluri Venkata Vara Prasada Raju

Designation :

Director

Address :

6-22-7, F. No - A4d, Park Lane Residency, East Point Colony, Vishakapatnam – 530017, Andhra Pradesh, India

Date of Birth/Age :

28.06.1961

Date of Appointment :

27.06.2007

PAN No.:

ACFPA3162Q

DIN No.:

00616249

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	U05005AP1993PLC016109	VISAKHA AQUA FARMS LIMITED	Director	09/05/1998	09/05/1998	-	Active	YES
2	U50100AP1998PTC029227	AYS AUTOMOBILES PRIVATE LIMITED	Director	15/01/2003	15/01/2003	-	Active	YES
3	U40101HP2001PTC024547	SAINJ HYDRO POWER PRIVATE LIMITED	Director	29/09/2006	21/08/2006	25/03/2013	Active	NO
4	U45400AP2007PTC054641	HES INFRA PRIVATE LIMITED	Director	27/06/2007	27/06/2007	-	Active	NO
5	U23200AP1995PTC022080	COASTAL INFRASTRUCTURE Private LIMITED	Additional director	17/08/2013	17/08/2013	-	Active	NO
6	U40102DL2010PTC204373	ARISTA POWER PRIVATE LIMITED	Additional director	23/08/2013	23/08/2013	-	Active	NO
7	U40106DL2010PTC204866	ANDRA POWER PRIVATE LIMITED	Additional director	23/08/2013	23/08/2013	-	Active	NO

Name :

Indukuri Prasada Rama Mohana Raju

Designation :

Director

Address :

P1 Sita Towers, Bhimavaram - 534202, Andhra Pradesh, India

Date of Birth/Age :

01.06.1957

Date of Appointment :

27.06.2007

PAN No.:

AAMPI1346M

DIN No.:

02333935

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	U45400AP2007PTC054641	HES INFRA PRIVATE LIMITED	Director	27/06/2007	27/06/2007	-	Active	NO
2	U01403AP2009PTC066042	HRUDAI AGRI PRIVATE LIMITED	Director	01/12/2009	01/12/2009	-	Active	NO
3	U05004AP2009PTC066062	JANAKIRAMA AQUA FARMS PRIVATE LIMITED	Director	02/12/2009	02/12/2009	-	Active	NO
4	U05004AP2009PTC066088	HRUDAI AQUA FOODS PRIVATE LIMITED	Director	03/12/2009	03/12/2009	-	Active	NO
5	U15490AP2009PTC066086	HRUDAI BIO-TECH PRIVATE LIMITED	Director	03/12/2009	03/12/2009	-	Active	NO
6	U15549AP2010PTC067114	BLUE-FIN SEA FOODS PRIVATE LIMITED	Director	22/02/2010	22/02/2010	16/12/2011	Active	NO
7	U15510AP2012PTC080382	H.B.SPIRITS PRIVATE LIMITED	Director	18/04/2012	18/04/2012	-	Active	NO
8	U05004AP2013PTC086892	LOKA AQUA FARMS PRIVATE LIMITED	Director	09/04/2013	09/04/2013	-	Active	NO

Name :

Kesava Raju Manthena

Designation :

Director

Address :

74-5-9/1, Prakash Nagar, East Godavari District, Rajahmundry - 533103, Andhra Pradesh, India

Date of Birth/Age :

20.08.1955

Date of Appointment :

27.06.2007

PAN No.:

AJOPM9905D

DIN No.:

02450679

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	U72900KA2007PTC041911	ARTERIA TECHNOLOGIES PRIVATE LIMITED	Director	27/02/2007	27/02/2007	Active	NO
2	U45400AP2007PTC054641	HES INFRA PRIVATE LIMITED	Director	27/06/2007	27/06/2007	Active	NO
3	U01119AP2009PTC065822	HES AGRO PRIVATE LIMITED	Director	13/11/2009	13/11/2009	Active	NO

KEY EXECUTIVES

Name :	Mr. Prakash Rao
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2010

Names of Shareholders	No. of Shares
I.V.R. Krishnam Raju	3813400
LRK. Mohan Raju	4691600
I V. Suryanarayana Raju	10000
I. Padmavathi	10000
Kesava Raju	4805000
A.V.V. Prasada Raju	2150000
D. Jhansi Lakshmi	10000
Krishna Sujala	10000
Total	15500000

AS ON 09.03.2013

Names of Allottees	No. of Shares
I.V.R. Krishnam Raju	275000
Kesava Raju	225000
K. Subbaiah	3500000
Total	4000000

AS ON 27.09.2010

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

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Civil Engineering Works of various kinds like Bridges, Roads, Aqueducts, Road over bridges, Railway Bridges and Irrigation Works etc.

Products/ Services :

ITC Code No.	Product Descriptions
99532111	Civil Engineering works of various kinds like bridges, Roads, Aqueducts, Road over bridges, railway bridges and irrigation works etc

GENERAL INFORMATION

Customers :

· Water Resource and Nardmada Valley

· Irrigation Department

· S S N N L

· Roads and Buildings

· Construction

· I and CAD

· Military Engineer Services

· The Singareni Collieries

No. of Employees :

Not Divulged

Bankers :

· Centurin Bank of Punjab Limited, F416, Minerva Complex, S.D. Road, Secunderabad - 500002, Andhra Pradesh, India

· Andhra Bank

· HDFC Bank Limited

· Bank of Baroda

· State Bank of India

· Axis Bank Limited

· Bank of India

· ICICI Bank Limited

· State Bank of Patiala

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	13.683	32.500
Loans taken for fixed assets [Vehicle Loans are secured by hypothecation of vehicles acquired out of the said loans]	69.836	19.142
SHORT TERM BORROWINGS
Working capital loans from banks	662.357	445.566
Total	745.876	497.208

Banking Relations :	--
Financial Institution :	Srei Equipment Finance Private Limited, 'Vishwakarma', 86C, Topsia Road, Kolkata - 700046, West Bengal, India
Auditors :
Name :	Rao and Sridhar Chartered Accountants
Address :	311, Kubera Towrs, Narayanguda Hyderabad – 500029, Andhra Pradesh, India
Income-tax PAN of auditor or auditor's firm :	AAFFR0172B
Joint Venture :	· HES- RATNA (JV) · HES- ZVS (JV) · BHL-HES JV · HES-PRASAD-ZVS-ITT JV · HES-MEIL-ZVS JV

CAPITAL STRUCTURE

AFTER 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000,000	Equity Shares	Rs. 10/- each	Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19,500,000	Equity Shares	Rs. 10/- each	Rs. 195.000 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
16,000,000	Equity Shares	Rs. 10/- each	Rs. 160.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15,500,000	Equity Shares	Rs. 10/- each	Rs. 155.000 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	155.000	155.000
(b) Reserves & Surplus	1029.065	734.352
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	5.000	5.000
Total Shareholders’ Funds (1) + (2)	1189.065	894.352
(3) Non-Current Liabilities
(a) long-term borrowings	1312.833	728.380
(b) Deferred tax liabilities (Net)	12.334	11.812
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1325.167	740.192
(4) Current Liabilities
(a) Short term borrowings	670.652	449.573
(b) Trade payables	1789.176	3787.157
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	236.154	175.292
Total Current Liabilities (4)	2695.982	4412.022
TOTAL	5210.214	6046.566
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	444.459	444.870
(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	75.759	66.062
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1003.223	501.064
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1523.441	1011.996
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	3266.674	3242.881
(d) Cash and cash equivalents	318.688	198.652
(e) Short-term loans and advances	101.411	1592.916
(f) Other current assets	0.000	0.121
Total Current Assets	3686.773	5034.570
TOTAL	5210.214	6046.566

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		155.000
2] Share Application Money		291.000
3] Reserves & Surplus		551.604
4] (Accumulated Losses)		0.000
NETWORTH		997.604
LOAN FUNDS
1] Secured Loans		443.081
2] Unsecured Loans		241.739
TOTAL BORROWING		684.820
DEFERRED TAX LIABILITIES		12.318
TOTAL		1694.742
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		466.740
Capital work-in-progress		0.000
INVESTMENT		62.967
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.775
	Sundry Debtors	1261.476
	Cash & Bank Balances	150.804
	Other Current Assets	0.000
	Loans & Advances	682.456
Total Current Assets		2112.511
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	456.042
	Other Current Liabilities	489.608
	Provisions	2.069
Total Current Liabilities		947.719
Net Current Assets		1164.792
MISCELLANEOUS EXPENSES		0.243
TOTAL		1694.742

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	5386.100	5077.500	4753.390
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		618.100	407.300	440.178
Less	FINANCIAL EXPENSES (D)		124.600	86.600	68.672
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		493.500	320.700	371.506
Less/ Add	DEPRECIATION/ AMORTISATION (F)		33.200	39.000	38.218
	PROFIT BEFORE TAX (E-F) (G)		460.300	281.700	333.288
Less	TAX (H)		165.600	95.500	112.797
	PROFIT AFTER TAX (G-H) (I)		294.700	186.200	220.491
	Earnings Per Share (Rs.)		19.10	12.01	21.50

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	8.55	5.55	7.01
Return on Total Assets (PBT/Total Assets}	(%)	8.96	4.71	12.92
Return on Investment (ROI) (PBT/Networth)		0.39	0.31	0.33
Debt Equity Ratio (Total Debt/Networth)		1.67	1.32	0.69
Current Ratio (Current Asset/Current Liability)		1.37	1.14	2.23

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	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	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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10418892	01/03/2013	1,700,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA	B72933591
2	10418895	01/03/2013	1,900,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA	B72935042
3	10419413	01/03/2013	6,700,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA	B72933203
4	10418897	01/03/2013	7,500,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA	B72935570
5	10419474	01/03/2013	17,610,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA	B72932452
6	10383046	15/10/2012	9,500,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA	B60724655
7	10383048	15/10/2012	19,990,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA	B60725504
8	10375008	12/09/2012	12,150,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA	B57480204
9	10375006	12/09/2012	23,875,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA	B57479867
10	10373868	05/09/2012	11,758,709.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA	B56987332
11	10373887	05/09/2012	12,251,785.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA	B56988090
12	10385927	13/03/2012	18,000,000.00	ANDHRA BANK	DANAVAIPETA BRANCH, RAJAHMUNDRY - 533104, ANDHRA PRADESH, INDIA	B56647829
13	10385930	31/12/2011	6,480,000.00	ANDHRA BANK	DANAVAIPETA BRANCH, RAJAHMUNDRY - 533104, ANDHRA PRADESH, INDIA	B56648694
14	10271926	15/02/2011	50,000,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA	B08207540
15	10197313	18/01/2010	3,490,000.00	ANDHRA BANK	DANAVAIPETA BRANCH, RAJAHMUNDRY - 533104, ANDHRA PRADESH, INDIA	A77491785
16	10186555	10/11/2009	1,100,000.00	ANDHRA BANK	DANAVAIPETA BRANCH, RAJAHMUNDRY - 533104, ANDHRA PRADESH, INDIA	A73565616
17	10153769	27/04/2012 *	4,500,000,000.00	BANK OF INDA LARGE CORPORATE BRANCH HYDERABD	PTI BUILDING, 10-1-119/2, A C GUARDS, HYDERABAD - 500004, ANDHRA PRADESH, INDIA	B56435555

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Deposits from others	97.005	109.724
Loans and advances from directors	45.779	63.534
Loans and advances from others	622.713	306.483
Other loans and advances	463.817	196.997
SHORT TERM BORROWINGS
Loans and advances from related parties	8.295	4.007
Total	1237.609	680.745

OPERATIONS

The Company achieved a turnover of Rs. 5386.100 Millions during the year as against Rs.5077.500 Millions in the earlier year. The company now has become multi state operating infrastructure entity by virtue of the orders procured outside the Andhra Pradesh.

CONTINGENT LIABILITIES:

Particulars	31.03.2012 (Rs. In Millions)
Contingent Liabilities not provided for
Bank Guarantees	2001.210
LC	100.000

FIXED ASSETS:

· Land

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

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. 61.63
UK Pound	1	Rs. 99.94
Euro	1	Rs. 85.14

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--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		32

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.