1. Summary Information

		Country	India
Company Name	MCT CARDS AND TECHNOLOGY PRIVATE LIMITED	Principal Name 1	Mr. Tonse Guatham S Pai
Status	Moderate	Principal Name 2	Mr. Tonse Upendra Pai
		Registration #	08-45316
Street Address	Udayavani Building, Press Corner, Manipal – 576104, Karnataka, India
Established Date	19.02.2008	SIC Code	--
Telephone#	91-820-2571380	Business Style 1	Manufacturer
Fax #	91-820-2571151	Business Style 2	Import
Homepage	www.mctcardstech.com	Product Name 1	Membership Cards
# of employees	58 (Office – 8, Factory - 50) (Approximately)	Product Name 2	Processing of all types of plastic cards
Paid up capital	Rs. 141,900,000/-	Product Name 3	including smart cards
Shareholders	Foreign holdings -39.98% Bodies corporate -59.97% Directors or relatives of Directors 0.05%	Banking	State Bank of Mysore
Public Limited Corp.	NO	Business Period	4 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	B (28)
Related Company
Relation	Country	Company Name	CEO
Holding Company	India	Manipal Technologies Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	121,534,000	Current Liabilities	38,978,000
Inventories	48,335,000	Long-term Liabilities	484,096,000
Fixed Assets	354,656,000	Other Liabilities	0,000
Deferred Assets	32,783,000	Total Liabilities	523,074,000
Invest& other Assets	42,467,000	Retained Earnings	(65,199,000)
		Net Worth	76,701,000
Total Assets	599,775,000	Total Liab. & Equity	599,775,000
Total Assets (Previous Year)	494,968,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	232,497,000	Net Profit / (Loss)	(29,053,000)
Sales(Previous yr)	116,094,000	Net Profit(Prev.yr) / (Loss)	(37,747,000)

MIRA INFORM REPORT

Report Date :

22.05.2012

IDENTIFICATION DETAILS

Name :	MCT CARDS AND TECHNOLOGY PRIVATE LIMITED
Registered Office :	Udayavani Building, Press Corner, Manipal – 576104, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.02.2008
Com. Reg. No.:	08-45316
Capital Investment / Paid-up Capital :	Rs.141.900 Millions
CIN No.: [Company Identification No.]	U72900KA2008PTC045316
IEC No.:	0707030757
PAN No.: [Permanent Account No.]	AAFCM4088E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Sales, Purchase, Import, Export and Processing of all types of plastic cards, including smart cards, Debit / Credit Cards for banks and financial institutions, Membership Cards, Loyalty Cards, Gift Cards, Chip embedded Cards (Contact and Contactless), Chip embedded smart cards (Contact and Contactless) RIFD Based Cards, Insurance / Health Cards, Printed Plastic Cards, SIM Cards, Plastic Scratches off Cards and any Form of Cards.
No. of Employees :	58 (Office – 8, Factory - 50) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 300000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some losses recorded by the company. Profitability of the company is under pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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 :	Udayavani Building, Press Corner, Manipal – 576104, Karnataka, India
Tel. No.:	91-820-2571151
Fax No.:	91-820-2571380
E-Mail :	klrao@manipalpress.com bharath_nayak@manipalmedia.com
Website :	www.mctcardstech.com
Head Office / Factory :	Property On Plot No.22, Survey No.433/1, Shivaji Village, Industrial Area Manipal – 576104, Karnataka, India
Tel. No.:	91-820-2205370
Fax No.:	91-820-2570831
E-Mail :	Rajesh.shet@mctcardstech.com
Area :	4000 sq ft
Location :	Rented

DIRECTORS

AS ON 24.09.2010

Name :	Mr. Tonse Upendra Pai
Designation :	Director
Address :	38, Ananthnagar Manipal, Karnataka, India
Date of Birth/Age :	26.11.1941
Date of Appointment :	19.02.2008
DIN No.:	00104361

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U09214KA1941PLC001222	SRI RAMAKRISHNA THEATRE LIMITED	Director	18-03-67	18-03-67	25-01-08	Active	NO
2	U22221KA1948PLC001159	MANIPAL MEDIA NETWORK LIMITED	Managing director	18-07-10	11-08-69	-	Active	NO
3	U85110KA1932PLC001078	CANARA LAND INVESTMENTS LIMITED	Director	06-04-73	06-04-73	-	Active	NO
4	U51909KA1979PTC003517	SHARAT IMPEX COMPANY PRIVATE LIMITED	Director	25-04-79	25-04-79	-	Active	NO
5	U02212KA1980PLC004010	MANIPAL PRAKASHAN LIMITED	Director	25-11-80	25-11-80	-	Active	NO
6	U65910KA1983PTC005626	SHARATH INVESTMENTS PRIVATE LIMITED	Director	13-10-83	13-10-83	-	Active	NO
7	U67120KA1988PTC009192	SHIVALLY INVESTMENT COMPANY PRIVATE LIMITED	Director	14-06-88	14-06-88	-	Active	NO
8	U74140KA1990PLC010763	MPL ENTERPRISES LIMITED	Director	07-06-11	20-02-90	-	Active	NO
9	U22219KA1973PTC002395	MANIPAL ENTERPRISES PRIVATE LIMITED	Director	01-09-92	01-09-92	10-04-08	Active	NO
10	U55101TN1988PLC015585	MANIPAL HOTELS LIMITED	Director	19-04-95	19-04-95	-	Active	NO
11	U22219KA2000PLC026222	MANIPAL TECHNOLOGIES LIMITED	Director	13-01-00	13-01-00	-	Active	NO
12	U64202KA1997PTC022991	ZETA INFOTECH PRIVATE LIMITED	Director	24-07-00	24-07-00	-	Active	NO
13	U66010KA2001PLC029877	MANIPAL INSURANCE SERVICES LIMITED	Director	12-12-01	12-12-01	-	Active	NO
14	U55101KA2002PTC030183	MANIPAL RESORTS COMPANY PRIVATE LIMITED	Director	01-03-02	01-03-02	22-05-09	Active	NO
15	U45201TN1999PLC043271	MANIPAL PROPERTIES LIMITED	Director	29-09-03	29-09-03	-	Active	NO
16	U05110KA2005PTC036616	KONKAN COMMODITY AND DERIVATIVES PRIVATE LIMITED	Director	30-01-06	30-01-06	04-02-12	Active	NO
17	L65110KA1995PLC017907	ICDS SECURITIES LIMITED	Director	30-01-06	30-01-06	-	Active	NO
18	U21014KA2008PTC045299	MANIPAL PACKAGING SOLUTIONS PRIVATE LIMITED	Director	15-02-08	15-02-08	-	Active	NO
19	U72900KA2008PTC045316	MCT CARDS AND TECHNOLOGY PRIVATE LIMITED	Director	19-02-08	19-02-08	-	Active	NO
20	U72200KA2009PTC050532	MANIPAL BUSINESS SOLUTIONS PRIVATE LIMITED	Director	31-07-09	31-07-09	-	Active	NO
21	U92100KA2011PLC061061	MANIPAL BROADCAST NETWORK LIMITED	Director	03-11-11	03-11-11	-	Active	NO

Name :	Mr. Tonse Guatham S Pai
Designation :	Director
Address :	38, Ananthnagar Manipal, Karnataka, India
Date of Birth/Age :	26.09.1974
Date of Appointment :	19.02.2008
DIN No.:	00120314

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U22221KA1948PLC001159	MANIPAL MEDIA NETWORK LIMITED	Director	31-03-09	24-06-97	-	Active	NO
2	U64202KA1997PTC022991	ZETA INFOTECH PRIVATE LIMITED	Director	01-09-98	01-09-98	-	Active	NO
3	U65910KA1983PTC005626	SHARATH INVESTMENTS PRIVATE LIMITED	Director	20-03-99	20-03-99	-	Active	NO
4	U22219KA2000PLC026222	MANIPAL TECHNOLOGIES LIMITED	Managing director	01-11-11	29-07-03	-	Active	NO
5	U24242KA2004PLC034633	PRIMACY INDUSTRIES LIMITED	Managing director	01-04-09	03-09-04	-	Active	NO
6	U28992KA2007PTC041395	GENESIS PACKAGING PRIVATE LIMITED	Director	05-01-07	05-01-07	-	Active	NO
7	U22300KA2007PTC041394	MANIPAL DIGITAL SYSTEMS PRIVATE LIMITED	Director	05-01-07	05-01-07	-	Active	NO
8	U72200MH2007PTC195863	MANIPAL INFORMATICS PRIVATE LIMITED	Additional director	23-08-07	23-08-07	19-07-08	Amalgamated	NO
9	U22219KA1973PTC002395	MANIPAL ENTERPRISES PRIVATE LIMITED	Additional director	10-12-07	10-12-07	10-04-08	Active	NO
10	U21014KA2008PTC045299	MANIPAL PACKAGING SOLUTIONS PRIVATE LIMITED	Director	15-02-08	15-02-08	-	Active	NO
11	U72900KA2008PTC045316	MCT CARDS AND TECHNOLOGY PRIVATE LIMITED	Director	19-02-08	19-02-08	-	Active	NO
12	U74140KA2008PTC046520	MANIPAL ACE EVENT MANAGEMENT COMPANY PRIVATE LIMITED	Director	22-05-08	22-05-08	-	Active	NO
13	L22213TN1995PLC031845	UNIVERSAL PRINT SYSTEMS LIMITED	Director appointed in casual vacancy	13-06-08	13-06-08	-	Active	NO
14	U72200KA2009PTC050532	MANIPAL BUSINESS SOLUTIONS PRIVATE LIMITED	Director	31-07-09	31-07-09	-	Active	NO
15	U92200DL1959NPL003169	UNITED NEWS OF INDIA	Director	24-11-11	20-08-09	15-12-11	Active	NO
16	U74900KA2010PTC053146	MANIPAL LOGISTICS PRIVATE LIMITED	Director	07-04-10	07-04-10	-	Active	NO
17	U92190KA2010PTC053930	MANIPAL STUDIOS PRIVATE LIMITED	Director	03-06-10	03-06-10	-	Active	NO
18	U72200KA2000PLC027929	MANIPAL ENTERTAINMENT NETWORK LIMITED	Director	24-09-10	17-07-10	-	Active	NO
19	U51900KA2010PTC055404	PRIMACY GLOBAL ENTERPRISES PRIVATE LIMITED	Director	05-10-10	05-10-10	-	Active	NO
20	U40108KA2011PLC056610	MANIPAL ENERGY AND INFRATECH LIMITED	Director	12-01-11	12-01-11	-	Active	NO
21	U73100KA2011PTC057905	MANIPAL PRINTRONICS PRIVATE LIMITED	Director	29-03-11	29-03-11	-	Active	NO
22	U72200KA2011PTC058810	MANIPAL DIGITAL SOLUTIONS PRIVATE LIMITED	Director	25-05-11	25-05-11	-	Active	NO
23	U74900KA2011PTC059510	MANIPAL ARCHIVAL SOLUTIONS PRIVATE LIMITED	Director	07-07-11	07-07-11	-	Active	NO
24	U92100KA2011PLC061061	MANIPAL BROADCAST NETWORK LIMITED	Director	03-11-11	03-11-11	-	Active	NO

Name :	Mr. K. Laxminarayan Rao
Designation :	Director
Address :	Vijaylaxmi MGM, Bunder Road, Opposite Paniyadi Uvaka Mandala, Kunjibettu Post, Udupi – 576102, Karnataka, India
Date of Birth/Age :	05.03.1940
Date of Appointment :	02.04.2008
DIN No.:	00879383

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U22211KA1999PTC024806	MANIPAL THOMAS GREG PRESS PRIVATE LIMITED	Director	02-05-00	02-05-00	17-07-10	Active	NO
2	U22219KA1982PLC005014	CANARA SECURITY PRESS LIMITED	Director	23-08-04	23-08-04	17-07-10	Active	NO
3	U72200KA2000PLC027929	MANIPAL ENTERTAINMENT NETWORK LIMITED	Director	30-09-05	30-09-05	17-07-10	Active	NO
4	U72200MH2007PTC195863	MANIPAL INFORMATICS PRIVATE LIMITED	Director	30-07-07	30-07-07	31-08-07	Amalgamated	NO
5	U72900KA2008PTC045316	MCT CARDS AND TECHNOLOGY PRIVATE LIMITED	Director	02-04-08	02-04-08	-	Active	NO
6	U22219KA1973PTC002395	MANIPAL ENTERPRISES PRIVATE LIMITED	Director	26-09-08	10-04-08	21-08-09	Active	NO
7	L22213TN1995PLC031845	UNIVERSAL PRINT SYSTEMS LIMITED	Director appointed in casual vacancy	13-06-08	13-06-08	17-07-10	Active	NO
8	U72400KA2008PTC047282	MANIPAL GLOBAL SERVICES PRIVATE LIMITED	Director	25-07-08	25-07-08	-	Active	NO
9	U72200KA2009PTC050532	MANIPAL BUSINESS SOLUTIONS PRIVATE LIMITED	Additional director	28-11-09	28-11-09	17-07-10	Active	NO
10	U51900KA2010PTC055404	PRIMACY GLOBAL ENTERPRISES PRIVATE LIMITED	Director	05-10-10	05-10-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.09.2010

Names of Shareholders	No. of Shares
T. Satish U. Pal	5000
T. Gautam Pai	5000
Manipal Press Limited, Karnataka	8508000
Thomas Greg and Sons Limited, Colombia	2836000
Glory Wise International Limited, Hongkong	2836000
Total	14190000

AS ON 24.09.2010

Equity Shares Break Up	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	39.98
Bodies corporate	59.97
Directors or relatives of Directors	0.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Sales, Purchase, Import, Export and Processing of all types of plastic cards, including smart cards, Debit / Credit Cards for banks and financial institutions, Membership Cards, Loyalty Cards, Gift Cards, Chip embedded Cards (Contact and Contactless), Chip embedded smart cards (Contact and Contactless) RIFD Based Cards, Insurance / Health Cards, Printed Plastic Cards, SIM Cards, Plastic Scratches off Cards and any Form of Cards.

Products :

· smart cards · Debit / Credit Cards for banks and financial institutions · Membership Cards · Loyalty Cards · Gift Cards · Chip embedded Cards (Contact and Contactless) · Chip embedded smart cards (Contact and Contactless) · RIFD Based Cards · Insurance / Health Cards · Printed Plastic Cards · SIM Cards · Plastic Scratches off Cards · Any Form of Cards

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Debit Cards, credit Cards, Loyalty Cards etc	Lac cards per annum	780	36708100
Smart Cards	Lac cards per annum	180	1036635
Personalization	Lac cards per annum	350	8265191

GENERAL INFORMATION

No. of Employees :

58 (Office – 8, Factory - 50) (Approximately)

Bankers :

· Syndicate Bank, Manipal Branch, Manipal-576104, Karnataka, India

· Indian Overseas Bank, Bunder Branch, Mangalore-575001, Karnataka, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans secured
Rupee term loans banks secured	182.248	62.780
Foreign currency loans secured
Foreign currency loans banks secured	0.000	137.230
Other external commercial borrowings secured	126.100	113.888
Working capital loans secured
Working capital loans banks secured	39.551	47.913
Total	347.899	361.811
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Public deposits unsecured	0.000	0.000
Deposits related parties unsecured	136.197	6.156
Total	136.197	6.156

Banking Relations :	--
Auditors :
Name :	Pai Nayak and Associates Charted Accountant
Address :	3^rd Floor, Raaj Tower, Near Cirty Bus Stand, Udupi – 576101, Karnataka, India
Pan No.:	AAEFP5516E
Holding Company :	Manipal Technologies Limited (Formerly known as Manipal Press Limited) CIN No. U22219KA2000PLC026222
Associates :	Manipal Business Solutions Private Limited

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
14190000	Equity Shares	Rs.10/- each	Rs. 141.900 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		141.900	141.900	80.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	1.601
4] (Accumulated Losses)		(65.199)	(36.145)	0.000
NETWORTH		76.701	105.755	81.701
LOAN FUNDS
1] Secured Loans		347.899	361.811	233.882
2] Unsecured Loans		136.197	6.156	3.830
TOTAL BORROWING		484.096	367.967	237.712
DEFERRED TAX LIABILITIES		0.000	0.000	0.011
TOTAL		560.797	473.722	319.422
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		354.656	343.279	0.543
Capital work-in-progress		42.447	39.078	298.151
INVESTMENT		0.020	0.021	0.020
DEFERREX TAX ASSETS		32.783	16.834	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	48.335	18.192	5.458
	Sundry Debtors	83.523	44.606	10.638
	Cash & Bank Balances	16.588	16.688	11.083
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	21.423	16.270	16.089
Total Current Assets		169.869	95.756	43.268
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	35.398	18.506
	Other Current Liabilities	3.580	2.740	21.560
	Provisions	0.000	0.000	1.000
Total Current Liabilities		38.978	21.246	22.560
Net Current Assets		130.891	74.510	20.708
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		560.797	473.722	319.422

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	232.497	116.094	12.460
		Other Income	0.505	1.144	0.367
		TOTAL (A)	233.002	117.238	12.827
Less	EXPENSES
		Office Expenses
		Administrative Expenses	226.725	135.007	10.124
		Advertising Expenses
		Increase / Decrease in Stock	(4.088)	(0.098)
		TOTAL (B)	222.637	134.909	10.124
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10.365	(17.671)	2.703
Less	FINANCIAL EXPENSES (D)		36.614	24.398	0.034
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(26.249)	(42.069)	2.669
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18.753	12.448	0.057
	PROFIT BEFORE TAX (E-F) (G)		(45.002)	(54.517)	2.612
Less	TAX (H)		(15.949)	(16.770)	1.010
	PROFIT AFTER TAX (G-H) (I)		(29.053)	(37.747)	1.602
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(36.145)	1.602	0.000
	BALANCE CARRIED TO THE B/S		(65.198)	(36.145)	1.602
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	7.498	1.856	0.062
	TOTAL EARNINGS		7.498	1.856	0.062
	IMPORTS
		Raw Materials	58.735	48.434	1.486
		Stores & Spares	5.033	3.687	1.385
		Capital Goods	20.643	150.162	22.520
	TOTAL IMPORTS		84.411	202.283	25.391
	Earnings Per Share (Rs.)		(2.05)	(4.41)	0.20

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(12.47)	(32.19)	12.48
Net Profit Margin (PBT/Sales)	(%)	(19.35)	(46.95)	20.96
Return on Total Assets (PBT/Total Assets}	(%)	(8.07)	(12.41)	5.96
Return on Investment (ROI) (PBT/Networth)		(0.59)	(0.51)	0.03
Debt Equity Ratio (Total Liability/Networth)		6.82	3.68	1.91
Current Ratio (Current Asset/Current Liability)		4.36	4.50	1.91

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	No
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

CONTINGENT LIABILITIES NOT PROVIDED FOR

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
Letter of Credit	3.467	8.915
Bank Guarantee	5.730	1.380

FORM 8

Corporate identity number of the company	U72900KA2008PTC045316
Name of the company	MCT CARDS AND TECHNOLOGY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Udayavani Building, Press Corner, Manipal – 576104, Karnataka, India
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Others
Particular of charge holder	Indian Overseas Bank, Bunder Branch, Mangalore-575001, Karnataka, India
Nature of instrument creating charge	Term Loan Agreement For Rs.105.100 Millions Letter of Hypothecation For Rs.85.000 Millions
Date of instrument Creating the charge	17.11.2011
Amount secured by the charge	Rs. 190.100 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest BR+2.25% or LIBOR + 6.5% Terms of repayment Term Loan -repayment in 27 Quarterly installments. Cash Credit- on demand Margin For Term Loan Rs.116.400 Millions is 28.00% Cash Credit @ 25% Extent and operation of the charge The charge shall continue to be in operation during the currency of the credit facility to the Company until entire credit limits are repaid in full with interest/costs/charges etc.
Short particulars of the property charged (Including location of the property)	Hypothecation of Machinery and Land and Building existing and to be purchased. Hypothecation of Stock and book debts

FIXED ASSETS

· Freehold Land

· Building

· Plant and Machinery

· Office Equipments

· Furniture and Fixtures

· Computer

· Electrical Fittings

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. 54.68
UK Pound	1	Rs. 86.52
Euro	1	Rs. 69.85

INFORMATION DETAILS

Information Gathered by :	DPT
Report Prepared by :	--

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		28

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.