MIRA INFORM REPORT

Report Date :

20.01.2012

IDENTIFICATION DETAILS

Name :	STERLING AGRO INDUSTRIES LIMITED
Registered Office :	11^th Floor, Aggarwal Cyber Plaza – II, Netaji Subash Place, Pitampura, New Delhi – 110034, Delhi
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.10.1991
Com. Reg. No.:	11-189775
Capital Investment / Paid-up Capital :	Rs.347.738 Millions
CIN No.: [Company Identification No.]	U01111DL1991PLC189775
TAN No.: [Tax Deduction & Collection Account No.]	DELS24285C
PAN No.: [Permanent Account No.]	AAACS2278R
Legal Form :	A closely held Public Limited Liability Company
Line of Business :	Manufacturer of Ghee, SMP and other Dairy Products
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 5600000
Status :	Good
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be good. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – 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 :	11^th Floor, Aggarwal Cyber Plaza – II, Netaji Subash Place, Pitampura, New Delhi – 110034, Delhi, India
Tel. No.:	91-11-47008000
Fax No.:	91-11-47008010
E-Mail :	naresh@steragro.com

DIRECTORS

AS ON 29.09.2011

Name :

Mr. Kuldeep Saluja

Designation :

Director

Address :

S-329, Greater Kailash Part-II, New Delhi – 110048, Delhi, India

Date of Birth/Age :

10.06.1952

Date of Appointment :

07.10.1994

Din No.:

00289187

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	U01111DL1991PLC189775	STERLING AGRO INDUSTRIES LIMITED	Managing director	16/10/2009	7/9/2000	-	Active	NO
2	U51109WB2005PTC101457	NARAYANI DEALERS PRIVATE LIMITED	Director	22/03/2007	22/03/2007	-	Active	NO
3	L65993WB1985PLC082197	ACME RESOURCES LIMITED	Director	27/09/2008	8/8/2007	-	Active	NO
4	U70101DL2008PTC177390	VRS ESTATES PRIVATE LIMITED	Director	29/04/2008	29/04/2008	-	Active	NO
5	U45400DL2008PTC179737	KESAR BUILDERS PRIVATE LIMTIED	Director	19/06/2008	19/06/2008	-	Active	NO
6	U74950DL1997PTC084779	VINAY PACKAGING (INDIA) PRIVATE LIMTIED	Director	13/08/2009	13/08/2009	-	Active	NO
7	U70101DL2011PTC219489	VINAY HOMES PRIVATE LIMITED	Director	20/05/2011	20/05/2011	-	Active	NO
8	U70101DL2011PTC219595	VINAY REAL ESTATES PRIVATE LIMITED	Director	23/05/2011	23/05/2011	-	Active	NO
9	U51909WB1995PLC074540	OJAS SUPPLIERS LIMITED	Director	30/09/2011	31/05/2011	-	Active	NO
10	U40101DL2011PTC220538	STERLING ENERGYTECH PRIVATE LIMITED	Director	8/6/2011	8/6/2011	-	Active	NO
11	U70101DL2011PTC219604	V M REAL ESTATES PRIVATE LIMITED	Additional director	12/11/2011	12/11/2011	-	Active	NO
12	U65100DL2011PTC227420	SALUJA FINCAP SERVICES PRIVATE LIMITED	Director	14/11/2011	14/11/2011	-	Active	NO
13	U70200DL2011PTC227584	RAVSAL ESTATES PRIVATE LIMITED	Director	17/11/2011	17/11/2011	-	Active	NO

Name :

Ms. Laxmi Narain Kesarwani

Designation :

Director

Address :

ND-69, Visakha Enclave, Pitampura, New Delhi – 110034, Delhi, India

Date of Birth/Age :

19.07.1949

Date of Appointment :

07.10.1999

Din No.:

00288852

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	U01111DL1991PLC189775	STERLING AGRO INDUSTRIES LIMITED	Whole-time director	16/10/2009	7/9/2000	-	Active	NO
2	U15209WB2005PTC103966	STERLING DAIRY PRODUCTS PRIVATE LIMITED	Director	30/06/2005	30/06/2005	-	Active	NO
3	L65993WB1985PLC082197	ACME RESOURCES LIMITED	Director	27/09/2008	1/4/2008	-	Active	NO
4	U70101DL2008PTC177390	VRS ESTATES PRIVATE LIMITED	Director	29/04/2008	29/04/2008	-	Active	NO
5	U45400DL2008PTC179737	KESAR BUILDERS PRIVATE LIMTIED	Director	19/06/2008	19/06/2008	-	Active	NO
6	U74950DL1997PTC084779	VINAY PACKAGING (INDIA) PRIVATE LIMTIED	Director	13/08/2009	13/08/2009	-	Active	NO
7	U70101DL2011PTC219489	VINAY HOMES PRIVATE LIMITED	Director	20/05/2011	20/05/2011	-	Active	NO
8	U70101DL2011PTC219595	VINAY REAL ESTATES PRIVATE LIMITED	Director	23/05/2011	23/05/2011	12/11/2011	Active	NO

Name :

Mr. Ravin Saluja

Designation :

Director

Address :

S-329, Greater Kailash Part-II, New Delhi – 110048, Delhi, India

Date of Birth/Age :

29.04.1978

Date of Appointment :

10.07.199

Din No.:

00289305

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	U01111DL1991PLC189775	STERLING AGRO INDUSTRIES LIMITED	Whole-time director	16/10/2009	7/9/2000	-	Active	NO
2	U70101DL1996PTC079469	V M ESTATE PRIVATE LIMITED	Director	25/02/2008	25/02/2008	-	Active	NO
3	U45201DL2004PTC123798	KAILASHWATI BUILDCON PRIVATE LIMITED	Director	17/04/2008	17/04/2008	-	Active	NO
4	U74899DL1990PTC039889	ATUL AGRO PRIVATE LIMITED	Director	26/08/2009	26/08/2009	-	Active	NO
5	U70101DL2011PTC219604	V M REAL ESTATES PRIVATE LIMITED	Director	23/05/2011	23/05/2011	-	Active	NO
6	U70101DL2011PTC219600	TULIP PRO BUILD PRIVATE LIMITED	Director	23/05/2011	23/05/2011	-	Active	NO
7	U51909WB1995PLC074540	OJAS SUPPLIERS LIMITED	Director	30/09/2011	31/05/2011	-	Active	NO
8	U65100DL2011PTC227420	SALUJA FINCAP SERVICES PRIVATE LIMITED	Director	14/11/2011	14/11/2011	-	Active	NO
9	U70200DL2011PTC227584	RAVSAL ESTATES PRIVATE LIMITED	Director	17/11/2011	17/11/2011	-	Active	NO

Name :

Mr. Vivek Kesarwani

Designation :

Director

Address :

ND-69, Visakha Enclave, Pitampura, New Delhi – 110034, Delhi, India

Date of Birth/Age :

13.02.1978

Date of Appointment :

10.07.1999

Din No.:

00137920

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	U01111DL1991PLC189775	STERLING AGRO INDUSTRIES LIMITED	Whole-time director	16/10/2009	10/7/1999	-	Active	NO
2	U15209WB2005PTC103966	STERLING DAIRY PRODUCTS PRIVATE LIMITED	Director	30/06/2005	30/06/2005	-	Active	NO
3	U74899DL1990PTC042424	VIMAL PLASTICIZERS PRIVATE LIMITED	Director	15/07/2005	15/07/2005	-	Active	NO
4	U70101DL1996PTC079469	V M ESTATE PRIVATE LIMITED	Director	30/03/2008	30/03/2008	-	Active	NO
5	U45201DL2004PTC123798	KAILASHWATI BUILDCON PRIVATE LIMITED	Director	20/04/2008	20/04/2008	-	Active	NO
6	U74899DL1990PTC039889	ATUL AGRO PRIVATE LIMITED	Director	26/08/2009	26/08/2009	-	Active	NO
7	L65993WB1985PLC082197	ACME RESOURCES LIMITED	Director	29/09/2010	29/01/2010	-	Active	NO
8	U45400DL2008PTC176981	LAVKUSH REALTORS PRIVATE LIMITED	Director	30/09/2010	5/3/2010	-	Active	NO
9	U24247DL2001PTC112259	SHWETA HERBAL HENNA PRIVATE LIMITED	Director	30/09/2010	5/3/2010	-	Active	NO
10	U70101DL2011PTC219604	V M REAL ESTATES PRIVATE LIMITED	Director	23/05/2011	23/05/2011	-	Active	NO
11	U70101DL2011PTC219600	TULIP PRO BUILD PRIVATE LIMITED	Director	23/05/2011	23/05/2011	-	Active	NO

Name :

Ms. Vimal Kishore Agarwal

Designation :

Director

Address :

H-35, Gandhi Nagar, Gwalior – 250576, MadhyaPradesh, India

Date of Birth/Age :

02.02.1962

Date of Appointment :

01.07.2000

Din No.:

01376085

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	U01111DL1991PLC189775	STERLING AGRO INDUSTRIES LIMITED	Director	1/7/2000	1/7/2000	-	Active	NO
2	L65993WB1985PLC082197	ACME RESOURCES LIMITED	Director	29/09/2010	26/07/2010	-	Active	NO

Name :

Mr. Sharad Saluja

Designation :

Director

Address :

S-329, Greater Kailash Part-II, New Delhi – 110048, Delhi, India

Date of Birth/Age :

10.02.1985

Date of Appointment :

10.07.1999

Din No.:

01516294

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	U01111DL1991PLC189775	STERLING AGRO INDUSTRIES LIMITED	Director	25/05/2007	25/05/2007	-	Active	NO
2	L65993WB1985PLC082197	ACME RESOURCES LIMITED	Managing director	1/1/2010	1/12/2007	-	Active	NO
3	U45400DL2008PTC176981	LAVKUSH REALTORS PRIVATE LIMITED	Director	30/09/2010	5/3/2010	-	Active	NO
4	U24247DL2001PTC112259	SHWETA HERBAL HENNA PRIVATE LIMITED	Director	30/09/2010	5/3/2010	-	Active	NO
5	U40101DL2011PTC220538	STERLING ENERGYTECH PRIVATE LIMITED	Director	8/6/2011	8/6/2011	-	Active	NO
6	U70101DL2011PTC219595	VINAY REAL ESTATES PRIVATE LIMITED	Additional director	12/11/2011	12/11/2011	-	Active	NO

Name :

Mr. Pratik Gupta

Designation :

Director

Address :

409 Katra Maidgran Khari Baoli, Delhi – 110006, Delhi, India

Date of Birth/Age :

02.09.1984

Date of Appointment :

02.01.2009

Din No.:

02506579

Name :

Mr. Raj Jaggi

Designation :

Director

Address :

H-501 Wonder City, Katraj, Pune – 411046, Maharashtra, India

Date of Appointment :

01.03.2010

Din No.:

03017408

Name :

Mr. Mahindra Kumar Thapar

Designation :

Director

Address :

409 Katra Maidgran Khari Baoli, Delhi – 110006, Delhi, India

Date of Appointment :

01.05.2010

Din No.:

01968263

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	U01211MP2006PLC018716	DAIRYMAN PRODUCER COMPANY LIMITED	Director	12/9/2006	12/9/2006	15/11/2010	Active	NO
2	U01111DL1991PLC189775	STERLING AGRO INDUSTRIES LIMITED	Director	1/5/2010	1/5/2010	-	Active	NO

Name :

Mr. Peri Kameswara Sharma

Designation :

Director

Address :

223 Hauz Khus apts SFS Sri Auroboindo Marg, New Delhi – 110016, India

Date of Birth/Age :

20.08.1950

Date of Appointment :

03.02.2011

Din No.:

02316593

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	U51226DL2008PTC183641	FARMGATE MILK PRIVATE LIMITED	Director	24/09/2008	24/09/2008	-	Active	YES
2	U15549AP2010PTC067094	MILKY FOOD SPECIALITIES PRIVATE LIMITED	Director	19/02/2010	19/02/2010	-	Active	NO
3	U15494DL2010PTC211008	FARMGATE AGRO MILCH PRIVATE LIMITED	Additional director	7/12/2010	7/12/2010	-	Active	NO
4	U01111DL1991PLC189775	STERLING AGRO INDUSTRIES LIMITED	Director	29/09/2011	3/2/2011	-	Active	NO

Name :

Mr. Ramesh Chander Mahajan

Designation :

Director

Address :

D-219 FF Saket, New Delhi – 110017, India

Date of Birth/Age :

25.09.1945

Date of Appointment :

01.08.2011

Din No.:

00152225

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	U15317DL1999PTC097970	JAGATJIT BOTTLERS PRIVATE LIMITED	Director	8/10/2003	8/10/2003	26/05/2011	Active	NO
2	U15511GA2002PTC003102	VINAYAKA LIQUORS PRIVATE LIMITED	Director	21/10/2003	21/10/2003	16/10/2009	Active	NO
3	U01111DL1991PLC189775	STERLING AGRO INDUSTRIES LIMITED	Director	29/09/2011	1/8/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Luv Kumar Malhotra
Designation :	Secretary
Address :	A-4C /160. JAnakpuri, New Delhi – 110058, India
Date of Birth/Age :	07.05.1986
Date of Appointment :	16.08.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Kuldeep Saluja	17053875
Raman Saluja	1525000
Laxmi Narain Kesarwani HUF	650000
Laxmi Narain Kesarwani	12485000
Sangeeta Kesarwani	5000
Pallavi Saluja	5000
Kesarwani Anju	5000
Vivek Kesarwani	3045000
Total	34773875

AS ON 29.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Ghee, SMP and other Dairy Products
Brand Name :	NOVA

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Actual Production
MILK	MTs	103000	21348.590
SKIUMEO MILK	MTs	35000	--
GHEE	MTs	36500	16205.358
BUTTER	MTs	8000	6060.879
SKIMMED MILK POWDER	MTs	38000	22517.681
WHOLE MILK POWDER	MTs	8100	2237.524
DAIRY WHITENER	MTs	7750	751.281
INSTANT FOOD/DAIRY MIX	MTs	11000	3131.823
KHOYA	MTs	2000	--
BUTTER OIL'AMF	MTs	4000	2235.790
INSTANT LECHITH'NITATED FCMP	MTs	1000	--
VITAMIMIZED HEALTH SMP	MTs	6000	120
BUTTER Milk POWDER	MTs	2400	--
INSTANT FAT FILLED POWDER	MTs	3000	--
NONE DAIRY CREAMER	MTs	1500	--
BFVERAGE POWDER	MTs	3600	--
COTTAGE CHEESE (PANEER)	MTs	1200	--
ULTRA HEAT TREATED MILK	MTs	3000	--

Note:

1. Since the manufacturing of Milk Products is delicensed company has obtained registration from the Government of India for and Annual Capacity Shown above.

2. Since the products are manufactured in the integrated plants. Hence installed capacity of individual products is not ascertainable

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Standard Chartered Bank, Credit Risk Control, Narain Manzil, 23 Barakhamba Road, New Delhi - 110001, Delhi, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans banks secured	1823.900	583.358
Working capital loans banks secured	143.084	1556.395
TOTAL	1966.984	2139.753
UNSECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loans directors unsecured	4.802	5.399
Other debt unsecured	101.824	72.530
TOTAL	106.626	77.929

Banking Relations :	--
Auditors :
Name :	S K Sehra and Company Chartered Accountant
Address :	Flat 104 1^st Floor, and Community Centre Naraina, New Delhi – 110028, Delhi, India

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
34773875	Equity Shares	Rs.10/- each	Rs.347.738 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		347.738	69.548	69.548
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1061.546	1236.442	886.202
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1409.284	1305.990	955.750
LOAN FUNDS
1] Secured Loans		1966.984	2139.753	1161.725
2] Unsecured Loans		106.626	77.929	0.000
TOTAL BORROWING		2073.610	2217.682	1161.725
DEFERRED TAX LIABILITIES		151.480	97.322	89.334
TOTAL		3634.374	3620.994	2206.809
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1678.800	851.723	723.987
Capital work-in-progress		309.994	88.224	43.415
INVESTMENT		104.100	6.100	55.604
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	701.709	1932.890	637.457
	Sundry Debtors	823.029	707.822	511.143
	Cash & Bank Balances	23.529	276.702	107.243
	Other Current Assets	38.314	0.000	0.000
	Loans & Advances	324.282	286.693	516.843
Total Current Assets		1910.863	3204.107	1772.686
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	257.793	224.566	221.391
	Other Current Liabilities	76.070	121.485	96.293
	Provisions	35.520	183.109	71.200
Total Current Liabilities		369.383	529.160	388.884
Net Current Assets		1541.480	2674.947	1383.802
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3634.374	3620.994	2206.809

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	9212.935	9630.182	7074.290
		Other Income	75.224	95.082	52.916
		TOTAL (A)	9288.159	9725.264	7127.206
Less	EXPENSES
		Consumption material changes inventories	8247.550	8442.408
		Manufacturing Service Costs	332.123	236.584	6688.546
		Employees related expenses	53.084	40.130
		Administrative selling other expenses	244.266	288.274
		TOTAL (B)	8877.023	9007.396	6688.546
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		411.136	717.868	438.660
Less	FINANCIAL EXPENSES (D)		91.372	62.899	129.245
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		319.764	654.969	309.415
Less/ Add	DEPRECIATION/ AMORTISATION (F)		160.129	112.461	98.038
	PROFIT BEFORE TAX (E-F) (G)		159.635	542.508	211.377
Less	TAX (I)		56.338	184.159	75.805
	PROFIT AFTER TAX (G-I) (J)		103.297	358.349	135.572
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		80.934	30.695	45.122
	APPROPRIATION
	General Reserve		100.000	300.000	160.000
	Proposed Dividend		0.000	5.954	0.000
	Tax on Dividend		0.000	1.155	0.000
	BALANCE CARRIED TO THE B/S		84.230	80.934	30.695
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	103.297	358.097	1468.379
	TOTAL EARNINGS		103.297	358.097	1468.379
	IMPORTS
		Raw Materials	NA	1924.676	245.525
		Capital Goods	NA	21.042	60.268
	TOTAL IMPORTS		NA	1945.718	305.793
	Earnings Per Share (Rs.)		7.48	51.33	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.11	3.70	1.90
Net Profit Margin (PBT/Sales)	(%)	1.73	5.63	2.98
Return on Total Assets (PBT/Total Assets}	(%)	7.79	13.37	8.47
Return on Investment (ROI) (PBT/Networth)		0.11	0.41	0.22
Debt Equity Ratio (Total Liability/Networth)		1.73	2.10	1.62
Current Ratio (Current Asset/Current Liability)		5.17	6.06	4.56

LOCAL AGENCY FURTHER INFORMATION

BUSINESS EXPANSION

The Board has evaluated the demand for Power in the country and accordingly after considerable market research, it has taken up the Green Power Generation as a parallel business at a larger scale.

NATURE OF OPERATIONS

Subject is mainly engaged in the business of manufacturing of Ghee, SMP and other Dairy Products primarily under the Brand Name NOVA. It has also installed few Wind Turbine Generators to generate Power for commercial purposes.

PROVISIONS AND CONTINGENT LIABILITIES

The Company creates a provision when there is a present obligation as a result of an obligating event that probably requires an outflow of resources and a reliable estimate can be made of the amount for such obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation that the likelihood of outflow of resource is remote, no provision is made by the company.

CONTINGENT LIABILITIES NOT PROVIDED FOR :

(Rs. In Millions)

Particulars	31.03.2011
Corporate guarantees given to Banks against their respective scheme of Vendor Financing	5000.000
Performance Bank Guarantee given to Canteen Stores Department	60.000

Form 8:

Corporate identity number of the company	U01111DL1991PLC189775
Name of the company	STERLING AGRO INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	11th Floor, Aggarwal Cyber Plaza-II, Netaji Subash Place, Pitampura, New Delhi – 110034, Delhi, India
This form is for	Modification of charge
Type of charge	Immovable Property
Particular of charge holder	STANDARD CHARTERED BANK
Nature of instrument creating charge	Memorandum of Entry.
Date of instrument Creating the charge	04/05/2011
Amount secured by the charge	Rs.350.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge Pari Passu Charge. Others The Above Is To Secure The Credit Facilities of Rs. 35.00 Crores or Eqv. To Foreign Currency.
Short particulars of the property charged	Hypothecation By Way of First Pari Passu Charge Over All Present And Future Current Assets Of The Company Stored or To Be Stored At 11th Floor, Aggarwal Cyber Plaza Ii, Netaji Subhash Place, Pitampura, New Delhi-110034 or Wherever Else The Same May Be. Hypothecation By Way of First Pari Passu Charge Over Movable Fixed Assets of The Company Including Its Movable Plant And Machinery, Furniture And Fittings, Equipments, Computer Hardware, Computer Software, Machinery Spares, Tools and Accessories And Other Movable Fixed Assets Of The Company (Excluding Fixed Assets Located At Kasganj U.P. and Movable Fixed Assets Purchased/To Be Purchased At Malanpur Out Of Hsbc's T/Loan Of Rs. 120.000 Millions And Hdfc's T/Loan Of Rs.114.000 Millions) Stored Or To Be Stored At 11th Floor, Aggarwal Cyber Plaza Ii, Netaji Subhash Place, Pitampura, New Delhi-110034 Or Or Wherever Else The Same May Be.
Date of instrument modifying the charge	18/01/2011
Particulars of the present modification	Credit Facilities Of Rs. 350.000 Millions Already Secured By 1st P/Passu Charge Over C/Assets & Mov. F/A of The Co. And Imm. Prop. At Malanpur, Tehsil Gohad, Distt. Bhind (M.P.) & Kundli, Distt. Sonepat (H) Shall Now Adlly. Be Secured By 1st P/Passu Charge Over Co's Imm. Prop. I.E. Office Space No.1171 On Eleventh Floor, Adm. Approx. 5188 Sq.Ft. Situated At Aggarwal Cyber Plaza Ii, Plot No.C-7, Netaji Subhash Place, Pitampura, Delhi Together With All Buildings and Structures Thereon Or To Be Thereon.

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. 50.28
UK Pound	1	Rs. 77.60
Euro	1	Rs. 64.66

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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.