MIRA INFORM REPORT

Report Date :

23.10.2013

IDENTIFICATION DETAILS

Name :	BAJAJSONS LIMITED
Registered Office :	C-103, Phase 5, Focal Point, Ludhiana – 141010, Punjab
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	31.01.1985
Com. Reg. No.:	16-006127
Capital Investment / Paid-up Capital :	Rs.78.400 Millions
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 :	Manufacturer of Auto Parts.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1600000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Sales turnover and profit of the company appears to be decent. Overall fundamentals of the company appears to be sound and healthy. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered 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 – 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

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB (Long Term Rating)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	05.07.2013

Rating Agency Name	CRISIL
Rating	A2 (Short Term Rating)
Rating Explanation	Strong degree of safety and low credit risk.
Date	05.07.2013

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 DENIED

Management Non Cooperative. (91-161-2670824)

LOCATIONS

Registered Office/ Factory 1 :	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 2:	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 3:	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 4:	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 5 :	Plot No. 02, Industrial Park Iv, Near Bahadrabad Road, Village Begampur, District Haridwar, India
Factory 6 :	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: 27.09.2012

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U34103HR1986PLC024875	BAJAJ MOTORS LIMITED	Managing director	01/09/2012	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 & 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 :

25.04.2009

DIN No.:

00042035

PAN No.:

APJPB9963F

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	Whole-time director	25/04/2009	25/04/1999	-	Active	NO
2	U27203PB1993PTC013707	BAJAJ PRECISION FORGINGS PVT LTD	Director	25/12/2006	25/12/2006	-	Active	NO

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 :

01.04.2009

DIN No.:

00042105

PAN No.:

ABJPB4764E

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	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 PVT LTD	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. Sumeet Bajaj

Designation :

Director

Address :

2746/1 Gurdev Nagar, Ludhiana, Punjab, India

Date of Birth/Age :

25.06.1969

Date of Appointment :

25.04.2009

DIN No.:

00044340

PAN No.:

ABFPB1955K

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	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 PVT LTD	Director	21/02/2003	21/02/2003	-	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 :

31.01.1985

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 PVT LTD	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. 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 :

28.09.2010

DIN No.:

03060569

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 :

28.09.2010

DIN No.:

03162799

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 :

28.09.2010

DIN No.:

03225555

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 27.09.2012

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

Equity Share Break up (Percentage of Total Equity)

As on: 27.09.2012

Category	Percentage
Bodies corporate	14.00
Directors or relatives of Directors	86.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Auto Parts.

Products :

Product	ITC Code
Auto Parts	87099000

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

• Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India
• State Bank of India, SCB, Miller Ganj Branch, Pahwa Hospital Complex, Ludhiana-141003, Punjab, India
• Standard Chartered Bank, Credit Risk Control, Narain Mazil, 23 Barakhamba Road, New Delhi – 110001, India
• Citibank N.A, Ground Floor, Ludhiana Stock Exchange, Feroz Gandhi Market, Ludhiana - 141001, Punjab, India
• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India
• State Bank of Patiala, Parliament Street, New Delhi, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Rupee term loans from banks	144.213	169.530
SHORT TERM BORROWINGS
Loans repayable on demand from banks	236.415	163.044
Total	380.628	332.574

Banking Relations :	--
Financial Institution:	Governor of Punjab Through Director of Industries, Chandigarh - 160017, Chandigarh, India
Auditors :
Name :	A Kumar Gupta and Company Chartered Accountants
Address :	K-109, 1st Floor, Kismat Complex, G.T. Road, Miller Ganj, Ludhiana, Punjab , India
PAN No.:	AABFA6084H

CAPITAL STRUCTURE

As on: 31.03.2012

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	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	78.400	78.400
(b) Reserves & Surplus	321.858	282.022
(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)	400.258	360.422
(3) Non-Current Liabilities
(a) long-term borrowings	300.140	317.488
(b) Deferred tax liabilities (Net)	53.010	48.388
(c) Other long term liabilities	29.519	22.186
(d) long-term provisions	0.400	0.400
Total Non-current Liabilities (3)	383.069	388.462
(4) Current Liabilities
(a) Short term borrowings	236.415	163.044
(b) Trade payables	266.018	261.027
(c) Other current liabilities	143.543	137.876
(d) Short-term provisions	37.698	33.900
Total Current Liabilities (4)	683.674	595.847
TOTAL	1467.001	1344.731
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	647.733	674.046
(ii) Intangible Assets	5.143	4.311
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	4.696	4.295
(b) Non-current Investments	0.895	0.894
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	17.161	11.144
(e) Other Non-current assets	14.473	6.278
Total Non-Current Assets	690.101	700.968
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	377.818	303.305
(c) Trade receivables	308.121	271.716
(d) Cash and cash equivalents	23.891	11.352
(e) Short-term loans and advances	67.070	57.390
(f) Other current assets	0.000	0.000
Total Current Assets	776.900	643.763
TOTAL	1467.001	1344.731

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		78.400
2] Share Application Money		0.000
3] Reserves & Surplus		266.583
4] (Accumulated Losses)		0.000
NETWORTH		344.983
LOAN FUNDS
1] Secured Loans		365.949
2] Unsecured Loans		119.052
TOTAL BORROWING		485.001
DEFERRED TAX LIABILITIES		45.392
TOTAL		875.376
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		593.459
Capital work-in-progress		1.384
INVESTMENT		0.895
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	235.988
	Sundry Debtors	285.880
	Cash & Bank Balances	19.694
	Other Current Assets	0.000
	Loans & Advances	49.924
Total Current Assets		591.486
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	210.999
	Other Current Liabilities	71.487
	Provisions	29.362
Total Current Liabilities		311.848
Net Current Assets		279.638
MISCELLANEOUS EXPENSES		0.000
TOTAL		875.376

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2474.150	2071.818	1630.585
		Other Income	0.969	0.999	2.634
		TOTAL (A)	2475.119	2072.817	1633.219
Less	EXPENSES
		Cost of materials consumed	1489.283	1198.189	1506.039
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(25.343)	18.367
		Employee benefit expense	437.128	365.876
		Other expenses	425.582	360.928
		Exceptional items before tax	(16.724)	0.000
		Extraordinary items before tax	0.640	1.524
		TOTAL (B)	2310.566	1944.884	1506.039
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		164.553	127.933	127.180
Less	FINANCIAL EXPENSES (D)		56.740	49.100	41.503
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		107.813	78.833	85.677
Less/ Add	DEPRECIATION/ AMORTISATION (F)		62.257	54.687	45.322
	PROFIT BEFORE TAX (E-F) (G)		45.556	24.146	40.355
Less	TAX (H)		5.719	8.707	12.670
	PROFIT AFTER TAX (G-H) (I)		39.837	15.439	27.685
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	50.479	41.472	0.213
	TOTAL EARNINGS		50.479	41.472	0.213
	IMPORTS
		Raw Materials	NA	136.999	64.136
		Consumables	NA	0.069	0.055
		Spares	NA	0.000	0.024
		Laptop	NA	0.000	0.059
		Machinery	NA	32.339	0.618
	TOTAL IMPORTS		NA	169.407	64.892
	Earnings Per Share (Rs.)		5.08	1.97	3.53

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.61	0.74	1.70
Net Profit Margin (PBT/Sales)	(%)	1.84	1.17	2.47
Return on Total Assets (PBT/Total Assets}	(%)	3.12	1.80	3.41
Return on Investment (ROI) (PBT/Networth)		0.11	0.07	0.12
Debt Equity Ratio (Total Debt /Networth)		1.34	1.33	1.41
Current Ratio (Current Asset/Current Liability)		1.14	1.08	1.90

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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Loans and advances from related parties	155.927	147.958
Total	155.927	147.958

FINANCIAL AND OPERATING PERFORMANCE:

The company has achieved a record sale of Rs. 2475.119 Millions as compared to Rs. 2072.817 Millions in the previous year registering a growth of 19.40%. The Profit after Tax was Rs. 39.837 Millions in current year as compared to Rs. 15.439 Millions in the previous year. But this includes profit of Rs. 15.439 Millions from the sale of Land and building of Haridwar plant also. So the net growth in profit was Rs.23.012 Millions only which is 49.05 % higher as compared to previous year. The increase in profit is mainly due to increase in sale but other factor such as reduction in production cost and non productive expenditure has also contributed to the growth in profit.

No other material changes and commitments affecting the financial health of the company have occurred during the end of financial year and the date of this report.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10404811	09/01/2013	50,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra - 400018, INDIA	B68667823
2	10242121	18/03/2011 *	129,250,000.00	STANDARD CHARTERED BANK (Acting as an Security Age nt)	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA	B08884736
3	10189869	19/02/2011 *	167,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL West, MUMBAI, Maharashtra - 400013, INDIA	B10182491
4	10095893	18/03/2011 *	140,000,000.00	STANDARD CHARTERED BANK	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA	B08885147
5	10062860	18/03/2011 *	120,000,000.00	STANDARD CHARTERED BANK	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA	B08884140
6	10015773	15/02/2012 *	50,000,000.00	Citibank N.A	Ground Floor, Ludhiana Stock Exchange, Feroz Gandhi Market, Ludhiana, Punjab - 141001, INDIA	B32903072
7	10020283	15/02/2012 *	50,000,000.00	Citibank N.A	Ground Floor, Ludhiana Stock Exchange, Feroz Gandhi Market, Ludhiana, Punjab - 141001, INDIA	B32981961
8	90169221	24/05/2012 *	176,600,000.00	STATE BANK OF INDIA	SCB, MILLER GANJ BRANCH, PAHWA HOSPITAL COMPLEX, LUDHIANA, Punjab - 141003, INDIA	B40563330

* Date of charge modification

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 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.61.78
UK Pound	1	Rs.99.66
Euro	1	Rs.84.49

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.