MIRA INFORM REPORT

Report No. :	296635.2
Report Date :	10.02.2014

IDENTIFICATION DETAILS

Name :	AARTI STEELS LIMITED
Registered Office :	Miller Ganj, G. T. Road, Ludhiana – 141 003, Punjab
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.06.1979
Com. Reg. No.:	16-003991
Capital Investment / Paid-up Capital :	Rs.103.590 Millions
CIN No.: [Company Identification No.]	U17115PB1979PLC003991
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	JLDM01231G
PAN No.: [Permanent Account No.]	AABCA4455D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Iron and Steel Products.
No. of Employees :	1776 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 9200000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. Profitability of the company seems to be during 2014. However, general financial position of the company seems to be decent. The rating also takes into consideration company’s experienced management, its long track of operations in its core business of manufacturing of iron and steel products and its reputed client base in the auto-component industry. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered good for normal 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mnbusiness empire. The Central Bureau of Investigation arrested ManumeethiCholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had illfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term loans: “BBB-“
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	December 2013.
Rating Agency Name	ICRA
Rating	Non fund based limits: “A3”
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	December 2013.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. D.K. Kapil
Designation :	Account Head
Contact No.:	91-161-3006100
Date :	02.12.2014

LOCATIONS

Registered Office :	Miller Ganj, G. T. Road, Ludhiana – 141 003, Punjab, India
Tel. No.:	91-161-3006100
Fax No.:	91-161-3006150/ 3006153/ 3006155
E-Mail :	aslldh@satyam.net.in info@aartisteelsltd.com
Website :	www.aartisteelsltd.com
Works (Ludhiana) :	(Arc Furnace Division) Focal point, Ludhiana – 141 010, Punjab, India
Tel. No.:	91-161-3006200
Fax No.:	91-161-3600250
Email:	aarti@jla.vsnl.net.in
Web Site:	www.aartisteelsltd.com
Works (Orissa) :	Ghantikhal P O Mahakalbasta, Via Athgarh, District Cuttack -754029, Orissa, India
Tel. No.:	91-671-3061000 / 2871282
Fax No.:	91-671-3061150 / 2871281
Cuttack Office :	Plot No. 18/1B, Sector – 10, CDA, Cuttack – 753014, Odisha, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Omprakash Bhatia

Designation :

Director

Address :

802, Himadri Apartment, 22 Ballygunge Park Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

15.07.1935

Date of Appointment :

30.09.2010

DIN No.:

01251010

Name :

Mr. Rattan Singhania

Designation :

Director

Address :

B4/227, SafdarGanj Enclave, New Delhi – 110 029, India

Date of Birth/Age :

01.07.1949

Date of Appointment :

30.09.2013

DIN No.:

00147685

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	L67120DL1983PLC016575	CAPITAL FINVEST LIMITED	Whole-time director	01/04/2013	20/09/1983	-	Active	NO
2	U74140PB1988PTC008504	PATH FINDERS PVT LTD	Director	24/06/1988	24/06/1988	-	Active	NO
3	U74899DL1983PTC015042	GODAWARI TRADING COMPANY PRIVATE LIMITED	Director	29/07/1988	29/07/1988	18/08/2008	Active	NO
4	U67120DL1993PLC052022	CAPITAL SECURITIES LIMITED	Director	01/04/1998	01/04/1998	05/09/2008	Active	NO
5	U17115PB1979PLC003991	AARTI STEELS LIMITED	Director	30/09/2006	30/09/2006	-	Active	NO
6	U74899DL1990PTC039615	DISHA COMMERCIALS PRIVATE LIMITED	Director	29/11/2006	29/11/2006	04/01/2008	Active	NO

Name :

Mr. Mahesh Kumar Mittal

Designation :

Whole Time Director

Address :

154/1, Rani Jhansi Road, civil Lines, Ludhiana – 141 001, Punjab, India

Date of Birth/Age :

08.12.1959

Date of Appointment :

29.09.2011

DIN No.:

00765808

PAN No.:

ABRPM6251F

Name :

Mr. Rajeev Kumar Mittal

Designation :

Whole Time Director

Address :

154/1, Rani Jhansi Road, civil Lines, Ludhiana – 141 001, Punjab, India

Date of Birth/Age :

13.04.1962

Date of Appointment :

29.09.2012

DIN No.:

00765697

PAN No.:

ACHPM4702A

KEY EXECUTIVES

Name :	Mr. Dinesh Kumar Behal
Designation :	Secretary
Address :	3235 Phase –II, Urban Estate, Dugri, Ludhiana – 141 013, Punjab, India
Date of Birth/Age :	19.02.1958
Date of Appointment :	25.04.2011
Pan No.:	ABUPB2010Q
Name :	Mr. D.K. Kapil
Designation :	Account Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on:30.09.2014

Names of Shareholders	No. of Shares
Shiv Prasad (Karta)	1821
Mahesh Kumar Mittal (Karta)	10221
Raj Rani	39976
Rajeev Kumar (Karta)	9970
Aarti	1000
Shiv Prasad	142207
Uma Mittal	15551
Yash Paul Sharma	2
Shiv DeshBandhu	2
Creative Intra Limited	484613
Rajeev Mittal	52870
Mahesh Mittal	56428
Sushen Mittal	14587
Gayatri Mittal	7294
Vinayak Mittal	12578
Alka Mittal	27166
Isabelle Traders Limited	142351
Shiv Prasad Agarwal and Sons	518
Dinesh Kumar	3
H.L. Real Estate Private limited, India	3178
Aarti International Limited, India	13563
Total	1035899

Equity Share Break up (Percentage of Total Equity)

As on:30.09.2014

Category	Percentage
Bodies corporate	62.14
Directors or relatives of directors	37.86
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer ,Exporter and Importer of Iron and Steel Products.

Products :

Products Description	Item Code No.
Alloy Steel	72249091

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports:

Products :

Iron and Steel Products

Countries :

v Sri Lanka

Imports :

Products :

Scrap

Countries :

v Gulf Country

v America

Terms :

Selling :

Cash / Advance Payment

Purchasing :

Cash / Advance Payment

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

No. of Employees :

1776 (Approximately)

Bankers :

Banker Name	Punjab National Bank
Branch Address	International Banking Branch, Industrial Area, Ludhiana - 141001 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

Banker Name	State Bank Of Patiala
Branch Address	Commercial Branch, Aarti Complex, G. T. Road, Miller Ganj,, Ludhiana - 141003,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

Banker Name	Indian Overseas Bank
Branch Address	Commercial Branch, Aarti Complex, G. T. Road, Miller Ganj,, Ludhiana - 141003,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
Long Term Borrowing
Rupee term loans from banks	686.846	1217.910
Short Term Borrowing
Working capital loans from banks	2548.493	2481.928
Total	3235.339	3699.838

Banking Relations :	---
Auditors :
Name :	N K Bector and Company Chartered Accountants
Address :	B-XX-3297/5 Gurdev Nagar Ludhiana, Punjab, India
PAN No.:	AAWPB1817G
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Ludhiana Steels Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Aarti International Limited, India · Creative Intra Limited, India · Aarti and Company · Isabelle Traders Limited

CAPITAL STRUCTURE

As on:31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.100/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1035899	Equity Shares	Rs.100/- each	Rs.103.590 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	103.590	103.590	104.290
(b) Reserves & Surplus	3135.079	3046.183	3158.511
(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)	3238.669	3149.773	3262.801
(3) Non-Current Liabilities
(a) long-term borrowings	1329.261	1838.762	2046.65
(b) Deferred tax liabilities (Net)	562.326	627.202	704.245
(c) Other long term liabilities	23.088	23.684	1.320
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1914.675	2489.648	2752.215
(4) Current Liabilities
(a) Short term borrowings	2570.730	2499.677	2397.138
(b) Trade payables	474.627	516.895	667.609
(c) Other current liabilities	624.572	561.349	686.467
(d) Short-term provisions	17.196	13.272	8.205
Total Current Liabilities (4)	3687.125	3591.193	3759.419
TOTAL	8840.469	9230.614	9774.435
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3834.634	4427.711	4919.329
(ii) Intangible Assets	2.146	0.764	1.189
(iii) Capital work-in-progress	9.140	13.319	32.561
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	58.320	61.907	61.912
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	70.410	70.448	88.714
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3974.650	4574.149	5103.705
(2) Current assets
(a) Current investments	0.050	0.047	1.544
(b) Inventories	1825.232	1844.878	1552.267
(c) Trade receivables	2306.186	2175.718	2227.908
(d) Cash and cash equivalents	38.150	74.370	125.211
(e) Short-term loans and advances	684.729	555.875	743.614
(f) Other current assets	11.472	5.577	20.186
Total Current Assets	4865.819	4656.465	4670.730
TOTAL	8840.469	9230.614	9774.435

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	11212.039	10409.632	10163.565
		Other Income	13.315	36.355	21.916
		TOTAL (A)	11225.354	10445.987	10185.481
Less	EXPENSES
		Cost of Materials Consumed	6397.274	6287.585	5546.179
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	103.083	(198.944)	(63.13)
		Employees benefits expense	351.905	349.051	310.446
		Other expenses	3093.001	2972.667	3037.563
		TOTAL (B)	9945.263	9410.359	8831.058
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1280.091	1035.628	1354.423
Less	FINANCIAL EXPENSES (D)		588.265	595.065	540.008
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		691.826	440.563	814.415
Less/ Add	DEPRECIATION/ AMORTISATION (F)		667.807	663.724	558.161
	PROFIT BEFORE TAX (E-F) (G)		24.019	(223.161)	256.254
Less	TAX (H)		(64.876)	(132.043)	69.366
	PROFIT AFTER TAX (G-H) (I)		88.895	(91.118)	186.888
Less	APPROPRIATIONS
		Transfer to General Reserve	88.586	(89.959)	187.500
	IMPORTS
		Raw Materials	625.717	881.211	502.058
		Stores & Spares	95.039	89.427	67.845
		Capital Goods	4.700	8.404	0.865
	TOTAL IMPORTS		725.456	979.042	570.768
	Earnings Per Share (Rs.)		85.81	(87.40)	179.20

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.79	(0.88)	1.84
Operating Profit Margin (PBDIT/Sales)	(%)	11.42	9.95	13.33
Return on Total Assets (PBT/Total Assets}	(%)	0.27	(2.44)	2.65
Return on Investment (ROI) (PBT/Networth)		0.01	(0.07)	0.08
Debt Equity Ratio (Total Debt /Networth)		1.20	1.38	1.36
Current Ratio (Current Asset/Current Liability)		1.32	1.30	1.24

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	104.290	103.590	103.590
Reserves & Surplus	3158.511	3046.183	3135.079
Net worth	3262.801	3149.773	3238.669
long-term borrowings	2046.650	1838.762	1329.261
Short term borrowings	2397.138	2499.677	2570.730
Total borrowings	4443.788	4338.439	3899.991
Debt/Equity ratio	1.362	1.377	1.204

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	10163.565	10409.632	11212.039
		2.421	7.708

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	10163.565	10409.632	11212.039
Profit	186.888	(91.118)	88.895
	1.84%	(0.88%)	0.79%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. InMillions)

Particular	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Loans and advances from related parties	642.415	620.851
Short Term Borrowing
Loans repayable on demand	22.237	17.749
Total	664.652	638.600

CASE DETAILS

Case Details For Case CM-3011-CII-2000
Diary Number	0	District	Other Districts
Category	6-TAX MATTERS(INCLUDING CRIMINAL APPEALS)	Main Case Detail	CCEC-6-2000
Party Detail	THE COMMISSIONER OF CENTRAL EXCISE V/S AARTI STEELS LTD. ETC.
Advocate Name	RAJESH GUMBER	List Type	ORDINARY
Status	PENDING	Next date	Not Available

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10507571	14/06/2014	150,000,000.00	PUNJAB NATIONAL BANK	International Banking Branch, PNB House, Industri  al Area, Ludhiana, Punjab - 141003, INDIA	C10196764
2	10507575	14/06/2014	150,000,000.00	PUNJAB NATIONAL BANK	International Banking Branch, PNB House, Industri  al Area, Ludhiana, Punjab - 141003, INDIA	C10199982
3	10506286	11/06/2014	766,400,000.00	State Bank of India	Industrial Finance Branch, Golden Tower,, Dholewa  l Chowk, G.T Road, Ludhiana, Punjab - 141003, INDI  A	C09449026
4	10526531	18/03/2014	250,000,000.00	CORPORATION BANK	PREMISES NO. 5, NEW LAJPAT NAGAR, PAKHOWAL ROAD,  LUDHIANA, Punjab - 141001, INDIA	C30178131
5	10412815	28/02/2013	150,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, AARTI COMPLEX,, G. T. ROAD, MI  LLER GANJ,, LUDHIANA, Punjab - 141003, INDIA	B71116719
6	10252631	20/11/2010	200,000,000.00	IDBI BANK LIMITED	SCO 126-128, KALINGA TOWERS, FEROZE GANDHI MARKET  , LUDHIANA, Punjab - 141001, INDIA	B00337717
7	10252628	19/11/2010	200,000,000.00	ORIENTAL BANK OF COMMERCE	OVERSEAS BRANCH, JANDU TOWER, G. T. ROAD, MILLER  GANJ,, LUDHIANA, Punjab - 141003, INDIA	B00318832
8	10246841	11/10/2010	250,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, G. T. ROAD,, MILLER GANJ, LUDH  IANA, Punjab - 141003, INDIA	A97569230
9	10244205	05/10/2010	250,000,000.00	CORPORATION BANK	SCO-34, FEROZE GANDHI MARKET,, PAKHOWAL ROAD,, LU  DHIANA, Punjab - 141001, INDIA	A96682109
10	10199514	02/02/2010	250,000,000.00	IDBI BANK LIMITED	1st Floor, SCO 126-128, Kalinga Towers,, Feroze G  andhi Market,, Ludhiana, Punjab - 141001, INDIA	A78520830
11	10172186	30/12/2009 *	350,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra -  400018, INDIA	A77020774
12	10166350	11/08/2009 *	150,000,000.00	IDBI BANK LIMITED	S.C.O. 126-128, KALINGA TOWERS, FEROZE GANDHI MAR  KET, LUDHIANA, Punjab - 141001, INDIA	A68212349
13	10139808	28/01/2009	200,000,000.00	ORIENTAL BANK OF COMMERCE	OVERSEAS BRANCH, G. T. ROAD,, LUDHIANA, Punjab - 1  41003, INDIA	A55635692
14	10139957	24/01/2009	220,000,000.00	CORPORATION BANK	SCO - 34, FEROZE GANDHI MARKET,, PAKHOWAL ROAD,,  LUDHIANA, Punjab - 141001, INDIA	A55730220
15	10127143	11/10/2008	500,000,000.00	PUNJAB NATIONAL BANK	INTERNATIONAL BANKING BRANCH, G. T. ROAD, INDUSTR  IAL AREA,, LUDHIANA, Punjab - 141003, INDIA	A49164791
16	10117831	19/08/2008	800,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, G. T. ROAD, MILLER GANJ, LUDHI  ANA, Punjab - 141003, INDIA	A43916162
17	80010975	23/02/2012 *	470,000,000.00	State Bank of India	SCB, Miller Ganj, G.T Road, Ludhiana, Punjab - 14  1003, INDIA	B33022872
18	90167672	12/03/2014 *	4,106,000,000.00	STATE BANK OF PATIALA	STATE BANK OF PATIALA, G. T. ROAD, MILLER GANJ, L  UDHIANA, Punjab - 141003, INDIA	C02112274

* Date of charge modification

FIXED ASSETS

v Land

v Building

v Plant and Machinery

v Vehicles

v Furniture and Fixtures

v 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 records 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 records 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.61.92
UK Pound	1	Rs.97.39
Euro	1	Rs.77.25

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RSM
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	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		49

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.