MIRA INFORM REPORT

Report Date :

23.06.2014

IDENTIFICATION DETAILS

Name :	KGS ENGINEERING LIMITED (w.e.f. 10.05.2010)
Formerly Known As :	KGS SARAVANA POWER LIMITED (w.e.f. 25.11.2008) KGS SARAVANA POWER PRIVATE LIMITED (w.e.f. 29.08.2008) STARDRIVE BUSDUCTS PRIVATE LIMITED
Registered Office :	KGS Corporate House, No.43, Besant Avenue Road, Adyar, Chennai – 600020, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	31.10.1979
Com. Reg. No.:	18-007991
Capital Investment / Paid-up Capital :	Rs.50.000 Millions
CIN No.: [Company Identification No.]	U72900TN1979PLC007991
TAN No.: [Tax Deduction & Collection Account No.]	CHES02319C
PAN No.: [Permanent Account No.]	AAACS5078B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of bus ducts.
No. of Employees :	Information denied by management

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 but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Reserves of the company’s are low. Borrowings recorded by the company seems to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term Loans=BB-
Rating Explanation	Moderate risk of default.
Date	March, 2014

Rating Agency Name	ICRA
Rating	Short term Non Fund Based=A4
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	March, 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. K. Prema
Designation :	Accounts Manager
Contact No.:	91-44-24423027
Date :	17.06.2014

LOCATIONS

Registered Office :	KGS Corporate House, No.43, Besant Avenue Road, Adyar, Chennai – 600020, Tamilnadu, India
Tel. No.:	91-44-24423027
Fax No.:	Not Available
E-Mail :	saravanan.r@kgscorporate.com
Website :
Corporate / Marketing Office :	No.34, First Floor, 4^th Main Road, Gandhi Nagar, Adyar, Chennai – 600020, Tamilnadu, India
Factory :	3/763 Erulipattu Village, Alignavak, Kam, P O Ponneri Taluka, Thiruvallur District, Chennai – 600067, Tamilnadu, India

DIRECTORS

AS ON 03.05.2013

Name :

Mr. Gigi George

Designation :

Director

Address :

No.63, Kamaraj Avenue, 1^st Street, Adyar, Chennai – 600020, Tamilnadu, India

Date of Birth/Age :

17.12.1966

Date of Appointment :

01.09.2008

DIN No.:

00698197

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	U74140TN2000PLC044565	ASHER CONSULTANTS LIMITED	Director	28/03/2000	28/03/2000	13/11/2011	Active	NO
2	U31300TN2003PLC051135	SARAVANA GLOBAL ENERGY LIMITED	Director	28/12/2007	24/05/2006	02/03/2012	Active	NO
3	U31909TN1974PLC006798	KGS DEVELOPERS LIMITED	Managing director	01/01/2010	01/03/2007	-	Active	NO
4	U70101TN2006PTC059938	SFL PROPERTIES PRIVATE LIMITED	Director	01/12/2007	01/12/2007	01/12/2010	Active	NO
5	U70101TN2006PTC060362	SARAVANA REALTY PRIVATE LIMITED	Director	01/12/2007	01/12/2007	-	Active	NO
6	U45200TN2008PLC066307	KGS INFRASTRUCTURE LIMITED	Director	05/02/2008	05/02/2008	-	Active	NO
7	U72900TN1979PLC007991	KGS ENGINEERING LIMITED	Director	01/09/2008	01/09/2008	-	Active	NO
8	U45400TN2007PTC079869	BRICK BOULEVARD BUILDERS PRIVATE LIMITED	Director	30/06/2009	30/06/2009	-	Active	NO
9	U45200TN2009PLC072150	KGS ARANMULA INTERNATIONAL AIRPORT LIMITED	Managing director	30/09/2010	03/07/2009	-	Active	NO
10	U21093TN1995PLC030112	KGS NELSUN PAPER MILL LIMITED	Director	25/02/2010	25/02/2010	-	Active	NO
11	U45200TN2006PLC061424	KGS CONSTRUCTIONS LIMITED	Whole-time director	07/05/2010	24/03/2010	-	Active	NO
12	U85100TN2010PLC076658	KGS BMH Healthcare Limited	Director	20/07/2010	20/07/2010	-	Active	NO
13	U93000TN2012NPL083992	KGS Charity Foundation	Director	13/01/2012	13/01/2012	-	Active	NO

Name :

Mr. Pichaiya Velayutham Sanmugam

Designation :

Director

Address :

No.10, 2^nd Cross Street, RA Puram, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

01.06.1957

Date of Appointment :

07.05.2010

DIN No.:

00763371

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	U45201TN1993PTC025171	KGEYES RESIDENCY PRIVATE LIMITED	Managing director	04/06/1993	04/06/1993	-	Active	NO
2	U65993TN1994PTC029013	KGEYES INVESTMENTS PRIVATE LIMITED	Director	24/10/1994	24/10/1994	-	Active	NO
3	U55101TN1999PTC043662	KGEYES HOSPITALITY PRIVATE LIMITED	Managing director	03/12/1999	03/12/1999	-	Active	NO
4	U31909TN1974PLC006798	KGS DEVELOPERS LIMITED	Whole-time director	01/04/2007	09/11/2005	-	Active	NO
5	U70101TN2006PTC059938	SFL PROPERTIES PRIVATE LIMITED	Director	22/05/2006	22/05/2006	01/12/2010	Active	NO
6	U70101TN2006PTC060362	SARAVANA REALTY PRIVATE LIMITED	Director	28/07/2006	28/07/2006	-	Active	NO
7	U45200TN2008PLC066307	KGS INFRASTRUCTURE LIMITED	Director	05/02/2008	05/02/2008	-	Active	NO
8	U45400TN2007PTC079869	BRICK BOULEVARD BUILDERS PRIVATE LIMITED	Director	30/06/2009	30/06/2009	-	Active	NO
9	U45200TN2009PLC072150	KGS ARANMULA INTERNATIONAL AIRPORT LIMITED	Director	30/09/2010	03/07/2009	-	Active	NO
10	U45200TN2006PLC061424	KGS CONSTRUCTIONS LIMITED	Managing director	01/02/2012	24/03/2010	-	Active	NO
11	U72900TN1979PLC007991	KGS ENGINEERING LIMITED	Director	30/09/2010	07/05/2010	-	Active	NO
12	U85100TN2010PLC076658	KGS BMH Healthcare Limited	Director	20/07/2010	20/07/2010	-	Active	NO
13	U93000TN2012NPL083992	KGS Charity Foundation	Director	13/01/2012	13/01/2012	-	Active	NO
14	U21093TN1995PLC030112	KGS NELSUN PAPER MILL LIMITED	Director	06/05/2013	06/05/2013	-	Active	NO
15	U70100TN2013PTC092024	C.S.PILLAI ESTATES PRIVATE LIMITED	Managing director	15/07/2013	05/07/2013	-	Active	NO

Name :

Mr. Kumaran Kandasamy

Designation :

Director

Address :

No.10, Royal Enclave, Besant Avenue, Chennai – 600020, Tamilnadu, India

Date of Birth/Age :

12.01.1966

Date of Appointment :

31.10.1979

DIN No.:

00801146

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	U72900TN1979PLC007991	KGS ENGINEERING LIMITED	Director	31/10/1979	31/10/1979	-	Active	NO
2	U15511TN1983PTC010538	NAGSUN CERAMICS PRIVATE LIMITED	Managing director	15/12/1983	15/12/1983	-	Active	NO
3	U74920TN1985PTC011906	EARTH SENSE VENTURES PRIVATE LIMITED	Managing director	01/06/1985	01/06/1985	-	Active	NO
4	U22121TN1982PLC009705	SOLAR PAPER MILL LIMITED	Managing director	15/02/1990	15/02/1990	-	Active	NO
5	U01403TN1991PTC020382	EARTH SENSE AGRO PRODUCTS PRIVATE LIMITED	Managing director	25/02/1991	25/02/1991	-	Active	NO
6	U17111TN1969PTC005686	SUN COTTON MILLS PRIVATE LIMITED	Managing director	01/04/1991	01/04/1991	-	Active	NO
7	U65191TN1991PLC021413	SARVA SUBITCHAM FINANCE LIMITED	Managing director	20/09/1991	20/09/1991	-	Active	NO
8	U21093TN1995PLC030112	KGS NELSUN PAPER MILL LIMITED	Managing director	08/02/1995	08/02/1995	-	Active	NO
9	U51909TN1997PTC038349	ANIKSHA PRODUCTIONS PRIVATE LIMITED	Director	05/06/1997	05/06/1997	-	Active	NO
10	U31909TN1974PLC006798	KGS DEVELOPERS LIMITED	Whole-time director	01/04/2007	09/11/2005	-	Active	NO
11	U72200TN2005PLC056092	SIPTECH SOLUTIONS LIMITED	Director	15/04/2006	15/04/2006	-	Active	NO
12	U70101TN2006PTC059938	SFL PROPERTIES PRIVATE LIMITED	Director	22/05/2006	22/05/2006	01/12/2010	Active	NO
13	U70101TN2006PTC060362	SARAVANA REALTY PRIVATE LIMITED	Director	28/07/2006	28/07/2006	-	Active	NO
14	U74999TN2008PTC066002	EARTH SENSE RECYCLE PRIVATE LIMITED	Director	09/01/2008	09/01/2008	-	Active	NO
15	U45200TN2008PLC066307	KGS INFRASTRUCTURE LIMITED	Director	05/02/2008	05/02/2008	-	Active	NO
16	U33110TN2008PTC066576	MEDILINK ENTERPRISES PRIVATE LIMITED	Director	22/02/2008	22/02/2008	-	Active	NO
17	U45400TN2007PTC079869	BRICK BOULEVARD BUILDERS PRIVATE LIMITED	Director	30/06/2009	30/06/2009	-	Active	NO
18	U45200TN2009PLC072150	KGS ARANMULA INTERNATIONAL AIRPORT LIMITED	Director	30/09/2010	03/07/2009	-	Active	NO
19	U45200TN2006PLC061424	KGS CONSTRUCTIONS LIMITED	Director	24/03/2010	24/03/2010	-	Active	NO
20	U85100TN2010PLC076658	KGS BMH Healthcare Limited	Director	20/07/2010	20/07/2010	-	Active	NO
21	U93000TN2012NPL083992	KGS Charity Foundation	Director	13/01/2012	13/01/2012	-	Active	NO
22	U27209TN1972PTC006264	RASHA MACHINERY PRIVATE LIMITED	Director	17/02/2012	17/02/2012	14/03/2012	Active	NO
23	U22219TN2012PTC085556	CREATIVE CONNECTIONS INDIA PRIVATE LIMITED	Director	23/04/2012	23/04/2012	-	Active	NO
24	U91990TN2013NPL092258	INDIA WORKS ORGANISATION	Director	23/07/2013	23/07/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. K. Prema
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

AS ON 03.05.2013

Names of Shareholders	No. of Shares
Kumaran Kandasamy	2499997
Gigi George	1187500
Anitha Paul	125000
P. V. Sanmugam	1187500
Ajitha George	1
Anitakumaran	1
S.Saraswathi	1
Total	5000000

Equity Share Break up (Percentage of Total Equity)

AS ON 03.05.2013

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of bus ducts.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

State Bank of India, SME Guindy Branch, 65-A, G.S.T Road, Chennai – 600032, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term Loans from banks	27.160	51.160
Deposits from Directors	22.420	0.000
Other Loans and Advances	1.004	0.885
Short Term Borrowings
Loans repayable on demand	108.615	95.915
Total	159.199	147.960

Banking Relations :	--
Auditors :
Name :	Pratapkaran Paul and Company Chartered Accountants
Address :	No.63, Kamaraj Avenue First Street Adyar, Chennai – 600020, Tamilnadu, India
PAN No.:	AAEFP7571P

CAPITAL STRUCTURE

AS ON 03.05.2013

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
5000000	Equity Shares	Rs.10/- each	Rs.50.000 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	50.000	50.000	30.000
(b) Reserves & Surplus	35.489	26.052	17.664
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	25.000	15.000	10.000
Total Shareholders’ Funds (1) + (2)	110.489	91.052	57.664
(3) Non-Current Liabilities
(a) long-term borrowings	50.584	69.545	16.747
(b) Deferred tax liabilities (Net)	0.079	0.117	0.061
(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)	50.663	69.662	16.808
(4) Current Liabilities
(a) Short term borrowings	108.615	95.915	40.847
(b) Trade payables	75.073	36.062	32.111
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	4.581	22.143	14.022
Total Current Liabilities (4)	188.269	154.120	86.980
TOTAL	349.421	314.834	161.452
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.146	13.288	10.235
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	106.232	105.839	40.257
(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	3.052	2.100	0.851
(e) Other Non-current assets	0.000	0.000	55.505
Total Non-Current Assets	124.430	121.227	106.848
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	67.836	40.882	41.219
(c) Trade receivables	105.262	125.813	0.000
(d) Cash and cash equivalents	19.973	11.718	7.711
(e) Short-term loans and advances	31.920	15.194	5.674
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	224.991	193.607	54.604
TOTAL	349.421	314.834	161.452

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	241.333	233.602	105.273
		Other Income	5.545	3.051	11.695
		TOTAL (A)	246.878	236.653	116.968
Less	EXPENSES
		Cost of Materials Consumed	194.505	189.067	84.859
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(20.356)	(7.434)	0.000
		Employee Benefits Expenses	23.871	20.093	8.026
		Other Expenses	10.030	8.148	8.146
		TOTAL (B)	208.050	209.874	101.031
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		38.828	26.779	15.937
Less	FINANCIAL EXPENSES (D)		22.849	12.647	3.665
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.979	14.132	12.272
Less	DEPRECIATION/ AMORTISATION (F)		1.998	1.519	0.903
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		13.981	12.613	11.369
Less	TAX (H)		4.544	4.225	3.826
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		9.437	8.388	7.543
	Earnings Per Share (Rs.)		1.89	1.68	2.51

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.82	3.54	6.45
Net Profit Margin (PBT/Sales)	(%)	5.79	5.40	10.80
Return on Total Assets (PBT/Total Assets}	(%)	5.75	6.04	9.38
Return on Investment (ROI) (PBT/Networth)		0.13	0.14	0.20
Debt Equity Ratio (Total Debt /Networth)		1.44	1.82	1.00
Current Ratio (Current Asset/Current Liability)		1.20	1.26	0.63

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	30.000	50.000	50.000
Reserves & Surplus	17.664	26.052	35.489
Share Application money pending allotment	10.000	15.000	25.000
Net worth	57.664	91.052	110.489
long-term borrowings	16.747	69.545	50.584
Short term borrowings	40.847	95.915	108.615
Total borrowings	57.594	165.460	159.199
Debt/Equity ratio	0.999	1.817	1.441

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	105.273	233.602	241.333
		121.901	3.309

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	105.273	233.602	241.333
Profit	7.543	8.388	9.437
	7.17%	3.59%	3.91%

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 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	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	Yes

NOTE: Registered office address of the company has been shifted from Swati Court, Pent House, Opposite Andhra Club No.43, Vijayaraghava Road, T. Nagar, Chennai – 600017, Tamilnadu, India to the present address w.e.f. 26.04.2010

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Deposits from Directors	0.000	17.500
Total	0.000	17.500

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10044125	16/11/2012 *	224,300,000.00	STATE BANK OF INDIA	SME GUINDY BRANCH, 65-A, G.S.T ROAD, CHENNAI, TAM IL NADU - 600032, INDIA	B63892772
2	90290082	10/09/2005 *	3,400,000.00	STATE BANK OF INDIA	GUINDY, CHENNI, TAMIL NADU - 600032, INDIA	-
3	90290019	10/09/2005 *	3,050,000.00	STATE BANK OF INDIA	GUINDY, CHENNI, TAMIL NADU - 600032, INDIA	-

*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.60.28
UK Pound	1	Rs.102.77
Euro	1	Rs.82.12

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	DIV
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	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.