MIRA INFORM REPORT

Report No. :	341858.2
Report Date :	29.09.2015

IDENTIFICATION DETAILS

Name :	DBR CONSTRUCTIONS PRIVATE LIMITED
Registered Office :	A-06, 2^nd Floor, Gwen Queen Apartment, Near Bishop House, Bhabola Naka, Vasai Road (West), Thane – 401202, Maharashtra
Tel. No.:	91-250-2383888
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.06.2008
Com. Reg. No.:	11-183848
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U45200MH2008PTC183848
IEC No.:	Not Available
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 into real estate activities.
No. of Employees :	06 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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 :	DBR Constructions Private Limited was incorporated in the year 2008, it is a construction company based in Vasai Maharashtra. The rating on company reflects moderate financial risk profile along with fluctuating profitability margin, moderate capital structure and debt protection metrics during FY 2014. The ratings are however constrained by increasing competitive pressure in the construction business with the challenging industry scenario and working capital intensive nature of operations. Trade relations are fair. Business is active. Payment are reported to slow but correct. The company can be considered for business dealings with some cautions.

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

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 PARTED BY

Name :	Mrs. Jullie D’Mello
Designation :	Manager
Contact No.:	91-8007548532

LOCATIONS

Registered Office :	A-06, 2^nd Floor, Gwen Queen Apartment, Near Bishop House, Bhabola Naka, Vasai Road (West), Thane – 401202, Maharashtra, India
Tel. No.:	91-250-2383888
Mobile No.:	91-8007548532 (Mrs. Jullie D’Mello)
Fax No.:	Not Available
E-Mail :	dbr_constructions@yahoo.co.in
Website :	www.dbrconstructions.com
Location :	Owned
Locality :	Commercial cum Residential

DIRECTORS

As on 30.09.2013

Name :

Barthol Lawrence Dias

Designation :

Director

Address :

Mundale Wadi, Sandor, Near Gai Wadi Cross, Vasai, Thane - 401201, Maharashtra, India

Date of Birth/Age :

12.07.1952

Date of Appointment :

23.06.2008

DIN No.:

02149866

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	U45200MH2008PTC183848	DBR CONSTRUCTIONS PRIVATE LIMITED	Director	23/06/2008	23/06/2008	-	Active	NO
2	U74990MH2011PTC213169	DBR SECURITIES PRIVATE LIMITED	Director	08/02/2011	08/02/2011	-	Active	NO

Name :

Bronson Barthol Dias

Designation :

Director

Address :

Mundale Wadi, Sandor, Near Gai Wadi Cross, Vasai, Thane - 401201, Maharashtra, India

Date of Birth/Age :

07.10.1985

Date of Appointment :

23.06.2008

DIN No.:

02150068

Name :

Rohan Barthol Dias

Designation :

Director

Address :

Mundale Wadi, Sandor, Near Gai Wadi Cross, Vasai, Thane - 401201, Maharashtra, India

Date of Birth/Age :

08.02.1987

Date of Appointment :

23.06.2008

DIN No.:

02150098

KEY EXECUTIVES

Name :	Mrs. Jullie D’Mello
Designation :	Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Barthol Lawrence Dias	32000
Bronson Barthol Dias	23000
Rohan Barthol Dias	23000
Dulcina Barthol Dias	4500
Angeline Lawrence Dias	4500
Octopus Infotel Private Limited, India	6500
Norman Vaz	6500
Total	100000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	6.50
Directors or relatives of Directors	87.00
Other top fifty shareholders	6.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged into real estate activities.
Products / Services :	Real Estate Development
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Builders

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

No. of Employees :

06 (Approximately)

Bankers :

Banker Name	The Bassein Catholic Co-operative Bank Limited
Branch Address	Papdy Branch, “B” Building, Sarovar, Near Papdy Talao, Papdy, Vasai, Thane – 401207, 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)	Cash Credit = Rs.10.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loans from banks
Loan from B.C.C.B (Hypothecated against Fiat Linea Car)	0.146	0.291
Loan from Yes Bank	1.975	0.000
SHORT TERM BORROWING
B.C.C.B CC A/c-401 (Secured against hypothecation of stock)	10.065	0.000
Total	12.186	0.291

Auditors :
Name :	K Vaishnav and Company Chartered Accountants
Address :	B-202, Jai Ambe Co-Operative Society, Sai Nagar, Vasai Road (West), Thane – 401202, Maharasthra, India
PAN No.:	ABQPV4800N
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 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	1.000	1.000	1.000
(b) Reserves & Surplus	12.027	8.312	4.432
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	1.310	1.310	1.310
Total Shareholders’ Funds (1) + (2)	14.337	10.622	6.742
(3) Non-Current Liabilities
(a) long-term borrowings	2.121	0.291	0.421
(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)	2.121	0.291	0.421
(4) Current Liabilities
(a) Short term borrowings	30.902	18.778	24.185
(b) Trade payables	1.669	1.719	1.453
(c) Other current liabilities	25.922	41.345	38.314
(d) Short-term provisions	0.368	0.202	0.000
Total Current Liabilities (4)	58.861	62.044	63.952
TOTAL	75.319	72.957	71.115
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.950	0.485	0.578
(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	0.533	0.277	3.333
(c) Deferred tax assets (net)	0.137	0.052	0.047
(d) Long-term Loan and Advances	41.555	31.895	22.213
(e) Other Non-current assets	0.095	0.208	0.030
Total Non-Current Assets	45.270	32.917	26.201
(2) Current assets
(a) Current investments	6.154	4.104	0.203
(b) Inventories	19.364	29.640	39.260
(c) Trade receivables	0.511	0.653	1.194
(d) Cash and cash equivalents	3.633	5.617	4.046
(e) Short-term loans and advances	0.050	0.026	0.000
(f) Other current assets	0.337	0.000	0.211
Total Current Assets	30.049	40.040	44.914
TOTAL	75.319	72.957	71.115

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	36.474	34.007	10.164
	Other Income	0.160	0.472	0.664
	TOTAL	36.634	34.479	10.828
Less	EXPENSES
	Cost of Materials Consumed	7.498	6.416	11.201
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	10.276	9.620	(15.738)
	Manufacturing Expenses	7.757	8.269	8.199
	Employees benefits expense	1.992	1.703	1.595
	Other expenses	1.485	1.540	2.537
	TOTAL	29.008	27.548	7.794
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	7.626	6.931	3.034
Less	FINANCIAL EXPENSES	1.316	1.208	0.989
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	6.310	5.723	2.045
Less/ Add	DEPRECIATION/ AMORTISATION	0.912	0.148	0.206
	PROFIT/ (LOSS) BEFORE TAX	5.398	5.575	1.839
Less	TAX	1.683	1.696	0.399
	PROFIT/ (LOSS) AFTER TAX	3.715	3.879	1.440
	Earnings / (Loss) Per Share (Rs.)	37.15	38.80	14.4

Particulars	31.03.2015
Sales Turnover (Approximately)	30.000

The above information has been parted by Mrs. Jullie D’Mello (Manager).

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	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	10.19	11.41	14.17
Operating Profit Margin (PBDIT / Sales)	(%)	20.91	20.38	29.85
Return on Total Assets (PBT/Total Assets}	(%)	7.23	7.68	2.71
Return on Investment (ROI) (PBT/Networth)		0.38	0.52	0.27
Debt Equity Ratio (Total Debt/Networth)		2.30	1.80	3.65
Current Ratio (Current Asset/Current Liability)		0.51	0.65	0.70

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	1.000	1.000	1.000
Reserves & Surplus	4.432	8.312	12.027
Share Application money pending allotment	1.310	1.310	1.310
Net worth	6.742	10.622	14.337
long-term borrowings	0.421	0.291	2.121
Short term borrowings	24.185	18.778	30.902
Total borrowings	24.606	19.069	33.023
Debt/Equity ratio	3.650	1.795	2.303

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	10.164	34.007	36.474
		234.583	7.254

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	10.164	34.007	36.474
Profit	1.440	3.879	3.715
	14.17%	11.41%	10.19%

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	No
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	No
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 address has been shifted from the Flat No. 1, Kolambekar Park, B Wing, Near Bassein Catholic Bank, Naigaon (West), Thane – 401207, Maharashtra, India to the present address w.e.f. 01.01.2012

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans and advances from related parties
Brthol L. Dias	6.315	4.749
Bronson B. Dias	3.648	3.405
Rohan B. Dias	3.469	3.219
Norman Vaz	6.000	6.000
Anjeline L. Dias	1.255	1.255
Dulcina B. Dias	0.150	0.150
Total	20.837	18.778

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10298895	14/11/2013 *	10,000,000.00	THE BASSEIN CATHOLIC CO-OPERATIVE BANK LIMITED	PAPDY BRANCH, "B" BUILDING, SAROVAR, NEAR PAPDY TALAO, PAPDY, VASAI, Thane - 401207 MAHARASHTRA, INDIA	B90579699

* Date of charge modification

FIXED ASSETS

• Air Conditioner
• Motor Car
• Computers

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.66.08
UK Pound	1	Rs.100.31
Euro	1	Rs.73.81

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAS
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.