MIRA INFORM REPORT

Report No. :	323999.2
Report Date :	29.05.2015

IDENTIFICATION DETAILS

Name :	SB PROTECH PRIVATE LIMITED

Registered Office :	16, DSIDC, Okhla Industrial Area, Phase-1, New Delhi – 110020
Tel No.:	91-11-41754001

Country :	India

Financials (as on) :	31.03.2015 (Provisional)

Date of Incorporation :	30.09.2011

Com. Reg. No.:	55-225705

Capital Investment / Paid-up Capital :	Rs. 2.100 Million

CIN No.: [Company Identification No.]	U74140DL2011PTC225705

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in construction.

No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. External borrowings of the company seems to be huge. Profitability of the company also seems to be low during 2014. However, trade relation are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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.

INFORMATION PARTED BY

Name :	Mr. Pawan Yadav
Designation :	Manager Finance and Accounts
Contact No.:	91-9811047048
Date :	25.05.2015

LOCATIONS

Registered Office :	16, DSIDC, Okhla Industrial Area, Phase-1, New Delhi – 110020, India
Tel. No.:	91-11-41754001
Mobile No.:	91-8588896876 (Mr. Roy) 91-9811047048 (Mr. Pawan Yadav )
Fax No.:	91-11-41754000
E-Mail :	sbptpl@gmail.com
Website:	www.sbindia.co.in
Area:	100 Yards
Location:	Rented
Locality:	Industrial

DIRECTORS

As on 30.09.2014

Name :	Mr. Sahamal Singh
Designation :	Director
Address :	685, Sector 37, Faridabad – 131003, Haryana, India
Date of Appointment :	30.09.2011
DIN No.:	01161333

Name :	Hema Chugh
Designation :	Director
Address :	C -111 B, Ground Floor, Kalkaji, New Delhi – 110019, India
Date of Appointment :	30.09.2011
DIN No.:	02488785

Name :	Mr. Ramendra Singh Nager
Designation :	Director
Address :	Village Saini, P.O. Baidpura,, District Goutam Budh Nagar - 203207, Uttar Pradesh, India
Date of Appointment :	22.10.2011
DIN No.:	05105142

Name :	Mr. Venkat Sridhar Kotteda
Designation :	Director
Address :	B-79, Sector-39, Noida – 201301, Uttar Pradesh, India
Date of Appointment :	01.04.2013
DIN No.:	02983597

KEY EXECUTIVE

Name :	Mr. Pawan Yadav
Designation :	Manager Finance and Accounts

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders		No. of Shares
Sahamal Singh		209800
Hema Chugh		100
Ramendra Singh Nager		100

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in construction.

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Cash and Credit

Purchasing :

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Kidar Sons Industries Private Limited

Name of the Person :

Mr. Vivek Mehra – director

Contact No.:

91-9650537485

Since How Long Known :

10 Years

Maximum Limit Dealt :

Rs. 3.000 Million (Yearly)

Experience :

Payment Behaviour	Market Goodwill	Overall
Excellent	Excellent	Excellent

Remark:

As claimed by Mr. Vivek Mehra (Director) that the payment behaviour are very good and they had a good experience with subject company.

Customers :

Gamon
HCC
Indiabulls
LT

Reference :

Bansal Industries

Name of the Person :

Mr. Manoj Sangwal – Purchase Manager

Contact No.:

91-9871697639

Since How Long Known :

30 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Remark:

Not Divulged

No. of Employees :

400 (Approximately)

Bankers :

Bank of India, Okhla Industrial Estate, SME Branch, New Delhi, India

Bank Name	HDFC Bank Limited
Branch	Okhla Industrial Area, Phase 1
Person Name (With Designation)	Ms. Akruti Bhasin (Deputy Manager)
Contact Number	91-9311301313
Name of Account Holder	SB Protech Private Limited
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)	Over Draft – Rs. 20.000 Million
Account Operation	Satisfactory
Remarks (If any)	As claimed by Ms. Akruti Bhasin (Deputy Manager) that subject is having very good track record for banking transaction.

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
SBT		39.181
Bank OD		16.108
Secured loan		122.789
Total	NA	178.078


Financial Institute:	Tata Capital Financial Services Limited, One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400001, Maharashtra, India

Auditors :
Name :	Jain D Bansal and Company Chartered Accountants
Address :	7/21 Ansari Road, Daryaganj New Delhi – 110002, India
Tel. No.:	91-11-23277128/23258781
Fax No.:	91-11-23278128
E-Mail :	jalndbansal@yahoo.co.in
PAN N Income-tax PAN of auditor or auditor's firm :	AAIFJ5807G

Memberships :	--

Collaborators :	--

Associates/Subsidiaries :	S B Movers and Lifters Private Limited S B Transport Company

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

300000	Equity Shares	Rs.10/- each	Rs. 3.000 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

210000	Equity Shares	Rs.10/- each	Rs. 2.100 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015 (Provisional)	31.03.2014	31.03.2013

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.100	2.100	0.100
(b) Reserves & Surplus	19.048	11.283	1.807
(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)	21.148	13.383	1.907

(3) Non-Current Liabilities
(a) long-term borrowings	121.852	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	121.852	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	49.924	203.161	29.144
(b) Trade payables	74.519	97.364	14.460
(c) Other current liabilities	7.687	11.921	13.316
(d) Short-term provisions	0.600	0.722	0.000
Total Current Liabilities (4)	132.730	313.168	56.920

TOTAL	275.730	326.551	58.827

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	130.095	146.222	3.857
(ii) Intangible Assets	0.000	0.000	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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	130.095	146.222	3.857

(2) Current assets
(a) Current investments	0.000	0.000	0.904
(b) Inventories	14.800	35.800	37.715
(c) Trade receivables	93.948	66.424	9.016
(d) Cash and cash equivalents	1.241	52.217	2.981
(e) Short-term loans and advances	33.451	11.861	1.844
(f) Other current assets	2.195	14.027	2.510
Total Current Assets	145.635	180.329	54.970

TOTAL	275.730	326.551	58.827

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015 (Provisional)	31.03.2014	31.03.2013
	SALES
	Income	184.341	242.416	47.664
	Other Income	3.318	0.585	0.065
	TOTAL (A)	187.659	243.001	47.729

Less	EXPENSES
	Cost of Materials Consumed	0.000	14.675	10.148
	Purchases of Stock-in-Trade	28.941	57.365	16.230
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	21.000	1.915	(35.700)
	Employees benefits expense	1.426	4.755	2.952
	Other expenses	85.839	124.437	51.218
	TOTAL (B)	137.206	203.147	44.848

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	50.453	39.854	2.881

Less	FINANCIAL EXPENSES (D)	15.297	11.789	0.765

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	35.156	28.065	2.116

Less/ Add	DEPRECIATION/ AMORTISATION (F)	23.918	25.730	0.810

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	11.238	2.335	1.306

Less	TAX (H)	3.473	0.859	0.000

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	7.765	1.476	1.306

	Earnings / (Loss) Per Share (Rs.)	36.98	147.60	130.61

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2015

(Provisional)

31.03.2014

31.03.2013

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2015 (Provisional)	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	4.21	0.61	2.74

Operating Profit Margin (PBIDT/Sales)	(%)	27.37	16.44	6.04

Return on Total Assets (PBT/Total Assets}	(%)	4.08	0.72	2.22

Return on Investment (ROI) (PBT/Networth)		0.53	0.17	0.68

Debt Equity Ratio (Total Debt /Networth)		8.12	15.18	15.28

Current Ratio (Current Asset/Current Liability)		1.10	0.58	0.97

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	2.100	2.100
Reserves & Surplus	1.807	11.283	19.048
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1.907	13.383	21.148

long-term borrowings	0.000	0.000	121.852
Short term borrowings	29.144	203.161	49.924
Total borrowings	29.144	203.161	171.776
Debt/Equity ratio	15.283	15.181	8.123

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	47.664	242.416	184.341
		408.593	(23.957)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	47.664	242.416	184.341
Profit	1.306	1.476	7.765
	2.74%	0.61%	4.21%

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	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	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
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 four 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

NOTE: Registered office of the company has been shifted from 305, Madhuban Building, 55 Nehru Place, New Delhi – 110019, India to the present address w.e.f. 19.09.2012

CORPORATE INFORMATION

Subject acts as a contractor, operator, builder, manager, developers, engineer, consultant, for infrastructure projects such as Roads, Bridges, Railways, Airport, Ports, Canals, Ropeways, Housing Complexes, Industrial and Commercial Complexes, pipelines for water, gas, petrol and any other gas or liquid material, farm, houses, hotels, motels, clubs, colonies, warehouses in India.

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
Hme Chugh		1.730
Sahamal Singh		23.353
Total	NA	25.083

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10448280	30/08/2013	19,160,700.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B84675503
2	10446928	31/07/2013	54,864,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ ARAT - 390015, INDIA	B83986299
3	10447468	27/07/2013	1,782,200.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G ARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B84240605
4	10447471	23/07/2013	5,601,213.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G ARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B84241454
5	10436870	14/06/2013	41,490,907.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	ONE FORBES, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B79631834
6	10428064	08/05/2013	1,782,200.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G ARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B75872390
7	10375059	29/07/2013 *	40,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B81305898

* Date of charge modification

FIXED ASSETS

Furniture and Fixtures
Laptop and Computers
Generators
Tools and Tackles
Machinery

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.63.90
UK Pound	1	Rs.98.16
Euro	1	Rs.69.74

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	RAS

Report Prepared by :	KVT

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	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--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		26

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit