Report Date :

11.08.2014

IDENTIFICATION DETAILS

Name :	BBR (INDIA) PRIVATE LIMITED (w.e.f. 30.07.2005)
Formerly Known As :	BBR (INDIA) LIMITED
Registered Office :	No.318, 1^st and 2^nd Floor, 15^th Cross, 6^th Main, Sadashivanagar, Bangalore – 560 080, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.04.1977
Com. Reg. No.:	08-011476
Capital Investment / Paid-up Capital :	Rs.19.997 millions
CIN No.: [Company Identification No.]	U85110KA1977PTC011476
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged into civil construction activity.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 473000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Sales turnover of the company has declined resulting into dip in profit of the company during financial year 2013. However, the rating takes into consideration company sound financial risk profile and fair liquidity position of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

NEWS

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20%! Equities came in second with annualized return of 15.5%! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs.10000 mn.

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 31-03-2014.

INFORMATION DECLINED

Management non-cooperative

(Tel. No.: 91-80-40250000)

LOCATIONS

Registered Office :	No.318, 1^st and 2^nd Floor, 15^th Cross, 6^th Main, Sadashivanagar, Bangalore – 560 080, Karnataka, India
Tel. No.:	91-80-40250000
Fax No.:	91-80-40250001
E-Mail :	bbrindia@vsnl.in
Website :	www.bbrindia.com

DIRECTORS

AS ON 30.09.2013

Name :

Speck Fritz Ernst

Designation :

Director

Address :

Fritz Josef Speck Casa Arcata, Via Costa, Di Dentro 10, Brissago 6614, Switzerland

Date of Birth/Age :

07.09.1933

Date of Appointment :

27.09.1990

DIN No.:

01606162

Name :

Mr. Shiva Kumar Agrawal

Designation :

Managing Director

Address :

# 24, 14^th A Cross, Vyalikaval, Bangalore – 560 003, Karnataka, India

Date of Birth/Age :

12.09.1964

Date of Appointment :

07.07.2004

DIN No.:

01845920

Name :

Mr. Jonnadula Gopinath

Designation :

Whole-time Director

Address :

No.1556, 1^st Floor, Opposite Chandra Layout, Vijayanagar, BG Depot, 60 Feet Road, Bangalore – 560 040, Karnataka, India

Date of Birth/Age :

19.05.1967

Date of Appointment :

30.09.2011

DIN No.:

02867492

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	U85110KA1977PTC011476	BBR (INDIA) PRIVATE LIMITED	Whole-time director	30-09-2011	29-04-2009	-	Active	NO

Name :

Mr. Puliankalath Jayachandran

Designation :

Whole-time Director

Address :

Flat No S 14, Crescent Magna Apartments, 32, 3^rd Main, 6^th Cross, Atmananda Colony, R.T. Nagar, Bangalore – 560 032, Karnataka, India

Date of Birth/Age :

10.08.1968

Date of Appointment :

30.09.2011

DIN No.:

03497841

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	U85110KA1977PTC011476	BBR (INDIA) PRIVATE LIMITED	Whole-time director	30-09-2011	06-04-2011	-	Active	NO

KEY EXECUTIVES

Name :	H.N. Krishna Murthy
Designation :	Company Secretary
Address :	“Sri Krishna Mahal”, #53/1, West Anjaneya Temple Street, Gandhi Bazaar, Basavanagudi, Bangalore – 560 004, Karnataka, India
Tel. No.:	91-80-26614323/ 26612866
Mobile No.:	91-9448513473
E-Mail :	krishnamurthyhn@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
S. K. Agrawal	1998700	99.95
Kusum Agrawal	1000	0.05
Total	1999700	100.00

AS ON 30.09.2013

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

BUSINESS DETAILS

Line of Business :

Subject is engaged into civil construction activity.

GENERAL INFORMATION

No. of Employees :

Information declined by the Management.

Bankers :

· Canara Bank, Cantonment Branch, No.86, M.G. Road, Bangalore – 560 001, Karnataka, India

· HDFC Bank Limited

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans and advances repayable on demand
Canara Bank (CC - 8974) (Secured against book debts and hypothecation of stock)	7.402	3.119
Total	7.402	3.119

Banking Relations :	--
Auditors :
Name :	A.V.T. and Associates Chartered Accountants
Address :	# 63/2, 2^nd Floor, Railway Parallel Road, Above Canara Bank, Kumara Park West, Bangalore – 560 020, Karnataka, India
Tel. No.:	91-80-23562863/ 23464314
E-Mail :	info@avtassociates.com
PAN No.:	ABAPA8440R

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 millions
500000	Preference Shares	Rs.10/- each	Rs.5.000 millions
	Total		Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1999700	Equity Shares	Rs.10/- each	Rs.19.997 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	19.997	19.997	19.997
(b) Reserves & Surplus	98.199	89.702	81.260
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	118.196	109.699	101.257
(3) Non-Current Liabilities
(a) Long-term borrowings	7.000	7.000	7.000
(b) Deferred tax liabilities (Net)	0.744	1.601	1.389
(c) Other long term liabilities	97.301	71.573	63.791
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	105.045	80.174	72.180
(4) Current Liabilities
(a) Short term borrowings	7.402	7.896	0.000
(b) Trade payables	94.310	113.484	76.774
(c) Other current liabilities	54.910	56.351	53.058
(d) Short-term provisions	6.234	9.286	8.836
Total Current Liabilities (4)	162.856	187.017	138.668
TOTAL	386.097	376.890	312.105
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	52.394	62.173	56.644
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.009	0.009	0.009
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	8.164	8.317	10.469
Total Non-Current Assets	60.567	70.499	67.122
(2) Current assets
(a) Current investments	18.599	13.213	42.107
(b) Inventories	15.747	16.092	15.388
(c) Trade receivables	105.878	120.816	77.322
(d) Cash and cash equivalents	50.841	46.400	13.241
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	134.465	109.870	96.925
Total Current Assets	325.530	306.391	244.983
TOTAL	386.097	376.890	312.105

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	666.863	737.810	589.968
		Other Income	16.895	15.053	9.655
		TOTAL	683.758	752.863	599.623
Less	EXPENSES
		Office Expenses	669.905	734.930	585.784
		Administrative Expenses
		Advertising Expenses
		TOTAL	669.905	734.930	585.784
	PROFIT / (LOSS) BEFORE TAX		13.874	17.940	13.846
Less	TAX		3.052	6.013	5.201
	PROFIT / (LOSS) AFTER TAX		10.822	11.927	8.645
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		89.701	81.260	76.101
Less	APPROPRIATIONS
		Proposed Dividend	2.000	2.999	2.999
		Corporate Dividend Tax	0.324	0.487	0.487
	BALANCE CARRIED TO THE B/S		98.199	89.701	81.260
	EARNINGS IN FOREIGN CURRENCY
		Sale	3.926	2.204	0.000
		Sale of Machinery	2.028	0.000	0.000
		Hire Charges Machinery	0.648	0.000	0.000
	TOTAL EARNINGS		6.602	2.204	0.000
	IMPORTS
		Raw Materials and Other Components	15.261	7.914	8.062
	TOTAL IMPORTS		15.261	7.914	8.062
	Earnings / (Loss) Per Share (Rs.)				NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.58	1.58	1.44
Net Profit Margin (PBT/Sales)	(%)	2.08	2.43	2.35
Return on Total Assets (PBT/Total Assets}	(%)	3.59	4.76	4.44
Return on Investment (ROI) (PBT/Networth)		0.12	0.16	0.14
Debt Equity Ratio (Total Debt/Networth)		0.12	0.14	0.07
Current Ratio (Current Asset/Current Liability)		2.00	1.64	1.77

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	19.997	19.997	19.997
Reserves & Surplus	81.260	89.702	98.199
Share Application money pending allotment	0.000	0.000	0.000
Net worth	101.257	109.699	118.196
Long-term borrowings	7.000	7.000	7.000
Short term borrowings	0.000	7.896	7.402
Total borrowings	7.000	14.896	14.402
Debt/Equity ratio	0.069	0.136	0.122

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	589.968	737.810	666.863
		25.059	(9.616)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	589.968	737.810	666.863
Profit	8.645	11.927	10.822
	1.47%	1.62%	1.62%

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	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
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	90198086	10/01/2013 *	150,000,000.00	CANARA BANK	CANTONMENT BRANCH, NO 86 M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA	B66093964
2	90196599	14/05/1992	143,087.00	HINDUSTAN CONSTRUCTION COMPANY LIMITED	CONSTRUCTION HOUSE, WALCHAND HIRACHAND MARG; BALLARD ESTATE, BOMBAY, MAHARASHTRA - 400038, INDIA	-
3	90198693	14/05/1992	143,087.00	HINDUSTAN CONATRUCTION COMPANY LIMITED	CONSTRUCTION HOUSE WALCHAND, HIRACHAND MARG, MUMBAI, MAHARASHTRA - 400038, INDIA	-
4	90196573	15/05/1991	3,125,448.00	HINDUSTAN CONSTRUCTION COMPANY LIMITED	CONSTRUCTION HOUSE, WALCHAND HIRACHAND MARG; BALLARD ESTATE, BOMBAY, MAHARASHTRA - 400038, INDIA	-

* Date of charge modification

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from related parties	7.000	7.000
SHORT TERM BORROWINGS
HDFC Bank Limited (Book Overdraft)	0.000	4.777
Total	7.000	11.777

Note:

The registered office of the company has been shifted from 12, Palace Road, Bangalore, Karnataka to the present address w.e.f. 30.05.2007.

CONTINGENT LIABILITY (AS ON 31.03.2013):

· Guarantees given by Canara Bank Rs.78.774 millions

FIXED ASSETS:

· Plant and Machinery

· Office Equipment

· Computer and Software

· Furniture and Fixtures

· Vehicles

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.61.56
UK Pound	1	Rs.103.50
Euro	1	Rs.82.41

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	SMN

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.