MIRA INFORM REPORT

Report Date :

08.09.2014

IDENTIFICATION DETAILS

Name :	PACT INDUSTRIES LIMITED (w.e.f. 14.03.2008)
Formerly Known As :	PREET HOSIERY EXPORTS LIMITED
Registered Office :	303, Hotel The Taksonz, Opposite Railway Station, G. T. Road, Ludhiana – 141008, Punjab
Country :	India
Financials (as on) :	30.09.2013
Date of Incorporation :	31.03.1993
Com. Reg. No.:	16-013193
Capital Investment / Paid-up Capital :	Rs. 49.408 Millions
CIN No.: [Company Identification No.]	L18101PB1993PLC013193
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Steel Ingots and Rods
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile marked by low profitability margins and leveraged capital structure of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution. Note: company not listed on BSE and NSE.

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

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 = B+
Rating Explanation	Risk pron credit quality and very high credit risk
Date	30.01.2014

Rating Agency Name	CARE
Rating	Short term bank facilities =A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	30.01.2014

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 PARTED BY

Name :	Mr. Harpret Singh
Designation :	Managing Director
Contact No.:	91- 9815200524
Date :	27.08.2014

LOCATIONS

Registered Office :	303, Hotel The Taksonz, Opposite Railway Station, G. T. Road, Ludhiana – 141008, Punjab, India
Tel. No.:	Not Available
Mobile No.:	91- 9815200524 (Mr. Harpret Singh)
Fax No.:	Not Available
E-Mail :	Hptakkar@Gmail.Com
Website :	Http://Pactindustries.Com
Location :	Owned
Factory 1 :	Bilga Road, Sahnewal Khurd, Ludhiana, Punjab, India
Tel. No.:	91-161-2844888
Area :	4.25 Acers
Location :	Owned

DIRECTORS

As on: 30.09.2013

Name :

Mr. Avtar Singh

Designation :

Chairman

Address :

House No. 754, Kartar Complex. G. T. Road, Jal. Bypass, Ludhiana – 141008, Punjab, India

Date of Birth/Age :

28.05.1942

Date of Appointment :

01.09.2011

DIN No.:

00570465

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	U70101PB1973PTC003249	KARTAR COLONIZERS PRIVATE LIMITED	Managing director	07/04/1973	07/04/1973	-	Active	NO
2	U45201PB1992PTC012489	PREET BUILDERS PVT LTD	Managing director	20/07/1992	20/07/1992	-	Active	NO
3	L18101PB1993PLC013193	PACT INDUSTRIES LIMITED	Director	01/09/2011	31/03/1993	-	Active	NO
4	U67120PB1995PTC015774	KARTAR FINVEST PRIVATE LIMITED	Director	08/02/1995	08/02/1995	-	Active	NO
5	U55101PB1994PTC015422	KARTARZ HOTEL ESTATES PVT LTD	Director	12/08/2003	12/08/2003	-	Active	NO
6	U65999PB1995PTC016472	A K FINANCIAL CONSULTANTS PRIVATE LIMITED	Director	12/08/2006	12/08/2006	-	Active	NO
7	U65999PB1995PTC016470	TAK FINANCIAL CONSULTANTS PRIVATE LIMITED	Director	12/08/2006	12/08/2006	20/08/2007	Active	NO
8	U51109PB1997PLC019713	TAKSONZ DEVELOPERS & INFRASTRUCTOR LIMITED	Director	12/08/2006	12/08/2006	-	Active	NO
9	U65999PB1995PTC016471	C T FINANCIAL CONSULTANTS PRIVATE LIMITED	Director	18/08/2006	18/08/2006	20/08/2007	Active	YES
10	U70109DL2006PTC153909	AVKAR REALTORS PRIVATE LIMITED	Director	16/09/2006	16/09/2006	-	Active	NO
11	U70109DL2006PTC154083	A. K. LAND DEVELOPERS & INFRASTRUCTURE PRIVATE LIMITED	Director	19/09/2006	19/09/2006	-	Active	NO
12	U27100PB1993PTC013689	KARTARZ ALLOYS PRIVATE LIMITED	Director	16/12/2006	16/12/2006	-	Active	NO
13	U99999PB1944PTC000743	THE KHALSA NIRBHAI TRANSPORT CO PVT LTD	Director	30/09/2008	27/05/2008	-	Active	NO

Name :

Mr. Gurdeep Singh

Designation :

Managing Director

Address :

House No. 754, Kartar Complex. G. T. Road, Jal. Bypass, Ludhiana – 141008, Punjab, India

Date of Birth/Age :

25.08.1966

Date of Appointment :

01.10.2011

DIN No.:

00570507

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	L18101PB1993PLC013193	PACT INDUSTRIES LIMITED	Managing director	01/10/2011	31/03/1993	-	Active	NO
2	U99999PB1944PTC000743	THE KHALSA NIRBHAI TRANSPORT CO PVT LTD	Director	30/09/1994	30/09/1994	-	Active	NO
3	U65999PB1995PTC016472	AK FINANCIAL CONSULTANTS PRIVATE LIMITED	Director	12/08/2006	12/08/2006	-	Active	NO
4	U67120PB1995PTC015774	KARTAR FINVEST PRIVATE LIMITED	Director	30/09/2008	12/08/2006	-	Active	NO
5	U51109PB1997PLC019713	TAKSONZ DEVELOPERS & INFRASTRUCTOR LIMITED	Managing director	10/06/2014	12/08/2006	-	Active	NO
6	U65999PB1995PTC016471	CT FINANCIAL CONSULTANTS PRIVATE LIMITED	Director	18/08/2006	18/08/2006	20/08/2007	Active	YES
7	U70109DL2006PTC153909	AVKAR REALTORS PRIVATE LIMITED	Director	16/09/2006	16/09/2006	-	Active	NO
8	U70109DL2006PTC154344	TAK LAND DEVELOPERS PRIVATE LIMITED	Director	26/09/2006	26/09/2006	-	Active	NO
9	U67120PB1995PTC015977	TAKKAR FINANCIAL CONSULTANTS PVT LTD	Director	16/12/2006	16/12/2006	20/08/2007	Active	NO
10	U45201PB1992PTC012489	PREET BUILDERS PVT LTD	Director	30/09/2008	21/06/2008	-	Active	NO
11	U55101PB1994PTC015422	KARTARZ HOTEL ESTATES PVT LTD	Director	01/10/2009	01/08/2009	-	Active	NO

Name :

Mr. Harpreet Singh

Designation :

Managing Director

Address :

House No. 754, Kartar Complex. G. T. Road, Jal. Bypass, Ludhiana – 141008, Punjab, India

Date of Birth/Age :

06.02.1969

Date of Appointment :

01.10.2011

DIN No.:

00570541

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	L18101PB1993PLC013193	PACT INDUSTRIES LIMITED	Managing director	01/10/2011	31/03/1993	-	Active	NO
2	U27100PB1993PTC013689	KARTARZ ALLOYS PRIVATE LIMITED	Director	07/09/1993	07/09/1993	-	Active	NO
3	U51109PB1997PLC019713	TAKSONZ DEVELOPERS & INFRASTRUCTOR LIMITED	Director	04/04/1997	04/04/1997	-	Active	NO
4	U15510PB2004PLC027343	HK BREWING INDIA PRIVATE LIMITED	Director	21/01/2005	21/01/2005	10/11/2013	Active	NO
5	U65999PB1995PTC016470	TAK FINANCIAL CONSULTANTS PRIVATE LIMITED	Director	12/08/2006	12/08/2006	20/08/2007	Active	NO
6	U70109DL2006PTC154083	A. K. LAND DEVELOPERS & INFRASTRUCTURE PRIVATE LIMITED	Director	19/09/2006	19/09/2006	-	Active	NO

Name :

Mr. Amarjit Singh

Designation :

Director

Address :

1773, 3B –II, Sector 60, Mohali – 160055, Punjab, India

Date of Birth/Age :

06.04.1941

Date of Appointment :

30.12.2006

DIN No.:

00192351

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	L00000CH1990PLC010573	LAKSHMI ENERGY AND FOODS LIMITED	Director	12/12/2002	12/12/2002	-	Active	NO
2	L18101PB1993PLC013193	PACT INDUSTRIES LIMITED	Director	30/12/2006	30/12/2006	-	Active	NO

Name :

Mr. Narinder Jit Singh Sethi

Designation :

Director

Address :

50 – K, Sarabha Nagar, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

01.04.1945

ate of Appointment :

30.12.2006

DIN No.:

01368026

Name :

Mr. Amandeep Singh

Designation :

Director

Address :

205, Guru Teg Bahadur Nagar, Jalandhar – 144001, Punjab, India

Date of Birth/Age :

05.11.1972

Date of Appointment :

30.09.2011

DIN No.:

01263581

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	U28999PB2004PTC027087	VISHAL CONDUIT PRODUCTS PRIVATE LIMITED	Director	05/05/2004	05/05/2004	-	Active	NO
2	L18101PB1993PLC013193	PACT INDUSTRIES LIMITED	Director	30/09/2011	01/09/2011	-	Active	NO

KEY EXECUTIVES

Name :	K .Tiwari and Associates
Designation :	Company Secretary
Mobile No. :	91-9988007745
Tel. No.:	91-161-2447733
Email. :	brij_tiwari@rediffmail.com brijktiwari@yahoo.co.in

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

SHAREHOLDING LIST ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Bodies corporate	42.74
Directors or relatives of directors	34.53
Other top fifty shareholders	11.56
Others	11.17
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Steel Ingots and Rods
Imports :
Products :	Raw Material
Countries :	· Africa · Brazil · USA
Terms :
Selling :	Cash and credit (30 Days)
Purchasing :	Cash, LC, TT and credit (30 Days)

GENERAL INFORMATION

Suppliers :

Indica Group, UAE

Customers :

· Ranveer Steel

· Renny Steel

No. of Employees :

100 (Approximately)

Bankers :

State Bank Of India, Miller Ganj, Ludhiana - 141003, Punjab, India

Fund – 70.000 Millions

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Term loans from banks	27.299	40.852
SHORT TERM BORROWINGS:
Loans repayable on demand from banks	83.753	67.066
Total	111.052	107.918

Banking Relations :	--
Auditors :
Name :	Rajesh Mehru and Company Chartered Accountants

CAPITAL STRUCTURE

As on: 31.03.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
4940800	Equity Shares	Rs.10/- each	Rs. 49.408 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	49.408	49.408	49.408
(b) Reserves & Surplus	4.699	4.234	4.058
(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)	54.107	53.642	53.466
(3) Non-Current Liabilities
(a) long-term borrowings	43.060	44.252	46.908
(b) Deferred tax liabilities (Net)	0.078	0.046	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)	43.138	44.298	46.908
(4) Current Liabilities
(a) Short term borrowings	83.753	67.066	31.575
(b) Trade payables	31.716	30.042	6.115
(c) Other current liabilities	9.720	0.000	0.000
(d) Short-term provisions	3.626	3.259	1.732
Total Current Liabilities (4)	128.815	100.367	39.422
TOTAL	226.060	198.307	139.796
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	65.806	64.131	67.898
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	10.403	7.371	6.914
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	76.209	71.502	74.812
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	68.414	43.090	26.469
(c) Trade receivables	52.070	51.955	33.138
(d) Cash and cash equivalents	17.042	25.438	0.949
(e) Short-term loans and advances	9.183	6.322	4.428
(f) Other current assets	3.142	0.000	0.000
Total Current Assets	149.851	126.805	64.984
TOTAL	226.060	198.307	139.796

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	503.689	463.458	204.275
		Other Income	0.493	0.137	0.018
		TOTAL (A)	504.182	463.595	204.293
Less	EXPENSES
		Cost of Materials Consumed	445.206	398.303	208.126
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(34.618)	(7.326)	(11.314)
		Employees benefits expense	4.752	4.195	1.509
		Other expenses	69.912	54.443	4.407
		TOTAL (B)	485.252	449.615	202.728
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		18.930	13.980	1.565
Less	FINANCIAL EXPENSES (D)		11.000	6.055	0.713
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.930	7.925	0.852
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.651	6.733	0.576
	PROFIT BEFORE TAX (E-F) (G)		1.279	1.192	0.276
Less	TAX (H)		0.428	0.046	0.067
	PROFIT AFTER TAX (G-H) (I)		0.851	1.146	0.209
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.543	1.368	1.159
Less	INCOME TAX OF PREVIOUS YEAR		0.000	0.971	0.000
	BALANCE CARRIED TO THE B/S		2.394	1.543	1.368
	Earnings Per Share (Rs.)		0.17	0.23	0.04

Particulars	31.03.2014
Sales Turnover (Approximately)	510.000

The above information has been parted by Mr. Harpreet Singh.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.17	0.25	0.10
Net Profit Margin (PBT/Sales)	(%)	0.25	0.26	0.14
Return on Total Assets (PBT/Total Assets}	(%)	0.57	0.60	0.20
Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.01
Debt Equity Ratio (Total Debt/Networth)		2.34	2.08	1.47
Current Ratio (Current Asset/Current Liability)		1.16	1.26	1.65

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	49.408	49.408	49.408
Reserves & Surplus	4.058	4.234	4.699
Net worth	53.466	53.642	54.107
long-term borrowings	46.908	44.252	43.060
Short term borrowings	31.575	67.066	83.753
Total borrowings	78.483	111.318	126.813
Debt/Equity ratio	1.468	2.075	2.344

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	204.275	463.458	503.689
		126.879	8.681

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	204.275	463.458	503.689
Profit	0.209	1.146	0.851
	0.10%	0.25%	0.17%

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	Yes
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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

UNSECURED LOAN

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Loans and advances from directors	0.641	0.065
Loans and advances from others	15.120	3.335
Total	15.761	3.400

STATEMENT OF STANDALONE/ CONSOLIDATE UNAUDITED / AUDITED RESULTS FOR THE QUARTER ENDED 30.06.2014

Sr. No.	Particulars			3 months ended (30.06.2014)	Preceding 3 months ended (31.03.2014)	Corresponding 3 months ended (30.06.2013) in the previous year	Previous year ended (31.03.2014)
1	(a) Net Sales/Income from Operations			128.136	159.765	127.764	502.097
	(b)Other Operating Income			--	--	--	--
	Total Income From Operations (Net)			128.136	159.765	127.764	502.097
2	Expenditure
	(a)		Cost of Materials Consumed	108.532	119.944	129.696	424.486
	(b)		Purchases of Stock-in-Trade	0.000	0.000	0.000	0.000
	(c)		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	5.480	22.327	(24.957)	(4.983)
	(d)		Employees benefits expense	1.100	1.00	0.600	2.800
	(e)		Depreciation and amortization expense	1.600	1.365	1.600	6.265
	(f )		Other expenses	8.565	10.355	18.450	63.505
			TOTAL (B)	125.277	154.991	125.389	492.073
3	Profit from operation before other income, interest and other exceptional items(1-2)			2.859	4.774	2.375	10.024
4	Other Income			0.250	(0.543)	0.500	2.957
5	profit before interest and exceptional items(3+4)			3.109	4.231	2.875	12.981
6	Interest			2.600	3.813	2.500	11.313
7	Profit after interest but before exceptional items(5-6)			0.509	0.418	0.375	1.668
8	Exceptional Items			0.000	0.000	0.000	0.000
9	Profit(+)/Loss(-) from Ordinary Activities before tax (7-8)			0.509	0.418	0.375	1.668
10	Tax Expenses			0.168	0.115	0.125	0.515
11	Net Profit(+)/Loss(-) from Ordinary Activities after tax( 9-10)			0.341	0.303	0.250	1.153
12	Extra Ordinary Items			0.000	0.000	0.000	0.000
13	Net Profit(+)/Loss(-) for the period (1112)			0.341	0.303	0.250	1.153
14	Paid-up Equity Share Capital			49.408	49.408	49.408	49.408
15	Reserves excluding revaluation reserves			6.193	5.852	4.949	5.852
16		Earning Per Share
(a)		Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year(not to be annualised)		0.07	0.23	0.05	0.23
(b)		Basic and diluted EPS after Extraordinary items for the period, for the year to date and for the previous year(not to be annualised)		0.07	0.23	0.05	0.23
17		Public Shareholding
		Number of Shares		1272750	1272750	1272750	1272750
		Percentage of Shareholding		25.76	25.76	25.76	25.76
18		Promoters and Promoter group
		a) Pledged/Encumbered
		Number of shares		NIL	NIL	NIL	NIL
		Percentage of Shares (as a % of the total shareholding of promoter and promoter group)		NIL	NIL	NIL	NIL
		Percentage of Shares (as a % of the total share capital of the Company)		NIL	NIL	NIL	NIL
		b) Non-encumbered
		Number of shares		3668050	3668050	3668050	3668050
		Percentage of Shares (as a % of the total shareholding of promoter and promoter group)		74.24	74.24	74.24	74.24
		Percentage of Shares (as a % of the total share capital of the Company)		74.24	74.24	74.24	74.24
		Particulars					3 months ended 30.06.2014
		INVESTOR COMPLAINTS
		Pending at the beginning of the quarter					NIL
		Received during the quarter					NIL
		Disposed off during the quarter					NIL
		Remaining unresolved at the end of the quarter					NIL

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10148336	05/04/2012 *	189,500,000.00	STATE BANK OF INDIA	MILLER GANJ,, LUDHIANA - 141003, PUNJAB, INDIA	B40171795

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 judgment 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.60.44
UK Pound	1	Rs.98.64
Euro	1	Rs.78.20

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	KAR
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		28

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.