MIRA INFORM REPORT

Report Date :

15.02.2013

IDENTIFICATION DETAILS

Name :	GRAND PRIX ENGINEERING PRIVATE LIMITED (w.e.f.27.03.2008)

Formerly Known As :	GRAND PRIX FAB PRIVATE LIMITED

Registered Office :	1309, Chiranjiv Tower, 43, Nehru Place, New Delhi – 110019

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	03.04.1989

Com. Reg. No.:	55-220107

Capital Investment / Paid-up Capital :	Rs. 13.891 Millions

CIN No.: [Company Identification No.]	U27310DL1989PTC220107

Legal Form :	Private Limited Liability Company

Line of Business :	Designing, Engineering, Manufacturing and Supply of equipment and package to oil and gas, refining, petrochemical, chemical, power, steel, fertilizer, metallurgical and similar industries.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 1200000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having a satisfactory track record. There appears slight dip in the profits during 2012. However, financial position of the company appears to be good. Trade relations are reported as decent. Business is active. Payment terms are usually correct and as per commitment. The company can be considered for business dealings at usual trade terms and condition.

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	CRISIL
Rating	Long term rating : BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	May 18, 2012

Rating Agency Name	CRISIL
Rating	Short term rating : A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	May 18, 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.

LOCATIONS

Registered Office :	1309, Chiranjiv Tower, 43, Nehru Place, New Delhi – 110019, India
Tel. No.:	91-11-66602800-04
Fax No.:	91-11-66602801
E-Mail :	nirmalhans@yahoo.co.in mkumar@grandprixfilters.com
Website :	www.grandprixfilters.com

Works and Office :	Plot No. 82, Sector 25, Faridabad - 121001, Haryana, India
Tel. No.:	91-129-4097700/ 4151820-28
Fax No.:	91-129-4151821
E-Mail :	sales@grandprixfilters.com mail@grandprixfilters.com

Overseas Office :	25 Georges Wood Road Brookmans Park, Herts AL9 7BY, UK
Tel. No.:	44-1707-651198

DIRECTORS

AS ON 25.09.2012

Name :

Mr. Chander Bhalla

Designation :

Director

Address :

25, Georges Wood Road, Brookmans Park, Herts, United Kingdom AL97BY

Date of Birth/Age :

13.09.1946

Date of Appointment :

01.10.1992

DIN No.:

00560851

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	U27310DL1989PTC220107	GRAND PRIX ENGINEERING PRIVATE LIMITED	Director	01/10/1992	01/10/1992	Active	NO
2	U74899DL1984PTC017572	GRAND PRIX PRIVATE LIMITED	Director	01/10/1992	01/10/1992	Active	NO
3	U74899DL1992PTC050501	BURGESS MANNING (INDIA) PRIVATE LIMITED	Managing director	01/10/1992	01/10/1992	Active	NO
4	U74200DL2010PTC199710	GRAND PRIX ENGINEERING TECHNOLOGIES PRIVATE LIMITED	Additional director	21/04/2010	21/04/2010	Active	NO
5	U85110DL2010PTC198489	CLEARVIEW HEALTHCARE PRIVATE LIMITED	Director	02/09/2010	02/09/2010	Active	NO
6	U93030DL2010PTC209220	CLEARMEDI HEALTHCARE PRIVATE LIMITED	Director	21/12/2010	21/12/2010	Active	NO

Name :

Mrs. Shobha Bhalla

Designation :

Director

Address :

25, Georges Wood Road, Brookmans Park, Herts, United Kingdom AL97BY

Date of Birth/Age :

19.01.1954

Date of Appointment :

20.10.1989

DIN No.:

00560854

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	U74899DL1984PTC017572	GRAND PRIX PRIVATE LIMITED	Director	20/02/1984	20/02/1984	Active	NO
2	U27310DL1989PTC220107	GRAND PRIX ENGINEERING PRIVATE LIMITED	Director	20/10/1989	20/10/1989	Active	NO
3	U74899DL1992PTC050501	BURGESS MANNING (INDIA) PRIVATE LIMITED	Director	01/10/1992	01/10/1992	Active	NO
4	U74200DL2010PTC199710	GRAND PRIX ENGINEERING TECHNOLOGIES PRIVATE LIMITED	Additional director	21/04/2010	21/04/2010	Active	NO

Name :

Mr. Baljit Singh Dhillon

Designation :

Director

Address :

D-8, Krishna Park, Khanpur Devli Road, New Delhi – 110062, India

Date of Birth/Age :

08.05.1944

Date of Appointment :

01.01.1991

DIN No.:

00328200

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	U27310DL1989PTC220107	GRAND PRIX ENGINEERING PRIVATE LIMITED	Director	01/01/1991	01/01/1991	Active	NO
2	U74899DL1984PTC017572	GRAND PRIX PRIVATE LIMITED	Director	02/04/1997	02/04/1997	Active	NO
3	U74900DL2010PTC199711	GRAND PRIX FABTECH PRIVATE LIMITED	Director	05/03/2010	05/03/2010	Active	NO
4	U74200DL2010PTC199710	GRAND PRIX ENGINEERING TECHNOLOGIES PRIVATE LIMITED	Director	05/03/2010	05/03/2010	Active	NO

Name :

Mr. Manoj Kumar

Designation :

Director

Address :

House No. 1010, Sector-3, Ballabgarh, Faridabad – 121004, Haryana, India

Date of Birth/Age :

05.03.1963

Date of Appointment :

29.09.2011

DIN No.:

02960403

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	U74200DL2010PTC199710	GRAND PRIX ENGINEERING TECHNOLOGIES PRIVATE LIMITED	Director	05/03/2010	05/03/2010	Active	NO
2	U74900DL2010PTC199711	GRAND PRIX FABTECH PRIVATE LIMITED	Director	05/03/2010	05/03/2010	Active	NO
3	U27310DL1989PTC220107	GRAND PRIX ENGINEERING PRIVATE LIMITED	Director	29/09/2011	13/09/2010	Active	NO

Name :

Lakshmipathy Natesan

Designation :

Director

Address :

28 Agasthiar Street, Chennai – 600059, Tamilnadu, India

Date of Birth/Age :

20.12.1949

Date of Appointment :

25.09.2012

DIN No.:

05186571

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	U27310DL1989PTC220107	GRAND PRIX ENGINEERING PRIVATE LIMITED	Director	25/09/2012	31/12/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2012

Names of Shareholders		No. of Shares
Chander Bhalla		622310
Shobha Bhalla		584350
Chander Bhalla (HUF)		33000
Kunal Bhalla		74700
Kunal Bhalla		74700
Total		1389060

AS ON 25.09.2012

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00
Total		100.00

BUSINESS DETAILS

Line of Business :

Designing, Engineering, Manufacturing and Supply of equipment and package to oil and gas, refining, petrochemical, chemical, power, steel, fertilizer, metallurgical and similar industries.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Coalescer	No’s	6
Ferrous Metal Scrap MS	Kg.	39068
Ferrous Metal Scrap MS	Kg.	1047
Filters	No’s	667
Fuel Gas Coalescer	No’s	--
Instrument Air Receiver	No’s	--
Cartridge Filter	No’s	29
Scrubbers	No’s	--
Separators	No’s	2
Silencers	No’s	9
Strainers	No’s	278
Knock Out Drum	No’s	1
Tank	No’s	3
Vessels	No’s	2
Scrubber and Filter Separator	No’s	2
Absolute Filter and Final Scrubber	No’s	2
Skid	No’s	3
Filter Cartridge Support Assembly	No’s	2050
Others	No’s	74

GENERAL INFORMATION

Customers :

International

Ø ABB Process, Thailand

Ø Al Ahlia Oilfields Development , Abu Dhabi

Ø Amalgamated Metal, Malaysia

Ø Atkin Fulford, UK

Ø Bangladesh Gas Field Company Limited, Bangladesh

Ø Base YPC Company Limited, China

Ø Bechtel Corporation, USA

Ø Burgess-Manning Europe Limited, UK

Ø Burgess-Manning Inc, USA

Ø Ceylon Petroleum Corporation, Sri Lanka

Ø China Huanqiu Chemicals Engg. Corp., China

Ø Dragon Oil (Turkmenistan) Limited

Ø Exxon Neftegas Limited, Russia

Ø Fisher Rosemount, Singapore

Ø Gas Transmission Company Limited, Bangladesh

Ø Guangdong LNGJV, China

Ø Gulf Farabi Petrochemicals, Saudi Arabia

Ø Gulf Petrochemical Services, Oman

Ø Jord International, Singapore

Ø Kalanaft Company Limited, Iran

Domestic / Private Sector

Ø Aban Construction

Ø Air Liquide

Ø Atlas Copco

Ø BOC India Limited

Ø Chambel Fertilizer and Chemicals Limited

Ø Century Rayon

Ø DCM Limited

Ø Degremont India Limited

Ø Dresser Rand

Ø Daniel Measurement Solution

Ø Dodsal Limited

Ø Duncans Industries

Ø Escorts Limited

Ø Essar Oil Limited

Ø Garden Silk Mills Limited

Ø GEA Energy System

Ø Gujarat Fluorochemicals

Ø Gammon India Limited

Ø Gujarat Anjan Cement Limited

Ø Hindustan Oil Exploration Company Limited

Ø India Glycols Limited

Ø Indian Oil Tanking Limited

Ø IndoGulf Fertilizers Limited

Ø Ingersoll Rand

No. of Employees :

Not Available

Bankers :

State Bank of India, Commercial Branch, Vardhman Tower Centre, DDA Building Nehru Place, New Delhi – 110019, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Medium Term loan from State Bank of India (Secured by first charge on assets created out of loan funds)	5.411	13.552
Cash Credit facility with State Bank of India, Commercial Branch Nehru Place, New Delhi (Secured by first charge on stock, book debts/ receivable)	88.043	57.498
Total	93.454	71.050


Banking Relations :	--

Auditors :
Name :	Y.K. Joneja and Company Chartered Accountants
Address :	Samadhan Chambers, A-7/1, Nehru Ground, Neelam Bata Road, Faridabad – 121001, Haryana, India
Mobile No.:	91-9811080242/ 9873680242
E-Mail :	ykjoneja@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAAFY2166P

Enterprise owned or significantly influenced by key management :	Aareon Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

2,000,000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1,389,060	Equity Shares	Rs. 10/- each	Rs. 13.891 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		13.891	13.891	13.867
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		286.166	277.887	261.741
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		300.057	291.778	275.608
LOAN FUNDS
1] Secured Loans		93.454	71.050	71.271
2] Unsecured Loans		37.690	27.140	29.515
TOTAL BORROWING		131.144	98.190	100.786
DEFERRED TAX LIABILITIES		1.887	0.819	3.338

TOTAL		433.088	390.787	379.732

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		263.158	267.719	279.537
Capital work-in-progress		2.157	2.141	1.914

INVESTMENT		1.500	1.500	1.500
DEFERRED TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	117.077	89.926	55.899
	Sundry Debtors	71.068	32.190	59.867
	Cash & Bank Balances	13.071	14.200	13.561
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	35.804	27.107	22.397
Total Current Assets		237.020	163.423	151.724
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	35.823	17.034	28.142
	Other Current Liabilities	31.794	16.221	12.980
	Provisions	3.130	10.741	13.821
Total Current Liabilities		70.747	43.996	54.943
Net Current Assets		166.273	119.427	96.781

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		433.088	390.787	379.732

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	300.800	242.400	318.100
		Other Income	1.716	2.083	8.711
		TOTAL (A)	302.516	244.483	326.811

Less	EXPENSES
		TOTAL (B)	266.519	194.683	235.711

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		35.997	49.800	91.100

Less	FINANCIAL EXPENSES (D)		9.797	10.600	13.700

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		26.200	39.200	77.400

Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.000	11.700	14.200

	PROFIT BEFORE TAX (E-F) (G)		15.200	27.500	63.200

Less	TAX (H)		5.021	9.243	29.257

	PROFIT AFTER TAX (G-H) (I)		10.179	18.257	33.943

	PRIOR PERIOD ADJUSTMENT		0.000	0.000	2.344

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		118.343	100.086	63.799

	BALANCE CARRIED TO THE B/S		128.522	118.343	100.086

	EARNINGS IN FOREIGN CURRENCY
		Export at FOB Value	8.236	2.283	95.670
		Freight and Cartage	0.000	0.000	0.144
	TOTAL EARNINGS		8.236	2.283	95.814

	IMPORTS
		Raw Materials	12.483	17.182	10.053
		Components	29.981	41.059	45.042
	TOTAL IMPORTS		42.464	58.241	55.095

	Earnings Per Share (Rs.)		7.33	13.14	24.48

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.36	7.47	10.39

Net Profit Margin (PBT/Sales)	(%)	5.05	11.34	19.87

Return on Total Assets (PBT/Total Assets}	(%)	3.04	6.38	14.65

Return on Investment (ROI) (PBT/Networth)		0.05	0.09	0.23

Debt Equity Ratio (Total Debt/Networth)		0.44	0.34	0.37

Current Ratio (Current Asset/Current Liability)		3.35	3.71	2.76

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	Yes
17]	Major suppliers	No
18]	Major customers	Yes
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	Yes

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Unsecured loans from shareholders, relatives and directors	37.690	27.140
Total	37.690	27.140

Note: The registered address of the company has been shifted from Plot No.82, Sector 25, Faridabad – 121004, Haryana, India to the present w.e.f. 12.05.2011

CORPORATE INFORMATION:

Subject is a manufacturing company with proven track record in undertaking high value engineering contracts in design, engineering, manufacturing and supply of equipment and package to oil and gas, refining, petrochemical, chemical, power, steel, fertilizer, metallurgical and similar industries.

OPERATIONAL RESULTS:

During the year, the Company continued to carry out its business activities in the field of engineering and has manufactured general types of engineering goods/ products as per the specification provided by its clients at the time of placing orders for execution by the Company.

The company made a net sales turnover of Rs. 300.800 Millions as against that of Rs. 242.400 Millions in the previous year thereby registering an increase of about 24% over the previous year’s sales. The Company continued its efforts to reduce its cost on all fronts but due to stiff competition in market, the orders were executed at lower margins and as a result thereof despite increase in sales turnover, the profits achieved were comparatively low. Besides, it had earned other income of Rs. 1.716 Millions as against that of Rs. 2.083 Millions in the previous year. After providing for the expenditure including the finance expense to the tune of Rs. 9.797 Millions, the Company made a profit before tax amounting to Rs. 15.200 Millions as against that of Rs. 27.500 Millions in the preceding year. A provision for income tax to the extent of Rs. 0.863 Million has been made for the year and after other adjustments, the net balance has been carried over to the balance sheet. The EPS on basic and diluted equity during the year comes to Rs. 7.33 as against the EPS of Rs. 13.14 in the previous year.

The directors are hopeful of achieving better results during the current financial year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27310DL1989PTC220107
Name of the company	GRAND PRIX ENGINEERING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1309, Chiranjiv Tower, 43, Nehru Place, New Delhi – 110019, India Email: nirmalhans@yahoo.co.in
This form is for	Modification of charge
Charge identification number of the modified	90032635
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge Others [Fixed assets]
Particular of charge holder	State Bank of India, Commercial Branch, Vardhman Tower Centre, DDA Building Nehru Place, New Delhi – 110019, India Email: parmar.c.shekhar@sbi.co.in
Nature of description of the instrument creating or modifying the charge	C-2A( Supplemental Agreement of Hypothecation of Goods and Assets for Increase in the overall Limit ) C-5 ( Letter regarding the grant of Individual Limits within the overall Limit ) Copy of recital
Date of instrument Creating the charge	22.03.2012
Amount secured by the charge	Rs. 222.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC:- Base Rate +4.00% presently effective @14.00% p.a TL- BR+5.25%, EPC/FBD as per RBI guidelines intt.will be charged monthly rest or such other rate(s) specified by the bank from time to time . Terms of Repayment The repayment will be as per sanction Margin Stocks ( CC) -25% EPC -10% Book-debts -25% ( Cover period 120 days ) LC & BG -10% Term Loan -25%
Short particulars of the property charged	Working Capital:- First charge on the entire current assets of the company , present and future including entire stocks of raw material , stores , spares , stock in process , finished goods etc. lying in their premises godowns, elsewhere and including goods in transit , and first charge on all the present and future book-debts and receivables of the company . Extension of charge on entire fixed assets of the company both present and future including equitable mortgage of following immovable properties:- Factory land and building at plot No 82 Sector -25 Faridabad Haryana standing in the name of company together with all present and future infrastructure thereon . Term Loan:- First charge on entire fixed assets of the company both present and future including equitable mortgage of Factory land and building at plot No 82 Sector -25 Faridabad Haryana standing in the name of company together with all present and future infrastructure thereon measuring 11555.55 sq. yards .
Date of Modification	01.03.2011
Particulars of the present modification	Total credit facilities now reduced to Rs.222.500 Millions as under :- CC/WCDL/BD-Rs.100.000 Millions EPC/FBD-Rs.(40.000) Millions (within overall CC Limit) TL/ECB/FCL-Rs.7.500 Millions LC Rs.15.000 Millions BG Rs.100.000 Millions Total Rs.222.500 Millions 100% interchangeability between in the NFB Limits

CONTINGENT LIABILITIES:

(Rs. in millions)

Particulars	31.03.2012	31.03.2011
Liquidated Damages	8.230	4.909
Income Tax in respect of Assessment year 2008-09 and 2009-10 in respect of which the company has gone on appeal. Based on judicial pronouncements, the Company claims is likely to be accepted by appellate authorities.	16.677	11.229
Sales Tax in respect of Financial year 2006-07 and 2007-08 in respect of which the company has gone on appeal. Based on judicial pronouncements, the Company claim is likely to be accepted by appellate authorities.	1.020	1.020
Guarantees and Counter guarantees given by the Company	86.797	57.953

FIXED ASSETS:

Ø Land

Ø Building

Ø Vehicles

Ø Computers

Ø Plant and Machinery

Ø Furniture and Fixture

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 53.87
UK Pound	1	Rs. 83.59
Euro	1	Rs. 72.38

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--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	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

117.077

71.068

13.071

0.000

35.804

237.020

35.823

31.794

3.130

70.747

166.273

3.36

5.05

3.04

0.05

0.44

3.35

Unit