MIRA INFORM REPORT

Report Date :

17.12.2014

IDENTIFICATION DETAILS

Name :	S K BIKES PRIVATE LIMITED
Registered Office :	D-233-234, Phase-VII, Focal Point, Ludhiana – 141010, Punjab
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.12.2001
Com. Reg. No.:	16 - 024846
Capital Investment / Paid-up Capital :	Rs. 39.058 Millions
CIN No.: [Company Identification No.]	U35921PB2001PTC024846
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCG9821J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Dealer, Importer and Exporter of all kinds of Cycles, Bicycles, Cycle Parts, Children Cycles, Crank Wheels, Crank Shaft, Cycle Bells, Rims, Axels, Hubs, Free-Wheel, Cycle Chains, Cycle Mudhuard, Cycle Padels, Cycle Frames.
No. of Employees :	Information declined by Management

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 250000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profitability of the company seems to be low during 2013. However, General financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are slow but 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 DENIED BY

Name :	Mr. Balvinder
Designation :	Accounts Department
Contact No.:	91-161-4353000
Date :	15.12.2014

LOCATIONS

Registered Office :	D-233-234, Phase-VII, Focal Point, Ludhiana – 141010, Punjab, India
Tel. No.:	91-161-4353000
Fax No.:	Not Available
E-Mail :	info@skbikes.com

DIRECTORS

As on. 31.09.2013

Name :

Mr. Rajesh Kapoor

Designation :

Director

Address :

301, AB Sukhmani Enclave, Barewal Road, Ludhiana, Punjab, India

Date of Appointment :

01.05.2009

DIN No.:

01800900

PAN No.:

AERPK9692P

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	U35921PB2001PTC024846	S K BIKES PRIVATE LIMITED	Director	15/11/2005	15/11/2005	-	Active	NO
2	U45209PB2013PTC037205	LUDHIANA HOMES & INFRASTRUCTURE PRIVATE LIMITED	Director	12/03/2013	12/03/2013	-	Active	NO
3	U52605PB2013PTC037451	S.K. MART PRIVATE LIMITED	Director	06/05/2013	06/05/2013	-	Active	NO

Name :

Mr.Subhash Chander Lakra

Designation :

Managing Director

Address :

35/38, Inder Nagar, Opp. Verka Mi9lk, Ludhiana – 141010, Punjab, India

Date of Appointment :

01.02.2007

DIN No.:

01800911

PAN No.:

AAOPL5646H

Name :

Mr.Sachin Lakra

Designation :

Director

Address :

35/38, Inder Nagar, Opp. Verka Mi9lk, Ludhiana – 141010, Punjab, India

Date of Appointment:

24.12.2001

DIN No.:

01800919

PAN No.:

ACDPL1979N

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	U35921PB2001PTC024846	S K BIKES PRIVATE LIMITED	Director	01/05/2009	24/12/2001	-	Active	NO
2	U52605PB2013PTC037451	S.K. MART PRIVATE LIMITED	Director	06/05/2013	06/05/2013	-	Active	NO

Name :

Ms. Kamla Rani

Designation :

Director

Address :

35/38, Inder Nagar, Opp. Verka Mi9lk, Ludhiana – 141010, Punjab, India

Date of Appointment :

24.12.2001

DIN No.:

01800924

PAN No.:

ABMPR2818Q

Name :

Ms. Isha Lakra

Designation :

Director

Address :

35/38, Inder Nagar, Opp. Verka Mi9lk, Ludhiana – 141010, Punjab, India

Date of Appointment :

02.05.2005

DIN No.:

02465039

PAN No.:

AISPP6055E

KEY EXECUTIVES

Name :	Mr. Balvinder
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on. 30.09.2013

Names of Shareholders	No. of Shares
Sachin Lakra	451450
Subhash Chander Lakra	1087900
Kamla Lakra	346000
Isha Lakra	120500
Sachin Lakra and Sons (HUF)	1386900
Subhash Chander Lakra and Sons (HUF)	512000
Punita Sharma	500
Kamleshwar Sharma	500
Total	3905750

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader, Dealer, Importer and Exporter of all kinds of Cycles, Bicycles, Cycle Parts, Children Cycles, Crank Wheels, Crank Shaft, Cycle Bells, Rims, Axels, Hubs, Free-Wheel, Cycle Chains, Cycle Mudhuard, Cycle Padels, Cycle Frames.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Not Divulged
Countries :	Not Divulged
Imports :
Products :	Not Divulged
Countries :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by Management

Bankers :

Banker Name	Union Bank Of India
Branch Address	Ssi Branch, Cheema Chowk, Ludhiana - 141003, Punjab, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Rupee Term Loans from Bank	45.112	40.657
Short Term Borrowing
Loans Repayment on Demand	83.710	69.498
Total	128.822	110.155

Banking Relations :	---
Auditors :
Name :	Abhinav Puri and Associates Chartered Accountant
Address :	First Floor, Sodhi Nursing Home, Zira Road, V.P.O Kot Ise Khan, Moga – 142043, Punjab, India
PAN No.:	AFSPP0460Q
Memberships :	-----
Collaborators :	-----
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on. 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs. 40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3905750	Equity Shares	Rs.10/- each	Rs. 39.057 Million

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	39.057	39.057	10.795
(b) Reserves & Surplus	50.642	38.101	26.390
(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)	89.699	77.158	37.185
(3) Non-Current Liabilities
(a) long-term borrowings	85.456	86.114	72.392
(b) Deferred tax liabilities (Net)	0.330	0.157	0.091
(c) Other long term liabilities	2.985	3.285	3.290
(d) long-term provisions	1.474	0.000	0.000
Total Non-current Liabilities (3)	90.245	89.556	75.773
(4) Current Liabilities
(a) Short term borrowings	83.710	69.498	64.933
(b) Trade payables	262.347	289.260	295.834
(c) Other current liabilities	83.757	55.028	28.917
(d) Short-term provisions	12.454	8.613	6.054
Total Current Liabilities (4)	442.268	422.399	395.738
TOTAL	622.212	589.113	508.696
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	105.430	95.629	76.071
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.282	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	0.850	1.887	2.627
(e) Other Non-current assets	0.083	1.968	1.030
Total Non-Current Assets	106.363	99.766	79.728
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	114.402	138.716	92.992
(c) Trade receivables	332.274	304.924	297.206
(d) Cash and cash equivalents	16.574	14.056	12.013
(e) Short-term loans and advances	3.936	3.004	0.414
(f) Other current assets	48.663	28.647	26.343
Total Current Assets	515.849	489.347	428.968
TOTAL	622.212	589.113	508.696

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	Gross Receipts	1748.637	1829.287	1627.290
Less	EXPENSES	NA	NA	NA
	PROFIT BEFORE TAX	18.701	17.455	14.701
Less	TAX	6.160	5.744	5.716
	PROFIT AFTER TAX	12.541	11.711	8.985
	Earnings Per Share (Rs.)	0.32	0.29	0.23

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	3.01	2.96	2.89
Return on Investment (ROI) (PBT/Networth)		0.21	0.23	0.40
Debt Equity Ratio (Total Debt /Networth)		1.89	2.02	3.69
Current Ratio (Current Asset/Current Liability)		1.17	1.16	1.08

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	10.795	39.057	39.057
Reserves & Surplus	26.390	38.101	50.642
Net worth	37.185	77.158	89.699
long-term borrowings	72.392	86.114	85.456
Short term borrowings	64.933	69.498	83.710
Total borrowings	137.325	155.612	169.166
Debt/Equity ratio	3.693	2.017	1.886

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)
Gross Receipts	1627.290	1829.287	1748.637
		12.413	(4.409)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Gross Receipts	1627.290	1829.287	1748.637
Profit	8.985	11.711	12.541
	0.55%	0.64%	0.72%

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	No
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	No

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Loans and Advances from Related Parties	40.344	45.457
Total	40.344	45.457

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10102609	13/03/2008	15,000,000.00	UNION BANK OF INDIA	SSI BRANCH, CHEEMA CHOWK, LUDHIANA, Punjab - 1410  03, INDIA	A37941192
2	10070767	22/08/2007	3,000,000.00	UNION BANK OF INDIA	SSI BRANCH, CHEEMA CHOWL, LUDHIANA, Punjab - 1410  03, INDIA	A24653198
3	80013810	28/09/2012 *	71,626,000.00	UNION BANK OF INDIA	SSI BRANCH, CHEEMA CHOWK, LUDHIANA, Punjab - 1410  03, INDIA	B62182506
4	90176595	05/02/2004 *	3,900,000.00	UNION BANK OF INDIA	SSI, LUDHIANA, Punjab, INDIA	-
5	90183069	13/02/2003	110,000.00	UNION BANK OF INDIA	CHAMA CAMP, LUDHIANA, Punjab, INDIA	-
6	90176579	28/01/2014 *	194,288,048.00	UNION BANK OF INDIA	SSI BRANCH, CHEEMA CHOWK, LUDHIANA, Punjab - 1410  03, INDIA	B98607054
7	90180599	16/12/2002	800,000.00	UNION BANK OF INDIA	SSI, LUDHIANA, Punjab, INDIA	-
8	90183051	13/09/2003 *	1,000,000.00	UNION BANK OF INDIA	SSI, LUDHIANA, Punjab, INDIA	-

* Date of charge modification

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. 62.44
UK Pound	1	Rs. 98.15
Euro	1	Rs. 77.38

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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		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
46	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.