MIRA INFORM REPORT

Report Date :

14.05.2012

IDENTIFICATION DETAILS

Name :	JCBL LIMITED
Formerly Known As :	JAYCEE COACH BUILDERS LIMITED
Registered Office :	L -1 /18, Ground floor, Hauz Khas Enclave, Hauz Khas, New Delhi -110016
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.06.1989
Com. Reg. No.:	55-036743
Capital Investment / Paid-up Capital :	Rs.52.002 Millions
CIN No.: [Company Identification No.]	U34201DL1989PLC036743
TAN No.: [Tax Deduction & Collection Account No.]	DELJ04548F
PAN No.: [Permanent Account No.]	AAACJ0204G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture High Quality Japanese Technology Buses and Load Carriers for Swaraj Mazda
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)_

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

Maximum Credit Limit :	USD 1640000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some dip in the turnover and profitability of the company However, 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 dealing 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

LOCATIONS

Registered Office :	L -1 /18, Ground floor, Hauz Khas Enclave, Hauz Khas, New Delhi -110016, India
Tel. No.:	91-11-51519570/32979043
Fax No.:	91-11-41519570
E-Mail :	contact@jcbl.com jcbl@jcbl.com
Website :	www.jcbl.com
Head Office / Corporate office :	Plot No.75, First Floor Industrial Area, Phase -1, Chandigarh - 160 002, Punjab India.
Tel. No.:	91 -172 -3013095-96
Fax No.:	91- 172 -3013097
Factory :	Ambala-Chandigarh Road, Lalru, District Patiala, Punjab – 140501, India.
Tel. No.:	91-1762-308200-201
Fax No.:	91-1762-308236

DIRECTORS

As on 30.09.2011

Name :	Mr. Rajinder Aggarwal
Designation :	Managing Director
Address:	House No.561, Sector-18 Chandigarh-160 018, Punjab, India
Date of Birth/Age :	15.08.1946
Date of Appointment :	01.04.2007
DIN No.:	00744827

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	U74999DL2000PTC105201	JAYCEE CHALMERS INDIA PRIVATE LIMITED.	Director	11/4/2001	11/4/2001	-	Under Process of Striking off	NO
2	U34201DL1989PLC036743	JCBL LIMITED	Managing director	1/4/2002	1/4/2002	-	Active	NO
3	U35999DL2002PTC116194	JCBL INFRA EQUIPMENTS PRIVATE LIMITED	Director	15/07/2002	15/07/2002	15/10/2010	Active	NO
4	U26100HP2005PLC028909	AVEDA ECO GREEN LIMITED	Director	5/9/2005	5/9/2005	31/03/2009	Active	NO
5	U70101CH1997PTC020413	SPR ESTATES AND BUILDERS PRIVATE LIMITED	Director	29/09/2006	28/01/2006	-	Active	NO
6	U51909CH2004PTC027206	SPECTATORS GLOBAL PRIVATE LIMITED	Director	15/04/2006	15/04/2006	-	Active	NO
7	U74899DL1982PTC013536	KEI METALS PVT LTD	Director	31/08/2006	31/08/2006	-	Active	NO
8	U50101DL2001PTC111613	GLOBE AUTOMOBILES PRIVATE LIMITED	Director	30/03/2007	30/03/2007	15/09/2007	Active	NO
9	U35990CH2007PTC030868	MSL GHE AUTO COMPONENTS PRIVATE LIMITED	Director	10/7/2007	10/7/2007	19/03/2010	Active	NO
10	U74900AP2008PTC062339	MITHRA JCBL COACHES PRIVATE LIMITED	Director	24/12/2008	24/12/2008	-	Active	NO
11	U15200CH2005PTC028560	NOBLE FORMULATIONS PRIVATE LIMITED	Director	28/09/2009	1/5/2009	15/10/2010	Active	NO
12	U25200CH2009PTC031864	MSL STRATIFORME-COMPREFORME INDUSTRIES PRIVATE LIMITED	Director	13/11/2009	13/11/2009	-	Active	NO
13	U74999DL1997PLC130836	MOBILITY SOLUTIONS LIMITED	Managing director	1/4/2012	1/7/2010	-	Active	NO

Name :

Mr. Rishi Aggarwal

Designation :

Managing Director

Address:

House No.561, Sector-18 Chandigarh-160 018, Punjab, India

Date of Birth/Age :

17.05.1973

Date of Appointment :

01.11.2004

DIN No.:

00161719

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	U74899DL1982PTC013536	KEI METALS PVT LTD	Director	1/9/2006	27/03/2000	-	Active	NO
2	U74999DL2000PTC105201	JAYCEE CHALMERS INDIA PRIVATE LIMITED.	Director	11/4/2000	11/4/2000	-	Under Process of Striking off	NO
3	U50101DL2001PTC111613	GLOBE AUTOMOBILES PRIVATE LIMITED	Managing director	1/2/2012	10/7/2001	-	Active	NO
4	U35999DL2002PTC116194	JCBL INFRA EQUIPMENTS PRIVATE LIMITED	Director	15/07/2002	15/07/2002	15/10/2010	Active	NO
5	U00000CH2003PTC026523	JCBL INDIA PRIVATE LIMITED	Director	12/11/2003	12/11/2003	-	Active	NO
6	U34201DL1989PLC036743	JCBL LIMITED	Director	1/2/2012	1/11/2004	-	Active	NO
7	U74999DL1997PLC130836	MOBILITY SOLUTIONS LIMITED	Director	1/12/2004	1/12/2004	-	Active	NO
8	U24230HP2004PTC027223	ACME FORMULATION PRIVATE LIMITED	Managing director	1/7/2010	25/07/2005	-	Active	NO
9	U70101CH1997PTC020413	SPR ESTATES AND BUILDERS PRIVATE LIMITED	Director	29/09/2006	28/01/2006	-	Active	NO
10	U26100HP2005PLC028909	AVEDA ECO GREEN LIMITED	Director	10/4/2006	10/4/2006	-	Active	NO
11	U51909CH2004PTC027206	SPECTATORS GLOBAL PRIVATE LIMITED	Director	15/04/2006	15/04/2006	24/09/2010	Active	NO
12	U34300CH2007PTC030773	JCBL MARREL TIPPERS PRIVATE LIMITED	Director	16/04/2007	16/04/2007	-	Active	NO
13	U35990CH2007PTC030868	MSL GHE AUTO COMPONENTS PRIVATE LIMITED	Director	10/7/2007	10/7/2007	23/09/2011	Active	NO
14	U72501CH2005PTC028649	LEMONN SYSTEM SOLUTIONS PRIVATE LIMITED	Director	29/09/2008	5/5/2008	15/10/2010	Active	NO
15	U74900AP2008PTC062339	MITHRA JCBL COACHES PRIVATE LIMITED	Director	24/12/2008	24/12/2008	-	Active	NO
16	U15200CH2005PTC028560	NOBLE FORMULATIONS PRIVATE LIMITED	Director	28/09/2009	1/5/2009	15/10/2010	Active	NO
17	U74140HP2009PTC031248	ACE TESTING SOLUTIONS PRIVATE LIMITED	Director	10/2/2010	10/2/2010	-	Active	NO
18	U50200DL2006PTC156922	STERLING MOBIKES PRIVATE LIMITED	Director	30/09/2010	8/4/2010	-	Active	NO
19	U72900CH2009PTC031747	GRAFICA DESIGN SOLUTIONS PRIVATE LIMITED	Director	30/09/2010	1/7/2010	-	Active	NO
20	U25200CH2009PTC031864	MSL STRATIFORME-COMPREFORME INDUSTRIES PRIVATE LIMITED	Director	30/09/2010	11/8/2010	-	Active	NO
21	U74900HP2010PTC031676	IMMACULE LIFESCIENCES PRIVATE LIMITED	Director	15/07/2011	15/07/2011	-	Active	NO
22	U50300CH2012PTC033764	Globe CV Private Limited	Director	1/5/2012	1/5/2012	-	Active	NO

Name :

Mr. Ramesh Kumar Bhandari

Designation :

Director

Address:

House No.79, Sector-8 B Chandigarh-160 008, Punjab, India

Date of Birth/Age :

15.02.1951

Date of Appointment :

31.12.1992

DIN No.:

00354242

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	U34201DL1989PLC036743	JCBL LIMITED	Director	31/12/1992	31/12/1992	-	Active	NO
2	L34300CH1995PLC016253	RANBRO BRAKES INDIA LIMITED	Nominee director	16/01/1996	16/01/1996	16/02/2011	Active	NO
3	U65999CH1998SGC022011	PUNJAB VENTURE INVESTORS TRUST LIMITED	Nominee director	4/12/1998	4/12/1998	-	Active	YES
4	U65999CH1998SGC022010	PUNJAB VENTURE CAPITAL LIMITED	Nominee director	4/12/1998	4/12/1998	21/06/2011	Active	NO
5	U18101PB1994PLC015403	ABHINAV COTSPIN LTD.	Nominee director	28/08/2003	28/08/2003	-	Active	NO
6	L29246PB1989PLC009531	S R INDUSTRIES LTD	Director	15/05/2010	1/10/2005	-	Active	NO
7	L29219PB1983PLC005454	KRISHNA ENGINEERING WORKS LIMITED	Nominee director	30/01/2006	30/01/2006	13/05/2011	Active	NO
8	L51755PB1995PLC015903	DIAMOND AGRO INDUSTRIES LIMITED	Nominee director	11/5/2007	11/5/2007	-	Active	NO

Name :

Mr. Jagdish Prasad Dhamija

Designation :

Director

Address:

C-5/17, Model Town III, New Delhi, India

Date of Birth/Age :

01.11.1944

Date of Appointment :

29.09.2001

DIN No.:

01668677

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	U74899DL1986PTC024391	ADITI CONSULTANTS PRIVATE LTD.	Director	3/6/1986	3/6/1986	-	Active	NO
2	U74210DL1997PTC084610	ADITI INSURANCE SERVICES PRIVATE LIMITED	Director	22/01/1997	22/01/1997	-	Active	NO
3	U34201DL1989PLC036743	JCBL LIMITED	Director	29/09/2001	29/09/2001	-	Active	NO

Name :

Mr. Parminder Singh Sodhi

Designation :

Director

Address:

# G-14/15, Model Town, Patiala -147 001, Punjab, India

Date of Birth/Age :

01.11.1946

Date of Appointment :

01.05.2009

DIN No.:

00529217

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	U74999DL1997PLC130836	MOBILITY SOLUTIONS LIMITED	Whole-time director	1/9/2010	1/10/2005	-	Active	NO
2	U34201DL1989PLC036743	JCBL LIMITED	Director	29/09/2009	1/5/2009	-	Active	NO
3	U72900CH2009PTC031747	GRAFICA DESIGN SOLUTIONS PRIVATE LIMITED	Director	9/9/2009	9/9/2009	-	Active	NO
4	U74900AP2008PTC062339	MITHRA JCBL COACHES PRIVATE LIMITED	Director	30/09/2010	2/4/2010	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Vasudha Aggarwal
Designation :	Secretary
Address:	House No.735/14, Ahatta Murarilal, Kalka, Haryana-133 302, India
Date of Birth/Age :	08.01.1984
Date of Appointment :	12.03.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Mr. Rajinder Aggarwal	852390
Mr. Rishi Aggarwal	1171476
Rajinder Aggarwal (HUF)	285040
Ms. Sarita Aggarwal	1769570
Ms. Aarti Aggarwal	440
Mr. Vivek Datta	222
Mr. Sandeep Chakroborty	22
Mr. Girish Wadhwa	200
Mr. S S Pramar	200
Mr. Tushar Sharma	200
Mr. Man Singh	200
Mr. Dharam Pal	200
Mr. Pramod Jha	200
Mr. Sham Mnocha Lal	200
Mr. Sanjeev Babbar	200
Mr. Munshi Sharma	200
Mr. K George	200
Mr. Ashok Kalsi	200
Mr. Rajbir Singh	200
Mr. Gian CHand	200
Mr. B Matta	200
Mr. Suresh Bhatia	200
Mr. Venkat Rao	200
Mr. Daljeet Singh	200
Mr. Baljeet Singh	200
Mr. N Rajindran	200
Ms. Nupur Aggarwal	260000
Ms. Yashasvi Aggarwal	100000
Ms. Sarita Aggarwal	378620
Mr. Rishi Aggarwal	378620
Total	5200200

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		99.92
Other top fifty shareholders		0.08
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture High Quality Japanese Technology Buses and Load Carriers for Swaraj Mazda.

PRODUCTION STATUS (31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Bus Body (Small)	Nos.	7500	5269	2229
Bus Body (Big)	Nos.	7500	5269	166
Integral Coach	Nos.	540	540	238
Cargo Box	Nos.	10200	10000	2507

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Indian Overseas Bank, PYL Branch, PH-IV, Mohali, Punjab, India

Facilities :

SECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term Loan Bank secured	164.507	206.556
Rupee term loan other secured	0.000	1.972
Rupee term loan financial institution	10.260	0.000
Working capital loans bank secured	307.165	236.673
Working capital loans other secured	0.000	0.104
Loan taken from vehicles secured	61.044	82.336
Total	542.976	527.641
UNSECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loan financial institution unsecured	109.255	0.000
Total	109.255	0.000

Banking Relations :	--
Auditors :
Name :	Kansal Singla and Associates Chartered Accountant
Address :	SCO 80-81, 4^th Floor, Sector 17-C, Chandigarh-160027, India
Tel. No.:	91-172-5078401-02
Fax No.:	91-172-5072903
Web Site	www.cakansalsingla.com
PAN.:	AAAFK9144R
Related Party:	· Mobility Solutions Limited · MSL Ghe Auto Components Private Limited · JCBL India Private Limited · Acme Formulation Private Limited · JCBL Marrel Tippers Private Limited · Prism Metals Private Limited · Spectators Global Private Limited · KEI Metals Private Limited · JCBL AL Shriawi Infra Equipments Private Limited · Aveda Eco Green Limited · SPR Estates and Builders Private Limited · Mithra JCBL Coaches Private Limited · ACE Testing Solutions Private Limited · Noble Formulation Private Limited · MSL Stralifarme – Compreforme Solutions Private Limited · Globe Automobiles Private Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs. 10/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5200200	Equity Shares	Rs. 10/- each	Rs.52.002 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		52.002	52.002	52.002
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		359.295	319.401	266.733
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		411.297	371.403	318.735
LOAN FUNDS
1] Secured Loans		542.976	527.641	546.925
2] Unsecured Loans		109.255	0.000	0.000
TOTAL BORROWING		652.231	527.641	546.925
DEFERRED TAX LIABILITIES		55.966	49.368	39.893
TOTAL		1119.494	948.412	905.553
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		497.614	497.675	410.153
Capital work-in-progress		29.930	42.357	31.068
INVESTMENT		71.327	38.827	28.826
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	370.019	355.868	314.729
	Sundry Debtors	472.040	293.699	367.509
	Cash & Bank Balances	37.606	34.103	49.259
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	136.434	148.292	107.168
Total Current Assets		1016.099	831.962	838.665
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	399.402	375.327	335.252
	Other Current Liabilities	74.764	59.476	44.095
	Provisions	21.310	27.606	23.812
Total Current Liabilities		495.476	462.409	403.159
Net Current Assets		520.623	369.553	435.506
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1119.494	948.412	905.553

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2200.316	2451.349	1902.282
		Other Income	5.973	26.089	9.033
		TOTAL (A)	2206.289	2477.438	1911.315
Less	EXPENSES
		Raw Material Consumed	1580.980	1883.111	1400.740
		Manufacturing Expenses	210.757	192.037	167.608
		Employee related Expenses	95.113	90.178	71.039
		Administrative Expenses	126.794	97.328	63.442
		Prior period items before tax	0.078	0.213	(1.020)
		Selling Expenses	0.000	0.000	27.645
		Loss on Sale of Fixed Assets	0.000	0.000	1.170
		Increase/(Decrease) in Finished Goods	0.000	0.000	31.773
		TOTAL (B)	2013.722	2262.867	1763.417
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		192.567	214.571	147.895
Less	FINANCIAL EXPENSES (D)		90.443	98.756	84.125
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		102.124	115.815	63.770
Less/ Add	DEPRECIATION/ AMORTISATION (F)		37.433	29.784	19.064
	PROFIT BEFORE TAX (E-F) (G)		64.691	86.031	44.706
Less	TAX (I)		21.628	30.195	18.566
	PROFIT AFTER TAX (G-I) (J)		43.063	55.836	26.140
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	36.930	37.893
Less	APPROPRIATIONS
		Transfer to General Reserve	20.000	20.000	20.000
		Dividend	0.000	0.000	5.200
		Tax on Dividend	0.000	0.000	0.884
	BALANCE CARRIED TO THE B/S		95.830	72.766	36.929
	IMPORTS		234.972	341.102	180.745
	TOTAL IMPORTS		234.972	341.102	180.745
	Earnings Per Share (Rs.)		8.30	10.78	5.03

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.95	2.25	1.37
Net Profit Margin (PBT/Sales)	(%)	2.94	3.51	2.35
Return on Total Assets (PBT/Total Assets}	(%)	4.27	6.47	3.58
Return on Investment (ROI) (PBT/Networth)		0.16	0.23	0.14
Debt Equity Ratio (Total Liability/Networth)		2.79	2.67	2.98
Current Ratio (Current Asset/Current Liability)		2.05	1.80	2.08

LOCAL AGENCY FURTHER INFORMATION

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	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	No
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	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	No
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

OPERATIONS

Due to increase in the competition in luxury integral coach segment, the selling prices became less remunerative. So the company reduced its share of such business. The sales of such coaches have come down to Rs 545.900 Millions as compared to Rs 1185.000 Millions in the previous year. Otherwise there is increase in business volume and value in all other segments.

CONTINGENT LIABILITY

(Rs. in Millions)

Particulars	31.03.2011	31.03.2010
Letters of Credit Opened	11.615	64.101
Bank Guarantees (Against which the company has given Counter Guarantee to the bank.	170.496	121.428

· Assessment of Income Tax has been completed up to Assessment Year 2008-09.

· Assessment of Sales Tax is pending for the Financial Year 2006-07, 2009-10 and 2010-11

· Claims against company not acknowledged as debt Rs. 39.467 Millions (Previous Year- Rs.33.162 Millions). The Company received Show Cause Notices from Central Excise department under Rule 10A of the Central Excise Act, amounting to Rs 36.290 Millions (Previous year Rs. 31.531 Millions) against fabrication of Bus body done on behalf of customers. The Company has contested the same and has been advised that the liability will come down to Rs. 2.000 Millions approx and this amount will be recovered from the concerned customers. Other Show Cause notice of Rs3.177 Millions (Previous Year Rs. 1.631 Millions) is against the Automobile Cess as per the Chapter note 5 to 87 of the Central Excise Act. The Company has furnished the reply and same is advised to be sustainable.

Fixed Assets

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Vehicles

WEBSITE DETAILS

PROFILE

Subject - A name synonymous high quality, utmost safety, groundbreaking technology and futuristic styling. Subject has to its credit a fine line of Buses, Special Application Vehicles, Election Campaign Vans, Display Vans, OB Vans, Radar Calibration Vans, Riot Control Vehicles, Mobile Homes and Offices, Life-Saving Ambulances, Cargo Boxes and Power-Packed Trailers.

From being incorporated in 1989 as a company that would manufacture high quality Japanese technology buses and load carriers for Swaraj Mazda, Subject has today evolved into a highly successful coach building company.

By diversifying into the manufacturing of several high quality Luxury Coaches, Motor Homes, Trailers, Special Utility Vehicles and Cargo Boxes, Subject , has become a name to reckon with in the automobile industry.

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.53.64
UK Pound	1	Rs.86.42
Euro	1	Rs.69.29

INFORMATION DETAILS

Report Prepared by :

DPK

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	5
--PROFITABILIRY	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
TOTAL		46

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.