MIRA INFORM REPORT

Report No. :	340999
Report Date :	16.09.2015

IDENTIFICATION DETAILS

Name :	BLACK AND VEATCH PRIVATE LIMITED (w.e.f 15.03.2014)
Formerly Known As :	BLACK AND VEATCH CONSULTING PRIVATE LIMITED
Registered Office :	101/102 Kensington SEZ , Hiranandani Business Park, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra,
Tel. No.:	91-22-62122270
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.01.2003
Com. Reg. No.:	11-138678
Capital Investment / Paid-up Capital :	Rs. 106.596 Million
CIN No.: [Company Identification No.]	U74210MH2003FTC138678
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCB0522D
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in the business of providing engineering consultancy services, technical and engineering know-how and logistic support to domestic and multinational clients.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (58)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary company of “Black and Veatch Consultancy Limited, United Kingdom. It was erstwhile known the name of “Black and Veatch Consultancy Private Limited” and later on 15^th March, 2014, name of the company has been changed to black & Veatch Private Limited” Company has achieved decent financial risk profile marked by debt free capital structure along with decent networth base. Management has reported decent growth in its revenue base along with decent profit margin of 12%. Trade relations are outstanding. Business is active. Payment terms are reported to be regular and as per commitments. In view of strong managerial and technical support its holding company along with outstanding financial condition, the company can be considered normal 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	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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Nitin Kappor
Designation :	Procurement Manager
Contact No.:	91-22-62122270
Date :	15.09.2015

LOCATIONS

Registered Office :	101/102 Kensington SEZ , Hiranandani Business Park, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	AsarkarM@bv.com shahb@bv.com
Branch Office :	Empire Plaza II, 7th Floor, CST 9, Village Hariyali, LBS Marg, Vikhroli (West), Mumbai – 400083, Maharashtra, India
Tel. No.:	91-22-62122270

DIRECTORS

As on 22.09.2014

Name :

Mr. Sathiamoorthy Gopalsamy

Designation :

Managing Director

Address :

Flat No.103, 1st Floor, Amanda -B, Gladys Alwares Road, Hiranandani Meadows, Thane-400610, Maharashtra, India

Date of Appointment :

03.06.2013

DIN No.:

03057853

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	U74140MH1958PTC013544	TECNIMONT ICB PRIVATE LIMITED	Managing director	25/09/2012	06/07/2010	31/05/2013	Active	NO
2	U74999MH1966NPL013602	THE INDO-ITALIAN CHAMBER OF COMMERCE AND INDUSTRY	Director	11/07/2011	11/07/2011	31/05/2013	Active	NO
3	U74210MH2003FTC138678	Black & Veatch Private Limited	Managing director	03/06/2013	03/06/2013	-	Active	NO

Name :

Mr. Anand Pravin Pattani

Designation :

Whole-Time Director

Address :

11401 Lamar, Overland Park, Kansas, 66211, United States of America

Date of Birth/Age :

31.10.1974

Date of Appointment :

12.06.2015

DIN No.:

06633836

Name :

Mr. Rajiv Vasudevan Menon

Designation :

Whole-Time Director

Address :

C-111. Bhoomi Green, Nr. Raheja Estate, Kulupwadi,, Borivali (East), Mumbai- 400066, Maharashtra, India

Date of Appointment :

12.06.2015

DIN No.:

06875028

Name :

Mr. William Robert Breckenridge

Designation :

Director

Address :

10318, Belinder, Leawood, Kansas 66206,, United States of America, 66206, , United States of America

Date of Appointment :

15.06.2015

DIN No.:

06875046

Name :

Christopher William Timson Scott

Designation :

Director

Address :

23, Overdale, Dorking Surrey, United Kingdom, RH54BT, United Kingdom

Date of Appointment :

12.06.2015

DIN No.:

06954868

KEY EXECUTIVES

Name :	Mr. Bhaunik Shah
Designation :	Secretary
Address :	B-606, Rajshree CHSL, Royal Complex,, Eksar Road, Borivali (West), Mumbai, 400091, Maharashtra, India
Date of Appointment :	17.12.2014
PAN No.:	AXBPS4644Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.09.2014

Names of Shareholders	No. of Shares
Black and Veatch consulting Limited, UK	9071950
Black and Veatch International company, US	1587610
Total	10659560

Equity Share Break up (Percentage of Total Equity)

As on 22.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of providing engineering consultancy services, technical and engineering know-how and logistic support to domestic and multinational clients.

Products :

Item Code No.	Product Description
99831418	Engineering services including plant engineering, product design, product development services

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Divulged

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
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

Auditors :
Name :	Walker, Chandiok and Company LLP Chartered Accountants
Address :	G - 3, T V Industrial, Estate, 248/A, S K, Ahire Marg, Worli, Mumbai – 400030, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFT1050D
Memberships :	--
Collaborators :	--
Ultimate Holding Company :	· Black and Veatch International Company, US
Other Related Parties :	· Overland Contracting Inc., USA · Black and Veatch International Limited, UK · Black and Veatch Limited, UK · Black and Veatch Canada Company, Canada · Black and Veatch Construction, USA · Black and Veatch Intl South Africa, SOUTH AFRICA · Black and Veatch Thailand Limited, Thailand · Black and Veatch Holding Company, USA · Black and Veatch International Philippines Corporation, Philippine · Black and Veatch (Beijing) Engineering Design Company Limited, China · Black and Veatch Corporation, USA

CAPITAL STRUCTURE

As on 22.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
13,000,000	Equity Shares	Rs.10/- each	Rs. 130.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,659,560	Equity Shares	Rs.10/- each	Rs. 106.596 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	106.596	106.596	106.596
(b) Reserves & Surplus	342.711	742.820	588.582
(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)	449.307	849.416	695.178
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	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	81.195	52.547	43.691
Total Non-current Liabilities (3)	81.195	52.547	43.691
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	74.240	82.848	52.068
(c) Other current liabilities	532.591	18.129	10.161
(d) Short-term provisions	93.098	7.798	5.027
Total Current Liabilities (4)	699.929	108.775	67.256
TOTAL	1230.431	1010.738	806.125
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	125.601	150.307	60.528
(ii) Intangible Assets	3.177	0.567	0.303
(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	36.138	37.918	29.369
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	164.916	188.792	90.200
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	744.691	705.028	608.423
(d) Cash and cash equivalents	274.529	84.992	91.150
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	46.295	31.926	16.352
Total Current Assets	1065.515	821.946	715.925
TOTAL	1230.431	1010.738	806.125

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	1482.277	1208.769	883.732
Less	EXPENSES		1179.228	976.037	671.837
	PROFIT BEFORE TAX		301.268	233.084	210.924
Less	TAX		115.234	78.846	71.228
	PROFIT AFTER TAX		186.034	154.238	139.696
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		729.160	574.922	435.226
Less	APPROPRIATIONS
		Transfer to General Reserve	18.603	0.000	0.000
		Proposed Dividend	500.999	0.000	0.000
		Tax on Dividend	85.144	0.000	0.000
	BALANCE CARRIED TO THE B/S		310.448	729.160	574.922
	Earnings Per Share (Rs.)		17.43	14.46	13.10

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	326.101	201.687	123.056

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	12.54	12.76	15.81
Return on Total Assets (PBT/Total Assets}	(%)	24.48	23.06	26.17
Return on Investment (ROI) (PBT/Networth)		0.67	0.27	0.30
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.52	7.56	10.64

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	106.596	106.596	106.596
Reserves & Surplus	588.582	742.820	342.711
Net worth	695.178	849.416	449.307
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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	883.732	1208.769	1482.277
		36.780	22.627

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	883.732	1208.769	1482.277
Profit	139.696	154.238	186.034
	15.81%	12.76%	12.55%

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	No
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	Yes
26]	Turnover of firm for last three years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	No
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	No
35]	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 301, Delta Building, Technology Street, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India to the present address w.e.f. 17.03.2008

INDEX OF CHARGES NO CHARGES EXIST FOR COMPANY

FIXED ASSETS

· Land

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer

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.66.44
UK Pound	1	Rs.102.41
Euro	1	Rs.75.05

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KIN
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		58

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.