MIRA INFORM REPORT

Report No. :	323896
Report Date :	23.05.2015

IDENTIFICATION DETAILS

Name :	SADBHAV ENGINEERING LIMITED
Registered Office :	Sadbhav House, Opposite Law Garden Police Chowki, Ellisbridge, Ahmedabad – 380006, Gujarat
Tel. No.:	91-79-26463384
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.10.1988
Com. Reg. No.:	04-011322
Capital Investment / Paid-up Capital :	Rs. 151.662 Million
CIN No.: [Company Identification No.]	L45400GJ1988PLC011322
TAN No.: [Tax Deduction & Collection Account No.]	AHMS00707A
PAN No.: [Permanent Account No.]	AADCS0852Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Developers and engineering, procurement and construction (EPC) Contractors
No. of Employees :	4500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having fine track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Commercial Paper = A1+
Rating Explanation	Have very strong degree of safety and carry Lowest credit risk.
Date	December 10, 2014

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 :	Mrs. Rutva
Designation :	Receptionist
Contact No.:	91-79-40400400
Date :	21.05.2015

LOCATIONS

Registered Office :	Sadbhav House, Opposite Law Garden Police Chowki, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26463384
Fax No.:	91-79-26400210
E-Mail :	sel@sadbhaveng.com rahul.sheth@sadbhaveng.com
Web.	http://www.sadbhaveng.com
Location:	Owned
Corporate Office:	1st Floor, “Sadbhav”, 1st Floor, “Sadbhav”, Nr. Havmor Restaurant, B/H. Navrangpura Bus Stand, Navrangpura, Ahmedabad - 380 009, Gujarat, India
Factory:	Village Ognaj, Tal. Daskroi, Dist. Ahmedabad, Gujarat, India
Branch:	Mumbai: 602/702, “C” Wing, Godrej Coliseum, Nr. Lokmanya, Behind Everard Nagar, Sion (East) Mumbai - 400 022, Maharashtra, India

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Vishnubhai Mafatlal Patel
Designation :	Chairman and Managing Director
Address :	11 Hindu Colony Opposite Sardar Patel Staudium Navrang Pura, Ahmedabad – 380009, Gujarat
Date of Birth/Age :	27.01.1942
Date of Appointment :	01.07.2014
DIN No. :	00048287
Name :	Mr. Nitin Rameshchandra Patel
Designation :	Executive Director and CFO
Address :	“Keshav Laxmi” Opposite Everbellaflats Ankur Road, Naranpura, Ahmedabad – 380013, Gujarat, India
Date of Birth/Age :	04.08.1968
Date of Appointment :	01.07.2014
DIN No. :	00466330
Name :	Mr. Shashin Vishnubhai Patel
Designation :	Joint Managing Director
Address :	11 Hindu Colony Opposite Sardar patel Stadium Navrang Pura, Ahmedabad – 380009, Gujarat. India
Date of Birth/Age :	02.04.1981
Date of Appointment :	01.07.2014
DIN No. :	00048328
Name :	Mr. Vikram Rasiklal patel
Designation :	Executive Director
Address :	1 Shipra Society Opposite Gauravbunglownr Vidhyalaymemnagar, Ahmedabad – 380061, Gujarat, India
Date of Birth/Age :	02.04.1968
Date of Appointment :	01.10.2012
DIN No. :	00048318
Name :	Ms. Vasistha Chandubhai Patel
Designation :	Executive Director
Address :	27 Shaswat Bunglows, Sghighway B/Hrajpatn Club, Bodakdev, Ahmedabad – 3830059, Gujarat
Date of Birth/Age :	25.07.1973
Date of Appointment :	01.10.2012
DIN No. :	00048324
Name :	Mr. Sandip Vinodkumar Patel
Designation :	Independent Director
Address :	D 302 Arjungreensnrme Naravhallnilkanthma Hadevrd Naranpura, Ahmedabad – 380013, Gujarat, India
Date of Birth/Age :	22.11.1967
Date of Appointment :	21.09.2006
DIN No. :	00449028
Name :	Mr. Atul Nandlalbhai Ruparel
Designation :	Independent Director
Address :	1 Aryaman Bunglow 10, Hirabaug Society, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	22.11.1967
Date of Appointment :	29.09.2009
DIN No. :	00485470
Name :	Mr. Arunbhai Shankerlal Patel
Designation :	Independent Director
Address :	19 Pannapark Society, Near Vijay Nagar Soc. Navrangpura, Ahmedabad – 380009, Gujarat, India
Date of Birth/Age :	15.07.1946
Date of Appointment :	29.09.2012
DIN No. :	06365699
Name :	Mr. Sabdip A. Sheth
Designation :	Independent Director
Name :	Mr. Mirat N. Bhadlawala
Designation :	Independent Director

KEY EXECUTIVES

Name :	Mr. Vijay Jamnadas Kalyani
Designation :	Secretary
Address :	9, Divyajyot Society, Bhairavnath Road Maninagar, Ahmedabad – 380008, Gujarat, India
Date of Birth/Age :	02.11.1958
Date of Appointment :	01.05.2006
PAN No.:	AEJPK5384A
Name :	Mrs. Rutva
Designation :	Receptionist

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	60256765	35.13
Bodies Corporate	16545275	9.65
Any Others (Specify)	3993840	2.33
Trusts	3993840	2.33
Sub Total	80795880	47.11
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	80795880	47.11
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	41676708	24.30
Financial Institutions / Banks	71094	0.04
Foreign Institutional Investors	27347215	15.95
Sub Total	69095017	40.29
(2) Non-Institutions
Bodies Corporate	16259130	9.48
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	3720386	2.17
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	766000	0.45
Any Others (Specify)	864387	0.50
Clearing Members	209250	0.12
Non Resident Indians	655137	0.38
Sub Total	21609903	12.60
Total Public shareholding (B)	90704920	52.89
Total (A)+(B)	171500800	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	171500800	100.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group:

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Vishnubhai M Patel	2,34,29,220	13.66
2	Shantaben V Patel	1,47,15,375	8.58
3	Girish N Patel	6,75,500	0.39
4	Shashin V Patel	54,99,720	3.21
5	Vikram R Patel	46,08,750	2.69
6	Vasistha C Patel	32,02,150	1.87
7	Vishnubhai M Patel HUF	45,81,700	2.67
8	Santokba Trust	39,93,840	2.33
9	Sadbhav Finstock Private Limited	1,65,45,275	9.65
10	Vipul H Patel	1,66,850	0.10
11	Patel Rekhaben Vishnubhai	6,75,500	0.39
12	Patel Truptiben Vishnubhai	6,75,500	0.39
13	Bhavna Vikramkumar Patel	6,75,500	0.39
14	Alpa Dharmin Patel	6,75,500	0.39
15	Patel Rajeshreeben Vishnubhai	6,75,500	0.39
	Total	8,07,95,880	47.11

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares:

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	TATA Balanced Fund	7573100	4.42
2	HDFC Trustee Company Limited HDFC Tax Saver Fund	10719680	6.25
3	Nomura India Investment Fund Mother Fund	5229243	3.05
4	East Spring Investments India Infrastructure Equity Open Limited	3023336	1.76
5	Government Pension Fund Global	3223607	1.88
6	ICICI Prudential Value Discovery Fund	13271678	7.74
7	DSP Blackrock Equity Fund	5409323	3.15
8	Max Life Insurance Company Limited A/c ULIF01108/02/07LIFEGRWSUP104-Grower Super Fund	1951969	1.14
9	ICICI Prudential Life Insurance Company Limited	8293425	4.84
	Total	58695361	34.22

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company:

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares
1	ICICI Prudential Value Discovery Fund	13271678	7.74
2	HDFC Trustee Company Limited HDFC Tax Saver Fund	10719680	6.25
	Total	23991358	13.99

BUSINESS DETAILS

Line of Business :

Developers and engineering, procurement and construction (EPC) Contractors

Products :

Item Code No. (ITC Code)	Product Description
99532111	Contractual receipts

Brand Names :

--

Agencies Held :

--

Exports :

Not Applicable

Imports :

Not Applicable

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

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

Customers :

Wholesalers and Others

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

No. of Employees :

4500 (Approximately)

Bankers :

• Yes Bank Limited, 9th Floor, Nehru Centre, discovery of India, Dr. Annie Besant road, Worli,, Mumbai - 400018, Maharashtra, India
• Standard Chartered Bank, Abhijeet II, Ground floor, Near Mithakali Six Roads, Ahmedabad - 380006, Gujarat, INDIA
• The Karur Vysya Bank, Ground floor, Sakar 7, Nehru bridge, ashram road, Ahmedabad - 380009, Gujarat, India
• Punjab National Bank
• Oriental Bank of Commerce
• Indian Overseas Bank
• ICICI Bank Limited
• IDBI Bank Limited.

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Debentures (Secured redeemable non-convertible debentures ICICI Bank [200 (130) debentures of Rs.10.000 Million each] The debentures are secured by (a) a residual charge over all the movable assets of the company (b) exclusive charge over the secured Immovable Property i.e. piece of nonagricultural freehold land situated at Maharajpura of Kadi Taluka, in favor of the Debenture Trustee (for the benefits of the secured parties) (c) pledged in favor of ICICI Bank Limited. 2600717 number of equity shares of Sadbhav Infrastructure Project Limited. (Rate of interest of above NCD is ICICI Bank base rate plus spread of 1.75%)	1800.000	1274.000
Rupee term loans from banks [Secured by way of hypothecation of specific machineries and equipments purchased, Sadbhav Vision House, Guest House & office in Mumbai, Non-Agricultural land at Sheikhpur (Ahmedabad), Guest House in Delhi]	857.853	742.287
Foreign currency term loans from banks	1158.859	1061.060
From Financial Institutions (Secured by way of hypothecation of specific machineries and equipments purchased)	398.559	44.247
SHORT TERM BORROWINGS
Loans repayable on demand	3322.578	2974.414
Total	7537.849	6096.008

Note:

LONG TERM BORROWINGS:

Interest Payable on Rupee Term Loan from Banks & Financial Institutions is ranging from 8.47% to 12.00%. Interest payable on ECB are Linked to LIBOR which are 215 basis point and 250 basis point over LIBOR. The Repayment Schedule of ECB are included in above Maturity Profile of Term Loans.

SHORT TERM BORROWINGS:

SECURED BY

• Hypothecation of stock of construction materials lying at sites, books debts and other receivables.
• First charge by way of mortgage of immovable property (Sadbhav House) and immovable property situated at Village Ognaj along with furniture’s, fixtures etc. owned by company and second charge on machineries owned by the company.
• Personal Guarantee of Shri Vishnubhai M Patel, Shri Vasistha C. Patel, Shri Vikram R. Patel and Smt. Shantaben V Patel.

Finance Institute	Tata Capital Limited, One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai - 400001, Maharashtra, India SREI Equipment Finance Private Limited, 'VISHWAKARMA', 86C, Topsia road, Kolkata - 700046, West Bengal, INDIA Tata Motors Finance Limited C/o. Tata Motors Limited, 3rd Floor, Nanavati Mahalaya, 18, Homi Mody Street, Mumbai - 400001, Maharashtra, India Daimler Financial Services India Private Limited, Unit 202, 2nd Floor, Campus 3B,RMZ Millennia, Business Park, No.143, Dr. M.G. R. Road, Perungudi, Chennai - 600096, Tamil Nadu, India
Auditors :
Name :	Surana Maloo and Company Chartered Accountants
Address :	2nd Floor, Akash, Ganga Complex, Parimal Under Bridge, Near Suvidha Shopping Center, Paldi, Ahmedabad-380007, Gujarat, India
PAN No.:	AAHFS7809J
Subsidiary:	Sadbhav Infrastructure Project Limited Mysore-Bellary Highway Private Limited
Associate Companies	Mumbai Nasik Expressway Limited., Dhule Palesner Tollway Limited
Joint Ventures:	SEL-GKC JV, Sadbhav-Annapurna, Sadbhav-Vishnushiva, Sadbhav-Vaishnovi Corsan Corviam Construction SA-Sadbhav.
Step-down Subsidiaries:-	Nagpur-Seoni Express Way Limited, Ahmedabad Ring Road Infrastructure Limited, Aurnagabad-Jalna Tollway Limited, Rohtak Panipat Tollway Private Limited, Bijapur Hungund Tollway Private Limited Hyderabad Yadgiri Tollway Private Limited Maharashtra Border Check Post Network Limited, Shreenathji Udaipur Tollway Private Limited Bhilwara Rajsamand Tollway Private Limited, Solapur Bijapur Tollway Private Limited Rohtak-Hissar Tollway Private Limited
Entities in which KMP / relatives of KMP can exercise significant influence	Sarjan Infracon Private Limited Veer Procon Limited Sadbhav Finstock Private Limited Sadbhav Realty Private Limited Sadbhav Quarry Works Private Limited Sadbhav Public Charitable Trust Bhavna Engineering Company Saakar Infra Nirman Private Limited

CAPITAL STRUCTURE

After as on: 26.09.2014

Authorized Capital : Rs. 200.000 Million

Issued, Subscribed & Paid-up Capital: Rs. 171.501 Million

As on: 31.03.2014

1. Authorized Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs.1/- each	Rs.200.000 Million

2. Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
151662300	Equity Shares	Rs.1/- each	Rs.151.662 Million

3. Reconciliation of Nos. of Equity Shares with voting rights:

No. of Shares	Type
150945800	Outstanding at the beginning of the year
716500	Addition during the year towards ESOP
151662300	Outstanding at the end of the year

4. Rights of Shareholders and Repayment of Capital:

• The Company has only one class of shares referred to as equity shares having a par value of Re. 1/-.
• Each holder of equity shares is entitled to one vote per share.
• In the event of liquidation of the Company, the holders of equity shares shall be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The amount distributed will be in proportion to the number of equity shares held by the shareholders.

5. Shares with voting rights held by each shareholder holding more than 5% Equity shares of the company:

Name of Share Holder	As at March 31, 2014 No. of shares (%age)
Vishnubhai M. Patel	17829220 (11.76)
Shantaben V. Patel	14715375 (9.70)
Sadbhav Finstock Private Limited	16545275 (10.91)

6. Shares reserved for Issue under ESOP @ Rs50/- per share (Face Value Re.1/-)

Particulars	As at March 31, 2014 (Figure in Nos)
Option outstanding in the beginning of the year	1167500
Less: Exercised	716500
Less: Forfeited/Lapsed	68500
Option outstanding at year end	382500
Option execisable at year end	382500

As at March 31, 2014 382500 equity shares have been kept reserved for issue against the outstanding options.

All shares are vested and are exercisable at any point of time within three years from the date of vesting.

The exercise price of option is Rs.50/- per option granted.

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	151.662	150.946	150.368
(b) Reserves & Surplus	9189.053	8174.241	7472.696
(c) Money received against share warrants	231.500	0.000	0.000
(2) Share Application money pending allotment	0.0000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	9572.215	8325.187	7623.064
(3) Non-Current Liabilities
(a) long-term borrowings	4215.271	3121.594	1305.663
(b) Deferred tax liabilities (Net)	356.681	316.917	234.531
(c) Other long term liabilities	491.714	781.919	754.188
(d) long-term provisions	25.111	22.685	18.283
Total Non-current Liabilities (3)	5088.777	4243.115	2312.665
(4) Current Liabilities
(a) Short term borrowings	4417.824	3609.569	2722.410
(b) Trade payables	3763.145	3290.660	3212.943
(c) Other current liabilities	6247.929	3300.386	3667.044
(d) Short-term provisions	1189.523	2139.390	1855.969
Total Current Liabilities (4)	15618.421	12340.005	11458.366
TOTAL	30279.413	24908.307	21394.095
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4981.857	3294.307	2878.424
(ii) Intangible Assets	0.000	8.339	2.274
(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	5210.041	5384.528	3287.321
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4816.809	1519.631	730.343
(e) Other Non-current assets	198.752	416.779	436.643
Total Non-Current Assets	15207.459	10623.584	7335.005
(2) Current assets
(a) Current investments	0.000	0.000	35.429
(b) Inventories	1638.210	1021.902	883.933
(c) Trade receivables	7318.716	7364.915	7474.169
(d) Cash and cash equivalents	761.724	217.551	563.381
(e) Short-term loans and advances	4889.703	5523.610	4923.061
(f) Other current assets	463.601	156.745	179.117
Total Current Assets	15071.954	14284.723	14059.090
TOTAL	30279.413	24908.307	21394.095

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	23581.236	18109.980	26755.491
	Other Income	364.222	103.478	108.206
	TOTAL (A)	23945.458	18213.458	26863.697
Less	EXPENSES
	Cost of Materials Consumed	3778.837	2683.835	3296.641
	Construction Expenses	15670.762	12512.873	19162.053
	Employees benefits expense	602.198	428.074	400.231
	Extraordinary Items	383.476	(609.398)	0.000
	Other expenses	1035.402	927.725	993.736
	TOTAL (B)	21470.675	15943.109	23852.661
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	2474.783	2270.349	3011.036
Less	FINANCIAL EXPENSES (D)	1181.149	843.697	651.119
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1293.634	1426.652	2359.917
Less/ Add	DEPRECIATION/ AMORTISATION (F)	473.997	318.225	274.39
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	819.637	1108.427	2085.527
Less	TAX (H)	(241.997)	367.691	679.911
	PROFIT/ (LOSS) AFTER TAX (I)	1061.634	740.736	1405.616
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	4297.824	3737.369	2636.610
Add	Earlier year excess proposed dividend and dividend distribution tax	0.000	0.000	0.000
Less	APPROPRIATIONS
	Transfer to General Reserve	100.000	75.000	140.000
	Transfer to Debenture Redemption Reserve	20.000	0.000	60.000
	Proposed Dividend	106.454	90.570	90.221
	Tax on Proposed Dividend	18.791	14.711	14.636
	Total (M)	245.245	180.281	304.857
	Balance Carried to the B/S	5114.213	4297.824	3737.369
	IMPORTS
	Capital goods (Machineries)	27.353	41.770	119.973
	Construction Material (Bitumen)	0.000	0.000	0.550
	TOTAL IMPORTS	27.353	41.770	120.523
	Earnings / (Loss) Per Share (Rs.)	7.01	4.91	9.36

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	1624.034	898.679	514.269
Cash generated from operations	5108.632	1152.969	1456.833

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	4.50	4.09	5.25
Operating Profit Margin (PBIDT/Sales)	(%)	10.49	12.54	11.25
Return on Total Assets (PBT/Total Assets}	(%)	3.27	5.68	11.52
Return on Investment (ROI) (PBT/Networth)		0.09	0.13	0.27
Debt Equity Ratio (Total Debt /Networth)		1.07	0.92	0.60
Current Ratio (Current Asset/Current Liability)		0.97	1.16	1.23

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	150.368	150.946	151.662
Reserves & Surplus	7472.696	8174.241	9189.053
Net worth	7623.064	8325.187	9340.715
long-term borrowings	1305.663	3121.594	4215.271
Short term borrowings	2722.410	3609.569	4417.824
Current Maturities of Long Term Debt	514.269	898.679	1624.034
Total borrowings	4542.342	7629.842	10257.129
Debt/Equity ratio	0.596	0.916	1.098

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2021	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	26755.491	18109.980	23581.236
		(32.313)	30.211

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	26755.491	18109.980	23581.236
Profit	1405.616	740.736	1061.634
	5.25%	4.09%	4.50%

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	No
6	Contact numbers	No
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	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%	No
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	No
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	No
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

HIGH COURT OF GUJARAT

CIVIL APPLICATION (FOR DIRECTION) NO. 12063 OF 2014

IN LETTERS PATENT APPEAL / 1070 / 2014 ( PENDING )

Status: PENDING (Converted from : C/CAST/12089/2014 ) CCIN No : 001003201412063

Next Listing Date : 03.02.2015

Coram HONOURABLE MR.JUSTICE M.R. SHAH Note Before: HONOURABLE MR.JUSTICE C.L. SONI

HONOURABLE MR.JUSTICE R.D.KOTHARI

S.NO.	Name of the Petitioner	Advocate On Record
1 2 3	MONTECARLO LIMITED KANUBHAI PATEL MRUNAL PATEL	SINGHI & CO for: Petitioner(s) 1 - 3
S.NO.	Name of the Respondent	Advocate On Record
1 2 3 4 5 6 7 8 9 10	SADBHAV INFRASTRUCTURE PROJECT LIMITED GIRISH DAYALAL PATEL COMPANY LAW BOARD BIJAPUR HUNGUND TOLLWAY PRIVATE LIMITED SADBHAV ENGINEERING LIMITED VISHNUBHAI PATEL VASISTHA PATEL NITIN PATEL SHASHIN PATEL RAVI KAPOOR	M/S WADIAGHANDY & CO for :Respondent(s) 1 - 2 MRS MAUNA M BHATT for :Respondent(s) 4 MR PREMAL R JOSHI for :Respondent(s) 5

Presented On	: 16/10/2014	Registered On	: 16/10/2014
Bench Category	: -	District	: AHMEDABAD
Case Originated From	: THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 3 times
Stage Name	: FOR FINAL HEARING
Classification	DB - CIVIL MISC. APPLICATION - CODE OF CIVIL PROCEDURE, 1908 - REVIEW / MODIFICATION / DIRECTION / EXTENSION OF TIME / CLARIFICATION
Act	CIVIL PROCEDURE CODE, 1908

Office Detail

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	16/10/2014	ADVANCE COPY OF PETITION	M/S WADIAGHANDY & CO ADVOCATE for RESPONDENT(s)  1	0	M/S WADIAGHANDY & CO(5679) for R:1 - 2
2	16/10/2014	ADVANCE COPY OF PETITION	MR PREMAL R JOSHI ADVOCATE for RESPONDENT(s)  5	0	MR PREMAL R JOSHI(1327) for R:5
3	16/10/2014	ADVANCE COPY OF PETITION	MRS MAUNA M BHATT ADVOCATE for RESPONDENT(s)  4	0	MRS MAUNA M BHATT(174) for R:4
4	16/10/2014	APPEARANCE NOTE	SINGHI & CO ADVOCATE for PETITIONER(s)  1	0	SINGHI & CO(2725) for P:1 - 3
5	16/10/2014	MEMO OF APPEAL/PETITION/SUIT	SINGHI & CO ADVOCATE for PETITIONER(s)  1	20	SINGHI & CO(2725), for P:1 - 3
Court Proceedings

S. No.	Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
1	11/11/2014	4	41	NOTICE & ADJOURNED MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE JAYANT PATEL  HONOURABLE MR.JUSTICE M.R. SHAH and HONOURABLE MR.JUSTICE AKIL KURESHI and HONOURABLE MR.JUSTICE C.L. SONI and HONOURABLE MR.JUSTICE R.D.KOTHARI and HONOURABLE MR.JUSTICE VIPUL M PANCHOLI
2	20/11/2014	51	15	NOTICE & ADJOURNED MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE M.R. SHAH  HONOURABLE MR.JUSTICE R.D.KOTHARI
3	03/02/2015	51	-	FOR FINAL HEARING		HONOURABLE MR.JUSTICE M.R. SHAH  HONOURABLE MR.JUSTICE R.D.KOTHARI
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgment	Questions	Transferred	Download
1	LETTERS PATENT APPEAL/1070/2014	HONOURABLE MR.JUSTICE AKIL KURESHI  HONOURABLE MR.JUSTICE VIPUL M PANCHOLI	11/11/2014	N	ORDER	-	Y	Download
	LETTERS PATENT APPEAL/1070/2014	HONOURABLE MR.JUSTICE M.R. SHAH  HONOURABLE MR.JUSTICE R.D.KOTHARI	20/11/2014	N	ORDER	-	Y	Download

FINANCIAL OVERVIEW:

Income Analysis

The Company’s revenues for the current year stood at Rs.23581.200 Million as against Rs.18109.900 Million in the previous year, there by registering a decline of 30.21%.

Expense Analysis

Manufacturing and Construction expenses Material consumed for the year ended March 31st, 2014 amounted to Rs.3778.800 Million, construction expenses increased from Rs.12512.900 Million incurred during 2012-13 to Rs.15670.800 Million.

Depreciation, Interest and Finance cost

Depreciation during 2013-14 amounted to Rs.474.000 Million as against Rs.318.200 Million recorded in 2012-13. Finance cost increased from Rs.843.700 Million in 2012-13 to Rs.1181.100 Million in 2013-14.

Profit Analysis

EBDITA during 2013-14 stood at Rs.2858.300 Million as against Rs.1660.900 Million recorded during 2012-13. Profit after tax for 2013-14 stood at Rs.1061.600 Million as compared to Rs.740.700 Million during 2012-13.

Net Worth

The company also saw a rise in the Net worth from Rs.8325.200 Million in 2012-13 to Rs.9572.200 Million in 2013-14.

Dividend

In view of the company’s remarkable performance, the Company declared a final dividend of 70%.

CORPORATE INFORMATION:

The Company is engaged in the business of development of infrastructure facilities in areas of canals, irrigations projects, roads, bridge, dams which includes civil, electrical and mechanical contractor, designer and engineers, structural contractor, earthwork contractor for repairing, reconstruction, renovation, demolitions and construction of canals, irrigations projects, roads, bridge, dams. Company also establish, maintain, operate, lease or transfer the above infrastructure facilities on BOT, BOLT and BOOT basis. Company is also engaged in mining activities on contract basis and business of energy generation through Wind Power Project.

MANAGEMENT DISCUSSION & ANALYSIS:

The company presents its annual report for the year 2013 - 14 and a perspective for the future on the foundation of the existing scenario, given the variants of economic standing, political situation and all other global developments.

ECONOMIC:

The Indian economy recovered in the second quarter (Q2) of 2013-14 recording a growth of 4.8 per cent. This follows a growth rate of 4.4 per cent in the first quarter (Q1) of the current financial year - the lowest in 16 quarters. Particularly encouraging is the fact that the recovery in Q2 is noticed on the face of significant fiscal consolidation by the Government and tighter liquidity conditions to moderate aggregate demand. The economy went through challenging times since the crisis in the Euro area in 2011-12 with a cyclical down turn with growth slowdown, elevated current account deficit, persistent inflation, and the need to restore fiscal policy to a sustainable path. While the Government delivered on the announced fiscal targets in 2012-13, current account deficit (CAD) continued to remain elevated in Q1 of 2013-14 and in tandem with market misperception of an imminence of the rollback of quantitative easing in US, assumed a serious dimension with the sharp depreciation of the rupee. The Government put in place a series of measures and there has been a significant let-up in the challenges on the trade and balance of payments front, particularly in the Q2 2013-14. Domestic impediments like elevated levels of food and retail inflation, high input costs and pressure on profit margins and infrastructural bottlenecks continued, with the Government addressing them through appropriate calibration of fiscal policy, administrative measures and institutional mechanisms like Cabinet Committee on Investment to fast track projects. The recovery in growth, although weak, is expected to gather pace in the coming quarters. Broadly summarized, the indications to this effect are a sharp moderation in CAD composed of both a moderation in imports and pickup in exports; a moderation on year-on-year WPI inflation in the first half over that in the previous year; fiscal consolidation that is broadly on track; and accelerated growth in agriculture and a mild recovery in manufacturing.

INDUSTRY SYNOPSIS:

According to Moody’s Investor Services, inflation will be key as they go ahead and supply will remain a concern.

The government has announced a slew of proposals, including raising the limit on foreign direct investment in defense and insurance ventures to 49 per cent from 26 per cent, which is expected to help the rupee in the medium - to longer - term. The Budget includes measures to support faster economic growth, such as allowing greater foreign direct investment in insurance and defiance, increasing spending on infrastructure, and introducing tax incentives for savings and investment.

According to statements made by Moody’s representative, these policies are credit positive for the corporate and infrastructure sectors. However, their effect on overall gross domestic product growth will be muted without a decline in inflation, interest rates and regulatory constraints on private investment.

The tight fiscal deficit targets are expected to help keep a lid on prices, a critical factor in a country where consumer price inflation was 8.28.

OPPORTUNITIES & STRENGTHS

Roads and Highways:

Road network provides the arterial network to facilitate trade, transport, social Integration and economic development. It facilitates specialization, extension of markets and exploitation of economies of scale.

The total road length in India increased more than 11 times during the 60 years between 1951 and 2011. India has the world’s third largest road network, aggregating over 33 Million kilometers and account for 65 per cent of freight and 80 per cent of passenger traffic, according to the National Highway Authority of India (NHAI). The Government of India estimated approximately that US$ 90 billion investment would be required during FY07-FY12 to improve the country’s road infrastructure. Plans have been announced by the Government to increase investments for the development of road infrastructure in the country. The Government would increase funds from around US$ 15 billion per year to over US$ 23 billion in 2011-12 for the same. The amount of funds invested as part of these programs will considerably exceed that invested in the past. Such programs are being funded via a mix of public and private initiatives. At present, the onus of financing road projects is mainly on commercial banks. However, insurance and pension funds, External Commercial Borrowings and Infrastructure Development Funds (IDFs) may be increasingly tapped to meet the financing requirements of road projects.

Irrigation:

The water resource potential of the country, which occurs as a natural runoff in the rivers is 1869 BCM as per the latest CWC estimates. Of this, only 1122 cubic Km is utilizable. Over 90 % of annual runoff in peninsular rivers = and over 80% of the annual runoff in Himalayan rivers occur during four monsoon months of June to September. The largest increase in Irrigated area across the world in next few years is expected in India, with 17.3 M Ha, as public investment in irrigation has remained relatively strong and private investment in groundwater has been rapid. However, even in India, the projected 1995 to 2020 rate of growth in irrigated area of 1.2% per year is well below the rate of 2.0% per year during the past years. Even India, as we will see, the per annum increase in canal irrigated areas has to be rapidly developed.

Mining:

There is a requirement of 300 million tons of coal per annum in India which translates into removal of six to eight times of consolidated or unconsolidated materials called overburden that overlies a coal deposit. Currently, Sadbhav is executing 14 Mining projects with a balance work order of Rs.22685.100 Million.

Major ongoing projects:

• Overburden removal and Lignite excavation at GHCL Ltd. Bhavnagar, Gujarat
• Overburden removal and Lignite excavation at GIPCL, Gujarat
• Overburden removal and Coal excavation at Navinkunada OCP, WCL, Maharashtra
• Overburden removal and Coal excavation at Basantimata OCP, BCCL, Jharkhand
• Overburden removal and Coal excavation at Dhansar OCP, BCCL, Jharkhand
• Overburden removal and Coal excavation at Katras OCP, BCCL, Jharkhand
• Overburden removal at Amlohri OCP, NCL and M.P.
• Overburden removal and Coal extraction of ore at Banduhurang mines, UCIL, Jharkhand
• Overburden removal at Millionanpur OCP, MCL and M.P.
• Overburden removal and lignite excavation at Kapurdi mines, Rajasthan

Therefore the market for such projects is huge in the country and abroad in any coal project.

OUTLOOK:

So far infrastructure development in India was lagging. With new government in place and its PPP initiative, we foresee opportunity for considerable growth. Our past experience in the infrastructure industry has enriched us tremendously and with our skills as well as organizational set up, they have set our sights on other growth centric projects like development of ports, laying of pipelines and airports.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10529510	05/11/2014	93,522,592.00	ICICI BANK LIMITED	Landmarkrace Course Circle, Alkapuri, Baroda, Gujarat - 390015, India	C32508756
2	10531291	22/10/2014	75,225,000.00	SREI EQUIPMENT FINANCE LIMITED	'Vishwakarma', 86c, Topsia Road,, Kolkata, West Bengal - 700046, India	C33616046
3	10528557	08/10/2014	7,251,809.00	AXIS BANK LIMITED	Trishul 3rd Floor Opposites Samartheshwar Temple, Law Garden Ellis bridge, Ahmedabad, Gujarat - 380006, India	C31895683
4	10528558	08/10/2014	13,865,486.00	AXIS BANK LIMITED	Trishul 3rd Floor Opposites Samartheshwar Temple, Law Garden Ellis bridge, Ahmedabad, Gujarat - 380006, India	C31896012
5	10527540	06/10/2014	44,386,422.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	C30999742
6	10527381	30/09/2014	22,193,211.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	C30854053
7	10525264	29/09/2014	7,875,420.00	AXIS BANK LIMITED	Trishul 3rd Floor Opposites Samartheshwar Temple, Law Garden Ellis bridge, Ahmedabad, Gujarat - 380006, India	C28993582
8	10529645	29/09/2014	7,875,420.00	AXIS BANK LIMITED	Trishul 3rd Floor Opposites Samartheshwar Temple, Law Garden Ellis bridge, Ahmedabad, Gujarat - 380006, India	C32622375
9	10528560	29/09/2014	43,510,854.00	AXIS BANK LIMITED	Trishul 3rd Floor Opposites Samartheshwar Temple, Law Garden Ellis bridge, Ahmedabad, Gujarat - 380006, India	C31896756
10	10528556	29/09/2014	55,461,944.00	AXIS BANK LIMITED	Trishul 3rd Floor Opposites Samartheshwar Temple, Law Garden Ellis bridge, Ahmedabad, Gujarat - 380006, India	C31895105

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
Term Loans from Banks	1074.800	250.000
Loans and Advances from directors	14.747	379.925
Loans and Advances from Others	5.699	5.230
Total	1095.246	635.155

FIXED ASSETS

• Land
• Buildings
• Office building
• Plant and equipment
• Machineries
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer Equipments

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS ON 31.12.2014

[RS. IN MILLIONS]

PARTICULARS	3 Months Ended		9 Months Ended
	31.12.2014 [Unaudited]	30.09.2014 [Unaudited]	31.12.2014 [Unaudited]
(a) Net sates/income from operations (Net of excise duty)	7222.729	5946.207	20024.019
(b) Other Operating Income	0.000	0.000	0.000
Total income from operations (net)	7222.729	5946.207	20024.019
Expenses
(a) Cost of materials consumed	5927.441	4828.370	16468.996
(b) Purchases of stock-in trade	0.000	0.000	0.000
(c) Changes in inventories of finished goods. work-in-progress and stock in trade	41.820	0.000	41.820
(d) Employee benefits expense	265.499	245.361	706.202
(e) Depreciation and Amortization Expenses	226.369	223.128	669.010
(f) Other Expenses	253.970	276.552	761.998
(g)Foreign Exchange
Total expenses	6715.099	5573.411	18648.026
Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	507.630	372.796	1375.993
Other Income	12.508	18.023	46.097
Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	520.138	390.819	1422.090
Finance Costs	199.316	221.017	641.440
Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	320.822	169.802	780.650
Exceptional items	0.000	0.000	0.000
Profit/ (Loss) from ordinary activities before tax (7+8)	320.822	169.802	780.650
Tax expenses	(56.502)	68.432	37.307
Net Profit / (Loss) from ordinary activities after tax (9-10)	377.324	101.370	743.343
Extraordinary item (net of tax expense)	0.000	0.000	0.000
Net Profit / (Loss) for the period (11-12)	377.324	101.370	743.343
Paid-up equity share capital (Nominal value Rs.10 per share)	171.477	159.370	171.477
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	-	-	-
Weighted average Number of Equity Share	168926813	151858772	152987607
Weighted average Number of Dilutive Equity Share	169002747	155636180	153060065
Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic and diluted	2.23	0.67	4.89
	2.23	0.65	4.89
A. PARTICULARS OF SHAREHOLDING
1. Public Shareholding
- Number of shares	90680920	79065920	90680920
- Percentage of shareholding	52.88	52.06	52.88
2. Promoters and Promoters group Shareholding
a) Pledged /Encumbered
Number of shares	24313847	7768572	24313847
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	30.09	10.67	30.09
Percentage of shares (as a % of total share capital of the company)	14.18	5.12	14.18
b) Non Encumbered
Number of shares	56482033	65027308	56482033
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	69.91	89.33	69.91
Percentage of shares (as a % of total share capital of the company)	32.94	42.82	32.94

	PARTICULARS	3 Months Ended 31.12.2014
B	Investor complaints (Nos.)
	Pending at the beginning of the quarter	-
	Received during the Quarter	-
	Disposed of during the quarter	-
	Remaining unresolved at the end of the quarter	-

Note:

1. The above results were reviewed by the Audit Committee and were approved & taken on record by the Board of Directors at their meeting held on February 12, 2015.

2. Limited review as required under Clause 41 of the Listing Agreement has been carried out by the Statutory Auditors of the Company.

3. The figures have been regrouped and/or rearranged wherever considered necessary.

4. Provision for Tax has be-fn made as per Section 115 JB of Income Tax Act 1961 .Tax Expense includes provision for current tax, deferred tax and MAT credit entitlement.

5. Effective from 01/04/2014 the company has charged depreciation based on the remaining useful life of the assets as per the requirements of the schedule II of the companies Act 2013 (the Act) except for plant & machinery not used in Mining Sites. Depreciation on Plant & machinery other than used for mining sites has been provided higher depreciation by taking lower useful life compared to useful life prescribed under schedule II of the Act. Consequent to change in the Act and higher depreciation provided as aforesaid, depreciation charged for the quarter and nine months ended on 31/12/2014 is increased by Rs. 50.114 Million and Rs. 196.317 Million respectively. In accordance with the transitional provisions provided in note 7(b) of Schedule II of the Act and Amount of Rs.295.719 Million (net off deferred tax) has been adjusted against the opening balance of retained earnings in respect of assets wherein the remaining useful life of the assets is NIL.

6. Total Interest paid amounting to Rs. 344.904 Million (Rs. 308.500 Million) has been set off by Rs. 145.588 Million (Rs.84.273) towards the interest received on the loans given to subsidiaries.

7. During the quarter company has issued and allotted 41,000 equity shares of Re. I each to its employees at price of Rs. 50/- per equity share under ESOS Scheme 2008 on 03th November, 2014.

8. The company is engaged in only one reportable segment viz. Construction. Engineering and Infrastructure Development" and at single geographical areas namely India.

9. Company has allotted 11574,000 equity shares on October 21, 2014 to QIB at issued price of Rs. 216/- per equity shares (including Rs. 215 towards share premium) in accordance with provisions of chapter VIII of the SEBI (ICDR) Regulation, 2009 vide Placement Document dated October 17, 2014.

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.63.57
UK Pound	1	Rs. 99.67
Euro	1	Rs. 70.93

INFORMATION DETAILS

Information Gathered by :	RKH
Analysis Done by :	RSM
Report Prepared by :	MTN

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	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		52

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.