MIRA INFORM REPORT

Report No. :	18.06.2015
Report Date :	22.06.2015

IDENTIFICATION DETAILS

Name :	MADHUCON INFRA LIMITED
Registered Office :	Madhucon House, Plot No.1129/A, Road No.36, Hitech City Road, Jubilee Hills, Hyderabad – 500033, Telangana
Tel. No.:	91-40-23556001/04
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.02.2006
Com. Reg. No.:	01-049235
Capital Investment / Paid-up Capital :	Rs.12877.770 Million
IEC No.:	Not Available
CIN No.: [Company Identification No.]	U45200TG2006PLC049235
TAN No.: [Tax Deduction & Collection Account No.]	HYDM05023E
PAN No.: [Permanent Account No.]	AAECM6443Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Infrastructure Facilities such as Roads, Highway Projects, Bridges, Expressways, Urban Ring Roads and Urban Bypasses, Flyovers, Sub-Ways, Rural Roads, Water Supply Projects.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B(28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 31000000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2006, having moderate track. It is a subsidiary of Madhucon Project Limited and holding company for infra assets such as BOT Roads, Power and coal mines etc. Company has incurred losses from its operations in financial year 2014 and financial year 2013. Rating also takes into consideration the negative reserves and less cash recorded by the company,, which may impact company’s liquid positions. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

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	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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Srinivasa
Designation :	Assistant Manager
Contact No.:	91-40-23556001
Date :	18.06.2015

LOCATIONS

Registered Office :	Madhucon House, Plot No.1129/A, Road No.36, Hitech City Road, Jubilee Hills, Hyderabad – 500033, Telangana, India
Tel. No.:	91-40-23556001/04
Mobile No.:	91-40-23556001 (Mr. Srinivasa)
Fax No.:	91-40-23556005
E-Mail :	csinfra@madhucon.com hydmadhucon@gmail.com cs@madhucon.com
Administrative Office:	Madhucon Projects Limited, E-14/23, Vasant , Vihar New Delhi – 110057, India

DIRECTORS

As on 26.09.2014

Name :

Mr. Seethaiah Nama

Designation :

Chairman

Address :

E-14/23, Pworvi Marg, Vasanth Vihar, New Delhi – 110057, India

Date of Birth/Age :

03.03.1966

Date of Appointment :

24.10.2009

DIN No.:

00784491

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	U70102TG1989PTC010666	BIMA QUARRING PRIVATE LIMITED	Director	10/11/1989	10/11/1989	19/03/2010	Active	NO
2	L74210TG1990PLC011114	MADHUCON PROJECTS LIMITED	Managing director	01/05/2013	15/03/1990	-	Active	NO
3	U51909TG1990PLC011796	NAMA PROPERTIES LIMITED	Director	26/09/1990	26/09/1990	19/03/2010	Active	NO
4	U65993TG1993PLC016360	Nama Investments Limited	Director	29/09/1993	29/09/1993	-	Active	NO
5	U45309TG2000PLC034007	Madhucon Energy Limited	Director	24/03/2000	24/03/2000	19/03/2010	Active	NO
6	U15427TG2002PLC039859	MADHUCON SUGAR AND POWER INDUSTRIES LIMITED	Director	05/03/2004	05/03/2004	-	Active	NO
7	U45200TG1998PLC029310	MBN-ANCHORED EARTH LIMITED	Managing director	05/03/2004	05/03/2004	19/03/2010	Active	NO
8	U70102TG2005PLC045060	MADHUCON LAND DEVELOPERS LIMITED	Director	15/01/2005	15/01/2005	14/02/2015	Active	NO
9	U45200TG2005PLC045366	MADHUCON PROPERTIES LIMITED	Director	15/02/2005	15/02/2005	16/02/2015	Active	NO
10	U45203TG2005PLC045689	MADHUCON AGRA-JAIPUR EXPRESSWAYS LIMITED	Director	06/06/2008	23/03/2005	09/06/2008	Active	NO
11	U45200TG2006PLC048941	TN (DK) EXPRESSWAYS LIMITED	Director	30/06/2014	31/01/2006	14/02/2015	Active	NO
12	U45200TG2006PLC049235	MADHUCON INFRA LIMITED	Director	24/10/2009	22/02/2006	-	Active	NO
13	U72200TG2000PLC034060	MADHUCON INFOTECH LIMITED	Director	28/03/2006	28/03/2006	19/03/2010	Active	NO
14	U45200TG2006PLC049815	TRICHY-THANJAVUR EXPRESSWAYS LIMITED	Director	13/04/2006	13/04/2006	14/02/2015	Active	NO
15	U45203TG2006PLC050114	MADURAI-TUTICORIN EXPRESSWAYS LIMITED	Director	11/05/2006	11/05/2006	-	Active	NO
16	U45203TG2006PLC050829	Madhucon Estates Limited	Director	07/08/2006	07/08/2006	14/02/2015	Active	NO
17	U40101TG2005PLC048264	SIMHAPURI ENERGY LIMITED	Director	14/04/2007	14/04/2007	-	Active	NO
18	U45209TG2007PTC056733	Madhucon Heights Private Limited	Director	18/12/2007	18/12/2007	19/03/2010	Active	NO
19	U74999TG2008PLC059009	Madhucon Mineral Resources Limited	Director	06/05/2008	06/05/2008	19/03/2010	Active	NO
20	U74900TG2008PTC059203	NNR Infra Investments Private Limited	Director	16/05/2008	16/05/2008	-	Active	NO
21	U55101TG2007PTC056818	Nama Hotels Private Limited	Director	29/09/2009	18/07/2009	14/02/2015	Active	NO
22	U40108TG2010PTC066560	RAJANAGARAM GAS POWER PRIVATE LIMITED	Director	05/01/2010	05/01/2010	-	Active	NO
23	U40108TG2010PTC066570	NAMA ENERGY PRIVATE LIMITED	Director	06/01/2010	06/01/2010	-	Active	NO
24	U45209TG2010PLC068742	CHHAPRA-HAJIPUR EXPRESSWAYS LIMITED	Director	14/01/2015	02/06/2010	-	Active	NO
25	U45203TG2011PLC073469	BARASAT-KRISHNAGAR EXPRESSWAYS LIMITED	Director	24/03/2011	24/03/2011	-	Active	NO
26	U45209TG2011PLC073568	RANCHI EXPRESSWAYS LIMITED	Director	29/03/2011	29/03/2011	-	Active	NO
27	U45209AP2011PLC077676	Vijayawada-Machilipatnam Expressways Limited	Director	27/09/2013	28/11/2011	14/02/2015	Active	NO
28	U45203TG2012PLC080775	Rajauli-Bakhtiyarpur Expressways Limited	Director	07/05/2012	07/05/2012	-	Active	NO

Name :

Mr. Srinivasa Rao Kamma

Designation :

Managing Director

Address :

Varalakshmi Nilayam, H.No.11-4-65/C, Nehru Nagar, Khammam – 507002, Andhra Pradesh, India

Date of Birth/Age :

22.08.1973

Date of Appointment :

03.10.2012

DIN No.:

00022855

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	U13209TG1998PTC030278	MADHUCON STONE CRUSHERS PRIVATE LIMITED	Whole-time director	05/10/1998	05/10/1998	-	Active	NO
2	U70102TG1989PTC010666	BIMA QUARRING PRIVATE LIMITED	Director	01/12/2001	01/12/2001	-	Active	NO
3	U15427TG2002PLC039859	MADHUCON SUGAR AND POWER INDUSTRIES LIMITED	Director	05/11/2002	05/11/2002	14/02/2015	Active	NO
4	U13209TG1999PTC031622	VARALAKSHMI GRANITES PRIVATE LIMITED	Director	05/03/2004	05/03/2004	-	Active	NO
5	U13209TG1988PLC008311	MADHUCON GRANITES LIMITED	Director	05/03/2004	05/03/2004	14/02/2015	Active	NO
6	U70102TG2005PLC045060	MADHUCON LAND DEVELOPERS LIMITED	Director	15/01/2005	15/01/2005	19/03/2010	Active	NO
7	U45200TG2005PLC045366	MADHUCON PROPERTIES LIMITED	Director	15/02/2005	15/02/2005	16/02/2015	Active	NO
8	U45203TG2005PLC045689	MADHUCON AGRA-JAIPUR EXPRESSWAYS LIMITED	Director	12/10/2014	23/03/2005	-	Active	NO
9	L74210TG1990PLC011114	MADHUCON PROJECTS LIMITED	Whole-time director	15/11/2012	21/11/2005	-	Active	NO
10	U45200TG2006PLC048941	TN (DK) EXPRESSWAYS LIMITED	Director	31/01/2006	31/01/2006	-	Active	NO
11	U45200TG2006PLC049235	MADHUCON INFRA LIMITED	Managing director	03/10/2012	22/02/2006	-	Active	NO
12	U45200TG2006PLC049815	TRICHY-THANJAVUR EXPRESSWAYS LIMITED	Director	13/04/2006	13/04/2006	-	Active	NO
13	U45203TG2006PLC050114	MADURAI-TUTICORIN EXPRESSWAYS LIMITED	Whole-time director	01/01/2013	11/05/2006	13/02/2015	Active	NO
14	U40101TG2005PLC048264	SIMHAPURI ENERGY LIMITED	Director	14/04/2007	14/04/2007	20/11/2007	Active	NO
15	U45400TG2007PTC056734	Madhucon Mega Mall Private Limited	Director	18/12/2007	18/12/2007	-	Active	NO
16	U93000TG2008PLC060479	Madhucon Toll Highways Limited	Director	05/08/2008	05/08/2008	-	Active	NO
17	U45209TG2010PLC068742	CHHAPRA-HAJIPUR EXPRESSWAYS LIMITED	Director	02/06/2010	02/06/2010	-	Active	NO
18	U40108TG2010PTC070880	PALLAKURICHI POWER PRIVATE LIMITED	Director	19/10/2010	19/10/2010	-	Active	NO
19	U40108TG2010PTC071051	TIRUCHENDUR POWER PRIVATE LIMITED	Director	02/11/2010	02/11/2010	-	Active	NO
20	U45203TG2011PLC073469	BARASAT-KRISHNAGAR EXPRESSWAYS LIMITED	Director	24/03/2011	24/03/2011	-	Active	NO
21	U45209TG2011PLC073568	RANCHI EXPRESSWAYS LIMITED	Director	29/03/2011	29/03/2011	-	Active	NO
22	U45209AP2011PLC077676	Vijayawada-Machilipatnam Expressways Limited	Director	28/11/2011	28/11/2011	14/02/2015	Active	NO
23	U45203TG2012PLC080775	Rajauli-Bakhtiyarpur Expressways Limited	Director	07/05/2012	07/05/2012	-	Active	NO
24	U45200TG2002PTC038706	BINA PURI INFRASTRUCTURE PRIVATE LIMITED	Director	30/01/2015	30/01/2015	-	Active	NO

Name :

Mr. Madhava Rao Potla

Designation :

Independent Director

Address :

9-2-115/A, Sri Krishna Nilayam, Old Club Road, Khammam – 507001, Andhra Pradesh, India

Date of Birth/Age :

25.12.1959

Date of Appointment :

31.07.2010

DIN No.:

00385838

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	L74210TG1990PLC011114	MADHUCON PROJECTS LIMITED	Director	24/12/2005	24/12/2005	-	Active	NO
2	U45200TG2006PLC049235	MADHUCON INFRA LIMITED	Director	31/07/2010	24/10/2009	-	Active	NO
3	U40108TG2010PTC066560	RAJANAGARAM GAS POWER PRIVATE LIMITED	Director	02/07/2011	05/02/2010	-	Active	NO
4	U13209TG1988PLC008311	MADHUCON GRANITES LIMITED	Director	19/11/2010	19/11/2010	-	Active	NO

Name :

Mr. Dudam Srinivas

Designation :

Director

Address :

House No.1-3-183/39/10, Street No.9, Kawadiguda, Hyderabad – 500080, Andhra Pradesh, India

Date of Birth/Age :

28.04.1984

Date of Appointment :

01.04.2010

PAN No.:

AMCPD4768L

Name :

Mr. l Anish Babu Venugopa

Designation :

Nominee Director(IFCI LTD)

Address :

Flat No.2/2, Shreeji Apartments, Opposite Azad Society, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

30.08.1969

Date of Appointment :

06.09.2014

DIN No.:

02830575

Name :

Mr. Kumar Venkata Naga Prasad Kandimalla

Designation :

Additional director

Address :

H No 8-2-293/82/HE/16/A/1, P No 16, Unit-9,, Valley View Enclave, Jubilee Hills, Hyderabad, 500034, Andhra Pradesh, India

Date of Appointment :

14.11.2014

DIN No.:

00084398

Name :

Mr. Pawan Kumar

Designation :

Nominee director

Address :

D14/59-60, Sector - 3 Rohini, Delhi, 110085, Delhi, India

Date of Appointment :

09.03.2015

DIN No.:

02153960

KEY EXECUTIVES

Name :	Mr. Srinivasa
Designation :	Assistant Manager

MAJOR SHAREHOLDERS

As on 26.09.2014

Names of Shareholders	No. of Shares
Nama Nageswar Rao	258888
Nama Chinnamma	8888
Nama Seethaiah	8888
Nama Krishnaiah	8888
Mallampati Madhu	2672
Nama Rama Rao	2888
Kamma Srinivasa Rao	8888
Madhucon Granites Limited, India (U1329TG1988PLC008311)	45500000
Nama Investments Limited, India (U65993TG1993PLC016360)	19950000
Madhucon Project Limited, India (L74210TG1990PLC011114)	1222027045
Total	1287777045

As on 26.09.2014

Category	Percentage
Bodies corporate	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Infrastructure Facilities such as Roads, Highway Projects, Bridges, Expressways, Urban Ring Roads and Urban Bypasses, Flyovers, Sub-Ways, Rural Roads, Water Supply Projects.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cheque
Purchasing :	Cheque

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 :

40 (Approximately)

Bankers :

Bank Name	Tata Capital Limited
Branch	One Forbes. DR. V.B. Gandhi Marg, Fort, Mumbai – 400001, 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
Bonds / Debentures	1925.000	0.000
Term Loans from Others	230.769	307.692
TOTAL	2155.769	307.692

Auditors :
Name :	M.K. Dandekar and Company Chartered Accountants
Address :	No.244 (Old No.138), Angappa, Naicken Street, 2^nd Floor, Chennai – 600001, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFM0865H
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Company:	Madhucon Project Limited Simhapuri Energy Limited Barasat-Krishnagarb Expressways Limited India U45203TG2011PLC073469 Ra-Hajipur Expressways Limited India U45209tg2chhap010plc068742 Madhucon Agra-Jaipur Expressways Limited India (U45203TG2005PLC045689) Madurai-Tuticorin Expressways Limited India (U45203TG2006PLC050114) Madhucon Granites Limited India (U13209TG1988PLC008311) Madhucon Projects Limited India (L74210TG1990PLC011114)

CAPITAL STRUCTURE

As on 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000000	Equity Shares	Rs.10/- each	Rs.45000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1287777045	Equity Shares	Rs.10/- each	Rs.12877.770 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	12877.770	12877.770	10811.170
(b) Reserves & Surplus	(2037.172)	(1354.890)	(700.948)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	1556.600
Total Shareholders’ Funds (1) + (2)	10840.598	11522.880	11666.822
(3) Non-Current Liabilities
(a) long-term borrowings	2470.422	1117.692	2634.615
(b) Deferred tax liabilities (Net)	0.000	0.000	0.162
(c) Other long term liabilities	0.000	127.551	0.000
(d) long-term provisions	1.852	0.927	0.148
Total Non-current Liabilities (3)	2472.274	1246.170	2634.925
(4) Current Liabilities
(a) Short term borrowings	2395.430	1034.700	0.000
(b) Trade payables	357.945	159.020	169.942
(c) Other current liabilities	2136.892	3310.725	1398.795
(d) Short-term provisions	1.033	0.913	0.008
Total Current Liabilities (4)	4891.300	4505.358	1568.745
TOTAL	18204.172	17274.408	15870.492
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.591	1.139	1.488
(ii) Intangible Assets	0.394	0.494	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	13198.706	13098.476	11482.906
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4652.134	3809.961	3911.736
(e) Other Non-current assets
Total Non-Current Assets	17852.825	16910.070	15396.130
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	141.321	194.118	164.841
(d) Cash and cash equivalents	6.848	4.103	100.573
(e) Short-term loans and advances	203.178	166.117	208.948
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	351.347	364.338	474.362
TOTAL	18204.172	17274.408	15870.492

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	514.382	175.736	144.328
	Other Income	9.420	1.474	1.547
	TOTAL	523.802	177.210	145.875
Less	EXPENSES
	Cost of Materials Consumed	353.113	132.719	133.661
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000	0.000
	Employees benefits expense	26.365	20.666	10.290
	Other expenses	2.884	6.516	2.565
	TOTAL	382.362	159.901	146.516
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	141.440	17.309	-0.641
Less	FINANCIAL EXPENSES	823.143	670.969	465.608
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(681.703)	(653.660)	(466.249)
Less	DEPRECIATION/ AMORTISATION	0.578	0.444	0.236
	PROFIT/ (LOSS) BEFORE TAX	(682.281)	(654.104)	(466.485)
Less	TAX	0.000	(0.162)	0.124
	PROFIT/ (LOSS) AFTER TAX	(682.281)	(653.942)	(466.609)
	Balance Carried to the B/S	(682.281)	(653.942)	(466.609)
	Earnings / (Loss) Per Share (Rs.)	(0.53)	(0.52)	(0.67)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	1135.306	2859.779	1326.923
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(132.64)	(372.12)	(323.30)
Operating Profit Margin (PBIDT/Sales)	(%)	27.50	9.85	(0.44)
Return on Total Assets (PBT/Total Assets}	(%)	(13.63)	(15.66)	(10.63)
Return on Investment (ROI) (PBT/Networth)		(0.06)	(0.06)	(0.04)
Debt Equity Ratio (Total Debt /Networth)		0.55	0.43	0.34
Current Ratio (Current Asset/Current Liability)		0.07	0.08	0.30

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	10811.170	12877.770	12877.770
Reserves & Surplus	(700.948)	(1354.890)	(2037.172)
Share Application money pending allotment	1556.600	0.000	0.000
Net worth	11666.822	11522.880	10840.598
long-term borrowings	2634.615	1117.692	2470.422
Short term borrowings	0.000	1034.700	2395.430
Current Maturities of Long-Term Debts	1326.923	2859.779	1135.306
Total borrowings	3961.538	5012.171	6001.158
Debt/Equity ratio	0.340	0.435	0.554

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	144.328	175.736	514.382
		21.762	192.702

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	144.328	175.736	514.382
Profit	(466.609)	(653.942)	(682.281)
	(323.30%)	(372.12%)	(132.64%)

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	Yes
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	Yes
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	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

REVIEW OF OPERATIONAL PERFORMANCE:

i) Transportation Division:

During the year under report the Subsidiaries of your Company viz., Madhucon Agra-Jaipur Expressways Limited, TN(DK) Expressways Limited, Trichy-Thanjavur Expressways Limited and Step Down Associate Madurai-Tuticorin Expressways Limited earned toll collection on an average Rs.1.319 Million, Rs.1.020 Million, Rs.0.755 Million and Rs.1.887 Million per day respectively.

The Construction work of Chhapra - Hajipur Section, Barasat-Krishnagar Section Ranchi - Rargaon-Jamshedupur Section and Vijayawada-Machilipatnam Section of NHAI Road Projects are under Progress.

Bihar State Road Development Corporation (BSRDCL) has issued LOI on 16.04.2012 for execution of four laning of Rajauli-Bakhtiyarpur Section of NH-31 (Km.47.723 to Km 154.500) in the State of Bihar on DBFOT (Toll) Basis through an SPV. Rajauli-Bakhtiyarpur Expressways Limited was incorporated on 07.05.2012 for the said purpose. The Concession Agreement is executed on 14.06.2012. Financial Closure is under process.

Under the Highway vertical, the Company is presently having 9 Highway Projects, out of which 6 are Toll Projects and 3 are Annuity Projects.

the Company has invested in equity of Rs. 5154.400 Million in Road Holdco and 8 (Eight) Road SPVs till the end of 31st March, 2014.

The Company has prequalified on a number of Road projects.

ii) Energy Division:

The Company has invested an amount of Rs.7430.000 Million (91.96% holding) in Equity of Simhapuri Energy Limited. Unit-1 of 150MW commenced the commercial operation on 04.05.2012 and the Unit-2 of 150MW of Phase-I commenced operations on 15.07.2012. The Unit-3 (1X150 MW) of Phase-II has commenced commercial operation on 26.02.2014 and Unit-4 of Phase-II is in advanced stage of completion is likely to be commissioned during September/October, 2014 and the Company is in the process of taking necessary approvals and clearances from respective Government Authorities to construct the Phase-III (2X660MW) at Tamminapatnam, SPSR Nellore District, Andhra Pradesh.

COMPANY OVERVIEW

Madhucon Infra Limited (MIL) was incorporated on 22 February 2006 with the objective of carrying on business and services associated with developing, operating and maintaining infrastructure facilities such as Roads, Highway Projects, Bridges, Expressways, Urban Ring Roads, Power and mining etc, headquartered in Hyderabad, India. A majority of the development projects are based on public private partnerships and are operated by separate special purpose vehicles promoted by MIL and its holding company.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long Term Borrowing
Rupee Term Loan from Banks	250.000	750.000
Loans and Advances from related Parties	64.653	60.000
Short Term Borrowing
Loans and Advances from Others	2395.430	1034.700
Total	2710.083	1844.700

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10327255	20/12/2011	500,000,000.00	TATA CAPITALLIMITED	ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, Maharashtra - 400001, INDIA	B29284833

FIXED ASSETS

Tangible Assets

• Plant and equipment
• Furniture and fixtures
• Office equipment
• Computer equipments
• Other equipments

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 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.63.81
UK Pound	1	Rs.101.25
Euro	1	Rs.72.35

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KIN
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		28

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.