Madhucon Projects Limited, Hyderabad, the flagship company of Madhucon Group was established in 1983. It was converted into a Private Limited Company in 1990 and became a Public Limited listed Company in 1995. We acquired a truly wide and solid base of experience in major areas of industrial and infrastructure construction- Highways, Irrigation, Property Development etc.

The main promoters of the Company are Shri N. Seethaiah and Shri N. Krishnaiah. Subsequently Shri N. Nageswara Rao and Shri N. Nageswara Rao is the Managing Director of the Company. Company name changed to Madhucon Projects Limited vide fresh Ceritficate of incorporation dated 10th April 1995. Credit rating agency, ICRA has assigned LA rating to the Rs. 1 billion long-term debt program of Madhucon Projects (MPL). The rating indicates adequate credit quality in the long term. The rating assigned by ICRA takes into account MPL’s long track record in executing infrastructure projects, its strong order book position, which gives visibility to revenues over the medium term, and its low gearing, which provides financial flexibility to the company. However, with its top-line and profits likely to report a healthy growth, and its debt repayment obligations being low, MPL’s debt coverage indicators are expected to remain adequate over the long term.

Madhucon Projects Limited, Hyderabad, the flagship company of Madhucon Group was established in 1983. It was converted into a Private Limited Company in 1990 and became a Public Limited listed Company in 1995. We acquired a truly wide and solid base of experience in major areas of industrial and infrastructure construction- Highways, Irrigation, Property Development etc.

The main promoters of the Company are Shri N. Seethaiah and Shri N. Krishnaiah. Subsequently Shri N. Nageswara Rao and Shri N. Nageswara Rao is the Managing Director of the Company. Company name changed to Madhucon Projects Limited vide fresh Ceritficate of incorporation dated 10th April 1995. Credit rating agency, ICRA has assigned LA rating to the Rs. 1 billion long-term debt program of Madhucon Projects (MPL). The rating indicates adequate credit quality in the long term. The rating assigned by ICRA takes into account MPL’s long track record in executing infrastructure projects, its strong order book position, which gives visibility to revenues over the medium term, and its low gearing, which provides financial flexibility to the company. However, with its top-line and profits likely to report a healthy growth, and its debt repayment obligations being low, MPL’s debt coverage indicators are expected to remain adequate over the long term.

Company have major clients like National Highways Authority of India, State Highway Development Corporations, R&B Departments of State Governments, Irrigation & CAD Departments of State Governments, Maharashtra Krishna Valley Development Corporation, Hyderabad Urban Development Authority, Northern Coalfields Ltd, Coal India, Konkan Railway Corporation, Indian Railway Construction Company, Indian Oil Corporation, Narmada Valley Development Authority, Andhra Pradesh Housing Board etc.

Joint Venture & Consortiums Partners-

• Sinohydro Corporation, Beijing, China (a US$2 Billion company) specializing in Water Resources Projects (Madhucon-Sinohydro JV)

• Binapuri Sdn Bhd, Malaysia, experts in Highways and Property Development (Madhucon-Binapuri JV)

• Kanchanjunga Constructions, Nepal, a leading Construction Company (Madhucon-Kanchanjunga JV)

• Glomac Berhard, Malaysia, a leading company in Property Development (Glomac-Madhucon

• WCT Land Berhard, Malaysia, a leading Property Development Company of Malaysia (WCT Land-Madhucon JV)

• SKEC, Seoul, Korea, a leading Infrastructure company of South Korea. (Madhucon-SKEC JV)

Valuation—

At current market price, stock is trading at attractive valuation of 3.6 P/E multiple of its FY2010 estimated earnings. We recommend investors to buy “Madhucon Projects Limited” with medium to long term price target of 400 Rs.