MIRA INFORM REPORT

Report Date :

09.11.2013

IDENTIFICATION DETAILS

Name :	TARA HEALTH FOODS LIMITED (w.e.f. 24.11.2008)
Formerly Known As :	TARA OLIVE INDIA LIMITED (w.e.f. 11.06.2008) TARA FEED PRIVATE LIMITED
Registered Office :	3rd Floor, C.N. Tower, Adjoining Preet Palace Cinema, Ludhiana – 141002, Punjab
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.02.1977
Com. Reg. No.:	16-003723
Capital Investment / Paid-up Capital :	Rs. 280.616 Millions
CIN No.: [Company Identification No.]	U17292PB1977PLC003723
TAN No.: [Tax Deduction & Collection Account No.]	JLDT01510F
PAN No.: [Permanent Account No.]	AACCT3940R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers, buyers, sellers, traders, dealers, importers, exporters and distributors of all kinds and description of health foods, health supplements, oils, food grains and food products.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears sharp dip in profit of the company during the financial year 2012. External borrowing of the company appears to be increasing during the current financial year. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – 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	CARE
Rating	Long Term Bank Facilities = BB-
Rating Explanation	Moderate risk of default and high credit risk.
Date	12.06.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities= A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	12.06.2013

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.

INFORMATION DECLINED

Management Non-Cooperative (91-161-2440105)

LOCATIONS

Registered Office :	3rd Floor, C.N. Tower, Adjoining Preet Palace Cinema, Ludhiana – 141002, Punjab, India
Tel. No.:	91-161-2440105/106, 5053098
Fax No.:	Not Available
E-Mail :	info@tarahealthfoods.com tarafeed@sify.com
Website :	http://tarahealthfoods.co.in
Head Office :	1005, 10th Floor, D - Mall, Netaji Subash Palace, New Delhi- 110034, India
Tel. No.:	91-11-48525250
Corporate Office :	Village Jitwal Kalan, Tehsil Malerkotla, District Sangrur - 148023, Punjab, India
Tel. No.:	91-1675-274300/301/302
Regional Office :	Located At · Uttrakhand · Hanumangarh · Jammu

DIRECTORS

As on 29.09.2012

Name :

Mr. Balwant Singh

Designation :

Managing Director

Address :

Vill Gajjan Majra, Tehsil Malerkotla, District Sangrur, Punjab, India

Date of Birth/Age :

29.10.1965

Date of Appointment :

01.12.2008

DIN No.:

01254159

PAN No.:

ATHPS2208N

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	U17292PB1977PLC003723	TARA HEALTH FOODS LIMITED	Managing director	01-12-08	20-08-04	-	Active	NO
2	U15142PB2007PLC031337	TARA HEART CARE PRODUCTS LIMITED	Director	27-08-07	27-08-07	-	Active	NO
3	U70101PB2009PLC032744	TARA INFRATECH LIMITED	Director	08-04-09	08-04-09	-	Active	NO
4	U51504PB2004PTC037118	MEHNDI MACS TRADE PRIVATE LIMITED	Director	30-09-10	19-11-09	-	Active	NO
5	U40101PB2009PLC033438	TARA ENERGY LIMITED	Director	17-12-09	17-12-09	-	Active	NO
6	U74900PB2010PLC034433	TARA CORPORATION LIMITED	Director	30-09-11	19-11-10	-	Active	NO
7	U51900PB2011PLC034832	TARA SALES LIMITED	Director	16-03-11	16-03-11	-	Active	NO
8	U51101PB2007PLC037557	TARA EXPORTS LIMITED	Director	29-09-11	15-04-11	-	Active	NO
9	U51109WB1995PTC076065	AMTEK DEALER PRIVATE LIMITED	Director	02-01-12	02-01-12	-	Active	NO
10	U70109PB2012PTC035919	TRUE VALUE ESTATES PRIVATE LIMITED	Director	27-09-12	08-02-12	-	Active	NO
11	U15331PB2012PTC036134	COUNTRY COMMODITIES PRIVATE LIMITED	Director	12-04-12	12-04-12	-	Active	NO
12	U15400PB2012PLC036133	GAJJAN MAJRA AGRO LIMITED	Director	12-04-12	12-04-12	-	Active	NO
13	U01119PB2012PLC036608	TARA UTTAM SEEDS LIMITED	Director	30-08-12	30-08-12	-	Active	NO
14	U67120PB1995PLC015692	NEW INDIA FINANCIAL SERVICES LIMITED	Additional director	15-02-13	15-02-13	-	Active	NO
15	U70109PB2013PTC037838	TARA MALLS PRIVATE LIMITED	Director	14-08-13	14-08-13	-	Active	NO
16	U15331PB2013PLC038051	TARA AGRITECH LIMITED	Director	25-10-13	25-10-13	-	Active	NO

Name :

Mr. Tejinder Singh

Designation :

Whole-Time Director

Address :

Vill Gajjan Majra, Tehsil Malerkotla, District Sangrur, Punjab, India

Date of Birth/Age :

13.01.1980

Date of Appointment :

01.12.2008

DIN No.:

01673762

Other Directorship

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
U17292PB1977PLC003723	TARA HEALTH FOODS LIMITED	Whole-time director	01-12-08	23-08-04	-	Active	NO
U15142PB2007PLC031337	TARA HEART CARE PRODUCTS LIMITED	Director	27-08-07	27-08-07	-	Active	NO
U70101PB2009PLC032744	TARA INFRATECH LIMITED	Director	08-04-09	08-04-09	-	Active	NO
U40101PB2009PLC033438	TARA ENERGY LIMITED	Director	17-12-09	17-12-09	-	Active	NO
U51504PB2004PTC037118	MEHNDI MACS TRADE PRIVATE LIMITED	Director	30-09-10	23-06-10	-	Active	NO
U74900PB2010PLC034433	TARA CORPORATION LIMITED	Director	19-11-10	19-11-10	-	Active	NO
U51900PB2011PLC034832	TARA SALES LIMITED	Director	16-03-11	16-03-11	04-05-11	Active	NO
U51101PB2007PLC037557	TARA EXPORTS LIMITED	Director	29-09-11	15-04-11	-	Active	NO
U70109PB2012PTC035919	TRUE VALUE ESTATES PRIVATE LIMITED	Director	27-09-12	08-02-12	-	Active	NO
U15331PB2012PTC036134	COUNTRY COMMODITIES PRIVATE LIMITED	Director	12-04-12	12-04-12	-	Active	NO
U67120PB1995PLC015692	NEW INDIA FINANCIAL SERVICES LIMITED	Additional director	15-02-13	15-02-13	-	Active	NO
U51109WB1995PTC076065	AMTEK DEALER PRIVATE LIMITED	Additional director	01-03-13	01-03-13	-	Active	NO
U70109PB2013PTC037838	TARA MALLS PRIVATE LIMITED	Director	14-08-13	14-08-13	-	Active	NO
U15400PB2012PLC036133	GAJJAN MAJRA AGRO LIMITED	Additional director	09-10-13	09-10-13	-	Active	NO
U15331PB2013PLC038051	TARA AGRITECH LIMITED	Director	25-10-13	25-10-13	-	Active	NO

Name :

Mr. Jaswant Singh

Designation :

Director

Address :

Vill Gajjan Majra, Tehsil Malerkotla, District Sangrur, Punjab, India

Date of Birth/Age :

01.04.1962

Date of Appointment :

01.12.2008

DIN No.:

01673767

PAN No.:

ATHPS2944K

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	U17292PB1977PLC003723	TARA HEALTH FOODS LIMITED	Director	01-12-08	23-08-04	-	Active	NO
2	U15142PB2007PLC031337	TARA HEART CARE PRODUCTS LIMITED	Director	27-08-07	27-08-07	-	Active	NO
3	U70101PB2009PLC032744	TARA INFRATECH LIMITED	Director	08-04-09	08-04-09	-	Active	NO
4	U40101PB2009PLC033438	TARA ENERGY LIMITED	Director	17-12-09	17-12-09	-	Active	NO
5	U51900PB2011PLC034832	TARA SALES LIMITED	Director	16-03-11	16-03-11	-	Active	NO
6	U74900PB2010PLC034433	TARA CORPORATION LIMITED	Director	30-09-11	17-03-11	-	Active	NO
7	U51101PB2007PLC037557	TARA EXPORTS LIMITED	Director	29-09-11	15-04-11	-	Active	NO
8	U15400PB2012PLC036133	GAJJAN MAJRA AGRO LIMITED	Director	12-04-12	12-04-12	-	Active	NO
9	U01119PB2012PLC036608	TARA UTTAM SEEDS LIMITED	Director	30-08-12	30-08-12	-	Active	NO
10	U67120PB1995PLC015692	NEW INDIA FINANCIAL SERVICES LIMITED	Additional director	15-02-13	15-02-13	-	Active	NO
11	U51109WB1995PTC076065	AMTEK DEALER PRIVATE LIMITED	Additional director	01-03-13	01-03-13	-	Active	NO
12	U15331PB2013PLC038051	TARA AGRITECH LIMITED	Director	25-10-13	25-10-13	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Pooja Dheer
Designation :	Secretary
Address :	H.No 234/13, Sutheri Road, Central Town Gali No 1, Hoshiarpur, 146001
Date of Appointment :	01.04.2012
PAN No.:	BVVPP0130P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
S. Balwant Singh	7867860
S. Jaswant Singh	7593740
S. Kulwant Singh	6691300
S. Tejinder Singh	261800
Smt. Ranjit Kaur	184800
Smt. Parminder Kaur	184800
Smt. Rajvir Kaur	184800
Balwant Singh HUF	415800
Jaswant Singh HUF	415800
Kulwant Singh HUF	415800
S. Gurmukh Singh	770000
Smt. Gurwinder Kaur	231000
Tara Heart Care Products Limited	2844100
TOTAL	28061600

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	10.14
Directors or relatives of Directors	89.86
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers, buyers, sellers, traders, dealers, importers, exporters and distributors of all kinds and description of health foods, health supplements, oils, food grains and food products.

Products :

Description of product or service category	ITC Code
Cattle Feed and Edible Oil	23099010

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· Corporation Bank, Premises No.5, New Lajpat Nagar, Pakhowal Road, Ludhiana - 141001, Punjab, India

· Punjab National Bank, Moti Bazar, Malerkotla - 148023, Punjab, India

· State Bank Of India, S M E Branch, Civil Lines, Ludhiana - 141001, Punjab, India

· Central Bank Of India, MID Corporate Branch, 369,R.K.Road,Ind Area-A, Ludhiana - 141008, Punjab, India

· State Bank of Patiala, Main Branch, Malerkotla - 148023, Punjab, India

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India

· Punjab and Sind Bank, K C W Branch, Ghumar Mandi, Ludhiana - 141001, Punjab, India

· Bank of India, Ludhiana Mid Corporate Branch, Ludhaina - 141001, Punjab, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long -term borrowings
Rupee term loans from banks (secured by first charge on entire fixed assets of the company and vehicles are against the hypothecation of vehicles financed out of the proceeds of the loans)	95.313	138.555
Other loans and advances	17.419	37.933
Short-term borrowings
Term loans from banks (Secured by first charge on entire fixed assets of the company.)	69.512	87.899
Working capital loans from banks (Hypothecation on entire current assets of the company, both present and future)	2757.266	1894.235
Loans taken for vehicles (term loans are secured by first charge on entire fixed assets of the company and vehicle loans are against the hypothecation of vehicles financed out of the proceeds of the loans)	22.239	21.396
Total	2961.749	2180.018

Banking Relations :	---
Auditors :
Name :	Rakshit Khosla and Associates Chartered Accountants
Address :	Near Kailash cinema, Civil lines, Ludhiana, Punjab, India
PAN No.:	AAHFR9671H
Associate :	· Tara Heart Care Products Limited · Tara Energy Limited · Tara Infratech Limited · Pioneer Public School · Tara Corporation Limited · Tara Sales Limited · SPA Infratech Private Limited

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
28061600	Equity Shares	Rs.10/- each	Rs.280.616 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	280.616	280.616	280.615
(b) Reserves & Surplus	1573.489	1506.262	1254.680
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1854.105	1786.878	1535.295
(3) Non-Current Liabilities
(a) long-term borrowings	112.732	193.600	255.692
(b) Deferred tax liabilities (Net)	39.491	34.749	29.813
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.985	1.260	0.839
Total Non-current Liabilities (3)	154.208	229.609	286.344
(4) Current Liabilities
(a) Short term borrowings	2873.291	2047.346	2157.221
(b) Trade payables	135.623	375.169	236.059
(c) Other current liabilities	193.875	95.386	21.855
(d) Short-term provisions	103.219	83.255	128.283
Total Current Liabilities (4)	3306.008	2601.156	2543.418
TOTAL	5314.321	4617.643	4365.057
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	680.853	699.784	613.876
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	36.888	20.453	12.575
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	74.785	14.840	14.483
(e) Other Non-current assets	0.588	0.775	0.000
Total Non-Current Assets	793.114	735.852	640.934
(2) Current assets
(a) Current investments	227.500	0.000	0.000
(b) Inventories	2376.275	2316.314	2352.798
(c) Trade receivables	1513.878	1166.778	1007.103
(d) Cash and cash equivalents	30.178	18.125	88.731
(e) Short-term loans and advances	373.376	280.574	253.102
(f) Other current assets	0.000	0.000	22.389
Total Current Assets	4521.207	3781.791	3724.123
TOTAL	5314.321	4617.643	4365.057

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	5809.464	5513.676	3975.214
		Other Income	10.151	1.069	1.199
		TOTAL (A)	5819.615	5514.745	3976.413
Less	EXPENSES
		Cost of materials consumed	5386.461	4663.153	2762.711
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(304.221)	(78.260)	122.157
		Employee benefit expense	31.054	23.818	29.749
		Other expenses	189.664	189.637	155.612
		TOTAL (B)	5302.958	4798.348	3070.229
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		516.657	716.397	906.184
Less	FINANCIAL EXPENSES (D)		364.452	324.232	227.687
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		152.205	392.165	678.497
Less/ Add	DEPRECIATION/ AMORTISATION (F)		44.741	40.973	32.395
	PROFIT BEFORE TAX (E-F) (G)		107.464	351.192	646.102
Less	TAX (H)		40.236	99.611	131.369
	PROFIT AFTER TAX (G-H) (I)		67.228	251.581	514.733
	Earnings Per Share (Rs.)
	Basic		2.40	8.97	18.35
	Diluted		2.40	8.97	18.35

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.16	4.56	12.94
Net Profit Margin (PBT/Sales)	(%)	1.85	6.37	16.25
Return on Total Assets (PBT/Total Assets}	(%)	2.04	7.81	14.84
Return on Investment (ROI) (PBT/Networth)		0.06	0.20	0.42
Debt Equity Ratio (Total Debt /Networth)		1.61	1.25	1.57
Current Ratio (Current Asset/Current Liability)		1.37	1.45	1.46

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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONS REVIEW

The Highlights of our performance for the year 2012-2013 are as under:

The Gross Turnover of the company for Financial year ended 31.03.2013 has increased to Rs.5809.464 Millions as against Rs.5513.676 Millions for the previous year registering a growth of 5.36%.

The company could, however, achieve PBT of Rs. 80.100 Millions as against Rs. 272.600 Millions due to increase in the cost of raw materials which cannot be fully passed onto the buyers.

The Edible Oil Business especially ZAITOON TARA Brand is growing at a faster pace than ever. The management is working on exploring new areas for operations and hope to get better results in future. In this direction the company has launched an extensive advertisement campaign on the various national and regional TV and radio channels in addition to press and outdoor media and has roped in Hema Malini, famous actress as its brand ambassador.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2013	As on 31.03.2012
Long -term borrowings
Loans and advances from others	0.000	15.186
Other loans and advances	0.000	1.926
Short-term borrowings
Loans and advances from related parties	13.212	23.999
Other loans and advances	11.062	19.817
Total	24.274	60.928

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10446050	31/08/2013	1,050,000.00	CORPORATION BANK	PREMISES NO.5, NEW LAJPAT NAGAR, PAKHOWAL ROAD, LUDHIANA, PUNJAB -141001, INDIA	B83571208
2	10444832	04/07/2013	50,000,000.00	PUNJAB NATIONAL BANK	MOTI BAZAR, MALERKOTLA, PUNJAB - 148023, INDIA	B82988981
3	10413193	12/03/2013	50,000,000.00	PUNJAB NATIONAL BANK	MOTI BAZAR, MALERKOTLA, PUNJAB - 148023, INDIA	B71250179
4	10387983	29/10/2012	200,000,000.00	STATE BANK OF PATIALA	MAIN BRANCH, MALERKOTLA, PUNJAB - 148023, INDIA	B62387378
5	10387563	27/10/2012	65,000,000.00	STATE BANK OF PATIALA	MAIN BRANCH, MALERKOTLA, PUNJAB - 148023, INDIA	B62348842
6	10385031	17/09/2012	5,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA	B61580296
7	10378689	17/09/2012	20,000,000.00	PUNJAB AND SIND BANK	K C W BRANCH, GHUMAR MANDI, LUDHIANA, PUNJAB - 141001, INDIA	B58964529
8	10371151	27/07/2012	65,000,000.00	STATE BANK OF PATIALA	MAIN BRANCH, MALERKOTLA, PUNJAB - 148023, INDIA	B55869002
9	10371134	27/07/2012	250,000,000.00	STATE BANK OF PATIALA	MAIN BRANCH, MALERKOTLA, PUNJAB - 148023, INDIA	B55869291
10	10332913	16/01/2012	24,400,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA	B30967558
11	10315276	01/11/2011	8,184,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA	B24383705
12	10309888	28/09/2011	350,000,000.00	BANK OF INDIA	MODEL TOWN BRANCH, LUDHIANA, PUNJAB - 141001, INDIA	B22418792
13	10274900	28/03/2011	256,000,000.00	ICICI BANK LIMITED	FEROZE GANDHI MARKET, LUDHIANA, PUNJAB - 141001, INDIA	B09018896
14	10272300	02/03/2011	350,000,000.00	ALLAHABAD BANK	IIFB, CHEEMA CHOWK, INDUSTRIAL AREA-A, LUDHIANA,  PUNJAB - 141010, INDIA	B07742976
15	10251857	20/10/2010	2,500,000.00	CANARA BANK	DELHI GATE, MALERKOTLA, PUNJAB - 148023, INDIA	A99720245
16	10233943	28/07/2010	200,000,000.00	PUNJAB NATIONAL BANK	MAIN BRANCH, ABOHAR, PUNJAB - 152116, INDIA	A91949701
17	10188899	07/11/2009	150,000,000.00	BANK OF INDIA	MODEL TOWN BRANCH, LUDHIANA, PUNJAB - 141001, INDIA	A74183146
18	10134514	27/11/2008	30,000,000.00	PUNJAB AND SIND BANK	KCW BRANCH, GHUMAR MANDI, LUDHIANA, PUNJAB - 141003, INDIA	A52880259

* Date of charge modification

FIXED ASSETS

· Factory Building

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer 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

Information Gathered by :	NAY
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.