MIRA INFORM REPORT

Report Date :

17.10.2014

IDENTIFICATION DETAILS

Name :	FLAGSHIP INFRASTRUCTURE PRIVATE LIMITED
Registered Office :	101, Somnath, CTS No. 988, Ram Mandir Road, Near Tilak Mandir, Vile Parle (East), Mumbai – 400057, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.11.2005
Com. Reg. No.:	11-157377
Capital Investment / Paid-up Capital :	Rs. 23.303 Millions
CIN No.: [Company Identification No.]	U45200MH2005PTC157377
TAN No.: [Tax Deduction & Collection Account No.]	PNEF00842C
Legal Form :	Private Limited Liability Company
Line of Business :	Construction Activity
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 1700000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. As per Registrar of companies the date of Balance sheet i.e. Financials filed is shown as 31^st March, 2013 but the document related to the financials for the year 2013 are not available from any sources. As per available financial 2012, External borrowings of the company seems to be huge. Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

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.

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 DENIED BY

Name :	Mr. Waller
Designation :	HR Head
Contact No.:	91-9860500302
Date :	16.10.2014

LOCATIONS

Registered Office :	101, Somnath, CTS No. 988, Ram Mandir Road, Near Tilak Mandir, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	cspunde@hotmail.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Abhijit Prakash Kadam

Designation :

Director

Address :

R. No. 4B – 1, Phase ll, National Park, Manik Baug, Sinhgad Road, Pune – 411051, Maharashtra, India

Date of Birth/Age :

04.04.1979

Date of Appointment :

01.09.2013

DIN No. :

00193036

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	U45200MH1990PTC059177	PARANJAPE PREMISES PRIVATE LIMITED	Director	03/04/2005	03/04/2005	-	Active	NO
2	U45200MH1997PTC106328	MATRIX DEVELOPERS PRIVATE LIMITED	Director	03/05/2006	03/05/2006	-	Active	NO
3	U45200MH1997PTC106326	NEON SHELTER PRIVATE LIMITED	Director	03/05/2006	03/05/2006	-	Active	NO
4	U80903PN2009NPL135018	Blueridge Educational Institute	Director	18/09/2012	26/04/2012	-	Active	NO
5	U45200MH2005PTC157377	FLAGSHIP INFRASTRUCTURE PRIVATE LIMITED	Director	30/09/2013	01/09/2013	-	Active	NO

Name :

Mr. Aditi Achyut Watve

Designation :

Director

Address :

501, Bhaggya 57/5B/1, Damale Path, Off Law College Road, Pune – 411004, Maharashtra, India

Date of Birth/Age :

10.04.1980

Date of Appointment :

30.09.2013

DIN No. :

06390809

KEY EXECUTIVES

Name :	Mr. Waller
Designation :	HR Head

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Paranjape Purushottam Shrikant	235
Paranjape Purushottam Shashank	235
Patil Shamrao Sunil	48248
Jadhav Shankar Vivek	69114
Paranjape Schemes (Constuction) Limited, India	112200
Bapat Shivdeo sudhir	2347
Bapat Sudhir Pallavi	2347
Indiareit Offshore Fund	80477
IL and FS Trust Company Limited	20121
IL and FS Trust Company Limited	119000
Indiareit Offshore Fund	476000
Paranjape Purushottam Shrikant	59345
Paranjape Purushottam Shashank	59345
Paranjape Schemes (Constuction) Limited, India	553310
Bapat Shivdeo sudhir	14000
Bapat Sudhir Pallavi	14000
Absolute Building Company Private Limited, India	621195
Patil Shamrao Sunil	49835
Jadhav Shankar Vivek	28970
IL and FS Trust Company Limited	2
Indiareit Offshore Fund	8
Total	2330334

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Venture capital	5.97
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	23.88
Bodies corporate	55.22
Directors or relatives of Directors	13.53
Other top fifty shareholders	1.40
Total	100.00

BUSINESS DETAILS

Line of Business :

Construction Activity

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

Not Available

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan From Financial Institutions	2030.971	1187.015
Total	2030.971	1187.015

Banking Relations :	--
Financial Institution:	Housing Development Finance Corporation Limited
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	706, B Wing, 7^th Floor, ICC Trade Tower, Senapati Bapat Road, Pune – 411016, Maharashtra, India
PAN No.:	AACFD4815A
Associates:	Paranjape Schemes (Construction) Limited Absolute Building Construction Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2330334	Equity Shares	Rs.10/- each	Rs. 23.303 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	23.303	23.303
(b) Reserves & Surplus	141.316	204.715
(c) Money received against share warrants	0.050	0.050
(2) Share Application money pending allotment	275.550	275.550
Total Shareholders’ Funds (1) + (2)	440.219	503.618
(3) Non-Current Liabilities
(a) long-term borrowings	2030.971	1187.015
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	18.754	12.680
(d) long-term provisions	7.425	4.388
Total Non-current Liabilities (3)	2057.150	1204.083
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	352.824	174.796
(c) Other current liabilities	5965.028	4177.905
(d) Short-term provisions	5.019	2.151
Total Current Liabilities (4)	6322.871	4354.852
TOTAL	8820.240	6062.553
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	204.823	213.403
(ii) Intangible Assets	0.526	0.758
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	176.928	114.250
(d) Long-term Loan and Advances	35.327	80.089
(e) Other Non-current assets	42.300	42.300
Total Non-Current Assets	459.904	450.800
(2) Current assets
(a) Current investments	25.052	60.000
(b) Inventories	5685.241	4005.937
(c) Trade receivables	1.424	0.000
(d) Cash and cash equivalents	145.374	45.382
(e) Short-term loans and advances	2427.625	1489.146
(f) Other current assets	75.620	11.288
Total Current Assets	8360.336	5611.753
TOTAL	8820.240	6062.553

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		23.303
2] 500 Equity Shares Warrants of Rs. 10/- each		0.050
3] Share Application Money		275.550
4] Reserves & Surplus		1576.758
5] (Accumulated Losses)
NETWORTH		1875.661
LOAN FUNDS
1] Secured Loans		1238.259
2] Unsecured Loans		0.000
TOTAL BORROWING		1238.259
DEFERRED TAX LIABILITIES		0.000
TOTAL		3113.920
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		364.732
Capital work-in-progress		1563.930
INVESTMENT		65.272
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2382.027
	Sundry Debtors	0.000
	Cash & Bank Balances	218.450
	Other Current Assets	0.000
	Loans & Advances	483.775
Total Current Assets		3084.252
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	2215.410
	Provisions	5.101
Total Current Liabilities		2220.511
Net Current Assets		863.741
Profit and Loss Account		256.245
TOTAL		3113.920

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	836.200	0.700	0.000
	Other Income	121.300	12.800	40.100
	TOTAL (A)	957.500	13.500	40.100
Less	EXPENSES
	Cost of Civil / Development	748.700	0.000	0.000
	Transfer to Cap. Exp. / WIP	0.000	0.000	(55.600)
	Employees benefits expense	64.900	48.900	55.000
	Selling Administrative and Other expenses	125.500	88.500	73.800
	TOTAL (B)	939.100	137.400	73.200
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	18.400	(123.900)	(33.100)
Less	FINANCIAL EXPENSES (D)	123.600	3.000	32.300
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(105.200)	(126.900)	(65.400)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	20.900	16.600	17.700
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(126.100)	(143.500)	(83.100)
Less	TAX (H)	(62.700)	(113.700)	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(63.400)	(29.800)	(83.100)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)	(286.100)	(256.300)	(173.200)
	Balance Carried to the B/S (I+J)	(349.500)	(286.100)	(256.300)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(6.62)	(220.74)	(207.23)
Net Profit Margin (PBT/Sales)	(%)	(15.08)	(20500.00)	0.000
Return on Total Assets (PBT/Total Assets}	(%)	(1.46)	(2.41)	(0.02)
Return on Investment (ROI) (PBT/Networth)		(0.29)	(0.28)	(0.04)
Debt Equity Ratio (Total Debt /Networth)		4.61	2.36	0.66
Current Ratio (Current Asset/Current Liability)		1.32	1.29	1.39

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	23.303	23.303
Reserves & Surplus	204.715	141.316
Net worth	228.018	164.619
long-term borrowings	1187.015	2030.971
Short term borrowings	0.000	0.000
Total borrowings	1187.015	2030.971
Debt/Equity ratio	5.206	12.337

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.000	0.700	836.200
			1,19,357.143

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.000	0.700	836.200
Profit	(83.100)	(29.800)	(63.400)
		(4257.14%)	(7.58%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	---------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10497204	25/06/2014 *	500,000,000.00	ADITYA BIRLA FINANCE LIMITED	Indian Rayon Compound, Veraval, Gujarat - 362266,  INDIA	C12321113
2	10439333	29/07/2013	1,000,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, Maharashtra - 400020, INDIA	B80549967
3	10337867	24/01/2012	500,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, Maharashtra - 400020, INDIA	B33085283
4	10273442	14/02/2011	1,750,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE, H T PAREKH MARG, CHURCHGATE 169, BACKBAY RECLAMATION,, MUMBAI, Maharashtra - 400020,  INDIA	B07689946
5	10124683	29/08/2008	1,500,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE, H T PAREKH MARG, CHURCHGATE 169, BACKBAY RECLAMATION, MUMBAI, Maharashtra - 400020, INDIA	A47683677

* Date of charge modification

FIXED ASSETS

• Building
• Plant and Equipment
• Furniture and Fixture
• Computer
• Vehicle
• Office Equipment
• Computer Software

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. 61.47
UK Pound	1	Rs. 98.23
Euro	1	Rs. 78.66

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.