MIRA INFORM REPORT

Report Date :

27.10.2014

IDENTIFICATION DETAILS

Name :	P.L. MOTORS LIMITED (w.e.f. 30.05.2001)
Formerly Known As :	P.L. MOTORS PRIVATE LIMITED
Registered Office :	Bhagwati Bhawan, M.I.Road, Jaipur – 302001, Rajasthan
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.06.1989
Com. Reg. No.:	17-005012
Capital Investment / Paid-up Capital :	Rs. 0.803 Million
CIN No.: [Company Identification No.]	U50101RJ1989PLC005012
PAN No.: [Permanent Account No.]	AAACP8427B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trading of Vehicles.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 228000
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 dealing 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 – 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

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.

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 (Tel. No.: 91-141-4666666)

LOCATIONS

Registered Office :	Bhagwati Bhawan, M.I.Road, Jaipur – 302001, Rajasthan, India
Tel. No. :	91-141-4666666
Fax No. :	Not Available
E-Mail :	vijay@bkhosla.com camukesh2002@yahoo.com
Showroom :	G.P.O, No.1, M.I. Road, Jaipur – 302001, Rajasthan, India

DIRECTORS

As on 30.09.2013

Name :

Kavi Sharma

Designation :

Director

Address :

Bhagwati Bhawan, M.I. Road, Jaipur – 302001, Rajasthan, India

Date of Birth/Age :

02.12.1963

Qualification :

B. Com.

Date of Appointment :

27.12.2006

PAN No.:

AEVPS4652K

DIN No. :

00139186

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	Company/ LLP Status	Defaulting status
1	U65910RJ1993PTC007363	P.L. AUTOHOUSE PRIVATE LIMITED	Director	23-04-1993	23-04-1993	Active	NO
2	U50101RJ1989PLC005012	P.L. MOTORS LIMITED	Director	27-12-2006	27-12-2006	Active	NO

Name :

Mr. Yash Sharma

Designation :

Director

Address :

Bhagwati Bhawan, M.I. Road, Jaipur – 302001, Rajasthan, India

Date of Birth/Age :

27.04.1967

Qualification :

B. Tec.

Date of Appointment :

03.10.1989

PAN No. :

AEVPS4651L

DIN No. :

00139597

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	Company/ LLP Status	Defaulting status
1	U50101RJ1989PLC005012	P.L. MOTORS LIMITED	Director	03-10-1989	03-10-1989	Active	NO
2	U65910RJ1993PTC007363	P.L. AUTOHOUSE PRIVATE LIMITED	Director	23-04-1993	23-04-1993	Active	NO

Name :

Urvijja Sharma

Designation :

Director

Address :

A-127, Shiv Marg, Shyam Nagar, Jaipur, Rajasthan, India

Date of Birth/Age :

12.12.1967

Qualification :

B.A.

Date of Appointment :

01.01.2004

PAN No. :

AGWPS2422A

DIN No. :

00139297

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	U65910RJ1993PTC007363	P.L. AUTOHOUSE PRIVATE LIMITED	Director	02-08-1994	02-08-1994	14-01-2013	Active	NO
2	U50101RJ1989PLC005012	P.L. MOTORS LIMITED	Director	01-01-2004	01-01-2004	-	Active	NO

Name :

Sunita Sharma

Designation :

Director

Address :

A-127, Shiv Marg, Shyam Nagar, Jaipur, Rajasthan, India

Date of Birth/Age :

25.03.1967

Qualification :

M. SC.

Date of Appointment :

01.01.2004

PAN No. :

AGWPS2421D

DIN No. :

00139467

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	U65910RJ1993PTC007363	P.L. AUTOHOUSE PRIVATE LIMITED	Director	02-08-1994	02-08-1994	14-01-2013	Active	NO
2	U50101RJ1989PLC005012	P.L. MOTORS LIMITED	Director	01-01-2004	01-01-2004	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Kavi Sharma	3990	49.69
Yash Sharma	3990	49.69
Urvija Sharma	10	0.12
Ketki Rani Sharma	10	0.12
Sunita Sharma	10	0.12
Satya Narayan Sharma	10	0.12
G. C. Joshi	10	0.12
Total	8030	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading of Vehicles.

Products :

Item Code No. (ITC Code)	Product Description
87032391	MOTR CARS AND OTHR MOTR VHCLS FR TRNSPRT OF PERSONS (EXCL OF 8702) AND MOTOR CAR WTH CYLNDR CPCTY UPTO 3000CC WTH SPRK-IGNTN.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Union Bank of India, Bapu Nagar Branch, Jaipur - 302015, Rajasthan, India

· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· The Urban Co-Operative Bank Limited, "Parijatak" New Colony, Paanch Batti, Jaipur - 302001, Rajasthan, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans repayable on demand from banks	164.706	115.026
Total	164.706	115.026

NOTE

(1) Cash Credit from ICICI Bank Limited - (Secured against hypothecation of Stock of Bajaj vehicle, their parts and Machinery and Personal guarantees of Directors and interest on above loan is payable @ 12.75 % P.a.)

(2) OD Limit from ICICI Bank Limited - (Secured against hypothecation of stock of Hyundai Vehicles and personal guarantees of Directors and interest on above loan is payable @ 12.50%).

(3) OD Limit from ICICI Bank Limited - (Secured against hypothecation of stock of Bajaj Vehicles and personal guarantees of Directors and interest on above loan is payable @ 13.50%)

Banking Relations :	--
Auditors :
Name :	B.Khosla and Company Chartered Accountants
Address :	206, Anukampa-II, M. I. Road, Jaipur – 302001, Rajasthan, India
Income-tax PAN of auditor or auditor's firm :	AADFB1338D
Other Related Parties :	· Ram Bagh Service Station · P. L. Autohouse private limited CIN No.: U65910RJ1993PTC007363

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000	Equity Shares	Rs.100/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8,030	Equity Shares	Rs.100/- each	Rs. 0.803 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	0.803	0.803	0.803
(b) Reserves & Surplus	56.210	47.681	43.261
(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)	57.013	48.484	44.064
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	2.003	2.002	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	2.003	2.002	0.000
(4) Current Liabilities
(a) Short term borrowings	164.706	115.026	92.495
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	40.735	52.412	45.303
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	205.441	167.438	137.798
TOTAL	264.457	217.924	181.862
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	40.280	44.860	25.158
(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	0.000	0.000
(b) Non-current Investments	0.156	9.413	7.626
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.805	1.805	16.317
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	42.241	56.078	49.101
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	174.107	117.775	94.646
(c) Trade receivables	5.687	20.991	19.981
(d) Cash and cash equivalents	12.780	9.655	7.153
(e) Short-term loans and advances	14.174	8.166	10.398
(f) Other current assets	15.468	5.259	0.583
Total Current Assets	222.216	161.846	132.761
TOTAL	264.457	217.924	181.862

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1265.787	1213.790	1011.610
		Other Income	6.245	0.697	3.236
		TOTAL (A)	1272.032	1214.487	1014.846
Less	EXPENSES
		Purchases of Stock-in-Trade	1244.332	1164.382	968.136
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(56.332)	(23.129)	(21.676)
		Employees benefits expense	16.841	14.102	11.977
		Other expenses	33.978	35.118	35.841
		TOTAL (B)	1238.819	1190.473	994.278
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		33.213	24.014	20.568
Less	FINANCIAL EXPENSES (D)		15.911	11.529	6.611
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.302	12.485	13.957
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.261	5.099	2.819
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		12.041	7.386	11.138
Less	TAX (H)		3.512	2.967	2.784
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		8.529	4.419	8.354
	Earnings / (Loss) Per Share (Rs.)		1062.20	550.37	1040.32

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.67	0.36	0.82
Net Profit Margin (PBT/Sales)	(%)	0.95	0.61	1.10
Return on Total Assets (PBT/Total Assets}	(%)	4.56	3.54	6.39
Return on Investment (ROI) (PBT/Networth)		0.21	0.15	0.25
Debt Equity Ratio (Total Debt/Networth)		2.89	2.37	2.10
Current Ratio (Current Asset/Current Liability)		1.08	0.97	0.96

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	0.803	0.803	0.803
Reserves & Surplus	43.261	47.681	56.210
Net worth	44.064	48.484	57.013
long-term borrowings	0.000	0.000	0.000
Short term borrowings	92.495	115.026	164.706
Total borrowings	92.495	115.026	164.706
Debt/Equity ratio	2.099	2.372	2.889

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	1011.610	1213.790	1265.787
		19.986	4.284

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	1011.610	1213.790	1265.787
Profit	8.354	4.419	8.529
	0.83%	0.36%	0.67%

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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10383698	27/09/2012	15,500,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B60995883

FIXED ASSETS

· Land

· Buildings

· Plant and Equipment

· Furniture and fixtures

· Vehicles

· Motor 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 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.61.24
UK Pound	1	Rs.98.67
Euro	1	Rs.77.97

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		48

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.