MIRA INFORM REPORT

Report No. :	309306
Report Date :	25.02.2015

IDENTIFICATION DETAILS

Name :	SIRI CONSTRUCTIONS
Registered Office :	Door No. 8-3-214/39, Flat No. 301, Kavuri's Sri Lakshmi Srinivasa Towers, Srinivasa Nagar (West), Hyderabad – 500038, Telangana
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	2006
Capital Investment / Paid-up Capital :	Rs.28.512 Millions
IEC No.:	Not Available
TIN No.:	28837932762
PAN No.: [Permanent Account No.]	ABGFS4960G
Legal Form :	Partnership Concern with an unlimited liability of the partners
Line of Business :	State government project constructions on contract basis.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having satisfactory track record. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. The concern 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

Rating Agency Name	CRISIL SME
Rating	SE2B
Rating Explanation	High performance capability and moderate financial strength.
Date	December 2013

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 PARTED BY

Name :	Mr. D. Srinath Reddy
Designation :	Partner
Contact No.:	91-40-40102560
Date :	23.02.2015

LOCATIONS

Registered Office :	Door No. 8-3-214/39, Flat No. 301, Kavuri's Sri Lakshmi Srinivasa Towers, Srinivasa Nagar (West), Hyderabad – 500038, Telangana, India
Tel. No.:	91-40-40102560
Mobile No.:	91-8885575599 (Mr. Karuna Kumar)
Fax No.:	91-40-40102560
E-Mail :	Siri.constructions@rediffmail.com
Area :	2500 Sq. Ft.
Location :	Rented

PARTNERS

Name :	Mr. P.R. K. Varma
Designation :	Partner
Address :	Plot No. 173, Sathavahana Nagar Colony, Kukatpally, Hyderabad – 500073, Andhra Pradesh, India
Date of Birth/Age :	18.08.1979
PAN No.:	ASOPP5772E
Name :	Mr. R. Yetendra
Designation :	Partner
Address :	Plot No. 173, Sathavahana Nagar Colony, Kukatpally, Hyderabad – 500073, Telangana, India
Date of Birth/Age :	06.09.1981
PAN No.:	AQGPR0755F
Name :	Mr. D. Srinath Reddy
Designation :	Partner
Address :	Door No. 1-5-3/12, Behind Raja Deluxe Theater, Mushreerabad, Hyderabad – 500020, Telangana, India
Date of Birth/Age :	29.06.1979
PAN No.:	ACSPD2840H
Name :	Mr. P. Subrahmanyam
Designation :	Partner
Address :	Door. No. 24-15-5, M.P Vijayakumar Raju Street, Srirampuram, Bhimavaram, India
Date of Birth/Age :	05.01.1968
PAN No.:	ALQPP8819H

BUSINESS DETAILS

Line of Business :	State government project constructions on contract basis.
Products :	--
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash (Within 15 Days)
Purchasing :	Cash (Within 15 Days)

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
Remark :	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
Remark :	Not Divulged

No. of Employees :

20 (Approximately)

Bankers :

Banker Name	IDBI Bank
Branch Address	Chappel Road, Near LB Stadium, Nampally, 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 LOANS	31.03.2014 Rs. In Millions
Kotak Mahindra Bank Limited (Soil Compack)	0.268
Mahindra and Mahindra FSL	0.021
IDBI Bank CC	14.656
Total	14.945

Banking Relations :	--
Auditors :
Name :	Krishanareddy and Company Chartered Accountants
Address :	Door No. 6-3-634, Green Channel Apartment, Khayiratabad, Hyderabad – 500004, Telangana, India
Tel. No.:	91-40-65590260
Email ID :	krishnareddyco@gmail.com
Memberships :	--
Sister Concerns :	Not Divulged

CAPITAL STRUCTURE

As on 31.03.2014

Capital Investment :
Owned :	Rs.28.512 Millions
Borrowed :	--
Total :	Rs.28.512 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		28.512	19.832	13.568
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		28.512	19.832	13.568
LOAN FUNDS
1] Secured Loans		14.945	16.538	18.002
2] Unsecured Loans		7.081	7.579	7.119
TOTAL BORROWING		22.026	24.117	25.121
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		50.538	43.949	38.689
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.861	11.032	9.176
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.247	10.398	8.976
	Sundry Debtors	36.473	14.777	4.436
	Cash & Bank Balances	6.398	3.515	11.076
	Other Current Assets	9.841	9.677	15.799
	Loans & Advances	0.731	1.356	1.859
Total Current Assets		61.690	39.723	42.146
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.035	0.000	0.000
	Other Current Liabilities	1.214	2.656	10.123
	Provisions	3.764	4.150	2.510
Total Current Liabilities		21.013	6.806	12.633
Net Current Assets		40.677	32.917	29.513
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		50.538	43.949	38.689

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	177.648	134.369	78.887
		Other Income	0.410	NA	NA
		TOTAL (A)	178.058	NA	NA
Less	EXPENSES
		Cost of goods sold	74.052
		Petrol and diesel	15.079
		Wages and labour charges	11.266
		Stores and consumable	1.758
		Sub Contract Payment	3.888
		Transportation expenses	18.145
		Machinery Hire Charges	11.594
		Salaries	5.096
		Interest of cash credit	2.187
		Bank Charges	0.258
		Mess Charges	0.930
		Business Promotion	0.198
		Document Charges	0.175
		Repairs and maintenance	1.747
		Insurance	0.220
		Labour cess	1.641
		Other deduction	4.830
		Seignior age charges	4.187
		VAT	1.852
		Interest on capital	1.190
		Partners remuneration	0.900
		Other expenses	4.356
		TOTAL	165.549	NA	NA
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		12.509	NA	NA
Less	DEPRECIATION/ AMORTISATION		1.575	NA	NA
	PROFIT/(LOSS) BEFORE TAX		10.934	NA	NA
Less	TAX		3.764	NA	NA
	PROFIT/(LOSS) AFTER TAX		7.170	6.114	3.973

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	4.04	4.55	5.04
Return on Total Assets (PBT/Total Assets}	(%)	15.28	NA	NA
Return on Investment (ROI) (PBT/Networth)		0.38	NA	NA
Debt Equity Ratio (Total Debt /Networth)		0.77	1.22	1.85
Current Ratio (Current Asset/Current Liability)		2.94	5.84	3.34

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	13.568	19.832	28.512
Reserves & Surplus	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	13.568	19.832	28.512
Secured Loans	18.002	16.538	14.945
Unsecured Loans	7.119	7.579	7.081
Total borrowings	25.121	24.117	22.026
Debt/Equity ratio	1.851	1.216	0.773

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	78.887	134.369	177.648
		70.331	32.209

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	78.887	134.369	177.648
Profit	3.973	6.114	7.170
	5.04%	4.55%	4.04%

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
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	No
18]	Major customers	No
19]	Payments terms	Yes
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	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions
Unsecured Loans	7.081
Total	7.081

FIXED ASSETS:

· Land

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

· Air Conditioner

· 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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.18
UK Pound	1	Rs.95.71
Euro	1	Rs.70.76

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUB
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
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		44

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.