MIRA INFORM REPORT

Report Date :

17.03.2012

IDENTIFICATION DETAILS

Name :	ATC TIRES PRIVATE LIMITED (w.e.f. 26.03.2008)
Formerly Known As :	NM TYRES PRIVATE LIMITED
Registered Office :	105, Creative Industrial Estate, 72, N.M. Joshi Marg, Mumbai – 400011, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.07.2007
Com. Reg. No.:	11-172456
Paid up Capital :	Rs.132.876 Millions
CIN No.: [Company Identification No.]	U25111MH2007PTC172456
TAN No.: [Tax Deduction & Collection Account No.]	MUMN15214D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Off - Highway Tires.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 6300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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.

INFORMATION PARTED BY

Name :	Mr. Damodar Rathi
Designation :	Company Secretary
Contact No.:	91-22-61241400
Date :	24.02.2012

LOCATIONS

Registered Office :	105, Creative Industrial Estate, 72, N.M. Joshi Marg, Mumbai – 400011, Maharashtra, India
Tel No.:	91-22-61241400/25838451/39579600
Fax No.:	91-22-61242444/25838456/39579699
E-Mail :	admin@alliancetire.net drathi@atgtire.com
Website :	www.alliance-tire-group.com
Location :	Owned
Corporate Office:	Unit 6 and 7, High Street, Phoenix A Wing, Phoenix Mills Compound, 462 Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra, India
Factory :	Plot No. A2, Sipcot Industrial Growth Centre, Gangaikondan, Tirunelveli – 627352, Tamilnadu, India

DIRECTORS

AS ON 16.09.2011

Name :

Mr. Ashokkumar Purushottamdas Mahansaria

Designation :

Managing Director

Address :

B-202, Anand, Tirupati Apartment, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

12.12.1951

Date of Appointment :

29.08.2007

DIN No.:

00090785

Other Directorship:

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U51209MH1982PTC027109	YOGESH AGENCIES AND INVESTMENTS Private LIMITED	Director	10-05-82	10-05-82	Active	NO
U51900MH1985PTC035081	ACUMEN TRADING AND INVESTMENTS Private LIMITED	Director	04-06-93	04-06-93	Active	NO
U17120MH1978PTC020364	SUJATA TEXTILE MILLS PRIVATE LIMITED	Director	01-08-06	01-08-06	Active	NO
U25111MH2007PTC172456	ATC TIRES PRIVATE LIMITED	Managing director	29-08-07	29-08-07	Active	NO

Name :

Mr. Yogesh Ashokkumar Mahansaria

Designation :

Director

Address :

B-202, Anand, Tirupati Apartment, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

13.09.1975

Date of Appointment :

29.08.2007

DIN No.:

00090323

Other Directorship:

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U51900MH1985PTC035081	ACUMEN TRADING AND INVESTMENTS Private LIMITED	Director	08-07-06	08-07-06	Active	NO
U51209MH1982PTC027109	YOGESH AGENCIES AND INVESTMENTS Private LIMITED	Director	08-07-06	08-07-06	Active	NO
U17120MH1978PTC020364	SUJATA TEXTILE MILLS PRIVATE LIMITED	Director	01-08-06	01-08-06	Active	NO
U25111MH2007PTC172456	ATC TIRES PRIVATE LIMITED	Director	29-08-07	29-08-07	Active	NO

Name :

Mr. Niten Malhan

Designation :

Director

Address :

112/122, A Wing, Sarnath Building, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

02.08.1971

Date of Appointment :

29.08.2007

DIN No.:

00614624

Other Directorship:

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U51900MH1985PTC035081	ACUMEN TRADING AND INVESTMENTS Private LIMITED	Director	08-07-06	08-07-06	Active	NO
U51209MH1982PTC027109	YOGESH AGENCIES AND INVESTMENTS Private LIMITED	Director	08-07-06	08-07-06	Active	NO
U17120MH1978PTC020364	SUJATA TEXTILE MILLS PRIVATE LIMITED	Director	01-08-06	01-08-06	Active	NO
U25111MH2007PTC172456	ATC TIRES PRIVATE LIMITED	Director	29-08-07	29-08-07	Active	NO

Name :

Mr. Vishal Kashyap Mahadevia

Designation :

Director

Address :

81, landmarkCarmichael Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

19.12.1972

Date of Appointment :

29.08.2007

DIN No.:

01035771

Other Directorship:

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
U74899DL1992PTC049022	LEMON TREE HOTELS PRIVATE LIMITED	Director	29-09-06	26-07-06	-	Active	NO
U55101DL2002PTC118179	CITRUS HOTELS PRIVATE LIMITED	Director	29-09-06	26-07-06	28-08-09	Active	NO
U55101DL2005PTC138835	SPANK HOTELS PRIVATE LIMITED	Director	29-09-06	26-07-06	-	Active	NO
L17110GJ1931PLC000454	SINTEX INDUSTRIES LIMITED	Director	30-11-06	30-11-06	30-11-07	Active	NO
U10102DL1997PLC085837	ACB (INDIA) LIMITED	Nominee director	30-11-06	30-11-06	-	Active	NO
U29199DL2003PTC122193	ARYAN CLEAN COAL TECHNOLOGIES PRIVATE LIMITED.	Nominee director	30-11-06	30-11-06	10-05-11	Active	NO
U10200DL2002PTC115155	KARTIKAY COAL WASHERIES PRIVATE LIMITED	Nominee director	30-11-06	30-11-06	10-05-11	Active	NO
U40102DL2001PTC134230	ARYAN ENERGY PRIVATE LIMITED	Nominee director	30-11-06	30-11-06	10-05-11	Active	NO
U27102CT2003PTC015761	ARYAN ISPAT AND POWER PRIVATE LIMITED	Nominee director	30-11-06	30-11-06	10-05-11	Active	NO
U22210GJ1981PTC047207	WRITERS AND PUBLISHERS Private LIMITED	Nominee director	06-12-06	06-12-06	29-11-07	Active	NO
L22210GJ1995PLC047208	D.B. CORP LIMITED	Additional director	28-09-11	12-12-06	-	Active	NO
U74140MH2004PTC145467	WARBURG PINCUS INDIA PRIVATE LIMITED	Managing director	01-01-07	01-01-07	-	Active	NO
U55101DL2006PTC144533	MERINGUE HOTELS PRIVATE LIMITED	Director	26-09-07	26-03-07	28-08-09	Active	NO
U10100AP1996PLC054238	SPECTRUM COAL AND POWER LIMITED	Nominee director	13-04-07	13-04-07	10-05-11	Active	NO
U25111MH2007PTC172456	ATC TIRES PRIVATE LIMITED	Director	29-08-07	29-08-07	-	Active	NO
L74899DL1988PLC033314	PUNJ-LLOYD LIMITED	Director	28-07-08	31-10-07	-	Active	NO
L31900DL1983PLC016304	HAVELLS INDIA LIMITED	Director	11-07-08	26-11-07	-	Active	NO
U40102DL2008PTC177940	ARYAN M.P.POWER GENERATION PRIVATE LIMITED	Director	09-05-08	09-05-08	10-05-11	Active	NO
U40102DL2008PTC177939	ARYAN CHHATTISGARH POWER GENERATION PRIVATE LIMITED	Director	09-05-08	09-05-08	10-05-11	Active	NO
U73100MH2000PLC192798	METROPOLIS HEALTHCARE LIMITED	Nominee director	28-09-10	02-07-10	-	Active	NO
U40101DL2010PLC206025	ACB (INDIA) POWER LIMITED	Director	20-07-10	20-07-10	10-05-11	Active	NO
U40109MP2006PLC019008	D B POWER LIMITED	Nominee director	26-04-11	26-04-11	-	Active	NO
U40100MP2008PLC020903	DB POWER (MADHYA PRADESH) LIMITED	Nominee director	26-04-11	26-04-11	-	Active	NO
U40100MP2010PTC023554	DILIIGENT POWER PRIVATE LIMITED	Nominee director	26-04-11	26-04-11	-	Active	NO

Name :

Mr. Gajendra Singh Kushwaha

Designation :

Director

Address :

Flat No. F-07, Adura Arulagem Apartments, Palayamkottai, Tirunelveli – 627002, Tamilnadu, India

Date of Birth/Age :

05.07.1953

Date of Appointment :

02.09.2009

DIN No.:

02772542

Name :

Mr. Thiagarajan Kannan

Designation :

Director

Address :

Thiagarajar Mills Premises, Kappalur, Madurai-625008, Tamilnadu, India

Date of Birth/Age :

09.05.1953

Date of Appointment :

15.11.2010

DIN No.:

00040674

Other Directorship:

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
U74210MH1999PTC123202	ARKSOFT ENTERPRISE PRIVATE LIMITED	Director	18-09-07	22-11-06	12-01-09	Amalgamated	NO
U51900MH1987PTC044894	RADHAKRISHNA FOODLAND PRIVATE LIMITED	Director	18-09-07	22-11-06	12-01-09	Active	NO
U51900MH1996PTC096128	Foodland Retail Solutions Private Limited	Director	18-09-07	22-11-06	12-01-09	Amalgamated	NO
U51900MH1997PTC112119	RADHAKRISHNA FOODLAND CARRIERS PRIVATE LIMITED	Director	18-09-07	22-11-06	12-01-09	Amalgamated	NO
U45209AP2001PLC037861	GANGAVARAM PORT LIMITED	Director	30-07-07	30-06-07	-	Active	NO
U25111MH2007PTC172456	ATC TIRES PRIVATE LIMITED	Director	29-08-07	29-08-07	-	Active	NO
U74140MH2004PTC145467	WARBURG PINCUS INDIA PRIVATE LIMITED	Managing director	01-01-09	01-01-09	-	Active	NO
U15428WB1935PLC008245	IMC LIMITED	Nominee director	11-10-10	11-10-10	-	Active	NO
U63090MH1997PLC108197	CONTINENTAL WAREHOUSING CORPORATION (NHAVA SEVA) LIMITED	Nominee director	11-04-11	11-04-11	-	Active	NO
U36911RJ1996PTC011381	AU FINANCIERS (INDIA) PRIVATE LIMITED	Additional director	10-03-12	10-03-12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Damodar Rathi
Designation :	Company Secretary
Address :	C-210, Axita Co-operative Housing Society Limited, RNP Park, Jessal Park Road, Bhayender, Thane - 401105, Maharashtra, India
Date of Birth/Age :	03.01.1989
Date of Appointment :	11.12.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 16.09.2011

Names of Shareholders	No. of Shares
Turgco Limited, Cyprus	13287595
ATC Secretaries Limited, Cyprus	1
Total	13287596

AS ON 16.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Off - Highway Tires.

Products :

PARTICULARS	ITC CODE
Tyres	4011
Tubes	4012
Flaps	4013

Exports :

Products :

Tires

Countries :

· USA

Imports :

Products :

Machinery

Countries :

· China

· USA

Terms :

Selling :

L/C / Cash and Credit

Purchasing :

L/C / Cash and Credit

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Tyres	Nos.	566500	225827

GENERAL INFORMATION

Customers :

Retailers, End Users and Others [Manufacturer Company]

No. of Employees :

200 (Approximately)

Bankers :

· Axis Bank Limited, Central Office, Capital Market Division, Maker Towers, F Wing, 11^th Floor, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India

· Axis Bank Limited, Dhiraj Baugh, LBS Marg, Near Hariniwas Circle, Thane (West) – 400602, Maharashtra, India

· Export-Import Bank of India, Centre One, Floor 21, World Trade Centre, Cuffe Parade, Mumbai-400005, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loan	1882.185(A)	1102.185(B)
Working capital loan	869.937(C)	296.143(D)
Interest accrued due other debts	12.448	8.352
Total	2764.570	1406.680

NOTE:

(A) i) Primary Security - Firm Charge on all the movable and immovable assets, both present and future, including land and first charge on all intagible assets including but not limited to the goodwill, undertaking, uncalled capital and intellectual property rights of the Company and second charge on all the current assets, both present and future.

ii) Collateral Security: Pledge of 74% shareholding held by WP Holdings II BV, Netherlands in the share capital of Turgco Limited, holding company and pledge of 74% shareholding held by Turgco Limited in the share capital of the Company.

(B) i) Primary Security - Firm Charge on all the movable and immovable assets, both present and future, including land and first charge on all intagible assets including but not limited to the goodwill, undertaking, uncalled capital and intellectual property rights of the Company and second charge on all the current assets, both present and future.

ii) Collateral Security: Pledge of 74% shareholding held by WP Holdings II BV, Netherlands in the share capital of Turgco Limited, holding company and pledge of 74% shareholding held by Turgco Limited in the share capital of the Company.

(C) i) Primary Security: First pari passu charge on all existing and future current assets except balance kept in no lien account and Mutual Fund units with the Company that are purchased out of equity brought for Capital Expenditure.

ii) Collateral Security: Second pari passu charge on all existing and future fixed assets.

(D) i) Primary Security: First pari passu charge on all existing and future current assets except balance kept in no lien account and Mutual Fund units with the Company that are purchased out of equity brought for Capital Expenditure.

ii) Collateral Security: Second pari passu charge on all existing and future fixed assets.

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountant
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400028, Maharashtra, India
Pan No.:	AAFFP3698A
Holding Company:	Turgco Limited, Cyprus (a company controlled by WP Holdings II B.V., Netherlands, which in turn is held by the Warburg Pincus Fund and the Mahansaria family)
Ultimate Holding Company:	Warburg Pincus LLC
Fellow Subsidiary:	· Alliance Tire Company Limited, Israel (Formerly known as Alliance Tire Company (1992) Limited, Israel) · Alliance Tire Americas Inc. (Formerly known as Alliance Tire American Inc.) · Alliance Marketing Israel Limited · Alliance Tire Europe BV

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13287596	Equity Shares	Rs.10/- each	Rs.132.876 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		132.876	132.876	132.876
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1450.388	1416.447	1402.481
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1583.264	1549.323	1535.357
LOAN FUNDS
1] Secured Loans		2764.571	1406.680	341.460
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		2764.571	1406.680	341.460
DEFERRED TAX LIABILITIES		56.196	25.403	0.216
TOTAL		4404.031	2981.406	1877.033
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2329.624	1761.012	76.865
Capital work-in-progress		294.107	348.132	892.446
INVESTMENT		228.467	330.734	769.797
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1187.486	561.923	0.000
	Sundry Debtors	756.940	183.693	15.130
	Cash & Bank Balances	44.288	11.390	63.180
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	162.516	44.184	16.225
Total Current Assets		2151.230	801.190	94.535
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	470.430	234.211	33.353
	Other Current Liabilities	80.948	15.599	3.270
	Provisions	48.019	9.852	5.061
Total Current Liabilities		599.397	259.662	41.684
Net Current Assets		1551.833	541.528	52.851
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
Incidental Expenses Pending Capitalization Allocation		0.000	0.000	85.074
TOTAL		4404.031	2981.406	1877.033

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2631.800	251.706	0.000
		Management and Marketing Consultancy Income	92.600	68.922	52.937
		Other Income	NA	90.870	5.154
		TOTAL (A)	NA	411.498	58.091
Less	EXPENSES
		Cost of Materials		93.241	0.000
		Employee Costs	NA	77.635	33.250
		Operating and other expenses		102.095	7.693
		TOTAL (B)	NA	272.971	40.943
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	138.527	17.148
Less	FINANCIAL EXPENSES (D)		NA	46.855	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		264.900	91.672	17.148
Less/ Add	DEPRECIATION/ AMORTISATION (F)		202.800	49.910	0.465
	PROFIT BEFORE TAX (E-F) (G)		62.100	41.762	16.683
Less	TAX (H)		28.200	27.795	5.631
	PROFIT AFTER TAX (G-H) (I)		33.900	13.967	11.052
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	11.536	0.484
	BALANCE CARRIED TO THE B/S		NA	25.503	11.536
	EARNINGS IN FOREIGN CURRENCY
		Management Consultancy Income	2695.600	48.540	39.461
		Marketing Consultancy Income		20.382	13.477
	TOTAL EARNINGS		2695.600	68.922	52.938
	IMPORTS
		Raw Materials		564.861	0.000
		Stores & Spares	NA	2.128	0.000
		Capital Goods		369.946	215.299
	TOTAL IMPORTS		NA	936.935	215.299
	Earnings Per Share (Rs.)		2.55	1.05	1.01

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	3.39	19.02
Net Profit Margin (PBT/Sales)	(%)	2.35	16.59	31.51
Return on Total Assets (PBT/Total Assets}	(%)	1.39	1.63	9.73
Return on Investment (ROI) (PBT/Networth)		0.04	0.03	0.01
Debt Equity Ratio (Total Liability/Networth)		2.12	1.08	0.25
Current Ratio (Current Asset/Current Liability)		3.59	3.09	20.27

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
Due to small micro enterprise	0.737	0.647	0.550
Due to others	469.693	233.564	32.803
Total	470.430	234.211	33.353

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
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	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

PROJECT:

During the year, Phase 1A of the Project of setting up the “Off-Highway Tyres” (OHT) manufacturing facility at Village Gangaikondan, Dist. Tirunelveli, Tamilnadu was completed within the budgeted costs. Phase 1B of the project is under implementation and the Company expects to complete the same by June 2012.

OPERATIONS:

The Company operates in the OHT segment and also provides Consultancy and miscellaneous Services.

During the year, the Sales Revenue was Rs 2631.800 Millions and, the Consultancy income was placed at Rs 92.600 Millions as compared to Rs 251.700 Millions and Rs. 68.900 Millions respectively in the previous year. The Profit before Depreciation and Tax was at Rs 264.900 Millions and the Profit after tax was Rs 33.900 Millions during the year compared to Rs 91.600 Millions and Rs 14.000 Millions respectively during the previous year. The figures for the year 2010-11 are not strictly comparable with 2009-10 as the operations for the year 2009-10 was for a period of 4 months.

OUTLOOK FOR THE CURRENT YEAR 2011-12

The market for OHT remains strong and the Company currently has an order backlog of three months of production. The Company is presently operating at a capacity utilization in excess of 75% of the Current Installed Capacity, and expects to improve the capacity utilization in the coming months.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U25111MH2007PTC172456
Name of the company	ATC TIRES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	105, Creative Industrial Estate, 72, N.M. Joshi Marg, Mumbai – 400011, Maharashtra, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge
Particular of charge holder	Export-Import Bank of India, Centre One, Floor 21, World Trade Centre, Cuffe Parade, Mumbai-400005, Maharashtra, India
Email	eximwrro@eximbankindia.in
Nature of description of the instrument creating or modifying the charge	Supplemental Deed of Hypothecation of Moveable Assets executed on 10/10/11 by ATC Tires Private Limited ("The Borrower") in favour of Export-Import Bank of India ("Exim Bank") for enhancement of working capital limits from Rs. 200.000 Millions to Rs. 400.000 Millions.
Date of instrument Creating the charge	10.10.2011
Amount secured by the charge	Rs.200.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest INR-11.5% payable monthly on 20th day of each month, USD-350 bps above LIBOR payable quarterly, subject to reset in accordance with the provisions of the Supplement Loan Agreement dated 10/10/11. Terms of Repayment Each disbursement relating to pre-shipment credit shall be repaid by the Borrower within 180 days from the date of such disbursement or out of relative export proceeds or corresponding disbursement of post shipment credit, whichever is earlier. Each disbursement relating to post-shipment credit shall be repaid by the Borrower within 180 days from the date of such disbursement or out of export proceeds, whichever is earlier. Extent and Operation of the charge Charge in favour of Exim Bank shall rank as a 1st p-p charge over Borrowers entire current assets except balance in no lien account and mutual funds units purchased out of project equity and 2nd p-p charge over entire movable fixed assets, both present and future for the due repayment of the enhanced pre/post shipment limit of Rs.200.000 Millions together with interest, costs, expenses and all other monies payable by the Borrower to Exim Bank under the Supp Dual Currency Loan Agreement dated 10/10/11.
Short particulars of the property charged	Entire Current Assets including receivables both present and Future except balance in no lien account and mutual funds units purchased out of project equity. Entire movable fixed assets including movable plant and machinery, equipment, machinery spares, tools, accessories, both present and future.

FIXED ASSETS:

· Leasehold Land

· Buildings

· Plant and Machinery

· Electrical Installation

· Leasehold Improvements

· Computer Hardware

· Computer Software

· Office Equipments

· Furniture and Fixtures

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.50.31
UK Pound	1	Rs.79.05
Euro	1	Rs.65.83

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.