MIRA INFORM REPORT

Report Date :

24.10.2013

IDENTIFICATION DETAILS

Name :	ROCA BATHROOM PRODUCTS PRIVATE LIMITED (w.e.f. 04.02.2010)
Formerly Known As :	PARRYWARE ROCA PRIVATE LIMITED EAST INDIA SUGARS PRIVATE LIMITED
Registered Office :	4^th Floor, KGN Towers, 62, Ethiraj Salai, Egmore, Chennai – 600105, Tamilnadu
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	12.08.1983
Com. Reg. No.:	18-010243
Capital Investment / Paid-up Capital :	Rs. 21.348 Millions
CIN No.: [Company Identification No.]	U15421TN1983PTC010243
TAN No.: [Tax Deduction & Collection Account No.]	CHEE03369C
PAN No.: [Permanent Account No.]	AAACE9982E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture and Trading of Bathroom Products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 14580000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of “Roca Corporation Empresarial S.A.”. It is a well established company having a fine track record. Networth of the company appears to be good. The overall financial position of the company appears to be sound and healthy. Trade relations are reported as fair. Business is active. Payment are reported to be regular and as per commitments. The company can be considered for business dealings at usual trade terms and conditions.

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

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

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 DECLINED BY

Name :	Ms. Lalitha Narasimhan
Designation :	Treasury Department
Contact No.:	91-44-49022000
Date :	22.10.2013

LOCATIONS

Registered Office :	4^th Floor, KGN Towers, 62, Ethiraj Salai, Egmore, Chennai – 600105, Tamilnadu, India
Tel. No. :	91-44-49022000
Fax No. :	Not Available
E-Mail :	nirmala.prabha@in.roca.com
Factory :	452-454, RIICO Industrial Area, Phase VII, Chopanki, Bhiwadi - 301707, Rajasthan, India

DIRECTORS

As on 17.06.2013

Name :

Mr. Vellayan Arunachalam

Designation :

Director

Address :

No.5, Ambadi Road, Kotturpuram, Chennai – 600085, Tamilnadu, India

Date of Birth/Age :

09.01.1953

Date of Appointment :

19.03.2011

DIN No. :

00148891

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	U93090TN1982NPL009389	MURUGAPPA EDUCATIONAL AND MEDICAL FOUNDATION	Director	26/07/1984	26/07/1984	30/08/2010	Active	NO
2	U65991TN1941PLC001437	AMBADI ENTERPRISES LIMITED	Director	30/11/1989	30/11/1989	18/07/2009	Active	NO
3	U02424KA1987PLC051014	INDFRAG LIMITED	Alternate director	22/06/2009	30/09/1995	-	Active	NO
4	L24110WB1960PLC024910	KANORIA CHEMICALS AND INDUSTRIES LIMITED	Director	01/10/1997	01/10/1997	-	Active	NO
5	L24211TN1975PLC006989	E.I.D PARRY (INDIA) LIMITED	Director	01/11/1999	01/11/1999	-	Active	NO
6	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA	Director	17/04/2001	17/04/2001	28/09/2012	Active	NO
7	U30007TN2000PTC045768	LASER WORDS PRIVATE LIMITED	Director	25/01/2002	25/01/2002	23/10/2009	Active	NO
8	L24239AP1981PLC003325	GODAVARI FERTILISERS AND CHEMICALS LIMITED	Director	12/07/2003	12/07/2003	-	Amalgamated	NO
9	U14219TN1955PLC000961	INDIAN POTASH LIMITED	Nominee director	25/02/2004	25/02/2004	08/08/2011	Active	NO
10	U15421TN1983PTC010243	ROCA BATHROOM PRODUCTS PRIVATE LIMITED	Director	19/03/2011	23/02/2006	-	Active	NO
11	L24120AP1961PLC000892	COROMANDEL INTERNATIONAL LIMITED	Director	18/07/2006	18/07/2006	-	Active	NO
12	U67190TN2000PLC045617	CHOLAMANDALAM DISTRIBUTION SERVICES LIMITED	Director	18/06/2007	18/10/2006	24/04/2008	Active	NO
13	L65993TN1978PLC007576	CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED	Director	30/07/2007	19/10/2006	25/04/2008	Active	NO
14	U17229TN2006PTC061400	PARRY MURRAY AND COMPANY FURNISHINGS AND FLOOR COVERINGS (INDIA) PRIVATE LIMITED	Director	30/10/2006	30/10/2006	13/10/2009	Amalgamated	NO
15	L29224TN1954PLC000318	CARBORUNDUM UNIVERSAL LIMITED	Director	27/07/2007	27/01/2007	27/01/2010	Active	NO
16	U74999TN1910NPL002343	SOUTHERN INDIA CHAMBER OF COMMERCE AND INDUSTRY	Director	17/09/2007	17/09/2007	-	Active	NO
17	U15421TN2006PTC058579	SILKROAD SUGAR PRIVATE LIMITED	Director	13/05/2008	13/05/2008	20/02/2012	Active	NO
18	U66030TN2001PLC047977	CHOLAMANDALAM MS GENERAL INSURANCE COMPANY LIMITED	Director	31/07/2008	31/07/2008	13/04/2013	Active	NO
19	U45203TN2006PTC058518	PARRY INFRASTRUCTURE COMPANY PRIVATE LIMITED	Director	24/07/2009	29/10/2008	-	Active	NO
20	U65993TN1977PLC070246	MURUGAPPA HOLDINGS LIMITED	Director	28/07/2012	09/02/2012	-	Active	NO
21	U65993TN1942PTC003659	AMBADI INVESTMENTS PRIVATE LIMITED	Director	17/08/2012	20/02/2012	-	Active	NO

Name :

Mr. Arun Alagappan

Designation :

Director

Address :

Old No 17, New No 10, Chittaranjan Road, Teynampet, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

19.07.1976

Date of Appointment :

19.03.2011

DIN No. :

00291361

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	U25209TN1992PTC023721	PLACON (INDIA) PRIVATE LIMITED	Director	06/09/2001	06/09/2001	-	Active	NO
2	U65993TN1980PTC008445	A M M ARUNACHALAM AND SONS PRIVATE LIMITED	Director	05/12/2005	05/12/2005	-	Active	NO
3	U15421TN1983PTC010243	ROCA BATHROOM PRODUCTS PRIVATE LIMITED	Director	19/03/2011	23/02/2006	-	Active	NO
4	U70103TN2007PTC062449	UDEVAR PROPERTY DEVELOPMENT COMPANY PRIVATE LIMITED	Director	21/02/2007	21/02/2007	-	Active	NO
5	U70109TN2007PTC063410	GEN FOUR PROPERTIES PRIVATE LIMITED	Director	08/05/2007	08/05/2007	-	Active	NO
6	U25209TN1995PLC030909	ESPIEM PLASTICSS LIMITED	Director	16/07/2009	16/07/2008	-	Active	NO
7	U74999TN1910NPL002343	SOUTHERN INDIA CHAMBER OF COMMERCE AND INDUSTRY	Director	24/09/2008	24/09/2008	-	Active	NO
8	U45203TN2006PTC058518	PARRY INFRASTRUCTURE COMPANY PRIVATE LIMITED	Director	24/07/2009	29/10/2008	-	Active	NO

Name :

Juan Albos Barbarroja

Designation :

Director

Address :

C, Nicaragua 110, Piso, PO 7, Barcelona, Spain 08029

Date of Birth/Age :

18.02.1963

Date of Appointment :

01.06.2006

DIN No. :

00496809

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	U15421TN1983PTC010243	ROCA BATHROOM PRODUCTS PRIVATE LIMITED	Director	01/06/2006	01/06/2006	-	Active	NO
2	U28994RJ1986PTC020686	GLAMOUROOM TAPS PRIVATE LIMITED(TRANSFERRED FROM TAMIL NADU)	Director	16/07/2008	16/07/2008	-	Amalgamated	NO

Name :

Mr. Garcia Figueras Ruiz De Velasco Raimundo

Designation :

Director

Address :

Roca Malaysia SDNB HD, Jalan Kartunis, U147, Temasya, Glenmarie, Seksyan U1, Shah Alom, Selangor, Malaysia 40150

Date of Birth/Age :

03.09.1968

Date of Appointment :

07.06.2010

DIN No. :

02771904

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	U15421TN1983PTC010243	ROCA BATHROOM PRODUCTS PRIVATE LIMITED	Director	07/06/2010	26/08/2009	-	Active	NO

Name :

Francesc Xavier Recasens Brianso

Designation :

Director

Address :

C/O Roca Bathroom Products Private Limited, 4^th Floor, 62, Ethiraj Salai, Egmore - 600105, Chennai, Tamilnadu, India

Date of Birth/Age :

02.02.1968

Date of Appointment :

17.06.2013

DIN No. :

06612579

Name :

Cesar Augusto Angel Cuesta

Designation :

Alternate director

Address :

Central Park, E-1101, Sector 42, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

22.04.1965

Date of Appointment :

23.09.2013

DIN No. :

02329350

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	U15421TN1983PTC010243	ROCA BATHROOM PRODUCTS PRIVATE LIMITED	Alternate director	23/09/2013	16/07/2008	-	Active	NO
2	U28994RJ1986PTC020686	GLAMOUROOM TAPS PRIVATE LIMITED(TRANSFERRED FROM TAMIL NADU)	Alternate director	16/07/2008	16/07/2008	-	Amalgamated	NO

KEY EXECUTIVES

Name :	Mr. Kuppswamy Nirmalaprabha
Designation :	Secretary
Address :	Flat C 2, Thiruchi Loganathan, Palace 17 and19, Nort on 3^rd Street, Chennai – 600028, Tamilnadu
Date of Birth/Age :	30.04.1967
Date of Appointment :	18.04.2006
PAN No. :	ACAPN3828M
Name :	Ms. Lalitha Narasimhan
Designation :	Treasury Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 17.06.2013

Names of Shareholders	No. of Shares
Roca Sanitario SA, Spain	1067420
Roca Bathroom Investment SSL, Spain	1067420
Total	2134840

As on 17.06.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture and Trading of Bathroom Products.

Products :

Item Code No. (ITC Code)	Product Description
Sanitaryware	691010.00
Taps and Fittings	848180.20

PRODUCTION STATUS (AS ON 31.12.2011)

Finished Goods ****	Unit	Licensed Capacity	Installed Capacity	Actual Production
Sanitaryware	MT/year		63,500	44,163
Taps	Pcs/year		2,000,000	1,011,951

Note:

****Sanitaryware and taps are not covered by the list of industries in respect of which industrial licensing is compulsory. Hence the Licensed capacity is not applicable.

Installed capacity is as certified by the management and relied by the auditors as this a technical matter

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	· City Union Bank, 50 Armenian Street, George Town, Chennai – 600001, Tamilnadu, India

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	No.10, Mahatma Gandhi Road, Naungambakkam, Chennai – 600034, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAAFB9852F
Ultimate Holding Company :	Roca Corporacion Empresarial S.A., Spain
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Roca Sanitario S.A, Spain · Roca Bathroom Investments , S.L
Associate :	Espiem Plasticss Limited CIN No.: U25209TN1995PLC030909
Fellow Subsidiary Company :	· Roca Sanitaryware (Suzhou) Company Limited · Roca China Company Limited · Roca Procurement Limited · Roca SA ,Portugal · Laufen Austria AG · Sanitana S.A. · Tangshan Ying Bathroom Products Company Limited · Xinle Bathroom Products (foshan) Company Limited · Laufen Bathroom AG · Ceramicas Del Foix,SA · Ceramica Gala Tiles · Roca Taiwan Company Limited · Roca Maroc · Cosmic Bathroom Accessories Company Limited · Ceramica Gala Tiles · Roca Malaysia Sdn Bhd · Roca Taiwan Company Limited · Laufen CZ.S.R.O. · Keramik Holdings AG · Roca Brazil Limited · Roca Sanitaryware Trading Shanghai

CAPITAL STRUCTURE

As on 31.12.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs. 10 each	Rs.25.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2134840	Equity Shares	Rs. 10 each	Rs.21.348 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	21.348	21.348
(b) Reserves & Surplus	3623.733	3007.773
(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)	3645.081	3029.121
(3) Non-Current Liabilities
(a) long-term borrowings	357.370	359.830
(b) Deferred tax liabilities (Net)	154.680	149.301
(c) Other long term liabilities	43.634	41.136
(d) long-term provisions	18.089	14.864
Total Non-current Liabilities (3)	573.773	565.131
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	916.204	684.287
(c) Other current liabilities	361.274	253.886
(d) Short-term provisions	95.154	72.020
Total Current Liabilities (4)	1372.632	1010.193
TOTAL	5591.486	4604.445
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1964.922	2014.313
(ii) Intangible Assets	49.069	89.664
(iii) Capital work-in-progress	351.682	45.642
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	22.483	22.483
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	113.114	91.098
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	2501.270	2263.200
(2) Current assets
(a) Current investments	835.902	312.874
(b) Inventories	1064.862	1008.478
(c) Trade receivables	722.535	506.554
(d) Cash and cash equivalents	321.525	370.751
(e) Short-term loans and advances	125.658	124.188
(f) Other current assets	19.734	18.400
Total Current Assets	3090.216	2341.245
TOTAL	5591.486	4604.445

SOURCES OF FUNDS		31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		21.348
2] Share Application Money		0.000
3] Reserves & Surplus		2488.960
4] (Accumulated Losses)		0.000
NETWORTH		2510.308
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		364.816
TOTAL BORROWING		364.816
DEFERRED TAX LIABILITIES		119.776
TOTAL		2994.900
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1755.311
Capital work-in-progress		253.342
INVESTMENT		383.275
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	818.895
	Sundry Debtors	485.842
	Cash & Bank Balances	191.260
	Other Current Assets	0.000
	Loans & Advances	121.693
Total Current Assets		1617.690
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	781.703
	Other Current Liabilities	179.564
	Provisions	53.451
Total Current Liabilities		1014.718
Net Current Assets		602.972
MISCELLANEOUS EXPENSES		0.000
TOTAL		2994.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2012	31.12.2011	31.12.2010
	SALES
		Income			5089.946
		Other Income			57.405
		TOTAL (A)		6086.547	5147.351
Less	EXPENSES
		Cost of manufactured and traded goods			2241.023
		Personnel expenses			543.357
		Operating and other expenses			1440.643
		TOTAL (B)	NA	5311.089 (Including Depreciation and Financial Expenses)	4225.023
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				922.328
Less	FINANCIAL EXPENSES (D)				40.289
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				882.049
Less/ Add	DEPRECIATION/ AMORTISATION (F)				217.641
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		916.258	775.458	664.398
Less	TAX (H)		300.298	256.645	235.815
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		615.960	518.813	428.583
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1274.280	755.467	326.884
	BALANCE CARRIED TO THE B/S		1890.240	1274.280	755.467
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Sale	77.222	30.157	29.757
	TOTAL EARNINGS		77.222	30.157	29.757
	IMPORTS
		Raw Materials, Stores and Spare parts			101.409
		Traded Goods			665.959
	TOTAL IMPORTS		NA	NA	767.368
	Earnings / (Loss) Per Share (Rs.)		288.53	243.02	200.76

KEY RATIOS

PARTICULARS		31.12.2012	31.12.2011	31.12.2010
PAT / Total Income	(%)	NA	8.52	8.33
Net Profit Margin (PBT/Sales)	(%)	NA	NA	13.05
Return on Total Assets (PBT/Total Assets}	(%)	17.56	17.09	19.70
Return on Investment (ROI) (PBT/Networth)		0.25	0.26	0.26
Debt Equity Ratio (Total Debt/Networth)		0.10	0.12	0.15
Current Ratio (Current Asset/Current Liability)		2.25	2.32	1.59

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one year	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	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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90308105	28/03/2005	500,000,000.00	INDIAN BANK	31, RAJAJI SALAI, CHENNAI - 600001, TAMILNADU, INDIA	-
2	90305532	09/12/2004	250,000,000.00	HDFC BANK LIMITED	MARIAM CENTRE, 751 B; ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA	-

UNSECURED LOANS

PARTICULARS	31.12.2012 (Rs. in Millions)	31.12.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Fully convertible debentures others	352.326	352.326
Deferred sales tax loan	5.044	7.504
Total	357.370	359.830

NOTE: The registered office of the company has been shifted from Dare House, Parry’s Corneer, NSC Bose Road, Chennai – 600001, Tamilnadu, India to the present address w.e.f. 01.10.2011

FIXED ASSETS

v Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

v Intangible Assets

· Goodwill

· 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.61.53
UK Pound	1	Rs.99.75
Euro	1	Rs.84.75

INFORMATION DETAILS

Information Gathered by :	PDT
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	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--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		52

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.