MIRA INFORM REPORT

Report No. :	342008
Report Date :	25.09.2015

IDENTIFICATION DETAILS

Name :	KND ENGINEERING TECHNOLOGIES LIMITED
Formerly Known As :	KND ENGINEERING TECHNOLOGIES PRIVATE LIMITED K. N. DADINA PRIVATE LIMITED
Registered Office :	7 A Hospital Street, Kolkata-700072, West Bengal
Tel. No.:	91-33-22361160
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.06.1982
Com. Reg. No.:	21-034947
Capital Investment / Paid-up Capital :	Rs. 37.860 Million
CIN No.: [Company Identification No.]	L74210WB1982PLC034947
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CALK00639C
PAN No.: [Permanent Account No.]	AABCK2863R
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. (Not traded on BSE for last 30 days)
Line of Business :	Construction Activities.
No. of Employees :	Not Divulged

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 1185300
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1982 having satisfactory track. The company possesses an above average financial risk profile marked by healthy net worth position and decent liquidity position of the company. Further, the rating also takes into consideration favorable gap between trade payables and trade receivables. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct and as per commitment. In view of long track record and acceptable financial base, the company can be considered normal for business dealings at usual trade terms and conditions. NOTE: Not traded on BSE for last 30 days

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	CRISIL
Rating	Long-Term Rating=BBB-
Rating Explanation	Moderate degree of safety and carry moderate credit risk
Date	30.06.2015
Rating Agency Name	CRISIL
Rating	Short-Term Rating=A3
Rating Explanation	Moderate degree of safety carry higher credit risk
Date	30.06.2015

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. Subramaniam
Designation :	Accounts Manager
Contact No.:	91-33-22361160
Date :	21.09.2015

LOCATIONS

Registered Office :	7 A Hospital Street, Kolkata-700072, West Bengal, India
Tel. No.:	91-33-22361160/ 22348848
Fax No.:	91-33-22348860
E-Mail :	psm@kndetl.com kndetl@vsnl.com accounts@kndetl.com
Website :	http://kndetl.com
Branch Office :	23 Abubaker Mansion, 3rd Floor, Shahid Bhagat Singh Marg, Colaba, Mumbai-400039, Maharashtra, India
Tel. No.:	91-22-22874883/ 22027395
Fax No.:	91-22-22855292

DIRECTORS

AS ON 26.09.2014

Name :

Mr. Zarin Pessi Dadina

Designation :

Director

Address :

20 Palace Court, 1 KYD Street, Kolkata-700016, West Bengal, India

Date of Birth/Age :

26.02.1935

Qualification :

M.B.B.S.

Date of Appointment :

07.06.1982

PAN No.:

ADPPD0482P

DIN No.:

01848179

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	L74210WB1982PLC034947	KND ENGINEERING TECHNOLOGIES LIMITED	Director	07/06/1982	07/06/1982	-	Active	NO
2	U74210WB1997PLC084110	ABA EARTHLINE COMMUNICATIONS LIMITED	Director	28/04/1997	28/04/1997	29/06/2009	Active	NO
3	U93090WB2008NPL128272	DADINA FOUNDATION	Director	06/08/2008	06/08/2008	-	Active	NO
4	U74210WB2004PTC100381	ANANT CONTRACTS PRIVATE LIMITED	Additional director	03/10/2009	03/10/2009	-	Active	NO
5	U45400WB2010PTC151755	ANANT GREEN INFRA-DEVELOPERS PRIVATE LIMITED	Director	28/07/2010	28/07/2010	-	Active	NO
6	U70102WB2013PTC196622	PND INFRASTRUCTURE PRIVATE LIMITED	Director	19/08/2013	19/08/2013	-	Active	NO
7	U85110WB1995PLC071440	MERIDIAN MEDICAL RESEARCH AND HOSPITAL LIMITED	Director	03/07/2015	03/07/2015	-	Active	NO

Name :

Mr. Pessi Nanabhoy Dadina

Designation :

Managing director

Address :

20, Palace Court, 1, KYD Street,, Kolkata-700016, West Bengal, India

Date of Birth/Age :

30.03.1945

Qualification :

M.sc (Chemistry),DICI (Chem. Tech)

Date of Appointment :

01.08.2012

PAN No.:

ADQPD5242G

DIN No.:

00769283

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	U67120WB1995PTC073327	KND SECURITIES AND FINANCE PRIVATE LIMITED	Director	30/08/1995	30/08/1995	-	Strike off	NO
2	U74210WB1997PLC084110	ABA EARTHLINE COMMUNICATIONS LIMITED	Director	28/04/1997	28/04/1997	29/06/2009	Active	NO
3	L74210WB1982PLC034947	KND ENGINEERING TECHNOLOGIES LIMITED	Managing director	01/08/2012	20/11/2003	-	Active	NO
4	U85110WB2005NPL101648	ALAYA FOUNDATION	Director	11/02/2005	11/02/2005	-	Strike off	NO
5	U93090WB2008NPL128272	DADINA FOUNDATION	Director	06/08/2008	06/08/2008	-	Active	NO
6	U74210WB2004PTC100381	ANANT CONTRACTS PRIVATE LIMITED	Additional director	03/10/2009	03/10/2009	-	Active	NO
7	U45400WB2010PTC151755	ANANT GREEN INFRA-DEVELOPERS PRIVATE LIMITED	Director	28/07/2010	28/07/2010	-	Active	NO
8	U70102WB2013PTC196622	PND INFRASTRUCTURE PRIVATE LIMITED	Director	19/08/2013	19/08/2013	-	Active	NO

Name :

Mr. Navzer Kersi Dadina

Designation :

Whole-time director

Address :

5-2, Spenta, B. G. Kher Road, Malabar Hills, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

07.08.1965

Qualification :

B.Sc

Date of Appointment :

01.08.2012

PAN No.:

ADSPD3493K

DIN No.:

01000744

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	L74210WB1982PLC034947	KND ENGINEERING TECHNOLOGIES LIMITED	Whole-time director	01/08/2012	12/10/1990	-	Active	NO
2	U74210WB1997PLC084110	ABA EARTHLINE COMMUNICATIONS LIMITED	Director	28/04/1997	28/04/1997	29/06/2009	Active	NO
3	U85310MH1975PTC018738	KAMTE AGENCIES AND SERVICES PRIVATE LIMITED	Director	12/03/2007	12/03/2007	-	Active	NO
4	U93090WB2008NPL128272	DADINA FOUNDATION	Director	06/08/2008	06/08/2008	-	Active	NO
5	U40300WB2013PTC194061	AKSHYA URJA PRIVATE LIMITED	Director	31/05/2013	31/05/2013	-	Active	NO

Name :

Mr. Varez Kersi Dadina

Designation :

Whole-time director

Address :

20, Palace Court, 1, KYD Street,, Kolkata-700016, West Bengal, India

Date of Birth/Age :

20.11.1967

Qualification :

B. Com, MBA (Finance)

Date of Appointment :

01.08.2012

PAN No.:

ADSPD4108R

DIN No.:

00632204

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	L74210WB1982PLC034947	KND ENGINEERING TECHNOLOGIES LIMITED	Whole-time director	01/08/2012	01/07/1995	-	Active	NO
2	U67120WB1995PTC073327	KND SECURITIES AND FINANCE PRIVATE LIMITED	Director	04/09/1995	04/09/1995	-	Strike off	NO
3	U74210WB1997PLC084110	ABA EARTHLINE COMMUNICATIONS LIMITED	Director	28/04/1997	28/04/1997	29/06/2009	Active	NO
4	U85310MH1975PTC018738	KAMTE AGENCIES AND SERVICES PRIVATE LIMITED	Director	30/03/2007	30/03/2007	-	Active	NO
5	U93090WB2008NPL128272	DADINA FOUNDATION	Director	06/08/2008	06/08/2008	-	Active	NO
6	U40300WB2013PTC194061	AKSHYA URJA PRIVATE LIMITED	Director	31/05/2013	31/05/2013	-	Active	NO
7	U74999DL2015PTC279333	TECHNICOLOUR DREAM PANTS PRIVATE LIMITED	Director	21/04/2015	21/04/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Subramaniam
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2584650	68.23
Sub Total	2584650	68.23
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2584650	68.23
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	6900	0.18
Financial Institutions / Banks	123300	3.25
Sub Total	130200	3.44
(2) Non-Institutions
Bodies Corporate	92800	2.45
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	867027	22.89
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	113500	3.00
Any Others (Specify)	100	0.00
Non Resident Indians	100	0.00
Sub Total	1073427	28.34
Total Public shareholding (B)	1203627	31.77
Total (A)+(B)	3788277	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	3788277	100.00

BUSINESS DETAILS

Line of Business :

Construction Activities.

Products :

ITC Code No.	Product Descriptions
99545120	Civil Construction

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	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 (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

· RPG Transmission Limited

· Rosedale Developers Private Limited

· Soma Enterprise Limited

· Steel Authority of India Limited

· Sun Steel Industries Private Limited

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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Allahabad Bank

Industrial Finance Branch, 17, R. N. Mukherjee Road, 4th Floor, Kolkata- 700001, West Bengal, India

· Kotak Mahindra Bank Limited

36-38A, Nariman Bhavan, 227,D,, Nariman Point, Mumbai- 400021, Maharashtra, India

· Industrial Investment Bank of India Limited

19 Netaji Subhas Road, Kolkata-700001, West Bengal, India

· Indian Bank

· ABN Amro Bank Limited

· Axis Bank Limited

· Canara Bank

· HDFC Bank Limited

· ICICI Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	9.496	8.823
Rupee term loans from others	33.809	16.537
SHORT TERM BORROWINGS
Loans repayable on demand from banks	60.741	52.723
Total	104.046	78.083

Banking Relations :	--
Financial Institutions:	· L & T Finance Limited L&T House, Ballard Estate, Mumbai- 400001, Maharashtra, India · SREI Equipment Finance Private Limited 'Vishwakarma', 86C, Topsia Road,, Kolkata- 700046, West Bengal, India
Auditors :
Name :	L.N. Todi and Company Chartered Accountants
Address :	15N, Nellie Sengupta Sarani, 04Th Floor, Room No. 4, Kolkata, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	ADQPD5242G
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs. 10/- each	Rs. 150.000 Million

Issued and Subscribed Capital :

No. of Shares	Type	Value	Amount
3,788,277	Equity Shares	Rs. 10/- each	Rs. 37.883 Million

Paid-up Capital :

No. of Shares	Type	Value	Amount
3,788,277	Equity Shares	Rs. 10/- each	Rs. 37.883 Million
	Less: Calls Unpaid		Rs. 0.023 Million
	Total		Rs. 37.860 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	37.860	37.860	37.860
(b) Reserves & Surplus	376.995	365.064	177.484
(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)	414.855	402.924	215.344
(3) Non-Current Liabilities
(a) Long-term borrowings	43.305	25.360	38.705
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	7.590	4.284	3.349
(d) long-term provisions	11.696	8.951	5.827
Total Non-current Liabilities (3)	62.591	38.595	47.881
(4) Current Liabilities
(a) Short term borrowings	60.741	60.509	62.151
(b) Trade payables	151.642	152.115	115.434
(c) Other current liabilities	185.784	251.724	615.461
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	398.167	464.348	793.046
TOTAL	875.613	905.867	1056.271
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	236.655	229.208	417.579
(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	0.009	0.009	0.009
(c) Deferred tax assets (net)	0.000	10.205	2.874
(d) Long-term Loan and Advances	0.000	0.000	22.090
(e) Other Non-current assets	4.379	3.238	3.251
Total Non-Current Assets	241.043	242.660	445.803
(2) Current assets
(a) Current investments	3.000	17.059	8.644
(b) Inventories	334.429	328.609	148.781
(c) Trade receivables	166.006	174.800	308.905
(d) Cash and cash equivalents	64.427	57.460	54.572
(e) Short-term loans and advances	3.676	12.157	10.968
(f) Other current assets	63.032	73.122	78.598
Total Current Assets	634.570	663.207	610.468
TOTAL	875.613	905.867	1056.271

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operation	692.830	786.591	464.593
		Other Income	9.320	5.689	5.210
		TOTAL	702.150	792.280	469.803
Less	EXPENSES
		Cost of Materials Consumed	151.273	264.751	94.822
		Employees benefits expense	158.594	166.923	138.862
		Other expenses	310.659	279.845	169.933
		TOTAL	620.526	711.519	403.617
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		81.624	80.761	66.186
Less	FINANCIAL EXPENSES		23.686	23.819	25.970
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		57.938	56.942	40.216
Less/ Add	DEPRECIATION/ AMORTISATION		36.642	29.742	29.291
	EXCEPTIONAL ITEMS		5.740	0.000	0.000
	PROFIT BEFORE TAX		27.036	27.200	10.925
Less	TAX		15.104	(3.926)	(6.033)
	PROFIT AFTER TAX		11.932	31.126	16.958
	Earnings Per Share (Rs.)		3.15	8.22	4.48

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	11.549	29.334	27.463
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from (used in) Operations	39.080	(132.914)	38.133

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.72	3.96	3.65
Operating Profit Margin (PBDIT/Sales)	(%)	11.78	10.27	14.25
Return on Total Assets (PBT/Total Assets}	(%)	3.09	3.04	1.04
Return on Investment (ROI) (PBT/Networth)		0.07	0.07	0.05
Debt Equity Ratio (Total Debt/Networth)		0.28	0.29	0.60
Current Ratio (Current Asset/Current Liability)		1.59	1.43	0.77

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

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	37.860	37.860	37.860
Reserves & Surplus	177.484	365.064	376.995
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	215.344	402.924	414.855
Long-term borrowings	38.705	25.360	43.305
Short term borrowings	62.151	60.509	60.741
CURRENT MATURITIES OF LONG-TERM DEBTS	27.463	29.334	11.549
Total borrowings	128.319	115.203	115.595
Debt/Equity ratio	0.596	0.286	0.279

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	464.593	786.591	692.830
		69.308	(11.920)

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	464.593	786.591	692.830
Profit	16.958	31.126	11.932
	3.65%	3.96%	1.72%

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10397838	07/01/2013	3,953,000.00	L & T FINANCE LIMITED	L&T HOUSE, BALLARD ESTATE, MUMBAI- 400001, MAHARASHTRA , INDIA	B66179615
2	10354820	05/05/2012	2,325,187.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA- 700046, WEST BE NGAL, INDIA	B39339684
3	10236412	18/07/2014 *	500,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, 17, R. N. MUKHERJEE RO AD, 4TH FLOOR, KOLKATA- 700001, WEST BENGAL, IND IA	C13780663
4	10225572	15/01/2012 *	29,876,261.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA- 700046, WEST BE NGAL, INDIA	B31019623
5	10211735	15/01/2012 *	18,850,361.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA- 700046, WEST BE NGAL, INDIA	B31018187
6	10203477	26/02/2010	3,990,885.00	L & T FINANCE LIMITED	L&T HOUSE,, BALLARD ESTATE,, MUMBAI- 400001, MAHARASHTRA - 400001, INDIA	A80109754
7	10195213	01/01/2010	18,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT, MUMBAI- 400021, MAHARASHTRA, INDIA	A76745587

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Other loans and advances, others	0.000	7.786
Total	0.000	7.786

PERFORMANCE:

During the year, the company achieved a turnover of Rs 692.800 Million as against Rs. 786.600 Million in the preceding year, which shows the current trend in our sector of industry. The Company has registered a profit after tax of Rs 11.900 Million as against profit of Rs 31.100 Million in the previous year. The reserves and surplus come to Rs. 377.000 Million which substantially increased the net worth of the company.

The company have achieved a satisfactory turnover during the year, but the following constraints persist: Competition continues to be intense due to low entry barriers resulting in smaller players under-quoting to capture the small basket of projects. Further government inaction, delays in awarding projects, delays in clearances by various government agencies, bureaucratic apathy to rising inflation leading to an increase in prices of major construction materials and delay in recoveries from clients, all these had a dampening effect on the overall performance of the Company during the year. These exerted pressures on the working capital management also and resulted in higher receivables during the entire year.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Industry Structure and Developments:

The Company belongs to Construction Industry. The Construction Industry which is an important driver of Indian Economy is passing through a slowdown in the recent years due to global economic instability. But since the global economic condition is recovering and the Construction Sector is likely to witness positive improvement in the coming years, India, being a developing Country, could only stand up with the developed country by boosting its infrastructure Projects and by developing world class projects within the country. In view of this the construction sector of the country is expected to grow. However other factors such as Government policies, Liquidity in the market, and Government clearance for different projects will determine the basis for rapid or slow development of the sector.

OUTLOOK:

The company have achieved reasonable turnover during the year. The Company is hoping to improve its growth in future in view of the new trend emerging. Some of their on-going jobs are entrusted to them by the blue-chip companies of various sectors like ITC, TATA STEEL, L&T, THERMAX to name a few. These companies have large investment plans for their future growth and we will surely benefit from such future plans of our existing clients.

PART I

STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED JUNE 30, 2015

	Particulars	Unaudited 30.06.2015
1.	Income from Operations
	a) Net Sales/Income from Operations	199.432
	(Net of excise duty)
	b) Other Operating Income	--
	Total Income from Operations (net)	199.432
2.	Expenses
	a) Cost of materials consumed	56.307
	b) Employee benefits expense	46.252
	c) Depreciation and amortisation expense	8.648
	d) Subcontract Expenses	33.187
	e) Other expenses	41.502
	Total Expenses	185.895
3.	Profit from Operations before other income, finance costs and Exceptional items (1-2)	13.537
4.	Other Income	2.882
5.	Profit from ordinary activities before finance costs and exceptional Items (3+4)	16.428
6.	Finance costs	9.432
7.	Profit from ordinary activities after finance costs but before exceptional Items (5-6)	6.996
8.	Exceptional Items	--
9.	Profit/ (Loss) from ordinary activities before tax (7-8)	6.996
10.	Tax expense
11.	Net Profit/ (Loss) from ordinary activities after tax (9-10)	6.996
12.	Extraordinary items ( net of tax expense)
13.	Net Profit/ (Loss) for the period (11+12)	6.996
14.	Paid - up Equity Share Capital (face value of the share Rs 10/-)	37.860
15.	Reserves excluding revaluation reserves as per balance sheet of previous accounting year
16.	Profit & Loss Debit Balances
17.	Earnings Per Share (EPS)
	(a) Basic and diluted EPS before Extraordinary Items for the period for the year to date end for the previous year (not to be annualized)
	(b) Basic and diluted EPS after Extraordinary Items for the period for the year to date end for the previous year (not to be annualized)	5.18
PART II
A.	PARTICULARS OF SHAREHOLDING
1.	Public Shareholding
	- Number of Shares	1207627
	- Percentage of Shareholding	31.83%
2.	Promoter and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	Nil
	- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)
	-Percentage of Shares (as a % of the total share capital of the Company)
	b) Non-encumbered
	- Number of Shares	2580650
	-Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	100%
	-Percentage of Shares (as a % of the total share capital of the Company)	68.12%
	Particulars	Quarter ended on June 30, 2015
B.	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	0
	Received during the quarter	1
	Disposed of during the quarter	1
	Remaining unresolved at the end of the quarter	0

NOTES:

1. The unaudited Financial Results were taken on record at the meeting held on 14.08.2015.

2. The Company operates only in one segment i.e; CMI Construction/ Pilling.

3. Figures have been regrouped and rearranged wherever necessary in order to be consistent with current period presentation.

4. Tax will be calculated at the time of Final Accounts.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

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. 66.10
UK Pound	1	Rs. 100.89
Euro	1	Rs. 73.96

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	IND

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	5
--PROFITABILIRY	1~10	5
--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	NO
--LISTED	YES/NO	YES
--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.