MIRA INFORM REPORT

Report No. :	492617
Report Date :	17.02.2018

IDENTIFICATION DETAILS

Name :	GAYATRI PROJECTS LIMITED
Registered Office :	TSR Towers, B-1 6-3-1090, Rajbhavan Road, Somajiguda, Hyderabad – 500082, Telangana
Tel. No.:	91-40-23310330/4284/4296
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	15.09.1989
Com. Reg. No.:	36-057289
Capital Investment / Paid-up Capital :	INR 354.504 Million
CIN No.: [Company Identification No.]	L99999TG1989PLC057289
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the business of civil works including Roads, Canals, Airport Runways, Ports/Harbors, Dams & Reservoirs, Railways etc. (Registered Activity)
No. of Employees :	2508 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 21000000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1989 and it is engaged in construction of roads, canals, airport runways, ports/harbour, dams and reservoirs. As per financials of March 2017, the company has registered growth of 16.73% in its revenue as compared to its revenue and has reported fair profit margin of 3.33%. Rating takes into consideration the company’s established track record of business operations along with healthy net worth base and average debt coverage indicators. Share are quoted high on Stock Exchanges. (Share are traded at a price of INR 216.95 against its face value of INR 2.) However, rating strength is partially offset by stretched liquidity position and its presence in working capital intensive nature of business. As per unaudited quarterly financials of December 2017, the company has achieved a revenue of INR 9,038.63 million and has reported decent profit margin of 5.15%. Payments seems to be slow but correct. In view of aforesaid, the company can be considered for business dealing at 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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Rating = BB-
Rating Explanation	Moderate risk of default
Date	31.10.2017
Rating Agency Name	CARE
Rating	Short Term Rating = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	31.10.2017

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 17.02.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

Management Non Co-Operative (91-40-23310330)

LOCATIONS

Registered Office and Corporate Office :	TSR Towers, B-1 6-3-1090, Rajbhavan Road, Somajiguda, Hyderabad – 500082, Telangana, India
Tel. No.:	91-40-23310330/4284/4296
Fax No.:	91-40 -23398435
E-Mail :	gplhyd@gayatri.co.in
Website :	www.gayatri.co.in

DIRECTORS

AS ON 31.03.2017

Name :	Mr. Sandeep Kumar Reddy Tikkavarapu
Designation :	Managing Director
Address :	8-2-331.2.A, Road No 3, Banjara Hills, Hyderabad – 500034, Telangana, India
Date of Appointment :	15.09.1989
DIN No.:	00005573
Name :	Ms. Indira Subbaramireddy Tikkavarapu
Designation :	Director
Address :	6-3-249.5.A, Road No 1, Banjara Hills, Hyderabad – 500034, Telangana, India
Date of Appointment :	08.03.1996
DIN No.:	00009906
Name :	Jenna Brijmohan Reddy
Designation :	Wholetime Director
Address :	H.No. 8-2-618, Road No. 11, Banjara Hills, Hyderabad – 500034, Telangana, India
Date of Appointment :	01.10.2015
DIN No.:	00012927
Name :	Harivithalrao Venkateshwarrao Chintalapati
Designation :	Director
Address :	Plot No. 24, Phase - I, Kamalapuri Colony, Srinagar Colony, Banjara Hills, Hyderabad – 500034, Telangana, India
Date of Appointment :	04.11.2005
DIN No.:	00012970
Name :	Linga Moorthy Vajjhala
Designation :	Director
Address :	408, Gulrej Apts, 6-3-1103, Raj Bhavan Road, Somajiguda, Banjara Hills, Hyderabad – 500034, Telangana, India
Date of Appointment :	04.11.2005
DIN No.:	00013083
Name :	Sivakumar Reddy Gunupati
Designation :	Director
Address :	8-2-684.4.5.6, Road No.12 Banjara Hills, Banjara Hills, Hyderabad – 500034, Telangana, India
Date of Appointment :	30.03.1994
DIN No.:	00439812
Name :	Jawaharlal Nehru Karamchetti
Designation :	Director
Address :	A-605, Prabath Signature, 2-22-298.11 Hmt Satavahana Nagar, Kukatpally, Near Kalam Andir, Banjara Hills, Hyderabad – 500034, Telangana, India
Date of Appointment :	14.11.2015
DIN No.:	00940963
Name :	Venkateswarlu Kakkera
Designation :	Nominee Director
Address :	Flat No. 401.B, Baroda Aditya, R - 4e, Bandra Kurla Complex, Bandra – East, Mumbai – 400098, Maharashtra, India
Date of Appointment :	13.02.2016
DIN No.:	06931804

KEY EXECUTIVES

Name :	Indani Venkata Lakshmi
Designation :	Company Secretary
Address :	H.No. 16-11-16/M/8/K, East Prashanth Nagar Near RTA Office, Moosaram Bagh, Hyderabad – 500036, Telangana, India
Date of Appointment :	21.01.2008
PAN No.:	AANPI7199B
Name :	Sreedhar Babu Ponnuru
Designation :	CFO(KMP)
Address :	Flat No. 204, Jaya Enclave, 1-11-126, Begumpet , Hyderabad – 500016, Telangana, India
Date of Appointment :	29.05.2014
PAN No.:	ACUPP7130Q

SHAREHOLDING PATTERN

AS ON DECEMBER 2017

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares
(A) Promoter & Promoter Group	8,41,54,710	47.48
(B) Public	9,30,97,190	52.52
Grand Total	17,72,51,900	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of civil works including Roads, Canals, Airport Runways, Ports/Harbors, Dams & Reservoirs, Railways etc. (Registered Activity)

Products / Services :

Name and Description of main products / services	NIC Code
Roads Projects	42101

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

2508 (Approximately)

Bankers :

Banker Name :	Andhra Bank
Branch :
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

• Bank of Baroda
• Bank of Maharashtra
• Canara Bank
• Corporation Bank
• The Federal Bank Limited
• IDBI Bank Limited
• Indian Overseas Bank
• Punjab National Bank
• State Bank of India
• Syndicate Bank
• Union Bank of India
• United Bank of India
• Dena Bank

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Term Loans from Banks
Equipment Loans (Refer note 16.1)	989.338	439.036
Other Term Loans (Refer note 16.2)	7117.747	766.129
External Commercial Borrowings	1068.988	62.063
(c) Term Loans from others
Equipment Loans	416.567	28.773
Vehicle Loans	36.220	12.348
SHORT TERM BORROWINGS
Loans repayable on demand
Secured Working Capital Facilities from Banks	9596.082	8902.138
Total	19224.942	10210.487

LONG TERM BORROWINGS

Equipment Loans

The Equipment loans are secured by hypothecation of specific equipments acquired out of the said loans and all these loans are guaranteed by directors. The rate of interest on these loans varies between 11% to 15%.

Term loans

The secured term loans are secured by hypothecation of construction equipments not specifically charged to other banks, immovable properties of group companies and personal guarantees of the promoters. The rate of interest various between 11% to 13% with an average yield of 12.04% p.a.

External Commercial Borrowing:

Details of External Commercial Borrowings

The Company availed Foreign Currency Loan of USD $ 24.42 million from an Indian Scheduled Bank to meet a part of funds requirement towards redemption of outstanding FCCBs. The ECB loan is repayable in 24 quarterly installments commencing from October 2013 with rate of interest at 3 months USD LIBOR+500bps.

Nature of Security

(i) Equitable mortgage of immovable property of 600 acres in the name of step down subsidiary company.

(ii) Pledge of unencumbered equity shares of promoters in Gayatri Projects Ltd.

(iii) Personal guarantee of the two promoter directors.

Vehicle Loans:

The Vehicle loans availed are secured by hypothecation of specific vehicles purchased out of the said loans. The vehicle loans carry interest rate between 11% to 15% p.a.

SHORT TERM BORROWING

Nature of Security and Terms of Repayment

Working Capital Facilities (Secured)

· The working capital facilities from the consortium of Banks are secured by:

· Hypothecation against first charge on stocks, book debts and other current assets of the Company both present and future ranking paripassu with consortium banks.

· Hypothecation against first charge on all unencumbered fixed assets of the Company both present and future ranking paripassu with consortium banks.

· Equitable mortgage of properties belonging to promoters, directors, group companies.

· Personal guarantee of promoter directors, group companies/firms and relatives.

Statutory Auditors:
Name :	M O S and Associates LLP Chartered Accountants
Address :	501, Lahari Benz Apartments, Somajiguda, Hyderabad – 500 082, Telangana, India
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Companies:	· Gayatri Energy Ventures Private Limited · Bhandara Thermal Power Corporation Limited
Associate Companies and companies in Key Management Personnel and their Relatives which the Company has substantial Interest:	· Gayatri Lalitpur Roadways Limited · Gayatri-Jhansi Roadways Limited · Sai Matarani Tollways Limited · Gayatri Domicile Private Limited · Hyderabad Expressways Limited · Cyberabad Expressways Limited · Western UP Tollway Limited · HKR Roadways Limited · Balaji Highways Holding Limited · Indore Dewas Tollways Limited
Entities in which KMP or their relatives are Joint Ventures Interested:	· Deep Corporation Private Limited · Indira Constructions Private Limited · Gayatri Tissue and Papers Limited · Gayatri Sugars Limited · Gayatri Hi-Tech Hotels Limited · Gayatri Property Ventures Private Limited · Gayatri Hotels & Theaters Private Limited · GSR Ventures Private Limited · T.V.Sandeep Kumar Reddy & Others · Gayatri Bio-Organics Limited · T. Subbarami Reddy Foundation · Dr.T.Subbarami Reddy (HUF) · Balaji Charitable Trust · TSR Lalitakala Parishad · Invento Labs Private Limited
Joint Ventures:	· Gayatri- RNS Joint Venture · IJM Gayatri Joint Venture · Gayatri - GDC Joint Venture · Gayatri Ranjit Joint Venture · Gayatri – BCBPPL Joint Venture · Jaiprakash Gayatri Joint Venture · Gayatri ECI Joint Venture · Maytas-Gayatri Joint Venture · Gayatri – Ratna Joint Venture · MEIL-GAYATRI-ZVS-ITT Consortium · Gayatri-SPL Joint Venture · Gayatri-JMC Joint Venture · GPL-RKTCPL Joint Venture · Vishwa-Gayatri Joint Venture · Gayatri-RNS-SIPL Joint Venture · SOJITZ-LNT-GAYATRI Joint Venture · Gayatri PTPS Joint Venture

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
80,000,000	Equity Shares	INR 10/- each	INR 800.000 Million

Issued Share Capital:

No. of Shares	Type	Value	Amount
177,251,900	Equity Shares	INR 2/- each	INR 354.504 Million

Subscribed and fully paid up Share Capital

No. of Shares	Type	Value	Amount
177,251,900	Equity Shares	INR 2/- each	INR 354.504 Million

Terms / Rights, Preferences and restrictions attached to Equity Shares:

The company has only one class of shares referred to as equity shares having a par value of INR 2/-. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(b) The face value of shares of the Company was split from INR 10.00 per share to INR 2.00 per share with effect from 10.02.2017 (record date 13.02.2017).

Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

Equity Shares	Number of Shares	Amount
Equity shares of ` 2/- each (As at 31st March 2016 : INR 10/- each, As at 1st April 2015 : INR 10/- each) :
At the beginning of the period	35,450,380	354.504
Add: Shares issued during the year	--	--
Add: Shares issued during the year by splitting	141,801,520	--
one equity share of INR 10/- each into 5 equity shares of INR 2/- each	--	--
Outstanding at the end of the period	177,251,900	354.504

Details of shares held by each shareholder holding more than 5% shares

Name of Shareholder	Number of Shares	% holding
Equity shares of INR 2/- each (As at 31st March 2016 : INR 10/- each, As at 1st April 2015 : INR 10/- each) :
Indira Subbarami Reddy Tikkavarapu	57,129,500	32.23
Sandeep Kumar Reddy Tikkavarapu	27,019,810	15.24
GMO Emerging Markets Fund	16,900,000	9.53
Afrin Dia	13,488,500	7.61
India Max Investment Fund Limited	--	--
GMO Emerging Domestic Opportunities Fund	10,683,040	6.03

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	354.504	354.504	302.270
(b) Reserves & Surplus	7055.534	8105.666	6523.105
(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)	7410.038	8460.170	6825.375
(3) Non-Current Liabilities
(a) long-term borrowings	9677.730	9719.713	9271.538
(b) Deferred tax liabilities (Net)	232.022	224.380	287.625
(c) Other long term liabilities	9239.180	6271.166	4972.161
(d) long-term provisions	97.831	89.456	69.421
Total Non-current Liabilities (3)	19246.763	16304.715	14600.745
(4) Current Liabilities
(a) Short term borrowings	9596.082	8902.138	7917.876
(b) Trade payables	6607.921	4191.109	4456.116
(c) Other current liabilities	1919.391	1013.152	1275.299
(d) Short-term provisions	0.963	0.944	46.344
Total Current Liabilities (4)	18124.357	14107.343	13695.635
TOTAL	44781.158	38872.228	35121.755
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3092.549	2268.619	2081.212
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	240.970	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	10561.214	11822.086	9467.703
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5102.352	5102.605	5104.104
(e) Other Non-current assets	0.000	0.000	2185.146
Total Non-Current Assets	18997.085	19193.310	18838.165
(2) Current assets
(a) Current investments	0.000	0.000	7.179
(b) Inventories	3600.519	1548.843	2420.229
(c) Trade receivables	8503.643	6239.934	5718.335
(d) Cash and cash equivalents	1970.064	1800.494	1451.583
(e) Short-term loans and advances	1759.433	1507.116	6673.196
(f) Other current assets	9950.414	8582.531	13.068
Total Current Assets	25784.073	19678.918	16283.590
TOTAL	44781.158	38872.228	35121.755

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	21153.505	18122.125	16011.416
	Other Income	305.834	69.969	43.921
	TOTAL	21459.339	18192.094	16055.337
Less	EXPENSES
	Cost of Materials Consumed	6793.687	5057.416	5833.878
	Purchases of Stock-in-Trade	10657.375	9132.940	7474.465
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(554.282)	564.382	(58.837)
	Employees benefits expense	586.653	411.511	363.282
	exceptional item	153.865	0.000	0.000
	Other expenses	435.901	352.492	322.937
	TOTAL	18073.199	15518.741	13935.725
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	3386.140	2673.353	2119.612
Less	FINANCIAL EXPENSES	2013.818	1601.756	1486.718
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1372.322	1071.597	632.894
Less/ Add	DEPRECIATION/ AMORTISATION	431.554	374.747	282.008
	PROFIT/ (LOSS) BEFORE TAX	940.768	696.850	350.886
Less	TAX	236.516	116.704	130.354
	PROFIT/ (LOSS) AFTER TAX	704.252	580.146	220.532
	Items that will not be reclassified to profit and loss	2.617	(9.113)	0.000
	Income tax relating	(0.906)	3.154	0.000
	Total Comprehensive Income for the Year	705.963	574.187	220.532
	IMPORTS
	Raw Materials	317.334	115.567	0.000
	TOTAL IMPORTS	317.334	115.567	0.000
	Earnings / (Loss) Per Share (INR)	3.97	3.46	7.3

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	1,308.349	578.065	599.456
Cash generated from operations	2799.164	325.889	(90.945)
Net cash flow from (used in) operations	2569.384	149.095	(235.370)

QUARTERLY RESULTS

Particulars	30.06.2017 (Unaudited)	30.09.2017 (Unaudited)	31.12.2017 (Unaudited)
	1^st Quarter	2^st Quarter	1^st Quarter
Net sales	6520.450	4231.790	9038.630
Total Expenditure	5549.890	3485.090	7634.160
PBIDT (Excluding Other Income)	970.560	746.700	1404.470
Other income	77.370	9.480	44.850
Operating Profit	1047.930	756.180	1449.310
Interest	524.020	540.520	691.460
Exceptional Items	NA	NA	NA
PBDT	523.910	215.660	757.850
Depreciation	127.340	134.960	128.530
Profit Before Tax	396.560	80.700	629.320
Tax	(54.570)	(156.440)	164.160
Provisions and contingencies	NA	NA	NA
Profit after tax	451.140	237.140	465.160
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	451.140	237.140	465.160

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	146.73	125.68	130.36
Account Receivables Turnover (Income / Sundry Debtors)	2.49	2.90	2.80
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	138.21	107.80	122.22
Inventory Turnover (Operating Income / Inventories)	0.94	1.73	0.88
Asset Turnover (Operating Income / Net Fixed Assets)	1.02	1.18	1.02

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.65	0.63	0.67
Debt Equity Ratio (Total Liability / Networth)	2.78	2.27	2.61
Current Liabilities to Networth (Current Liabilities / Net Worth)	2.45	1.67	2.01
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.45	0.27	0.30
Interest Coverage Ratio (PBIT / Financial Charges)	1.68	1.67	1.43

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	3.33	3.20	1.38
Return on Total Assets ((PAT / Total Assets) * 100)	%	1.57	1.49	0.63
Return on Investment (ROI) ((PAT / Networth) * 100)	%	9.50	6.86	3.23

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.42	1.39	1.19
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.22	1.29	1.01
G-Score Ratio Financial (Networth / Total Assets)	0.17	0.22	0.19
G-Score Ratio Debt (Debts / Equity Capital)	58.06	54.16	58.85
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.42	1.39	1.19

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

STOCK PRICES

Face Value	INR 2/-
Market Value	INR 216.95/-

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	302.270	354.504	354.504
Reserves & Surplus	6523.105	8105.666	7055.534
Net worth	6825.375	8460.170	7410.038
long-term borrowings	9271.538	9719.713	9677.730
Short term borrowings	7917.876	8902.138	9596.082
Current Maturities of Long term debt	599.456	578.065	1308.349
Total borrowings	17788.870	19199.916	20582.161
Debt/Equity ratio	2.606	2.269	2.778

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	16011.416	18122.125	21153.505
		13.183	16.728

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	16011.416	18122.125	21153.505
Profit/(Loss)	220.532	580.146	704.252
	1.38%	3.20%	3.33%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	354.504	354.504
(b) Reserves & Surplus	4760.010	5144.438
(c) Money received against share warrants	0.000	0.000
(1) Non-controlling	0.000	(182.332)
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	5114.514	5316.610
(3) Non-Current Liabilities
(a) long-term borrowings	9776.980	27280.526
(b) Deferred tax liabilities (Net)	232.022	224.380
(c) Other long term liabilities	9239.180	9196.511
(d) long-term provisions	97.831	91.006
Total Non-current Liabilities (3)	19346.013	36792.423
(4) Current Liabilities
(a) Short term borrowings	9596.082	9455.108
(b) Trade payables	6607.921	4321.185
(c) Other current liabilities	3765.273	0.944
(d) Short-term provisions	0.963	2915.595
Total Current Liabilities (4)	19970.239	16692.832
TOTAL	44430.766	58801.865
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3714.664	2891.962
(ii) Intangible Assets	222.015	8381.589
(iii) Capital work-in-progress	304.702	63.685
(iv) Intangible assets under development	0.000	13039.120
(b) Non-current Investments	9779.449	7643.818
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	5102.352	4372.809
(e) Other Non-current assets	218.055	1533.689
Total Non-Current Assets	19341.237	37926.672
(2) Current assets
(a) Current investments	0.000	945.160
(b) Inventories	3600.519	1548.843
(c) Trade receivables	8503.643	5624.304
(d) Cash and cash equivalents	1970.409	2244.146
(e) Short-term loans and advances	579.527	1204.258
(f) Other current assets	10435.431	9308.482
Total Current Assets	25089.529	20875.193
TOTAL	44430.766	58801.865

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	21153.505	17262.414
	Other Income	305.835	193.798
	TOTAL	21459.340	17456.212
Less	EXPENSES
	Cost of Materials Consumed	6793.687	8704.405
	Purchases of Stock-in-Trade	10657.375	5338.975
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(554.282)	564.382
	Employees benefits expense	586.698	296.636
	eceptional item	153.865	(5.940)
	share of profit	147.695	322.168
	Other expenses	439.856	290.368
	TOTAL	18224.894	15510.994
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	3234.446	1945.218
Less	FINANCIAL EXPENSES	2569.371	1855.539
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	665.075	89.679
Less/ Add	DEPRECIATION/ AMORTISATION	431.554	437.367
	PROFIT/ (LOSS) BEFORE TAX	233.521	(347.688)
Less	TAX	236.516	(75.530)
	PROFIT/ (LOSS) AFTER TAX	(2.995)	(272.158)
	Earnings / (Loss) Per Share (INR)	(0.02)	(1.62)

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	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	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

INCORPORATE INFORMATION

The company was incorporated in the year 1989 and its registered office is located at B1, 6-3-1090, TSR Towers, Raj Bhavan Road, Somajiguda, Hyderabad – 500 082. The Company is listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The Company is one of India’s premier infrastructure companies based at Hyderabad executing major civil works including Roads, Canals, Airport Runways, Ports/Harbors, Dams & Reservoirs, Railways etc., across India.

REVIEW OF OPERATIONS

Net revenue from operations on standalone basis increased to INR 21153.505 Million as against INR 18122.125 Million in the previous year – a growth of 16.73%. The Profit after Tax for the current year is INR 717.886 Million as against INR 5801.46 Million in the previous year – a growth of 23.74%. The growth in profit is mainly driven by increase in net revenue from operations and softening of input prices during the year.

A few key policy changes including long awaited GST Act was finally approved paving the way for its implementation in the current financial year. Consumer spending got a huge shock when Government demonetised two highest denominated currency bills. However, as the year progressed, demand recovered and achieved normalcy by 4th quarter. Thanks to the sustained lower crude prices and good monsoon, inflation also remained in check. The company order book has improved substantially during the year under review and stands at INR124742.100 Million as at 31st March 2017 consisting of road works INR 70943.500 Million, irrigation works INR 35481.200 Million and other works INR 18317.400 Million. There are no material changes and commitments affecting the financial position of your Company which have occurred between the end of the financial year 2016–17 and the date of this report.

OVERVIEW

India offers massive opportunities in construction sector. Construction is the sixth-largest economic sector in India, accounting for 7.8% of the country’s GDP in FY2016, the second-biggest employer (after agriculture), with about 35mn people engaged, and the second-largest recipient of FDI after the services sector. Over FY2012-2016, the GVA of the sector expanded at a moderate CAGR of 3.4% — lower than GDP’s 6.5% — pushed down by the overall deceleration of the residential market. However, renewed government focus on infrastructure, coupled with a rising demand for commercial and retail properties, proved to be a solid foundation for fostering growth. The latest market research states that the infrastructure construction market is expected to grow at a higher CAGR than the overall construction market during 2015-20. Indian construction sector will grow up to eight percent every year for the next decade. However, scarcity of land for infrastructural development hinders the growth of the market. Currently major construction companies are experiencing liquidity constraints due to tightening of funding norms employed by the financial institutions in India. Moreover, rise in the cost of inputs acts as a major bottleneck in the development of the Indian infrastructure construction industry. Despite these challenges the market is poised to exhibit strong growth in the next few years. Growth of the infrastructure sector in India is dependent on overcoming such challenges. In order to increase FDI inflows, particularly with a view to catalyzing investment and enhancing the infrastructure sector, the Indian Government now permits 100% FDI under the automatic route. Huge government investments in roads & highways, airports, railways, ports and power will pave the future road map for the infrastructure construction market in India.

THE FUTURE OF CONSTRUCTION SECTOR IN INDIA

The construction sector in India, which employs more than 35 million people, is the second largest employer, next only to agriculture. Therefore, any improvements in the construction sector affect a number of associated industries such as cement, steel, technology, skill-enhancement, etc. As per the government reports, the sector is valued at over $126 billion. It also accounts for more than 60 per cent in total infrastructure investment. About half of the demand comes from the infrastructure sector, and the rest is driven by the real estate sector and other industrial activities. India’s construction industry will continue to expand over the forecast period (2016–2020), with investments in residential, infrastructure and energy projects continuing to drive growth. Various government flagship programs – including 100 Smart Cities Mission, Housing for All, Atal Mission for Urban Rejuvenation and Transformation (AMRUT), Make in India and Power for All – will be the growth drivers. The industry’s output value in real terms is expected to rise at a compound annual growth rate (CAGR) of 5.65% over the forecast period; up from 2.95% during the review period (2011–2015). There are certain challenges associated with India’s construction industry outlook. Limited funding, slow policy reforms and a weak currency are factors that will continue to limit the growth potential during the early part of the forecast period. Due to industrialization, urbanization, a rise in disposable income and population growth the demand for construction services is set to rise. Government efforts to improve the country’s residential and transport infrastructure will also support growth; states the report by Reportbuyer, a leading industry intelligence solution that provides all market research reports.

Road Ahead

Infrastructure sector is a key driver for the Indian economy. The sector is highly responsible for propelling India’s overall development and enjoys intense focus from Government for initiating policies that would ensure time-bound creation of world class infrastructure in the country. Infrastructure sector includes power, bridges, dams, roads and urban infrastructure development. In 2016, India jumped 19 places in World Bank’s Logistics Performance Index (LPI) 2016, to rank 35^th amongst 160 countries. In terms of infrastructure build-out, the focus is largely on transportation, especially railways and roads. There is nearly 10% increase in budgetary allocation to infrastructure, including 24% increase for national highways. Almost threefourths of the incremental investment outlay focuses on two segments –roads and rail. Upgrading connectivity and improving logistical efficiencies have excellent multiplier effects. India is witnessing significant interest from international investors in the infrastructure space. Indian construction sector will grow up to eight percent every year for the next decade. Overall, the Construction and Infrastructure Sector is likely show positive growth and improve as compared to the past.

FUTURE OUTLOOK:

The Government of India is taking every possible initiative to boost the infrastructure sector. Recently government has approved the biggest ever highway construction plan to develop nearly 83,667 km of roads by 2022 at an investment of INR 0.692 Million The program includes government’s Bharatmala scheme under which 34,800 km of highways would be constructed at the cost of INR 0.335 Million. Infrastructure sector is a key driver for the Indian economy. The sector is highly responsible for propelling India’s overall development and enjoys intense focus from Government.

UNSECURED LOAN:

PARTICULARS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
From Directors	48.870	0.000
Total	48.870	0.000

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER NINE MONTH RESULTS 31^st DECEMBER 2017

(INR In Million)

Particulars	Quarter ended		Nine month ended
	31.12.2017	30.09.2017	31.12.2017
	Unaudited
INCOME FROM OPERATIONS
Revenue from operations	9038.629	4231.790	19790.866
Other Operating Income	44.846	9.476	131.691
Total Income from Operations	9083.475	4241.266	19922.557
EXPENSES
Cost of materials consumed	6009.218	3055.459	14909.445
Changes in inventories of finished goods and work-in-progress	1244.142	107.858	682.366
Employee benefits expense	263.051	225.776	7,22.169
Finance Costs	691.460	540.520	1756.000
Depreciation and Amortization expenses	128.535	134.962	390.840
Other Expenditure	117.745	95.992	355.150
Total Expenses	8454.151	4160.567	18815.970
Profit / (Loss) from ordinary activities before Exceptional items	629.324	80.699	1106.587
Exceptional items	--	--	--
Profit / (Loss) before Tax	629.324	80.699	1106.587
Tax Expense	164.164	(156.442)	(46.851)
Profit / (Loss) after Tax	465.160	237.141	1153.438
Item will not be reclassified to profit and loss:	0.615	1.946	1.845
Income tax related reclassified to profit and loss:	(0.213)	(0.674)	(0.639)
Paid-up Equity Share Capital (Face value INR 10/- per share)	354.504	354.504	354.504
Reserves (excluding Revaluation Reserve)
Earnings per Share (EPS) - INR	2.63	1.33	6.51

Note: The above published results have been prepared in accordance with the principles and procedures as set out in Ind AS on financial statements and such other applica ble standards as notified under section 133 of the Companies Act ,2013 and Companies ( Indian Accounting Standard) Rules 2015 as amended.

2 The above financial results for the quarter and Nine-Months ended 31st December 2017 have been reviewed by the Audit Committee and considered & approved by the 80ard of Directors of the Company at its meeting held on 7th February 2018. Consequent to the introduction of Goods and SeN ices Ta" (GST) with effect frol'll July 1, 20ll, Central E" cise, Yal,'" Added Ta" (YAT), SeNice Ta" etc., replaced by GST.

Accordingly, the Revenue from Operations for the quarter and Nine Months ended December 31, 2017 are not comparable with the corresponding quarter and nine months ended 31^st December 2016.

4 The Company's Operations primarily consist of Construction activities and there are no other reportable segment under Ind AS 108 "Operating Segments".

5 The Net Income TalC expense (or the nine months ended 31.1 2.2017 is arrived after taking into account the reversal of elCcess income tax provision made for the previous year and recognition of MAT credit ent it lement.

6 The face value of shares of the Company was split from INR 10.00 per share to INR 2. 00 per share with effect from 10.02.2017 (record date 13.02.2017). All the shares and per share information reflect the effect of the split for each period presented.

7 Previous period / year figures have been regrouped to facilitate comparison wherever necessary.

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G71979538	100142926	CATALYST TRUSTEESHIP LIMITED	11/10/2017	-	-	3000000000.0	GDA House, First Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), KothrudPuneMa411038IN
2	G69426856	100139449	SREI EQUIPMENT FINANCE LIMITED	03/10/2017	-	-	200000000.0	'VISHWAKARMA', 86C, TOPSIA ROAD,KOLKATAWe700046IN
3	G50005073	100114709	SUNDARAM FINANCE LIMITED	08/05/2017	-	-	1156108.0	21 PATULLOS ROADCHENNAITa600002IN
4	G51202695	100117743	SUNDARAM FINANCE LIMITED	27/04/2017	-	-	2261659.0	21 PATULLOS ROADCHENNAITa600002IN
5	G47346507	100106753	SUNDARAM FINANCE LIMITED	26/04/2017	-	-	2262168.0	21 PATULLOS ROADCHENNAITa600002IN
6	G51566750	100118617	SUNDARAM FINANCE LIMITED	26/04/2017	-	-	1160119.0	21 PATULLOS ROADCHENNAITa600002IN
7	G58705203	100129790	SUNDARAM FINANCE LIMITED	26/04/2017	-	-	1566149.0	21 PATULLOS ROADCHENNAITa600002IN
8	G43200369	100095660	Syndicate Bank	03/04/2017	-	-	5229000000.0	NS Road BranchHyderabadTG500095IN
9	G37695129	100081583	CANARA BANK	06/01/2017	-	-	10290000000.0	PRIME CORPORATE BRANCH TSR COMPLEXSP ROADSECUNDERABADTG500003IN
10	G34671578	100074855	UNION BANK OF INDIA	30/12/2016	-	-	860000000.0	D-NO.6-3-1090/B/4/101, FIRST FLOOR, THE GRANDRAJBHAVAN ROAD, SOMAJIGUDAHYDERABADTG500082IN

FIXED ASSETS:

• Land
• Plant and Equipment
• Wind Power Equipment
• Furniture and Fixtures
• Vehilcles

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 records 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	INR
US Dollar	1	INR 63.90
UK Pound	1	INR 90.31
Euro	1	INR 80.16

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	VIV
Report Prepared by :	NKTS

SCORE FACTORS

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	YES
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.