MIRA INFORM REPORT

Report Date :

09.11.2013

IDENTIFICATION DETAILS

Name :	G N A AXLES LIMITED
Registered Office :	GNA House, 1-C Chhoti Baradari – II, Garha Road, Opposite Medical College, Jalandhar – 144001, Punjab
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.09.1993
Com. Reg. No.:	16-013684
Capital Investment / Paid-up Capital :	Rs. 151.654 Millions
CIN No.: [Company Identification No.]	U29130PB1993PLC013684
TAN No.: [Tax Deduction & Collection Account No.]	JLDG00288B
PAN No.: [Permanent Account No.]	AAACG8506C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Real Axle Shafts.
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 3080000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position appears to be sound. Trade relation reported to be fair. Business is active. Payment terms are reported as usually correct. The company can be considered normal for business dealing at usual trade terms and conditions. Note: Financials of 2013 is not available with us.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “BBB”
Rating Explanation	Moderate credit quality and average credit risk.
Date	June 14, 2013

Rating Agency Name	CRISIL
Rating	Short term rating: “A3+”
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	June 14, 2013

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 :	GNA House, 1-C Chhoti Baradari – II, Garha Road, Opposite Medical College, Jalandhar – 144001, Punjab, India
Tel. No. :	Not Available
Fax No. :	Not Available
E-Mail :	gjain@gnagroup.com rakesh@gnagroup.com
Website :	www.gnagroup.com
Factory :	Mehtiana, District Hoshiarpur -146001, Punjab India
Tel. No. :	91-1882-262273
Fax No. :	91-1882-262302/ 262280

DIRECTORS

As on 08.08.2013

Name :

Mr. Gursaran Singh

Designation :

Managing Director

Address :

VPO, Kotkalan, Jalandhar – 144024, Punjab, India

Date of Birth/Age :

20.04.1936

Date of Appointment :

01.04.2013

DIN No. :

00805558

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	U45202PB1959NPL002286	"THE GORAYA REGISTERED FACTORY OWNERS' ASSOCIATION"	Director	29/09/1980	29/09/1980	-	Active	NO
2	U31904PB1983PLC005241	GURU NANAK TRANSMISSIONS PUNJAB LIMITED	Director	05/01/1983	05/01/1983	-	Active	NO
3	U51909PB1990PLC010607	GNA UDYOG LIMITED	Director	06/03/1991	06/03/1991	24/03/2012	Active	NO
4	U29130PB1993PLC013684	G N A AXLES LIMITED	Managing director	01/04/2013	06/09/1993	-	Active	NO
5	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	02/09/2002	02/09/2002	06/09/2007	Active	NO
6	L74899DL1981PLC012804	LUMAX INDUSTRIES LIMITED	Director	30/01/2003	30/01/2003	-	Active	NO
7	U34300PB1980PLC004154	GNA DURAPARTS LIMITED	Managing director	01/04/2011	04/03/2009	-	Active	NO

Name :

Rachhpall Singh

Designation :

Whole-time director

Address :

VPO, Bundala, Jalandhar – 144034, Punjab, India

Date of Birth/Age :

15.10.1933

Date of Appointment :

01.04.2012

DIN No. :

00806002

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	U29130PB1993PLC013684	G N A AXLES LIMITED	Whole-time director	01/04/2012	06/09/1993	-	Active	NO
2	U51909PB1990PLC010607	GNA UDYOG LIMITED	Whole-time director	01/04/2011	30/06/1999	24/03/2012	Active	NO

Name :

Mr. Ranbir Singh

Designation :

Whole-time director

Address :

VPO, Kotkalan, Jalandhar – 144024, Punjab, India

Date of Birth/Age :

04.12.1961

Qualification :

Graduate

Date of Appointment :

01.04.2013

DIN No. :

01572708

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	U34300PB1980PLC004154	GNA DURAPARTS LIMITED	Director	15/09/1988	15/09/1988	-	Active	NO
2	U29130PB1993PLC013684	G N A AXLES LIMITED	Whole-time director	01/04/2013	06/09/1993	-	Active	NO
3	U31904PB1983PLC005241	GURU NANAK TRANSMISSIONS PUNJAB LTD	Director	09/02/1998	09/02/1998	-	Active	NO
4	U51909PB1990PLC010607	GNA UDYOG LIMITED	Director	30/06/1999	30/06/1999	11/01/2013	Active	NO
5	U65990PB2009PLC032876	GNA INVESTMENT LIMITED	Director	02/06/2009	02/06/2009	-	Active	NO
6	U65110PB1999PLC022634	CAPITAL LOCAL AREA BANK LIMITED	Additional director	27/03/2010	27/03/2010	-	Active	NO

Name :

Mr. Gurdeep Singh

Designation :

Director

Address :

VPO, Kotkalan, Jalandhar – 144024, Punjab, India

Date of Birth/Age :

04.01.1967

Date of Appointment :

06.09.1993

DIN No. :

01572748

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	U60210PB1984PLC005913	AMARSONS AUTOMOTIVES LIMITED	Director	09/01/1985	09/01/1985	-	Active	NO
2	U34300PB1980PLC004154	GNA DURAPARTS LIMITED	Whole-time director	01/04/2013	03/09/1991	-	Active	NO
3	U29130PB1993PLC013684	G N A AXLES LIMITED	Director	06/09/1993	06/09/1993	-	Active	NO
4	U31904PB1983PLC005241	GURU NANAK TRANSMISSIONS PUNJAB LTD	Director	30/09/1993	30/09/1993	-	Active	NO
5	U51909PB1990PLC010607	GNA UDYOG LIMITED	Director	05/11/2001	05/11/2001	11/01/2013	Active	NO
6	U65990PB2009PLC032876	GNA INVESTMENT LIMITED	Director	02/06/2009	02/06/2009	-	Active	NO

Name :

Mr. Jasvinder Singh Seehra

Designation :

Whole-time director

Address :

VPO, Kotkalan, Jalandhar – 144024, Punjab, India

Date of Birth/Age :

26.07.1958

Qualification :

Graduate

Date of Appointment :

01.04.2013

DIN No. :

01831572

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	U34300PB1980PLC004154	GNA DURAPARTS LIMITED	Director	15/09/1988	15/09/1988	01/04/2013	Active	NO
2	U29130PB1993PLC013684	G N A AXLES LIMITED	Whole-time director	01/04/2013	06/09/1993	-	Active	NO
3	U31904PB1983PLC005241	GURU NANAK TRANSMISSIONS PUNJAB LTD	Director	09/02/1998	09/02/1998	-	Active	NO
4	U65990PB2009PLC032876	GNA INVESTMENT LIMITED	Director	02/06/2009	02/06/2009	-	Active	NO
5	U51909PB1990PLC010607	GNA UDYOG LIMITED	Director	21/03/2011	21/03/2011	11/01/2013	Active	NO

Name :

Mr. Kulwin Sehra

Designation :

Whole-time director

Address :

VPO, Kotkalan, Jalandhar – 144024, Punjab, India

Date of Birth/Age :

02.11.1986

Date of Appointment :

01.04.2011

DIN No. :

03522812

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	U29130PB1993PLC013684	G N A AXLES LIMITED	Whole-time director	01/04/2011	01/04/2011	-	Active	NO
2	U34300PB1980PLC004154	GNA DURAPARTS LIMITED	Director	03/06/2013	15/04/2013	-	Active	NO

Name :

Mr. Harwinder Singh Sehra

Designation :

Whole-time director

Address :

VPO, Bundala, Jalandhar – 144034, Punjab, India

Date of Birth/Age :

18.10.1982

Qualification :

Graduate

Date of Appointment :

01.04.2011

DIN No. :

03522842

KEY EXECUTIVES

Name :	Mr. Gourav Jain
Designation :	Secretary
Address :	NF 85, Quilla Mohalla, Jalandhar – 144001, Punjab, India
Date of Birth/Age :	06.01.1982
Date of Appointment :	01.08.2010
PAN No.:	AHMPJ4718K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 08.08.2013

Names of Shareholders	No. of Shares
S. Gursaran Singh	1790400
S. Ranbir Singh	2630400
S. Gurdeep Singh	2630400
Mohinder Kaur	531500
S. Rachhpall Singh	1790400
S. Jasvinder Singh	2630400
S. Maninder Singh	2630400
S. Harjinder Kaur	531500
Total	15165400

As on 08.08.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Real Axle Shafts.

Products :

Item Code No. (ITC Code)	Product Description
87085000	Axles

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Punjab National Bank, Gt Road, Goraya - 144401, Punjab, India

· Central Bank of India, Railway Road, Phagwara - 144401, Punjab, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (All fixed assets of company) [Personal guarantee of the promoter directors]	378.186	365.634
SHORT TERM BORROWINGS
Working capital loans from banks (Hypothecation of book debts, stock of the company) [Personally guaranteed by promoter directors of company]	786.216	572.124
Total	1164.402	937.758

Banking Relations :	--
Auditors :
Name :	G S Syal and Company Chartered Accountants
Address :	Syal House 470, Lajpat Nagar, Market, Jalandhar City, Jalandhar – 144001, Punjab, India
Income-tax PAN of auditor or auditor's firm :	ABNPS2310K

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15165400	Equity Shares	Rs.10/- each	Rs. 151.654 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	151.654	151.654
(b) Reserves & Surplus	619.134	431.707
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	770.788	583.361
(3) Non-Current Liabilities
(a) long-term borrowings	378.186	365.634
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	378.186	365.634
(4) Current Liabilities
(a) Short term borrowings	786.216	572.124
(b) Trade payables	618.648	801.133
(c) Other current liabilities	7.164	1.624
(d) Short-term provisions	113.534	15.774
Total Current Liabilities (4)	1525.562	1390.655
TOTAL	2674.536	2339.650
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	881.345	829.089
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	72.216	24.498
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	16.793	12.948
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	970.354	866.535
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	531.125	519.533
(c) Trade receivables	847.736	788.926
(d) Cash and cash equivalents	11.747	14.429
(e) Short-term loans and advances	313.574	150.227
(f) Other current assets	0.000	0.000
Total Current Assets	1704.182	1473.115
TOTAL	2674.536	2339.650

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		151.654
2] Share Application Money		0.000
3] Reserves & Surplus		343.289
4] (Accumulated Losses)		0.000
NETWORTH		494.943
LOAN FUNDS
1] Secured Loans		772.641
2] Unsecured Loans		0.000
TOTAL BORROWING		772.641
DEFERRED TAX LIABILITIES		0.000
TOTAL		1267.584
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		816.797
Capital work-in-progress		10.770
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	403.326
	Sundry Debtors	623.608
	Cash & Bank Balances	20.896
	Other Current Assets	0.000
	Loans & Advances	112.134
Total Current Assets		1159.964
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	679.151
	Other Current Liabilities	27.540
	Provisions	13.256
Total Current Liabilities		719.947
Net Current Assets		440.017
MISCELLANEOUS EXPENSES		0.000
TOTAL		1267.584

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3934.357	3076.369	1847.518
		Other Income	52.309	48.224	40.141
		TOTAL (A)	3986.666	3124.593	1887.659
Less	EXPENSES
		Cost of materials consumed	2741.209	2229.839
		Employee benefit expense	92.779	81.686
		Other expenses	683.864	535.919
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(48.965)	(68.504)
		TOTAL (B)	3468.887	2778.940	1647.827
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		517.779	345.653	239.832
Less	FINANCIAL EXPENSES (D)		115.366	92.485	83.347
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		402.413	253.168	156.485
Less/ Add	DEPRECIATION/ AMORTISATION (F)		123.967	117.214	89.760
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		278.446	135.954	66.725
Less	TAX (H)		90.000	47.500	13.256
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		188.446	88.454	53.469
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Exports	1284.069	861.133	482.622
	TOTAL EARNINGS		1284.069	861.133	482.622
	Earnings / (Loss) Per Share (Rs.)		12.43	5.83	3.53

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.73	2.83	2.83
Net Profit Margin (PBT/Sales)	(%)	7.08	4.42	3.61
Return on Total Assets (PBT/Total Assets}	(%)	10.70	5.87	3.38
Return on Investment (ROI) (PBT/Networth)		0.36	0.23	0.13
Debt Equity Ratio (Total Debt/Networth)		1.51	1.61	1.56
Current Ratio (Current Asset/Current Liability)		1.12	1.06	1.61

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	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 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]	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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/ MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10452542	25/09/2013	1,295,000.00	PUNJAB NATIONAL BANK	GT ROAD, GORAYA - 144401, PUNJAB, INDIA	B86472289
2	10347889	09/03/2012	1,850,000.00	PUNJAB NATIONAL BANK	GT ROAD, GORAYA - 144401, PUNJAB, INDIA	B37058237
3	10340757	07/03/2012	60,000,000.00	CENTRAL BANK OF INDIA	RAILWAY ROAD, PHAGWARA - 144401, PUNJAB, INDIA	B34397133
4	10340758	07/03/2012	690,000,000.00	CENTRAL BANK OF INDIA	RAILWAY ROAD, PHAGWARA - 144401, PUNJAB, INDIA	B34397836
5	10342035	07/03/2012	881,500,000.00	CENTRAL BANK OF INDIA	RAILWAY ROAD, PHAGWARA - 144401, PUNJAB, INDIA	B34950204
6	10342678	31/01/2012	7,365,000.00	PUNJAB NATIONAL BANK	GT ROAD, GORAYA - 144401, PUNJAB, INDIA	B35214212
7	10309185	26/08/2011	5,850,000.00	PUNJAB NATIONAL BANK	GT ROAD, GORAYA - 144401, PUNJAB, INDIA	B22119598
8	10278164	15/03/2011	41,500,000.00	CENTRAL BANK OF INDIA	RAILWAY ROAD, PHAGWARA - 144401, PUNJAB, INDIA	B09906538
9	10278161	15/03/2011	90,000,000.00	CENTRAL BANK OF INDIA	RAILWAY ROAD, PHAGWARA, PUNJAB - 144401, INDIA	B09907445
10	10273003	27/01/2011	3,148,000.00	PUNJAB NATIONAL BANK	GT ROAD, GORAYA - 144401, PUNJAB, INDIA	B06376933
11	10223972	01/05/2010	796,000.00	PUNJAB NATIONAL BANK	GT ROAD, GORAYA - 144409, PUNJAB, INDIA	A87814588
12	10166897	02/07/2009	2,306,000.00	PUNJAB NATIONAL BANK	GT ROAD, GORAYA - 144409, PUNJAB, INDIA	A65806259
13	10144474	13/09/2011 *	705,000,000.00	PUNJAB NATIONAL BANK (CONSORTIUM LEADER)	GT ROAD, GORAYA - 144409, PUNJAB, INDIA	B20325361
14	10144475	13/09/2011 *	705,000,000.00	PUNJAB NATIONAL BANK (CONSORTIUM LEADER)	GT ROAD, GORAYA - 144409, PUNJAB, INDIA	B20326252
15	10144476	13/09/2011 *	705,000,000.00	PUNJAB NATIONAL BANK (CONSORTIUM LEADER)	GT ROAD, GORAYA - 144409, PUNJAB, INDIA	B20295317
16	10135782	16/12/2008	7,500,000.00	PUNJAB NATIONAL BANK	GT ROAD, GORAYA - 144409, PUNJAB, INDIA	A53878088
17	10135780	16/12/2008	269,500,000.00	PUNJAB NATIONAL BANK	GT ROAD, GORAYA - 144409, PUNJAB, INDIA	A53877536
18	10069166	05/09/2007	925,000.00	PUNJAB NATIONAL BANK	GT ROAD, GORAYA - 144409, PUNJAB, INDIA	A24065070
19	80025483	05/02/2009 *	658,900,000.00	PUNJAB NATIONAL BANK	GT ROAD, GORAYA - 144409, PUNJAB, INDIA	A57451577
20	90170117	28/03/2005	30,000,000.00	PUNJAB NATIONALBANK	G;T.ROAD, GORAYA, JALANDHAR, PUNJAB, INDIA	-
21	90170032	30/10/2004	3,871,000.00	CAPITAL LOCAL AREA BANK LTD.	G;T.ROAD, JALANDHAR, PUNJAB, INDIA	-
22	90171427	06/09/2004	3,000,000.00	HDFC BANK LIMITED	G.T. ROAD, JALANDHAR, PUNJAB, INDIA	-
23	90169016	03/02/1998 *	25,000,000.00	BANK OF INDIA	G.T.ROAD, PHAGWARA BRANCH, JALANDHAR, PUNJAB, IND IA	-

* Date of charge modification

NOTE

The registered office of the company has been shifted from 311 Prestige Chamberiind Floor, G T Road, Jalandhar, Punjab, India to the present address w.e.f. 01.04.2011.

SALES TURNOVER

During the year, your company has registered a turnover of Rs. 3934.357 Millions as compared to Rs 3076.369 Millions showing an increase of 27.89 % over the previous year turnover. This has been the highest ever turnover achieved by the Company in its History. This has been possible due to buoyancy in the Auto Mobile Industry. The export of the Company also increased from Rs. 1130.845 Millions to Rs. 1362.015 Millions, showing an increase of 20.44 % over the previous year owing to increase in demand globally in the automobile Industry.

PROFITS

The Company earned profit before depreciation, Financial costs and tax of Rs. 517.779 Millions as against Rs. 339.171 Millions in the previous year. After providing for depreciation of Rs 1139.67 lac, (Previous year Rs. 117.214 Millions), Financial costs of Rs. 115.366 Millions (previous year Rs. 92.485 Millions), current tax Rs. 90.000 Millions (Previous year Rs. 47.500 Millions) the net profit worked out to Rs. 188.446 Millions as compared to Rs. 88.454 Millions in the previous year.

MANAGEMENT DISCUSSION ANALYSIS AND PERCEPTION OF RISK AND CONCERN:

The year has been a tough year for the economy of their Country. The GDP growth of the Country has been only around 6.5% which is lowest in the recent past. Many sectors of their economy have been affected and Manufacturing sector has been hit the most.

The Company has managed to grow at 27 % year on year. There has been a good growth in the Tractor Segment of the automobile Industry which registered a growth of around 11%. TheCompany is having a good share in this segment and is focused on growth. The overall commercial vehicle segment has also registered a growth of around 19.8% during the year

Their business is dependent on the demand for auto and other related industries / users. The auto ancillary business, like other businesses, is susceptible to various risks. The primary risk factor is the raw material prices, i.e. steel, which is the largest component of cost. The increase in the borrowing cost has also affected the Company as the Reserve Bank has not eased the Bank Rates. The increase in the interest rates directly affect the margins of the Company. As they know the commodity prices are cyclical in nature, due to which they exert significant impact on profitability. To cope up with this the Company is enhancing its capacities so as to have economies of scale. The cost of raw materials, petroleum products, interest rates and other inputs have increased considerably which is putting pressure on the margins of the Company and is also acting as a deterrent for the growth of the Company. However, the Company is fully prepared to meet this challenge and keeping the down side risk to a minimum.

The Company further also plans to enhance its Capacities by setting up some new sophisticated machines which will reduce the cost per unit and will also increase the quality of the products manufactured by the Company.

NEW UNIT

The Directors are glad to inform you the New Unit of the Company at Village Gulab Garh Jattan Phagwara Hoshiarpur Road, Dist Kapurthala has started the commercial production in the current Financial Year. The Directors are confident that this plant will add significant amount of turnover to the Company.

FIXED ASSETS

· Land

· Buildings

· Factory Building

· Plant and Equipment

· Other plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

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 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.62.73
UK Pound	1	Rs.100.92
Euro	1	Rs.84.06

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

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