MIRA INFORM REPORT

Report Date :

02.11.2012

IDENTIFICATION DETAILS

Name :	AURANGABAD ELECTRICALS LIMITED
Registered Office :	Plot No. B-7, MIDC, Chakan, Village Mahalunge, Taluka Khed, Pune - 410501, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.09.1985
Com. Reg. No.:	11-037539
Paid-up Capital :	Rs.114.085 Millions
CIN No.: [Company Identification No.]	U31909PN1985PLC037539
TAN No.: [Tax Deduction & Collection Account No.]	PNEA04895C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Automobile and Brake
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 2800000
Status :	Satisfactory
Payment Behaviour :	Correct
Litigation :	Clear
Comments :	Subject is a part of Aurangabad – Based Bagla Group 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	30.05.2012

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3+
Rating Explanation	Moderate degree of safety and higher credit risk
Date	30.05.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Pramod Jain
Designation :	Finance Manager
Contact No.:	91-9308814638
Date :	02.11.2012

LOCATIONS

Registered Office / Factory 1 :	Plot No. B-7, MIDC, Chakan, Village Mahalunge, Taluka Khed, Pune-410501, Maharashtra, India
Tel. No.:	91-2135-259157 / 91-240-554422 / 91-2431-251482 / 329705 / 310527
Mobile No.:	91-9308814638 (Mr. Pramod Jain)
Fax No.:	91-2135-280007 / 91-2431-251488-9
E-Mail :	Aep16@baglagroup.com agrawal.pc@baglagroup.com compliance@aurangabadelectricals.co.in jain.pr@baglgroup.com pahlani.j@baglagroup.com
Website :	http://www.baglagroup.com
Area:	10000 sq. ft.
Location :	Owned
Corporate Office / Factory 2 :	Gut No. 65, Village-Chitegaon – 431105, Taluka-Paithan, District Aurangabad, Maharashtra, India
Tel. No.:	91-2431-329705/10
Fax No.:	91-2431-251488
Factory 3 :	B-23, MIDC, Waluj, Aurangabad, Maharashtra, India
E-Mail :	Aepl1_2@baglagroup.com
Factory 4 :	Gat No. 120/122, Village Pangara, Paithan Road, Chitegaon, Aurangabad-431105, Maharashtra, India
E-Mail :	Aepl3@baglagroup.com
Factory 5 :	M-135/136, MIDC, Waluj, Aurangabad, Maharashtra, India
E-Mail :	Aepl4@baglagroup.com
Factory 6 :	At. Pimpalgaon, Taluka Parner, District Ahemadnagar
Factory 7 :	Plot No. L6/1, MIDC, Waluj, Aurangabad, Maharashtra, India
E-Mail :	Aepl7@baglagroup.com
Factory 8 :	Gat 104, Village Pharola, Taluka Paithan, Aurngabad-431001, Maharashtra, India
Tel. No.:	91-2431-325030
Fax No.:	91-2431-251142
Factory 9 :	Plot no. 6 Sector 10, II E Pantnagar Udhamsingh Nagar, Uttarakhand, India
Factory 10:	Gut. No.342/1/P of Village Pimpalgaon (Kawdya Dongar) Taluka Parner District Ahmednagar, Maharashtra, India
Factory 11:	Plot No B-7, MIDC Chakan, Village Mahalunge, Taluka Khed, District Pune, Maharashtra, India
Business Development Department :	203, The Chamber (Panchashil), behind Giga Space 4/12/13 Vimannagar Pune 411014

DIRECTORS

As on 24.09.2011

Name :	Mr. Navin Paul
Designation :	Director
Address :	666, 6^th Cross, III Block, Koramangala, Bangalore – 560034, Karnataka, India
Date of Birth :	24.10.1957
Date of Appointment :	30.09.2006
DIN :	00424944
Name :	Mr. Rishi Kumar Bagla
Designation :	Managing Director
Address :	Gut No. 40, Golwadi, Paithan Road, Aurangabad, Maharashtra, India
Date of Birth :	02.08.1959
Date of Appointment :	23.09.1985
DIN :	00002020
Name :	Mr. Anant Kandoi
Designation :	Director
Address:	House No. 244, N – 3, Chikalthana, Aurangabad, Maharashtra, India
Date of Birth :	16.02.1973
Date of Appointment :	30.10.2007
DIN :	01574768
Name :	Mrs. Mamata Bagla
Designation :	Director
Address :	Gut No. 40, Golwadi, Paithan Road, Aurangabad, Maharashtra, India
Date of Birth :	12.07.1963
Date of Appointment :	01.04.1994
DIN :	00002031
Name :	Mr. Muneesh Chawla
Designation :	Nominee Director
Address :	A 702, Ambiemce Island, NH – 8, Gurgaon – 122002, Haryana, India
Date of Birth :	05.01.1967
Date of Appointment :	19.04.2006
DIN :	00069360
Name :	Mr. Raghavachary Kilambi
Designation :	Whole Time Director
Address :	5052, Flat No.53, h –Block, 28^th Street, Ponni Colony, Chennai – 600040, Tamilnadu, India
Date of Birth :	09.07.1946
Date of Appointment :	10.07.2007
DIN :	01587450
Name :	Ms. Naina Krishna Murthy
Designation :	Director
Address :	Ansal Heights Building, B Wing, 7^th Floor, Flat 702, Mumbai – 400018, Maharashtra, India
Date of Birth :	15.09.1971
Date of Appointment :	09.09.2011
DIN :	01216114
Name :	Mr. Ulhas Narayanrao Gaoli
Designation :	Director
Address :	Nisarga Mitra Society, Plot No.13, Golwadi, CIDCO – 4, Paithan Road, Aurangabad – 431005, Maharashtra, India
Date of Birth :	02.08.1951
Date of Appointment :	14.09.2011
DIN :	00286833

KEY EXECUTIVES

Name :	Mr. Prem Chand Agarwal
Designation :	Company Secretary and Compliance Officer
Address :	G-29, Raj Apartments, Town Centre, Cidco, Aurangabad – 431003, Maharashtra, India
Date of Birth/Age :	15.07.1959
Date of Appointment :	15.06.2004
PAN :	AATPA5504G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2011

Names of Shareholders	No. of Shares Equity Shares
Rishi Kumar Bagla	1882500
Neha Aiyush Bhuwalka	247500
Devanshi Akshat Jain	240000
Mamta Bagla	390000
Rishi Kumar Bagla HUF	180000
Waluj Investment and Trading Company Private Limited, Pune, India	1459500
Deccan Carbon Products Private Limited, Aurangabad, India	2005500
Aurangabad Motor manufacturers Private Limited, Aurangabad, India	2475000
Blue River Capital I LLC, Mauritius	2520000
Total	11400000

Names of Shareholders	No. of Preferences Shares
Rishi Kumar Bagla	7224
Rishi Kumar Bagla	507
Neha Aiyush Bhuwalka	4252
Devanshi Akshat Jain	2848
Mamta Bagla	4300
Waluj Investment and Trading Company Private Limited, Pune, India	2836
Deccan Carbon Products Private Limited, Aurangabad, India	18504
RK Bagla	9200
Kanoj Steels Limited, Mumbai, India	8000
JMD Sounds Limited, Kolkata, India	8000
Poonam Investment and Financial Consultants Limited, Mumbai, India	8000
Paritosh Trading Private Limited, Mumbai, India	6000
Geometric Trading Company Private Limited, Mumbai, India	6000
Total	85671

Equity Share Breakup [As on 24.09.2011]

Category	Percentage of Holding
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	22.11
Bodies corporate	52.10
Directors or relatives of directors	25.79
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Automobile and Brake

Products :

Product Description	Item Code
Parts Of Two Wheelers	8714
Parts Of Three Wheelers	8708
Fasteners	7318

Exports :

Products :

Automobile and Brake

Countries :

· Germany

· Italy

Imports :

Products :

Raw Material

Countries :

· China

· US

· Japan

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

PRODUCTION STATUS [As on 31.03.2011]

Particulars	Unit	Actual Production
Parts Of Two Wheelers	Nos.	28809785
Parts Of Three Wheelers	Nos.	2043543
Fasteners	Nos.	323366822

GENERAL INFORMATION

Customers :

End Users

· Bajaj Auto Limited, Aurangabad

No. of Employees :

600 (Approximately)

Bankers :

· The Saraswat Cooperative Bank Limited, CODCO Branch, Aurangabad Maharashtra

• ING Vysya Bank Limited, H. No.25 to 30, I Floor, Nirala Bazar, Aurangabad-431001, Maharashtra, India

· Kotak Mahindra Bank Limited, 418/424, 4^th Floor, Sohrab Hall 21, Sasoon Road, Pune-411001, Maharashtra, India

• Indian Overseas Bank, Aurangabad Branch, Aurangabad, Maharashtra, India
• The Saraswat Co-Operative Bank Limited, Aurangabad Branch, Madhu Shilp, Plot No. 6, C/2, Town Centre Near CIDCO Bus Stand, CIDCO, Aurangabad-431001, Maharashtra, India.
• State Bank of India, Industrial Finance Branch, Tara Chambers, Mumbai - Pune Road, Wakdewadi, Pune - 411003, Maharashtra, India
• IDBI Bank, Aurangabad, Maharashtra, India

Facilities :

· Non Fund Rs.100.000 Millions and Fund Base Rs.80.000 Millions (From IDBI Bank)

· Non Fund Rs.160.000 Millions and Fund Base Rs.220.000 Millions (From The Saraswat Co-Operative Bank Limited)

· Fund Base Rs.70.000 Millions (From State Bank of India)

SECURED LOAN	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Term Loans
Rupee Term Loans from Banks	279.307	502.750
Rupee Term Loans from Others	3.591	11.000
Working Capital Loans From Banks	362.103	366.023
Total	645.001	879.773
UNSECURED LOAN	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Other Debt	0.000	2.275
Total	0.000	2.275

Banking Relations :	--
Auditors :
Name :	S R Batilboi and Company Chartered Accountants
Address :	22 Camac Street, 3^rd Floor, Block C, Kolkata-700016, West Bengal, India
Tel. No.:	91-33-66153400
Fax No.:	91-33-22817750
PAN :	AALFS0506L
Associates and Joint Ventures :	(i) OMR Bagla Automotive Systems India Limited CIN : U31904PN2006PLC128851 (ii) BG LI-IN Electricals Limited (Formerly known as BG LI-IN Electricals Private Limited) (iii) Aurangabad Wheels and Rims Private Limited
Enterprises owned or significantly influenced by the key management personnel or their relatives:	(i) BG Appliances Private Limited (ii) Aurangabad Motor Manufacturers Limited (iii) Deccan Carbon Products Limited (iv) Waluj Investments and Trading Company Private Limited (v) Manshi Electronics Private Limited (vi) Haryana Auto Components and Electricals Limited (vii) Haryana Auto Comp Private Limited (viii) Aurangabad Sales and Services

CAPITAL STRUCTURE

As on 24.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions
100000	Preferences Shares	Re.1/- each	Rs. 0.100 Million
	Total		Rs.150.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11400000	Equity Shares	Rs.10/- each	Rs.114.000 Millions
85671	Preferences Shares	Re.1/- each	Rs.0.085 Million
	Total		Rs.114.085 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.100/- each	Rs.125.000 Millions
100000	Preferences Shares	Re.1/- each	Rs.0.100 Million
	Total		Rs.125.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1140000	Equity Shares	Rs.100/- each	Rs.114.000 Millions
85671	Preferences Shares	Re.1/- each	Rs. 0.085 Million
	Total		Rs.114.085 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		114.085	114.085	114.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		588.226	462.955	442.414
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		702.311	577.040	556.414
LOAN FUNDS
1] Secured Loans		645.001	879.773	920.709
2] Unsecured Loans		0.000	2.275	0.000
TOTAL BORROWING		645.001	882.048	920.709
DEFERRED TAX LIABILITIES		31.325	50.667	29.618
OTHER LIABILITIES		99.219	109.313	87.151
TOTAL		1477.856	1619.068	1593.892
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1061.166	1083.494	1230.433
Capital work-in-progress		31.527	15.516	9.635
INVESTMENT		173.643	173.642	172.321
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	313.309	270.700	235.784
	Sundry Debtors	711.348	593.521	362.767
	Cash & Bank Balances	40.381	20.241	103.613
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	153.383	94.993	78.839
Total Current Assets		1218.421	979.455	781.003
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	753.211	553.812	483.821
	Other Current Liabilities	221.534	59.074	154.664
	Provisions	33.997	21.994	10.039
Total Current Liabilities		1008.742	634.880	648.524
Net Current Assets		209.679	344.575	132.479
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
EXPENDITURE PENDING ALLOCATION, NET		1.841	1.841	49.024
TOTAL		1477.856	1619.068	1593.892

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	5059.309	3469.161	3742.877
		Other Income	29.845	55.521	41.217
		TOTAL (A)	5089.154	3524.682	3784.094
Less	EXPENSES
		Consumption materials changes inventories	3643.888	2439.997
		Manufacturing service costs	287.335	199.915
		Contract Cost	262.080	187.251	3605.428
		Employee related expenses	256.914	190.236
		Administrative selling other expenses	145.798	113.460
		TOTAL (B)	4596.015	3130.859	3605.428
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		493.139	393.823	178.666
Less	FINANCIAL EXPENSES (D)		95.813	109.556	131.957
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		397.326	284.267	46.709
Less/ Add	DEPRECIATION/ AMORTISATION (F)		202.464	242.581	190.550
	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		194.862	41.686	(143.841)
Less	TAX (H)		59.621	14.990	(27.795)
	PROFIT / [LOSS] AFTER TAX (G-H) (I)		135.241	26.696	(116.046)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		28.447	8.398	124.444
Less	APPROPRIATIONS		9.970	6.647	0.000
	BALANCE CARRIED TO THE B/S		153.718	28.447	8.398
	EARNINGS IN FOREIGN CURRENCY		82.218	115.386	103.689
	IMPORTS
		Raw Materials	66.320	191.005	57.965
		Capital Goods	53.234	0.000	7.276
	TOTAL IMPORTS		119.554	191.005	65.241
	Earnings/ [Loss] Per Share (Rs.)		118.63	23.42	[101.80]

Particulars	31.03.2012
Sales Turnover (Approximately)	6750.000

Expected Sales (2012-13) : Rs.7000.000 Millions

The above information has been parted by

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.66	0.76	(3.07)
Net Profit Margin (PBT/Sales)	(%)	3.85	1.20	(3.84)
Return on Total Assets (PBT/Total Assets}	(%)	8.55	2.02	(7.15)
Return on Investment (ROI) (PBT/Networth)		0.28	0.07	(0.26)
Debt Equity Ratio (Total Liability/Networth)		2.35	2.63	2.82
Current Ratio (Current Asset/Current Liability)		1.21	1.54	1.20

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Creditors due others	753.211	553.812	483.821
Total	753.211	553.812	483.821

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	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	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
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	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

HISTORY

Their Company was originally incorporated as a private limited company under the Companies Act, 1956, on September 23, 1985 with the name “Aurangabad Electricals Private Limited”. Thereafter, pursuant to a second Certificate of Incorporation dated June 21, 1999, the name of the Company was changed to Aurangabad Electricals Limited with effect from July 01, 1997 under Section 43A(1A). Subsequently, in compliance with Section 43A (2A) of the Companies Act, 1956 the name of the Company was changed to Aurangabad Electricals Private Limited with effect from March 20, 2001. Further, in terms of special resolution passed by members in Extra Ordinary General Meeting held on February 25, 2006 our Company was converted in to public limited company and pursuant to Certificate of Change of Name dated March 02, 2006, the name of their Company was changed to Aurangabad Electricals Limited.

FINANCIAL HIGHLIGHTS:

The year 2010-11 has been a good year for the Indian Automobile Industry. Sales of motorcycles in India has increased by 25% from 8.4 million units in 2009-10 to 10.5 million units in 2010-11. Sales of motorcycles of Bajaj Auto Limited, the major customer, has increased from 2.5 million units in 2009-10 to 3.4 million units in 2010-11, registering a growth of 35% (Sales in Domestic and Export market grew by 36% and 34% respectively). The performance of the company also improved significantly on all fronts. The Company’s EBITDA for FY 2011 grew by 25.5% to Rs 487.700 millions against Rs 388.700 millions in the previous year. Profit After Tax increased more than four times to Rs 135.200 millions in the year against Rs. 26.700 millions in the previous year.

The Company is expecting to continue its performance and improve upon it during the current year. The market of

motorcycles during the current year in India is expected to grow 12-14% over the previous year according to SIAM. This growth rate has been projected by SIAM after substantially downgrading its earlier indications, mainly in view of rise in fuel price and interest rate. Bajaj Auto Limited is targeting to sell more than 4 million motorcycles this year. The growth in the sales of the company is largely coming from the growth in the motorcycle market and expansion of product offering by the company. In addition, the Company has also received new orders from other customers including one from Overseas. The development of products against these orders is at various stages and supplies are expected to begin during the 2^nd half of the year.

The Company is continuing its efforts to add new customers, expand product offerings and achieve continuous

reduction in operating cost thru TPM.

JOINT VENTURE COMPANY:

The Company has entered into Joint Venture agreement with OMR Bagla Automotive Systems India Limited or “OBASIL” (formerly known as Associated Brakes Limited) and OMR Holding Spa, Italy. OBASIL is a 50:50 Joint Venture between the Company and OMR Holding Spa. The Joint Venture Company is engaged in the manufacturing of aluminium pressure die casting components.

NATURE OF OPERATIONS:

The company manufactures automobile and brake system components which includes auto electrical components, aluminum die casting components, wheel assembly and fasteners. The company also generates power through windmill.

TRADE REFERENCES

· Bajaj Auto Limited, Aurangabad

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U31909PN1985PLC037539
Name of the company	AURANGABAD ELECTRICALS LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No B-7, MIDC, Chakan, Pune – 410501, Maharashtra, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10020468
Type of charge	Immovable Property Movable Property
Particular of charge holder	State Bank of India, Industrial Finance Branch, Tara Chambers, Mumbai - Pune Road, Wakdewadi, Pune - 411003, Maharashtra, India Email : sanjay.pandit@sbi.co.in
Nature of instrument creating charge	No instrument executed. Amount of charge reduced as per SBI letter No. IFB/CREDIT/AMT-5/2011-12/316 dated 21st September, 2011.
Date of instrument Creating the charge	21.09.2011
Amount secured by the charge	Rs.157.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - As may be agreed with the Bank from time to time. Terms of Repayment - No change. Margin - No change. Extent and Operation of the charge - Assets of company's plant at Plot No.6, Sector 10, IIE, Pantnagar (Uttarakhand).
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Fixed Assets and Current Assets of Company's Plant at Plot No.6, Sector 10, IIE, Pantnagar (Uttarakhand).
Date of instrument modifying the charge	16.07.2008
Particulars of the present modification	Amount secured by the charge stands reduced from Rs. 332.500 millions to Rs. 157.500 millions covering Bills Discounting limit of Rs.70.000 millions and term loan of Rs.87.500 millions.

FIXED ASSETS

• Leasehold Land
• Freehold Land
• Plant and Machinery
• Electrical Installation
• Factory Equipments
• Furniture and Fixture
• Vehicles
• Computer
• Office Equipments
• Software
• Tools

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 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.53.78
UK Pound	1	Rs.86.77
Euro	1	Rs.69.71

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.