MIRA INFORM REPORT

Report No. :	335177
Report Date :	06.08.2015

IDENTIFICATION DETAILS

Name :	ELICO LIMITED (w. e. f. 29.04.1995)
Formerly Known As :	ELICO PRIVATE LIMITED (w. e. f. 04.03.1971) ELECTRONIC AND INDUSTRIAL INSTRUMENTS COMPANY PRIVATE LIMITED
Registered Office :	B-90, A.P.I.E., Sanathnagar, Industrial Estate Extension, Hyderabad-500018, Telangana
Tel. No.:	91-40-23770134
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.07.1960
Com. Reg. No.:	01-000849
Capital Investment / Paid-up Capital :	Rs. 53.349 Million
CIN No.: [Company Identification No.]	U33112TG1960PLC000849 (New) U33112AP1960PLC000849 (Old)
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	HYDE00670F
PAN No.: [Permanent Account No.]	AAACE5140L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Electronic Analytical Instruments, Professional Grade Switches and Software Development and Services.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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 old and well established company having satisfactory track. General financial position of the company seems to be fair. Rating takes into consideration subjects above average financial risk profile marked by moderate net worth, low gearing and acceptable profitability. Rating derives strength from extensive experience of promoters, long track record of operations and established relationships with customers. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CRISIL
Rating	Long Term Rating = BB
Rating Explanation	Inadequate credit quality and high credit risk.
Date	16.07.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	16.07.2015

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 31-03-2013.

.

INFORMATION DENIED

MANAGEMENT NON CO-OPERATIVE (91-40-44451234)

LOCATIONS

Registered Office/National Support Office/Factory :	B-90, A.P.I.E., Sanathnagar, Industrial Estate Extension, Hyderabad – 500018, Andhra Pradesh, India
Tel. No.:	91-40-23770134
Fax No.:	91-40-23771639
E-Mail :	finance@elicoltd.com elico@elicoltd.com
Website :	www.elico@elicoltd.com
National Sales Offices :	Located at: Ahmedabad Bengaluru Bhopal Chennai Cochin Hyderabad Kolkata Mumbai New Delhi

DIRECTORS

AS ON: 19.09.2014

Name :

Mr. Ramesh Datla

Designation :

Director

Address :

Plot No.170, Road No.13A, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

25.10.1961

Date of Appointment :

01.08.2014

PAN No:

AANPD9781G

DIN No:

00055790

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	U33112TG1960PLC000849	ELICO LIMITED	Managing director	01/08/2014	12/01/1998	-	Active	NO
2	U67120TG2006PTC049229	VANIRA TECHSOL PRIVATE LIMITED	Director	21/02/2006	21/02/2006	-	Active	NO
3	U85110TG2008PLC058985	ELICO HEALTHCARE SERVICES LIMITED	Whole-time director	01/10/2012	02/05/2008	-	Active	NO
4	U74999MH1968GAP014120	INDO-AMERICAN CHAMBER OF COMMERCE	Director	28/09/2012	28/09/2012	-	Active	NO
5	U74900TG2013PTC086622	Eliscription Private Limited	Director	26/03/2013	26/03/2013	-	Active	NO

Name :

Mrs. Vanitha Datla

Designation :

Director

Address :

Plot No.170, Road No.13A, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

30.11.1967

Date of Appointment :

08.08.2012

PAN No:

ACGPD0278B

DIN No:

00480422

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	U33112TG1960PLC000849	ELICO LIMITED	Whole-time director	08/08/2012	19/08/1998	-	Active	NO
2	U65993TG1984PTC004888	VANITHA FINANCE AND INVESTMENT PVT LTD	Director	02/11/1999	02/11/1999	-	Active	NO
3	L26942MH1983PLC265166	ANJANI PORTLAND CEMENT LIMITED	Whole-time director	01/04/2007	27/12/1999	23/06/2008	Active	NO
4	U26919TG1994PLC031858	VENNAR CERAMICS LIMITED	Director	29/07/2000	29/07/2000	23/06/2008	Active	NO
5	U24220TG1986PLC006739	HITECH PRINT SYSTEMS LIMITED.	Additional director	06/07/2007	06/07/2007	23/06/2008	Active	NO
6	U26940KA2008PLC045926	ANJANI CEMENT (KARNATAK) LIMITED	Director	04/04/2008	04/04/2008	26/12/2011	Active	NO
7	U85110TG2008PLC058985	ELICO HEALTHCARE SERVICES LIMITED	Managing director	31/03/2014	02/05/2008	-	Active	NO
8	U74900TG2013PTC086622	Eliscription Private Limited	Director	26/03/2013	26/03/2013	-	Active	NO
9	U85100TG2012NPL080040	HYDERABAD BICYCLING CLUB	Director	30/09/2014	28/06/2014	30/03/2015	Active	NO
10	L01222TG1978PLC002297	SRINIVASA HATCHERIES LTD	Additional director	27/03/2015	27/03/2015	-	Active	NO

Name :

Mr. Raju Satyanarayana Kakarlapudi

Designation :

Director

Address :

Flat No.301, Gayathri Nest Apartments, Plot No.90, Srinagar Colony, Hyderabad – 500073, Andhra Pradesh, India

Date of Birth/Age :

01.07.1949

Date of Appointment :

19.08.1998

DIN No:

00783318

Name :

Mr. Satyanarayana Raju Venkata Kalidindi

Designation :

Whole-time Director

Address :

8-3-222/2/103 Plot-C-55 Flat No.103, Vidyaranya Apartment, Madhura Nagar, Hyderabad-500034, Telangana, India

Date of Birth/Age :

01.08.1976

Date of Appointment :

01.05.2012

DIN No.:

05220413

Name :

Prof. Mohan Sangeneni

Designation :

Director

Address :

NE-15 New Housing Colony, Indian Institute of Science, Bangalore-560012, Karnataka, India

Date of Birth/Age :

10.03.1946

Date of Appointment :

24.06.2013

DIN No.:

03217641

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	U74210KA2006PLC041192	Indian Scientific Innovation Company Limited.	Director	12/12/2006	12/12/2006	13/08/2013	Active	NO
2	U33112TG1960PLC000849	ELICO LIMITED	Director	24/06/2013	01/05/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Lalana Kini
Designation :	Secretary
Address :	3-12-57 Ganesh Nagar Colony, Ramanthapur, Hyderabad-500013, Andhra Pradesh, India
Date of Appointment :	01/03/2012
PAN No:	AGFPL0098L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 19.09.2014

Names of Shareholders	No. of Shares	%age holding
M S Sanjeeva Rao	10500	0.13
Ramesh Datla	2454739	29.45
D Anisha	720655	8.65
D Anirudh	713596	8.56
Dr. D. Krishna Kumar	1000	0.01
D Atchuta Kumari	74800	0.90
S V N Murthy	3000	0.04
K Neelavathi	9000	0.11
B Sheela	1500	0.02
MMP RAJU	4500	0.05
Anand Mallipudi	4500	0.05
A Manju	5250	0.06
D. Ajay	1000	0.01
Vanitha Datla	2256797	27.08
Dr. K S N Raju	815000	9.78
K V Vishnu Raju	44000	0.53
K Ramavathy	16100	0.19
M/S Vanitha Finance and Investments Private Limited, Hyderabad	118000	1.42
A V S N Raju	11000	0.13
A Deepika	2250	0.03
A Teja	2250	0.03
Arvind Kansal	800000	9.60
B Rajendra	50100	0.60
S. V. Sucharitha	100000	1.20
B S Ratnam	69230	0.83
B S B Sastry	26923	0.32
A Sarada	19230	0.23
Total	8334920	100.00

AS ON: 13.11.2014

Names of Allottees	No. of Shares
K S N Raju	200000
Ramesh Datla	120000
D Anirudh	400000
D Anisha	400000
Total	1120000

Equity Share Break up (Percentage of Total Equity)

AS ON: 19.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	15.42
Directors or relatives of Directors	80.70
Other top fifty shareholders	3.88
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Electronic Analytical Instruments, Professional Grade Switches and Software Development and Services.
Products :	Product Description	ITC Code
	Switches, Analytical Instruments	85365090
	Healthcare Services	99932100
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

• Axis Bank Limited, Firs Floor, Plot No. 24, Sy No. 6/1, 10 and 17, Gachibowli, Serilingampally Mandal, Hyderabad-500032, Andhra Pradesh, India

• ING Vysya Bank Limited, Consumer Finance Division, NO. 3-6-140/A and B, 3^rd Floor Netaji Bhavan Himayath Nagar, Hyderabad - 500029, Andhra Pradesh, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee Term Loan from banks	46.141	30.723
SHORT TERM BORROWING
Other Loans and Advances	134.495	126.862
Total	180.636	157.585

Financial Institutions:	Andhra Pradesh State Financial Corporation, Chirag Ali Lane, Hyderabad - 500001, Andhra Pradesh, India
Auditors :
Name :	R Subrahmanyam and Company Chartered Accountants
Address :	1-2-412/2B/1, 1^st Floor, Gaganmahal Colony, Hyderabad – 500029, Andhra Pradesh, India
PAN No.:	AACFR1609N
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Company:	Elico Healthcare Services Limited, India Elico Healthcare Services PTE, Singapore
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Vanira Securities and Investments Private Limited (New Vanira Texol), India

CAPITAL STRUCTURE

After: 19.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
11940000	Equity Shares	Rs.10/- each	Rs. 119.400 Million
6000	Preference shares	Rs.100/- each	Rs. 0.600 Million
			Rs. 120.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9454920	Equity Shares	Rs.10/- each	Rs. 94.549 Million

AS ON: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5940000	Equity Shares	Rs.10/- each	Rs. 59.400 Million
6000	Preference shares	Rs.100/- each	Rs. 0.600 Million
			Rs. 60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5334920	Equity Shares	Rs.10/- each	Rs. 53.349 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	53.349	53.349	53.349
(b) Reserves & Surplus	148.557	126.450	109.292
(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)	201.906	179.799	162.641
(3) Non-Current Liabilities
(a) long-term borrowings	50.278	52.893	31.574
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	50.278	52.893	31.574
(4) Current Liabilities
(a) Short term borrowings	139.545	136.912	137.737
(b) Trade payables	20.774	22.620	30.857
(c) Other current liabilities	72.539	81.282	55.672
(d) Short-term provisions	11.459	17.589	12.654
Total Current Liabilities (4)	244.317	258.403	236.920
TOTAL	496.501	491.095	431.135
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	63.253	63.543	67.995
(ii) Intangible Assets	1.412	2.114	3.183
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6.996	6.945	6.945
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	9.191	8.241	7.047
(e) Other Non-current assets	51.499	56.816	59.922
Total Non-Current Assets	132.351	137.659	145.092
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	64.362	63.099	53.111
(c) Trade receivables	263.929	256.665	195.088
(d) Cash and cash equivalents	10.045	8.429	8.053
(e) Short-term loans and advances	10.799	7.952	12.690
(f) Other current assets	15.015	17.291	17.101
Total Current Assets	364.150	353.436	286.043
TOTAL	496.501	491.095	431.135

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from operations	404.204	408.806	388.907
	Other Income	11.653	4.938	4.508
	TOTAL (A)	415.857	413.744	393.415
Less:	EXPENSES
	Cost of Materials Consumed	122.533	116.374	93.711
	Expenditure on production, transportation and other Expenditure pertaining to E and P activities	0.000	0.000	18.606
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.183	(1.336)	1.157
	Employees benefits expense	96.466	101.761	95.639
	Other expenses	123.627	124.941	115.897
	Extraordinary items	0.000	0.485	0.611
	Exceptional items	0.000	0.000	1.589
	TOTAL (B)	342.809	342.225	327.210
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)	73.048	71.519	66.205
Less:	FINANCIAL EXPENSES (D)	33.470	31.503	34.155
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	39.578	40.016	32.050
Less:	DEPRECIATION/ AMORTISATION (F)	9.171	9.938	10.942
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	30.407	30.078	21.108
Less:	TAX (H)	5.633	7.585	0.349
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	24.774	22.493	20.759
	EARNINGS IN FOREIGN CURRENCY
	Instruments	25.247	39.003
	Software	80.779	87.184
	Recovery of Product Development	1.840	1.620
	TOTAL EARNINGS	107.866	127.807	147.354
	IMPORTS	41.847	34.467	26.168
	Earnings / (Loss) Per Share (Rs.)	4.64	4.22	3.89

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	32.397	36.098	33.011
Cash generated from operations	NA	NA	NA
Net Cash Flow from (used in) Operations	12.783	(10.280)	33.556

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	6.13	5.50	5.34
Operating Profit Margin (PBIDT/Sales)	(%)	18.07	17.49	17.02
Return on Total Assets (PBT/Total Assets}	(%)	6.21	6.21	4.98
Return on Investment (ROI) (PBT/Networth)		0.15	0.17	0.13
Debt Equity Ratio (Total Debt /Networth)		1.10	1.26	1.24
Current Ratio (Current Asset/Current Liability)		1.49	1.37	1.21

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	53.349	53.349	53.349
Reserves & Surplus	109.292	126.450	148.557
Net worth	162.641	179.799	201.906
long-term borrowings	31.574	52.893	50.278
Short term borrowings	137.737	136.912	139.545
Current Maturities of Long-Term Debts	33.011	36.098	32.397
Total borrowings	202.322	225.903	222.220
Debt/Equity ratio	1.244	1.256	1.101

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	388.907	408.806	404.204
		5.117	(1.126)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	388.907	408.806	404.204
Profit	20.759	22.493	24.774
	5.34%	5.50%	6.13%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN:

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS:
Rupee Term Loan from Banks	2.139	16.447
Rupee Term Loan from others	1.998	3.238
Public Deposits	0.000	2.485
SHORT TERM BORROWINGS:
Other Loans and Advances	5.050	10.050
Total	9.187	32.220

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10558630	27/03/2015	12,000,000.00	Andhra Pradesh State Financial Corporation	POST BOX NO.165, CHIRAG ALI LANE, ABIDS, HYDERABAD 500001, HYDERABAD, ANDHRA PRADESH - 500001, INDIA	C48736300
2	10450268	28/08/2013	10,939,054.00	ING VYSYA BANK LIMITED	CONSUMER FINANCE DIVISION, NO. 3-6-140/A AND B,, 3RD  FLOOR NETAJI BHAVAN HIMAYATH NAGAR, HYDERABAD, ANDHRA PRADESH - 500029, INDIA	B85465920
3	10439805	01/08/2013	30,000,000.00	ANDHRA PRADESH STATE FINANCIAL CORPORATION	5-9-194, CHIRAG ALI LANE, HYDERABAD, ANDHRA PRADESH - 500195, INDIA	B80766934
4	10422399	09/04/2013	929,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B73909319
5	10395072	09/11/2012	3,800,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B65171290
6	10361914	27/06/2012	30,000,000.00	Andhra Pradesh state Financial Corporation	RANGA REDDY WEST BR 2 ND FLOOR 5-9-194, CHIRAG  ALI LANE, HYDERABAD, ANDHRA PRADESH - 500001, INDIA	B42152629
7	10344461	06/02/2012	1,171,702.00	MAGMA FINCORP LIMITED	MAGMA HOUSE, 24 PARK STREET, KOLKATA, WEST BENGAL- 700016, INDIA	B35870005
8	10336212	18/01/2012	868,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B32381311
9	10271848	18/03/2011	20,000,000.00	ANDHRA PRADESH STATE FINANCIAL CORPORATION	RANGA REDDY WEST BR 2 ND FLOOR 5-9-194, CHIRAG ALI LANE ABIDS, HYDERABAD, ANDHRA PRADESH - 500001, INDIA	B08163982
10	10195050	12/01/2010	15,000,000.00	ANDHRA PRADESH STATE FINANCIAL CORPORATION	5-9-194, CHIRAG ALI LANE, P.B.NO.165, HYDERABAD,  ANDHRA PRADESH - 500001, INDIA	A76360080

FIXED ASSETS:

Tangible

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipment
• Books periodicals

Intangible

• Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No 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. 63.82
UK Pound	1	Rs. 99.15
Euro	1	Rs. 69.31

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	SAN
Report Prepared by :	THR

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	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		49

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.