MIRA INFORM REPORT

Report Date :

10.06.2014

IDENTIFICATION DETAILS

Name :	BUILDMET FIBRES PRIVATE LIMITED
Registered Office :	42, KIADB Industrial Area, Doddaballapur, Bangalore - 561203, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.12.1999
Com. Reg. No.:	08-026059
Capital Investment / Paid-up Capital :	Rs.74.610 Millions
CIN No.: [Company Identification No.]	U25209KA1999PTC026059
TAN No.: [Tax Deduction & Collection Account No.]	BLRB01630G
PAN No.: [Permanent Account No.]	AABCB5670P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of FIBC’s Bag.
No. of Employees :	3000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company possesses a modest financial profile marked by its weak capital structure and debt protection metrics. Management has reported a drastic dip in its net profitability during FY 2013. The rating also take into consideration the susceptibility to intense competition and to volatility in foreign exchange rates and raw material prices. However, trade relations seems to be fair. Business is active. Payment terms are reported as slow. In view of established regional presence, the subject can be considered for business dealings with 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, 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.2453.2 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	B+
Rating Explanation	High risk of default regarding timely servicing of financial obligation
Date	27.02.2014

Rating Agency Name	CRISIL
Rating	A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	27.02.2014

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 DENIED BY

Name :	Mr. Shantha
Designation :	Finance Department
Contact No.:	91-80-42671022
Date :	09.06.2014

LOCATIONS

Registered Office / Factory 1 :	42, KIADB Industrial Area, Doddaballapur, Bangalore - 561203, Karnataka
Tel No.:	91-8119-22331/30017
Fax No.:	Not Available
E-Mail :	njayaraman@airtelmail.in jsurya@vsnl.com ramakrishnan@buildmetfibres.in sr_cas2004@yahoo.co.in
Website:	http://buildmetfibres.in
Corporate Office :	No. A – 9, 1^st Stage, 1^st Cross, Peenya Industrial Area, Bengaluru – 560058, Karnataka, India
Tel. No.:	91-80-23723431/28395124
Fax No.:	91-80-23724091
Factory 2 :	Plot No 13,14,15, KIADB Industrial Area, Anthrasanahalli II Phase, Near Sairam Rice Mill, Tumkur – 572106, Karnataka, India
Tel No.:	91-816-2212548/2212549
Office :	#150, 6^th Main, Industrial Suburb, Yeshwantpur, Bangalore – 560058, Karnataka, India
Tel No.:	91-80-23723431/23723432/23724109
Fax No.:	91-80-23724091

DIRECTORS

As on 30.09.2013

Name :

Mr. Ramakrishnan Selyaganapathy

Designation :

Managing Director

Address :

101, KHB Colony, Basaveshwar Nagar, Bangalore – 560079, Karnataka, India

Date of Birth/Age :

15.07.1954

Date of Appointment :

31.07.2010

PAN No.:

ABLPR5529B

DIN No.:

01632133

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	U25209KA1999PTC026059	BUILDMET FIBRES PRIVATE LIMITED	Managing director	31/07/2010	09/12/1999	-	Active	NO
2	U25209KA2000PTC027796	TRANSPAC ASIA PRIVATE LIMITED	Managing director	18/09/2000	18/09/2000	-	Active	NO
3	U51101KA2002PTC030027	FOOD CREATIONS PRIVATE LIMITED	Director	25/01/2002	25/01/2002	-	Active	NO
4	U14339KA1993PTC014339	SHAKTHI KIRAN FOODS PRIVATE LIMITED	Director	10/10/2002	10/10/2002	-	Active	NO
5	L28920TN1947PLC007437	TULSYAN NEC LIMITED	Director	31/01/2005	31/01/2005	-	Active	NO
6	U91990MH2004PLC144915	INDIAN FLEXIBLE INTERMEDIATE BULK CONTAINER ASSOCIATION	Director	20/09/2008	20/09/2008	-	Active	NO

Name :

Mr. Ramanathan Panchapakesan

Designation :

Director

Address :

182, 1^St Main, Mahalakshmi Layout, Bangalore – 560086, Karnataka, India

Date of Birth/Age :

16.10.1952

Date of Appointment :

19.12.1999

PAN No.:

ABUPP5489P

DIN No.:

00515881

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	U25209KA1998PTC023840	INNOVA POLYPAK PRIVATE LIMITED	Director	30/07/1998	30/07/1998	16/07/2009	Active	NO
2	U25209KA1999PTC026059	BUILDMET FIBRES PRIVATE LIMITED	Director	09/12/1999	09/12/1999	-	Active	NO
3	U51101KA2002PTC030027	FOOD CREATIONS PRIVATE LIMITED	Managing director	22/01/2002	22/01/2002	-	Active	NO
4	U14339KA1993PTC014339	SHAKTHI KIRAN FOODS PRIVATE LIMITED	Managing director	10/10/2002	10/10/2002	-	Active	NO
5	U16000TN1970PLC005883	CIGFIL LIMITED	Managing director	28/10/2010	28/10/2010	-	Active	NO

Name :

Mr. Sanjay Tulsyan Ganesh Lal

Designation :

Director

Address :

A 602, Keshav Dugar, 1 East Avenue, Keshavaperumalpuram, R A Puram, Chennai-600028, Tamilnadu, India

Date of Birth/Age :

12.01.1964

Date of Appointment :

30.09.2010

PAN No.:

ABTPT8316J

DIN No.:

00632802

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	U27209TN1990PTC019321	TULSYAN SMELTERS PRIVATE LIMITED	Director	19/06/1990	19/06/1990	-	Active	NO
2	L28920TN1947PLC007437	TULSYAN NEC LIMITED	Managing director	30/08/2007	01/10/1996	-	Active	NO
3	U72200TN1999PLC041863	COSMIC GLOBAL LIMITED	Director	05/02/1999	05/02/1999	-	Active	NO
4	U70109WB1991PTC050984	PRAGATI VINIYOG PRIVATE LIMITED	Director	24/02/1999	24/02/1999	25/05/2010	Active	NO
5	U65993WB1991PTC051072	G L INVESTMENT PRIVATE LIMITED	Director	24/02/1999	24/02/1999	25/05/2010	Active	NO
6	U40101TN2002PLC049958	TULSYAN POWER LIMITED	Director	29/11/2002	29/11/2002	-	Active	NO
7	U36101TN2007PTC064433	Anglewood Furniture Solutions Private Limited	Director	10/08/2007	10/08/2007	09/03/2009	Active	NO
8	U27107TN2008PLC069395	TULSYAN ALLOYS LIMITED	Director	24/09/2008	24/09/2008	-	Strike off	NO
9	U51909TN2008PLC069747	BALAJI ENGINEERING AND GALVANIZING LIMITED	Director	04/11/2008	04/11/2008	-	Active	NO
10	U28999TN2003PTC051803	CHITRAKOOT STEEL AND POWER PRIVATE LIMITED	Director	05/05/2010	23/12/2009	-	Active	NO
11	U25209KA1999PTC026059	BUILDMET FIBRES PRIVATE LIMITED	Director	30/09/2010	31/07/2010	-	Active	NO
12	U74300TN2010PTC078391	Color Peppers Media Private Limited	Director	09/12/2010	09/12/2010	-	Active	NO
13	U33111TN1947NPL000861	HINDUSTAN CHAMBER OF COMMERCE	Director	28/09/2011	28/09/2011	28/09/2012	Active	NO
14	U93000TN2011PTC082713	TURQUOISE LIVING ESSENCES PRIVATE LIMITED	Director	13/10/2011	13/10/2011	-	Active	NO
15	U74900TN2011PTC083638	Gallery Veda Private Limited	Director	19/12/2011	19/12/2011	-	Active	NO

Name :

Mr. Lalit Kumar Tulsyan Ganesh Lal

Designation :

Director

Address :

19/12, 1^st Main Road, Jayamahal Extension, Bangalore-560046, Karnataka, India

Date of Birth/Age :

18.02.1960

Date of Appointment :

30.09.2010

PAN No.:

AARPT3382I

DIN No.:

00632823

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	U01410KA1988PTC009350	CITY ROCKS PRIVATE LIMITED	Director	16/12/1991	16/12/1991	-	Strike off	NO
2	L28920TN1947PLC007437	TULSYAN NEC LIMITED	Managing director	01/10/2011	12/07/1996	-	Active	NO
3	U72200TN1999PLC041863	COSMIC GLOBAL LIMITED	Director	05/02/1999	05/02/1999	-	Active	NO
4	U70109WB1991PTC050984	PRAGATI VINIYOG PRIVATE LIMITED	Director	24/02/1999	24/02/1999	25/05/2010	Active	NO
5	U65993WB1991PTC051072	G L INVESTMENT PRIVATE LIMITED	Director	24/02/1999	24/02/1999	25/05/2010	Active	NO
6	L25200GJ1984PLC050560	GOPALA POLYPLAST LIMITED	Director	24/06/2000	24/06/2000	23/01/2008	Active	NO
7	U40101TN2002PLC049958	TULSYAN POWER LIMITED	Director	29/11/2002	29/11/2002	-	Active	NO
8	U27209TN1990PTC019321	TULSYAN SMELTERS PRIVATE LIMITED	Director	31/07/2006	31/07/2006	-	Active	NO
9	U27107TN2008PLC069395	TULSYAN ALLOYS LIMITED	Director	24/09/2008	24/09/2008	-	Strike off	NO
10	U51909TN2008PLC069747	BALAJI ENGINEERING AND GALVANIZING LIMITED	Director	04/11/2008	04/11/2008	-	Active	NO
11	U28999TN2003PTC051803	CHITRAKOOT STEEL AND POWER PRIVATE LIMITED	Director	05/05/2010	23/12/2009	-	Active	NO
12	U25209KA1999PTC026059	BUILDMET FIBRES PRIVATE LIMITED	Director	30/09/2010	31/07/2010	-	Active	NO
13	U25200MH1955NPL009601	THE PLASTICS EXPORT PROMOTION COUNCIL	Director	18/11/2011	18/11/2011	-	Active	NO

Name :

Mr. Bharat Ramakrishnan

Designation :

Director

Address :

101, KHB Colony, Basaveshwar Nagar, Bangalore – 560079, Karnataka, India

Date of Birth/Age :

10.03.1983

Date of Appointment :

30.09.2009

DIN No.:

02742467

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	U25209KA1998PTC023840	INNOVA POLYPAK PRIVATE LIMITED	Additional director	16/07/2009	16/07/2009	-	Active	NO
2	U25209KA1999PTC026059	BUILDMET FIBRES PRIVATE LIMITED	Director	30/09/2009	16/07/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shantha
Designation :	Finance Department

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Ramanathan Panchapakesan	275428
Ramakrishnan Selyaganapathy	2485427
R. Geetha	1000000
Tulsyan Nec Limited	1150000
S. Vishwanath	100
Lalith K. Tulsyan	775000
Sanjay K. Tulsyan	775000
Soeta Deposits and Advance	500000
Total	6960955

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	23.70
Directors or relatives of Directors	76.30
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of FIBC’s Bag.

Products :

Product Description	ITC Code
Plastic and rubber manufacturing services	99884230
Sack and Bag (Incl Cones) of Other Plastic Nes	39232990

• Capable of producing all types of FIBC Bags with safe working load ranging from 500 kgs to 2000 kgs.
• Printed and Unprinted FIBCs made from Circular woven Fabric, Sulzer flat fabrics.
• Builder Bags
• Ventilated Bags
• Container Liners
• Conductive bags(Type C)
• One Loop, Two Loop bags for the Fertilizer industry
• Bags with Corner or Cross corner loops.
• Bags with glued liners
• Bags with preshaped liners
• Bags with normal liners
• Baffle Bags
• Bag in Bags
• Clean Bags

Exports :

Products :

· Finished goods

Countries :

· France

· Germany

· UK

Imports :

Products :

· Raw Material

Countries :

· Abu Dhabi

GENERAL INFORMATION

Suppliers :

Codefine, Switzerland

Customers :

Borouge Limited

No. of Employees :

3000 (Approximately)

Bankers :

· Bank of India, Mid Corporate Branch, 1^st Floor, Bank of India Building, No. 11, K G Road, Bangalore – 560009, Karnataka, India

· ICICI Bank Limited

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	203.445	199.804
Loans taken for vehicles	1.071	1.912
Loans taken for other fixed assets	2.598	2.773
Total	207.114	204.489

Banking Relations :	--
Auditors :
Name :	Ramesh and Ramachandran Chartered Accountants
Address :	# 39, Vishwanathapuram Main Road, Kodambakkam, Chennai – 600024, Tamilnadu, India
PAN No.:	AAAFR5165M
Sister Concern:	Tulsyan Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6960955	Equity Shares	Rs.10/- each	Rs.69.610 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	69.610	55.610	41.610
(b) Reserves & Surplus	42.324	40.204	30.147
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.070	0.070	0.070
Total Shareholders’ Funds (1) + (2)	112.004	95.884	71.827
(3) Non-Current Liabilities
(a) long-term borrowings	225.914	214.789	197.655
(b) Deferred tax liabilities (Net)	6.176	4.963	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	232.090	219.752	197.655
(4) Current Liabilities
(a) Short term borrowings	188.245	115.350	0.000
(b) Trade payables	132.117	64.317	80.355
(c) Other current liabilities	37.906	10.214	6.820
(d) Short-term provisions	13.679	17.636	9.265
Total Current Liabilities (4)	371.947	207.517	96.440
TOTAL	716.041	523.153	365.922
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	303.111	282.808	82.888
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	8.618	4.738	63.872
(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	0.342
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	4.853	4.572	0.000
Total Non-Current Assets	316.582	292.118	147.102
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	151.739	99.082	84.314
(c) Trade receivables	95.533	58.165	59.079
(d) Cash and cash equivalents	12.778	10.323	9.127
(e) Short-term loans and advances	129.988	62.310	66.300
(f) Other current assets	9.421	1.155	0.000
Total Current Assets	399.459	231.035	218.820
TOTAL	716.041	523.153	365.922

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	TURNOVER	800.000 (Approximately)	720.000 (Approximately)	NA
	EXPENSES	NA	NA	NA
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			37.746
Less	FINANCIAL EXPENSES	NA	NA	18.586
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			19.160
Less	DEPRECIATION/ AMORTISATION			5.212
	PROFIT/(LOSS) BEFORE TAX	3.332	21.583	13.948
Less	TAX	1.212	6.672	6.170
	PROFIT/(LOSS) AFTER TAX	2.120	14.911	7.778
	Earnings Per Share (Rs.)	0.30	NA	NA

Particulars	31.03.2014
Sales Turnover (Approximately)	1100.000

The above information has been parted by Mr. Shantha

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	3.70	3.44	2.75
Current Ratio (Current Asset/Current Liability)	1.07	1.11	2.27

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	41.610	55.610	69.610
Reserves & Surplus	30.147	40.204	42.324
Share Application money pending allotment	0.07	0.07	0.07
Net worth	71.827	95.884	112.004
long-term borrowings	197.655	214.789	225.914
Short term borrowings	0.000	115.350	188.245
Total borrowings	197.655	330.139	414.159
Debt/Equity ratio	2.752	3.443	3.698

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 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	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	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans and advances from directors	8.500	0.000
Loans and advances from others	7.800	3.800
Other loans and advances, others	2.500	6.500
Short Term Borrowings
Working capital loans from banks	188.245	115.350
Total	207.045	125.650

COMPANY OVERVIEW

The company was incorporated on 09th December 1999 as a Private Limited Company with its registered office at Bangalore. The Company is engaged in the business of Manufacturing of Polypropylene Woven Sacks and allied products.

WORKING OF THE COMPANY

During the year the company achieved a net profit of Rs.3.332 Millions as against Rs.21.583 Millions in previous year. The after tax profit of the company for the year amounted to Rs.2.120 Millions as against Rs.14.911 Millions in the previous year.

CHARGES

ENTITY'S HISTORY
NAME	COMPETENT AUTHORITY	REGULATORY CHARGES	REGULATORY ACTION(S)	FURTHER DEVELOPMENTS
BUILDMET FIBRES PRIVATE LIMITED	CBEC	DEFAULTED IN PAYMENT OF CUSTOMS/EXCISE DUTIES	NOTICE ISSUED UNDER SECTION 142 OF CUSTOMS ACT, 1962 28-FEB-2013

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10374619	20/09/2013 *	480,800,000.00	Bank of India	Mid Corporate Branch, 1st Floor, Bank Of India Building, No 11, K G Road, Bangalore, Karnataka - 560009, India	B86683687
2	10262169	13/11/2010	230,000,000.00	Bank of India	Mid Corporate Branch, 1st Floor, Bank Of India Building, No 11, K G Road, Bangalore, Karnataka - 560009, India	B02531150
3	90192471	17/07/2009 *	143,500,000.00	Bank of India	25/1 Skip House, Museum Road, Bangalore, Karnataka - 560025, India	A76674621

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.59.07
UK Pound	1	Rs.99.35
Euro	1	Rs.80.61

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	SUB
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		29

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.