MIRA INFORM REPORT

Report No. :	350040
Report Date :	01.12.2015

IDENTIFICATION DETAILS

Name :	HIM TEKNOFORGE LIMITED
Registered Office :	Village Billanwali, Labana, Baddi, District Solan – 173205, Himachal Pradesh
Tel. No.:	91-1795-654026/245466/246351
Country :	India
Financials (as on) :	31.03.2015 (Partial Details)
Date of Incorporation :	11.01.1989
Com. Reg. No.:	06-008963
Capital Investment / Paid-up Capital :	Rs.232.600 Million
CIN No.: [Company Identification No.]	U28910HP1989PLC008963
IEC No.:	2293002918
TAN No.: [Tax Deduction & Collection Account No.]	PTLH10721E / PTLH10802B
PAN No.: [Permanent Account No.]	AAACH3906R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Rough Forgings and Finished Components.
No. of Employees :	1200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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 was incorporated in the year 1989, it is established company having satisfactory track record. The ratings reflects company’s established market position, driven by its diversified product portfolio and geographical reach. Rating further takes consideration on company’s comfortable financial profile marked by decent netwoth base and sound debt protection metrics. This rating strength is partially offset by the company’s susceptibility to fluctuations in raw material prices and its large working capital intensity of operations. However, trade relation seems to be fair. Business is active. Payments terms are slow but correct. In view of long established track record, the company can be considered for business dealing with 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	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 Bank Rating : BB
Rating Explanation	Inadequate-credit-quality and high credit risk
Date	December, 2014

Rating Agency Name	CRISIL
Rating	Short Term Bank Rating: A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	December, 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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Nitin Aggarwal
Designation :	Vice President Finance
Contact No.:	91-9816625000
Date :	20.11.2015

LOCATIONS

Registered Office/ Factory 1 :	Village Billanwali, Labana, Baddi, District Solan – 173205, Himachal Pradesh, India
Tel. No.:	91-1795-654026/245466/246351
Fax No.:	91-1795-245467
E-Mail :	teknoforge@himgroup.net himbaddi@himgroup.net info@himgroup.net
Website :	http://www.tekno.himgroup.net
Location:	Owned
Locality:	Commercial
Head Office:	Village Manpura, Tehsil Baddi, District: Solan – 173205, Himachal Pradesh, India
E-Mail :	teknoforge@himgroup.net
Corporate Office:	Plot Bo.181/12, Phase-1, Industrial Area, Chandigarh – 160002, India
Tel. No.:	91-172-2639437, 5016793, 2657871
E-Mail :	info@himgroup.net
Factory 2 :	Sai Road, Baddi, District Solan, Himachal Pradesh, India
Tel. No.:	91-1795-244020/ 246352
Fax No.:	91-1795-244064
Factory 3 :	Plot No. 264-268A, Industrial Area-1, Pithampur, Indore, Madhya Pradesh, India
Tel. No.:	91-7292-253451/ 253452/ 503194
Fax No.:	91-7292-253215
E-Mail :	bhatnagarm@himgroup.net
Corporate Office :	#39, Sector-28 A, Chandigarh -160002, India
Tel. No.:	91-172-2651654/ 2657681/ 2657871
Fax No.:	91-172-2651550
E-Mail :	teknoforge@himgroup.net
Marketing Office 1 :	# 356, 1st floor, Sector-15, Faridabad, Haryana, India
Tel. No.:	91-129-5009357
Fax No.:	91-129-5009357
E-Mail :	varshanr@himgroup.net
Marketing Office 2 :	2, 'C' Wing Chintamani Apartments, Mayur Colony, Kothrod, Pune, Maharashtra, India
Tel. No.:	91-20-25450036
Fax No.:	91-20-25450036
E-Mail :	himpune@himgroup.net
Marketing Office 3 :	301 A, Jyoti Apartments, 204-205, Sher-E-Punjab Society, Mahakii Caves Road, Andheri (East), Mumbai, Maharashtra, India
Tel. No.:	91-22-8372112
E-Mail :	dhawanrk@himgroup.net

DIRECTORS

As on 30.09.2014

Name :

Mr. Vijay Aggarwal

Designation :

Managing director

Address :

# 203, Sector 6, Panchkula – 134109, Haryana, India

Date of Birth/Age :

18.10.1949

Qualification :

B.E. (Mechanical Engg.)

Date of Appointment :

01.07.2014

PAN No.:

AAZPA6148A

DIN No.:

00094141

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	U28910HP1989PLC008963	HIM TEKNOFORGE LIMITED	Managing director	01/07/2014	11/01/1989	-	Active	NO
2	U28910CH1990PTC010730	H D FORGE PRIVATE LIMITED	Director	08/10/1990	08/10/1990	-	Active	NO
3	U27106CH1990PTC010828	P C ALLOYS PRIVATE LIMITED	Director	12/11/1990	12/11/1990	-	Active	NO
4	L29130HP1971PLC000904	GUJARAT AUTOMOTIVE GEARS LIMITED	Managing director	12/09/2013	12/09/2013	29/10/2013	Active	NO

Name :

Mr. Rajiv Aggarwal

Designation :

Director

Address :

#73, Sector 28A, Chandigarh – 160002, India

Date of Birth/Age :

23.03.1958

Qualification :

C.A., C.S.

Date of Appointment :

01.04.2014

PAN No.:

AAZPA6146Q

DIN No.:

00094198

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	U27200HP1986PTC006829	METALCHEM INDIA PVT LTD	Director	12/03/1990	12/03/1990	-	Active	NO
2	U28910CH1990PTC010730	H D FORGE PRIVATE LIMITED	Director	30/12/1991	30/12/1991	-	Active	NO
3	U28910HP1989PLC008963	HIM TEKNOFORGE LIMITED	Director	01/04/2014	01/10/1993	-	Active	NO
4	U72200CH1997PTC020207	R V NETSOFT PRIVATE LIMITED	Director	09/07/1997	09/07/1997	-	Active	NO
5	U67200CH2003PTC025864	HUDSON INSURANCE BROKERS PRIVATE LIMITED	Director	21/03/2003	21/03/2003	-	Active	NO
6	U19119CH1993PTC013406	OASIS LEATHERS PRIVATE LIMITED	Director	29/11/2004	29/11/2004	23/08/2010	Active	NO
7	U20211CH1987PLC007836	SAMRAT PLYWOOD LIMITED	Additional director	01/06/2010	03/10/2009	02/07/2010	Active	NO
8	U17115CH1991PLC011127	FERTICHEM COTSPIN LIMITED	Additional director	06/10/2009	06/10/2009	10/12/2009	Active	NO
9	U80903HP2008PTC030941	HIMACHAL TOOLS AND TRAINING PRIVATE LIMITED	Director	29/09/2012	13/12/2011	15/02/2014	Strike off	NO
10	L29130HP1971PLC000904	GUJARAT AUTOMOTIVE GEARS LIMITED	Managing director	12/09/2013	11/09/2013	-	Active	NO
11	U33130HP2005PLC028807	DOON INFRASTRUCTURE LIMITED	Director	27/10/2014	27/03/2014	-	Active	NO
12	U45209HP2010NPL031349	BADDI INFRASTRUCTURE	Director	30/09/2015	24/12/2014	-	Active	NO

Name :

Mr. Ravikant Tilakraj Dhawan

Designation :

Director

Address :

301-A, Jyoti Apartments, Shere Punjab Society, Andheri (East), Mumbai – 400093, Maharashtra, India

Date of Birth/Age :

05.01.1950

Qualification :

BE., MBA

Date of Appointment :

01.11.2002

DIN No.:

00101878

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	U28910HP1989PLC008963	HIM TEKNOFORGE LIMITED	Director	01/11/2002	01/11/2002	-	Active	NO
2	U34103MH2006PTC165758	SPICE MOTORS PRIVATE LIMITED	Director	23/11/2006	23/11/2006	-	Active	NO
3	U67120MH2006PTC158968	PUKKA MERCANTILE COMPANY PRIVATE LIMITED	Director	01/03/2007	01/03/2007	-	Active	NO
4	U51909MH2004PTC144982	KIMMI TRADING PRIVATE LIMITED	Director appointed in casual vacancy	10/02/2009	10/02/2009	-	Active	NO
5	U29224MH1984PTC032175	VEE VEE ROLLER FLOUR MILLS PVT LTD	Additional director	28/02/2013	28/02/2013	-	Active	NO
6	L29130HP1971PLC000904	GUJARAT AUTOMOTIVE GEARS LIMITED	Director	29/09/2015	12/09/2013	-	Active	NO

Name :

Mr. Purshotam Lal Sharma

Designation :

Director

Address :

H. No. 511, Sector-15 A, Chandigarh – 160015, India

Date of Birth/Age :

28.04.1951

Qualification :

B.E.(Metallurgical Engg), Diploma in HR and Labour Welfare

Date of Appointment :

30.09.2011

DIN No.:

03509280

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	U29219CH1994PLC015132	INDO FARM EQUIPMENT LIMITED	Whole-time director	01/04/2011	01/04/2011	31/03/2012	Active	NO
2	U28910HP1989PLC008963	HIM TEKNOFORGE LIMITED	Director	30/09/2011	06/06/2011	-	Active	NO
3	U28113CH2012PLC034147	TAYAL TECHNOLOGIES LIMITED	Director	15/10/2012	15/10/2012	-	Active	NO

Name :

Mr. Pradeep Kumar

Designation :

Director

Address :

H. No. 604, GHS No. 28, Sector-20, Ward No. 30, Panchkula – 134109, Haryana, India

Date of Birth/Age :

15.08.1949

Qualification :

B.Sc., CAIIB

Date of Appointment :

28.03.2012

DIN No.:

03052477

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	L24232CH1995PLC015553	IND SWIFT LABORATORIES LIMITED	Director	30/09/2015	23/03/2009	-	Active	NO
2	U28910HP1989PLC008963	HIM TEKNOFORGE LIMITED	Director	28/09/2012	28/03/2012	-	Active	NO
3	L17115CH1990PLC010566	WINSOME YARNS LTD	Director	31/03/2015	30/09/2013	-	Active	NO

Name :

Ms. Bhavana Rao

Designation :

Nominee Director

Address :

50, Vaishali Apartments, IIT Campus, New Delhi - 110016, India

Date of Appointment :

18.11.2014

DIN No.:

00956209

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	U74999DL2000PLC103253	FOUR C PLUS (INTERNET) COMPANY LIMITED	Nominee director	02/12/2005	02/12/2005	23/06/2007	Active	NO
2	L17120MH1981PLC025388	POLYGENTA TECHNOLOGIES LIMITED	Nominee director	16/01/2007	16/01/2007	14/05/2007	Active	NO
3	U25111KL1986PLC004449	RADO TYRES LTD	Nominee director	08/09/2008	08/09/2008	14/12/2011	Active	NO
4	L74899DL1995PLC064215	MOHINDRA FASTENERS LIMITED	Nominee director	17/02/2009	17/02/2009	11/05/2011	Active	NO
5	L74999MH1975PLC018397	ELECTRONICA MACHINE TOOLS LIMITED	Nominee director	30/10/2010	30/10/2010	03/04/2014	Active	NO
6	U34200DL2008PTC172214	CARNATION AUTO INDIA Private LIMITED	Nominee director	04/05/2011	04/05/2011	-	Active	NO
7	U74999DL2000PLC106206	SATYAM CINEPLEXES LIMITED	Nominee director	23/09/2011	17/06/2011	30/07/2014	Active	NO
8	L29219TG1983PLC004319	LOKESH MACHINES LTD	Nominee director	30/09/2011	02/07/2011	-	Active	NO
9	U40200GJ2006PLC048397	SABARMATI GAS LIMITED	Director	23/09/2014	18/07/2011	-	Active	NO
10	U74899DL1994PTC060453	CENTURY METAL RECYCLING PRIVATE LIMITED.	Additional director	15/05/2013	24/08/2011	07/11/2013	Active	NO
11	U24139GJ1994PLC023944	AMANTA HEALTHCARE LIMITED	Nominee director	03/05/2012	03/05/2012	-	Active	NO
12	U28910HP1989PLC008963	HIM TEKNOFORGE LIMITED	Nominee director	18/11/2014	22/05/2012	-	Active	NO
13	U45201WB2007PTC162847	PALOGIX INFRASTRUCTURE Private Limited	Nominee director	13/12/2012	13/12/2012	-	Active	NO
14	U40300TG2006PLC050927	ARANI POWER SYSTEMS LIMITED	Nominee director	30/03/2013	30/03/2013	-	Active	NO
15	U51909DL1984PLC018787	DELTRONIX INDIA LIMITED	Nominee director	17/06/2013	17/06/2013	-	Active	NO
16	U55100TG1998PTC029745	DAAJ HOTELS AND RESORTS PRIVATE LIMITED	Nominee director	04/07/2014	04/07/2014	-	Active	NO
17	U01409KA2004PTC033933	MSR HOTEL (BANGALORE) PRIVATE LIMITED	Nominee director	10/09/2014	10/09/2014	-	Active	NO

Name :

Sriparna Ganguly

Designation :

Nominee director

Address :

B-706, Daffodil Appartment, Plot-36, Sector-6, Dwarka New Delhi - 110075, India

Date of Birth/Age :

24.02.1986

Date of Appointment :

14.08.2013

DIN No.:

02564363

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	U24232UR2006PLC032300	JEEVAN-REKHA MEDICAL CARE SERVICES LIMITED	Nominee director	07/12/2009	07/12/2009	05/09/2011	Active	NO
2	U28910HP1989PLC008963	HIM TEKNOFORGE LIMITED	Nominee director	14/08/2013	14/08/2013	18/11/2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjeev Grover
Designation :	Chief Financial Officer
Address :	H. No. 159, Mayur Vihar, Sector 48-A, Chandigarh, 160047, India
Date of Appointment :	01.08.2014
PAN No.:	AEGPG8713E
Name :	Mr. Birender Singh Dhillon
Designation :	Secretary
Address :	House No. 1112, Sector 68, Mohali - 160068, Punjab, India
Date of Appointment :	01.08.2014
PAN No.:	ASAPD8455A
Name :	Mr. Nitin Aggarwal
Designation :	Vice President Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Venture capital	26.92
Bodies corporate	10.69
Directors or relatives of directors	62.06
Other top fifty shareholders	0.33
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Rough Forgings and Finished Components.

Products :

ITC Code No.	Product Descriptions
73261910	Rough Forgings
73261910	Finished Components

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

• Rough Forgings
• Finished Components

Countries :

• South Africa
• Beherain

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Advance Payment, L/C, Cheque and Credit

Purchasing :

Advance Payment, L/C, Cheque and Credit

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 :

End Users and OEM’s

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 :

1200 (Approximately)

Bankers :

Bank Name	State Bank of Patiala
Branch	Commercial Branch, SCO 103-107, Sector 8C, Chandigarh - 160008, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	HIM Teknoforge Limited
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)	Cash and Credit Rs.470.000 Million/ LC Rs.260.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Bank Name	State Bank of Bikaner and Jaipur
Branch	SCO 106-108, Sector 17 D, Chandigarh - 160017, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	HIM Teknoforge Limited
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)	Cash and Credit Rs.260.000 Million/ LC Rs.80.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks	292.626	327.560
Term loans from others	12.049	8.473
Short-term borrowings
Working capital loans from banks [Working Capital borrowings are secured by 1st pari passu charge on all the current assets, 2nd parri passu charge on the fixed assets of the company and by the personal guarantee of two directors.]	622.772	527.236
Total	927.447	863.269

Auditors :
Name :	PRA Associates Chartered Accountants
Address :	SCO 124-125, IInd Floor, Sector- 34A, Chandigarh, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFA2775J
Memberships :	--
Collaborators :	--
Associate: (As on 31.03.2014)	R V Netsoft Private Limited, India (U72200CH1997PTC020207) Metalchem India Private Limited, India (U27200HP1986PTC006829) Himachal Shots and Metals Private Limited, India (U28119HP1987PTC007230) Him Overseas, India Him Chemicals and Fertilizers Private Limited, India U24119HP1993PTC013282 Gujarat Automotive Gears Limited, India (L29130GJ1971PLC001866) Globe Precision Industries Private Limited, India (U29211HP1986PTC007017)

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs. 10/- each	Rs. 250.000 Million
500000	Preference Shares	Rs. 100/- each	Rs. 50.000 Million
	Total		Rs.300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23260000	Equity Shares	Rs.10/- each	Rs.232.600 Million

FINANCIAL DATA

[all figures are in Rupees Million]

(PARTIAL DETAILS)

VALUE ADDITION AND DISTRIBUTION OF EARNINGS

PARTICULARS	31.03.2015
Gross revenue from operations of company	2034.914
Excise and other duties of company	130.032
Net revenue from operations of company for value addition	1904.883
Export incentives of company	0.000
Adjustments in work-in-progress and finished stocks of company	104.477
Cost of materials consumed of company	1130.1230
Cost of process materials or chemicals of company	0.000
Cost of stores and spares consumed of company	65.186
Cost of utilities of company	185.940
Cost of other bought out inputs of company	423.786
Total cost of bought out inputs of company	1.805
Value added of company	0.204
Other incomes of company	3.052
Extraordinary income	0.000
Earnings available for distribution	207.370
To employees as salaries, wages, retirement benefits and others	163.470
To shareholders as dividend	0.000
Funds retained by company	26.028
To government as taxes	17.871
Extraordinary expenses	0.000
Other distribution of earnings	0.000
Total distribution of earnings	207.370

FINANCIAL POSITION

PARTICULARS	31.03.2015
Share capital	232.600
Reserves and surplus	558.023
Long-term borrowings	504.112
Gross fixed assets	1103.722
Net fixed assets	1.053
Current assets	1.603
Current liabilities	1361.522
Net current assets	241.611
Capital employed	1261.342
Net worth	790.623
Value added of company	204.318
Net revenue from operations of company	1904.883
Profit before tax	43.899

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	232.600	232.600	232.500
(b) Reserves & Surplus	533.071	489.213	385.573
(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)	765.671	721.813	618.073
(3) Non-Current Liabilities
(a) long-term borrowings	435.212	353.229	348.182
(b) Deferred tax liabilities (Net)	15.123	12.575	10.257
(c) Other long term liabilities	0.483	0.282	0.317
(d) long-term provisions	11.462	10.448	10.592
Total Non-current Liabilities (3)	462.280	376.534	369.348
(4) Current Liabilities
(a) Short term borrowings	622.772	527.236	479.924
(b) Trade payables	515.714	369.733	334.709
(c) Other current liabilities	158.508	104.656	102.966
(d) Short-term provisions	4.829	5.561	9.206
Total Current Liabilities (4)	1301.823	1007.186	926.805
TOTAL	2529.774	2105.533	1914.226
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	903.116	744.084	631.317
(ii) Intangible Assets	98.839	79.978	45.310
(iii) Capital work-in-progress	14.648	102.266	80.789
(iv) Intangible assets under development	1.519	1.000	0.506
(b) Non-current Investments	172.412	1.305	1.305
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	91.494	74.074	83.040
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1282.028	1002.707	842.267
(2) Current assets
(a) Current investments	0.000	0.000	5.000
(b) Inventories	805.800	695.913	655.437
(c) Trade receivables	384.090	354.523	345.810
(d) Cash and cash equivalents	30.990	24.743	34.596
(e) Short-term loans and advances	25.410	23.222	28.403
(f) Other current assets	1.456	4.425	2.713
Total Current Assets	1247.746	1102.826	1071.959
TOTAL	2529.774	2105.533	1914.226

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1815.329	1710.942	1827.665
	Other Income	4.432	1.319	2.296
	TOTAL (A)	1819.761	1712.261	1829.961
Less	EXPENSES
	Cost of Materials Consumed	1090.897	1015.449	1062.126
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(65.965)	(45.260)	0.658
	Employees benefits expense	141.337	122.792	118.648
	Other expenses	420.626	401.403	399.246
	Extraordinary items	0.000	0.000	-20.100
	TOTAL (B)	1586.895	1494.384	1560.578
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	232.866	217.877	269.383
Less	FINANCIAL EXPENSES (D)	144.016	124.150	129.593
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	88.850	93.727	139.790
Less/ Add	DEPRECIATION/ AMORTISATION (F)	43.693	40.669	39.921
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	45.157	53.058	99.869
Less	TAX (H)	2.799	2.318	3.948
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	42.358	50.740	95.921
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings	16.357	34.820	17.900
	TOTAL EARNINGS	16.357	34.820	17.900
	IMPORTS
	Capital Goods	16.357	21.870	11.555
	Earnings / (Loss) Per Share (Rs.)	1.82	2.18	4.44

Expected Sales (2015-2016) : Rs.2200.000 Million

The above information has been parted by Mr. Nitin Aggarwal (V.P. Finance)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	115.148	71.086	66.695
Cash generated from operations	337.674	269.172	305.842
Net cash flow from operating activity	325.380	253.967	266.265

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.33	2.97	5.25
Operating Profit Margin (PBIDT/Sales)	(%)	12.83	12.73	14.74
Return on Total Assets (PBT/Total Assets}	(%)	1.93	2.65	5.45
Return on Investment (ROI) (PBT/Networth)		0.06	0.07	0.16
Debt Equity Ratio (Total Debt /Networth)		1.53	1.32	1.45
Current Ratio (Current Asset/Current Liability)		0.96	1.09	1.16

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	232.500	232.600	232.600
Reserves & Surplus	385.573	489.213	533.071
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	618.073	721.813	765.671
long-term borrowings	348.182	353.229	435.212
Short term borrowings	479.924	527.236	622.772
Current Maturities of Long-Term Debts	66.695	71.086	115.148
Total borrowings	894.801	951.551	1173.132
Debt/Equity ratio	1.448	1.318	1.532

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	1827.665	1710.942	1815.329
		(6.386)	6.101

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	1827.665	1710.942	1815.329
Profit	95.921	50.740	42.358
	5.25%	2.97%	2.33%

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	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	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 four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last four years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
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

NOTE: The registered office of the company has been shifted from Sai Roabaddi, Solan, Himachal Pradesh, India to the present address w.e.f.06.09.2011

OPERATIONAL HIGHLIGHTS (As on 31.03.2014)

During the, the company made operational income of Rs 1815.329 Million as against Rs 1710.942 Million in the previous year and net profit of Rs 42.358 Million, as against Rs Rs 50.740 Million in the previous year. The company produced 14906 MT. of forgings and 1980930 Nos. of finished components during the year. The company made exports of Rs 16.357 Million during the year.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and Advances from related parties	101.360	11.800
Loans and Advances from others	29.177	5.396
Total	130.537	17.196

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10538997	02/12/2014	168,000,000.00	State Bank of Patiala	Commercial Branch, SCO- 103-107, Sector 8, Chandigarh, Chandigarh - 160008, INDIA	C38276986
2	10539003	02/12/2014	25,000,000.00	State Bank of Patiala	Commercial Branch, SCO- 103-107, Sector 8, Chandigarh, Chandigarh - 160008, INDIA	C38278297
3	10529246	13/10/2014	737,500,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, SCO 103-107, SECTOR-8, CHANDIGARH, Chandigarh - 160008, INDIA	C32345670
4	10525060	01/10/2014	5,490,000.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, Maharashtra - 400018, INDIA	C28819258
5	10494222	08/09/2014 *	49,900,000.00	State Bank of India	SME, INDUSTRIAL ESTATE, PHASE-1, CHANDIGARH, Chandigarh - 160002, INDIA	C34481325
6	10473118	30/12/2013	11,000,000.00	RELIGARE FINVEST LIMITED	D3, P3B,, District Centre, Saket, New Delhi, Delhi - 110017, INDIA	B94557097
7	10415619	22/03/2013	115,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, SCO 103-107, SECTOR 8 C, CHANDIGARH, Chandigarh - 160008, INDIA	B71964100
8	10415637	22/03/2013	25,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, SCO 103-107, SECTOR 8 C, CHANDIGARH, Chandigarh - 160008, INDIA	B71965610
9	10387836	23/10/2012	1,130,000.00	STATE BANK OF BIKANER & JAIPUR	SCO 106-108, SECTOR 17 D, CHANDIGARH, Chandigarh  - 160017, INDIA	B62501259
10	10350258	20/04/2012	7,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	NH 5-R/2, NEELAM BADSHAH KHAN ROAD, NIT, Haryana  - 121001, INDIA	B37759198

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other equipments

· Computer software

·

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.66.81
UK Pound	1	Rs.100.36
Euro	1	Rs.70.68

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KSH
Report Prepared by :	SUD

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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		44

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.