MIRA INFORM REPORT

Report Date :

29.12.2012

IDENTIFICATION DETAILS

Name :	BALMAR LAWRIE-VAN LEER LIMITED
Registered Office :	D-195/2, TTC Industrial Area, MIDC Turbhe, Navi Mumbai - 400705, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.07.1962
Com. Reg. No.:	11-012424
Capital Investment / Paid-up Capital :	Rs. 157.634 Millions
CIN No.: [Company Identification No.]	U99999MH1962PLC012424
PAN No.: [Permanent Account No.]	AAACB2906R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of steel drums, closures and plastic containers.
No. of Employees :	320 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 2620000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having a moderate track record. The latest financial are not made available with the government department. As per previous year’s record, there appears slight dip in the profitability. However, general financial position of the company seems to be good. Performance capacity appears high. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct 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	ICRA
Rating	Term Loan : (ICRA) A-
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligations. It carry low credit risk.
Date	August 2012

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.

INFORMATION DECLINED BY

Name :	Mr. Yogesh
Designation :	Accountant
Contact No.:	91-22-67396400
Date :	28.12.2012

LOCATIONS

Registered Office/ Factory 1 :	D-195/2, TTC Industrial Area, MIDC Turbhe, Navi Mumbai - 400705, Maharashtra, India
Tel. No.:	91-22-67396400/ 67396404
Fax No.:	91-22-67396436
E-Mail :	blvl@bom2.vsnl.net.in rajesh_juthani@blvlindia.com response@blvlindia.com
Website :	www.blvlindia.com
Factory 2 :	Plastic Division Janakipuram Village, Madurantakam Taluk, Kanchipuram District, Chennai - 603303, Tamilnadu, India
Tel. No.:	91-44-27567131/ 7132
Factory 3 :	Khasara No. 122 MI, Central Hope Town, Selaqui Industrial Area, Dheradun - 248197, Uttrakand, India

DIRECTORS

AS ON 29.08.2012

Name :

Mr. Mohan Narayan Menon

Designation :

Managing director

Address :

6, Beach Croft, 17 Juhu Tara Road, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

10.08.1948

Qualification :

B.E - Metallurgy, MMM

Date of Appointment :

01.10.2010

PAN No.:

ACLPM6838R

DIN No.:

02838483

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74999MH1995PTC084330	APC NUTRIENTS PRIVATE LIMITED	Director	11/10/1997	11/10/1997	Amalgamated	NO
2	U28992WB1990PLC050028	TRANSAFE SERVICES LIMITED	Director	27/09/2010	12/10/2009	Active	NO
3	U99999MH1962PLC012424	BALMAR LAWRIE-VAN LEER LIMITED	Managing director	01/10/2010	01/10/2010	Active	NO
4	U27100KA1989PLC010148	PRO-SEAL CLOSURES LIMITED	Director	24/08/2011	23/11/2010	Active	NO
5	U51900MH2006PTC158987	APC NUTRIENTS PRIVATE LIMITED	Additional director	02/08/2012	02/08/2012	Active	NO

Name :

Egbert Jan Boertien

Designation :

Director

Address :

Simon Stevinweg 63, Hilversum SN, Netherland 1222

Date of Birth/Age :

19.09.1966

Date of Appointment :

29.08.2012

DIN No.:

01454641

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U99999MH1962PLC012424	BALMAR LAWRIE-VAN LEER LIMITED	Director	29/08/2012	26/10/2005	Active	NO

Name :

Reinier Hietink

Designation :

Nominee director

Address :

Van Goyenlaan 10, Bilthonven 3723GP, Netherlands 3723

Date of Birth/Age :

26.02.1963

Qualification :

Gr. Business Economics

Date of Appointment :

09.01.2008

DIN No.:

02063924

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1962PLC012424	BALMAR LAWRIE-VAN LEER LIMITED	Nominee director	09/01/2008	09/01/2008	-	Active	NO
2	U27100KA1989PLC010148	PRO-SEAL CLOSURES LIMITED	Nominee director	09/01/2008	09/01/2008	-	Active	NO
3	U28992WB1990PLC050028	TRANSAFE SERVICES LIMITED	Nominee director	12/10/2009	12/10/2009	24/07/2010	Active	NO

Name :

Mr. Virendra Sinha

Designation :

Nominee director

Address :

Flat No. 5, 9B, Queens Park, Bally Gunj, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

13.07.1955

Date of Appointment :

01.01.2012

DIN No.:

03113274

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L15492WB1924GOI004835	BALMER LAWRIE AND COMPANY LIMITED	Managing director	01/01/2012	14/06/2010	-	Active	NO
2	U28992WB1990PLC050028	TRANSAFE SERVICES LIMITED	Director	27/09/2010	03/08/2010	29/03/2012	Active	NO
3	U67120WB1893NPL000761	THE BENGAL CHAMBER OF COMMERCE AND INDUSTRY	Director	20/10/2011	20/10/2011	28/09/2012	Active	NO
4	U63000TN2011PTC083412	BALMER LAWRIE HIND TERMINALS PRIVATE LIMITED	Director	05/12/2011	05/12/2011	29/03/2012	Active	NO
5	U99999MH1962PLC012424	BALMAR LAWRIE-VAN LEER LIMITED	Nominee director	01/01/2012	01/01/2012	-	Active	NO

Name :

Kannan Sankaranarayanan Ananthakrishnan

Designation :

Director

Address :

6107, Ashleylynn CT, Dublin OH, USA 43016

Date of Birth/Age :

05.05.1965

Date of Appointment :

29.08.2012

DIN No.:

05281184

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U99999MH1962PLC012424	BALMAR LAWRIE-VAN LEER LIMITED	Director	29/08/2012	01/06/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Yogesh
Designation :	Accountant
Name :	Mr. Rajesh Juthani
Designation :	Secretary
Address :	B-6/9, Kubera Park, Kondhwa Road, Pune – 411040, Maharashtra, India
Date of Birth/Age :	07.06.1960
Qualification :	B Com, AICWA, ACS
Date of Appointment :	01.03.2006
PAN No.:	AAVPJ5464E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.08.2012

SHAREHOLDING DETAILS FILE ATTACHED

AS ON 29.08.2012

Equity Share Breakup	Percentage of Holding
Category
Government companies	40.12
Public financial companies	0.01
Nationalised or other banks	0.01
Mutual funds	0.03
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	55.15
Bodies corporate	0.10
Other top fifty shareholders	0.63
Others	3.95
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of steel drums, closures and plastic containers.

Products :

ITC Code	Product Descriptions
8309.9	Drum Closures
3923.9	HMHDPE, Plastic Containers

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Flanges	Nos.	21,380,000	36,540,856
Plugs	Nos.	21,760,000	34,963,456
Plastic Containers / Liners	Nos.	3,805,400	3,516,229

Notes:

(i) The installed capacity figures are given for single shift working for Closure division and three shift basis for Valerex Division as certified by Management and accepted by the Auditors this being a technical matter.

(ii) Flanges, Plugs comprise 3/4" and 2" sizes.

(iii) Plastic Containers/ Liners comprise containers of various sizes.

(iv) Actual Production are net of normal wastage/ losses during production/ in transit.

(v) The figures in the brackets relate to the previous year.

GENERAL INFORMATION

No. of Employees :

320 (Approximately)

Bankers :

Ø Indusind Bank Limited, 2401 Gen Thimmayya Road, Contonment, Pune – 411001, Maharashtra, India

Ø Bank of India, Chembur Naka, R.C. Marg, Mumbai – 400071, Maharashtra, India

Ø The Hong Kong and Shanghai Banking Corporation Limited, 52/60 Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	70.940	119.424
Rupee term loans others secured	181.792	181.792
Working capital loans banks secured	231.431	137.070
Loans taken for vehicles secured	2.074	1.639
Total	486.237	439.925
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks unsecured	39.737	0.000
Rupee term loans others unsecured	5.000	0.000
Deferred sales tax loan unsecured	6.802	7.911
Other debt unsecured	26.250	26.250
Total	77.789	34.161

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAEFP3641G
Joint venture :	Ø Balmer Lawrie and Company Limited [L15492WB1924GOI004835] Ø Greif International Holding B.V.
Related Parties :	Ø Balmer Larie (UAE) LLC. Ø Greif Singapore PTE Limited Ø Greif Egypt LLC Ø Greif Embalagenes Ind Do Brasil Limited Ø Greif Nederlands B.V. Ø Greif U.K. Limited Ø Greif Australia PTY Limited Ø Greif Phillipines Inc Ø American Flange and Mfgg. Company Limited Ø Transafe Services Limited [U28992WB1990PLC050028] Ø Greif Italia SPA Ø Tri Sure Closures Australia PTY. Limited
Subsidiary :	Pro-Seal Closures Limited [U27100KA1989PLC010148]

CAPITAL STRUCTURE

AFTER 29.08.2012

Authorised Capital : Rs. 160.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 157.520 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
16000000	Equity Shares	Rs. 10/- each	Rs. 160.000 Millions

Issued, Subscribed :

No. of Shares	Type	Value	Amount
15774814	Equity Shares	Rs. 10/- each	Rs. 157.748 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
15763414	Equity Shares	Rs. 10/- each	Rs. 157.634 Millions

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		157.634	157.634	157.634
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		496.852	406.319	164.319
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		654.486	563.953	321.953
LOAN FUNDS
1] Secured Loans		486.237	439.925	342.086
2] Unsecured Loans		77.789	34.161	35.385
TOTAL BORROWING		564.026	474.086	377.471
DEFERRED TAX LIABILITIES		50.973	55.251	53.997
TOTAL		1269.485	1093.290	753.421
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		651.391	633.949	698.607
Capital work-in-progress		68.079	63.831	33.346
INVESTMENT		224.292	229.885	42.500
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	220.988	152.478	118.477
	Sundry Debtors	247.263	242.588	194.020
	Cash & Bank Balances	10.327	16.711	17.779
	Other Current Assets	4.158	2.145	1.965
	Loans & Advances	108.830	88.262	92.560
Total Current Assets		591.566	502.184	424.801
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	157.921	192.200	263.473
	Other Current Liabilities	89.441	80.454	163.739
	Provisions	18.481	63.905	18.621
Total Current Liabilities		265.843	336.559	445.833
Net Current Assets		325.723	165.625	(21.032)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1269.485	1093.290	753.421

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1699.659	1527.437	1189.258
		Other Income	76.488	45.252	42.366
		TOTAL	1776.147	1572.689	1231.624
Less	EXPENSES
		Consumption materials changes inventories	1174.951	1052.980
		Manufacturing service costs	149.955	127.755
		Employee related expenses	127.908	111.897
		Administrative selling other expenses	97.604	88.786
		TOTAL	1550.418	1381.418	1158.853
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		225.729	191.271	72.771
Less	FINANCIAL EXPENSES		54.623	48.450	46.500
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		171.106	142.821	26.271
Less/ Add	DEPRECIATION/ AMORTISATION		70.654	66.129	54.169
Add	EXCEPTIONAL INCOME EXPENSE, NET		0.000	242.783	0.000
	PROFIT/ (LOSS) BEFORE TAX		100.452	319.475	(27.898)
Less	TAX		9.994	59.032	1.055
	PROFIT/ (LOSS) AFTER TAX		90.458	260.443	(28.953)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		261.544	19.544	48.497
Less	APPROPRIATIONS
		Dividend	(0.011)	15.764	0.000
		Tax on Dividend	(0.063)	2.679	0.000
	BALANCE CARRIED TO THE B/S		352.076	261.544	19.544
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	354.987	295.538	238.587
	IMPORTS
		Raw Materials	650.775	622.782	444.542
		Stores & Spares	5.896	2.447	1.348
		Capital Goods	19.195	3.303	2.027
	TOTAL IMPORTS		675.866	628.532	447.917
	Earnings/ (Loss) Per Share (Rs.)		5.74	16.52	(1.84)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.09	16.56	(2.35)
Net Profit Margin (PBT/Sales)	(%)	5.91	20.92	(2.35)
Return on Total Assets (PBT/Total Assets}	(%)	8.08	28.12	(2.48)
Return on Investment (ROI) (PBT/Networth)		0.15	0.57	(0.09)
Debt Equity Ratio (Total Liability/Networth)		1.27	1.44	2.56
Current Ratio (Current Asset/Current Liability)		2.23	1.49	0.95

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note: The registered address of the company has been shifted from L.K. Gadkari Marg, Mahul Chamber, Mumbai – 400074, Maharashtra, India to the present w.e.f. 15.07.2008

PERFORMANCE HIGHLIGHTS

2010-11 was a year of consolidation for the Company’s businesses. The expansion in capacities undertaken at both Steel Drum Closure Division and Plastic Division resulted in improved sales both in physical and value terms.

Sales and other Income increased by 13% to Rs.1776.147 Millions, as against Rs.1572.689 Millions during the previous year. This included an export sales growth of 20% from Rs.295.538 Millions to Rs.354.987 Millions during current year.

Profit after Tax excluding exceptional items (i.e. gain from sales of assets) increased to Rs.61.833 Millions as against Rs.17.659 Millions in the previous year.

SEGMENT WISE PERFORMANCE

1. CLOSURES DIVISION

Domestic and export demand for Steel Drum Closures remained buoyant throughout the year. Production and Sales during the year were at 22.81 million sets and 21.48 million sets respectively as against 18.67 million sets and 19.31 million sets respectively in the previous year.

Total sale in value term was higher at Rs.609.009 Millions compared to Rs.540.385 Millions during the previous year. Inflationary trend in steel, rubber, paper and other consumable had a negative impact on margins.

2. PLASTICS DIVISION- MUMBAI UNIT

Performance of Valerex range of plastic drums and Blow Moulded Drums was better than the previous year. In spite of volatility in polymer price, the Company managed to pass on substantial part of raw material cost increase to the customers. However the performance of conical pails was subdued and restricted to few niche customers. This Unit has achieved sales of Rs.981.649 Millions as against Rs.929.079 Millions in the previous year.

Product-wise performance is stated below:

VALEREX 20

Sales in physical terms improved by over 9 % where as in value terms the same was higher at Rs.212.178 Millions as against Rs.186.963 Millions in the previous year. During the year the Company secured good export orders which are expected to continue in the current year.

VALEREX 200

The buoyancy in demand for V200 drums continued throughout the year. However competition intensified with the emergence of several new entrants and capacity enhancement by existing players. The Company focused on improving service level and concentrated on meeting the requirements of existing customers. As a result sales in physical and value terms remained more or less at the same level as last year. However increase in cost of production were passed on to the customers and margins were maintained at same level as previous year.

BLOW MOULDED DRUMS

In case of Blow Moulded drums the Company continued its strategy service few niche customers instead of competing in low margin areas. The sales in physical terms and value terms were maintained at previous year’s level.

CONICAL PAILS

Sales of these drums were restricted to certain customers who are key buyer of Company’s other products and to certain high value added segments. Sales in physical and value terms were maintained at previous year’s level.

3. PLASTIC CONTAINER UNIT – CHENNAI

The sales from this unit grew by 11% to Rs.229.489 Millions as against Rs.206.409 Millions during the previous year. However the selling price and margins were under constant pressure due to intense competition. The unit focused on productivity improvement, cost reduction and managing a better product mix. The improvements are expected to yield better results in the current year.

4. PLASTIC CONTAINER UNIT- DEHRADUN

During the year the Company commenced production at its new Plastic Container Unit at Dehradun. The Company focused on stabilizing its operation and getting product approvals from customers. The response is good and it is expected to perform better in the current year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U99999MH1962PLC012424
Name of the company	BALMAR LAWRIE-VAN LEER LIMITED
Address of the registered office or of the principal place of business in India of the company	D-195/2, TTC Industrial Area, MIDC Turbhe, Navi Mumbai - 400705, Maharashtra, India Email: rajesh_juthani@blvlindia.com
This form is for	Modification of charge
Charge identification number of the modified	10224503
Type of charge	Immovable property
Particular of charge holder	Indusind Bank Limited, 2401 Gen Thimmayya Road, Contonment, Pune – 411001, Maharashtra, India Email: manish.samant@indusind.com CIN No.: L65191PN1994PLC076333
Nature of description of the instrument creating or modifying the charge	Supplemental Memorandum of Entry dated 29.05.2012 for mortgage of Immovable Property situated and lying at village Central Hope Town Pargana Pachhwa Doon, Dehradun admeasuring 1.62 Hect CTS/Survey No.. Khasra No 122/37, 0.624 Hect CTS/Survey No. Khasra No 122, 0.728 Hect CTS/Survey No. 122M, 0.771 Hect CTS/Survey No. 122/36 for availing of total limit not exceeding Rs. 9,38,00,000/-.
Date of instrument Creating the charge	29.05.2012
Amount secured by the charge	Rs. 93.800 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Sanction Letter of Credit Limits (as mutually agreed between bank and borrower) Terms of Repayment As per Sanction Letter of Credit Limits with Ref No. IBL/CAD/220/2012-13 dated 02.05.2012. Margin As per Sanction Letter of Credit Limits with Ref No. IBL/CAD/220/2012-13 dated 02.05.2012. Extent and Operation of the charge As per Sanction Letter of Credit Limits with Ref No. IBL/CAD/220/2012-13 dated 02.05.2012. Others NA
Short particulars of the property charged	Pieces and Parcel of land (Immovable Property) situated at Khasra 122M Central Hope Town, Pargana Pachhwa Doon, Dehradun, admeasuring 11025 sq. mt.

FIXED ASSETS:

Ø Freehold Land

Ø Leasehold Land

Ø Building

Ø Ownership Flats

Ø Plant and Machinery

Ø Computers

Ø Furniture and Fittings

Ø Vehicles

Ø Enabling 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 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 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. 54.85
UK Pound	1	Rs. 88.40
Euro	1	Rs. 72.63

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		47

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.