MIRA INFORM REPORT

Report Date :

12.10.2013

IDENTIFICATION DETAILS

Name :	CHANDRA PROTECO LIMITED
Registered Office :	2B, Grant Lane, R No. 35, 2^nd Floor, Near Bentick Street, Kolkata – 700012, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.12.2004
Com. Reg. No.:	21-100708
Capital Investment / Paid-up Capital :	Rs. 150.417 Millions
CIN No.: [Company Identification No.]	U27109WB2004PLC100708
TAN No.: [Tax Deduction & Collection Account No.]	CALC04720C
PAN No.: [Permanent Account No.]	AACCC5301K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Oxygen-free Copper Rods, Glass Covered Strips, Continuously Transposed Conductors (CTC) and Ventilated Transposed Conductors (VCTC).
No. of Employees :	Not Available

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 5100000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating takes in to consideration continuous strain in liquidity position arising out of delay in getting additional working capital finance from banks. The company is seeking increased working capital facility. However, trade relations are reported as 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 – 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facility Care ‘D’ Revised from ‘B’
Rating Explanation	Lowest credit quality and very low prospects of recovery
Date	08.08.2013

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.

LOCATIONS

Registered Office :	2B, Grant Lane, R No. 35, 2^nd Floor, Near Bentick Street, Kolkata – 700012, West Bengal, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	info@chandraproteco.com
Website :	www.chandraproteco.com www.chandra-group.com
Corporate Office :	272,7th Floor, Building 2, Solitaire Corporate Park, Andheri Kurla Road, Andheri (East), Mumbai-400093, Maharashtra, India
Tel. No.:	91-22-42291961 / 3
Fax No.:	91-22-42291962
E-Mail :	info@chandra-group.com
Factory 1/ Technology Centre :	Survey No. 139 / 2, Athola Silvassa, Silvassa – 396230, Union Territory of Dadra and Nagar Havel, India
Tel. No.:	91-260-2632672 / 73 / 74
Fax No.:	91-260-2632403
Factory 2 :	1, 2, 5, 6 and 7 MNNIT Industrial Estate, Teliarganj, Allahabad - 211004, Uttar Pradesh, India
Tel. No.:	91-532-2545851/ 2545783/ 3290370
Fax No.:	91-532-2545784

DIRECTORS

As on 29.09.2012

Name :

Mr. Mukul Gupta

Designation :

Managing director

Address :

53, Tagore Town, Allahabad - 211002, Uttar Pradesh, India

Date of Birth/Age :

13.08.1964

Qualification :

ME

Date of Appointment :

14.12.2006

PAN No. :

ACCPG6455G

DIN No.:

00125788

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51109UP1989PTC011296	CHANDRA ELECTROMAG PRIVATE LIMITED	Director	31/05/2010	19/10/1989	Active	NO
2	U27101UP1993PLC015570	CHANDRA METALS LIMITED	Director	17/08/2011	02/06/2003	Active	NO
3	U67120WB1994PTC061576	SARADA CONFIN PRIVATE LIMITED	Director	24/03/2004	24/03/2004	Active	NO
4	U51109WB1994PTC062235	HARI VYAPAAR PRIVATE LIMITED	Director	24/03/2004	24/03/2004	Active	NO
5	U27109WB2004PLC100708	CHANDRA PROTECO LIMITED	Managing director	01/06/2010	14/12/2004	Active	NO
6	U51909WB1995PTC072706	VIRTUOUS HOLDINGS PRIVATE LIMITED	Director	24/08/2006	24/08/2006	Active	NO
7	U51909WB2010PTC149036	RAMESHWAR DEALTRADE PRIVATE LIMITED	Director	25/01/2012	25/01/2012	Active	NO
8	U51109WB2008PTC130034	FAVOURITE AGENCY PRIVATE LIMITED	Director	25/01/2012	25/01/2012	Active	NO
9	U74120WB2008PTC122703	BAHAR FINANCIAL ADVISORS PRIVATE LIMITED	Director	25/01/2012	25/01/2012	Active	NO
10	U51101WB2010PTC149827	ABHIRUCHI ISPAT TRADER PRIVATE LIMITED	Director	25/01/2012	25/01/2012	Active	NO
11	U51109WB2008PTC122454	PRAGATI DEALCOMM PRIVATE LIMITED	Director	16/07/2012	16/07/2012	Active	NO

Name :

Mr. Ranjeet Gupta

Designation :

Director

Address :

53, Tagore Town, Allahabad - 211002, Uttar Pradesh, India

Date of Birth/Age :

15.08.1948

Qualification :

LLB, PGD (HR)

Date of Appointment :

17.08.2011

PAN No. :

AAPPG7390C

DIN No.:

00125826

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U27101UP1993PLC015570	CHANDRA METALS LIMITED	Managing director	22/07/1993	22/07/1993	Active	NO
2	U27109WB2004PLC100708	CHANDRA PROTECO LIMITED	Director	17/08/2011	14/12/2004	Active	NO
3	U65923WB1995PLC072708	DATUM SECURITIES LIMITED	Director	01/09/2005	01/09/2005	Active	NO

Name :

Mr. Anilesh Gupta

Designation :

Director

Address :

53, Tagore Town, Allahabad - 211002, Uttar Pradesh, India

Date of Birth/Age :

29.07.1961

Qualification :

M. Com, PGDBA

Date of Appointment :

17.08.2011

PAN No. :

AAPPG7389F

DIN No.:

00127601

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U27109WB2004PLC100708	CHANDRA PROTECO LIMITED	Director	17/08/2011	14/12/2004	Active	NO
2	U51109WB1994PTC062235	HARI VYAPAAR PRIVATE LIMITED	Director	15/07/2005	15/07/2005	Active	NO
3	U27101UP1993PLC015570	CHANDRA METALS LIMITED	Director	28/09/2006	07/08/2006	Active	NO
4	U51909WB1995PTC072706	VIRTUOUS HOLDINGS PRIVATE LIMITED	Director	17/06/2008	17/06/2008	Active	NO

Name :

Mrs. Aparna Gupta

Designation :

Whole-time director

Address :

53, Tagore Town, Allahabad - 211002, Uttar Pradesh, India

Date of Birth/Age :

02.05.1968

Qualification :

B. Com, MBA

Date of Appointment :

14.12.2004

PAN No. :

ACLPG6456F

DIN No.:

00127607

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51109UP1989PTC011296	CHANDRA ELECTROMAG PRIVATE LIMITED	Director	02/12/1996	02/12/1996	Active	NO
2	U27109WB2004PLC100708	CHANDRA PROTECO LIMITED	Whole-time director	14/12/2004	14/12/2004	Active	NO
3	U65923WB1995PLC072708	DATUM SECURITIES LIMITED	Director	01/09/2005	01/09/2005	Active	NO
4	U52190WB2010PTC149564	FARISTA MARKETING PRIVATE LIMITED	Director	23/12/2011	23/12/2011	Active	NO
5	U51109WB2008PTC121997	VISION COMMOTRADE PRIVATE LIMITED	Director	16/07/2012	16/07/2012	Active	NO

Name :

Mr. Jagdish Kumar Kesarwani

Designation :

Director

Address :

53, Tagore Town, Allahabad - 211002, Uttar Pradesh, India

Date of Birth/Age :

04.11.1946

Qualification :

Master in Electronics

Date of Appointment :

01.09.2011

PAN No.:

ABAPK4203E

DIN No.:

00141394

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U27101UP1993PLC015570	CHANDRA METALS LIMITED	Director	17/08/2011	01/07/2001	Active	NO
2	U27109WB2004PLC100708	CHANDRA PROTECO LIMITED	Whole-time director	01/09/2011	14/12/2004	Active	NO
3	U67120WB1994PTC061576	SARADA CONFIN PRIVATE LIMITED	Director	24/03/2006	24/03/2006	Active	NO
4	U51109UP1989PTC011296	CHANDRA ELECTROMAG PRIVATE LIMITED	Director	07/03/2007	07/03/2007	Active	NO

Name :

Mrs. Rina Bharat Kaushal

Designation :

Director

Address :

Siddhivinayak, 2/4 Sarvapriya Vihar, New Delhi - 110016, India

Date of Birth/Age :

21.12.1970

Qualification :

M. Com, MBA

Date of Appointment :

14.12.2004

DIN No.:

01022840

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	U27109WB2004PLC100708	CHANDRA PROTECO LIMITED	Director	14/12/2004	14/12/2004	-	Active	NO
2	U64203DL2006PTC154735	NEXT GENERATION TELECOMMUNICATIONS INDIA PRIVATE LIMITED	Director	30/11/2006	30/11/2006	22/08/2008	Active	NO
3	U72900DL2001PTC112327	VAVASI TELEGENCE PRIVATE LIMITED	Director	22/03/2007	22/03/2007	22/08/2008	Active	NO

KEY EXECUTIVES

Name :	Brijesh Kumar Singh
Designation :	Company Secretary
Address :	Village Bhua Khurd, P.O. Khapraha, Jaunpur- 222131, Uttar Pradesh, India
Date of Appointment :	01.11.2007
PAN No.:	BJWPS6147J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Jagdish Kumar Kesarwani	94025
Ranjeet Gupta	78700
Anilesh Gupta	77500
Mukul Gupta	91125
Madhu Keserwani	3000
Ruchi Gupta	2000
Preeti Gupta	3190
Aparna Gupta	5900
Manoj Kumar Gupta	2000
Hari Vyapar Private Limited, India	3793590
Sharda Confin Private Limited, Bengal, India	3856875
Datum Securities Limited, India	4703425
Virtuous Holdings Private Limited, India	401310
Winning Colors Pte Limited, Singapore	1422830
Vedik Holdings Private Limited, India	506250
Total	15041720

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	9.46
Bodies corporate	88.17
Directors or relatives of Directors	2.36
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Oxygen-free Copper Rods, Glass Covered Strips, Continuously Transposed Conductors (CTC) and Ventilated Transposed Conductors (VCTC).

Products :

ITC Code	Product Descriptions
C-1422	Copper Conductors

GENERAL INFORMATION

Customers :

· ABB

· AREVA

· BHEL

· Delhi Metro

· Ircon International Limited

· Crompton Greaves

· Waukesha

No. of Employees :

Not Available

Bankers :

· Bank of India, Andheri Mid Corporate Branch, BOI Building, 2^nd Floor, 28, S.V. Road, Andheri, Mumbai – 400058, Maharashtra, India

· IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

· Corporation Bank, No. 301-302, The Eagles Flight, Suren Road, Andheri East, Mumbai - 400093, Maharashtra, India

· Uco Bank, Civil Lines Branch, 4, S.P. Marg, Civil Lines,, Allahabad - 211001, Uttar Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Rupee term loans from banks (Secured against hypothecation of Fixed Assets)	760.280	942.997
Short-term borrowings
Working capital loans from banks (Secured against hypothecation of Current Assets)	986.344	764.387
Total	1746.624	1707.384

Banking Relations :	---
Financial Institution :	Global Trade Finance Limited, 6th Floor, Metropolitan Building, Bandra-Kurla, Complex, Bandra(East), Mumbai - 400051, Maharashtra, India
Auditors :
Name :	Ashok Usha Jain and Company Chartered Accountants
Address :	Janki Bhawan, 171 Oldkatra, Allahabad – 211002, Uttar Pradesh, India
Tel. No.:	91-9415324124
PAN No.:	AAKFA2166K
Associate :	Chandra Metals Limited

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
21000000	Equity Shares	Rs. 10/- each	Rs.210.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15041720	Equity Shares	Rs.10/- each	Rs.150.417 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	150.417	150.417
(b) Reserves & Surplus	1147.171	922.394
(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)	1297.588	1072.811
(3) Non-Current Liabilities
(a) long-term borrowings	760.280	942.997
(b) Deferred tax liabilities (Net)	102.384	65.841
(c) Other long term liabilities	130.438	157.833
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	993.102	1166.671
(4) Current Liabilities
(a) Short term borrowings	986.344	764.387
(b) Trade payables	637.814	632.296
(c) Other current liabilities	70.602	51.425
(d) Short-term provisions	41.916	31.241
Total Current Liabilities (4)	1736.676	1479.349
TOTAL	4027.366	3718.831
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1609.468	1652.622
(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	92.905	89.493
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1702.373	1742.115
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	220.752	267.246
(c) Trade receivables	1712.104	1365.623
(d) Cash and cash equivalents	191.357	89.606
(e) Short-term loans and advances	198.398	251.459
(f) Other current assets	2.382	2.782
Total Current Assets	2324.993	1976.716
TOTAL	4027.366	3718.831

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		136.809
2] Share Application Money		0.000
3] Reserves & Surplus		532.634
4] (Accumulated Losses)		0.000
NETWORTH		669.443
LOAN FUNDS
1] Secured Loans		1047.790
2] Unsecured Loans		142.729
TOTAL BORROWING		1190.519
DEFERRED TAX LIABILITIES		28.822
TOTAL		1888.784
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		541.201
Capital work-in-progress		856.848
INVESTMENT		1.482
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	133.156
	Sundry Debtors	508.159
	Cash & Bank Balances	62.161
	Other Current Assets	3.492
	Loans & Advances	55.356
Total Current Assets		762.324
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	248.142
	Other Current Liabilities	0.000
	Provisions	27.111
Total Current Liabilities		275.253
Net Current Assets		487.071
MISCELLANEOUS EXPENSES		2.182
TOTAL		1888.784

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	5775.146	3761.646	2178.163
		Other Income	24.624	6.599	21.614
		TOTAL (A)	5799.770	3768.245	2199.777
Less	EXPENSES
		Cost of materials consumed	4607.738	3063.130
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	138.903	(76.605)	1914.665
		Employee benefit expense	56.246	36.062
		Other expenses	211.236	202.415
		TOTAL (B)	5014.123	3225.002	1914.665
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		785.647	543.243	285.112
Less	FINANCIAL EXPENSES (D)		406.730	248.932	120.573
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		378.917	294.311	164.539
Less/ Add	DEPRECIATION/ AMORTISATION (F)		78.812	40.414	21.990
	PROFIT BEFORE TAX (E-F) (G)		300.105	253.897	142.549
Less	TAX (H)		66.588	59.519	23.959
	PROFIT AFTER TAX (G-H) (I)		233.517	194.378	118.590
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		345.216	159.578	48.991
Less	APPROPRIATIONS
		Dividend	7.521	7.521	6.840
		Tax on Dividend	1.220	1.220	1.163
	BALANCE CARRIED TO THE B/S		569.992	345.216	159.578
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1337.000	996.400	424.395
	TOTAL EARNINGS		1337.000	996.400	424.395
	IMPORTS
		Raw Materials			12.169
		Capital Goods			550.699
	TOTAL IMPORTS		254.000	262.500	562.868
	Earnings Per Share (Rs.)		15.52	12.92	8.67

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.03	5.16	5.39
Net Profit Margin (PBT/Sales)	(%)	5.20	6.75	6.54
Return on Total Assets (PBT/Total Assets}	(%)	7.63	7.00	10.94
Return on Investment (ROI) (PBT/Networth)		0.23	0.24	0.21
Debt Equity Ratio (Total Debt /Networth)		1.35	1.59	1.78
Current Ratio (Current Asset/Current Liability)		1.34	1.34	2.77

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	Yes
34]	External Agency Rating, if available	Yes

PERFORMANCE OVERVIEW

The performance of the company during 2011-12 was largely on expected lines and well on the projected recovery track. Effective utilization of critical equipment contributed to the improved performance. The company successfully enhanced its annual capacity to produce Copper Conductors from 5000 MT to 20000 MT in the month of July, 2010. Expansion Plan is completed in record time of 12 months. State-of-the-art facility for 800 and 1200 KV class conductors at subject was inaugurated by Governor of Commonwealth of Kentucky, US His Excellency Hon’ble Steve Beshear in October, 2010.

During the year, the company achieved a total turnover of Rs. 6239.900 Millions as compared to Rs. 4060.300 Millions in the last year, and as such registered a growth of around 53.68%.

The Company discharged all its financial obligations and statutory liabilities in time without any default, including payment of instalments and interest.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10420645	25/03/2013	442,500,000.00	ALLAHABAD BANK	'VASU SMRITI', PLOT NO. 383-A, 13TH ROAD, KHAR (WEST), MUMBAI, MAHARASHTRA - 400052, INDIA	B73439176
2	10399705	31/12/2012	50,000,000.00	ANDHRA BANK	OPERA HOUSE BRANCH, 9/15, MAMA PARAMANAND MARG, QUEEN'S ROAD, MUMBAI, MAHARASHTRA - 400004, INDIA	B66687823
3	10316398	17/09/2011	60,000,000.00	BANK OF INDIA	ANDHERI MID CORPORATE BRANCH, BOI BUILDING, 2ND FLOOR, 28, S.V. ROAD, ANDHERI, MUMBAI, MAHARASHTRA  - 400058, INDIA	B24837999
4	10316414	17/09/2011	100,000,000.00	BANK OF INDIA	ANDHERI MID CORPORATE BRANCH, BOI BUILDING, 2ND FLOOR, 28, S.V. ROAD, ANDHERI, MUMBAI, MAHARASHTRA  - 400058, INDIA	B24842171
5	10346962	02/05/2011	100,000,000.00	CORPORATION BANK	NO. 301-302, THE EAGLES FLIGHT, SUREN ROAD, ANDHERI EAST, MUMBAI, MAHARASHTRA - 400093, INDIA	B21177795
6	10189329	25/03/2013 *	2,995,600,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B73477465

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Vehicles

· 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.61.16
UK Pound	1	Rs.97.77
Euro	1	Rs.82.78

INFORMATION DETAILS

Report Prepared by :

NTH

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	4
--CREDIT LINES	1~10	2
--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		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.