MIRA INFORM REPORT

Report No. :	335315
Report Date :	07.08.2015

IDENTIFICATION DETAILS

Name :	JCBL LIMITED
Formerly Known As :	JAYCEE COACH BUILDERS LIMITED
Registered Office :	L -1 /18, Ground Floor, Hauz Khas Enclave, Hauz Khas, New Delhi -110016
Tel. No.:	91-11-32979043
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.06.1989
Com. Reg. No.:	55-036743
Capital Investment / Paid-up Capital :	Rs. 52.002 Million
CIN No.: [Company Identification No.]	U34201DL1989PLC036743
IEC No.:	2297001592
TAN No.: [Tax Deduction & Collection Account No.]	DELJ04548F
PAN No.: [Permanent Account No.]	AAACJ0204G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Auto Parts, Bus Parts, Seats, PU Moulded Parts, car, Trucks and Commercial Vehicles, Bus, Spirit Bus, Speed XL and Sleeper Coach
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 887000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. The company possesses moderate operational performance and it has incurred huge losses from its operational activities. Rating further constrained on account of company’s moderate financial risk profile marked by modest net worth and leverage balance sheet profile of the company. However, trade relations are reported as fair. Payments are reported to be slow but correct. In view of operational losses, the company can be considered for business dealing with some caution.

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = (B-)
Rating Explanation	Risk-prone-credit-quality and carries very high credit risk
Date	08.05.2015

Rating Agency Name	CRISIL
Rating	Short term rating = A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	08.05.2015

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 31-03-2013.

INFORMATION PARTED BY

Name :	Ms. Mamta
Designation :	Finance Controller
Contact No.:	91-172-3013095
Date :	05.08.2015

LOCATIONS

Registered Office :	L -1 /18, Ground floor, Hauz Khas Enclave, Hauz Khas, New Delhi -110016, India
Tel. No.:	91-11-32979043
Fax No.:	91-11-41519570
E-Mail :	contact@jcbl.com jcbl@jcbl.com companysecretary@jcbl.com
Website :	http://www.jcblindia.com http://www.jcblgroup.com
Head Office / Corporate Office :	Plot No. 75,1st Floor  Industrial Area, Phase-I Chandigarh – 160002, Chandigarh, India
Tel. No.:	91- 172-3013095-96
Fax No.:	91- 172-3013097
Factory 1 :	Arnbala-Chandigarh Road, District Mohali,  Lalru – 140501, Punjab, India
Tel. No.:	91-1762-308299-300
Fax No.:	91-1762-308255

DIRECTORS

AS ON 27.09.2014

Name :

Mr. Ramesh Kumar Bhandari

Designation :

Director

Address :

H.No-79, Sector-10, Chandigarh - 160010, Chandigarh, India

Date of Birth/Age :

17.07.1965

Qualification :

Engineer

Date of Appointment :

31.12.1992

DIN No.:

00354242

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	U34201DL1989PLC036743	JCBL LIMITED	Director	31/12/1992	31/12/1992	-	Active	NO
2	L34300CH1995PLC016253	RANBRO BRAKES INDIA LIMITED	Nominee director	16/01/1996	16/01/1996	16/02/2011	Active	NO
3	U65999CH1998SGC022011	PUNJAB VENTURE INVESTORS TRUST LIMITED	Nominee director	04/12/1998	04/12/1998	-	Active	YES
4	U65999CH1998SGC022010	PUNJAB VENTURE CAPITAL LIMITED	Nominee director	04/12/1998	04/12/1998	21/06/2011	Active	NO
5	U18101PB1994PLC015403	ABHINAV COTSPIN LTD.	Nominee director	28/08/2003	28/08/2003	-	Active	NO
6	L29246PB1989PLC009531	S R INDUSTRIES LTD	Director	15/05/2010	01/10/2005	-	Active	NO
7	L29219PB1983PLC005454	KRISHNA ENGINEERING WORKS LIMITED	Nominee director	30/01/2006	30/01/2006	13/05/2011	Active	NO
8	L51755PB1995PLC015903	DIAMOND AGRO INDUSTRIES LIMITED	Nominee director	11/05/2007	11/05/2007	-	Active	NO

Name :

Mr. Parminder Singh Sodhi

Designation :

Director

Address :

No. G-14-15, Model Town, Patiala - 147001, Punjab, India

Date of Birth/Age :

01.11.1946

Qualification :

Engineer

Date of Appointment :

29.09.2009

DIN No.:

00529217

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	U74999DL1997PLC130836	MOBILITY SOLUTIONS LIMITED	Whole-time director	01/08/2014	01/10/2005	-	Active	NO
2	U34201DL1989PLC036743	JCBL LIMITED	Director	29/09/2009	01/05/2009	-	Active	NO
3	U72900CH2009PTC031747	GRAFICA DESIGN SOLUTIONS PRIVATE LIMITED	Director	09/09/2009	09/09/2009	-	Active	NO
4	U74900AP2008PTC062339	MITHRA COACHES PRIVATE LIMITED	Director	30/09/2010	02/04/2010	22/10/2012	Active	NO
5	U74899DL1982PTC013536	KEI METALS PVT LTD	Director	26/09/2014	14/03/2014	-	Active	NO

Name :

Mr. John George Waller Burton

Designation :

Director

Address :

Mas Del Boix, Tivissa, Tarragona - 43746, Spain

Date of Birth/Age :

02.04.1946

Date of Appointment :

28.09.2012

DIN No.:

01951725

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	U74999CH2007PTC030868	MSL HOLDINGS PRIVATE LIMITED	Director	29/09/2008	12/12/2007	09/02/2013	Active	NO
2	U34300KA2006PTC039731	GHE AUTOMOTIVE INDIA PRIVATE LIMITED	Director	23/09/2009	22/04/2009	-	Active	NO
3	U74999DL1997PLC130836	MOBILITY SOLUTIONS LIMITED	Director	27/08/2011	27/12/2010	-	Active	NO
4	U34201DL1989PLC036743	JCBL LIMITED	Director	28/09/2012	21/11/2011	-	Active	NO

Name :

Mr. Rajinder Kumar Aggarwal

Designation :

Managing Director

Address :

House No. 111, Sector – 9A, Chandigarh - 160009, Chandigarh, India

Date of Birth/Age :

15.08.1946

Qualification :

Graduate

Date of Appointment :

01.04.2012

PAN No.:

AAUPA6302K

DIN No.:

00744827

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	U74999DL2000PTC105201	JAYCEE CHALMERS INDIA PRIVATE LIMITED.	Director	11/04/2001	11/04/2001	-	Under Process of Striking off	NO
2	U34201DL1989PLC036743	JCBL LIMITED	Managing director	01/04/2012	01/04/2002	-	Active	NO
3	U35999DL2002PTC116194	JCBL INFRA EQUIPMENTS PRIVATE LIMITED	Director	15/07/2002	15/07/2002	15/10/2010	Active	NO
4	U26100HP2005PLC028909	AVEDA ECO GREEN LIMITED	Director	05/09/2005	05/09/2005	31/03/2009	Active	NO
5	U70101CH1997PTC020413	SPR ESTATES AND BUILDERS PRIVATE LIMITED	Director	29/09/2006	28/01/2006	-	Active	NO
6	U51909CH2004PTC027206	SPECTATORS GLOBAL PRIVATE LIMITED	Director	15/04/2006	15/04/2006	-	Active	NO
7	U74899DL1982PTC013536	KEI METALS PRIVATE LIMITED	Director	31/08/2006	31/08/2006	06/08/2012	Active	NO
8	U50101DL2001PTC111613	GLOBE AUTOMOBILES PRIVATE LIMITED	Director	30/03/2007	30/03/2007	15/09/2007	Active	NO
9	U74999CH2007PTC030868	MSL HOLDINGS PRIVATE LIMITED	Director	10/07/2007	10/07/2007	19/03/2010	Active	NO
10	U74900AP2008PTC062339	MITHRA COACHES PRIVATE LIMITED	Director	24/12/2008	24/12/2008	22/10/2012	Active	NO
11	U15200CH2005PTC028560	NOBLE FORMULATIONS PRIVATE LIMITED	Director	28/09/2009	01/05/2009	15/10/2010	Active	NO
12	U25200CH2009PTC031864	MSL STRATIFORME-COMPREFORME INDUSTRIES PRIVATE LIMITED	Director	13/11/2009	13/11/2009	-	Active	NO
13	U74999DL1997PLC130836	MOBILITY SOLUTIONS LIMITED	Managing director	01/04/2012	01/07/2010	-	Active	NO
14	U74140DL2012PTC246155	CERITA HOLDINGS PRIVATE LIMITED	Director	13/12/2012	13/12/2012	-	Active	NO
15	U34102HR2014PTC052925	JCBL-ARMORED VEHICLES PRIVATE LIMITED	Director	31/07/2014	31/07/2014	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Mamta
Designation :	Secretary
Address :	House No. 202, Saini Vihar, Phase 1, Baltana, Zirakpur - 140604, Punjab, India
Date of Birth/Age :	24.07.1989
Date of Appointment :	30.04.2014
PAN No.:	BWJPM8294A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2014

Names of Shareholders	No. of Shares
Rajinder Aggarwal	1050508
Rishi Aggarwal	973358
Sarita Aggarwal	2054610
Aarti Aggarwal	440
Vivek Datta	222
Sandip Chakroborty	22
Girish Wadhwa	200
S. S. Pramar	200
Tushar Sharma	200
Man Singh	200
Dharam Pal	200
Pramod Jha	200
Sham Lal Manocha	200
Sanjeev Babbar	200
Munish Sharma	200
K. J. George	200
Ashok Kalsi	200
Rajbir Singh	200
Gian Chand	200
B. K. Matta	200
Suresh Bhatia	200
Venkat S. Rao	200
Daljit Singh	200
Baljeet Singh	200
N. Rajindran	200
Nupur Aggarwal	260000
Yashasvi Aggarwal	100000
Sarita Aggarwal (As a Partner of GTA)	378620
Rishi Aggarwal (as a Partner of GTA)	378620
Total	5200200

AS ON 27.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.92
Other top fifty shareholders	0.08
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Auto Parts, Bus Parts, Seats, PU Moulded Parts, car, Trucks and Commercial Vehicles, Bus, Spirit Bus, Speed XL and Sleeper Coach

Products :

ITC Code No.	Product Descriptions
99622812	Buses

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

Products :

Raw Material

Countries :

· China

· USA

· UAE

· Germany

Terms :

Selling :

Cash and Credit (30/ 60/ 90 Days)

Purchasing :

Cash and Credit (30/ 60/ 90 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

End Users and OEM’s

Reference:	Abbott India Limited
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

· Ranbaxy Laboratories Limited

· Force Manforce Trucks Private Limited

· Zydus Cadila Limited

No. of Employees :

500 (Approximately)

Bankers :

Bank Name:	Oriental Bank of Commerce
Branch:	Sector 17 B, Chandigarh, India
Person Name (with Designation):	Not Divulged
Contact Number:	91-172-2722617 (Ringing)
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Cash Credit :Rs. 150.000 Million
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Oriental Bank Of Commerce, Branch Sector 19- D, Chandigarh - 160019, Chandigarh, India

· Small Industries Development Bank Of India, Sco No 145 -146 , Post Box No 92, Sector 17c, Chandigarh - 160017, Chandigarh, India

· Allahabad Bank, Madhya Marg, Sector 8-C, Chandigarh - 160008, Chandigarh, India

· Standard Chartered Bank, Credit Risk Control, Narain Manzil, 23 Barakhamba Road, New Delhi - 110001, Delhi, India

· Punjab and Sind Bank, SCO 1076-77, Sector-22 B, Chandigarh - 160022, Chandigarh, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	156.056	163.684
Rupee term loans from others	22.833	26.596
SHORT TERM BORROWINGS
Working capital loans from banks	292.700	285.181
Total	471.589	475.461

Financial Institution :	Indiabulls Housing Finance Limited, F-60, Malhotra Building, 2nd Floor, Connaught Place, New Delhi - 110001, India
Auditors :
Name :	Kansal Singla and Company Chartered Accountants
Address :	SCO 80-81, 4Th Floor Sector 17-C, Chandigarh-160027, India
Income-tax PAN of auditor or auditor's firm :	AAAFK9144R
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Grafica Design Solutions Private Limited (U72900CH2009PTC031747) · JCBL Infra Equipment’s Private Limited (U35999DL2002PTC116194) · JCBL Marrel Tippers Private Limited (U34300CH2007PTC030773) · SPR Estates and Builders Private Limited · Mobility Solutions Limited (U74999DL1997PLC130836) · Noble Formulations Private Limited (U15200CH2005PTC028560) · Spectators Global Private Limited (U51909CH2004PTC027206) · JCBL India Private Limited (U00000CH2003PTC026523) · Globe Automobiles Private Limited · Cerita Holdings Private Limited · JCBL Marrel Tippers Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,200,200	Equity Shares	Rs. 10/- each	Rs. 52.002 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	52.002	52.002	52.002
(b) Reserves & Surplus	258.474	339.326	362.157
(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)	310.476	391.328	414.159
(3) Non-Current Liabilities
(a) Long-term borrowings	367.206	380.571	296.886
(b) Deferred tax liabilities (Net)	25.798	60.820	57.288
(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)	393.004	441.391	354.174
(4) Current Liabilities
(a) Short term borrowings	292.700	285.181	291.362
(b) Trade payables	386.452	400.071	434.617
(c) Other current liabilities	179.773	197.156	211.572
(d) Short-term provisions	2.249	4.892	6.360
Total Current Liabilities (4)	861.174	887.300	943.911
TOTAL	1564.654	1720.019	1712.244
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	498.000	499.944	421.623
(ii) Intangible Assets	93.104	79.319	58.675
(iii) Capital work-in-progress	0.000	48.639	90.212
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	28.827	28.827	71.327
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	19.699	19.644	21.457
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	639.630	676.373	663.294
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	488.965	488.661	452.181
(c) Trade receivables	265.221	423.075	438.598
(d) Cash and cash equivalents	29.893	14.003	38.079
(e) Short-term loans and advances	140.945	117.907	120.092
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	925.024	1043.646	1048.950
TOTAL	1564.654	1720.019	1712.244

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1307.121	1663.561	1875.024
		Other Income	8.734	8.972	12.312
		TOTAL (A)	1315.855	1672.533	1887.336
Less	EXPENSES
		Cost of Materials Consumed	958.199	1229.511	1401.041
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(8.638)	(36.526)	(91.663)
		Employees benefits expense	207.120	228.319	272.986
		Other expenses	102.782	117.467	141.911
		TOTAL (B)	1259.463	1538.771	1724.275
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		56.392	133.762	163.061
Less	FINANCIAL EXPENSES (D)		118.624	116.183	112.730
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(62.232)	17.579	50.331
Less/ Add	DEPRECIATION/ AMORTISATION (F)		47.446	33.710	39.702
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(109.678)	(16.131)	10.629
Less	TAX (H)		(31.995)	3.531	4.597
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(77.683)	(19.662)	6.032
	IMPORTS
		C.I.F. Value of import	50.542	93.489	115.625
	Earnings Per Share (Rs.)		(14.94)	(3.78)	1.16

PARTICULARS	31.03.2015
Sales Turnover (Approximately)	1500.000

The above information has been parted by Ms. Mamta (Finance Controller)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	52.950	74.981	79.464
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	155.664	69.939	186.030

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(5.94)	(1.18)	0.32
Operating Profit Margin (PBDIT/Sales)	(%)	4.31	8.04	8.70
Return on Total Assets (PBT/Total Assets}	(%)	(7.14)	(0.98)	0.69
Return on Investment (ROI) (PBT/Networth)		(0.35)	(0.04)	0.03
Debt Equity Ratio (Total Liability/Networth)		2.30	1.89	1.61
Current Ratio (Current Asset/Current Liability)		1.07	1.18	1.11

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	52.002	52.002	52.002
Reserves & Surplus	362.157	339.326	258.474
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	414.159	391.328	310.476
Long-term borrowings	296.886	380.571	367.206
Short term borrowings	291.362	285.181	292.700
CURRENT MATURITIES OF LONG-TERM DEBTS	79.464	74.981	52.950
Total borrowings	667.712	740.733	712.856
Debt/Equity ratio	1.612	1.893	2.296

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1875.024	1663.561	1307.121
		(11.278)	(21.426)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1875.024	1663.561	1307.121
Profit	6.032	(19.662)	(77.683)
	0.32%	(1.18%)	(5.94%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

HIGH COURT OF DELHI

$~27

* IN THE HIGH COURT OF DELHI AT NEW DELHI

+ CO.PET. 484/2014 and Co. Appln. No.1718/2014

M/S MAHARANI PAINTS PRIVATE LIMITED ..... Petitioner

Through Mr. Rishabh Bansal, Proxy counsel.

Versus

M/S JCBL LIMITED ..... Respondent

Through Mr. Pankaj Bhagat, Proxy counsel.

CORAM:

HON'BLE MR. JUSTICE SUDERSHAN KUMAR MISRA

O R D E R

% 22.07.2015

The lawyers are abstaining from work today and are being represented through proxy counsel nominated by the Delhi High Court Bar Association.

List on 13.08.2015.

SUDERSHAN KUMAR MISRA, J

JULY 22, 2015

dr

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10417109	20/03/2013	150,000,000.00	ORIENTAL BANK OF COMMERCE	SECTOR 17-B, BANK SQUARE, CHANDIGARH, CHANDIGARH  - 160017, INDIA	B72373434
2	10334560	04/02/2012	40,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SCO NO 145 -146 , POST BOX NO 92, SECTOR 17C,  CHANDIGARH, CHANDIGARH - 160017, INDIA	B31673809
3	10331308	30/11/2011	9,050,000.00	INDIABULLS HOUSING FINANCE LIMITED	F-60, MALHOTRA BUILDING, 2ND FLOOR, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	B30408819
4	10230740	15/07/2010	75,000,000.00	ALLAHABAD BANK	MADHYA MARG, SECTOR 8-C, CHANDIGARH, CHANDIGARH -  160008, INDIA	A90163288
5	10233129	26/06/2010	10,600,000.00	INDIABULLS HOUSING FINANCE LIMITED	F-60, MALHOTRA BUILDING, 2ND FLOOR, CONNAUGHT PLA  CE, NEW DELHI - 110001, INDIA	A90820853
6	10103199	11/06/2015 *	35,000,000.00	ORIENTAL BANK OF COMMERCE	SECTOR 19-D, CHANDIGARH, CHANDIGARH - 160019, INDI  A	C57601478
7	80000709	19/11/2014 *	744,800,000.00	ORIENTAL BANK OF COMMERCE	BANK SQUARE, SECTOR 17B, CHANDIGARH, CHANDIGARH -  160017, INDIA	C33590654
8	90052524	07/08/1998 *	26,000,000.00	ORIENTAL BANK OF COMMERCE	SECTOR-17-B, CHANDIGARH, HARYANA, INDIA	-
9	90052521	08/09/1993 *	3,500,000.00	ORIENTAL BANK OF COMMERCE	TRIVEDE CAMP AT DERA BASSI, PATIALA, PUNJAB, INDIA	-
10	90052376	31/12/1990	6,900,000.00	PUNJAB STATE INDUSTRIAL DEVELOPMENT CORPORATION LIMITED	S.C.O. 54-56, SECTOR 17. A, CHANDIGARH, HARYANA,  INDIA	-

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	6.072	0.000
Rupee term loans from others	167.245	175.291
Intercorporate borrowings	15.000	15.000
Total	188.317	190.291

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Letters of credit opened	65.531	32.670
Bank Guarantees	41.003	84.086
Claims against company not acknowledged as debt	153.240	141.824

REVIEW OF OPERATION

The current economic recession has hit the commercial vehicle industry and the operations of the company were also adversely affected. During the year, the Gross income has come down to Rs 1394.800 Million as compared to Rs 1763.100 Millionin the previous year. The net loss for the year has also increased to Rs. 77.700 Million as compared to Rs 19.700 Million. There has been some improvement in the ongoing year but the recovery is slow. The company has developed a new model for Luxury Tourist Segment, which will help to increase the business. Directors are continuously looking for avenues for future growth of the Company.

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Factory Equipment’s

· Other plant and Equipment

· furniture and Fixtures

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.76
UK Pound	1	Rs.99.60
Euro	1	Rs.69.71

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--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	YES
--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		27

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.