MIRA INFORM REPORT

Report Date :

30.03.2013

IDENTIFICATION DETAILS

Name :	PUNJAB FUSION PRIVATE LIMITED
Registered Office :	1897 Arya Samaj Chowk Bathinda - 151001, Punjab
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.12.1996
Com. Reg. No.:	16-019215
Capital Investment / Paid-up Capital :	Rs.2.310 Millions
CIN No.: [Company Identification No.]	U31101PB1996PTC019215
TAN No.: [Tax Deduction & Collection Account No.]	AMRP11287D PTLP10326B AMRP11677B PTLP12205E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Carbon Dioxide Liquid and Carbon Dioxide Solid
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 32000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The latest financials are not made available with the government department. As per previous year’s, the profitability appears to be low. External borrowings seems to be huge. However, trade relations are reported to be fair. Business is active. Payments are unknown. The company can be considered for business dealings with some caution.

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

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.

LOCATIONS

Registered Office :	1897 Arya Samaj Chowk Bathinda - 151001, Punjab, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	casmsbrs@gmail.com

DIRECTORS

As on 28.09.2012

Name :	Mr. Davinder Kohli Singh
Designation :	Director
Address :	1897 Arya Samaj Chowk Bathinda - 151001, Punjab, India
Date of Birth/Age :	11.09.1965
Date of Appointment :	15.02.2001
DIN No.:	00301180
Name :	Mr. Amrit Pal Singh Kohli
Designation :	Director
Address :	1897 Arya Samaj Chowk Bathinda - 151001, Punjab, India
Date of Birth/Age :	09.08.1970
Date of Appointment :	27.12.1996
DIN No.:	01120399
Name :	Mr. Jatinder Kaur Kohli
Designation :	Director
Address :	1897 Arya Samaj Chowk Bathinda - 151001, Punjab, India
Date of Birth/Age :	09.05.1966
Date of Appointment :	27.12.1996
DIN No.:	01120487

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Jatinder Kaur Kohli	6000
Amrit Paul Singh Kohli	15345
Davinder Singh Kohli	12525
Davinder Singh Kohli and Sons (HUF)	120
Prabhu Lal Meena	100
Amrit Paul Singh Kohli and Sons (HUF)	100
Sneha Jain	100
Sunita Jain	100
Inder Pal Kaur Kohli	1800
Joginder Kur Kholi	3000
Parminder Singh	100
Janmeet Kaur Kohli	800
Jasmine Kur Kohli	1200
Razmeet Kur Kohli	1210
Babkaran Singh Kohli	1050
Gurukaran Singh Kohli	1180
Inshleen Jaur Kohli	1170
Manoj Kumar	100
Navneet Kumar	200
Nimala Devi	100
Shanti Lal Jain and Sons (HUF)	100
Lakhvir Singh	100
Rahul Jain	100
Total	46600

As on 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	97.85
Other top fifty shareholders	2.15
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Carbon Dioxide Liquid and Carbon Dioxide Solid
Products :	Carbon Dioxide Liquid Carbon Dioxide Solid

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Carbon Dioxide Liquid	MT	39000	36000	20569.785
Carbon Dioxide Solid	MT	39000	36000	Nil

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Oriental Bank of Commerce, Bank Street, Bathinda - 151001, Punjab, India
• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India
• ICICI Bank Limited
• Punjab National Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Term Loans form oriental bank of commerce (Secured against hypothecation of plant and machinery and other fixed assets of the company and further secured by way of personal guarantee of directors)	5.338	6.070
Term Loans form oriental bank of commerce (Secured against hypothecation of plant and machinery and other fixed assets of the company and further secured by way of personal guarantee of directors)	2.410	3.252
Cash credit limit form oriental bank of commerce (Secured against hypothecation of plant and machinery and other fixed assets of the company and further secured by way of personal guarantee of directors)	2.500	2.062
Truck loans from HDFC Bank (Secured against hypothecation of truck)	7.538	10.549
Car loan form ICICI Bank (Secured against hypothecation of car)	1.274	0.000
Total	19.060	21.933

Banking Relations :	--
Auditors :
Name :	Samarth M Surana and Company Chartered Accountants
Address :	R. No. 307 Sai Chamber, 783/16 D B Gupta Road Karol Bagh, New Delhi – 110005, India
Tel. No.:	91-11-23550150
Mobile No.:	91-9910356565
PAN.:	AAQFS4882C
Entities over which Company, or key management personnel or their relatives, exercise significant influence :	Carewell Marketing Punjab Carbonic Private Limited Kohli Traders M.S. Marketing

CAPITAL STRUCTURE

As on 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46600	Equity Shares	Rs.100/- each	Rs.4.660 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23100	Equity Shares	Rs.100/- each	Rs.2.310 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		2.310	2.310	2.310
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.768	4.362	1.965
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.078	6.672	4.275
LOAN FUNDS
1] Secured Loans		19.060	21.933	11.225
2] Unsecured Loans		8.702	9.271	9.619
TOTAL BORROWING		27.762	31.204	20.844
DEFERRED TAX LIABILITIES		2.139	1.493	0.276
TOTAL		37.979	39.369	25.395
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		54.672	41.308	23.663
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.003
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.909	0.013	0.708
	Sundry Debtors	23.375	18.595	16.405
	Cash & Bank Balances	7.792	4.560	4.674
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.188	8.235	4.041
Total Current Assets		41.264	31.403	25.828
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	26.474	22.836	17.180
	Other Current Liabilities	31.483	10.506	6.056
	Provisions	0.000	0.000	0.863
Total Current Liabilities		57.957	33.342	24.099
Net Current Assets		(16.693)	(1.939)	1.729
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		37.979	39.369	25.395

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	101.821	100.758	69.364
		Other Income	12.991	9.097	11.770
		Profit on sale of fixed assets	0.996	0.000	0.000
		TOTAL	115.808	109.855	81.134
Less	EXPENSES
		Office Expenses
		Administrative Expenses	113.720	106.263	78.038
		Advertising Expenses
		TOTAL	113.720	106.263	78.038
	PROFIT BEFORE TAX		2.088	3.592	3.096
Less	TAX		0.682	1.195	1.140
	PROFIT AFTER TAX		1.406	2.397	1.956
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.362	1.965	0.000
	BALANCE CARRIED TO THE B/S		5.768	4.362	1.965
	IMPORTS
		Capital Goods	1.795	0.000	2.155
	TOTAL IMPORTS		1.795	0.000	2.155
	Earnings Per Share (Rs.)		60.84	103.76	84.70

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.21	2.18	2.41
Net Profit Margin (PBT/Sales)	(%)	2.05	3.56	4.46
Return on Total Assets (PBT/Total Assets}	(%)	2.18	4.94	6.26
Return on Investment (ROI) (PBT/Networth)		0.26	0.54	0.72
Debt Equity Ratio (Total Debt/Networth)		3.44	4.68	4.88
Current Ratio (Current Asset/Current Liability)		0.71	0.94	1.07

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	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	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	No
20]	Export / Import details (if applicable)	No
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

DETAILS OF UNSECURED LOAN

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
From Shareholder	6.081	5.568
Form Directors	2.621	3.703
Total	8.702	9.271

OPERATIONS

During the year company's sale stood at Rs. 101.821 Millions as compared to Rs. 100.758 Millions for previous year. There was profit of Rs. 1.406 Millions as compared to profit of Rs. 2.397 Millions for previous year. The reason of decrease in profit was higher interest and depreciation. The directors hope to achieve better result in current year.

CONTINGENT LIABILITIES (As on 31.03.2011)

Claims not acknowledged as debt Rs. NIL previous year Rs. Nil Counter guarantee given to bank against the bank guarantee issued by them amounting to Rs.19.534 Millions (previous year Rs.2.034 Millions).

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U31101PB1996PTC019215
Name of the company	PUNJAB FUSION PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1897 Arya Samaj Chowk Bathinda - 151001, Punjab, India E-mail Id : casmsbrs@gmail.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India E- Mail id : cpu-retailassetoperations.rocefiling@hdfcbank.com
Nature of instrument creating charge	Agreement for Loan and Guarantee. (Barcode No.: 034046614)
Date of instrument Creating the charge	28.05.2012
Amount secured by the charge	Rs.2.855 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @10.16 % p.a. Terms of Repayment The Loan is repayable in 35 EMIs of Rs.94592/- starting from 20th June, 2012 ending on 20th April, 2015. Margin As may be stipulated by bank from time to time. Extent and Operation of the charge The Company hypothecates to and charges in favour of the Bank by way of first and exclusive charge of the Vehicle/ equipment as security for the repayment / payment by the company of the loan granted or to be granted to the company by the Bank together with all fees, interest, costs and expenses incurred/to be incurred by the Bank and all other monies payable or to become payable by the company to the Bank. Others The Bank shall be absolutely entitled and have full power and authority to sell, assign or transfer in any manner, in whole or in part, and in such manner and on such terms as the Bank may decide, including reserving a right to the Bank to retain its power to proceed against the company on behalf of the purchaser, assignee or transferee, any or all outstanding dues of the company, to any third party of the Bank's choice without reference to or without written intimation to the company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Vehicles namely: TATA 3118 WITH BODY.

FIXED ASSETS

• Building
• Plant and Machinery
• Computer
• Vehicle
• Furniture
• Cylinders

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.54.39
UK Pound	1	Rs.82.32
Euro	1	Rs.69.54

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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.