MIRA INFORM REPORT

Report Date :

25.02.2008

IDENTIFICATION DETAILS

Name :	PRESSCOM PRODUCTS PRIVATE LIMITED
Registered Office :	Plot No. 69-B, Sipcot II phase, Moranapalli, Hosur 635109, Tamilnadu
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	02.12.1998
Com. Reg. No.:	18-008665
CIN No.: [Company Identification No.]	U29199TZ1995PTC008665
TAN No.: [Tax Deduction & Collection Account No.]	CHP02439D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and supplier of Washer, Parts and Accessories of the Vehicle, Hubs, Wheels, Sprocket Wheels, Spring Case, Support Brackets. Etc. Parts and Accessories of the Vehicle, Seats

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 78000
	Status :			Satisfactory
	Payment Behaviour :			Regular
	Litigation :			Clear
	Comments :			Subject is well established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	Plot No. 69-B, Sipcot Industrial Complex, II phase, Moranapalli, Hosur, Krihnagiri Dist.Tamilnadu – 635109. India.
Tel. No.:	91-4344-260064-63
Fax No.:	91-4344-260607
E-Mail :	pppl_02@sify.com
Factory :	No. 6, 3^rd Cross, 4^th main, Industrial Town, Rajajinagar, Bangalore 560044, Karnataka, India
Tel. No.:	91-80-23354741 / 23404208 / 41287840 / 41287842
Fax No.:	91-80-23354741

DIRECTORS

Name :	Mr. Natesan Sampath
Designation :	Managing Director
Address :	N Sampath.No. – 81, 2^nd Cross, Basyam Nagar, Sri Rampuram, Bangalore– 560029, Karnataka
Mobile No. :	91-9900571043 / 9448273510
Date of Birth/Age :	03.03.1960
Date of Appointment :	03.06.1995
Name :	Mr. Natesan Vadi Velu
Designation :	Director
Address :	N. Vadi Velu. No. – 309, 2^nd Cross, 3^rd main, Block, 3^rd Stage, Basneswara Nagar, Bangalore– 560079, Karnataka
Date of Birth/Age :	20.04.1948
Date of Appointment :	15.05.1995
Name :	Mr. Natesan Manohar
Designation :	Director
Address :	N. Manohar. 242-C, MRCR Extn, 19^th Cross Behind Marathi Mandira, Vijayanagar, Bangalore – 560040, Karnataka
Date of Birth/Age :	14.09.1953
Date of Appointment :	14.08.1998
Name :	Mr. R. Mohan
Designation :	Director
Address :	AS-5, Salma Royal Residency, 48/1, Muthu Kumarad, Pan Street, Saligramam, Chennai 600098
Date of Appointment :	01.04.2003

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Mr. N .Sampath Natesan	41713
Mr. N. Vadi Velu Natasan	1325
Mr. V. Ramanan Vadivelu	9730
Equity share Break-up	Percentage of Holding
Directors or relatives of the Directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and supplier of Washer, Parts and Accessories of the Vehicle, Hubs, Wheels, Sprocket Wheels, Spring Case, Support Brackets. Etc. Parts and Accessories of the Vehicle, Seats

Products :

Item Code No. (ITC Code)	7318-90
Product Description	Washer

Item Code No. (ITC Code)	87-14
Product Description	Parts & Accessories of the Vehicle

Item Code No. (ITC Code)	87-11 to 87-13
Product Description	Hubs, Wheels, Sprocket Wheels, Spring Case, Support Brackets. Etc.

Item Code No. (ITC Code)	94-01 & 94-02
Product Description	Parts & Accessories of the Vehicle, Seats

GENERAL INFORMATION

Suppliers :	¶ Balaji Industrial Camp ¶ Dhanalakshmi Metal Finishers.
Customers :	TVS Motor Company Limited, Hosur TVS Motor Company Limited, Mysore Harita Seating Systems Limited , Hosur Arvin Exhaust India Private Limited, Bangalore Thai Summit Neel Auto Private Limited, Hosur Knorr Bremse Systems, Pune TVS Electronics, Chennai.
No. of Employees :	30
Bankers :	Sate Bank Of India

Banking Relations :	Satisfactory
Auditors :
Name :	M. A. Suryanarayanan and Company Chartered Accountants
Address :	2/3, Bakthavatsalam Nagar, 4^th street, Adyar, Chennai 600020, Tamilnadu, India
Memberships :	ISO 9001-2000, TS 16946

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs. 100/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
83525	Equity Shares	Rs. 100/- each	Rs. 8.352 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		8.352	7.302
2] Share Application Money		0.000	1.050
3] Reserves & Surplus		11.192	9.013
4] (Accumulated Losses)		0.000	0.000
NETWORTH		19.544	17.365
LOAN FUNDS
1] Secured Loans		36.585	31.872
2] Unsecured Loans		0.703	1.849
TOTAL BORROWING		37.288	33.721
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		56.832	51.086
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.971	16.142
Capital work-in-progress		0.000	0.078
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	63.768	47.654
	Sundry Debtors	5.867	16.844
	Cash & Bank Balances	1.170	1.690
	Other Current Assets	2.234	1.580
	Loans & Advances	0.000	0.774
Total Current Assets		73.039	68.542
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	42.254	33.762
	Provisions	0.000	0.000
Total Current Liabilities		42.254	33.762
Net Current Assets		30.785	34.780
MISCELLANEOUS EXPENSES		0.076	0.086
TOTAL		56.832	51.086

KEY RATIOS

PARTICULARS	31.03.2007	31.03.2006
Debt Equity Ratio (Total Liability/Networth)	4.06	3.88
Current Ratio (Current Asset/Current Liability)	1.72	2.03

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets

Ø Lease hold land plot69B

Ø Lease hold land plot68

Ø Land Development & Leveling

Ø Compound wall new land

Ø Factory Building

Ø Plant & Machinery

Ø Storage Equipments

Ø Electric. Installations

Ø Measuring Instruments

Ø Office Equipments

Ø Computers

Ø Furniture & Fittings

Ø Vehicles

Form 8

Bankers Charges Report as per Registry

Corporate identity number of the company	U29199TZ1995PTC008665
Name of the company	PRESSCOM PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 69-B, Sipcot II phase, Moranapalli, Hosur, 635109, Tamilnadu 635109, India
This form is for	Modification of charge
Type of charge	Hypothecation Equitable mortgage or mortgage of property by depositing the title deeds
Particular of charge holder	State Bank of India , Commercial Branch, Rajajinagar, Bangalore – 560 044
Amount secured by the charge	Rs. 5.000 Millions
Description of the property charged	Ø Stock in trade Ø Book Debts Ø Plant and Machinery Ø Others Ø Other movable fixed assets
Particulars of the property charged	Present and future goods, book debts, movables and other assets etc of the borrower by the way of first charge
Charge identification number of the charge to be modified	90001693
Brief description of the instrument modifying the charge under section 135	Agreement of loan cum hypothecation, link letter extension of equitable mortgage by deposit of title deeds enclosed
Date of instrument modifying the charge	22.03.2006
Particulars of the present modification	The amount secure by the charge stands reduced from Rs. 5.000 Millions to Rs. 2.700 Millions security of stocks goods, other movables assets and E. M of the company will cover to the extent of Rs. 2.700 Millions

Name of the company	PRESSCOM PRODUCTS PRIVATE LIMITED
Presented By	State Bank of India , Commercial Branch, Rajajinagar, Bangalore – 560 044
1) Date and description of instrument creating the change	Dated 26.11.1998 Agreement for the grant of small industrial advances and hypothecation of movables, book debts and other assets. [W C Finance] Ancillary agreements – 1,3 and 6, take delivery letter [All pertain to the same charge]
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 5.500 Millions [CC – hypothecation – Rs. 1.500 Millions , CC – Rec – Rs. 2.500 Millions, DD Purchase – Rs. 0.500 Millions, LC Rs. 1.000 Millions]
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All present & Future Goods, Book debts, Movables & other Assets of the Borrower including Documents of Title to Goods and other Assets such as outstanding Moneys, Receivables, Claims, Bills, Invoices, Documents & Securities, Contracts, Engagements, Investments, Rights & the existing Machinery and all future Machinery belonging to or in possession of or under the control of the Borrower wherever lying stored and kept and whether in possession of the borrower or of the bank or of any third party whether in India or elsewhere throughout world [inducing all such goods, machineries, movables and other assets as may be in course of shipment, transit or delivery] by way of first charge..
4) Gist of the terms and conditions and extent and operation of the charge.	Rte of Interest: - At 2.75% above SBAR: 15.75% per annum with periodical rates & or at such rate/s and rests as may be specified by the Bank from time to time. (Presently at quarterly rests) plus interest tax. Effective rate 16.06% Margin: As specified by the bank from time to time. Repayment: on Demand
5) Name and Address and description of the person entitled to the charge.	State Bank of India , Commercial Branch, Rajajinagar, Bangalore – 560 044 [A Banking Company]
6) Date and brief description of instrument modifying the charge	13.05.2005 (13^th May, 2005) Supplemental General agreement of the grant of small Industrial Advances and Hypothecation of Movables, Book debts, & other Assets.(w c Finance and 2) Extension of Equitable Mortgaged by Deposit of Title Deeds – Letter conforming Deposit of Title Deeds – Form B enclosed.( Both pertained to the same charged )
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	By the above the amount secured by the charge stands INCREASED from Rs. 5.500 Millions to Rs. 7.700 Millions Rate of interest: At 1.5% above SBAR : Effective rate 11.75% per annum periodical rates and / or at such rates /rests as may be advised by the Bank from time to time. Penal Interest: As stipulated in sectioned better margin : As advised by the Bank from time to time. Repayment : On Demand The securities already obtained like current assets – stocks, goods raw materials , semi finished and finished goods, stores, spares etc., book debts, receivable etc. other assets , fixed movable assets and immovable properties situated at plot no. 69B , SIPCOT phase II, Moornapalli, Hosur measuring an extant of 1 Acre bounded on the East by plot no. 68, west by 12.20 Mtrs Road, North by plot no. 70C & 71 & south by plot no. 69A to cover the entire credit facilities of Rs. 7.700 Millions by way of FIRST CHARGE. [All other terms and conditions remain unchanged]

Form 8 Particular for creation or modification of charges

Corporation identity number or foreign company registrations number of the company	U29199TZ1995PTC008665
Name of the company	PRESSCOM PRODUCTS PRIVATE LIMITED
Address	Plot No. 69-B, Sipcot II phase, Moranapalli, Hosur, 635109, Tamilnadu – 635109. India.
This Form is for	Modification of charge
Particular of the charge holder	1
Type of Charge	Hypothecation Equitable mortgage or mortgage of property by depositing the titles deeds
Description of the property charge whether it is a charge on	Present and future Goods, Movable and other Assets ect of the borrower by the way of first charge
Modification charge Charge identification number of the charge to be modified	90001693
Date of instrument modifying the charge	22/03/2006
Particulars of the present modification	The amount secured by the charge stands reduced from Rs. 5.000 Millions to 2.700 Millions security of stock goods, other movable assets and E.M of the company will cover to the extent of the Rs. 2.700 Millions.

Date and description of the instrument creating the charge	26.11.1998 (26^th November, 1998). General Agreement for the grant of small Industrial Advances and Hypothecation of Movables, Book debts & other Assets. (W C Finance) Ancillary Agreements – 1, 3 and 6 ; Take Delivery Letter
Amount secured by the charge / amount owing on security of the charge	Rs. 5.500 Millions (Rupees Five point Five Hundred Millions only)
Short particular of the property charged. If the property acquired is subject to charge, date of acquisition of property should be given.	All present & Future Goods, Book debts, Movables & other Assets of the Borrower including Documents of Title to Goods and other Assets such as outstanding Moneys, Receivables, Claims, Bills, Invoices, Documents & Securities, Contracts, Engagements, Investments, Rights & the existing Machinery and all future Machinery belonging to or in possession of or under the control of the Borrower or of the Bank or of any third party whether in India or elsewhere throughout world (including all such goods, machineries, movables and other assets as may be in course of shipment, transit or delivery ) by way of FIRST CHARGE.
Gist of the terms and conditions and extant & operation of the charge.	Rate of Interest: - At 2.75% above SBAR: 15.75% per annum with periodical rates & or at such rate/s as may be specified by the Bank from time to time. (Presently at quarterly rests) plus interest tax. Effective rate 16.06% Margin: As specified by the bank from time to time. Repayment: on Demand
Name ,Address and description of the persons entitled to the charged	State Bank of India , Commercial Branch, Rajajinagar, Bangalore – 560 044
Date and brief description of instrument modifying the charge	13.05.2005 (13^th May, 2005) General agreement of the grant of small Industrial Advances and Hypothecation of Movables, Book debts, & other Assets.(w c Finance and 2) Extension of Equitable Mortgaged by Deposit of Title Deeds – Letter conforming Deposit of Title Deeds – Form B enclosed.( Both pertained to the same charged )
Particular of modification specifying the terms and conditions or the extent of operation of the charged in which modification is made and details of the modification.	By the above the amount secured by the charge stands INCREASED from Rs. 5.500 Millions to Rs. 7.700 Millions (Rupees seven point seven Hundred millions only) Rate of interest: At 1.5% above SBAR : Effective rate 11.75% per annum periodical rates and / or at such rates /rates as may be advised by the Bank from time to time. Panal Interest: As stipulated in sectioned better margin : As advised by the Bank from time to time Repayment : On Demand The security already obtained like current assets – stocks, goods raw materials , semi finished and finished goods, stores, spares etc., book debts, receivable etc. other assets , fixed movable assets and immovable properties situated at plot no. 69B , SIPCOT phase II, Moornapalli, Hosur measuring an extant of 1 Acre bounded on the East by plot no. 68, west by 12.20 Mtrs Road, North by plot no. 70C & 71 & south by plot no. 69A to cover the entire credit facilities of Rs. 7.700 Millions by way of FIRST CHARGE.
Date and description of the instrument creating the charge	26.11.1998 (26^th November, 1998). General Agreement for the grant of small Industrial Advances and Hypothecation of Movables, Book debts & other Assets. (W C Finance) Ancillary Agreements – 1, 3 and 6 ; Take Delivery Letter
Amount secured by the charge / amount owing on security of the charge	Rs. 5.500 Millions (Rupees Five point Five Hundred Millions only)
Short particular of the property charged. If the property acquired is subject to charge, date of acquisition of property should be given.	All present & Future Goods, Book debts, Movables & other Assets of the Borrower including Documents of Title to Goods and other Assets such as outstanding Moneys, Receivables, Claims, Bills, Invoices, Documents & Securities, Contracts, Engagements, Investments, Rights & the existing Machinery and all future Machinery belonging to or in possession of or under the control of the Borrower or of the Bank or of any third party whether in India or elsewhere throughout world (including all such goods, machineries, movables and other assets as may be in course of shipment, transit or delivery ) by way of FIRST CHARGE.
Gist of the terms and conditions and extant & operation of the charge.	Rte of Interest : - At 2.75% above SBAR: 15.75% per annum with periodical rates & or at such rate/s as may be specified by the Bank from time to time. (presently at quarterly rests) plus interest tax. Effective rate 16.06% Margin : As specified by the bank from time to time. Repayment: on Demand
Name ,Address and description of the persons entitled to the charged	State Bank of India , Commercial Branch, Rajajinagar, Bangalore – 560 044
Date and brief description of instrument modifying the charge	13.05.2005 (13^th May, 2005) General agreement of the grant of small Industrial Advances and Hypothecation of Movables, Book debts, & other Assets.(w c Finance and 2) Extension of Equitable Mortgaged by Deposit of Title Deeds – Letter conforming Deposit of Title Deeds – Form B enclosed.( Both pertained to the same charged )
Particular of modification specifying the terms and conditions or the extent of operation of the charged in which modification is made and details of the modification .	By the above the amount secured by the charge stands INCREASED from Rs. 5.500 Millions to Rs. 7.700 Millions (Rupees seven point seven Hundred millions only) Rate of interest: At 1.5% above SBAR : Effective rate 11.75% per annum periodical rates and / or at such rates /rates as may be advised by the Bank from time to time. Panal Interest: As stipulated in sectioned better margin : As advised by the Bank from time to time Repayment : On Demand The security already obtained like current assets – stocks, goods raw materials , semi finished and finished goods, stores, spares etc., book debts, receivable etc. other assets , fixed movable assets and immovable properties situated at plot no. 69B , SIPCOT phase II, Moornapalli, Hosur measuring an extant of 1 Acre bounded on the East by plot no. 68, west by 12.20 Mtrs Road, North by plot no. 70C & 71 & south by plot no. 69A to cover the entire credit facilities of Rs. 7.700 Millions by way of FIRST CHARGE.

Date and description of the instrument creating the charge	06.09.2004 (6^th September, 1998). General Agreement for the grant of Medium term Advances to Small scale Industries and Hypothecation of Movables, Book debts & other Assets.
Amount secured by the charge / amount owing on security of the charge	Rs. 5.000 Millions (Rupees Five Millions only)
Short particular of the property charged. If the property acquired is subject to charge, date of acquisition of property should be given.	All present & Future Goods, Book debts, Movables & other Assets of the Borrower including Documents of Title to Goods and other Assets such as outstanding Moneys, Receivables, Claims, Bills, Invoices, Documents & Securities, Contracts, Engagements, Investments, Rights & the existing Machinery and all future Machinery belonging to or in possession of or under the control of the Borrower or of the Bank or of any third party whether in India or elsewhere throughout world (including all such goods, machineries, movables and other assets as may be in course of shipment, transit or delivery ) by way of FIRST CHARGE.
Gist of the terms and conditions and extant & operation of the charge.	Rate of Interest : -MTL- At 1.5% above SBAR: 11.75% per annum with periodical rates & or at such rate/s as may be specified by the Bank from time to time. (presently at quarterly rests) plus interest tax. Effective rate 16.06% Margin : As specified by the bank from time to time. Repayment: MTL – In 8 Monthly Installments of Rs. 0.200/- each commencing from October , 2004 and next 34 Installments of Rs.0.100/- each . Final Maturity – 31.03.2008.
Name ,Address and description of the persons entitled to the charged	State Bank of India , Commercial Branch, Rajajinagar, Bangalore – 560 044
Date and brief description of instrument modifying the charge.	Date 09.11.2004(09^th November ,2004) Equitable Mortgage by deposit of Title deeds – Letter conforming deposit of Titale deeds – Form A enclosed.
Particular of modification specifying the terms and conditions or the extent of operation of the charged in which modification is made and details of the modification .	By the above the company has provided the security of its Immovable properties situated at plot no. 69B , SIPCOT phase II, Moornapalli, Hosur measuring an extant of 1 Acre bounded on the east by plot no. 68, west by 12.20 Mtrs Road, North by plot no. 70C &71 & south by plot no. 69A to cover the entire credit facilities of Rs. 5.000 Million by way of FIRST CHARGE.

Corporation identity number or foreign company registrations number of the company	U29199TZ1995PTC008665
Name of the company	PRESSCOM PRODUCTS PRIVATE LIMITED
Address	Plot No. 69-B, Sipcot II phase, Moranapalli, Hosur, 635109, Tamilnadu – 635109. India.
This Form is for	Modification of charge
Type of charge	Hypothecation
Particular of the charge holder	1
Nature or description of the instrument creating charge	General Agreement for grant of small Industrial Advances and Hypothecation of Movables, Book debts & other Assts
Amount Secure by the charge	Rs.5.500 (Rs.Five point Five Hundred Millions)
Brief of the principle terms and conditions and extant operation off the charge	Rate of Interest : At 2.75% above SBAR: 15.75% per annum with periodical rates & or at such rate/s as may be specified by the Bank from time to time. (presently at quarterly rests) plus interest tax. Effective rate 16.06% Margin : As specified by the bank from time to time. Repayment on Demand
Description of the property charged	Plant and Machinery , Book Debts, others
Particular of the property charged	All present & Future Goods, Book debts, Movables & other Assets of the Borrower including Documents of Title to Goods and other Assets such as outstanding Moneys, Receivables, Claims, Bills, Invoices, Documents & Securities, Contracts, Engagements, Investments, Rights & the existing Machinery and all future Machinery belonging to or in possession of or under the control of the Borrower or of the Bank or of any third party whether in India or elsewhere throughout world (including all such goods, machineries, movables and other assets as may be in course of shipment, transit or delivery ) by way of FIRST CHARGE.
Charge identification (ID) number of the charge to be modified	Original charge on 26.11.1998.Regd on 01.12.1998 ID-900 0898 06.09.2004/06.10.2004D.40-Amount renewed at Rs. 5.500 Millions. 09.11.2004/10.06.2005D.46-AddlSecurity Immovable Property Obtd. 13.05.2005/10.06.2005D.54-Ammount increased to Rs. 7.700 Millions.
Breif description of the instruments modifying the charge	Agreement of Loan Hypothecation of SME Link Letter. SME-12Extentionof the Equitable Mortgage by Deposit of Title Deeds – Letter confirming Deposit of title Deeds enclosed
Particular of the present modification	By the above the amount secured by the charge stands INCREASED from Rs. 7.700 Millions to Rs. 0.300 Millions (Rupees Three Hundred millions only) Rate of interest:CC-2 % above SBAR(SBAR=10.25%) : Effective rate 12.25% per annum periodical rates and / or at such rates /rates as may be advised by the Bank from time to time.& T.L-2.50%above SBAR(SBAR=10.25%)Effective rate 12.75% per annum periodical rates and / or at such rates /rates as may be advised by the Bank from time to time. Margin 25% on RM/SIP/FG/REC/LC/BG & T.L-29% Repayment : CC – On demand & T.L – Payable at 48 installments of which 47 installments of Rs. 0.156 Millions each and final installment of Rs. 0.168 Millions commencing from September, 2006. Securities like Stocks, Goods, Book debts, Receivables, others Movable Assets, Plant & Machinery, ect. & the security of its immovable properties situated at Plot no.69B, SIPCOT phase II, Moornapali, HOSUR measuring an extant of 1 Acre already obtained and now obtained both present & future are available for the entire credit facilities of Rs. 0.300 Millions by way of FIRST CHARGE.

Date and description of the instrument creating the charge	06.09.2004 (6^th September, 1998). General Agreement for the grant of Medium term Advances to Small scale Industries and Hypothecation of Movables, Book debts & other Assets.
Amount secured by the charge / amount owing on security of the charge	Rs. 5.000 Millions (Rupees Five Millions only)
Short particular of the property charged. If the property acquired is subject to charge, date of acquisition of property should be given.	All present & Future Goods, Book debts, Movables & other Assets of the Borrower including Documents of Title to Goods and other Assets such as outstanding Moneys, Receivables, Claims, Bills, Invoices, Documents & Securities, Contracts, Engagements, Investments, Rights & the existing Machinery and all future Machinery belonging to or in possession of or under the control of the Borrower or of the Bank or of any third party whether in India or elsewhere throughout world (including all such goods, machineries, movables and other assets as may be in course of shipment, transit or delivery ) by way of FIRST CHARGE.
Gist of the terms and conditions and extant & operation of the charge.	Rate of Interest: -MTL- At 1.5% above SBAR: 11.75% per annum with periodical rates & or at such rate/s as may be specified by the Bank from time to time. (presently at quarterly rests) plus interest tax. Effective rate 16.06% Margin: As specified by the bank from time to time. Repayment: MTL – In 8 Monthly Installments of Rs. 0.200/- each commencing from October 2004 and next 34 Installments of Rs.0.100/- each . Final Maturity – 31.03.2008.
Name ,Address and description of the persons entitled to the charged	State Bank of India , Commercial Branch, Rajajinagar, Bangalore – 560 044
Date and brief description of instrument modifying the charge.	NA
Particulaer of modification specifying the terms and conditions or the extent of operation of the charged in which modification is made and details of the modification .	NA

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. 39.98
UK Pound	1	Rs. 78.57
Euro	1	Rs. 59.20

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

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