MIRA INFORM REPORT

Report No. :	302491
Report Date :	15.01.2015

IDENTIFICATION DETAILS

Name :	MPOWER INFRATECH (INDIA) PRIVATE LIMITED w.e.f. 08.04.2011
Formerly Known As :	MANNEY ENGINEERING PRIVATE LIMITED
Registered Office :	Plot No,28, Phase-II,IDA, Cherlapally, Ghatkesar Mandal, Hyderabad, Telangana – 500051, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.09.2004
Com. Reg. No.:	01-044061
Capital Investment / Paid-up Capital :	Rs. 61.110 Millions
CIN No.: [Company Identification No.]	U74210TG2004PTC044061
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Installation of Telecom and Transmission Towers and Structure work for Solar Panels.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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 company having satisfactory track record. There seems dip in the profit of the company during 2014. However, General financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be slow but 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	ICRA
Rating	Long Term Fund Based = BB
Rating Explanation	Have Moderate Risk of Default
Date	August, 2013

Rating Agency Name	ICRA
Rating	Short Term Non – Funded Based Limits = A4
Rating Explanation	Have Minimal Degree of Safety Carry Very High Credit Risk.
Date	August, 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. Raju
Designation :	Finance Head
Contact No.:	91-40-27265758
Date :	10.01.2015

LOCATIONS

Registered Office / Factory :	Plot No,28, Phase-II,IDA, Cherlapally, Ghatkesar Mandal, Hyderabad, Telangana – 500051, Andhra Pradesh, India
Tel. No.:	91-4027265758 (Mr. Raju)
Fax No.:	Not Available
E-Mail :	info@mpowerinfratech.in accounts@mpowerinfratech.in
Website :	www.mpowerinfratech.in

DIRECTORS

As on 31.03.2013

Name :

Mr. Subha Manney

Designation :

Director

Address :

Flat # 304, Northkamala Tower ECIL (P) Keesara (M), Hyderabad – 50062, Andhra Pradesh, India

Date of Birth/Age :

29.01.1969

Date of Appointment :

02.09.2004

DIN No.:

00198256

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	U74210TG2004PTC044061	MPOWER INFRATECH (INDIA) PRIVATE LIMITED	Director	02-09-04	02-09-04	-	Active	NO
2	U45206TG2014PTC096722	MANNEY ENGINEERING PRIVATE LIMITED	Director	08-12-14	08-12-14	-	Active	NO

Name :

Mr. Subrahmanyam Manney

Designation :

Director

Address :

Flat # 304, Northkamala Tower ECIL (P) Keesara (M), Hyderabad – 50062, Andhra Pradesh, India

Date of Birth/Age :

01.12.1975

Date of Appointment :

02.09.2004

DIN No.:

00197219

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	U74210TG2004PTC044061	MPOWER INFRATECH (INDIA) PRIVATE LIMITED	Managing director	02-09-04	02-09-04	-	Active	NO
2	U45206TG2014PTC096722	MANNEY ENGINEERING PRIVATE LIMITED	Director	08-12-14	08-12-14	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Raju
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2013

Names of Shareholders	No. of Shares	% of Age
Subrahmanyam Manney	4466000	73.08
Subha Manney	1645000	26.92
Total	6111000	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Installation of Telecom and Transmission Towers and Structure work for Solar Panels.
Products :	v Transmission Towers v Structure work for Solar Panels
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit, L\C
Purchasing :	Cash and Credit, L\C

GENERAL INFORMATION

Suppliers :

Reference :	Sawana Pipes Private Limited (Hyderabad)
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 :

Wholesalers, Retailers and End Users

Reference :	Indus Tower Limited
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 :

250 (Approximately)

Bankers :

Banker Name	Canara Bank
Branch Address	Sainikpuri Branch, Secunderabad – 500094, Andhra Pradesh, 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

Auditors :
Name :	Raja and Raju Chartered Accountant
Address :	1B, Samrat Residential Complex, 5-9-12, Secretariat Road, Saifabad, Hyderabad, Telangana – 500004, Andhra Pradesh
PAN No.:	AACFR1608P
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available
Sister Concern :	Manney Engineers, Hyderabad, Telangana, Andhra Pradesh, India

CAPITAL STRUCTURE

As on 28.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6111000	Equity Shares	Rs.10/- each	Rs. 61.110 Millions

As on 31.03.2014

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 65.000 Millions.

FINANCIAL DATA

[all figures are in Rupees Millions]

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	61.110	61.110	50.000
(b) Reserves & Surplus	198.184	160.235	105.633
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	11.110
Total Shareholders’ Funds (1) + (2)	259.294	221.345	166.743
(3) Non-Current Liabilities
(a) long-term borrowings	142.369	118.899	117.989
(b) Deferred tax liabilities (Net)	4.232	2.912	2.147
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	146.601	121.811	120.136
(4) Current Liabilities
(a) Short term borrowings	352.006	237.091	143.872
(b) Trade payables	256.059	391.901	207.232
(c) Other current liabilities	14.194	25.537	24.091
(d) Short-term provisions	31.071	33.194	21.085
Total Current Liabilities (4)	653.330	687.723	396.280
TOTAL	1059.225	1030.879	683.159
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(ii) Intangible Assets	89.473	62.878	63.134
(iii) Capital work-in-progress	6.344	6.317	3.524
(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	4.029	2.815	1.754
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	99.846	72.010	68.412
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	444.989	408.715	255.627
(c) Trade receivables	407.731	461.373	305.637
(d) Cash and cash equivalents	46.252	26.235	7.869
(e) Short-term loans and advances	60.407	62.546	45.614
(f) Other current assets
Total Current Assets	959.379	958.869	614.747
TOTAL	1059.225	1030.879	683.159

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1598.580	1359.080	996.000
		Other Income	2.307	1.740	NA
		TOTAL	1600.887	1360.820	NA
Less	EXPENSES
		Cost of Materials Consumed	1319.286	1250.421
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(14.731)	(201.340)
		Employees benefits expense	30.729	31.295
		Other expenses	127.414	137.309
		TOTAL (B)	1462.698	1217.685	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		138.189	143.135	85.300
Less	FINANCIAL EXPENSES		66.179	44.742	18.100
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		72.010	98.393	67.200
Less/ Add	DEPRECIATION/ AMORTISATION		3.696	3.019	2.200
	PROFIT BEFORE TAX		68.314	95.374	65.000
Less	TAX		30.364	40.772	35.700
	PROFIT AFTER TAX		37.950	54.602	29.300
	Earnings Per Share (Rs.)		5.84	8.40	4.51

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.37	4.02	2.94
Operating Profit Margin (PBDIT/Sales)	(%)	8.64	10.53	8.56
Return on Total Assets (PBT/Total Assets}	(%)	6.49	9.31	9.56
Return on Investment (ROI) (PBT/Networth)		0.26	0.43	0.39
Debt Equity Ratio (Total Debt /Networth)		1.91	1.61	1.57
Current Ratio (Current Asset/Current Liability)		1.47	1.39	1.55

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	50.000	61.110	61.110
Reserves & Surplus	105.633	160.235	198.184
Net worth	155.633	221.345	259.294
long-term borrowings	117.989	118.899	142.369
Short term borrowings	143.872	237.091	352.006
Total borrowings	261.861	355.990	494.375
Debt/Equity ratio	1.683	1.608	1.907

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	996.000	1359.080	1598.580
		36.454	17.622

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	996.000	1359.080	1598.580
Profit	29.300	54.602	37.950
	2.94%	4.02%	2.37%

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

OPERATIONS:

The directors are pleased to inform that company’s turnover has increased by 36.46 % and PAT has gone up by 86.35% of turnover due to better realizations. Company has diversified its operations to the Power and Solar segments in view of slow down in infrastructure investment into Telecom segment. Inspite of heavy competition company could enhance its profitability purely because of cost cutting measures adopted by the company, better negotiations and confidence building up among customers towards timely delivery and quality. Company has commendable order backlog as on 31.03.2013 and expected to performance well also during the current year.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10467674	14/11/2013	4,812,000.00	Axis Bank Limited	5-2-183/184, III floor, Axis bank limited, RP ROA  D, Hyderabad, Andhra Pradesh - 500003, INDIA	B92547694
2	10414594	27/03/2013	6,435,000.00	RELIANCE CAPITAL LTD	"H" BLOCK 1ST FLOOR, Dhirubhai Ambani Knowledge C  ity, Koparkhairne, Navi Mumbai, Maharashtra - 4007  10, INDIA	B71742613
3	10082586	28/12/2013 *	544,255,000.00	CANARA BANK	SAINIKPURI BRANCH, SAINIKPURI, Andhra Pradesh - 50  0094, INDIA	B95062600
4	90125178	07/01/2005	1,200,000.00	CANARA BANK	SAINIKPURI BRANCH, SAINIKPURI P.O., SECUNDERABAD,  Andhra Pradesh, INDIA	-

* Date of charge modification

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.94.28
Euro	1	Rs.73.73

INFORMATION DETAILS

Information Gather by :	PRT
Analysis Done by :	RSM
Report Prepared by :	ANU

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	5
--PROFITABILITY	1~10	4
--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		46

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.