MIRA INFORM REPORT

Report Date :

04.09.2014

IDENTIFICATION DETAILS

Name :	SADBHAV ENGINEERING LIMITED
Registered Office :	Sadbhav House, Opposite Law Garden Police Chowki, Ellisbridge, Ahmedabad – 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.10.1988
Com. Reg. No.:	04-011322
Capital Investment / Paid-up Capital :	Rs. 151.662 Millions
CIN No.: [Company Identification No.]	L45400GJ1988PLC011322
TAN No.: [Tax Deduction & Collection Account No.]	AHMS00707A
PAN No.: [Permanent Account No.]	AADCS0852Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Developers and engineering, procurement and construction (EPC) Contractors
No. of Employees :	Information declined by the management.

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 38000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by sound liquidity position and fair profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal 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

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

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

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

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

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

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Proposed Commercial Paper Issue Standalone = A1
Rating Explanation	Very strong degree of safety and Low credit risk
Date	July 08, 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 DENIED

Management is Non co-operative (91-79-26463384)

LOCATIONS

Registered Office :	Sadbhav House, Opposite Law Garden Police Chowki, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26463384
Mobile No.:	Not Available
Fax No.:	91-79-26400210
E-Mail :	rahul.sheth@sadbhaveng.com

DIRECTORS

AS ON 30.09.2013

Name :

Vishnubhai Mafatlal Patel

Designation :

Managing Director

Address :

11 Hindu Colony Opposite Sardar Patel Staudium Navrang Pura, Ahmedabad – 380009, Gujarat

Date of Birth/Age :

27.01.1942

Date of Appointment :

01.07.2014

DIN No. :

00048287

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	L45400GJ1988PLC011322	SADBHAV ENGINEERING LIMITED	Managing director	01/07/2014	03/10/1988	-	Active	NO
2	U65990GJ1994PTC022083	SADBHAV FINSTOCK PRIVATE LIMITED	Director	18/05/1994	18/05/1994	-	Active	NO
3	U14100GJ1994PTC022771	SADBHAV QUARRY WORKS PRIVATE LIMITED	Director	16/08/1994	16/08/1994	-	Active	NO
4	U45203MH2005PLC155016	MUMBAI NASIK EXPRESSWAY LIMITED	Director	26/09/2006	22/07/2005	-	Active	NO
5	U45203GJ2006PLC048981	AHMEDABAD RING ROAD INFRASTRUCTURE LIMITED	Director	31/08/2006	31/08/2006	-	Active	NO
6	U45202GJ2007PLC049808	SADBHAV INFRASTRUCTURE PROJECT LIMITED	Director	18/01/2007	18/01/2007	-	Active	NO
7	U45203GJ2007PLC049814	AURANGABAD - JALNA TOLL WAY LIMITED	Director	19/01/2007	19/01/2007	-	Active	NO
8	U45203GJ2007PLC049963	NAGPUR - SEONI EXPRESS WAY LIMITED	Director	08/02/2007	08/02/2007	-	Active	NO
9	U65993GJ2005PTC047183	VITAL NATURAL RESOURCES PRIVATE LIMITED	Director	28/09/2007	12/02/2007	28/03/2009	Active	NO
10	U51109GJ2007PTC050367	S.V. TRADELINK PRIVATE LIMITED	Director	29/03/2007	29/03/2007	-	Amalgamated	NO
11	U27102OR2003PLC007354	YAZDANI STEEL AND POWER LIMITED	Director	09/09/2008	03/12/2007	04/05/2011	Active	NO
12	U45201GJ2009PLC056327	MAHARASHTRA BORDER CHECK POST NETWORK LIMITED	Director	09/03/2009	09/03/2009	-	Active	NO
13	U45203MH2009PLC191222	DHULE PALESNER TOLLWAY LIMITED	Director	25/03/2009	25/03/2009	24/06/2010	Active	NO
14	U45203GJ2010PTC059262	HYDERABAD-YADGIRI TOLLWAY PRIVATE LIMITED	Director	20/01/2010	20/01/2010	-	Active	NO
15	U45202GJ2010PTC059322	ROHTAK-PANIPAT TOLLWAY PRIVATE LIMITED	Director	25/01/2010	25/01/2010	20/09/2013	Active	NO
16	U45203GJ2010PTC059669	BIJAPUR-HUNGUND TOLLWAY PRIVATE LIMITED	Director	22/02/2010	22/02/2010	04/06/2012	Active	NO
17	U65993GJ2005PTC047181	SADBHAV REALTY PRIVATE LIMITED	Director	29/09/2012	31/08/2011	-	Active	NO
18	U45201GJ2012PTC069676	SHREENATHJI-UDAIPUR TOLLWAY PRIVATE LIMITED	Director	30/03/2012	30/03/2012	-	Active	NO
19	U45203GJ2012PTC069967	SOLAPUR-BIJAPUR TOLLWAY PRIVATE LIMITED	Director	19/04/2012	19/04/2012	-	Active	NO
20	U45203GJ2012PTC072902	BHILWARA-RAJSAMAND TOLLWAY PRIVATE LIMITED	Director	05/12/2012	05/12/2012	-	Active	NO
21	U45203GJ2013PTC074446	ROHTAK-HISSAR TOLLWAY PRIVATE LIMITED	Director	11/04/2013	11/04/2013	-	Active	NO
22	U45203GJ2014PTC078848	MYSORE-BELLARY HIGHWAY PRIVATE LIMITED	Director	21/02/2014	21/02/2014	-	Active	NO

Name :

Mr. Nitin Rameshchandra Patel

Designation :

Whole-time Director

Address :

“Keshav Laxmi” Opposite Everbellaflats Ankur Road, Naranpura, Ahmedabad – 380013, Gujarat, India

Date of Birth/Age :

04.08.1968

Date of Appointment :

01.07.2014

DIN No. :

00466330

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	L45400GJ1988PLC011322	SADBHAV ENGINEERING LIMITED	Whole-time director	01/07/2014	01/08/1999	-	Active	NO
2	U45203GJ2006PLC048981	AHMEDABAD RING ROAD INFRASTRUCTURE LIMITED	Director	31/08/2006	31/08/2006	-	Active	NO
3	U45203GJ2007PLC049814	AURANGABAD - JALNA TOLL WAY LIMITED	Director	19/01/2007	19/01/2007	-	Active	NO
4	U45203GJ2007PLC049963	NAGPUR - SEONI EXPRESS WAY LIMITED	Director	08/02/2007	08/02/2007	-	Active	NO
5	U27102OR2003PLC007354	YAZDANI STEEL AND POWER LIMITED	Director	09/09/2008	03/12/2007	30/09/2011	Active	NO
6	U14100GJ1994PTC022771	SADBHAV QUARRY WORKS PRIVATE LIMITED	Director	10/07/2009	24/10/2008	-	Active	NO
7	U45201GJ2009PLC056327	MAHARASHTRA BORDER CHECK POST NETWORK LIMITED	Director	09/03/2009	09/03/2009	-	Active	NO
8	U45203GJ2010PTC059262	HYDERABAD-YADGIRI TOLLWAY PRIVATE LIMITED	Director	20/01/2010	20/01/2010	-	Active	NO
9	U45202GJ2010PTC059322	ROHTAK-PANIPAT TOLLWAY PRIVATE LIMITED	Director	25/01/2010	25/01/2010	-	Active	NO
10	U45203GJ2010PTC059669	BIJAPUR-HUNGUND TOLLWAY PRIVATE LIMITED	Director	22/02/2010	22/02/2010	-	Active	NO
11	U45203MH2009PLC191222	DHULE PALESNER TOLLWAY LIMITED	Director	07/06/2011	24/06/2010	-	Active	NO
12	U45202GJ2007PLC049808	SADBHAV INFRASTRUCTURE PROJECT LIMITED	Director	30/09/2010	18/09/2010	-	Active	NO
13	U45201GJ2012PTC069676	SHREENATHJI-UDAIPUR TOLLWAY PRIVATE LIMITED	Director	30/03/2012	30/03/2012	-	Active	NO
14	U45203GJ2012PTC069967	SOLAPUR-BIJAPUR TOLLWAY PRIVATE LIMITED	Director	19/04/2012	19/04/2012	-	Active	NO
15	U45203GJ2012PTC072902	BHILWARA-RAJSAMAND TOLLWAY PRIVATE LIMITED	Director	05/12/2012	05/12/2012	-	Active	NO
16	U45203GJ2013PTC074446	ROHTAK-HISSAR TOLLWAY PRIVATE LIMITED	Director	11/04/2013	11/04/2013	-	Active	NO
17	U45203GJ2014PTC078848	MYSORE-BELLARY HIGHWAY PRIVATE LIMITED	Director	21/02/2014	21/02/2014	-	Active	NO

Name :

Mr. Shashin Vishnubhai Patel

Designation :

Managing Director

Address :

11 Hindu Colony Opposite Sardar patel Stadium Navrang Pura, Ahmedabad – 380009, Gujarat. India

Date of Birth/Age :

02.04.1981

Date of Appointment :

01.07.2014

DIN No. :

00048328

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	L45400GJ1988PLC011322	SADBHAV ENGINEERING LIMITED	Managing director	01/07/2014	23/05/2000	-	Active	NO
2	U65993GJ2005PTC047181	SADBHAV REALTY PRIVATE LIMITED	Director	28/09/2007	01/12/2006	-	Active	NO
3	U45202GJ2007PLC049808	SADBHAV INFRASTRUCTURE PROJECT LIMITED	Director	18/01/2007	18/01/2007	-	Active	NO
4	U45203GJ2007PLC049814	AURANGABAD - JALNA TOLL WAY LIMITED	Director	19/01/2007	19/01/2007	-	Active	NO
5	U45203GJ2006PLC048981	AHMEDABAD RING ROAD INFRASTRUCTURE LIMITED	Director	29/01/2007	29/01/2007	-	Active	NO
6	U45203GJ2007PLC049963	NAGPUR - SEONI EXPRESS WAY LIMITED	Managing director	16/11/2008	08/02/2007	-	Active	NO
7	U65993GJ2005PTC047183	VITAL NATURAL RESOURCES PRIVATE LIMITED	Director	28/09/2007	12/02/2007	30/03/2009	Active	NO
8	U52341GJ2007PTC050358	BHAVNA TRADELINK PRIVATE LIMITED	Director	28/03/2007	28/03/2007	-	Amalgamated	NO
9	U51109GJ2007PTC050367	S.V. TRADELINK PRIVATE LIMITED	Director	29/03/2007	29/03/2007	-	Amalgamated	NO
10	U45201GJ2009PLC056327	MAHARASHTRA BORDER CHECK POST NETWORK LIMITED	Director	08/09/2010	02/09/2009	-	Active	NO
11	U45201GJ2012PTC069676	SHREENATHJI-UDAIPUR TOLLWAY PRIVATE LIMITED	Director	30/03/2012	30/03/2012	-	Active	NO
12	U45203GJ2012PTC069967	SOLAPUR-BIJAPUR TOLLWAY PRIVATE LIMITED	Director	19/04/2012	19/04/2012	-	Active	NO
13	U45203GJ2010PTC059669	BIJAPUR-HUNGUND TOLLWAY PRIVATE LIMITED	Additional director	04/06/2012	04/06/2012	14/05/2013	Active	NO
14	U45203GJ2012PTC072902	BHILWARA-RAJSAMAND TOLLWAY PRIVATE LIMITED	Director	05/12/2012	05/12/2012	-	Active	NO
15	U45203GJ2013PTC074446	ROHTAK-HISSAR TOLLWAY PRIVATE LIMITED	Director	11/04/2013	11/04/2013	-	Active	NO

Name :

Vikram Rasiklal patel

Designation :

Whole-time Director

Address :

1 Shipra Society Opposite Gauravbunglownr Vidhyalaymemnagar, Ahmedabad – 380061, Gujarat, India

Date of Birth/Age :

02.04.1968

Date of Appointment :

01.10.2012

DIN No. :

00048318

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	L45400GJ1988PLC011322	SADBHAV ENGINEERING LIMITED	Whole-time director	01/10/2012	15/12/1995	-	Active	NO
2	U45203GJ2006PLC048981	AHMEDABAD RING ROAD INFRASTRUCTURE LIMITED	Managing director	01/01/2012	01/11/2008	-	Active	NO
3	U45203GJ2014PTC078848	MYSORE-BELLARY HIGHWAY PRIVATE LIMITED	Director	21/02/2014	21/02/2014	-	Active	NO

Name :

Ms. Vasistha Chandubhai Patel

Designation :

Whole-time Director

Address :

27 Shaswat Bunglows, Sghighway B/Hrajpatn Club, Bodakdev, Ahmedabad – 3830059, Gujarat

Date of Birth/Age :

25.07.1973

Date of Appointment :

01.10.2012

DIN No. :

00048324

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	L45400GJ1988PLC011322	SADBHAV ENGINEERING LIMITED	Whole-time director	01/10/2012	01/08/2001	-	Active	NO
2	U27102OR2003PLC007354	YAZDANI STEEL AND POWER LIMITED	Director	09/09/2008	03/12/2007	04/05/2011	Active	NO
3	U45202GJ2007PLC049808	SADBHAV INFRASTRUCTURE PROJECT LIMITED	Managing director	01/01/2012	01/04/2008	-	Active	NO
4	U45201GJ2009PTC056288	S R K INFRABUILD PRIVATE LIMITED	Director	06/03/2009	06/03/2009	-	Amalgamated	NO
5	U45201GJ2009PLC056327	MAHARASHTRA BORDER CHECK POST NETWORK LIMITED	Director	08/09/2010	02/09/2009	-	Active	NO
6	U45203GJ2010PTC059262	HYDERABAD-YADGIRI TOLLWAY PRIVATE LIMITED	Director	20/01/2010	20/01/2010	-	Active	NO
7	U45202GJ2010PTC059322	ROHTAK-PANIPAT TOLLWAY PRIVATE LIMITED	Director	25/01/2010	25/01/2010	-	Active	NO
8	U45203GJ2010PTC059669	BIJAPUR-HUNGUND TOLLWAY PRIVATE LIMITED	Director	22/02/2010	22/02/2010	-	Active	NO
9	U45203MH2009PLC191222	DHULE PALESNER TOLLWAY LIMITED	Director	07/06/2011	24/06/2010	-	Active	NO
10	U45201GJ2012PTC069676	SHREENATHJI-UDAIPUR TOLLWAY PRIVATE LIMITED	Director	30/03/2012	30/03/2012	-	Active	NO
11	U45203GJ2012PTC069967	SOLAPUR-BIJAPUR TOLLWAY PRIVATE LIMITED	Director	19/04/2012	19/04/2012	-	Active	NO
12	U45203GJ2012PTC072902	BHILWARA-RAJSAMAND TOLLWAY PRIVATE LIMITED	Director	05/12/2012	05/12/2012	-	Active	NO
13	U45203GJ2013PTC074446	ROHTAK-HISSAR TOLLWAY PRIVATE LIMITED	Director	11/04/2013	11/04/2013	-	Active	NO

Name :

Mr. Sandip Vinodkumar Patel

Designation :

Director

Address :

D 302 Arjungreensnrme Naravhallnilkanthma Hadevrd Naranpura, Ahmedabad – 380013, Gujarat, India

Date of Birth/Age :

22.11.1967

Date of Appointment :

21.09.2006

DIN No. :

00449028

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	L45400GJ1988PLC011322	SADBHAV ENGINEERING LIMITED	Director	21/09/2006	27/06/2006	-	Active	NO
2	U45202GJ2007PLC049808	SADBHAV INFRASTRUCTURE PROJECT LIMITED	Director	28/07/2012	01/03/2012	-	Active	NO

Name :

Mr. Atul Nandlalbhai Ruparel

Designation :

Director

Address :

1 Aryaman Bunglow 10, Hirabaug Society, Ahmedabad – 380006, Gujarat, India

Date of Birth/Age :

22.11.1967

Date of Appointment :

29.09.2009

DIN No. :

00485470

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	U65910GJ1994PLC021567	KUTCHH GUJARAT FINSTOCK LIMITED	Director	30/09/2006	25/10/2005	-	Active	NO
2	L45400GJ1988PLC011322	SADBHAV ENGINEERING LIMITED	Director	29/09/2009	23/10/2008	-	Active	NO
3	U74140GJ2009PTC056610	STEPS CORPORATE SERVICES PRIVATE LIMITED	Director	15/04/2009	15/04/2009	-	Active	NO

Name :

Mr. Arunbhai Shankerlal Patel

Designation :

Director

Address :

19 Pannapark Society, Near Vijay Nagar Soc. Navrangpura, Ahmedabad – 380009, Gujarat, India

Date of Birth/Age :

15.07.1946

Date of Appointment :

29.09.2012

DIN No. :

06365699

KEY EXECUTIVES

Name :	Mr. Vijay Jamnadas Kalyani
Designation :	Secretary
Address :	9, Divyajyot Society, Bhairavnath Road Maninagar, Ahmedabad – 380008, Gujarat, India
Date of Birth/Age :	02.11.1958
Date of Appointment :	01.05.2006
PAN No.:	AEJPK5384A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	52256765	34.43
Bodies Corporate	16545275	10.90
Any Others (Specify)	3993840	2.63
Trusts	3993840	2.63
Sub Total	72795880	47.96
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	72795880	47.96
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	40187385	26.47
Financial Institutions / Banks	11233	0.01
Foreign Institutional Investors	23414432	15.43
Sub Total	63613050	41.91
(2) Non-Institutions
Bodies Corporate	10567660	6.96
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	3933477	2.59
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	500000	0.33
Any Others (Specify)	384733	0.25
Clearing Members	240145	0.16
Non Resident Indians	144588	0.10
Sub Total	15385870	10.14
Total Public shareholding (B)	78998920	52.04
Total (A)+(B)	151794800	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	151794800	0.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Mutual funds	23.74
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	18.11
Bodies corporate	17.53
Directors or relatives of Directors	37.83
Other top fifty shareholders	0.92
Others	1.87
Total	100.00

BUSINESS DETAILS

Line of Business :

Developers and engineering, procurement and construction (EPC) Contractors

Products :

Item Code No. (ITC Code)	Product Description
99532111	Contractual receipts

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· Yes Bank Limited, 9th Floor, Nehru Centre, discovery of India, Dr. Annie Besant road, Worli,, Mumbai - 400018, Maharashtra, India

· Standard Chartered Bank, Abhijeet II, Ground floor, Near Mithakali Six Roads, Ahmedabad - 380006, Gujarat, INDIA

· Karur Vysya Bank, Ground floor, Sakar 7, Nehru bridge, ashram road, Ahmedabad - 380009, Gujarat, India

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Debentures		1274.000
Rupee term loans from banks		742.287
Foreign currency term loans from banks		1061.060
Term Loans from others		44.247
SHORT TERM BORROWINGS
Loans repayable on demand		2974.414
Total	NA	6096.008

Finance Institute	· Tata Capital Limited, One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai - 400001, Maharashtra, India · SREI Equipment Finance Private Limited, 'VISHWAKARMA', 86C, Topsia road, Kolkata - 700046, West Bengal, INDIA · Tata Motors Finance Limited C/o. Tata Motors Limited, 3rd Floor, Nanavati Mahalaya, 18, Homi Mody Street, Mumbai - 400001, Maharashtra, India · Daimler Financial Services India Private Limited, Unit 202, 2nd Floor, Campus 3B,RMZ Millennia, Business Park, No.143, Dr. M.G. R. Road, Perungudi, Chennai - 600096, Tamil Nadu, India
Banking Relations :	--
Auditors :
Name :	Surana Maloo and Company Chartered Accountants
Address :	2nd Floor, Akash, Ganga Complex, Parimal Under Bridge, Near Suvidha Shopping Center, Paldi, Ahmedabad-380007, Gujarat, India
PAN No.:	AAHFS7809J

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs.1/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
151429550	Equity Shares	Rs.1/- each	Rs.151.430 Millions

After 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs.1/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
151861800	Equity Shares	Rs.1/- each	Rs.151.862 Millions

As on 31.03.2014

Authorised Capital : NA

Issued, Subscribed & Paid-up Capital : Rs. 151.662 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	151.662	150.946	150.368
(b) Reserves & Surplus	9189.053	8174.241	7472.696
(c) Money received against share warrants	231.500	0.000	0.000
(2) Share Application money pending allotment	0.0000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	9572.215	8325.187	7623.064
(3) Non-Current Liabilities
(a) long-term borrowings	4215.271	3121.594	1305.663
(b) Deferred tax liabilities (Net)	356.681	316.917	234.531
(c) Other long term liabilities	491.714	781.919	754.188
(d) long-term provisions	25.111	22.685	18.283
Total Non-current Liabilities (3)	5088.777	4243.115	2312.665
(4) Current Liabilities
(a) Short term borrowings	4417.824	3609.569	2722.410
(b) Trade payables	3763.145	3290.660	3212.943
(c) Other current liabilities	6247.929	3300.386	3667.044
(d) Short-term provisions	1189.523	2139.390	1855.969
Total Current Liabilities (4)	15618.421	12340.005	11458.366
TOTAL	30279.413	24908.307	21394.095
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4981.857	3294.307	2878.424
(ii) Intangible Assets	0.000	8.339	2.274
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5210.041	5384.528	3287.321
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4816.809	1519.631	730.343
(e) Other Non-current assets	198.752	416.779	436.643
Total Non-Current Assets	15207.459	10623.584	7335.005
(2) Current assets
(a) Current investments	0.000	0.000	35.429
(b) Inventories	1638.210	1021.902	883.933
(c) Trade receivables	7318.716	7364.915	7474.169
(d) Cash and cash equivalents	761.724	217.551	563.381
(e) Short-term loans and advances	4889.703	5523.610	4923.061
(f) Other current assets	463.601	156.745	179.117
Total Current Assets	15071.954	14284.723	14059.090
TOTAL	30279.413	24908.307	21394.095

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	23581.236	18109.980	26755.491
	Other Income	114.047	103.478	108.206
	TOTAL	23695.283	18213.458	26863.697
Less	EXPENSES
	Construction Expenses	19449.599	0.000	0.000
	Cost of Materials Consumed	0.000	2683.835	3296.641
	Employees benefits expense	602.198	396.280	372.331
	Other expenses	1035.402	13470.308	20138.823
	TOTAL	21087.199	16550.423	23807.795
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	2608.084	1663.035	3055.902
Less	FINANCIAL EXPENSES	930.974	843.697	651.119
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1677.110	819.338	2404.783
Less/ Add	DEPRECIATION/ AMORTISATION	473.997	318.225	274.390
	PROFIT BEFORE PRIOR PERIOD ITEMS, EXCEPTIONAL ITEMS AND TAX	1203.113	501.113	2130.393
Add	PRIOR PERIOD ITEMS BEFORE TAX	0.000	(2.084)	(44.866)
Add	EXCEPTIONAL ITEMS BEFORE TAX	(383.476)	609.398	0.000
	PROFIT/ (LOSS) BEFORE TAX	819.637	1108.427	2085.527
Less	TAX	(241.997)	367.691	679.911
	PROFIT/ (LOSS) AFTER TAX	1061.634	740.736	1405.616
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	4297.836	3737.400	2636.600
Less	APPROPRIATIONS
	Transfer to General Reserve	100.000	75.000	140.000
	Transfer to Debenture Redemption Reserve	20.000	0.000	60.000
	Proposed Dividend	106.454	90.600	90.200
	Tax on Proposed Dividend	18.791	14.700	14.600
	Total	245.245	180.300	304.800
	Balance Carried to the B/S	5114.225	4297.836	3737.416
	Earnings / (Loss) Per Share (Rs.)
	Basic	7.01	4.91	9.36
	Diluted	7.01	4.89	9.28

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	June 2014 (Unaudited)
Net Sales	6855.100
Total Expenditure	6140.000
PBDI (Excl OL)	715.100
Other Income	291.200
Operating Profit	1006.300
Interest	496.700
Exceptional Items	0.00
PBDT	509.500
Depreciation	219.500
Profit Before Tax	290.000
Tax	20.100
Provisions and contingencies	0.000
Profit After tax	269.900
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	269.900

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	4.48	4.07	5.23
Net Profit Margin (PBT/Sales)	(%)	3.48	6.12	7.79
Return on Total Assets (PBT/Total Assets}	(%)	3.27	5.68	11.52
Return on Investment (ROI) (PBT/Networth)		0.09	0.13	0.27
Debt Equity Ratio (Total Debt /Networth)		0.90	0.81	0.53
Current Ratio (Current Asset/Current Liability)		0.97	1.16	1.23

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	150.368	150.946	151.662
Reserves & Surplus	7472.696	8174.241	9189.053
Money received against share warrants	0.000	0.000	231.500
Net worth	7623.064	8325.187	9572.215
long-term borrowings	1305.663	3121.594	4215.271
Short term borrowings	2722.410	3609.569	4417.824
Total borrowings	4028.073	6731.163	8633.095
Debt/Equity ratio	0.528	0.809	0.902

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2021	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	26755.491	18109.980	23581.236
		(32.313)	30.211

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	26755.491	18109.980	23581.236
Profit	1405.616	740.736	1061.634
	5.25%	4.09%	4.50%

LOCAL AGENCY FURTHER INFORMATION

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

LITIGATION DETAILS

HIGH COURT OF GUJARAT

TAX APPEAL No. 876 of 2014 to TAX APPEAL No. 881 Of 2014

Status : PENDING (Converted from : O/ST/2160/2014 CCIN No. : 001092201400876

Last Listing Date : 25 /08/2014

Coram HONOURABLE MS. JUSTICE HARSHA DEVANI

HONOURABLE MS JUSTICE SONIA GOKANI

S. No Name of the Petitioner Advocate On Record

1 COMMISSIONER OF INCOME TAX MRS MAUNA M BHATT for : Appellant (s) → 1

S. No. Name of the Respondant Advocate On Record

1 SADBHAV ENGINEERING LTD

Presented On : 05/08/2014 Registered On : 19/08/2014

Bench Category : - District : AHMEDABAD

Case Originated Form : THROUGH ADVOCATE Listed : 5 Times

Stage Name : : ADMISSION (FRESH MATTERS)

Office Details

S. No	Filling Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	05/08/2014	APPEARANCE NOTE	MRS MAUNA M BHATT ADVOCATE for PETITIONER (s) → 1	0	MRS MAUNA M BHATT (174) FOR P:1
2	05.08.2014	CERTIFIED COPY	MRS MAUNA M BHATT ADVOCATE for PETITIONER (s) → 1	6	MRS MAUNA M BHATT (174) FOR P:1
3	05/08.2014	MEMO OF APPEAL / PETITION/SUIT	MRS MAUNA M BHATT ADVOCATE for PETITIONER (s) → 1	20	MRS MAUNA M BHATT (174) FOR P:1
4	22/08/2014	DOCUMENT	MRS MAUNA M BHATT ADVOCATE for PETITIONER (s) → 1	0	MRS MAUNA M BHATT (174) FOR P:1

Court Proceedings

s. No.	Notifies date	Court Code	Board Sr. No.	Stage Action	Coram
1	25/08/2014	10	2	ADMISSION (FRESH RULE/ ADMIT MATTERS)	· HONOURABLE MS JUSTICE HARSHA DEVANI · HONOURABLE MS JUSTICE SONIA GOKANI

CORPORATE INFORMATION:

The Company, Sadbhav Engineering Limited is engaged in the business of development of infrastructure facilities in areas of canals, irrigations projects, roads, bridge, dams which includes civil, electrical and mechanical contractor, designer and engineers, structural contractor, earthwork contractor for repairing, reconstruction, renovation, demolitions and construction of canals, irrigations projects, roads, bridge, dams. Company also establish, maintain, operate, lease or transfer the above infrastructure facilities on BOT, BOLT and BOOT basis. Company is also engaged in mining activities on contract basis and business of energy generation through Wind Power Project.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10516946	08/08/2014	46,800,000.00	SREI EQUIPMENT FINANCE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, West Bengal - 700046, INDIA	C18539387
2	10516948	08/08/2014	17,719,695.00	SREI EQUIPMENT FINANCE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, West Bengal - 700046, INDIA	C18539973
3	10516953	08/08/2014	225,685,440.00	SREI EQUIPMENT FINANCE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, West Bengal - 700046, INDIA	C18540443
4	10516954	08/08/2014	31,200,000.00	SREI EQUIPMENT FINANCE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, West Bengal - 700046, INDIA	C18540922
5	10506279	21/06/2014	21,510,000.00	TATA MOTORS FINANCE LIMITED	C/O. TATA MOTORS LIMITED, 3RD FLOOR, NANAVATI MA  HALAYA, 18, HOMI MODY STREET, MUMBAI, Maharashtra  - 400001, INDIA	C09445669
6	10494502	20/03/2014	400,000,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra - 400051, INDIA	C04498069
7	10485779	07/03/2014	67,719,277.00	Daimler Financial Services India Private Limited	Unit 202, 2nd Floor, Campus 3B,RMZ Millennia, Business Park, No.143, Dr. M.G.R. Road, Perungudi, Chennai, Tamil Nadu - 600096, INDIA	C00808881
8	10487168	26/02/2014	390,000,000.00	KARUR VYSYA BANK	GROUND FLOOR, SAKAR 7,, NEHRU BRIDGE, ASHRAM ROAD  , AHMEDABAD, Gujarat - 380009, INDIA	C01216415
9	10474270	02/01/2014	61,903,613.00	Daimler Financial Services India Private Limited	Unit 202, 2nd Floor, Campus 3B,RMZ Millennia, Business Park, No.143, Dr. M.G.R. Road, Perungudi, Chennai, Tamil Nadu - 600096, INDIA	B94966173
10	10463814	25/11/2013	9,654,844.00	Axis Bank Limited	RAC Ahmedabad, CV/ CE Department, 4th Floor, Shivalik Ishan, Nr. C. N. Vidhyalaya, Ambawadi, AHMEDA  BAD, Gujarat - 380006, INDIA	B90950320

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
SHORT TERM BORROWINGS
Term Loans		250.000
Loans and Advances from directors		379.925
Loans and Advances from Others		5.230
Total	NA	635.155

FIXED ASSETS

· Land

· Buildings

· Office building

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer Equipments

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 records 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.60.45
UK Pound	1	Rs. 99.45
Euro	1	Rs. 79.46

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	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.