MIRA INFORM REPORT

Report Date :

30.08.2014

IDENTIFICATION DETAILS

Name :	MUKESH UDYOG LIMITED
Registered Office :	VPO Bhudhewal Road, Near Kohara, Tehsil and District Ludhiana-141010, Punjab
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.08.1994
Com. Reg. No.:	16-014976
Capital Investment / Paid-up Capital :	Rs.95.828 Millions
CIN No.: [Company Identification No.]	L65921PB1994PLC014976
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on The Stock Exchanges.
Line of Business :	Manufacture and sale of yarns.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (30)

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. Rating reflects moderate financial risk profile due to low profitability. 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: BB
Rating Explanation	Inadequate credit quality and high credit risk.
Date	10.01.2014

Rating Agency Name	CARE
Rating	Short term bank facilities: A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	10.01.2014

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 31-03-2014.

INFORMATION DECLINED

MANAGEMENT NON – COOPERATIVE (91-9814007586)

LOCATIONS

Registered Office/ Factory :	VPO Bhudhewal Road, Near Kohara, Tehsil and District Ludhiana-141010, Punjab, India
Tel. No.:	91-161-2843731/742/2843425
Fax No.:	91-161-2843739/2848742
E-Mail :	mukeshudyoglimited@gmail.com fpo@mukeshudyog.com mukeshinfosy@satyam.net.in mukeshinfosy@sify.com
Website :	http://www.mukeshudyog.com
Location :	Owned
Administrative Office :	Gill Road, Miller Ganj, Ludhiana-141003, Punjab, India
Tel. No.:	91-161-2536013
Fax No.:	91-161-2537337

DIRECTORS

As on 30.09.2013

Name :

Mr. Pardeep Gupta

Designation :

Managing Director

Address :

508-B, Aggar Nagar, Ludhiana, Punjab, India

Qualification:

B.COM

Date of Appointment :

01.10.2009

Din No.:

00159858

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	U74899DL1986PTC022996	ASHARFI INVESTMENTS PRIVATE LTD.	Director	11/05/1987	11/05/1987	-	Active	NO
2	U74899DL1987PTC028908	KAY CEE ISPAT UDYOG PRIVATE LIMITED	Director	05/12/1989	05/12/1989	-	Active	NO
3	U27106PB1991PTC011275	DEVI ALLOYS PRIVATE LIMITED	Director	12/04/1991	12/04/1991	-	Active	NO
4	L27310PB1992PLC012160	MUKESH STRIPS LIMITED	Director	31/03/1992	31/03/1992	-	Active	NO
5	U74899DL1989PTC034604	MATRY MANGAL BUILDERS PRIVATE LIMITED	Director	15/01/1993	15/01/1993	-	Active	NO
6	L65921PB1994PLC014976	MUKESH UDYOG LIMITED	Managing director	01/10/2009	24/08/1994	-	Active	NO
7	U65921PB1992PLC012409	MUKESH INDUSTRIAL FINANCE LIMITED	Director	03/10/1998	03/10/1998	-	Active	NO
8	U00060PB2006PTC029541	ODEON ENTERPRISES PRIVATE LIMITED	Director	18/01/2006	18/01/2006	-	Active	NO
9	U74899DL1993PTC054922	JAY AMBEY KNITTERS PRIVATE LIMITED	Director	27/09/2011	21/05/2011	-	Active	NO

Name :

Mr. Krishan Chand Gupta

Designation :

Director

Address :

508-B, Aggar Nagar, Ludhiana, Punjab, India

Qualification:

B.A.

Date of Appointment :

24.08.1994

Din No.:

00057030

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	U74899DL1986PTC022996	ASHARFI INVESTMENTS PRIVATE LIMITED	Director	20/09/1986	20/09/1986	-	Active	NO
2	U74899DL1986PTC018509	DBA SWITCHGEAR PRIVATE LIMITED	Director	20/09/1986	20/09/1986	-	Active	NO
3	U74899DL1987PTC028908	KAY CEE ISPAT UDYOG PRIVATE LIMITED	Director	13/08/1987	13/08/1987	-	Active	NO
4	L27310PB1992PLC012160	MUKESH STRIPS LIMITED	Director	31/03/1992	31/03/1992	-	Active	NO
5	U27104PB1993PTC013030	PUNJAB ISPAT PRIVATE LIMITED	Director	08/02/1994	08/02/1994	-	Active	NO
6	L65921PB1994PLC014976	MUKESH UDYOG LIMITED	Director	24/08/1994	24/08/1994	-	Active	NO
7	L27106PB1981PLC004654	MUKESH STEELS LIMITED	Managing director	01/10/2009	24/08/1994	-	Active	NO
8	U27106PB1991PTC011275	DEVI ALLOYS PRIVATE LIMITED	Director	20/12/2003	20/12/2003	-	Active	NO
9	U00060PB2006PTC029541	ODEON ENTERPRISES PRIVATE LIMITED	Director	18/01/2006	18/01/2006	-	Active	NO
10	U67120PB1991PTC011290	PLEZER INVESTMENTS PRIVATE LIMITED	Director	01/10/2006	01/10/2006	-	Active	NO

Name :

Mr. Sandeep Gupta

Designation :

Director

Address :

521-B, Aggar Nagar, Ludhiana, Punjab, India

Qualification:

B.Tech

Date of Appointment :

24.08.1994

Din No.:

00159814

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	U65921PB1992PLC012409	MUKESH INDUSTRIAL FINANCE LIMITED	Director	24/06/1992	24/06/1992	-	Active	NO
2	U74899DL1989PTC034604	MATRY MANGAL BUILDERS PRIVATE LIMITED	Director	15/01/1993	15/01/1993	-	Active	NO
3	U74899DL1993PTC054921	SMRATI BUILDERSAND DEVELOPERS PRIVATE LIMITED	Director	20/08/1993	20/08/1993	-	Active	NO
4	U74899DL1993PTC054953	AKRITI CINE MEDIA PRIVATE LIMITED	Director	24/08/1993	24/08/1993	-	Active	NO
5	L65921PB1994PLC014976	MUKESH UDYOG LIMITED	Director	24/08/1994	24/08/1994	-	Active	NO
6	L27310PB1992PLC012160	MUKESH STRIPS LIMITED	Whole-time director	01/10/2009	09/12/2002	-	Active	NO
7	U74899DL1993PTC054959	GOODLUCK TRAVELLERS PRIVATE LIMITED	Director	24/08/2003	24/08/2003	-	Active	NO
8	L27106PB1981PLC004654	MUKESH STEELS LIMITED	Director	18/10/2004	18/10/2004	17/08/2007	Active	NO
9	U00060PB2006PTC029541	ODEON ENTERPRISES PRIVATE LIMITED	Director	18/01/2006	18/01/2006	-	Active	NO

Name :

Mr. Sanjiv Mohan

Designation :

Director

Address :

39, Brown Road, Ludhiana, Punjab, India

Date of Appointment :

30.01.1999

Din No.:

01052823

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	L65921PB1994PLC014976	MUKESH UDYOG LIMITED	Director	30/01/1999	30/01/1999	-	Active	NO
2	U74899DL1995PTC064557	MORISON VASUDEVA CONSULTING PRIVATE LIMITED	Director	02/08/2000	02/08/2000	-	Active	NO

Name :

Mr. Ashok Gupta

Designation :

Director

Address :

83, Green Park, Ludhiana, Punjab, India

Date of Appointment :

30.01.1999

Din No.:

01414304

Name :

Reecha Gupta

Designation :

Director

Address :

Opposite Sachdeva Auto, Lakkar Mandi, Phillaur, District Jalandhar-144410, Punjab, India

Date of Appointment :

30.09.2010

Din No.:

00008019

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	U70102PB2008PTC031664	FUTURE COLONIZERS AND CONSTRUCTION PRIVATE LIMITED	Additional director	01/10/2009	01/10/2009	01/10/2009	Active	NO
2	L65921PB1994PLC014976	MUKESH UDYOG LIMITED	Director	30/09/2010	26/07/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	56.17
Directors or relatives of directors	25.07
Other top fifty shareholders	11.96
Others	6.80
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacture and sale of yarns.

Products :

Item Code No.	Product Description
72071920	Billets

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Licensed Capacity	Installed Capacity
Acrylic / Viscose	--	79744	30000
Polyester/Cotton Yarn Spindles / Spindles Steel Billets	MT	100000	49000

ACTUAL PRODUCTION

Textiles Division
Polyester Yarn	1772.454
Cotton Yarn	2066.500
Other Yarn (P.C.)	199.507
Wastes	590.224
Steel Division
Billets	15062.190
End Cutting	121.225

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· State Bank of Indi, Sales Hub Mid Corporate, SCB Miller Ganj, Ludhiana - 141003, Punjab, India

· Punjab National Bank, Industrial Area, Ludhiana - 141003,Punjab, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	146.743	213.376
Short-term borrowings
Working capital loans from banks	569.152	444.637
Total	715.895	658.013

Banking Relations :	--
Auditors :
Name :	Gupta Vinod Kumar and Associates Chartered Accountants
Address :	7, II Floor, Surya Shopping Arcade, National Road, Ghumar Mandi, Ludhiana, Punjab, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABIPG5833C
Enterprise over which key management personnel is able to exercise significant influence:	· Akriti Cine Media (Private) Limited, India [U74899DL1993PTC054953] · Ashrafi Investments (Private) Limited, India [U67120MH1974PTC018000] · Goodluck Travellers (Private) Limited, India [U74899DL1993PTC054959] · Kay Cee Ispat Udyog (Private) Limited, India [U74899DL1987PTC028908] · Matry Mangal Builders (Private) Limited, India [U74899DL1989PTC034604] · Mukesh Alloys (Private) Limited · Mukesh Industrial Finance Limited, India [U65921PB1992PLC012409] · Mukesh Steels Limited, India [L27106PB1981PLC004654] · Mukesh Strips Limited, India [L27310PB1992PLC012160] · Odeon Enterprises (Private) Limited, India [U00060PB2006PTC029541] · Punjab Ispat (Private) Limited, India [U27104PB1993PTC013030] · Smriti Builders and Development (Private) Limited, India [U74899DL1993PTC054921] · DBA Switchgear Private Limited, India [U74899DL1986PTC018509] · Devi Alloys Private Limited, India [U27106PB1991PTC011275]

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
14800000	Equity Shares	Rs.10/- each	Rs.148.000 Millions
5200000	Preferences Shares	Rs.10/- each	Rs.52.000 Millions
	TOTAL		Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6312800	Equity Shares	Rs.10/- each	Rs.63.128 Millions
3270000	Preferences Shares	Rs.10/- each	Rs.32.700 Millions
	TOTAL		Rs.95.828 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	95.828	95.828	95.828
(b) Reserves & Surplus	165.994	156.193	138.131
(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)	261.822	252.021	233.959
(3) Non-Current Liabilities
(a) long-term borrowings	458.626	491.624	449.601
(b) Deferred tax liabilities (Net)	37.695	42.723	45.049
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.084	0.711	0.640
Total Non-current Liabilities (3)	497.405	535.058	495.290
(4) Current Liabilities
(a) Short term borrowings	569.152	444.637	311.848
(b) Trade payables	265.970	324.109	229.674
(c) Other current liabilities	90.630	88.442	130.314
(d) Short-term provisions	20.975	17.666	24.185
Total Current Liabilities (4)	946.727	874.854	696.021
TOTAL	1705.954	1661.933	1425.270
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	466.332	501.265	571.552
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	11.272	35.780	20.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5.703	5.703	5.703
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	33.258	32.154	39.917
(e) Other Non-current assets	32.553	29.842	23.290
Total Non-Current Assets	549.118	604.744	660.462
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	317.040	311.490	267.848
(c) Trade receivables	467.041	478.928	274.360
(d) Cash and cash equivalents	275.935	190.634	121.248
(e) Short-term loans and advances	52.241	32.630	72.977
(f) Other current assets	44.579	43.507	28.375
Total Current Assets	1156.836	1057.189	764.808
TOTAL	1705.954	1661.933	1425.270

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	3016.839	2818.522	1732.944
	Other Income	5.246	5.853	4.357
	TOTAL (A)	3022.085	2824.375	1737.301
Less	EXPENSES
	Cost of Materials Consumed	1772.190	1421.995	767.342
	Purchases of Stock-in-Trade	713.664	829.168	718.755
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(17.378)	48.840	(113.023)
	Employees benefits expense	28.490	29.177	20.613
	Other expenses	324.045	278.126	162.314
	TOTAL (B)	2821.011	2607.306	1556.001
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	201.074	217.069	181.300
Less	FINANCIAL EXPENSES (D)	114.671	123.979	42.360
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	86.403	93.090	138.940
Less/ Add	DEPRECIATION/ AMORTISATION (F)	70.049	68.810	58.497
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	16.354	24.280	80.443
Less	TAX (I)	6.553	6.218	27.600
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	9.801	18.062	52.843
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	116.210	NA	225.311
	IMPORTS
	Raw Materials	907.619	NA	292.593
	Components and Stores parts	0.257	NA	0.874
	Other	0.000	NA	0.213
	TOTAL IMPORTS	907.876	NA	293.680
	Earnings / (Loss) Per Share (Rs.)	1.55	2.86	12.47

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.32	0.64	3.04
Net Profit Margin (PBT/Sales)	(%)	0.54	0.86	4.64
Return on Total Assets (PBT/Total Assets}	(%)	0.97	1.50	5.75
Return on Investment (ROI) (PBT/Networth)		0.06	0.10	0.34
Debt Equity Ratio (Total Debt /Networth)		3.93	3.72	3.25
Current Ratio (Current Asset/Current Liability)		1.22	1.21	1.10

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	95.828	95.828	95.828
Reserves & Surplus	138.131	156.193	165.994
Net worth	233.959	252.021	261.822
long-term borrowings	449.601	491.624	458.626
Short term borrowings	311.848	444.637	569.152
Total borrowings	761.449	936.261	1027.778
Debt/Equity ratio	3.255	3.715	3.925

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1732.944	2818.522	3016.839
		62.644	7.036

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1732.944	2818.522	3016.839
Profit	52.843	18.062	9.801
	3.05%	0.64%	0.32%

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

OPERATIONS

During the year, the company recorded total revenues of Rs. 3022.086 Millions as against Rs. 2824.375 Millions during the previous financial year. The Profit before depreciation and tax has decreased from Rs. 93.091 Millions in the previous year to Rs. 86.403 Millions in the year. Profit after Tax reported by the Company for the financial year has also decreased from Rs 18.062 Millions to Rs.9.801 Millions.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Intercorporate borrowings	185.510	76.900
Deposits from others	44.272	89.396
Loans and advances from others	82.100	111.952
Total	311.882	278.248

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10355106	31/03/2012	60,000,000.00	CORPORATION BANK	PREMISES NO 5, NEW LAJPAT NAGAR,PAKHOWAL ROAD, LUDHIANA, PUNJAB - 141001, INDIA	B39441662
2	10356611	31/03/2012	150,000,000.00	PUNJAB NATIONAL BANK	INDUSTRIAL AREA, LUDHIANA, PUNJAB - 141003, INDIA	B39947320
3	10308504	27/09/2011	190,000,000.00	PUNJAB AND SIND BANK	MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA	B21690219
4	10274984	01/03/2011	20,000,000.00	PUNJAB NATIONAL BANK	INDUSTRIAL AREA, LUDHIANA, PUNJAB - 141010, INDIA	B09028036
5	10251854	03/10/2011 *	330,000,000.00	PUNJAB AND SIND BANK	MILLERGANJ, LUDHIANA, PUNJAB - 141003, INDIA	B26146316
6	10246968	01/03/2011 *	180,000,000.00	PUNJAB NATIONAL BANK	INDUSTRIAL AREA, LUDHIANA, PUNJAB - 141010, INDIA	B09030008
7	10172750	05/05/2010 *	150,000,000.00	PUNJAB AND SIND BANK	MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA	A84600733
8	90175464	11/03/2011 *	688,000,000.00	STATE BANK OF INDIA	SALES HUB MID CORPORATE, SCB MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA	B11880366

* Date of charge modification

FIXED ASSETS

Tangible assets

· Land

· Buildings

· 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.60.47
UK Pound	1	Rs.100.35
Euro	1	Rs.79.86

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUM
Report Prepared by :	KVT

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	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.