MIRA INFORM REPORT

Report Date :

19.07.2008

IDENTIFICATION DETAILS

Name :	SHOGINI TECHNOARTS PRIVATE LIMITED

Registered Office :	Gate No. 788, Khed Shivapur, Taluka Haveli, Pune-412205, Maharashtra,

Country :	INDIA

Financials (as on) :	31.03.2007

Date of Incorporation :	23.08.1982

Com. Reg. No.:	11-28059

CIN No.: [Company Identification No.]	U32104PN1982PTC028059

Legal Form :	Private limited liability company.

Line of Business :	Manufacturer of Printed Circuit Boards.

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	USD 2424535

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established company having fine track. Trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

INFORMATION PARTED BY

Name :	Mr. Mane
Designation :	Account Executive
Date :	18.07.2008

LOCATIONS

Registered Office :	Gate No. 788, Khed Shivapur, Taluka Haveli, Pune-412205, Maharashtra,India
Tel. No.:	91-20-24384366
Fax No.:	91–20-24338984
E-Mail :	info@shogini.com
Website :	www.shogini.com
Area :	6 floor Building
Location :	Owned

Cad centre:	209/1, Shivganga, L. B. S. Road, Navi Peth, Pune - 411 030, Maharashtra
Tel. No.:	91-20-22534281/22533015

Head Office :	720/19, Navi Peth, "Kamala" Off. L. B. Shastri Marg, Opposite Bank of Maharashtra, Pune - 411 030, Maharashtra, India
Tel. No.:	91–20-24336971 / 24336311
Fax No.:	91-20-24338984
E-Mail :	shogini@giaspn01.vsnl.net.in, info@shogini.com
Area :	1800 sq. ft.
Location :	Owned – Commercial Area


Corporate Office :	SNOS (P), Hissa No. 2/4/2, Shogini Builging, Katrajdehu Road By pass Near Sinhagad Road, Fly over Movje, Ambegaon budruk, Taluka Haveli, Pune -411046, Maharashtra, India
Tel. No.:	91-20-66471700
Fax No.:	91-20-66471714
E-Mail :	info@shogini.com
Contact Person:	Mr. Satish Athavale- Director Marketing

Factory :	Gate No. 788, Khed Shivapur, Taluka Haveli, Pune-412205, Maharashtra,India
Tel. No.:	91-20-66471800, 24384366/466
Fax No.:	91-20-24384536
E-Mail :	stplscan@shogini.com abhijit@shogini.com
Contact Person:	Mr. Abhijit Tamhankar- Director Technical Mr. Rishikesh Modak- Director Production



Branches :	Mumbai B5, Ground Floor, Amina Mansion, Madhav Das Pasta Road, Dadar (East), Mumbai - 400 014, Maharashtra, India Tel. No. 91-22-24145686/1435 Fax No. 91-22-2415435 458, Vashi Plaza, Sector 17, Vashi, Navi Mumbai-400705, Maharashtra, India Tel. No. 91-22-27898872 Fax No. 91-22-27663253 E-Mail: shogini@im.eth.net Contact Person: Mr. Mohan Karandikar / Mr. Vishwesh Lele. Bangalore Mr. N. Jayaprakash Tel. No.91-80-25505771 E-Mail: jayapraksh63@rediffmail.com shogini@sabcharnet.in Hyderabad Mr. Uday Khardekar Tel. No. 91-40-27506475/6 Fax no: 91-40-27506482 E-Mail: udyudyog@hd2.dot.net.in Delhi Mr. Amit Agrawal Tel. No.91-11-22784231 E-Mail: amit_pcb@vsnl.com Mob No: 91-9810139334 · Mr. Ajit Agarwal Tel. No 91-11-22784231 Mob No: 91-9810068997 E-Mail: automated@bol.net.in

DIRECTORS

Name :	Mr. Vijay Mukund Athavale
Designation :	Chairman and Managing Director
Address :	Flat No. 788, Khed Shivapur, Taluka Haveli, District Pune, Maharashtra, India
Date of Birth/Age :	49 years
Qualification :	Master In Computer
Experience :	23 years
Date of Appointment :	23.02.1982

Name :	Vinayak Vishnu Athavale
Designation :	Director – Technical and Marketing
Address :	677, Sadashiv Peth, India –411030, Maharashtra, India
Date of Birth:	21.08.1951
Qualification:	Engineeer
Date of Appointment :	23.08.1982

Name :	Abhijit Shrinivas Tamhankar
Designation :	Director – Technical and EDP
Address :	999-B, Mayuresh Society, Phathak Baug, Rajendra Nagar, India – 411030, Maharashtra, India
Date of Birth:	23.06.1969
Qualification:	MBA, Engineer
Date of Appointment :	01.01.1996

Name :	Mrs. Geeta A. Tamhankar
Designation :	Director- Technical and Designing
Address :	999-B, Mayuresh Society, Phathak Baug, Rajendra Nagar, India – 411030, Maharashtra, India
Date of Birth:	22.01.1972
Qualification:	BE in Electronics
Date of Appointment :	01.07.1998

Name :	India Rhushikesh Ravikiran Modak
Designation :	Director – Technical and Production
Address :	19, Vivek Society, Padmavati, India – 411009, Maharashtra, India
Date of Birth:	12.05.1974
Qualification:	B com
Date of Appointment :	28.03.2001

Name :	Mrs. Seema R. Modak
Designation :	Director –Commercial
Address :	19, Vivek Society, Padmavati, Pune – 411009, Maharashtra, India
Date of Birth:	21.08.1977
Date of Appointment :	01.01.2002

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

LIST OF EQUITY SHARE HOLDERS (AS ON 30.09.2005)

Names of Shareholders		No. of Shares
Mr. Vijay Athawale and Mrs. Vibhavari Athavle		219349
Mr. Vinayak Athavale and Mrs. Deepa Athavale		500
Mrs. Vibhavari Athavale and Mr. Vijay Athavale		59850
Mrs. Gauri Behere and Mr. Vinayak Behere		100
Mr. Vithal Ranade and Mrs. Madhuri Ranade		50
Mrs. Prabha Bapat and Mr. Anand Bapat		100
Mr. Shamkant Sathe and Mrs. Swati Sathe		50
Mrs. Swati Sathe and Mr. Shamkant Sathe		50
Mr. Achyut G Karandikar		500
Mrs. Rajana R Sonar		100
Mrs. Vibhavari V Athavale		1000
Mrs. Geeta Tamhankar and Mr. Abhijit Tamhankar		1000
Mrs. Sampada Parsekar		100
Mrs. Seema Modak and Mr. Rishikesh Modak		15601
Mrs. Deepa Athavale and Mr. Vinayak Athavale		350
Mrs. Geeta Tamhankar and Mr. Abhijit Tamhankar		500
Mr. Abhijit Tamhankar and Mrs. Geeta Tamhankar		500
Mr. Rishikesh Modak and Mrs. Seema Modak		5500
Mr. Shamkant Sathe		150
Mrs. Geeta Tamhankar and Mr. Abhijit Tamhankar		20550
Mrs. Vibhavari Athavale		7500
Total		333400

LIST OF PREFERENCE SHAREHOLDER (AS ON 30.09.2005)

Names of Shareholders		No. of Shares
Mrs. Seema Modak Rhushikesh		173
Mrs. Pasalkar Pratibha		01
Mr. Sheikh Sabir		01
Mrs.Sheikh Sabir Julekha		01
Mr. Dhavale Dilip		01
Mr. Adkar Madhukar Milind		01
Mrs. Vasanti Ghatpande Prabhakar		01
Mr. Rohan Satish Khandilkar		01
Mr. Arvind Joshi Damodar		01
Mrs. Shevade Govind Girjia		01
Ms. Adkar Milind Madhuri		01
Ms.Apte Hemant Geeta		01
Mr. r Ganesh Waman Diwarka		01
Mrs.Ashwini Ashok Deshpande		01
Mr. Ashok. B. Deshpande		01
Mr. Ghanashyam Vishvanth Yarnalkar		01
Mrs. Anjali Ghanashyam Yarnalkar		01
Mr.Dhananjay Ghanashyam Yarnalkar		01
Mr. Sunil Savelkar Dattatraya		01
Mr. Sunil Parg Savelkar		01
Mr. Sanjay Ramchandr Pawar		01
Mrs.Smita Sanjay Pawar		01
Mr.Samit Sanjay Pawar		01
Mrs. Jayshree M Kashid		01
Mrs. Kamal Achyut Gokhale		01
Mr. Yogendra Prabhakar Ghatpande		01
Mr. Waman Ganesh Diwarkar		01
Mr. L N Khar		01

TOTAL		200

Equity Share Break Up As on 30.09.2005

Particulars	Percentage
Directors or relatives of directors	99.64
Other top 50 shareholders (other than those listed above)	0.36

Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Printed Circuit Boards.

Products :	Product Description: Printed Circuit Boards ITC Code No: 8534.00 SMOBC-HAL-PISM finishes. Lead-Free HAL solder. Selective OSP finish for single sided PCBs. Electroless Nickel and Immerson Gold. Selective electroplated Nickel and Gold plating. Conductive carbon for keys & jumpers. PCB thickness – 0.8 mm / 1.6mm / 2.4mm / 3.2mm. Copper clad thickness – 18 / 35 / 70 micron. Base laminates - FR-2 / CEM1 / FR-4. CNC routing / V-grooving for panels.

Brand Names :	“SHOGINI”

Exports :
Products :	Printed Circuit Board
Countries :	USA, Germany

Imports :
Products :	Raw Materials
Countries :	Singapore, UK, Italy, France

Terms :
Selling :	L/C, Credit

Purchasing :	L/C

GENERAL INFORMATION

Suppliers :

Electric Corporation USA
Mishra Datu Nigam Limited, Hyderabad
Gar Plastics Limited, Pune

Customers :

Manufacturers
Tata keltron Limited, trivandrum
Barron International Limited, Bombay
Viedecon International Limited, Aurangabad
Avil circuit products
Poona Pneumatic Company
SLN Technology private Limited
Aerotech Engineering Company
Quality Machine Tools
VIP Traders
Pioneed Industry
Indian Telephone Industries Limited
Department of Telecommunication

No. of Employees :

60 (In office), 740 (In Factory)

Total-800

Bankers :

Saraswat Bank, Karve Road Branch, Pune-411004, Maharashtra, India

Janata Sahakari Bank Limited

Bhor Branch, Taluka Velha, District Pune, Maharashtra

(Loan Rs. 12.500 millions dated 17/11/2001

Shree Sharada Sahakari Bank Limited

Pune, Maharashtra

(Loan Rs. 1.975 millions dated 01/10/1997)

The Vishweshwar Sahakari Bank Limited

Vijayhagar Branch, Pune

(Loan Rs. 10.000 millions dated 20/05/2000)

Indusind Bank Limited

Camp Branch, Pune

(Loan Rs. 4.000 millions dated 03/02/2000)

Bank of Maharashtra

Pune 411030

State Bank of India

Tilak Road branch , Pune – 411002

Facilities :

SECURED LOAN	(Rs in millions)

Cash Credit from the Saraswat co- operative Bank Limited	78.240
Term Loan from the Saraswat co- operative Bank Limited	73.318


Banking Relations :	Satisfactory

Auditors :
Name :	SL Apte and Company (Chartered Accountant)
Address :	3 Pritam “B” Apartments S No.16/10 Kothrud, Pune-411038, Maharashtra, India

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
495000	Equity Shares	Rs. 100/-each	Rs. 49.500 millions
5000	Preference Shares	Rs. 100/- each	Rs.0.500 million

	Total		Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
469700	Equity Shares	Rs.100/- each	Rs.46.970 millions
200	Preferences Shares	Rs.100/- each	Rs.0.020 million

	Total		Rs.46.990 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars

31.03.2008

Sales Turnover

700.000

Expected Sales (2008-09) : Rs.900.000 millions

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		46.990	46.990	33.360
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		96.952	62.362	50.184
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		143.942	109.352	83.544
LOAN FUNDS
1] Secured Loans		271.945	193.033	151.559
2] Unsecured Loans		67.303	54.164	53.502
TOTAL BORROWING		339.248	247.197	205.061
DEFERRED TAX LIABILITIES		1.717	1.717	0.000

TOTAL		484.907	358.266	288.605

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		191.035	163.555	130.711
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.400	0.400	0.500
DEFERREX TAX ASSETS		4.762	2.900	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	120.183	72.236	72.730
	Sundry Debtors	152.072	117.643	95.599
	Cash & Bank Balances	100.371	55.985	24.907
	Other Current Assets	21.628	12.643	13.497
	Loans & Advances	57.175	45.595	33.465
Total Current Assets		451.429	304.102	240.198
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	95.656	58.917	45.451
	Provisions	67.063	53.775	37.353
Total Current Liabilities		162.719	112.692	82.804
Net Current Assets		288.710	191.410	157.394

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		484.907	358.266	288.605

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
Sales Turnover		468.336	377.422	277.876
Other Income		0.000	0.000	0.000
Total Income		468.336	377.422	277.876

Profit/(Loss) Before Tax		48.258	29.444	21.355
Provision for Taxation		17.004	10.992	7.725
Profit/(Loss) After Tax		31.254	18.452	13.630

Export Value		0.000	4.910	1.133

Import Value		0.000	143.670	105.485

Expenditure:
	Financial Charges	19.458	19.415	0.000
	Depreciation	28.056	24.307	0.000
	Other Expenditure	372.564	304.246	256.521
Total Expenditure		420.078	347.968	256.521

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
PAT / Total Income	(%)	6.67	4.89	4.91

Net Profit Margin (PBT/Sales)	(%)	10.30	7.80	7.69

Return on Total Assets (PBT/Total Assets}	(%)	10.25	7.93	7.15

Return on Investment (ROI) (PBT/Networth)		0.44	0.35	0.32

Debt Equity Ratio (Total Liability/Networth)		3.31	3.44	3.47

Current Ratio (Current Asset/Current Liability)		2.70	2.90	2.69

LOCAL AGENCY FURTHER INFORMATION

Business:

Subject is engaged in the manufacture of high density fine line printed circuit Boards. The product range includes single, double and multi-layer PCB’s with solder mask over bare copper, liquid solder mask, photo imagible solder mask, hot air leveling, nickel, silver and gold plating, CNC routing, bare board testing etc. PCB’s can be providing in any material as per your requirement i.e. FR2, FR3, FR4 etc. Apart from “UL” approval, company is approved by CACT, C-Date of Appointment, III, RDSO etc.

Production is done against specific orders. Imports Industrial Laminates Film, inks etc. for captive use. Shogini’s plant has been approved by Indian telephone Industrial Limited and Department of Telecommunication. The plant is fitted with 12 Nos. CNC drilling machines and Universal BBT. Company has an in house professional CAD facility.

Fixed Assets

Land
Building
Plant and Machinery
Computer
Furniture
Office Equipments
Water supply Equipments
Vehicles
Live Stock
Building WIP
Leasehold Land
Flat at Katraj

Subject is the 5^th largest PCB Manufacturer in India.

The company appears to the doing well and it has good customer support.

Considered goods for normal business engagements.

Review of operations

The financial year under report, has been a fruitful one. Deposit tough competition the company could achieve the set targets. The sales and other income of the company was Rs. 377.422 millions and against Rs. 277.876 millions of the previous year registering a remarkable growth.

The profit for the year after Taxation was Rs. 18.452 millions as compared to Rs. 13.630 millions of the previous year. Resulting in an increase of about 35.40 % mainly because of the saving made by the company in the other areas.

Dividend

The directors of the company are happy to recommend Dividend @ 5 % i.e. Rs. 5/- per share on the Equity shares of the company aggregating to Rs. 1.667 millions

The same will be paid to those shareholders whose names appear on the Register of Members of the date of this Annual General meeting.

The Directors also recommended the Dividend @ 15 % i.e. Rs. 15/- per preference Shares on pro rata basis from the date of allotments. The Shareholders are requested to approve the same.

1) Date and description of instrument creating the change

No Instrument was executed.

Mortgage by Deposit for original Title Deeds dated 30^th April, 2002

2) Amount secured by the charge/amount owing on the securities of charge

Total Limit Rs. 78.500 millions as described below : 3

	(Rs in millions)
Cash credit	48.500
Term Loan	10.000
Letter of Credit	15.000
Bank Guarantee	5.000
Total	78.500

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 that piece and parcel of land admeasuring about 30 Areas out of Bat No 788 totally admeasuring about 96 Areas of Mourhe khed Shivapur, Taluka Havelu, district Pune, together with all easement rights annexed to the said land and together with all buildings, sheds, units etc. constructed thereon, together with all fixtures and furniture and fittings in the said premises and bounded as mentioned in the Deed of Mortgage by deposit of Title Deeds.

All that piece and parcel of land admeasuring about 41 Areas out of the Gat No 755 of Mouje Khed Shivapur, Taluka Havelu, district Pune, together with all easement rights annexed to the said land and together with all buildings, sheds, units etc. constructed thereon, together with all fixtures and furniture and fittings in the said premises and bounded as mentioned in the Deed of Mortgage by deposit of Title Deeds.

All that piece and parcel of property being three Floored building bearing property no. 382 admeasuring 7182 sq. fts. Property bearing No. 407 admeasuring about 473 sq. fts. Property bearing No. 407A admeasuring about 182 sq. Property bearing No. 407B admeasuring about 198 sq. Property bearing No. 407C admeasuring about 117 sq. Property bearing No. 407C/1 admeasuring about 2142 sq. Property bearing No. 407D admeasuring about 64 sq. Property bearing No. 407F admeasuring about 195 sq. thus total properties admeasuring about 9324 sq. ft. and Shed construction of about 181 sq. ft. and other construction is on a land out of gat no 755 of Mouje Khed Shivapur Taluka Havelu, district Pune, together with all easement rights title and interest of Shogini technoarts Private Limited and together with All fixtures and furniture and fittings in the said premises and bounded as mentioned in the Deed of Mortgage by deposit of Title Deeds.

All that piece and parcel of office No. 458 admeasuring about 525 sq. ft. on the second floor of “D” wing of building constructed on Plot No 80 and 81 at district Busienss center, Vashi new Bombay, together with all essementary rights annexed to the said premises and together with all fixtures, furniture and fittings in the said premises.

4) Gist of the terms and conditions and extent and operation of the charge.

Terms and Conditions ad per agreement

5) Name and Address and description of the person entitled to the charge.

The Saraswat Co – Operative bank Limited

Karve road Branch Pune

6) Date and brief description of instrument modifying the charge

Agreement of Hypothecation of Movable property dated 21/12/2004 for Term loan of Rs. 7.000 millions

Agreement of Hypothecation faor Additional Advances dated 21/12/2004 for cash credit facility of Rs. 80.000 millions

Both the Agreements dated 21^st December, 2004 modifying a Single Charge.

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.

Modification No 1

By executing the Agreements dated 29^th May, 2002 additional Security as detailed below was provided in favour of the Bank, to secure the Total Limit of the Rs. 78.500 millions

ypotheHypothecation in favour of the Plant and Machinery, furniture and Fixture, stock Work in progress, finished goods tangible Movable Property belonging to the company and lying and being at the company premises at Gat No 755 and 788 Khed Shivapur, Taluka Haveli, Pune of elsewhere.

Hypothecation by way of first charge on all the Book Debts, Outstanding, Money, receivables, claims and bills.

Other Terms and Conditions:

Interest : 15 % per annum or such other rate as may be fixed by the bank from time to time.

Margin

30 % for Cash Credit

30 % for term Loan

20 % for Letter of Credit

10 % for Bank Guarantee

Repayment

Cash credit : on Demand

Term loan : Repayments by way of monthly Installment

The said modification is Registered with the Registrar is companies vide Register No 221 and 222 dated 9^th july, 2002

Modification No 2

By executing the documents dated 18^th June 2003 the cash credit Limit which was earlier of Rs. 48.500 million was enhanced to Rs. 52.500 millions and thus the said charge of Rs. 78.500 millions stands increased to Rs. 82.500 millions as compared below:

	(Rs in millions)
Cash credit	52.500
Term Loan	10.000
Letter of Credit	15.000
Bank Guarantee	5.000
Total	82.500

Other Terms and Conditions:

Interest : 13 % per annum

Repayment : On Demand

Security :

The security providing in favour of the Bank on 29^th May, 2002 i.e. at the time of earlier modification by the way of Hypothecation on all the tangible and movable property of the company shall extend to the said enhanced limit.

The said modification is Registered with the Registrar is companies vide Register No 248 and 249 dated 21^st July, 2003

Modification No 3

By executing the documents dated 28^th September 2004 the cash credit Limit which was earlier of Rs. 52.500 million was enhanced to Rs. 57.500 millions and thus the said charge of Rs. 82.500 millions stands increased to Rs. 87.500 millions as compared below:

	(Rs in millions)
Cash credit	57.500
Term Loan	10.000
Letter of Credit	15.000
Bank Guarantee	5.000
Total	87.500

Other Terms and Conditions:

Interest : 11.50 % per annum

Repayment : On Demand

Security :

The security providing in favour of the Bank on 18^th June 2003 i.e. at the time of earlier modification by the way of Hypothecation on all the tangible and movable property of the company shall extend to the said enhanced limit.

The said modification is Registered with the Registrar is companies vide Register No 272 and 273 dated 30^th November, 2004

Modification No 4

By executing the documents dated 5^th November, 2004 the cash credit Limit which was earlier of Rs. 57.500 million was enhanced to Rs. 67.500 millions and thus the said charge of Rs. 87.500 millions stands increased to Rs. 97.500 millions as compared below:

	(Rs in millions)
Cash credit	67.500
Term Loan	10.000
Letter of Credit	15.000
Bank Guarantee	5.000
Total	97.500

Other Terms and Conditions:

Interest : 11.50 % per annum

Repayment : On Demand

Security :

The said modification is Registered with the

Registrar is companies vide Register No 274 and 275 dated 9^th December, 2004.

Modification No 4

By executing the Mortgage by deposit of Title Deed sand Agreement of Hypothecation of Movable

Property both dated 17^th December 2004 the said charges is further modification for enhancement of Credit facilities as detailed below.

Nature of credit facility	Present Limit	Enhancement	Increased Limit
Cash credit	67.500	12.500	80.000
Letter of Credit	15.000	15.000	30.000
Letter of Credit	Nil	35.000	35.000
Term Loan	Nil	40.000	40.000
Term Loan	Nil	20.000	20.000

Term Loan (II) of Rs. 20.000 millions comprises of Two parts part of Rs. 13.000 millions against the Building and part B of Rs. 7.000 millions against the Hypothecation of Movable Property.

For the aforesaid Modification of Credit facilities the company has given the following properties as the security:

Mortgage by deposit of Title Deeds of the following Immovable Properties of the Company:

All that piece and parcel of land admeasuring about 84 Areas out of gat no 755 of Mouje Khed Shivapur Taluka Havelu, district Pune, together with all easement rights title and interest of Shogini technoarts Private Limited and together with All fixtures and furniture and fittings all Plant and Machinery belonging to the company in the sai premises including Temancy Rights in the said Land and in the said Building etc. on the said land by rirture of lease agreement dated 15/04/2000 with Shri Vijay Mukund Athavale an boughded as mentioned in the Deed of Morgate by Deposit of Title Deeds.

All that piece and parcel of land admeasuring about 30 Areas out of gat no 788 totally admeasuring about 30 areas of Mouje Khed Shivapur Taluka Haveli, district Pune, together with all easement rights title and interest of Shogini technoarts Private Limited and together with All fixtures and furniture and fittings in the said premises and bounded as mentioned in the Deed of Mortgage by deposit of Title Deeds.

All that piece and parcel of land admeasuring about 41 Areas out of gat no 755 of Mouje Khed Shivapur Taluka Haveli, district Pune, together with all easement rights title and interest of Shogini technoarts Private Limited and together with All fixtures and furniture and fittings in the said premises and bounded as mentioned in the Deed of Mortgage by deposit of Title Deeds.

For the term Loan of Rs. 40.000 millions

Hypothecation by way of first charge on all the Book Debts, Outstanding, Money, receivables, claims and bills.

Other Terms and Conditions:

Term Loan of Rs. 40.000 millions

Interest : 11.00 % Per Annum

Margin

Drawal against the said account not to exceed 75 %

The charges on earlier term Loan of Rs. 10.000 and guarantee limit of Rs. 5.000 millions as mentioned in the earlier modification no 4. Dated 5^th November, 2004 remains unaltered and will continued as it is.

Present Modification

By executing the agreement of hypothecation of movable property dated 21/12/2004 for term loan of Rs. 7.000 millions and agreement of hypothecation for additional advanced dated 21.12.2004 for cash credit said credit facilities are further modification to provided additional security by way of hypothecation as under :

Term loan of Rs. 7.000 millions

Security :

Hypothecation by way of first charge on all the Book Debts, Outstanding, Money, receivables, claims and bills.

Cash credit facility of Rs. 80.000 millions

Security :

Hypothecation of the all tangible movable property pertaining to the business of the company shall extend to the said enhanced limit

Repayment : On demand

Interest : 11 % P A

1) Date and description of instrument creating the change

No Instrument was executed.

Mortgage by Deposit for original Title Deeds dated 30^th April, 2002

2) Amount secured by the charge/amount owing on the securities of charge

Total Limit Rs. 78.500 millions as described below : 3

	(Rs in millions)
Cash credit	48.500
Term Loan	10.000
Letter of Credit	15.000
Bank Guarantee	5.000
Total	78.500

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 that piece and parcel of office No. 458 admeasuring about 525 sq. ft. on the second floor of “D” wing of building constructed on Plot No 80 and 81 at district Business center, Vashi new Bombay, together with all essementary rights annexed to the said premises and together with all fixtures, furniture and fittings in the said premises.

4) Gist of the terms and conditions and extent and operation of the charge.

Terms and Conditions ad per agreement

5) Name and Address and description of the person entitled to the charge.

The Saraswat Co – Operative bank Limited

Karve road Branch Pune

6) Date and brief description of instrument modifying the charge

Agreement of Hypothecation of Movable property dated 21/12/2004 for Term loan of Rs. 7.000 millions

Agreement of Hypothecation faor Additional Advances dated 21/12/2004 for cash credit facility of Rs. 80.000 millions

Both the Agreements dated 21^st December, 2004 modifying a Single Charge.

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.

Modification No 1

By executing the Agreements dated 29^th May, 2002 additional Security as detailed below was provided in favour of the Bank, to secure the Total Limit of the Rs. 78.500 millions

Hypothecation by way of first charge on all the Book Debts, Outstanding, Money, receivables, claims and bills.

Other Terms and Conditions:

Interest : 15 % per annum or such other rate as may be fixed by the bank from time to time.

Margin

30 % for Cash Credit

30 % for term Loan

20 % for Letter of Credit

10 % for Bank Guarantee

Repayment

Cash credit : on Demand

Term loan : Repayments by way of monthly Installment

The said modification is Registered with the Registrar is companies vide Register No 221 and 222 dated 9^th july, 2002

Modification No 2

	(Rs in millions)
Cash credit	52.500
Term Loan	10.000
Letter of Credit	15.000
Bank Guarantee	5.000
Total	82.500

Other Terms and Conditions:

Interest : 13 % per annum

Repayment : On Demand

Security :

The said modification is Registered with the Registrar is companies vide Register No 248 and 249 dated 21^st July, 2003

Modification No 3

	(Rs in millions)
Cash credit	57.500
Term Loan	10.000
Letter of Credit	15.000
Bank Guarantee	5.000
Total	87.500

Other Terms and Conditions:

Interest : 11.50 % per annum

Repayment : On Demand

Security :

1) Date and description of instrument creating the change

General Agreement for the grant of medium term advances to small scale industries and hypothecation of movable, Book debts and other assets dated 12/08/1983

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 0.025 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

hypothecation of movable, Book debts and other assets whether present or future with restrictions against the creation of any further charges thereon for all indebtedness and liabilities of the company to the bank by way of term loan present and future the present loan having been determined at Rs. 0.025 millions

4) Gist of the terms and conditions and extent and operation of the charge.

In consideration of the agreement on the part of the state bank to grant the loan the company further agrees that all present and future goods book debts movable and other assets of the company including documents of title to goods and other assets such as outstanding money, Book Debts, Outstanding, Money, receivables, claims and bills, invoice documents contactor engagements investment and rights and the present machinery and all further machinery belonging to or in the process of the under possession of the company or of the bank or of any third party whether in India or else where throughout the world shall stand hypothecation to the bank by way of first charge as security for payment and discharged by the company to the bank of a sum of Rs. 0.025 millions

5) Name and Address and description of the person entitled to the charge.

State Bank of India

Tilak Road branch , Pune – 411002

6) Date and brief description of instrument modifying the charge

Not applicable

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.

Not applicable

1) Date and description of instrument creating the change

Deed of Hypothecation dated 25^th june 1934 with Vidya Sahakari Bank Limited, Laxmi Road, Pune – 411030

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 0.080 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

Matador Model No F 307 Minibus with om S16 Havious RT. Registration No . of the value of Rs. 0.114 millions

4) Gist of the terms and conditions and extent and operation of the charge.

Margin of 30 and between the market value of securities and the balance due to the bank

Interest at the rate of 3 % over Bank rate with a minimum of 18 % per annum

5) Name and Address and description of the person entitled to the charge.

Vidya Sahakari Bank Limited, Laxmi Road, Pune – 411030

6) Date and brief description of instrument modifying the charge

Not applicable

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.

Not applicable

1) Date and description of instrument creating the change

Hypothecation of Good and Book Debts to secure cash credit facility 22/11/1986

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 0.275 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

Hypothecation of indigenous raw material semi finished good, finished goods and receivable outstanding from time to time.

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of interest : 15.5 % P A

Margin : 30 %

5) Name and Address and description of the person entitled to the charge.

Bank of Maharashtra

Deccan Gymkhana Branch

Pune – 411004

6) Date and brief description of instrument modifying the charge

Hypothecation of goods and Book debts to secure Cash- Credit facility dated 4^th May 1989

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.

Original charge of Rs. 0.275 millions dated 22/11/86 modified to Rs. 1.625 millions dated 1/10/87 now modified by Rs. 0.775 millions making in all Rs. 0.240 millions on the following revised terms and conditions:

Security :

Hypothecation of Indigenous Raw- Material, Semi finished and finished goods and receivable outstanding upto 90 days.

Margin :

30 % in Bank favour

Rate of Interest :

6 ½ % over Bank Rate minimum 15 ½ P A with quarterly rests.

1) Date and description of instrument creating the change

22/11/86 Hypothecation of Machinery

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 0.200 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

Hypothecation of such as Drilling, PVC, Tanks Etching Machine as mentioned over

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of Interest :

13.5 % P A

Margin :

25 %

Repayment : Rs 0.005 Millions per months plus interest as and when applied the entire loan to be repaid on demand when called for.

5) Name and Address and description of the person entitled to the charge.

Bank of Maharashtra

Deccan Gymkhana Branch

Pune – 411004

6) Date and brief description of instrument modifying the charge

Not applicable

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.

Not applicable

1) Date and description of instrument creating the change

No Instrument was executed.

Mortgage by Deposit for original Title Deeds dated 30^th April, 2002

2) Amount secured by the charge/amount owing on the securities of charge

Total Limit Rs. 78.500 millions as described below : 3

	(Rs in millions)
Cash credit	48.500
Term Loan	10.000
Letter of Credit	15.000
Bank Guarantee	5.000
Total	78.500

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 that piece and parcel of land admeasuring about 30 Areas out of Bat No 788 totally admeasuring about 96 Areas of Mourhe khed Shivapur, Taluka Havelu, district Pune.

All that piece and parcel of land admeasuring about 41 Areas out of the Gat No 755 of Mouje Khed Shivapur, Taluka Havelu, district Pune.

4) Gist of the terms and conditions and extent and operation of the charge.

Terms and Conditions ad per agreement

5) Name and Address and description of the person entitled to the charge.

The Saraswat Co – Operative bank Limited

Karve road Branch Pune

6) Date and brief description of instrument modifying the charge

Not applicable

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.

Not applicable

This form is for	Modification of charge
Charge identification number of the modified	10027638
Corporate identity number of the company	U32104PN1982PTC028059
Name of the company	SHOGINI TECHNOARTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gat No.788, Khed Shivapur, Tal Haveli, District Pune-412205, Maharashtra
Type of charge	Immovable property Movable Property
Particular of charge holder	Saraswat Co-operative Bank Limited Karve Road Branch, Pune-411004, Maharashtra Email: user_karverd@saraswatbank.com
Nature of description of the instrument creating or modifying the charge	Mortgage by Deposit of title Deeds dated 28 th may, 2008
Date of instrument Creating the charge	28.05.2008
Amount secured by the charge	Rs.25.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of interest : 10% p.a. Repayment : 59 monthly installments of Rs.0.420 million first instalment of Rs.0.220 million (no Change in Original Charge) Margin: No Change in Original Charge Extent and Operation of the Charge First and Exclusive Charge Others: Under this Modification security by Way of maortgage as mentioned under Item No. 14 below is Extendede to Original Charge along with Existing Security
Short particulars of the property charged	Mortgage of 1.GAT no.756 of 84 ARES 2. GAT NO. 788 of 30 ARES 3. GAT no 789 of 94 ARES-at Khed Shivapur Taluka Haveli District Pune Together With Building, Sheds, Units, Etc 4. 3 Floor Building at GAT No.755 No 382 Of 7182 SQ FT No. 407 Sq Ft No. 407 A of 182 Sq Ft No. 4078 Of 198 Sq Ft No 704 C Of 117 Dq Ft No. 407C/1 Of 2142 Sq Ft No. 407 D Of 64 Sq Ft No. 407 E No. 195 Sq Ft at Khed Shivapur 5. Office No D458 Business Center Vashi 6. Flat No 1 To 8 Karan Samrudhi SR no. 5 Ambegaon
Date of latest modification prior to the present modification	07.12.2006
Particulars of the present modification	Security extended by way of mortgage along with the security already offered by way of Hypothecation

Trade References:

Incap , Mysore
Hybrid, Karnataka
Cubic, Karnataka

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.42.78
UK Pound	1	Rs.85.51
Euro	1	Rs.67.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

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