MIRA INFORM REPORT

Report Date :

19.10.2011

IDENTIFICATION DETAILS

Name :	VARROC POLYMERS PRIVATE LIMITED (w.e.f. 18.04.2007)
Formerly Known As :	MOULDCRAFT (HINDUSTAN) PRIVATE LIMITED
Registered Office :	Gut No. 99, Village Pharola, Taluka Paithan, Aurangabad – 431105, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.06.1995
Com. Reg. No.:	11-90037
Capital Investment / Paid-up Capital :	Rs.32.635 Millions
CIN No.: [Company Identification No.]	U25209MH1995PTC090037
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automotive Parts and Accessories for Automobile Industry.
No. of Employees :	2500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 6000000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are fair. Business is active. Payments are 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.

INFORMATION PARTED BY

Name :	Mr. Anil Ghatiya
Designation :	Company Secretary
Contact No.:	91-9673001160
Date :	18.10.2011

LOCATIONS

Registered Office/ Factory :	Gut No. 99, Village Pharola, Taluka Paithan, Aurangabad – 431105, Maharashtra, India
Tel. No.:	91-2431-251625-26
Mobile No.:	91-9673001160 (Mr. Anil Ghatiya)
Fax No.:	91 2431-251627
E-Mail :	varroc.mhpl@varrocgroup.com Varroc.info@varrocgroup.com varroc.cs@varrocgroup.com ghatiya.anil@varrocgroup.com
Website :	http://www.varrocgroup.com
Corporate Office :	E – 4, MIDC Industail Area, Waluj, Aurangabad – 431136, Maharashtra, India
Tel. No.:	91-240-2556227
Fax No.:	91-240-2564540
Factory :	VPPL-I Gut No.390,Takve Budruk, Tal. Maval, District Pune - 412 106, Maharashtra, India Phone 91 2114 244107 Fax 91 2114 244447 E-mail: varroc.pp1@varrocgroup.com VPPL-II E-88, MIDC Ranjangaon, Tal. Shirur, District Pune-412 220, Maharashtra, India Phone 91 2138 232738 Fax 91 2138 232788 E-mail: varroc.pp2@varrocgroup.com VPPL-III M-165-167, MIDC Industrial Area, Waluj, District Aurangabad- 431 136, Maharashtra, India Phone 91 240 2551807-8 Fax 91 240 2551102 E-mail: varroc.wp3@varrocgroup.com VPPL-GN Plot No.35A, Udyog Vihar, Gr. Noida, District Gautam Budh Nagar-201 306, Uttar Pradesh, India Phone 91 120 2230740 Fax 91 120 2230739 E-mail: varroc.gnp1@varrocgroup.com VPPL-BN 58th Milestone, Village Binola, District Gurgaon, Haryana, India Phone 91 124 2279004 E-mail: varroc.bp1@varrocgroup

DIRECTORS

(AS ON 23.07.2011)

Name :

Mr. Naresh Adishwarlal Chandra

Designation :

Director

Address :

Bhagwati Bhavan, 31, M L Dahanukar Marg, Mumbai 400 026, Maharashtra, India

Date of Birth/Age :

11.02.1935

Date of Appointment :

28.06.1995

DIN No.:

00027696

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	L45400MH1962PLC012385	HERCULES HOISTS LIMITED	Director	20-09-72	20-09-72	-	Active	NO
2	U28920MH1988PTC047335	VARROC ENGINEERING PRIVATE LIMITED	Director	11-05-88	11-05-88	-	Active	NO
3	U25209MH1995PTC090037	VARROC POLYMERS PRIVATE LIMITED	Director	28-06-95	28-06-95	-	Active	NO
4	U28113MH1995PTC092249	ENDURANCE SYSTEMS (INDIA) PRIVATE LIMITED	Director	28-08-95	28-08-95	-	Amalgamated	NO
5	U34300MH1997PTC105518	DUROVALVES INDIA PRIVATE LIMITED	Director	03-09-97	03-09-97	-	Active	NO
6	L24100GJ1983PLC006513	GHCL LIMITED	Director	28-11-97	28-11-97	03-11-10	Active	NO
7	U34102MH1999PLC123296	ENDURANCE TECHNOLOGIES LIMITED (CN)	Director	27-12-99	27-12-99	-	Active	NO
8	U31506MH2000PTC129904	VARROC LIGHTING PRIVATE LIMITED	Director	06-12-00	06-12-00	-	Amalgamated	NO
9	U34300MH2002PTC134738	HIGH TECHNOLOGY TRANSMISSION SYSTEMS (INDIA) PRIVATE LIMITED	Director	29-07-02	29-07-02	-	Active	NO
10	U67120MH1982PTC026669	VARROC TRADING PRIVATE LIMITED	Director	21-11-02	21-11-02	-	Active	NO
11	U29100MH2005PTC151756	VARROC EXHAUST SYSTEMS PRIVATE LIMITED	Director	03-03-05	03-03-05	-	Active	NO
12	U29190MH2005PTC157474	VARROC ELASTOMERS PRIVATE LIMITED	Director	22-11-05	22-11-05	-	Active	NO

Name :

Mr. Tarang Naresh Jain

Designation :

Managing Director

Address :

Gut No. 41 (P), Opposite Walmi, Aurangabad – Paithan Road, Aurangabad 431 005, Maharashtra, India

Date of Birth/Age :

21.03.1962

Qualification :

MBA

Date of Appointment :

28.06.1995

DIN No.:

00027505

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	U67120MH1982PTC026669	VARROC TRADING PRIVATE LIMITED	Director	22-11-85	22-11-85	Active	NO
2	U28920MH1988PTC047335	VARROC ENGINEERING PRIVATE LIMITED	Managing director	11-05-88	11-05-88	Active	NO
3	U25209MH1995PTC090037	VARROC POLYMERS PRIVATE LIMITED	Managing director	01-04-07	28-06-95	Active	NO
4	U34300MH1997PTC105518	DUROVALVES INDIA PRIVATE LIMITED	Managing director	30-01-97	30-01-97	Active	NO
5	U31506MH2000PTC129904	VARROC LIGHTING PRIVATE LIMITED	Director	06-12-00	06-12-00	Amalgamated	NO
6	U29100MH2005PTC151756	VARROC EXHAUST SYSTEMS PRIVATE LIMITED	Director	03-03-05	03-03-05	Active	NO
7	U29190MH2005PTC157474	VARROC ELASTOMERS PRIVATE LIMITED	Director	22-11-05	22-11-05	Active	NO
8	U34300PN2007PTC131148	PLASTIC OMNIUM VARROC PRIVATE LIMITED	Director	17-12-07	17-12-07	Active	NO
9	U70102MH2010PTC208318	RUDRITARA PROPERTIES PRIVATE LIMITED	Director	27-09-10	27-09-10	Active	NO

Name :

Mr. Shantaram Narayan Patil

Designation :

Director

Address :

14, Mayureah New SBH Cloony, NR Jyoti NGR, Aurangabad – 431005, Maharashtra, India

Date of Birth/Age :

16.01.1954

Qualification :

BSC

Date of Appointment :

04.12.2009

DIN No.:

01842641

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	U34300PN2007PTC131148	PLASTIC OMNIUM VARROC PRIVATE LIMITED	Director	17-12-07	17-12-07	Active	NO
2	U25209MH1995PTC090037	VARROC POLYMERS PRIVATE LIMITED	Whole-time director	04-12-09	04-12-09	Active	NO

Name :

Mr. Gautam Premnath Khandelwal

Designation :

Director

Address :

B-2, Alaknanda, 16-A, Nepeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

21.09.1956

Date of Appointment :

24.03.2011

DIN No.:

00270717

Email :

gautam@khandelwalindia.com

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	U65990MH1986PTC041183	ZEPPELIN INVESTMENTS PRIVATE LIMITED	Director	09-10-86	09-10-86	-	Active	NO
2	L99999MH1958PLC011001	INFORMED TECHNOLOGIES INDIA LIMITED	Director	09-03-88	09-03-88	-	Active	NO
3	L74899DL1993PLC052177	Globus Spirits Limited	Director	16-02-93	16-02-93	-	Active	NO
4	U99999MH1993PTC074389	KHANDELWAL REMEDIES P LTD	Director	08-10-93	08-10-93	-	Active	NO
5	U24239MH1980PTC023041	MAGNACHEM PHARMACEUTICALS PRIVATE LIMITED	Director	28-03-95	28-03-95	-	Strike off	NO
6	L40100MH1996PLC104361	NAGPUR POWER AND INDUSTRIES LIMITED	Whole-time director	01-07-09	06-12-96	-	Active	NO
7	U72900MH2006PTC163664	KROHM SOLUTIONS PRIVATE LIMITED	Director	08-08-06	08-08-06	06-07-11	Strike off	NO
8	U32109MH1960PTC011827	THE MOTWANE MANUFACTURING COMPANY PRIVATE LIMITED	Director	06-09-07	06-09-07	-	Active	NO
9	U74999MH1999PTC121254	MW COM (INDIA)PRIVATE LIMITED	Director	28-11-07	28-11-07	25-03-10	Active	NO
10	U17299MH2007PTC172611	AMIGO SPORT PRIVATE LIMITED	Director	25-05-10	25-05-10	-	Active	NO
11	U25209MH1995PTC090037	VARROC POLYMERS PRIVATE LIMITED	Director	23-07-11	24-03-11	-	Active	NO
12	U28920MH1988PTC047335	VARROC ENGINEERING PRIVATE LIMITED	Director	23-07-11	24-03-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Anil Ghatiya
Designation :	Company Secretary
Address :	E – 14, Chanakya Puri, Daragah Road, Aurangabad 431 005, Maharashtra, India
Date of Birth/Age :	09.03.1980
Date of Appointment :	01.01.2005
PAN No.:	AGDPG4089J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 23.07.2011)

Names of Shareholders	No. of Shares
Tarang Jain	1614501
Naresh Chandra	342101
Tarang Jain and Rochana Jain	406900
Naresh Chandra and Suman Jain	182601
Suman Jain and Naresh Chandra	78400
Suman Jain	630000
Tarang Jain HUF	4500
Naresh Chandra HUF	4500
Total	3263503

(AS ON 23.07.2011)

Equity Shares Break-up

Category	Percentage
Directors or Relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automotive Parts and Accessories for Automobile Industry.

Products :

ITC Code No.	Product Description
39269009	Plastic Moulded Goods
87140000	Automobile Seat Assembly
39203000	Sheets of Polymers of Styrene

Terms :

Selling :

Depend

Purchasing :

Depend

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Installed Capacity	Actual Production
			Own Mfg.	Job work
Plastic Moulded Components	MT	34532	16032	715
Extrusion Sheets	MT	10800	5606	111
Automobile Sea Assembly	Nos.	7264000	3771911	--
Air Filter Assembly	Nos.	3500000	2239619	--
Mirror Assembly	Nos.	7250000	6839865	--
Tools (Moulds)	Nos.	450	57	--

GENERAL INFORMATION

Customers :

End Users, OEM’s and Corporate

No. of Employees :

2500 (Approximately)

Bankers :

· Saraswat Co-Operative Bank Limited

Kanchan Chambers, Kranti Chowk, Station Road, Aurangabad 431001, Maharashtra, India

· IDBI Bank Limited

IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Banks
Term Loans	444.026	298.393
Cash Credit	191.835	298.006
Interest accrued and due on Term Loans	--	0.243
Total	635.861	596.642
NOTE: 1.Rupee Term Loans from The Saraswat Co-operative Bank Limited are secured by first exclusive charge by way of hypothecation of movable fixed assets of the Company both present and future located at Pharola, Dist. Aurangabad and equitable mortgage of immovable properties of the Company located at Pharola, Dist. Aurangabad. 2 Rupee Term Loans from IDBI Bank Limited are secured by first exclusive charge by way of hypothecation of movable fixed assets of the Company both present and future located at Greater Noida and Binola Plant (s) and equitable mortgage of immovable properties of the Company located at Greater Noida and Binola Plants. 3 Rupee Term Loans availed for purchase of the Vehicle from IDBI Bank Limited is secured by Hypothecation of the Vehicle to be purchased. 4 Working capital facilities availed from the Banks are secured by first paripassu charge by way of hypothecation of stocks of Raw Materials, Stock in Process, Finished Goods, Consumable Stores and Spares, Packing Materials and Receivables of the Company both present and future. 5 The securities furnished to the Banks except The Saraswat Co-operative Bank Limited for availing various Term Loans and Letter of Credit facilities still continue as per pre-restructuring position since documentation is pending with regard to availment of the said credit facilities.
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Deferred Sales Tax Liabilities (Due Within one year Rs.2.371 Millions)	192.258	170.712
Total	192.258	170.712

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	Muttha Towers, 5^th Floor, Suite No. 8, Airport Road, Yerwada, Pune – 411066, Maharashtra, India
PAN No.:	AAHFP0187A
Subsidiaries :	· Varroc Elastomers Private Limited (CIN No. U29190MH2005PTC157474)
Associate / Joint Venture :	· Plastic Omnium Varroc Private Limited
Other Related Companies:	· Varroc Engineering Private Limited · Varroc Trading Private Limited · Durovalves India Private Limited · Bajaj Auto Limited · Bajaj Allianz General Insurance Company Limited

CAPITAL STRUCTURE

AS ON 23.07.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3263503	Equity Shares	Rs.10/- each	Rs.32.635 millions

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2932003	Equity Shares	Rs.10/- each	Rs.29.320 millions
331500	Share Capital pending allotment	Rs.10/- each	Rs.3.315 millions
	(331500 Equity Shares of Rs.10 each to be allotted to shareholder of Varroc Engineering Private Limited without payment in cash in terms of composite scheme of arrangement effective from 1^st April, 2009).
	Total		Rs.32.635 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		32.635	29.320	2.800
2] Share Application Money		0.000	0.000	26.520
3] Reserves & Surplus		1548.589	1126.793	982.847
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1581.224	1156.113	1012.167
LOAN FUNDS
1] Secured Loans		635.861	596.642	464.797
2] Unsecured Loans		192.258	170.712	126.208
TOTAL BORROWING		828.119	767.354	591.005
DEFERRED TAX LIABILITIES		108.242	95.064	83.871
TOTAL		2517.585	2018.531	1687.043
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1610.971	1267.697	1122.373
Capital work-in-progress		42.358	16.411	64.742
INVESTMENT		496.255	380.455	14.305
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	307.366	205.312	159.291
	Sundry Debtors	1012.974	744.570	339.604
	Cash & Bank Balances	126.554	78.592	63.744
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	85.240	154.626	677.009
Total Current Assets		1532.134	1183.100	1239.648
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	973.395	756.237	693.464
	Current Liabilities	126.441	33.677	27.878
	Provisions	64.297	39.218	31.683
Total Current Liabilities		1164.133	829.132	754.025
Net Current Assets		368.001	353.968	485.623
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2517.585	2018.531	1687.043

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	6019.714	4706.661	4388.123
		Other Income
		TOTAL (A)	6019.714	4706.661	4388.123
Less	EXPENSES
		Office Expenses
		Administrative Expenses	5302.370	4236.966	3983.196
		Advertising Expenses
		TOTAL (B)	5302.370	4236.966	3983.196
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		717.344	469.695	404.927
Less	FINANCIAL EXPENSES (D)		72.020	80.302	59.256
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		645.324	389.393	345.671
Less/ Add	DEPRECIATION/ AMORTISATION (F)		182.772	145.436	(150.613)
	PROFIT BEFORE TAX (E-F) (G)		462.552	243.957	496.285
Less	TAX (H)		160.702	85.769	171.557
	PROFIT AFTER TAX (G-H) (I)		301.850	158.188	324.728
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		192.283	67.066	56.745
Less	APPROPRIATIONS
		Transfer to General Reserve	30.175	15.820	300.000
		Dividend	16.318	14.660	12.314
		Tax on Dividend	2.710	2.491	2.093
	BALANCE CARRIED TO THE B/S		444.930	192.283	67.066
	EARNINGS IN FOREIGN CURRENCY		0.468	0.357	0.661
	IMPORTS
		Raw Materials	80.130	93.093	103.641
		Stores & Spares	1.539	1.354	2.171
		Capital Goods	46.377	87.596	91.887
	TOTAL IMPORTS		128.046	182.043	197.699
	Earnings Per Share (Rs.)
	- Basic		102.95	59.89	29.32
	- Diluted		92.49	59.89	110.75

Particulars	31.03.2011
Sales Turnover (Approximately)	7500.000

Expected Sales (2011-12): More than Rs.10000.000 Millions

The above information has been parted by Mr. Anil.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.01	3.36	7.40
Net Profit Margin (PBT/Sales)	(%)	7.68	5.18	11.31
Return on Total Assets (PBT/Total Assets}	(%)	30.19	9.95	21.01
Return on Investment (ROI) (PBT/Networth)		0.29	0.21	0.49
Debt Equity Ratio (Total Liability/Networth)		0.73	1.38	1.33
Current Ratio (Current Asset/Current Liability)		1.31	1.43	1.64

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Sundry Creditors
- Micro and Small Enterprises	--	--	--
- Other than Micro and Small Enterprises	973.395	756.237	693.464
Total	973.395	756.237	693.464

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s 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 in the business	No
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	--------
Market Information	--------
Litigations that the firm/ Promoters Involved in	--------
Banking details	Yes
Banking Facility Details	--------
Conduct of the Banking Account	--------
Buyer visit details	--------
Financials, if provided	No
Incorporation details is applicable	--------
Last Accounts filed at ROC	--------
Major Shareholders, if available	--------

PERFORMANCE

Due to strong domestic OE customer base, the company was able to buck the general trend of recession that prevailed during the first half of the year.

Consequent upon addition of certain capital equipment in plastic Moulding and seat assembly division, sales quantities in the year under review went up by 36% and 32% respectively in these divisions. Owing to spurt in demand, the sale of mirror assemblies jumped by 60% as compared to last year.

The Technology Development Centre has been hived off from Varroc Engineering Private Limited and merged with the company from the appointed date i.e, 1^st April, 2009 in terms of scheme of Arrangement duly approved by Hon;ble high Court of Judicature at Bombay.

As such , while comparing performance with last year, They have to keep in mind that the net sales and other Income of TDC comprising of Tool Room and R and D Centre forms 2.52% of the total Net Sales and Other Income during the year under review.

Owing to the above and also as a result of increased off take by customers, the net sales and other income rose by 28% to Rs.602.000 millions from Rs.471.000 Millions. The Cost of Raw Materials came down from 73% to 70% as percentage to net sales. The Selling and Administration Expenses were marginally higher by around 1.3% of Net Sales compared to last year. The Cumulative effect war that PBT rose by 90% to Rs.462.600 Millions from Rs.244.000 Millions last year. PAT also correspondingly increased by 91% to Rs.301.900 Millions from Rs.158.200 Millions. The significant improvement in the bottom line can be attributed to various measures taken to control cost and improve efficiencies.

The Directors consider the performance of the company during the year as commendable.

RESTRUCTURING:

In terms of the scheme of Arrangement envisaging inter-alia, re-structuring as approved by the Hon’ble High court of judicature at Bombay vide its order dated 18.06.2010, the company issued and allotted on 28.06.2010, 3,31,500 Equity shares of Rs.10/- each aggregating to Rs.3.315 Millions to the shareholders of Varroc Engineering Private Limited (Other than the company) in the proportion of one equity share for each share held by the said shareholders in VEPL.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF

Particulars	31.03.2010	31.03.2009
	(Rs. In Millions)
Disputed Excise and Service tax Matters	8.730	6.289
Corporate Guarantees	2084.800	400.000
Bank Guarantees	20.700	9.107
Income Tax Matters	0.274	0.677
Sales Tax Matters	32.932	31.442
Gram Panchayat tax	--	1.320

FORM 8:

Corporate identity number of the company	U25209MH1995PTC090037
Name of the company	VARROC POLYMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gut No 99 Villagepharola Taluka, Paithan, Aurangabad – 431105, Maharashtra, India ghatiya.anil@varrocgroup.com
This form is for	Modification of Charge
Type of charge	Immovable Property
Particular of charge holder	IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India abhijit.srivastava@idbi.co.in
Nature of instrument creating charge	Declaration and Undertaking (In the matter of Mortgaged by Deposits of Title Deeds)
Date of instrument Creating the charge	29.11.2010
Amount secured by the charge	20.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : USANCE/Commitment Charges: 0.50% p.a. plus service tax payable upfront Terms of Repayment : Honouring of commitments on due date Margin : 10% Cash Margin Extent and Operation of the charge : The borrower do hereby mortgage in Favour of IDBI Bank Limited. On exclusive charge basis the immovable proprieties situated at 35-A, Udyog Vihar, Greater Noida and 58th Mile Stone, Opposite Mittal Orchards, Village Binola, District Gurgaon, Haryana
Short particulars of the property charged	The borrower do hereby mortgage in Favour of IDBI Bank Limited. On exclusive charge basis the immovable proprieties situated at 35-A, Udyog Vihar, Greater Noida and 58th Mile Stone, Opposite Mittal Orchards, Village Binola, District Gurgaon, Haryana.
Particulars of the Present modification	The borrower do hereby mortgage in Favour of IDBI Bank Limited. On exclusive charge basis the immovable proprieties situated at 35-A, Udyog Vihar, Gr. Noida and 58th Mile Stone, Opposite Mittal Orchards, Village Binola, Dist. Gurgaon, Haryana.

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Factory Building

· Office Building

· Plant and Machinery

· Factory Equipments

· Electrical Installation

· Computers

· Mould and Dies

· Electrical Fittings

· Vehicles

· Furniture and Fixtures

· Office Equipments

· Software

· User right for expenses Feeder Line

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.48.89
UK Pound	1	Rs.77.31
Euro	1	Rs.67.79

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	7
--PROFITABILIRY	1~10	5
--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	NO
--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	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.