MIRA INFORM REPORT

Report Date :

24.01.2014

IDENTIFICATION DETAILS

Name :	BCH ELECTRIC LIMITED (w.e.f. 25.10.2007)
Formerly Known As :	BHARTIA INDUSTRIES LIMITED (w.e.f. 24.08.1995) BHRATIA CUTTER HAMMER LIMITED
Registered Office :	Block 1E, 216, A J C Bose Road, Kolkata – 700017, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.04.1965
Com. Reg. No.:	21-026427
Capital Investment / Paid-up Capital :	Rs.34.577 Millions
CIN No.: [Company Identification No.]	U31103WB1965PLC026427
TAN No.: [Tax Deduction & Collection Account No.]	CALB00189A
PAN No.: [Permanent Account No.]	AABCB2076M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Trading of Motor Control gears, Electronics panels and related products and components.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 2300000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an old and established company having satisfactory track record. Profitability of the company appears to be low. However, liquidity position of the company appears to be good. Trade relations reported to be fair. Business is active. Payment terms are reported to be 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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

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

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

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

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB
Rating Explanation	Moderate credit quality and average credit risk
Date	04.12.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3+
Rating Explanation	Moderate degree of safety and higher credit risk
Date	04.12.2013

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 BY

Name :	Mr. Sanjay Dagar
Designation :	Finance Manager
Contact No.:	91-125-4063000
Date :	23.01.2014

LOCATIONS

Registered Office :	Block 1E, 216, A J C Bose Road, Kolkata – 700017, West Bengal, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	a_khandelwal@bchindia.com sanjay.dagar@bchindia.com
Manufacturing Plant :	· Faridabad, Haryana, India · Rudrapur, Uttarakhand, India

DIRECTORS

As on 27.09.2013

Name :

Mr. Om Prakash Bhartia

Designation :

Managing Director

Address :

10, Avenue Ashok, Westend Greens, New Delhi – 110038, India

Date of Birth/Age :

21.01.1940

Date of Appointment :

22.05.2012

DIN No.:

00740126

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	U31103WB1965PLC026427	BCH ELECTRIC LIMITED	Managing director	22/05/2012	09/04/1965	-	Active	NO
2	U67120WB1971PTC028145	BHARTIA HOLDINGS PRIVATE LIMITED	Director	30/11/1971	30/11/1971	-	Active	NO
3	U74899DL1977PTC008549	BHARTIA VIDYUT INDIA PRIVATE LIMITED	Director	28/03/1977	28/03/1977	-	Active	NO
4	U17232WB1978PTC031621	BHARTIA POWERLOOM FACTORY PRIVATE LIMITED	Director	16/08/1978	16/08/1978	-	Active	NO
5	U67120WB1971PTC028160	BHARTIA INVESTMENTS PRIVATE LIMITED	Director	04/08/1979	04/08/1979	-	Active	NO
6	U17119WB1975PTC030078	RAJYASHREE POWER LOOM FACTORY PRIVATE LIMITED	Director	04/08/1979	04/08/1979	-	Active	NO
7	U65993DL2005PTC140574	BHARTIA INVESTMENTS AND HOLDINGS PRIVATE LIMITED	Director	09/09/2005	09/09/2005	-	Active	NO

Name :

Mrs. Rajyashree Bhartia

Designation :

Whole Time Director

Address :

10, Avenue Ashok, Westend Greens, New Delhi – 110038, India

Date of Birth/Age :

08.08.1947

Date of Appointment :

01.04.2012

PAN No.:

AEMPB2186E

DIN No.:

01057665

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	U17119WB1975PTC030078	RAJYASHREE POWER LOOM FACTORY PRIVATE LIMITED	Director	17/06/1975	17/06/1975	-	Active	NO
2	U74899DL1977PTC008549	BHARTIA VIDYUT INDIA PRIVATE LIMITED	Director	28/03/1977	28/03/1977	-	Active	NO
3	U31103WB1965PLC026427	BCH ELECTRIC LIMITED	Whole-time director	01/04/2012	01/09/1978	-	Active	NO
4	U17232WB1978PTC031621	BHARTIA POWERLOOM FACTORY PRIVATE LIMITED	Director	29/06/1982	29/06/1982	-	Active	NO
5	U67120WB1971PTC028160	BHARTIA INVESTMENTS PRIVATE LIMITED	Director	29/06/1982	29/06/1982	-	Active	NO
6	U67120MH1973PTC144180	BISHWA VIVEK INVESTMENT COMPANY PRIVATE LIMITED	Director	24/10/1988	24/10/1988	20/09/2009	Active	NO
7	U67120WB1971PTC028145	BHARTIA HOLDINGS PRIVATE LIMITED	Director	29/06/1993	29/06/1993	-	Active	NO
8	U74899DL1985PTC022023	HESTIA HOSPITALITY PRIVATE LIMITED	Director	21/08/2000	21/08/2000	18/01/2010	Active	NO
9	U85110DL2000PLC108348	THINKING MONKEYS LEARNING SYSTEMS LIMITED	Director	31/10/2000	31/10/2000	-	Active	NO
10	U65993DL2005PTC140574	BHARTIA INVESTMENTS AND HOLDINGS PRIVATE LIMITED	Director	09/09/2005	09/09/2005	-	Active	NO
11	L65921WB1982PLC166936	MOHTA FINANCE AND LEASING CO LIMITED	Director	25/09/2008	12/04/2008	04/12/2009	Active	NO
12	U22100DL2008PTC184817	FOOTFALL ONE PUBLISHERS PRIVATE LIMITED	Director	11/11/2008	11/11/2008	-	Active	NO

Name :

Mr. Akhilesh Bhartia

Designation :

Director

Address :

10, Avenue Ashok, Westend Greens, New Delhi – 110038, India

Date of Birth/Age :

24.09.1975

Date of Appointment :

27.12.2012

DIN No.:

00053692

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	U85110DL2000PLC108348	THINKING MONKEYS LEARNING SYSTEMS LIMITED.	Director	10/06/2002	10/06/2002	-	Active	NO
2	U22100DL2008PTC184817	FOOTFALL ONE PUBLISHERS PRIVATE LIMITED	Director	11/11/2008	11/11/2008	-	Active	NO
3	U31103WB1965PLC026427	BCH ELECTRIC LIMITED	Whole-time director	27/12/2012	01/07/2012	-	Active	NO

Name :

Mr. Kailash Pati Lohia

Designation :

Director

Address :

4, Alipore park, Road, Alipore, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

30.07.1939

Date of Appointment :

06.07.1983

DIN No.:

00230601

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	U74140WB1947PTC015301	LOHIA BROTHERS PRIVATE LIMITED	Director	06/02/1976	06/02/1976	-	Active	NO
2	U31103WB1965PLC026427	BCH ELECTRIC LIMITED	Director	06/07/1983	06/07/1983	-	Active	NO
3	U51909WB1954PTC021678	SENAIRAM (INDIA) PRIVATE LIMITED	Director	02/06/1997	02/06/1997	-	Active	NO
4	U01132WB1951PTC019877	SANKAR TEA CO PRIVATE LIMITED	Director	02/06/1997	02/06/1997	-	Active	NO
5	U51909WB1946PLC014119	BIHAR MERCANTILE UNION LIMITED	Director	26/03/2003	26/03/2003	-	Active	NO

Name :

Mr. Dhruv Agrawal

Designation :

Director

Address :

B – 6, Green park, New Delhi – 110016, India

Date of Birth/Age :

22.12.1975

Date of Appointment :

27.12.2012

DIN No.:

00545926

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partnr	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1992PTC051285	SOIGNE IMPEX PRIVATE LIMITED	Director	25/11/2003	25/11/2003	-	Strike off	NO
2	U85110DL2000PLC108348	THINKING MONKEYS LEARNING SYSTEMS LIMITED.	Director	06/12/2004	06/12/2004	-	Active	NO
3	U74899DL1981PTC011949	TRAK SERVICES PRIVATE LIMITED	Director	30/09/2009	14/11/2008	-	Active	NO
4	U31103WB1965PLC026427	BCH ELECTRIC LIMITED	Director	27/12/2012	27/06/2012	-	Active	NO

Name :

Mr. Shyam Sunder Goenka

Designation :

Director

Address :

D – 1106, II Floor, New Delhi - 110025, India

Date of Birth/Age :

29.08.1942

Date of Appointment :

06.09.2005

DIN No.:

01209462

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	U27109DL1996PTC077527	MOPAZ ALLOYS (INDIA) PRIVATE LIMITED	Director	25/03/1999	25/03/1999	-	Active	NO
2	U15541DL1983PLC016632	FROST FALCON DISTILLERIES LIMITED	Director	03/04/2000	03/04/2000	12/02/2009	Active	NO
3	U27109AP2003PTC041569	MMG STEELS PRIVATE LIMITED	Director	22/08/2003	22/08/2003	-	Active	NO
4	U25207DL2001PTC113045	SHUBH SHRINKWRAP PRIVATE LIMITED	Director	29/06/2005	29/06/2005	-	Active	NO
5	U31103WB1965PLC026427	BCH ELECTRIC LIMITED	Director	06/09/2005	06/09/2005	-	Active	NO
6	U91990DL1956PLC001601	CHELMSFORD CLUB LIMITED	Director	26/09/2007	26/09/2007	18/08/2011	Active	NO

Name :

Mr. Kishan Kumar Bhartia

Designation :

Director

Address :

72, Cotton Street, Kolkata – 700007, West Bengal, India

Date of Birth/Age :

29.08.1953

Date of Appointment :

27.12.2012

DIN No.:

01386072

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	U74899DL1982PTC014484	BHARTIA NIRMAN UDYOG PRIVATE LIMITED	Director	20/06/2000	20/06/2000	30/04/2011	Active	NO
2	U31103WB1965PLC026427	BCH ELECTRIC LIMITED	Whole-time director	27/12/2012	27/06/2012	-	Active	NO

Name :

Gian Luigi Quario

Designation :

Director

Address :

Vis Ceranain, 36 Sc. Ap.,2, 10122, Torino To, Italy

Date of Birth/Age :

21.11.1928

Date of Appointment :

07.04.1998

DIN No.:

02047155

KEY EXECUTIVES

Name :	Mr. Anand Khandelwal
Designation :	Secretary
Address :	D – 13, Fat No. 1, New Delhi – 110092, India
Date of Birth/Age :	06.05.1973
Date of Appointment :	19.03.2008
PAN No.:	ANFPK3690N
Name :	Mr. Sanjay Dagar
Designation :	Finance Manager

MAJOR SHAREHOLDERS

As on 27.09.2013

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2013

Category	Percentage
Directors or relatives of Directors	96.54
Other top fifty shareholders	3.46
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Motor Control gears, Electronics panels and related products and components.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

· State Bank of Patiala, Commercial Branch, 2nd Floor, Chandralok Building, 36, Janpath, New Delhi - 110001, Delhi, India

· The Ratnakar Bank Limited, Shahupuri, Kolhapur, Vypari Peth, Kolhapur - 416001, Maharashtra, India

· Axis Bank Limited, 2nd Floor, Statesman House, 148, Barakhamba Road, New Delhi - 110001, Delhi, India

· Punjab National Bank, MCB, A-9, Connaught Place, New Delhi - 110001, Delhi, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term loan from bank	118.473	164.137
Loan taken for fixed assets	1.188	5.480
Short Term Borrowings
Working capital loan form bank	335.542	504.293
Total	455.203	673.910

Banking Relations :	--
Auditors :
Name :	Walker, Chandiok and Company Chartered Accountants
Address :	L-41, Connaught Circus, New Delhi – 110001, India
PAN No.:	AAAFW4298E
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· O.P.Bhartia (HUF) · Bhartia Vidyut India Private Limited · Bhartia Holdings Private Limited CIN No.: U67120WB1971PTC028145

CAPITAL STRUCTURE

As on 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4600000	Equity Shares	Rs.10/- each	Rs.46.000 Millions
40000	Preference Shares	Rs.100/- each	Rs.4.000 Millions
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3457711	Equity Shares	Rs.10/- each	Rs.34.577 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	34.577	34.474	34.302
(b) Reserves & Surplus	532.344	525.780	542.295
(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)	566.921	560.254	576.597
(3) Non-Current Liabilities
(a) long-term borrowings	199.161	169.617	185.699
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	11.979	11.537	10.714
(d) long-term provisions	29.180	25.834	0.000
Total Non-current Liabilities (3)	240.320	206.988	196.413
(4) Current Liabilities
(a) Short term borrowings	335.542	507.293	493.089
(b) Trade payables	329.815	370.313	353.707
(c) Other current liabilities	150.958	213.167	176.395
(d) Short-term provisions	16.184	22.318	115.725
Total Current Liabilities (4)	832.499	1113.091	1138.916
TOTAL	1639.740	1880.333	1911.926
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	545.082	608.719	642.317
(ii) Intangible Assets	10.329	7.984	0.146
(iii) Capital work-in-progress	22.556	20.754	27.212
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.013	0.013	0.013
(c) Deferred tax assets (net)	55.173	64.170	56.526
(d) Long-term Loan and Advances	22.998	19.209	11.246
(e) Other Non-current assets	8.010	7.388	6.879
Total Non-Current Assets	664.161	728.237	744.339
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	336.499	416.277	530.839
(c) Trade receivables	557.542	668.349	570.113
(d) Cash and cash equivalents	26.924	30.535	13.975
(e) Short-term loans and advances	52.657	34.949	50.878
(f) Other current assets	1.957	1.986	1.782
Total Current Assets	975.579	1152.096	1167.587
TOTAL	1639.740	1880.333	1911.926

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2422.915	2681.050	2414.010
		Other Income	11.704	14.097	28.352
		TOTAL (A)	2434.619	2695.147	2442.362
Less	EXPENSES
		Cost of Materials Consumed	1074.893	1165.020	988.432
		Purchase of Stock-in-trade	244.169	339.917	282.687
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	24.791	52.450	(5.419)
		Employee Benefits Expenses	378.695	453.463	415.739
		Other Expenses	536.524	525.124	488.508
		Exceptional Items	(29.425)	(30.936)	(33.873)
		TOTAL (B)	2229.647	2505.037	2136.074
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		204.972	190.110	306.288
Less	FINANCIAL EXPENSES (D)		88.081	105.775	88.088
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		116.891	84.335	218.200
Less	DEPRECIATION/ AMORTISATION (F)		102.965	110.847	112.611
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		13.926	(26.512)	105.589
Less	TAX (H)		8.997	(7.645)	33.506
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		4.929	(18.867)	72.083
	Earnings Per Share (Rs.)		1.43	(5.48)	21.04

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.20	(0.70)	2.95
Net Profit Margin (PBT/Sales)	(%)	0.57	(0.99)	4.37
Return on Total Assets (PBT/Total Assets}	(%)	0.89	(1.48)	5.78
Return on Investment (ROI) (PBT/Networth)		0.02	(0.05)	0.18
Debt Equity Ratio (Total Debt /Networth)		0.94	1.21	1.18
Current Ratio (Current Asset/Current Liability)		1.17	1.04	1.03

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	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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Intercorporate Borrowing	79.500	0.000
Short Term Borrowings
Intercorporate Borrowing	0.000	3.000
Total	79.500	3.000

REVIEW OF OPERATIONS

During the year, the Gross Revenue of the Company decreased from Rs.2922.100 crores to Rs.2681.000 crores, showing a downward movement of around 8.26% in the current year due to overall sluggish demand across the industry. However, due to ongoing re-organization exercise within the Company, we earned a profit (PBT) of Rs.13.900 crores and overall cash profit of Rs.107.900 crores during the year under review.

FUTURE PLANS

The World economy is facing deep financial crisis for last several years. At the domestic front, the mounting fiscal deficit, fall in GDP growth, lack of capital investments and fast depreciation in the value of Indian currency are the main areas of concern in the immediate future. The management is quite cognizant of all these fast changing economic situations and its impact on the working of the Company. The management is taking all possible steps to address these challenges and is in the process of re-organizing and strengthening the overall operations of the

Company and is optimistic to achieve significant improvement in the performance in coming years.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10412182	18/03/2013	210,000,000.00	THE RATNAKAR BANK LIMITED	Shahupuri,Kolhapur, Vypari Peth, Kolhapur, Maharashtra - 416001, India	B70901848
2	10326803	23/07/2013 *	103,000,000.00	AXIS BANK LIMITED	2nd Floor, Statesman House, 148, Barakhamba Road, New Delhi, Delhi - 110001, India	B80642887
3	10271075	02/12/2011 *	60,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B27505866
4	10087747	01/02/2008	480,000,000.00	CORPORATION BANK	Industrial Finance Branch, 16/10,1st Floor,Main Arya Samaj Road, New Delhi, Delhi - 110005, India	A32160038
5	80013335	31/10/2013 *	90,000,000.00	STATE BANK OF PATIALA	Commercial Branch, 2nd Floor, Chandralok Building, 36, Janpath, New Delhi, Delhi - 110001, India	B89611578
6	90250584	25/03/2011 *	310,000,000.00	CORPORATION BANK OVERSEAS BRANCH	M-93,CONNAUGHT PLACE, NEW DELHI, Delhi - 110001, INDIA	B10153005
7	90251684	19/08/2011 *	190,000,000.00	PUNJAB NATIONAL BANK	MCB, A-9, CONNAUGHT PLACE, NEW DELHI, Delhi - 110001, INDIA	B20543690

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Computer

· Vehicles

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.61.99
UK Pound	1	Rs.102.67
Euro	1	Rs.83.98

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	VNT

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	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.