MIRA INFORM REPORT

Report Date :

22.12.2012

IDENTIFICATION DETAILS

Name :	RSPL LIMITED (w.e.f. 29.08.2011)
Formerly Known As :	RSPL PRIVATE LIMITED (w.e.f. 26.08.2011) ROHIT SURFACTANTS PRIVATE LIMITED (w.e.f. 17.06.2005) Shri mahadeo soap industries private limited
Registered Office :	109/366, R.K. Nagar, G.T. Road, Kanpur – 208 012, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.06.1988
Com. Reg. No.:	20-009771
Capital Investment / Paid-up Capital :	Rs.440.325 millions
CIN No.: [Company Identification No.]	U15111UP1988PLC009771
TAN No.: [Tax Deduction & Collection Account No.]	KNPS01923F
PAN No.: [Permanent Account No.]	AADCS7820A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Detergent Powders and Cakes.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (61)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 20020000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The financial position of the company appears to be sound and healthy. It has recorded better growth in its sales during 2011. Trade relations are reported as trustworthy. Business is active. Payment terms are regular and as per commitment. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	AA- (Term Loan and Cash Credit)
Rating Explanation	High degree of safety and very low credit risk.
Date	September 15, 2011

Rating Agency Name	CRISIL
Rating	A1+ (Bank Guarantee)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	September 15, 2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office/ Head Quarter :	109/366, R.K. Nagar, G.T. Road, Kanpur – 208 012, Uttar Pradesh, India
Tel. No.:	91-512-2551201-06
Fax No.:	91-512-2550832-33
E-Mail :	info@gharidetergent.com
Website :	http://www.gharidetergent.com
Corporate Office 1 :	3^rd Floor, C-1, 2, and 3, Netaji Subhash Place, Wazirpur District Center, Pithampura, New Delhi - 110 034, India
Tel. No.:	91-11-27351856/ 32917627/ 32917821/ 32917830/ 32917702
Fax No.:	91-11-27353193
Corporate Office 2 :	Flat No.203, Kesarinath Apartment, S.V. Road, Goregaon (West), Near Filmistan Studio, Mumbai – 400 104, Maharashtra, India
Corporate Office 3 :	Safal Profitaire, C-2, 3^rd Floor, Corporate Road, Near Auda Garden, Prahladnagar, Satellite, Ahmedabad – 380 015, Gujarat, India
Factory :	Located at: v Haridwar (Uttarakhand) v Raipur (Chhattisgarh) v Bidar (Karnataka) v Bihar

DIRECTORS

As on 30.09.2011

Name :	Mr. Murli Dhar Gyanchandani
Designation :	Chairman cum Managing Director
Address :	7/189, Swaroop Nagar, Kanpur – 208 002, Uttar Pradesh, India
Date of Birth/Age :	20.11.1946
Date of Appointment :	27.09.1995
DIN No.:	00049298
Name :	Mr. Bimal Kumar Gyanchandani
Designation :	Managing Director
Address :	7/189, Swaroop Nagar, Kanpur – 208 002, Uttar Pradesh, India
Date of Birth/Age :	20.07.1960
Date of Appointment :	11.10.1995
DIN No.:	00049337
Name :	Mr. Manoj Kumar Murli Dhar Gyanchandani
Designation :	Director
Address :	7/189, Swaroop Nagar, Kanpur – 208 002, Uttar Pradesh, India
Date of Birth/Age :	22.10.1972
Date of Appointment :	11.03.2008
DIN No.:	00049387
Name :	Mr. Rahul Gyanchandani
Designation :	Director
Address :	7/189, Swaroop Nagar, Kanpur – 208 002, Uttar Pradesh, India
Date of Birth/Age :	02.09.1979
Date of Appointment :	01.05.2004
DIN No.:	00049468
Name :	Mr. Rohit Gyanchandani
Designation :	Director
Address :	7/189, Swaroop Nagar, Kanpur – 208 002, Uttar Pradesh, India
Date of Birth/Age :	10.04.1984
Date of Appointment :	04.02.2005
DIN No.:	00049486
Name :	Mr. Tara Chand Mansinghani
Designation :	Director
Address :	Mallon, Chaubepur, Kanpur – 209 203, Uttar Pradesh, India
Date of Birth/Age :	09.07.1956
Date of Appointment :	23.06.2005
DIN No.:	00138087
Name :	Dr. Rajinder Pal Singh
Designation :	Director
Address :	Unit 5, Villa – 3, 7/105, Swaroop Nagar, Kanpur – 208 002, Uttar Pradesh, India
Date of Birth/Age :	19.01.1952
Date of Appointment :	08.08.2006
DIN No.:	02135781
Name :	Mr. Jagannath Murli Dhar Gupta
Designation :	Additional Director
Address :	3/169, 3 Vishnupuri, Kanpur – 208 002, Uttar Pradesh, India
Date of Birth/Age :	19.10.1942
Date of Appointment :	25.10.2012
DIN No.:	00397952

KEY EXECUTIVES

Name :	Mr. Sushil Kumar Bajpai
Designation :	Company Secretary
Address :	513, Lakhanpur Housing Society, Vikas Nagar, Kanpur – 208 024, Uttar Pradesh, India
Date of Birth/Age :	28.07.1968
Date of Appointment :	01.12.2007
PAN No.:	AEUPB9460R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Murli Dhar	11610000
Bimal Kumar	11008000
Manoj Kumar	6605000
Rahul Gyanchandani	6605000
Rohit Gyanchandani	6605000
Kamla Devi	1318500
Rajani Gyanchandani	281000
Total	44032500

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Detergent Powders and Cakes.

Products :

Item Code No.	Product Description
3402.90	Detergent Powder
3401.20	Detergent Cake
3402.11	Acid Slurry
6401.11	Leather Shoe

Brand Names :

“GHARI”

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity
Detergent Powder	MT	808900	808900
Detergent Cake	MT	344200	344200
Toilet Soap	MT	58800	58800
Home Care Products	MT	131833	131833
Labsa	MT	26280	26280
AOS	MT	17520	17520
Wind Power	MW	26.1	26.1

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v Standard Chartered Bank (acting as an security agent) C D U, Narain Manzil, 23, Barakhamba Road, New Delhi – 110 001, India

v Allahabad Bank, Kanpur Main Branch, The Mall, Kanpur – 208 001, Uttar Pradesh, India

v ICICI Bank Limited, The Mall, Kanpur – 208 001, Uttar Pradesh, India

v State Bank of India

Facilities :

Secured Loans	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	364.491	0.000
Foreign currency loans banks secured	1476.408	543.780
Working capital loans banks secured	0.000	795.071
Other debt secured	0.000	31.466
Total	1840.899	1370.317

Notes:

1. Cash credit limit balance as on 31.03.2011 of Rs.473.901 millions (Previous Year Rs.341.032 millions), WCDL, FCNRB and Overdraft limit from State Bank of India are secured against hypothecation of fixed assets of specific manufacturing units, current assets on parri passu basis and pledge of FDRs.

2. Cash credit limit from Allahabad Bank, balance as on 31.03.2011 of Rs.1.482 millions (Previous Year Rs.101.307 millions), is secured against hypothecation of current assets on parri passu basis.

3. Buyers credit from Standard Chartered Bank is secured against hypothecation of stocks and book debts.

4. Other term loans are secured against all movables, fixed assets and entire receivables of Wind Power Project. Other Term Loan {Due within one year Rs.167.200 millions (Previous Year Rs.157.200 millions)}

Unsecured Loans	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
From Directors and their relatives	49.816	44.281
Total	49.816	44.281

Banking Relations :	--
Auditors :
Name :	R. Mohla and Company Chartered Accountants
Address :	7/33, 14, Ratan Villa, Tilak Nagar, Kanpur – 208 002, Uttar Pradesh, India
Tel. No.:	91-512-3047931/ 3042759
Income-tax PAN of auditor or auditor's firm :	AAHFR8042E
Subsidiary Company :	Leayan Global Private Limited, India (CIN No.: U19116UP2009PTC038499)
Associate Company :	Nimmi Build Tech Private Limited, India (CIN No.: U45202UP2005PTC030986)

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
45000000	Equity Shares	Rs.10/- each	Rs.450.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
44032500	Equity Shares	Rs.10/- each	Rs.440.325 millions

Notes:

1. 195700 Equity Shares allotted as fully paid up in terms of scheme of arrangement effective from 11.03.2008.

2. 2739800 Equity Shares issued as fully paid up Bonus Shares by capitalisation of General Reserve on 25.03.2008.

3. 41097000 Equity Shares issued as fully paid up Bonus Shares by capitalisation of Capital Redemption Reserve and Profit and Loss Account.

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		440.325	440.325	29.355
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4563.853	4832.062	3722.951
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5004.178	5272.387	3752.306
LOAN FUNDS
1] Secured Loans		1840.899	1370.317	2814.867
2] Unsecured Loans		49.816	44.281	18.771
TOTAL BORROWING		1890.715	1414.598	2833.638
DEFERRED TAX LIABILITIES		204.139	197.642	207.705
TOTAL		7099.032	6884.627	6793.649
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4040.519	3761.155	2839.783
Capital work-in-progress		504.624	528.415	733.664
INVESTMENT		7.226	6.698	2.650
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1849.592	2024.344	1779.120
	Sundry Debtors	64.642	281.829	868.098
	Cash & Bank Balances	821.748	937.475	1405.112
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1359.150	1000.957	1088.032
Total Current Assets		4095.132	4244.605	5140.362
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	762.224	495.969	438.986
	Other Current Liabilities	628.347	700.467	1207.694
	Provisions	157.898	459.810	276.130
Total Current Liabilities		1548.469	1656.246	1922.810
Net Current Assets		2546.663	2588.359	3217.552
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		7099.032	6884.627	6793.649

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	19365.687	18003.490	14157.690
		Other Income	92.572	141.759	85.791
		TOTAL (A)	19458.259	18145.249	14243.481
Less	EXPENSES
		Consumption materials changes inventories	14613.388	12498.979	11925.304
		Manufacturing service costs	530.015	547.089
		Employee related expenses	770.910	722.518
		Administrative selling other expenses	1745.737	1560.061
		TOTAL (B)	17660.050	15328.647	11925.304
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1798.209	2816.602	2318.177
Less	INTEREST FINANCIAL EXPENSES (D)		163.224	218.859	356.515
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1634.985	2597.743	1961.662
Less/ Add	DEPRECIATION/ AMORTISATION (F)		293.517	247.097	194.743
	PROFIT BEFORE TAX (E-F) (G)		1341.468	2350.646	1766.919
Less	TAX (H)		295.479	569.938	438.008
	PROFIT AFTER TAX (G-H) (I)		1045.989	1780.708	1328.971
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3935.963	3308.065	2282.125
Less	APPROPRIATIONS
		Transfer to General Reserve	1713.168	500.000	200.000
		Interim Dividend		220.162	88.065
		Interim Dividend Tax		37.417	14.966
		Adjustments towards Demerger of Leather and Footwear Undertaking		0.000	0.000
		Bonus Issue		395.231	0.000
	BALANCE CARRIED TO THE B/S		3268.784	3935.963	3308.065
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. value of Exports	0.000	76.522	31.775
	TOTAL EARNINGS		0.000	76.522	31.775
	IMPORTS
		Raw Materials	3523.258	2895.404	2216.081
		Plant and machinery	9.010	19.231	44.669
	TOTAL IMPORTS		3532.268	2914.635	2260.750
	Earnings Per Share (Rs.)		23.75	40.44	452.72

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.38	9.81	9.33
Net Profit Margin (PBT/Sales)	(%)	6.93	13.06	12.48
Return on Total Assets (PBT/Total Assets}	(%)	16.49	29.36	22.14
Return on Investment (ROI) (PBT/Networth)		0.27	0.45	0.47
Debt Equity Ratio (Total Liability/Networth)		0.69	0.58	1.27
Current Ratio (Current Asset/Current Liability)		2.64	2.56	2.67

LOCAL AGENCY FURTHER INFORMATION

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	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	No
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

Note:

The Registered office of the company has been shifted from 117/H-2/202, Pandu Nagar, Kanpur – 208 005, Uttar Pradesh, India to the present address w.e.f. 01.10.2008.

RESULTS OF OPERATIONS:

During the year, the company has recorded total income of Rs. 2133.85 crores as compared to previous year s total income of Rs.1954.23 crores registering a growth of more than 9. Due to sharp increase in the raw material prices and imposition of Safeguard Duty/Anti-dumping Duty on Soda Ash and STPP, the cost of production has gone up. In order to increase the market share of the company in the Detergent market, the management of the company has preferred to compromise with the margins and not passed entire increase in raw material cost to consumers. Moreover, increase in the overall cost of all operations of the Company has also adversely affected profitability. During the year, Profit Before tax remained at Rs.134.15 Crores and net profit after tax at Rs.104.60.

NEW PRODUCTS:

During the year, the company has launched liquid detergent for woollen cloths under the brand name Ghari Oon

EXPANSION:

The company is setting up a unit in Raipur (Chhattisgarh) for the manufacturing of detergent cake and powder. With the setting up the unit, the company will be able to cater demand of its products in eastern states more efficiently.

The company will start construction of unit for manufacturing of detergent cake and powder at Bidar, Karnataka. The Company is planning to setting up a unit in Bihar for the manufacturing of detergent powder and cake with a project cost of Rs.800.000 millions approx. The company is also working on backward integration by setting up of unit for the manufacturing of raw materials. The project is at planning stage and soon the company will start implementation of the same. The Company has commissioned a new Wind Power project in Tamilnadu in collaboration with Suzlon Energy Limited. It will have 7 wind turbine generators of 1.5 MW each. With the completion of the project the total installed capacity of Wind Power generation of the Company has increased to 26.1 MW. The financial strength continues to successfully sustain the Company s business model, which is centred on attaining market leadership in its chosen areas of competence. This sustainable growth model is being further strengthened with new initiatives that will add to the Company s fundamentals.

OTHER ADDITION DETAILS

The Hon able High Court at Allahabad vide its order dated 7^th March, 2011 sanctioned the scheme of Arrangement between Rohit Surfactants Private Limited (Transferor/ Demerged) and Leayon Global Private Limited (Transferee/ Resulting Company) which provides for demerger of the Leather and Footwear Division of the Demerged Company and its transfer to and vesting in the Resulting Company in terms of said scheme. The appointed date as per the said scheme is 1^st April, 2010. Pursuant to the scheme becoming effective, separate account for the financial year 2010-11 have been prepared giving effect to the demerger. Pursuant to the scheme of arrangement every shareholder holding 5 equity shares of Rs.10 each of Subject has been issued/ allotted 1 equity share of Rs 10 each in the LGPL (Leayon Global Private Limited) i.e. 88,06,500 Equity Shares of Rs 10 each. The aforesaid share have been issued by Leayon Global Private Limited on 22^nd July, 2011 being the share allotment date. Capital work-in- progress includes advances against capital expenditure etc. and Pre-operative expenses pending to be capitalized. The Company is in the process of receiving intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the yearend together with interest paid/ payable as required under the said Act will be furnished in the following years. The figures in brackets are for previous year. The previous year s figures are not comparable with current year s because previous year s include the figures of Leather and footwear undertaking which has been demerged in current year vide Hon able High Court order Dated 7^th March2011. All the figures have been rounded off to the nearest of rupees.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF: (AS ON 31.03.2011)

Excise Duty/Service Tax in respect of which either show cause notice is received or the Company/Department is in appeal, Rs.53.284 millions.

Sales Tax demand of Rs.23.281 millions may have to be paid by the Company if the Revision Order of Hon’ble High Court and appeals before appropriate authorities goes against the Company.

Bank Guarantees Rs.113.000 millions

Letter of Credit outstanding - NIL

Income Tax in respect of which either show cause notice is received or the Company/Department is in appeal, Rs.22.671 millions.

Bankers Charges Report as per Registry

Corporate identity number of the company	U15111UP1988PLC009771
Name of the company	RSPL LIMITED
Address of the registered office or of the principal place of business in India of the company	109/366, R.K. Nagar, G.T. Road, Kanpur – 208 012, Uttar Pradesh, India E-Mail: info@gharidetergent.com
This form is for	Modification of charge
Charge identification number of the modified	10294795
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	Standard Chartered Bank (acting as an security agent) C D U, Narain Manzil, 23, Barakhamba Road, New Delhi – 110 001, India E-Mail: Ashima.Tandon@sc.com
Nature of description of the instrument creating or modifying the charge	Supplemental to unattested memorandum of Hypothecation.
Date of instrument Creating the charge	31.07.2012
Amount secured by the charge	Rs.900.000 millions
In case amount secured by the charge is in foreign currency, mention details	ECB of US $ 20 000,000 and for the purpose of filing of form-8, ECB to the extent of US $ 20 million has been converted to Rs.900.000 millions (1 US = Rs.45/- each)
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As per facility agreement dated 20.06.2011 to be amended from time to time Terms of Repayment: As per facility agreement dated 20.06.2011 to be amended from time to time. Margin: As per facility agreement dated 20.06.2011 to be amended from time to time. Extent and Operation of the charge: The security by way of first and exclusive charge over movable assets located at Hariwar and wind power assets located/to be located at Village Barora (Rajasthan) has been created in favour of standard chartered bank for the purpose of securing the credit facility to the extent of US 20 mio. ("facility amount") granted / to be granted to RSPL Limited ("facility"). Others: For the purpose of filing the Form 8, it is clarified that the facility amount is repayable in USD, hence, any repayment from the sale / enforcement proceeds of the above said assets shall be made at the prevailing foreign currency exchange rate, for conversion from Indian rupees to USD, at the time of repayment, to ensure full repayment of the facility amount.
Short particulars of the property charged	Hypothecation by way of pari passu charge with other term lenders over all movable fixed assets of the company financed out of term loan / ECB including without limitation its movable plant and machinery, furniture and fittings, equipments, computer hardware, computer software, machinery spares, tools and accessories and other movables stored or to be stored at company's godowns or premises situated anywhere
Date of latest modification prior to the present modification	07.05.2012
Particulars of the present modification	There being no change in the ECB of Rs.90.00 crores (USD 20 million) already registered, however, the charge is being modified to be secured by first and exclusive charge over all plant and machinery including all other movable assets both present and future now stored or to be stored or at present installed at Plot No.3A, 6 and 7 Industrial Area IIE Sector 3 Ranipur Haridwar (Uttranchal) and wind power assets located/ to be located at Akal Site Village Barora Gaon, Districtt Jaisalmer (Rajasthan).

FIXED ASSETS:

v Land (Freehold)

v Land (Leasehold)

v Building

v Building (Office)

v Building (Residence)

v Plant and Machinery

v Vehicles

v Furniture and Fixtures

v Wind Energy Converter

v Trade Mark

v Computers

v Tankers

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 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 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.55.09
UK Pound	1	Rs.89.54
Euro	1	Rs.72.77

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		61

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.