1. Summary Information

		Country	India
Company Name	New Era Machines Private Limited	Principal Name 1	Mr. Surinder Mohan Kaushal
Status	Satisfactory	Principal Name 2	Mr. Sanjeev Kaushal
		Registration #	16-9499
Street Address	Campa Cola Lane, G T Road, Dhandar Kalan, Ludhiana – 141 003, Punjab, India
Established Date	05.07.1989	SIC Code	--
Telephone#	91-161-2510777-78	Business Style 1	Manufacturing
Fax #	91-161-2510776/ 2845352	Business Style 2	--
Homepage	http://www.neweramachines.com	Product Name 1	Biscuits Making Plant and Spares
# of employees	195 (Approximately)	Product Name 2	Cloth Stitching Machines
Paid up capital	Rs.9,500,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors (100.00%)	Banking	The Karnataka Bank Limited
Public Limited Corp.	NO	Business Period	22 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (49)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	82,207,000	Current Liabilities	58,417,000
Inventories	21,849,000	Long-term Liabilities	27,014,000
Fixed Assets	73,695,000	Other Liabilities	17,155,000
Deferred Assets	0,000	Total Liabilities	102,586,000
Invest& other Assets	0,000	Retained Earnings	65,665,000
		Net Worth	75,165,000
Total Assets	177,751,000	Total Liab. & Equity	177,751,000
Total Assets (Previous Year)	140,754,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	116,638,000	Net Profit	10,802,000
Sales(Previous yr)	75,513,000	Net Profit(Prev.yr)	5,168,000

MIRA INFORM REPORT

Report Date :

06.12.2011

IDENTIFICATION DETAILS

Name :	NEW ERA MACHINES PRIVATE LIMITED
Registered Office :	Campa Cola Lane, G T Road, Dhandar Kalan, Ludhiana – 141 003, Punjab
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	05.07.1989
Com. Reg. No.:	16-9499
Capital Investment / Paid-up Capital :	Rs.9.500 millions
CIN No.: [Company Identification No.]	U29269PB1989PTC009499
TAN No.: [Tax Deduction & Collection Account No.]	JLDN00676E / JLDN00718E
PAN No.: [Permanent Account No.]	AAAFN8057G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Biscuit Making Machineries and Accessories.
No. of Employees :	195 (Approximately)

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

Maximum Credit Limit :	USD 300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION DECLINED BY

MANAGEMENT NON-COOPERATIVE

LOCATIONS

Registered Office :	Campa Cola Lane, G T Road, Dhandar Kalan, Ludhiana – 141 003, Punjab, India
Tel. No.:	91-161-2510777-78
Fax No.:	91-161-2510776/ 2845352
E-Mail :	sales@neweramachines.com sunil@neweramachines.com samana_ldh@yahoo.com new_era@yahoo.com
Website:	http://www.neweramachines.com
Area :	1 acre
Factory :	Mazara Road, Sahnewal, Ludhiana – 141 010, Punjab, India
Tel. No.:	91-161-2844999 / 2510777
Fax No.:	91-161-2845352 / 2510778
Area :	18200 sq. meters
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :

Mr. Surinder Mohan Kaushal

Designation :

Whole Time Director

Address :

300, Sukhani Enclave, Barewal, Ludhiana, Punjab, India

Date of Birth/Age :

15.08.1936

Qualification :

Graduate

Date of Appointment :

05.07.1989

DIN No.:

00942943

Name :

Mr. Sanjeev Kaushal

Designation :

Whole Time Director

Address :

300, Sukhani Enclave, Barewal, Ludhiana, Punjab, India

Date of Birth/Age :

01.03.1961

Qualification :

Graduate

Date of Appointment :

05.07.1989

DIN No.:

00942912

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29269PB1989PTC009499	New Era Machines Private Limited	Director	05-07-89	05-07-89	-	Active	NO
2	U30009PB1992PTC012076	New Era Control Devices Private Limited	Director	15-07-92	15-07-92	-	Active	NO
3	U70109PB2007PTC030903	Victory Landbase Developers Private Limited	Director	16-02-07	16-02-07	01-10-09	Active	NO
4	U74120DL2007PTC171152	Discovery Park Private Limited	Director	06-12-07	06-12-07	16-07-11	Active	NO
5	U74999HR2010PTC041656	AD Notam AV ( NI) Private Limited	Director	03-12-10	03-12-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Surinder Mohan Kaushal	97380
Sanjeev Kaushal	57400
Rupen Kaushal	91820
Surinder Mohan Kaushal	228000
Udit Kaushal	50530
Ankit Kaushal	74850
Veena Kaushal	44430
Ambica Kaushal	63840
Surinder Mohan Kaushal (Karta)	29450
Sanjeev Kaushal (Karta)	32300
Reena Kaushal	60000
Annanya Kaushal	60000
Tannya Kaushal	60000
Total	950000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers of Biscuit Making Machineries and Accessories.
Products :	· Biscuits Making Plant and Spares · Cloth Stitching Machines

GENERAL INFORMATION

Suppliers :

· AD Sales Associates Limited

· Bonfiglioli Transmissions Private Limited, Chennai

· Cad Studio, New Delhi

· Camozzi India (Private) Limited, Noida

· Fedex Express International

· Festo Control Private Limited, Bangalore

· Gupta Mill Store, Ludhiana

· J. K. Enterprises

· Jindal Stainless Limited, Hisar

· Maria Steel Limited, Ludhiana

· Om Industries, Ludhiana

· Orient Marine Lines Private Limited, New Delhii

· Pahwa Iron and Steel Company Limited, Ludhiana

Customers :

· Anmol Bakers Limited, Greater Noida

· B. T. Steel Limited, Ludhiana

· New Era Industries, Ludhiana

· Parle Products Private Limited, Mumbai

· Pepsico India Holding Private Limited, Pune

· Strategic Food International, Dubai – UAE

· United Biscuits Private Limited, Kala AMB

· V. R. Packers

No. of Employees :

195 (Approximately)

Bankers :

· The Karnataka Bank Limited

Miller Ganj, Ludhiana – 141 003, Punjab, India

· Punjab National Bank, Ludhiana, Punjab, India

· Punjab National Bank, New Delhi

· ICICI Bank Limited

· Standard Chartered Bank

· CITI Bank N.A.

· HDFC Bank

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Karnataka Bank Limited T/L	4.058	5.489
Karnataka Bank Limited OD/SSI A/C	8.999	0.000
Karnataka Bank Limited ODAD A/C 917	0.000	0.030
Total	13.057	5.519

· Term Loan from Karnataka Bank is secured by way of hypothecation of machinery.

· Working capital limits from Karnataka Bank are secured by way of hypothecation of stocks and book debts.

· ODAD Loan from Karnataka Bank is secured by way of pledge of fixed deposit receipts.

· The loans from Karnataka Bank are collaterally secured by equitable mortgage of title deeds of factory land and building.

· The loans from Karnataka Bank are also secured by personal guarantees of director viz Mr. S. M. Kaushal and Mr. Sanjeev Kaushal.

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
From Shareholders
Ambika Kaushal	0.641	0.000
Ankit Kaushal	0.852	0.095
Rupen Kaushal	6.751	0.087
S M Kaushal and Sons (HUF)	0.360	0.057
Udit Kaushal	0.502	0.000
Veena Kaushal	0.493	0.042
From Directors
S. M. Kaushal	1.408	0.189
Sanjeev Kaushal	2.950	0.312
Total	13.957	0.782

Banking Relations :	--
Auditors :
Name :	A. Kumar Gupta and Company Chartered Accountants
Address :	109, Kismat Complex, G.T. Road, Ludhiana – 141 001, Punjab, India
Tel. No.:	91-161-2532596, 2539575
PAN No.:	AABFA6084H

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		9.500	9.500	9.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		65.665	65.978	60.440
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		75.165	75.478	69.940
LOAN FUNDS
1] Secured Loans		13.057	5.519	20.265
2] Unsecured Loans		13.957	0.782	11.120
TOTAL BORROWING		27.014	6.301	31.385
DEFERRED TAX LIABILITIES		11.275	11.174	10.710
TOTAL		113.454	92.953	112.035
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		73.695	71.438	77.445
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	21.849	27.962	13.194
	Sundry Debtors	5.670	6.680	10.497
	Cash & Bank Balances	56.622	21.945	25.792
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	19.915	12.729	15.530
Total Current Assets		104.056	69.316	65.013
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.690	5.714	5.051
	Other Current Liabilities	53.727	39.707	18.033
	Provisions	5.880	2.380	7.339
Total Current Liabilities		64.297	47.801	30.423
Net Current Assets		39.759	21.515	34.590
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		113.454	92.953	112.035

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Turnover	116.638	75.513	100.655
		Other Income	NA		NA
		TOTAL	NA	75.513	NA
Less	EXPENSES
		Office Expenses	101.654	67.502	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	101.654	67.502	NA
	PROFIT BEFORE TAX		17.197	8.011	20.774
Less	TAX		6.395	2.843	NA
	PROFIT AFTER TAX		10.802	5.168	NA
	EARNINGS IN FOREIGN CURRENCY		27.213	1.360	14.010
	IMPORTS
		Raw Materials	2.957	3.195	1.381
		Capital Goods	0.000	0.346	0.000
		Consumable	0.000	0.156	0.534
	TOTAL IMPORTS		2.957	3.697	1.915
	Earnings Per Share (Rs.)		11.37	5.44	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	6.84	NA
Net Profit Margin (PBT/Sales)	(%)	14.74	NA	20.64
Return on Total Assets (PBT/Total Assets}	(%)	9.67	5.69	14.58
Return on Investment (ROI) (PBT/Networth)		0.23	0.11	0.30
Debt Equity Ratio (Total Liability/Networth)		1.21	0.72	0.88
Current Ratio (Current Asset/Current Liability)		1.62	1.45	2.14

LOCAL AGENCY FURTHER INFORMATION

CONTINGENT LIABILITIES

Particulars	As on 31.03.2010 Rs. in millions
Guarantees given by the company’s Banks	1.696

FORM 8

This form is for	Creation of charge
Corporate identity number of the company	U29269PB1989PTC009499
Name of the company	NEW ERA MACHINES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Campa Cola Lane, G T Road, Dhandar Kalan, Ludhiana – 141 003, Punjab, India
Type of charge	· Immovable property · Others o Plant and Machinery
Particular of charge holder	The Karnataka Bank Limited Miller Ganj, Ludhiana – 141 003, Punjab, India E-Mail : ludhiana@ktkbank.com
Nature of description of the instrument creating or modifying the charge	Term Loan Agreement, Letter of Authority and Sanction Letter to secure the fresh term loan Rs.84.000 millions
Date of instrument Creating the charge	24.08.2011
Amount secured by the charge	Rs.84.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of interest Base Rate + 2.50% i.e. presently 13.50% p.a Terms of repayment Repayable in 80 months with initial holiday period of 12 months, by way of 68 equated monthly instalments of Rs.1.774 millions and interest to be serviced during the holiday period. Margin 25.13% Extent and operation of the charge 100%
Short particulars of the property charged	· Primary; Building to be constructed on land situated at Majara Road, Opposite Sacred Heart Convent School Sahnewal Ludhiana belongs to subject. · Collateral: Already mortgaged by way of deposit of title deed of the factory land and building in the name of subject with Khewar Khatoni No 474/534 situated at Majara Road · Opposite Sacred Heat Convent School, Sahnewal Ludhiana msg. 2.42 acres · Hypothecation of plant and machineries · Personal guarantee of Shri S.M. Kaushal and Shri Sanjeev Kaushal

FIXED ASSETS

· Air Compressor

· Air Conditioner

· Car

· Cooler

· Computer

· Computer Software

· Cooler

· Crane

· Cycle

· Electrical Equipment

· Electrical Installation

· Electronic Security System

· EPBAX

· Fans

· Fax

· Fire Extinguisher

· Four Wheeler

· Furniture and Fixtures

· Generator

· Land

· Machinery

· Material Handling Equipment

· Moped / Scooter

· Office Equipment

· Patterns

· Photostat Machine

· Refrigerator / Coffee Machine

· Scale

· Siren

· Telephones

· Testing / Workshop Equipment

· Tools and Equipments

· Camera / Projector

· Water Cooler / Water Purifier

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 records 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.51.39
UK Pound	1	Rs.80.20
Euro	1	Rs.68.92

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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.