MIRA INFORM REPORT

Report No. :	318216
Report Date :	25.04.2015

IDENTIFICATION DETAILS

Name :	TLT ENGINEERING INDIA PRIVATE LIMITED
Registered Office :	Survey No. 788 Opposite, Torrent Laboratries Limited, Kalol Highway, Indrad, Mehsana - 383341, Gujarat
Tel No. :	91-2764-233497
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.04.1987
Com. Reg. No.:	04-009563
Capital Investment / Paid-up Capital :	Rs.9.500 Million
CIN No.: [Company Identification No.]	U29309GJ1987PTC009563
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMT09732C
PAN No.: [Permanent Account No.]	AAACT2092G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Centrifugal and Axial Fans, Components and after sales services. Trading of components, equipments, erection and installation, commissioning and after sales services.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Sales turnover of the company has shown stagnant improvement around 3% over previous year. Further profitability of the company stood at 1.66% and debt to equity ratio reported to be at 0.047 times. Ratio also reflects significant experience and track record of the promoters in the manufacturing of industrial fans and accessories supported by company’s sound financial base. Trade relations are fair. Business is active. Payments are reported to be usually correct. The company can be considered 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long-term Bank Facilities = “BBB-“
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	December 2014

Rating Agency Name	CARE
Rating	Short –term Bank Facilities = “A3”
Rating Explanation	Moderate degree of safety and higher credit risk
Date	December 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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Ramesh
Designation :	Senior Manager
Contact No.:	91-2764-233497
Date :	23.04.2015

LOCATIONS

Registered Office / Factory :	Survey No. 788 Opposite, Torrent Laboratries, Kalol Highway, Indra, District Mehsana 383341, Gujarat., India
Tel. No.:	91-2764-233497/6
Fax No.:	91-2764-233503/1
E-Mail :	ida@hs.co.in corphq@hs.co.in tlt@tltengg.com
Website :	http://www.tltindia.com
Head Office / Corporate Office :	204, Sumer Kendra, Pandurang Budhkar Marg, Worli, Mumbai- 4000 18, India
Tel. No.:	91-22-24965031-36
Fax No.:	91-22-24961073
E-Mail :	corphq@hs.co.in
Project Division :	31B, Lake Place, Kolkata – 700 029, West Bengal, India
Tel No.	91-33-40734091 / 92
Fax No.	91-33-24669418
E-mail :	sales@hsgroupcal.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Hasmukh C. Sheth

Designation :

Director

Address :

301 / 401 Om Vikas Tower, Behind Parsi Agiyari, Walkeshwar, Mumbai - 400006, Maharashtra, India.

Date of Birth/Age :

04.02.1939

Date of Appointment :

01.05.2008

DIN No.:

00010820

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	U65990MH1983PTC031537	ACCESSLINE INVESTMENT PRIVATE LIMITED	Director	09/12/83	09/12/83	01/10/10	Active	NO
2	U24110GJ1984PTC006875	Airoil Flaregas Private Limited	Managing director	07/04/84	07/04/84	-	Active	NO
3	U29259GJ1981PTC004456	HORIZON POLYMER ENGINEERING PRIVATE LIMITED	Director	01/06/90	01/06/90	-	Active	NO
4	U24231GJ1991PTC016691	HIGH PERFORMANCE FLOURO POLYMERS PVT LTD	Director	28/11/91	28/11/91	-	Strike off	NO
5	U29309GJ1987PTC009563	TLT ENGINEERING INDIA PVT LTD	Director	01/05/08	27/01/93	-	Active	NO
6	L74140MH1983PLC029494	S P CAPITAL FINANCING LTD	Director	01/01/94	01/01/94	31/10/09	Active	NO
7	U28920MH1994PTC076877	KOERTING ENGINEERING PRIVATE LIMITED	Director	01/03/94	01/03/94	20/04/09	Active	NO
8	U29259GJ1979PTC003428	H S EQUIPMENT PVT LTD	Additional director	31/12/13	29/09/95	-	Active	NO
9	U51900MH1997PTC107577	GAMUT PROPERTIES PVT LTD	Director	22/09/97	22/09/97	-	Active	NO
10	U70100MH1998PTC113501	DUMAS BEACH ENCLAVE Private Limited	Director	11/02/98	11/02/98	-	Active	NO
11	U72200MH1997PTC106065	GAMUT TECHNOLOGIES PRIVATE LIMITED.	Director	15/05/00	15/05/00	08/09/09	Active	NO
12	U29299GJ1985PTC008218	HI-TECH ENGINEERING PVT LTD	Director	30/04/01	30/04/01	-	Active	NO

Name :

Mr. Gautam Hasmukh Sheth

Designation :

Managing Director

Address :

301 / 401 Om Vikas Tower, Behind Parsi Agiyari, Walkeshwar, Mumbai - 400006, Maharashtra, India.

Date of Birth/Age :

15.06.1968

Date of Appointment :

01.05.2008

DIN No.:

00011068

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	U29259GJ1979PTC003428	H S EQUIPMENT PVT LTD	Director	30/01/90	30/01/90	-	Active	NO
2	U65990MH1983PTC031537	ACCESSLINE INVESTMENT PRIVATE LIMITED	Director	30/04/91	30/04/91	30/06/10	Active	NO
3	U29299GJ1985PTC008218	HI-TECH ENGINEERING PVT LTD	Director	30/09/91	30/09/91	-	Active	NO
4	U28920MH1994PTC076877	KOERTING ENGINEERING PRIVATE LIMITED	Director	01/03/94	01/03/94	-	Active	NO
5	U24110GJ1984PTC006875	Airoil Flaregas Private Limited	Director	01/09/95	01/09/95	-	Active	NO
6	U29309GJ1987PTC009563	TLT ENGINEERING INDIA PVT LTD	Managing director	01/05/08	01/09/95	-	Active	NO
7	U72200MH1997PTC106065	GAMUT TECHNOLOGIES PRIVATE LIMITED.	Director	21/02/97	21/02/97	-	Active	NO
8	U29259GJ1981PTC004456	HORIZON POLYMER ENGINEERING PRIVATE LIMITED	Director	11/05/05	11/05/05	-	Active	NO
9	U70100MH1998PTC113501	DUMAS BEACH ENCLAVE Private Limited	Director	12/09/08	05/08/08	-	Active	NO
10	U72900PN2009PTC135104	EFFICIENSIS DESIGN ENGINEERING PRIVATE LIMITED	Director	29/09/12	15/06/12	25/03/13	Active	NO
11	AAB-0956	DIA-MA ENGINEERING & INFRASTRUCTURE LLP	Designated Partner	30/08/12	30/08/12	-	Active	NO

Name :

Mr. Damji Champesy Chheda

Designation :

Director

Address :

D6 – 501 / 502, Malinath Apartment, Sarvodaya Nagar, Jain Mandir Marg, Mulund (West), Mumbai – 400080, Maharashtra, India.

Date of Birth/Age :

02.03.1945

Date of Appointment :

05.03.1998

DIN No.:

00014267

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	U24110GJ1984PTC006875	Airoil Flaregas Private Limited	Director	29/09/95	29/09/95	-	Active	NO
2	U29309GJ1987PTC009563	TLT ENGINEERING INDIA PVT LTD	Director	05/03/98	05/03/98	-	Active	NO
3	U72900PN2009PTC135104	EFFICIENSIS DESIGN ENGINEERING PRIVATE LIMITED	Director	29/09/12	15/06/12	25/03/13	Active	NO

Name :

Mr. Mitesh Mahendra Sanghavi

Designation :

Director

Address :

Flat No. A-401, 4^th Floor, Tirupati Apartment, Bhulabhai Desai Road, Breach candy, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

14.09.1966

Date of Appointment :

29.09.2008

DIN No.:

00011261

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	U29309GJ1987PTC009563	TLT ENGINEERING INDIA PVT LTD	Director	29/09/08	01/10/07	-	Active	NO
2	U24110GJ1984PTC006875	Airoil Flaregas Private Limited	Additional director	21/03/14	21/03/14	-	Active	NO
3	AAB-0956	DIA-MA ENGINEERING & INFRASTRUCTURE LLP	Designated Partner	30/08/12	30/08/12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ramesh
Designation :	Senior Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age
Hasmukh C. Sheth	102080	10.75
Peter Joseph Andrade	237500	25.00
Gautam Hasmukh Sheth	177920	18.73
Ushaben Hasmukh Sheth	100000	10.53
Mitesh Mahendra Sanghavi	47500	5.00
Sanghavi M. Sheetal	95000	10.00
Gautam Hasmukh Sheth HUF	95000	10.00
Gautam Hasmukh Sheth (Trustee - Gautam Sheth’s Family Trust)	95000	10.00
Total	950000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Centrifugal and Axial Fans, Components and after sales services. Trading of components, equipments, erection and installation, commissioning and after sales services.
Products :	Industrial Fans Fan Accessories Sound Protection Product Application Cement Industries Fertilizer and Chemicals Industries Petrochemicals and Refinery Steel and Matallurgical Industries Steam Generation and Power Plant Glass Industries
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

100 (Approximately)

Bankers :

• Dena Bank, Swapnalok Apartment, Nepean Sea Road, Mumbai - 400026, Maharashtra, India
• Canara Bank, Worli Branch, Marthanda, 84, Dr. AMMIE Besant Road, Worli, Mumbai – 400018, Maharashtra, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Car Loans	0.490	1.033
Term loan from Canara Bank	14.500	26.500
SHORT TERM BORROWING
Working capital loans
From Canara Bank – Cash Credit	4.677	31.612
Total	19.667	59.145

Auditors :
Name :	S.P. Jain and Associates Chartered Accountants
Address :	602, 6^th Floor, Orbit Plaza, New Prabhadevi Road, Prabhadevi, Mumbai – 400025, Maharashtra, India
PAN No. :	AAVFS8167P
Memberships :	Not Available
Collaborators :	Not Available
Associates Concern :	v Airoli Flaregas Private Limited v HS Engineering and Marketing Services v Dia-Maa Infra Engineering LLP v Koerting Engineering Private Limited v Hi-tech Engineering Private Limited v Horizon Polymer Engineering Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
950000	Equity Shares	Rs.10/- each	Rs.9.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.500	9.500	9.500
(b) Reserves & Surplus	413.037	398.538	343.700
(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)	422.537	408.038	353.200
(3) Non-Current Liabilities
(a) long-term borrowings	14.990	27.533	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.557	4.610	4.173
Total Non-current Liabilities (3)	19.547	32.143	4.173
(4) Current Liabilities
(a) Short term borrowings	4.677	31.612	104.483
(b) Trade payables	82.294	63.087	112.587
(c) Other current liabilities	71.906	43.745	50.263
(d) Short-term provisions	16.361	40.902	37.445
Total Current Liabilities (4)	175.238	179.346	304.778
TOTAL	617.322	619.527	662.151
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	97.623	107.152	63.666
(ii) Intangible Assets	1.882	2.696	0.000
(iii) Capital work-in-progress	0.457	0.457	45.571
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.852	0.752	0.352
(c) Deferred tax assets (net)	4.986	5.424	8.779
(d) Long-term Loan and Advances	1.080	22.099	18.182
(e) Other Non-current assets	5.822	11.890	34.326
Total Non-Current Assets	112.702	150.470	170.876
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	149.396	111.204	85.521
(c) Trade receivables	160.752	181.446	265.557
(d) Cash and cash equivalents	73.389	100.688	50.533
(e) Short-term loans and advances	98.156	56.020	73.298
(f) Other current assets	22.927	19.699	16.366
Total Current Assets	504.620	469.057	491.275
TOTAL	617.322	619.527	662.151

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	TURNOVER (A)	606.785	584.106	701.644
Less	EXPENSES
	TOTAL (B)	553.048	469.381	598.587
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	53.737	114.724	103.057
Less	FINANCIAL EXPENSES (D)	12.516	13.858	17.099
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	41.221	100.866	85.958
Less/ Add	DEPRECIATION/ AMORTISATION (F)	15.495	14.235	9.892
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	25.726	86.631	76.066
Less	TAX (I)	8.010	25.750	23.775
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	17.716	60.881	52.291
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	337.459	290.621	251.182
Add	Earlier year excess proposed dividend and dividend distribution tax (L)	(0.438)	(3.264)	(0.092)
Less	APPROPRIATIONS
	Transfer to General Reserve	2.500	8.000	10.000
	Dividend	2.375	2.375	2.375
	Tax on Dividend	0.404	0.404	0.385
	Total (M)	5.279	10.779	12.760
	Balance Carried to the B/S (J+K+L-M)	349.458	337.459	290.621
	EARNINGS IN FOREIGN CURRENCY	2.643	2.459	0.184
	CIF VALUE OF IMPORT		38.232	32.916
	Earnings / (Loss) Per Share (Rs.)	18.65	64.09	55.04

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.92	10.42	7.45
Operating Profit Margin (PBDIT / Sales)	(%)	8.86	19.64	14.69
Return on Total Assets (PBT/Total Assets}	(%)	4.21	14.13	12.52
Return on Investment (ROI) (PBT/Networth)		0.06	0.21	0.22
Debt Equity Ratio (Total Debt /Networth)		0.05	0.14	0.30
Current Ratio (Current Asset/Current Liability)		2.88	2.62	1.61

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	9.500	9.500	9.500
Reserves & Surplus	343.700	398.538	413.037
Net worth	353.200	408.038	422.537
long-term borrowings	0.000	27.533	14.990
Short term borrowings	104.483	31.612	4.677
Total borrowings	104.483	59.145	19.667
Debt/Equity ratio	0.296	0.145	0.047

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	701.644	584.106	606.785
		(16.752)	3.883

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	701.644	584.106	606.785
Profit	52.291	60.881	17.716
	7.45%	10.42%	2.92%

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	No
18]	Major customers	No
19]	Payments terms	Yes
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

TURNOVER AND SALES AND FUTURE OUTLOOK

The company has achieved a turnover of Rs. 606.785 Million for the year is against Rs. 584.106 Million in the previous year. The net profit before tax was Rs. 25.726 Million as against Rs. 86.631 Million in the previous year.

The performance in terms of sale during the year was satisfactory.

Considering market condition prevailing, performance in terms of sale during the year, was satisfactory. However performance in terms of net profit was far from satisfactory. Inspite of marginal increase in turnover, company has registered a sharp decline in net profit. The reason for lower net profit is mainly attributed to the following reason.

In view of depressed economic situation prevailing in the country for the last two years there were no new projects announce in public as well as Private sector and expansion planned in the existing capacities were also postponed by the clients. There were very few clients who planned expansion in the capacity and hence there was tough competition in the market. In view of low order position and competition they had to accept order with very low margin.

This has affected their again profit margin during financial year 2013-2014. In addition, there is increase in overheads which has also affected the profit.

The country is passing through depressed economic situation particularly in capital goods sector, since last two year and them except this trend to continue in coming year also.

The new government is formed with a majority and has initiated necessary changes in the economic policies to improve the depressed economic situation. However w they expect benefit of new policies will start accruing in the next financial year. i.e. FY 2015-2015.There is great expectation by business community from new government, and overall sentimates are positive.

In view of the above and considering present order on hand they except lower turnover in current financial year which will affect the profitability. However company has initiated allround measures to reduce the cost which will help the company to tide over the situation.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10466141	26/11/2013	55,000,000.00	CANARA BANK	Worli Branch, Marthanda, 84, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, INDIA	B91949636
2	10340447	26/11/2013 *	575,000,000.00	CANARA BANK	Worli Branch, Marthanda, 84, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, INDIA	B91951384
3	10263233	06/03/2013 *	520,000,000.00	CANARA BANK	Worli Branch, Marthanda, 84, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, INDIA	B74249186
4	90100007	19/03/2005	425,000.00	INDUSTRIAL CREDIT & INVESTMENT CORPORATION OF INDI  A LTD	ICICI TOWERS; BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, Maharashtra - 400051, INDIA	-
5	90100897	07/05/2003	750,000.00	KOTAK MAHINDRA BANK LIMITED	36/38-A; NARIMAN BHAVAN; 227, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	-
6	90098768	22/01/1998	7,600,000.00	DENA BANK	NEPEAN SEA ROAD BRANCH, MUMBAI, Maharashtra, INDIA	-
7	90097708	15/04/1993	9,000,000.00	GUJRAT STATE FINANCIAL CORPORATION	JAL DARSHAN BUILDING, ASHRAM ROAD, AHMEDABAD, Gujarat - 380009, INDIA	-
8	90097616	19/04/2005 *	2,500,000.00	DENA BANK	NEPEAN SEA ROAD BRANCH, MUMBAI, Maharashtra, INDIA	-
9	90097609	24/12/1992 *	2,500,000.00	DENA BANK	NEPEAN SEA ROAD BRANCH, MUMBAI, Maharashtra - 400036, INDIA	-

* Date of charge modification

FIXED ASSETS

œ Freehold Land

œ Building

œ Machinery

œ Plant and Machinery

œ Furniture and Fixture

œ Vehicles

œ Office Equipment

œ Electrical Installation

œ Computers

œ Computers 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 records 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.63.40
UK Pound	1	Rs.95.42
Euro	1	Rs.68.48

INFORMATION DETAILS

Information Gathered by :	RKH
Analysis Done by :	KAR
Report Prepared by :	ART

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
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.