MIRA INFORM REPORT

Report Date :

01.09.2014

IDENTIFICATION DETAILS

Name :	UPASANA ENGINEERING LIMITED
Registered Office :	98A, VII Floor, Dr Radhakrishnan Salai, Mylapore, Chennai – 600004, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.05.1992
Com. Reg. No.:	18-022619
Capital Investment / Paid-up Capital :	Rs. 118.997 Millions
CIN No.: [Company Identification No.]	U65991TN1992PLC022619
PAN No.: [Permanent Account No.]	AAACA5460F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Spokes and Nipples, Pinion/ Drive Hosing/ Plunger, etc.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 810000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is a part of TVS group. It is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered normal 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Rajagopalan
Designation :	Finance Manager
Contact No.:	91-44-42077693

LOCATIONS

Registered/ Corporate Office :	98A, VII Floor, Dr Radhakrishnan Salai, Mylapore, Chennai – 600004, Tamilnadu, India
Tel. No. :	91-44-28478500/ 42077693
Fax No. :	91-44-28478510
E-Mail :	sms@corp.sfl.co.in meenakshisundaram.s@corp.sfl.co.in upasana@uel.in
Website :	www.uel.in
Location :	Owned
Factory 1:	Division: Spokes and Nipples 266, 298 and 428, SIDCO Industrial Estate, Ambattur, Chennai – 600098, Tamilnadu, India
Tel. No. :	91-44-26250383/ 42057723
E-Mail :	mktg@uel.in
Location :	Rented
Factory 2:	Division: Automobile Kits, Dowels and Rollers and Division: Small Screws and Tools C 9, Industrial Estate, Ambattur, Chennai - 600058, Tamilnadu, India
Tel. No. :	91-44-26250818/ 42077693
E-Mail :	mktg@uel.in
Factory 3:	Division: Cold Extruded parts Kothagondapalli, Harita, Hosur - 635109, Tamilnadu, India
Tel. No. :	91-4344-278360
E-Mail :	vagam@uel.in rsr@uel.in

DIRECTORS

As on 23.08.2013

Name :

Mr. Suresh Krishna

Designation :

Director

Address :

79, Poes Garden, Chennai – 600086, Tamilnadu, India

Date of Birth/Age :

24.12.1936

Qualification :

B.sc , M A

Date of Appointment :

20.08.2008

DIN No. :

00046919

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	L35999TN1962PLC004943	SUNDRAM FASTENERS LIMITED	Managing director	01-07-2011	26-08-1964	-	Active	NO
2	U34101TN1929PLC002973	T.V. SUNDRAM IYENGAR AND SONS LIMITED	Director	25-12-1970	25-12-1970	-	Active	NO
3	U27209TN1962PLC004760	TVS SEWING NEEDLES LIMITED	Director	26-06-1975	26-06-1975	24-12-2011	Active	NO
4	U35999TN1961PLC004678	LUCAS TVS LIMITED	Director	02-02-1979	02-02-1979	24-03-2012	Active	NO
5	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Director	23-07-2008	23-05-1979	24-12-2011	Active	NO
6	L27100MH1907PLC000260	TATA STEEL LIMITED	Director	02-03-1994	02-03-1994	24-12-2011	Active	NO
7	U40108TN1994PLC029132	SUNDRAM NON-CONVENTIONAL ENERGY SYSTEMS LIMITED	Director	04-11-1994	04-11-1994	-	Active	NO
8	U63011TN2004PLC054655	TVS LOGISTICS SERVICES LIMITED	Director	16-11-2004	16-11-2004	-	Active	NO
9	U65991TN1992PLC022619	UPASANA ENGINEERING LIMITED	Director	20-08-2008	16-04-2008	-	Active	NO

Name :

Usha Krishna

Designation :

Director

Address :

79, Poes Garden, Chennai – 600086, Tamilnadu, India

Date of Birth/Age :

23.08.1944

Qualification :

B.Sc Management Programme in IIM, Ahmedabad

Date of Appointment :

16.04.2008

DIN No. :

00270815

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	U27209TN1987SGC015011	LAKSHMINARAYANA ANCILLARIES LIMITED	Director	02-11-1987	02-11-1987	Active	NO
2	U40108TN1994PLC029132	SUNDRAM NON-CONVENTIONAL ENERGY SYSTEMS LIMITED	Director	06-02-1995	06-02-1995	Active	NO
3	U70101TN1996PTC057409	UPASANA PROPERTIES PRIVATE LIMITED	Director	18-03-1996	18-03-1996	Active	NO
4	U65991TN1992PLC022619	UPASANA ENGINEERING LIMITED	Director	16-04-2008	18-05-2005	Active	NO

Name :

Arundathi Krishna

Designation :

Managing Director

Address :

79, Poes Garden, Chennai – 600086, Tamilnadu, India

Date of Birth/Age :

03.12.1973

Qualification :

M.A, M.B.A

Date of Appointment :

14.10.2005

PAN No. :

AABPK3094R

DIN No. :

00270935

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	U65991TN1992PLC022619	UPASANA ENGINEERING LIMITED	Managing director	14-10-2013	14-10-2005	Active	NO
2	L35999TN1962PLC004943	SUNDRAM FASTENERS LIMITED	Managing director	18-09-2013	18-09-2008	Active	NO

Name :

Meenakshisundaram Srinivasan

Designation :

Director

Address :

B1, Sidharth, No.12, Judge Jambulingam St. Mylapore, Chennai – 600004, Tamilnadu, India

Date of Birth/Age :

02.06.1957

Qualification :

B.Com, ACA, AICWA, ACS

Date of Appointment :

23.10.1998

DIN No. :

00513901

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	U65991TN1992PLC022619	UPASANA ENGINEERING LIMITED	Director	23-10-1998	23-10-1998	Active	NO
2	U27209TN1987SGC015011	LAKSHMINARAYANA ANCILLARIES LIMITED	Director	24-01-2001	24-01-2001	Active	NO
3	U70101TN1996PTC057409	UPASANA PROPERTIES PRIVATE LIMITED	Director	24-01-2001	24-01-2001	Active	NO
4	U72300TN1994PLC029467	TVS INFOTECH LIMITED	Director	25-09-2006	25-09-2006	Active	NO
5	U91110TN2008PTC069797	SUNDRAM FASTENERS EMPLOYEES WELFARE COMPANY PRIVATE LIMITED	Director	30-09-2009	10-11-2008	Active	NO

Name :

Mr. Rajagopalan Krishnan

Designation :

Director

Address :

B3, Sonex Haven, R22/2, East Main Road, Anna Nagar West Extn., Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

01.06.1967

Qualification :

M.com, AICWA, ACS

Date of Appointment :

23.08.2006

DIN No. :

00271938

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	U70101TN1996PTC034510	UFL PROPERTIES PRIVATE LIMITED	Director	15-07-2000	15-07-2000	Active	NO
2	U65991TN1992PLC022619	UPASANA ENGINEERING LIMITED	Director	23-08-2006	07-10-2005	Active	NO
3	U65991TN1992PLC022618	SUNDRAM FASTENERS INVESTMENTS LIMITED	Director	05-07-2010	15-03-2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Ramachandran Dilip
Designation :	Secretary
Address :	F1, First Floor, Saptharishi Apts, Second Cross Street, Chennai – 600020, Tamilnadu, India
Date of Birth/Age :	26.06.1965
Date of Appointment :	28.03.2007
PAN No.:	AAIPK6385L
Name :	Mr. Rajagopalan
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.08.2013

Names of Shareholders	No. of Shares
Sundram Fasteners Limited, India	11899668
C.S. Narasimhulu	1
S. Meenakshi Sundaram	1
R. Dlilip Kumar	1
R. Krishnan	1
V. G. Jaganathan	1
S. Suryanarayanan	1
Total	11899674

As on 23.08.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Spokes and Nipples, Pinion/ Drive Hosing/ Plunger, etc.

Products :

Item Code No. (ITC Code)	Product Description
87089900	End Cover
85119000	Pinion/ Drive Hosing/ Plunger
87141090	Spokes and Nipples for Two Wheelers
82072000	Carbide pellet/ Trim Dies/ Steel Tools
73259990	Dowelpins

Imports :

Products :

Raw Material

Countries :

Germany

GENERAL INFORMATION

Customers :

OEM’s

No. of Employees :

300 (Approximately)

Bankers :

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Exim Bank (Secured by Hypothecation of Movable Fixed Assets)	54.100	0.000
SHORT TERM BORROWINGS
Cash Credit	22.838	64.065
Export Packing Credit	41.711	40.420
Secured by Hypothecation of current assets viz. Stocks of raw materials, work-in-process and finished goods and receivables.
Total	118.649	104.485

Banking Relations :	--
Auditors :
Name :	Sundaram and Srinivasan Chartered Accountants
Address :	New No.4 Old No.23, C P Ramaswamy Road, Alwarpet, Chennai – 600018, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAAFS8812J
Holding Company :	Sundram Fasteners Limited, India CIN No.: L35999TN1962PLC004943
Fellow Subsidiary	· Sundram Bleistahl Limited, India CIN No.: U29130TN2004PLC054482 Sundram Fasteners Investments Limited, India CIN No.: U65991TN1992PLC022618 Sundram Non-conventional Energy Systems Limited, India CIN No.: U40108TN1994PLC029132 Sundram Fasteners (Zhejiang) Limited, Peoples Republic of China Peiner Umformtechnik GmbH, Peine, Germany Cramlington Precision Forge Ltd., Northumberland, United Kingdom Sundram International Inc, Michigan, USA Sundram RBI SDN. BHD, Malaysia PUT Grundstucks GmbH,Peine, Germany TVS Peiner Services, GmbH (Formerly Peiner Logistick GmbH), Peine, Federal Republic of Germany
Associate :	· TVS Infotech Limited, India CIN No.: U72300TN1994PLC029467 TVS Infotech Inc., Michigan. USA
Enterprises in which Key Management Personnel have significant influence :	· Upasana Finance Limited, India CIN No.: L65191TN1985PLC011503 Upasana Properties Private Limited, India CIN No.: U70101TN1996PTC057409

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
11,999,000	Equity Shares	Rs.10/- each	Rs. 119.990 Millions
1,000	Preference Shares	Rs.10/- each	Rs. 0.010 Million
	Total		Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11,899,674	Equity Shares	Rs.10/- each	Rs. 118.997 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	118.997	118.997	118.997
(b) Reserves & Surplus	83.526	39.545	0.190
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	202.523	158.542	119.187
(3) Non-Current Liabilities
(a) long-term borrowings	54.100	0.000	0.000
(b) Deferred tax liabilities (Net)	20.243	21.824	11.036
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.138	2.594	2.659
Total Non-current Liabilities (3)	78.481	24.418	13.695
(4) Current Liabilities
(a) Short term borrowings	261.049	347.985	277.122
(b) Trade payables	86.606	95.712	81.942
(c) Other current liabilities	27.503	19.623	17.413
(d) Short-term provisions	0.908	0.568	0.045
Total Current Liabilities (4)	376.066	463.888	376.522
TOTAL	657.070	646.848	509.404
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	208.173	226.466	189.506
(ii) Intangible Assets	2.206	0.864	8.500
(iii) Capital work-in-progress	0.000	2.275	0.700
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	12.818	20.464	15.448
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	223.197	250.069	214.154
(2) Current assets
(a) Current investments	1.129	1.140	1.141
(b) Inventories	108.253	84.660	65.588
(c) Trade receivables	243.829	236.693	169.605
(d) Cash and cash equivalents	19.965	7.122	0.720
(e) Short-term loans and advances	60.693	67.159	58.194
(f) Other current assets	0.004	0.005	0.002
Total Current Assets	433.873	396.779	295.250
TOTAL	657.070	646.848	509.404

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	771.155	790.986	626.594
		Other Income	7.834	11.617	1.679
		TOTAL (A)	778.989	802.603	628.273
Less	EXPENSES
		Cost of Materials Consumed	325.363	387.326	323.165
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.988)	(12.424)	(14.582)
		Employees benefits expense	82.504	66.523	51.714
		Other expenses	267.263	245.124	192.500
		Prior period items	0.000	0.011	0.000
		Exceptional items	(11.182)	(0.019)	(0.001)
		TOTAL (B)	662.960	686.541	552.796
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		116.029	116.062	75.477
Less	FINANCIAL EXPENSES (D)		24.387	19.305	4.158
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		91.642	96.757	71.319
Less/ Add	DEPRECIATION/ AMORTISATION (F)		29.899	34.277	41.671
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		61.743	62.480	29.648
Less	TAX (H)		17.762	23.125	16.218
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		43.981	39.355	13.430
	EARNINGS IN FOREIGN CURRENCY		151.808	149.107	108.989
	IMPORTS
		Raw Materials	3.408	0.000	3.509
		Components and Spare Parts	3.619	4.556	3.147
		Capital Goods	0.824	31.824	1.941
	TOTAL IMPORTS		7.851	36.380	8.597
	Earnings / (Loss) Per Share (Rs.)		3.70	3.31	1.13

Particulars	31.03.2014
Sales Turnover (Approximately)	900.000

The above information has been parted by Mr. Rajagopalan (Finance Manager).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.65	4.90	2.14
Net Profit Margin (PBT/Sales)	(%)	8.01	7.90	4.73
Return on Total Assets (PBT/Total Assets}	(%)	9.40	9.69	5.83
Return on Investment (ROI) (PBT/Networth)		0.30	0.39	0.25
Debt Equity Ratio (Total Debt/Networth)		1.56	2.19	2.33
Current Ratio (Current Asset/Current Liability)		1.15	0.86	0.78

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	118.997	118.997	118.997
Reserves & Surplus	0.190	39.545	83.526
Net worth	119.187	158.542	202.523
long-term borrowings	0.000	0.000	54.100
Short term borrowings	277.122	347.985	261.049
Total borrowings	277.122	347.985	315.149
Debt/Equity ratio	2.325	2.195	1.556

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	626.594	790.986	771.155
		26.236	-2.507

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	626.594	790.986	771.155
Profit	13.430	39.355	43.981
	2.14%	4.98%	5.70%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four 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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	Yes
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	No
34]	External Agency Rating, if available	No

LITIGATION DETAILS

CHENNAI COURT

CASE STATUS INFORMATION SYSTEM

Case Status:	Pending
Status Of:	WRIT APPEAL
Case No.:	1222
Year :	2013
Petitioner :	THE GOVERNMENT OF TAMIL NADU
Respondent :	UPASANA ENGINEERING LTD
Pet's Advocate :	GOVERNMENT PLEADER
Res's Advocate :	M/S N.L.RAJAH
Category :	NO CATEGORY MENTIONED
	Last Listed on: No Date Mentioned
Case Updated on :	Aug 6 2013

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10479554	30/01/2014	50,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B97181929
2	10359692	18/05/2012	100,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B41235193
3	10099791	10/10/2011 *	130,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	B24274995

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans repayable on Demand
from Holding Company	185.000	220.000
from other - Related Parties	11.500	23.500
Total	196.500	243.500

OPERATIONS

During the year, the income from operations of the Company amounted to Rs.771.155 Millions as against Rs.790.986 Millions in 2011-2012. Domestic Sales amounted to Rs. 630.314 Millions as against Rs.637.401 Millions in the previous year. The Exports of the Company were Rs.151.808 Millions as against Rs.149.107 Millions.

FIXED ASSETS

Tangible Assets

· Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Motor Vehicles

Office Equipment

Other Equipments

Intangible Assets

· 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.60.47
UK Pound	1	Rs.100.35
Euro	1	Rs.79.86

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	3
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		46

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.