MIRA INFORM REPORT

Report Date :

27.09.2014

IDENTIFICATION DETAILS

Name :	GTN ENGINEERING (INDIA) LIMITED
Formerly Known As :	GTN EXPORTS LIMITED (w.e.f. 13.06.1988) JAYTEX HOLDING LIMITED
Registered Office :	Plot No. 29, Nagarjuna Hills, Punjagutta, Hyderabad – 500082, Telangana, India.
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.07.1981
Com. Reg. No.:	36- 041292
Capital Investment / Paid-up Capital :	Rs.11.873 Millions
CIN No.: [Company Identification No.]	U51909TG1981PLC041292
PAN No.: [Permanent Account No.]	AABCG2838G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of textiles.
No. of Employees :	Information Declined by Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 7160000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is decent. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition.

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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based facilities = BB
Rating Explanation	Inadequate credit quality and high credit risk
Date	September 2014

Rating Agency Name	ICRA
Rating	Short term fund based facilities = A4 +
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	September 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 31-03-2014.

INFORMATION DENIED

MANAGEMENT NON CO- OPERATIVE (Tel No: 91-40-43407777)

LOCATIONS

Registered Office :	Plot No. 29, Nagarjuna Hills, Punjagutta, Hyderabad – 500082, Telangana, India.
Tel. No.:	91-40-43407777
Fax No.:	91-40-2358400/23358387
E-Mail :	Sharedept@gtnindustries.com gtnexports@sancharnet.in engg@gtnindustries.com
Website :	www.gtnindustries.com
Factory 1 :	2/439, K.S.N. Puram, Semmipalayam, Trichy Road, Palladam Taluk, Coimbatore – 641 662, Tamilnadu, India.
Tel. No.:	91-04-255278009/278110
Fax No.:	91-04-255278008
E-Mail :	gtnengg@md3.vsnl.net.in
Website:	www.gtnengg.net

DIRECTORS

As on 30.09.2013

Name :

Mr. Mahendra Kumar Patodia

Designation :

Director

Address :

Plot No.145, Road No. 3, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India.

Date of Birth/Age :

25.08.1951

Date of Appointment :

24.07.1981

DIN No.:

00004752

PAN No.:

AFKPP4069B

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	U51909TG1981PLC041292	GTN ENGINEERING(INDIA) LIMITED	Director	24/07/1981	24/07/1981	-	Active	NO
2	U67120WB1979PTC031876	MEGHA INVESTMENTS PRIVATE LIMITED	Director	25/04/1987	25/04/1987	-	Active	NO
3	U74899DL1988PTC030572	EMKAY YARN PRIVATE LIMITED	Director	10/02/1988	10/02/1988	15/01/2009	Active	NO
4	U65999WB1990PTC048387	FORWARD FINANCE PRIVATE LIMITED	Director	14/02/1990	14/02/1990	-	Amalgamated	NO
5	U65999WB1990PTC048410	EMKAYPEE INVESTMENTS PRIVATE LIMITED	Director	16/02/1990	16/02/1990	-	Active	NO
6	U67120WB1961PTC025238	MADAN LAL BRIJ LAL PRIVATE LIMITED	Director	31/01/1995	31/01/1995	04/02/2011	Active	NO
7	U65923TG1996PTC023431	MODESTY FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	30/06/1996	30/06/1996	20/11/2009	Active	NO
8	U65993TG1996PLC025483	JEL FINANCE & INVESTMENTS LIMITED	Director	14/10/1996	14/10/1996	-	Active	NO
9	U17300TG1994PLC018701	PERFECT KNITTERS LIMITED	Director	18/05/2002	18/05/2002	-	Amalgamated	NO
10	U67190WB1990PTC048536	M B CREDIT PRIVATE LIMITED	Director	27/01/2003	27/01/2003	-	Amalgamated	NO
11	U51494TG2003PLC040460	COTSTYLE APPARELS LIMITED	Director	07/02/2003	07/02/2003	-	Amalgamated	NO
12	U17291TG2003PLC040852	MODESTY TEXTILES LIMITED	Director	21/04/2003	21/04/2003	-	Active	NO
13	U17116TG2003PLC041256	PERFECT SPINNERS LIMITED	Director	30/06/2003	30/06/2003	-	Active	NO
14	L18101AP1962PLC054323	GTN INDUSTRIES LIMITED	Managing director	01/12/2009	01/12/2004	-	Active	NO
15	U17120MH1967PLC013669	CONFEDERATION OF INDIAN TEXTILE INDUSTRY	Director	15/11/2013	15/11/2013	-	Active	NO

Name :

Mr. C.R. Gang

Designation :

Director

Address :

406, Lumbini Rockdale Emrald, Block, Somajbuda, Hyderabad – 500082, Andhra Pradesh, India

Date of Birth/Age :

15.07.1952

Date of Appointment :

10.12.2008

DIN No.:

00008288

Name :

Mr. Raghuram Valikolanu

Designation :

Director

Address :

Flat No.11, Block No -16, High – II, APHB Bhaglingam, Pally, Hyderabad – 500044, Andhra Pradesh, India.

Date of Birth/Age :

20.12.1954

Date of Appointment :

23.04.2011

DIN No.:

03524068

Name :

Mr.George Joseph Chempakathinal

Designation :

Director

Address :

301, Swathi Apartments, H No. 7-1-45/1 Ameer pet, Hyderabad – 500016, Andhra Pradesh.

Date of Birth/Age :

02.02.1950

Date of Appointment :

07.12.2011

DIN No.:

00309739

PAN No.:

AFRPP0107M

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	U17300TG1994PLC018701	PERFECT KNITTERS LIMITED	Director	30/10/1995	30/10/1995	-	Amalgamated	NO
2	U18101TG2000PLC034077	IMPERIAL GARMENTS LIMITED	Whole-time director	31/08/2012	31/08/2009	-	Amalgamated	NO
3	L18101AP1962PLC054323	GTN INDUSTRIES LIMITED	Additional director	28/01/2010	28/01/2010	-	Active	NO
4	U51909TG1981PLC041292	GTN ENGINEERING(INDIA) LIMITED	Additional director	07/12/2011	07/12/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. K.B.Babu
Designation :	Chief Executive
Date of Birth/Age :	50 Years
Qualification :	B.Sc.(Physics)
Date of Appointment :	01.07.1991
Name :	Mr. K. Vijaya Bhaskar
Designation :	V.P.-Strategic Business Head
Date of Birth/Age :	48 Years
Qualification :	B.E, MBA, MS in Material Science and Engg.
Date of Appointment :	01.07.2001

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Anjana Patodia	36900
Mahendra Kumar Patodia	74202
Mahendra Patodia (HUF)	6843
Megah Investments Private Limited	877
Emkaypee Investments Private Limited	735
Jel Finance And Investments Limited	512
M.Satyanarayana	12
C R Gang	11
Susheel Sancheti	1
Navin Kumar Sancheti	1
C.George Joseph	1
N.K.Ajmera	1
V.Raghu Ram	1
J.Venkateswarlu	2
Total	120099

LIST OF ALLOTTEES

Names of Shareholders	No. of Shares
JEL Finance and Investments Limited	175000
Total	175000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	7.46
Directors or relatives of Directors	92.50
Others	0.04
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of textiles.

Products :

PRODUCT DESCRIPTION	ITC NO.
Engineering Goods – Gate Valves and Other Accessories	84818030

GENERAL INFORMATION

No. of Employees :

Information Declined by Management.

Bankers :

· Punjab National Bank, 4-1-427, AGM’s Office, Bank Street, Hyderabad – 500001, Andhra Pradesh, India.

· Axis Bank Limited, 6-3-879-B-G, Pulla reddy Bull, Greeniands, Begumpet Road, Hyderabad – 500016, Andhra Pradesh, India.

· Export – Import Bank of India, Floor 21, Centre one Builing, World Trade Center, Cuffee Parade, Mumbai – 400005, Mahrashtra, India.

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Term Loans from banks	502.281	110.059
Other Loans and Advances	0.000	0.409
SHORT TERM BORROWING
Working Capital Loans from banks	264.82	244.444
Total	767.101	354.912

Banking Relations :	---
Auditors :
Name :	Lodha and Company Chartered Accountant
Address :	Mumbai
Subsidiaries :	· Cotstyle Apparels Limited CIN No.: U51494AP2003PLC040460 · Modesty Textiles Limited CIN No.: U17291AP2003PLC040852
Associates:	· Imperial Garments Limited CIN No.: U18101AP2000PLC034077 · Perfect Kritters Limited CIN No.: U17300AP1994PLC018701 · GTN Industries Limited CIN No.: L18101AP1962PLC054323 · JEL Finance and Investments Limited

CAPITAL STRUCTURE

After 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
199750	Equity Shares	Rs.100/- each	Rs.19.975 Millions
200250	Preference Shares	Rs.100/- each	Rs.20.025 Millions
Total			Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
120099	Equity Shares	Rs.100/- each	Rs.12.009 Millions
175000	Preference Shares	Rs.100/- each	Rs.17.500 Millions
	Total		Rs.29.509 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions
250	Preference Shares	Rs.100/- each	Rs.0.025 Million
Total			Rs.20.025 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
118731	Equity Shares	Rs.100/- each	Rs.11.873 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	11.873	11.873	11.873
(b) Reserves & Surplus	1,778.055	1,281.187	939.488
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.137	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1,790.065	1,293.060	951.361
(3) Non-Current Liabilities
(a) long-term borrowings	502.281	110.468	159.165
(b) Deferred tax liabilities (Net)	117.489	35.875	31.074
(c) Other long term liabilities	2.262	2.232	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	622.032	148.575	190.239
(4) Current Liabilities
(a) Short term borrowings	288.984	244.444	230.925
(b) Trade payables	355.584	337.556	331.168
(c) Other current liabilities	109.898	70.413	68.317
(d) Short-term provisions	91.193	54.132	22.751
Total Current Liabilities (4)	845.659	706.545	653.161
TOTAL	3,257.756	2,148.180	1,794.761
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	876.443	425.347	409.267
(ii) Intangible Assets	1.669	2.407	3.561
(iii) Capital work-in-progress	0.075	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	61.551	326.638	259.859
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	26.637	36.197	86.124
(e) Other Non-current assets	17.950	0.000	0.000
Total Non-Current Assets	984.325	790.589	758.811
(2) Current assets
(a) Current investments	0.000	0.040	0.040
(b) Inventories	656.350	612.900	520.942
(c) Trade receivables	1,008.174	511.593	393.177
(d) Cash and cash equivalents	133.722	121.806	54.001
(e) Short-term loans and advances	72.469	21.000	4.842
(f) Other current assets	402.716	90.252	62.948
Total Current Assets	2,273.431	1,357.591	1,035.950
TOTAL	3,257.756	2,148.180	1,794.761

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	3,898.836	2,560.229	1,607.062
		Other Income	72.433	9.771	25.166
		TOTAL (A)	3,971.269	2,570.000	1,632.228
Less	EXPENSES
		Cost of Materials Consumed	1,555.948	1,147.808	727.149
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	6.183	42.511	38.947
		Employees benefits expense	310.871	134.282	101.529
		Other expenses	892.217	608.006	329.139
		TOTAL (B)	2,765.219	1,932.607	1,196.764
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1,206.050	637.393	435.464
Less	FINANCIAL EXPENSES (D)		117.701	50.552	38.567
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1,088.349	586.841	396.897
Less/ Add	DEPRECIATION/ AMORTISATION (F)		83.533	37.762	37.430
	PROFIT BEFORE TAX (E-F) (G)		1,004.816	549.079	359.467
Less	TAX (H)		322.320	179.782	120.660
	PROFIT AFTER TAX (G-H) (I)		682.496	369.297	238.807
	Earnings Per Share (Rs.)		38.99	21.10	13.64

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	17.19	14.37	14.63
Net Profit Margin (PBT/Sales)	(%)	25.77	21.45	22.37
Return on Total Assets (PBT/Total Assets}	(%)	31.44	30.14	23.42
Return on Investment (ROI) (PBT/Networth)		0.561	0.425	0.378
Debt Equity Ratio (Total Debt /Networth)		0.44	0.27	0.41
Current Ratio (Current Asset/Current Liability)		2.69	1.92	1.59

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	11.873	11.873	11.873
Reserves & Surplus	939.488	1,281.187	1,778.055
Share Application money pending allotment	0.000	0.000	0.137
Net worth	951.361	1,293.060	1,790.065
long-term borrowings	159.165	110.468	502.281
Short term borrowings	230.925	244.444	288.984
Total borrowings	390.090	354.912	791.265
Debt/Equity ratio	0.410	0.274	0.442

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	1,607.062	2,560.229	3,898.836
		59.311	52.285

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	1,607.062	2,560.229	3,898.836
Profit	238.807	369.297	682.496
	14.86%	14.42%	17.51%

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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

Unsecured Loan	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWING
Loans repayableon demand	24.164	0.000
Total	24.164	0.000

OVERVIEW OF THE COMPANY

The company was incorporated on 24.07.1981 and has got its registered office at Hyderabad. Pursuant to the approval to the Scheme of Arrangement by the Hon’ble High Court of Andhra Pradesh vide its Order dates 23 rd July, 2013, the entire business and all assets, liabilities, duties and obligations of erstwhile Perfect Knitters Limited, Imperial Garments Limited and Cotstyle Apparels Limited, a wholly owned subsidiary of the Company, all engaged in the business of textiles, were transferred to and vested in the Company from 1 st April, 2012. Attention is invited to Note 27B (1) below.

The Company carries out its operations through Engineering Unit, Perfect Knitters – Fabric Processing Unit, Perfect Knitters Garment Unit, Imperial Garments Unit, Imperial Socks Unit and Cotstyle Apparels Unit.

PERFORMANCE REVIEW

The Hon’ble High Court of Andhra Pradesh has passed order dated 23 rd July, 2013 for the Amalgamation of M/s. Perfect Knitters Limited, M/s. Imperial Garments Limited and Cotstyle Apparels Limited with their Company with effect from 1st April, 2012.

After the completion of amalgamation, the Company is now diversified into textile business apart from engineering business. Since this is the first year of operations, the company is expecting considerable growth in due course of time. The company has also taken over the spinning unit at Baramati in June, 2013 to strengthen the textile business with integrated business operations.

The Directors are pleased to report that the Net Sales/Income from operations during the year is Rs.3898.836 Millions as against previous year’s amount of Rs.2560.229 Millions The operating profit was Rs.1206.050 Millions as against previous year profit of Rs. 626.162 Millions Accordingly, the profit after tax is Rs.682.496 Millions as against Rs. 369.297 Millions in the previous year.

The company’s engineering business is mainly into manufacture of API 6A Gate Valves, casing hangers and actuators and other critical components to cater to the needs of the Oil field Industry in USA, Europe and South East Asia. The company expect to have the similar performance, during the current year.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10494475	27/03/2014	78,500,000.00	PUNJAB NATIONAL BANK	4-1-427, BANK STREET, HYDERABAD, Andhra Pradesh - 500001, INDIA	C04487211
2	10494463	27/03/2014	620,000,000.00	PUNJAB NATIONAL BANK	4-1-427, BANK STREET, HYDERABAD, Andhra Pradesh - 500001, INDIA	C04484598
3	10346107	06/08/2012 *	180,500,000.00	PUNJAB NATIONAL BANK	4-1-427, AGM's OFFICE, BANK STREET, HYDERABAD, An dhra Pradesh - 500001, INDIA	B57728222
4	10336033	04/01/2012	87,500,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH, BANK STREET, HYDERABAD, Andhra Pradesh - 500095, INDIA	B32310674
5	10325241	03/11/2011	2,370,000.00	CORPORATION BANK	HYDERGUDA BRANCH, HYDERABAD, HYDERABAD, Andhra Pr adesh - 500029, INDIA	B28587418
6	10322794	02/11/2011	88,201,181.00	EXPORT-IMPORT BANK OF INDIA	FLOOR 21 CENTRE ONE BUILDING, WORLD TRADE CENTRE, CUFFEE PARADE, MUMBAI, Maharashtra - 400005, INDI A	B27729516
7	10295387	26/05/2011	3,950,000.00	IDBI BANK LIMITED	5-9-89/1, 2ND FLOOR, CHAPAL ROAD, ABIDS, HYDERABA D, Andhra Pradesh - 500001, INDIA	B16267569
8	10292273	28/04/2011	90,800,000.00	EXPORT-IMPORT BANK OF INDIA	Floor 21, Centre One Building, World Trade Center , Cuffee Parade, Mumbai, Maharashtra - 400005, IND IA	B15028525
9	10283778	26/05/2011 *	31,600,000.00	EXPORT-IMPORT BANK OF INDIA	FLOOR 21, CENTER ONE BUILDING, WORLD TRADE CENTRE , CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDI A	B13759931
10	10293201	26/05/2011 *	178,200,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, RAJBHAVAN ROAD, SOMAJI GUDA, HYDERABAD, Andhra Pradesh - 500082, INDIA	B16753717

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.02
UK Pound	1	Rs.99.43
Euro	1	Rs.55.87

INFORMATION DETAILS

Information Gathered by :	NAY
Analysis Done by :	KAR
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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		42

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.