MIRA INFORM REPORT

Report No. :	345536
Report Date :	17.10.2015

IDENTIFICATION DETAILS

Name :	VISHVRAJ INFRASTRUCTURE LIMITED (w.e.f.29.12.2006)
Formerly Known As :	VISHVRAJ INFRASTRUCTURE PRIVATE LIMITED (w.e.f.15.11.2006) VISHVRAJ HOUSING COMPANY PRIVATE LIMITED
Registered Office :	Jolly Maker 2, Unit No.88 (A), 8^th Floor, Nariman Point, Mumbai – 400021, Maharashtra
Tel. No.:	91-712-2553946 / 6644888
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.02.1992
Com. Reg. No.:	11-065503
Capital Investment / Paid-up Capital :	Rs.275.430 Million
CIN No.: [Company Identification No.]	U45200MH1992PLC065503
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Construction Activity.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 5200000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1992. It has satisfactory track. The ratings takes into consideration healthy financial risk profile of the company marked by strong networth base along with comfortable debt level. Management has reported decrease in its sales turnover and net profit along with thin profit margin in FY14. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings with usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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	CARE
Rating	Long term Bank Facilities = (BBB-)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	June 08, 2015

Rating Agency Name	CARE
Rating	Short term Bank Facilities = (A3)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	June 08, 2015

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 31-03-2015.

INFORMATION DECLINED BY

Name :	Mr. Ashwin
Designation :	Commercial Department
Contact No.:	91-712-6644888
Date :	16.10.2015

LOCATIONS

Registered Office :	Jolly Maker 2, Unit No.88 (A), 8^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-712-2553946 / 6644888
Fax No.:	Not Available
E-Mail :	roc@villindia.com
Website :	http://www.villindia.com

DIRECTORS

As on 29.09.2014

Name :

Mr. Arun Hanumandasji Lakhani

Designation :

Managing Director

Address :

Flat No.501, Omkar Tower, Tikekar Road, Dhantoli, Nagpur – 440 012, Maharashtra, India

Date of Birth/Age :

08.04.1961

Date of Appointment :

01.05.2014

DIN No.:

00294583

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	U24100MH1993PLC072084	MAHARASHTRA ORGANO CHEMICALS LTD.	Director	20/05/1993	20/05/1993	-	Strike off	NO
2	U65920MH1995PTC094100	BEACON CREDITCAP PRIVATE LIMITED	Director	25/12/1995	25/12/1995	-	Active	NO
3	U22219MH1949PLC010467	SHRI NARAKESARI PRAKASHAN LIMITED	Director	30/04/1999	30/04/1999	11/08/2013	Active	NO
4	U72300MH1997PLC110457	ADCC RESEARCH AND COMPUTING CENTRE LIMITED	Director	01/12/1999	01/12/1999	25/03/2015	Active	NO
5	U45200MH1992PLC065503	VISHVARAJ INFRASTRUCTURE LIMITED	Managing director	01/05/2014	30/03/2003	-	Active	NO
6	U45200MH2003PTC141671	VHCPL-ADCC PINGLAI INFRASTRUCTURE PRIVATE LIMITED	Director	08/08/2003	08/08/2003	-	Active	NO
7	U45203MH2004PTC147892	MALEGAON MANMAD KOPARGAON INFRASTRUCTURE AND TOLL ROAD PRIVATE LIMITED	Director	09/08/2004	09/08/2004	-	Active	NO
8	U45200MH2006PTC161186	LAST MILE INFRASTRUCTURE PRIVATE LIMITED	Director	17/04/2006	17/04/2006	29/12/2006	Active	NO
9	U45201MH2006PTC163579	FEKARI INFRASTRUCTURE PRIVATE LIMITED	Director	05/08/2006	05/08/2006	-	Active	NO
10	U22130MH2007PTC175643	DIVA MEDIA PRIVATE LIMITED	Director	02/11/2007	02/11/2007	-	Active	NO
11	U70102MH2007PTC175645	VISHVARAJ REAL ESTATE PRIVATE LIMITED	Director	02/11/2007	02/11/2007	-	Active	NO
12	U52100MH2008PTC183554	LAST MILE INFRAPROJECTS PRIVATE LIMITED	Director	16/06/2008	16/06/2008	14/02/2015	Active	NO
13	U45200MH2008PTC183696	FIRST MILE INFRAPROJECTS PRIVATE LIMITED	Director	19/06/2008	19/06/2008	14/02/2015	Active	NO
14	U74999MH2008PTC186950	VISHVARAJ ENVIRONMENT PRIVATE LIMITED	Director	22/09/2008	22/09/2008	-	Active	NO
15	U45203MH2009PLC196776	WARORA-CHANDRAPUR-BALLARPUR TOLLROAD LIMITED	Director	30/10/2009	30/10/2009	-	Active	NO
16	U45209MH2010PTC199050	VISHVARAJ INFRAPROJECT TOLLROAD PRIVATE LIMITED	Director	19/01/2010	19/01/2010	-	Active	NO
17	U74990MH2011PTC212617	VISHVARAJ WASTE WATER MANAGEMENT PRIVATE LIMITED	Director	21/01/2011	21/01/2011	-	Active	NO
18	U74900MH2011PTC212622	NETOPS HYDRAULICS PRIVATE LIMITED	Director	21/01/2011	21/01/2011	14/02/2015	Active	NO
19	U41000MH2011PTC214422	ORANGE CITY WATER PRIVATE LIMITED	Director	04/12/2012	07/03/2011	-	Active	NO
20	U70109MH2011PTC216470	KSHITIJ REALCON VENTURES PRIVATE LIMITED	Director	20/04/2011	20/04/2011	14/03/2014	Active	NO
21	U74900MH2011PTC216900	ORANGE CITY MALLS PRIVATE LIMITED	Director	30/04/2011	30/04/2011	-	Active	NO
22	U72900MH2001PTC134103	APPLIED COMMUNICATION TECHNOLOGIES PRIVATE LIMITED	Director	07/07/2011	25/05/2011	28/02/2013	Active	NO
23	U74990MH2010PTC210398	NISARGIKA ENVIRONMENT PRIVATE LIMITED	Director	30/09/2011	30/05/2011	20/02/2013	Active	NO
24	U74140MH2011PTC212618	PLANET WATER MANAGEMENT PRIVATE LIMITED	Director	03/08/2011	08/07/2011	25/02/2013	Active	NO
25	U74120MH2011PTC223200	ORANGE CITY HYDRAULIC WORKS PRIVATE LIMITED	Director	29/09/2012	17/11/2011	-	Active	NO
26	U45400MH2012PTC235792	BHOPAL VIDISHA TOLLWAYS PRIVATE LIMITED	Director	14/09/2012	14/09/2012	14/02/2015	Active	NO
27	U74120WB2007PTC118063	TRIMURTI ADVISORY SERVICES PRIVATE LIMITED	Director	20/05/2013	20/05/2013	-	Active	NO
28	U51909WB2009PTC132918	RATNAKAR SUPPLIERS PRIVATE LIMITED	Director	01/06/2013	01/06/2013	-	Active	NO
29	U70200MH2009PTC197776	SUPER J.V.S INFRAVENTURES PRIVATE LIMITED	Director	25/09/2013	01/06/2013	14/02/2015	Active	NO
30	U45400MH2013PTC245304	RUDRANEE INFRAPROJECTS PRIVATE LIMITED	Director	06/07/2013	06/07/2013	14/02/2015	Active	NO
31	U51101WB2010PTC143601	RATNAGIRI SUPPLIERS PRIVATE LIMITED	Director	10/07/2013	10/07/2013	10/07/2013	Active	NO
32	U51909WB2010PTC142054	SEANYMPH DISTRIBUTORS PRIVATE LIMITED	Director	10/07/2013	10/07/2013	10/07/2013	Active	NO
33	U51909WB2010PTC142692	AXIOM DEALERS PRIVATE LIMITED	Director	10/07/2013	10/07/2013	10/07/2013	Active	NO
34	U51909WB2010PTC142895	PURPLE COMMODEAL PRIVATE LIMITED	Director	10/07/2013	10/07/2013	10/07/2013	Active	NO
35	U51101WB2010PTC143602	PEARL DEALTRADE PRIVATE LIMITED	Director	10/07/2013	10/07/2013	10/07/2013	Active	NO
36	U51101WB2010PTC143838	MEGAMIX VINCOM PRIVATE LIMITED	Director	10/07/2013	10/07/2013	10/07/2013	Active	NO
37	U51101WB2010PTC143613	RANGEELA MARKETING PRIVATE LIMITED	Director	10/07/2013	10/07/2013	10/07/2013	Active	NO
38	U01403MH2012PTC238084	ALTAIR AGROCARE PRIVATE LIMITED	Director	25/09/2013	22/07/2013	-	Active	NO
39	U65999WB1994PLC065632	PREMIER FINANCIAL SERVICES LTD	Additional director	15/03/2014	15/03/2014	23/03/2015	Active	NO
40	U74999MH2014PTC258817	NAGPUR WASTE WATER MANAGEMENT PRIVATE LIMITED	Director	21/10/2014	21/10/2014	-	Active	NO
41	U74999PN2014NPL153243	SEA Foundation	Director	26/11/2014	26/11/2014	-	Active	NO
42	AAD-8195	ALTAIR TRADES LLP	Designated Partner	23/04/2015	23/04/2015	-	Active	NO

Name :

Mr. Shyam Kisan Gopal Lakhani

Designation :

Director

Address :

A2/19, Niwas Ratan HS, Mahesh Nagar, Goragaon (West), Mumbai – 400 062, Maharashtra, India

Date of Birth/Age :

12.11.1956

Date of Appointment :

15.04.2003

DIN No.:

00506574

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	U65920MH1995PTC094100	BEACON CREDITCAP PRIVATE LIMITED	Director	25/12/1995	25/12/1995	-	Active	NO
2	U72300MH1997PLC110457	ADCC RESEARCH AND COMPUTING CENTRE LIMITED	Director	01/12/1999	01/12/1999	-	Active	NO
3	U45200MH1992PLC065503	VISHVARAJ INFRASTRUCTURE LIMITED	Director	15/04/2003	15/04/2003	-	Active	NO

Name :

Mr. Jayant Narayan Pathak

Designation :

Director

Address :

Plot No 32, Gandhi Nagar, Nagpur - 440010, Maharashtra, India

Date of Appointment :

30.09.2015

DIN No.:

00300768

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	U45200MH2002PTC137152	MALEGAON-KOPARGAON INFRASTRUCSTURE PRIVATE LIMITED	Director	05/10/2005	05/10/2005	-	Active	NO
2	U45200MH2006PTC161186	LAST MILE INFRASTRUCTURE PRIVATE LIMITED	Director	28/12/2006	28/12/2006	-	Active	NO
3	U45200MH2002PTC137657	MAAN BUILDERS PRIVATE LIMITED	Director	29/03/2007	29/03/2007	-	Strike off	NO
4	U15130MH1999PLC119794	SYNERGY INDUSTRIES AND EXPORTS LIMITED	Director	29/03/2007	29/03/2007	-	Strike off	NO
5	U70200MH2008PTC184685	LAST MILE REAL ESTATE PRIVATE LIMITED	Director	15/07/2008	15/07/2008	-	Active	NO
6	U74990MH2011PTC212617	VISHVARAJ WASTE WATER MANAGEMENT PRIVATE LIMITED	Director	21/01/2011	21/01/2011	-	Active	NO
7	U74140MH2011PTC212618	PLANET WATER MANAGEMENT PRIVATE LIMITED	Director	21/01/2011	21/01/2011	03/08/2011	Active	NO
8	U45200MH1992PLC065503	VISHVARAJ INFRASTRUCTURE LIMITED	Director	30/09/2015	13/02/2015	-	Active	NO

Name :

Mr. Anurag Shrivastava

Designation :

Director

Address :

Anugrihnti Nagar, New Shanti Nagar, Raipur - 492001, Chhattisgarh, India

Date of Appointment :

30.09.2015

DIN No.:

06524095

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	U51909WB1982PLC034579	CONRAD MANUFACTURERS & TRADERS LTD	Additional director	04/06/2013	04/06/2013	-	Active	NO
2	U45200MH1992PLC065503	VISHVARAJ INFRASTRUCTURE LIMITED	Director	30/09/2015	21/02/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashwin
Designation :	Commercial Department
Name :	Mr. Amit Mohan
Designation :	Chief Executive Officer
Address :	301, Shreeji Residency, Whc Road, Civil Lines, Nagpur - 440001, Maharashtra, India
Date of Appointment :	14.04.2014
PAN No.:	AGMPM4093M
Name :	Ms. Poonam Rajkumar Sangwani
Designation :	Company Secretary
Address :	Sindhi Colony,Gurunanak Ward, Bhandara - 441904, Maharashtra, India
Date of Appointment :	10.08.2015
PAN No.:	FCAPS9287J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares
Saptrang Commodeal Limited, India	2074650
Vishvaraj Infrastructure Toll Road Private Limited, India	368750
Virajal Rachura	231772
Arun Lakhani	78728
Rameshchandra Jajoo	100
Dattatraya C. Ghogare	100
Danoon Ci Cast Private Limited	100
Premium Financial Services Limited, India	100
Total	2754300

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Bodies corporate	88.72
Directors or relatives of Directors	11.27
Other	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Construction Activity.

Products :

Item Code No.	Product Description
9542119	General construction services of highways streets and roads

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

Purchasing :

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 :
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 :
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Abhyudaya Co-Operative Bank Limited
Branch	Administrative Office, K.K. Tower, Abhidaya Bank Lane, Off. G.D. Ambedkar Marg, Parel Village, Mumbai – 400012, 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
Term loans from banks	122.426	93.867
Term loans from others	1.085	0.274
Short-term borrowings
Loans repayable on demand from banks	173.598	221.583
(Hypothecation of Stock and Book debts)
Total	297.109	315.724

Financial Institutions :	Housing and Urban Development Corporation Limited, Hudco Bhavan India Habitat Centre, Lodhi Road, New Delhi – 110003, India
Auditors :
Name :	J. P. Joshi and Asociates Chartered Accountants
Address :	Plot No. 17, Ground Floor, Mahalaxmi Apartments, Daga Layout , Nagpur-440033, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	ACGPJ2662R
Memberships :	Not Available
Collaborators :	Not Available
Other related parties :	· Diva Media Private Limited, India U22130MH2007PTC175643 · Vishvaraj Real Estate Private Limited, India U70102MH2007PTC175645 · Vishvaraj Infraproject Tollroad Private Limited, India U45209MH2010PTC199050 · Nisargika Environment Private Limited, India U74990MH2010PTC210398 · Vishvaraj Waste Water Management Private Limited, India U74990MH2011PTC212617 · Premier Financial Services Ltd, India U65999WB1994PLC065632 · Malegaon Manmad Kopargaon Infrastructure And Toll Road Private Limited, India U45203MH2004PTC147892 · Malegaon-Kopargaon Infrastrucsture Private Limited, India U45200MH2002PTC137152 · Last Mile Infraprojects Private Limited, India U52100MH2008PTC183554 · Last Mile Infrastructure Private Limited, India U45200MH2006PTC161186 · Orange City Water Private Limited, India U41000MH2011PTC214422 · Planet Water Management Private Limited, India U74140MH2011PTC212618 · Netops Hydraulics Private Limited, India U74900MH2011PTC212622 · Kshitij Realcon Ventures Private Limited, India U70109MH2011PTC216470 · Rudrani Infra Projects Private Limited, India U45300TG2008PTC059087 · Super J .V.S Infraventures Private Limited, India U70200MH2009PTC197776 · Applie D Communication Technologies Private Limited, India U72900MH2001PTC134103
Subsidiary company :	· Vishvaraj Environment Private Limited, India U74999MH2008PTC186950 · Vhcpl-Adcc Pinglai Infrastructure Private Limited, India U45200MH2003PTC141671 · Adcc Research And Computing Centre Limited, India U72300MH1997PLC110457 · Firstmile Infraprojects Private Limited, India U45200MH2008PTC183696 · Bhopal Vidisha Tollways Private Limited, India U45400MH2012PTC235792 · Warora-Chandrapur-Ballarpur Tollroad Limited, India U45203MH2009PLC196776 · Fekari Infrastructure Private Limited, India U45201MH2006PTC163579 · Altair Agrocare Private Limited, India U01403MH2012PTC238084
Joint venture :	· Orange City Malls Private Limited, India · U74900MH2011PTC216900 · Orange City Hydraulic Works Private Limited, India · U74120MH2011PTC223200
Holding company :	Saptrang Commodeal Private Limited (TRF.), India U51900MH1994PTC159767
Associate :	Last Mile Real Estate Private Limited, India U70200MH2008PTC184685

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3650000	Equity Shares	Rs.100/- each	Rs.365.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2754300	Equity Shares	Rs.100/- each	Rs.275.430 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	275.430	250.430	250.430
(b) Reserves & Surplus	1527.863	1380.239	1314.035
(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)	1803.293	1630.669	1564.465
(3) Non-Current Liabilities
(a) long-term borrowings	131.511	94.141	141.192
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	391.995	488.631	275.957
(d) long-term provisions	4.528	1.452	2.956
Total Non-current Liabilities (3)	528.034	584.224	420.105
(4) Current Liabilities
(a) Short term borrowings	173.598	221.583	170.322
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	135.456	157.550	503.531
(d) Short-term provisions	33.923	45.120	23.987
Total Current Liabilities (4)	342.977	424.253	697.840
TOTAL	2674.304	2639.146	2682.410
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	30.968	23.380	19.518
(ii) Intangible Assets	0.759	0.925	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	1375.317	1375.145	1380.021
(c) Deferred tax assets (net)	0.802	0.199	0.378
(d) Long-term Loan and Advances	388.017	105.158	127.129
(e) Other Non-current assets	1.163	1.163	0.000
Total Non-Current Assets	1797.026	1505.970	1527.046
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	578.329	802.385	912.941
(d) Cash and cash equivalents	111.548	116.925	56.069
(e) Short-term loans and advances	110.923	128.193	102.197
(f) Other current assets	76.478	85.673	84.157
Total Current Assets	877.278	1133.176	1155.364
TOTAL	2674.304	2639.146	2682.410

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from Operations	2280.161	2631.755	2312.110
	Other Income	10.797	4.047	1.388
	TOTAL (A)	2290.958	2635.802	2313.498
Less	EXPENSES
	Purchases of Stock-in-Trade	429.152	257.557	0.000
	Employees benefits expense	110.233	76.581	61.699
	Other expenses	1624.413	2138.337	2167.137
	TOTAL (B)	2163.798	2472.475	2228.836
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	127.160	163.327	84.662
Less	FINANCIAL EXPENSES (D)	81.782	57.395	44.444
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	45.378	105.932	40.218
Less/ Add	DEPRECIATION/ AMORTISATION (F)	4.904	4.312	3.607
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	40.474	101.620	36.611
Less	TAX (H)	17.850	35.416	11.914
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	22.624	66.204	24.697
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	288.183	221.979	197.282
	Earnings / (Loss) Per Share (Rs.)	8.21	26.44	0.00

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	30.990	25.212	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	(113.811)	69.409	(179.732)
Net cash flow from operating activity	(132.264)	34.174	(191.646)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.99	2.52	1.07
Operating Profit Margin (PBIDT/Sales)	(%)	5.58	6.21	3.66
Return on Total Assets (PBT/Total Assets}	(%)	3.12	8.04	2.81
Return on Investment (ROI) (PBT/Networth)		0.02	0.06	0.02
Debt Equity Ratio (Total Debt /Networth)		0.19	0.21	0.20
Current Ratio (Current Asset/Current Liability)		2.56	2.67	1.66

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	250.430	250.430	275.430
Reserves & Surplus	1314.035	1380.239	1527.863
Net worth	1564.465	1630.669	1803.293
long-term borrowings	141.192	94.141	131.511
Short term borrowings	170.322	221.583	173.598
Current Maturities Of Long-Term Debts	0.000	25.212	30.990
Total borrowings	311.514	340.936	336.099
Debt/Equity ratio	0.199	0.209	0.186

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	2312.110	2631.755	2280.161
		13.825	(13.360)

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	2312.110	2631.755	2280.161
Profit	24.697	66.204	22.624
	1.07%	2.52%	0.99%

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

CORPOARTE INFORMATION

Vishvaraj Infrastructure Limited (the Company) was acquired by the present management in the year 1999, and in the last decade it has grown from strength to strength in Road sector The Company has established track record in Road PPP sector, and has diversified recently in Water PPP sector. The Company aspires to grow much larger in water sector and other infrastructure areas, while sustaining growth pace in Roads.

The Company emphasizes on ensuring benefits to all stakeholders in all its undertakings. This philosophy has consistently given success to the organization in various projects.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Other loans and advances	8.000	0.000
Total	8.000	0.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10595689	24/09/2015 *	1,000,000,000.00	IFCI LIMITED	IFCI TOWER, 61, NEHARU PLACE, NEW DELHI, Delhi -  110019, INDIA	C67072074
2	10569049	05/05/2015	100,000,000.00	Abhyudaya Co-operative Bank Limited	Administrative Office, K.K Tower, Abhyudaya Bank Lane  , Off. G.D Ambedkar Marg, Parel Village, Mumbai,  Maharashtra - 400012, INDIA	C53462875
3	10525426	10/10/2014	80,000,000.00	ABHYUDAYA CO-OPERATIVE BANK LIMITED	Administrative Office, K. K. Tower, Abhyudaya Bank, Lane, Off. G. D. Ambekar Marg, Parel Village, Mumbai, Maharashtra - 400012, INDIA	C29272416
4	10508180	14/06/2014	50,000,000.00	ABHYUDAYA CO-OPRATIVE BANK LIMITED	Administrative Office K. K. Tower, Abhyudaya Bank,  Lane, Off G. D. Ambekar Marg, Parel Village, Mumbai, Maharashtra - 400012, INDIA	C10636447
5	10463702	31/10/2013	30,000,000.00	ABHYUDAYA CO-OPERATIVE BANK LIMITED	Administrative Office, K. K. Tower, Abhyudaya Bank, Lane, Off. G. D. Ambedkar Marg, Parel Village,,  Mumbai, Maharashtra - 400012, INDIA	B90912767
6	10436318	28/05/2013	1,400,000.00	ABHYUDAYA CO-OPERATIVE BANK LTD.	Administrative Office K. K. Tower, Abhyudaya Bank,  Lane, Off. G. D. Ambeskar Marg, Parel Village, Mu  mbai, Maharashtra - 400012, INDIA	B79389524
7	10425081	30/04/2013	65,000,000.00	ABHYUDAYA CO-OPERATIVE BANK LTD.	Administrative Office, K. K. Tower, Abhyudaya Bank, Lane, Off. G. D. Ambeskar Marg, Parel Village, Mumbai, Maharashtra - 400012, INDIA	B74922659
8	10314923	07/10/2011	80,000,000.00	Abhyudaya Co-op. Bank Ltd.	Administrative Office, K.K.Tower, Abhyudaya Bank,  Lane, G.D. Ambekar Marg, Parel Village,, Mumbai, Maharashtra - 400012, INDIA	B24208159
9	10259865	20/12/2010	70,000,000.00	ABHYUDAYA CO-OP. BANK LTD	Administrative Office, K.K. Tower, Abhyudaya Bank,  Lane, Off G.D. Ambekar Marg, Parel Village, Mumbai, Maharashtra - 400012, INDIA	B02903722
10	10253176	16/10/2010	40,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BANK, NO. 5, SAI COMPLEX, BHARAT NAGAR, AMRAVATI ROAD, NAGPUR, Maharashtra - 440010, INDIA	A99087181

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Guarantees	1638.768	1683.075

FIXED ASSETS

· Land

· Buildings

· Office building

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

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.64.96
UK Pound	1	Rs.100.55
Euro	1	Rs.73.99

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KIN
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.