MIRA INFORM REPORT

Report No. :	316042
Report Date :	07.04.2015

IDENTIFICATION DETAILS

Name :	SRISHTI INFRASTRUCTURES LIMITED
Registered Office :	SCO-2, IIIrd Floor, Puda Complex, Ladowali Road, Jalandhar – 144001, Punjab
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.11.2008
Com. Reg. No.:	16-032421
Capital Investment / Paid-up Capital :	Rs.5.000 Million
CIN No.: [Company Identification No.]	U45200PB2008PLC032421
TAN No.: [Tax Deduction & Collection Account No.]	JLDS07621F
PAN No.: [Permanent Account No.]	AANCS3821M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Construction Activity.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 96000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Management has reported decent profitability for the financial year 2013-14. The company possesses decent capital structure, networth and adequate liquidity. Trade relations are fair. Business is active. Payments are reported to be usually correct. The company can be considered 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Not Available

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. Vinod Gupta
Designation :	Accounts Department
Contact No.:	91-9915029381
Date :	06.04.2015

LOCATIONS

Registered Office :	SCO-2, IIIrd Floor, Puda Complex, Ladowali Road, Jalandhar – 144001, Punjab
Tel. No.:	91-181-5015083
Mobile No.:	91-9915029381 (Mr. Vinod Gupta)
Fax No.:	91-181-4628565
E-Mail :	mkstaxlaws@gmail.com info@srishtiinfraltd.com srishticonstruct@yahoo.com srishticonstruct@rediffmail.com
Website :	www.srishtiinfraltd.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Rajesh Kumar

Designation :

Director

Address :

152, Guru Gobind Singh Nagar, Jalandhar – 144001, Punjab, India

Date of Appointment :

17.11.2008

DIN No.:

02226367

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	U45200PB2008PLC032421	SRISHTI INFRASTRUCTURES LIMITED	Director	17/11/2008	17/11/2008	-	Active	NO
2	U32102PB2013PTC038196	RG Wires Private Limited	Director	17/12/2013	17/12/2013	-	Active	NO
3	U92100PB2014PTC038274	SRISHTI MULTIMEDIA PRIVATE LIMITED	Director	09/01/2014	09/01/2014	-	Active	NO

Name :

Mr. Ravi Goyal

Designation :

Director

Address :

1044/5, Akashpiuri, Civil Lines, Ludhiana – 141001, Punjab, India

Date of Appointment :

17.11.2008

DIN No.:

02226423

Name :

Mr. Vinod Kumar

Designation :

Director

Address :

48, Gagan Vihar, Nr Mithu Basti, Jalandhar – 144008, Punjab, India

Date of Appointment :

17.11.2008

DIN No.:

02226512

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	U45200PB2008PLC032421	SRISHTI INFRASTRUCTURES LIMITED	Director	17/11/2008	17/11/2008	-	Active	NO
2	U32102PB2013PTC038196	RG Wires Private Limited	Director	17/12/2013	17/12/2013	-	Active	NO
3	U92100PB2014PTC038274	SRISHTI MULTIMEDIA PRIVATE LIMITED	Director	09/01/2014	09/01/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vinod Gupta
Designation :	Accounts Department

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Rajesh Kumar	249500
Ravi Goyal	249500
Vinod Kumar	200
Vikas Gupta	200
Sandeep Gupta	200
Pushpa Devi	200
Kumar Rai Goel	200
Total	500000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Construction Activity.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	GMGR Sanitary and Allied Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

Customers :

Company Name :	Ramky Infrastructures Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Banker Name :	Oriental Bank of Commerce
Branch :	New Railway Road, Jalandhar – 144001, Punjab, India
Person Name (With Designation) :	Not Divulged
Contact Number :	Not Divulged
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since (Date/Year of Account Opening) :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

· Andhra Bank, Ladowali Road, Jalandhar, Punjab, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
From Andhra Bank (Secured by hypothecation of stocks and book debts)	35.066	30.310
Total	35.066	30.310

Banking Relations :	--
Auditors :
Name :	Suresh Mahajan and Company Chartered Accountants
Address :	214 Jay ESS Complex, Shastri Market, Jalandhar – 144001, Punjab, India
PAN No.:	AASPM4320P
Membership :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	5.000	5.000	3.000
(b) Reserves & Surplus	28.482	14.040	4.874
(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)	33.482	19.040	7.874
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.365	16.063	19.103
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.365	16.063	19.103
(4) Current Liabilities
(a) Short term borrowings	35.066	30.310	4.088
(b) Trade payables	27.660	15.704	21.756
(c) Other current liabilities	18.567	1.125	5.440
(d) Short-term provisions	23.648	9.613	2.566
Total Current Liabilities (4)	104.941	56.752	33.850
TOTAL	138.788	91.855	60.827
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.455	8.802	1.962
(ii) Intangible Assets	0.000	0.000	0.000
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.046	0.000	0.000
(e) Other Non-current assets	0.000	0.040	0.080
Total Non-Current Assets	8.501	8.842	2.042
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	9.945	18.505	19.126
(c) Trade receivables	52.579	32.863	28.386
(d) Cash and cash equivalents	31.627	15.657	1.140
(e) Short-term loans and advances	36.136	15.988	10.133
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	130.287	83.013	58.785
TOTAL	138.788	91.855	60.827

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	441.310	281.623	85.704
		Other Income	1.163	4.186	3.445
		TOTAL (A)	442.473	285.809	89.149
Less	EXPENSES
		Purchase of Stock-in-trade	177.111	155.483	51.266
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	13.130	0.621	(4.107)
		Employee Benefits Expenses	215.181	103.834	32.827
		Other Expenses	6.648	4.684	1.784
		TOTAL (B)	412.070	264.622	81.770
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		30.403	21.187	7.379
Less	FINANCIAL EXPENSES (D)		7.845	7.013	2.811
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		22.558	14.174	4.568
Less	DEPRECIATION/ AMORTISATION (F)		1.266	0.906	0.414
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		21.292	13.268	4.154
Less	TAX (H)		6.850	4.102	1.284
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		14.442	9.166	2.870
	Earnings Per Share (Rs.)		28.88	18.33	9.62

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	3.27	3.25	3.35
Operating Profit Margin (PBDIT/Sales)	(%)	6.89	7.52	8.61
Return on Total Assets (PBT/Total Assets)	(%)	15.34	14.44	6.83
Return on Investment (ROI) (PBT/Networth)		0.64	0.70	0.53
Debt Equity Ratio (Total Debt /Networth)		1.05	1.59	0.52
Current Ratio (Current Asset/Current Liability)		1.24	1.46	1.74

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	3.000	5.000	5.000
Reserves & Surplus	4.874	14.040	28.482
Share Application money pending allotment	0.000	0.000	0.000
Net worth	7.874	19.040	33.482
long-term borrowings	0.000	0.000	0.000
Short term borrowings	4.088	30.310	35.066
Total borrowings	4.088	30.310	35.066
Debt/Equity ratio	0.519	1.592	1.047

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	85.704	281.623	441.310
		228.600	56.702

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	85.704	281.623	441.310
Profit	2.870	9.166	14.442
	3.35%	3.25%	3.27%

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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

PERFORMANCE REVIEW

During the year, the company has maintained a steady growth path. The Revenues generated from the operations of the company stood at Rs.441.310 Million as on March 31, 2014 as compared to Rs.281.623 Million as on March 31, 2013 thereby registering a rise in revenues by 56.70 %.

Though the revenues have gone up, the total expenses excluding depreciation as on March 31, 2014 stood at Rs.419.914 Million as against Rs 271.635 Million as on March 31, 2013, the rise in expenditure being 54.58%

INDUSTYRY SCENARIO AND DEVELOPMENTS

The global economy experienced a cautious recovery. The growth in 2013 was 3.0% as against 3.1% in 2012. This growth was led primarily by the developed world with the US witnessing a stronger than expected growth. The Euro Zone continued with its sluggish growth but more importantly, the threat of a financial crisis receded significantly. However, the decision of the US Fed to end the Quantitative Easing led to significant volatility in the global markets, especially in the emerging markets. This caused the Rupee to depreciate significantly in July and August of 2013. The Rupee went down to a low of Rs.68 to a USD before recovering back to levels of Rs. 61-62 in the October - December period.

Apart from effective intervention by the Reserve Bank of India (RBI), the improving current account deficit was a key factor behind the rebound of the Rupee. Faced with volatile global environment and structural constraints, India's growth slowed down to 4.7% for the Financial Year 2013-14. Agriculture is expected to grow by 4.7% on the back of both increased production as well as higher support prices. The slowdown in manufacturing continued and the sector experienced a contraction of 0.7%. The services sector was the lone bright spot and registered a growth of 7%. During the year, inflation continued to be a key concern for both the RBI and the government. On account of the various steps taken, the WPI declined to 6% in March 2014. Despite the easing, the level of inflation, especially in the consumer prices is high. Liquidity conditions were tight throughout the year and the situation aggravated post July 2013 when to arrest the rupee depreciation, the RBI restricted access to rep0 window for each bank at 0.5% of net demand and time liabilities (NDTL) for that bank. It also increased the rate under Marginal Standing Facility (MSF) by 200 basis points to 10.25%.

To ease the situation, RBI conducted Open Market Operations (OMOs) and rolled back the increase in MSF rate by 125 basis points in a calibrated manner as stability restored to the foreign exchange market leading to an improvement in the liquidity situation. It is expected that the scenario of tight liquidity and high interest rates will continue in the Financial Year 2014-15.

The overall slowdown in the economy led to a deceleration of growth for the Company. The high consumer prices coupled with an uncertain and volatile environment, resulted in a negative consumer sentiment towards big ticket purchases. Consequently, the auto industry contracted for the second year in succession. Relatively, the semi-urban and rural markets performed better in comparison with the urban and metro markets.

The Company seized advantage of this situation and strengthened its market presence by increasing its penetration and reaching out to the customers directly. With the expected upswing in economic activity in the next year on account of a stable government and the governmental thrust on (rural) infrastructure and reforms, it is expected that India's growth will be stronger.

OUTLOOK

Expected moderate loan growth witnessed with NBFCs to continue and management focus to shift more on improving recoveries and collection efficiency, and control operating costs. The disbursements are likely to remain subdued till 3QFY15 in various key segments, such as commercial vehicles (CV) – heavy and medium CVs (HMCVs), light CVs (LCVs), construction equipment (CE), and in passenger vehicles (PVs). Agricultural equipment (AE), mainly tractor financing, is expected to remain steady, although the 2014 monsoon will be the key factor.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10454670	25/09/2013	500,000.00	Andhra Bank	Sco-2 Puda Complex, Ladowali Road, Jalandhar, Punjab - 144001, India	B87358370
2	10361794	27/03/2014 *	98,000,000.00	Andhra Bank	Andhra Bank, Ladowali Road, Jalandhar, Punjab - 144001, India	C02838126

*Date of modification Charges

FIXED ASSETS:

· Car

· Computer

· Furniture

· Machinery

· Office Equipment

· Property- AASI KALAN

· Telephone and Mobile

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.62.16
UK Pound	1	Rs.92.73
Euro	1	Rs.68.23

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUC
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.