MIRA INFORM REPORT

Report Date :

04.11.2014

IDENTIFICATION DETAILS

Name :	ANGELIQUE INTERNATIONAL LIMITED
Registered Office :	104-107, Hemkunt Towers, 98, Nehru Place, New Delhi – 110 019
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.01.1996
Com. Reg. No.:	55-075132
Capital Investment / Paid-up Capital :	Rs.255.133 millions
CIN No.: [Company Identification No.]	U18109DL1996PLC075132
TAN No.: [Tax Deduction & Collection Account No.]	DELA04434D
PAN No.: [Permanent Account No.]	AACCA4675N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject implements engineering, procurement, and construction contracts and also undertakes turnkey projects in mainly the power, water, irrigation and agriculture, and industrial sectors, also supply Material for above Industry.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 10000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. General financial position of the company is sound. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. The company can be considered normal 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 – 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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: (A /Stable)
Rating Explanation	Adequate degree of safety. It carry low credit risk.
Date	April 22, 2014
Rating Agency Name	CRISIL
Rating	Short Term Rating: (A 1)
Rating Explanation	Very strong degree of safety. It carry lowest credit risk.
Date	April 22, 2014

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 PARTED BY

Name :	Mr. Shivendra Shukla
Designation :	Department General Manager Project
Contact No.:	91-9971196284
Date :	31.10.2014

LOCATIONS

Registered Office :	104-107, Hemkunt Towers, 98, Nehru Place, New Delhi – 110 019, India
Tel. No.:	91-11-26413873 to 75
Fax No.:	91-11-26413876
E-Mail :	anglind@vsnl.com info@angelique-india.com
Website :	http://www.angelique-india.com
Head Office :	Plot No.12, Sector 125, Noida – 201 301, Uttar Pradesh, India
Tel. No.:	91-120-4193000
Fax No.:	91-120-4193272-275
Overseas Office :	Located at: AFRICA · Angola · Chad · Cote d`Ivoire · Equatorial Guinea · Ethiopia · Ghana · Mali · Mozambique · Rwanda · Sudan · Democratic Republic of Congo · Togo · Guinea · Sierra Leone · Burundi SOUTH EAST ASIA · Myanmar · Lao PDR · Cambodia SAARC · Afghanistan MIDDLE EAST · Yemen

DIRECTORS

As on: 26.09.2014

Name :

Mr. Ajay Krishna Goyal

Designation :

Managing Director

Address :

D-1086, New Friends Colony, New Delhi – 110 065, India

Date of Birth/Age :

03.07.1968

Qualification :

B. E. (Textiles)

Experience :

21 Years

Date of Appointment :

01.01.2012

PAN No.:

ABVPG5607K

DIN No.:

00165614

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	U74899DL1985PTC022126	ANGELIQUE OVERSEAS PRIVATE LIMITED	Director	26/12/1989	26/12/1989	-	Strike off	NO
2	U18109DL1996PLC075132	ANGELIQUE INTERNATIONAL LIMITED	Managing director	01/01/2012	03/01/1996	-	Active	NO
3	U72900DL2000PTC105180	ANGELIQUE SOFTWARE PRIVATE LIMITED	Director	11/04/2000	11/04/2000	-	Active	NO
4	U27100MH2005PTC154080	VANYA STEELS PRIVATE LIMITED	Director	20/06/2005	20/06/2005	16/08/2011	Active	NO
5	U00000DL2000PLC105516	ACL MOBILE LIMITED	Additional director	30/10/2007	30/10/2007	-	Active	NO
6	U93000DL2010PTC205549	BIOKEY PROJECTS PRIVATE LIMITED	Director	27/08/2012	30/09/2011	-	Active	NO

Name :

Mr. Sanjay Krishna Goyal

Designation :

Director

Address :

D-1086, New Friends Colony, New Delhi – 110 065, India

Date of Birth/Age :

17.08.1969

Qualification :

B. E. (Mechanical)

Date of Appointment :

03.01.1996

PAN No.:

ABVPG5608G

DIN No.:

00128703

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	U18109DL1996PLC075132	ANGELIQUE INTERNATIONAL LIMITED	Director	03/01/1996	03/01/1996	-	Active	NO
2	U72900DL2000PTC105180	ANGELIQUE SOFTWARE PRIVATE LIMITED	Director	11/04/2000	11/04/2000	-	Active	NO
3	U00000DL2000PLC105516	ACL MOBILE LIMITED	Managing director	21/06/2011	28/04/2000	-	Active	NO
4	U55101MH2010PTC206509	SAROJNIDHI HOSPITALITY PRIVATE LIMITED	Director	12/08/2010	12/08/2010	-	Active	NO

Name :

Mr. Madhava Ravindra

Designation :

Director

Address :

1-B, P G P Manor, 29, Barnaby Road, Kilpauk, Chennai – 600 010 Tamilnadu, India

Date of Birth/Age :

08.12.1939

Qualification :

B. E. (Mechanical)

Date of Appointment :

15.06.2007

PAN No.:

AAIPR7537B

DIN No.:

01086790

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	U45202MH1996PLC102855	SOWIL LIMITED	Director	23-02-2004	23-02-2004	-	Active	NO
2	U13100MH1961PLC012160	MSPL LIMITED	Director	01-11-2005	01-11-2005	-	Active	NO
3	U18109DL1996PLC075132	ANGELIQUE INTERNATIONAL LIMITED	Director	26-09-2014	28-03-2007	-	Active	NO
4	U60100TG1988PLC009254	BALAJI RAIL ROAD SYSTEMS LIMITED	Director	14-09-2012	09-08-2012	-	Active	NO
5	U27101KA1978PLC003360	RAMGAD MINERALS AND MINING LIMITED	Additional director	14-06-2014	14-06-2014	-	Active	NO

Name :

Rear Admiral (Retired) Jagadish Janardan Baxi

Designation :

Director

Address :

562, F, 4^th Floor, Premier Villa, New Bel Road, Bangalore – 560 094, Karnataka, India

Date of Birth/Age :

30.10.1938

Qualification :

BSC (ENG)

Date of Appointment :

15.06.2007

PAN No.:

AEDPB6728F

DIN No.:

00589912

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	U51216KA2004PTC034454	BAXI ENTERPRISES PRIVATE LIMITED	Director	06/09/2004	06/09/2004	-	Active	NO
2	U05190KA2005PTC035742	EVOLTECH SECURITY AND SYSTEMS PRIVATE LIMITED	Director	02/03/2005	02/03/2005	-	Active	NO
3	U31909AP2004PTC042753	HELA SYSTEMS PRIVATE LIMITED	Director	24/01/2007	24/01/2007	-	Active	NO
4	U18109DL1996PLC075132	ANGELIQUE INTERNATIONAL LIMITED	Director	15/06/2007	28/03/2007	-	Active	NO

Name :

Mrs. Premila Goyal

Designation :

Director

Address :

D-1086, New Friends Colony, New Delhi – 110 065, India

Date of Birth/Age :

12.07.1944

Qualification :

B. Com

Date of Appointment :

01.07.2012

PAN No.:

AALPG1650M

DIN No.:

00760686

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	U18109DL1996PLC075132	ANGELIQUE INTERNATIONAL LIMITED	Whole-time director	01/07/2012	03/01/1996	-	Active	NO

Name :

Mr. Harish Kumar Saraf

Designation :

Director

Address :

B-4/51, Rajasthali Apartments, Road No.41, Pitampura, Delhi – 110 034, India

Date of Birth/Age :

28.02.1969

Qualification :

B Tech

Date of Appointment :

11.08.2011

PAN No.:

ACKPS0889H

DIN No.:

00952270

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	U74899DL1994PLC059897	NIPPON DATA SYSTEMS LIMITED	Director	28/06/1994	28/06/1994	-	Active	NO
2	U74899DL1999PTC100391	CONSOLIDATED INFRATECH PRIVATE LIMITED	Director	24/06/1999	24/06/1999	29/04/2010	Active	NO
3	U72200DL1998PTC095826	SENTINEL SOFTWARE SOLUTIONS PRIVATE LIMITED	Additional director	01/06/2010	01/06/2010	-	Active	NO
4	U18109DL1996PLC075132	ANGELIQUE INTERNATIONAL LIMITED	Director	11/08/2011	20/12/2010	-	Active	NO
5	U74999UP2007PTC033093	CHETNA APPARELS PRIVATE LIMITED	Director	18/01/2011	18/01/2011	-	Active	NO

Name :

Mr. Mohinder Pratap Gupta

Designation :

Whole Time Director

Address :

J-14, Rajouri Garden, New Delhi – 110 027, India

Date of Birth/Age :

21.10.1954

Qualification :

B. E. (Mechanical)

Date of Appointment :

01.07.2012

PAN No.:

AAAPG0326M

DIN No.:

00165882

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	U18109DL1996PLC075132	ANGELIQUE INTERNATIONAL LIMITED	Whole-time director	01/07/2012	01/05/2001	-	Active	NO
2	U93000DL2010PTC205549	BIOKEY PROJECTS PRIVATE LIMITED	Director	27/08/2012	30/09/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pankaj Goyal
Designation :	Company Secretary
Address :	F-7, Sarita Vihar, New Delhi – 110 076, India
Date of Birth/Age :	18.09.1957
Date of Appointment :	01.05.2006
PAN No.:	AAJPG1723D
Name :	Mr. Shivendra Shukla
Designation :	Department General Manager Project

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 26.09.2014

Note: SHAREHOLDING FILE DETAILS ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on: 26.09.2014

Category	Percentage
Directors or relatives of directors	97.93
Other top fifty shareholders	2.07
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject implements engineering, procurement, and construction contracts and also undertakes turnkey projects in mainly the power, water, irrigation and agriculture, and industrial sectors, also supply Material for above Industry.

Products :

Item Code No. (ITC Code)	98010013
Product Description	Project Goods (For Power Project)
Item Code No. (ITC Code)	98010011
Product Description	Project Goods (For Industrial Project)
Item Code No. (ITC Code)	98010012

Exports :

Products :

· Material

Countries :

· Africa

· South Asian Country

Terms :

Selling :

Advance Payment and Credit

Purchasing :

Advance Payment and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

1000 (Approximately)

Bankers :

• State Bank of India-Lead Bank, Overseas Branch, Jawahar Vyapaar Bhawan, 1, Tolstoy Marg, New Delhi – 110 001, India
• IndusInd Bank Limited, 3^rd Floor, Building No.10, Tower B, DLF Cyber City, Gurgaon – 122002, Haryana, India
• IDBI Bank Limited, Indian red Cross Society Building, 1, Red Cross Road, New Delhi – 110001, Delhi, India.
• Standard Chartered Bank, Credit Risk Control, Narain Manzil, 23, Barakhamba Road, New Delhi – 110 001, India
• Punjab National Bank, Mid-Corporate Branch, A-9, Connaught Place, New Delhi – 110 001, India

Facilities :

Secured Loans	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG-TERM BORROWINGS
Other loans and advances	0.000	0.573
SHORT-TERM BORROWINGS
Working Capital From Banks	1059.202	426.486
Other Loan and Advances	400.000	0.000
Total	1459.202	427.059

Banking Relations :	--
Auditors :
Name :	Anil Maheshwari and Company Chartered Accountants
Address :	G-66/ 2, First Floor, Gautam Nagar, New Delhi – 110 049, India
Tel. No.:	91-11-26852318
Tele. Fax No.:	91-11-26533613
PAN No.:	AAHFA2850K
Subsidiary :	Angelique International Private Limited, Singapore Subsidiary Société d'Assemblage de Tracteurs SA, Mali Biokey Projects Private Limited, New Delhi Dhruv minerals and Metals Mali SARL, Mali, Africa
Joint Venture :	AILLCJV, Nepal AIL SYEC JV, Nepal

CAPITAL STRUCTURE

As on: 30.09.2014

Authorized 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
25513326	Equity Shares	Rs.10/- each	Rs.255.133 millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	255.133	255.133	163.108
(b) Reserves & Surplus	3323.043	2644.836	638.662
(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)	3578.176	2899.969	801.770
(3) Non-Current Liabilities
(a) long-term borrowings		0.573	54.667
(b) Deferred tax liabilities (Net)	32.606	66.970	49.435
(c) Other long term liabilities	3510.429	3691.612	28.856
(d) long-term provisions	52.170	48.043	0.000
Total Non-current Liabilities (3)	3595.205	3807.198	132.958
(4) Current Liabilities
(a) Short term borrowings	1459.220	432.269	465.648
(b) Trade payables	2686.176	2140.350	419.859
(c) Other current liabilities	5712.152	4004.395	149.981
(d) Short-term provisions	1448.734	1220.431	0.000
Total Current Liabilities (4)	11306.282	7797.445	1035.488
TOTAL	18479.663	14504.612	1970.216
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1387.145	1181.766	325.540
(ii) Intangible Assets	5.439	6.195	3.565
(iii) Capital work-in-progress	0.000	0.000	19.990
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	43.876	380.487	112.119
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	603.520	497.166	292.881
(e) Other Non-current assets	1961.747	1124.192	0.000
Total Non-Current Assets	4001.727	3189.806	754.095
(2) Current assets
(a) Current investments	798.133	1278.704
(b) Inventories	762.956	626.425	213.830
(c) Trade receivables	7355.440	4357.797	649.384
(d) Cash and cash equivalents	2721.668	2610.920	72.547
(e) Short-term loans and advances	2795.635	2401.891	44.486
(f) Other current assets	44.104	39.069	235.874
Total Current Assets	14477.936	11314.806	1216.121
TOTAL	18479.663	14504.612	1970.216

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	15864.005	12333.359	10658.418
		Other Income	266.622	262.307	213.002
		TOTAL (A)	16130.627	12595.666	10871.420
Less	EXPENSES
		Purchases of stock-in-trade	4631.764	3282.209	4383.073
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(119.199)	72.982	6.119
		Employee benefit expense	617.977	577.962	484.821
		Other expenses	9286.796	7320.800	4881.111
		Exceptional Items	0.774	6.386	11.981
		TOTAL (B)	14418.112	11260.339	9767.105
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1713.289	1341.713	1116.296
Less	FINANCIAL EXPENSES (D)		372.569	258.227	237.733
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1340.720	1083.486	878.563
Less/ Add	DEPRECIATION/ AMORTISATION (F)		91.288	70.357	52.649
	PROFIT BEFORE TAX (E-F) (G)		1248.658	1006.743	813.933
Less	TAX (H)		421.205	337.411	291.002
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		827.453	669.332	522.931
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1994.743	1599.661	1324.990
Less	APPROPRIATIONS
		Transfer to General Reserve	150.000	125.000	100.000
		Dividend	127.570	127.570	127.570
		Tax on Dividend	21.680	21.680	20.690
		Total (M)	299.250	274.250	248.260
	BALANCE CARRIED TO THE B/S		2522.946	1994.743	1599.661
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. value of Direct Export	14632.000	11434.190	9597.053
		Other Income (net)	0.000	0.000	149.852
	TOTAL EARNINGS		14632.000	11434.190	384.865
	Earnings Per Share (Rs.)		32.43	26.23	20.50

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	5.21	5.43	4.91
Operating Profit Margin (PBIDT/Sales)	(%)	10.80	10.88	10.47
Return on Total Assets (PBT/Total Assets}	(%)	6.77	7.13	44.28
Return on Investment (ROI) (PBT/Networth)		0.35	0.35	1.02
Debt Equity Ratio (Total Debt/Networth)		0.41	0.15	0.65
Current Ratio (Current Asset/Current Liability)		1.28	1.45	1.17

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	163.108	255.133	255.133
Reserves & Surplus	638.662	2644.836	3323.043
Net worth	801.770	2899.969	3578.176
long-term borrowings	54.667	0.573	0.000
Short term borrowings	465.648	432.269	1459.220
Total borrowings	520.315	432.842	1459.220
Debt/Equity ratio	0.649	0.149	0.408

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	10658.418	12333.359	15864.005
		15.715	28.627

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	10658.418	12333.359	15864.005
Profit	522.931	669.332	827.453
	4.91%	5.43%	5.22%

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	No
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

Particular	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
SHORT-TERM BORROWINGS
Other Loan and Advances, other	0.018	5.743
Total	0.018	5.783

CORPORATE INFORMATION:

Angelique International Limited is a project engineering, procurement and construction company, undertaking turnkey projects in power, water, irrigation and agriculture sectors as well as industrial projects in international markets of Africa, Middle East, South and South East Asia. The company sets up projects on total turnkey basis which includes civil construction, feasibility studies, design, engineering, procurement, supply, installation, training and trial runs.

MANAGEMENT DISCUSSION AND ANALYSIS:

Due to various contributing factors attributable to the Government Policies and Industry peers, Companies engaged in turnkey projects implementation, involving full spectrum of project execution activities, Engineering Procurement and Construction (EPC), in India are passing through highly challenging times and as such many Indian Companies are turning towards the developing economies. However the troubles at home have led to serious erosion in the financial strength and credibility leading to waning banking support to many Indian EPC Companies.

The economic saturation, slow down and political/ financial/ structural imbalances in Europe and America are also encouraging similar companies in these economies to come out of their traditional market place and compete in developing economies. As such your Company continues to be following highly prudent policies taking into account a fair assessment of business risk and its diversification, size and type of business opportunities to be availed and un-diluted focus on the steps required for risk mitigation during the project execution cycle.

With the new Government in place, tremendous amount of shift is being witnessed with steps for creating a business friendly environment as is being witnessed in growing investor confidence with large foreign exchange in flows. The mood in the Indian economy is upbeat and infrastructure sector, for sure, is envisaged to be significant contributor to as well as beneficiary of the higher GDP growth of India. The new Government in India has taken initiative for relationship building with not only neighboring Nations but also with across Africa. These initiatives shall create large business opportunities for your Company. In this encouraging environment with continuing support of the banking community, your Directors are confident of good growth in coming years not just in overseas developing economies, but in India too.

INTERNATIONAL OPERATIONS:

The operations of your Company continue to be Africa focused with a turnover contribution of 64% (against 77% during previous years ) followed by ASEAN/ Other Asian countries of 30% (against 19% during previous year), turnover from Middle East Contributed, 6% during this year against a corresponding contribution of 3% during previous year. Your company envisages to be Africa and ASEAN region focused in coming year while steps are being taken to expand Company’s base in other geographical areas too.

In terms of sector wise revenue mix, power sector remains most significant revenue driver with 82% ( up from 72% previous year) contribution to sales turnover of the Company during the year reflecting the focus of developing economics to addressing energy needs as key infrastructure while the contribution from Agriculture, irrigation and water sector was 16% , same as in the previous year.

DOMESTIC OPERATIONS:

With the focus of the Company remaining on international operations keeping in view the optimum utilization of enterprise resources, the operations of the Company in India are largely restricted to railways work and project in power sector are being closed. The revenue from domestic operations has fallen to 1% against 2% in previous year. However, your Company continues to look for opportunities in domestic markets in power sector along with railways.

FUTURE OUTLOOK:

The Company is while engaged in development of basic infrastructure in the developing economies, is contributing in the mission of bilateral credit agencies like Export Import Bank of India or various other bilateral and multilateral agencies, for development of world community. The Company believes not only in just identifying the potential, but in harnessing the local resources to move towards this mission and adding capabilities to the existing capabilities, and creating opportunities in these economies.

Energy and food security are two biggest challenges ahead of the communities in the chosen market domain of your Company and with highly appreciated project implementation track record, your Directors are confident of increasing customer preference and trust in your Company paving the way for wider presence and growing business potential.

The Directors are also focusing on greater degree of corporate governance and adopting world class policies and procedure in business acquisition and execution. Company has created internal structures with regard to compliance with Code of Conduct and Business Ethics and introduced Vigil Mechanism and Whistle Blower Policy. Your Directors are confident that with sincere steps taken in this direction, your Company will achieve higher level of recognition and reputation in times to come.

AWARDS AND ACHIEVEMENTS:

The Directors are pleased refer “Niryant Shree Silver Trophy” received by the Company in October 2012 from the Honorable President of India as a recognition of its commendable performance on Project Exports from India in addition to “Commendation for Strong Commitment to Excel” from CII-Exim Bank Business Excellence Awards in November 2012 and also a “ECGC & Dun & Brad Street Export Excellence Award” in November 2012. Your Directors are working to constantly improve and implement best industry practices with value for money to its clients and focus on customer satisfaction to move on to the next level up.

HUMAN RESOURCES:

Human Resources, have been always an internal focus point of the Company. The organization structure building is based upon values like trust, mutual respect and dialogue. Each employee is motivated and encouraged to contribute to the organizational goals and realize his/her full potential by way of internal training programs and specialized intensive training programs with highly objective selection of individuals across the organization both vertically and horizontally.

The Company has taken an initiative for rewarding colleagues, as a token of management appreciation and recognition for performance who work in absolutely challenging working conditions on project sites, demonstrating tremendous resolve to achieve the objective against all odds. Your Company has also taken motivational initiatives like extension of medi-claim benefits for family members of entire Team Angelique. Company has also put in place a mechanism for addressing all the grievances, if any, and responding to suggestions of the colleagues with regard to work places and working conditions.

ACKNOWLEDGMENTS:

The Directors, would like to reiterate undiluted commitment towards its clients/ customers, governments of foreign sovereign states, their ministries/ authorities / enterprises, special purpose entities for giving an opportunity to Angelique to participate in their developmental initiatives.

A special mention for appreciation is must for consortium partners like BHEL, and specialized agencies like WAPCOS, vendors, service providers, sub-contractors and local work force at various project locations for their commendable support and contribution.

The Directors also wish to place on record special appreciation for support being extended by all the Banks providing need based support to the Company from time to time to support growth. Special cooperation of Exim Bank of India during the process of project approval and execution stages is appreciated. Rating agency CRISIL, also deserves special mention, for their continuing support.

FIXED ASSETS:

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Computers

· Vehicles

· Land

· Building

· Computer Software

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10504518	28/05/2014	900,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C07599715
2	10493923	01/05/2014	250,000,000.00	SBERBANK	DR GOPAL DAS BHAWAN, 28, BARAKHAMBA ROAD,, NEW DELHI, DELHI - 110001, INDIA	C04408027
3	10482755	18/02/2014	450,000,000.00	INDUSIND BANK LIMITED	3RD FLOOR, BUILDING NO.10, TOWER B,, DLF CYBER CITY, GURGAON, HARYANA - 122002, INDIA	B98549397
4	10470276	19/12/2013	960,000,000.00	ING VYSYA BANK LIMITED	NARIAN MANZIL, GROUND FLOOR, SHOP NO. G1 TO G5,, I  FLOOR,SHOP NO.1001 TO 1007,BARAKHAMBA ROAD,, NEW D  ELHI, DELHI - 110001, INDIA	B93529477
5	10452589	03/10/2013	350,000,000.00	IDBI BANK LIMITED	INDIAN RED CROSS SOCIETY BUILDING, 1, RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA	B86488046
6	10392404	12/04/2014 *	5,930,000,000.00	STATE BANK OF INDIA	STATE BANK OF INDIA, 1, TOLSTOY MARG, NEW DELHI,  DELHI - 110001, INDIA	C02644870
7	10163415	29/09/2014 *	16,190,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	C25833088

* Date of charge modification

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.61.41
UK Pound	1	Rs.98.06
Euro	1	Rs.76.66

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	DIV
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.