MIRA INFORM REPORT

Report Date :

24.11.2014

IDENTIFICATION DETAILS

Name :	PUNJAB GENERAL INDUSTRIES PRIVATE LIMITED
Registered Office :	Z-87, Loha Mandi , Naraina, New Delhi – 110 028
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.02.1999
Com. Reg. No.:	55-098259
Capital Investment / Paid-up Capital :	Rs.38.000 millions
CIN No.: [Company Identification No.]	U27109DL1999PTC098259
TAN No.: [Tax Deduction & Collection Account No.]	DELP08294G
PAN No.: [Permanent Account No.]	AABCP4823A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of carbon steel, alloy steel, spring steel, stainless steel forging quality ingots, steel castings and rolled products.
No. of Employees :	100 (Approximately)

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 644000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s sound financial risk profile and fair liquidity position of the company. Trade relations are 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 condition.

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

NEWS

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 PARTED BY

Name :	Mr. Sahil
Designation :	Chief Executive Officer
Contact No.:	91-9811088644
Date :	22.11.2014

LOCATIONS

Registered Office :	Z-87, Loha Mandi , Naraina, New Delhi – 110 028, India
Tel. No.:	Not Available
Mobile No.:	91-9811088644 (Mr. Anup)
Fax No.:	Not Available
E-Mail :	pbgenind@gmail.com pgiaccounts@gmail.com corporatelaw21@yahoo.co.in info@pgiindia.com
Website :	http://www.pgiindia.com
Head Office/ Factory :	Plot No.149-150, Sector 24, Faridabad – 121 005, Haryana, India
Tel. No.:	91-129-4063247-50/ 4199222
Fax No.:	91-129-4133877/ 2233913

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Anoop Kumar Jindal

Designation :

Director

Address :

D-921, New Friends Colony, New Delhi – 110 065, India

Date of Birth/Age :

08.03.1960

Date of Appointment :

05.02.1999

DIN No.:

00321958

PAN No.:

ACXPJ0797Q

Name :

Mr. Sunil Kumar Jindal

Designation :

Director

Address :

D-921, New Friends Colony, New Delhi – 110 065, India

Date of Birth/Age :

06.06.1962

Date of Appointment :

05.02.1999

DIN No.:

00322016

PAN No.:

AAKPJ8560C

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	U74899DL1989PTC037408	FARIDABAD INDUSTRIES PRIVATE LIMITED	Director	16-08-89	16-08-89	-	Active	NO
2	U27109DL1999PTC098259	PUNJAB GENERAL INDUSTRIES PRIVATE LIMITED	Director	05-02-99	05-02-99	-	Active	NO

Name :

Mr. Sahil Anoop Kumar Jindal

Designation :

Director

Address :

D-921, New Friends Colony, New Delhi – 110 065, India

Date of Birth/Age :

02.05.1988

Date of Appointment :

30.08.2008

DIN No.:

01914799

PAN No.:

AAFPJ5459H

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	U27109DL1999PTC098259	PUNJAB GENERAL INDUSTRIES PRIVATE LIMITED	Director	30-08-08	01-04-08	-	Active	NO
2	U74899DL1989PTC037408	FARIDABAD INDUSTRIES PRIVATE LIMITED	Additional director	01-11-10	01-11-10	-	Active	NO

Name :

Mr. Ankit Sunil Kumar Jindal

Designation :

Director

Address :

D-921, New Friends Colony, New Delhi – 110 065, India

Date of Birth/Age :

19.02.1987

Date of Appointment :

30.08.2008

DIN No.:

01914806

PAN No.:

AGFPJ7945L

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	U27109DL1999PTC098259	PUNJAB GENERAL INDUSTRIES PRIVATE LIMITED	Director	30-08-08	01-04-08	-	Active	NO
2	U74899DL1989PTC037408	FARIDABAD INDUSTRIES PRIVATE LIMITED	Additional director	01-11-10	01-11-10	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sahil
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Ramesh Chand Agrawal	513000
Faquir Chand Gupta	615600
Sunil Kumar Jindal	752400
Anoop Kumar Jindal	752400
F.C. Gupta (HUF)	35000
Ram Murti Gupta	20000
Sarlawati Jindal	81150
Anoop Kumar Jindal (HUF)	20000
Indu Bala Jindal	60000
Sunil Kumar Jindal (HUF)	20000
Sangeeta Jindal	60000
Ramesh Chand Agrawal (HUF)	20000
Raj Kumar & Familty (HUF)	500
Manju Garg	1000
Parul Garg	10000
Swati Garg	1000
Ramesh Chand Subhash Chand (HUF)	10000
Shristi Agrawal	1000
Rani Agarwal	10000
Anuj Agarwal	6000
Subhash Chand Agarwal (HUF)	10000
Raj Kumar	900
Prakash Chand Jindal (HUF)	14600
Ankit Jindal	392725
Sahil Jindal	392725
Total	3800000

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of carbon steel, alloy steel, spring steel, stainless steel forging quality ingots, steel castings and rolled products.

Products :

Item Code No. (ITC Code)	40047228
Product Description	Other Alloy Rounds
Item Code No. (ITC Code)	40027207
Product Description	Alloys Ingot & Billets
Item Code No. (ITC Code)	40057325
Product Description	Steel Products

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (NOT AVAILABLE)

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 :

Wholesalers, Retailers and Manufacturer

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 :

100 (Approximately)

Bankers :

Bank Name	Punjab National Bank
Branch	Nehru Ground, NIT Branch, Faridabad – 121 001, Haryana, 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 Loans	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
SHORT TERM BORROWINGS
Rupee term loans from banks (Hypothecation of stock)	0.000	34.786
Loans repayable on demand from banks (Hypothecation of stock)	93.742	46.306
Loans taken for Vehicles (Car loan)	0.000	0.897
Other loans and advances, others (Hypothecation of stock)	3.665	0.000
Total	97.407	81.989

Banking Relations :	--
Auditors :
Name :	B.K. Kedia Chartered Accountants
Address :	House No.201, Sector-7A, Faridabad, Haryana, India
PAN No.:	AABFB4343G
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3800000	Equity Shares	Rs.10/- each	Rs.38.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	38.000	38.000	38.000
(b) Reserves & Surplus	187.350	87.346	21.200
(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)	225.350	125.346	59.200
(3) Non-Current Liabilities
(a) Long-term borrowings	17.390	15.145	28.025
(b) Deferred tax liabilities (Net)	3.798	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	21.188	15.145	28.025
(4) Current Liabilities
(a) Short term borrowings	161.027	164.049	184.319
(b) Trade payables	7.067	14.732	17.821
(c) Other current liabilities	8.748	61.715	6.767
(d) Short-term provisions	0.000	1.505	2.471
Total Current Liabilities (4)	176.842	242.001	211.378
TOTAL	423.380	382.492	298.603
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	94.237	72.249	57.626
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	12.000	15.465	16.065
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	8.330	6.881	7.365
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	114.567	94.595	81.056
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	114.605	84.717	97.625
(c) Trade receivables	170.035	124.886	108.019
(d) Cash and cash equivalents	1.236	65.070	0.179
(e) Short-term loans and advances	22.937	13.224	11.724
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	308.813	287.897	217.547
TOTAL	423.380	382.492	298.603

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
PROFIT / (LOSS) FOR PERIOD	1.898	4.809	NA

Particulars	31.03.2014	31.03.2013
Sales Turnover (Approximately)	1000.000	710.000

Expected Sales (2014-2015): Rs.1500.000 millions

The above information has been parted by Mr. Sahil (Chief Executive Officer).

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt/Networth)	0.79	1.43	3.59
Current Ratio (Current Asset/Current Liability)	1.75	1.19	1.03

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	38.000	38.000	38.000
Reserves & Surplus	21.200	87.346	187.350
Share Application money pending allotment	0.000	0.000	0.000
Net worth	59.200	125.346	225.350
long-term borrowings	28.025	15.145	17.390
Short term borrowings	184.319	164.049	161.027
Total borrowings	212.344	179.194	178.417
Debt/Equity ratio	3.587	1.430	0.792

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
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]	PAN of Proprietor/Partner/Director, if available	Yes
32]	Date of Birth 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

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80023353	14/10/2014 *	167,500,000.00	PUNJAB NATIONAL BANK	Nehru Ground, NIT Branch, Faridabad, Haryana - 121001, India	C32410649
2	90043574	23/02/2005 *	2,500,000.00	PUNJAB NATIONAL BANK	Main Branch, Nehru Ground; N.I.T., Faridabad, Haryana, India	-
3	90042491	23/02/2005 *	3,500,000.00	PUNJAB NATIONAL BANK	Main Branch, Nehru Ground; N.I.T., Faridabad, Haryana, India	-

Unsecured Loans	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from directors	17.390	15.145
SHORT TERM BORROWINGS
Loans and advances from others	63.620	82.060
Total	81.010	97.205

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Furniture and Fittings

· Vehicles

· Office Equipment

· Computer Equipment

· Other Equipment

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.61.85
UK Pound	1	Rs.97.01
Euro	1	Rs.77.62

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	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	NO
--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.