MIRA INFORM REPORT

Report Date :

17.12.2013

IDENTIFICATION DETAILS

Name :	OSWAL EXTRUSION LIMITED
Registered Office :	H.B. Jirawala House, 13, Navbharat Society, Opposite Panchsheel Bus Stop, Usmanpura, Ahmedabad – 380 013, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	31.12.2004
Com. Reg. No.:	04-045239
Capital Investment / Paid-up Capital :	Rs.17.614 Millions
CIN No.: [Company Identification No.]	U25200GJ2004PLC045239
TAN No.: [Tax Deduction & Collection Account No.]	AHMO00467F
PAN No.: [Permanent Account No.]	AAACO7290H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Woven Products and Plastic Packaging Products.
No. of Employees :	120 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 1800000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of PLASTENE INDIA LIMITED, the Flagship Company of Gandhidham (Gujarat) based Champalal Group. It is an established company having satisfactory track record. There appears sharp dip in profit of the company during the financial year 2013. However, the ratings continue to derive strength from long and established operational track record, experienced promoters, and favorable location on account of its proximity to major ports and raw material source. Further, company gets good financial support from its holding company. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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 – 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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities=BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	12.04.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities=A3
Rating Explanation	Moderate degree of safety and high credit risk.
Date	12.04.2013

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. Sunil Kumar
Designation :	Accounts Department
Contact No.:	91-79-27550764
Date :	14.12.2013

LOCATIONS

Registered Office :	H.B. Jirawala House, 13, Navbharat Society, Opposite Panchsheel Bus Stop, Usmanpura, Ahmedabad – 380 013, Gujarat, India
Tel. No.:	91-79-27550764 / 27561000
Mobile No.:	91-9825912345 (Mr. Siddharth Shantilal Parekh)
Fax No.:	91-79-27551764
E-Mail :	info@champalalgroup.com cs@champalalgroup.com chetan@champalalgroup.com
Website :	http://www.champalalgroup.com
Area:	10000 sq. ft.
Location :	Owned
Factory 1:	Plot No. 73/74/75, A and 82-A, Sector 2, Kandal Special Economic Mic Zone, Sector 2, Gandhidham, Kutch – 370 230, Gujarat, India
Tel. No.:	91-2836-236872 / 253289
Fax No.:	91-2836-236872 / 253433
Area:	10000 sq. ft.
Location :	Rented
Factory 2 :	Plot No: 828, Ambica Industrial Estate, Near Kothari Weigh Bridge, Village Santej – 382 721, Taluka Kalol, District Gandhinagar, Gujarat, India
Factory 3 :	Plot No. 453 [Old Plot] 141-144, Sector 1, Kasez, Gandhidham, Kutch, Gujarat, India
Factory 4 :	Plot No.17,18, Sector-10 C, GIDC, Gandhidham, Kutch – 370 201, Gujarat, India
Factory 5 :	Plot No.22, Sector-11, GIDC, Gandhidham, Kutch – 370 201, Gujarat, India
Factory 6 :	Survey No.44, Village : Varsana, Tal : Anjar- Kutch – 370 240, Gujarat, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Chetan Shantilal Parekh

Designation :

Whole-time Director

Address :

Plot No. 183, Sector - 4, Gandhidham – 370 201, Gujarat, India

Date of Birth/Age :

30.01.1982

Date of Appointment :

01.04.2010

DIN No.:

00159465

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	U01110GJ1995PTC027910	YMP MACHINERIES PRIVATE LIMITED	Director	21/04/2004	21/04/2004	-	Active	NO
2	U25200GJ2004PLC045239	OSWAL EXTRUSION LIMITED	Whole-time director	01/04/2010	27/01/2005	-	Active	NO
3	U45201GJ2008PLC053258	PLASTENE INFRASTRUCTURE LIMITED	Director	14/03/2008	14/03/2008	11/01/2013	Active	NO
4	U25200GJ2009PLC058586	PLASTENE POLYFILMS LIMITED	Director	16/11/2009	16/11/2009	26/04/2010	Active	NO
5	U25200MP2010PTC023141	K. P. WOVEN PRIVATE LIMITED	Director	02/03/2010	02/03/2010	-	Active	NO
6	U25190GJ2011PLC063719	PLASTENE FLEXIBLES LIMITED	Director	19/01/2011	19/01/2011	-	Active	NO
7	U25209GJ1998PLC034861	PLASTENE INDIA LIMITED	Additional director	16/01/2013	16/01/2013	10/08/2013	Active	NO

Name :

Mr. Ranjan Karunakar Samantaray

Designation :

Director

Address :

Plot No. 119, Ward No. 10/B/C, Vidyanagar, Opposite, IFFCO Udaynagar Colony, Gandhidham – 370 201, Gujarat, India

Date of Birth/Age :

20.06.1970

Date of Appointment :

27.01.2005

DIN No.:

01684974

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	Company/ LLP Status	Defaulting status
1	U25200GJ2004PLC045239	OSWAL EXTRUSION LIMITED	Director	27/01/2005	27/01/2005	Active	NO
2	U45201GJ2008PLC053258	PLASTENE INFRASTRUCTURE LIMITED	Director	30/09/2013	14/12/2012	Active	NO

Name :

Mr. Siddharth Shantilal Parekh

Designation :

Whole-time Director

Address :

B-183, Sector - 4, Gandhidham - 370 201, Gujarat, India

Date of Birth/Age :

07.06.1984

Date of Appointment :

01.04.2010

DIN No.:

01688066

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	U25200GJ2004PLC045239	OSWAL EXTRUSION LIMITED	Whole-time director	01/04/2010	07/09/2007	-	Active	NO
2	U45201GJ2008PLC053258	PLASTENE INFRASTRUCTURE LIMITED	Director	14/03/2008	14/03/2008	15/12/2012	Active	NO
3	U25200GJ2009PLC058586	PLASTENE POLYFILMS LIMITED	Director	16/11/2009	16/11/2009	26/04/2010	Active	NO
4	U25200MP2010PTC023141	K. P. WOVEN PRIVATE LIMITED	Director	02/03/2010	02/03/2010	-	Active	NO
5	U25190GJ2011PLC063719	PLASTENE FLEXIBLES LIMITED	Director	19/01/2011	19/01/2011	-	Active	NO
6	U01110GJ1995PTC027910	YMP MACHINERIES PRIVATE LIMITED	Director	30/09/2013	01/09/2013	-	Active	NO

Name :

Mr. Parvesh Chander Chamanlal Suri

Designation :

Additional Director

Address :

A-3, Navroj Apartments, Dafnala Shahibaug, Ahmedabad – 380 004, Gujarat, India

Date of Birth/Age :

31.12.1942

Date of Appointment :

29.08.2011

DIN No.:

01861687

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	Company/ LLP Status	Defaulting status
1	U25209GJ1998PLC034861	PLASTENE INDIA LIMITED	Director	30/09/2008	12/11/2007	Active	NO
2	U25200GJ2004PLC045239	OSWAL EXTRUSION LIMITED	Director	29/08/2011	25/01/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Sunil Kumar
Designation :	Accounts Department

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares	Class “A” Differential Voting Rights Shares
Plastene India Limited, India Jointly with Nitu D Parekh	10000	--
Plastene India Limited, India Jointly with Madhu D Parekh	58174	--
Plastene India Limited, India Jointly with Prakash Parekh	160000	--
Plastene India Limited, India Jointly with Chetan Parekh	50000	--
Plastene India Limited, India Jointly with Manisha C Parekh	80000	--
Plastene India Limited, India Jointly with Deepak Parekh	10000	--
Plastene India Limited, India Jointly with Siddharth Parekh	10000	--
Plastene India Limited, India	1380000	--
Chetan Parekh	--	336
Shantilal Parekh	--	336
Manjudevi Parekh	--	336
Shantilal Parekh (HUF)	--	336
Manisha Parekh	--	336
Chetan Parekh HUF	--	336
Siddharh Parekh	--	336
Siddharh Parekh HUF	--	336
Sushma Parekh	--	336
Sanjay Salecha	--	176
Total	1758174	3200

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Bodies corporate	99.82
Directors or relatives of Directors	0.12
Other top fifty shareholders	0.06
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Woven Products and Plastic Packaging Products.

Products :

PRODUCT DESCRIPTION	ITC CODE
Jumbo Bags and PP Woven Bags	39232990
HDPE Tarpaulin	39269080

Exports :

Products :

Finished Goods

Countries :

· USA

· UK

· Brazil

Imports :

Products :

Raw Materials

Countries :

· Germany

· China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
PP Woven Bags / Jumbo Bags	M.T.	No License Is Required For Plastic Woven And Jumbo Bags	9000	5290
Sulzer Fabrics	M.T.		3600	1093
HDPE Tarpaulin/ Others	M.T.		--	147
TOTAL			12600	6530

GENERAL INFORMATION

Customers :

End Users, OEM’s

No. of Employees :

120 [Approximately]

Bankers :

· The Royal Bank of Scotland N.V., Viva Complex, Opposite Parimal Garden, Parimal Cross Roads, Ahmedabad – 380 007, Gujarat, India

· State Bank of India, Gandhidham Branch, Plot No. 284, Ward 12/B, Gandhidham – 370 201, Gujarat, India

· State Bank of Saurashtra, MID Corporation Branch, Sodiac Avenue, Opposite Commissioner’s Bunglow, Law Garden, Ahmedabad – 380 006, Gujarat, India

· State Bank of Indore, Plot No. 273, Ward 12/B, Gandhidham Branch, Gandhidham – 370 201, Gujarat, India

· ICICI Bank

· HDFC Bank

· Standard Chartered Bank

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term Loans from Banks	287.660	230.178
Other Loans and Advances	1.344	0.452
Short Term Borrowings
Rupee Term Loans from Banks	62.692	0.000
Working Capital loans from Banks	492.188	458.670
Other Loans and Advances (Secured by Hypothecation of Vehicles)	1.011	2.573
Total	844.895	691.873

Banking Relations :	--
Financial Institution :	· Siemens Financial Services Private Limited, 130, Pandurang Budhkar Marg, Worli, Mumbai-400018, Maharashtra, India · Tata Capital Financial Services Limited, One Forbes, Dr. V.B. Gandhi Marg, Fort, Mumbai-400001, Maharashtra, India
Auditors :
Name :	Jain P.C. and Associates Chartered Accountants
Address :	501, Diwan Chambers, Opposite Loha Bhavan, Old High Court Lane, Off Ashram Road, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-40070445 / 27542102
Mobile No.:	91-9377396573
Fax No.:	91-79-27542102
E-Mail :	pcjain@jainpc.com
Website :	http://www.jainpc.com
PAN No:	AAFFJ2841K
Holding Company :	Plastene India Limited (Extent of holding 99.82%)
Related Parties :	Substantially Interested Parties : YMP Machineries Private Limited Associate Parties which significantly influence / are influenced by the Company (either individual or with others) with whom the Company had transactions during the year : · Parekh Industries · Oswal Timber Industry · Oswal Lumbers Private Limited [U35115GJ1988PTC010741] · Plasto Processors · Plastene Polyfilms Limited [U25200GJ2009PLC058586] · Plastene Infrastructure Limited [U45201GJ2008PLC053258] · Siddharth Logistics · Parekh Polymers

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5050000	Equity Shares	Rs. 10/- each	Rs.50.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1758174	Equity Shares	Rs. 10/- each	Rs.17.582 Millions
3200	Class “A” Differential Voting Right Shares	Rs. 10/- each	Rs.0.032 Million
	Total		Rs.17.614 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	17.614	12.782	12.782
(b) Reserves & Surplus	454.893	333.840	314.137
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	472.507	346.622	326.919
(3) Non-Current Liabilities
(a) long-term borrowings	289.004	230.630	104.092
(b) Deferred tax liabilities (Net)	22.151	19.999	13.506
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.127	1.506	1.190
Total Non-current Liabilities (3)	313.282	252.135	118.788
(4) Current Liabilities
(a) Short term borrowings	611.060	480.629	187.922
(b) Trade payables	359.478	376.428	463.589
(c) Other current liabilities	53.676	38.756	155.621
(d) Short-term provisions	0.161	3.938	7.423
Total Current Liabilities (4)	1024.375	899.751	814.555
TOTAL	1810.164	1498.508	1260.262
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	689.173	375.487	283.925
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	16.151	97.099	47.953
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.337	0.945	0.337
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	37.760	84.299	48.273
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	745.421	557.830	380.488
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	246.025	210.735	234.197
(c) Trade receivables	468.141	511.447	455.399
(d) Cash and cash equivalents	68.509	37.530	35.308
(e) Short-term loans and advances	246.131	171.026	151.765
(f) Other current assets	35.937	9.940	3.105
Total Current Assets	1064.743	940.678	879.774
TOTAL	1810.164	1498.508	1260.262

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		2110.693	2216.527	1946.898
		Other Income		25.566	15.867	22.524
		TOTAL (A)		2136.259	2232.394	1969.422
Less	EXPENSES
		Cost of Materials Consumed		628.249	609.191	788.929
		Purchase of Stock-in-trade		1062.085	1188.794	797.400
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(75.559)	48.680	30.146
		Employee Benefits Expenses		73.728	52.583	36.467
		Other Expenses		185.864	177.626	155.546
		Prior Period Items		(0.011)	0.618	1.726
		TOTAL (B)		1874.356	2077.492	1810.214
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			261.903	154.902	159.208
Less	FINANCIAL EXPENSES (D)			151.808	106.168	44.280
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			110.095	48.734	114.928
Less	DEPRECIATION/ AMORTISATION (F)			102.858	22.538	11.781
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			7.237	26.196	103.147
Less	TAX (H)			2.152	6.493	14.265
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			5.085	19.703	88.882
	EARNINGS IN FOREIGN CURRENCY
			FOB value of traded goods exported	1685.544	1417.247	1233.114
	TOTAL EARNINGS			1685.544	1717.247	1233.114
	IMPORTS
			Raw Materials	344.628	226.875	105.912
			Components and Spare Parts	1.910	1.157	0.072
	TOTAL IMPORTS			346.538	228.032	105.984
	Earnings Per Share (Rs.)			2.89	15.90	83.40

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.24	0.88	4.51
Net Profit Margin (PBT/Sales)	(%)	0.34	1.18	5.30
Return on Total Assets (PBT/Total Assets}	(%)	0.41	1.99	8.86
Return on Investment (ROI) (PBT/Networth)		0.02	0.07	0.32
Debt Equity Ratio (Total Debt /Networth)		1.90	2.05	0.89
Current Ratio (Current Asset/Current Liability)		1.04	1.05	1.08

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	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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Loans Repayable on Demand	55.169	19.377
Total	55.169	19.377

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10462892	15/11/2013	300,000,000.00	DENA BANK	INDUSTRIAL FINANCE BRANCH, 2ND FLOOR, DENA LAXMI BUILDING, 188-A, ASHRAM ROAD, AHMEDABAD - 380009, GUJARAT, INDIA	B90624883
2	10417489	12/03/2013	50,000,000.00	STATE BANK OF INDIA	LAW GARDEN BRANCH, LAW GARDEN, AHMEDABAD - 380006, GUJARAT, INDIA	B72502594
3	10392626	12/11/2012	5,091,900.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B64390677
4	10377025	30/08/2012	4,199,000.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B58320037
5	10372463	15/07/2013 *	75,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	ONE FORBES, DR. V. B. GANDHI MARG, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B82265133
6	10369083	18/07/2012	8,395,700.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B45105319
7	10366670	30/06/2012	42,768,000.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B44235299
8	10313203	21/10/2011	100,000,000.00	THE ROYAL BANK OF SCOTLAND N.V	VIVA COMPLEX, OPPOSITE PARIMAL GARDEN, PARIMAL CROSS ROADS, AHMEDABAD - 380007, GUJARAT, INDIA	B23533987
9	10048407	02/12/2009 *	176,000,000.00	STATE BANK OF INDORE	PLOT NO 273, WARD 12/B, GANDHIDHAM BRANCH, GANDHIDHAM - 370201, GUJARAT, INDIA	A76226315
10	10048455	30/03/2011 *	236,000,000.00	STATE BANK OF INDIA	LAW GARDEN BRANCH, NR. LAW GARDEN, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA	B11194636

* Date of charge modification

FIXED ASSETS:

· Building and Shed

· Plant and Machinery

· Electrical Installation

· Furniture and Fittings

· Office Equipments

· 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.62.10
UK Pound	1	Rs.101.27
Euro	1	Rs.85.43

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NKT

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	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.