MIRA INFORM REPORT

Report Date :

15.11.2011

IDENTIFICATION DETAILS

Name :	PRECISION AUTOMATION AND ROBOTICS INDIA LIMITED
Registered Office :	Narhe Works, S. No.38/2, Village Narhe, Off Pune Sinhgad Road, Pune -411041, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.08.1990
Com. Reg. No.:	25-57687
Capital Investment / Paid-up Capital :	Rs.82.816 Millions
CIN No.: [Company Identification No.]	U72200PN1990PLC057687
TAN No.: [Tax Deduction & Collection Account No.]	PNEP00979G
PAN No.: [Permanent Account No.]	AABCP2572Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers and Exporters of Industrial Robotics and Automation Systems.
No. of Employees:	200 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 3100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY

Name :	Mr. Sagar
Designation :	Accountant
Contact No.:	91-20-66462000
Date:	15.11.2011

LOCATIONS

Registered Office :	Narhe Works, S. No.38/2, Village Narhe, Off Pune Sinhgad Road, Pune -411041, Maharashtra, India
Tel. No.:	91-20-24392080 / 66462000 / 66462300 / 66462012 (Direct Line – Sales)
Fax No.:	91-20-24392343 / 24392843
E-Mail :	paradise@pptplastic.com aniruddha@parirobotics.com sales@psrirobotics.com nitinb@parirobotics.com atuld@parirobotics.com dhaneshr@parirobotics.com
Website :	www.parirobotics.com
Location:	Owned
Head Office :	1203-A, Highland Park, Lokhandwala Complex, Link Road, Andheri (West), Mumbai-400053, Maharashtra, India
Tel. No.:	91-22-25063931
E-Mail :	paradise@pplplastics.com
Corporate Office :	701A, Highland Park, Lokhandwala Complex, Link Road, Andheri (West), Mumbai-400053, Maharashtra, India
Tel. No.:	91-22-26365238
Fax No.:	91-22-26365238
Factory 1 :	Village Dhangarwadi Shirwal off Pune Satara Highway, Satara – 412801, Maharashtra, India
Factory 2 :	S. No. 144, Behind SANSS High School, Dhayari, Pune – 411 041, Maharashtra, India
Tel. No.:	91-20-24392080/82/83/24390914/15
Fax No.:	91-20-24392843
E-Mail :	precision_automation@vsnl.com sales@parirobotics.com info@parirobotics.com
Branch Office :	Located At : Maharashtra USA Delhi Bangalore Chennai Jamshedpur Nashik Uttaranchal Itasca

DIRECTORS

AS ON 29.09.2010

Name :	Mr. Mangesh Ashok Kale
Designation :	Managing Director
Address :	C-6 Suyog Nagar, Sr No.102-4, Shivaji Nagar, Pune – 411 016, Maharashtra, India
Date of Birth/Age :	19.09.1965
Date of Appointment :	01.04.2007
DIN No.:	00425623

Other Directorship

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U72200PN1990PLC057687	PRECISION AUTOMATION AND ROBOTICS INDIA LIMITED	Managing director	16-08-90	16-08-90	Active	NO
2	U72200PN2003PLC017677	PARI AUTOMATION LIMITED	Director	10-02-03	10-02-03	Active	NO

Name :	Dr. Ranjit Arun Date
Designation :	Managing Director
Address :	13/ 4, Nalini-Mahadev, Near Lokmanya Hospital, Off Karve Road, Pune – 411 004, Maharashtra, India
Date of Birth/Age :	07.08.1966
Date of Appointment :	04.01.1992
DIN No.:	00425691

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U72200PN1990PLC057687	PRECISION AUTOMATION AND ROBOTICS INDIA LIMITED	Managing director	04-01-92	04-01-92	Active	NO
2	U72200PN2003PLC017677	PARI AUTOMATION LIMITED	Director	10-02-03	10-02-03	Active	NO

Name :	Mr. Makarand Shasikant Rajguru
Designation :	Whole Time Director
Address :	Building No.7, Flat No.304, Vedvihar, Chandni Chowk, Paud Road, Kothrud, Pune – 411 029, Maharashtra, India
Date of Birth/Age :	01.06.1968
Date of Appointment :	23.11.1999
DIN No.:	00425813

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U72200PN1990PLC057687	PRECISION AUTOMATION AND ROBOTICS INDIA LIMITED	Whole-time director	23-11-99	23-11-99	Active	NO

Name :	Mr. Govind Ghanshyam Oza
Designation :	Whole Time Director
Address :	506, Woodland Harmony, Gandhi Bhavan, Kothrud, Pune – 411 038, Maharashtra, India
Date of Birth/Age :	01.04.1972
Date of Appointment :	29.09.2006
DIN No.:	00426002

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U72200PN1990PLC057687	PRECISION AUTOMATION AND ROBOTICS INDIA LIMITED	Whole-time director	27-12-05	27-12-05	Active	NO
2	U72200PN2003PLC017677	PARI AUTOMATION LIMITED	Additional director	01-02-11	01-02-11	Active	NO

Name :	Mr. Kantilal M Gandhi
Designation :	Chairman cum Managing Director
Address :	701A, Highland Park, Lokhandwala Complex, Link Road, Andheri (West), Mumbai-400053, Maharashtra, India
Date of Birth/Age :	22.10.1932
Date of Appointment :	28.08.1998

Name :	Mr. Yogesh Gandhi
Designation :	Managing Director
Address :	B-62, Sector 14, Noida, Noida 201301, Uttar Pradesh, India
Date of Birth/Age :	12.12.1955
Date of Appointment :	22.05.1987

Name :	Mr. Harsh Gandhi
Designation :	Whole time Director
Address :	B-62, Sector 14, Noida, Noida 201301, Uttar Pradesh, India
Date of Birth/Age :	05.06.1981
Date of Appointment :	22.08.2003

Name :	Mr. Jitendra H Shah
Designation :	Director
Address :	146/3, Nutan Villa, Garodia Nagar, Ghatkopar East, Mumbai-400077, Maharashtra, India
Date of Birth/Age :	07.01.1954
Date of Appointment :	01.04.2004

Name :	Mr. Shailesh J Jobalia
Designation :	Director
Address :	12, Mahesh Villa, V B Lane Extension, Ghatkopar East, Mumbai-400077, Maharashtra, India
Date of Birth/Age :	22.05.1957
Date of Appointment :	01.04.2004

Name :	Mr. Vithaldas H Shah
Designation :	Director
Address :	6, Renuka Tilak Road, Ghatkopar East, Mumbai-400077, Maharashtra, India
Date of Birth/Age :	09.10.1936
Date of Appointment :	01.04.2004

Name :	Dr. Arun Mahadev Date
Designation :	Director
Address :	13/ 4, Near Lokmanya Hospital, Off Karve Road, Pune – 411 004, Maharashtra, India
Date of Birth/Age :	12.02.1939
Date of Appointment :	16.08.1990

 KEY EXECUTIVES

Name :	Mr. Sagar
Designation :	Accountant
Name :	Mr. Dhanesh S Rale
Designation :	Secretary
Date of Birth/Age :	02.04.1978
Date of Appointment :	14.05.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2010

Names of Shareholders	No. of Shares
Vasant Joshi	15000
Ranjit A. Date	2187254
Sulabha V. Joshi	54000
Ashok B. Kale	73488
Mangesh A. Kale	2292894
Pradnya Palwankar	23328
Shivanand Shankar Mankekar jointly with Laxmi Mankekar	519030
Shivanand Shankar Mankekar jointly with Kedar Mankekar	20196
Laxmi Mankekar jointly with Shivanand Shankar Mankekar	63954
Arun M. Date Jointly with Ranjit A. Date	250056
Bharat Parajia	199260
Nilesh Shah jointly with Sangita Shah	9960
Rita R. Date	40000
Manjushree P Manohar	23328
Mangesh A Kale Jointly with Ashok B Kale	58656
IL and FS Trust Company Limited – Trustee Axis Venture Capital Trust A/c. ISOF	2054040
Mangesh Kale Jointly With Dr. Ranijt Date and Atuul Dixit for Pari Employees Welfare Trust	278009
Rajesh Bhanshali	11088
Ajay Agarwal	65380
Anil Dale	940
C Lateesh	880
Khanderao Shinde	870
Gautam Karajkhede	1010
Aditya Joshi	1340
krithivasan	1860
Atul Dixit	2520
Makarand Rajguru	2520

AS ON 29.09.2010

Equity Share Breakup	Percentage of Holding
Category
Venture Capital	24.80
Bodies Corporate	3.36
Directors or relatives of directors	59.82
Other top fifty shareholders	11.95
Other	0.07
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporters of Industrial Robotics and Automation Systems

Products :

ITC Code	Product Description
16 (VI) 3925	Plastic Moulded Industrial Components

Exports :

Product:

Industrial Robotic

Countries :

USA

Terms :

Selling :

L/C / Cash and Credit

Purchasing :

L/C / Cash and Credit

GENERAL INFORMATION

No. of Employees :

200 [Approximately]

Bankers :

• HDFC Bank Limited
• Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D Nariman Point, Mumbai-400021, Maharashtra
• Kotak Mahindra Bank Limited, Delhi
• Bank of India, Pune Corporate Banking Branch, 1162/6, Shivaji Nagar, University Road, Pune – 411 005, Maharashtra, India
• ICICI Bank Limited
• The United Western Bank Limited, Deccan Gymkhana Branch, Pune – 411 004, Maharashtra, India

Facilities :

Rs. in Millions

Secured Loans	31.03.2010	31.03.2009
Working Capital Facilities from Banks
Cash Credit Limit	235.777	501.198
Packing Credit Limit	304.509	0.000
Term Loans
Term Loan from Banks	349.265	234.594
Car Loans	3.212	3.323
Total	892.763	739.115

Note:

1) Working Capital Facilities from banks, are secured by Hypothecation of all Current Assets and are further secured by way of Second Charge on all Fixed Assets of the Company.

2) Term Loans from Banks are secured by First Charge by way of Equitable Mortgage of Immovable Assets and Hypothecation of Movable Assets of the Company and are further secured by way of Second Charge on all Current Assets of the Company

3) Working Capital Facilities and Term Loans are personally guaranteed by some of the Directors of the Company.

4) Vehicle Loans availed from various banks for purchase of Vehicles, are secured by charge on Vehicles purchased out of such loans.

Rs. in Millions

Unsecured Loans	31.03.2010	31.03.2009
Sales Tax Deferral Loan	33.810	33.810
Working Capital Term Loans From Others	0.000	250.000
Deposit from Directors	0.000	4.000
Total	33.810	287.810

Banking Relations :

--

Auditors :

Name :

B L Phatak and Company

Chartered Accountants

Address :

1 Jay Apartments, Sunderrao Rege Marg, 64/3 Erandwane, 14^th Lane Prabhat Road, Pune – 411 004, Maharashtra

Pan No :

AACFB0983B 

Associates/Subsidiaries :

• Pari Automation Limited

CIN No: U7220PN2003PLC017677

• Pari Robotics Inc.

CAPITAL STRUCTURE

AS ON 29.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs.90.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8281671	Equity Shares	Rs.10/- each	Rs.82.816 millions

Note: Out of the above 5811700 Equity Shares of Rs. 10/- each fully paid up have been allotted as Bonus Shares by Capitalization of Security Premium Account.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		82.816	69.740	69.740
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		697.248	351.134	291.073
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		780.064	420.874	360.813
LOAN FUNDS
1] Secured Loans		892.763	739.115	576.764
2] Unsecured Loans		33.810	287.810	33.810
TOTAL BORROWING		926.573	1026.925	610.574
DEFERRED TAX LIABILITIES		41.807	38.548	21.298
Stock options outstanding		0.002	2.923	1.419
TOTAL		1748.446	1489.270	994.104
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		538.345	562.684	258.707
Capital work-in-progress		19.948	16.777	66.590
INVESTMENT		13.345	13.345	13.345
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	659.667	551.605	495.262
	Sundry Debtors	1148.859	794.309	791.330
	Cash & Bank Balances	179.507	169.217	88.351
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	134.497	104.082	90.687
Total Current Assets		2122.530	1619.213	1465.630
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	617.468	504.621	594.810
	Current Liabilities	326.783	210.280	150.037
	Provisions	14.210	8.418	66.461
Total Current Liabilities		958.461	723.319	811.308
Net Current Assets		1164.069	895.894	654.323
MISCELLANEOUS EXPENSES		12.739	0.570	1.139
TOTAL		1748.446	1489.270	994.104

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	2140.143	1902.766	2019.611
		Other Income	10.100	100.426	25.874
		TOTAL (A)	2150.243	2003.192	2045.485
Less	EXPENSES
		Materials and Manufacturing Expenses	1330.063	1187.809	1279.654
		Payments to and Provisions for Employees	277.623	292.495	210.764
		Selling, Administrative and General Expenses	256.442	279.619	239.254
		TOTAL (B)	1864.128	1759.923	1729.672
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		286.115	243.269	315.813
Less	FINANCIAL EXPENSES (D)		143.893	107.455	56.037
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		142.222	135.814	259.776
Less/ Add	DEPRECIATION/ AMORTISATION (F)		39.529	28.440	18.485
	PROFIT BEFORE TAX (E-F) (G)		102.693	107.374	241.291
Less	TAX (H)		39.906	41.686	89.555
	PROFIT AFTER TAX (G-H) (I)		62.862	65.688	151.736
Less	PRIOR PERIOD EXPENSES		0.075	0.120	0.188
Less	APPROPRIATIONS
		Transfer to General Reserve	6.286	6.006	15.174
		Dividend on Equity Shares	6.004	4.707	17.086
		Income Tax on Dividend	0.997	0.800	2.904
	BALANCE CARRIED TO THE B/S		49.500	54.055	116.384
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	424.456	85.240	84.158
		Commission Earnings	59.976	2.393	0.684
	TOTAL EARNINGS		484.432	87.633	84.842
	IMPORTS
		Raw Materials	472.569	306.284	391.494
		Stores & Spares	0.000	0.000	0.000
		Capital Goods	0.000	6.106	0.000
	TOTAL IMPORTS		472.569	312.390	391.494
	Earnings Per Share (Rs.)		1247	9.42	--

Particulars	31.03.2011
Sales Turnover [Approximately]	2250.000

Expected Sales (2011-12) : Rs.2400.000 Millions

The above information has been parted by Mr. Sagar.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.92	3.28	7.42
Net Profit Margin (PBT/Sales)	(%)	4.79	5.64	11.95
Return on Total Assets (PBT/Total Assets}	(%)	3.85	4.92	13.99
Return on Investment (ROI) (PBT/Networth)		0.13	0.26	0.67
Debt Equity Ratio (Total Liability/Networth)		2.47	4.16	2.97
Current Ratio (Current Asset/Current Liability)		2.21	2.24	1.37

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors
Capital Purchase	5.850	22.782	13.810
Trade Creditors	611.618	481.839	581.000
Total	617.468	504.621	594.810

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes (2 Years)
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

History:

Subject was incorporated on 10^th August, 1990 at Pune in Maharashtra having Company Registration Number 11-57687.

Subject was incorporated in 1990 by highly qualified technocrats with rich experience in the field of automation and robotics in USA. Its’ promoters are Dr. Ranjit Dave, Ph.D. and Mr. Mangesh Kale.

Review of Operations:

The net sales turnover of the company yin the previous year though the capital goods sector is yet to come of the slow-down and recession in the economy. The company has achieved net sales turnover of Rs. 2150.244 millions during the financial year 2009-2010, compared to net sales turnover and other income of Rs. 2003.192 millions in the previous financial year 2008-2009.

Exports and other foreign consultancy income during the year were Rs. 484.432 millions as against Rs. 87.633 millions during the previous year 2008-2009.

The company successfully executed various orders of reputed corporate client form all industrial segments throughout India during the year.

FINANCE:

The Company successfully completed second round of Venture Capital Funding to Strengthen the financials of the Company. During the Year Axis Venture Capital Fund along with some High Net Worth Investor have invested a sum of Rs. 300 millions in the Company and were allotted 13,07,631 Equity Shares of the Company of Rs. 10/- each fully paid up, on a Preferential basis. The Company is yet to allot 2280 Share Warrants in addition to equity shares issued during the Current financial Year to these investors. As Per the Investor's Agreement entered into between the Company and these Investors, each Share Warrant to be issued is convertible into Hundred Equity share of Rs.10 each at par in case of non fulfillment of certain terms and conditions stated In the Investor Agreement entered into by the Company.

During the year, options outstanding under Employee Stock Option Plan (ESOP - 2006) were transferred to General Reserve due to waiver of options by all the Employees. During the year, the Company introduced a Scheme for Employee's Welfare, namely, Employees Welfare Share Purchase Scheme (EWSPS). Under the Scheme, some selected Employees of the Company were given opportunity to purchase the Company's Shares from PARI Employee Welfare Trust. During the year Employees have purchased 45970 Number of Shares.

The Company has also tied up necessary Term Loan .and Working Capital Limits from its Bankers.

OUTLOOK FOR THE CURRENT YEAR: -

The new Financial Year 2010-11 has began on a very encouraging note and a healthy order book position, depicting signs of satisfactory progress in the economic. Due to continued efforts in identifying new application areas and inventing appropriate applicable product therefore, the Company Is confident of achieving better results in the years to come.

Form 8:

Corporation identity number or foreign company registrations number of the company	U72200PN1990PLC057687
Name of the company	PRECISION AUTOMATION AND ROBOTICS INDIA LIMITED
Address	Narhe Works, S. No. 38/2, Village Narhe Off Pune Sinhgad Road, Pune – 411041, Maharashtra, India
This Form is for	Modification of charge
Charge Identification (ID) number of the charge	10073026
Type of Charges	· Immovable property · Book Debts · Movable Property
Particular of the charge holder	Bank of India, Pune Corporate Banking Branch, 1162/6, Shivaji Nagar, University Road, Pune – 411 005, Maharashtra, India
Nature or description of the instrument creating charge	Letter from Bank of India, Pune Corporate Banking, Letter Ref No. PCBB/NHK/1239
Date of the instrument creating charge	11.11.2009
Amount Secure by the charge	Rs. 2265.446 millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest As notified by the bank from time to time. Terms of repayment As notified by the bank Margin As per norms of Bank Extent and operation of the charge First Charge
Short particulars of the property charged	Land admeasuring 1 H 58.05 R situate at S. No. 38 Hissa No. 2/5, 2/6, 2/17, 2/22, and 2/23 village Narhe Taluka Haveli District Pune. Land admeasuring 29 H 63.644 R situate at Gate No. 463/A, 463/B and 464 at Village Dhangarwadi, Taluka Khandala District Satara. Factory Sheds, Building, situate at S. No. 38 Hissa No. 2/5, 2/6, 2/17, 2/22, and 2/23 village Narhe Taluka Haveli District Pune and Gate No. 463/A, 463/B and 464 at Village Dhangarwadi, Taluka Khandala District Satara. Fixed plant and machinery and movable plant and machinery and other movable assets situate at S. No. 38 Hissa No. 2/5, 2/6, 2/17, 2/22, and 2/23 village Narhe Taluka Haveli District Pune and Gate No. 463/A, 463/B and 464 at Village Dhangarwadi, Taluka Khandala District Satara. All current assets including stocks raw material, stock in progress, semi finished and finished goods of the company
Particulars of the present modification	Letter from Bank of India in connection with the creation of Rs. 2265.446 Millions to be taken on records. There is no charge in facilities and amount and other terms and conditions remains unchanged.
Corporation identity number or foreign company registrations number of the company	U72200PN1990PLC057687

Corporate identity number of the company	U72200PN1990PLC057687
Name of the company	PRECISION AUTOMATION AND ROBOTICS INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	Narhe Works, S. No.38/2, Village Narhe Off Pune, Sinhgad Road, Pune -411041, Maharashtra, India
This form is for	Modification of charge
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Bank of India, Pune Corporate Banking Branch, 1162/6, Shivaji Nagar, University Road, Pune-411005, Maharashtra, India Email: dhaneshr@parirobotics.com
Nature of instrument creating charge	01. Deed of further charge (without possession) 02.Second supplemental joint deed of hypothecation Both the documents for same modification
Date of instrument Creating the charge	30.10.2010
Amount secured by the charge	Rs. 2306.250 millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and operation of the charge For Working Capital facilities and NF based facilities : First pari passu charge on all current assets, book debts, bills receivables. Second pari passu charge by way of hypo. on all movable plant and machinery and movable assets. Second pari passu charge by way of mortgage of immovable property of the company. Other For TL facilities : First pari passu charge by way of hypo. on all movable plant and machinery and movable assets. First pari passu charge by way of mortgage of immovable property of the company. Second pari passu charge on all current assets, book debts, bills receivables.
Short particulars of the property charged (Including location of the property)	A Narhe Property: All that piece and parcel of Immovable Property being land bearing S. No.38, Hissa No.2/23 admg 0H 40R alongwith Road admg 0H 08R 5P i.e. 20 feet x 473 Feet Road Plot from Narhe All that piece and parcel of Immovable Property being land bearing S.No.38, Hissa No.2/23 admg 0H 20R from village Narhe, Taluka Haveli, Dist Pune All that piece and parcel of Immovable property being land bearing S.No.38, Hissa No.2/17 admg 0H 35.50R form village Narhe, Tal. Haveli, Dist Pune All that piece and parcel of immovable property being land admg 20R equal to 2000 sq. mtrs. out of 0H 83.5R situated at S. No.38, Hissa No.2/22 in industrial zone at mouje: Narhe, Tal. Haveli, Dist Pune All that piece and parcel of immovable property being land bearing S.No.38, Hissa No.2/5 admg.0H 17.25R i.e. 1725 sq. mtrs. from village Narhe, Tal. Haveli, Dist.: Pune All that piece and parcel of immovable property being land bearing S.No.38, Hissa No.2/6 admg.0H 17.25R i.e. 1725 sq. mtrs. From village Narhe, Tal. Haveli, Dist Pune B. Dhangarwadi Property: All that piece and parcel of lands situated at Dhangarwadi within the limits of Zilla parishd: Satara, Tal.: Panchayat Samiti Khandala, Grampanchayat: Dhangarwadi and within the Reg. Sub-District: Khandala of Dist. Satara bearing Gat No. 463A(Part), 464 (Part), 463B (Part) admg about 7H 7R (out of Total Area of 12H 49R), 9H 52.04R (out of total Area of 11H 95R), 13H 04.604 (out of total Area of 18H 75R) respectively. Hypo. of current assets stock of raw materials, stock in process, semifinished and finished goods, BR, book debts, movables. at Narhe and Dhangarwadi whole of movable assets of co. including its movable plant and machinery, machinery spares, tools, accessories, utility equipments, vehicles and other movable assets at Narhe and Dhangarwadi
Date of instrument modifying the charge	11.11.2009
Particulars of the present modification	BOI Consortium ( comprising of BOI, IDBI, HDFC, BOB, SIDBI) revised /enhanced the credit facilities from Rs.2265.446 millions to Rs.2306.250 millions Security of hypothecated assets and mortgaged property created earlier will constitute security in favour of the BOI Consortium for the revised / enhanced limit of Rs.2306.250 millions.

Fixed Assets:

• Land
• Building
• Factory Building
• Office Building
• Electrification
• Equipments – others
• Equipments – Testing
• Material – Handling
• Equipment Crane
• Machinery (Including DG set)
• Computers
• Furniture
• Office Equipment
• Capital Work In Progress

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.50.08
UK Pound	1	Rs.80.36
Euro	1	Rs.68.83

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	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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	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
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.