MIRA INFORM REPORT

Report No. :	353761
Report Date :	14.12.2015

IDENTIFICATION DETAILS

Name :	RELCON INFRAPROJECTS LIMITED
Registered Office :	105/C, Shyam Kamal, Agarwal Market, Vile Parle (East), Mumbai – 400057, Maharashtra
Tel. No.:	91-22-67339999
Country :	India
Financials (as on) :	31.03.2015 (Partial Details)
Date of Incorporation :	04.12.2006
Com. Reg. No.:	11-165973
Capital Investment / Paid-up Capital :	Rs.90.000 Million
CIN No.: [Company Identification No.]	U45201MH2006PLC165973
IEC No.:	0307044009
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCR4459E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of Civil Construction & supply of civil materials and services (Registered Activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was initially established by the late Mr. Pravinchandra C Shah as Reliance Construction Company in 1973. The firm reconstituted as a private limited company in 2006 and converted in to a public limited company in 2010 and acquired its current name. It undertakes civil construction work in Maharashtra (mainly Mumbai) and Gujarat. Rating reflects the company’s established track record in the civil construction business and its healthy order book position. Rating further takes into consideration on company’s has a healthy financial risk profile, marked by healthy net worth, low gearing, and robust debt protection metrics. This rating strength is partially offset by the company’s working-capital-intensive operations and its exposure to intense competition in the civil construction industry. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of aforesaid, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

Rating Agency Name	CRISIL
Rating	Long-term Bank Facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	March 2015

Rating Agency Name	CRISIL
Rating	Short-term Bank Facilities = A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	March 2015

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Dinesh Kothari
Designation :	Finance Head
Contact No.:	91-22-67339999
Date :	08.12.2015

LOCATIONS

Registered Office :	105/C, Shyam Kamal, Agarwal Market, Vile Parle (East), Mumbai – 400057, Maharashtra
Tel. No.:	91-22-67339999
Fax No.:	91-22-26113815
E-Mail :	kapadia@relcon.co.in ipo@relcon.co.in
Website :	www.relcon.co.in
Corporate Office :	A 01/ 101, Krishna Co-operative Housing Society Limited, Opposite Mahavir Jain Vidyalaya, C.D. Barfiwala Marg, Juhu Cross Lane, Andheri (West), Mumbai – 400058, Maharashtra, India
Tel. No.:	91-22-67339999
Fax No.:	91-22-67339900

DIRECTORS

As on 31.03.2015

Name :

Mr. Yogesh Anandlal Shah

Designation :

Director

Address :

501 Shraddha Suman, Plot No. 37, Road No. 6, Presidency CHS Limited, Jvpd, Juhu, Vile Parle (West), Mumbai - 400056, Maharashtra, India

Date of Appointment :

30.09.2015

DIN No.:

00001965

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	U99999MH1945PTC004624	RUPERISTAN PVT LTD	Director	01/01/1992	01/01/1992	-	Active	NO
2	U32109MH1992PTC064825	ENCORE ELECTRONICS LTD	Director	04/02/2013	13/01/1992	-	Active	NO
3	U67120MH1998PTC117496	JRY INVESTMENTS PRIVATE LIMITED	Director	17/12/1998	17/12/1998	-	Active	NO
4	U64200MH1999PTC120865	WIN CABLE AND DATACOM PRIVATE LIMITED	Director	28/12/1999	28/12/1999	21/08/2008	Active	NO
5	U72900MH2000PTC129482	STELLAR SATELLITE NETWORK PRIVATE LIMITED	Director	06/11/2000	06/11/2000	08/05/2012	Active	NO
6	U72900MH2000PTC129508	STELLER INTERACTIVE MEDIA PRIVATE LIMITED	Director	08/11/2000	08/11/2000	07/09/2013	Active	NO
7	U32209MH1998PTC116262	ENTERTAINMENT TELIVISION NET WORK PRIVATE LIMITED	Director	22/03/2001	22/03/2001	27/05/2013	Active	NO
8	U99999MH1996PTC104679	ENCORE HOLDINGS AND TRADING PRIVATE LIMITED	Director	15/09/2002	15/09/2002	-	Active	NO
9	U72900MH2000PTC125900	BROADBAND PACENET (INDIA) PRIVATE LIMITED	Director	02/01/2003	02/01/2003	07/09/2013	Active	NO
10	U74900MH2000PTC126004	TOUCAN ENTERTAINMENT PRIVATE LIMITED	Director	07/04/2003	07/04/2003	08/05/2012	Active	NO
11	U92110MH2003PTC142633	STELLAR CINEMA NETWORK PRIVATE LIMITED	Director	10/10/2003	10/10/2003	-	Active	NO
12	U64204MH2003PTC143572	K. P. CABLE SERVICES PRIVATE LIMITED	Additional director	31/12/2013	17/12/2003	-	Active	NO
13	U32201PB2006PTC030736	G-NEXT MEDIA PRIVATE LIMITED	Director	28/09/2007	01/04/2007	18/10/2010	Active	NO
14	U74999MH2007PLC171246	DIGICABLE NETWORK (INDIA) Limited	Director	09/12/2013	01/06/2007	-	Active	NO
15	U92112MH2000PTC128376	ENTERTAINMENT CINEMA NETWORK (INDIA) PRIVATE LIMITED	Director	22/06/2007	22/06/2007	13/07/2009	Active	NO
16	U64202MH2007PTC175005	DIGICORE OPTICAL NETWORK PRIVATE LIMITED	Director	15/10/2007	15/10/2007	16/03/2009	Active	NO
17	U92130MH2007PTC175003	MEGA REACH NOVEX COMMUNICATIONS PRIVATE LIMITED	Director	15/10/2007	15/10/2007	04/12/2009	Active	NO
18	U72900MH2007PTC176009	CENTRAL INDIA DIGITAL NETWORK PRIVATE LIMITED	Director	19/11/2007	19/11/2007	03/05/2008	Amalgamated	NO
19	U64202MH2008PTC178993	DIGICABLE CENTRAL (INDIA) CABLE NETWORK PRIVATE LIMITED	Director	18/02/2008	18/02/2008	16/03/2009	Amalgamated	NO
20	U92190MH2008PTC182085	CABIO ENTERTAINMENT INDIA PRIVATE LIMITED	Director	10/05/2008	10/05/2008	-	Active	NO
21	U72900MH2008PTC182528	FREE TV DISTRIBUTION PRIVATE LIMITED	Director	22/05/2008	22/05/2008	-	Active	NO
22	U72200MH2008PTC183893	INDIEON TECHNOLOGIES PRIVATE LIMITED	Additional director	31/07/2008	31/07/2008	14/03/2009	Active	NO
23	U64202MH2007PTC176395	DIGI WESTERN NETWORK PRIVATE LIMITED	Director	28/09/2010	01/10/2009	-	Active	NO
24	U64202CH2007PTC030966	FASTWAY TRANSMISSIONS PRIVATE LIMITED	Director	29/09/2010	26/08/2010	30/09/2015	Active	NO
25	U45201MH2006PLC165973	RELCON INFRAPROJECTS LTD.	Director	30/09/2015	27/08/2010	-	Active	NO
26	U74120MH2012PTC228436	FREE TV ENTERTAINMENT (INDIA) PRIVATE LIMITED	Director	19/03/2012	19/03/2012	-	Active	NO
27	U64203MH2008PTC186528	DIGI GLOBAL NETWORKS PRIVATE LIMITED	Additional director	30/05/2014	30/05/2014	-	Active	NO
28	U64202MH2006PTC162583	DIGI JPR NETWORKS PRIVATE LIMITED	Additional director	11/06/2014	11/06/2014	-	Active	NO
29	U64204WB2012PTC180335	REACHNET CABLE SERVICES PRIVATE LIMITED	Director	04/07/2014	04/07/2014	23/05/2015	Active	NO
30	U74120MH2014PTC257185	DIGI SSS NETWORK PRIVATE LIMITED	Director	14/08/2014	14/08/2014	-	Active	NO
31	U74999MH2015PTC266543	DIGI ENJOY CABLENET PRIVATE LIMITED	Director	10/07/2015	10/07/2015	-	Active	NO

Name :

Mr. Dilip Keshavlal Patel

Designation :

Director

Address :

D-70, Bina Apartments, Fifth Floor, Sir M. V. Road, Andheri (East), Mumbai - 400069, Maharashtra, India

Date of Appointment :

30.09.2015

DIN No.:

00013150

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	U24230TN1980PLC008382	MALLADI DRUGS AND PHARMACEUTICALS LIMITED	Director	31/08/2015	17/06/2003	-	Active	NO
2	L70200MH1987PLC042598	EUROTEX INDUSTRIES AND EXPORTS LIMITED	Director	29/07/2003	29/07/2003	-	Active	NO
3	U25209MH1973PTC016846	POLYSET PLASTICS PRIVATE LIMITED	Director	29/07/2005	29/07/2005	-	Active	NO
4	L24230TG1987PLC008016	GODAVARI DRUGS LIMITED	Director	27/03/2015	27/09/2006	-	Active	NO
5	U24240GJ2000PLC037850	CELESTIAL BIOLOGICALS LIMITED	Director	29/09/2008	07/12/2007	-	Amalgamated	NO
6	L74999MH1995PLC085878	Solar Industries India Limited	Director	24/09/2008	18/06/2008	-	Active	NO
7	U28910MH1981PLC024161	MINEX METALLURGICAL COMPANY LIMITED	Director	01/08/2008	01/08/2008	-	Active	NO
8	U45201MH2006PLC165973	RELCON INFRAPROJECTS LTD.	Director	30/09/2015	27/08/2010	-	Active	NO
9	L26100MH1998PLC117437	SEJAL GLASS LIMITED	Director	12/08/2011	12/08/2011	19/01/2012	Active	NO
10	U74900GJ2011PTC067582	INCUBE ADVISORS PRIVATE LIMITED	Director	29/09/2012	14/08/2012	-	Active	NO
11	U24292MH1995PLC091808	ECONOMIC EXPLOSIVES LIMITED	Director	28/09/2015	20/02/2015	-	Active	NO

Name :

Mr. Tejas Pravin Shah

Designation :

Managing Director

Address :

501, Ketan Villa, Plot No.25, N.S Road No.6, Jvpd Scheme, Vile Parle West, Mumbai - 400056, Maharashtra, India

Date of Birth/Age :

03.10.1970

Date of Appointment :

01.04.2015

DIN No.:

00482588

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	U45201MH2006PLC165973	RELCON INFRAPROJECTS LTD.	Managing director	01/04/2015	04/12/2006	-	Active	NO
2	U70109MH2008PTC183547	RELCON REALTY PRIVATE LIMITED	Director	16/06/2008	16/06/2008	17/07/2008	Active	NO
3	U85191MH2011NPL216244	KAMAKSHI PRAVINCHANDRA SHAH SEVA FOUNDATION	Director	15/04/2011	15/04/2011	-	Active	NO
4	U45203GJ2011PTC067165	MAROLI NH ROAD PRIVATE LIMITED	Director	16/09/2011	16/09/2011	-	Active	NO
5	AAC-6813	RELCON ZP JE CONSTRUCTION LLP	Body corporate as Designated Partner	08/09/2014	08/09/2014	-	Active	NO

Name :

Mr. Dipan Pravin Shah

Designation :

Director

Address :

Flat No. 401, 4th Floor, Shantam Building, Plot No. 108, NS Road. No. 9, JVPD Scheme Vile Parle (West), Mumbai - 400056, Maharashtra, India

Date of Birth/Age :

06.07.1969

Date of Appointment :

29.09.2014

DIN No.:

00482614

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	U45200MH2007PTC167715	REL TEK Tiles India Private Limited	Director	09/02/2007	09/02/2007	01/03/2008	Active	NO
2	U45201MH2006PLC165973	RELCON INFRAPROJECTS LTD.	Director	29/09/2014	03/03/2008	-	Active	NO
3	U70109MH2008PTC183547	RELCON REALTY PRIVATE LIMITED	Director	30/09/2011	25/02/2011	-	Active	NO
4	U85191MH2011NPL216244	KAMAKSHI PRAVINCHANDRA SHAH SEVA FOUNDATION	Director	15/04/2011	15/04/2011	-	Active	NO
5	U45203GJ2011PTC067165	MAROLI NH ROAD PRIVATE LIMITED	Director	16/09/2011	16/09/2011	-	Active	NO

Name :

Mr. Rakesh Pravin Shah

Designation :

Director

Address :

Flat No 201, 2nd Floor, Krishna Niwas, Plot No. 9, JVPD Road, S, Suvarna Nagar, CHS Vile Parle (West), Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

18.09.1966

Date of Appointment :

29.09.2014

DIN No.:

00482647

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	U45200MH2007PTC167715	REL TEK Tiles India Private Limited	Director	09/02/2007	09/02/2007	01/03/2008	Active	NO
2	U45201MH2006PLC165973	RELCON INFRAPROJECTS LTD.	Director	29/09/2014	03/03/2008	-	Active	NO
3	U45202MH2008PTC182596	REL-STAR INFRASTRUCTURES PRIVATE LIMITED	Director	22/05/2008	22/05/2008	01/10/2010	Active	NO
4	U70109MH2008PTC183547	RELCON REALTY PRIVATE LIMITED	Director	16/06/2008	16/06/2008	-	Active	NO
5	U85191MH2011NPL216244	KAMAKSHI PRAVINCHANDRA SHAH SEVA FOUNDATION	Director	15/04/2011	15/04/2011	-	Active	NO
6	U45203GJ2011PTC067165	MAROLI NH ROAD PRIVATE LIMITED	Director	16/09/2011	16/09/2011	-	Active	NO
7	U45202MH2010PTC198528	ROHAK INFRAPROJECTS PRIVATE LIMITED	Director	30/09/2014	28/03/2014	-	Active	NO
8	AAD-1123	RELCON SKYLAND LLP	Body corporate as Designated Partner	26/12/2014	26/12/2014	-	Active	NO

Name :

Mr. Jainendra Pravin Shah

Designation :

Director

Address :

5th Floor, Uday Plot No.52, Swastik Society, N.S Road, No.4, Jvpd Scheme, Vile Parle (East), Mumbai - 400056, Maharashtra, India

Date of Birth/Age :

08.12.1964

Date of Appointment :

29.09.2014

DIN No.:

00482719

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	U45201MH2006PLC165973	RELCON INFRAPROJECTS LTD.	Director	29/09/2014	04/12/2006	-	Active	NO
2	U85191MH2011NPL216244	KAMAKSHI PRAVINCHANDRA SHAH SEVA FOUNDATION	Director	15/04/2011	15/04/2011	-	Active	NO
3	U45202MH2010PTC198528	ROHAK INFRAPROJECTS PRIVATE LIMITED	Director	30/09/2014	28/03/2014	-	Active	NO

Name :

Mrs. Jahnvi Jainendra Shah

Designation :

Director

Address :

5th Floor, Plot 52, Uday Swastik Society, N.S. Road, No.4, J.V.P.D. Scheme, Vile Parle West, Mumbai - 400056, Maharashtra, India

Date of Appointment :

30.09.2015

DIN No.:

07143561

KEY EXECUTIVES

Name :	Mr. Dinesh Kothari
Designation :	Finance Head
Name :	Hoshang Farokh Kapadia
Designation :	Secretary
Address:	Albless Building, Plot 691, Floor 3, D.M. Road, Dadar (East), Mumbai - 400014, Maharashtra, India
Date of Appointment :	11.06.2009
PAN No.:	ACRPK3456B
Name :	Mr. Ritesh Naimesh Talati
Designation :	Proprietor
Address :	602, Matru Prabha Building, Cama lane, Kirol Road, Ghatkopar (West), Mumbai – 400086, Maharashtra, India
E-Mail :	n.ritesh@hotmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	ABSPT6612J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Rakesh Pravin Shah	2194990
Dipan Pravin Shah	2194990
Tejas Pravin Shah	2145000
Jalnendra Privin Shah	2145000
Kamakshi Privin Shah	170000
Pravin Chotalal Shah (HUF)	50000
Jalendra Privin Shah (HUF)	50000
Tejas Pravin Shah (HUF)	50000
Rakesh Pravin Shah (HUF)	10
Dipan Pravin Shah (HUF)	10
Total	9000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Civil Construction and supply of civil materials and services (Registered Activity)

Products / Services :

Business of Civil Construction and Supply of Civil Materials and Services

Item Code No.	Product Description
99541229	Construction Services

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
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 :

Bank Name	Scheduled Bank
Branch	Vile-Parle (East), 1^st Floor, Suncity Theatres, Opposite Shah Talkies, Vile Parle (East), Mumbai – 400057, Maharashtra, 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 (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks	75.942	22.360
Loans taken for vehicles	87.029	51.219
Short-term borrowings
Working capital loans from banks	101.558	0.000
Total	264.529	73.579

Auditors :
Name :	Jogish Mehta and Company Chartered Accountants
Address :	807, Dev Plaza, S.V. Road, Andheri West, Mumbai – 400058, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAMPM0190K
Memberships :	Not Available
Collaborators :	Not Available
Joint venture :	R.K. Madhani and Company and Relcon Infraprojects Private Limited. JV, India Relcon Michigan (Joint Venture), India Reliance and Michigan Joint Venture, India Reliance and Sunrise Stone Industries JV, India Reliance Construction Company and J.P. Enterprises. - JV, India Reliance Construction Company and Sunrise Stone Industries JV, India Reliance Michigan (JV), India Reliance Michigan Joint Venture Mithi River, India Relcon Infraprojects Limited and Mahavir Roads & Infrastructure Private Limited (J.V.), India Relcon Mahavir (Joint Venture), India Relcon - New India Roadways (J.V.), India RPS Relcon J/V, India
Subsidiary company :	Maroli Nh Road Private Limited, India U45203GJ2011PTC067165 Relcon Realty Private Limited, India U70109MH2008PTC183547 Rohak Infraprojects Private Limited, India 5202MH2010PTC198528
Other related parties :	Sunrise Stone Industries, India
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Rolf Infra Concrete Private Limited, India Reltek Tiles India Private Limited, India U45200MH2007PTC167715

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs.90.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

PARTIAL DETAILS 2015

FINANCIAL POSITION

Particulars	31.03.2015 (Partial Details)
Share capital
Reserves and surplus	90.000
Long-term borrowings	1778.475
Gross fixed assets	893.244
Net fixed assets	469.554
Current assets	3941.119
Current liabilities	2612.101
Net current assets	1329.018
Capital employed	891.551
Net worth	1868.475
Value added of company	1126.977
Net revenue from operations of company	7713.764
Profit before tax	524.033

	31.03.2015 (Partial Details)
Gross revenue from operations of company	7739.788
Excise and other duties of company	26.025
Net revenue from operations of company for value addition	7713.764
Adjustments in work-in-progress and finished stocks of company	133.258
Cost of materials consumed of company	6614.708
Cost of process materials or chemicals of company	0.000
Cost of stores and spares consumed of company	0.000
Cost of utilities of company	0.000
Cost of other bought out inputs of company	105.337
Total cost of bought out inputs of company	6720.044
Value added of company	1126.977
Other incomes of company	108.385
Extraordinary income	0.000
Earnings available for distribution	1235.362
To employees as salaries, wages, retirement benefits and others	337.750
To shareholders as dividend	0.000
Funds retained by company	514.914
To government as taxes	163.756
Other distribution of earnings	0.000
Extraordinary expenses	218.943
Total distribution of earnings	1235.362

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	90.000	90.000	90.000
(b) Reserves & Surplus	1427.114	1247.781	1001.863
(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)	1517.114	1337.781	1091.863
(3) Non-Current Liabilities
(a) long-term borrowings	162.971	73.579	68.786
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	125.104	42.171	71.483
(d) long-term provisions	14.367	13.066	9.516
Total Non-current Liabilities (3)	302.442	128.816	149.785
(4) Current Liabilities
(a) Short term borrowings	159.643	15.207	104.372
(b) Trade payables	1274.995	1031.104	859.465
(c) Other current liabilities	601.640	397.848	395.884
(d) Short-term provisions	2.875	1.987	1.397
Total Current Liabilities (4)	2039.153	1446.146	1361.118
TOTAL	3858.709	2912.743	2602.766
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	485.024	430.019	282.457
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.194	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	50.838	47.277	35.180
(c) Deferred tax assets (net)	12.865	12.278	11.670
(d) Long-term Loan and Advances	354.436	230.930	153.133
(e) Other Non-current assets	85.565	31.521	25.029
Total Non-Current Assets	988.728	752.219	507.469
(2) Current assets
(a) Current investments	40.500	10.000	12.312
(b) Inventories	502.821	259.930	68.729
(c) Trade receivables	1717.583	1402.320	1153.147
(d) Cash and cash equivalents	318.941	159.626	267.762
(e) Short-term loans and advances	269.445	310.859	573.815
(f) Other current assets	20.691	17.789	19.532
Total Current Assets	2869.981	2160.524	2095.297
TOTAL	3858.709	2912.743	2602.766

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from Operations	5633.891	4183.671	4401.498
	Other Income	60.481	44.069	33.378
	TOTAL (A)	5694.372	4227.740	4434.876
Less	EXPENSES
	Cost of Materials Consumed	4953.768	3680.763	3616.207
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(242.891)	(191.201)	54.887
	Employees benefits expense	233.828	176.542	133.343
	Other expenses	165.238	103.370	100.733
	TOTAL (B)	5109.943	3769.474	3905.170
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	584.429	458.266	529.706
Less	FINANCIAL EXPENSES (D)	57.159	42.967	47.223
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	527.270	415.299	482.483
Less/ Add	DEPRECIATION/ AMORTISATION (F)	81.462	55.350	47.471
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	445.808	359.949	435.012
Less	TAX (H)	266.476	114.031	140.118
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	179.332	245.918	294.894
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	1247.781	1001.863	706.970
	Earnings / (Loss) Per Share (Rs.)	19.93	27.32	32.77

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	111.043	63.075	214.507
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	453.315	254.182
Net cash flow from operating activity	NA	336.720	110.855

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.18	5.88	6.70
Operating Profit Margin (PBIDT/Sales)	(%)	10.37	10.95	12.03
Return on Total Assets (PBT/Total Assets}	(%)	11.75	12.62	17.02
Return on Investment (ROI) (PBT/Networth)		0.29	0.27	0.40
Debt Equity Ratio (Total Debt /Networth)		0.29	0.11	0.36
Current Ratio (Current Asset/Current Liability)		1.41	1.49	1.54

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	90.000	90.000	90.000
Reserves & Surplus	1001.863	1247.781	1427.114
Net worth	1091.863	1337.781	1517.114
long-term borrowings	68.786	73.579	162.971
Short term borrowings	104.372	15.207	159.643
Current Maturities Of Long-Term Debts	214.507	63.075	111.043
Total borrowings	387.665	151.861	433.657
Debt/Equity ratio	0.355	0.114	0.286

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	4401.498	4183.671	5633.891
		(4.949)	34.664

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	4401.498	4183.671	5633.891
Profit	294.894	245.918	179.332
	6.70%	5.88%	3.18%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

GENERAL INFORMATION

Relcon Infraprojects Ltd. was incorporated on 04.12.2006 under part IX of the Companies Act 1956 and w.e.f. 20.07.2010 the company has been converted into a Public Company. The Company is engaged in the business of Civil Construction & supply of civil materials and services.

INDIAN ECONOMY :

According to the World Bank Report, India with large current account and fiscal deficits and weaker growth, was hit particularly hard by a withdrawal of portfolio capital (resulting in steep currency depreciation) in the middle of the year, stemming from apprehensions of tapering of US quantitative easing. The GDP growth in FY14 is estimated to be around 4.9% as per CSO’s estimates. That is technically a recovery from 4.5% GDP growth in FY13 on the back of a monsoon boost for agricultural sector and an improvement in services sector. The World

Bank expects the pace of India’s economic growth to pick up and stand at 6.2% in the FY15 and at 7.1% in FY16.

The economy has stabilized in recent quarters, though GDP growth remains well below potential. Downside risks have receded. The rupee is less vulnerable to the US Fed tapering than it was in 2013. The economy will slowly improve across 2014 but not hit potential until well into 2015. Exports have already started to pick up, helping to narrow the CAD and on the home front, fewer downside risks, a more competent central bank governor, and the prospect of better government after the May elections have boosted business and investor confidence.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT :

(a) Industry Structure and Development :

The Company is on a fast track growth in infrastructure sector and is engaged in construction and development of roads, bridges, airports and other infrastructures.

During the year, the Company has posted a revenue of Rs.5694.300 Million, as compared to Rs.4227.700 Million, in the previous financial year.

Factors such as slow economic growth, rising interest rates by banks and high inflation among other factors have added to the uncertainities. The off take in commercial and retail market continue to remain cautious and the recovery is expected to be gradual.

(b) REVIEW OF OPERATION :

The Company recorded a total income of Rs.5694.300 Million, including other income as against Rs.4227.700 Million, in the previous financial year, an increase of 34.69%. The pre-tax profit for the year was Rs.44.58 crores as against Rs.359.900 Million, a year ago.

(d) OUTLOOK :

The overall infrastructure growth environment for the construction industry during the past year was very challenging. Inspite of this, the Company with its strong execution capabilities and strong balance sheet has sailed steadily through these difficult times. The government has recently taken a number of measures to fast tract infrastructure growth and many encouraging signs are already visible. The inflation is expected to cool in the coming months. This may lead to a fall in interest rates. Your Company has built up a strong and well diversified order book, which gives it good revenue visibility in the coming years. It is expected that great opportunities would arise in the key business areas of your Company.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans and advances from related	0.007	0.007
Other loans and advances	58.078	15.200
Total	58.085	15.207

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10605100	21/11/2015	10,608,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL  WEST, MUMBAI, Maharashtra - 400013, INDIA	C71593578
2	10596121	15/09/2015	1,250,000,000.00	3i Infotech Trusteeship Services Limited	3rd to 6th floor, International Infotech Park,, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai, Maharashtra - 400703, INDIA	C66723016
3	10593596	07/08/2015	42,270,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL  WEST, MUMBAI, Maharashtra - 400013, INDIA	C65359036
4	10569453	07/05/2015	2,980,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C53651527
5	10539687	10/02/2015 *	1,250,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	C43662931
6	10536419	02/12/2014	3,505,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL  WEST, Mumbai, Maharashtra - 400013, INDIA	C36793164
7	10529696	28/10/2014	1,047,922.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C32651598
8	10530313	22/10/2014	41,884,866.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL  WEST, MUMBAI, Maharashtra - 400013, INDIA	C33000837
9	10526046	10/09/2014	16,126,738.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL  WEST, MUMBAI, Maharashtra - 400013, INDIA	C29781622
10	10494995	12/04/2014	2,093,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C04618633

FIXED ASSETS

• Buildings
• Factory building
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

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.66.78
UK Pound	1	Rs.101.10
Euro	1	Rs.73.10

INFORMATION DETAILS

Information Gathered by :	SPR
Analysis Done by :	KAS
Report Prepared by :	SUJ

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
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.