MIRA INFORM REPORT

Report Date :

22.09.2014

IDENTIFICATION DETAILS

Name :	ASHOKA INFRAWAYS LIMITED (w.e.f. 07.08.2012)
Formerly Known As :	ASHOKA INFRAWAYS PRIVATE LIMITED
Registered Office :	S. No. 861, Ashoka House, Ashoka Marg, Vadala, Nashik – 422011, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.06.2001
Com. Reg. No.:	11-132489
Capital Investment / Paid-up Capital :	Rs. 48.850 Millions
CIN No.: [Company Identification No.]	U45200MH2001PLC132489
PAN No.: [Permanent Account No.]	AADCA4889P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Road Construction and Maintenance and Real Estate.
No. of Employees :	Above 100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1900000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company is good. Trade relations are reported as fair. Business is active. Payments term are reported to be usually correct. 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+ (SO)”
Rating Explanation	Adequate degree of safety and carry low credit risk.
Date	10.01.2014

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 DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-253-3011705)

LOCATIONS

Registered Office :	S. No. 861, Ashoka House, Ashoka Marg, Vadala, Nashik – 422011, Maharashtra, India
Tel. No. :	91-253-3011705
Fax No. :	Not Available
E-Mail :	secretarial@ashokabuildcon.com

DIRECTORS

As on 15.06.2013

Name :

Mr. Ashok Motilal Katariya

Designation :

Nominee director

Address :

Anshuman Sahadev Nagar, Gangapur Road, Nashik – 422103, Maharashtra, India

Date of Birth/Age :

20.07.1949

Qualification :

B.E. Civil (Gold Medalist)

Date of Appointment :

20.12.2012

DIN No. :

00112240

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	U29299MH1983PTC030226	ASHOKA CONSTRUWELL PRIVATE LIMITED	Director	17-06-1983	17-06-1983	-	Active	NO
2	U45201MH1985PTC165128	ASHOKA BUILDERS (NASIK) PRIVATE LIMITED	Director	04-07-1985	04-07-1985	-	Active	NO
3	U26900MH1988PTC046131	A ONE TILES PRIVATE LIMITED	Director	05-02-1988	05-02-1988	-	Active	NO
4	L45200MH1993PLC071970	ASHOKA BUILDCON LIMITED	Whole-time director	01-04-2012	13-05-1993	-	Active	NO
5	U70101MH1994PTC076114	ASHOKA VANRAI DEVELOPMENTS PRIVATE LIMITED	Director	18-01-1994	18-01-1994	-	Active	NO
6	U45200MH1996PTC097282	ASHOKA VASTUKALA NIRMAN PRIVATE LIMITED	Director	14-02-1996	14-02-1996	-	Active	NO
7	U45200MH1996PTC097286	ASHOKA VASTU AKRUTI PRIVATE LIMITED	Director	14-02-1996	14-02-1996	-	Active	NO
8	U45200MH1996PTC097284	ASHOKA SHILP AKRUTI PRIVATE LIMITED	Director	14-02-1996	14-02-1996	-	Active	NO
9	U45200MH1996PTC097272	ASHOKA PROMOTERS PRIVATE LIMITED	Director	14-02-1996	14-02-1996	-	Active	NO
10	U45200MH1996PTC097279	ASHOKA PREMISES PRIVATE LIMITED	Director	14-02-1996	14-02-1996	-	Active	NO
11	U45200MH1996PTC097285	ASHOKA NIRMITI PRIVATE LIMITED	Director	14-02-1996	14-02-1996	-	Active	NO
12	U45200MH1996PTC097280	ASHOKA HOUSING CONSTRUCTIONS PRIVATE LIMITED	Director	14-02-1996	14-02-1996	-	Active	NO
13	U45200MH1996PTC097276	ASHOKA ESTATE DEVELOPERS PRIVATE LIMITED	Director	14-02-1996	14-02-1996	-	Active	NO
14	U45200MH1996PTC097292	ASHOKA ERRECTORS PRIVATE LIMITED	Director	14-02-1996	14-02-1996	-	Active	NO
15	U45200MH1996PTC097294	ASHOKA DESERTS AND DEVELOPERS PRIVATE LIMITED	Director	14-02-1996	14-02-1996	-	Active	NO
16	U45200MH1996PTC097273	ASHOKA CITY TOWERS CONSTRUCTIONS PRIVATE LIMITED	Director	14-02-1996	14-02-1996	-	Active	NO
17	U45200MH1998PTC117012	ABHIJEET ASHOKA INFRASTRUCTURE PRIVATE LIMITED	Director	03-11-1998	03-11-1998	11-05-2013	Active	NO
18	U51410MH1999PTC121934	ASHOKA BITUCON EXIM PRIVATE LIMITED	Director	14-08-2009	27-09-1999	-	Active	NO
19	U11100MH1999PTC121936	ASHOKA BITUCON INTERNATIONAL PRIVATE LIMITED	Director	14-08-2009	27-09-1999	-	Active	NO
20	U45200MH2001PLC132489	ASHOKA INFRAWAYS LIMITED	Nominee director	20-12-2012	25-06-2001	-	Active	NO
21	U45201MH2001PTC133026	ASHOKA PATH NIRMAN ( NASIK ) PRIVATE LIMITED	Director	10-08-2001	10-08-2001	-	Active	NO
22	U45200MH2001PLC171661	VIVA HIGHWAYS LIMITED	Nominee director	20-12-2012	16-08-2001	-	Active	NO
23	U45203PN2002PLC016716	VIVA INFRASTRUCTURE LIMITED	Nominee director	20-12-2012	28-01-2002	-	Active	NO
24	U45203MH2002PTC172229	ASHOKA INFRASTRUCTURE LIMITED	Nominee director	20-12-2012	11-07-2002	-	Active	NO
25	U45203MH2002PLC136550	ASHOKA-DSC KATNI BYPASS ROAD LIMITED	Nominee director	20-12-2012	18-07-2002	-	Active	NO
26	U80100MH2005PTC153322	ASHOKA UNIVERSAL ACADEMY PRIVATE LIMITED	Director	16-05-2005	16-05-2005	-	Active	NO
27	U74999MH2007PLC168772	ASHOKA HIGHWAYS (DURG) LIMITED	Nominee director	24-12-2012	15-03-2007	-	Active	NO
28	U45203MH2007PLC168773	ASHOKA HIGHWAYS (BHANDARA) LIMITED	Nominee director	24-12-2012	15-03-2007	-	Active	NO
29	U74999MH2008PTC187501	ASHOKA TECHNOLOGIES PRIVATE LIMITED	Nominee director	20-12-2012	14-10-2008	-	Active	NO
30	U40104MH2009PTC190295	ASHOKA BIOGREEN PRIVATE LIMITED	Director	12-02-2009	12-02-2009	-	Active	NO
31	U45202MH2009PTC189806	SPAAK REALTORS PRIVATE LIMITED	Director	17-08-2009	17-08-2009	-	Active	NO
32	U45208MH2009PTC196994	ASHOKA INDUSTRIAL PARK PRIVATE LIMITED	Director	10-11-2009	10-11-2009	-	Active	NO
33	U45400DL2010PLC203859	ASHOKA BELGAUM DHARWAD TOLLWAY LIMITED	Nominee director	24-12-2012	08-06-2010	-	Active	NO
34	U45204DL2010PLC203890	ASHOKA SAMBALPUR BARAGARH TOLLWAY LIMITED	Nominee director	24-12-2012	09-06-2010	-	Active	NO
35	U63022PN2008PTC132216	INDO GLOBAL WAREHOUSING AND SERVICES PRIVATE LIMITED	Director	30-09-2011	04-10-2010	-	Active	NO
36	U74999MH2007NPL168975	JAIN INTERNATIONAL TRADE ORGANISATION	Director	25-09-2012	25-09-2012	-	Active	NO
37	U70100MH2006PTC159983	URJAYANT ESTATE PRIVATE LIMITED	Additional director	31-12-2013	31-12-2013	-	Active	NO
38	AAA-3437	GLOBAL ASHOKA FULGAO INDUSTRIAL PARK LLP	Designated Partner	18-01-2011	18-01-2011	-	Active	NO
39	AAA-3497	GLOBAL ASHOKA REALTY LLP	Designated Partner	21-01-2011	21-01-2011	-	Active	NO

Name :

Mr. Ashish Ashok Katariya

Designation :

Nominee director

Address :

Anshuman Sahadev Nagar, Gangapur Road, Nashik – 422103, Maharashtra, India

Date of Birth/Age :

21.06.1977

Qualification :

B.E. Civil, MBA

Date of Appointment :

20.12.2012

DIN No. :

00580763

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	L45200MH1993PLC071970	ASHOKA BUILDCON LIMITED	Director	18-01-2003	18-01-2003	29-06-2007	Active	NO
2	U45201MH1985PTC165128	ASHOKA BUILDERS (NASIK) PRIVATE LIMITED	Director	18-01-2003	18-01-2003	-	Active	NO
3	U45203MH2002PTC172229	ASHOKA INFRASTRUCTURE LIMITED	Nominee director	20-12-2012	18-01-2003	-	Active	NO
4	U45200MH2001PLC171661	VIVA HIGHWAYS LIMITED	Nominee director	20-12-2012	01-10-2005	-	Active	NO
5	U45203PN2002PLC016716	VIVA INFRASTRUCTURE LIMITED	Nominee director	20-12-2012	01-10-2005	-	Active	NO
6	U45200MH2001PLC132489	ASHOKA INFRAWAYS LIMITED	Nominee director	20-12-2012	01-10-2005	-	Active	NO
7	U74999MH2007PLC168772	ASHOKA HIGHWAYS (DURG) LIMITED	Nominee director	24-12-2012	15-03-2007	-	Active	NO
8	U45203MH2007PLC168773	ASHOKA HIGHWAYS (BHANDARA) LIMITED	Nominee director	24-12-2012	15-03-2007	-	Active	NO
9	U26940MH2008PTC187764	ASHOKA PRE-CON PRIVATE LIMITED	Nominee director	20-12-2012	20-01-2009	-	Active	NO
10	U45400DL2010PLC203859	ASHOKA BELGAUM DHARWAD TOLLWAY LIMITED	Director	01-10-2013	21-10-2010	-	Active	NO
11	U45204DL2011PLC215262	ASHOKA DHANKUNI KHARAGPUR TOLLWAY LIMITED	Nominee director	24-12-2012	04-03-2011	-	Active	NO
12	U45201MH2011PLC215760	ASHOKA CONCESSIONS LIMITED	Managing director	20-07-2012	05-04-2011	-	Active	NO
13	U45201DL2011PLC229248	ASHOKA CUTTACK ANGUL TOLLWAY LIMITED	Nominee director	20-12-2012	26-12-2011	-	Active	NO
14	U45204DL2010PLC203890	ASHOKA SAMBALPUR BARAGARH TOLLWAY LIMITED	Nominee director	24-12-2012	09-05-2012	-	Active	NO
15	U45200MH2014PTC251838	KARDA BUILDCON PRIVATE LIMITED	Director	07-01-2014	07-01-2014	-	Active	NO
16	AAA-3437	GLOBAL ASHOKA FULGAO INDUSTRIAL PARK LLP	Designated Partner	18-01-2011	18-01-2011	-	Active	NO
17	AAA-3497	GLOBAL ASHOKA REALTY LLP	Designated Partner	21-01-2011	21-01-2011	-	Active	NO

Name :

Mr. Rajendra Chindulal Burad

Designation :

Managing director

Address :

A-20, Ashoka Residency, Tilak Wadi, Nashik – 422002, Maharashtra, India

Date of Birth/Age :

01.06.1967

Qualification :

B.E. Civil (Gold Medalist)

Date of Appointment :

15.06.2013

DIN No. :

00112638

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	U45200MH1988PTC049402	ASHOKA BUILDWELL AND DEVELOPERS PRIVATE LIMITED	Director	23-10-1993	23-10-1993	-	Active	NO
2	U45200MH2001PLC132489	ASHOKA INFRAWAYS LIMITED	Managing director	15-06-2013	01-10-2005	-	Active	NO
3	U51410MH1999PTC121934	ASHOKA BITUCON EXIM PRIVATE LIMITED	Director	14-08-2009	31-05-2009	14-03-2013	Active	NO
4	U11100MH1999PTC121936	ASHOKA BITUCON INTERNATIONAL PRIVATE LIMITED	Director	14-08-2009	31-05-2009	-	Active	NO
5	U45203MP2007PTC019661	JAORA - NAYAGAON TOLL ROAD COMPANY PRIVATE LIMITED	Nominee director	07-05-2014	07-05-2014	-	Active	NO

Name :

Mr. Milap Raj Bhansali

Designation :

Additional Director

Address :

233 B, Jolly Maker 1, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

18.12.1951

Date of Appointment :

16.08.2014

DIN No. :

00181897

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	U65921DL1993PLC053622	MRB CREDIT AND LEASING LIMITED	Director	17-06-1993	17-06-1993	-	Active	NO
2	U72100MH2004PTC149543	BATUNI TECHNOLOGIES PRIVATE LIMITED	Director	16-11-2004	16-11-2004	-	Active	NO
3	U01119WB1998PLC087244	KAMLAPUR SUGAR & INDUSTRIES LIMITED	Director	16-09-2006	16-09-2006	18-12-2006	Under liquidation	NO
4	L45200MH1993PLC071970	ASHOKA BUILDCON LIMITED	Whole-time director	07-02-2014	31-05-2007	-	Active	NO
5	U92199MH1995PLC084948	MONOTONA TYRES LIMITED	Additional director	26-11-2007	26-11-2007	18-01-2008	Active	NO
6	U45203GJ2008PTC076596	HUBTOWN BUS TERMINAL (SURAT) PRIVATE LIMITED	Additional director	11-07-2008	11-07-2008	05-10-2009	Active	NO
7	U45203GJ2008PTC069636	HUBTOWN BUS TERMINAL (ADAJAN) PRIVATE LIMITED	Additional director	11-07-2008	11-07-2008	05-10-2009	Active	NO
8	U45203GJ2008PTC069640	HUBTOWN BUS TERMINAL (VADODARA) PRIVATE LIMITED	Additional director	11-07-2008	11-07-2008	05-10-2009	Active	NO
9	U45400GJ2008PTC069638	HUBTOWN BUS TERMINAL (MEHSANA) PRIVATE LIMITED	Additional director	11-07-2008	11-07-2008	05-10-2009	Active	NO
10	U70102GJ2007PLC050966	GUJARAT AKRUTI - TCG BIOTECH LIMITED	Director	26-08-2009	26-09-2008	21-09-2010	Active	NO
11	U51221KA2006PTC038641	INVENTURE TRADING (BANGALORE) PRIVATE LIMITED	Additional director	25-03-2009	25-03-2009	15-04-2009	Strike off	NO
12	U93090MH2009PTC197139	BVU MEDIA Private Limited	Director	19-11-2009	19-11-2009	25-08-2010	Active	NO
13	U45200MH2001PLC171661	VIVA HIGHWAYS LIMITED	Nominee director	20-12-2012	15-12-2010	28-04-2014	Active	NO
14	U45201MH2011PLC215760	ASHOKA CONCESSIONS LIMITED	Nominee director	04-06-2012	04-06-2012	30-04-2014	Active	NO
15	U45200MH2001PLC132489	ASHOKA INFRAWAYS LIMITED	Director	16-08-2014	01-11-2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.06.2013

Names of Equity Shareholders	No. of Shares
Ashoka Buildcon Limited, India	995496
Ashoka Buildcon Limited, India Through Ashok M. Katariya (Nominee)	2500
Ashoka Buildcon Limited, India Through Satish D. Parakh (Nominee)	2000
Ashoka Buildcon Limited, India Jointly with Asha A. Katariya	1
Ashoka Buildcon Limited, India Jointly with Ashish A. Katariya	1
Ashoka Buildcon Limited, India Jointly with Shobha S. Parakh	1
Ashoka Buildcon Limited, India Jointly with Aditya S. Parakh	1
Total	1000000

Names of Preference Shareholders	No. of Shares
Ashok Kumar Champalal Luniya	2112
Asrar Investment Limited, British Virgin Islands	33861
Viva Highways Limited, India	352527
Total	388500

As on 15.06.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Road Construction and Maintenance and Real Estate.

Products :

Item Code No. (ITC Code)	Product Description
99542111	Construction Services of Highways

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Axis Bank Limited, Trishul, 3^rd Floor, Opposite Samartheshwar Temple, Near Law Garden, Ellisbridge, Ahmedabad - 380006, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	21.296	202.031
Total	21.296	202.031

Banking Relations :	--
Auditors :
Name :	MP Chitalte and Company Chartered Accountants
Address :	Hanuman House 1^ST Floor, Ambalal Doshi Marg, Fort, Mumbai – 400001, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFM2282Q
Holding Company :	Ashoka Buildcon Limited CIN No.: L45200MH1993PLC071970
Enterprises in which Key Management Personnel / Directors have significant influence:	· Viva Highways Limited Ashoka Highways (Durg) Limited Ashoka Highways (Bhandara) Limited Ashoka Belgaum Dharwad Tollway Limited Ashoka Sambalpur Baragarh Tollway Limited Ashoka Technologies Private Limited CIN No.: U74999MH2008PTC187501 Ashoka Dhankuni Kharagpur Tollway Limited CIN No.: U45204DL2011PLC215262 Ashoka Concessions Limited CIN No.: U45201MH2011PLC215760 Viva Infrastructure Limited CIN No.: U45203PN2002PLC016716

CAPITAL STRUCTURE

As on 15.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions
400,000	Preference Shares	Rs.100/- each	Rs. 40.000 Millions
	Total		Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions
388,500	Preference Shares	Rs.100/- each	Rs. 38.850 Millions
	Total		Rs. 48.850 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	48.850	48.850	48.850
(b) Reserves & Surplus	427.304	353.254	266.595
(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)	476.154	402.104	315.445
(3) Non-Current Liabilities
(a) long-term borrowings	155.328	202.031	332.657
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.088	0.061	0.049
Total Non-current Liabilities (3)	155.416	202.092	332.706
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	19.542	2.470	0.971
(c) Other current liabilities	166.490	132.094	80.679
(d) Short-term provisions	2.135	0.054	0.748
Total Current Liabilities (4)	188.167	134.618	82.398
TOTAL	819.737	738.814	730.549
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.102	0.929	1.114
(ii) Intangible Assets	129.463	183.903	238.492
(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	126.000	300.653	223.841
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	81.270	248.130	236.301
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	338.835	733.615	699.748
(2) Current assets
(a) Current investments	0.000	1.470	4.005
(b) Inventories	473.658	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	4.806	3.109	4.880
(e) Short-term loans and advances	1.440	0.117	0.098
(f) Other current assets	0.998	0.503	21.818
Total Current Assets	480.902	5.199	30.801
TOTAL	819.737	738.814	730.549

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	227.266	193.391	173.926
		Other Income	8.358	33.959	42.456
		TOTAL (A)	235.624	227.350	216.382
Less	EXPENSES
		Purchases of Stock-in-Trade	473.658	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(473.658)	0.000	0.000
		Employees benefits expense	6.186	5.006	4.826
		Other expenses	13.126	10.340	9.920
		TOTAL (B)	19.312	15.346	14.746
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		216.312	212.004	201.636
Less	FINANCIAL EXPENSES (D)		19.310	48.736	53.899
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		197.002	163.268	147.737
Less/ Add	DEPRECIATION/ AMORTISATION (F)		54.690	54.810	54.757
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		142.312	108.458	92.980
Less	TAX (H)		28.880	21.800	18.306
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		113.432	86.658	74.674
	Earnings / (Loss) Per Share (Rs.)		113.43	86.66	74.67

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	48.14	38.12	34.51
Net Profit Margin (PBT/Sales)	(%)	62.62	56.08	53.46
Return on Total Assets (PBT/Total Assets}	(%)	20.51	24.75	18.35
Return on Investment (ROI) (PBT/Networth)		0.30	0.27	0.29
Debt Equity Ratio (Total Debt/Networth)		0.33	0.50	1.05
Current Ratio (Current Asset/Current Liability)		2.56	0.04	0.37

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	48.850	48.850	48.850
Reserves & Surplus	266.595	353.254	427.304
Net worth	315.445	402.104	476.154
long-term borrowings	332.657	202.031	155.328
Short term borrowings	0.000	0.000	0.000
Total borrowings	332.657	202.031	155.328
Debt/Equity ratio	1.055	0.502	0.326

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	173.926	193.391	227.266
		11.192	17.516

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	173.926	193.391	227.266
Profit	74.674	86.658	113.432
	42.93%	44.81%	49.91%

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	No
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	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from others	134.032	0.000
Total	134.032	0.000

GENERAL INFORMATION ABOUT COMPANY

Subject is a Special Purpose Entity incorporated on 25^th June, 2001 under the provisions of the Companies Act, 1956. In pursuance of the contract with the Office of The Executive Engineer P.W.D.Dewas, to design, engineer, finance, construct and maintain Dewas By-pass starting from k.m. 159/4 of Bhopal-Ujjain Road (SH-18) and joining km.577/6 of Agra-Bombay Road, (NH-3) intersecting NH 3 in km, 567/8 and SH-18 in km. 151/ 8 (total length 19.8 kms ) including construction of one medium bridge, culverts, junctions and rotaries, protection works, toll tax barriers and booth, plantation, fencing, truck parking lay-bye and longitudinal drains etc.in the states of Madhya Pradesh on Build, Operate and Transfer (BOT) basis. The said BOT contract does not make the Company owner of the road but entitles it to Toll Collection Rights in exchange of the construction cost incurred while constructing the road. The concession period is from 31st August, 2001 till 17th August, 2015 including construction period of 997 days. The construction of the entire project has been sub-contracted to the holding company, viz. Ashoka Buildcon Limited, as an EPC contractor.

OPERATIONS

The Company is collecting toll on its project and operations are being carried on smoothly.

FIXED ASSETS

TANGIBLE ASSETS

· Plant and Equipment

Vehicles

Office Equipment

INTANGIBLE ASSETS

· Licenses and Franchise

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.60.81
UK Pound	1	Rs.100.06
Euro	1	Rs.78.47

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	5
--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	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.