MIRA INFORM REPORT

Report Date :

08.10.2012

IDENTIFICATION DETAILS

Name :	BAJAJSONS LIMITED
Registered Office :	C-103, Phase 5, Focal Point, Ludhiana – 141010, Punjab
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.01.1985
Capital Investment / Paid-up Capital :	Rs.78.400 Millions
Com. Reg. No.:	16-006127
CIN No.: [Company Identification No.]	U34300PB1985PLC006127
TAN No.: [Tax Deduction & Collection Account No.]	JLDB00544F JLDB00809E
PAN No.: [Permanent Account No.]	AAACB6875H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture and Importer of Water Parts.
No. of Employees :	6500 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 1440000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. There appears some dip in the profitability of the company. However, network of the company appears satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB + [Long Term]
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	June, 2012

Rating Agency Name	CRISIL
Rating	A2 [Short Term]
Rating Explanation	Strong degree of safety it carry low credit risk.
Date	June, 2012

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 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Rajesh Kumar
Designation :	Assistant of Head Office
Contact No.:	91-161-2670824
Date :	05.10.2012

LOCATIONS

Registered Office :	C-103, Phase 5, Focal Point, Ludhiana – 141010, Punjab, India
Tel. No.:	91-161-2670824/ 2670825/ 2670105 / 4692600
Fax No.:	91-161-2670104
E-Mail :	info@bajajsons.com nashik@bajajsons.com haridwar@bajajsons.com roorkee@bajajsons.com
Website :	http://www.bajajsons.com
Area :	40000 sq. ft.
Location :	Owned by Company
Factory 1:	C-68, Focal Point, Phase-III, Ludhiana – 141010, Punjab, India
Tel. No.:	91-161-2673294/2675990
Fax No.:	91-161-2673024
Area :	54000 sq. ft.
Location :	Owned by company
Factory 2:	C-92-94, Focal Point, Phase-V, Ludhiana - 141010, Punjab, India
Tel. No.:	91-161-2677993/5017557/5035779
Fax No.:	91-161-2671008
Area :	100000 sq. ft.
Location :	Owned by company
Factory 3 :	Plot No. 31, MIDC, Satpur, Nashik - 422001, Maharashtra, India
Tel. No.:	91-253-6610020/6610021
Fax No.:	91-253-2361515
Area :	60000 sq. ft.
Location :	Owned by company
Factory 4 :	Plot No. 02, Industrial Park Iv, Near Bahadrabad Road, Village Begampur, District Haridwar, India
Factory 5 :	Plot No. 42, Shivganga Industrial Estate, Village Lakesari, P O Pargana, Bhagwanpur, Tehsil Roorkee, Uttarkhand, India
Tel No.:	91-1332-235240/41/42

DIRECTORS

AS ON 26.09.2011

Name :

Mr. Surender Pal Bajaj

Designation :

Managing Director

Address :

2746/1 Gurdev Nagar, Ludhiana, Punjab, India

Date of Birth/Age :

28.06.1938

Date of Appointment :

01.03.1985

Din No.:

00042105

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	Company/ LLP Status	Defaulting status
1	U34300PB1985PLC006127	BAJAJSONS LIMITED	Managing director	01/04/2009	01/03/1985	Active	NO
2	U34103HR1986PLC024875	BAJAJ MOTORS LIMITED	Director	21/11/1988	21/11/1988	Active	NO
3	U00000PB1998PLC021713	SAROOPSONS INDUSTRIES LIMITED	Director	21/08/1998	21/08/1998	Active	NO
4	U27203PB1993PTC013707	BAJAJ PRECISION FORGINGS PRIVATE LIMITED	Director	21/02/2005	21/02/2005	Active	NO
5	U34300PB2002PTC025269	ELIXIR MOTORS PRIVATE LIMITED	Additional director	01/09/2011	01/09/2011	Active	NO

Name :

Mr. Subash C Bajaj

Designation :

Director

Address :

2788, Gurdev Nagar, Ludhiana, Punjab, India

Date of Birth/Age :

18.01.1941

Date of Appointment :

31.01.1995

Din No.:

00044392

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	U34300PB1985PLC006127	BAJAJSONS LIMITED	Director	31/01/1985	31/01/1985	-	Active	NO
2	U00000PB1998PLC021713	SAROOPSONS INDUSTRIES LIMITED	Director	21/08/1998	21/08/1998	-	Active	NO
3	U27203PB1993PTC013707	BAJAJ PRECISION FORGINGS PRIVATE LIMITED	Director	21/02/2003	21/02/2003	-	Active	NO
4	U34103HR1986PLC024875	BAJAJ MOTORS LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
5	U29268PB2008PTC031933	BAJAJ KAIZEN AUTOMOTIVES PRIVATE LIMITED	Director	19/05/2008	19/05/2008	-	Strike off	NO
6	U99999DL1962PLC003623	FEDERATION OF ALL INDIA AUTOMOBILE SPARE PARTS DEALERS'ASSOCIATION	Director	30/09/2008	30/09/2008	24/09/2011	Active	NO

Name :

Mr. Virender Pal Bajaj

Designation :

Director

Address :

1804, Sector -17, Gurgaon, Haryana, India

Date of Birth/Age :

24.04.1939

Date of Appointment :

01.01.1989

Din No.:

00003030

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	Company/ LLP Status	Defaulting status
1	U34103HR1986PLC024875	BAJAJ MOTORS LIMITED	Managing director	01/09/2007	17/07/1986	Active	NO
2	U34300PB1985PLC006127	BAJAJSONS LIMITED	Director	01/01/1989	01/01/1989	Active	NO
3	U34300DL2000PTC107443	MICROTEK FORGINGS PRIVATE LIMITED	Director	25/08/2000	25/08/2000	Active	NO
4	U74220HR2004NPL035339	GURGAON TECHNICAL DEVELOPMENT CENTRE FOR EXCELLENCE	Director	17/03/2004	17/03/2004	Active	NO
5	U45206HR2006PLC036476	OAL ENERGY AND INFRASTRUCTURE LIMITED	Director	04/12/2006	04/12/2006	Active	NO

Name :

Mr. Sanjay Bajaj

Designation :

Whole Time Director

Address :

2746/1 Gurdev Nagar, Ludhiana, Punjab, India

Date of Birth/Age :

11.12.1964

Date of Appointment :

25.04.1999

Din No.:

00042035

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	Company/ LLP Status	Defaulting status
1	U34300PB1985PLC006127	BAJAJSONS LIMITED	Whole-time director	25/04/2009	25/04/1999	Active	NO
2	U27203PB1993PTC013707	BAJAJ PRECISION FORGINGS PRIVATE LIMITED	Director	25/12/2006	25/12/2006	Active	NO

Name :

Mr. Sumeet Bajaj

Designation :

Director

Address :

2746/1 Gurdev Nagar, Ludhiana, Punjab, India

Date of Birth/Age :

25.06.1969

Date of Appointment :

25.04.1999

Din No.:

00044340

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	Company/ LLP Status	Defaulting status
1	U34300PB1985PLC006127	BAJAJSONS LIMITED	Whole-time director	25/04/2009	25/04/1999	Active	NO
2	U34300DL1999PLC100959	ESVEE PRECISION COMPONENTS LIMITED	Director	01/11/1999	01/11/1999	Active	NO
3	U27203PB1993PTC013707	BAJAJ PRECISION FORGINGS PRIVATE LIMITED	Director	21/02/2003	21/02/2003	Active	NO

Name :

Mr. Ashwani Kumar

Designation :

Additional Director

Address :

B-1, 1375, opp. Old Courts, Ludhiana, Punjab, India

Date of Birth/Age :

15.10.1948

Date of Appointment :

04.09.2010

Din No.:

03060569

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	Company/ LLP Status	Defaulting status
1	U34300PB1985PLC006127	BAJAJSONS LIMITED	Director	28/09/2010	04/09/2010	Active	NO

Name :

Dr. Anil Kapoor

Designation :

Additional Director

Address :

Kapoor Clinic, Sunder Nagar, Ludhiana, Punjab, India

Date of Birth/Age :

02.07.1954

Date of Appointment :

04.09.2010

Din No.:

03162799

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	Company/ LLP Status	Defaulting status
1	U34300PB1985PLC006127	BAJAJSONS LIMITED	Director	28/09/2010	04/09/2010	Active	NO

Name :

Mr. Rajpal Ahuja

Designation :

Additional Director

Address :

H. No.6, Sant Fateh Singh Nagar, Durgi Road, Ludhiana, Punjab, India

Date of Birth/Age :

10.09.19.35

Date of Appointment :

04.09.2010

Din No.:

03225555

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	Company/ LLP Status	Defaulting status
1	U34300PB1985PLC006127	BAJAJSONS LIMITED	Director	28/09/2010	04/09/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Jai Bhagwan Sharma
Designation :	Company Secretary
Address :	1960, Sector 32-A, Chandigarh Road, Ludhiana, Punjab, India
Date of Birth/Age :	04.06.1968
Date of Appointment :	04.02.2005
Name :	Mr. Rajesh Kumar
Designation :	Assistant of Head Office

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2011

Names of Shareholders	No. of Shares
V P Bajaj	489755
Subash C Bajaj	1117312
S P Bajaj	2555
Sushma Bajaj	978600
Sushma Bajaj	406000
Sanjay Bajaj	342300
Sheetal S Bajaj	273350
Saurabh Bajaj	192500
Sumeet Bajaj	447300
Vikas Bajaj	253235
Depak Bajaj	597800
Bajaj Precision Foregings (Private) Limited, India	1064000
Vimmi Bajaj	227500
Preeti Bajaj	383410
Ekta Bjaja	70000
Sanjay Bajaj (HUF)	122500
Surabh Bajaj (HUF)	348430
Kamna Bajaj	383425
V P Bajaj (HUF)	140000
S P Bajaj (HUF)	28
TOTAL	7840000

AS ON 26.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	14.00
Directors or relatives of directors	86.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacture and Importer of Water Parts.

Products :

PRODUCTS DESCRIPTION	ITEM CODE NO.
Machined and Forged Components for automobiles and Other Industries	87149100
Auto parts and their Processing	87149100

• Water Parts
• Automobile Ancillaries
• Sheet Metal
• Tubular
• Assembles
• Turned
• Machined Forgings

Imports :

Products :

Machinery

Countries :

• UK
• Japan
• Singapore
• Germany

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

6500 [Approximately]

Bankers :

• State Bank of India, Specialized Commercial Branch, Miller Ganj, Ludhiana - 141010, Punjab, India
• State Bank of India, SCB, Miller Ganj Branch, Pahwa Hospital Complex, Ludhiana-141003, Punjab, India
• CITI Bank, Phiroz Gandhi Market, Ludhiana, Punjab, India
• CITI Bank NA, Jeevan Vihar, 3 Sansad Marg, New Delhi, India
• Standard Chartered Bank, Credit Risk Control, Narain Mazil, 23 Barakhamba Road, New Delhi – 110001, India
• HDFC Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans	239.642	190.316
Working capital loans	163.045	173.800
Loans taken for vehicles	2.164	1.833
TOTAL	404.851	365.949
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Loans directors	30.824	26.575
Public deposits	6.100	5.700
Deposits related parties	61.424	56.687
Other debts	49.610	30.090
TOTAL	147.958	119.052

Banking Relations :	--
Auditors :
Name :	A Kumar Gupta and Company Chartered Accountant
Address :	1^st Floor, Kismat Complex, G T Road, Millerganj, Ludhiana - 141010, Punjab, India
PAN No:	AABFA6084H
Related Parties :	Apex Enterprises Bajaj Motors Limited Saroopsons Industries Limited Esvee Precision Components Limited Bajaj Precision Forgings Private Limited Shakti Builders Apex Petroleum Saroopsons Exports Ludhiana Motor Agency Elixir Motors (Private) Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7840000	Equity Shares	Rs.10/- each	Rs.78.400 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		78.400	78.400	78.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		282.022	266.583	239.448
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		360.422	344.983	317.848
LOAN FUNDS
1] Secured Loans		404.851	365.949	280.257
2] Unsecured Loans		147.958	119.052	96.616
TOTAL BORROWING		552.809	485.001	376.873
DEFERRED TAX LIABILITIES		48.389	45.392	43.835
TOTAL		961.620	875.376	738.556
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		678.357	593.459	478.634
Capital work-in-progress		7.392	1.384	0.200
INVESTMENT		0.895	0.895	0.895
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	303.305	235.988	197.682
	Sundry Debtors	277.974	285.880	240.181
	Cash & Bank Balances	11.352	19.694	30.645
	Other Current Assets	25.195	0.000	0.000
	Loans & Advances	40.262	49.924	51.631
Total Current Assets		658.088	591.486	520.139
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	261.027	210.999	175.444
	Other Current Liabilities	94.189	71.487	29.738
	Provisions	27.896	29.362	56.130
Total Current Liabilities		383.112	311.848	261.312
Net Current Assets		274.976	279.638	258.827
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		961.620	875.376	738.556

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2070.833	1630.585	1401.822
		Other Income	3.610	2.634	1.407
		TOTAL (A)	2074.443	1633.219	1403.229
Less	EXPENSES
		Consumption Materials Changes Inventories	1258.548	971.478
		Manufacturing Services Costs	255.223	228.169
		Contract Cost	49.841	9.049	1281.816
		Employee Related Expenses	331.122	237.546
		Administrative Selling and Other Expenses	51.454	59.797
		TOTAL (B)	1946.188	1506.039	1281.816
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		128.255	127.180	121.413
Less	FINANCIAL EXPENSES (D)		47.898	41.503	40.719
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		80.357	85.677	80.694
Less/ Add	DEPRECIATION/ AMORTISATION (F)		54.687	45.322	40.633
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		25.670	40.355	40.061
Less	TAX (H)		8.707	12.670	14.970
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		16.963	27.685	25.091
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		114.974	87.289	62.198
	BALANCE CARRIED TO THE B/S		131.937	114.974	87.289
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	41.472	0.213	4.033
	IMPORTS
		Raw Materials	136.999	64.136	48.816
		Consumables	0.069	0.055	0.249
		Spares	0.000	0.024	0.000
		Laptop	0.000	0.059	0.000
		Machinery	32.339	0.618	0.000
	TOTAL IMPORTS		169.407	64.892	49.065
	Earnings / (Loss) Per Share (Rs.)		2.16	3.53	3.33

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.82	1.70	1.78
Net Profit Margin (PBT/Sales)	(%)	1.23	2.47	2.86
Return on Total Assets (PBT/Total Assets}	(%)	1.92	3.41	4.01
Return on Investment (ROI) (PBT/Networth)		0.07	0.12	0.13
Debt Equity Ratio (Total Liability/Networth)		2.60	2.31	2.01
Current Ratio (Current Asset/Current Liability)		1.72	1.90	1.99

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
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
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDUSTRIAL RELATIONS:

The Company believes that the employee form the fulcrum of growth and differentiation for the organization. The Company recognize that people are its principal assets and that it’s continued growth is dependent upon the Company’s ability to attract and retain quality people. The Company encourages long term commitment to the Company by rewarding its people for the opportunities they create and the value generated for customers and shareholders. The Company conducts several training programmes to upgrade the skills of the workforce. The industrial relations have remained cordial throughout the year in the Company.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	90169221
Corporate identity number of the company	U34300PB1985PLC006127
Name of the company	BAJAJSONS LIMITED
Address of the registered office or of the principal place of business in India of the company	C-103, Phase 5, Focal Point, Ludhiana – 141010, Punjab, India
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, SCB, Miller Ganj Branch, Pahwa Hospital Complex, Ludhiana-141003, Punjab, India Email: singh.balbir@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Form C 9; Memorandum of Deposit for creation of charge for term loan/ overall limit SPECIMAN -A
Date of instrument Creating the charge	24.05.2012
Amount secured by the charge	Rs.176.600 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Working Capital-3% above base rate Term Loan-3% above base rate Terms of Repayment Working Capital on demand Term loan as per sanctioned terms and conditions Margin Raw Material-25% Stock in Process-25% Receivables-40% Finish Goods-25% Extent and Operation of the charge 100%
Short particulars of the property charged	Primary Security- (a) Working Capital- 1st charge on entire current assets of the company on Pari Passu basis with Standard Chartered Bank, HDFC Bank Limited and Citibank NA (b)Term Loan-1st charge on entire fixed assets of the Co. on Pari Passu basis with Standard Chartered Bank and HDFC Bank by way of EM of under noted property in addition to property already mortgaged Industrial Plot of 0.272 hectare belonging to Khata No.92, Khasra No 31d at Village- Lakeshari Pargana, Bhagwanpur, District Haridwar Industrial Plot of 1.0530 hectare belonging to Khasra No 29 at Village- Lakeshari Pargana, Bhagwanpur, District Haridwar Collateral Security: (a) Working Capital; 2nd Charge on the entire fixed assets of the company on Pari Passu basis with SCB, HDFC Bank and CITIBANK NA (b) Term Loan; 2nd Charge on the entire current Assets of the company on Pari Passu basis with SCB and HDFC Bank Ltd.
Date of latest modification prior to the present modification	01.12.2011
Particulars of the present modification	(a) Equitable Mortgage of company property at Plot No. 42, SGIE, Village-Lakeshari, Teh. Roorkee, District Haridwar. (b) Release of company property at Plot No.02, IP-IV, Begumpur, District Haridwar

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Tools and Dies
• Jigs and Fixtures
• Pollution Control Equipments
• Computer
• Cycle and Rickshaw
• Vehicles
• MFA

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.51.62
UK Pound	1	Rs.83.57
Euro	1	Rs.67.17

INFORMATION DETAILS

Information Gathered by :	SLP
Report Prepared by :	TPT

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	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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.