MIRA INFORM REPORT

Report Date :

09.06.2014

IDENTIFICATION DETAILS

Name :	RDS PROJECT LIMITED
Registered Office :	427 Somdutt Chambers – II, 9 Bhikaji Cama Place, New Delhi – 110066
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.07.1992
Com. Reg. No.:	55-049570
Capital Investment / Paid-up Capital :	Rs.283.825 Millions
CIN No.: [Company Identification No.]	U51909DL1992PLC049570
TIN No.:	07872006778
TAN No.: [Tax Deduction & Collection Account No.]	DELR17829A
PAN No.: [Permanent Account No.]	AACCR6055M/ AAACR4761J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of Civil Construction and Real Estate Development.
No. of Employees :	150 and Job Workers (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exists
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company is decent. Rating also takes into consideration established track along with diversified revenue profile. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealing 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs.7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	17.09.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating: A3+
Rating Explanation	Moderate degree of safety and Higher credit risk.
Date	17.09.2013

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. A. P. Ahuj
Designation :	Financial Controller
Date :	05.06.2014

INFORMATION PARTED BY

Name :	Mr. Neeraj
Designation :	Manager
Contact No.:	91-562-2226892
Date :	05.06.2014

LOCATIONS

Registered/ Corporate Office :	427 Somdutt Chambers – II, 9 Bhikaji Cama Place, New Delhi – 110066, India
Tel. No.:	91-11-26170242/ 46151500
Fax No.:	91-11-26168092
E-Mail :	agra@rdsproject.com delhi@rdsproject.com
Website :	http://www.rdsproject.com
Regional Offices :	Agra RDS Project Limited 44-A, The Mall Road, Agra – 282002 Tel: 91-562-2226892 Fax: 91-562-2226893 Email: agra@rdsproject.com Chennai RDS Project Limited 1A, Padmalaya Towers, 64-65, Janaki Avenue, MRC Nagar, R. A. Puram, Chennai – 600028 Tel: 91-44-24616123 Fax: 91-44-24616123 Email: chennai@rdsproject.com Cochin RDS Project Limited 6th Floor, Alpha Plaza, K. P. Vallon Road, Kadavanthara, Cochin – 682020 Tel: (0091) (0484) 4078900 (100 Lines) Fax: (0091) (0484) 2323012 Email: cochin@rdsproject.com Port Blair RDS Project Limited 1, Gandhi Bhavan, Moulana Azad Road, Port Blair - 744 101 (Andaman) Tel: (0091) (03192) 244117 / 233551 / 245694 Fax: (0091) (03192) 233551 Email: portblair@rdsproject.com Thiruvananthapuram RDS Project Limited TC 2/701, Chalakuzhy Road, Medical College PO, Thiruvananthapuram - 695011 Tel: 91-471-2441535 / 2442666 Fax: 91-471-2555738 Email: trivandrum@rdsproject.com

DIRECTORS

(AS ON 31.03.2013)

Name :

Mr. Madan Lal Goyal

Designation :

Chairman cum Managing Director

Address :

44-A, Mall Road, Agra, 282001, Uttar Pradesh, India

Date of Appointment :

01.10.1997

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	U51909DL1992PLC049570	RDS PROJECT LIMITED	Managing director	01/10/1997	01/10/1997	-	Active	NO
2	U40108DL2002PLC115291	RDS POWER LIMITED	Director	09/05/2002	09/05/2002	-	Active	NO
3	U45201UP2005PTC030201	SAKSHAM DEVELOPMENTS PRIVATE LIMITED	Director	29/03/2006	29/03/2006	-	Active	NO
4	U51109DL2008PLC177971	RDS REALTIES LIMITED	Whole-time director	12/05/2008	12/05/2008	-	Active	NO
5	U74899DL1992PTC049814	DABAS HOTELS AND RESORTS PRIVATE LIMITED	Director	25/09/2010	26/03/2010	-	Active	NO
6	U70101UP1998PTC023534	GEE KAY REAL ESTATES PRIVATE LIMITED	Director	29/09/2010	27/03/2010	17/12/2012	Active	NO
7	U45200UP2006PTC032634	SHARMA SHELTERS PRIVATE LIMITED	Director	31/05/2010	28/05/2010	-	Active	NO
8	U45200DL2008PLC178063	SEA-VIEW LEISURE & REALCON LIMITED	Director	29/09/2011	31/12/2010	-	Active	NO
9	U74899DL1994PTC061092	CITY INN PRIVATE LIMITED	Director	20/07/2011	10/07/2011	31/03/2012	Active	NO

Name :

Mr. Sumit Goyal

Designation :

Whole Time Director

Address :

44-A, Mall Road, Agra, 282001, Uttar Pradesh, India

Date of Appointment :

30.12.1993

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	U51909DL1992PLC049570	RDS PROJECT LIMITED	Whole-time director	30/12/1993	30/12/1993	-	Active	NO
2	U40108DL2002PLC115291	RDS POWER LIMITED	Director	01/04/2007	01/04/2007	-	Active	NO
3	U45201UP2005PTC030201	SAKSHAM DEVELOPMENTS PRIVATE LIMITED	Additional director	14/05/2007	14/05/2007	-	Active	NO
4	U51109DL2008PLC177971	RDS REALTIES LIMITED	Director	12/05/2008	12/05/2008	-	Active	NO
5	U45200DL2008PLC178063	SEA-VIEW LEISURE & REALCON LIMITED	Director	13/05/2008	13/05/2008	-	Active	NO
6	U74899DL1992PTC049814	DABAS HOTELS AND RESORTS PRIVATE LIMITED	Director	25/09/2010	26/03/2010	08/03/2014	Active	NO
7	U70101UP1998PTC023534	GEE KAY REAL ESTATES PRIVATE LIMITED	Director	29/09/2010	27/03/2010	30/06/2011	Active	NO
8	U45200UP2006PTC032634	SHARMA SHELTERS PRIVATE LIMITED	Director	31/05/2010	28/05/2010	-	Active	NO

Name :

Mr. Ram Narain Agarwal

Designation :

Director

Address :

170, Nehru Nagar, Bye Pass Road, Agra, 282002, Uttar Pradesh, India

Date of Appointment :

04.12.2006

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	U51909DL1992PLC049570	RDS PROJECT LIMITED	Director	04/12/2006	04/12/2006	Active	NO
2	U70100UP2013PTC060705	KRISHNAGOVIND INFRABUILD PRIVATE LIMITED	Director	20/11/2013	20/11/2013	Active	NO

Name :

Mrs. Sharda Goyal

Designation :

Director

Address :

44-A, Mall Road, Agra, 282001, Uttar Pradesh, India

Date of Appointment :

26.09.2007

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	U51909DL1992PLC049570	RDS PROJECT LIMITED	Director	26/09/2007	02/06/2007	-	Active	NO
2	U74899DL1992PTC049814	DABAS HOTELS AND RESORTS PRIVATE LIMITED	Director	25/09/2010	26/03/2010	08/03/2014	Active	NO
3	U70101UP1998PTC023534	GEE KAY REAL ESTATES PRIVATE LIMITED	Director	29/09/2010	27/03/2010	30/06/2011	Active	NO
4	U45200UP2006PTC032634	SHARMA SHELTERS PRIVATE LIMITED	Director	31/05/2010	28/05/2010	-	Active	NO
5	U51109DL2008PLC177971	RDS REALTIES LIMITED	Director	29/09/2011	31/12/2010	-	Active	NO
6	U45200DL2008PLC178063	SEA-VIEW LEISURE & REALCON LIMITED	Director	29/09/2011	31/12/2010	-	Active	NO

Name :

Mr. Rahul Garg

Designation :

Director

Address :

1206, Nanda Apartments, Kaushambi, Ghaziabad - 201010, Uttar Pradesh, India

Date of Appointment :

26.09.2007

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	U51909DL1992PLC049570	RDS PROJECT LIMITED	Director	26/09/2007	02/06/2007	Active	NO

Name :

Mr. Mayank Goytal

Designation :

Director

Address :

44-A, Mall Road, Agra, 282001, Uttar Pradesh, India

Date of Appointment :

26.09.2007

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	U51909DL1992PLC049570	RDS PROJECT LIMITED	Director	26/09/2007	26/07/2007	-	Active	NO
2	U45200DL2008PLC178063	SEA-VIEW LEISURE & REALCON LIMITED	Director	13/05/2008	13/05/2008	-	Active	NO
3	U40108DL2002PLC115291	RDS POWER LIMITED	Director	02/01/2010	02/01/2010	-	Active	NO
4	U74899DL1992PTC049814	DABAS HOTELS AND RESORTS PRIVATE LIMITED	Director	25/09/2010	26/03/2010	08/03/2014	Active	NO
5	U70101UP1998PTC023534	GEE KAY REAL ESTATES PRIVATE LIMITED	Director	29/09/2010	27/03/2010	30/06/2011	Active	NO
6	U45200UP2006PTC032634	SHARMA SHELTERS PRIVATE LIMITED	Director	31/05/2010	28/05/2010	-	Active	NO
7	U70109DL2009PTC190246	GREATVALUE REALTECH PRIVATE LIMITED	Director	21/12/2010	21/12/2010	26/03/2012	Active	NO
8	U51109DL2008PLC177971	RDS REALTIES LIMITED	Director	29/09/2011	31/12/2010	-	Active	NO

Name :

Mr. Sudhir Kant Hajela

Designation :

Director

Address :

J. P. Associates Limited, Dalla Cement Factory, P. O. Dalla, Sonebhadra – 231207, U

Date of Appointment :

04.12.2006

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	U51909DL1992PLC049570	RDS PROJECT LIMITED	Director	04/12/2006	04/12/2006	Active	NO

Name :

Mr. Yashwant Vasudeo Joshi

Designation :

Director

Address :

A-1/ 402, Karishma, Sangam Press Road, Pune - 411029, Maharashtra, India

Date of Appointment :

04.12.2006

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	U51909DL1992PLC049570	RDS PROJECT LIMITED	Director	04/12/2006	04/12/2006	Active	NO

Name :

Mr. Shashank Goyal

Designation :

Director

Address :

44-A, Mall Road, Agra, 282001, Uttar Pradesh, India

Date of Appointment :

30.09.2013

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	U51909DL1992PLC049570	RDS PROJECT LIMITED	Director	30/09/2013	28/06/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Puthanangadi Kokey Lazar
Designation :	Company Secretary
Address :	Puthanangadi House, Kandanad P O, District Ernakulam, Ernakulam – 682305, Kerala, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.03.2013)

Name of Shareholders	No of Shares
Amit Goyal	4263028
Anita Goyal	3656512
Sharda Goyal	3515036
Malti Devi	3214704
Sharda Goyal	2568196
Madan Lal Goyal	2204828
Neelu Agarwal	1640688

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of Civil Construction and Real Estate Development.
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

GENERAL INFORMATION

Customers :

Retailers and Others

No. of Employees :

150 and Job Workers (Approximately)

Bankers :

· Axis Bank Limited

· ICICI Bank Limited

· Bank of Baroda

· HDFC Bank Limited

· Federal Bank Limited

· State Bank of India

· Yes Bank Limited

· Standard Chartered Bank

· Royal Bank of Scotland N.V.

Facilities :

Secured Loans	31.03.2013	31.03.2012
	(Rs. In Millions)
Long Term Borrowings
From Banks Term Loans (Equipment and Vehicles Loans)	130.445	133.174
From Others Term Loans (Equipment and Vehicles Loans)	21.020	68.596
Short Term Borrowings
From Banks
Loans repayable on demand - Cash Credit	621.641	507.718
Other than loans repayable on demand - Working Capital Loans	170.015	168.857
Total	943.121	878.345

Banking Relations :	--
Auditors :
Name :	Sharat Chandra and Company Chartered Accountants
Address :	1/9-C, M G Road, Sahitya Kunj, Agra – 282002, Uttar Pradesh, India
Tel No.:	91-562-2857656/ 3291547
Email :	casharatchandra@gmail.com
Subsidiaries :	· Saksham Developments Private Limited · Sea-view Leisure and Realcon Limited · Dabas Hotels and Resorts Private Limited · Sharma Shelters Private Limited
Associates :	· Ravindra and Associates · RDS Realities Limited · RDS Power Limited

CAPITAL STRUCTURE

(AS ON 31.03.2013)

Authorised Capital:

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
28382480	Equity Shares	Rs.10/- each	Rs.283.825 Millions

Share Capital Includes:

Share Capital	No of Equity Shares	Rs. In Millions
7,095,620 Equity Shares of Rs.10/- each are allotted as fully paid up by way of bonus shares during the year 2006-2007 by capitalization of General Reserve.	7095620	70.956
14,191,240 Equity Shares of Rs.10/- each are allotted as fully paid up by way of bonus shares during the year 2009-2010 by capitalization of General Reserve.	14191240	141.912

Details of shareholders holding more than 5% shares in the company

Name	No of Equity Shares	% of Holding
Mr. Amit Goyal	4263028	15.02%
Mrs. Anita Goyal	3656512	12.88%
Mrs. Sharda Goyal	3515036	12.39%
Mrs. Malti Devi	3214704	11.35%
Mr. Sharda Goyal	2568196	9.05%
Mr. Madan Lal Goyal	2204828	7.77%
Mrs. Neelu Agarwal	1640688	5.78%

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	283.825	283.825	283.825
(b) Reserves & Surplus	713.722	606.438	475.875
(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)	997.547	890.263	759.700
(3) Non-Current Liabilities
(a) long-term borrowings	151.465	201.770	186.052
(b) Deferred tax liabilities (Net)	0.032	6.405	11.430
(c) Other long term liabilities	413.283	451.117	594.602
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	564.780	659.292	792.084
(4) Current Liabilities
(a) Short term borrowings	791.656	676.575	366.276
(b) Trade payables	247.929	162.494	154.965
(c) Other current liabilities	405.592	314.059	616.190
(d) Short-term provisions	50.400	48.313	62.129
Total Current Liabilities (4)	1495.577	1201.441	1199.560
TOTAL	3057.904	2750.996	2751.344
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	940.073	935.481	790.066
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	4.636	39.505	35.632
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	127.133	127.133	197.733
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.506	1.564	1.564
(e) Other Non-current assets	2.050	2.050	2.063
Total Non-Current Assets	1074.398	1105.733	1027.058
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	925.200	690.500	445.870
(c) Trade receivables	161.818	71.260	220.728
(d) Cash and cash equivalents	267.026	240.359	512.937
(e) Short-term loans and advances	504.213	511.856	452.812
(f) Other current assets	125.249	131.288	91.939
Total Current Assets	1983.506	1645.263	1724.286
TOTAL	3057.904	2750.996	2751.344

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	2,724.982	2,529.520	2,228.594
		Other Income	21.117	61.057	21.918
		TOTAL (A)	2,746.099	2,590.577	2,250.512
Less	EXPENSES
		Cost of Materials Consumed	2,295.902	2,177.859	2,185.325
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(234.700)	(244.630)	(435.570)
		Employees benefits expense	99.214	81.325	64.062
		Other expenses	93.411	83.121	75.228
		TOTAL (B)	2,253.827	2,097.675	1,889.045
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		492.272	492.902	361.467
Less	FINANCIAL EXPENSES (D)		164.262	141.589	79.262
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		328.010	351.313	282.205
Less/ Add	DEPRECIATION/ AMORTISATION (F)		169.599	173.567	76.998
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		158.411	177.746	205.207
Less	TAX (H)		51.127	47.182	74.142
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		107.284	130.564	131.065
	Earnings Per Share (Rs.)		3.78	4.60	4.62

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.91	5.04	5.82
Net Profit Margin (PBT/Sales)	(%)	5.81	7.03	9.21
Return on Total Assets (PBT/Total Assets}	(%)	5.41	6.88	8.15
Return on Investment (ROI) (PBT/Networth)		0.16	0.20	0.27
Debt Equity Ratio (Total Debt/Networth)		0.95	0.99	0.73
Current Ratio (Current Asset/Current Liability)		1.33	1.37	1.44

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	283.825	283.825	283.825
Reserves & Surplus	475.875	606.438	713.722
Net worth	759.700	890.263	997.547
long-term borrowings	186.052	201.770	151.465
Short term borrowings	366.276	676.575	791.656
Total borrowings	552.328	878.345	943.121
Debt/Equity ratio	0.727	0.987	0.945

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	2,228.594	2,529.520	2,724.982
		13.503	7.727

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	2,228.594	2,529.520	2,724.982
Profit	131.065	130.564	107.284
	5.88%	5.16%	3.94%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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	Yes
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	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

------------------------------------------------------------------------------------------------------------------------------

CASE DETAILS

IN THE HIGH COURT OF DELHI AT NEW DELHI

O.M.P. 419/2013

M/S CHENNAI-ENNORE PORT

---- Petitioner

Through: Mr. Arun Kr Varma and Joydeep Bhattacharya, Advocates

Versus

M/S RDS PROJECTS LTD

---- Responded

Through: Mr. Jagdeep Dhankar, Sr. Adv. With Asha Jain Madam, Mukesh Jain and Amit Mishra, Advocates.

CORAM:

HON’BLE MR. JUSTICE VIPIN SANGHI

ORDER

30.04.2014

Let the reply by filed within four weeks. Rejoinder be filed before the next date. List on 07.08.2014.

The parties may file their synopsis, if not already filed, before the next date.

VIPIN SANGHI, J

April 30, 2014

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ASSESSMENT OF WORKING CAPITAL REQUIREMENT

OPERATING STATEMENT

(RS. IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2015
	Projection	Projection
Contract Receipts	4000.000	4000.000
Less: Excise Duty	--	--
Net Sales	4000.000	4000.000
Cost of Sales
I) Raw Material (incl. stores and other items used in process of mfg.)
a) Imported	--	--
b) Indigenous	1383.100	1413.100
ii) Other spares	--	--
iii) Work, site and Labour Expenses	1160.930	1168.400
iv) T and P Running and Maintenance	265.500	268.500
v) Work contract Tax Research and Dev. Costs	50.000	50.000
vi) Depreciation	175.000	175.000
vii) SUB-TOTAL	3034.530	3075.000
viii) Add : Opening stock-in-process	925.200	580.000
Sub-Total	3959.730	3655.000
ix) Deduct : Closing stock-in-process	580.000	280.000
x) Cost of Production	3379.730	3375.000
xi) Add : Opening stock of finished goods	0.000	0.000
Sub-Total	3379.730	3375.000
xii) Deduct : Closing stock of finished goods	0.000	0.000
xiii) SUB TOTAL (Total cost of sales)	3379.730	3375.000
Gross Profit	620.270	625.000
Interests on Term Loans	30.200	30.200
Overdraft and Others	109.800	109.800
Selling, general and admns. Expenses (incl. depr. of assets which are not used for mfg.)	200.000	200.000
SUB TOTAL	340.000	340.000
Operating profit	280.270	285.000
Other Income/ Expenses
Income	30.000	30.000
Less: Expenses	--	--
Sub Total	30.000	30.000
Profit before tax / loss	310.270	315.000
Provision for taxation	109.970	110.000
Net profit / loss	200.300	205.000

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ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

PROJECTION	31.03.2014	31.03.2015
	Projection	Projection
CURRENT LIABILITIES
Short-term borrowing from banks (incl. bill purchased / discounted & excess borrowing placed on repayment basis
I) From Bank of Baroda	800.000	800.000
ii) From other banks	--	--
iii) (of which BP and BD)	--	--
Sub Total (A)	800.000	800.000
Short-term borrowing from others	--	--
Sundry creditors (Trade)	94.000	94.000
Advance payment to customers	120.000	120.000
Provision for taxation	110.000	110.000
Dividend payable	--	--
Other statutory liabilities (due within one yr)	--	--
Deposits / instalments of term loans / DPG / debentures (due within one year)	105.000	105.000
Other current liabilities and provisions due within one year	115.600	115.600
TOTAL CURRENT LIABILITIES	1344.600	1344.600
CURRENT LIABILITIES
Debentures (not maturing within one year)	--	--
Redeemable preference share (redeemable after one year)	--	--
Term Loans (excl. instalments payable within 1 year)	175.000	175.000
Deferred Payment Credits (excl. instalments due within 1 year)	--	--
Term Deposits (repayable after 1 year)	--	--
Other term liabilities	287.900	287.900
TOTAL TERM LIABILITIES	462.900	462.900
TOTAL OUTSIDE LIABILITIES (10+17)	1807.500	1807.500
NET WORTH
Ordinary Share Capital	283.825	283.825
Share Application Money	--	--
General reserve	909.370	1109.370
Deferred Tax Liability	0.001	0.001
Other Reserve	0.233	0.233
Development rebate reserve / Investment allowance reserve	--	--
Unsecured Loan ( Quasi Equity)	--	--
Surplus / deficit in P&L a/c	4.419	9.419
NET WORTH	1197.848	1402.848
TOTAL LIABILITIES	3005.348	3210.348
CURRENT ASSETS
Cash & Bank Balances	83.362	83.362
Investments (other than long term)
i) Govt. & other trustee securities	--	--
ii) Fixed Deposits with banks	400.000	400.000
I) Receivables other than deferred & Exports (incl. bill purchase / disc.)	200.000	200.000
Ii) Export receivables (incl. Bills Purchased & Discounted Instalment of deferred receivables	--	--
Inventory
I) Raw materials (incl. stores & other items used in the process of manufacturing	--	--
ii) Stock-in-process	580.000	280.000
iii) Finished Goods	--	--
iv) Other consumables stores & spares	--	--
Advance to suppliers	476.114	947.615
Advance payment of taxes	110.000	110.000
Other current assets	139.090	139.090
TOTAL CURRENT ASSETS	1988.566	2160.067
FIXED ASSETS
Gross block (Land & Building, Machinery, Work-in-progress	1846.554	2055.054
Depreciation to date	959.465	1134.466
Net Block	887.089	920.588
OTHER NON CURRENT ASSETS
Investments / book-debts / advance deposits which are non-current assets
i) a) Investments in subsidiaries/ affiliate	127.133	127.133
b) Others	--	--
ii) Advance to suppliers of capital goods – Others	0.510	0.510
iii) Deferred receivables (maturing after 1 year)	--	--
Other non-consumable stores and spares	--	--
Other non-current assets (int. suspense)	--	--
TOTAL NON-CURRENT ASSETS	127.643	127.643
Intangible assets (Goodwill patents, Pre-expenses, bad & doubtful debts)	2.050	2.050
TOTAL ASSETS	3005.348	3210.348
TANGIBLE NET WORTH	1195.798	1400.798
NET WORKING CAPITAL	643.966	815.467

------------------------------------------------------------------------------------------------------------------------------

FINANCIAL POSITION

(RS. IN MILLIONS)

Particulars	31.03.2014	31.03.2015
	Projection	Projection
Current Assets	1988.566	2160.067
Current Liabilities	1344.600	1344.600
Contribution to WORKING Capital	643.966	815.467
Net Fixed Assets	887.039	920.588
Term Liabilities (Other than funds borrowed from group Co’s directors	455.000	455.000
Contribution to Fixed Capital	432.089	465.588
Funds Invested in business	1076.055	1281.055
Funds Invested Outside Business / in group Co’s non-current assets etc.	129.693	129.693
Funds borrowed from group Co’s directors, friends, family members/ Govt. etc.	0.000	0.000
Intangible assets (Like Goodwill etc.)	2.050	2.050
Tangible Net worth	1203.698	1408.698
Net Sales (Excel Other Income)	4000.000	400.000
Cost of Sales	3379.730	3375.000
Gross Profile	620.270	625.000
Net Profit (Before Tax)	310.270	315.000
Provision for Development Rebate/ Invetsment allowance reserve	0.000	0.000
Depreciation for the year	175.000	175.000
Cash Profits	485.270	490.000
Dividends payable/ Paid	0.000	0.000
Provision for Taxation	109.970	110.000
Funds Retained in the Business	375.300	380.000
RATIOS :
Current Ratio	1.48	1.61
Debt/Equity :	1.51	1.29
Quasi Debt Equity Ratio	1.51	1.29
Gross Profit/ Net Sales	15.51%	15.63%
Net Profit/ Tangible Net worth	16.75%	14.63%
Inventory to Net Sales (In Days)	53	26
Receivables to Net Sales (In Days)	18	18
Debt Service coverage ratio (In Case of Term Loans / DPG Only)	--	--

------------------------------------------------------------------------------------------------------------------------------

CHARGES

Date of Charge Creation/ Modification	Charge amount Secured (Rs. In Millions)	Charge Holder	Address
06/03/2014	0.527	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G ARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA
04/03/2014	4.796	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA
12/02/2014	37.383	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA
06/02/2014	9.717	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G ARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA
27/01/2014	30.000	BANK OF BARODA	13, M.G. ROAD, AGRA, UTTAR PRADESH - 282002, INDIA
31/12/2013	1.001	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA
19/11/2013	5.697	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA
30/10/2013	7.008	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA
18/10/2013	30.000	Bank of Baroda	M G ROAD, AGRA, UTTAR PRADESH - 282001, INDIA
04/10/2013	1.061	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G ARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA

------------------------------------------------------------------------------------------------------------------------------

NET WORTH STATEMENT

NET WORTH OF THE DIRECTORS/ GUARANTORS OF THE COMPANY AS ON 30.06.2013

Details of Immovable/ Movable Assets/ Investments etc.	Mr. M. L Goyal (Director)	Mr. Sumit Goyal (Director)	Mr. Mayank Goyal (Director)	Mrs. Sharda Goyal (Director)	Neelu Agrawal (Guarantor)	Mr. Anita Goyal (Guarantor)
Plots at Tajnagri Yojna, Agra	6.705	6.749	13.698	11.485	6.568	6.718
Plot at South City, Gurgaon (Jt. Property)	--	9.375	--	--	---	3.125
Flat Avenue One Kochi (Jt. Property)	--	2.500	--	--	--	2.500
Residential Building at DLF City, Gurgaon (Jt. Property)	3.900	--	--	7.700	3.800	--
Deposits Against Flat	--	--	17.185	--	--	--
Immovable Property at Rampur	--	--	--	--	--	--
Property at Bhikaji Cama Place, New Delhi	--	--	--	1.000	1.000	--
Fixed Deposit with Banks	0.280	--	--	--	--	--
Shares in RDS Project Limited (Book Value as on 31.03.2013)	66.431	77.380	150.685	105.908	49.434	110.171
Shares in RDS Realities Limited	3.750	4.650	5.892	5.950	2.950	6.400
Shares in Sea View Leisure and Realcon Limited	0.075	0.150	0.150	0.070	--	--
Credit with Partnership Firms	0.250	0.230	1.817	1.896	1.123	0.975
Vehicles	0.130	--	--	--	--	--
Invetsment in Government Securities (PPF)	0.701	0.606	--	0.311	1.173	0.768
Tax Saving Bonds	0.305	0.995	1.965	0.670	0.725	0.725
LIC Policies (Surrender Value)	--	--	1.100	--	--	--
Jewellery	0.651	0.279	1.900	1.607	1.099	1.543
Net Worth	--	--	--	--	--	--
Total	83.178	102.914	194.392	136.597	67.872	132.925

Details of Immovable/ Movable Assets/ Investments etc.	Mrs. Malti Devi (Guarantor)	Mr. Amit Goyal (HUF) (Guarantor)	Mr. Shashank Goyal (Guarantor)	Saksham Devel Private Limited (Guarantor)	Ravindra and Associates (Guarantor)
Plots at Tajnagri Yojna, Agra	6.511	--	1.667	--	--
Plot at South City, Gurgaon (Jt. Property)	--	--	--	--	--
Flat Avenue One Kochi (Jt. Property)	--	--	--	--	--
Residential Building at DLF City, Gurgaon (Jt. Property)	3.800	--	1.200	--	--
Deposits Against Flat	--	--	--	--	--
Immovable Property at Rampur	0.960	--	--	--	--
Property at Bhikaji Cama Place, New Delhi	--	--	--	--	--
Fixed Deposit with Banks	--	--	--	--	---
Shares in RDS Project Limited (Book Value as on 31.03.2013)	96.859	25.921	35.643	--	--
Shares in RDS Realities Limited	5.275	1.200	2.075	--	--
Shares in Sea View Leisure and Realcon Limited	0.075	--	0.080	--	--
Credit with Partnership Firms	1.607	--	--	--	--
Vehicles	--	--	--	--	--
Invetsment in Government Securities (PPF)	0.310	--	--	--	--
Tax Saving Bonds	0.150		0.170	--	--
LIC Policies (Surrender Value)	--	--	1.500	--	--
Jewellery	1.128	--	--	--	--
Net Worth	--	--	--	15.539	Taken NW of Partners
Total	116.675	27.121	42.335	15.539	--

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VALUATION REPORT

GENERAL INFORMATION

Purpose of the valuation

As collateral security to bank for the Purpose of Bank Loan.

Name of the reported owner with address and phone Number

R.D.S. Project Limited, register office at 426-427 Somudatt chambers 9, Bikaji Cama Place, New Delhi

Brief Description of the property

The property is situated on the left hand side of the road leading from Marine Gate Junction towards Hotel Fortune Resorts bay Island and Just adjacent to the entry to Hotel.

Scope of Valuation

Land and Building

Since how long owing the property

18^th day of December 2001.

Restrictive clauses as to uses if any

No.

Distance from the city/ Municipal limit

The property is in Municipal Limit

If the report is to be used for any bank purpose, state the name of the bank and branch if known.

Bank Loan

Bank of Baroda

Port Blair

DESCRIPTION OF THE PROPERTY

Postal address of the Property with pin code

RDS Project Limited, Marine Hill, Adjacent to Hotel Fortune Resorts, Bay Island

Location of the property

The Property is situated on the left hand side of the Road Leading From Marine Gate junction toward Hotel Resorts Bay Island and Just adjacent to the entry to Hotel.

Plot No./ Nagar SF No./ TS No./RS No. Village/ Block, Taluka Ward District / Municipality / Corporation

Survey No.1953/1/1, Area 2321.50 sq. mtr. Phoenix Bay Village, Port Blair Tehsil, south Andaman District

Boundaries of the Property

North: survey No.1951/12

South: Road

East: Road

West: Survey No.1953/2

Property Tax receipt reference Assessment No., Tax Amount, Receipt in the name of

Yes

Electrical Services connection

Electric Connection Available

Property is presently occupied by

RDS Project Limited

OWNERSHIP OF LAND

The landed property bearing Survey No. 1953/1/1 measuring an area 2321.50 Sq. mtrs. Situated at Phoenix Bay Village under Port Blair Tehsil, South Andaman district is recorded in favour of M/s RDS Project Limited vide R.C.T.P.B.’s 2446/02 dated 23.01.02 and sub division allowed vide DC order dated 17/1002 in RC No.97/2002 and TPB’s RC No.680/02. While inspection it is found that M/s RDS Project Limited is in Physical Possession of the land.

VALUATION OF LAND

The valuation of the land is calculated on the basis of the prevailing market value of the land in particular locality, the area is Residential/ Commercial area.

The valuation of each sq. mts. Of the land as on date is consideration in that locality is as cost for 2321.50 sq. mts of land = 2321.50 sq. mtr. X Rs.18,500/- = Rs.42.948 Millions

As per GLR Realization Value: 2321.50 sq. mtr. X Rs.17,500/- = Rs.40.626 Millions

PART – B

Characteristics of the Site

What is the Character of Location

The property is situated on the left hand side of the road leading from marine gate junction toward Hotel Fortune Resorts Bay Island an Just adjacent to the entry to Hotel.

What is the Classification of locality

Upper class residential area.

Road facility are available.

Yes, By Road

PART – C

VALUATION OF BUILDING

Type of construction	RCC Framed structure with first class permanent construction
Quality of construction	Good
Appearance of Building	Good
Maintenance of Building	Good

PLINTH AREA

Floor	Year of construction as Reported/ As actual observations / as per deed	Roof in Mtr	Plinth Area in Swq. mtr	Depreciation
Ground Floor	2007	2.9	305.00	12%
First Floor	2008	2.9	270.00	10%
Car Porch	2008	3.1	16.00	10%

DRAWING APPROVAL

The drawing is approved by Municipal Council Vide No.10-438/BID/BO/MC/1139 date: 07.03.2003.

VALUATION OF BUILDING:

During the process of valuation of building Delhi Plinth area rate 2007 (Base 100) of construction with cost index that existed during the current year has taken into consideration and suitable depreciation is allowed consideration the age of the building. The RCC permanent structure is completed in 2007-2008, 10% depreciation is allowed.

Type of Construction

RCC Permanente Structure

Quality of Construction

Good

Appearance of Building

Good

No of Floor.

RCC Permanent Single Storey.

Roof

RCC Slab with tiles.

Walling

Timber Bricks and Glass

Window and Doors

Superior Hard Wood.

Flooring

Tiles Flooring.

Weather Course

Yes

Year of Construction as per reported as Observed

Completed in 2007

Further life of the Building

45 years

Total Life of the Building Estimate in Year

50 years

Depreciation Percentage

12% and 10%

VALUE OF THE BUILDING

RCC Permanent Building

Ground Floor Construction

Plinth area 305.00 sq. mtr. Approx. @ Rs.19,000/-

Rs.5.795 Millions

Compound Wall, Gate etc.

Rs.1.000 Million

U.G.S., O.H.T. septic Tank and Other Developmental Works

Rs.0.800 Million

Rs.7.595 Millions

Depreciation 12% (-)

Rs.0.911 Million

Rs.6.684 Millions

First Floor including Cantilever Portion.

348.00 sq. mtr @ Rs.21,000/-

Rs.7.308 Millions

Interior Decoration, Architectural works

Rs.1.250 Millions

Garage, Portico etc.

Rs.1.000 Millions

Rs.9.558 Millions

Depreciation 10% (-)

Rs.0.956 Million

Rs.8.602 Millions

TOTAL VALUE OF THE BUILDING INCLUDING ALL THE DEVELOPMENTS RS.17.086 MILLIONS

PART D

a. Total Value of the Property (Market Value)

Value of Land

Rs.42.948 Millions

Value of Building including all the development Works

Rs.17.086 Millions

Rs.60.034 Millions

b. Realizable value of the property

Value of Land

Rs.40.626 Millions

Value of the Building 10% less than PMR

Rs.15.377 Millions

Rs.56.003 Millions

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VALUATION REPORT

GENERAL INFORMATION

Purpose of the valuation

To stand surely for obtaining loan from Bank of Baroda, Post Blair

Date of Visit

21.11.2013

Person/s accompanying / available at the site at the time of visit. Inspection/ valuation

Representative of M/s RDS Projects Limited, Port Blair.

Complete address of the property (Door No. Street/ Cross Road Survey No etc.

Survey No.66/1 and 66/2, Brookshabda Village, Port Blair Tehsil, south Andaman.

Title to the Property

Name and address of the Owner

RDS projects Limited Registered office at 426-427 Somudatt Chambers, 9 Bikaji Cama Place, New Delhi

Name of the reported owner with address and phone Number

R.D.S. Project Limited, Register Office at 426-427 Somudatt chambers 9, Bikaji Cama Place, New Delhi

Brief Description of the property

The property is situated on the left hand side of the road leading from Marine Gate Junction towards Hotel Fortune Resorts bay Island and Just adjacent to the entry to Hotel.

Since how long owing the property

2000

Whether Joint/ co-ownership Others

Belongs to RDS Projects Limited

Location advantages/ Disadvantage

The property is situated at Brookshabad and Connected with tar Road

Classification of Locality Higher Class/ Middle Class/ Poor Class

Medium Class

Civic Amenities

Available

Proximity to surface communication

By Road

Distance from the City/ Municipal Limits

15 km from Municipal Limits

Total to the property

Whether Freehold

Yes, It is a Free Hold Property

Type of the Property weather

Commercial

Yes

What is the

Year of Acquisition/ Purchase of Land

A Registered sale deed is made on 18^th day of august 2000, in the office of sub Registrar, Port Blair.

Whether the property is self-occupied

Self-Occupied and company has put up a stone crusted unit.

OWNERSHIP OF LAND

The landed property bearing Survey No. 66/1 and 66/2 measuring an area of 1.00 Hect and 0.20 Hects situated at Brookshabad under Port Blair Tehsil, south Andaman District is register in favour of M/s RDS Projects Limited, Port Blair, South Andaman.

VALUATION OF LAND

The value of the land is calculated on the basis of the Prevailing market value of the land ion theta particular locality. The area is medium class residential and commercial area.

PREVAILING MARKET RATE.

The value of each Hects of the land as on date is considered in that locality is as Rs.16.000 Millions

Valuation of Each sq. mtr. of the commercial land as on date is considered in that locality is as Rs.3,000/-

Cost for 2,000.00 sq. mtr. Of land = 2000.00 sq. mtr.x 3,000/- = Rs.6.000 Millions

Total cost of Land

= Rs.16.000 Millions + Rs.6.000 Millions

= Rs.22.000 Millions

Forced Sale value of Land

= Rs.15.000 Millions + Rs.5.400 Millions

= Rs.20.400 Millions

Description	Year of Manufacturer	Depreciation and Depreciation Value (% and Rs in Millions)	Present Value
Crusher Machine and Unit	2003	2.500 40%	1.500
Conveyor Set	2003	1.200 55%	0.540
Goodown and Office Room etc.	112 sq. mtr. @ Rs.7,000/- 2003	0.784 25%	0.588
Main Crusher Base, Secondary Crusher base etc. in CC 1:1 :3	2 Job	0.800 30%	0.560
Dust Machine	2003	1.250 50%	0.625
Compound wall, Retaining wall etc.	2004	0.900 25%	0.675
Structural Frame work for accommodating machine	2004	0.800 50%	0.400
Development Works	2003	2.500 50%	1.250
Hollow Block Machine Unit	2010	0.600 40%	0.360
Mixture Machine etc.	2010	0.300 40%	0.180
New Shed Made for Cement Block Industries	2010	1.250 25%	0.938
Formation of Road, Gate, New Store, Office etc.	2010	0.800 30%	0.560
Total			8.176

a. Total Value of the Property (Market Value)

Value of Land

Rs.22.000 Millions

Value of Building including all the development Works

Rs.8.176 Millions

Rs.30.176 Millions

b. Realizable value of the property

Value of Land

Rs.20.400 Millions

Value of the Building 10% less than PMR

Rs.7.358 Millions

Rs.27.758 Millions

------------------------------------------------------------------------------------------------------------------------------

CONTINGENT LIABILITIES (AS ON 31.03.2013)

Bank Guarantees issued by banks in favour of contractees: Rs.2570.310 Millions. (Previous year – Rs.1982.586 Millions)

Demand for Rs.4.892 Millions has been raised by the A.C (Commercial Tax) Tamilnadu In respect of Sales Tax assessment for the Financial Year 2005-06. The same has not been admitted as payable by the company and a writ petition has been filed against the order passed, in the High Court of Judicature at Madras, which has been admitted and is pending adjudication.

Demand of Income Tax for the A.Y. 2009-10 for Rs.2.816 Millions has been raised against which the company. An appeal against the addition was filed before the CIT (A) Delhi which has been decided against the company, however second appeal has been preferred before the ITAT Delhi against the said order of the CIT Appeals and is pending adjudication.

Demand of Income Tax for the A. Y. 2010-11 for Rs.2.205 Millions plus interest and for A.Y. 2011-12 for Rs.1.249 Millions plus interests has been raised against the company. Appeals against the addition made have been filed before the CIT (A) Delhi in Both the case and are pending adjudication.

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INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/ Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10484861	06/03/2014	527,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	C00501296
2	10482451	04/03/2014	4,796,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B98440670
3	10482056	12/02/2014	37,382,800.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B98297906
4	10478104	06/02/2014	9,717,043.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B96604624
5	10479478	27/01/2014	30,000,000.00	BANK OF BARODA	13, M.G. ROAD, AGRA, UTTAR PRADESH - 282002, INDIA	B97152425
6	10474851	31/12/2013	1,001,035.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B95190021
7	10465460	19/11/2013	5,697,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B91668772
8	10465462	30/10/2013	7,008,268.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B91666644
9	10454640	18/10/2013	30,000,000.00	Bank of Baroda	M G Road, AGRA, UTTAR PRADESH - 282001, INDIA	B87266524
10	10457179	04/10/2013	1,060,800.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G  ARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B88365580
11	10457181	26/09/2013	16,645,776.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G  ARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B88365911
12	10443532	03/08/2013	13,461,452.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B82349820
13	10443774	04/07/2013	67,150,792.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B82478520
14	10434971	28/06/2013	2,252,500.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B78805256
15	10433898	01/06/2013	501,467.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G  ARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B78237302
16	10433237	01/06/2013	1,983,800.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B78046216
17	10426865	02/05/2013	470,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G  ARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B75531889
18	10420194	03/04/2013	1,899,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B73324030
19	10407956	28/02/2013	1,366,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B69595551
20	10408528	19/02/2013	579,896.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B69788602
21	10408525	11/02/2013	13,948,068.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B69787950
22	10395940	21/12/2012	1,062,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B65498321
23	10393386	11/12/2012	2,176,695.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B64676786
24	10390095	03/12/2012	30,000,000.00	Bank of Baroda	M G ROAD, AGRA, UTTAR PRADESH - 282001, INDIA	B63348528
25	10383373	16/10/2012	1,227,966.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B60858149
26	10380315	25/09/2012	7,852,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B59598672
27	10375451	03/09/2012	253,090.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B57668188
28	10373647	23/08/2012	2,225,290.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B56882053
29	10372137	16/08/2012	10,417,794.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B56243652
30	10373721	27/07/2012	18,975,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B56916117
31	10367429	23/07/2012	1,067,074.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B44479244
32	10367071	03/07/2012	31,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B44289353
33	10363867	27/06/2012	17,366,637.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B42947705
34	10350698	28/03/2012	480,800.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B37869245
35	10317233	16/11/2011	3,108,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B25148081
36	10305001	05/09/2011	2,651,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B19951110
37	10310989	16/08/2011	33,280,838.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B22863336
38	10300600	10/07/2011	485,260.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B18197194
39	10285873	05/05/2011	935,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B12614889
40	10283226	30/03/2011	5,657,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B11735149
41	10277249	02/03/2011	23,086,739.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B09625906
42	10271434	05/02/2011	37,063,418.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B07709306
43	10271465	04/02/2011	1,757,580.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B07709769
44	10268470	28/01/2011	10,677,500.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	B06170641
45	10264776	30/12/2010	54,828,102.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B04788808
46	10264770	07/12/2010	15,663,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	B04780474
47	10247509	05/10/2010	180,000,000.00	BANK OF BARODA	BANK OF BARODA, M G ROAD, AGRA, UTTAR PRADESH - 282001, INDIA	A97367650
48	10239542	18/09/2010	430,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A94564549
49	10184772	03/11/2009	3,492,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A73132821
50	10173310	14/08/2009	2,904,006.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A68856624
51	10173309	05/08/2009	1,892,581.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A68856285
52	10173313	05/08/2009	2,340,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	A68855444
53	10158406	04/05/2009	100,000,000.00	BANK OF BARODA	AGRA MAIN BRANCH, 13 M G ROAD, AGRA, UTTAR PRADESH - 282001, INDIA	A62605332
54	10135835	03/12/2008	2,460,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A53850905
55	10135837	21/11/2008	3,571,277.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A53847315
56	10132863	19/11/2008	644,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A52342011
57	10130900	27/10/2008	46,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A51369593
58	10130161	04/10/2008	1,024,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A50603299
59	10126708	05/09/2008	336,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A48818538
60	10110996	20/06/2008	2,365,000.00	ABN AMRO BANK NV	3RD FLOOR, HANSALAYA BUILDING, 15, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	A41166026
61	10102831	22/05/2008	742,000.00	ABN AMRO BANK NV	3RD FLOOR, HANSALAYA BUILDING, 15, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	A38555561
62	10083105	20/11/2007	9,067,000.00	ABN AMRO BANK NV	11TH FLOOR, TOWER C, CYBER GREENS, DLF CYBER CITY, SECTOR 25A, GURGAON, HARYANA - 122002, INDIA	A30427249
63	10073167	31/10/2007	3,225,000.00	ABN AMRO BANK NV	11TH FLOOR, TOWER C, CYBER GREENS, DLF CYBER CITY, SECTOR 25A, GURGAON, HARYANA - 122002, INDIA	A25863994
64	10036989	08/11/2013 *	5,400,000,000.00	BANK OF BARODA (FOR ALL THREE CONSORTIUM MEMBERS)	BANK OF BARODA, MG ROAD, AGRA, UTTAR PRADESH - 28  2001, INDIA	B93037604
65	10036872	08/11/2013 *	5,400,000,000.00	BANK OF BARODA (FOR ALL THREE CONSORTIUM MEMBERS)	BANK OF BARODA, MG ROAD, AGRA, UTTAR PRADESH - 282001, INDIA	B93034536
66	10020073	16/06/2006	552,486.00	ABN AMRO BANK N.V.	9TH FLOOR, TOWER-C, CYBER GREENS, DLF CYBER CITY,  SECTOR-25A, GURGAON, HARYANA - 122002, INDIA	A02476505
67	10007843	16/05/2006	1,420,031.00	ABN AMRO BANK N.V.	9TH FLOOR, TOWER-C, CYBER GREENS, DLF CYBER CITY,  SECTOR-25A, GURGAON, HARYANA - 122002, INDIA	A01652254
68	10006539	16/05/2006	3,060,000.00	ABN AMRO BANK N.V.	9TH FLOOR, TOWER-C, CYBER GREENS, DLF CYBER CITY,  SECTOR-25A, GURGAON, HARYANA - 122002, INDIA	A01651918
69	10023518	28/04/2006	1,710,000.00	ICICI BANK LTD	LANDMARKRACE COURSE CIRCLE, VADODARA, GUJARAT - 390007, INDIA	A00629634
70	10053123	28/04/2006	3,366,600.00	ICICI BANK LTD	LANDMARK RACE COURSE CIRCLE, VADODARA, GUJARAT - 390007, INDIA	A00629725
71	90044343	01/09/2004	2,543,344.00	ABN AMRO BANK N.V.	DLF CENTRE, SANSAD MARG, NEW DELHI - 110001, INDIA	-
72	90044150	31/03/2004	4,693,535.00	ICICI BANK LTD	LANDMARG RACE COURSE CIRCLE, VADODARA, GUJARAT - 390007, INDIA	-
73	90044128	20/03/2004	5,215,000.00	ABN AMRO BANK N.V.	DLF CENTRE, SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA	-
74	90044065	22/01/2004	30,000,000.00	LORD KRISHNA BANK LTD	REGISTERED AND ADMINISTRATIVE OFFICE KALOOR, KOCHI, Kerala, india	-
75	90043470	10/07/2002	290,000.00	CENTURION BANK LTD	CHOICE TOWERS MANORAMA JUNCTION, PANAMPILLY NAGAR, COCHIN, KERALA - 682016, INDIA	-
76	90043309	24/01/2002	6,800,000.00	LORD KRISHNA BANK LTD	M G ROAD, ERNAKULAM, KERALA - 686035, INDIA	-
77	90042641	16/12/1999	390,000.00	LORD KRISHNA BANK LTD	K 2 CHAUDHARY BUILDING, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	-
78	90042636	11/12/1999	388,000.00	LORD KRISHNA BANK LTD	K 2 CHAUDHARY BUILDING, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	-
79	90042618	18/11/1999	4,500,000.00	LORD KRISHNA BANK LTD	K 2 CHAUDHARY BUILDING, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	-

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FIXED ASSETS:

· Plant and Machinery

· Vehicles

· Furniture and Fixtures

· Truck and Lorry

· Shuttering

· Labour Hutment

· Computer

· Building

· Office Equipment

· Land

· Building

· Gold and Silver Coin

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.34
UK Pound	1	Rs.99.18
Euro	1	Rs.80.76

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUM
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.