MIRA INFORM REPORT

Report Date :

06.12.2008

IDENTIFICATION DETAILS

Name :	CORDOBA ENGINEERING PRIVATE LIMITED
Registered Office :	23 A, N.S Road, 7^th Floor, Room No 17, Kolkata – 700 001, West Bengal.
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	05.06.1991
CIN No.: [Company Identification No.]	U27109WB1991PTC051935
Legal Form :	Private limited liability Company
Line of Business :	Manufacturer of Sheet Metal Auto Components, Fabrication, Railway Track, Materials, etc.

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 99595
Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear
Comments :	Subject is a well established and reputed company having satisfactory track records. Trade relations are fair. Business is active. No complaints have been heard. The company can be considered for normal business dealings.

LOCATIONS

Registered Office :

23 A, N.S Road, 7^th Floor, Room No 17, Kolkata – 700 001, West Bengal, India.

DIRECTORS

Name :	Mr. Omprakash Garg
Designation :	Director
Address :	20, Tube Rose Lane, Ashiana Garden, Sonari, Jamshedpur – 831 011, Jharkhand, India.
Date of Birth/Age :	04.08.1948
Pan No :	ADQPG0985P
Date of Appointment :	05.06.1991
Din No:	00795098
Name :	Mr. Satish Kumar Garg
Designation :	Director
Address :	19, Tube Roase Lane, Ashiana Garden, Sonari, Jamshedpur – 831 011, Jharkhand, India.
Date of Birth/Age :	06.10.1952
Date of Appointment :	05.06.1991
Din No:	00795277
Name :	Mr. Jeetendra Garg
Designation :	Director
Address :	20, Tube Rose lane, Ashiana Garden, Sonari, Jamshedpur – 831 011, Jharkhand, India.
Date of Birth/Age :	06.09.1971
Pan No :	AHNPG2932M
Date of Appointment :	01.04.1995
Din No:	00795388
Name :	Mr. Amit Garg
Designation :	Director
Address :	19, Tube Roase Lane, Ashiana Garden, Sonari, Jamshedpur – 831 011, Jharkhand, India.
Date of Birth/Age :	31.05.1974
Pan No :	ADAPG1596N
Date of Appointment :	01.04.1995
Din No:	00795168
Name :	Mr. Sumit Garg
Designation :	Director
Address :	19, Tube Roase Lane, Ashiana Garden, Sonari, Jamshedpur – 831 011, Jharkhand, India.
Date of Birth/Age :	30.07.1979
Din No:	00795325
Pan No :	ADQPG0987R
Date of Appointment :	01.12.2004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON (30.09.2007)

Names of Shareholders	No. of Shares
Mr. Omprakash Garg	15010
Mr. Satish Kumar Garg	8210
Mr. Krishna Devi Pansari	250
Mr. Prabhudayal Pansari	200
Mrs. Gita Devi Garg	2250
Mr. Santosh Devi Garg	200
Mr. Sumit Garg	100
Mr. Amit kumar Garg	650
Mr. Jaiprakash Garg	100
Mr. Jeetendra Garg	4150
Mr. Brajesh Gupta	500
Mr. RamNiwas Mittal	1000
Mr. Purshotam Kejriwal	1000
Mrs. Lakshmi Narayan Sharma	850
Mr. Rajesh Kumar Balsaria	650
Mr. Suman Garg	200
Mrs. Monika Garg	200
Mrs. Lakshmi Kutty Vijayan	800
Mr. Milan Kumar Agarwal	500
Citi Steel Private Limited	3600
S.L. Confin Private Limited	8300
LPS Engg. Private Limited	8600
Kamrup Engg Private Limited	5500
Leadline Tracon Private Limited	5000
Mrs. Seema Gupta	2500
Mr. Satish Kumar Garg HUF	400
Mr. Goutam Banga	100
Mr. Uttam Banga	100
Mr. Amit Banga	100
Mr. Sunil Kumar Choudhary	100
Mrs. Gayatri Devi Choudhary	100
Mrs. Rashmi Garg	100
Mr. Pawan Kumar Agarwal	200
Mrs. Kiran Devi Bhalota	25
Mrs. Tara Devi Choudhary	25
Mr. Bimal Choudhary	50
Cordoba Leasing Private Limited	3000
Total	74620

Equity Share Breakup	Percentage of Holding
Category (31.03.2007)
Bodies corporate	46.00
Directors or relatives of directors	43.00
Other top fifty shareholders	11.00

BUSINESS DETAILS

Line of Business :

NA

GENERAL INFORMATION

Bankers :	Small Industries Development Bank of India, ShantiNiketan Building, First Floor, Bistupur, Jamshedpur – 831 001, Jharkhand, India. Syndicate Bank Limited, Kolkata HDFC Bank Limited ICICI Bank Limited
Facilities :	Particulars	Year 31.03.2007 (Rs.in Millions)
	SECURED LOAN From Union Bank of India. SSI Branch, Jamshedpur Secured by Hypothecation of Inventories, Book Debts, Fixed Assets and Pledge of Fixed Deposit and Personal Guarantee of Directors a) Cash Credit A/C b) Term Loan against charge on specified items of Plant and Machinery c) Term Loan with SIDBI d) Term Loan from HDFC Bank (Tavera car) e) Term Loan from UBI (Wagon R car)	26.999 1.871 5.567 0.714 0.278
	Total	35.429
	UNSECURED LOAN From Bodies Corporate From Share Holders	0.500 3.374
	Total	3.874
	Grand Total	39.303
Banking Relations :	--
Auditors :	Harlalka Gupta and Associates
	Chartered Accountant
Address :	Ramrup Tulsi Bhawan, Diagonal Road, Bistupur, Jamshedpur – 831 001, Bihar, India.
Pan No:	AACFH9288H
Associates/Subsidiaries :	NIL

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs. 100/- Each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
74620	Equity Shares	Rs. 100/- Each	Rs.7.462 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		7.462	4.962	4.962
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12.457	9.658	7.249
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		19.919	14.620	12.211
LOAN FUNDS
1] Secured Loans		35.429	21.545	16.954
2] Unsecured Loans		3.875	5.909	2.098
TOTAL BORROWING		39.304	27.454	19.052
DEFERRED TAX LIABILITIES		1.073	1.154	1.334
TOTAL		60.296	43.228	32.597
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.583	13.016	11.849
Capital work-in-progress		8.388	0.000	0.000
INVESTMENT		2.122	2.124	2.100
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	27.509	17.574	9.860
	Sundry Debtors	12.487	6.643	8.342
	Cash & Bank Balances	1.478	1.209	0.894
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.760	12.785	3.969
Total Current Assets		50.234	38.211	23.065
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	17.113	10.123	4.417
	Provisions	0.000	0.000	0.000
Total Current Liabilities		17.113	10.123	4.417
Net Current Assets		33.121	28.088	18.648
MISCELLANEOUS EXPENSES		0.082	0.000	0.000
TOTAL		60.296	43.228	32.597

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2007
Sales Turnover	193.927
Other Income	0.000
Total Income	193.927
Profit/(Loss) Before Tax	4.479
Provision for Taxation	1.679
Profit/(Loss) After Tax	2.800
Total Expenditure	189.448

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	1.4	NA	NA
Net Profit Margin (PBT/Sales)	(%)	2.3	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.7	NA	NA
Return on Investment (ROI) (PBT/Networth)		0.2	NA	NA
Debt Equity Ratio (Total Liability/Networth)		0.9	0.7	0.4
Current Ratio (Current Asset/Current Liability)		2.9	3.8	5.2

LOCAL AGENCY FURTHER INFORMATION

Corporate identity number of the company	U27109WB1991PTC051935
Name of the company	CORDOBA ENGINEERING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	23 A, N.S. Road, Kolkata – 700 001, West Bengal, India.
This form is for	Creation of Charge
Type of charge	Book Debts Movable property (not being pledge) Floating Charge
Particular of charge holder	State Bank of India, Commercial Branch, Pratap Tower, Bistupur, Jamshedpur – 831 001, Jharkhand, India. E-Mail: surojeet.c@sbi.co.in
Nature of instrument creating charge	Advance to small and medium enterprises (SME). Agreement of Loan Cum Hypothecation Agreement to be executed by borrower for inclusion of Bank dues under public demand.
Date of instrument Creating the charge	13.08.2007
Amount secured by the charge	79.300 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit – 0.75% Below State Bnak Advance Rate (SBAR)= 12.75% with a minimum of 12.00% P.A. Term Loan – 0.25% Below State Bank Advance Rate (SBAR)= 12.75% with aminimum of 12.50% P.A. Terms of repayment Cash Credit – Repayable within 12 months subject to review every 12 months. Term loan-I-Repayable in 45 monthly instalments of Rs.0.40 Million each w.e.f. August, 2007 Term Loan-II-Repayable in 60 monthlyinstalments of Rs.1.500 millions each w.e.f. February 2008. Term Loan-III-Repayable in 53 monthly instalments of Rs.1.480 Millions each and 54^th instalment of Rs.1.560 mIllions each with a moratorium period of 6 months first instalment w.e.f. February, 2008. Margin 25% Extent and operation of the charge First charge by a way of hypothecation on existing and proposed fixed assets being created with fresh term loan.
Particulars of the property charged	First charge by a way of hypothecation on existing and proposed fixed assets being created with fresh term loan.

FIXED ASSETS:

• Land
• Plant and Machinery
• Shed and Building
• Tools and Die
• Furniture
• Motor Vehicle
• Generator
• Computer
• Bi-Cycle
• Air Conditioner
• Type Writer
• Water Boaring
• Epabx Accord
• Fax Machine
• Truck
• Water Filter
• Crane Mfg
• JCB Excavator
• Office
• Goodwill
• Weightment
• Tempo

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	Indian Rupees
US Dollar	1	Rs.49.69
UK Pound	1	Rs.72.96
Euro	1	Rs.63.46

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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