MIRA INFORM REPORT

Report Date :

23.05.2013

IDENTIFICATION DETAILS

Name :	ROLEX RINGS PRIVATE LIMITED
Registered Office :	Behind Glowtech Private Limited, Gondal Road, Village - Kotharia, Rajkot – 360004, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.02.2003
Com. Reg. No.:	04-041991
Capital Investment / Paid-up Capital :	Rs. 239.810 Millions
CIN No.: [Company Identification No.]	U28910GJ2003PTC041991
TAN No.: [Tax Deduction & Collection Account No.]	RKTR00395D
PAN No.: [Permanent Account No.]	AACCR3790B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Forged and Machined Bearing Races and Automotive Components.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 265700
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appear huge accumulated losses recorded by the company. The external borrowing seems to be huge. The liquidity position appears to be weak. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great 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	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	(CRISIL) A4 [CRISIL has suspended due to lack of information]
Date	February 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. Manish
Designation :	Accounts Department
Contact No.:	91-281-2360406
Date :	22.05.2013

LOCATIONS

Registered Office/ Factory 1 :	Behind Glowtech Private Limited, Gondal Road, Village - Kotharia, Rajkot – 360004, Gujarat, India
Tel. No.:	91-281-2360406/ 2363406
Fax No.:	91-281-2362376
E-Mail :	rolex@rolexrings.com, mjpassociates@gmail.com compliance@rolesrings.com madekam@rolexrings.com
Website :	http://www.rolexrings.com
Area :	1200 Sq. ft
Location :	Owned
Factory 2 :	Opposite Inox Limited, Gondal Road, Vavdi, Rajkot Swami Narayan Gurukul, Rajkot - 360004, Gujarat, India
Tel. No.:	91-281-6699777/ 6699577
Fax No.:	91-281-2362376
E-Mail :	rolex@rolexrings.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Manesh Dayashankar Madeka

Designation :

Managing Director

Address :

"Daya", Street No. 3, Parnakuti Society, Near Vidyut Nagar, Rajkot, Gujarat, India

Date of Birth/Age :

14.05.1958

Date of Appointment :

13.02.2003

PAN No.:

AASPM8191Q

DIN No.:

01629788

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	U45201GJ1996PTC031425	MADEKA PROPERTIES PRIVATE LIMITED	Director	31/12/1996	31/12/1996	-	Active	NO
2	U28910GJ2003PTC041991	ROLEX RINGS PRIVATE LIMITED	Managing director	13/02/2003	13/02/2003	-	Active	NO
3	U27107GJ2007PTC050368	ROLEX INDUSTRIES PRIVATE LIMITED	Director	29/03/2007	29/03/2007	15/06/2011	Active	NO

Name :

Mr. Bhoutik Dayashankar Madeka

Designation :

Director

Address :

Anand Bhuvan, Bhd. M. V. M College, Setubandh Society, Rajkot, Gujarat, India

Date of Birth/Age :

11.12.1965

Date of Appointment :

13.02.2003

PAN No.:

ABIPM7370C

DIN No.:

01761543

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	U45201GJ1996PTC031425	MADEKA PROPERTIES PRIVATE LIMITED	Director	31/12/1996	31/12/1996	-	Active	NO
2	U28910GJ2003PTC041991	ROLEX RINGS PRIVATE LIMITED	Director	13/02/2003	13/02/2003	-	Active	NO

Name :

Mr. Mihir Rupeshkumar Madeka

Designation :

Director

Address :

"Daya", Parnakuti Society, Street No 5, Rajkot, Gujarat, India

Date of Birth/Age :

19.07.1977

Date of Appointment :

13.02.2003

PAN No.:

ACXPM6011E

DIN No.:

01778561

Name :

Mr. Hemal Paresh Madeka

Designation :

Director

Address :

301, Dhara Apartment, Near Parnakuti Society, Rajkot, Gujarat, India

Date of Birth/Age :

25.01.1978

Date of Appointment :

13.02.2003

PAN No.:

AVJPM8349Q

DIN No.:

01629761

Name :

Mr. Bharat Jiten Madeka

Designation :

Director

Address :

"Vasant", 4/5, Parnakuti Society, Near Vidhyut Nagar, Rajkot, Gujarat, India

Date of Birth/Age :

11.07.1984

Date of Appointment :

12.09.2007

PAN No.:

AVJPM8348R

DIN No.:

01761592

Name :

Mr. Vivek Anilchand Sett

Designation :

Director

Address :

1001, Marathon Heights, F.B. Marg, Worli, Mumbai, Maharashtra, India

Date of Birth/Age :

09.01.1955

Date of Appointment :

22.09.2007

DIN No.:

00031084

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	U64200AP1995PLC044060	TATA BUSINESS SUPPORT SERVICES LIMITED	Director	29/09/2004	29/09/2004	06/02/2007	Active	NO
2	U93090MH2007PTC167523	NEW SILK ROUTE ADVISORS PRIVATE LIMITED	Director	23/11/2007	09/02/2007	-	Active	NO
3	U72900MH2007PTC167883	NEW SILK ROUTE TOWERS PRIVATE LIMITED	Director	15/02/2007	15/02/2007	-	Strike off	NO
4	U70102AP2002PTC038713	ASCEND TELECOM INFRASTRUCTURE PRIVATE LIMITED	Nominee director	24/07/2007	24/07/2007	-	Active	NO
5	U28910GJ2003PTC041991	ROLEX RINGS PRIVATE LIMITED	Director	22/09/2007	22/09/2007	-	Active	NO
6	U51109WB1996PTC080816	STARNET MERCHANTS PRIVATE LIMITED	Director	14/12/2007	14/12/2007	14/05/2012	Active	NO
7	L15141MP1985PLC003171	K.S.OILS LIMITED	Director	30/09/2009	01/07/2009	21/05/2011	Active	NO
8	L24232PB1995PLC016664	NECTAR LIFE SCIENCES LIMITED	Director	29/09/2010	18/02/2010	-	Active	NO
9	U99999MH1981PTC025974	DESTIMONEY FINANCIAL SERVICES PRIVATE LIMITED	Director	26/09/2011	22/03/2011	-	Active	NO
10	U70100MH2005PTC155887	DESTIMONEY ENTERPRISES PRIVATE LIMITED	Director	26/09/2011	11/07/2011	-	Active	NO
11	U64200DL2010PTC207522	AUGERE WIRELESS BROADBAND INDIA PRIVATE LIMITED	Director	12/10/2011	14/07/2011	-	Active	NO

Name :

Mr. Shantanu Yeshwant Nalavadi

Designation :

Director

Address :

RM 2903/ 4/ 5/ 6, FL 29, C107, Ashok Towers, 63/74 Dr S, S, Rao Road, Parel, Mumbai - 400012, Maharashtra, India

Date of Birth/Age :

27.04.1966

Date of Appointment :

29.09.2012

DIN No.:

02104220

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	U74899DL1995PLC069353	ORTEL COMMUNICATIONS LIMITED	Director	30/09/2008	29/02/2008	-	Active	NO
2	U67190MH2005PTC152063	DESTIMONEY INDIA SERVICES PRIVATE LIMITED	Director	30/09/2009	07/10/2008	-	Active	NO
3	U70100MH2005PTC155887	DESTIMONEY ENTERPRISES PRIVATE LIMITED	Director	30/09/2009	26/12/2008	11/07/2011	Active	NO
4	U67120MH2005PTC156678	DESTIMONEY SECURITIES PRIVATE LIMITED	Director	30/09/2009	22/07/2009	-	Active	NO
5	U99999MH1981PTC025974	DESTIMONEY FINANCIAL SERVICES PRIVATE LIMITED	Director	27/09/2010	03/11/2009	22/03/2011	Active	NO
6	U65923TN2010PTC082751	DESTIMONEY COMMODITIES PRIVATE LIMITED	Director	29/06/2010	29/06/2010	-	Active	NO
7	U93090MH2007PTC167523	NEW SILK ROUTE ADVISORS PRIVATE LIMITED	Additional director	01/04/2011	01/04/2011	-	Active	NO
8	U74300MH2006PTC163657	9X MEDIA PRIVATE LIMITED	Director	07/09/2011	07/09/2011	-	Active	NO
9	U74999MH2012PTC228679	GASTRONOMY MANAGEMENT SERVICES PRIVATE LIMITED	Director	26/03/2012	26/03/2012	-	Active	NO
10	U55101KA2007PTC044097	VASUDEV ADIGAS FASTFOOD PRIVATE LIMITED	Director	29/09/2012	09/04/2012	-	Active	NO
11	U92190CH2010PTC032556	PAUL ENTERTAINMENTS PRIVATE LIMITED	Director	29/09/2012	01/06/2012	-	Active	NO
12	U28910GJ2003PTC041991	ROLEX RINGS PRIVATE LIMITED	Director	29/09/2012	17/08/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manish
Designation :	Accounts Department
Name :	Mr. Rupesh D Madeka
Designation :	Vice President (Operations)
Name :	Mr. Ashok D Madeka
Designation :	Vice President (Forging)
Name :	Mr. Jiten D Madeka
Designation :	Vice President (Operations)
Name :	Mr. Pinakin D Madeka
Designation :	Vice President (Forging)
Name :	Mr. Sanjay Bole
Designation :	Vice President (Forging)
Name :	Mr. Paresh D Madeka
Designation :	Vice President (Adminsitration)
Name :	Mr. Hiren Doshi
Designation :	Vice President (Finance)
Name :	Mr. L K Das
Designation :	Chief Operating Officer
Name :	Mr. Dhiraj Barma
Designation :	General Manager (Project Development)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Rupesh Dayashankar Madeka	2090667
Jiten Dayashankar Madeka	2090667
Manesh Dayashankar Madeka	2090667
Ashok Dayashankar Madeka	1306666
Pin Akin Dayashankar Madeka	2221334
Bhautik Dayashankar Madeka	1437333
Paresh Dayashankar Madeka	261333
Mihir Rupeshbhai Madeka	392000
Hemal Pareshbhaj Madeka	392000
Sanjay Bhagwanii Bole	392000
Bharat Jitenbhai Madeka	392000
NSR PE Mauritius LLC, Mauritius	10914423
Total	23981090

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	45.51
Directors or relatives of directors	54.49
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Forged and Machined Bearing Races and Automotive Components.
Exports :
Products :	Finished Goods
Countries :	Ø USA Ø France Ø Italy Ø UK
Imports :
Products :	Raw Material
Countries :	Ø Europe Ø USA
Terms :
Selling :	L/C
Purchasing :	L/C

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	UOM Installed Capacity *	UOM Actual Production
Forged Rings	MT	Not Applicable	87,600.00	62,832,196
Machined Rings	Nos.	Not Applicable	450.00	60,923,476
Automobile Parts	Nos.	Not Applicable	--	8,87,423
Scrap	MT	Not Applicable	--	7,891.64

Note:

* Per management's technical evaluation

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

300 (Approximately)

Bankers :

Ø Corporation Bank, Rajkot Main Branch, Nijanand, Dhebar Road, Rajkot – 360002, Gujarat, India [91-281-2226602]

Ø Oriental Bank of Commerce

Ø Union Bank of India

Ø Bank of Baroda

Ø Bank of India

Ø Indian Overseas Bank

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term loans from banks	1461.140	1804.760
Other loans and advances	76.380	74.040
Loans repayable on demand from banks	2387.880	2339.590
Total	3925.400	4218.390

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	31, Nutan Bharat Society, Alkapuri, Baroda, Gujarat, India
Tel. No.:	91-265-2333776
Fax No.:	91-265-2339729
Income-tax PAN of auditor or auditor's firm :	AADFD2337G
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Ø Rolex Properties Private Limited Ø Madeka Properties Private Limited Ø Rolex Industries Private Limited Ø Accurate Industries

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25,025,000	Equity Shares	Rs. 10/- each	Rs. 250.250 Millions
2,850	Preference Shares	Rs. 35000/- each	Rs. 99.750 Millions
	Total		Rs. 350.000 Millions

Issued & Subscribed Capital :

No. of Shares	Type	Value	Amount
23,981,090	Equity Shares	Rs. 10/- each	Rs. 239.811 Millions
2,850	Preference Shares	Rs. 35000/- each	Rs. 99.750 Millions
	Total		Rs. 339.561 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
23,981,090	Equity Shares	Rs. 10/- each	Rs. 239.810 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		239.810	239.810	219.750
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	172.910	1371.648
4] (Accumulated Losses)		(168.390)	0.000	(994.877)
NETWORTH		71.420	412.720	596.521
LOAN FUNDS
1] Secured Loans		3925.400	4218.390	3594.931
2] Unsecured Loans		272.500	213.020	42.116
TOTAL BORROWING		4197.900	4431.410	3637.047
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4269.320	4844.130	4233.568
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2662.360	2718.180	2883.493
Capital work-in-progress		705.900	373.230	166.987
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	833.950	1198.910	653.977
	Sundry Debtors	767.130	980.850	454.356
	Cash & Bank Balances	481.010	467.160	496.912
	Other Current Assets	50.130	71.100	0.000
	Loans & Advances	296.090	372.510	325.420
Total Current Assets		2428.310	3090.530	1930.665
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1018.270	923.440	724.745
	Other Current Liabilities	501.510	410.210	21.570
	Provisions	7.470	4.160	1.783
Total Current Liabilities		1527.250	1337.810	748.098
Net Current Assets		901.060	1752.720	1182.567
MISCELLANEOUS EXPENSES		0.000	0.000	0.521
TOTAL		4269.320	4844.130	4233.568

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations (Net)	4610.220	3339.760	1532.750
		Other Income	45.880	37.680	288.680
		TOTAL (A)	4656.100	3377.440	1821.430
Less	EXPENSES
		Employee Benefit Expenses	240.160	154.460
		Other Expenses	3952.500	2737.200
		TOTAL (B)	4192.660	2891.660	1669.410
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		463.440	485.780	152.020
Less	FINANCIAL EXPENSES (D)		615.960	519.170	424.830
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(152.520)	(33.390)	(272.810)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		189.200	424.540	462.010
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(341.720)	(457.930)	(734.820)
Less	TAX (H)		0.000	0.000	0.030
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(341.720)	(457.930)	(734.850)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1452.810)	(994.880)	(260.030)
	BALANCE CARRIED TO THE B/S		(1794.530)	(1452.810)	(994.880)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2125.218	1596.995	703.115
	IMPORTS
		Raw Materials		929.197	127.134
		Spares and Consumables		23.574	4.164
		Capital Goods		429.045	15.564
	TOTAL IMPORTS		N.A.	1381.816	146.862
	Earnings/ (Loss) Per Share (Rs.)		(14.25)	(19.10)	(61.22)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(7.34)	(13.56)	(40.34)
Net Profit Margin (PBT/Sales)	(%)	(7.41)	(13.71)	(47.94)
Return on Total Assets (PBT/Total Assets}	(%)	(6.71)	(7.88)	(15.26)
Return on Investment (ROI) (PBT/Networth)		(4.78)	(1.11)	(1.23)
Debt Equity Ratio (Total Debt/Networth)		58.78	10.74	6.10
Current Ratio (Current Asset/Current Liability)		1.59	2.31	2.58

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	Yes
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)
Loans and advances from directors	33.490	11.090
Loans and advances from others	20.980	0.280
Other loans and advances	218.030	201.650
Total	272.500	213.020

CORPORATE INFORMATION

Subject is a company engaged in manufacturing of forged and machined bearing races and automotive components. The company is situated in the state of Gujarat at District: Rajkot. The company has set up two manufacturing units at Rajkot.

FINANCIALS:

Total revenue (net of excise) from operations has been increased from INR 3339.760 millions of previous year to INR 4610.220 millions during the period. The Company reported net loss of INR 341.720 millions (includes non-cash expenses of depreciation of INR 189.200 millions) in fiscal 2011-12, as compared to net loss of Rs. 457.930 millions for previous year. The company reported book losses mainly due to high fluctuation in forex and to meet the buyer’s schedule in time, the company used high cost of steel in the production due to non availability of steel particularly in the last quarter of the year. The management will leave no efforts for reduction of overall costs structure and increase in total turnover of the Company in the coming years. Further, the Company’s efforts to explore new markets will also be continued in future.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U28910GJ2003PTC041991
Name of the company	ROLEX RINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Behind Glowtech Private Limited, Gondal Road, Village - Kotharia, Rajkot – 360004, Gujarat, India Email: compliance@rolexrings.com
This form is for	Modification of charge
Charge identification number of the modified	10143781
Type of charge	Immovable property
Particular of charge holder	Corporation Bank, Rajkot Main Branch, Nijanand, Dhebar Road, Rajkot – 360002, Gujarat, India Email: cb191@corpbank.co.in
Nature of description of the instrument creating or modifying the charge	Instruments modifying the charge: Supplemental Common Joint Memorandum of Agreement for Equitable Mortgage cum Extension.
Date of instrument Creating the charge	28.03.2013
Amount secured by the charge	Rs. 7242.800 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge The charge operates to extend security by way of equitable mortgage of immovable properties in favour of 'Corporation Bank Consortium' to secure repayment of entire credit facilities of Rs.7242.800 Millions in addition to all interest, cost and expenses. Others Corporation Bank Consortium has revised credit facilities upto Rs.7242.800 Millions as under: 1) Corporation Bank:- Rs.2273.300 Millions 2) Oriental Bank of Commerce:- Rs.1585.200 Millions 3) Union Bank of India:- Rs.1653.100 Millions 4) Bank of India:- Rs.585.200 Millions 5) Bank of Baroda:- Rs.816.400 Millions 6) Indian Overseas Bank:- Rs.329.600 Millions Total:- Rs.7242.800 Millions
Date of Modification	15.01.2011
Particulars of the present modification	The total credit facilities have been revised and enhanced from Rs.5339.200 Millions to Rs.7242.800 Millions by 'Corporation Bank Consortium' (Consisting of Corporation Bank (Lead Bank), Oriental Bank of Commerce, Union Bank of India, Bank of India, Bank of Baroda and Indian Overseas Bank) by way of equitable mortgage of immovable properties of the Company.

FIXED ASSETS:

Ø Land

Ø Buildings

Ø Other building

Ø Plant and equipment

Ø Other plant and equipment

Ø Furniture and fixture

Ø Vehicles

Ø Motor vehicles

Ø Office equipment

Ø Computer equipments

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 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. 55.52
UK Pound	1	Rs. 84.09
Euro	1	Rs. 71.67

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.