MIRA INFORM REPORT

Report Date :

09.11.2013

IDENTIFICATION DETAILS

Name :	APPLICOMP (INDIA) LIMITED
Registered Office :	Gangapur Gin Compound Station Road, Ahmednagar – 414001, Maharashtra
Country :	India
Financials (as on) :	31.07.2012
Date of Incorporation :	31.12.1996
Com. Reg. No.:	25-104800
Capital Investment / Paid-up Capital :	Rs. 1382.928 Millions
CIN No.: [Company Identification No.]	u29302PN1996pLc104800
TAN No.: [Tax Deduction & Collection Account No.]	muma14916G
PAN No.: [Permanent Account No.]	AACCA9547R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Trader of Electrical and Electronic Appliances.
No. of Employees :	Not Available

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 6259000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Company has increased loss in the year 2012. Reserves of the company appear to be low. However, trade relations are fair. Business is active. Payment terms are slow. 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

INDIAN ECONOMIC OVERVIEW

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

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

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

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

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

EXTERNAL AGENCY RATING

CARE: November 16, 2012

CARE has suspended the ratings with immediate effect, as the subject failed to furnish the information required by the rating agency.

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 :	Gangapur Gin Compound Station Road, Ahmednagar – 414001, Maharashtra, India
Tel. No.:	91-241-2358427/ 2355121
Fax No.:	91-241-2824775
E-Mail :	secretarial1@gmail.com info@applicomp.in
Factory :	Survey No. 6-11, Krishnasagara Village, Anekal Taluk, Attibele, Hosur Road, Bangalore – 562107, Karnataka, India
Tel. No.:	91-80-27821845/ 27820890/ 27820891/ 27820892
Fax No.:	91-80-27821154

DIRECTORS

AS ON 29.01.2013

Name :

Mr. Sharadkumar Bansilal Pallod

Designation :

Director

Address :

Ashish Bunglow, Station Road, Gangapur Gin Compound, Ahmednagar – 414001, Maharashtra, India

Date of Birth/Age :

23.10.1944

Qualification :

Law Graduate

Date of Appointment :

31.12.1996

DIN No.:

01799051

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	U29302PN1996PLC104800	APPLICOMP (INDIA) LIMITED	Director	31/12/1996	31/12/1996	-	Active	NO
2	U99999MH1994PTC133601	POPUP PROPERTIES AND INVESTMENTS PRIVATE LIMITED	Director	03/01/1997	03/01/1997	30/04/2008	Amalgamated	NO
3	U45200PN2007PTC130910	PRANAV SECURITIES AND PROPERTIES PRIVATE LIMITED	Director	26/10/2007	26/10/2007	15/06/2010	Active	NO

Name :

Mr. Yatinder Vir Singh

Designation :

Additional Director

Address :

2104/B-II, Vasant Kunj, New Delhi – 110070, India

Date of Birth/Age :

16.08.1962

Qualification :

Graduate

Date of Appointment :

30.01.2012

DIN No.:

02223708

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	U51900MH1988PTC047304	FORCE APPLIANCES PRIVATE LIMITED	Director	25/09/2008	15/02/2008	-	Active	NO
2	L00000MH1946PLC197474	QUADRANT TELEVENTURES LIMITED	Director	30/09/2010	09/04/2010	-	Active	NO
3	U10300PB2008PTC032171	INFOTEL TOWER INFRASTRUCTURE PRIVATE LIMITED	Director	27/09/2010	09/04/2010	-	Active	NO
4	U26920HR1995PLC032947	TIRUPATI CERAMICS LIMITED	Nominee director	03/05/2010	03/05/2010	-	Active	YES
5	U40103MH2008PTC185771	COMET POWER PRIVATE LIMITED	Director	24/06/2011	03/01/2011	-	Active	NO
6	U32204MH1979PTC021988	SYNERGY APPLIANCES PRIVATE LIMITED	Additional director	01/02/2011	01/02/2011	-	Active	NO
7	U31900MH2002PTC136620	TANGENT ELECTRONICS PRIVATE LIMITED	Director	30/03/2011	01/02/2011	-	Active	NO
8	U74899DL1991PTC045271	RAJBAL INVESTMENTS PRIVATE LIMITED	Director	30/09/2011	09/05/2011	-	Active	NO
9	U32204DL1993PTC056385	KOALA HOLDINGS PRIVATE LIMITED	Director	30/09/2011	09/05/2011	-	Active	NO
10	U29302PN1996PLC104800	APPLICOMP (INDIA) LIMITED	Director	30/01/2012	20/05/2011	-	Active	NO
11	U74899DL1991PTC045218	CLUSTER TRADE AND INVESTMENT PRIVATE LIMITED	Director	30/09/2011	27/05/2011	-	Active	NO
12	U74130DL2011PTC220837	MOBIMED HEALTHCARE SERVICES PRIVATE LIMITED	Director	13/06/2011	13/06/2011	-	Active	NO
13	U40104MH2008PTC184134	UNITY POWER PRIVATE LIMITED	Additional director	01/07/2011	01/07/2011	20/10/2011	Active	NO
14	U40108MH2008PTC182762	NORTHWEST ENERGY PRIVATE LIMITED	Additional director	01/08/2011	01/08/2011	12/10/2011	Active	NO

Name :

Mr. Sunil Madhukar Deshpande

Designation :

Additional director

Address :

Kalangar Housing Society, Gulmohar Road, Ahmednagar – 414001, Maharashtra India

Date of Birth/Age :

11.02.1963

Date of Appointment :

01.04.2013

DIN No.:

05202318

KEY EXECUTIVES

Name :	Kanchan Anirudha Limaye
Designation :	Company Secretary
Address :	Flat No. 201, S. No. 23/1/2/1, Sankalpa Rachana, Dhayari, Pune – 411041, Maharashtra, India
Date of Birth/Age :	03.04.1990
Date of Appointment :	01.02.2012
PAN No.:	AOLPG8645N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.01.2013

Names of Shareholders	No. of Shares
Videocon Industries Limited, India	17023500
Value Industries Limited, India	9712000
Kail Limited, India	1683000
Dome-Bell Electronics India Private Limited, India	18258000
Indian Refrigerator Company Limited, India	1683000
Tekcare India Private Limited, India	10098000
Shree Dhoot Trading and Agencies Limited, India	20098000
Partecipazioni Italiane SPA, Italy	59737337
Total	138292837

AS ON 29.01.2013

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]	43.20
Bodies corporate	56.80
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Electrical and Electronic Appliances.

Products/ Services :

ITC Code No.	Product Descriptions
84182100	Refrigerator
84151010	Air Conditioner

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v Allahabad Bank, Industrial Finance Branch, 2nd Floor, 37, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India

v Bank of India, Sushilp, 1290, Shivajinagar, Opposite Hotel Swan Inn, Off Jangli Maharaj Road, Pune - 411005, Maharashtra, India

v State Bank of Hyderabad, 1204, Ashok Mahal, Tulloch Road, Colaba, Mumbai - 400039, Maharashtra, India

v Corporation Bank, Industrial Finance Branch, 14, Pune-Mumbai Road, Wakdewadi, Pune - 411003, Maharashtra, India

v Dena Bank, Dena Corporate Centre, C-10, G- Block, Bandra Kurla Complex, Mumbai - 400023, Maharashtra, India

v Andhra Bank, 16th Floor, Earnest House, NCPA Marg, Nariman Point,, Mumbai - 400021, Maharashtra, India

v Vijaya Bank, Industrial Finance Branch, 2nd Floor, New Excelsior Building, Wallace Street, Fort, Mumbai - 400001, Maharashtra, India

v UCO Bank, UCO Bank, Flagship Corporate Branch, 1st Floor, Mafatlal Centre, Nariman Point, Mumbai - 400021, Maharashtra, India

v United Bank of India, Corporate Finance Branch, United Bank of India Building, 2nd Floor, 25, Sir P. M. Road, Fort, Mumbai - 400001, Maharashtra, INDIA

v Syndicate Bank, Large Corporate Branch, 3rd Floor, No. 10, Homji Street, Fort, Mumbai - 400023, Maharashtra, India

v Central Bank of India, Industrial Finance Branch, Chandermukhi, Ground Floor, Nariman Point, Mumbai - 400021, Maharashtra, India

v State Bank of India, Corporate Accounts Group Branch, Neville House, 3rd Floor, J. N. Heredia Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India

v ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

v Punjab National Bank, Brady House, Veer Nariman Road, Fort, Mumbai - 400023, Maharashtra, India

Facilities :

SECURED LOANS	31.07.2012 (Rs. In Millions)	31.07.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks [Rupee Term Loan from Bank of Rs. 1899.021 Millions is secured by a first charge on moveable and immovable fixed assets of the Company (except those specifically charged for foreign currency loans) both present and future. Rupee Term Loan from Bank of Rs. 1,30]	2510.379	4449.200
Foreign currency term loans from banks [Foreign Currency loan from Bank is secured by a first charge by way of hypothecation on the equipment and machinery including the spares relating there to, purchased from Necchi Compressori S.p.A. and installed in the factory located at plot No. 6-11, Kri]	2483.652	2308.233
SHORT TERM BORROWINGS
Working capital loans from banks [Working Capital Loan from Banks are secured by hypothecation of the Company's stock of raw materials, packing materials, stock-in-process, finished goods, stores and spares, book debts and all other current assets of the Company.]	1041.924	896.423
Total	6035.955	7653.856

Banking Relations :	--
Financial Institutions :	v Sbicap Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India v Life Insurance Corporation of India, "Yogakshema", Jeevan Bima Marg, Nariman Point, Mumbai - 400021, Maharashtra, India
Auditors :
Name :	Kadam and Company Chartered Accountants
Address :	"Vedant", 8/9 Viraj Estate, Opposite Tarakpur Bus Stand, Ahmednagar – 414003, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAIFK3708R

CAPITAL STRUCTURE

AS ON 31.07.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150,000,000	Equity Shares	Rs. 10/- each	Rs. 1500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
138,292,837	Equity Shares	Rs. 10/- each	Rs. 1382.928 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.07.2012	31.07.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1382.928	1382.928
(b) Reserves & Surplus	181.739	662.361
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1564.667	2045.289
(3) Non-Current Liabilities
(a) long-term borrowings	7494.031	7757.433
(b) Deferred tax liabilities (Net)	0.000	113.593
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	2.695	1.762
Total Non-current Liabilities (3)	7496.726	7872.788
(4) Current Liabilities
(a) Short term borrowings	1041.924	896.423
(b) Trade payables	1312.118	1193.075
(c) Other current liabilities	1610.575	1087.060
(d) Short-term provisions	23.655	27.205
Total Current Liabilities (4)	3988.272	3203.763
TOTAL	13049.665	13121.840
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7182.227	6311.018
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	359.335	1055.711
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	577.150	577.149
(c) Deferred tax assets (net)	112.473	0.000
(d) Long-term Loan and Advances	27.485	35.897
(e) Other Non-current assets	23.567	21.053
Total Non-Current Assets	8282.237	8000.828
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2323.897	2326.692
(c) Trade receivables	1981.133	1991.448
(d) Cash and cash equivalents	107.796	53.607
(e) Short-term loans and advances	350.852	743.403
(f) Other current assets	3.750	5.862
Total Current Assets	4767.428	5121.012
TOTAL	13049.665	13121.840

SOURCES OF FUNDS		31.07.2010
SHAREHOLDERS FUNDS
1] Share Capital		1382.928
2] Share Application Money		0.000
3] Reserves & Surplus		648.173
4] (Accumulated Losses)		0.000
NETWORTH		2031.101
LOAN FUNDS
1] Secured Loans		3292.359
2] Unsecured Loans		2499.981
TOTAL BORROWING		5792.340
DEFERRED TAX LIABILITIES		109.968
TOTAL		7933.409
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5429.626
Capital work-in-progress		0.000
INVESTMENT		567.983
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2215.011
	Sundry Debtors	1800.031
	Cash & Bank Balances	74.761
	Other Current Assets	3.475
	Loans & Advances	109.134
Total Current Assets		4202.412
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1949.445
	Other Current Liabilities	283.497
	Provisions	33.670
Total Current Liabilities		2266.612
Net Current Assets		1935.800
MISCELLANEOUS EXPENSES		0.000
TOTAL		7933.409

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.07.2012	31.07.2011	31.07.2010
	SALES
		Revenue from operations	8908.059	9571.377	8501.160
		Other Income	10.963	7.054	15.005
		TOTAL (A)	8919.022	9578.431	8516.165
Less	EXPENSES
		Cost of materials consumed	3439.696	2995.802
		Purchases of stock-in-trade	4336.078	5234.272
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(66.914)	(25.259)
		Employee benefit expense	113.163	81.611
		Other expenses	371.033	394.929
		TOTAL (B)	8193.056	8681.355	7688.410
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		725.966	897.076	827.755
Less	FINANCIAL EXPENSES (D)		710.640	357.905	300.961
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.326	539.171	526.794
Less/ Add	DEPRECIATION/ AMORTISATION (F)		710.626	528.430	434.303
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(695.300)	10.741	92.491
Less	TAX (H)		(214.678)	(3.446)	23.375
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(480.622)	14.187	69.116
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		662.360	648.173	579.057
	BALANCE CARRIED TO THE B/S		181.738	662.360	648.173
	CIF VALUE OF IMPORTS
		Raw Materials	260.985	178.225	163.344
		Components and spare parts	286.564	0.000	0.000
	TOTAL IMPORTS		547.549	178.225	163.344
	Earnings/ (Loss) Per Share (Rs.)		(3.48)	0.10	0.50

KEY RATIOS

PARTICULARS		31.07.2012	31.07.2011	31.07.2010
PAT / Total Income	(%)	(5.39)	0.15	0.81
Net Profit Margin (PBT/Sales)	(%)	(7.81)	0.11	1.09
Return on Total Assets (PBT/Total Assets}	(%)	(5.79)	0.09	0.96
Return on Investment (ROI) (PBT/Networth)		(0.44)	0.01	0.05
Debt Equity Ratio (Total Debt/Networth)		5.46	4.23	2.85
Current Ratio (Current Asset/Current Liability)		1.20	1.60	1.85

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	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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10414616	20/03/2013	174,720,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B71751911
2	10394810	13/12/2012	5,000,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, 2ND FLOOR, 37, MUMBAI SAMACHAR MARG, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	B65108599
3	10393393	17/11/2012	3,000,000,000.00	BANK OF INDIA	SUSHILP, 1290, SHIVAJINAGAR, OPPOSITE HOTEL SWAN INN, OFF JANGLI MAHARAJ ROAD, PUNE - 411005, MAHARASHTRA, INDIA	B64678162
4	10368897	06/08/2012	3,000,000,000.00	UCO BANK	UCO BANK, FLAGSHIP CORPORATE BRANCH, 1ST FLOOR, MAFATLAL CENTRE, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B45044112
5	10362895	14/06/2012	25,000,000,000.00	CENTRAL BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, CHANDERMUKHI, GROUND FLOOR, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B42569947
6	10352183	30/04/2012	6,500,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B38390415
7	10353405	24/04/2012	7,500,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, NEVILLE HOUSE, 3RD FLOOR, J. N. HEREDIA MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	B38846226
8	10337387	18/02/2012	30,250,000,000.00	IDBI BANK LIMITED	IDBI TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B32877797
9	10317376	24/10/2011 *	500,000,000.00	PUNJAB NATIONAL BANK	BRADY HOUSE, VEER NARIMAN ROAD, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	B27138262
10	10299160	20/06/2011	2,000,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, ALLAHABAD BANK BUILDING, 2ND FLOOR, 37, M. S. MARG, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B17654351
11	10289749	02/06/2011	3,000,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B14113765
12	10051030	12/08/2011 *	2,280,000,000.00	PUNJAB NATIONAL BANK	BRADY HOUSE, VEER NARIMAN ROAD, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	B22349260
13	90086687	27/02/2004	20,326,000.00	BANACA POPOLARE DI LODI	VIA POLENGHI LOMBAROD, MAHARASHTRA, INDIA	-
14	90086564	27/10/2003	100,000,000.00	CLOBAL TRCST BANK LIMITED	15; MAKER CHAMBERS, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	-
15	90082873	18/07/2003	228,000,000.00	DENA BANK	INDUSTRIAL FINANCE BRANCH, MARKET TOWERS, MUMBAI - 400005, MAHARASHTRA, INDIA	-
16	90091705	23/12/2003 *	228,000,000.00	DENA BANK	INDUSTRIAL FINANCE BRANCH, MARKET TOWERS, MUMBAI - 400005, MAHARASHTRA, INDIA	-
17	90091697	23/02/2005 *	228,000,000.00	DENA BANK	INDUSTRIAL FINANCE BRANCH, MARKET TOWERS, MUMBAI - 400005, MAHARASHTRA, INDIA	-
18	90091530	21/09/2001 *	230,000,000.00	I.C.I.C.I. BANK LIMITED	215; FREE PRESS HOUSE, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	-
19	90085031	07/07/2006 *	350,000,000.00	LIFE INSURANCE CORPORATION OF INDIA	"YOGAKSHEMA", JEEVAN BIMA MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	-
20	90085016	30/03/2001 *	800,000,000.00	I.C.I.C.I. BANK LIMITED	ICICI. TOWERS BANDRA KURLA, COMPLEX BANDRA, MUMBAI, MAHARASHTRA, INDIA	-
21	90084913	13/10/1998	800,000,000.00	I.C.I.C.I. BANK LIMITED	163, BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.07.2012 (Rs. In Millions)	31.07.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from others	2500.000	1000.000
Total	2500.000	1000.000

CONTINGENT LIABILITIES [AS ON 31.07.2011]:

Particulars	31.07.2011 (Rs. In Millions)	31.07.2010 (Rs. In Millions)
a) Letter of Guarantees	149.688	183.747
b) Letters of Credit opened	143.504	143.293
c) Customs Duty demands under dispute	369.808	369.808
d) Excise Duty demands under dispute	13.750	13.769
e) Service Tax demands under dispute	7.034	7.034

FIXED ASSETS:

v Land

v Buildings

v Factory building

v Plant and equipment

v Other plant and equipment

v Furniture and fixtures

v Vehicles

v Motor vehicles

v Office equipment

v Computer equipments

v Other equipments

v Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.73
UK Pound	1	Rs. 100.92
Euro	1	Rs. 84.06

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--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
DEFAULTERS
--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.