MIRA INFORM REPORT

Report Date :

31.01.2013

IDENTIFICATION DETAILS

Name :	MEGA RUBBER TECHNOLOGIES PRIVATE LIMITED

Registered Office :	Unit No.77, Mistry Industrial Complex, MIDC Cross Road A, Andheri (East), Mumbai – 400 093, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	11.01.1995

Com. Reg. No.:	11-084554

Capital Investment / Paid-up Capital :	Rs.30.800 Millions

CIN No.: [Company Identification No.]	U25110MH1995PTC084554

TAN No.: [Tax Deduction & Collection Account No.]	MUMM19218D/ MUMM10324G

PAN No.: [Permanent Account No.]	AAACM7425N

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Rubber Products.

No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 660000

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is an established company having a moderate track record. The financial for the 2010-2011, 2011-2012 are missing from the government department. As per previous year’s, the performance seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealings with some caution.

NOTES:

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

ECGC Country Risk Classification List – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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	Short Term Rating: A3+
Rating Explanation	Having moderate degree of safety regarding timely payment of financial obligation it carry higher credit risk.
Date	November, 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 :	Unit No.77, Mistry Industrial Complex, MIDC Cross Road A, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-26870441/ 26871769/ 26872696/ 26870330/ 26870331/ 26870360
Fax No.:	91-22-26877339
E-Mail :	sujan@bom3.vsnl.net.in mega@bom2.vsnl.net.in mega_rubber@vsnl.com admin@megarubbertech.com megarubber@sify.com
Website :	http://www.sujangroup.com
Area :	4500 Sq. ft (Approximately)
Location :	Owned

Corporate Office/ Factory :	Building No. 1, Agarwal Udyog Nagar Waliv, Vasai Road (East), District Thane - 401 208, Maharashtra, India
Tel. No.:	91-250-2456426/ 2456430/ 2454365/ 2454520
Fax No.:	91-250-2454519

DIRECTORS

(AS ON 29.09.2012)

Name :

Mr. Neel Rewachand Sujan

Designation :

Managing Director

Address :

802/902, Ruchita Tower, Juhu Versova Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

05.08.1975

Date of Appointment :

07.09.1996

DIN No.:

01424276

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	U25110MH1995PTC084554	MEGA RUBBER TECHNOLOGIES PRIVATE LIMITED	Managing director	07/09/1996	07/09/1996	Active	NO
2	U25190MH1994PTC079883	MAGNUM ELASTOMERS PRIVATE LIMITED	Director	09/10/2004	09/10/2004	Active	NO
3	U70102MH2007PTC167360	SUJAN REALTORS PRIVATE LIMITED	Director	29/01/2007	29/01/2007	Active	NO
4	U51900MH2008PTC185753	SUJAN BARRE THOMAS ANTIVIBRATION SYSTEMS PRIVATE LIMITED	Director	12/08/2008	12/08/2008	Active	NO

Name :

Mr. Tulsi Rewachand Sujan

Designation :

Director

Address :

401/402, Gulshan, Junction of Ahinsa Marg, and Khar Danda Road, Mumbai - 400 052, Maharashtra, India

Date of Birth/Age :

18.03.1949

Qualification :

B.E. (Mechanical)

Date of Appointment :

11.01.1995

DIN No.:

01561095

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	U25190MH1994PTC079883	MAGNUM ELASTOMERS PRIVATE LIMITED	Director	27/07/1994	27/07/1994	Active	NO
2	U25110MH1995PTC084554	MEGA RUBBER TECHNOLOGIES PRIVATE LIMITED	Director	11/01/1995	11/01/1995	Active	NO
3	U25110MH2005PTC156873	POLYRUB EXTRUSIONS (INDIA) PRIVATE LIMITED	Director	19/10/2005	19/10/2005	Active	NO
4	U70102MH2007PTC167360	SUJAN REALTORS PRIVATE LIMITED	Director	29/01/2007	29/01/2007	Active	NO

Name :

Mr. Jayprakash Khanchand Vasdani

Designation :

Director

Address :

703-C, Ganga Estate, Behind Atur Park, Chembur, Mumbai - 400 071, Maharashtra, India

Date of Birth/Age :

12.04.1955

Date of Appointment :

04.07.1997

DIN No.:

01424172

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	U25190MH1994PTC079883	MAGNUM ELASTOMERS PRIVATE LIMITED	Director	27/07/1994	27/07/1994	Active	NO
2	U25110MH1995PTC084554	MEGA RUBBER TECHNOLOGIES PRIVATE LIMITED	Director	04/07/1997	04/07/1997	Active	NO
3	U25110MH2005PTC156873	POLYRUB EXTRUSIONS (INDIA) PRIVATE LIMITED	Director	19/10/2005	19/10/2005	Active	NO

Name :

Mr. Ashok Sujan Rewachand

Designation :

Director

Address :

1701, Green Acre, Flat No. 325, Lokhandwala Complex, Andheri (West), Mumbai – 400 058, Maharashtra, India

Date of Birth/Age :

20.12.1950

Date of Appointment :

04.07.1997

DIN No.:

01424203

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	U25110MH1995PTC084554	MEGA RUBBER TECHNOLOGIES PRIVATE LIMITED	Director	04/07/1997	04/07/1997	Active	NO
2	U25190MH1994PTC079883	MAGNUM ELASTOMERS PRIVATE LIMITED	Director	09/10/2004	09/10/2004	Active	NO
3	U25110MH2005PTC156873	POLYRUB EXTRUSIONS (INDIA) PRIVATE LIMITED	Director	19/10/2005	19/10/2005	Active	NO
4	U51900MH2008PTC185753	SUJAN BARRE THOMAS ANTIVIBRATION SYSTEMS PRIVATE LIMITED	Director	28/07/2011	26/08/2008	Active	NO

Name :

Mr. Vijay Jeewan Sujan

Designation :

Director

Address :

B 3 / 6, Basant Park, Mahul Road, Chembur, Mumbai – 400 071, Maharashtra, India

Date of Birth/Age :

15.07.1974

Date of Appointment :

15.03.1997

DIN No.:

02420980

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	U25110MH1995PTC084554	MEGA RUBBER TECHNOLOGIES PRIVATE LIMITED	Director	15/03/1997	15/03/1997	Active	NO
2	U25190MH1994PTC079883	MAGNUM ELASTOMERS PRIVATE LIMITED	Director	09/10/2004	09/10/2004	Active	NO
3	AAA-0301	ANHADH REALTORS LLP	Designated Partner	22/10/2009	22/10/2009	Active	NO
4	AAA-0799	SIMHADH REALTY LLP	Designated Partner	22/02/2010	22/02/2010	Active	NO

Name :

Mr. Harish Rewachand Sujan

Designation :

Director

Address :

B 4/6, Basant Park, Mahul Road, Chembur, Mumbai – 400 071, Maharashtra, India

Date of Birth :

24.08.1946

Date of Appointment :

04.07.1997

DIN No.:

02420984

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	U25190MH1994PTC079883	MAGNUM ELASTOMERS PRIVATE LIMITED	Director	27/07/1994	27/07/1994	Active	NO
2	U25110MH1995PTC084554	MEGA RUBBER TECHNOLOGIES PRIVATE LIMITED	Director	04/07/1997	04/07/1997	Active	NO

Name :

Mr. Ghanshyam Rewachand Sujan

Designation :

Director

Address :

901, Buena Vista, St. Alexius Road, Bandra (West), Mumbai - 400 050, Maharashtra, India

Date of Birth/Age :

10.07.1954

Date of Appointment :

07.09.1996

DIN No.:

02420985

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	U25110MH1995PTC084554	MEGA RUBBER TECHNOLOGIES PRIVATE LIMITED	Director	07/09/1996	07/09/1996	Active	NO
2	U25190MH1994PTC079883	MAGNUM ELASTOMERS PRIVATE LIMITED	Director	09/10/2004	09/10/2004	Active	NO
3	U70102MH2007PTC167360	SUJAN REALTORS PRIVATE LIMITED	Director	29/01/2007	29/01/2007	Active	NO
4	U25110MH2005PTC156873	POLYRUB EXTRUSIONS (INDIA) PRIVATE LIMITED	Director	01/10/2007	01/10/2007	Active	NO

Name :

Mr. Pramod Kumr Sharma

Designation :

Director

Address :

1101, Kritika Annexie, Plot No.11, Sion Trombay Road, Near R K Studio, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

18.11.1956

Date of Appointment :

10.08.1998

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2012)

Names of Shareholders	No. of Shares

Harish Rewachand Sujan Jointly with Mrs. Padma Harish Sujan	327800
Harish Rewachand Sujan H.U.F.	55000
Ghanshyam Rewachand Sujan Jointly with Mrs. Kanchan Sujan	325600
Ghanshyam Rewachand Sujan HUF	55000
Tulsi Rewachand Sujan Jointly with Mrs. Kamal Tulsi Sujan	333300
Tulsi Rewachand Sujan H.U.F.	55000
Ashok Rewachand Sujan Jointly with Mrs. Manisha Ashok Sujan	325600
Ashok Rewachand Sujan H.U.F.	55000
Neel Rewachand Sujan Jointly with Mrs. Sheetal Neel Sujan	325600
Neel Rewachand Sujan H.U.F.	55000
Vijay Jeevan Sujan Jointly with Mrs. Sarvinder Vijay Sujan	311300
Jai Prakash Vasdani Jointly with Mrs. Vijaylakshmi Vasdani	380600
Pramod Kumar Sharma Jointly with Mrs. Pinky Pramod Sharma	381700
Usha Jeevan Sujan Jointly with Mr. V. Sujan	4400
Padma Harish Sujan Jointly with Mr. Harish Sujan	4400
Kamal Tulsi Sujan Jointly with Mr. Tulsi Sujan	4400
Manisha Ashok Sujan Jointly with Mr. Ashok Sujan	4400
Vijaylakshi Vasdani Jointly with Mr. Jaiprakash Vasdani	4400
Kanchan R. Sujan Jointly with Mr. Ghanshyam Sujan	4400
Sheetal N. Sujan Jointly with Mr. Neel Sujan	4400
Pinky Pramod Sharma Jointly with Mr. Pramod Sharma	3300
Satvinder V. Sujan Jointly with Mr. Vijay Sujan	4400
Jeevan Sujan H.U.F.	55000

Total	3080000

(AS ON 30.09.2012)

Equity Shares Break Up	Percentage of Holding

Directors or relatives of Directors	100.00

Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Rubber Products.

GENERAL INFORMATION

No. of Employees :

80 (Approximately)

Bankers :

· State Bank of Hyderabad,

Overseas Branch, 1204, Ashok Mahal, Tulloch Road, Colaba, Mumbai-400039, Maharashtra, India

· Citi Bank N. A.,

Trent House, 2^nd Floor, G Block, Plot No C60, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India

· HDFC Bank

· Kotak Mahindra Bank

· ICICI Bank Limited

Facilities :

Secured Loans	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From State Bank of Hyderabad
Cash Credit Account	68.342	0.000
Term Loan Account (Secured by joint hypothecation of Book Debts and Stocks and by way of first charge on all immovable and movable properties and Plant and Machinery)	49.933	0.000
From Citibank
Cash Credit/ EPC/ Buyers Credit Account (Secured by joint hypothecation of Book Debts and Stocks and by way of second charge on all immovable and movable properties and Plant and Machinery)	25.113	92.188
From Standard Chartered Bank
Cash Credit Account (Secured by joint hypothecation of Book Debts and Stocks and by way of second charge on all immovable and movable properties and P/M)	0.000	9.707
Car Loans on Hire Purchase - Secured by hypothecation of Motor Cars:
HDFC Bank	0.310	0.370
Kotak Mahindra Bank	5.265	0.725
ICICI Bank Limited (Secured by hypothecation of Motor Cars)	0.182	0.320

Total	149.145	103.310


Banking Relations :	--

Auditors :
Name :	Rohira Mehta and Associates Chartered Accountants
Address :	B-202, 2^nd Floor, Grand Bella Vista, Near Jari Mari Temple, S.V. Road Bandra (West), Mumbai – 400 050, Maharashtra, India
Tel. No.:	91-22-42084500
Fax No.:	91-22-42084501
E-Mail :	info@rohiramehta.com

CAPITAL STRUCTURE

(AS ON 29.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount

5500000	Equity Shares	Rs.10/- each	Rs.55.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3080000	Equity Shares	Rs.10/- each	Rs.30.800 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		30.800	30.800	30.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		134.328	115.588	104.698
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		165.128	146.388	135.498
LOAN FUNDS
1] Secured Loans		149.145	103.310	104.792
2] Unsecured Loans		25.000	30.000	10.000
TOTAL BORROWING		174.145	133.310	114.792
DEFERRED TAX LIABILITIES		2.046	4.471	4.868

TOTAL		341.319	284.169	255.158

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		168.435	141.468	117.768
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	64.920	66.524	54.181
	Sundry Debtors	151.153	128.754	99.070
	Cash & Bank Balances	1.494	1.079	1.396
	Other Current Assets	4.347	4.667	3.356
	Loans, Advances & Deposits	49.944	34.893	28.801
Total Current Assets		271.858	235.917	186.804
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	70.123	79.458	39.737
	Other Current Liabilities	10.883	6.201	7.006
	Provisions	18.082	7.702	2.847
Total Current Liabilities		99.088	93.361	49.590
Net Current Assets		172.770	142.556	137.214

MISCELLANEOUS EXPENSES		0.114	0.145	0.176

TOTAL		341.319	284.169	255.158

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Total Turnover	561.746	480.610	409.459

	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		83.185	55.413	38.752

Less	FINANCIAL EXPENSES		17.502	13.551	10.676

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		65.683	41.862	28.076

Less/ Add	DEPRECIATION/ AMORTISATION		37.941	26.264	25.285

	PROFIT BEFORE TAX		27.742	15.598	2.791

Less	TAX		9.655	4.672	0.108

	PROFIT AFTER TAX		18.087	10.926	2.683

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		107.635	96.745	94.062

	APPROPRIATIONS
		Wealth Tax Paid	--	0.036	--
		Earlier Years Tax adjustments	(0.652)	--	--
	BALANCE CARRIED TO THE B/S		126.437	107.635	96.745

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	82.676	82.385	71.274
	TOTAL EARNINGS		82.676	82.385	71.274

	Earnings Per Share (Rs.)		6.08	3.54	0.87

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	3.22	2.27	0.66

Return on Total Assets (PBT/Total Assets}	(%)	6.30	4.13	0.92

Return on Investment (ROI) (PBT/Networth)		0.17	0.11	0.02

Debt Equity Ratio (Total Debt/Networth)		1.05	0.91	0.85

Current Ratio (Current Asset/Current Liability)		2.74	2.53	3.77

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	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

Particulars	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009

From Directors and Shareholders	25.000	30.000

Total	25.000	30.000

NOTE:

The registered office of the company has been shifted from 90, Mistry Industrial Complex, MIDC Cross Road A, Andheri (East), Mumbai – 400093, Maharashtra to the present address w.e.f. 14.06.2007.

OPERATIONS

The Local sales Turnover during the year are at Rs.482.587 millions as against last year’s Rs.416.004 millions and Export Turnover achieved was Rs.79.159 millions as against Rs.64.606 millions in the previous year. Overall, the company has achieved a turnover of Rs.561.746 millions as against Rs.480.610 millions, reflecting a growth of 16.9% in total turnover. During the year, the company set up its manufacturing facility in Manesar near New Delhi.

FUTURE OUTLOOK

The Automobile Sector is expected to maintain its growth rate of about 10 to 12%. However, the margins continue to be and are expected to be under pressure in the years to come. Under the scenario, the management proposes to continue to enhance the capacity by adding new machines as also extend cost reduction and rationalization measures, to boost the performance positively.

FORM 8

Corporate identity number of the company	U25110MH1995PTC084554
Name of the company	MEGA RUBBER TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Unit No.77, Mistry Industrial Complex, MIDC Cross Road A, Andheri (East), Mumbai – 400 093, Maharashtra, India admin@megarubbertech.com
This form is for	Modification of charge
Charge identification number of the charge to be modified	10174517
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	State Bank of Hyderabad, Overseas Branch, 1204, Ashok Mahal, Tulloch Road, Colaba, Mumbai-400039, Maharashtra, India overseas_mum@sbhyd.co.in
Nature of instrument creating charge	1) Supplemental Agreement of Hypothecation of Goods and Assets for overall increase in limits 2) Supplemental Agreement of Loan for increase in the overall limit 3) Letter regarding grant of individual limits within the overall limit (collectively constitute a single charge for Rs. 442.000 Millions)
Date of instrument Creating the charge	20.05.2011
Amount secured by the charge	Rs.442.000 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest CC : 4.25% above Base Rate (floating) ; TL-I : 5 % above base rate (floating); TL-II : SBH PLR Floating and TL-III: 4.25% above base rate (floating) Terms of repayment CC : Repayable on demand TL - I : in 16 quarterly installments starting from June qtr 2010 TL - II : In 17 quarterly installments starting from 1.4.2011 TL - III : In 16 quarterly installments starting from 30.6.2012 Margin RM, FG, Stocks in Process and Book Debts : 25% Extent and operation of the charge Hypothecation by way of first charge on all current assets and movable fixed assets of the company as security for repayment and discharge by the Borrower to the Bank on demand of the principal and all other moneys at any time payable by the Borrower to the Bank
Short particulars of the property charged (Including location of the property)	Hypothecation of present and future goods, Book Debts and other movable assets of the company
Date of instrument modifying the charge	15.06.2010
Particulars of the present modification	The amount secured is increased from Rs.288.000 Millions to Rs.442.000 Millions

FIXED ASSETS

Ø Building

Ø Plant and Machinery

Ø Laboratory Equipment

Ø Office Equipment

Ø Furniture and Fixture

Ø Computers

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 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.53.57
UK Pound	1	Rs.84.37
Euro	1	Rs.72.23

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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

64.920

151.153

1.494

4.347

49.944

271.858

70.123

10.883

18.082

99.088

172.770

3.22

6.30

0.17

1.05

2.74

Unit