MIRA INFORM REPORT

Report Date :

25.11.2011

IDENTIFICATION DETAILS

Name :	INDORE COMPOSITE PRIVATE LIMITED
Registered Office :	24, B.D. Raja Bahadur Compound, Ambalal Doshi Marg, Fort, Mumbai – 400 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	07.04.1994
Com. Reg. No.:	11-77596
Capital Investment / Paid-up Capital :	Rs.9.002 Millions
CIN No.: [Company Identification No.]	U25209MH1994PTC077596
TAN No.: [Tax Deduction & Collection Account No.]	MUMI02282A
PAN No.: [Permanent Account No.]	AAACI1091A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of FRP Rod for fiber optic cable with small capacity and long fiber thermoplastics.
No. of Employees :	300 [Office + Factory] Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 820000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Sandeep Soni
Designation :	Marketing Incharge
Contact No.:	91-22-61452700

LOCATIONS

Registered / Corporate and Marketing Office :	24, B.D. Raja Bahadur Compound, Ambalal Doshi Marg, Fort, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-61452700
Fax No.:	91-22-61452727
E-Mail :	account@indore.co.in sales.cm@indore.co.in export@indore.co.in marketingd.ep@indore.co.in jainandbafna@gmail.com
Website :	http://www.indore.co.in
Location :	Owned
Factory 1 :	S-42, Sector-1, Pithampur - 454775, Dhar, Madhya Pradesh, India
Tel. No.:	91-7292-253424
Fax No.:	91-7292-253425
Location :	Owned
Factory 2 :	Plot No. N - 50, MIDC, Ambernath, Anand Nagar, Ambernath, Maharashtra, India
Tel. No.:	91-22-22090331/32/33
Fax No.:	91-22-22088988
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :

Mr. Mukesh Jethmal Sanghvi

Designation :

Director

Address :

801, Jogani Apartments Sanghvi, Doongarshi Road Walkeshwar, Mumbai-400 006, Maharashtra, India

Date of Appointment :

07.04.1994

DIN :

00334136

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U25209MH1994PTC077596	Indore Composite Private Limited	Director	7/4/1994	7/4/1994	-	Active	NO
2	L67120MH1979PLC022039	Shreenath Investment Company Limited	Director	31/03/2002	31/03/2002	-	Active	NO
3	U51909MH2006PTC163351	Aar Cube Enterprise Private Limited	Director	27/07/2006	27/07/2006	-	Active	NO
4	U45201MH2006PTC165944	Karma Land And Infrastructure Development Company Private Limited	Director	4/12/2006	4/12/2006	28/02/2010	Active	NO
5	U24100MH2009PTC191930	Indore Gel Private Limited	Director	22/04/2009	22/04/2009	-	Active	NO

Name :

Mr. Shailesh Jethmal Sanghvi

Designation :

Director

Address :

801 Jogani Aptts Sanghvi, Doongarshi Road Walkeshwar, Mumbai-400 006, Maharashtra, India

Date of Appointment :

01.04.2002

DIN :

00194775

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24239MH1995PTC092028	Mega Fine Pharma Private Limited	Director	22/08/1995	22/08/1995	-	Active	NO
2	U25209MH1994PTC077596	Indore Composite Private Limited	Director	1/4/2002	1/4/2002	-	Active	NO
3	U51909MH2006PTC163351	Aar Cube Enterprise Private Limited	Director	27/07/2006	27/07/2006	-	Active	NO
4	U24100MH2009PTC191930	Indore Gel Private Limited	Director	2/8/2010	22/04/2009	-	Active	NO

Name :

Mr. Vallabh Roopchand Bhanshali

Designation :

Director

Address :

12 Laxmi Niwas Bhanshali, Nepeansea Road, Mumbai-400 006, Maharashtra, India

Date of Appointment :

01.04.2002

DIN :

00184775

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67120MH1984PTC033151	Enam Financial Consultants Private Limited	Director	15/06/1984	15/06/1984	-	Active	NO
2	U74140MH1986PTC040120	Reema Business Services Private Limited	Director	21/01/1993	21/01/1993	30/12/2010	Active	NO
3	U67120MH1997PTC112542	Bhanshali Stock Brokers Private Limited	Director	18/12/1997	18/12/1997	-	Active	NO
4	U25209MH1994PTC077596	Indore Composite Private Limited	Director	1/4/2002	1/4/2002	-	Active	NO
5	U74990MH2002GAP137795	Securities Industry Association of India	Director	7/11/2002	7/11/2002	15/09/2010	Active	NO
6	U67120MH2005PTC152297	Enam Securities Private Limited	Director	30/03/2005	30/03/2005	-	Active	NO
7	L22300MH1990PLC056397	Crest Animation Studios Limited	Director	29/09/2006	30/07/2005	31/10/2008	Active	NO
8	U67190MH2005PTC154781	Indiareit Fund Advisors Private Limited	Director	8/8/2005	8/8/2005	-	Active	NO
9	U92100MH1989PLC051768	Maya Entertainment Limited	Director	13/01/2006	13/01/2006	23/04/2010	Active	NO
10	U74992MH2006PTC163204	Enam Securities Direct Private Limited	Director	21/07/2006	21/07/2006	-	Active	NO
11	U80211PN2004NPL019964	Foundation For Liberal and Management Education	Director	12/12/2006	12/12/2006	-	Active	NO
12	U36911MH2002PLC138275	Diamond India Limited	Director	28/09/2010	28/09/2010	-	Active	NO
13	U74999MH2011PTC219192	Suroop Finvest Private Limited	Director	27/06/2011	27/06/2011	-	Active	NO

Name :

Mr. Mangal Roopchand Bhanshali

Designation :

Director

Address :

12, Laxmi Niwas Bhanshali, Nepeansea Road, Mumbai-400 006, Maharashtra, India

Date of Appointment :

07.04.1994

DIN :

01176442

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U25209GJ1970PTC001738	Parag Plastics Industries Private Limited	Director	28/12/1984	28/12/1984	-	Active	NO
2	U24110MH1983PTC031052	Talma Chemical Industries Private Limited	Director	25/04/2011	14/12/1990	-	Active	NO
3	U25209MH1994PTC077596	Indore Composite Private Limited	Director	7/4/1994	7/4/1994	-	Active	NO
4	U65990MH1988PTC048113	Enam Investment Services Private Limited	Director	20/05/2001	20/05/2001	1/4/2007	Active	NO
5	U67120MH2004PTC149419	Jai-Vijay Resources Private Limited	Director	5/11/2004	5/11/2004	-	Active	NO
6	U65991MH2004PTC149422	Enam Infrastructure Fund Management Company Private Limited	Director	5/11/2004	5/11/2004	13/05/2010	Active	NO
7	U67120MH2000PTC123921	Profitex Shares And Securities Private Limited	Director	1/9/2005	1/9/2005	1/4/2007	Active	NO
8	U70100MH2006PTC159608	Blue Daimond Properties Private Limited	Director	8/2/2006	8/2/2006	1/4/2007	Active	NO
9	U67120MH2000PTC123913	Payash Securities Private Limited	Director	1/3/2006	1/3/2006	1/4/2007	Amalgamated	NO
10	U13100MH2006PTC162987	Eagle Mining And Exploration Private Limited	Additional director	14/01/2008	14/01/2008	16/06/2009	Active	NO
11	U93000MH2010PTC199627	Enam Infrastructure Trusteeship Services Private Limited	Additional director	10/2/2010	10/2/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sandeep Soni
Designation :	Marketing Incharge

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Mukesh Sanghvi	242600
Vallabh Roopchand Bhansali	150000
Mangal Bhansali	150100
Jethmal M Sanghvi	57500
Jethmal M Sanghvi (HUF)	30000
Kamala J Sanghvi	40000
Neena M Sanghvi	40000
Meena S Sanghvi	40000
Lata M Bhansali	150000
Total	900200

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of FRP Rod for fiber optic cable with small capacity and long fiber thermoplastics.
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

PRODUCTION STATUS [As on 31.03.2009]

Particulars	Unit	Qty
Installed Capacity - F.R.P Rods	Kms.	225000

PRODUCTION STATUS [As on 31.03.2009]

Particulars	Unit	Actual Production
F.R.P Rods	Kms.	153958.70
Indoflex	Kgs	251250.39
Ripcord	Kgs	67331.20
Riplet	Kgs	44097.90
Tapes	Kgs	38449.82

GENERAL INFORMATION

No. of Employees :

300 [Office + Factory] Approximately

Customers :

End Users

Bankers :

§ State Bank of India, Churchgate Branch, ‘The International’, 16 M.K. Road, Churchgate, Mumbai-400020, Maharashtra, India

§ State Bank of India, Sir P.M. Road Branch, Gresham House, Ground Floor, Sir P.M. Road, Fort, Mumbai-400001, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
(A) Term Loan From :
1) Technology information Forecasting and Assessment Council (Secured by exclusive charge on movable properties earmarked for the project)	3.325	5.000
2) State Bank of India (Secured by equitable mortgage of factory land and hypothecation of plant and machineries at Ambernath project and further secured by personal guarantee of two Directors)	7.176	46.393
(B) Working Capital Loan From :
State Bank Of India, Comm. Br. Indore	2.084	1.717
State Bank Of India, Comm. Br. Indore	45.232	34.146
Buyers Credit
State Bank Of India, Comm. Br. Mumbai	10.646	0.000
State Bank Of India, Comm. Br. Mumbai	40.367	0.000
FCNR
State Bank Of India, Comm. Br. Mumbai PCFC	8.744	0.000
State Bank Of India, Comm. Br. Mumbai FBD (All secured by hypothecation of inventories and book debts and first charge on fixed assets of the Company and further secured by personal guarantee of two Directors)	2.039	0.000
Total	119.613	87.256
Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Directors	5.000	0.000
From Shareholders	4.500	0.000
From Corporate Bodies / others	10.000	0.226
Total	19.500	0.226

Banking Relations :	--
Auditors :
Name :	Jain and Bafna Chartered Accountants
Address :	5, First Ganeshwadi, 4^th Floor, Zaveri Bazar, Mumbai-400002, Maharashtra, India
Tel. No.:	91-22-22403848
PAN No.:	AAAFJ1912E
Sister Concern :	Mega Fine Pharmaceuticals Private Limited Sethana Building, 4^th Floor, 55, Maharshi Karve Road, Marine Lines, Mumbai-400002, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions
1000000	Preference Shares	Rs.10/- each	Rs.10.000 Millions
	Total		Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
900200	Equity Shares	Rs.10/- each	Rs.9.002 Millions

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		9.002	9.002	9.002
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		197.074	187.990	166.371
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		206.076	196.992	175.373
LOAN FUNDS
1] Secured Loans		119.613	87.256	27.509
2] Unsecured Loans		19.500	0.226	2.500
TOTAL BORROWING		139.113	87.482	30.009
DEFERRED TAX LIABILITIES		5.632	5.376	3.580
TOTAL		350.821	289.850	208.962
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		173.493	163.709	56.458
Capital work-in-progress		0.000	0.000	27.208
INVESTMENT		0.000	0.310	2.957
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	75.344	50.812	39.039
	Sundry Debtors	115.807	72.589	26.718
	Cash & Bank Balances	4.458	1.115	1.432
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	67.466	43.278	89.661
Total Current Assets		263.075	167.794	156.850
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	69.634	29.065	12.517
	Current Liabilities	12.005	7.429	11.866
	Provisions	4.108	5.469	10.128
Total Current Liabilities		85.747	41.963	34.511
Net Current Assets		177.328	125.831	122.339
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		350.821	289.850	208.962

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES		384.100	273.300	207.000
	PROFIT/[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		49.579	52.112	44.310
Less	FINANCIAL EXPENSES		14.573	9.440	2.953
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION		35.006	41.672	41.357
Less/ Add	DEPRECIATION/ AMORTISATION		21.558	13.789	8.159
	PROFIT / [LOSS] BEFORE TAX		13.448	28.883	33.198
Less	TAX		4.156	7.057	9.425
	PROFIT / [LOSS] AFTER TAX		9.292	21.826	23.773
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		67.802	47.184	24.614
Less	APPROPRIATIONS
		Transfer to General Reserve	1.000	1.000	1.000
		Interim Dividend	0.180	0.180	0.180
		Tax on Dividend	0.028	0.028	0.023
	BALANCE CARRIED TO THE B/S		75.886	67.802	47.184
	EARNINGS IN FOREIGN CURRENCY
		Export Sales	NA	150.511	58.296
	TOTAL EARNINGS		NA	150.511	58.296
	IMPORTS
		Raw Materials	NA	57.947	34.784
		Stores & Spares	NA	0.311	0.309
	TOTAL IMPORTS		NA	58.258	35.093
	Earnings/[Loss] Per Share (Rs.)		10.32	24.25	26.41

Particulars	31.03.2011
Sales Turnover [Approximately]	400.000

Expected Sales (2011-2012) : Rs.500.000 millions

The above information has been parted by Mr. Sandeep Soni [Marketing Incharge].

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	3.50	10.57	16.04
Return on Total Assets (PBT/Total Assets}	(%)	3.08	8.71	15.56
Return on Investment (ROI) (PBT/Networth)		0.06	0.15	0.19
Debt Equity Ratio (Total Liability/Networth)		1.09	0.66	0.37
Current Ratio (Current Asset/Current Liability)		3.07	4.00	4.54

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	No
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	No
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

PREVIEW OF OPERATIONS :

The sales during the year have been Rs.384.100 millions as compared to Rs.273.300 millions during previous year. However, profits have decreased due to the increase in financial charges and depreciation as the companyhave invested substantial money in - second plant in Ambemath, Maharashtra. Ambernath plant was also not operating to full capacity during the accounting year.

CONTINGENT LIABILITIES [As on 31.03.2010]

Company has received Technology Development Assistance of Rs.5.000 millions (out of sanctioned amount of Rs.18.000 millions) from Technology Information, Forecasting and Assistance Council for development of new product. Liability on account of that comes to Rs.3.325 millions in view of Arbitration Award date 03.02.2010 accordingly it has been provided

Bankers Charges Report as per Registry

Corporate identity number of the company	U25209MH1994PTC077596
Name of the company	INDORE COMPOSITE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	4th Floor Sethna Building 55 Maharshi Karve Road, Mumbai – 400002, Maharashtra, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10036474
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Sir P.M. Road Branch, Gresham House, Ground Floor, Sir P.M. Road, Fort, Mumbai-400001, Maharashtra, India Email : kamalax_saraf@hotmail.com
Nature of instrument creating charge	No instrument. Memorandum of deposit for creation of further charge for term loan/overall limit where the initial charge is created by way of mortgage by deposit of title Deeds
Date of instrument Creating the charge	08.04.2010
Amount secured by the charge	Rs.192.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - As Per Sanction Terms Terms of Repayment - As Per Sanction Terms Margin - As Per Sanction Terms Extent and Operation of the charge - As Per Sanction Terms Others – Not Applicable
Short particulars of the property or asset(s) charged (including complete address and location of the property)	A first charge by way of hypothecation of the borrowers entire goods, movables and other assets present and future including documents of title to goods and other assets, such as book-debts, outstanding moneys, receivables, including receivables by way of cash assistance and/or cash incentives under the cash incentive scheme or any other scheme, claims, including claims by way of refund of customs/excise duties under the duty drawback credit scheme, or any other scheme bills, invoices, documents, contracts, insurance policies, guarantees, engagements, securities, investments and rights uncalled capital and all machinery present and future of such form satisfactory to the bank. All that piece and parcel of land bearing plot no. S-4/2, near Onida Saka Limited, Industrial Area-1, Pithampur, District Dhar (Madhya Pradesh) admeasuring 6023.45 sq. Mtrs. Surrounded by the following boundaries and entire factory building constructed thereon with fittings and fixtures thereon. On the East : MPEB Sub-Station On the NORTH : Onida Saka Limited On the West : 30 mts. Wide Road On the South : Suphla Chemicals Private Limited
Date of instrument modifying the charge	08.04.2010
Particulars of the present modification	Now by the present modfn . Date 8.4.2010 the company created an extension of charge by way of an equitable mortgage by deposit of title deeds over the immovable properties created earlier on 25.6.2008 to secure the credit facilities of Rs. 192.500 millions the details of the immovable properties

Name of the company	INDORE COMPOSITE PRIVATE LIMITED
Presented By	Mr. Mukesh Sanghvi, Director
1) Date and description of instrument creating the change	04.06.1996 i. Agreement of loan for overall limit in Form no. C-1 ii. Agreement of hypothecation of goods and assets in Form C-2
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 18.760 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	The whole of the current assets of the company including stocks of raw material components, Finished goods, stock in process, Semi-finished goods, consumables stores and spares and packing materials whether raw or in process of manufacture and all articles manufactured here from which now or hereafter, from time to time during the security shall be brought in to stores or be in or about the borrower godowns or premises at S 4/2 Sector-I Industrial Area, Pitampur, District – Dhar wherever also the same may be including any such goods in course of transit or delivery and all the borrowers present and future book debts, outstanding moneys, receivables, claims bills, contracts, engagements, securities rights and other liquid assets.
4) Gist of the terms and conditions and extent and operation of the charge.	1. That the borrower will at all times maintain a sufficient quantity of the said goods of such market value as to provide the margin of security required by the bank and will forthwith whenever necessary provide further goods (approved by the bank to restore such margin or pay the bank.) 2. The company has undertaken to keep the goods hypothecated in marketable and good conditions at its own cost and to insure the same in the joint names of the company and the Bank (SBI) 3. Presently minimum interest at the rate of 13.26% per annum subject to revision as per Bank/ RBI directions shall be calculated on daily balance. Further the bank shall be entitled to charge at its own discretion such enhanced rates of interst on the account(s) eitherl on the entire outstanding or on portion thereof as the bank may fix any irregularity or non-compliance of breach of any other covenants.
5) Name and Address and description of the person entitled to the charge.	State Bank of India, Churchgate Branch, ‘The International’, 16 M.K. Road, Churchgate, Mumbai-400020, Maharashtra, India
6) Date and brief description of instrument modifying the charge	08.06.2005 i. Supplemental Agreement of Hypothecation of goods and assets for increase in the overall limit from Rs. 22.500 Million to Rs. 48.000 Millions ii. Memorandum for Equitable Mortgage of Land and building and erection thereon (both present and future) situated at S. 4/2 No. 1 Pithampur Industrial Area, District Dhar.
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.	First Modification Memorandum of entry dated 06.05.1997 to secure the existing working capital credit facilities by way of 2^nd charge on the entire fixed assets of the company. Second Modification The overall limits enhanced form the existing limit of Rs. 18.760 Million to Rs. 19.000 Millions Third Modification The overall limits enhanced form the existing limit of Rs. 19.000 Millions to rs. 22.500 Millions Forth Modification The overall limits enhanced form the existing limit of Rs. 22.500 Millions to Rs. 48.000 Millions First charge by way of Equitable Mortgage of land and building and erection thereon (both present and future situated 4/2 No. 1 Pithampur Industrial Area, District Dhar

This form is for	Modification of charge
Charge identification number of the modified	10036474
Corporate identity number of the company	U25209MH1994PTC077596
Name of the company	INDORE COMPOSITE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	4^th Floor, Sethna Building 55, Maharshi Karve Road, Mumbai-400002, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Churchgate Branch, ‘The International’, 16 M.K. Road, Churchgate, Mumbai-400020, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Memorandum of Entry for Extension of charge
Date of instrument Creating the charge	19.06.2009
Amount secured by the charge	Rs. 144.400 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge First Charge
Short particulars of the property charged	1) Land bearing Plot No. S-4/2 admeasuring 6,023.45 sq. meters., Near Onida Saka Limited, Industrial Area - 1, Pithampur, District Dhar, Madhya Pradesh and 2) Land bearing Plot No. N-50 admeasuring 11,000 sq. meters, in the Additional Ambernath Industrial Area, Village Jambivali, Ambernath, District Thane, Maharashtra together with entire factory buildings, structures, erections, fittings and fixtures thereon.
Date of latest modification prior to the present modification	27.12.2007
Particulars of the present modification	Equitable mortgage created on the immovable properties of the Company and extended on 25/06/2008 to further secure the enhanced limits of Rs.140.500 Millions and the equitable mortgage created on 25/06/2008 on immovable property to secure the enhanced limits of Rs.140.500 Millions, again extended to secure the enhanced credit facilities of Rs.144.400 Millions.

FIXED ASSETS

· Land

· Office Building

· Factory Building

· Staff Quarters

· Plant and Machineries

· Electrical Fittings

· Computers

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Technical Know-how

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.52.25
UK Pound	1	Rs.81.23
Euro	1	Rs.69.83

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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.