MIRA INFORM REPORT

Report No. :	303735
Report Date :	22.01.2015

IDENTIFICATION DETAILS

Name :	B. G. SHIRKE CONSTRUCTION TECHNOLOGY PRIVATE LIMITED
Registered Office :	72-76, Industrial Estate, Mundhwa, Pune – 411 036, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.03.1994
Com. Reg. No.:	11-077340
Capital Investment / Paid-up Capital :	Rs.170.114 Millions
CIN No.: [Company Identification No.]	U45201PN1994PTC077340
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACB7293D
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the construction activities
No. of Employees :	Not Available

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

Maximum Credit Limit :	USD 14000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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.

LOCATIONS

Registered Office/ Head Office / Factory :	72-76, Industrial Estate, Mundhwa, Pune – 411 036, Maharashtra, India
Tel. No.:	91-20-26708100/26870755
Fax No.:	91-20-26871612
E-Mail :	sunil_adhiya@vsnl.net bgtech@vsnl.com
Website :	http://www.shirkegroup.com
Branch Office :	Located at: · Bangalore · New Delhi · Hyderabad · Mumbai · Nagpur

DIRECTORS

As on: 26.06.2014

Name :

Mr. Pratap Baburao Shirke

Designation :

Director

Address :

Coombe Edge, Sunning Hill Road, Windlesham Surrey GU 20 6PP

Date of Birth/Age :

20.03.1948

Date of Appointment :

25.03.1994

PAN No.:

ACMPS4467M

DIN No.:

00104902

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	U45201PN1994PTC077340	B. G. SHIRKE CONSTRUCTION TECHNOLOGY PRIVATE LIMITED	Director	25/03/1994	25/03/1994	-	Active	NO
2	U65993PN1981PLC025916	P P HOLDINGS LIMITED	Director	05/09/1994	05/09/1994	11/08/2010	Active	NO
3	L29113PN1920PLC000670	KIRLOSKAR BROTHERS LIMITED	Director	18/07/2008	20/07/2007	-	Active	NO
4	U80900PN2009NPL134007	MAC MARITIME TRAINING AND RESEARCH INSTITUTE	Director	21/05/2009	21/05/2009	-	Active	NO

Name :

Mr. Vijay Baburao Shirke

Designation :

Managing Director

Address :

1205, Apte Road, Pune – 411004, Maharashtra, India

Date of Birth/Age :

04.11.1949

Qualification :

BE (Mech)

Date of Appointment :

25.03.1994

PAN No.:

ACMPS4462Q

DIN No.:

00006804

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	U99999MH1974PTC017912	SAPPHIRE EXPORTS PRIVATE LIMITED	Director	30/06/1975	30/06/1975	-	Strike off	NO
2	U65993MH1983PTC030846	KARMVEER INVESTMENTS PRIVATE LIMITED	Director	15/09/1983	15/09/1983	-	Active	NO
3	U65993MH1983PTC030869	KIRKLAND INVESTMENTS PRIVATE LIMITED	Director	16/09/1983	16/09/1983	-	Active	NO
4	U26954MH1969PTC014245	SIPOREX INDIA Private LIMITED	Managing director	15/09/2010	05/10/1985	-	Active	NO
5	U45201PN1994PTC077340	B. G. SHIRKE CONSTRUCTION TECHNOLOGY PRIVATE LIMITED	Managing director	25/03/1994	25/03/1994	-	Active	NO
6	U29150MH1970PTC014775	Potain India Private Limited	Additional director	23/08/2007	16/01/1999	25/08/2007	Active	NO
7	U65910MH1983PTC030847	CONVEX INVESTMENTS AND TRADING PRIVATE LIMITED	Director	16/01/1999	16/01/1999	-	Active	NO
8	U65993MH1983PTC030868	ASHWAMEDH INVESTMENTS PRIVATE LIMITED	Director	16/01/1999	16/01/1999	-	Active	NO
9	U63090MH2001PTC133415	FIVE STARS BULKCARRIERS Private Limited	Director	24/10/2005	24/10/2005	-	Active	NO
10	U91990MH1925PLC001182	ROYAL WESTERN INDIA TURF CLUB LIMITED	Director	16/12/2014	21/12/2006	-	Active	NO
11	U40200PN2007PTC130217	B.G.SHIRKE OIL AND GAS PRIVATE LIMITED	Director	28/05/2007	28/05/2007	-	Strike off	NO
12	U11100PN2013PTC148582	B. G. SHIRKE OIL AND GAS INDIA PRIVATE LIMITED	Director	26/08/2013	26/08/2013	-	Active	NO
13	L29112PN1978PLC088972	KIRLOSKAR INDUSTRIES LIMITED	Director	02/09/2014	18/07/2014	-	Active	NO

Name :

Mr. Ajay Baburao Shirke

Designation :

Director

Address :

1205, Apte Road, Pune – 411004, Maharashtra, India

Date of Birth/Age :

26.04.1958

Date of Appointment :

25.03.1994

PAN No.:

ACMPS4463R

DIN No.:

00006807

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	U65910MH1983PTC030847	CONVEX INVESTMENTS AND TRADING PRIVATE LIMITED	Director	15/09/1983	15/09/1983	-	Active	NO
2	U65993MH1983PTC030868	ASHWAMEDH INVESTMENTS PRIVATE LIMITED	Director	16/09/1983	16/09/1983	-	Active	NO
3	U45201PN1994PTC077340	B. G. SHIRKE CONSTRUCTION TECHNOLOGY PRIVATE LIMITED	Director	25/03/1994	25/03/1994	-	Active	NO
4	U26954MH1969PTC014245	SIPOREX INDIA Private LIMITED	Director	01/11/2012	29/06/1996	-	Active	NO
5	U29150MH1970PTC014775	Potain India Private Limited	Director	16/01/1999	16/01/1999	19/07/2007	Active	NO
6	U65993MH1983PTC030869	KIRKLAND INVESTMENTS PRIVATE LIMITED	Director	16/01/1999	16/01/1999	-	Active	NO
7	U65993MH1983PTC030846	KARMVEER INVESTMENTS PRIVATE LIMITED	Director	16/01/1999	16/01/1999	-	Active	NO
8	U67200PN2001PTC016332	LIFE AND GENERAL INSURANCE AND REINSURANCE BROKERS PRIVATE LIMITED	Director	01/11/2002	01/11/2002	20/01/2010	Active	NO
9	U29308PN2008PTC131712	CADENCE SPECIALITY AUDIO PRODUCTS PRIVATE LIMITED	Director	28/03/2008	28/03/2008	-	Converted to LLP	NO
10	U92419PN2009NPL134984	MAHARASHTRA SPORTS AND LEISURE	Director	13/11/2009	13/11/2009	-	Active	NO
11	U70109MH2007PTC174275	FIRST FUTURE AIR SERVICES PRIVATE LIMITED	Director	15/09/2010	29/12/2009	-	Amalgamated	NO
12	U55101MH2000PLC187834	LAVASA CORPORATION LIMITED	Director	30/07/2010	16/07/2010	03/11/2011	Active	NO
13	AAB-6737	CADENCE SPECIALITY AUDIO PRODUCTS LLP	Designated Partner	26/07/2013	26/07/2013	-	Active	NO
14	AAB-9321	CADENCE AUDIO LLP	Designated Partner	16/12/2013	16/12/2013	-	Active	NO

Name :

Mr. Uday Suresh Ghorpade

Designation :

Director

Address :

Plot No. 18, Mangalwadi Co-operative Housing Society, Senapati Bapat Road, Model Colony, Pune – 411016, Maharashtra, India

Date of Birth/Age :

26.08.1962

Date of Appointment :

14.10.2003

DIN No.:

00104984

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	U45201PN1994PTC077340	B. G. SHIRKE CONSTRUCTION TECHNOLOGY PRIVATE LIMITED	Director	14/10/2003	14/10/2003	-	Active	NO
2	U99999MH1974PTC017912	SAPPHIRE EXPORTS PRIVATE LIMITED	Director	01/11/2003	01/11/2003	-	Strike off	NO
3	U65993MH1983PTC030846	KARMVEER INVESTMENTS PVT LTD	Director	22/09/2011	10/01/2011	14/03/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Kishor Madhav Thatte
Designation :	Secretary
Address :	8, Snehal Apartment 82, Tulshi Bagwale Colony, Sahakarnagar 2, Pune – 411009, Maharashtra, India
Date of Birth/Age :	01.05.1955
Date of Appointment :	19.02.2009
PAN No.:	AABPT7218E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 26.06.2014

Names of Shareholders	No. of Shares
Pratap Baburao Shirke	4053614
Vijay Baburao Shirke	1603293
V.B. Shirke (HUF)	6765760
Ajay Baburao Shirke	1637547
Avanti Vijay Shirke	400
Uday Suresh Ghorpade	800
Gayatri Vijay Shirke	500000
Cadence Speciality Audio Products LLP*, India	2300000
Cadence Audio LLP**	100000
Vijay Baburao Shirke j/w Padmaja Vijay Shirke, Trustees of Shirke Trust	50000
Total	17011414

Equity Share Break up (Percentage of Total Equity)

As on: 26.06.2014

Category	Percentage
Bodies corporate	14.11
Directors or relatives of directors	85.89
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the construction activities

Products :

Item Code No. (ITC Code)	Product Description
99542905	Construction Services For Civil Engineering Works

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

• Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India
• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Rupee term loans from banks	2642.572	1351.660
Other loans and advances, others	263.533	455.366
SHORT TERM BORROWINGS
Rupee term loans from banks	1142.224	2748.933
Total	4048.329	4555.959

Auditors :
Name :	Joshi and Kulkarni Chartered Accountants
Address :	C.T.S. S. No. 108/10, “Utkarsh”, Bharati Niwas Society, Off Prabhat Road, Lane No.14, Pune – 411004, Maharashtra, India
PAN No.:	AAAFJ9692D
Memberships :	Not Available
Collaborators :	Not Available
Joint Venture :	BGSCTPL-MSKEL JEL-BGSCTPL BGSCTPL-VIL
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Siporex India Private Limited CIN No.: U26954MH1969PTC014245 Five Stars Bulkcarriers Limited CIN No.: U63090MH2001PLC133415 Cadence Speciality Audio Products Private Limited CIN No.: U29308PN2008PTC131712 Shirke Infrastructure Shirke Trust Shirke Recreation Enterprise NABI Developers LLP Shirke Club Management LLP Cadence Audio LLP

CAPITAL STRUCTURE

As on: 26.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
23000000	Equity Shares	Rs.10/- each	Rs.230.000 Millions
200000	Preference Shares	Rs.100/- each	Rs.20.000 Millions
	Total		Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17011414	Equity Shares	Rs.10/- each	Rs.170.114 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	170.114	170.114	168.281
(b) Reserves & Surplus	4575.228	3735.266	3219.170
(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)	4745.342	3905.380	3387.451
(3) Non-Current Liabilities
(a) long-term borrowings	2944.647	1879.267	833.088
(b) Deferred tax liabilities (Net)	333.091	268.278	148.905
(c) Other long term liabilities	5999.560	2884.673	2777.643
(d) long-term provisions	163.100	155.381	134.916
Total Non-current Liabilities (3)	9440.398	5187.599	3894.552
(4) Current Liabilities
(a) Short term borrowings	1569.750	3201.787	3838.272
(b) Trade payables	2257.940	2165.518	1656.603
(c) Other current liabilities	3546.010	3214.773	1984.657
(d) Short-term provisions	141.907	186.189	130.678
Total Current Liabilities (4)	7515.607	8768.267	7610.210
TOTAL	21701.347	17861.246	14892.213
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4553.160	4000.521	3298.815
(ii) Intangible Assets	22.010	13.468	6.592
(iii) Capital work-in-progress	2532.313	642.473	155.600
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	809.343	809.343	761.843
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	99.163	161.456	56.187
(e) Other Non-current assets	367.215	144.421	143.566
Total Non-Current Assets	8383.204	5771.682	4422.603
(2) Current assets
(a) Current investments	0.000	0.900	0.900
(b) Inventories	7611.147	6974.521	5639.413
(c) Trade receivables	3310.815	3252.261	2816.178
(d) Cash and cash equivalents	241.151	263.588	256.395
(e) Short-term loans and advances	1059.146	824.929	1151.257
(f) Other current assets	1095.884	773.365	605.467
Total Current Assets	13318.143	12089.564	10469.610
TOTAL	21701.347	17861.246	14892.213

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL (A)	20870.800	17422.400	15081.200
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	17647.500	14692.000	12655.500
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3223.300	2730.400	2425.700
Less	FINANCIAL EXPENSES (D)		1297.200	1078.100	881.500
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1926.100	1652.300	1544.200
Less/ Add	DEPRECIATION/ AMORTISATION (F)		433.500	442.900	360.700
	PROFIT BEFORE TAX (E-F) (G)		1492.600	1209.400	1183.500
Less	TAX (H)		453.700	521.200	266.600
	PROFIT AFTER TAX (G-H) (I)		1038.900	688.200	916.900
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3312.400	2890.800	2163.300
Less	Balance of Loss on Amalgamation		0.000	1.100	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	103.900	68.800	91.700
		Interim Dividend	85.000	42.100	0.000
		Proposed Dividend	85.000	126.300	84.100
		Corporate Dividend Tax	28.900	28.300	13.600
	BALANCE CARRIED TO THE B/S		4048.500	3312.400	2890.800
	Earnings Per Share (Rs.)		61.07	40.46	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	4.98	3.95	6.08
Operating Profit Margin (PBITD/Sales)		15.44	15.67	16.08
Return on Total Assets (PBT/Total Assets}	(%)	8.13	7.37	8.47
Return on Investment (ROI) (PBT/Networth)		0.31	0.31	0.35
Debt Equity Ratio (Total Debt/Networth)		0.95	1.30	1.38
Current Ratio (Current Asset/Current Liability)		1.77	1.38	1.38

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	168.281	170.114	170.114
Reserves & Surplus	3219.170	3735.266	4575.228
Net worth	3387.451	3905.380	4745.342
long-term borrowings	833.088	1879.267	2944.647
Short term borrowings	3838.272	3201.787	1569.750
Total borrowings	4671.360	5081.054	4514.397
Debt/Equity ratio	1.379	1.301	0.951

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	15081.200	17422.400	20870.800
		15.524	19.793

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	15081.200	17422.400	20870.800
Profit	916.900	688.200	1038.900
	6.08%	3.95%	4.98%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	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	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	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	No

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Other loans and advances	38.542	72.241
SHORT TERM BORROWINGS
Term loans from others	200.000	200.000
Other loans and advances, others	227.526	252.854
Total	466.068	525.095

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10539925	11/12/2014	843,000.00	KOTAK MAHINDRA PRIME LIMITED	27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E),, Mumbai, Maharashtra - 400051, INDIA	C38817177
2	10538839	09/12/2014	1,229,000.00	Toyota Financial Services India Limited	No. 21 Centropolis, First Floor,, 5th Cross Langford Road, Shanti Nagar, Bangalore, Karnataka - 560025, INDIA	C38205928
3	10538841	02/12/2014	1,437,000.00	Toyota Financial Services India Limited	No. 21 Centropolis, First Floor,, 5th Cross Langford Road, Shanti Nagar, Bangalore, Karnataka - 560025, INDIA	C38207429
4	10538321	30/11/2014	652,000.00	KOTAK MAHINDRA PRIME LIMITED	27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E),, Mumbai, Maharashtra - 400051, INDIA	C37853587
5	10538323	30/11/2014	685,000.00	KOTAK MAHINDRA PRIME LIMITED	27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E),, Mumbai, Maharashtra - 400051, INDIA	C37854114
6	10538326	30/11/2014	685,000.00	KOTAK MAHINDRA PRIME LIMITED	27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E),, Mumbai, Maharashtra - 400051, INDIA	C37854585
7	10538328	30/11/2014	876,000.00	KOTAK MAHINDRA PRIME LIMITED	27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E),, Mumbai, Maharashtra - 400051, INDIA	C37854924
8	10538333	30/11/2014	990,000.00	KOTAK MAHINDRA PRIME LIMITED	27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E),, Mumbai, Maharashtra - 400051, INDIA	C37855442
9	10526972	30/09/2014	33,998,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	C30498760
10	10523345	25/09/2014	1,300,000,000.00	Vijaya Bank	Corporate Banking Branch, "Vinayak Niwas", 1206/A  -32, Shirole Road, Opp. Sambhaji Park, Pune, Maharashtra - 411004, INDIA	C24862351

REVIEW OF OPERATIONS AND FUTURE PROSPECTS:

During the year, the Company’s operational income increased by 19.79% to Rs. 20870.800 Millions as compared to Rs. 1742.24 Millions in the previous year. The balance orders on hand at present are approximately of Rs. 85000.000 Millions. Various ongoing projectsare being completed as per schedule and to the satisfaction of the clients. The Directors expect to improve performance further during the current year.

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Plant and Equipment
• Factory Equipments
• Furniture and Fixtures
• Vehicles
• Aircrafts Helicopters

Intangible Assets

• Computer Software

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 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.61.61
UK Pound	1	Rs.93.49
Euro	1	Rs.71.37

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	JYTK

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
--PROFITABILIRY	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	YES
--OTHER ADVERSE INFORMATION	YES/NO	YES
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.