MIRA INFORM REPORT

Report Date :

06.09.2012

IDENTIFICATION DETAILS

Name :	ELECTRONICA PLASTIC MACHINES LIMITED

Registered Office :	Gat No. 399, Hissa No. 1 and 2, Bhare, Taluka Mulshi, District Pune-412111, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	28.12.2007

Com. Reg. No.:	11-131189

Capital Investment / Paid-up Capital :	Rs.2.500 Millions

CIN No.: [Company Identification No.]	L25200PN2007PLC131189

TAN No.: [Tax Deduction & Collection Account No.]	PNEE02521B/ PNEE01324B

PAN No.: [Permanent Account No.]	AACCE0874D

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Manufacturer Injection Moulding Machines.

No. of Employees :	115 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 521000

Status :	Good

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having fine track. Financial position of the company is good. 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Team loan = BBB-
Rating Explanation	The moderate-credit-quality rating assigned by ICRA. The rated instrument carries higher than average credit risk.
Date	March 2012

Rating Agency Name	ICRA
Rating	Non fund based = A3
Rating Explanation	The moderate-credit-quality rating assigned by ICRA to short-term debt instruments. However, instruments rated in this category carries higher credit risk.
Date	March 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 :	Mrs. Himali Pimpalkhare
Designation :	Finance Manager
Contact No.:	91-9850415725
Date :	03.09.2012

LOCATIONS

Registered Office / Factory 1 :	Gat No. 399, Hissa No. 1 and 2, Bhare, Taluka Mulshi, District Pune-412111, Maharashtra, India
Tel. No.:	91-20-22922212 / 22922029 / 22922799/ 22922413 / 42273013
Mobile No.:	91-9850415725 (Mrs. Himali Pimpalkhare)
Fax No.:	91-20-22922074 / 30116566 / 20291158
E-Mail :	rvb@electronicapmd.com epmd@electronicapmd.com epm@vsnl.net smk@electronicapmd.com
Website :	http://www.electronicapmd.com
Location :	Owned

Factory 2 :	Unit-28, 2^nd Floor, Electronic Co-Operative Estate Limited, Pune Satara Road, Pune - 411009, Maharashtra, India
Tel. No.:	91-20-30116565
E-Mail :	smk@electrtonicapmd.com
Area :	Owned

Factory 3:	Pirangut S. No. 43/3, Gat No. 322, Plot No. 1, Taluka Mulshi, Pune, Maharashtra, India
Tel. No.:	91-20-22922308
Area :	Owned

Marketing Office:	Unit No. 28, Electronic Co-Operative Estate Limited, Pune Satara Road, Pune 411009, Maharashtra, India

DIRECTORS

As on 31.03.2010

Name :

Mr. Prakash Krishnaji Ratnaparkhi

Designation :

Managing Director

Address :

Shivam, 8 Amar Society, Erandawane, Pune -411004, Maharashtra, India

Date of Birth/Age :

12.04.1946

Qualification :

B. Tech

Date of Appointment :

30.04.2010

DIN :

00180568

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	U31909MH1981PTC024618	ELECTRONICA EXPORTS PRIVATE LIMITED	Director	15/06/1981	15/06/1981	10/12/2010	Active	NO
2	U72300MH1983PTC029434	ELEKTRA DATA SYSTEMS PRIVATE LIMITED	Director	28/02/1983	28/02/1983	-	Active	NO
3	U31403MH1986PTC040814	ELECTRONICA MECHATRONIC SYSTEMS (INDIA) PRIVATE LIMITED	Managing director	3/9/1986	3/9/1986	-	Active	NO
4	U65910PN1990PLC057017	ELECTRONICA FINANCE LIMITED	Director	26/06/1990	26/06/1990	20/12/2008	Active	NO
5	U65993MH1990PTC057020	SHIRISH HOLDING AND FINANCE PRIVATE LIMITED	Director	26/06/1990	26/06/1990	-	Active	NO
6	L74999MH1975PLC018397	ELECTRONICA MACHINE TOOLS LIMITED	Director	26/07/1993	26/07/1993	29/08/2011	Active	NO
7	U72200PN1998PTC012922	EMS TECHNOLOGIES PRIVATE LIMITED	Director	1/10/1998	1/10/1998	1/4/2009	Active	NO
8	U74120PN2007PTC129476	ELECTRONICA FINSMART SOLUTIONS PRIVATE LIMITED	Director	15/01/2007	15/01/2007	-	Active	NO
9	U51909PN2007PTC130696	EMST MARKETING PRIVATE LIMITED	Director	12/9/2007	12/9/2007	-	Active	NO
10	L25200PN2007PLC131189	ELECTRONICA PLASTIC MACHINES LIMITED	Managing director	30/04/2010	28/12/2007	-	Active	NO
11	U29299PN2007PLC130906	ELECTRONICA CNC MACHINING TECHNOLOGIES LIMITED	Director	20/12/2008	28/11/2008	1/7/2009	Active	NO
12	U27107MH2007PLC199080	ELECTRONICA TOUGH CARB LIMITED	Additional director	31/12/2009	28/11/2008	1/6/2011	Active	NO
13	U72900PN2010PTC137065	P E TECHNOLOGIES PRIVATE LIMITED	Director	6/8/2010	6/8/2010	-	Active	NO

Name :

Mr. Uday Madhav Chitale

Designation :

Director

Address :

167-C, Poonawadi, Dr. Ambedkar Roasd, Dadar (East), Mumbai - 400014, Maharashtra, India

Date of Birth/Age :

20.10.1949

Qualification :

Chartered Accountants

Date of Appointment :

02.11.2009

DIN :

00043268

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	U74140MH1998PTC116442	DFK CONSULTING SERVICES (INDIA) PRIVATE LIMITED	Director	4/9/1998	4/9/1998	-	Active	NO
2	U74120PN2001NPL016300	INDIAN COUNCIL FOR DISPUTE RESOLUTION	Director	5/7/2001	5/7/2001	-	Active	YES
3	U23201KA1997PLC032964	GMR VEMAGIRI POWER GENERATION LIMITED	Director	30/09/2004	30/09/2004	-	Active	NO
4	U72900MH1993PLC131900	ICICI SECURITIES PRIMARY DEALERSHIP LIMITED	Director	11/10/2005	11/10/2005	-	Active	NO
5	L27102MH1994PLC152925	JSW STEEL LIMITED	Director	20/10/2005	20/10/2005	-	Active	NO
6	U67120MH1995PLC086241	ICICI SECURITIES LIMITED	Director	27/06/2006	27/06/2006	-	Active	NO
7	U65923KA2006PTC040028	JANALAKSHMI FINANCIAL SERVICES PRIVATE LIMITED	Director	5/8/2006	5/8/2006	-	Active	NO
8	L28100KA1986PLC049077	PARRYS SUGAR INDUSTRIES LIMITED	Director	28/09/2006	12/8/2006	27/08/2010	Active	NO
9	U51909MH2003PLC140116	NATIONAL COMMODITY AND DERIVATIVES EXCHANGE LIMITED	Nominee director	31/07/2007	8/11/2006	31/03/2009	Active	NO
10	L45203KA1996PLC034805	GMR INFRASTRUCTURE LIMITED	Director	5/12/2006	5/12/2006	-	Active	NO
11	U29299PN2005PTC021445	DELVAL FLOW CONTROLS PRIVATE LIMITED	Director	3/8/2009	10/10/2008	-	Active	NO
12	L25200PN2007PLC131189	ELECTRONICA PLASTIC MACHINES LIMITED	Director	31/12/2009	2/11/2009	-	Active	NO
13	U66020MH2009PLC189325	AXIS MUTUAL FUND TRUSTEE LIMITED	Additional director	3/6/2011	3/6/2011	-	Active	NO

Name :

Mr. Ramesh Keskar

Designation :

Director

Address :

Ashirwad Bungalow, 49A/32, Behind SNDT College, Pune - 411004, Maharashtra, India

Date of Birth/Age :

05.09.1951

Qualification :

M.E. Metallurgy

Other Directorship :

Oerlikon Balzers Coating India Limited
Oerlikon Leybold Vacuum India Private Limited
Oerlikon Balzers Coating Thailand Company Limited

Name :

Captain Vilas Katre

Designation :

Director

Address :

253, Sindh Housing Society, Aunch, Pune, Maharashtra, India

Date of Birth/Age :

23.05.1942

Qualification :

Master Marinder

Other Directorship :

Seahorse India Private Limited
Omega Global Logistics Private Limited
IMSA Shipping Agency Private Limited
Vasundhara Agrotech Private Limited

KEY EXECUTIVES

Name :	Mrs. Himali Pimpalkhare
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2009

Names of Shareholders		No. of Shares
Prakash Ratnaparkhi		1
Shirish Ratnaparkhi		1
Aditya Ratnaparkhi		1
Ravindra Ratnaparkhi		1
Rashmi Ratnaparkhi		1
Radhika Modgulkar		1
Mohan Madgulkar		1
Shalaka Joshi		1
Anand Joshi		1
Electronica Machine Tools Limited, Pune, Maharashtra, India		49991
Total		50000

As on 31.12.2009

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	99.00
Directors or relatives of Directors	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Injection Moulding Machines.

Products :	Manufacturing Range : Horizontal Plastic Injection Moulding Machines Elektra Power Saver Labotek Minifeed (Auto Loader) Marketing Range: TAYU Vertical Plastic 20 LIANSU Extrusion Machines Auxiliaries such as Hopper Dryer, Auto Loader, Mixer, Low-Medium-High Speed Crushers, Robot, Gas Assist Injection Equipments, etc.

Exports :
Products :	Injection Moulding Machine
Countries :	Middle East South Africa

Terms :
Selling :	Cash / Credit

Purchasing :	Cash / Credit

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Plastic Vertical Injection Molding Machine	M/c	50 per month	40-45 per month

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

115 (Approximately)

Bankers :

State Bank of India, Commercial Branch, 1548A, Sadashiv Peth, Tilak Road, Pune-411030, Maharashtra, India
The Cosmos Co Operative Bank Limited (Parvati Branch), 269/270, Shaniwar Peth, Pune 411030, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2010		As on 31.03.2009
Cash Credit - The Cosmos Co-operative Bank Limited, Parvati, Pune		26.487	12.303
Cash Credit IDBI Bank Limited, Navi Peth, Pune		0.000	0.516
Cash Credit State Bank of India, Tilak Road, Pune		14.914	0.000
Term Loan-2-SBI,Tilak Road, Pune Account No -3111 361 7878		7.506	0.000
Term Loan-I-SBI, Tilak Road, Pune Account No -3111 3580266		15.015	0.000
Due to Approval of Demerger Scheme		0.000	0.000
Bank loan cash Credit Account		0.000	13.940
Term Loan – State Bank of India		0.000	17.839
Total		63.922	44.598
1. Working capital facilities from The Cosmos Co-Operative Bank Limited and IDBI Bank Limited. Outstanding balance on 31.03.2010 of Rs. 26.486 millions is secured against hypothecation of inventories and 'Book Debts' and Personal Guarantees of Shri. P.K. Ratnaparkhi (Previously Guarantees of other two Directors Mr. R. K. Ratnaparkhi and Mr. S. R. Pophale are also jointly given to the Banks before demerger scheme approval). 2. Working capital facilities from State Bank of India, Tilak Road, Commercial Branch, Pune outstanding balance of Rs.14.914 millions is secured against hypothecation of inventories and 'Book Debts' and other current assets of the Company on pari passu basis in consortium with The Cosmos Co-operative Bank Limited Along with Personal Guarantees of Shri. P. K. Ratnaparkhi (previous year Rs.13.940 millions received as classified liability in Demerger Scheme is secured against hypothecation of inventories and 'Book Debts' and personal guarantees of all the Directors Mr. P.K.Ratnaparkhi, Mr. R. K. Ratnaparkhi and Mr. S. R. Pophale before demerger effects). 3. Term Loan from State Bank of India, Tilak Road, Commercial Branch, Pune outstanding balance of Rs.22.521 millions is secured against charge on land at Gat No.399, Hissa No.1 and 2 and Gat No.375 at Bhare. Tal. Mulshi with Land at Gat No.723+724+726 at Urawade. is secured first charge exclusive charge favour of State Bank of lndia on Fixed Assets and personal guarantees of all the Directors Mr. P.K. Ratnaparkhi, Mr. R. K. Ratnaparkhi and Mr. S. R. Pophale before demerger effects. The formalities of mortgage of property is under process as on date of this report.
Unsecured Loan	As on 31.03.2010		As on 31.03.2009
Sales Tax Loan (WMDC)	0.167		1.374
Inter Corporate Loans / Loans from Shareholders	7.650		24.404
Total	7.817		25.778


Banking Relations :	--

Auditors :
Name :	S N Gogate and Company Chartered Accountants
Address :	Sanket, 2^nd Floor, Vijsynagar Colony, 2123, Sadashiv Peth, Pune - 411030, Maharashtra, India

Group Companies :	Electronica Hitech Engineering Limited Address: 44, Elektra Chambers, Mukundnagar, Pune - 411037, Maharashtra, India Electronica Mechatronics Systems (India) Private Limited Electronica Finance Limited EMS Technologies Private Limited Electronica, Pune Electronica Mech systems India Private Limited Electronica Exports Private Limited Electronica Data Systems Private Limited Mugdha Investment and Finance Private Limited Shirar Investment and Finance Private Limited Shrish Investment and Finance Private Limited Aditya Moulding Electronica Finsmart Solution Private Limited Rantnaparkhi Electronics Private Limited Electronica CNC Machine Tech Limited EMS Marketing Private Limited

Holding Company :	Electronica Machine Tools Limited CIN No.: U74999MH1975PTC018397

CAPITAL STRUCTURE

As on 28.09.2011

Authorised Capital : Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 2.489 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

300000	Equity Shares	Rs. 10/- each	Rs. 3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

248900	Equity Shares	Rs. 10/- each	Rs. 2.489 Millions
	Share Application Money		Rs. 0.011 Million
	Total		Rs. 2.500 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		2.500	2.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		127.884	61.904	29.611
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		130.384	64.404	32.111
LOAN FUNDS
1] Secured Loans		106.001	63.922	44.598
2] Unsecured Loans		3.400	7.817	25.778
TOTAL BORROWING		109.401	71.739	70.376
DEFERRED TAX LIABILITIES		2.414	1.595	0.000

TOTAL		242.199	137.738	102.487

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		115.312	77.450	48.174
Capital work-in-progress		1.457	0.000	0.000

INVESTMENT		8.691	18.052	5.708
DEFERREX TAX ASSETS		0.000	0.000	1.116

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	126.252	74.502	44.229
	Sundry Debtors	41.049	44.173	49.185
	Cash & Bank Balances	34.466	6.466	20.719
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	63.050	35.608	14.361
Total Current Assets		264.817	160.749	128.494
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		61.091	55.622
	Other Current Liabilities	117.508	39.033	24.928
	Provisions	30.707	18.437	0.500
Total Current Liabilities		148.215	118.561	81.050
Net Current Assets		116.602	42.188	47.444

MISCELLANEOUS EXPENSES		0.137	0.048	0.045

TOTAL		242.199	137.738	102.487

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	643.858	435.036	239.511
		Other Income	7.009	8.126	2.822
		TOTAL (A)	650.867	443.162	242.333

Less	EXPENSES
		Cost of Material	429.647	302.936	153.471
		Employee Cost	0.000	48.836	43.806
		Establishment Expenses	0.000	14.711	11.358
		Selling, General and Administration	59.385	16.301	20.836
		Preliminary Expenses written off	0.000	0.006	0.005
		Manufacturing Expenses	48.846	0.000	0.000
		Other Expenses	0.016	0.000	0.000
		TOTAL (B)	537.894	382.790	229.476

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		112.973	60.372	12.857

Less	INTEREST (D)		7.639	5.101	9.418

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		105.334	55.271	3.439

Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.116	2.330	2.362

	PROFIT BEFORE TAX (E-F) (G)		99.218	52.941	1.077

Less	TAX (H)		32.807	20.211	0.247

	PROFIT AFTER TAX (G-H) (I)		66.411	32.730	0.830

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	0.830	NA

Less	APPROPRIATIONS
		Transfer to General Reserve	NA	2.517	NA
		Dividend	NA	0.373	NA
		Tax on Dividend	NA	0.063	NA
	BALANCE CARRIED TO THE B/S		NA	30.607	0.830

	EARNINGS IN FOREIGN CURRENCY
	FOB Value of Export		NA	4.077	11.002
	Foreign line Commission		NA	15.698	41.969
	TOTAL EARNINGS		NA	19.775	52.971

	IMPORTS
	Raw Materials		NA	302.937	153.471
	TOTAL IMPORTS		NA	302.937	153.471

	Earnings Per Share (Rs.)		266.82	131.50	16.61

Particulars

31.03.2012

Sales Turnover (Approximately)

670.000

Expected Sales (2012-13) : Rs.700.000 Millions

The above information has been parted by Mrs. Himali Pimpalkhare

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	10.20	7.38	0.34

Net Profit Margin (PBT/Sales)	(%)	15.41	12.17	0.45

Return on Total Assets (PBT/Total Assets}	(%)	26.10	22.22	0.61

Return on Investment (ROI) (PBT/Networth)		0.76	0.82	0.03

Debt Equity Ratio (Total Liability/Networth)		1.97	2.95	4.71

Current Ratio (Current Asset/Current Liability)		1.79	1.35	1.59

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	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	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	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

CONTINGENT LIABILITIES:

Rs. In Millions

Particulars	31.03.2010	31.03.2009
Bank Guarantee	0.175	0.000
Sales Tax non Receipt of C form for 2006-07, 2007-08 and 2008-09	0.361	0.259

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	L25200PN2007PLC131189
Name of the company	ELECTRONICA PLASTIC MACHINES LIMITED
Address of the registered office or of the principal place of business in India of the company	Gat No. 399, Hissa No. 1 and 2, Bhare, Taluka Mulshi, Pune-412111, Maharashtra, India
This form is for	Creation of Charge
Type of charge	Book Debts Movable Property Others
Particular of charge holder	State Bank of India, Commercial Branch, 1548A, Sadashiv Peth, Tialk Road, Pune-411030, Maharashtra, India
Nature of instrument creating charge	Working Capital Consortium Agreement Joint Deed of Hypothecation (for Working Capital) (Both the documents create a single charge)
Date of instrument Creating the charge	23.03.2010
Amount secured by the charge	Rs. 67.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest DCC: @ 2% p.a. i.e. 13.75% p.a. above SBAR or rate prescribed by bank from time to time Present SBAR 11.75% p.a. LC: Commission As per Agreement BG: Commission as per Agreement Terms of Repayment As per Agreement with the bank Margin DCC: Raw Materials- 25% Stock in Process – 33% Finished Goods – 40% Book Debts (Cover Period 60 Days) – 30% BG- 25% LC- 25% Extent and Operation of the charge Type of Facility: 1. Demand Cash Credit of Rs. 40.000 Millions (SBI Rs. 20.000 Millions + COSMOS Rs. 20.000 Millions) 2. Letter of Credit of Rs. 20.000 Millions (SBI Rs. 15.000 Millions + COSMOS Rs. 5.000 Millions) 3. Bank Guarantee of Rs. 7.500 Millions (SBI Rs. 5.000 Millions + Cosmos Rs. 2.500 Millions) Total Credit of Rs. 67.500 Millions (SBI Rs. 40.000 Millions + Cosmos Rs. 27.500 Millions) First pari passu charge with cosmos bank by way of hypothecation of all current assets and movable assets and continues till full repayment of the loan amount Others All other terms and conditions are as per agreement All Credit facilities are in consortium of State Bank of India and Cosmos Co-Operative Bank Limited where SBI Act as lead banker
Short particulars of the property charged	Hypothecation of the whole current assets viz. Stocks of raw materials, stock in process, semi finished and finished goods. Stores and spares not related to Plant and Machinery (Consumable stores and spares) Bills Receivables and book debts and all other movable lying and being at the place of business of the borrowers, premises and godowns situate at Gat No. 399, Bhare Taluka Mulshi District Pune and Elsewhere the Same may be (Both present and future)

FIXED ASSETS:

Land
Building
Plant and Machinery
R and D
Furniture, Fixture
Office Equipments

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.55.90
UK Pound	1	Rs.88.63
Euro	1	Rs.70.03

INFORMATION DETAILS

Information Gathered by :	PJA

Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	6
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.

MIRA INFORM REPORT

126.252

74.502

41.049

44.173

34.466

6.466

0.000

63.050

35.608

264.817

160.749

61.091

117.508

39.033

30.707

18.437

148.215

118.561

116.602

42.188

10.20

7.38

15.41

12.17

26.10

22.22

0.76

0.82

1.97

2.95

1.79

1.35

Unit