MIRA INFORM REPORT

Report Date :

24.08.2013

IDENTIFICATION DETAILS

Name :	GUPTA POWER INFRASTRUCTURE LIMITED (w.e.f. 31.03.2008)
Formerly Known As :	GUPTA CABLES PRIVATE LIMITED
Registered Office :	EN-62, Sector – V, 7^th Floor, Salt Lake City, Kolkata – 700091, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.05.1961
Com. Reg. No.:	21-025104
Capital Investment / Paid-up Capital :	Rs.65.426 Millions
CIN No.: [Company Identification No.]	U31300WB1961PLC025104
TAN No.: [Tax Deduction & Collection Account No.]	CALG00457C
PAN No.: [Permanent Account No.]	AAACG9210B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Conductors and Power Cables.
No. of Employees :	800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 5097000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an old and established company having a satisfactory track record. The management of the company has not filed its financial since 2011. As per indirect source, we found that the company has performed well during 2012. The financials are verified. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered for business dealings at usual trade terms and conditions. Note: Indirect Source: CRISIL

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	August 3, 2012

Rating Agency Name	CRISIL
Rating	Short term rating : A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	August 3, 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. Nihar
Designation :	Accounts Department
Contact No.:	91-674-2313898
Date :	22.08.2013

LOCATIONS

Registered Office :	EN-62, Sector – V, 7^th Floor, Salt Lake City, Kolkata – 700091, West Bengal, India
Tel. No.:	91-33-39584017/ 22438441/ 40657348
Mobile No.:	91-9338774267 (Mr. Sangram Ray)
Fax No.:	91-33-22438441
E-Mail :	sharma_gl@yahoo.com communication_2008@rediffmail.com info@guptapower.com hareebol@sancharnet.in kishalay_08@rediffmail.com sangamray@guptapower.com
Website :	http://www.guptapower.com
Area :	4000 Sq. Ft.
Location :	Owned
Corporate Office :	Cuttack Road, Bhubaneshwar – 751006, Orissa, India
Tel. No.:	91-674-2313898/ 2312945
Fax No.:	91-674-2312083/ 2312876
Factory 1 :	Plot No-F/9, IDCO IID Centre, Khurda-752054, Orissa, India
Tel. No.:	91-674-2313898/ 2312945
Fax No.:	91-674-2312083/ 2312876
Factory 2 :	Shed No.13 and 18, Phase - V, SIDCO Industrial Estate, Gummidipoondi, Chennai – 601201, Tamilnadu, India
Tel. No.:	91-44-27921349
Fax No.:	91-44-37909900
Factory 3 :	Plot No. 132, Nandnagar Industrial Estate Phase II, VIII. - Mahaukheraganj, Kasipur -244713, Uttarakhand, India
Marketing Offices 1 :	No: L - 16 / 2, 2nd Floor, L - Block, 26th Street, Annanagar [East] Chennai - 600102, Tamilnadu, India
Tel. No.:	91-44-26222262
E-Mail :	chennai@guptapower.com
Marketing Offices 2 :	122, (First Floor), DLF Galeria Mall Mayur Vihar, Phase – I, District Center Delhi-110091, India
Tel. No.:	91-11-47513131
Marketing Offices 3 :	Unique House, S2 (Ground Floor), Besides Procter & Gamble (P&G) Plaza, Chakala Road, Andheri [East], Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-32261641/ 2
Fax No.:	91-22-28328199
E-Mail :	mumbai@guptapower.com
Branch Offices :	Located at: · Bangalore · Bhopal · Hyderabad · Raipur · Ranchi

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Mahendra Kumar Gupta
Designation :	Managing Director
Address :	Gupta Niwas Station Road, Bhubaneshwar, Khurda – 751006, Orissa, India
Date of Birth/Age :	01.10.1952
Date of Appointment :	05.09.1997
DIN No.:	00492922
Name :	Mr. Bhagat Ram Gupta
Designation :	Chairman cum Managing Director
Address :	Gupta Niwas Station Road, Bhubaneshwar, Khurda – 751006, Orissa, India
Date of Birth/Age :	12.11.1943
Date of Appointment :	05.09.1997
DIN No.:	00492874
Name :	Mr. Jitendra Mohan Gupta
Designation :	Director Administration
Address :	Gupta Niwas Station Road, Bhubaneshwar, Khurda – 751006, Orissa, India
Date of Birth/Age :	09.07.1972
Date of Appointment :	05.09.1997
DIN No.:	00492662
Name :	Mrs. Kiran Devi Gupta
Designation :	Director
Address :	Gupta Niwas Station Road, Bhubaneshwar, Khurda – 751006, Orissa, India
Date of Birth/Age :	18.01.1945
Date of Appointment :	01.01.2004
DIN No.:	01348787
Name :	Mr. Abhishek Gupta
Designation :	Director
Address :	Gupta Niwas Station Road, Bhubaneshwar, Khurda – 751006, Orissa, India
Date of Birth/Age :	02.03.1975
Date of Appointment :	20.12.2006
DIN No.:	00492732

KEY EXECUTIVES

Name :	Mr. Nihar
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Bhagat Ram Gupta	9228
Kiran Devi Gupta	11346
Mahendra Kumar Gupta	24398
Padma Devi Gupta	28810
Subhash Chandra Gupta	4495
Sushila Devi Gupta	5465
Adi Narayan Gupta	2250
Bhagawatilal Prasad Agrawala	166
Sharada Kumari Agrawala	50
Jitendra Mohan Gupta	10000
Abhishek Gupta	6644
Adi Narayan Gupta H.U.F.	29031
Subhash Chandra Gupta H.U.F.	29008
Rekha Gupta	29373
Pooja Gupta	2000
Mahendra Kumar Gupta HUF	29345
Bhagat Ram Gupta HUF	29400
Bhagat Ram Gupta M. HUF	11900
Bhagat Ram Gupta S. HUF	12000
Sunita Devi Gupta	29347
Fidelity Marketing (Private) Limited, India	123800
Flexo Contra Private Limited, India	73200
Hariom Vanijya Private Limited, India	50000
ARP Securities Private Limited, India	59400
Juhi Vanijya Private Limited, India	43600
Total	654256

AS ON 23.03.2012

Name of Allottees	No. of Shares
Bhagat Ram Gupta (HUF)	5000
Pooja Gupta	80000
Abhishek Gupta	140000
Subash Chandra Gupta	195000
Harsh Mohan Gupta	200000
Sushila Gupta	100000
Subash Chandra Gupta (HUF)	200000
Manisha Gupta	50000
Adinarayan Gupta	200000
Adinarayan Gupta (HUF)	100000
Kunj Bihari Gupta	200000
Sunita Gupta	30000
Total	1500000

AS ON 30.09.2011

Equity Shares Break – up

Category	Percentage of Holding
Bodies corporate	53.00
Directors or relatives of directors	47.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Conductors and Power Cables.
Exports :
Products :	Finished Goods
Countries :	· South Africa · Arabian Countries · Egypt · Gulf Countries
Imports :
Products :	Raw materials
Countries :	· South Korea · Switzerland
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
AAAC/ ACSR/ AAC Conductors, Wires, Cables, etc.	MTs	96969	96969	58503.592

GENERAL INFORMATION

Customers :

End Users

· Aarti Steels Limited

· ABB Limited

· Abhijeet Infra Limited

· Adani Group

· Adhunik Group

· Utkal Alumina

· Airports Authority of India

· Ajmer Vidyut Vitran Nigam Limited

· All India Radio

· Alstom

· Apgenco

· Areva

· APEPDCL

· APNPDCL

· Ardent Steel Limited

· Bajaj Electricals

· BILT

· Get Power Private Limited

· FACOR

· KESCO

· OPGC Limited

· TATA Steel

No. of Employees :

800 (Approximately)

Bankers :

· Canara Bank, Buxi Bazar Branch, Mangalabagh, Cuttack – 753001, Orissa, India [Tel No.: 91-671-2612433]

· Canara Bank, Sur Complex, Mangalabagh, Cuttack – 753001, Orissa, India

· Allahabad Bank, Bapuji Nagar, Bhubaneshwar, Orissa, India

[Tel No.: 91-674-2532745]

· ICICI Bank Limited

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· Indusind Bank Limited, Savitri Towers, 3 A Upper Wood Street, Kolkata - 00017, West Bengal, India

· Axis Bank Limited, Bhubaneshwar, Orissa, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee Term Loans Banks Secured	377.996	234.977
Working Capital Loans Banks Secured	1304.348	748.826
Total	1682.344	983.803

Banking Relations :	--
Auditors :
Name :	Das Maulik Mahendra K Agrawal and Company Chartered Accountants
Address :	AT-B Block, Monalika Apartment, Old Station Square, Cuttack Road, Bhubaneshwar – 751006, Orissa, India
Tel. No.:	91-674-2312791/ 2313039
Fax No.:	91-674-2313487
E-Mail :	dmmka_ho@yahoo.co.in magrawala@yahoo.com
PAN No.:	AAEFD6922C
Associates/Subsidiaries :	· Tirupati Conductors Private Limited U31300OR1994PTC003570 · Kunj Alloys Private Limited U27203OR2000PTC006119 · Kunj Engineers and Consultants Private Limited U28999OR2001PTC006627

CAPITAL STRUCTURE

AFTER 30.09.2011

Authorised Capital : Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 84.426 Millions

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
990,000	Equity Shares	Rs.100/- each	Rs. 99.000 Millions
10,000	12% Cumulative Redeemable Preference Shares	Rs.100/- each	Rs. 1.000 Million
	Total		Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
654,256	Equity Shares	Rs.100/- each	Rs. 65.426 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		65.426	65.426	58.426
2] Share Application Money		0.000	0.000	59.400
3] Reserves & Surplus		1208.719	970.341	723.954
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1274.145	1035.767	841.780
LOAN FUNDS
1] Secured Loans		1682.344	983.803	884.130
2] Unsecured Loans		129.110	130.995	107.042
TOTAL BORROWING		1811.454	1114.798	991.172
DEFERRED TAX LIABILITIES		1.173	1.910	1.564
TOTAL		3086.772	2152.475	1834.516
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		634.213	537.651	220.479
Capital work-in-progress		176.014	156.116	160.293
INVESTMENT		10.115	10.009	9.557
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1139.988	505.663	302.634
	Sundry Debtors	1316.728	1250.165	1410.520
	Cash & Bank Balances	417.804	381.355	368.677
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	198.142	182.934	186.081
Total Current Assets		3072.662	2320.117	2267.912
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	730.294	804.464	652.547
	Other Current Liabilities	0.000	0.000	138.479
	Provisions	76.630	68.002	34.103
Total Current Liabilities		806.924	872.466	825.129
Net Current Assets		2265.738	1447.651	1442.783
MISCELLANEOUS EXPENSES		0.692	1.048	1.404
TOTAL		3086.772	2152.475	1834.516

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	9893.760	7670.772	7021.401
		Other Income	0.000	0.000	1.129
		TOTAL (A)	9893.760	7670.772	7022.530
Less	EXPENSES
		Consumption Materials Changes Inventories	7780.320	5898.942
		Manufacturing Service Costs	950.999	790.622
		Employee Related Expenses	81.408	46.630
		Administrative Selling Other Expenses	494.078	471.836
		TOTAL (B)	9306.805	7208.030	6595.810
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		586.955	462.742	426.720
Less	FINANCIAL EXPENSES (D)		255.572	221.264	235.986
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		331.383	241.478	190.734
Less/ Add	DEPRECIATION/ AMORTISATION (F)		26.213	10.964	7.949
	PROFIT BEFORE TAX (E-F) (G)		305.170	230.514	182.785
Less	TAX (H)		66.973	47.260	28.026
	PROFIT AFTER TAX (G-H) (I)		238.197	183.254	154.759
Less	APPROPRIATIONS
		Dividend	0.000	0.000	3.060
		Tax on Dividend	0.000	0.000	0.557
	BALANCE TRANSFERRED TO RESERVE AND SURPLUS		238.197	183.254	151.142
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	NA	1581.500
	IMPORTS
		Raw Materials	NA	NA	472.638
	Earnings Per Share (Rs.)		375.80	294.98	269.38

Particulars	31.03.2013	31.03.2012
Sales Turnover (Approximately)	16000.000	12000.000

The above information has been parted by Mr. Nihar [Accounts Department]

AS PER INDIRECT SOURCE: CRISIL

Particulars	31.03.2013	31.03.2012
Net Profit	NA	390.000

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.41	2.39	2.20
Net Profit Margin (PBT/Sales)	(%)	3.08	3.01	2.60
Return on Total Assets (PBT/Total Assets}	(%)	8.23	8.07	7.35
Return on Investment (ROI) (PBT/Networth)		0.24	0.22	0.22
Debt Equity Ratio (Total Debt/Networth)		1.42	1.08	1.18
Current Ratio (Current Asset/Current Liability)		3.81	2.66	2.75

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	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	No
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	No
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

UNSECURED LOANS

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Other Debt Unsecured	129.110	130.995
Total	129.110	130.995

Note:

The Registered office of the company has been shifted from 7 Mangoe Laner No.302 and 303, 3^rd Floor, Kolkata – 700001, West Bengal, India to the present w.e.f. 18.01.2011.

YEAR IN RETROSPECT:

i) R and D division of the Company is working day and night to develop latest technology to be at par with its competitors at National and International level. The Company has developed technology to manufacture a new type of conductor called INVAR/GAP which are in high demand overseas and gradually it is making inroads in India too. These products were presented at various Electricity Boards and Power Companies and it got wide appreciation at all the level. There are only two Companies in India who have developed such technology.

ii) The Company has started substation and distribution line work which has given it the eligibility to take up transmission and distribution work on turnkey basis. The Company has recently got an order for such job at Samukha Beach (Puri to Konark).

iii) The is the only unit in Orissa who became qualified to participate in the bid for underground cabling work at Puri.

iv) The Company had participated and displayed its products at international trade fair held at Dubai, Ethiopia and South Korea. The response to the products there was very much encouraging.

v) The Rural Electrification (RE) of the Company works in Orissa UNDER Rajeev Gandhi Gramin Vidyutikaran Yojana and Biju Gram Vidyut Yojana is yielding excellent results. The Company has been rated as the best by Govt. of Orissa, OSIC, UID etc. They have successfully completed 810 villages.

vi) The now have another reason to cheer that High Level Single Window Clearance Committee of Govt. of Orissa has approved their proposal for setting up an HT cable manufacturing plant upto 220 KVA. The said Committee has also recommended for allotment of Ac. 30.00 land near Khordha and Bhubaneswar for setting up above project. With such their unit shall be the only unit in entire Eastern India having such manufacturing facility.

vii) The Directors are in final negotiation with overseas company for joint venture to establish HT cables up to 220 KVA manufacturing unit. Such JV shall give necessary qualification to the Company to participate in bid for such products.

viii) In a very short span of time, the cables manufactured by the Company got enlisted with all the major bluechip and Govt/Semi Govt. Undertaking.

ix) The empowered State Technical Committee of Govt. of Orissa has approved their proposal for setting up a 5 M.W. Solar Power Project which shall entail an investment of around Rs.850.000 Millions. As you are aware global warming is the serious concern world wide and the major thrust in entire world is to curb carbon emission to neutralize its effect to some extent. Govt. of India is now giving wide stress on green energy and is contemplating industry friendly policies to encourage such projects which shall be shortly enacted.

GENERAL MARKET AND FUTURE OUTLOOK:

The critical role played by the power industry in the economic progress of a country has to be emphasized. A self sufficient power industry is vital for a nation to achieve economic stability. Electricity is one of the most vital infrastructure inputs for economic development of a country. There is a strong demand for electricity in India and it is steadily growing with the country's economic growth and rising consumerism. The Indian electricity market today offers one of the highest growth potential for private players. Government reforms, e.g. distribution network Reforms Program, would be the key factor driving the power sector. Reforms such as The Electricity Act and National Electricity Policy will give impetus to the Indian power sector.

The Indian power sector is experiencing a large demand-supply gap. At present, the energy shortage in India is ~10% but there are States where the energy shortage is as high as 25%. To combat this, over 80,000 MW of new generation capacity is planned in the next five years. A corresponding investment is required in Transmission and Distribution networks.

The Indian Ministry of Power has set a goal, Mission 2012: Power for all and released a comprehensive sector development blueprint. The main objectives, in addition to providing 100% access to power, are to provide sufficient power to achieve targeted GDP growth rate of 8%, provide reliable and good quality power and to enhance commercial viability.

200 billion is required to meet Mission 2012 targets. This has welcomed numerous opportunities to the Indian Organisations to convert them in corporate giants. Additional massive capital investment is further required over the subsequent years with the countries power requirement expected to touch 800,000 MW by 2031-32.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U31300WB1961PLC025104
Name of the company	GUPTA POWER INFRASTRUCTURE LIMITED
Address of the registered office or of the principal place of business in India of the company	EN-62, Sector – V, 7^th Floor, Salt Lake City, Kolkata – 700091, West Bengal, India sharma_gl@yahoo.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower parel (West), Mumbai – 400013, Maharashtra, India E-mail Id : Sachidananda.Samal@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Letter of hypothecation of stocks and book debts dated 20.03.2012
Date of instrument Creating the charge	20.03.2012
Amount secured by the charge	Rs.491.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest: 12.50% (HDFC Bank Rate + 250 BPS) or as agreed from time to time Terms of Repayment: CC - on demand or as agreed from time to time WCDL - principal amount to be repaid as bullet payment on the maturity date TL - repayable in 20 equal quaterly installments Margin: CC Inventory - 25% Book Debts - 25% TL - 26% Extent and Operation of the charge: Charge created on stocks and book debts both present and future to secure the due repayment of the credit facilities along with interest, costs, charges and other dues that may any time hereafter become due and owing to the bank in respect of and under the credit facilities as mentioned below Others First pari passu charge on stock and Book debts both present and future to secure CC / WCDL / FCNR (B) / EPC / PCFC / PSC / BG / LC / FLC / BC / LOU AND Second pari passu charge on stock and Book debts both present and future to secure Term Loan

CONTINGENT LIABILITIES

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
i) Claims against the company pending appellate/ judicial decisions A. Appeal pending against order issued by ACCT, Puri Range, BBSR (For Sales Tax)	40.184	40.184
B. Appeal pending against order issued by ACCT, Puri Range, BBSR (For Entry Tax )	11.104	11.104
ii) Bank Guarantees issued by bankers on behalf of the company.	2819.120	2383.381

FIXED ASSETS:

· Land

· Plant and Machinery

· Other Auxiliary Equipment

· Vehicles

· Air Conditioner

· Computers

· Office Building and stores

· Electrical Equipment

· Furniture and Fixture

· Laboratory Equipment

· Office Equipment

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proeeding 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. 64.69
UK Pound	1	Rs. 100.80
Euro	1	Rs. 86.30

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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
Defaulter
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.