MIRA INFORM REPORT

Report No. :	319006
Report Date :	24.04.2015

IDENTIFICATION DETAILS

Name :	ENGINEERING PROJECTS (INDIA) LIMITED

Registered Office :	Core 3 SCOPE Complex, 7 Institutional Area, Lodhi Road, New Delhi – 110003
Tel. No.:	91-11-24361666

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	16.04.1970

Com. Reg. No.:	55-117585

Capital Investment / Paid-up Capital :	Rs.354.227 Million

CIN No.: [Company Identification No.]	U27109DL1970GOI117585

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Construction and Turnkey Projects.

No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 5600000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exists

Comments :	Subject was incorporated under the administrative control of department of HEAVY INDUSTRY, Government of India. It is a well-established company having a good track record. The company performance seems to be high. Financial seems to be good. Fundamental of the company appears to be healthy and strong. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual trade terms and conditions.

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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

Management non-co-operative (91-11-24361666)

LOCATIONS

Registered Office :	Core 3 SCOPE Complex, 7 Institutional Area, Lodhi Road, New Delhi – 110003
Tel. No.:	91-11-24361666
Mobile No.:	Not Available
Fax No.:	91-11-24362436
E-Mail :	epico@epi.gov.in wromumbai@epi.gov.in nro@epi.gov.in sro@epi.gov.in nero@epi.gov.in ero@epi.gov.in
Website :	www.epi.gov.in

Regional Offices :	Located at: Kolkata Mumbai New Delhi Chennai Guwahati

DIRECTORS

As on 29.09.2014

Name :	Shri SPS Bakshi
Designation :	Chairman-cum-Managing Director

Name :	Shri Vinoo Gopal
Designation :	Director (Projects)

Name :	Shri A.V.V Krishnan
Designation :	Director (Finance)

Name :	Shri R.K. Singh
Designation :	Part time Official Director

Name :	Shri S.S. Dubey
Designation :	Part time Official Director

Name :	Dr. K.S. Rao
Designation :	Independent Director

MAJOR SHAREHOLDERS

As on 29.09.2014

Names of Shareholders		No. of Shares
President of India acting through Ministry of Heavy Industry		35415677

BUSINESS DETAILS

Line of Business :	Construction and Turnkey Projects.

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Not Divulged

Purchasing :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

Allahabad Bank
Bank of Baroda
Canara Bank
HDFC Bank
Corporation Bank
Dena Bank
IDBI Bank
State Bank of India
State Bank of Hyderabad
Syndicate Bank
Union Bank of India
Indusind Bank
ICICI Bank
Indian Overseas Bank
Axis Bank

Auditors :
Name :	Satyendra Jain and Associates Chartered Accountants
Address :	D-1, 2^nd Floor, Defence Colony, New Delhi – 110024, India

Branch Auditor 1 :
Name :	R.B. Jain and Associates Chartered Accountants
Address :	108, Shyam Kamal “C” Building, Agarwal Market, Ville Parle (East), Mumbai – 400057, Maharashtra, India

Branch Auditor 2 :
Name :	LN Todi and Company Chartered Accountants
Address :	15N Nelie Sengupta Sarani, 4^th Floor, Room No. – 4, Kolkata – 700087, West Bengal, India

Branch Auditor 3 :
Name :	V. Narayanan and Company Chartered Accountants
Address :	23, Sir CV Raman Road, Alwarpet, Chennai – 600018, Tamilnadu, India

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount

909404600	Equity Shares	Rs.10/- each	Rs.9094.046 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

35422688	Equity Shares	Rs.10/- each	Rs.354.227 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	354.227	354.227
(b) Reserves & Surplus	1624.496	1545.135
(c) Money received against share warrants	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1978.723	1899.362

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	3737.082	3678.247
(d) long-term provisions	228.943	226.541
Total Non-current Liabilities (3)	3966.025	3904.788

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	3928.753	2667.069
(c) Other current liabilities	56475.139	54778.421
(d) Short-term provisions	350.117	323.022
Total Current Liabilities (4)	60754.009	57768.512

TOTAL	66698.757	63572.662

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	90.864	63.490
(ii) Intangible Assets	0.758	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.639	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	73.796	82.590
(d) Long-term Loan and Advances	3676.383	3994.405
(e) Other Non-current assets	487.995	442.221
Total Non-Current Assets	4330.435	4582.706

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	45908.897	42606.504
(c) Trade receivables	2532.892	1058.830
(d) Cash and cash equivalents	1653.632	1468.221
(e) Short-term loans and advances	5622.260	3744.029
(f) Other current assets	6650.641	10112.372
Total Current Assets	62368.322	58989.956

TOTAL	66698.757	63572.662

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES
	Income	8551.598	8406.096
	Other Income	348.571	444.317
	TOTAL	8900.169	8850.413

Less	EXPENSES
	Cost of Materials Consumed	7714.443	7749.525
	Employees benefits expense	537.439	502.220
	Other expenses	283.298	209.757
	TOTAL	8535.180	8461.502

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	364.989	388.911

Less	FINANCIAL EXPENSES	94.007	63.176

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	270.982	325.735

Less/ Add	DEPRECIATION/ AMORTISATION	9.930	9.189

	PROFIT/ (LOSS) BEFORE TAX	261.052	316.546

Less	TAX	91.109	101.959

	PROFIT/ (LOSS) AFTER TAX	169.943	214.587

	Earnings / (Loss) Per Share (Rs.)	4.80	6.06

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	1.99	2.55

Operating Profit Margin (PBDIT / Sales)	(%)	4.27	4.63

Return on Total Assets (PBT/Total Assets}	(%)	0.39	0.50

Return on Investment (ROI) (PBT/Networth)		0.13	0.17

Debt Equity Ratio (Total Debt /Networth)		0.00	0.00

Current Ratio (Current Asset/Current Liability)		1.03	1.02

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	354.227	354.227
Reserves & Surplus	1545.135	1624.496
Net worth	1899.362	1978.723

long-term borrowings	0.000	0.000
Short term borrowings	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	8406.096	8551.598
		1.731

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	8406.096	8551.598
Profit	214.587	169.943
	2.55%	1.99%

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	No
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	No
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

LITIGATION DETAILS:

IN THE HIGH COURT OF DELHI AT NEW DELHI

CS(OS) 139/2015

V3S INFRATECH LTD..... Plaintiff

Through Mr. Balkrishan Sharma and Md. Ziaduddin Ahmad, Advocates

versus

M/S ENGINEERING PROJECTS(INDIA) LTD and ANR

..... Defendants

Through Mr. Rajesh Sharda, Advocate for D-1

Mr. Wasim Qadri and Mr. Tomar Qadri, Advocates for D-2

CORAM:

SH. ANIL KUMAR SISODIA (DHJS), JOINT REGISTRAR (JUDICIAL)

ORDER

06.04.2015

CS(OS) 139/2015 and IA No. 997/2015

Ld. counsel for defendants have appeared and submit that they have not received the complete set of documents. Let same be supplied within two days from today.

Defendants shall file written statement and reply to application within four weeks from the receipt of date of complete set of documents.

Replication and rejoinder, if any, be filed within next four weeks.

Ld. counsel for defendant no.1 submits that he has filed the joint measurement report and inventory vide Dy. No. 146722 dated 24.03.2015, but the same are not on record. Ld. counsel for defendant no.1 to ensure that same are placed on record before the next date of hearing.

After completion of pleadings, matter be placed before the Hon’ble Court for consideration on 28th July, 2015.

ANIL KUMAR SISODIA (DHJS)

JOINT REGISTRAR (JUDICIAL)

APRIL 06, 2015

savita

$ 24

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

Land
Building
Computer and Equipments
Furniture and Fixture
Vehicles

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.63.18
UK Pound	1	Rs.94.93
Euro	1	Rs.67.65

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	RAS

Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	8
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		63

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.

MIRA INFORM REPORT

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