MIRA INFORM REPORT

Report Date :

23.03.2011

IDENTIFICATION DETAILS

Name :	POOJA FORGE LIMITED
Formerly Known As :	POOJA FORGE PRIVATE LIMITED
Registered Office :	101, Sukhdev Vihar, New Delhi – 110 025, Delhi.
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.09.1986
Com. Reg. No.:	55 – 025557
CIN No.: [Company Identification No.]	U27310DL1986PLC025557
TAN No.: [Tax Deduction & Collection Account No.]	DELP08630G
PAN No.: [Permanent Account No.]	AAACP0136B
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Construction Fasteners and High Tensile Fasteners

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 2600000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track financial position of the company is good. Trade relations are 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

LOCATIONS

Registered Office :	101, Sukhdev Vihar, New Delhi – 110 025, Delhi, India
Tel. No.:	91-11-26830500
E-Mail :	info@poojaforgeltd.com guptaashish75@gmail.com maggarwal112@rediffmail.com
Website :	www.poojaforgeltd.com
Corporate Office :	14/4, Mathura Road, Faridabad-121003, Haryana, India
Tel. No.:	91-129-4046809, 4046710
Fax No.:	91-129-4046708, 2270719

DIRECTORS

As On : 30.09.2010

Name :	Mr. Jagdish Kumar Aggarwal
Designation :	Chairman and Managing Director
Address :	101, Sukhdev Vihar, New Delhi – 110 025, India
Date of Birth/Age :	18.11.1938
Date of Appointment :	01.04.2002
DIN No :	00024816
Name :	Mr. Manish Aggarwal
Designation :	Managing Director
Address :	101, Sukhdev Vihar, New Delhi – 110 025, India
Date of Birth/Age :	10.09.1967
Date of Appointment :	01.11.2002
DIN No :	00610999
Name :	Mr. Kailash Moudgil
Designation :	Whole time Director
Address :	House No.642, Sector – 29, Faridabad – 121 008
Date of Birth/Age :	15.07.1957
Date of Appointment :	01.07.2006
DIN No :	00407910

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Manish Aggarwal	385160
Jagdish Kumar Aggarwal	566040
Anju Aggarwal	8200
Jagdish Kumar Aggarwal (HUF)	3400
Perfect Fasteners Limited	10
Manish Aggarwal (HUF)	45
J K Aggarwal and Manish Aggarwal	45
Total	962900

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 :	Manufacturer and Exporter of Construction Fasteners and High Tensile Fasteners
Products :	Industrial Fasteners

PRODUCTION STATUS (As On : 31.03.2010)

Particulars	Unit	Installed Capacity
Industrial Fasteners	MT	24000

GENERAL INFORMATION

No. of Employees :

3000 (Approximately)

Bankers :

State Bank of India, Commercial Branch, Vardhman Trade Centre, Plot No.3 and 4; 2^nd Floor, D.D.A Building, New Delhi – 110 025, India

Facilities :

SECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From scheduled Bank
Working capital facilities	211.225	185.799
Term Loan	24.357	141.233
(secured by way of first charge on all the fixed assets and current assets of the company and hypothecation of stocks and receivables of the company and also secured by mortgage of land and building situated at 14/4 Milestone, Mathura Road, Faridabad and guaranteed by directors. Further secured by corporate guarantee of Perfect Metrics (India) Private Limited and equitable mortgage of property situated at 49.8 Milestone, palwal
From Private Financial Institutions / Banks	0.719	1.563
(Secured against hypothecation of vehicles)
Total	236.301	328.595
UNSECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Inter corporate Deposits	7.817	11.594
From Directors	214.098	105.200
Total	221.915	116.794

Banking Relations :	--
Auditors :
Name :	T. K. Gupta and Associates Chartered Accountant
Address :	4228/1, Ansari Road, Darya Ganj, New Delhi-110002, Delhi, India.
Associates :	· Perefect Fastners Limited · Manisha Exports Private Limited · Madhvi Engineering Industries Private Limited · Perfect Metrics India Private Limited

CAPITAL STRUCTURE

As On : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
962900	Equity Shares	Rs. 10/- each	Rs. 9.629 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		9.629	9.629	9.629
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		663.596	598.974	567.676
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		673.225	608.603	577.305
LOAN FUNDS
1] Secured Loans		236.301	328.595	507.212
2] Unsecured Loans		221.915	116.794	21.851
TOTAL BORROWING		458.216	445.389	529.063
DEFERRED TAX LIABILITIES		94.065	91.068	81.309
TOTAL		1225.506	1145.060	1187.677
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		811.627	845.790	872.600
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.007	0.007	0.008
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	183.578	114.802	124.911
	Sundry Debtors	269.523	222.931	227.768
	Cash & Bank Balances	7.695	14.319	1.525
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	60.110	30.477	43.114
Total Current Assets		520.906	382.529	397.318
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	52.298	55.302
	Other Current Liabilities	23.554	21.125	68.865
	Provisions	31.182	6.839	13.384
Total Current Liabilities		107.034	83.266	82.249
Net Current Assets		413.872	299.263	315.069
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1225.506	1145.060	1187.677

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1341.731	940.947	1103.602
		Other Income
		TOTAL (A)	1341.731	940.947	1103.602
Less	EXPENSES
		Cost of Materials	8.536	7.939	50.920
		Material Consumed	651.985	444.651	468.111
		Stores and Tools Consumed	147.033	88.340	130.991
		Power and Fuel	81.813	70.205	84.016
		Employee Cost	116.730	90.297	73.890
		Other Manufacturing Cost	37.940	27.229	43.103
		Selling and Administrative Expenses	112.558	74.904	89.395
		Amount Amortized for Intangible Assets	1.846	1.846	1.800
		TOTAL (B)	1158.441	805.411	942.226
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		183.290	135.536	161.376
Less	FINANCIAL EXPENSES (D)		46.145	51.849	56.017
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		137.145	83.687	105.359
Less/ Add	DEPRECIATION/ AMORTISATION (F)		39.848	39.386	33.065
	PROFIT BEFORE TAX (E-F) (G)		97.297	44.301	72.294
Less	TAX (H)		34.179	16.597	25.149
	PROFIT AFTER TAX (G-H) (I)		63.118	27.704	47.145
	PROVISION OF EARLIER YEARS WRITTEN BACK		1.504	3.593	5.640
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		286.990	265.693	222.908
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	10.000	10.000
	BALANCE CARRIED TO THE B/S		341.612	286.990	265.693
	EXPORT VALUE		112.133	62.813	69.777
	IMPORTS
		Raw Materials	356.135	178.280	17.001
		Stores & Spares	3.335	55.568	93.106
		Capital Goods	3.956	1.052	403.277
	TOTAL IMPORTS		363.426	234.900	513.384
	Earnings Per Share (Rs.)				48.96

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.70	2.94	4.27
Return on Total Assets (PBT/Total Assets}	(%)	7.30	3.61	5.69
Return on Investment (ROI) (PBT/Networth)		0.14	0.07	0.13
Debt Equity Ratio (Total Liability/Networth)		0.98	1.02	0.14
Current Ratio (Current Asset/Current Liability)		4.87	4.59	4.83

LOCAL AGENCY FURTHER INFORMATION

Year at a glance

In the Year, their company managed to achieve turnover of Rs. 1447.938 millions as against Rs.1059.246 millions during the preceding year showing an increase of Rs.388.692 millions. The profit before tax for the year was consequently stood higher at Rs.97.296 millions as against Rs. 44.301 millions during the preceding year.

FUTURE PROSPECTS

Future prospects of the company are looking bright as Indian economy is now out of recession and automobile sector is expected to perform better in the year to come and they are hopeful of our satisfactory performance in coming years.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	90043531
Corporate identity number of the company	U27310Dl1986PLC025557
Name of the company	POOJA FORGE LIMITED
Address of the registered office or of the principal place of business in India of the company	New Delhi – 110 025, India
Type of charge	Book Debts Movable Property (not being pledge) Immovable property
Particular of charge holder	State Bank of India, Commercial Branch, Vardhman Trade Centre, Plot no.3 and 4; 2^nd Floor, D.D.A Building, New Delhi – 110 025, India E-Mail: neeraj.gaur@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental agreement for hypothecation, Letter regarding the grant of individual limits within overall limit dated 30.05.2007, Copy of Recital Letter
Date of instrument Creating the charge	30.05.2007
Amount secured by the charge	Rs.786.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Working Capital – 1.75% below sbar, present effective rate 11% p.a. Term Loan i and ii – 3.25% below sbar, present effective rate 9.5% p.a. Term loan iii – 2.75% below sbar, present effective rate 10% p.a Term loan iv – 1.75% below sbar, present effective rate 11% p.a Term loan v – sbar, present effective rate 12.75% p.a Corporate loan – 1.75% below sbar, present and effective rate 11% p.a. SLC – 1% above working capital limit SLC(TL) – 0.75% below sbar Terms of Repayment Slc (TL) of Rs.50.000 Millions shall be repaid in 5 years Term loan iv s.35.000 Millions shall be repaid in 51 monthly installments commencing from 15.01.2008 Corporate loan of Rs.100.000 Millions shall be repaid in 42 monthly installments commencing from 15.01.2008 Term loan v of Rs.69.500 Millions shall be repaid in 54 monthly installments commencing from 15.12.2007 Margin Raw material/Sip/F.G – 25% Book debts (cover period 120 days) -25% Term loan iv – 22.22% Term loan v – 20.57% EPC – 25% SLC (TL) – 20% LC – NIL Extent and Operation of the charge The charge shall be applicable for aggregate sum of Rs.786.500 Millions (Rs.696.500 Millions as fund based and Rs.90.000 Millions non fund based) by way of hypothecation of movable and immovable property as mentioned in the sanction letter no C and I/Adv/2007-08/90 dated 28.05.2007
Short particulars of the property charged	Hypothecation of stocks of RM/SIP/FG lying in the factory, elsewhere including items in the transit and present and future book debts/receivables First charge over fixed assets of the company including equitable mortgage of existing land and building at 14/4 Mathura road, Faridabad and Plant and Machinery and other fixed assets acquired /to be acquired/. Equitable mortgage of factory land and building situated at 49.8 mile stone Delhi – Mathura road vill Baghola Faridabad measuring 22.875 acres.
Whether any of the property or interest therein under reference is not registered in the name of the company	PERFECT METRICS (INDIA) PRIVATE LIMITED
Charge identification number of the charge to be modified	90043531
Date of instrument modifying the charge	12.09.2006
Particulars of the present modification	Increase in aggregate credit limit from Rs. 717.000 millions vide sanction letter no C and I / Adv/2007-08/90 dated 28.05.2007 of the bank.

FIXED ASSETS:

v Land

v Building

v Leasehold Building

v Plant and Machinery

v Furniture and Fixtures

v Office Equipments

v Vehicles

v Electrical Fittings

v Weighing Sales

v Computer

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.44.97
UK Pound	1	Rs.73.35
Euro	1	Rs.63.98

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.