MIRA INFORM REPORT

Report Date :

16.11.2012

IDENTIFICATION DETAILS

Name :	SOFTGEL HEALTHCARE PRIVATE LIMITED
Registered Office :	Old No.7, No. 15, Gopalakrishnan Road, T. Nagar, Chennai-600017, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.1.2003
Com. Reg. No.:	18-051829
Capital Investment / Paid-up Capital :	Rs. 150.000 millions
CIN No.: [Company Identification No.]	U24231TN2003PTC051829
TAN No.: [Tax Deduction & Collection Account No.]	CHES20646D
PAN No.: [Permanent Account No.]	AAHCS6272L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Medicines (Soft Gelatin Capsules)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 97000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The financial detail for the current year is missing from government department. However, from the previous year record there appears huge accumulated losses recorded by the company. However, trade relation are reported to be fair. Business is active. Payment are reported to be unknown. The company can be considered for business dealing with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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

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.

LOCATIONS

Registered Office :	Old No.7, No. 15, Gopalakrishnan Road, T. Nagar, Chennai-600017, Tamil Nadu, India
Tel. No.:	91-44-23452030 / 34
Fax No.:	91- 44-23452036/ 23452030
E-Mail :	accounts@softgelhealthcare.com deepak@softgelhealthcare.com vijay@softgelhealthcare.com
Website:	http://softgelhealthcare.com
Factory/ Corporate Office:	Survey No. 20/1, Vandalur – Kelambakkam Road, Pudupakkam, Village Kancheepuram District, Chennai – 603103, Tamil Nadu, India
Tel. No.:	91-44-27498412
Fax No.:	91- 44-27475857
E-Mail :	softgel@softgelhealthcare.com

DIRECTORS

As on 31.08.2012

Name :

Mr. Abdulhai Mohammed Sulaiman

Designation :

Managing director

Address :

Old No 16. New No 33/1, Kannadasan Road, T. Nagar, Chennai – 600017, Tamilnadu, India

Date of Birth/Age :

01.05.1951

Qualification :

B. Pharm

Date of Appointment :

23.10.2003

DIN No.:

01186491

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	U24231TN2003PTC051829	SOFTGEL HEALTHCARE PRIVATE LIMITED	Managing director	23/10/2003	23/10/2003	-	Active	NO
2	U24231TN2004PTC052943	MARAL HEALTH CARE PRIVATE LIMITED	Managing director	12/04/2004	12/04/2004	-	Active	NO
3	U24231TN2005PTC057548	LLOYD LABORATORIES PRIVATE LIMITED	Director	20/09/2005	20/09/2005	30/09/2011	Active	NO
4	U24239AP2007PTC052629	OCEAN HEALTH and MEDICAL PRIVATE LIMITED	Director	06/02/2007	06/02/2007	-	Active	NO
5	U02423TN2007PTC062549	STERIL-GENE LIFE SCIENCES PRIVATE LIMITED	Managing director	01/03/2008	28/02/2007	-	Active	NO
6	U65990TN2010PTC075670	MADRAS PHARMA HOLDINGS PRIVATE LIMITED	Director	12/05/2010	12/05/2010	-	Active	NO
7	U24231JK1994PTC001409	ANPHAR ORGANICS PRIVATE LIMITED.	Additional director	02/03/2012	02/03/2012	-	Active	NO

Name :

Mrs. Gandhimathi Alagappan

Designation :

Director

Address :

No. 21/22, 5^th Main Road, Lake Area, Nungambakkam, Chennai – 600034, Tamilanadu, India

Date of Birth/Age :

02.03.1958

Qualification :

SSLC

Date of Appointment :

02.08.2004

DIN No.:

01542295

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	U24231TN2004PTC052943	MARAL HEALTH CARE PRIVATE LIMITED	Director	12/04/2004	12/04/2004	-	Active	NO
2	U24231TN2003PTC051829	SOFTGEL HEALTHCARE PRIVATE LIMITED	Director	02/08/2004	02/08/2004	-	Active	NO
3	U02423TN2007PTC062549	STERIL-GENE LIFE SCIENCES PRIVATE LIMITED	Director	28/02/2007	28/02/2007	-	Active	NO
4	U65990TN2010PTC075670	MADRAS PHARMA HOLDINGS PRIVATE LIMITED	Director	12/05/2010	12/05/2010	-	Active	NO

Name :

Mrs. Meenakshi Nagappan

Designation :

Director

Address :

28, Arcot Mudali Street, T. Nagar, Chennai-600017, Tamil Nadu, India

Date of Birth/Age :

21.03.1963

Date of Appointment :

26.09.2009

DIN No.:

01186189

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	U24231TN2004PTC052943	MARAL HEALTH CARE PRIVATE LIMITED	Director	12/04/2004	12/04/2004	-	Active	NO
2	U02423TN2007PTC062549	STERIL-GENE LIFE SCIENCES PRIVATE LIMITED	Director	28/02/2007	28/02/2007	-	Active	NO
3	U24231TN2003PTC051829	SOFTGEL HEALTHCARE PRIVATE LIMITED	Director	26/09/2009	16/02/2009	-	Active	NO
4	U65990TN2010PTC075670	MADRAS PHARMA HOLDINGS PRIVATE LIMITED	Director	12/05/2010	12/05/2010	-	Active	NO

Name :

Mrs. Mangaleswari Balakumar

Designation :

Director

Address :

27A,11A, Moosa Street, T. Nagar, Chennai-600017, Tamil Nadu, India

Date of Birth/Age :

18.03.1962

Qualification :

SSLC

Date of Appointment :

26.09.2009

DIN No.:

01186450

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	U24231TN2004PTC052943	MARAL HEALTH CARE PRIVATE LIMITED	Director	12/04/2004	12/04/2004	-	Active	NO
2	U02423TN2007PTC062549	STERIL-GENE LIFE SCIENCES PRIVATE LIMITED	Director	28/02/2007	28/02/2007	-	Active	NO
3	U24231TN2003PTC051829	SOFTGEL HEALTHCARE PRIVATE LIMITED	Director	26/09/2009	16/02/2009	-	Active	NO
4	U65990TN2010PTC075670	MADRAS PHARMA HOLDINGS PRIVATE LIMITED	Director	12/05/2010	12/05/2010	-	Active	NO

Name :

Mr. Sivasamy Manohar

Designation :

Director

Address :

25, Kamala Nagar, Madurai-625002, Tamil Nadu, India

Date of Birth/Age :

15.03.1953

Date of Appointment :

26.09.2009

DIN No.:

01057515

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	U85110TN1993PTC025435	DOPPLER DIAGNOSTICS & RESEARCH CENTRE PRIVATE LIMITED	Managing director	15/08/1994	15/08/1994	-	Active	NO
2	U02423TN2007PTC062549	STERIL-GENE LIFE SCIENCES PRIVATE LIMITED	Director	28/02/2007	28/02/2007	-	Active	NO
3	U24231TN2004PTC052943	MARAL HEALTH CARE PRIVATE LIMITED	Director	06/06/2007	06/06/2007	-	Active	NO
4	U24231TN2003PTC051829	SOFTGEL HEALTHCARE PRIVATE LIMITED	Director	26/09/2009	16/02/2009	-	Active	NO
5	U65990TN2010PTC075670	MADRAS PHARMA HOLDINGS PRIVATE LIMITED	Director	12/05/2010	12/05/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 12.09.2011

Names of Shareholders	No. of Shares
A.M. SuLaiman	650000
N. Meenakshy	650000
B. Mangaleshwari	550000
A. L Gandhimathi	650000
S. Manohar	610000
Hari Balachandran	370000
K- Deepthi	350000
Doppler Scan	100000
Accent Pharma	1885000
Maral Labs	1535000
The Madras Pharmaceuticals	3000000
Tristar Formulations Private Limited, India	1330000
Alagappan	800000
S. Humayun	800000
B.Vijay	530000
Nagappan	450000
M Chitra	740000
Total	15000000

As on 28.11.2011

Names of Allottee	No. of Shares
A. M. Sulaiman – The Madras Pharmaceuticals	2980000
A. M. Sulaiman – Maral Labs	1130000
Total	4110000

As on 27.03.2012

Names of Allottee	No. of Shares
Mrs. Balajadia Zenaida Dizon	6355052
Total	6355052

As on 29.03.2012

Names of Allottee	No. of Shares
Mrs. Balajadia Zenaida Dizon	3046022
Total	3046022

Equity Share Break up (Percentage of Total Equity)

As on 31.08.2012

Category	Percentage
Bodies corporate	9.00
Directors or relatives of Directors	91.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Medicines (Soft Gelatin Capsules)

Products :

ITC CODE NO.	PRODUCT/ SERVICES DESCRIPTION
3003.1	Pharmaceutical Formulations

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Formulations (Softgelatin Capsules)	Nos	NA	120,00,00,000	287413187

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Indian Overseas Bank, C and IC Branch, 98A Dr. Radhakrishanan Salai, Mylapore, Chennai – 600004, Tamilnadu, India.

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	142.441	177.073
Loans taken for vehicles secured	0.659	0.000
Hire purchase installment payable secured	0.000	0.312
Other debt secured	68.674	69.380
Total	211.774	246.765
Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Other debt unsecured	69.524	117.994
Total	69.524	117.994

Banking Relations :	--
Auditors :
Name :	N.Rajaraman and Associates Chartered Accountants
Address :	No.100, 1^st Floor, 3^rd Cross Street, Sundar Nagar, Guindy, Chennai, 600032, Tamilnadu, India
PAN No.:	AAAFR5096B

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

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

As on 31.08.2012:

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
28511074	Equity Shares	Rs.10/- each	Rs.285.111 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		150.000	104.300	104.300
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(125.679)	(148.495)	(136.927)
NETWORTH		24.321	(44.195)	(32.627)
LOAN FUNDS
1] Secured Loans		211.774	246.765	244.086
2] Unsecured Loans		69.524	117.994	67.869
TOTAL BORROWING		281.298	364.759	311.955
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		305.619	320.564	279.328
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		211.125	214.393	220.004
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	90.170	56.213	60.811
	Sundry Debtors	79.307	94.777	31.105
	Cash & Bank Balances	3.065	2.781	2.108
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	19.202	15.173	14.042
Total Current Assets		191.744	168.944	108.066
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	87.804	57.519	43.062
	Other Current Liabilities	14.847	11.353	12.438
	Provisions	0.000	0.000	0.000
Total Current Liabilities		102.651	68.872	55.500
Net Current Assets		89.093	100.072	52.566
MISCELLANEOUS EXPENSES		5.401	6.099	6.758
TOTAL		305.619	320.564	279.328

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	349.605	281.885	139.173
		Other Income
		TOTAL (A)	349.605	281.885	139.173
Less	EXPENSES
		Office Expenses	284.137	251.947	122.790
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	284.137	251.947	122.790
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		65.468	29.938	16.383
Less	FINANCIAL EXPENSES (D)		27.859	31.648	34.701
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		37.609	(1.710)	(51.084)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.793	9.859	10.141
	PROFIT BEFORE TAX (E-F) (G)		22.816	(11.569)	(61.225)
Less	TAX (H)		0.000	0.000	(0.166)
	PROFIT AFTER TAX (G-H) (I)		22.816	(11.569)	(61.391)
	EARNINGS IN FOREIGN CURRENCY
		Exports on FOB	NA	113.043	75.939
		Other Income – Development Charges	NA	13.736	3.722
	TOTAL EARNINGS		NA	126.779	79.661
	IMPORTS
		Raw Materials	NA	8.280	9.119
		Capital Goods	NA	0.844	1.089
	TOTAL IMPORTS		NA	9.124	10.208
	Earnings Per Share (Rs.)		1.72	(1.11)	(6.14)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.53	(4.10)	(44.11)
Return on Total Assets (PBT/Total Assets}	(%)	5.66	(3.02)	(18.66)
Return on Investment (ROI) (PBT/Net worth)		0.94	0.26	1.88
Debt Equity Ratio (Total Liability/Net worth)		15.79	(9.81)	(11.26)
Current Ratio (Current Asset/Current Liability)		1.87	2.45	1.95

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	------
22]	Litigations that the firm / promoter involved in	------
23]	Banking Details	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	No

NOTE:

The registered office of the company has been shifted from No.18, Dr. Nair Road, T-Nagar, Chennai-600017, Tamil Nadu, India to the present address w.e.f. 17.02.2011

REVIEW OF OPERATIONS:

The year has shown an improved performance of the Company in terms of Turnover as well as Profit before tax compared to last year. The turnover of the company recorded an increase of 24.02% compared to last year

DEVELOPMENTS:

Our Company has received so far Regulatory Approvals (for CGMP compliance) from the following agencies:

Sl. No.	Agency Name	Country
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.	Pharmacy and Poisons Board National Drug Authority Ministry of Health Tanzania Food and Drug Agency Health Product and Food Branch Directorate National Agency for Food and Drug Administration and control (NAFDAC) Bureau of Foods and Drug Authority Ministry of Health Pharmacy Medicines and Poisons Board Medicines and Healthcare products regulatory agency Department of Health and Ageing Therapeutic goods Administration Australian Government ISO 9001 2000 ISO 14001 2004	Kenya Uganda Ukraine Tanzania Canada Nigeria Philippines Sri Lanka Malawi UK Australia India India

Apart from this, we have been inspected by several multinational companies from US, Europe, Iran, Philippines and other East Asian countries. We have complied with the requirements of all the above companies quality requirements and the contract agreement has been signed for development of products as per their needs.

Our products have been registered in various countries like Philippines, Sri Lanka, Nigeria, Uganda, Tanzania, Ghana, UK and Australia.

OUT LOOK:

Registration process of their products is going on in many countries like Iran, Vietnam, Mexico, Panama, Coast Rica, Ukrain etc.

They have been exporting their products to IDA foundation, The Netherlands, Forum Products- UK, Warren Chem South Africa, South American Express, Bolivia in the year.

On the domestic front, during the current year, they have done business with few reputed pharmaceutical companies like Intas, Indus, Mankind, Apex Laboratories, FDC Limited, Ranbaxy, Macleods, Orbit Life Science etc. They are taking at most care in initiating business with the companies which have good annual requirements and are ready to pay.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24231TN2003PTC051829
Name of the company	SOFTGEL HEALTHCARE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No.18, Dr. Nair Road, T-Nagar, Chennai-600017, Tamil Nadu, India Email: ed@softgelhealthcare.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10034009
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	Indian Overseas Bank, C and IC Branch, 98A Dr. Radhakrishanan Salai, Mylapore, Chennai – 600004, Tamilnadu, India. Email: sivbruhu@eth.net
Nature of instrument creating charge	1. Letter of Hypothecation (for securing machineries/vehicles/goods/book Debts) 2. No Instrument. Supplemental Narration for deposit of title deeds
Date of instrument Creating the charge	28.09.2010
Amount secured by the charge	Rs. 322.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC, TLs & WCTL- Base Rate + 3.75%, presently 12% p.a., PCL and Foreign Bills- Base rate + 0.75%, presently 9.00% p.a. Terms of Repayment Working Capital limits repayable on demand. TLs to be repaid as per the existing repayment terms. Margin Existing margin for the existing TL limits to continue. Margin for CC -25% on stocks and book debts, PCL-25%, FDDBP/FDUBP under LC bills -Nil, Non LC bills- 10%, LC- 25%, LG - 10%. Extent and Operation of the charge Charge on the assets more fully described in clause 15 of form 8.The charge operates as security for the repayment of dues by the Company to the bank along with interest and charges etc Others All other terms and conditions are as per sanction letters dt.23.09.10 and documents obtained by the bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Primary Security:- Term Loans- First and exclusive charge by way of Hypothecation of Plant and Machinery, Equipments and other Fixed assets of the company and fixed assets of R&D unit of the company. Working capital limits- First Charge by Hypn of the entire current assets of the company. Collateral Security:- Term Loans- Second Charge by Hypn of the entire current assets of the company. Working Capital limits- Second charge by Hypn of the entire fixed assets of the company. FDDBP/FDUBD and LC-Documents of title to goods/accepted hundies. LG- Counter indemnity of company. Common Security for all the Limits:- Extension of Equitable Mortgage by constructive delivery of documents of all that piece and parcel of 1) land measuring 66 cents comprised in S.No.20/1, paimash number 936, in Pudupakkam Village, Chinglepet Dist and bounded on the North by Vandaloor-Kelambakkam Main Road, South by Land of Ansar Ahmed, East and West by Land of Amalgamation company 2) Land measuring 65 cents comprised in S.No.20/1, paimash number 936, in Pudupakkam Village, Chinglepet Dist and bounded on the North by Vandaloor- Kelambakkam Main Road, South by Land of Amalgamation Company, East by Land of Jafar Ali and West by Land of Abdul Rahim 3) land measuring 65 cents comprised in S.No.20/1, paimash number 936, in Pudupakkam Village, Chinglepet Dist and bounded on the North by Vandaloor-Kelambakkam Main Road, South by Land of Amalgamation Company, East by Land of Babu Leather company and West by land of Ansar Ahmed in all aggregating to 1 acre and 96 cents of land with factory building constructed thereon and lying within the Regn district of Chengalpattu and sub regn dist of Thiruporur to secure the total limits Rs.322.500 Millions sanctioned to the company.
Date of instrument modifying the charge	12.07.2010
Particulars of the present modification	This modification is filed as the company has been sanctioned with enhancement in the CC limits, FDDBP/FDUBP limits, LC, LG limits and the total limits sanctioned to the company modified to Rs.32.25 crores. Security for the limits as in clause 15 of this form 8.The Modified limits are as given here. TL-I Rs.119.000 Millions, TL-II Rs.26.000 Millions, TL-III Rs.50.000 Millions, WCTL Rs.25.000 Millions, CC Rs.50.000 Millions (PCL Rs.20.000 Millions-sub limit under CC), FDDBP/FDUBP Rs.30.000 Millions, LC Rs.15.000 Millions and LG Rs.7.500 Millions.

FIXED ASSETS:

· Land

· Factory Building

· Computer

· Furniture and Fittings

· Office Equipments

· Plant and Machinery

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration:

No 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.54.96
UK Pound	1	Rs.87.10
Euro	1	Rs.70.03

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	2
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.