MIRA INFORM REPORT

Report No. :	338737
Report Date :	28.08.2015

IDENTIFICATION DETAILS

Name :	SUTLEJ MOTORS PRIVATE LIMITED (w.e.f. 02.02.2015)

Formerly Known As :	SUTLEJ MOTORS LIMITED

Registered Office :	# 5^th K M Stone, Kapurthala Road, Jalandhar - 144001, Punjab
Tel. No.:	91-181-5030400/5030401

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	04.02.1986

Com. Reg. No.:	16-006675

Capital Investment / Paid-up Capital :	Rs. 59.976 Million

CIN No.: [Company Identification No.]	U80103PB1986PTC006675

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	JLDS01153F

PAN No.: [Permanent Account No.]	AABCS9077R

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer, Exporter, Importer and Suppler of Buses like Airport buses, Sleeper coaches, High tech luxury coaches, School buses.

No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 610000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an old and established company incorporated during the year 1986 having a satisfactory track record. Turnover and profit of the company has slightly declined during FY 2014. However, company has achieved a good profitability during the year under a review. Further the rating takes into consideration sound net worth base of the company with low borrowings. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. In view of long track record and acceptable financial base, 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Varun Gupta
Designation :	HR Manager
Contact No.:	91-181-5030400
Date :	27.08.2015

LOCATIONS

Registered Office / Factory :	# 5^th K M Stone, Kapurthala Road, Jalandhar - 144001, Punjab, India
Tel. No.:	91-181-5030400/5030401
Fax No.:	91-181-2651482
E-Mail :	accounts@sutlej.com
Website :	www.sutlej.com

Corporate Office :	Village Sangal Sohal Near Vikram Resorts, Kapurthala Road, Jalandhar – 144001, Punjab, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Daljit Singh

Designation :

Managing Director

Address :

567,Bagh 8ahrian, Kapurthala Road, Jalandhar, Punjab, India

Date of Appointment :

01.04.2011

DIN No.:

00847779

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	U80103PB1986PTC006675	SUTLEJ MOTORS Private Limited	Managing director	01/04/2011	04/02/1986	-	Active	NO
2	U27310PB1993PTC013639	SUTLEJ COACH PRODUCTS PRIVATE LIMITED	Director	27/12/1993	27/12/1993	-	Active	NO
3	U80302PB1999PTC022869	SUTLEJ INFORMATICS PRIVATE LIMITED	Director	20/08/1999	20/08/1999	-	Active	NO
4	U34100PB2004PLC027266	Sutlej Coach Builders Limited	Director	02/07/2004	02/07/2004	-	Active	NO

Name :

Mr. Kulwant Singh Wilkhu

Designation :

Whole-Time I Director

Address :

567,Bagh 8ahrian, Kapurthala Road, Jalandhar, Punjab, India

Date of Appointment :

01.04.2011

DIN No.:

00847731

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	U80103PB1986PTC006675	SUTLEJ MOTORS Private Limited	Whole-time director	01/04/2011	04/02/1986	-	Active	NO
2	U27310PB1993PTC013639	SUTLEJ COACH PRODUCTS PRIVATE LIMITED	Director	24/08/1993	24/08/1993	01/07/2014	Active	NO
3	U80302PB1999PTC022869	SUTLEJ INFORMATICS PRIVATE LIMITED	Managing director	20/08/1999	20/08/1999	-	Active	NO
4	U34100PB2004PLC027266	Sutlej Coach Builders Limited	Managing director	02/07/2004	02/07/2004	-	Active	NO
5	AAC-7644	SUTLEJ E-MOTIVE LLP	Designated Partner	29/09/2014	29/09/2014	-	Active	NO

Name :

Mr. Narinder Singh Narinder Wilkhu

Designation :

Whole-Time I Director

Address :

567, Bagh Bharian, Kapurthala Road, Jalandhar -144001, Punjab, India

Date of Appointment :

01.04.2011

DIN No.:

00847829

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	U80103PB1986PTC006675	SUTLEJ MOTORS Private Limited	Whole-time director	01/04/2011	01/11/1994	-	Active	NO
2	U27310PB1993PTC013639	SUTLEJ COACH PRODUCTS PRIVATE LIMITED	Director	01/01/1996	01/01/1996	06/06/2015	Active	NO
3	U34100PB2004PLC027266	Sutlej Coach Builders Limited	Director	02/07/2004	02/07/2004	-	Active	NO

Name :

Mr. Harbhajan Singh Wilkhu

Designation :

Whole-Time Director

Address :

122-A, New Hardev Nagar, Kapurthala Road, Jalandhar - 144001, Punjab, India

Date of Appointment :

01.04.2011

DIN No.:

00848031

Name :

Mr. Ravinder Singh Wilkhu

Designation :

Whole-Time Director

Address :

567, Bagh Bahrian, Kapurthala Road, Jalandhar - 144001, Punjab, India

Date of Appointment :

01.04.2011

DIN No.:

00848050

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	U80103PB1986PTC006675	SUTLEJ MOTORS Private Limited	Whole-time director	01/04/2011	01/11/1994	-	Active	NO
2	U26101PB2000PTC024078	SUTLEJ GLASS WORKS PRIVATE LIMITED	Managing director	31/01/2001	31/01/2001	-	Strike off	NO
3	U34100PB2004PLC027266	Sutlej Coach Builders Limited	Director	02/07/2004	02/07/2004	-	Active	NO

Name :

Mr. Jatinder Wilkhu

Designation :

Whole-Time Director

Address :

Dq-567 Mohalla Bagh Baharian, Kapurthala Road, Jalandhar - 144001, Punjab, India

Date of Appointment :

01.04.2011

DIN No.:

00848069

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	U27310PB1993PTC013639	SUTLEJ COACH PRODUCTS PRIVATE LIMITED	Director	01/02/1997	01/02/1997	-	Active	NO
2	U80302PB1999PTC022869	SUTLEJ INFORMATICS PRIVATE LIMITED	Director	20/08/1999	20/08/1999	-	Active	NO
3	U26101PB2000PTC024078	SUTLEJ GLASS WORKS PRIVATE LIMITED	Director	23/11/2000	23/11/2000	-	Strike off	NO
4	U80103PB1986PTC006675	SUTLEJ MOTORS Private Limited	Whole-time director	01/04/2011	01/04/2011	-	Active	NO

Name :

Mr. Paramjit Singh

Designation :

Whole-Time Director

Address :

567, Bagh Bahrian, Kapurthala Road, Jalandhar- 144001, Punjab, India

Date of Appointment :

01.04.2011

DIN No.:

00848095

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	U80103PB1986PTC006675	SUTLEJ MOTORS Private Limited	Whole-time director	01/04/2011	04/02/1986	-	Active	NO
2	U27310PB1993PTC013639	SUTLEJ COACH PRODUCTS PRIVATE LIMITED	Managing director	27/12/1993	27/12/1993	06/06/2015	Active	NO
3	U34100PB2004PLC027266	Sutlej Coach Builders Limited	Director	02/07/2004	02/07/2004	-	Active	NO

Name :

Mr. Tajinder Singh Wilkhu

Designation :

Director

Address :

567, Bagh Bahrian, Kapurthala Road, Jalandhar -144001, Punjab, India

Date of Appointment :

18.06.2005

DIN No.:

00848126

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	U27310PB1993PTC013639	SUTLEJ COACH PRODUCTS PRIVATE LIMITED	Managing director	27/03/2015	24/08/1993	-	Active	NO
2	U26101PB2000PTC024078	SUTLEJ GLASS WORKS PRIVATE LIMITED	Director	23/11/2000	23/11/2000	28/07/2010	Strike off	NO
3	U80103PB1986PTC006675	SUTLEJ MOTORS Private Limited	Director	18/06/2005	18/06/2005	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Varun Gupta
Designation :	HR Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders		No. of Shares
S. Daljit Singh		64464
S. Paramjit Singh		45528
S. Harbhajan Singh		43536
S.Kulwant Singh		39288
S. Ravinder Singh H.U.F		17664
S. Paramjit Singh H.U.F		16896
S. Harbhajan Singh H.U.F		16896
S.Daljit Singh H.U.F		28416
S.Chanan Singh H.U.F		20736
S.Kulwant Singh H.U.F		8640
S.Ravinder Singh		48120
S. Narinder Singh		49992
Mrs. Balwinder Kaur		33840
Resham Kaur		28488
Surjit Kaur		32208
Narinde Kaur		26232
Gurbax Kaur		7296
Jatinder Pal Singh		21888
Tejinder Pal Singh		20352
Sukhjinde Kaur		8640
Shllpkar Singh		5184
Rachandeep Singh		5184
Harkamaljeet Singh		3168
Sarbjit Singh		384
Mandeep Singh		384
Gagandeep		384
Gagandeep Singh		384
Amritpal Singh		384
Harsimrat Singh		384
Surjit Kaur		4800

Total		599760

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter, Importer and Suppler of Buses like Airport buses, Sleeper coaches, High tech luxury coaches, School buses.

Products :

Item Code No.	Product Description
8703	Motor cars and other motor vehicles principally designed for the transport of persons (other than those of heading 8702), including station wagons and racing cars

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

South Africa

Imports :

Products :

Raw Materials

Countries :

Germany
UK
France
Italy

Terms :

Selling :

Cash and Cheque (60 Days)

Purchasing :

L/C and Credit (60 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

150 (Approximately)

Bankers :

State Bank of India, Main Branch, Jalandhar, Punjab, India

Bank Name	State Bank of Patiala
Branch	280, Saheed Udham Singh Nagar, MAhavir Marg, Lalandhar – 144001, Punjab, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans repayable on demand	23.637	53.839
Total	23.637	53.839


Banking Relations :	--

Auditors :
Name :	S.S. Kalra and Company Chartered Accountants
Address :	4th Floor, K.K. Tower, Civil Lines , Jalandhar City, Punjab, India
PAN N Income-tax PAN of auditor or auditor's firm :	AERPK7553H

Memberships :	--

Collaborators :	--

Related Party :	Sutlej Coatch Builders Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

600,000	Equity Shares	Rs.100/- each	Rs. 60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

599,760	Equity Shares	Rs.100/- each	Rs. 59.976 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	59.976	59.976	59.976
(b) Reserves & Surplus	152.899	138.300	110.308
(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)	212.875	198.276	170.284

(3) Non-Current Liabilities
(a) long-term borrowings	0.406	1.966	52.722
(b) Deferred tax liabilities (Net)	9.767	10.200	10.006
(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)	10.173	12.166	62.728

(4) Current Liabilities
(a) Short term borrowings	23.637	53.839	0.000
(b) Trade payables	24.217	39.810	51.403
(c) Other current liabilities	0.000	0.000	107.697
(d) Short-term provisions	44.319	44.642	0.000
Total Current Liabilities (4)	92.173	138.291	159.100

TOTAL	315.221	348.733	392.112

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	128.457	130.194	131.161
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	128.457	130.194	131.161

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	30.513	32.298	45.569
(c) Trade receivables	7.782	20.989	26.914
(d) Cash and cash equivalents	121.120	143.706	167.835
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	27.349	21.546	20.633
Total Current Assets	186.764	218.539	260.951

TOTAL	315.221	348.733	392.112

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	481.811	618.079	735.519
	Other Income	12.695	12.253	11.487
	TOTAL (A)	494.506	630.332	747.006

Less	EXPENSES
	Cost of Materials Consumed	348.715	441.122	545.399
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.785	13.271	0.000
	Employees benefits expense	50.601	60.749	64.370
	Other expenses	57.235	59.076	70.105
	Exceptional Item			0.028
	TOTAL (B)	458.336	574.218	679.902

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	36.170	56.114	67.104

Less	FINANCIAL EXPENSES (D)	2.872	3.159	3.234

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	33.298	52.955	63.870

Less/ Add	DEPRECIATION/ AMORTISATION (F)	11.549	10.939	11.684

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	21.749	42.016	52.186

Less	TAX (H)	7.150	14.025	16.464

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	14.599	27.991	35.722

	Earnings / (Loss) Per Share (Rs.)	24.34	46.67

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.03	4.53	4.86

Operating Profit Margin (PBIDT/Sales)	(%)	7.51	9.08	9.12

Return on Total Assets (PBT/Total Assets}	(%)	6.90	12.05	13.31

Return on Investment (ROI) (PBT/Networth)		0.10	0.21	0.31

Debt Equity Ratio (Total Debt /Networth)		0.11	0.28	0.31

Current Ratio (Current Asset/Current Liability)		2.03	1.58	1.64

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	59.976	59.976	59.976
Reserves & Surplus	110.308	138.300	152.899
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	170.284	198.276	212.875

long-term borrowings	52.722	1.966	0.406
Short term borrowings	0.000	53.839	23.637
Total borrowings	52.722	55.805	24.043
Debt/Equity ratio	0.310	0.281	0.113

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	735.519	618.079	481.811
		(15.967)	(22.047)

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	735.519	618.079	481.811
Profit	35.722	27.991	14.599
	4.86%	4.53%	3.03%

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	No
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	No
11	Pan Card No. of Proprietor / Partners	No
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	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
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	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loans from banks	0.406	1.966

Total	0.406	1.966

PERFORMANCE REVIEW:

Revenue from Operations of the company has decreased to Rs. 481.810 Million during the year ended March 31, 2014 as compared to Rs. 618.079 Million in the previous year ended March 31, 2013.

Net profit after taxes has decreased to Rs. 14.599 Million as on March 31, 2014 as compared to Rs. 27.992 Million during the last year. There is no change in the paid up capital of the company. The net worth of the company has however increased during the current year to Rs. 212.875 Million from Rs. 198.276
Million during the last year. The company has many important projects in the pipeline and expects to show better results in the future.

ECONOMY AND INDUSTRY

The Indian automotive industry is affected substantially by the general economic conditions in India and around the world. The demand for automobiles in the Indian market is influenced by factors including the growth rate of the Indian economy, easy availability of credit, and increase in disposable income among Indian consumers, interest rates, freight rates and fuel prices. Demand for automobiles, particularly passenger vehicles and commercial vehicles were adversely impacted during FY 2013- 14 due to lower GDP growth, high interest rates and high fuel prices.

During FY 2013-14, RBI increased the key policy rates by 75 basis points to control inflation. Interest rates remained firm thus making it difficult to purchase consumer durable items on finance. High costs of borrowing and elevated consumer price inflation adversely affected household consumer sentiment and spending. On the other hand, slowdown in GDP growth has been due to decline in both consumption and investment growth. Investments were stalled because of high interest rates, poor demand conditions, and regulatory issues. While mining output declined on a year on- year basis owing to policy, clearance and legal obstructions, the decline in capital goods production was due to a downturn in the investment cycle. Consumer durables sector performance was affected adversely by low income growth, elevated interest rates, and subdued consumer sentiment. From 4.8% of GDP in FY 2012-13, current account deficit during the first three quarters of FY 2013-14 (April-December) remained around 2.3% of GDP. This has led to hardening of rupee and fuel prices remained firm. The automotive industry in general is cyclical and economic slowdowns in the past have affected the manufacturing sector including the automotive and related industries.

OPPORTUNITIES

The new Government at the center has expressed a mandate of infrastructure oriented spending for national development. The resultant fiscal spending will give a boost to transport & mining sectors. Lifting of mining bans is also expected to ramp up through the year. Demand for Buses as well as last mile transport solutions will go up as economic activity revives. The changes are however expected towards the later part of the financial year, given the time taken to form and execute policies.

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10099912	04/03/2008	20,000,000.00	STATE BANK OF PATIALA	280, SHAHEED UDHAM SINGH NAGAR,, MAHAVIR MARG, JALANDHAR, Punjab - 144001, INDIA	A37028438
2	90183395	28/01/2005	4,000,000.00	STATE BANK OF PATIALA	PATEL CHOWK, JALANDHAR, Punjab, INDIA	-
3	90182803	04/03/2008 *	95,000,000.00	STATE BANK OF PATIALA	S280, SHAHEED UDHAM SINGH NAGAR,, MAHAVIR MARG., JALANDHAR, Punjab - 144001, INDIA	A37027885
4	90181481	14/12/1994 *	2,500,000.00	STATE BANK OF PATIALA	PATEL CHOWK, JALANDHAR, Punjab, INDIA	-
5	90181479	30/03/1989	2,500,000.00	STATE BANK OF PATIALA	JALANDHAR, JALANDHAR, Punjab, INDIA	-

*Date of charge modification

FIXED ASSETS

Buildings
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 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.66.06
UK Pound	1	Rs.102.35
Euro	1	Rs.74.97

INFORMATION DETAILS

Information Gathered by :	SUP

Analysis Done by :	DIV

Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.

MIRA INFORM REPORT

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