MIRA INFORM REPORT

Report Date :

05.07.2012

IDENTIFICATION DETAILS

Name :	ELGI ULTRA INDUSTRIES LIMITED
Registered Office :	India House, New No.1443/1, Trichy Road, Coimbatore – 641018, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.09.1981
Com. Reg. No.:	18-001104
Capital Investment/ Paid-up Capital:	Rs.18.727 Millions
CIN No.: [Company Identification No.]	U29253TZ1981PLC001104
TAN No.: [Tax Deduction & Collection Account No.]	CMBE03014E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Textile Machinery Accessories and Ultra Table top Wet Grinders
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1243000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual trade 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 :	India House, New No.1443/1, Trichy Road, Coimbatore – 641018, Tamilnadu India
Tel. No.:	91-422-2304141
Fax No.:	91-422-2301377
E-Mail :	cns@elgiultra.com
Service Point in Tamilnadu and Pondicherry	Located At · Coimbatore · Salem · Chennai · Trichy · Kumbakonam · Tirunelveli
Service Point in other States:	Located At · Bangalore · Vijayawada · Mangalore · Visakhapatanam · Rajhmundry · Calicut
Authorised Service Points:	Located At · Bhuwaneshwar · Indore · New Delhi · Kolkatta
Overseas Service Points :	Located At · Qatar · UK · Singapore · USA

DIRECTORS

As. On. 19.09.2011

Name :

Dr. Jairam Varadaraj

Designation :

Director

Address :

5-1, Ward No. 13, Ruckmani Nagar, Ramanathapuram, Coimbatore - 641018 Tamil Nadu, India

Date of Birth/Age :

08.04.1961

Date of Appointment :

08.05.1987

Din No.:

00058056

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	U29253TZ1981PLC001104	ELGI ULTRA INDUSTRIES LIMITED	Director	8/5/1987	8/5/1987	-	Active	NO
2	L65910TZ1982PLC001159	ELGI INDUSTRIAL PRODUCTS LIMITED	Managing director	1/9/2009	19/07/1989	-	Amalgamated	NO
3	L29120TZ1960PLC000351	ELGI EQUIPMENTS LIMITED	Managing director	1/4/2011	29/05/1992	-	Active	NO
4	U32109TZ1972PLC008922	ADISONS PRECISION INSTRUMENTS MANUFACTURING COMPANY LIMITED	Director	25/11/1994	25/11/1994	-	Active	NO
5	L02511TZ1998PLC008630	TREADSDIRECT LIMITED(amalgamated	Director	2/11/1998	2/11/1998	28/03/2008	Amalgamated	NO
6	L17111TZ1962PLC001183	PRECOT MERIDIAN LIMITED	Director	29/01/2002	29/01/2002	-	Active	NO
7	L02511TZ1981PLC010010	ELGI RUBBER COMPANY LIMITED	Director	7/6/2002	7/6/2002	-	Amalgamated	NO
8	L29299PN1980PLC022787	THERMAX LIMITED.	Director	31/01/2003	31/01/2003	-	Active	NO
9	L31103TZ1990PLC002836	MAGNA ELECTRO CASTINGS LIMITED	Director	28/10/2004	28/10/2004	-	Active	NO
10	U74910TN2006PLC059763	EXECUTIVE AND BUSINESS COACHING FOUNDATION INDIA LIMITED	Director	27/10/2007	1/12/2006	-	Active	NO
11	U34300TZ2007PLC014125	ATS ELGI LIMITED	Director	28/07/2007	28/02/2007	-	Active	NO
12	U29120TZ2008PLC014639	ELGI SAUER COMPRESSORS LIMITED	Director	15/07/2008	15/07/2008	-	Active	NO
13	L25119TZ2006PLC013144	ELGI RUBBER COMPANY LIMITED	Director	14/01/2011	6/1/2011	-	Active	NO

Name :

Mr. Sumanth Ramamurthi

Designation :

Director

Address :

74, Appuswamy Layout, Red Fields, Coimbatore- 641018, Tamil Nadu, India

Date of Birth/Age :

12.08.1959

Date of Appointment :

27.04.1984

Din No.:

00002773

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	U29253TZ1981PLC001104	ELGI ULTRA INDUSTRIES LIMITED	Director	27/04/1984	27/04/1984	-	Active	NO
2	U31200TZ1963PLC000487	ELGI ELECTRIC AND INDUSTRIES LIMITED	Director	14/04/2008	6/10/1988	-	Active	NO
3	L17111TZ1962PLC001183	PRECOT MERIDIAN LIMITED	Director	22/02/1992	22/02/1992	-	Active	NO
4	L17111TZ1962PLC001200	SUPER SPINNING MILLS LIMITED	Managing director	1/4/2011	22/02/1992	-	Active	NO
5	U65993TZ1993PTC010451	SARA ELGI INSURANCE ADVISORY SERVICES PRIVATE LIMITED	Director	24/02/1993	24/02/1993	-	Active	NO
6	U01211TZ1984PLC001522	SUPER FARM PRODUCTS LIMITED	Director	13/03/1993	13/03/1993	-	Active	NO
7	U31100TZ1995PLC006403	SARA ELGI INDUSTRIES LIMITED	Director	3/8/1995	3/8/1995	-	Active	NO
8	U45201TZ1996PLC007037	ELGI BUILDING PRODUCTS LIMITED	Director	15/03/1996	15/03/1996	-	Active	NO
9	U67120TZ1993PLC004314	SARA ELGI INDUSTRIAL RESEARCH AND DEVELOPEMENT LIMITED	Director	30/07/2001	30/07/2001	-	Active	NO
10	U17111TZ2005PLC012229	SUPER SARA TEXTILES LIMITED	Director	19/10/2005	19/10/2005	-	Active	NO
11	L18100TZ1981PLC013940	KAKATIYA TEXTILES LTD	Managing director	30/05/2011	30/06/2006	-	Active	NO
12	U29197TZ2001PLC009863	SARA ELGI ENVIROTECH LIMITED	Director	30/09/2008	30/07/2008	-	Active	NO
13	U05110TZ1980PLC000989	SARA TRADING AND INDUSTRIAL SERVICES LIMITED	Director	30/09/2008	30/08/2008	-	Active	NO
14	U28111TZ2003PLC010797	SARA ELGI ARTERIORS LIMITED	Director	30/09/2008	30/08/2008	-	Active	NO

Name :

Smt. Meenaksi S. Panchapakesan

Designation :

Old No.9, New No. 12, Rukmani Pagar, Rammathapuram, Coimbdore-641045, Tamil Nadu, India

Address :

Director

Date of Birth/Age :

07.07.1934

Date of Appointment :

29.09.1988

Din No.:

00010609

Name :

Dr. Rangaswamy Subbayyan

Designation :

Director

Address :

27, Damu Nagar, Coimbatore - 641045 Tamil Nadu, India

Date of Birth/Age :

08.06.1925

Date of Appointment :

29.09.1988

Din No.:

00010511

Name :

Mr. Ramdass Vidyasagar

Designation :

Director

Address :

6/433, P. N. Palayam Road, Puliakulam Road, Puliakulam, Coimbatore - 641045 Tamil Nadu, India

Date of Birth/Age :

14.06.1960

Date of Appointment :

29.09.1988

Din No.:

00005304

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	U29253TZ1981PLC001104	ELGI ULTRA INDUSTRIES LIMITED	Director	29/09/1988	29/09/1988	-	Active	NO
2	U17111TZ1990PTC002732	MAHENDRA SPINNING MILLS PRIVATE LIMITED	Director	6/6/1990	6/6/1990	-	Active	NO
3	U31200TZ1991PLC003193	GEO RENEWABLE POWER LIMITED	Director	21/03/1991	21/03/1991	-	Amalgamated	NO
4	U52110TZ1946PTC008332	SALEM SERVICES PRIVATE LIMITED	Director	27/08/1992	27/08/1992	-	Active	NO
5	U29199TZ1998PTC008657	MAHEE ENGINEERING PRIVATE LIMITED	Managing director	26/11/1998	26/11/1998	-	Active	NO
6	U45201TZ1996PLC007037	ELGI BUILDING PRODUCTS LIMITED	Director	25/10/1999	25/10/1999	-	Active	NO
7	U31103TZ2001PTC009761	MAHENDRA SUBMERSIBLE PUMPS PRIVATE LIMITED	Director	25/05/2001	25/05/2001	-	Active	NO
8	U29120TZ2001PTC009763	MAARVEL MONOPUMPS COIMBATORE PRIVATE LIMITED	Director	28/05/2001	28/05/2001	-	Strike off	NO
9	U91990TZ1939GAP000035	THE COIMBATORE COSMOPOLITAN CLUB	Director	7/12/2009	7/12/2009	-	Active	NO

Name :

Mr. Sudarsan Varadaraj

Designation :

Director

Address :

227/1, "Rasasayang", Tea mates, Compound, Race course, Coirnbatore – 641018, Tamil Nadu, India

Date of Birth/Age :

22.01.1958

Date of Appointment :

18.08.1992

Din No.:

00133533

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	U02511TZ1970PLC000611	ELGI RUBBER PRODUCTS LIMITED	Director	31/03/2008	21/04/1984	-	Amalgamated	NO
2	L02511TZ1981PLC010010	ELGI RUBBER COMPANY LIMITED	Managing director	12/3/1988	12/3/1988	-	Amalgamated	NO
3	L15314TN1961PLC004674	KLRF LIMITED	Director	5/10/1990	5/10/1990	-	Active	NO
4	U31200TZ1991PLC003193	GEO RENEWABLE POWER LIMITED	Director	21/03/1991	21/03/1991	-	Amalgamated	NO
5	U29253TZ1981PLC001104	ELGI ULTRA INDUSTRIES LIMITED	Director	18/08/1992	18/08/1992	-	Active	NO
6	L17111TZ1962PLC001200	SUPER SPINNING MILLS LIMITED	Director	13/03/1993	13/03/1993	-	Active	NO
7	L29120TZ1960PLC000351	ELGI EQUIPMENTS LIMITED	Director	18/11/1993	18/11/1993	-	Active	NO
8	U31200TZ1963PLC000487	ELGI ELECTRIC AND INDUSTRIES LIMITED	Director	15/07/1996	15/07/1996	17/09/2009	Active	NO
9	U72200TZ1996PLC009971	LRG TECHNOLOGIES LIMITED	Director	19/07/1996	19/07/1996	-	Active	NO
10	U51909TZ1997PTC007965	TYRE POINT PRIVATE LIMITED	Director	10/6/1997	10/6/1997	-	Active	NO
11	L02511TZ1998PLC008630	TREADSDIRECT LIMITED(amalgamated	Managing director	1/4/2008	2/11/1998	-	Amalgamated	NO
12	U29220KA1986PTC007449	FESTO CONTROLS PRIVATE LIMITED	Director	16/04/2000	16/04/2000	-	Active	NO
13	L25119TZ2006PLC013144	ELGI RUBBER COMPANY LIMITED	Managing director	1/1/2011	16/10/2006	-	Active	NO
14	U26941TZ1990PTC002672	ACHUTHA VULCANISING CEMENT PRIVATE LIMITED	Director	28/09/2007	28/08/2007	-	Amalgamated	NO
15	U25111TZ2003PLC017268	TITAN TYRECARE PRODUCTS LIMITED	Director	30/09/2009	9/7/2009	-	Active	NO
16	U25114TZ2010PLC016201	TREADSDIRECT LIMITED	Managing director	9/7/2011	7/7/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As. On.19.09.2011

Names of Shareholders	No. of Shares
A.Aathikesavalu	100
Abdul Rashid	100
Abdul Razzak Usmanbhai	100
S.R.Abhani	100
WG.C.Abraham Koshy	100
Achal Aurora	100
.Adaikkalavan	400
UM.M.Adaikkammai	100
MR.A.S.Adaikklavan	100
Adarsh Malhotra	300
D.R.Adi Murthy	100
M K.Adinarayana Gupta	100
B. Adireddy	200
M .N. Adireddy	200
Aditya Agarwal	200
S.K.Agarwal	100
.P.K.Agarwal	1200
Aggarwal Yashpal Gian	200
S A.Agnimahalingam	100

As. On.19.09.2011

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	1.60
Bodies corporate	47.45
Directors or relatives of directors	13.59
Other top fifty shareholders	12.89
Others	24.47
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Textile Machinery Accessories and Ultra Table top Wet Grinders

Products :

Item Code No. (ITC Code)	Product Description
Synthetic Power Transmission Belts	40103110
Domestic Appliances-Wet Grinder	85094000
High Pressure Hoses And Tubes	39173100
	Synthetic Power Transmission Belts

PRODUCTION STATUS As on 31.03.2011

	Unit	Installed Capacity	Actual Production
Loom Components	Nos.	-	59291
Synthetic Spindle tapes	Sq. Mtrs.	100000	86038
High Pressure Plastic hoses and tubes	Mtrs.	5400000	2377681
Polyethylene film	Kgs	500000	501416
Flat Belt	Sq. Mtrs	50000	41136
Domestic Appliances Grinders	No.s	-	119001
Mixer Grinder	No.s	-	1302

Notes:

As the manufacturing facilities are such as to permit considerable degree of interchange between the quantity of production for each class of goods, the installed capacity is given in neutral terms without reference to any specific class of goods as follows:

a. In respect of item no. three, though the installed capacity is stated in nos., the same has been converted into mtrs., being the quantitative denomination in which it is ordinarily traded.

b. As the installed capacity will vary with the size/specification, for item no. Six, he same has been worked out based on certain size/specifications.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Corporation Bank, Industrial Finance Branch, Trichy Road, Ciombatore - 641018, Tamilnadu, India

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2011	31.03.2010
From banks: (Secured by hypothecation of stock-intrade and book debts other than financial assets)	27.014	2.722

UNSECURED LOAN	31.03.2011	31.03.2010
Intercorporate Loans	0.860	1.073
Fixed Deposits	35.755	43.702
Loan from Directors	0.000	5.775
Total	36.615	50.550

(Repayable within one year Rs.2.406 Millions. Previous year Rs.2.822 Millions)

Banking Relations :	--
Auditors :
Name :	Johendar and Company Chartered Accountants
Address :	20, 1^st Street, Dr. Sivananda Colony, Coimbatore - 641 012, Tamil Nadu, India
Pan No.:	ADZPJ6384L
Associates :	Elgi Equipment Limited ATS Elgi Limited Etgi lndustriat Products Limited Treadsdirect Limited Etgi Electric and Industries Limited Super Splnning Mills Limited Ellargi and Company L. G. Balakrishnan and Brothers Limited Elgi Rubber Company Limited Precot Meridian Limited L. R.G. Technologies Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2,150,000	Equity Shares	Rs.10/- each	Rs.21.500 Millions
50,000	Preference shares	Rs.1000/- each	Rs.50.000 Millions
Total			Rs.71.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,872,650	Equity Share	Rs.10/- each	Rs.18.727 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		18.727	18.727	18.727
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		291.962	242.150	189.588
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		310.689	260.877	208.315
LOAN FUNDS
1] Secured Loans		27.014	2.722	30.203
2] Unsecured Loans		36.615	50.550	67.538
TOTAL BORROWING		63.629	53.272	97.741
DEFERRED TAX LIABILITIES		1.886	0.686	2.725
TOTAL		376.204	314.835	308.781
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		51.553	45.058	61.755
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		88.610	87.556	87.556
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	80.917	38.267	37.764
	Sundry Debtors	122.871	114.405	119.315
	Cash & Bank Balances	95.216	66.400	10.822
	Other Current Assets	1.357	1.011	40.326
	Loans & Advances	61.316	62.425	44.776
Total Current Assets		361.677	282.508	253.003
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	54.628	38.023	50.975
	Other Current Liabilities	68.396	60.080	40.367
	Provisions	2.612	2.184	2.191
Total Current Liabilities		125.636	100.287	93.533
Net Current Assets		236.041	182.221	159.470
MISCELLANEOUS EXPENSES		0.000	0.000	0.00
TOTAL		376.204	314.835	308.781

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Turnover	913.100	766.200	725.300
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		101.901	33.332	47.609
Less	FINANCIAL EXPENSES (D)		6.267	9.386	16.962
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		95.634	23.946	30.647
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.430	5.451	6.876
	PROFIT BEFORE TAX (E-F) (G)		90.204	18.495	23.771
Less	TAX (H)		29.959	2.961	8.875
	PROFIT AFTER TAX (G-H) (I)		60.245	15.534	14.896
Add	Excess provision for actionable Claim no longer required		0.000	38.128	0.000
	(Short) Excess provision of income tax for Earlier years		(7.821)	1.083	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		43.995	41.434	40.400
Less	Provision for Doubtful Actionable claims		0.000	0.000	11.341
Less	APPROPRIATIONS
		Transfer to General Reserve	45.000	50.000	0.330
		Dividend	2.611	2.184	2.191
	BALANCE CARRIED TO THE B/S		48.808	43.995	41.434
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	49.702	47.896	38.592
		Other Earnings	0.505	0.496	0.540
	TOTAL EARNINGS		50.207	48.392	39.132
	IMPORTS
		Raw Materials	39.665	35.484	22.329
	Earnings Per Share (Rs.)		32.17	8.30	7.95

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	9.88	2.41	3.28
Return on Total Assets (PBT/Total Assets}	(%)	21.83	5.65	7.55
Return on Investment (ROI) (PBT/Networth)		0.29	0.07	0.11
Debt Equity Ratio (Total Liability/Networth)		0.61	0.59	0.89
Current Ratio (Current Asset/Current Liability)		2.88	2.82	2.70

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	no
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Note:

Registered office of the company has been shifted from India House1239, Trichy Road, Coimbatore – 641018, Tamil Nadu, India to the present address w.e.f. 12/05/2009

REVIEW OPERATIONS:

For the year ended 31.03.2011 the company has achieved a turnover of Rs.913.100 Millions as against the previous years turnover of Rs.766.200 millions, registering an increase of 19.17% over the previous year. Both the Consumer Products Division and the Industrial Product Division have improved their turnover, resulting in higher profitability over the previous year

The Consumer Product Division has introduced highend mixies in February 2011 and Stainless Steel Pressure Cooker (3 models) in May 2011, which have been well received in the market.

FUTURE PLANS:

The Consumer Product Division is in the process of introducing some more products targeted for the Indian kitchen. The Industrial Product Division is continuously enlarging its product range by introducing more and more products to suit the customers specific needs. The company is taking steps to improve the market share through innovative programs.

FORM 8

Corporate identity number of the company

U29253TZ1981PLC001104

Name of the company

ELGI ULTRA INDUSTRIES LIMITED

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

India House, New No.1443/1, Trichy Road, Coimbatore – 641018, Tamil Nadu, India

Email: cns@elgiultra.com

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

80035120

Type of charge

Book debts

Movable property (not being pledge)

Particular of charge holder

Corporation Bank, Industrial Finance Branch, Trichy Road, Ciombatore - 641018, Tamilnadu, India

Email: cbe562@corpbank.co.in

Nature of instrument creating charge

Common deed of Hypothecation of Movable Assets/Debts

Export Credit Agreement

Inland/Foreign Bill Agreement

Date of instrument Creating the charge

24.10.2011

Amount secured by the charge

Rs.56.000 millions

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

Rate of interest

Interest at the rate of 12.25% p.a. being 1.65% over and above Base Rate, which is 10.65% p.a. at present.

Terms of repayment

Cash Credit - On Demand

Margin

Cash Credit ( Sub limit of PCL and FDBD/FDBP) - 25% on Inventories ,40% on Book Debts

DP LC - Cash Margin - 10% and for DA LC - Cash Margin - 25%

Bank Guarantee - Cash Margin - 10%

Extent and operation of the charge

Paripassu first charge on Inventory cum book debts and other current assets of the company with Central Bank of India.

Short particulars of the property charged (Including location of the property)

Paripassu first charge on Inventory cum book debts/ current assets of the company with Central Bank of India

Date of last modification prior to the present modification

11.08.2009

Particulars of the present modification

Credit facilities increased from Rs.37.000 Millions to Rs.56.000 Millions as detailed below:

(Rs in Millions )

	Existing	Revised
CC-PCL - FDBN/FDBP/FDBD	30.000	45.000
Foreign Documentary	-	-
Bills Negotiation Under LC	-	4.000
Inland and Import LC	5.000	5.000
Bank Guarantee	2.000	2.000
Total	37.000	56.000

Contingent liabilities not provided for:

(Rs in Millions )

	31.03.2011	31.03.2010
a. Sales Tax : TNGST Asst. year - 1995 - 96 and 1996 - 97 : Appeal preferred by the company against the order of the Appellate Tribunal in the Madras High Court	1.979	1.979
b. Bank Guarantee	0.645	0.020
c. ILC/Foreign Letter of Credit	9.578	4.362
d. Contingent Assets are not recorded or taken into account	Nil	Nil

Fixed Assets:

• Land
• Goodwill
• Buildings
• Plant and machinery
• Moulds and Dies
• Computers
• Furniture and Fittings
• Office Equipments
• Vehicles

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 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.54.55
UK Pound	1	Rs.85.48
Euro	1	Rs.68.70

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.