1. Summary Information

		Country	India
Company Name	POWER ENGINEERING (INDIA) PRIVATE LIMITED	Principal Name 1	Mr. Atul Devidas Pai Kane
Status	Satisfactory	Principal Name 2	Mr. Sunil Manohar Pai Kane
		Registration #	24-002221
Street Address	58/A, Tuem Industrial Estate, Tuem, Pedne – 403512, Goa, India
Established Date	06.11.1996	SIC Code	--
Telephone#	91-832-3292841/ 3061000	Business Style 1	Manufacturer
Fax #	91-832-2201688	Business Style 2	--
Homepage	--	Product Name 1	Diesel Generating Sets
# of employees	--	Product Name 2	--
Paid up capital	Rs.59,202,260/-	Product Name 3	--
Shareholders	Directors Or Relatives Of Directors – 79%	Banking	Canara Bank
Public Limited Corp.	No	Business Period	16 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (26)
Related Company
Relation Subsidiaries	Country India	Company Name	Genset System Controls Private Limited
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	345,712,000	Current Liabilities	402,572,000
Inventories	398,208,000	Long-term Liabilities	173,462,000
Fixed Assets	72,149,000	Other Liabilities	--
Deferred Assets	--	Total Liabilities	576,034,000
Invest& other Assets	52,791,000	Retained Earnings	439,617,000
		Net Worth	292,826,000
Total Assets	868,860,000	Total Liab. & Equity	868,860,000
Total Assets (Previous Year)	730,992,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	1,007,560,000	Net Profit	(130,517,000)
Sales(Previous yr)	1,159,386,000	Net Profit(Prev.yr)	7,640,000

MIRA INFORM REPORT

Report Date :

10.04.2012

IDENTIFICATION DETAILS

Name :	POWER ENGINEERING (INDIA) PRIVATE LIMITED
Formerly Known As :	Consolidated Power Techniques Limited
Registered Office :	58/A, Tuem Industrial Estate, Tuem, Pedne – 403512, Goa
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.11.1996
Com. Reg. No.:	24-002221
Capital Investment / Paid-up Capital :	Rs.59.202 Millions
CIN No.: [Company Identification No.]	U31101GA1996PTC002221
TAN No.: [Tax Deduction & Collection Account No.]	BLRP07327F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Diesel Generating Sets
No. of Employees:	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1171304
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing with some caution.

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

LOCATIONS

Registered Office :	58/A, Tuem Industrial Estate, Tuem, Pedne – 403512, Goa, India
Tel. No.:	91-832-3292841/ 3061000
Fax No.:	91-832-2201688
E-Mail :	corporate.peipl@paikane.com

DIRECTORS

AS ON 13.09.2011

Name :	Mr. Atul Devidas Pai Kane
Designation :	Managing director
Address :	274/A, Satyam, Pedem Road, Mapusa – 403507, Goa, India
Date of Birth/Age :	07.03.1969
Date of Appointment :	06.11.1996

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	U31101GA1996PTC002221	POWER ENGINEERING (INDIA) PRIVATE LIMITED	Managing director	01/10/2006	06/11/1996	-	Active	NO
2	U28113GA2000PTC002827	PK Composites Private Limited	Director	02/03/2000	02/03/2000	-	Active	NO
3	U40105GA2001PTC002973	MAHALASA ENERGY PRIVATE LIMITED	Director	18/04/2001	18/04/2001	-	Strike off	NO
4	U31101GA2006PTC004783	PRECISION GENSET COMPONENTS PRIVATE LIMITED	Director	17/08/2006	17/08/2006	29/07/2009	Active	NO
5	U74999GA2007PTC005266	GENSET SYSTEM CONTROLS PRIVATE LIMITED	Director	24/04/2007	24/04/2007	29/07/2009	Active	NO
6	U74999GA2007PTC005382	TRACBOARD SYSTEMS PRIVATE LIMITED	Director	12/07/2007	12/07/2007	-	Strike off	NO
7	U45204DL2008PTC177417	FERNHILL POWERGEN PRIVATE LIMITED	Director	30/04/2008	30/04/2008	15/09/2011	Active	YES
8	U31101GA2008PTC005838	MAHALASA POWERGEN PRIVATE LIMITED	Director	18/07/2008	18/07/2008	-	Active	NO
9	U74999GA2008PTC005847	MAHALASA POWERGEN TRADE AND SERVICES PRIVATE LIMITED	Director	24/07/2008	24/07/2008	-	Active	NO
10	U74999GA2008PTC005883	ACOUSTIC COMPONENTS PRIVATE LIMITED	Director	29/08/2008	29/08/2008	29/07/2009	Active	NO
11	U28939GA2008PTC005914	MAHALASA ACOUSTIC PRIVATE LIMITED	Director	10/10/2008	10/10/2008	-	Active	NO
12	U29253HR2009PTC039276	PAI KANE POWER PRIVATE LIMITED	Director	07/07/2009	07/07/2009	29/07/2009	Active	NO

Name :	Mr. Sunil Manohar Pai Kane
Designation :	Whole-time director
Address :	Bungalow No.1, Bhobe Resudency, Green Valley, Off Chogm Road, Alto Porvorim -403521, Bardez, Goa, India
Date of Birth/Age :	16.12.1971
Date of Appointment :	23.01.2006

Other Directorship:

Top of Form

Bottom of Form

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	U31101GA1996PTC002221	POWER ENGINEERING (INDIA) PRIVATE LIMITED	Whole-time director	29/10/2007	23/10/2006	-	Active	NO
2	U74999GA2007PTC005382	TRACBOARD SYSTEMS PRIVATE LIMITED	Director	12/07/2007	12/07/2007	-	Strike off	NO
3	U63040GA2008PTC005595	GENSET CARRIERS PRIVATE LIMITED	Director	13/02/2008	13/02/2008	10/06/2008	Active	NO
4	U51101DL2007PTC160142	MAN Rollo Power Generation India Private Limited	Director	30/09/2008	01/05/2008	-	Active	NO
5	U31101GA2008PTC005838	MAHALASA POWERGEN PRIVATE LIMITED	Director	30/09/2009	18/07/2008	-	Active	NO
6	U74999GA2008PTC005847	MAHALASA POWERGEN TRADE AND SERVICES PRIVATE LIMITED	Director	24/07/2008	24/07/2008	-	Active	NO
7	U74999GA2008PTC005883	ACOUSTIC COMPONENTS PRIVATE LIMITED	Director	09/09/2008	09/09/2008	29/07/2009	Active	NO
8	U28939GA2008PTC005914	MAHALASA ACOUSTIC PRIVATE LIMITED	Director	10/10/2008	10/10/2008	-	Active	NO
9	U29253HR2009PTC039276	PAI KANE POWER PRIVATE LIMITED	Director	07/07/2009	07/07/2009	29/07/2009	Active	NO
10	U29248GA2009PTC006186	CREATIVE MANUFACTURING SOLUTIONS (INDIA) PRIVATE LIMITED	Director	05/10/2009	05/10/2009	-	Active	NO

Name :	Mr. Frederic Francois Xavier Marie Le Brun
Designation :	Director
Address :	105, Boulevard Exelmans, Paris – 75016, France
Date of Birth/Age :	21.03.1974
Date of Appointment :	14.03.2008
Date of Ceasing:	03.02.2011

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	U31101GA1996PTC002221	POWER ENGINEERING (INDIA) PRIVATE LIMITED	Director	29/09/2008	14/03/2008	03/02/2011	Active	NO

Name :	Mrs. Gaurapriya Atul Pai Kane
Designation :	Director
Address :	274/A, Satyam, Pedem Road, Mapusa – 403507, Goa, India
Date of Birth/Age :	21.03.1965
Date of Appointment :	06.03.2009

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	U31101GA1996PTC002221	POWER ENGINEERING (INDIA) PRIVATE LIMITED	Director	27/10/2009	06/11/1996	-	Active	NO
2	U40105GA2001PTC002973	MAHALASA ENERGY PRIVATE LIMITED	Director	18/04/2001	18/04/2001	-	Strike off	NO
3	U74900GA2007PTC005491	POWER ENGINEERING SPARES AND SERVICES (INDIA) PRIVATE LIMITED	Whole-time director	01/04/2008	28/01/2008	-	Active	NO
4	U63040GA2008PTC005595	GENSET CARRIERS PRIVATE LIMITED	Director	13/02/2008	13/02/2008	29/07/2009	Active	NO
5	U74999GA2008PTC005883	ACOUSTIC COMPONENTS PRIVATE LIMITED	Director	29/08/2008	29/08/2008	29/07/2009	Active	NO

Name :	Mr. Manish M. Kanchan
Designation :	Director
Address :	601, Golden Crown Co-operative Society Limited, Picnic Cottage, J. P. Road, Seven Bungalow, Andheri (West), Mumbai – 400061, Maharashtra, India
Date of Birth/Age :	27.10.1968
Date of Appointment :	06.03.2009

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	U74140MH1997PTC107598	AMBIT CAPITAL PRIVATE LIMITED	Director	01/06/2005	01/06/2005	21/09/2007	Active	NO
2	U65923MH2007PTC171219	S.J. FINESTOCK PRIVATE LIMITED	Director	30/05/2007	30/05/2007	07/10/2008	Active	NO
3	U74140MH2007PTC171252	S.J.Capital Advisors Private Limited	Director	01/06/2007	01/06/2007	08/08/2008	Active	NO
4	U51909MH1995PTC089738	PALS OVERSEAS PRIVATE LIMITED	Director	10/07/2007	10/07/2007	20/05/2008	Active	NO
5	U65191MH2008PTC177331	SAGE CAPITAL FUNDS MANAGEMENT PRIVATE LIMITED	Managing director	01/06/2009	04/01/2008	-	Active	NO
6	U80301MH2009PTC190573	ILeap Academy Private Limited	Director	25/02/2009	25/02/2009	-	Active	NO
7	U31101GA1996PTC002221	POWER ENGINEERING (INDIA) PRIVATE LIMITED	Nominee director	27/10/2009	06/03/2009	-	Active	NO
8	U74140MH2009PTC195614	Capnine Funds Management Private Limited	Director	09/09/2009	09/09/2009	-	Active	NO
9	U45209MH1999PTC120599	CONCORD ENVIRO SYSTEMS PRIVATE LIMITED	Nominee director	30/09/2010	21/12/2009	-	Active	NO
10	U40200MH2009PTC190132	CONCORD BLUE TECHNOLOGY PRIVATE LIMITED	Nominee director	30/09/2010	21/12/2009	-	Active	NO
11	U74999MH1984PTC034303	REVA ENVIRO SYSTEMS PVT LTD	Nominee director	30/09/2010	21/12/2009	-	Active	NO
12	U24100MH1991PTC064068	ROCHEM SEPARATION SYSTEMS (INDIA) PRIVATE LIMITED	Nominee director	30/09/2010	21/12/2009	-	Active	NO
13	U29224GJ1987PLC010044	JOHN ENERGY LIMITED	Director	29/09/2010	31/03/2010	-	Active	NO
14	U40107MH2010PTC206230	Rochem Green Energy Private Limited	Nominee director	04/01/2011	04/01/2011	-	Active	NO
15	U40300MH2011PTC224054	RGE SIKAR PRIVATE LIMITED	Nominee director	18/11/2011	18/11/2011	-	Active	NO
16	U40300DL2012PTC231007	RGE ENVIREX PRIVATE LIMITED	Nominee director	03/02/2012	03/02/2012	-	Active

Name :	Mr. Girish Ramanagouda Patil
Designation :	Director
Address :	Flat No.1207, 12^th Floor, B Tower, Ashok Towers, Dr. S S Road, Parel, Mumbai – 400012, Maharashtra, India
Date of Birth/Age :	26.11.1979
Date of Appointment :	03.06.2011

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	U31101GA1996PTC002221	POWER ENGINEERING (INDIA) PRIVATE LIMITED	Nominee director	03/06/2011	03/06/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 13.09.2011

Names of Shareholders	No. of Shares
Mr. Atul Devidas Pai Kane	3219666
Mrs. Gaurapriya Atul Pai Kane	1
Nano Investments Holding International Limited	584473
India Power Corporation	267160
India Power Corporation	1848926
Total	5920226

AS ON 13.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	21.00
Directors or relatives of directors	79.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Diesel Generating Sets

GENERAL INFORMATION

Bankers :

Canara Bank, Mathias Plaza Building, Panaji - 403001, Goa, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loans taken for vehicles secured	7.618	7.850
Loans taken for other fixed assets secured	156.779	79.639
TOTAL	164.397	87.489
UNSECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loans from Directors	9.065	0.000
TOTAL	9.065	0.000

Banking Relations :	--
Auditors :
Name :	B S R and Associates Chartered Accountants
Address :	KPMG House, Kamala Mills Compound, 448 Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-3989 6000
Fax No.:	91-22-3989 6000
Subsidiaries :	· Power Engineering Spares And Services Private Limited (Formerly known as Kratos Rental Private Limited) · Genset System Controls Private Limited · Precision Genset Components Private Limited · Mahalasa Acoustic Private Limited · Man Rollo Power Generation (I) Private Limited · Power Engineering (Sales) Limited, UK · P.K.Holdings Private Limited, UK

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs.50.000 Millions
2,717,538	Preferences Shares	Rs.10/- each	Rs.27.175 Millions
	Total		Rs.77.175 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,853,210	Equity Shares	Rs.10/- each	Rs.38.532 Millions
2,067,016	Preferences Shares	Rs.10/- each	Rs.20.670 Millions
	Total		Rs.59.202 Millions

Footnotes:

(A) 4,071,300 (2010: 4,071,300) equity shares of Rs.10 each, fully paid-up Note : Of the above, 3,218,637 (2010: 3,218,637) equity shares of Rs. 10 each were allotted to Mr. Atul Pai Kane, managing director, for consideration other than cash, pursuant to succession of sole proprietorship business. Of the above 218,090 (2010: 218,090) equity shares of Rs. 10 each fully paid up were issued at par to India Power Corporation (IPC), a Company incorporated in Mauritius by conversion of Compulsory Convertible Preference Shares ('CCPS') as stated below at the option of IPC exercised on 15 April 2009. 1,848,926 (2010: 1,848,926), 0.0001% Compulsory Convertible Preference Shares ("CCPS") of face value Rs.10 each, fully paid up Note : Pursuant to a Share subscription -cum- Purchase Agreement ('SPA') between the Company and IPC, the above CCPS are convertible at the sole option of IPC on 22 November 2011 or immediately on receipt of notice of conversion from IPC as per the terms of the SPA, whichever is earlier. On conversion, IPC shall be entitled to such number of equity shares as would at the relevant time increase IPC's holding by at least 32.4% of the Company's issued, subscribed and paid up capital. IPC also has an option to subscribe to additional 868,280, 0.0001% CCPS on similar terms.

(B) 4,071,300 (2010: 4,071,300) equity shares of Rs.10 each, fully paid-up Note : Of the above, 3,218,637 (2010: 3,218,637) equity shares of Rs. 10 each were allotted to Mr. Atul Pai Kane, managing director, for consideration other than cash, pursuant to succession of sole proprietorship business. Of the above 218,090 (2010: 218,090) equity shares of Rs. 10 each fully paid up were issued at par to India Power Corporation (IPC), a Company incorporated in Mauritius by conversion of Compulsory Convertible Preference Shares ('CCPS') as stated below at the option of IPC exercised on 15 April 2009. 1,848,926 (2010: 1,848,926), 0.0001% Compulsory Convertible Preference Shares ("CCPS") of face value Rs.10 each, fully paid up Note : Pursuant to a Share subscription -cum- Purchase Agreement ('SPA') between the Company and IPC, the above CCPS are convertible at the sole option of IPC on 22 November 2011 or immediately on receipt of notice of conversion from IPC as per the terms of the SPA, whichever is earlier. On conversion, IPC shall be entitled to such number of equity shares as would at the relevant time increase IPC's holding by at least 32.4% of the Company's issued, subscribed and paid up capital. IPC also has an option to subscribe to additional 868,280, 0.0001% CCPS on similar terms

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		59.202	59.202	59.202
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		439.617	439.617	356.502
4] (Accumulated Losses)		(205.993)	(75.475)	0.000
NETWORTH		292.826	423.344	415.704
LOAN FUNDS
1] Secured Loans		164.397	87.489	51.654
2] Unsecured Loans		9.065	0.000	0.000
TOTAL BORROWING		173.462	87.489	51.654
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		466.288	510.833	467.358
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		72.149	81.002	82.543
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		52.791	17.657	16.077
DEFERREX TAX ASSETS		0.000	4.571	3.483
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	398.208	179.714	114.380
	Sundry Debtors	150.612	227.387	180.607
	Cash & Bank Balances	47.730	89.648	156.827
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	147.370	131.013	86.169
Total Current Assets		743.920	627.762	537.983
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	294.017	142.905	136.694
	Other Current Liabilities	101.797	74.329	32.616
	Provisions	6.758	2.925	3.418
Total Current Liabilities		402.572	220.159	172.728
Net Current Assets		341.348	407.603	365.255
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		466.288	510.833	467.358

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL	1007.560	1159.386	1245.230
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		(125.945)	11.829	(113.986)
Less	TAX		4.572	4.189	3.137
	PROFIT AFTER TAX		(130.517)	7.640	(117.123)
	IMPORTS
		Raw Materials	449.153	204.063	NA
		Stores & Spares	0.415	0.648	NA
		Traded Goods	9.791	16.696	NA
	TOTAL IMPORTS		459.359	221.407	NA
	Earnings Per Share (Rs.)		(32.06)	1.88	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(12.95)	0.66	(9.41)
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	(15.43)	1.67	(18.37)
Return on Investment (ROI) (PBT/Networth)		(0.43)	0.03	(0.27)
Debt Equity Ratio (Total Liability/Networth)		1.97	0.77	0.54
Current Ratio (Current Asset/Current Liability)		1.85	2.85	3.11

LOCAL AGENCY FURTHER INFORMATION

NOTE:

Registered office of the company has been shifted from Satyampedem Road, Mapusa, Goa - 403507, Goa, India of the present address w.e.f. 21/11/2006

OPERATIONS:

The company has implemented a change in its business model during the year, by discontinuing its relationship with KOEL as an OEM and partnering with international engine manufacturers like MTU, Perkins, Doosan, Mitsubishi etc besides Indian engine manufacturers of repute like Ashok Leyland. The change has given the company an opportunity to deal in wide product range from 5 KVA to 3000 KVA rating in diesel power generators, besides also the ability to offer its customers Natural and Bio Gas generators. The new business model has also enabled the company to tap the export market with its product offering.

During the year, Gross margins have been under a severe strain resulting in net loss on account of pricing the products to compete with well established players, so as to establish the “Pai Kane” brand of gensets in the market. With t he experience gained from the first year of operation in the changed format of business, the management is exploring ways of utilizing the available resources in a better way to improve performance in the coming years.

The Directors expect the export segment and more particularly the export market for Gas Gensets to make a significant contribution in the coming year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U31101GA1996PTC002221
Name of the company	POWER ENGINEERING (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	58/A, Tuem Industrial Estate, Tuem Pedne 403512, Goa, India
This form is for	Modification of charge
Type of charge	Book Debts Movable Property Immovable Property
Particular of charge holder	CANARA BANK
Nature of instrument creating charge	1. Supplemental Common Hypothecation Agreement. 2. LEDTD for landed property [plot no.58] situated at Tuem Industrial Estate. 3. LEDTD for landed properties situated at Sy.No.33/1A, Dhargalim Village, Pernem. 4. LEDTD for landed property [plot no.58A] situated at Tuem Industrial Estate.
Date of instrument Creating the charge	01/02/2012
Amount secured by the charge	Rs.517.000 Millions
Short particulars of the property charged	Machineries/Equipments/Accessories as detailed in Annexure II Part A of the Supplemental Common Hypothecation Agreement Stock in Trade, Raw Materials, Finished Goods and Book Debts as detailed in Annexure II Part C of the Supplemental Common Hypothecation Agreement Equitable Mortgage by way of deposit of title deeds on Plot No.58 and 58-A situated at Tuem Industrial Estate. Equitable Mortgage by way of deposit of title deeds on Plot situated at Sy No. 33/1A, Dhargalim Village, Pernem, North Goa
Date of instrument modifying the charge	23/12/2011
Particulars of the present modification	The total amount secured by way of charge stands modified to Rs.517.000 Millions from the existing Rs.561.800 Millions, being the change in credit limits under various heads as detailed in Annexure I of Supplemental Common Hypothecation Agreement.

FIXED ASSETS:

• Land
• Factory Building
• Plant and Machinery
• Computers
• Electrical Equipments
• Diesel Generating Set
• Furniture and Fixtures
• Vehicles

LEASE ASSETS:

• Plant and Machinery leased Assets

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.51.27
UK Pound	1	Rs.81.38
Euro	1	Rs.67.01

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		26

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.