MIRA INFORM REPORT

Report Date :

30.07.2012

IDENTIFICATION DETAILS

Name :	EMERSON PROCESS MANAGEMENT (INDIA) PRIVATE LIMITED (w.e.f. 21.03.2002)
Formerly Known As :	ROSEMOUNT (INDIA) LIMITED
Registered Office :	“Delphi” – B Wing, 601 And 602, 6^th Floor, Central Avenue, Hiranandani Business Park, Powai, Mumbai – 400 076, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.03.1981
Com. Reg. No.:	11-24115
Capital Investment / Paid-up Capital :	Rs.9.000 millions
CIN No.: [Company Identification No.]	U29196MH1981PTC024115
TAN No.: [Tax Deduction & Collection Account No.]	MUMF00669E
PAN No.: [Permanent Account No.]	AAACF1667M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture and trading of process control instruments, distributed control systems and related services
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (64)

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 4300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. But for the current year there is some dip in the profitability. However networth of the company seems to be strong. Trade relation are reported to be fair. Business is active. Payment are reported to be regular and as per commitment The company can be considered normal for business dealing at usual trade terms and condition.

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

LOCATIONS

Registered Office :	“Delphi” – B Wing, 601 And 602, 6^th Floor, Central Avenue, Hiranandani Business Park, Powai, Mumbai – 400 076, Maharashtra, India
Tel. No.:	91-22-66620555/ 66620566
Fax No.:	91-22-66620500
E-Mail :	Sharad.Rane@emerson.com Mandar.Natekar@emerson.com
Factory :	Located at Pawane, Near Mumbai
Divisional Office :	Located at: Daman New Delhi Vadodara Kolkata Pune Chennai Bangalore Secunderabad Chandigarh Surat Ernakulam Nagpur Indore Visakhapatnam Modern Mill Compound, D Wing, 2^nd Floor, Sane Guruji Marg, Jacob Circle, Mumbai – 400 011, Maharashtra, India

DIRECTORS

As on 21.09.2011

Name :

Mr. Amit Ashok Paithankar

Designation :

Managing Director

Address :

B 406 Lake Primrose, Phase-4, Lake homes powai, Mumbai-400076, Maharashtra,India

Date of Birth/Age :

01.04.1971

Date of Appointment :

29.11.2011

DIN No.:

02435057

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	U29190MH1995PTC087858	EMERSON ELECTRIC COMPANY (INDIA) PRIVATE LIMITED	Director	29/03/2007	29/03/2007	24/03/2010	Active	NO
2	U29196MH1981PTC024115	EMERSON PROCESS MANAGEMENT (INDIA) PRIVATE LIMITED	Managing director	29/11/2011	29/11/2011	-	Active	NO

Name :

Mr. Pradipta Tirthapati sen

Designation :

Director

Address :

304, Tower-2, Plams, South City 1, Gurgaon – 122 001, Haryana, India

Date of Birth/Age :

07.10.1958

Date of Appointment :

30.12.2003

DIN No.:

00051758

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	U74999MH1993PTC071079	EMERSON NETWORK POWER (INDIA) PRIVATE LIMITED	Director	11/06/2001	11/06/2001	-	Active	NO
2	U30006TN1993PTC025830	CONTROL TECHNIQUES INDIA PRIVATE LIMITED	Director	14/06/2002	14/06/2002	-	Active	NO
3	U31200DL1991PTC043306	LEROY SOMER INDIA PRIVATE LIMITED	Director	15/03/2003	15/03/2003	24/04/2012	Active	NO
4	U29196MH1981PTC024115	EMERSON PROCESS MANAGEMENT (INDIA) PRIVATE LIMITED	Director	30/12/2003	30/12/2003	-	Active	NO
5	U33112GJ1988PTC010464	ADVANCED SYS-TEK PRIVATE LIMITED	Director	22/04/2004	22/04/2004	05/10/2007	Active	NO
6	U40109DL1997FTC085582	EMERSON PROCESS MANAGEMENT POWER AND WATER SOLUTIONS INDIA PRIVATE LIMITED	Director	14/12/2004	14/12/2004	-	Active	NO
7	U29192PN1993PLC071223	EMERSON CLIMATE TECHNOLOGIES (INDIA) LIMITED	Director	26/07/2006	26/07/2006	-	Active	NO
8	U33130PN1999PTC134690	ROSEMOUNT TANK GAUGING INDIA PRIVATE LIMITED	Director	30/09/2008	12/11/2006	05/04/2012	Active	NO
9	U40200GJ2007PTC049905	DANIEL MEASUREMENT SOLUTIONS PRIVATE LIMITED	Director	07/02/2007	07/02/2007	-	Active	NO
10	U31101KA2000PTC026953	TRIDENT POWERCRAFT PRIVATE LIMITED	Director	11/05/2009	12/02/2009	-	Active	NO
11	U93090TN1985PLC024245	EMERSON PROCESS MANAGEMENT CHENNAI LIMITED	Director	30/09/2011	31/03/2011	-	Active	NO

Name :

Mr; Sabayachi Subodh Kumar Mitra

Designation :

Director

Address :

16, Verde Crescent, Singapore - 688 731

Date of Appointment :

18.12.2008

DIN No.:

00366616

Name :

Mr. Michael Howard Train

Designation :

Director

Address :

Charles Howard Train, 8000, W. Florissant Avenue, St. Louis, Missouvi – USA

Date of Birth/Age :

25.01.1962

Date of Appointment :

09.04.2002

DIN No.:

00736644

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	U29196MH1981PTC024115	EMERSON PROCESS MANAGEMENT (INDIA) PRIVATE LIMITED	Director	09/04/2002	09/04/2002	-	Active	NO
2	U93090TN1985PLC024245	EMERSON PROCESS MANAGEMENT CHENNAI LIMITED	Director	30/06/2003	30/06/2003	29/03/2010	Active	NO

Name :

Mr. Sunil Ramashanker Khanna

Designation :

Managing Director

Address :

C-302, Celebrity Home, Palam Vihar, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

07.07.1955

Date of Appointment :

07.11.2006

DIN No.:

00907147

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	U29196MH1981PTC024115	EMERSON PROCESS MANAGEMENT (INDIA) PRIVATE LIMITED	Additional director	22/12/2011	07/11/2006	-	Active	NO
2	U40109DL1997FTC085582	EMERSON PROCESS MANAGEMENT POWER AND WATER SOLUTIONS INDIA PRIVATE LIMITED	Director	30/09/2009	17/09/2009	-	Active	NO

Name :

Mr. Sharad Amrut Rane

Designation :

Alternate director

Address :

Flat No. C – 404, 4^th Floor, The Residency, Vishweshwar Nagar, Goregaon (East), Mumbai – 400 063, Maharashtra, India

Date of Birth/Age :

15.03.1959

Date of Appointment :

23.09.2008

DIN No.:

02368830

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	U29196MH1981PTC024115	EMERSON PROCESS MANAGEMENT (INDIA) PRIVATE LIMITED	Alternate director	23/09/2008	23/09/2008	-	Active	NO
2	U93090TN1985PLC024245	EMERSON PROCESS MANAGEMENT CHENNAI LIMITED	Director	30/09/2011	31/03/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.09.2011

Names of Shareholders	No. of Shares
Mr. Jasu Shah	2542
Ms. Shweta Shah	3600
Mr. Maulilk Shah	2930
Mr. Rustom Vakil	12
Jasubhai Business Services Private Limited, India	216
Jasu Shah HUF	650
Maulik Jasubhai HUF	250
Akum Mercantile Company Private Limited, India	2000
Jasubhai Media Private Limited, India	2700
Maulik Business Services Private Limited, India	1700
Om Sagar Engineering Private Limited, India	2050
Akshar Enterprises, India	600
Ingtech Engineering, India	250
Khevana Investments Private Limited (India)	500
Specialised Institute of Industrial and Technical Education Private Limited, India	750
Jasubhai Engineering Private Limited, India	2150
Ms.Sujata Bhatt	500
Rosemount Inc.,	66600
Total	90000

Equity Share Break up (Percentage of Total Equity)

As on 21.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	74.00
Bodies corporate	13.41
Directors or relatives of Directors	11.63
Other top fifty shareholders	0.96
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture and trading of process control instruments, distributed control systems and related services

Products :

Item Code No. (ITC Code)	90262009
Product Description	Instruments for Measuring, checking pressure
Item Code No. (ITC Code)	90261009
Product Description	Instruments for Measuring, checking flow
Item Code No. (ITC Code)	90278000
Product Description	Gas and Liquid Analytical Instruments

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Banks		0.805
From Others Lease obligation in relation to vehicles acquired under finance lease (Secured by the vehicles acquired under these contracts)	2.019	1.434
Total	2.019	2.239

Banking Relations :	------
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India
Tel. No.:	91-22-30440800
Fax No.:	91-22-30440900
PAN.:	AAAFB9825F
Holding Company :	· Rosemount INC, USA
Ultimate Holding Company:	· Emerson Electric Company, USA
Associates :	ABM Steels Private Limited Jasubhai Business Services Private Limited Jasubhai Engineering Company Limited Maulik Business Services Private Limited
Fellow Subsidiary :	· Fisher Chennai Engineering center · Brooks Intruments USA · Daniel Measurement and Control USA · Decision Management Internal · Emerson Beijing Instrument Company Limited · Emerson Design Enegineering Center · Emerson Electric Asia Pacific · Emerson Electric Company (India) Private Limited · Emerson Export Engineering Centre · Emerson FZE (Dubai) · Emerson Process Management Company Limited. - Shanghai · Emerson Network Power (India) Private Limited · Emerson Process Management Manufacturing GMBH and Company,Germany · Emerson Process Management Shared Services U.K. · Emerson Process Management. Austin, USA · Emerson Process Management Japan Limited · Emerson Process Management-Flow Technologies Company Limited · Fisher Controls International LLC · Fisher Rosemount System Inc. Life Science USA · Mobrey Limited · Metco Services Limited · Emerson Process Management Australia Private Limited · Roxar Maximum Reservoir Performance LLC · EGS Electrical Group LLC · Micro Motion Inc.,USA · Beijing Rosemount Far East Instrument Company Limited · Rosemount Analytical Inc Ohio-USA · P I Componants Inc. · Rosemount Analytical Inc., Irvine · Rosemount Tank Gauging India Private Limited · Emerson Process Mamagement Power and Water Solution (India) Private Limited · Emerson Process Management (Malaysia) Sdn. Bhd · Emerson Process Management Asia Pacific (Singapore) Pte Limited · Emerson Process Management Flow BV · Emerson Process Management -Korea · Emerson Process Management Pittsburgh · Emerson Process Management Limited-U.K · Emerson Process Management Karlstein Germany · Emerson Process Management PC and E Inc. St. Louis · Daniel Measurement Solutions Private Limited · Daniel Measurement and Control (India) Private Limited · Fisher Sanmar Limited · Tescom Europe Gmbh and Company. Kg,Germny · Instrument and Valve Services Company. · EGS Private Limited · Control Technologies India Private Limited

CAPITAL STRUCTURE

As on 21.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90000	Equity Shares	Rs.100/- each	Rs.9.000 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		9.000	9.000	9.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1069.109	1025.574	986.335
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1078.109	1034.574	995.335
LOAN FUNDS
1] Secured Loans		2.019	2.239	5.221
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		2.019	2.239	5.221
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1080.128	1036.813	1000.556
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		361.320	114.085	104.856
Capital work-in-progress		6.008	71.592	11.681
INVESTMENT		0.000	0.043	0.043
DEFERREX TAX ASSETS		82.439	71.275	49.158
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	623.510	386.010	335.309
	Sundry Debtors	1200.546	901.355	902.711
	Cash & Bank Balances	76.576	261.531	233.018
	Other Current Assets	241.568	198.232	71.174
	Loans & Advances	462.083	337.047	279.770
Total Current Assets		2604.283	2084.175	1821.982
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1460.679	889.397	408.329
	Other Current Liabilities	338.646	285.069	273.535
	Provisions	174.597	129.891	305.300
Total Current Liabilities		1973.922	1304.357	987.164
Net Current Assets		630.361	779.818	834.818
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1080.128	1036.813	1000.556

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		4069.838	3507.920
		Other Income		94.537	23.459
		TOTAL (A)	4556.415	4164.375	3531.379
Less	EXPENSES
		Cost of Goods sold and services rendered		3085.758	2641.064
		Personnel Cost		304.591	279.813
		Manufacturing and Other Expenses		416.991	362.613
		TOTAL (B)	4315.521	3807.340	3283.490
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		240.894	357.035	247.889
Less	FINANCIAL EXPENSES (D)		0.299	0.400	0.654
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		240.595	356.635	247.235
Less/ Add	DEPRECIATION/ AMORTISATION (F)		43.045	28.382	32.799
	PROFIT BEFORE TAX (E-F) (G)		197.550	328.253	214.436
Less	TAX (I)		64.464	112.180	79.770
	PROFIT AFTER TAX (G-I) (J)		133.085	216.073	134.666
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		679.584	661.951	765.742
Less	APPROPRIATIONS
		Interim Dividend	38.461	112.685	153.846
		Proposed Dividend – Final	38.641	38.461	38.461
		Dividend distribution tax	12.627	25.687	32.683
		Transfer to General Reserve	13.309	21.607	13.467
	BALANCE CARRIED TO THE B/S		709.631	679.584	661.951
	EARNINGS IN FOREIGN CURRENCY
		FOB vale of exports		151.467	150.776
		Service Revenue		77.210	167.056
		Agency commission		2.704	4.387
		Others		4.240	2.472
	TOTAL EARNINGS		171.674	235.621	324.691
	IMPORTS
		Finished Goods	0.000	140.985	143.119
		Raw Materials	0.000	2346.795	1929.173
		Capital Goods	0.000	14.205	10.292
	TOTAL IMPORTS		0.000	2501.985	2082.584
	Earnings Per Share (Rs.)		1478.72	2400.81	1496.29

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.92	5.19	3.81
Net Profit Margin (PBT/Sales)	(%)	N.A	8.06	6.11
Return on Total Assets (PBT/Total Assets}	(%)	6.66	14.93	11.13
Return on Investment (ROI) (PBT/Networth)		0.18	0.32	0.22
Debt Equity Ratio (Total Liability/Networth)		1.83	1.26	1.00
Current Ratio (Current Asset/Current Liability)		1.32	1.60	1.85

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	---------
8]	No. of employees	(Yes)
9]	Name of person contacted	(No)
10]	Designation of contact person	(No)
11]	Turnover of firm for last two years	(Yes)
12]	Profitability for last two 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	(No)
24]	Banking facility details	(No)
25]	Conduct of the banking account	--------
26]	Buyer visit details	(No)
27]	Financials, if provided	(Yes)
28]	Incorporation details, if applicable	(Yes)
29]	Last accounts filed at ROC	(Yes)
30]	Major Shareholders, if available	(Yes)
31]	PAN of Proprietor/Partner/Director, if available	( No)
32]	Passport No of Proprietor/Partner/Director, if available	(No)
33]	Voter ID No of Proprietor/Partner/Director, if available	(No)

BACKGROUND:

Emerson Process Management (India) Private Limited (‘the Company’) was incorporated on 25^th March, 1981 as a joint venture between Rosemount Inc, USA (‘Rosemount’) and the Jasu Shah Group (‘JS Group’) On 8^th August 2000, the joint venture partners entered into a share purchase and shareholders agreement to restructure their relationship, whereby the J S Group agreed to sell 30,600 equity shares to Rosemount resulting in an increase in shareholding of Rosemount from 40% to 74% and thereby making the Company a subsidiary of Rosemount.

The Company is engaged in the manufacture and trading of process control instruments, distributed control systems and related services.

BANKERS CHARGES REPORT AS PER REGISTRY

Name of the company	ROSEMOUNT (INDIA) LIMITED
Presented By	R.J. Vakil, Secretary and Financial Controller
1) Date and description of instrument creating the change	General Agreement for the grant of small industrial advances and Hypothecation of movables, Book debts and other assets date:19.03.1991
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 141.500 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All the present and future goods, Book debts. Movable and other current assets
4) Gist of the terms and conditions and extent and operation of the charge.	Hypothecation of all movable, Book debts and other assets whether present or future with restriction against creation of any further charge thereon vide clause 6 (Page no.3) for all the indebtness and Liabilities of the borrower to the Bank by way of Term Loan present and future, the Rs.141.500 Millions
5) Name and Address and description of the person entitled to the charge.	State Bank of India, P.B.No.10, Vatwa Industrial Estate, Ahmedabad-382 445.
6) Date and brief description of instrument modifying the charge	N.A
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	N.A

OPERATIONS:

The Company has posted impressive year on year Bookings growth of 34% during the year under review which is the highest in recent years performance of the company (From Rs.4.354 millions in FY2009-10 to Rs.5.854 millions in FY2010-2011). The Company was successful in winning mega Power sector orders of Rs.306.000 millions from LANCO and Rs.401.000 millions from Tata Projects. Other major orders received during the year included- Rs 103.000 millions orders from UDHE India for PSS division; Rs 71.000 million from Sterlite Industries for MMI division; Rs 88.000 million from Samsung Engineering mainly for RMT division etc. The Company had very healthy order back log position as at end of March, 11 of Rs.3577.000 millions which was 50% higher than backlog of Rs.2392.000 millions a year ago.

However the Company’s sales were adversely affected during the quarter of October-December,10 due to shifting of factory from Daman to Pawane, near Mumbai and time taken to shift and set up the plant and machinery, inventory etc and relocation of employees to Navi Mumbai. The sales therefore could grow only by 9% over last year.

Profit before tax to Total Income % age dropped from 7.9% in the last year to 4.3% in the current year mainly on account of lower than expected sales for reasons explained above. During the plant move period, the company had to resort to import of finished products to cater to customer order requirements which entailed a CVD loss of Rs.12.000 million. The profits were further affected due to plant and inventory move expenses of Rs.7.400 millions and employee’s relocation expenses of Rs.2.600 millions. Travelling and Sales promotion expenses increased by Rs.13.000 millions in line with aggressive 34% bookings growth impacting current year margins as sales could grow only by 9%. All these factors affected the Company’s profitability during the year.

Inventories increased significantly by 53% (from Rs.386.000 millions to Rs.592.000 millions) compared to the previous year. Major increase was in the finished goods and Work in process in Inventories. This company has been trying hard to make up for the sales shortfall in the plant shifting period of October-December,10 and increase the monthly average sales by more than 50% from Rs.330.000 millions in October- March,11 period to Rs.520.000 Millions in April- Sep,11 period. Increase In inventory level at end of March,11 was mainly to support higher sales level in next six month. The company expects to normalize the inventory levels at the end of September,11.Sundry Debtors level increased by 33% (from Rs.900.000 millions to Rs.120.000 millions) mainly due to extended payment terms offered on project orders and partly due to tight monetary conditions in the country. The company has taken several actions to improve execution process and increase involvement of operational and sales force as well to outsource collection activities in the pursuit of improving inventory and sundry debtors levels.

The company expects to maintain its growth trajectory during the current year (2011-12) as the key infrastructure sectors like Oil and Natural Gas. Refining Power, Metals etc are expected to witness double digit growth.

SHIFTING OF MANUFACTURING FACILITIES:

The Board is pleased to inform that operations at the Company’s new manufacturing facility at Pawane, near Mumbai commenced in the first week of December, 2010 and that almost all employees at its Daman plant relocated willingly to Navi Mumbai without having any industrial relations issue. The project got delayed by nearly three months on account of late receipt of Fire and other statutory approvals

FIXED ASSETS:

· Buildings

· Plant and machinery

· Computers

· Office equipments

· Furniture and fittings

· 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.54.44
UK Pound	1	Rs.87.12
Euro	1	Rs.68.15

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		64

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.