MIRA INFORM REPORT

Report Date :

27.09.2011

IDENTIFICATION DETAILS

Name :	INDIA TUBE MILLS AND METAL INDUSTRIES LIMITED
Registered Office :	L B S Marg , Vikhroli (West), Mumbai – 400083, Maharashtra, India
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.06.1948
Com. Reg. No.:	11-6425
Capital Investment / Paid-up Capital :	Rs.15.000 Millions
CIN No.: [Company Identification No.]	U29130MH1948PLC006425
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of industrial Machinery and Equipments like Chemical Equipments, Pressure vessels, Cryogenic Equipments, Heat Exchangers, Petrochemical Equipments and Industrial Turnkey Projects.

RATING & COMMENTS

MIRA’s Rating :

Aa (72)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1100000
Status :	Good
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Financial position is good. Payments are correct and as per commitment. The company can be considered good for any normal business dealings at usual trade terms and conditions. The company can be regarded as a promises business partner in medium to long run.

NOTES :

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

INFORMATION DECLINED BY

Name :	Mr. Dayanand R. Shetty
Designation :	Deputy Manager in Finance
Date :	27.09.2011

LOCATIONS

Registered Office :	L B Shastri Marg, Vikhroli BBD Gate, Mumbai 400083, Maharashtra, India
Tel. No.:	91-22-25781541 / 42546000
Fax No.:	91-22-25784443 / 25790924
Established-Mail :	Itm3@vsnl.com Itm@itmprojects.com
Website:	www.itmprojects.com
Factory :	Located at Vikhroli

DIRECTORS

As On 24.09.2010

Name :	Mr. Darshan C Aggarwal
Designation :	Managing Director
Address :	16 Vijay Mahal ‘D’ Road, Churchgate, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	14.03.1935
Date of Appointment :	16.02.1956
DIN No. :	00348642

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	U29130MH1948PTC006425	INDIA TUBE MILLS AND METAL INDUSTRIES Private Limited	Managing director	06-09-09	16-02-56	-	Active	NO
2	U65990MH1976PTC019157	MURLIDHAR AND SONS FINANCING COMPANY PRIVATE LIMITED	Director	04-08-76	04-08-76	-	Active	NO
3	L20200MH1956PLC009899	JOLLY BOARD LIMITED	Director	26-06-87	26-06-87	-	Active	NO
4	U25206MH1996PTC099018	PAC COMPONENTS PRIVATE LIMITED	Director	22-04-96	22-04-96	-	Active	NO
5	U74210MH1996PLC101863	ITM FABRICATION INDUSTRIES LIMITED	Director	14-08-96	14-08-96	-	Active	NO
6	U72900MH2000PTC125091	TAJONLINE (INDIA) PRIVATE LIMITED	Director	21-03-00	21-03-00	10-09-08	Active	NO
7	U72900MH2008PTC182526	ITM SOFTWARE BUSINESS SOLUTIONS PRIVATE LIMITED	Director	22-05-08	22-05-08	-	Active	NO

Name :	Mr. Brijmohan Dinanath Aggarwal
Designation :	Joint Managing Director
Address :	5 Hari Niwas ‘C’ Road, Churchgate, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	27.02.1935
Date of Appointment :	01.01.1975
DIN No. :	00268492

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	U29130MH1948PTC006425	INDIA TUBE MILLS AND METAL INDUSTRIES Private Limited	Director	01-01-75	01-01-75	12-03-11	Active	NO
2	U74999MH1961PLC012156	WIRE FORMS LIMITED	Director	25-06-05	25-06-05	-	Strike off	NO

Name :	Mr. Rameshkumar Chhangamal Aggarwal
Designation :	Director
Address :	15 Vijay Mahal ‘D’ Road, Churchgate, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	19.11.1940
Date of Appointment :	26.02.1963
DIN No. :	00339147

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	U29130MH1948PTC006425	INDIA TUBE MILLS AND METAL INDUSTRIES Private Limited	Director	26-02-63	26-02-63	-	Active	NO
2	U65990MH1976PTC019157	MURLIDHAR AND SONS FINANCING COMPANY PRIVATE LIMITED	Director	04-08-76	04-08-76	-	Active	NO
3	U72113MH1993PTC072113	PYRAMID FABRICATORS PVT LTD	Director	24-05-93	24-05-93	-	Active	NO
4	L15146PB1989PLC009676	CREMICA AGRO FOODS LIMITED	Director	09-09-93	09-09-93	-	Active	NO
5	U74210MH1996PLC101863	ITM FABRICATION INDUSTRIES LIMITED	Director	14-08-96	14-08-96	-	Active	NO
6	U72900MH2008PTC182526	ITM SOFTWARE BUSINESS SOLUTIONS PRIVATE LIMITED	Director	22-05-08	22-05-08	-	Active	NO

Name :	Mr. Vijay B Aggarwal
Designation :	Director
Address :	4 W, Navroj Apartment, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	18.12.1947
Date of Appointment :	01.11.1974
DIN No. :	00340351

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	U29130MH1948PTC006425	INDIA TUBE MILLS AND METAL INDUSTRIES Private Limited	Director	01-11-74	01-11-74	-	Active	NO
2	U65990MH1976PTC019157	MURLIDHAR AND SONS FINANCING COMPANY PRIVATE LIMITED	Director	04-08-76	04-08-76	-	Active	NO
3	U72113MH1993PTC072113	PYRAMID FABRICATORS PVT LTD	Director	24-05-93	24-05-93	-	Active	NO
4	U74210MH1996PLC101863	ITM FABRICATION INDUSTRIES LIMITED	Director	14-08-96	14-08-96	-	Active	NO
5	U72900MH2008PTC182526	ITM SOFTWARE BUSINESS SOLUTIONS PRIVATE LIMITED	Director	24-09-08	24-09-08	-	Active	NO

Name :	Mr. Vijay O Aggarwal
Designation :	Director
Address :	19/21 Vijay Mahal ‘D’ Road, Churchgate, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	19.10.1948
Date of Appointment :	17.11.1997
DIN No. :	00348733

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	U74999MH1961PLC012156	WIRE FORMS LIMITED	Director	25-06-86	25-06-86	-	Strike off	NO
2	U29130MH1948PTC006425	INDIA TUBE MILLS AND METAL INDUSTRIES Private Limited	Director	17-11-97	17-11-97	-	Active	NO

Name :	Mr. Ravinder S Aggarwal
Designation :	Director
Address :	112-A, Jolly Maker Apartments, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	31.12.1940
Date of Appointment :	15.03.1999
DIN No. :	00272079

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	U74999MH1961PLC012156	WIRE FORMS LIMITED	Director	25-06-86	25-06-86	-	Strike off	NO
2	U29130MH1948PTC006425	INDIA TUBE MILLS AND METAL INDUSTRIES Private Limited	Director	15-03-99	15-03-99	-	Active	NO

Name :	Mr. Sanjeev K Aggarwal
Designation :	Director
Address :	19 A P Sen Road, Lucknwo – 226001, Uttar Pradesh, India
Date of Birth/Age :	08.10.1960
Date of Appointment :	16.03.2005
DIN No. :	00125056
Name of partnership firm :	G. M. Finance and Trading Company Address: ITM Compound, L. B. Shastri Marg, Vikhroli (West), Mumbai – 400083, Maharashtra, India

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	U67120UP1995PTC018536	KAPS MEDEQUIP PRIVATE LIMITED	Director	11-08-95	11-08-95	-	Active	NO
2	U85110UP2000PTC025730	DIGNOSTIC MEDICAL CENTRE PRIVATE LIMITED	Director	09-11-00	09-11-00	16-04-07	Active	NO
3	U29130MH1948PTC006425	INDIA TUBE MILLS AND METAL INDUSTRIES Private Limited	Director	16-03-05	16-03-05	-	Active	NO
4	U35911UP1991PTC013301	KAPS DEVELOPERS PRIVATE LIMITED	Director	19-02-07	19-02-07	-	Active	NO

Name :	Mr. Anil B Aggarwal
Designation :	Director
Address :	34 Indus Court ‘A’ Raod, Churghgate, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	23.02.1952
Date of Appointment :	15.03.1999
DIN No. :	00268067

KEY EXECUTIVES

Name :	Mr. Vineet D. Aggarwal
Designation :	Vice President – Projects
Date of Birth/Age :	44 Years
Name :	Mr. Abhay A. Aggarwal
Designation :	Vice President – Marketing
Date of Birth/Age :	37 Years
Name :	Mr. Rishi A. Aggarwal
Designation :	Vice President - Finance
Date of Birth/Age :	34 Years
Name :	Mr. Dayanand R. Shetty
Designation :	Deputy Manager – Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 24.09.2010

Names of Shareholders	No. of Shares
Kashmirodevi Brijlal Aggarwal	696
Sardarilal Karamchand Aggarwal	291
Sardarilal Karamchand Aggarwal (HUF)	168
Anilkumar Sardarilal Aggarwal	190
Vijaykumar Sardarilal Aggarwal (HUF)	225
Dharampaul Karamchand Aggarwal And Kamladevi D Aggarwal	36
Swarankumari O Aggarwal, Dharampaul K Aggarwal, Trustees Of Om Prakash Aggarwal Family Trust	192
Sardarilal K Aggarwal/ Anil S Aggarwal	135
Darshan C Aggarwal, Raksha D Aggarwal/ Punit D Aggarwal	337
Darshan C Aggarwal, Raksha D Aggarwal/ Vineet Aggarwal	395
Ramesh C Aggarwal/ Neena R Aggarwal/ Abhay R Aggarwal	309
Ramesh C Aggarwal/ Neena R Aggarwal/ Uday R Aggarwal	306
Sanjeev K Aggarwal/ Visha Sanjeev Aggarwal	321
Tripta B Aggarwal, Brijmohan D Aggarwal	213
Ashok S Aggarwal, Sarita A Aggarwal	114
Anil O Aggarwal, Manju A Aggarwal	305
Ramkumar O Aggarwal, Suman R Aggarwal	361
Arun D Aggarwal, Raghav A Aggarwal	210
Vijay Aggarwal, Monica V Aggarwal	324
Vishal Goel, Rima Goel	353

As On 24.09.2010

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		80.00
Other top fifty shareholders		20.00
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of industrial Machinery and Equipments like Chemical Equipments, Pressure vessels, Cryogenic Equipments, Heat Exchangers, Petrochemical Equipments and Industrial Turnkey Projects.

Products :

Item Code No. (ITC Code)	Product Description
722850	Bright Bars
841989	Pressure Vessels
841950	Heat Exchanger Unit

PRODUCTION STATUS (As On 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Structural	M/Tons	4969	9600	--
Oil Tanker Bodies		Within over all capacity of structural	--	--
Dumper Quarry Bodies	Nos	90	--	--
Stainless Steel Vessels	Rs. In millions	1.000	20.000	--
Pressure Vessels including spheres	M/Tons	600	600	--
Bright bars	M/Tons	18000	18000	--
i) Own	M/Tons	--	--	3838
ii) Job Work	M/Tons	--	--	664

GENERAL INFORMATION

Customers :

• Reliance Petrochemicals Limited
• Indian Oil Corporation Limited
• Hindustan Petroleum Limited
• Bharat Petroleum Corporation Limited
• Numaligarh Refinery Limited
• Bechtel Corporation
• Bharat Heavy Electricals Limited
• Rashtriya Chemical and Fertilizers Limited
• Indian Farmers Fertilizer Co-operative Limited
• National Fertilizer Limited
• Chambal Fertilizers and Chemicals Limited
• Gujarat Chemical Port Terminal Company Limited
• Engineers India Limited

No. of Employees :

150

Bankers :

· CITI Bank NA - Dr. D N Road, Mumbai 400001, Maharashtra.

· Punjab National Bank - 12/14, Veer Nariman Road, Mumbai 400023, Maharashtra.

· Punjab National Bank – Ghatkopar Brnach, Sidhi Apartments Tilak Road, Ghatkopar (E), Mumbai – 400077, Maharashtra, India

· ICICI Bank

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Loans and advances
From ICICI Limited against motor car purchased	0.651	2.213
State Bank of India – loan against fixed deposit	13.078	0.000
Punjab national bank limited – cash credit a/c, against hypothecation of book debts and stocks in hand and work in progress, receivables, and equitable mortgage of land and buildings of the company at Vikhroli	36.145	34.864
Total	49.874	37.077

Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Loans and advances
From directors	63.100	51.735
From companies in which directors are interested	0.000	1.300
Total	63.100	53.035

Banking Relations :	Satisfactory
Financial Institute :	Sundaram Finance Limited – No. 21, Patullos Road, Chennai – 600002, Tamilnadu, India
Auditors :
Name :	P. C. Mehra and Company. Chartered Accountant
Address :	716, Maker Chambers V, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22825044
Fax No.:	91-22-22824817
E-mail :	pcmehra@rediffmail.com
Pan No. :	AABFP7194B
Subsidiaries :	WIREFORMS LIMITED CIN: U74999MH1961PLC012156

CAPITAL STRUCTURE

As On 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs. 1000/- Each	20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares	Rs. 1000/- Each	15.000 Millions

Note:

Out of above 13000 ordinary shares issued by way of bonus shares, 5000/- ordinary shares were issued during the year ending 31.03.1990)

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		15.000	15.000	15.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		275.695	229.620	198.156
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		290.695	244.620	213.156
LOAN FUNDS
1] Secured Loans		49.874	37.077	36.691
2] Unsecured Loans		63.100	53.035	48.150
TOTAL BORROWING		112.974	90.112	84.841
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		403.669	334.732	297.997
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		71.344	36.253	39.956
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.629	0.629	0.629
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	138.354	166.398	166.236
	Sundry Debtors	216.235	144.478	151.849
	Cash & Bank Balances	80.855	96.812	74.713
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	22.571	38.459	40.493
Total Current Assets		458.015	446.147	433.291
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	115.908	142.403	173.149
	Provisions	10.411	5.894	2.730
Total Current Liabilities		126.319	148.297	175.879
Net Current Assets		331.696	297.850	257.412
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		403.669	334.732	297.997

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	852.827	991.710	904.709
		Other Income	12.125	10.371	12.030
		TOTAL (A)	864.952	1002.081	916.739
Less	EXPENSES
		Cost of goods sold and accretion / Decretion in stocks	639.971	869.308	875.106
		Selling and Administrative Expenses	71.164	51.711	55.160
		Accretion / Decretion in stocks	32.095	(1.213)	(78.209)
		TOTAL (B)	743.230	919.806	852.057
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		121.722	82.275	64.682
Less	FINANCIAL EXPENSES (D)		11.896	11.694	10.623
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		109.826	70.581	54.059
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.478	8.766	6.070
	PROFIT BEFORE TAX (E-F) (G)		99.348	61.815	47.989
Less	TAX (I)		34.000	21.575	17.100
	PROFIT AFTER TAX (G-I) (J)		65.348	40.240	30.889
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		70.010	58.545	42.921
	SHORT PROVISION FOR TAXATION FOR EARLIER YEARS AND INCOME TAX PAID		(1.753)	0.000	0.000
Less	APPROPRIATIONS
		1^st Interim Dividend @ 50% (L.Y. 20%) paid	7.500	3.000	3.000
		Tax on 1^st Interim Dividend paid	1.275	0.510	--
		2^nd Interim Dividend @ 30% paid after the year ending	4.500	0.000	--
		Tax on 2^nd Interim Dividend paid after the year ending	0.747	0.000	--
		Proposed transfer to General Reserve	40.000	20.000	10.000
		Proposed Final Dividend @20% (L.Y. 30%)	3.000	4.500	1.500
		Tax on Proposed Final Dividend	0.498	0.765	0.765
	BALANCE CARRIED TO THE B/S		76.085	70.010	58.545
	IMPORTS
	Raw Materials		18.688	79.212	61.174
	Stores & Spares		0.182	0.000	0.000
	Capital Goods		25.856	0.000	0.000
	Others		0.000	0.000	0.000
	TOTAL IMPORTS		44.726	79.212	61.174
	Earnings Per Share (Rs.)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	7.56	4.02	3.37
Net Profit Margin (PBT/Sales)	(%)	11.65	6.23	5.30
Return on Total Assets (PBT/Total Assets}	(%)	18.77	12.81	10.14
Return on Investment (ROI) (PBT/Networth)		0.34	0.25	0.23
Debt Equity Ratio (Total Liability/Networth)		0.82	0.97	1.22
Current Ratio (Current Asset/Current Liability)		3.63	3.01	2.46

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS

Details of sundry creditors are not available

OPERATIONS/WORKING RESULTS:

For the year ended 31.03.2010 the company achieved a net turn over was Rs. 832.857 millions and the net profit was Rs. 65.349 millions. The order position of the company during the current year is satisfactory. Though the inflationary trends is a cause for concern, the directors are hopeful of achieving a reasonably good performance during the current year.

Contingent Liabilities:

Particulars	As on 31.03.2010
1. Counter guarantee given by the company to Punjab National Bank in respect of guarantees given by them to customers and government authorities	226.425
	226.425

Note: Against the above guarantees the bank has charge over fixed deposits for Rs. 21.777 millions and the company has hypothecated stocks, work-in-progress and charges over book debts and receivables existing as well as future.

The company’s factory land and building at Vikhroli are also equitably mortgaged to Punjab National Bank, against guarantees given by them.

Bankers Charges Report as per Registry

Name of the company	INDIA TUBE MILLS AND METAL INDUSTRIES LIMITED
Presented By	Sundaram Finace Limited , No. 21, Patullos Road, Chennai – 6000002
1) Date and description of instrument creating the change	Loan agreement dated 20.06.2005 bearing loan cont no. AM – 3884
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 0.450 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	On the security of 1. No 2005 Model Tata Pickup bearing E.No.: 497SP28CUZ830883, Ch. No.: 374451CUZ917223 as mentioned in the 1^st schedule of the enclosed copy of the loan agreement
4) Gist of the terms and conditions and extent and operation of the charge.	The total loan amount of Rs. 0.497 millions (inclusive of finance charge of Rs. 0.047 millions) is repayable in 36 monthly installments as follows – the 1^st installment of Rs. 0.014 millions and the rest of the 35 monthly installments of Rs. 0.014 millions each. The rate of interest 7.03% per annum. The 1^st loan installments falls due on 20.06.2005
5) Name and Address and description of the person entitled to the charge.	Sundaram Finance Limited – No. 21, Patullos Road, Chennai – 600002
6) Date and brief description of instrument modifying the charge	NA
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.	NA

Corporate identity number of the company

U29130MH1948PLC006425

Name of the company

INDIA TUBE MILLS AND METAL INDUSTRIES LIMITED

Address of the registered office or of the principal place of business in India of the company

L B S Margvikhroli (West), Mumbai, Maharashtra, India

This form is for

Modification of charge

Type of charge

Immovable Property

Particular of charge holder

Name :	Punjab National Bank
Address :	Ghatkopar Branch, Sidhi Apts, Tilak Road, Ghatkopar (E), Mumbai – 400077, Maharashtra, India
Email :	bo4093@pnb.co.in

Nature of instrument creating charge

Letter of extension of equitable mortgage.

Date of instrument Creating the charge

28.07.2009

Amount secured by the charge

Rs. 300.000 millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest - By this submission, the Company has created and extended charge on immovable property already submitted with the Bank to secure the sanction of Rs.300.000 Millions (enhanced from Rs.200.000 Millions).

Terms of Repayment - By this submission, the Company has created and extended charge on immovable property already submitted with the Bank to secure the sanction of Rs.300.000 Millions (enhanced from Rs.200.000 Millions).

Margin - By this submission, the Company has created and extended charge on immovable property already submitted with the Bank to secure the sanction of Rs.300.000 Millions (enhanced from Rs.200.000 Millions).

Extent and Operation of the charge - RS.300.000 millions (Rupees Three Hundred Millions) and operation of charge on immovable property.

Others - By this submission, the title deeds of the immovable property already deposited with the said bank on 24.05.2007 shall continue to be held as security for the enhanced limit of rs.300.000 millions.

Particulars of the property charged

Land situated at village hariali bearing new city survey no.110 (old survey no.63, 64 (hissa no.1),65,66 (hissa no.2) at L.B.S. Marg, Bombay.

Particulars of the present modification

By this submission the Company has created and extended charge on immovable property of Land at Village Hariali bearing New City Survey No.110 (Old Survey No.63,64 (Hissa No.1) 65,66 (Hissa No.2) at L.B.S. Marg, Bombay to secure Bank for sanction of Rs.300.000 Millions (enhanced from Rs.200.000 Millions). The last charge was created for Rs.200.000 Millions by CHARGE ID No.10063450.

Fixed Assets:

• Land
• Factory, office, building and godwon
• Residential Flat
• Vehicles
• Furniture and fixtures
• Plant and machinery

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.49.18
UK Pound	1	Rs.76.65
Euro	1	Rs.66.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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		72

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

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.