MIRA INFORM REPORT

Report Date :

16.04.2014

IDENTIFICATION DETAILS

Name :	MOHAN SPINTEX INDIA LIMITED
Registered Office :	D No. 11-40-1, S-1, Chitturi Complex, Pulipartivari, Street Vijaywada, Vijaywada – 520001, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.05.2005
Com. Reg. No.:	01-046188
Capital Investment / Paid-up Capital :	Rs. 360.350 Millions
CIN No.: [Company Identification No.]	U18100AP2005PLC046188
IEC No.:	28630189388
TAN No.: [Tax Deduction & Collection Account No.]	HYDM03991B
PAN No.: [Permanent Account No.]	AAECM2744G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Seller of Cotton Yarn.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 1960000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Management has failed to file its latest financials of 2013 with the government department. As per indirect source i.e. CRISIL, we found that the company possesses an average financial profile marked by average capital structure driven by infusion of equity from the part of promoters. Further it states that the management has witnessed significant improvement in company’s revenue and profitability during 2013, as against the previous year loss incurred from its operations. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of established regional presence, the subject can be considered for business dealings at usual trade terms and conditions. The ratings also take into consideration the susceptibility to volatility in raw material prices.

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “BB+”
Rating Explanation	Moderate risk of default regarding timely servicing fo financial obligations.
Date	09.07.2013

Rating Agency Name	CRISIL
Rating	Short term rating: “A4+”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	09.07.2013

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 :	D No. 11-40-1, S-1, Chitturi Complex, Pulipartivari, Street Vijaywada, Vijaywada – 520001, Andhra Pradesh, India
Tel. No.:	91-866-2466266 / 2427113
Fax No.:	91-866-2426527
E-Mail :	md@mohanspintex.com
Website :	www.mohanspintex.com
Corporate Office :	No.48-12-17,Near ESI Bus Stop, Eluru Road, Gunadala, Vijayawada - 520004, Andhra Pradesh, India
Tel. No.:	91-866-2466266 / 277 / 288
Fax No.:	91-866-2466166
E-Mail :	info@mohanspintex.com marketing@mohanspintex.com
Factory 1 :	Vattigudipadu, Agiripalli Mandalam, Krishna District – 521211, Andhra Pradesh, India
Tel. No.:	91-8656-250456 / 250565
Fax No.:	91-8656-250453
E-Mail :	mohanspintexind@rediffmail.com
Factory 2 :	Remalle Village, Bapulapadu Mandal, Krishna District – 521110, Andhra Pradesh, India
Tel. No.:	91-8656-239555 / 557 / 558 / 559
Fax No.:	91-8656-239556
E-Mail :	mohanspintexind@rediffmail.com

DIRECTORS

As on 28.09.2011

Name :

Mr. Sankar Rao Koneru

Designation :

Director

Address :

55-6-16, Krishna Mandir Road, Venkoji Palem, Visakhapatnam – 530022, Andhra Pradesh, India

Date of Birth/Age :

15.04.1960

Qualification :

SSC

Date of Appointment :

31.03.2006

DIN No.:

00133956

Name :

Mr. Bobba Venkateswara Rao

Designation :

Director

Address :

40-25-18/1, Netaji Street, Patamata, Vijayawada – 520010, Andhra Pradesh, India

Date of Birth/Age :

01.01.1960

Qualification :

B.Com.

Date of Appointment :

31.03.2006

DIN No.:

00161960

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	U01222AP1988PTC008154	KAMADHENU FEEDS PRIVATE LIMITED	Managing director	05/01/1988	05/01/1988	Active	NO
2	U40101KA2005PTC035803	SRI NIRMALA POWER PRIVATE LIMITED	Director	02/06/2005	02/06/2005	Dormant	NO
3	U18100AP2005PLC046188	MOHAN SPINTEX INDIA LIMITED	Director	31/03/2006	31/03/2006	Active	NO

Name :

Mr. Ravi Kumar Gottimukkala

Designation :

Director

Address :

72-5-5, Lakshmi Nursing Home, St. Patamata, Vijayawada – 520010, Andhra Pradesh, India

Date of Birth/Age :

29.04.1970

Qualification :

B.E.

Date of Appointment :

11.05.2005

DIN No.:

00295152

Name :

Mr. Mohan Rao Vallabhaneni

Designation :

Director

Address :

59-7-3A, Acharya Ranga Street, Ramachandra Nagar, Vijayawada – 520008, Andhra Pradesh, India

Date of Birth/Age :

19.10.1939

Qualification :

S.S.L.C.

Date of Appointment :

01.04.2008

PAN No.:

AARPV7157L

DIN No.:

00320520

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	U18100AP2005PLC046188	MOHAN SPINTEX INDIA LIMITED	Director	01/04/2008	11/05/2005	Active	NO

Name :

Mr. Sudhakar Chowdary Vallabhaneni

Designation :

Managing director

Address :

59-7-3A, Acharya Ranga Street, Ramachandra Nagar, Vijayawada – 520008, Andhra Pradesh, India

Date of Birth/Age :

06.06.1969

Qualification :

B.E.

Date of Appointment :

10.03.2013

PAN No.:

ABXPV8246M

DIN No.:

00320555

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	U18100AP2005PLC046188	MOHAN SPINTEX INDIA LIMITED	Managing director	10/03/2013	11/05/2005	-	Active	NO
2	U24121DL2005PLC143452	KRIBHCO SHYAM FERTILIZERS LIMITED	Nominee director	08/12/2005	08/12/2005	10/09/2007	Active	NO
3	U70200DL2009PLC189405	KRIBHCO INFRASTRUCTURE LIMITED	Director	16/04/2009	16/04/2009	-	Active	NO
4	U17120MH1967PLC013669	CONFEDERATION OF INDIAN TEXTILE INDUSTRY	Director	19/09/2013	19/09/2013	-	Active	NO
5	U74900AP2013PLC091220	SOUTHERN VALLEY VENTURES LIMITED	Director	22/11/2013	22/11/2013	-	Active	NO

Name :

Mr. Venkatanjan Kakarala

Designation :

Director

Address :

54-14/1-6-1, Srinivasa Nagar, Vijayawada – 520008, Andhra Pradesh, India

Date of Birth/Age :

08.02.1962

Qualification :

B.E.

Date of Appointment :

28.09.2011

DIN No.:

00680580

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	U74210AP1987PTC007283	MAGNA ENGINEERING PRODUCTS PVT LTD	Whole-time director	16/08/1988	16/08/1988	Active	NO
2	U18100AP2005PLC046188	MOHAN SPINTEX INDIA LIMITED	Director	28/09/2011	18/08/2006	Active	NO

Name :

Mr. Yantrapragada Bhaskara Rao

Designation :

Alternate director

Address :

3-7-10, Rama Nagar, Nidadavole – 534301, Andhra Pradesh, India

Date of Birth/Age :

07.07.1939

Qualification :

B.A.

Date of Appointment :

08.07.2005

DIN No.:

01777661

Name :

Mr. Mohana Kumari Ravella

Designation :

Director

Address :

9-63-69, Hameed Street, Vijayawada – 520001, Andhra Pradesh, India

Date of Birth/Age :

04.05.1959

Qualification :

B.Com., LLB

Date of Appointment :

08.08.2008

PAN No.:

ABFPR0797M

DIN No.:

02303947

Name :

Padmini Vallabhaneni

Designation :

Director

Address :

59-7-3A, Acharya Ranga Street, Ramachandra Nagar, Vijayawada – 520008, Andhra Pradesh, India

Date of Birth/Age :

13.06.1970

Qualification :

B.Com.

Date of Appointment :

08.08.2008

PAN No.:

ABXPV5566A

DIN No.:

02317647

Name :

Mr. Yantrapragada Subba Rao

Designation :

Director

Address :

20990, Valey Green Drive Apartment Cupertno, CA 95014, USA

Date of Birth/Age :

11.07.1965

Qualification :

M.B.A.

Date of Appointment :

08.07.2005

DIN No.:

03560766

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

NOTE: SHAREHOLDING AND ALLOTTEES DETAILS FILE ATTACHED.

As on 28.09.2011

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	18.18
Directors or relatives of Directors	81.82
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Cotton Yarn.

Products :

Item Code No. (ITC Code)	Product Description
52051190	52051190

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Andhra Bank, R.R. Appa Rao, P.B. No. 22, Andhra Bank Buidlings, Vijayawada – 520001, Andhra Pradesh, India

Indian Overseas Bank, Ring Road Branch, Near Benz Circle, Vijayawada - 520008, Andhra Pradesh, India

State Bank of India, Patamata Branch, Patamata, Vijayawada - 520007, Andhra Pradesh, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	1335.762	1075.373
Loans and advances from directors	92.200	127.744
Loans taken for fixed assets	2.575	4.487
Other loans and advances, others	116.800	0.000
SHORT TERM BORROWINGS
Loans repayable on demand from banks	475.464	304.014
Total	2022.801	1511.618

Banking Relations :	--
Auditors :
Name :	Prasad and Company Chartered Accountants
Address :	29-13-46, Kaleswara Rao Road, Suryarao Pet, Vijayawada – 520002, Andhra Pradesh, India
Income-tax PAN of auditor or auditor's firm :	ACHPP4796K

CAPITAL STRUCTURE

As on 05.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
52650000	Equity Shares	Rs.10/- each	Rs.526.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
44460014	Equity Shares	Rs.10/- each	Rs.444.600 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
39600000	Equity Shares	Rs.10/- each	Rs.396.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
36035014	Equity Shares	Rs.10/- each	Rs.360.350 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	360.350	290.577
(b) Reserves & Surplus	126.836	142.588
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	2.350	28.340
Total Shareholders’ Funds (1) + (2)	489.536	461.505
(3) Non-Current Liabilities
(a) long-term borrowings	1547.337	1207.604
(b) Deferred tax liabilities (Net)	83.624	43.778
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1630.961	1251.382
(4) Current Liabilities
(a) Short term borrowings	475.464	304.014
(b) Trade payables	63.397	34.569
(c) Other current liabilities	54.349	29.934
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	593.210	368.517
TOTAL	2713.707	2081.404
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1856.554	1381.648
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	62.379
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.100	0.100
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	19.697	16.210
(e) Other Non-current assets	1.501	2.007
Total Non-Current Assets	1877.852	1462.344
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	493.547	337.794
(c) Trade receivables	160.880	132.160
(d) Cash and cash equivalents	0.677	12.547
(e) Short-term loans and advances	180.751	136.559
(f) Other current assets	0.000	0.000
Total Current Assets	835.855	619.060
TOTAL	2713.707	2081.404

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		185.541
2] Share Application Money		1.999
3] Reserves & Surplus		87.257
4] (Accumulated Losses)		0.000
NETWORTH		274.797
LOAN FUNDS
1] Secured Loans		457.350
2] Unsecured Loans		12.491
TOTAL BORROWING		469.841
DEFERRED TAX LIABILITIES		13.887
TOTAL		758.525
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		445.695
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	183.798
	Sundry Debtors	23.757
	Cash & Bank Balances	4.833
	Other Current Assets	31.728
	Loans & Advances	85.1480
Total Current Assets		329.264
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.520
	Other Current Liabilities	5.293
	Provisions	0.000
Total Current Liabilities		17.813
Net Current Assets		311.451
MISCELLANEOUS EXPENSES		1.379
TOTAL		758.525

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1903.750	841.560	516.267
		Other Income	3.226	0.847	2.591
		TOTAL (A)	1906.976	842.407	518.858
Less	EXPENSES
		Cost of materials consumed	1452.492	548.100
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(149.140)	(23.814)
		Employee benefit expense	73.458	36.094
		Other expenses	258.600	146.086
		TOTAL (B)	1635.410	706.466	399.606
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		271.566	135.941	119.252
Less	FINANCIAL EXPENSES (D)		161.655	0.000	30.175
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		109.911	135.941	89.077
Less/ Add	DEPRECIATION/ AMORTISATION (F)		77.672	29.506	22.858
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		32.239	106.435	66.219
Less	TAX (H)		47.991	51.104	113.318
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(15.752)	55.331	52.901
	Earnings / (Loss) Per Share (Rs.)		0.44	1.91	2.85

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(0.83)	6.57	10.20
Net Profit Margin (PBT/Sales)	(%)	1.69	12.65	12.83
Return on Total Assets (PBT/Total Assets}	(%)	1.19	5.27	8.54
Return on Investment (ROI) (PBT/Networth)		0.07	0.23	0.24
Debt Equity Ratio (Total Debt/Networth)		4.13	3.28	1.71
Current Ratio (Current Asset/Current Liability)		1.41	1.68	18.48

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	290.577	360.35
Reserves & Surplus	142.588	126.836
Share Application money pending allotment	28.34	2.35
Net worth	461.505	489.536
long-term borrowings	1207.604	1547.337
Short term borrowings	304.014	475.464
Total borrowings	1511.618	2022.801
Debt/Equity ratio	3.275	4.132

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	516.267	841.560	1903.750
		63.009	126.217

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	516.267	841.560	1903.750
Profit	52.901	55.331	(15.752)
	10.25%	6.57%	(0.83%)

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	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	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	10477318	10/01/2014	135,000,000.00	ANDHRA BANK	R. R. APPA RAO STREET, P. B. NO. 22, ANDHRA BANK BUILDINGS, VIJAYAWADA - 520001, ANDHRA PRADESH, INDIA	B96217435
2	10405793	28/12/2012	35,000,000.00	INDIAN OVERSEAS BANK	RING ROAD BRANCH, NEAR BENZ CIRCLE, VIJAYAWADA - 520008, ANDHRA PRADESH, INDIA	B68852763
3	10331963	22/05/2013 *	532,000,000.00	ANDHRA BANK	R. R. APPA RAO STREET, P. B. NO. 22, ANDHRA BANK BUILDINGS, VIJAYAWADA - 520001, ANDHRA PRADESH, INDIA	B79070108
4	10294138	20/06/2011	11,000,000.00	INDIAN OVERSEAS BANK	RING ROAD BRANCH, NEAR BENZ CIRCLE, VIJAYAWADA - 520008, ANDHRA PRADESH, INDIA	B15792476
5	10294128	16/06/2011	16,900,000.00	ANDHRA BANK	R. R. APPA RAO STREET, P. B. NO. 22, ANDHRA BANK BUILDINGS, VIJAYAWADA - 520001, ANDHRA PRADESH, INDIA	B15789886
6	10294132	09/06/2011	197,500,000.00	ANDHRA BANK	R. R. APPA RAO STREET, P. B. NO. 22, ANDHRA BANK BUILDINGS, VIJAYAWADA - 520001, ANDHRA PRADESH, INDIA	B15790504
7	10268112	30/09/2013 *	3,730,300,000.00	ANDHRA BANK	R. R. APPA RAO STREET, P. B. NO. 22, ANDHRA BANK BUILDINGS, VIJAYAWADA - 520001, ANDHRA PRADESH, INDIA	B90169152
8	10248358	14/12/2011 *	325,000,000.00	INDIAN OVERSEAS BANK	RING ROAD BRANCH, NEAR BENZ CIRCLE, VIJAYAWADA - 520008, ANDHRA PRADESH, INDIA	B29947199
9	10202312	04/02/2010 *	607,500,000.00	ANDHRA BANK	R. R. APPA RAO STREET, P. B. NO. 22, ANDHRA BANK BUILDINGS, VIJAYAWADA - 520001, ANDHRA PRADESH, INDIA	A80779739
10	10003742	20/06/2011 *	673,400,000.00	STATE BANK OF INDIA	PATAMATA BRANCH, PATAMATA, VIJAYAWADA - 520007, ANDHRA PRADESH, INDIA	B16040990

* Date of charge modification

FIXED ASSETS

· Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Motor Vehicles

Office Equipment

Computer Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

No 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.60.26
UK Pound	1	Rs.100.71
Euro	1	Rs.83.27

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.