MIRA INFORM REPORT

Report Date :

17.07.2013

IDENTIFICATION DETAILS

Name :	TM TYRES LIMITED
Formerly Known As :	TM TYRES PRIVATE LIMITED (w.e.f. 28.12.2005) T.M. TYRES AND TUBES PRIVATE LIMITED
Registered Office :	1-8-303/48/5 and 8, 4th Floor, K.P.R. House, S.P. Road, Secunderabad-500003, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.06.1995
Com. Reg. No.:	01-020787
Capital Investment/ Paid-up Capital:	Rs.146.019 Millions
CIN No.: [Company Identification No.]	U25190AP1995PLC020787
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Tubes and Tyres.
No. of Employees:	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1370000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has seen a drastic dip in its sales turnover as well as the net profitability during 2012, which has also affected the profit margins of the company. Liquidity position appears to be stretched. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	B+ [Long Term]
Rating Explanation	High risk of default
Date	12.09.2012

Rating Agency Name	CRISIL
Rating	A4 [Short Term]
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	12.09.2012

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 [GENERAL DETAILS]

Name :	Mr. Ankit Mehta
Designation :	Finance Manager
Contact No.:	91-40-32570888
Date :	25.06.2013

LOCATIONS

Registered/ Corporate Office :	1-8-303/48/5 and 8, 4th Floor, K.P.R. House, S.P. Road, Secunderabad-500003, Andhra Pradesh, India
Tel. No.:	91-40-32570888/ 32570999/ 27892908/ 27892906
Fax No.:	91-40-27892907
E-Mail :	info@tmtyres.com ashok@tntyres.com finance@tmttyres.com
Website :	http://www.tmtyres.com
Location :	Owned
Factory :	5-35, Survey No. 319/321, P.B. No. 102, Kalakal Village, Medak-502336, Andhra Pradesh, India
Tel. No.:	91-8454-250601/ 103/ 250601/ 250602/ 321211/ 212/ 213/ 214/ 201001/ 002
Fax No.:	91-8454-250603

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Ashok Kumar Agarwal

Designation :

Managing Director

Address :

H.No.1-8-337/1, Flat No.501, Block 1, Fore Front Royale, Indian Airlines Colony, Begumpet, Hyderabad - 500016, Andhra Pradesh, India

Date of Birth/Age :

30.08.1960

Qualification :

Commerce Graduate

Date of Appointment :

22.06.1995

DIN No.:

00991138

Other Directorships :

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	U25199AP1983PLC003868	AGARWAL RUBBER LIMITED	Director	25/09/1990	25/09/1990	12/11/2007	Active	NO
2	U25190AP1995PLC020787	TM TYRES LIMITED	Managing director	01/08/2011	22/06/1995	-	Active	NO
3	U25111AP1995PLC020874	TM CONSTRUCTIONS LIMITED	Director	29/06/1995	29/06/1995	-	Active	NO
4	U67120AP1992PLC014220	H.G.PORTFOLIO MANAGEMENT YIMITED	Director	27/03/2003	27/03/2003	22/10/2007	Active	NO
5	U72200AP1998PLC030577	MAK RUBBER INDIA LIMITED	Director	27/03/2003	27/03/2003	-	Active	NO
6	U27100AP2009PLC064339	TM ISPAT (INDIA) LIMITED	Director	11/07/2009	11/07/2009	-	Active	NO
7	U51909WB2007PTC117069	SANYAM MERCHANTS PRIVATE LIMITED	Additional director	08/11/2010	08/11/2010	-	Active	NO
8	U51101MH2006PTC160193	PRANJAL TRADING COMPANY PRIVATE LIMITED	Director	30/09/2011	10/11/2010	-	Active	NO

Name :

Mrs. Sunitha Kumari Agarwal

Designation :

Whole Time Director

Address :

H.No.1-8-337/1, Flat No.501, Block 1, Fore Front Royale, Indian Airlines Colony, Begumpet, Hyderabad - 500016, Andhra Pradesh, India

Date of Birth/Age :

30.04.1963

Qualification :

B.A

Date of Appointment :

11.11.2002

DIN No.:

00992129

Other Directorships :

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	U25190AP1995PLC020787	TM TYRES LIMITED	Whole-time director	01/08/2011	11/11/2002	Active	NO
2	U72200AP1998PLC030577	MAK RUBBER INDIA LIMITED	Director	01/10/2005	01/10/2005	Active	NO
3	U25111AP1995PLC020874	TM CONSTRUCTIONS LIMITED	Director	30/09/2008	15/10/2007	Active	NO
4	U27100AP2009PLC064339	TM ISPAT (INDIA) LIMITED	Director	11/07/2009	11/07/2009	Active	NO
5	U65990MH1993PTC070889	MUMBADEVI FINANCE AND INVESTMENT COMPANY PRIVATE LIMITED	Director	30/09/2011	09/11/2010	Active	NO

Name :

Mrs. Sheetal Agarwal

Designation :

Additional Director

Address :

8-2-684/3/2, Road No.2, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

15.09.1981

Qualification :

M.B.A

Date of Appointment :

01.11.2007

DIN No.:

01629785

Other Directorships :

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	U72200AP1998PLC030577	MAK RUBBER INDIA LIMITED	Director	29/09/2007	25/08/2007	Active	NO
2	U25111AP1995PLC020874	TM CONSTRUCTIONS LIMITED	Director	30/09/2008	15/10/2007	Active	NO
3	U25190AP1995PLC020787	TM TYRES LIMITED	Additional director	01/11/2007	01/11/2007	Active	NO
4	U27100AP2009PLC064339	TM ISPAT (INDIA) LIMITED	Director	11/07/2009	11/07/2009	Active	NO
5	U51909WB2007PTC117069	SANYAM MERCHANTS PRIVATE LIMITED	Additional director	08/11/2010	08/11/2010	Active	NO

Name :

Mr. Thirupal Reddy Kunchala

Designation :

Whole Time Director

Address :

Plot #18, B.N. Reddy Colony, #8-2-293/174/A/3, Road # 14, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

02.11.1944

Qualification :

M. Sc and M.B.A

Date of Appointment :

01.08.2011

DIN No.:

03330182

Other Directorships :

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	U25190AP1995PLC020787	TM TYRES LIMITED	Whole-time director	30/09/2011	24/11/2010	Active	NO
2	L21300WB1973PLC028854	INTERNATIONAL CONVEYORS LIMITED	Additional director	14/02/2012	14/02/2012	Active	NO

Name :

Mrs. Nitin Agrawal

Designation :

Additional Director

Address :

21-1-686, Rikabgunj, Hyderabad – 500002, Andhra Pradesh, India

Date of Birth/Age :

29.06.1981

Qualification :

M.B.A

Date of Appointment :

24.11.2010

DIN No.:

01535364

Other Directorships :

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	U18101AP2003PTC041179	NAVDURGA FASHIONS PRIVATE LIMITED	Director	17/06/2003	17/06/2003	23/03/2012	Active	NO
2	U27100AP2009PLC064339	TM ISPAT (INDIA) LIMITED	Director	19/09/2009	19/09/2009	-	Active	NO
3	U25190AP1995PLC020787	TM TYRES LIMITED	Director	30/09/2011	24/11/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ankit Mehta
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Ashok Kumar Agarwal	5888310
Sunita Kumari	1028500
Sheetal Agarwal	258990
Renuka Agarwal	219475
MAK Rubber India Limited, India	3000000
Master Krishnav	926100
Sakshi Agarwal	108750
Nitin Agrawal	1000
TM Constructions Limited, India	1251000
TM Ispat India Limited, India	101000
Pranjal Trading Company Private Limited, India	795000
Ashok Kumar Agarwal (HUF)	125000
Sanyam Merchants Private Limited, India	500000
Matarani Vinimay Private Limited, India	1375000
Natho Devi	15000
Usha Agarwal	11250
Vijaya Kumari Gupta	10000
Lalit Kumar Gupta	10000
Kamal Kanth Gupta	10000
Mamta Agarwal	10000
TOTAL	15644375

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	45.00
Directors or relatives of directors	55.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Tubes and Tyres.

Products :

Product Description	ITC Code
Automobile Tubes	2511

· Butyl Tubes

· Flaps

· Envelopes

· Curing Bags

· Rubber Compounds

· Butyl Compound

· N.R Compound

· SBR Compound

· PBR Compound

· NBR Compound

· EPDM Compounds

· All Other Synthetic Rubber Compounds

Exports :

Products :

Finished Goods

Countries :

· Middle East

· African Country

Imports :

Products :

Raw Material

Countries :

· Thailand

· Russia

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Automobile Tubes	Nos	NA	NA	3015175

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

500 (Approximately)

Bankers :

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227D, Nariman Point, Mumbai - 400021, Maharashtra, India

· State Bank of Hyderabad, Gunfoundry Branch, Hyderabad - 500001, Andhra Pradesh, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Term Loans From Banks	126.005	149.492
Loans and Advances From Related Parties	1.969	4.395
Short Term Borrowings
Working Capital Loans From Banks	163.113	50.398
Term Loans From Banks	214.430	131.896
Other Loans and Advances	8.221	0.000
TOTAL	513.738	336.181

Banking Relations :	--
Auditors :
Name :	T.S. Ajai Chartered Accountant
Address :	Minar Apartments, Deccan Towers, Basheerbagh, Hyderabad – 500001, Andhra Pradesh, India
PAN No:	ABIPP9247M
Associates :	· TM Constructions Limited [U25111AP1995PLC020874] · TM Ispat (India) Limited [U27100AP2009PLC064339] · MAK Rubber India Limited [U72200AP1998PLC030577]

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued & Subscribed Capital :

No. of Shares	Type	Value	Amount
15644375	Equity Shares	Rs.10/- each	Rs.156.444 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
13214375	Equity Shares	Rs.10/- each	Rs.132.144 Millions
2430000	Called Up Shares	Rs.5.71/- each	Rs.13.875 Millions
	TOTAL		Rs.146.019 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	146.019	122.500
(b) Reserves & Surplus	198.690	144.259
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	27.800
Total Shareholders’ Funds (1) + (2)	344.709	294.559
(3) Non-Current Liabilities
(a) long-term borrowings	176.759	202.707
(b) Deferred tax liabilities (Net)	23.209	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	4.065	6.299
Total Non-current Liabilities (3)	204.033	209.006
(4) Current Liabilities
(a) Short term borrowings	386.406	183.581
(b) Trade payables	107.423	115.653
(c) Other current liabilities	38.744	56.629
(d) Short-term provisions	1.183	0.000
Total Current Liabilities (4)	533.756	355.863
TOTAL	1082.498	859.428
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	295.457	245.273
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	295.264	209.711
(iv) Intangible assets under development or work-in-progress	14.388	4.541
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	34.567	9.643
(e) Other Non-current assets	1.539	0.614
Total Non-Current Assets	641.215	469.782
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	236.873	168.094
(c) Trade receivables	136.617	150.555
(d) Cash and cash equivalents	20.375	25.846
(e) Short-term loans and advances	44.099	41.832
(f) Other current assets	3.319	3.319
Total Current Assets	441.283	389.646
TOTAL	1082.498	859.428

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		79.000
2] Share Application Money		26.700
3] Reserves & Surplus		76.326
4] (Accumulated Losses)		0.000
NETWORTH		182.026
LOAN FUNDS
1] Secured Loans		206.818
2] Unsecured Loans		53.909
TOTAL BORROWING		260.727
DEFERRED TAX LIABILITIES		0.000
TOTAL		442.753
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		167.759
Capital work-in-progress		34.307
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	140.786
	Sundry Debtors	131.236
	Cash & Bank Balances	11.425
	Other Current Assets	0.000
	Loans & Advances	30.773
Total Current Assets		314.220
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	58.695
	Other Current Liabilities	6.647
	Provisions	8.191
Total Current Liabilities		73.533
Net Current Assets		240.687
MISCELLANEOUS EXPENSES		0.000
TOTAL		442.753

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	632.103	931.639	572.509
		Other Income	5.513	5.586	9.861
		TOTAL (A)	637.616	937.225	582.370
Less	EXPENSES
		Cost of materials consumed	341.027	397.762
		Purchases of stock-in-trade	63.977	299.241
		Employee benefit expense	51.566	40.078
		Other expenses	130.247	136.477	515.144
		Prior period items	0.000	5.463
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(12.501)	(24.485)
		TOTAL (B)	574.316	854.536	515.144
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		63.300	82.689	67.226
Less	FINANCIAL EXPENSES (D)		26.963	23.172	22.176
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		36.337	59.517	45.050
Less/ Add	DEPRECIATION/ AMORTISATION (F)		23.323	28.785	27.619
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		13.014	30.732	17.431
Less	TAX (H)		9.864	6.299	8.191
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		3.150	24.433	9.240
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		99.179	74.746	65.505
	BALANCE CARRIED TO THE B/S		102.329	99.179	74.745
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	199.101	227.940	260.161
	IMPORTS
		Raw Materials	NA	179.553	177.352
	Earnings / (Loss) Per Share (Rs.)		0.22	1.81	1.17

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.49	2.61	1.59
Net Profit Margin (PBT/Sales)	(%)	2.05	3.30	3.04
Return on Total Assets (PBT/Total Assets}	(%)	1.68	4.76	3.62
Return on Investment (ROI) (PBT/Networth)		0.04	0.10	0.10
Debt Equity Ratio (Total Debt/Networth)		1.63	1.31	1.43
Current Ratio (Current Asset/Current Liability)		0.83	1.09	4.27

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE:

The Registered Office of the company has been shifted from 5-35, Surveyno.305 and 321, Village Kalakal, Distisct Medak - 502336, Andhra Pradesh, India to the present address w.e.f. 10.09.2008

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Deferred Payment Liabilities	43.967	44.417
Deposits From Others	4.818	4.403
Short Term Borrowings
Loans and Advances From Related Parties	0.642	1.287
TOTAL	49.427	50.107

OPERATIONAL PERFORMANCE:

The Company has achieved turnover of Rs.635.917 millions as against Rs.935.450 millions during the year and made a net profit Rs. 3.150 millions after tax for the year ended 31st March 2012.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10025570
Corporate identity number of the company	U25190AP1995PLC020787
Name of the company	TM TYRES LIMITED
Address of the registered office or of the principal place of business in India of the company	1-8-303/48/5 and 8, 4th Floor, K.P.R. House, S.P. Road, Secunderabad-500003, Andhra Pradesh, India
Type of charge	Book Debts Movable Property [not being pledge] Immovable Property
Particular of charge holder	State Bank of Hyderabad, Gunfoundry Branch, Hyderabad - 500001, Andhra Pradesh, India Email: hyd2_sbhgun@sancharnet.in
Nature of description of the instrument creating or modifying the charge	No Objection Letter received from State Bank of Hyderabad.
Date of instrument Creating the charge	05.06.2013
Amount secured by the charge	Rs.527.700 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Following rates in addition to base rates: CC 4.75%,TL I and II 4.5%,TL 2.75%, TL IV 3.75%,STCL 5% Terms of Repayment Term loan I: 20 quarterly installments of Rs.1.925 millions each, from Oct 06 Term loan II: 20 quarterly installments of Rs.1.575 millions each, from Oct 06 Short term capital loan: 36monthly installments of Rs.0.556 million, from Dec 06 Term loan III: 26 quarterly installments of Rs.4.000 millions, from Jan 11 Term loan IV: 20 quarterly installment of Rs.2.800 millions, from Jan 11 Margin Raw material - 25% stock in process -25% finished goods - 25% Book Debts- 40% Extent and Operation of the charge The charge operates for duly repayment of loan together interest in time.
Short particulars of the property charged	Shop no G - 4 in pooja commercial complex in premises bearing no 5-9-191, chirag ali lane with plinth area 271.73sft in the name of Sunita Kumari Agarwal Shop no G - 12 in pooja commercial complex in premises bearing no 5-9-191, chirag ali lane with plinth area 232sft in the name of Ashok kumar Agarwal Flat No 502 on 5th floor ( Duplex) in block 1 of the Building Complex known as forefront Royale on the property bearing Municipal No.s 1-8-337/1,1-8-338/1,1-8-344/A and 1-8-342/A admeasuring 3255 sq Sy no 305(E), 305(ee),321(A) and 321 (AA) Admeasuring 2.22 3/4 guntas situated at kalakal village , gajwal taluqa toopran mandal medak dist Sy no 305(E), 305(ee),321(A) and 321 (AA) Admeasuring 6.09 Guntas situated at kalakal village , gajwal taluqa toopran mandal medak dist Sy no 305(E), 305(ee),321(A) and 321 (AA) Admeasuring 2.22 3/4 guntas situated at kalakal village , gajwal taluqa toopran mandal medak dist Sy no 305(E), 305(ee),321(A) and 321 (AA) Admeasuring 6.17 Guntas situated at kalakal village , gajwal taluqa toopran mandal medak dist.
Date of latest modification prior to the present modification	26.10.2012
Particulars of the present modification	By this present modification the Term Loan limit of Rs. 58.500 millions has been repaid fully and is closed, so now the overall limit reduced from Rs. 586.200 millions to Rs. 527.700 millions.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Moulds

· Furniture

· Office Equipment

· Lab Equipment

· 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 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.59.39
UK Pound	1	Rs.89.90
Euro	1	Rs.77.73

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.