STATE BANK OF INDIA

Branch :

SMECCC, AHMEDABAD

Name

VENUS ENGINEERING WORKS.

Rupees in PARTICULARS Actual Years 2007-08 Operating months Operating Statement 1 i. Domestic Sale ii.Export Sale 1 Total Gross Sales 2 Less : Excise Duty 3 Net Sales (1-2) 4 Growth in sales Cost of Sales 5 a. Raw Material (Imported ) b. Raw material (Indigenous) c. Stores & Spares (Imported) d. Stores & Spares (Indigenous) 6 Power & Fuel 7 Direct Labour 8 Repairs and maintainance 9 Other Mfg. Expenses 10 Depreciation 11 Others expenses a Other miscellaneous exp. During course of time. b c d Sub Total 12 Add: Opening Stock in Process Sub Total 13 Deduct : Closing Stock in Process Cost of Production 14 Add: Opening Stock of Finished Goods Sub Total 15 Deduct : Closing Stock OF Finished Goods Sub Total ( Total Cost of Sales) 16 Gross profit 12 Actual 2008-09 12 Actual 2009-10 12

Lacs Projections Projection 20010-11 2011-12 Year-I Year-II

Gross Profit/ Sales

17 Selling Expenses 18 Administrative Expenses Sub Total 19 Operating Profit before interest a. Interest on CC. b.Interest on TL c.Other interests 20 Total Interest 21 Operating Profit after Interest 22 Add: Other non operating Income a Interest/Dividend/Royalties etc.. b Other Income c d Sub Total 23 Deduct other non operating expenses a Interest/Dividend/Royalties etc.. b Other Expenses c Intangibles written off -1 d e Sub Total Net of other non operating 24 Income/Expenses 25 Profit before Tax /Loss (PBT) 26 Provision for Taxes 27 Net Profit/Loss (PAT) 28 Cash Accruals 29 Dividend paid + IT on Dividend 30 Retained Profit 31 32 33 34 35 36 37 38 Retained Cash Profits
RM Content in sales PBDIT PBDIT/Sales Operating Profits/Sales PBT/Sales PAT/Sales Cash Accruals/ Sales

Interest on CC. Interest on TL Other interests Transfer to Reserves (if any)

Depriciation adjustments

ANALYSIS OF BALANCE SHEET - LIABILITIES

VENUS ENGINEERING WORKS.

Rupees in

Lacs

Actual 2007-08 LIABILITIES Current Liabilities Short Term loans from Applicant Bank 1 including BP &BD Short Term loans From Other banks including BP &BD Sub Total (A)

Actual 2008-09

Actual 2009-10

Projections Projection 20010-11 2011-12

2 Short Term Borrowings from Others 3 Sundry Creditors (Trade) 4 Advance Payment from Customers 5 Net Provision for Taxation (if positive) 6 Dividend Payable 7 Other Statutory Liab. (Due within one Year) 8 Overdue Term Liabilities Installments of term Loan/ DPGs/ Deposits/ debentures due within next 9 year Other Current Liabilities & Provisions 10 (due with in one year) a Creditors for expenses b c d 11 Sub Total (B) 12 TOTAL CURRENT LIABILITIES TERM LIABILITIES 13 Debentures (not maturing within one Year) 14 Preference Shares (redeemable after 1 year) 14 Term Loan from Bank(Less next Year Instalments) Term Loan from Other Banks/Inst.(Ecl. 14 Instal.due next Yr.) Deferred Payments Credits (Ecl. 15 Instal.due next Yr.) 16 Term deposits (Ecl. Instal.due next Yr.) 17 Other term Liabilities a Unsecured Loans b

c 18 TOTAL TERM LIABILITIES 19 TOTAL OF OUTSIDE LIABILITIES NET WORTH 20 Share Capital 21 General Reserve 22 Revaluation Reserve 23 Adjustments for previous Year costs 24 Other reserves (excluding Provisions) 25 Others a b c 26 Surplus (+) or deficit (-) in Profit & Loss a/c 27 NET WORTH 28 TOTAL LIABILITIES (18+24)

ANALYSIS OF BALANCE SHEET Continued - ASSETS VENUS ENGINEERING WORKS. Rupees in Actual 2007-08 ASSETS Current Assets 1 Cash & Bank Balances 2 Govt. & other Trustee securities 3 Fixed Deposits with Banks 4 Domestic Receivables including BP/BD 5 Export Receivables including BP/BD) 6 Deferred receivables(due within one year) 7 Imported Raw Material 8 Indigenous Rawmaterial 9 Stock in Process 10 Finished Goods 11 imported Consumables 12 Indigenous consumables a. Packing Material 13 Advances to Suppliers 14 Net Advance Payment of Taxes (if positive) 15 Other Current Assets (specify major items) a b c d 16 TOTAL CURRENT ASSETS Actual 2008-09 Actual 2009-10 Lacs Projections Projection 20010-11 2011-12

FIXED ASSETS 17 Gross Block (Land & Building Machinery 18 Add Capital expenditure in wirk-in-process 19 Depreciation to Date 20 Net Block 21 OTHER NON CURRENT ASSETS a Investments in Sub. cos./ affiliates b Investment in Others c Advance to suppliers of Capital goods & d Deferred Receivables(Maturng after a year) e Other Non-current investments f Non Consumable Stores & Spares

Long oustanding dues &Other non Current Assets g /dues from Directors h i TOTAL OTHER NON CURRENT ASSETS 22 Intangible Assets a Preliminary Expenses b Deffered Revenue expenditures c Other Intangibles (patents, goodwill, etc.) d e 23 Total Intangible Assets 24 TOTAL ASSETS

49 TANGIBLE NET WORTH (TNW) 50 NET WORKING CAPITAL (NWC)

VENUS ENGINEERING WORKS. Movement of TNW Opening TNW Plough back of profit Increase in capital/reserves Intangibles written off Closing TNW Current Ratio Debt/Equity TOL/Equity Current Assets/Tangible Assets ROCE(PBDIT incl.Other income/TTA) Inentory+Receivables as days of Net Sales

ADDITIONAL INFORMATION a. Arrears of Depreciation b. Contingent Liabilities c. Arrears of Cumulative Dividends d. Gratuity Liability not Provided for e.Dispute Custom/Excise/ Tax Liabilities f. Other Liabilities not provided for

Check Points Check Points 1 Difference in Assets & Liabilities Increase in cap.& reserves beyond retained 2 profit Difference in intangibles written off in 3 balance Sheet and shown in P&L account Reductin in TL is less than TL instalments 4 plus overdues 2007-08 2008-09 2009-10 20010-11 2011-12

Repayment Schedule Term Loan Repayment By default the programme considers the entire net block as security & entire Term Liability for calculation of Security cover. But if a portion of security/ TL is to be considered, give the figures below. Our Term Loan Security Available Collateral security available for TL

COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES WORKING CAPITAL / BANK BORROWING ASSESSMENTS VENUS ENGINEERING WORKS. Rupees in Actual 2007-08 A. WORKING CAPITAL ASSESSMENT Actual 2008-09 Actual 2009-10 Lacs Projections Projection 20010-11 2011-12

Stock of Imported RM -Days Consumption Stock of Indiginous RM - Days Consumption Imported Consumables - (Days Consumption) Indiginous Consumables - (Days Consumption) Stock in process- (Days of Cost of Production) Finished Goods - (Days Cost of Sales)

Total Inventory Total Inventory/Sales (days)

Domestic receivables (Days Gross dom.Sales) Export Receivables - (Days Exports)

Total Receivables Total Receivables/Gross Sales (days) 10 Creditors - (days Consumption)

Total Current Assets Financed by Sundry Cr. % of Current Assets Other Curr. Liab.% of Current Assets Bank Finance % of Current Assets NWC % to Current Assets

By PBS Method Total Current assets Other Current Liabilities Working Capital gap Net Working capital Bank Finance

2007-08

2008-09

2009-10

20010-11 2011-12

Fund Flow Analysis VENUS ENGINEERING WORKS. Rupees in Particulars FUND FLOW ANALYSIS 1 LONG TERM SOURCES Profit after Tax Depreciation Intangibles written off Increase in capital and reserves Increase in Term Liability i. Decrease in Fixed Assets ii. Decrease in Other non current assets 2 LONG TERM USES Net Loss Increase in Intangibles Decrease in Capi.and Reserves/ Share Buybacks Decrease in Term Liabilities i. Increase in Fixed Assets Increase in non-Current Assets iii. Increase in Intangibles Dividend paid Surplus/ Deficit Short Term Sources Increase in Bank Borrowings Increase in other Current Liab. Decrease in Inventory Decrease in Receivables Decrease in Cash/Deposits/Govt Sec. Decrease in Other Current Assets Short Term Uses Increase in Inventory Increase in Receivables Increase in Cash/Deposits/Govt Sec. Increase in Other Current Assets Decrease in Other Current Liab. Decrease in Bank Borrowings Summary of fund Flow Analysis Long Term Sources Actual 2007-08 Actual 2008-09 Actual 2009-10 Lacs Projections Projection 20010-11 2011-12

Long Term Uses Surplus /Deficit (i-ii) Short term sources Short term uses Surplus /Deficit (iii-iv)

CALCULATION OF BREAK EVEN LEVELS

VENUS ENGINEERING WORKS. Rupees in Veriable Actual Particulars BREAK EVEN POINT Sales Variable Cost I.Raw Material ii.Consumables iii.Direct Labour iv.Power & Fuel v.Selling Expenses vi.Other Variable Costs Total Variable Costs Percent of Sales 100.00% 100.00% 60.00% 60.00% 10.00% % 2007-08 Actual 2008-09 Actual 2009-10 Lacs Projections Projection 20010-11 2011-12

Fixed Costs

Break Even Level of Sales Percentage to Sales

Cash Break Even of Sales

Sensitivity to BEP When sales go down

Sales (when down by) Veriable costs also go down by Contribution Fixed Costs BEP % to Sales Cash Break Even of Sales % Sales 10%

When RM cost goes up by % can be passed on to customer Sales will go up to Veriable costs up by

10%

10%

Contribution Fixed costs BEP if RM cost goes up by % to Sales Cash Break Even of Sales % Sales 10%

When Veriable costs up by % can be passed on to customer Sales will go up to Veriable Cost up by Contribution Fixed Costs BEP If Variable Expn. Go up by % Sales Cash Break Even of Sales % Sales

10%

10%

10%

Sensitivity to DSCR When Sales go down

Sales (when down by) Veriable costs also go down by Fixed cost Total cost Operating Profits Depriciation & non cash charges Cash Accruals Interest on TL Repayments Gross DSCR Average Gross DSCR 10%

When RM cost goes up by

% can be passed on to customer Sales Veriable costs sales go up to Fixed cost Total cost Operating Profits Depriciation & non cash charges Cash Accruals Interest on TL Repayments Gross DSCR Average Gross DSCR

10%

When Variable costs go up by

% can be passed on to customer Sales Veriable costs sales go up to Fixed cost Total cost Operating Profits Depriciation & non cash charges Cash Accruals Interest on TL Repayments

10%

Gross DSCR Average Gross DSCR

RATIO ANALYSIS Rupees in Actual Particulars ... RATIOS 1 Growth in Sales 2 Gross profit Ratio 3 PBDIT 4 PBDIT/sales 5 Operating Profits/Sales 6 PBT/Sales 7 PAT/Sales 8 Cash Accruals/ Sales 9 Sales/Equity 10 Sales / TTA 11 Interest Coverage (Interest/PBDIT) 12 PBDIT / Interest (Times) 13 Deferred Debt/ Equity 14 TOL/Equity 15 Current Ratio (CA / CL) 16 Current Ratio excluding TL Instalments 17 CA / TTA (%) 18 Inentory+Receivables as days of Net Sales 19 Bank Borrowings/Current Assets 20 RM content in sales 21 ROCE(PBDIT incl.Other income/TTA) 2007-08 Actual 2008-09 Actual 2009-10 Lacs Projections Projection 20010-11 2011-12

DSCR Debt Service Coverage Ratio Calculations Cash accruals Any cash inflow(eg.sales tax deferal, subsidy ) Interest on TL / Deffered Loans Repayment Obligations of TL
Repayment of other deffered Loans

Total Repayment

Net Debt Service Coverage Ratio (DSCR) Gross Debt Service Coverage Ratio (DSCR) Average Net DSCR Average Gross DSCR

Security Coverage Ratio Security Coverage Ratio Net Block Term Loan outstanding (including instalments) Security Cover avilable (NB-TL/NB)

Security cover including Collateral Security Security Cover avilable ((NB+Collaeral-TL)/NB)

Key Indicators
Key Indicators Actual 2007-08 Net Sales Operating Profit (Net) Other income PBDIT/Sales PBT/Sales PAT PAT/Net Sales Cash Accruals Cash Accruals/Sales Paid up Capital (PUC) TNW Adjusted TNW (TNW-Investment in associates) TOL/TNW Rupees in Lacs Actual 2008-09 Actual 2009-10 Projections Projection 20010-11 2011-12

TOL/Adjusted TNW C/R C/R excluding T/L instalments due in 1 year Net Sales/TTA (Times) PBT/TTA (%) Operating costs/sales(%) Bank Finance / Current Assets (%) Inv + Rec. /N.S. (DAYS) NWC / CA (%)

2012-13 Year-III

2013-14 Year-IV

2014-2015 Year-V

########

########

########

########

48000.00 240000.00

15000.00

########

########

########

########

######## ########

37.94%

24000.00 ######## ########

########

########

######## ########

######## ######## 56% ######## 37.76% 37.46% 37.46% 37.46% 37.76%

2012-13

2013-14

2014-2015

########

######## ######## ########

2012-13

2013-14

2014-2015

200000.00

10000.00

210000.00

260000.00

15000.00 245000.00

200000.00

200000.00 655000.00

######## 210000.00

######## ######## ######## 200000.00 ######## 200000.00

46.15% 4.15 1

2012-13 ######## ########

2013-14

2014-2015

######## 200000.00

Term Liability for calculation of Security ow.

2012-13

2013-14

2014-2015

210000.00

100.00% 100.00%

2012-13 210000.00

2013-14

2014-2015

210000.00 210000.00

2012-13

2013-14

2014-2015

######## 15000.00 ########

########

200000.00

260000.00

460000.00 ########

10000.00 200000.00

210000.00 ########

460000.00 ######## 210000.00 ########

2012-13

2013-14

2014-2015

########

########

144000.00 28800.00

######## 59%

154200.00

380327.55 8%

343330.70 7%

######## ######## ######## 154200.00 454360.92 10% 410162.39 9%

######## ########

######## 154200.00 441277.47 9% 398351.65 8%

######## ######## ######## 154200.00 445685.35 9% 402330.74 8%

######## ######## 154200.00 ######## ######## 15000.00 ######## ########

######## ######## 154200.00 ######## ######## 15000.00 ######## ########

######## ######## 154200.00 ######## ######## 15000.00 ######## ########

2012-13

2013-14

2014-2015

37.94% ######## 37.76% 37.46% 37.46% 37.46% 37.76% 1.58 10.99

46.15% 1

56% 414.95%

########

########

245000.00

100%

2012-13 ######## ########

2013-14

2014-2015

37.76% 37.46% ######## 37.46% ######## 37.76% ######## ######## ########

10.99 411.65% 62.54%

1 100.00%

STATE BANK OF INDIA

Branch :

SMECCC, AHMEDABAD

Name of Company: VENUS ENGINEERING WORKS. CREDIT RISK ASSESSMENT FOR THE YEAR - 2008-09 (A) FINANCIAL RISK PARAMETERS ACTUALS 2008-09 CURRENT RATIO TOL/TNW PBIDT/INTT. PAT/NET SALES (%) ROCE (%) INV.+REC./SALES (DAYS) AGGR.FINANCIAL RISK SCORE (OUT OF 100) MARKS WEIGHT Score 5.00 5.00 2.00 2.00 2.00 4.00 RISK LEVEL CAUTION 25.00 LL CAUTION CAUTION CAUTION 20.00 LL 45.00 HISTORIC AVG. #VALUE! #VALUE! #VALUE! #VALUE!

5.00

5.00

(B) QUALITATIVE RISK FACTORS : (NEGATIVE SCORE, use minus "-" sign) FINANCIAL PARAMETERS i) Static (Weightage 0.5) ii) Historical iii) Industry iv) Qualitative Total

(Rs. In lacs)

Score Maximum 22.50 50.00 #VALUE! 8.00 #DIV/0! 8.00 out of 66.00

#VALUE!

66.00

#VALUE!

(C) INDUSTRY RISK PARAMETERS: 1. COMPETITION & MARKET 2. CYCLICALITY 3. REGULATORY RISK 4. TECHNOLOGY 5. USER PROFILE 6. INPUT PROFILE SCORE

MA RKS AWARD. MAXIMUM 4.00 4.00 4.00 4.00 4.00 4.00 24.00 out of 24.00

(D) MANAGEMENT RISK PARAMETERS (WEIGHTAGE 0.5) 1. INTEGRITY 4.00 2. EXPERTISE 4.00 3. TRACK RECORD 4.00 4. STRUCTURE & SYSTEM 4.00 5. CAPITAL MARKET N.A SCORE 16.00 TOTAL MARKS Proposed Credit Rating Existing Cred.Rating Rating prop.for pricing #VALUE! #VALUE! #DIV/0!

out of 10.00 #VALUE! out of 100.00

PREVIOUS YEAR'S CRA STATE BANK OF INDIA Branch : SMECCC, AHMEDABAD

Name of Company: VENUS ENGINEERING WORKS. CREDIT RISK ASSESSMENT DATA AS ON 31-Mar-02 (A) FINANCIAL RISK PARAMETERS GO TOP ACTUALS MARKS WEIGHT Score 31-Mar-02 CURRENT RATIO 5.00 TOL/TNW 5.00 5.00 PBIDT/INTT. 2.00 PAT/NET SALES (%) 2.00 ROCE (%) 2.00 INV.+REC./SALES (DAYS) 5.00 4.00 AGGR.FINANCIAL RISK SCORE (OUT OF 100)

RISK LEVEL CAUTION 25.00 LL CAUTION CAUTION CAUTION 20.00 LL 45.00

HISTOR. AVG.

(B) QUALITATIVE RISK FACTORS : (NEGATIVE SCORE)

(Rs. In lacs)

FINANCIAL PARAMETERS i) Static (Weightage 0.5) ii) Historical iii) Industry iv) Qualitative Total

Score Maximum 22.50 50.00 4 8.00 #DIV/0! 8.00

#DIV/0!

66.00

#DIV/0!

/66

(C) INDUSTRY RISK PARAMETERS: 1. COMPETITION & MARKET

MA RKS AWARD. MAXIMUM 4.00

2. CYCLICALITY 3. REGULATORY RISK 4. TECHNOLOGY 5. USER PROFILE 6. INPUT PROFILE SCORE

4.00 4.00 4.00 4.00 4.00 24.00 /24

(D) MANAGEMENT RISK PARAMETERS (WEIGHTAGE 0.5) 1. INTEGRITY 4.00 2. EXPERTISE 4.00 3. TRACK RECORD 4.00 4. STRUCTURE & SYSTEM 4.00 5. CAPITAL MARKET N.A SCORE 16.00

/10

TOTAL MARKS Credit Rating

#DIV/0! #DIV/0!

#DIV/0!

/100

Modified by: Niranjan Kanhekar, CPC, LHO, Mumbai. Ph. 022-2202 1505

RISK MARKS LEVEL #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! / 8

INDUSTRY RISK AVG. MARKS LEVEL #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! / 8

DYNAMIC -- INDUSTRY AVERAGE

C.R

1.00 ABC Co. 2.00 BCD Co. 3.00 XYZ Co. 4.00 INDUSTRY AVERAGE

#DIV/0!

DYNAMIC -- HISTORIC AVERAGE #VALUE! CURRENT RATIO TOL/TNW PAT/NET SALES (%) Inv.+Rec/Sales (days)

VENUS ENGINEERING WORKS. CREDIT RISK ASSESSMENT 31-Mar-02 RISK MARKS LEVEL 1.00 A.P 1.00 A.P 1.00 A.P 1.00 A.P 4.00 / 8 INDUST. AVG. #DIV/0! #DIV/0! #DIV/0! #DIV/0! RISK MARKS LEVEL #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! / 8 DYNAMIC -- INDUSTRY AVERAGE C.R 1. 2 3 4 INDUSTRY AVERAGE DYNAMIC -- HISTORIC 31.03.98 CURRENT RATIO TOL/TNW PAT/NET SALES (%) Inv.+Rec/Sales (days) #DIV/0!

Work sheet area TOL/TNW PAT / Net Sales %

Inv.+Rec.Sales (days)

#DIV/0! Work sheet area #VALUE!

#DIV/0!

#DIV/0!

2007-08

Hist.Average #VALUE! #VALUE! #VALUE! #VALUE!

TOL/TNW

PAT / Net Sales %

Inv.+Rec.Sales (days)

#DIV/0!

#DIV/0!

#DIV/0!

31.03.99

31.03.00

Hist.Average

STATE BANK OF INDIA

Branch: SMECCC, AHMEDABAD

Name of Company: VENUS ENGINEERING WORKS. CREDIT RISK ASSESSMENT FOR THE YEAR - 2008-09 (A) FINANCIAL RISK PARAMETERS ACTUALS MARKS 2008-09 CURRENT RATIO TOL/TNW PBIDT/INTT. PAT/NET SALES (%) ROCE (%) INV.+REC./SALES (DAYS) AGGR.FINANCIAL RISK SCORE (OUT OF 100) (B) QUALITATIVE RISK FACTORS : (NEGATIVE SCORE, enter with "-" minus sign) 5.00 Weightage 5.00 5.00 2.00 2.00 2.00 4.00 25.00 Score RISK LEVEL CAUTION LL CAUTION CAUTION CAUTION 20.00 LL 45.00

5.00

(C) INDUSTRY RISK PARAMETERS: 1. COMPETITION & MARKET 2. CYCLICALITY 3. REGULATORY RISK 4. TECHNOLOGY 5. USER PROFILE 6. INPUT PROFILE

AT PAR AT PAR ABOVE PAR AT PAR AT PAR AT PAR

(D) MANAGEMENT RISK PARAMETERS 1. INTEGRITY 2. EXPERTISE 3. TRACK RECORD 4. STRUCTURE & SYSTEM 5. CAPITAL MARKET Overall Risk Level Score Credit Rating Proposed Credit Rating Existing Rating for Pricing CRA PREVIOUS YEAR STATE BANK OF INDIA Name of Company:

ABOVE PAR AT PAR AT PAR AT PAR NOT APPLIC. 45.00 SB-5

Branch : SMECCC, AHMEDABAD VENUS ENGINEERING WORKS.

CREDIT RISK ASSESSMENT: FOR THE YEAR -

2007-08

(A) FINANCIAL RISK PARAMETERS ACTUALS MARKS 2007-08 CURRENT RATIO TOL/TNW PBIDT/INTT. PAT/NET SALES (%) ROCE (%) INV.+REC./SALES (DAYS) AGGR.FINANCIAL RISK SCORE (OUT OF 100) (B) QUALITATIVE RISK FACTORS : (NEGATIVE SCORE, enter with "-" minus sign) 5.00 5.00 Weightage 5.00 5.00 2.00 2.00 2.00 4.00 Score RISK LEVEL CAUTION 25.00 LL CAUTION CAUTION CAUTION 20.00 LL 45.00

(C) INDUSTRY RISK PARAMETERS: 1. COMPETITION & MARKET 2. CYCLICALITY 3. REGULATORY RISK 4. TECHNOLOGY 5. USER PROFILE 6. INPUT PROFILE

AT PAR AT PAR AT PAR AT PAR AT PAR AT PAR

(D) MANAGEMENT RISK PARAMETERS 1. INTEGRITY 2. EXPERTISE 3. TRACK RECORD 4. STRUCTURE & SYSTEM 5. CAPITAL MARKET Overall Risk Level Score Credit Rating Proposed Credit Rating Existing

ABOVE PAR AT PAR AT PAR AT PAR NOT APPLIC. 45.00 SB-5

Modified by: Niranjan Kanhekar, CPC, LHO, Mumbai. Ph. 022-2202 1505

STATE BANK OF INDIA Branch :

SMECCC, AHMEDABAD

Name of Company: VENUS ENGINEERING WORKS. CREDIT RISK ASSESSMENT FOR THE YEAR 2008-09

(A) FINANCIAL RISK PARAMETERS ACTUALS 2008-09 CURRENT RATIO TOL/TNW PBIDT/INTT. PAT/NET SALES (%) ROCE (%) INV.+REC./SALES (DAYS) AGGR.FINANCIAL RISK SCORE (OUT OF 100) (B) QUALITATIVE RISK FACTORS : (NEGATIVE SCORE, enter with "-" minus sign) 5.00 MARKS Weightage 5.00 5.00 2.00 2.00 2.00 4.00 Score RISK LEVEL CAUTION 25.00 LL CAUTION CAUTION CAUTION 20.00 LL 45.00

5.00

(C) INDUSTRY RISK PARAMETERS: 1. COMPETITION & MARKET 2. CYCLICALITY 3. REGULATORY RISK 4. TECHNOLOGY 5. USER PROFILE 6. INPUT PROFILE

AT PAR AT PAR ABOVE PAR AT PAR AT PAR AT PAR

(D) MANAGEMENT RISK PARAMETERS 1. INTEGRITY 2. EXPERTISE 3. TRACK RECORD 4. STRUCTURE & SYSTEM 5. CAPITAL MARKET Overall Risk Level Score Credit Rating Proposed Credit Rating Existing Rating for Pricing Previous year's CRA STATE BANK OF INDIA

ABOVE PAR AT PAR AT PAR AT PAR NOT APPLICABLE 45.00 SB-5

Branch : SMECCC, AHMEDABAD

Name of Company: VENUS ENGINEERING WORKS. CREDIT RISK ASSESSMENT: FOR THE YEAR 2007-08

(A) FINANCIAL RISK PARAMETERS ACTUALS 2007-08 CURRENT RATIO TOL/TNW PBIDT/INTT. PAT/NET SALES (%) ROCE (%) INV.+REC./SALES (DAYS) AGGR.FINANCIAL RISK SCORE (OUT OF 100) (B) QUALITATIVE RISK FACTORS : (NEGATIVE SCORE, enter with "-" minus sign) 5.00 5.00 MARKS Weightage 5.00 5.00 2.00 2.00 2.00 4.00 Score RISK LEVEL CAUTION 25.00 LL CAUTION CAUTION CAUTION 20.00 LL 45.00

(C) INDUSTRY RISK PARAMETERS: 1. COMPETITION & MARKET 2. CYCLICALITY 3. REGULATORY RISK 4. TECHNOLOGY 5. USER PROFILE 6. INPUT PROFILE

AT PAR AT PAR ABOVE PAR AT PAR AT PAR AT PAR

(D) MANAGEMENT RISK PARAMETERS 1. INTEGRITY 2. EXPERTISE 3. TRACK RECORD 4. STRUCTURE & SYSTEM 5. CAPITAL MARKET Overall Risk Level Score Credit Rating Proposed Credit Rating Existing Rating for Pricing

ABOVE PAR AT PAR AT PAR AT PAR NOT APPLIC. 45.00 SB-5

Modified by: Niranjan Kanhekar, CPC, LHO, Mumbai. Ph. 022-2202 1505

Actual Particulars Performance & Financial Indicators: 1 Net Sales 2 Exports 3 Operating Profit 4 PBT/Sales 5 PBT/Sales (%) 6 PAT 7 Cash Accruals 8 PBDIT 9 PUC 10 TNW 11 Adjusted TNW 12 TOL/TNW 13 TOL/ adjusted tnw 14 Current Ratio 2007-08

Actual 2008-09

Actual 2009-10

ProjectionsProjection 20010-11 2011-12 2012-13 2013-14 2014-2015

########

######## ######## 37.46% ######## ######## ######## ######## ######## ########

Fund flow analysis : 1 2 3 Long Team Sources Long Team Uses Surplus / Deficit ######## ######## ########

Movement in TNW

Actual 2007-08

Actual 2008-09

Actual 2009-10

ProjectionsProjection 20010-11 2011-12 2012-13 2013-14 2014-2015

Opening TNW Add PAT Ad increase in equity Add / abstract intangible assets Less dividend Closing TNW ######## ######## ######## ######## ######## ########

TERM LOAN ANNEXURE

Actual Particulars Commercial viability: Capacity utilisation (%) Sales Net Profit Cash Accruals Interest TOTAL TL/ DPG repayments Interest TOTAL Gross DSCR Average Gross DSCR Net DSCR Average Net DSCR 2007-08

Actual 2008-09

Actual 2009-10

Projections Projection 20010-11 2011-12 2012-13 2013-14 2014-2015

######## ######## ########

########

Security Margin: WDV of Fixed assets Term Loan outstanding (including instalments) margin available % Security

245000.00

Break-even and sensitivity analysis : BREAK EVEN POINT Sales Total Variable Costs Percent of Sales Fixed Costs Break Even Level of Sales Percentage to Sales Cash Break Even of Sales % ######## ######## 0.59 154200.00 380327.55 7.61% 343330.70 6.87%

Sensitivity to BEP When sales go down

Sales Variable costs Fixed Costs BEP -Sales BEP % Cash Break Even of Sales Cash BEP % Gross DSCR Average Gross DSCR 10% ######## ######## 154200.00 454360.92 10.10% 410162.39 9.11%

When RM goes up by
Sales Variable costs Fixed Costs BEP BEP % Cash Break Even of Sales Cash BEP % Gross DSCR Average Gross DSCR

10% ######## ######## 154200.00 441277.47 8.83% 398351.65 7.97%

When Variable Cost go up by Sales Variable costs Fixed Costs BEP BEP % Cash Break Even of Sales Cash BEP % Gross DSCR Average Gross DSCR

10% ######## ######## 154200.00 445685.35 8.91% 402330.74 8.05%

WORKING CAPITAL ANNEXURE Actual Particulars Efficiency Ratios 1 Net Sales / Total Tangible Assets 2 Return on Assets (PBT / TTA) % 3 Operating Costs / Sales % 4 Bank Finance / Current Assets (%) 5 Inventory and Receiv. / Net Sales (days) 2007-08 Actual 2008-09 Actual 2009-10 Projections Projection 20010-11 2011-12 2012-13 2013-14 2014-2015

10.99 411.65% 62.54%

CRA Ratios 1 2 3 4 5 6
CURRENT RATIO TOL/TNW PBIDT/INTT. PAT/NET SALES (%) ROCE (%) INV.+REC./SALES (DAYS)

37.46% 414.95% 1

Assessed Bank Finance 1 Total Curr.Asset (TCA) 2 Other Current Liabilities (OCL) 3 Working Capital Gap 4 Net Working.Cap. (NWC) 5 Assess.Bk.Finance (ABF) 6 NWC to TCA (%) 7 Bk.Finance to TCA(%) 8 Sundry Cred.to TCA (%) 9 Other CL (exc.sund.cred) to TCA (%)

210000.00

210000.00 210000.00

100.00%

Inventory and Receivable levels

Raw Material Stock in process Finished Goods Receivables Creditors ( Imported) (Indiginous)