MIRA INFORM REPORT

Report Date :

10.09.2013

IDENTIFICATION DETAILS

Name :	T. PODDAR INFRADEVELOPERS LIMITED (w.e.f.24.11.2010)
Formerly Known As :	PODDAR UDYOG LIMITED
Registered Office :	F-71, Solaris No. 1, Sakivihar Road, Opposite LNT Gate No. 6, Mumbai – 400072, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.02.1994
Com. Reg. No.:	11-223224
Capital Investment / Paid-up Capital :	Rs. 48.868 Millions
CIN No.: [Company Identification No.]	U91110MH1994PLC223224
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in trading in Shares and Securities and Real Estate Developers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1796000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are fair. Business is active. Payment terms are usually correct. The concern can be considered for business dealings at usual 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 – 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

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.

LOCATIONS

Registered Office :	F-71, Solaris No. 1, Sakivihar Road, Opposite LNT Gate No. 6, Mumbai – 400072, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	tpoddar@drdcs.net

DIRECTORS

AS ON 28.09.2012

Name :

Mrs. Usha Vimal Poddar

Designation :

Director

Address :

1001, Poddar Avenue, Tower - A, Union Park Gali, Ghod Dod Road, Surat – 395007, Gujarat, India

Date of Birth/Age :

01.01.1967

Date of Appointment :

25.02.1994

DIN No.:

00843643

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	U45201GJ1990PTC014442	SAHELI APARTMENTS PRIVATE LIMITED	Director	16/03/1992	16/03/1992	-	Active	NO
2	U91110MH1994PLC223224	T. PODDAR INFRADEVELOPERS LIMITED	Director	25/02/1994	25/02/1994	-	Active	NO
3	U17119GJ1994PTC022319	SHAURYA PODDAR INDUSTRIES PRIVATE LIMITED	Director	22/06/1994	22/06/1994	-	Active	NO
4	U45201GJ1990PTC014424	JAY KRISHNA FLATS PRIVATE LIMITED	Director	03/08/1995	03/08/1995	-	Active	NO
5	U45201GJ1996PLC030368	PODDAR PLAZA LIMITED	Director	01/08/1996	01/08/1996	-	Active	NO
6	U45201GJ1990PTC014425	BHAVNA FLATS PRIVATE LIMITED	Director	25/02/1998	25/02/1998	31/03/2008	Active	NO
7	U45201GJ1990PTC014432	SAI FLATS PRIVATE LIMITED	Director	25/02/1998	25/02/1998	-	Active	NO
8	U45200GJ1998PTC034742	JAY PODDAR INFRASTRUCTURE PRIVATE LIMITED	Director	28/09/1998	28/09/1998	30/03/2009	Active	NO
9	U45209GJ1998PTC034743	JAY PODDAR CONTRACTOR PRIVATE LIMITED	Director	30/09/1998	30/09/1998	30/03/2009	Active	NO
10	U45209GJ1998PTC034745	JAY PODDAR BUILDCON PRIVATE LIMITED	Director	30/09/1998	30/09/1998	30/03/2009	Active	NO
11	U17119GJ1992PTC017194	SWASTIK TEXT FIBRES PRIVATE LIMITED	Director	15/03/2001	15/03/2001	-	Strike off	NO
12	U45201GJ1990PTC014422	JAY TULSI APARTMENTS PRIVATE LIMITED	Director	06/12/2005	06/12/2005	30/04/2008	Active	NO
13	U15201GJ1993PTC020369	GREEN ISLAND AGRO PRIVATE LIMITED	Director	20/09/2006	20/09/2006	-	Active	NO
14	U45202MP2007PTC019181	SHAURYA BUILDCON PRIVATE LIMITED	Director	03/01/2007	03/01/2007	06/06/2009	Active	NO
15	U70100MP2007PTC019837	GMI BUILDTECH PRIVATE LIMITED	Director	05/06/2009	05/06/2009	-	Active	NO
16	U70100MP2007PTC019838	GMI BUILDERS PRIVATE LIMITED	Director	05/06/2009	05/06/2009	-	Active	NO

Name :

Mr. Anant Vimalkumar Poddar

Designation :

Director

Address :

1001, Poddar Avenue, Tower - A, Union Park Gali, Ghod Dod Road, Surat – 395007, Gujarat, India

Date of Appointment :

20.01.2010

DIN No.:

02905876

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	U15201GJ1993PTC020369	GREEN ISLAND AGRO PRIVATE LIMITED	Director	20/01/2010	20/01/2010	Active	NO
2	U91110MH1994PLC223224	T. PODDAR INFRADEVELOPERS LIMITED	Director	30/09/2010	20/01/2010	Active	NO
3	U45201GJ1996PLC030368	PODDAR PLAZA LIMITED	Director	20/01/2010	20/01/2010	Active	NO
4	U17119GJ1994PTC022319	SHAURYA PODDAR INDUSTRIES PRIVATE LIMITED	Director	20/01/2010	20/01/2010	Active	NO
5	U45201GJ1990PTC014432	SAI FLATS PRIVATE LIMITED	Director	20/01/2010	20/01/2010	Active	NO
6	U45201GJ1990PTC014424	JAY KRISHNA FLATS PRIVATE LIMITED	Director	20/01/2010	20/01/2010	Active	NO
7	U70100MP2007PTC019837	GMI BUILDTECH PRIVATE LIMITED	Director	31/07/2012	31/07/2012	Active	NO
8	U70100MP2007PTC019838	GMI BUILDERS PRIVATE LIMITED	Director	31/07/2012	31/07/2012	Active	NO

Name :

Mr. Jay Vimalkumar Poddar

Designation :

Director

Address :

1001, Poddar Avenue, B/H Union Park, Ghod Dod Road, Surat – 395007, Gujarat, India

Date of Birth/Age :

13.10.1994

Date of Appointment :

19.12.2012

DIN No.:

06456734

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	U45201GJ1996PLC030368	PODDAR PLAZA LIMITED	Director	19/12/2012	19/12/2012	Active	NO
2	U91110MH1994PLC223224	T. PODDAR INFRADEVELOPERS LIMITED	Director	19/12/2012	19/12/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Vimal Poddar	437600
Usha Poddar	100
Vimal Poddar-HUF	100000
P.H. Yadav	1100
Ramesh Kumar	1290
Vikas Agarwal	1200
Sankajay Agarwal	1200
Tormal Poddar	10
Anant Poddar	390000
Shaurya Poddar	872500
Shaurya Poddar Industries, India	2641600
Rajesh Poddar	100
Sai Flats Private Limited, India	100
Jay Poddar	440000
Total	4886800

AS ON 28.09.2012

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 trading in Shares and Securities and Real Estate Developers.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· HDFC Bank Limited Indusind Bank Limited

Banking Relations :	--
Auditors :
Name :	Rasesh Shah and Associates Chartered Accountants
Address :	O-1, Silver Palm Building, Timaliyawad, Nanpura, Surat – 395001, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AADFR1004L

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4,950,000	Equity Shares	Rs. 10/- each	Rs. 49.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,886,800	Equity Shares	Rs. 10/- each	Rs. 48.868 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	48.868	48.868
(b) Reserves & Surplus	400.222	219.918
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	449.090	268.786
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(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)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.000	2.777
(c) Other current liabilities	0.006	0.022
(d) Short-term provisions	0.000	0.608
Total Current Liabilities (4)	0.006	3.407
TOTAL	449.096	272.193
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.579	2.131
(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	1.988	1.988
(c) Deferred tax assets (net)	0.081	0.081
(d) Long-term Loan and Advances	4.722	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	8.370	4.200
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	13.440	10.883
(c) Trade receivables	4.110	4.191
(d) Cash and cash equivalents	0.747	4.469
(e) Short-term loans and advances	237.585	246.152
(f) Other current assets	184.844	2.298
Total Current Assets	440.726	267.993
TOTAL	449.096	272.193

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		48.868
2] Share Application Money		0.299
3] Reserves & Surplus		216.319
4] (Accumulated Losses)		0.000
NETWORTH		265.486
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		265.486
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.875
Capital work-in-progress		0.000
INVESTMENT		0.388
DEFERRED TAX ASSETS		0.018
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.688
	Sundry Debtors	24.258
	Cash & Bank Balances	5.991
	Other Current Assets	0.000
	Loans & Advances	223.272
Total Current Assets		262.209
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	0.000
	Provisions	0.172
Total Current Liabilities		0.172
Net Current Assets		262.037
MISCELLANEOUS EXPENSES		0.168
TOTAL		265.486

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	12.557	0.370	33.389
		Other Income	183.489	6.211	0.909
		TOTAL (A)	196.046	6.581	34.298
Less	EXPENSES
		Purchase of stock-in-trade	14.221	0.381
		Changes in inventories of finished goods work in progress and stock-in-trade	(2.557)	0.000
		Other Expenses	2.745	1.249
		TOTAL (B)	14.409	1.630	33.287
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		181.637	4.951	1.011
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.011
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		181.637	4.951	1.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.551	0.744	0.437
	PROFIT BEFORE TAX (E-F) (G)		181.086	4.207	0.563
Less	TAX (H)		0.000	0.608	0.135
	PROFIT AFTER TAX (G-H) (I)		181.086	3.599	0.428
	Earnings Per Share (Rs.)		37.05	0.73	0.09

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	92.37	54.69	1.25
Net Profit Margin (PBT/Sales)	(%)	1442.11	1137.03	1.69
Return on Total Assets (PBT/Total Assets}	(%)	40.51	1.56	0.21
Return on Investment (ROI) (PBT/Networth)		0.40	0.02	0.00
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		73454.33	78.66	1524.47

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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

Note:

The registered office of the company has been shifted from 147, New Cloth Market, Ahmedabad – 380002, Gujarat, India to the present w.e.f.16.09.2011

OPERATIONS AND DIVIDEND:

There has been sizable increase in the gross income of the company and as such the company has posted a net income of Rs. 181.086 Millions as against Rs. 4.207 Millions in the corresponding previous year. However, in view of requirement of strengthening of the operations, the directors do not recommend any dividend and the entire amount of the profit is carried to the Balance Sheet under head “Reserves and Surplus”. No Dividend is declared.

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. 65.96
UK Pound	1	Rs. 102.91
Euro	1	Rs. 86.58

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.