MIRA INFORM REPORT

Report Date :

03.09.2014

IDENTIFICATION DETAILS

Name :	PUNJAB BEVEL GEARS LIMITED
Registered Office :	107, Chopra Complex, Community Centre, Preet Vihar, Delhi - 110092
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.10.1979
Com. Reg. No.:	55-009944
Capital Investment / Paid-up Capital :	Rs. 96.126 Millions
CIN No.: [Company Identification No.]	U34300DL1979PLC009944
PAN No.: [Permanent Account No.]	AAACP0274E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is engaged in manufacturing gears and allied products for automotive, agricultural and industrial applications.
No. of Employees :	Information declined by management.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There seems some dip in the company turnover and profit during213 however, networth of the company is satisfactory. General financial position of the normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal 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 – 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

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 = BBB-
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	January 20, 2014

Rating Agency Name	CARE
Rating	Short term bank facilities = A3
Rating Explanation	Moderate degree of safety. It carry higher credit risk.
Date	January 20, 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 DENIED BY

Name :	Mr. Jayaram
Designation :	Accounts Executive
Contact No.:	91-120-4505100
Date :	01.09.2014

LOCATIONS

Registered Office :	107, Chopra Complex, Community Centre, Preet Vihar, Delhi - 110092, India
Tel. No.:	91-11-42420414
	91-9810701254 (Arvinder Singh) 91-9810030346 (Mohan Singh) 91-9811428822 (S.N. Mazumdar) 91-9810038709 (S.M. Mathur) 91-9810701254 (91-9810701254)
Fax No.:	Not Available
E-Mail :	pbgears@yahoo.co.in export@pbgl.in pbgears@vsnl.com mailto:mktg@pbgl.in
Website :	http://www.pbgl.in
Works and Marketing Office 1 :	B-44/1, Site - 4, Industrial Area, Sahibabad - 201010, Ghaziabad, Uttar Pradesh, India
Tel. No.:	91-120-4505100
Fax No.:	91-120-4505105 / 4505104
Works and Marketing Office 2 :	B -174, Eldeco SIDCUL Industrial Park Sitarganj, Uttrakhand, India
Works and Marketing Office 3 :	A- 8 (A) Focal Point, Phase- V , Ludhiana - 141010, Punjab, India

DIRECTORS

AS ON 20.09.2013

Name :

Mr. Arvinder Singh

Designation :

Managing director

Address :

183, Jor Bagh, New Delhi – 110003, India

Date of Birth/Age :

14.09.1961

Date of Appointment :

01.12.2010

Qualification :

Graduate

Experience :

19 Years

DIN No. :

00067025

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	U74899DL1978PTC009325	JAI AUTO PRIVATE LIMITED	Director	01/12/1985	01/12/1985	-	Active	NO
2	U74899DL1970PTC005359	KIRAN PROPERTIES PRIVATE LIMITED	Director	03/03/1987	03/03/1987	-	Active	NO
3	U74899DL1989PTC036897	JAI AUTOMOTIVE TRANSMISSIONS PRIVATE LIMITED	Director	10/07/1989	10/07/1989	-	Active	NO
4	U74899DL1993PTC054245	VERA AUTOMOTIVE COMPONENTS PRIVATE LIMITED	Director	29/06/1993	29/06/1993	-	Active	NO
5	U34300DL1979PLC009944	PUNJAB BEVEL GEARS LTD	Managing director	01/12/2010	07/04/1994	-	Active	NO
6	U74899DL1995PTC065391	JAI GEARS PRIVATE LIMITED	Director	14/02/1995	14/02/1995	-	Active	NO
7	U45201DL1997PTC088752	AROMA PROPERTIES PRIVATE LIMITED	Director	28/07/1997	28/07/1997	-	Active	NO
8	U70101DL1997PTC088820	JAI PROPERTIES PRIVATE LIMITED	Director	31/07/1997	31/07/1997	-	Active	NO
9	U74899DL1971PTC005512	AUTO GEARS PRIVATE LIMITED	Director	01/04/2001	01/04/2001	-	Active	NO
10	U34300DL2003PTC119977	U P BEVEL PRIVATE LIMITED	Director	22/04/2003	22/04/2003	-	Active	NO
11	U31500DL1988PTC030564	PBG FABRICS Private Limited	Director	07/12/2006	07/12/2006	-	Active	NO
12	U51909DL2005PTC140562	PBG EXIM PRIVATE LIMITED	Director	14/12/2007	14/12/2007	-	Active	NO
13	U74900DL1996PTC080951	SHREE KRISHNA EXPORTS PRIVATE LIMITED	Additional director	30/06/2009	30/06/2009	31/07/2009	Active	NO
14	U34103DL2008PTC185062	PBJ AUTO EXIM PRIVATE LIMITED	Director	26/03/2014	26/03/2014	-	Active	NO
15	U34100DL2011PTC226829	PBG AUTO PRIVATE LIMITED	Director	26/03/2014	26/03/2014	-	Active	NO

Name :

Mr. Kulwant Singh

Designation :

Director

Address :

B-10, Ashok Nagar Market, Ghaziabad, Uttar Pradesh, India

Date of Birth/Age :

20.05.1959

Date of Appointment :

01.05.2000

DIN No. :

00067089

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	U45201DL1998PTC094045	VIRAT REALTORS PRIVATE LIMITED	Director	25/05/1998	25/05/1998	-	Active	NO
2	U34300DL1979PLC009944	PUNJAB BEVEL GEARS LTD	Director	01/05/2000	01/05/2000	-	Active	NO
3	U31500DL1988PTC030564	PBG FABRICS Private Limited	Director	18/09/2000	18/09/2000	29/08/2013	Active	NO
4	U51101DL2008PTC176052	REALTY APPLE PRIVATE LIMITED	Director	28/03/2008	28/03/2008	-	Active	NO

Name :

Mr. Raja Gopalan Nair

Designation :

Director

Address :

4-D, Pocket 4, Mayur Vihar, Phase -1, Delhi – 110091, India

Date of Birth/Age :

11.09.1950

Date of Appointment :

07.04.1994

DIN No. :

00067113

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	U74899DL1993PTC054245	VERA AUTOMOTIVE COMPONENTS PRIVATE LIMITED	Director	29/06/1993	29/06/1993	-	Active	NO
2	U34300DL1979PLC009944	PUNJAB BEVEL GEARS LTD	Director	07/04/1994	07/04/1994	-	Active	NO
3	U31500DL1988PTC030564	PBG FABRICS Private Limited	Director	28/01/1999	28/01/1999	29/08/2013	Active	NO
4	U74899DL1995PTC065391	JAI GEARS PRIVATE LIMITED	Director	26/09/2003	26/09/2003	01/04/2009	Active	NO
5	U51909DL2005PTC140562	PBG EXIM PRIVATE LIMITED	Director	09/09/2005	09/09/2005	-	Active	NO

Name :

Mr. Ishwar Singh Pal

Designation :

Director

Address :

House No. 327, Satyam Enclave, G. T. Road, Sahibabad, Gaghiabad, Uttar Pradesh, India

Date of Birth/Age :

01.10.1968

Date of Appointment :

05.07.2004

DIN No. :

00067061

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	U34300DL1979PLC009944	PUNJAB BEVEL GEARS LTD	Director	05/07/2004	05/07/2004	-	Active	NO
2	U74899DL1995PTC065391	JAI GEARS PRIVATE LIMITED	Director	01/06/2006	01/06/2006	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Malti Bhagat
Designation :	Secretary
Address :	4/2624 A, Lane No.7, Bihari Colony, Shahdara, Delhi – 110032, India
Date of Birth/Age :	22.08.1970
Date of Appointment :	01.04.2008
PAN No.:	ACSPB6158L

Name :	Mr. Jayaram
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.09.2013

Names of Shareholders	No. of Shares
Virinder Singh	78050
Arvinder Singh	233240
Sharan Kaur	18823
Kartar Singh	600
Indu Deep Kaur	700
Kiran Auto Industries Private Limited, India	60000
Auto Gears Private Limited, India	3000
Virinder Singh HUF	800
Arvinder Singh [Propritor of PBG Exports	385900
PBG Fabrics Private Limited, India	80000
Gauravdeep Singh	100150
Total	961263

AS ON 20.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	14.88
Directors or relatives of Directors	85.06
Other top fifty shareholders	0.06
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in manufacturing gears and allied products for automotive, agricultural and industrial applications.

Products :

Item Code No. (ITC Code)	Product Description
87082900	Pinion, Crown Wheel, Gears and Others

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· Central Bank of India, Parliament Street Branch, Jeevan Tara Building, Parliament Street, New Delhi – 110001, India

· Kotak Mahindra Bank Limited

· Punjab National Bank, Bo Chander Nagar, Ghaziabad - 201011, Uttar Pradesh, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	163.139	29.337
Long-term maturities of finance lease obligations	1.706	2.669
SHORT TERM BORROWINGS
Rupee term loans from banks	11.596	35.899
Working capital loans from banks	413.676	370.640
Long-term maturities of finance lease obligations	2.851	2.026
Total	592.968	440.571

Banking Relations :
Auditors :
Name :	P.S. SKohli and Company Chartered Accountants
Address :	5/70, W.E.A., Ajmal Khan Road Post Box No.2594, Karol Bagh, Delhi, India
PAN No.:	AAFPK6259G
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Auto Gears Private Limited [U74899DL1971PTC005512] · Jai Auto Private Limited [U74899DL1978PTC009325] · Jai Automotive Transmissions Private Limited [U74899DL1989PTC036897] · Kiran Auto Industries Private Limited [U74899DL1979PTC00965 ] · Jai Gears Private Limited [U74899DL1995PTC065391 ] · PBG Exim Private Limited [U51909DL2005PTC140562] · PBJ Auto Exim Private Limited [U34103DL2008PTC185062] · Vera Automotive Components Private Limited [U74899DL1993PTC054245] · PBG Industries · Uttranchal Auto · BSN Auto · Aroma Properties Private Limited [U45201DL1997PTC088752 ] · Jai Properties Private Limited [U70101DL1997PTC088820] · PBG Fabrics Private Limited [U31500DL1988PTC030564] · PBG Exports

CAPITAL STRUCTURE

AS ON 20.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.100/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
961,263	Equity Shares	Rs.100/- each	Rs. 96.126 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	96.126	66.126	66.126
(b) Reserves & Surplus	221.215	189.990	136.320
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	30.413
Total Shareholders’ Funds (1) + (2)	317.341	256.116	232.859
(3) Non-Current Liabilities
(a) long-term borrowings	181.566	91.077	131.481
(b) Deferred tax liabilities (Net)	0.000	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)	181.566	91.077	131.481
(4) Current Liabilities
(a) Short term borrowings	437.287	425.122	419.546
(b) Trade payables	197.627	283.327	185.465
(c) Other current liabilities	178.458	183.040	127.952
(d) Short-term provisions	0.000	0.000	33.420
Total Current Liabilities (4)	813.372	891.489	766.383
TOTAL	1,312.279	1,238.682	1,130.723
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	366.157	224.167	194.108
(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	0.288	0.275	0.261
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	13.216	11.926	9.068
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	379.661	236.368	203.437
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	520.058	529.799	470.796
(c) Trade receivables	291.254	304.664	354.917
(d) Cash and cash equivalents	34.232	13.105	8.324
(e) Short-term loans and advances	87.074	154.746	93.249
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	932.618	1,002.314	927.286
TOTAL	1,312.279	1,238.682	1,130.723

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenue from operations	1,487.729	1,701.566	1,424.247
	Other Income	2.747	0.628	0.483
	TOTAL (A)	1,490.476	1,702.194	1,424.730
Less	EXPENSES
	Cost of Materials Consumed	167.935	251.956	405.301
	Purchases of Stock-in-Trade	618.136	827.362	365.259
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	8.869	(80.949)	32.375
	Employees benefits expense	77.906	63.478	46.905
	Power and Fuel	0.000	0.000	0.000
	Other expenses	433.788	464.195	417.497
	TOTAL (B)	1,306.634	1,526.042	1,267.337
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	183.842	176.152	157.393
Less	FINANCIAL EXPENSES (D)	71.741	60.309	65.578
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	112.101	115.843	91.815
Less/ Add	DEPRECIATION/ AMORTISATION (F)	65.774	36.150	31.746
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	46.327	79.693	60.069
Less	TAX (H)	15.102	26.023	19.697
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	31.225	53.670	40.372
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	189.990	136.320	95.948
	Balance Carried to the B/S	221.215	189.990	136.320
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	491.069	585.331	536.942
	TOTAL EARNINGS	491.069	585.331	536.942
	IMPORTS
	Tools Implements & Consumables	5.894	2.810	1.485
	Spares	0.178	0.826	0.131
	Plant & Machinery	149.988	0.000	5.836
	Others	1.698	0.000	0.000
	TOTAL IMPORTS	157.758	3.636	7.452
	Earnings / (Loss) Per Share (Rs.)	32.480	81.160	61.050

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.09	3.15	2.83
Net Profit Margin (PBT/Sales)	(%)	3.11	4.68	4.22
Return on Total Assets (PBT/Total Assets}	(%)	3.53	6.44	5.31
Return on Investment (ROI) (PBT/Networth)		0.14	0.31	0.25
Debt Equity Ratio (Total Debt /Networth)		1.95	2.02	2.72
Current Ratio (Current Asset/Current Liability)		1.15	1.12	1.21

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	66.126	66.126	96.126
Reserves & Surplus	136.320	189.990	221.215
Share Application money pending allotment	30.413	0.000	0.000
Net worth	232.859	256.116	317.341
long-term borrowings	131.481	91.077	181.566
Short term borrowings	419.546	425.122	437.287
Total borrowings	551.027	516.199	618.853
Debt/Equity ratio	2.722	2.015	1.950

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)
Revenue from operations	1,424.247	1,701.566	1,487.729
		19.471	(12.567)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	1,424.247	1,701.566	1,487.729
Profit/(Loss) After Tax	40.372	53.670	31.225
	2.83%	3.15%	2.10%

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

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10502624	24/04/2014	110,000,000.00	KOTAK MAHINDRA BANK LIMITED	AMBADEEP BUILDING, 14, KASTURBA GANDHI MARG, NEW  DELHI, DELHI - 110001, INDIA	C06430649
2	10432491	27/05/2013	1,000,000.00	PUNJAB NATIONAL BANK	BO CHANDER NAGAR, GHAZIABAD, UTTAR PRADESH - 201011, INDIA	B77686806
3	10386705	23/10/2012	400,000.00	PUNJAB NATIONAL BANK	BO CHANDER NAGAR, GHAZIABAD, UTTAR PRADESH - 201011, INDIA	B62144266
4	10361002	21/03/2013 *	157,500,000.00	PUNJAB NATIONAL BANK	BO CHANDER NAGAR, GHAZIABAD, UTTAR PRADESH - 201011, INDIA	B73020513
5	10360879	29/05/2012	50,000,000.00	PUNJAB NATIONAL BANK	B O CHANDER NAGAR, GHAZIABAD, UTTAR PRADESH - 201011, INDIA	B41729989
6	10360858	29/05/2012	150,000,000.00	PUNJAB NATIONAL BANK	B O CHANDER NAGAR, GHAZIABAD, UTTAR PRADESH - 201011, INDIA	B41722026
7	10360881	23/05/2012	39,912,092.00	PUNJAB NATIONAL BANK	B O CHANDER NAGAR, GHAZIABAD, UTTAR PRADESH - 201011, INDIA	B41731209
8	10313306	16/05/2013 *	16,100,000.00	CENTRAL BANK OF INDIA	PARLIAMENT STREET BRANCH, JEEVAN TARA BUILDING, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	B75814947
9	10261849	14/12/2010	20,000,000.00	PUNJAB NATIONAL BANK	CHANDER NAGAR, GHAZIABAD, UTTAR PRADESH - 201301, INDIA	B03099553
10	10254508	02/11/2010	20,000,000.00	CENTRAL BANK OF INDIA	PARLIAMENT STREET BRANCH, JEEVAN TARA BUILDING, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	B00639781

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from directors	15.749	55.970
Intercorporate borrowings	0.000	3.100
Other loans and advances	0.972	0.000
SHORT TERM BORROWINGS
Intercorporate borrowings	3.100	16.557
Other loans and advances, others	6.064	0.000
Total	25.885	75.627

FINANCE

The Company has taken loan/enhancement of exiting limits from Central Bank of India and Punjab National Bank for meeting the fund requirements of the Company.

FIXED ASSETS

· Land

· Buildings

· Factory building

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer 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 records 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.60.61
UK Pound	1	Rs.100.49
Euro	1	Rs.79.56

INFORMATION DETAILS

Information Gathered by :	JML
Analysis Done by :	DIV
Report Prepared by :	SNT

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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.