Business information report

1. Summary Information

		Country	India
Company Name	A V THOMAS LEATHER AND ALLIED PRODUCTS PRIVATE LIMITED	Principal Name 1	Mr. Ajit Thomas
Status	Good	Principal Name 2	Mr. Dilip Thomas
		Registration #	18-007377
Street Address	22, Marshalls Road, Egmore, Chennai – 600 008, Tamilnadu
Established Date	21.09.1977	SIC Code	--
Telephone#	91-44-28553249	Business Style 1	Manufacturer
Fax #	91-44-28553247	Business Style 2	Exporter
Homepage	www.avtleather.com	Product Name 1	Leather Wallets
# of employees	Around 160 (Approximately)	Product Name 2	Leather Goods
Paid up capital	Rs. 159,878,000/-	Product Name 3	--
Shareholders	Directors or relatives of Directors – 100%	Banking	Indian Bank
Public Limited Corp.	No	Business Period	35 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	A (66)
Related Company
Relation	Country	Company Name	CEO
Subsidiaries	India	A.V. Thomas Exports Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	471,757,000	Current Liabilities	259,854,000
Inventories	836,899,000	Long-term Liabilities	556,837,000
Fixed Assets	105,329,000	Other Liabilities	58,377,000
Deferred Assets	0,000	Total Liabilities	875,068,000
Invest& other Assets	12,592,000	Retained Earnings	391,631,000
		Net Worth	551,509,000
Total Assets	1,426,577,000	Total Liab. & Equity	1,426,577,000
Total Assets (Previous Year)	1,282,788,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	2,015,000,000	Net Profit	28,686,000
Sales(Previous yr)	1,969,100,000	Net Profit(Prev.yr)	31,861,000

MIRA INFORM REPORT

Report Date :

20.06.2012

IDENTIFICATION DETAILS

Name :	A V THOMAS LEATHER AND ALLIED PRODUCTS PRIVATE LIMITED (w.e.f. 08.11.2002)
Formerly Known As :	A V THOMAS LEATHER AND ALLIED PRODUCTS LIMITED
Registered Office :	22, Marshalls Road, Egmore, Chennai – 600 008, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.09.1977
Com. Reg. No.:	18-007377
Capital Investment / Paid-up Capital :	Rs. 159.878 Millions
CIN No.: [Company Identification No.]	U18209TN1977PTC007377
TAN No.: [Tax Deduction & Collection Account No.]	CHEA00398G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Exporters of Leather Goods, Shoe and Shoe Upper.
No. of Employees :	Around 160 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (66)

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 2200000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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/ Factory 1 :	22, Marshalls Road, Egmore, Chennai – 600 008, Tamilnadu, India
Tel. No.:	91-44-28553249/ 22285324/ 28553248
Fax No.:	91-44-28553247
E-Mail :	avtmds@rmcs.sprintrpg.ems.vsnl.net.in avt@avtleather.com
Website :	http://www.avtleather.com
Area :	1850 sq. ft.
Location :	Owned
Factory 2 :	12, Race Course Road, Guindy, Chennai – 600 032, Tamilnadu, India
Branch Office :	118-A, Velachari Road, Guindy, Chennai – 600 032, Tamilnadu, India
Tel. No.:	91-44-32466772-800
Fax No.:	91-44-22201959
E-Mail :	avt@avtleather.com

DIRECTORS

AS ON 26.09.2011

Name :	Mr. Ajit Thomas
Designation :	Director
Address :	24, Vijayaraghava Road, T. Nagar, Chennai – 600 017, Tamilnadu, India
Date of Birth/Age :	07.06.1954
Date of Appointment :	18.06.2001
DIN No.:	00018691

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	U18209TN1977PTC007377	A V THOMAS LEATHER AND ALLIED PRODUCTS PRIVATE LIMITED	Director	21-09-77	21-09-77	-	Active	NO
2	L51102TN1941PLC000023	A.V.THOMAS INTERNATIONAL LIMITED.	Director	27-09-78	27-09-78	29-01-10	Active	NO
3	L51109KL1935PLC000024	A V THOMAS AND COMPANY LIMITED	Whole-time director	01-02-10	27-09-78	-	Active	NO
4	U67120TN1976PLC007167	A V THOMAS INVESTMENTS COMPANY LIMITED	Director	25-06-80	25-06-80	-	Active	NO
5	L01117TZ1943PLC000117	NEELAMALAI AGRO INDUSTRIES LIMITED	Director	31-01-10	18-07-80	-	Active	NO
6	U25199KL1984PLC013414	MIDLAND LATEX PRODUCTS LIMITED	Director	11-07-84	11-07-84	-	Active	NO
7	L15142TN1986PLC012780	AVT NATURAL PRODUCTS LIMITED	Director	12-03-86	12-03-86	-	Active	NO
8	L01132KL1943PLC000782	THE NELLIAMPATHY TEA AND PRODUCE COMPANY LIMITED	Director	31-07-11	18-08-89	-	Active	NO
9	L25191KL1937PLC000691	MIDLAND RUBBER AND PRODUCE COMPANY LIMITED	Director	31-07-10	20-03-91	-	Active	NO
10	U33112TN1993PTC026049	TELEFLEX MEDICAL PRIVATE LIMITED	Director	18-11-93	18-11-93	-	Active	NO
11	U51225TN1993PTC026433	AVT MCCORMICK INGREDIENTS PRIVATE LIMITED	Director	22-12-93	22-12-93	-	Active	NO
12	U72200TN2000PTC044810	AVT INFOTECH PRIVATE LIMITED	Director	25-04-01	25-04-01	-	Active	NO
13	U29119TN2002PTC048352	SERMATECH PRIVATE LIMITED	Director	25-01-02	25-01-02	29-01-10	Active	NO
14	U74999TN1984PLC010850	A.V.THOMAS EXPORTS LIMMITTED.	Director	02-07-04	02-07-04	-	Active	NO
15	U72300TN1999PTC043754	IQ TECH PRIVATE LIMITED	Director	05-08-04	05-08-04	29-01-10	Active	NO
16	U67120TN2005PTC055674	AJIT THOMAS HOLDINGS PRIVATE LIMITED	Director	16-03-05	16-03-05	-	Active	NO
17	U65993TN2005PTC055807	MIDLAND CORPORATE ADVISORY SERVICES PRIVATE LIMITED	Director	30-03-05	30-03-05	-	Active	NO
18	U65993MH1996PLC211198	L AND T MUTUAL FUND TRUSTEE LIMITED	Director	06-07-06	06-07-06	16-06-10	Active	NO
19	U72200TN2003PTC051522	TEKESSENCE SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	25-10-07	25-10-07	16-12-09	Active	NO
20	U15499TN2008PTC065914	AVT GAVIA FOODS PRIVATE LIMITED	Director	02-01-08	02-01-08	-	Active	NO
21	L72200TN1999PLC054429	SAKSOFT LIMITED	Director	06-08-10	31-07-09	-	Active	NO
22	L01131TN1943PLC002723	L.J. INTERNATIONAL LIMITED	Director	29-10-09	29-10-09	-	Active	NO

Name :	Mr. Dilip Thomas
Designation :	Director
Address :	9, Lodi Khan Street, T. Nagar, Chennai – 600 017, Tamilnadu, India
Date of Birth/Age :	07.08.1958
Date of Appointment :	18.06.2001
DIN No.:	00052185

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	L51102TN1941PLC000023	A.V.THOMAS INTERNATIONAL LIMITED.	Director	19-03-84	19-03-84	-	Active	NO
2	L51109KL1935PLC000024	A V THOMAS AND COMPANY LIMITED	Director	08-09-10	25-04-85	-	Active	NO
3	L25191KL1937PLC000979	THE RAJAGIRI RUBBER AND PRODUCE COMPANY LIMITED	Director	25-04-85	25-04-85	-	Active	NO
4	L01131TN1943PLC002723	L.J. INTERNATIONAL LIMITED	Director	25-04-85	25-04-85	-	Active	NO
5	L01119KL1925PLC000416	THE HIGHLAND PRODUCE COMPANY LIMITED	Managing director	01-04-11	25-04-85	-	Active	NO
6	U18209TN1977PTC007377	A V THOMAS LEATHER AND ALLIED PRODUCTS PRIVATE LIMITED	Director	30-09-87	30-09-87	-	Active	NO
7	U67120TN1976PLC007167	A V THOMAS INVESTMENTS COMPANY LIMITED	Director	21-08-92	21-08-92	-	Active	NO
8	U92412KA1993PTC014593	GOLFWARE (INDIA) PRIVATE LIMITED	Director	28-07-93	28-07-93	-	Active	NO
9	U36999TN1998PLC041346	DALP TRADING AND MANUFACTURING LIMITED	Director	30-10-98	30-10-98	-	Active	NO
10	L22213TN1995PLC031845	UNIVERSAL PRINT SYSTEMS LIMITED	Director	20-06-00	20-06-00	12-06-08	Active	NO
11	U74999TN1984PLC010850	A.V.THOMAS EXPORTS LIMMITTED.	Director	02-07-04	02-07-04	-	Active	NO
12	U02021TZ2007PTC013547	AVT WOOD PRODUCTS PRIVATE LIMITED	Director	21-03-07	21-03-07	-	Active	NO

Name :	Ms. Shanthi Thomas
Designation :	Director
Address :	24, Vijayaraghava Road, T. Nagar, Chennai – 600 017, Tamilnadu, India
Date of Birth/Age :	28.07.1954
Date of Appointment :	02.02.1996
DIN No.:	00567935

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	U18209TN1977PTC007377	A V THOMAS LEATHER AND ALLIED PRODUCTS PRIVATE LIMITED	Director	02-02-96	02-02-96	Active	NO
2	L01117TZ1943PLC000117	NEELAMALAI AGRO INDUSTRIES LIMITED	Director	18-03-98	18-03-98	Active	NO
3	U65993TN2005PTC055807	MIDLAND CORPORATE ADVISORY SERVICES PRIVATE LIMITED	Director	30-03-05	30-03-05	Active	NO

f

Name	Mrs. Priyalatha Thomas
Designation	Director
Address	9, Lodi Khan Street, T. Nagar, Chennai – 600 017, Tamilnadu, India
Date of Birth/ Age :	15.07.1960
Date of Appointment :	02.02.1996
DIN No.:	00052237

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	L51109KL1935PLC000024	A V THOMAS AND COMPANY LIMITED	Director	25-04-85	25-04-85	18-06-08	Active	NO
2	U18209TN1977PTC007377	A V THOMAS LEATHER AND ALLIED PRODUCTS PRIVATE LIMITED	Director	02-02-96	02-02-96	-	Active	NO
3	L01119KL1925PLC000416	THE HIGHLAND PRODUCE CO LTD	Director	29-07-98	29-07-98	-	Active	NO
4	L25191KL1937PLC000979	THE RAJAGIRI RUBBER AND PRODUCE COMPANY LIMITED	Whole-time director	01-10-10	29-07-98	-	Active	NO
5	U36999TN1998PLC041346	DALP TRADING AND MANUFACTURING LIMITED	Director	30-10-98	30-10-98	-	Active	NO
6	U02021TZ2007PTC013547	AVT WOOD PRODUCTS PRIVATE LIMITED	Director	21-03-07	21-03-07	-	Active	NO
7	L51102TN1941PLC000023	A.V.THOMAS INTERNATIONAL LIMITED.	Director	05-09-11	29-01-10	-	Active	NO
8	L01131TN1943PLC002723	L.J. INTERNATIONAL LIMITED	Director	05-09-11	18-10-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2011

Names of Shareholders	No. of Shares
Ajit Thomas	493900
Dilip Thomas	492750
Priyalatha Thomas	1150
TOTAL	987800

List of Allottees (Preference Shares)	No. of Shares
L.J. International Limited, India	500000
TOTAL	500000

AS ON 02.03.2011

List of Allottees (Redeemable Preference Shares @ 6% p.a.)	No. of Shares
A V Thomas and Company Limited, India	1000000
TOTAL	1000000

AS ON 26.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporters of Leather Goods, Shoe and Shoe Upper.

Products :

Item Code No.	Product Description
420221	Leather Wallets
420221	Leather Goods

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Actual Production
Leather Goods	Nos.	4447144
Shoes and Shoe Upper	Nos.	359096

GENERAL INFORMATION

No. of Employees :

Around 160 (Approximately)

Bankers :

• Indian Bank, Park Town Branch, 53 Raja Muthiah Road, Leather Chennai - 600 003, Tamilnadu, India
• State Bank of India, Commercial Branch, 232 NSC Bose Road, Second Line Beach, Chennai – 600 001, Tamilnadu, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working capital loans secured
Working capital loans banks secured	555.784	590.393
Loans taken for fixed assets secured
Loans taken for vehicles secured	1.053	2.294
Total	556.837	592.687

Banking Relations :	--
Auditors :
Name :	Suri and Company Chartered Accountants
Address :	No. 3 (Old No.55-A), Chevaliar Sivaji Ganesan Road, (South Boag Road), Thyagarayanagar, Chennai – 600 017, Tamilnadu, India
Tel No.:	91-44-24341140 / 24341150
Fax No.:	91-44-24341170
E mail:	suriche@eth.net
PAN No.:	AABFS5023Q
Subsidiaries :	· A.V. Thomas Exports Limited CIN No.:- U74999TN1984PLC010850 · A.V. Thomas Leather (UK) Limited · A.V. Thomas Leather Inc

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions
2000000	6% Redeemable Preference Shares	Rs.100/- each	Rs. 200.000 Millions
	TOTAL		Rs. 210.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
987800	Equity Shares	Rs.10/- each	Rs. 9.878 Millions
1500000	6% Redeemable Preference Shares	Rs.100/- each	Rs. 150.000 Millions
	TOTAL		Rs. 159.878 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		159.878	59.878	9.878
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		391.631	372.829	347.527
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		551.509	432.707	357.405
LOAN FUNDS
1] Secured Loans		556.837	592.687	527.798
2] Unsecured Loans		0.000	0.000	0.272
TOTAL BORROWING		556.837	592.687	528.070
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1108.346	1025.394	885.475
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		105.329	114.131	125.191
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		12.592	12.592	12.106
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	836.899	757.451	744.890
	Sundry Debtors	177.083	203.564	141.520
	Cash & Bank Balances	82.742	11.698	30.756
	Other Current Assets	166.946	135.471	0.106
	Loans & Advances	44.986	47.881	258.288
Total Current Assets		1308.656	1156.065	1175.560
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	217.724	171.437	266.205
	Other Current Liabilities	42.130	33.739	87.437
	Provisions	58.377	52.218	73.740
Total Current Liabilities		318.231	257.394	427.382
Net Current Assets		990.425	898.671	748.178
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1108.346	1025.394	885.475

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2015.000	1969.100	2205.656
		Other Income	6.135	47.115	45.861
		TOTAL (A)	2021.135	2016.215	2251.517
Less	EXPENSES
		(Increase)/ Decrease in Stock	1957.084	1951.895	(39.263)
		Material Consumed			1217.959
		Refinishing and other Labour Charges			266.995
		Purchase of finished goods			192.212
		Employees’ cost			178.616
		Other Expenses			301.037
		TOTAL (B)	1957.084	1951.895	2117.556
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		[Including Financial	[Including Financial	133.961
			Expenses]	Expenses]
Less	FINANCIAL EXPENSES (D)				63.543
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		64.051	64.320	70.418
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.065	20.159	23.005
	PROFIT BEFORE TAX (E-F) (G)		44.986	44.161	47.413
Less	TAX (H)		16.300	12.300	7.700
	PROFIT AFTER TAX (G-H) (I)		28.686	31.861	39.713
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		62.029	56.726	26.792
Less	APPROPRIATIONS
		Transfer to SEZ Re-investment allowance reserve	2.324	0.000	0.000
		Dividend on Equity Shares @ 50%	4.939	4.939	4.939
		Dividend on Preference Shares	3.565	0.685	0.000
		Tax on Dividend	1.380	0.934	0.840
		Transfer to General Reserve	20.000	20.000	4.000
	BALANCE CARRIED TO THE B/S		58.507	62.029	56.726
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	1722.529	1844.341
	TOTAL EARNINGS		NA	1722.529	1844.341
	IMPORTS
		Components and Spares	NA	1.931	0.380
		Capital Goods	NA	4.069	1.023
		Leather	NA	187.640	215.904
		Embellishment	NA	120.033	72.623
		Chemicals	NA	1.911	5.496
		Packing Material	NA	42.113	39.462
	TOTAL IMPORTS		NA	357.697	334.888
	Earnings Per Share (Rs.)		25.43	31.56	40.20

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.42	1.58	1.76
Net Profit Margin (PBT/Sales)	(%)	2.23	2.24	2.15
Return on Total Assets (PBT/Total Assets}	(%)	3.18	3.48	3.65
Return on Investment (ROI) (PBT/Networth)		0.08	0.10	0.13
Debt Equity Ratio (Total Liability/Networth)		1.59	1.96	2.67
Current Ratio (Current Asset/Current Liability)		4.11	4.49	2.75

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	Yes
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	No
10. Designation of contact person	No
11. Turnover of firm for last three years	Yes
12. Profitability for last three years	Yes
13. Reasons for variation <> 20%	------
14. Estimation for coming financial year	No
15. Capital in the business	Yes
16. Details of sister concerns	Yes
17. Major suppliers	No
18. Major customers	No
19. Payments terms	No
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
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	Yes
30. Major Shareholders, if available	Yes

OPERATIONS

The Company has achieved an Operating income of Rs. 2015.000 Millions during the year compared to Rs. 1969.100 Millions in the previous year. The company has earned a profit of Rs. 44.986 Millions after providing Rs. 19.065 Millions for depreciation

FORM 8

Corporate identity number of the company	U18209TN1977PTC007377
Name of the company	A V THOMAS LEATHER AND ALLIED PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	22, Marshalls Road, Egmore, Chennai – 600 008, Tamilnadu, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	90290335
Type of charge	Book debts Movable property (not being pledge) Floating charge Others
Particular of charge holder	State Bank of India, Commercial Branch, 232 NSC Bose Road, Second Line Beach, Chennai – 600 001, Tamilnadu, India
Nature of instrument creating charge	1. Supplemental Agreement of Loan for Increase in the Overall Limit in Form C1A. 2. Supplemental Agreement of Hypothecation of Goods and Assets for Increase in the Overall Limit in Form C2A.
Date of instrument Creating the charge	25.11.2011
Amount secured by the charge	Rs. 421.400 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As Stipulated by the Bank from time to time. Terms of repayment As Stipulated by the Bank from time to time. Margin As Stipulated by the Bank from time to time. Extent and operation of the charge As Stipulated by the Bank from time to time.
Short particulars of the property charged (Including location of the property)	Hypothecation of Raw Materials, Stock in Process, Finished Goods, Stores, Spares and Other Current Assets on Pari-passu Basis with Indian Bank and Citi Bank. Export Orders/ Confirmed LCs. Bills along with Shipping Documents under process of realization. Extension of Charge on the Current Assets of the Company on Pari-passu Basis with Indian Bank and CIti Bank. Extension of 1st Charge over Unencumbered Fixed Assets excluding Vehicles on Pari-passu Basis with Indian Bank and Citi Bank.
Date of instrument modifying the charge	18.09.2006
Particulars of the present modification	By the Present Modification, The Credit Facilities extended to the Company has now been enhanced from Rs.323.300 Millions to Rs.421.400 Millions and Secured by Company Current Assets and Unencumbered Fixed Assets excluding Vehicles on Pari-passu basis with Indian Bank and Citi Bank. All other terms and conditions remains the same.

FIXED ASSETS

v Building

v Plant and Machinery

v Furniture and Fixtures

v Electrical Installation

v Office Equipment

v Motor 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 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. 56.01
UK Pound	1	Rs. 87.85
Euro	1	Rs. 70.54

INFORMATION DETAILS

Information Gathered by :	--
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		66

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.