MIRA INFORM REPORT

Report No. :	354680
Report Date :	15.12.2015

IDENTIFICATION DETAILS

Name :	A P ORGANICS LIMITED (w.e.f. 03.10.2012)
Formerly Known As :	A P ORGANICS PRIVATE LIMITED
Registered Office :	224 L Choice Complex, 1^st Floor, Above Barista Coffee Shop Model Town, Ludhiana – 141002, Punjab
Mob. No.:	91-9814020163 (Mr. A. R. Sharma)
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	23.04.1998
Com. Reg. No.:	16-021323
Capital Investment / Paid-up Capital :	Rs. 8.300 Million
CIN No.: [Company Identification No.]	U15143PB1998PLC021323
IEC No.:	3000004777
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCA4673L
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of refined rice bran oil. [Confirmed by management]
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 500000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1998 and it is engaged in manufacturing of stearic acid, hard/bleach rice bran oil and refined oil. It is an established having satisfactory track record. The company possesses above average operational performance with profit margin of 1.5% recorded during the year 2015. Further, rating derives strength from long and established track record of operations and promoters’ extensive business experience in the edible oil industry. However, these rating strengths are partially offset by the exposure of risks involved in the oil segment, resulting in large working capital requirements and high gearing, and to intense competition in the edible oil industry. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered 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	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
Rating	Long Term Bank Facilities = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	November 25, 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. A. R. Sharma
Designation :	Director
Contact No.:	91-9814020163 (Mr. A R Sharma)
Date :	14.12.2015

LOCATIONS

Registered Office :	224 L Choice Complex, 1^st Floor, Above Barista Coffee Shop Model Town, Ludhiana – 141002, Punjab, India
Tel. No.:	Not Available
Mobile No.:	91-9814020163 (Mr. A R Sharma) 91-9872620861 (Mr. Parshotam Dass)
Fax No.:	Not Available
E-Mail :	Finance.ricela@gmail.com info@ricela.com arasharma.aps@gmail.com
Website :	http://www.ricela.com
Location :	Rented
Locality :	Commercial
Factory :	Village Manwala, Saron Road, Dhuri – 148024, Dist. Sangrur, Punjab, India
Tel. No.:	91-1675-228204/220700/221100

DIRECTORS

AS ON 31.03.2015

Name :

Pawan Kumar Singla

Designation :

Whole-Time Director

Address :

1/29,M.K.Road, Dhuri - 148024, Punjab, India

Date of Birth/Age :

07.02.1948

Date of Appointment :

08.08.2012

DIN No.:

00280006

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	U15142PB1992PLC012726	RICELA HEALTH FOODS LIMITED	Director	21/12/1995	21/12/1995	-	Active	NO
2	U15143PB1998PLC021323	A P ORGANICS LIMITED	Whole-time director	08/08/2012	23/04/1998	-	Active	NO
3	U24299PB2010PTC034072	RICELA CHEM OILS PRIVATE LIMITED	Director	05/07/2010	05/07/2010	07/03/2013	Active	NO
4	U24299PB1983PTC005639	AAR KAY CHEMICALS PVT LTD	Director	30/09/2010	14/08/2010	-	Active	NO

Name :

Vijay Kumar

Designation :

Whole-Time Director

Address :

W.No.15, House No.493-A, Pakki Gali, Dhurii - 148024, Punjab, India

Date of Birth/Age :

02.01.1960

Date of Appointment :

08.08.2012

DIN No.:

00162292

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	U15142PB1992PLC012726	RICELA HEALTH FOODS LIMITED	Director	13/11/1992	13/11/1992	-	Active	NO
2	U15143PB1998PLC021323	A P ORGANICS LIMITED	Whole-time director	08/08/2012	23/04/1998	-	Active	NO
3	U24299PB1983PTC005639	AAR KAY CHEMICALS PVT LTD	Director	27/08/1999	27/08/1999	-	Active	NO
4	U24299PB2010PTC034072	RICELA CHEM OILS PRIVATE LIMITED	Director	05/07/2010	05/07/2010	07/03/2013	Active	NO

Name :

Parshotam Dass

Designation :

Director

Address :

A.P.Enclave, Sangrur Bye Pass Road, Dhuri - 148024, Punjab, India

Date of Birth/Age :

21.05.1961

Date of Appointment :

23.04.1998

DIN No.:

00147734

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	U15143PB1998PLC021323	A P ORGANICS LIMITED	Director	23/04/1998	23/04/1998	-	Active	NO
2	U15142PB1992PLC012726	RICELA HEALTH FOODS LIMITED	Whole-time director	01/04/2015	09/12/2006	-	Active	NO
3	U24299PB2010PTC034072	RICELA CHEM OILS PRIVATE LIMITED	Director	05/07/2010	05/07/2010	07/03/2013	Active	NO
4	U24299PB1983PTC005639	AAR KAY CHEMICALS PVT LTD	Director	30/09/2010	14/08/2010	-	Active	NO
5	U74999DL1985PLC022276	KAVERI SHILPKALA LIMITED	Additional director	01/08/2012	01/08/2012	-	Active	NO

Name :

Achhru Ram Sharma

Designation :

Director

Address :

H.No.349,A.P.Enclave,, Sangrur Bye Pass Road, Dhuri - 148024, Punjab, India

Date of Birth/Age :

29.08.2012

Date of Appointment :

08.08.2012

DIN No.:

00224747

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	U15142PB1992PLC012726	RICELA HEALTH FOODS LIMITED	Director	09/07/2015	13/11/1992	-	Active	NO
2	U91110MH1971NPL015233	THE SOLVENT EXTRACTORS ASSOCIATION OF INDIA	Director	22/09/2006	22/09/2006	-	Active	NO
3	U25209DL1996NPL078182	THE CENTRAL ORGANISATION FOR OIL INDUSTRY AND TRADE	Director	22/09/2006	22/09/2006	-	Active	NO
4	U24299PB2010PTC034072	RICELA CHEM OILS PRIVATE LIMITED	Director	05/07/2010	05/07/2010	07/03/2013	Active	NO
5	U15143PB1998PLC021323	A P ORGANICS LIMITED	Director	25/09/2012	08/08/2012	-	Active	NO
6	U24299PB1983PTC005639	AAR KAY CHEMICALS PVT LTD	Director	25/09/2012	16/08/2012	-	Active	NO

Name :

Vijay Kumar

Designation :

Whole-Time Director

Address :

W.No.15, House No.493-A, Pakki Gali, Dhurii - 148024, Punjab, India

Date of Birth/Age :

29.08.1959

Date of Appointment :

23.04.1998

DIN No.:

00162292

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	U15142PB1992PLC012726	RICELA HEALTH FOODS LIMITED	Director	13/11/1992	13/11/1992	-	Active	NO
2	U15143PB1998PLC021323	A P ORGANICS LIMITED	Whole-time director	08/08/2012	23/04/1998	-	Active	NO
3	U24299PB1983PTC005639	AAR KAY CHEMICALS PVT LTD	Director	27/08/1999	27/08/1999	-	Active	NO
4	U24299PB2010PTC034072	RICELA CHEM OILS PRIVATE LIMITED	Director	05/07/2010	05/07/2010	07/03/2013	Active	NO

Name :

Vikas Chhabra

Designation :

Director

Address :

House No.145 Master Colony, Sector 2 C, Mandi Gobindgarh Fatehgarh Sahib, 147301, Punjab, India

Date of Birth/Age :

29.08.1959

Date of Appointment :

30.09.2014

DIN No.:

02909823

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	U17301PB2010PLC033585	COLORS TEXTILES LIMITED	Director	09/02/2010	09/02/2010	01/08/2013	Amalgamated	NO
2	U74992PB2010PTC033713	VC STOCK BROKERS PRIVATE LIMITED	Director	19/03/2010	19/03/2010	-	Active	NO
3	U51311PB2007PTC031161	Lotus Processors Private Limited	Director	15/09/2010	24/03/2010	01/08/2013	Active	NO
4	U72900PB2010PTC033964	ACME IT VENTURES PRIVATE LIMITED	Director	26/05/2010	26/05/2010	28/03/2014	Active	NO
5	U45208PB2007PLC030943	ABHISHEK VENTURES & PROJECTS LIMITED	Director	27/09/2012	30/09/2011	09/12/2013	Active	NO
6	U17100PB2010PLC033590	BHARAT TOWELS LIMITED	Director	23/09/2012	24/12/2011	-	Active	NO
7	U17290PB2011PLC034607	TRIDENT FABRICS LIMITED	Director	12/07/2012	18/01/2012	09/12/2013	Active	NO
8	U17290PB2011PLC034608	TRIDENT HOME TEXTILES LIMITED	Director	12/07/2012	18/01/2012	09/12/2013	Active	NO
9	U67120PB2011PLC034606	TRIDENT CAPITAL LIMITED	Director	12/07/2012	18/01/2012	09/12/2013	Active	NO
10	U70109PB2011PLC034799	TRIDENT INFRA DEVELOPERS LIMITED	Director	27/09/2013	27/12/2012	09/12/2013	Active	NO
11	U45200MP2010PLC023149	RAINBOW INTEGRATED TEXPARK LIMITED	Director	12/09/2014	12/06/2013	-	Active	NO
12	U17100PB2005PLC028371	Asian Trading Corporation Limited	Director	30/09/2013	24/09/2013	-	Active	NO
13	U15143PB1998PLC021323	A P ORGANICS LIMITED	Director	30/09/2014	30/09/2014	-	Active	NO
14	U51900PB2011PTC035809	BLUE APPLE TRADELINKS PRIVATE LIMITED	Director	30/09/2015	01/09/2015	-	Active	NO
15	AAE-9377	BLUE APPLE BIZSOLUTIONS LLP	Body corporate as Designated Partner	15/10/2015	15/10/2015	-	Active	NO

Name :

Ashutosh

Designation :

Director

Address :

House No.145 Master Colony, Sector 2 C, Mandi Gobindgarh Fatehgarh Sahib, 147301, Punjab, India

Date of Birth/Age :

29.08.1959

Date of Appointment :

30.09.2014

DIN No.:

07008429

MAJOR SHAREHOLDERS

AS ON 31.03.2015

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 31.03.2015

Category	Percentage
Bodies corporate	31.89
Directors or relatives of Directors	68.11
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of refined rice bran oil. [Confirmed by management]S
Products :	Refined Rice Bran Oil
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
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 :	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 :

300 (Approximately)

Bankers :

Banker Name	Punjab and Sind Bank
Branch Address	Dhuri Branch
Person Name (With Designation)	Not Divulged
Contact Number	91-1675-220005
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)	Cash credit Rs. 10.000 Million
Account Operation	Not Divulged
Remarks (If any)	Constantly Ringing

• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Rupee term loans from others	8.645	8.232
Rupee term loans from banks	79.406	72.630
SHORT TERM BORROWING
Loans repayable on demand from banks	434.040	122.169
Total	522.091	203.031

Auditors :
Name :	SC Vasudeva and Company Chartered Accountants
Address :	B-XIX-220, Rani Jhansi Road, Ludhiana – 141001, Punjab, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFS5902N
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	AR Sharma Sons HUF PD Garg Sons HUF PK Singlaand Sons HUF Ricela Health Foods Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount
857500	Equity Shares	Rs.10/- each	Rs. 8.575 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
830000	Equity Shares	Rs.10/- each	Rs. 8.300 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	8.300	8.300	8.300
(b) Reserves & Surplus	194.344	173.562	168.537
(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)	202.644	181.862	176.837
(3) Non-Current Liabilities
(a) long-term borrowings	133.205	116.601	186.866
(b) Deferred tax liabilities (Net)	20.963	22.707	20.867
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.940	4.248	2.687
Total Non-current Liabilities (3)	158.108	143.556	210.420
(4) Current Liabilities
(a) Short term borrowings	434.040	133.169	397.554
(b) Trade payables	23.884	28.665	32.617
(c) Other current liabilities	70.385	73.459	48.738
(d) Short-term provisions	1.973	1.129	0.617
Total Current Liabilities (4)	530.282	236.422	479.526
TOTAL	891.034	561.840	866.783
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	158.664	170.404	187.331
(ii) Intangible Assets	0.220	0.040	0.053
(iii) Capital work-in-progress	10.831	6.183	7.364
(iv) Intangible assets under development	0.000	0.000	-2.058
(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	15.823	22.578	17.333
(e) Other Non-current assets	1.388	1.263	1.328
Total Non-Current Assets	186.926	200.468	211.351
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	477.796	175.240	494.766
(c) Trade receivables	79.388	60.970	74.102
(d) Cash and cash equivalents	33.539	30.778	22.165
(e) Short-term loans and advances	113.385	94.384	64.399
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	704.108	361.372	655.432
TOTAL	891.034	561.840	866.783

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	1855.805	1918.945	2046.912
	Other Income	4.185	4.841	1.269
	TOTAL	1859.990	1923.786	2048.181
Less	EXPENSES
	Cost of Materials Consumed	1457.814	1495.649	1565.599
	Purchases of Stock-in-Trade	16.403	46.781	196.664
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(90.901)	28.654	(44.947)
	Employees benefits expense	63.466	53.641	28.585
	Other expenses	315.795	225.521	198.467
	TOTAL	1762.577	1850.246	1944.368
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	97.413	73.540	103.813
Less	FINANCIAL EXPENSES	39.178	38.481	54.459
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	58.235	35.059	49.354
Less/ Add	DEPRECIATION/ AMORTISATION	24.861	26.570	28.520
	PROFIT/ (LOSS) BEFORE TAX	33.374	8.489	20.834
Less	TAX	12.592	3.465	6.902
	PROFIT/ (LOSS) AFTER TAX	20.782	5.024	13.932
	Earnings Per Share (Rs.)	33.79	6.05	30.40

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	(247.171)	400.352	104.497

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.12	0.26	0.68
Operating Profit Margin (PBIDT/Sales)	(%)	5.25	3.83	5.07
Return on Total Assets (PBT/Total Assets}	(%)	3.79	1.53	2.42
Return on Investment (ROI) (PBT/Networth)		0.16	0.05	0.12
Debt Equity Ratio (Total Debt /Networth)		2.80	1.37	3.30
Current Ratio (Current Asset/Current Liability)		1.33	1.53	1.37

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	8.300	8.300	8.300
Reserves & Surplus	168.537	173.562	194.344
Net worth	176.837	181.862	202.644
long-term borrowings	186.866	116.601	133.205
Short term borrowings	397.554	133.169	434.040
Total borrowings	584.420	249.770	567.245
Debt/Equity ratio	3.305	1.373	2.799

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2046.912	1918.945	1855.805
		(6.252)	(3.290)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2046.912	1918.945	1855.805
Profit	13.932	5.024	20.782
	0.68%	0.26%	1.12%

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	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)	No
16	No. of employees	YesP
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	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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Intercorporate deposits	2.900	22.905
Deposits from shareholders	20.405	10.635
Deposits from directors	21.849	2.199
SHORT TERM BORROWING
Deposits from shareholders	0.000	11.000
Total	45.154	46.739

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10534632	18/11/2014	40,000,000.00	PUNJAB & SIND BANK	LOHA BAZAR, DHURI, DHURI, Punjab - 148024, INDIA	C35815117
2	10420977	30/03/2013	28,500,000.00	PUNJAB & SIND BANK	DHURI, DHURI, Punjab - 148024, INDIA	B73532186
3	10364464	22/06/2012	8,250,000.00	PUNJAB & SIND BANK	DHURI, DHURI, Punjab - 148024, INDIA	B43185628
4	10311502	05/09/2011	50,000,000.00	PUNJAB & SIND BANK	DHURI, DHURI, Punjab - 148024, INDIA	B23068851
5	10282253	27/04/2011	67,000,000.00	PUNJAB & SIND BANK	DHURI, DHURI, DHURI, Punjab - 148024, INDIA	B11434933
6	90309577	28/03/2013 *	460,000,000.00	PUNJAB & SIND BANK	DHURI, DHURI, Punjab - 148024, INDIA	B74029398

* Date of charge modification

FIXED ASSETS

• Buildings
• Plant and Equipments
• Factory Equipments
• Motor Vehicles
• Office Equipments
• Land
• Furniture and Fixture
• 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. 66.99
UK Pound	1	Rs. 101.78
Euro	1	Rs. 73.47

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	HNA
Report Prepared by :	JYO

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	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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.