MIRA INFORM REPORT

Report Date :

13.11.2013

IDENTIFICATION DETAILS

Name :	SAHNEY COMMUTATORS PRIVATE LIMITED (w.e.f. 13.05.1997)
Formerly Known As :	SCHUNK TECHNOLOGIES (INDIA) PRIVATE LIMITED
Registered Office :	No. 772, II Floor, 4^th Block, 80 Feet Peripheral Road, Koramangala, Bangalore – 560034, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.03.1987
Com. Reg. No.:	08-008214
Capital Investment / Paid-up Capital :	Rs.16.728 Millions
CIN No.: [Company Identification No.]	U52190KA1987PTC008214
TAN No.: [Tax Deduction & Collection Account No.]	BLRS01945G
PAN No.: [Permanent Account No.]	AACCS0865J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of mica based insulation and commutators for motors and generators in the locomotive and other industries.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 889000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears a slight dip in the net profitability during 2012. However the overall position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered for business dealings at usual trade terms and conditions. Note: Profit and Loss A/c for the year 2012 and 2011 is not available.

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

Rating Agency Name	CRISIL
Rating	Long term rating: “BBB”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	27.12.2012

Rating Agency Name	CRISIL
Rating	Short term rating: “A3+”
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	27.12.2012

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 :	No. 772, II Floor, 4^th Block, 80 Feet Peripheral Road, Koramangala, Bangalore – 560034, Karnataka, India
Tel. No.:	91-80-40347555 / 40347504
Fax No.:	91-80-40347575
E-Mail :	commutators@sahney.com
Website :	http://www.sahney.com
Factory:	9E2 Bomasandra Industrial Area, Anekal Taluk, Bangalore-560099, Karnataka, India
Attibele Division :	21-A, Attibele Industrial Area, Attebele Hoble, Anekal Taluka, Bangalore – 562107, Karnataka, India
Tel No.:	91-80-27808292
Branch Office :	9E2, Bommasandra Industrial Area, Bangalore – 560099, Karnataka, India
Tel. No.:	91-80-40438444
Fax No.:	91-80-40438484

DIRECTORS

As on 29.09.2012

Name :

Mr. Jasjiv Devinder Singh Sahney

Designation :

Director

Address :

No. 27, Viviani Road, Richards Town, Bangalore – 560005, Karnataka, India

Date of Birth/Age :

02.01.1964

Date of Appointment :

18.02.1994

PAN No.:

AAVPS0945A

DIN No.:

00022886

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	U52190KA1987PTC008214	SAHNEY COMMUTATORS PRIVATE LIMITED	Director	18/02/1994	18/02/1994	-	Active	NO
2	U32109MH1966PTC013516	SAHNEY KIRKWOOD PRIVATE LIMITED	Director	15/02/1995	15/02/1995	-	Active	NO
3	U34103GA1997PLC002686	SAN MOTORS LIMITED	Director	27/09/1999	27/09/1999	-	Active	NO
4	U24110MH1982PTC026499	ISOVOLTA (INDIA) PRIVATE LIMITED	Director	01/04/2000	01/04/2000	-	Active	NO
5	U93090KA2001NPL028969	YPO BANGALORE CHAPTER	Director	02/05/2001	02/05/2001	20/09/2009	Active	NO
6	U74140MH2001PTC133168	MEDUSIND SOLUTIONS INDIA PRIVATE LIMITED	Director	30/01/2004	30/01/2004	-	Active	NO
7	U70109MH2006PTC161405	ROCKSTONE REAL ESTATE MANAGEMENT PRIVATE LIMITED	Director	11/12/2006	11/12/2006	-	Active	NO
8	U74900MH1978PTC020600	KANWALDEEP SAHNEY ADVISORY PRIVATE LIMITED	Director	03/07/2007	03/07/2007	-	Converted to LLP and dissolved	NO
9	U74900KA2013PTC068595	SF SLEEVINGS PRIVATE LIMITED	Director	17/04/2013	17/04/2013	-	Active	NO
10	U74210KA1973PLC002424	SAN ENGINEERING AND LOCOMOTIVE COMPANY LIMITED	Director	20/09/2013	06/08/2013	-	Active	NO
11	AAA-5138	RAJIV SAHNEY ADVISORY LLP	Designated Partner	10/06/2011	10/06/2011	-	Active	NO
12	AAA-5140	KANWALDEEP SAHNEY ADVISORY LLP	Designated Partner	10/06/2011	10/06/2011	-	Active	NO
13	AAA-7334	MINICON INSULATED WIRES LLP	Designated Partner	19/12/2011	19/12/2011	-	Active	NO

Name :

Mr. Suresh Dattatray Ghorpadkar

Designation :

Director

Address :

45, Gurupreeth Residency, Flat No. S.1, 4th Cross, 4th Main, RMV II-Stage, Boopasandra, Bangalore – 5600094, Karnataka, India

Date of Birth/Age :

07.03.1942

Date of Appointment :

18.02.2006

PAN No.:

ABNPG9422G

DIN No.:

02533434

Name :

Mr. Venkata Ramesh Kumar Gopalakrishnan

Designation :

Director

Address :

Plot No. 6B, Dr. Ramamurthy Nagar Main Road, Keelkattalai, Chennai - 600117, Tamilnadu, India

Date of Birth/Age :

03.04.1966

Date of Appointment :

15.10.2007

PAN No.:

ACKPV7518A

DIN No.:

02095948

Name :

Mr. Rajiv Devinder Sahney

Designation :

Director

Address :

No. 50, Ushakiran, Carmichael Road, Mumbai, Maharashtra, India

Date of Birth/Age :

06.09.1962

Date of Appointment :

08.08.1997

DIN No.:

00022896

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	U32109MH1966PTC013516	SAHNEY KIRKWOOD PRIVATE LIMITED	Director	01/02/1992	01/02/1992	03/07/2007	Active	NO
2	U24110MH1982PTC026499	ISOVOLTA (INDIA) PRIVATE LIMITED	Director	11/09/1992	11/09/1992	-	Active	NO
3	U74900MH1978PTC020600	KANWALDEEP SAHNEY ADVISORY PRIVATE LIMITED	Director	01/09/1994	01/09/1994	03/07/2007	Converted to LLP and dissolved	NO
4	U52190KA1987PTC008214	SAHNEY COMMUTATORS PRIVATE LIMITED	Director	08/08/1997	08/08/1997	-	Active	NO
5	U74140MH2001PTC133168	MEDUSIND SOLUTIONS INDIA PRIVATE LIMITED	Director	02/09/2002	02/09/2002	-	Active	NO
6	U74140MH2004PTC146033	N V ADVISORY SERVICES PRIVATE LIMITED	Director	21/07/2005	21/07/2005	-	Active	NO
7	U28920MH1988PTC047335	VARROC ENGINEERING PRIVATE LIMITED	Director	30/09/2006	23/12/2005	21/12/2010	Active	NO
8	U45203AP1998PLC029154	BSCPL INFRASTRUCTURE LIMITED	Director	28/09/2006	05/06/2006	28/02/2013	Active	NO
9	U74140MH1997NPL111167	YOUNG PRESIDENTS ORGANIZATION (MUMBAI CHAPTER)	Director	01/07/2006	01/07/2006	01/07/2008	Active	NO
10	L63010MH2004PLC073508	ALLCARGO LOGISTICS LIMITED	Director	29/09/2006	21/08/2006	09/08/2010	Active	NO
11	U25209MH1995PTC090037	VARROC POLYMERS PRIVATE LIMITED	Director	25/06/2008	25/06/2008	21/12/2010	Active	NO
12	U74999MH2008NPL185159	INTERNATIONAL WINE AND FOOD SOCIETY	Director	28/07/2008	28/07/2008	02/08/2009	Active	NO
13	U52300MH2010PTC210618	MITIGATE TRADING PRIVATE LIMITED	Additional director	10/02/2011	10/02/2011	11/02/2011	Active	NO
14	U70102MH2011PTC219551	RAE REAL ESTATE PRIVATE LIMITED	Director	07/07/2011	07/07/2011	-	Active	NO
15	U70102MH2011PTC223507	NURA REAL ESTATE PRIVATE LIMITED	Director	31/10/2011	31/10/2011	-	Active	NO
16	U91990MH2011NPL225012	YPO WPO South Asia Chapter	Director	16/12/2011	16/12/2011	-	Active	NO
17	U70102MH2011PTC225340	MRARA REAL ESTATE PRIVATE LIMITED	Director	23/12/2011	23/12/2011	-	Active	NO
18	U70102MH2012PTC233056	NV PUNE ESTATE PRIVATE LIMITED	Director	06/07/2012	06/07/2012	-	Active	NO
19	U70102MH2012PTC233158	NV PUNE TECHNOLOGY PARK PRIVATE LIMITED	Director	09/07/2012	09/07/2012	-	Active	NO
20	U70102MH2012PTC233245	NV TECH SPACES PRIVATE LIMITED	Director	11/07/2012	11/07/2012	-	Active	NO
21	U70102MH2012PTC233501	NV KHARADI PROJECTS PRIVATE LIMITED	Director	18/07/2012	18/07/2012	-	Active	NO
22	U70102MH2013PTC239384	NV MUMBAI ESTATE PRIVATE LIMITED	Director	07/01/2013	07/01/2013	-	Active	NO
23	U70102MH2013PTC246429	NV SPACES and REALTY PRIVATE LIMITED	Director	30/07/2013	30/07/2013	-	Active	NO
24	AAA-0551	NV CAPITAL SERVICES LLP	Designated Partner	30/12/2009	30/12/2009	-	Active	NO
25	AAA-5138	RAJIV SAHNEY ADVISORY LLP	Designated Partner	10/06/2011	10/06/2011	-	Active	NO
26	AAA-5140	KANWALDEEP SAHNEY ADVISORY LLP	Designated Partner	10/06/2011	10/06/2011	-	Active	NO
27	AAA-7334	MINICON INSULATED WIRES LLP	Designated Partner	19/12/2011	19/12/2011	-	Active	NO

Name :

Mr. Kanwal Deep Kaur Sahney

Designation :

Director

Address :

No. 50, Ushakiran, Carmichael Road, Mumbai, Maharashtra, India

Date of Birth/Age :

22.01.1944

Date of Appointment :

02.03.1987

DIN No.:

00405996

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	U74900MH1982PTC026209	RAJIV SAHNEY ADVISORY PRIVATE LIMITED	Director	23/01/1982	23/01/1982	-	Converted to LLP and dissolved	NO
2	U32109MH1966PTC013516	SAHNEY KIRKWOOD PRIVATE LIMITED	Director	24/07/1985	24/07/1985	-	Active	NO
3	U52190KA1987PTC008214	SAHNEY COMMUTATORS PRIVATE LIMITED	Director	02/03/1987	02/03/1987	-	Active	NO

Name :

Mr. Deepa Jasjiv Sahney

Designation :

Director

Address :

No. 50, Ushakiran, Carmichael Road, Mumbai, Maharashtra, India

Date of Birth/Age :

11.10.1963

Date of Appointment :

02.01.2009

PAN No.:

AMVPS3103K

DIN No.:

02628605

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Equity Shareholders	No. of Shares
Devindra Singh Sahney	77316
Kanwaldeep Kaur Sahney	10321
Minicon Insulated Wires, India	385120
Jasjiv Sahney and Mr. Rajiv Sahney	41500
Kanwaldeep Kaur Sahney and Jasjiv Sahney	41500
Devindra Singh Sahney and Rajiv Sahney	41500
Rajiv Sahney and Jasjiv Sahney	41500
Devindra Singh Sahney and Kanwaldeep Kaur Sahney	7941
Kanwaldeep Kaur Sahney and Devindra Singh Sahney	7932
Rajiv Sahney and Devindra Singh Sahney	41517
Rajiv Sahney and Kanwaldeep Kaur Sahney	50244
Rajiv Sahney	18775
Sahney Kirkwood Private Limited, India	92250
Jasjiv Sahney	15400
Total	872816

Names of Preference Shareholder	No. of Shares
Sahney Kirkwood Private Limited, India	80000
Total	80000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	55.00
Directors or relatives of Directors	45.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of mica based insulation and commutators for motors and generators in the locomotive and other industries.

Products :

Item Code No. (ITC Code)	Product Description
85030090	Commutator-part of electric motors

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Canara Bank, Industrial Finance Branch, Venkatadri Complex, No.83, Richmond Road, Bangalore – 560025, Karnataka, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	0.000	13.093
SHORT TERM BORROWINGS
Rupee term loans from banks	69.290	91.017
Total	69.290	104.110

Banking Relations :	--
Auditors :
Name :	K.P Rao and Company Chartered Accountant
Address :	Poornima, 25, State Bank Road, Bangalore – 560025, Karnataka, India
Tel. No.:	91-80-26687385/25686814
Fax No.:	91-80-25594661
E-Mail :	kprao@airtelmall.in
Income-tax PAN of auditor or auditor's firm :	AAAFK7720M
Associates :	· Isovolta (India) Private Limited CIN No.: U24110MH1982PTC026499 · Sahney Kirkwood Private Limited CIN No.: U32109MH1966PTC013516

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions
125,000	Preference Shares	Rs.100/- each	Rs. 12.500 Millions
	Total		Rs. 22.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
872,816	Equity Shares	Rs.10/- each	Rs. 8.728 Millions
80,000	Preference Shares	Rs.100/- each	Rs. 8.000 Millions
	Total		Rs. 16.728 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	16.728	8.728
(b) Reserves & Surplus	205.609	150.228
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	25.000
Total Shareholders’ Funds (1) + (2)	222.337	183.956
(3) Non-Current Liabilities
(a) long-term borrowings	4.078	17.171
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	10.693	9.701
Total Non-current Liabilities (3)	14.771	26.872
(4) Current Liabilities
(a) Short term borrowings	69.290	91.017
(b) Trade payables	135.807	77.605
(c) Other current liabilities	36.582	39.055
(d) Short-term provisions	19.500	17.600
Total Current Liabilities (4)	261.179	225.277
TOTAL	498.287	436.105
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	106.511	110.071
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	5.000	5.000
(c) Deferred tax assets (net)	1.373	0.031
(d) Long-term Loan and Advances	2.964	2.784
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	115.848	117.886
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	103.644	90.692
(c) Trade receivables	208.688	167.213
(d) Cash and cash equivalents	12.593	6.246
(e) Short-term loans and advances	57.514	54.068
(f) Other current assets	0.000	0.000
Total Current Assets	382.439	318.219
TOTAL	498.287	436.105

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		8.728
2] Share Application Money		25.000
3] Reserves & Surplus		111.102
4] (Accumulated Losses)		0.000
NETWORTH		144.830
LOAN FUNDS
1] Secured Loans		88.268
2] Unsecured Loans		13.553
TOTAL BORROWING		101.821
DEFERRED TAX LIABILITIES		0.671
TOTAL		247.322
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		76.653
Capital work-in-progress		9.622
INVESTMENT		5.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	84.421
	Sundry Debtors	143.964
	Cash & Bank Balances	8.460
	Other Current Assets	0.000
	Loans & Advances	41.260
Total Current Assets		278.105
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	75.039
	Other Current Liabilities	30.500
	Provisions	16.519
Total Current Liabilities		122.058
Net Current Assets		156.047
MISCELLANEOUS EXPENSES		0.000
TOTAL		247.322

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL (A)			932.691
Less	EXPENSES
		TOTAL (B)			855.974
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				76.717
Less	FINANCIAL EXPENSES (D)				18.032
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	NA	58.685
Less/ Add	DEPRECIATION/ AMORTISATION (F)				9.973
	PROFIT BEFORE TAX (E-F) (G)				48.712
Less	TAX (H)				18.146
	PROFIT AFTER TAX (G-H) (I)				30.566
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings			118.703
		Commission Earnings			2.483
		Development Charges			3.375
	TOTAL EARNINGS		57.160	57.160	124.561
	IMPORTS
		Raw Materials			185.635
		Stores & Spares			0.000
	TOTAL IMPORTS		NA	NA	185.635
	Earnings Per Share (Rs.)		NA	NA	36.02

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	3.28
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	13.73
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.34
Debt Equity Ratio (Total Debt/Networth)		0.33	0.59	0.70
Current Ratio (Current Asset/Current Liability)		1.46	1.41	2.28

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 one year	Yes
12]	Profitability for last one year	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	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	Yes
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	80002508	22/05/2012 *	192,000,000.00	CANARA BANK	INDUSTRIAL FINANCE BRANCH, VENKATADRI COMPLEX, NO .83, RICHMOND ROAD, BANGALORE - 560025, KARNATAKA, INDIA	B43729862

UNSECURED LOANS

PARTICULAR	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from others	4.078	0.000
Loans and advances from directors	0.000	4.078
Total	4.078	4.078

NOTE

The registered office address of the company has been shifted from 78, Victoria Road, Bangalore – 560047, Karnataka, India to ther present address w.e.f. 16.04.2007

FIXED ASSETS

· Land

· Buildings

· Residential Building

· Plant and Equipment

· Factory Equipments

· Furniture and Fixtures

· Vehicles

· Ships Vessels

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other 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 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.63.59
UK Pound	1	Rs.101.56
Euro	1	Rs.85.15

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.