MIRA INFORM REPORT

Report Date :

16.09.2011

IDENTIFICATION DETAILS

Name :	KSH INTERNATIONAL PRIVATE LIMITED [w.e.f. July 1979]

Formerly Known As :	BHANDARY METAL EXTRUSION PRIVATE LIMITED

Registered Office :	5- Madhav Nagar, Bhavani Shankar Road, Dadar (West), Mumbai-400028, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	30.07.1979

Com. Reg. No.:	11-21512

Capital Investment / Paid-up Capital :	Rs.9.565 Millions

CIN No.: [Company Identification No.]	U28129MH1979PTC021512

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Copper and Aluminium conductor which is used in Electrical Transformer.

No. of Employees :	200 [(In Office 30, In Factory 170)] [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

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 and reputed company having satisfactory track. Trade relations are reported as fair. Financial position is satisfactory. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealing 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. D.K. Wariyar
Designation :	Accounts Manager
Date :	16.09.2011

LOCATIONS

Registered Office :	5- Madhav Nagar, Bhavani Shankar Road, Dadar (West), Mumbai-400028, Maharashtra, India
Tel. No.:	91-22-27410367
Fax No.:	91-22-27412118
E-Mail :	vbokil@gmail.com devdaswariyar@kshinternational.com accounts@kshinternational.com
Website :	http://www.kshinternational.com
Area:	Rented

Head Office / Factory 1 :	J-25, M.I.D.C., Taloja-410208, Maharashtra, India
Tel. No.:	91-22-27410367/ 274101426/ 27401425
Fax No.:	91-22-27412418
E-Mail :	kshintl@vsnl.com
Website :	www.kshinternational.com
Area:	2780 sq. ft. (Leased)

Factory 2 :	Gat No. 11/5, Village Birdawadi Chakan Taluka Khed, District Pune-410501, Maharashtra, India Note: As informed by accounts manager (Mr. D.K. Wariyar) that company is about to shift their registered office to factory 2 of Pune, they have applied in Roc for change in address and from next month they well shift their whole office to Pune, no employees will be working on registered office of Dadar (West), Mumbai, Maharashtra, India
Area:	It’s very big area (Owned)

DIRECTORS

As on 10.08.2011

Name :

Mr. Kushal Subbayya Hegde

Designation :

Chairman and Whole Time Directors

Address :

Buena Monte, NCL Co-Op, Housing Society, Off Pashan Road, Pune-411008, Maharashtra, India

Date of Birth/Age :

07.11.1938

Date of Appointment :

09.09.2010

Din No.:

00135070

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	U28129MH1979PTC021512	KSH INTERNATIONAL PRIVATE LIMITED	Managing director	09-09-10	30-07-79	Active	NO
2	U29111MH1982PTC027444	KAMAL DIESELS PRIVATE LIMITED	Managing director	15-06-82	15-06-82	Active	NO
3	U65910MH1984PTC032077	SHUBHKAMAL LEASING AND INVESTMENTS PRIVATE LIMITED	Director	09-08-84	09-08-84	Active	NO
4	U29309MH1989PTC051920	KUSHAL MOTORS AND ELECTICALS PRIVATE LIMITED	Managing director	29-05-89	29-05-89	Active	NO
5	U31101MH1995PTC088703	KSH LOGISTICS PRIVATE LIMITED	Director	23-05-95	23-05-95	Active	NO
6	U31909PN1999PTC013304	WATERLOO MOTORS PRIVATE LIMITED	Director	05-02-99	05-02-99	Active	NO
7	U60210MH1985PLC037099	SAI SERVICE STATION LIMITED	Director	13-02-02	13-02-02	Active	NO
8	U51909MH2002PTC135828	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Whole-time director	09-05-02	09-05-02	Dormant	NO
9	U51909PN2002PTC022110	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Director	01-06-02	01-06-02	Active	NO
10	U60210PN2006PTC132062	KSH DISTRIPARKS PRIVATE LIMITED	Director	17-05-06	17-05-06	Active	NO
11	U45200PN2011PTC140389	KSH INFRA PRIVATE LIMITED	Director	09-08-11	09-08-11	Active	NO

Name :

Mrs. Pushpa Kushal Hegde

Designation :

Whole Time Directors

Address :

Buena Monte, NCL Co-Op, Housing Society, Off Pashan Road, Pune-411008, Maharashtra, India

Date of Birth/Age :

10.10.1948

Date of Appointment :

09.12.1983

Din No.:

00137395

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	U28129MH1979PTC021512	KSH INTERNATIONAL PRIVATE LIMITED	Whole-time director	09-12-83	09-12-83	Active	NO
2	U65910MH1984PTC032077	SHUBHKAMAL LEASING AND INVESTMENTS PRIVATE LIMITED	Director	09-02-84	09-02-84	Active	NO
3	U29309MH1989PTC051920	KUSHAL MOTORS AND ELECTICALS PRIVATE LIMITED	Managing director	29-05-89	29-05-89	Active	NO
4	U31101MH1995PTC088703	KSH LOGISTICS PRIVATE LIMITED	Whole-time director	23-05-95	23-05-95	Active	NO
5	U31909PN1999PTC013304	WATERLOO MOTORS PRIVATE LIMITED	Director	05-02-99	05-02-99	Active	NO
6	U51909MH2002PTC135828	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Whole-time director	09-05-02	09-05-02	Dormant	NO
7	U51909PN2002PTC022110	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Director	01-06-02	01-06-02	Active	NO
8	U60210PN2006PTC132062	KSH DISTRIPARKS PRIVATE LIMITED	Director	17-05-06	17-05-06	Active	NO
9	U45200PN2011PTC140389	KSH INFRA PRIVATE LIMITED	Director	09-08-11	09-08-11	Active	NO

Name :

Mr. Rajesh Kushal Hegde

Designation :

Whole Time Directors

Address :

Buena Monte, NCL Co-Op, Housing Society, Off Pashan Road, Pune-411008, Maharashtra, India

Date of Birth/Age :

29.08.1970

Date of Appointment :

01.09.1996

Din No.:

00114193

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	U28129MH1979PTC021512	KSH INTERNATIONAL PRIVATE LIMITED	Whole-time director	01-09-96	01-09-96	Active	NO
2	U31909PN1999PTC013304	WATERLOO MOTORS PRIVATE LIMITED	Director	05-02-99	05-02-99	Active	NO
3	U31101MH1995PTC088703	KSH LOGISTICS PRIVATE LIMITED	Whole-time director	01-04-01	01-04-01	Active	NO
4	U51909MH2002PTC135828	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Whole-time director	09-05-02	09-05-02	Dormant	NO
5	U51909PN2002PTC022110	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Whole-time director	09-05-02	09-05-02	Active	NO
6	U60210PN2006PTC132062	KSH DISTRIPARKS PRIVATE LIMITED	Director	17-05-06	17-05-06	Active	NO
7	U45200PN2011PTC140389	KSH INFRA PRIVATE LIMITED	Director	09-08-11	09-08-11	Active	NO

Name :

Mr. Rohit Kushal Hegde

Designation :

Whole Time Directors

Address :

Buena Monte, NCL Co-Op, Housing Society, Off Pashan Road, Pune-411008, Maharashtra, India

Date of Birth/Age :

09.08.1974

Date of Appointment :

01.11.2000

Din No.:

00134926

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	U29309MH1989PTC051920	KUSHAL MOTORS AND ELECTICALS PRIVATE LIMITED	Whole-time director	01-04-92	01-04-92	01-11-09	Active	NO
2	U31909PN1999PTC013304	WATERLOO MOTORS PRIVATE LIMITED	Director	05-02-99	05-02-99	-	Active	NO
3	U28129MH1979PTC021512	KSH INTERNATIONAL PRIVATE LIMITED	Whole-time director	01-11-00	01-11-00	-	Active	NO
4	U31101MH1995PTC088703	KSH LOGISTICS PRIVATE LIMITED	Whole-time director	01-04-01	01-04-01	-	Active	NO
5	U51909MH2002PTC135828	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Whole-time director	09-05-02	09-05-02	-	Dormant	NO
6	U51909PN2002PTC022110	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Director	09-05-02	09-05-02	-	Active	NO
7	U60210PN2006PTC132062	KSH DISTRIPARKS PRIVATE LIMITED	Director	17-05-06	17-05-06	-	Active	NO
8	U45200PN2011PTC140389	KSH INFRA PRIVATE LIMITED	Director	09-08-11	09-08-11	-	Active	NO

Name :

Mr. Sudhakar Venkat Rao

Designation :

Whole Time Directors

Address :

12/316, Roop Nagar, Vivek, Bandra (East), Mumbai-400051, Maharashtra, India

Date of Birth/Age :

07.09.1949

Date of Appointment :

30.09.2008

Din No.:

01627303

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	U28129MH1979PTC021512	KSH INTERNATIONAL PRIVATE LIMITED	Whole-time director	29-09-07	06-06-07	Active	NO

Name :

Mr. Ganesh Prasad Elkaje

Designation :

Additional Director

Address :

Elkaje House, H No 1-94, Netla Mudnur Village, Nerlakatte PO, Bantwal, D.K. Nerlakatte-574253, Karnataka, India

Date of Birth/Age :

09.05.1967

Date of Appointment :

13.10.2010

Din No.:

03274531

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	U28129MH1979PTC021512	KSH INTERNATIONAL PRIVATE LIMITED	Whole-time director	10-08-11	13-10-10	Active	NO

KEY EXECUTIVES

Name :	Mr. D.K. Wariyar
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.08.2011

Names of Shareholders		No. of Shares
Kushal Subbayya Hegde		38795
Pushpa Kushal Hegde		10099
Shubhkamal Leasing and Investment Private Limited, India		13496
Rajesh Kushal Hegde		16630
Rohit Kushal Hegde		16630

Total		95650

As on 10.08.2011

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		14.11
Directors or relatives of directors		85.89
Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Copper and Aluminium conductor which is used in Electrical Transformer.

Products :

Product Description	Item Code No. (ITC Code)
Paper covered Copper and Aluminium Strips/ Wires and Bunch Conductors	85446010
Enamel Covered Copper Strips/ Wires and bunch conductors	85446010
Continuously Transposed Copper Conductors	85446090

Exports :

Products :

Conductors

Countries :

Dubai
Japan
USA
Australia
Abu Dhabi

Imports :

Products :

Machines

Countries :

China
USA
Sweden

Terms :

Selling :

L/C / Cash and Credit

Purchasing :

L/C / Cash and Credit / TT / Cad

PRODUCTION STATUS (AS ON 31.03.2009)

Particulars	Unit	Installed Capacity	Actual Production
Copper
Own Copper	MT	4360	3011.211
Job Works	MT		3929.611
Total			6940.822
Aluminium
Own Aluminium	MT		1.238
Job Work	MT		65.849
Total			67.087

GENERAL INFORMATION

Suppliers:

Sterlite Industries India Limited

Customers :

Manufacturer

Crompton Greaves Limited

No. of Employees :

200 [(In Office 30, In Factory 170)] [Approximately]

Bankers :

State Bank of India, Industrial Finance Branch, Tara Chambers, 2^nd Floor, Pune Mumbai Highway, Near Mariaal Police Chowky, Wakdewadi, Pune-411003, Maharashtra, India
State Bank of India, Commercial Branch, Mumbai-400014, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Term Loan From SBI (Against Equitable Mortgaged of Factory Land and Building. Hypothecation of Machinery and Personal Guarantee of Directors due within a year Rs.27.500 millions) (Previous year Rs.15.000 millions)	131.067	37.779
Cash Credit from State Bank of India	53.608	14.072
Export Packing Credit State Bank of India (Cash Credit and Export Credit facilities have been secured by hypothecation of Raw materials, semi finished Goods, Trade Bills and personal Guarantee of Directors and Collateral Security of factory land and building plant machinery.	66.696	34.294
Deferred Payment Liability Against vehicles purchased under Hire Purchased secured against hypothecation of respective vehicles (due within a year Rs.0.198 million) (Previous year Rs.1.130 millions)	0.299	1.429
Total	251.670	87.574


Banking Relations :	--

Auditors :
Name :	A. S. Alva and Company Chartered Accountants
Address :	Flat 1-5, Himali Housing Society, Erandavane, Pune-411004, Maharashtra, India
Tel. No.:	91-20-25434527/25440143/25434752
Fax No.:	91-20-25440143
E-Mail :	shrinivasalva@gmail.com

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
95650	Equity Shares	Rs.100/- each	Rs.9.565 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		9.565	5.280	5.280
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		197.705	121.757	94.524
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		207.270	127.037	99.804
LOAN FUNDS
1] Secured Loans		251.670	87.574	128.829
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		251.670	87.574	128.829
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		458.940	214.611	228.633

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		239.278	73.580	91.420
Capital work-in-progress		2.835	5.089	0.105

INVESTMENT		62.350	31.453	19.950
DEFERREX TAX ASSETS		0.080	4.329	1.666

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	78.060	42.979	51.696
	Sundry Debtors	160.800	70.557	128.091
	Cash & Bank Balances	7.402	6.471	12.253
	Other Current Assets	72.658	0.162	0.186
	Loans & Advances	0.000	45.164	70.886
Total Current Assets		318.920	165.333	263.112
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	72.505	5.367	51.577
	Other Current Liabilities	55.218	19.904	35.316
	Provisions	36.800	39.904	60.727
Total Current Liabilities		164.523	65.173	147.620
Net Current Assets		154.397	100.160	115.492

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		458.940	214.611	228.633

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL	920.616	1192.034	1394.453

Less	EXPENSES
		Office Expenses
		Administrative Expenses	807.060	1152.334	1336.328
		Advertising Expenses
		TOTAL	807.060	1152.334	1336.328

	PROFIT BEFORE TAX		113.556	39.700	58.125

Less	TAX		41.049	11.994	22.373

	PROFIT AFTER TAX		72.507	27.706	35.752

Less	ADJUSTMENT IN RESPECT OF PREVIOUS YEARS		3.487	0.473	0.000

	BALANCES		69.020	27.233	35.752

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	0.000	60.332

Less	APPROPRIATIONS
		Dividend	10.560	0.000	10.560
		Tax on Dividend	1.795	0.000	1.795
		Transfer to General Reserve	6.903	0.000	5.813
	BALANCE CARRIED TO THE B/S		47.762	27.233	77.916

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	440.830	568.119	894.323

	IMPORTS
		Raw Materials	NA	24.983	18.912
		Components & Spares	NA	0.237	0.013
		Capital Goods	NA	0.000	0.771
	TOTAL IMPORTS		NA	25.220	19.696

	Earnings Per Share (Rs.)		721.60	515.78	--

The above information has been parted by Mr. D.K. Wariyar.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	7.50	2.32	2.56

Return on Total Assets (PBT/Total Assets}	(%)	20.34	16.62	16.39

Return on Investment (ROI) (PBT/Networth)		0.55	0.31	0.58

Debt Equity Ratio (Total Liability/Networth)		2.00	1.20	2.77

Current Ratio (Current Asset/Current Liability)		1.94	2.54	1.78

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

Others

72.505

5.367

51.577

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	NO
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	NO
12) Profitability for last three years	NO
13) Reasons for variation <> 20%	-
14) Estimation for coming financial year	NO
15) Capital in the business	-
16) Details of sister concerns	-
17) Major suppliers	YES
18) Major customers	YES
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	-

REVIEW OF BUSINESS:

Though the recessionary condition abated to some extent, in the Western World, the effects continued to remain in some of the parts where their products are exported. As a result their exports look a small dip o 11% in terms of quantity and 22% in terms of value. The dip in value is higher due the drop in copper prices and due to the appreciation of the Indian Rupee as they follow the procedure of back to back booking of copper, they have not seen any erosion of profits on this account.

The company’s production saw an increase of over 25% over the previous year, i.e. 8647 MT over the previous year at 6917 MT. however the turnover saw a dip of 22% because of the increase in the conversion contracts from 56% to 73% consequently the own copper sales dropped from 44% to 27%.

PLANS AND PROSPECTUS:

Subject is the market leader in the field of winding wires made of copper in India and continues to explore new export markets. The long term prospects of the Electrical Equipment Manufacturing Industry in general continue to be bright India as a county plans to add 100000 MW of new power generation capacity addition per year. This presents a significant opportunity for KSH products which are being used in equipment for generation, transmission and distribution of power. During the year competition continued to be intense, there was significant inflationary pressure on the whole KSH has managed to perform well and recorded an excellent performance in financial term despite challenging conditions.

Subject has recently doubled its capacity of CTC manufacturing. This was done in fine with increased demand for their products and also since most of their customers are increasing capacity at their end as well. Subject has also invested in a State of the art CTC manufacturing facility which will enable it to enter the 765 KV and 1200 KV segment (Extra High Voltage) which is a new development within the country and requires products which are manufactured in a Clean Room atmosphere. This is the first time in India that a company will manufacture CTC in a completely air conditioned environment and also the number of strands it will offer which has been well received by their customers. This will also enable Indian Transformer manufactures to further reduce their dependence on imports of CTC.

EXPANSION PLAN:

The expansion of the CTC manufacturing facilities was completed within the month of March 2010. The New CTC machine is installed in a Dust Free environment thus making a suitable for manufacturing the product for use in EHV Transformer. The demand for EHV Transformers is picking up with most of the New Transmission lines being constructed for 750 KV and above the capacity for manufacture of CTC has now doubled from the earlier 1500 MT per annum.

Subject is currently working on further capacity addition plans for 2011-12 and 2012-13 in order to cater to the growing demand from its customers. Additionally subject also plans on adding balancing equipment and develop precision rectangular wires which will be used in Hybrid Motors for automobiles which will present a significant new opportunity for the company.

Subject has also entered into a marketing agreement with Dahrentrao AB of Sweden who are the second largest manufactures of Round Copper Wires in Europe. Dahrentrao AB will represent subject for the European markets and assist in selling and marketing subject products to European Transformer manufactures. This is in line with subject policy of continuing to explore new export markets as its products have now been approved by all MNC’s within India.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	90243850
Corporate identity number of the company	U28129MH1979PTC021512
Name of the company	KSH INTERNATIONAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	5- Madhav Nagar, Bhavani Shankar Road, Dadar (West), Mumbai-400028, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Industrial Finance Branch, Tara Chambers, 2^nd Floor, Pune Mumbai Highway, Near Mariaal Police Chowky, Wakdewadi, Pune-411003, Maharashtra, India
Email	milind.bankapure@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum for Recording extension of Mortgage by Deposit of Title Deeds covering enhanced limits and /or creation of Equitable Mortgage on additional properties for existing limits and enhanced limits and additional facilities executed to create charge over immovable properties as depicted denoted and geographicated in the Memorandum of Title Deed itself(SME-7).
Date of instrument Creating the charge	02.08.2011
Amount secured by the charge	Rs.486.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Sanction Letter under reference IFB/CREDIT/RM I/393 Dated 21/02/2011 duly acknowledged by the Company through its Directors. Terms of Repayment As per Sanction Letter under reference IFB/CREDIT/RM I/393 Dated 21/02/2011 duly acknowledged by the Company through its Directors. Margin As per Sanction Letter under reference IFB/CREDIT/RM I/393 Dated 21/02/2011 duly acknowledged by the Company through its Directors. Extent and Operation of the charge SBI IFB Pune, will have first and exclusive charge over the properties depicted denoted and geographicated under the schedule of Properties which is the inherent part of the Memorandum of Title Deeds deposited in Banks favour by the Directors on behalf borrower company. S/s. Kushal S. Hegde, Rajesh K. Hegde, Rohit K Hegde and Sushri Pushpa Hegde have set personal guarantee for the repayment of loan. The Charge will be in continuous mode till the repayment entire loan with interest. Others The Company, by virtue of the Board Resolution passed on 24/03/2011,has given assent to all the Terms and Conditions, Covenants, as provided in the Bank's Sanction Letter No. IFB Pune/AMT/423 Dated23/03/2011,and Sanction Letter under reference IFB/CREDIT/RM I/393 Dated 21/02/2011 duly acknowledged by the Company in physical form and have been authorized the Directors, to file eform-8 for modifications in the existing limits and in the nature and scope of the charge on agreed terms
Short particulars of the property charged	I) All that piece of land known as Plot no.J-25 in the Taloja Industrial Area within the village limits of Padghe Tal. Panvel District Kolaba admeasurment 2780sq Mtrs. or thereabouts. II) All that piece and parcel of the land and ground situated within the registration sub district Taluka Khed District khed bearing gat no 11/1/2A and 11/2 village Birdawadi Tal. Khed adm.8000 sq. mtrs. III) All that piece and parcel of land adm.00H 21 are-2100 sq mtrs+00h.40aar-4000sq mtrs out of (Old Gat No11/1/1A/3)New Gat11/3 land adm00H.49aar-4900 sq mtrs+00H.40are-4000sq mtrs out of cont.. IV) (0 aar-8000sq mtrs Old Gat No11/1/1A/4)New Gat No11/4 totally ad measuring 00h.70Are7000 Sq.mtrs+80Are-8000 Sq Mtrs situated at Div. Pune Sub Div. Tal Khed Distt Pune within the local limits ..Cont.. V) Jurisdiction of Sub Registrar Khed and Zilla Parishad Pune within the limits of Panchayat Samiti Tal. Khed GP Mauje Birdawadi and bounded and geographicated. VI) All the stated properties as depicted, denoted and geographicated in the Memorandum of Deposit of Titles itself deposited in Banks favour by the Directors duly authorised to act on behalf of Company.
Date of latest modification prior to the present modification	21.03.2011
Particulars of the present modification	By this modification, although there is no change in the existing credit facilities extended by the Bank to the Borrower Company to the tune of Rs.486.500 Millions , by the execution of Deposit of Memorandum of Title Deeds carried out in Bank's favour, the quantum of amount secured is restricted up to Rs.436.500 Millions

TRADE REFERENCES:

Crompton Greaves Limited
BHEL
Sterlite Industries India Limited

FIXED ASSETS:

v Land – Leasehold Land

v Land – Freehold Land

v Building

v Plant and Machinery

v Electrical Installation

v Office Equipment

v Tools and Dies

v Furniture and fixture

v Computer

v Vehicles

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.47.84
UK Pound	1	Rs.75.40
Euro	1	Rs.65.67

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	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.