MIRA INFORM REPORT

Report No. :	334762
Report Date :	31.07.2015

IDENTIFICATION DETAILS

Name :	SHIVAM AUTOTECH LIMITED
Registered Office :	303, 3rd Floor, Square 1, District Centre, Saket, New Delhi - 110017
Tel. No.:	91-11-49242100 / 29564205 / 29564202
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	29.07.2005
Com. Reg. No.:	55-139163
Capital Investment / Paid-up Capital :	Rs.100.000 Million
CIN No.: [Company Identification No.]	L34300DL2005PLC139163
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	RTKS10057F
PAN No.: [Permanent Account No.]	AAJCS7372M
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The company is engaged in manufacturing of Near-Net- Shaped, auto transmission components mainly for Original Equipments Manufacturers (OEMs).
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 5200000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a fine track. Financial position of the company seems to be sound. The rating also take into consideration, an acceptable share price of Rs.148.40 recorded by the company as against a Face Value of Rs.2.00 as on July 30, 2015. Trae relations are fair. Business is active. Payment terms are regular and as per commitments. 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	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = A
Rating Explanation	Have adequate degree of safety and carry low credit risk
Date	06.04.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating = A2+
Rating Explanation	Have strong degree of safety and carry low credit risk
Date	06.04.2015

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered/ Head Office :	303, 3rd Floor, Square 1, District Centre, Saket, New Delhi – 110017, India
Tel. No.:	91-11-49242100 / 29564205 / 29564202
Fax No.:	91-11-49242116 / 29564205 / 29564202
E-Mail :	admin@shivamautotech.com
Website :	www.shivamautotech.com
Gurgaon Plant :	58th Km. Stone, Delhi-Jaipur Highway, Village Binola, District Gurgaon -122413, Haryana, India
Tel. No.:	91-124-2379442 / 446
Fax No.:	91-124-2379442 / 447
Haridwar Plant :	Plot No. 3, Industrial Park-II, Phase-1, Village Salempur Mehdood, District Haridwar – 249402, Uttarakhand, India
Tel. No.:	91-1334-235511 / 12

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Sunil Kant Munjal
Designation :	Chairman
Date of Birth/ Age :	14.12.1957
Qualification :	B. Com Training in Mechanical Engineering
Date of Appointment :	14.02.2006
Other Directorship :	Hero Management Service Limited Hero Corporate Services Limited Hero MotoCorp Limited DCM Shriram Consolidated Limited Hero InvestCorp Limited Hero Realty Limited Hero Realty and Infra Limited Hero Mindmine Institute Limited Rockman Industries Limited Satyam Auto Components Limited Easy Bills Limited Hero Life Insurance Company Limited
Name :	Mr. Neeraj Munjal
Designation :	Managing Director
Date of Birth/ Age :	46 Years
Qualification :	B.Com, DIBM
Experience :	25 Years
Name :	Charu Munjal
Designation :	Executive Director
Name :	Mr. Surrinder Lal Kapur
Designation :	Director
Date of Birth/ Age :	07.03.1937
Qualification :	Advocate
Experience :	Expert in Company Laws, Industrial Laws and Industrial Finance.
Name :	Mr. Vinayshil Gautam
Designation :	Director
Date of Birth/ Age :	03.06.1946
Qualification :	Doctrate in Management
Experience :	Practioner and Consultant of Management in India and Aborad and is attached with IIT Delhi
Name :	Mr. Anil Kumar Gupta
Designation :	Whole Time Director
Name :	Mr. Bhagwan Dass Narang
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Davendra Ujlayan
Designation :	AVP-Finance CFO
Address :	219, Karishma Appartment, Plot No. 27, Patparganj, New Delhi, 110092, India
Date of Appointment :	14.02.2015
PAN No.:	AAFPU2249C
Name :	Shivani Kakkar
Designation :	Secretary
Address :	House No. 1, Sector-23, Faridabad -121005, Haryana, India
Date of Appointment :	14.02.2015
PAN No.:	BEWPK5641C

SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	37397975	74.80
Sub Total	37397975	74.80
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	37397975	74.80
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	862861	1.73
Financial Institutions / Banks	35455	0.07
Insurance Companies	47000	0.09
Foreign Institutional Investors	220000	0.44
Sub Total	1165316	2.33
(2) Non-Institutions
Bodies Corporate	951294	1.90
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	6884377	13.77
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	3373142	6.75
Any Others (Specify)	227896	0.46
Non Resident Indians	214896	0.43
Societies	13000	0.03
Sub Total	11436709	22.87
Total Public shareholding (B)	12602025	25.20
Total (A)+(B)	50000000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	50000000	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in manufacturing of Near-Net- Shaped, auto transmission components mainly for Original Equipments Manufacturers (OEMs).

Products :

Product Descriptions	ITC Code
Motor Cycle Parts	87141900

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

• BOSCH
• Hero Honda
• HILTI
• Denso India

No. of Employees :

Not Available

Bankers :

• IDBI Limited
• Punjab National Bank
• AXIS Bank Limited
• ING Vysya Bank
• Karnataka Bank

Facilities :

SECURED LOANS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG TERM BORROWINGS
Term Loans Rupee loan from Banks	NA	163.619
SHORT TERM BORROWINGS
Loans repayable on demand - from banks on cash credit	NA	590.899
Total	NA	754.518

NOTE : AS ON 31.03.2014

LONG TERM BORROWINGS

(i) Term Loan from IDBI Bank Limited having outstanding balance of Rs. 19.219 Million (p. y. Rs. 56.406 Million) is secured by exclusive charge on the fixed assets created under expansion project.

(ii) Term loan from Axis Bank having outstanding balance of Rs. 72.473 Million (p. y. Rs. 1,56.416 Million) are secured by exclusive charge on specific movable machineries of Binola Plant.

(iii) Term loan availed from Karnataka Bank having outstanding balance of Rs. 63.579 Million (p. y. Rs. NIL) is secured against hypothecation of Machineries already purchased & to be purchased out of facility.

(iv) Term loans availed for Haridwar Plant from Punjab National Bank having outstanding balance of Rs. 198.667 Million (p. y. Rs. 399.917 Million) is having pari pasu charge over the entire Fixed assets of Haridwar plant both present and

future.

(v) Term Loan availed from ING Vyasa Bank having outstanding balance of Rs. 25.888 Million (p. y. Rs 34.517 Million) is having first pari passu charge by way of hypothecation on entire fixed assets of the plants situated at Haridwar, both present and future.

(vi) The interest rate for the above Term Loan varies from 11.50% to 13.50 % (p. y. 11% to 13.50%).

Terms of Repayment

Binola Plant

Particulars	2013-14	2014-15	2015-16	2016-17	2017-18 and 2018-19
Bank
IDBI	19.219	19.219	--	--	--
Axis Bank	72.473	49.485	15.600	7.835	--
Hero Fin Corp Limited	200.000	66.667	66.667	66.667	--
Karnataka Bank Limited	15.253	12.500	2.753	--	--
Total	306.945	147.871	85.020	75.502	--

Haridwar Plant

Particulars	2013-14	2014-15	2015-16	2016-17	2017-18 and 2018-19
Bank
Punjab national bank	18.667	113.875	84.792	--	--
Ing vysya Bank Limited	25.888	8.629	8.629	8.629	--
Total	44.555	122.504	93.421	8.629	--

Manesar Plant

Particulars	2013-14	2014-15	2015-16	2016-17	2017-18 and 2018-19
Bank
Karnataka Bank Limited	48.326	12.500	25.000	10.826	--
Total	48.326	12.500	25.000	10.826	--

SHORT TERM BORROWINGS

Details of Securities

(i) Cash credit from IDBI Bank having outstanding balance of Rs. 4.050 Million (P Y Rs. 87.573 Million) and Axis Bank having outstanding balance Rs.27.795 Million (P Y Rs. 66.083 Million) at Binola is secured by first Pari Pasu charge on current assets of the company.

(ii) Cash credit from Karnataka Bank having outstanding balance of Rs. 52.655 Million (previous year NIL) at Binola is secured as first charge on entire current assets of the company (Both Present and future and second charge on the machineries proposed to be purchased out of Term Loan of Rs. 100.000 Million for Binola Plant.

(iii) Cash credit from Punjab National Bank having outstanding balance of Rs. 239.221 Million (P Y Rs. 242.268 Million) and IDBI Bank Limited having an outstanding balance of Rs. 17.402 Million (P Y Rs.15.484 Million) is secured by first pari passu charge on the current assets of Haridwar Plant along with the other working capital bankers.

(iv) Cash credit from Ing Vysya Bank Limited having outstanding balance or Rs 249.776 Million (P Y Rs. 87.115 Million) is secured by first pari passu charges on the current asset of binola plant along with the other working capital bankers.

(v) The interest rate for the above cash credit varies from 11.5% to 12.75% (P Y 12% to 14%).

Auditors :
Name :	S.S. Kothari Mehta and Company Chartered Accountants
Address :	146-149, Tribhvan Complex, Ishwar Nagar, Mathura Road, New Delhi-110065, India
Memberships :	--
Collaborators :	---
Holding company [AS ON 31.03.2014] :	Dayanand Munjal Investments Private Limited
Enterprises over which key management personnel and their relatives are able to exercise significant influence [AS ON 31.03.2014]:	Munjal Showa Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :Not Available

Issued, Subscribed & Paid-up Capital : Rs.100.000 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
12600000	Equity Shares	Rs.10/- each	Rs.126.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Million

Reconciliation of the number of shares

Equity Shares	Number of Shares
Equity Shares outstanding as at the beginning of the year	10000000
Add: Equity Shares issued under Employees Stock option Scheme	--
Equity Shares outstanding as at the close of the year	10000000

Terms/ rights attached to equity shares

The company has only one class of equity shares having par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares dividends in Indian rupees. The dividend proposed by the board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting.

Amount of per share dividend recognized as distributions to equity shareholders is Rs. 4.50 (previous year Rs. 4).

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company after distribution of the preferential amount, if any. The distribution will be in proportion to the number of equity shares held by the shareholders.

Details of shareholders holding more than 5% shares in the Company

Name of shareholder	Number of Shares	% holding
Dayanand Munjal Investment Private Limited (Equity Shares of Rs. 10 each fully paid up)	7,479,595	74.80%

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	100.00	100.000	100.000
(b) Reserves & Surplus	1715.000	1511.052	1,279.376
(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)	1815.000	1611.052	1,379.376
(3) Non-Current Liabilities
(a) long-term borrowings	1032.790	296.952	436.619
(b) Deferred tax liabilities (Net)	114.077	115.789	110.614
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	27.443	16.636	10.079
Total Non-current Liabilities (3)	1174.310	429.377	557.312
(4) Current Liabilities
(a) Short term borrowings	670.296	590.899	498.523
(b) Trade payables	481.650	438.780	406.606
(c) Other current liabilities	378.530	410.380	462.639
(d) Short-term provisions	75.164	53.981	51.541
Total Current Liabilities (4)	1605.640	1494.040	1419.309
TOTAL	4594.950	3534.469	3355.997
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2569.822	2280.909	2414.276
(ii) Intangible Assets	0.000	10.164	2.333
(iii) Capital work-in-progress	0.000	7.305	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	160.219	86.802
(e) Other Non-current assets	483.795	0.000	0.000
Total Non-Current Assets	3053.617	2458.597	2503.411
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	796.557	628.082	537.725
(c) Trade receivables	485.713	294.682	241.214
(d) Cash and cash equivalents	61.867	5.063	6.380
(e) Short-term loans and advances	178.675	142.711	67.267
(f) Other current assets	18.521	5.334	0.000
Total Current Assets	1541.333	1075.872	852.586
TOTAL	4594.950	3534.469	3355.997

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	4458.161	3887.974	3628.816
		Other Operating Income Scrap Sale	0.000	97.949	88.097
		Other Income	1.936	1.965	0.799
		TOTAL	4460.097	3987.888	3717.712
Less	EXPENSES
		Cost of Raw material consumed	1472.806	1305.797	1176.684
		Job Work on Components	393.288	359.356	308.881
		Store Consumable	473.094	466.329	472.806
		(Increase) / Decrease in finished goods and work in progress	35.645	(19.717)	(9.212)
		Employee benefit expenses	396.379	331.340	288.566
		Other expenses	855.943	741.603	606.564
		TOTAL	3627.155	3184.708	2844.289
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		832.942	803.180	873.423
Less	FINANCIAL EXPENSES		199.713	204.589	248.230
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		633.229	598.591	625.193
Less/ Add	DEPRECIATION/ AMORTISATION		274.527	309.092	307.700
	PROFIT BEFORE TAX		358.702	289.499	317.493
Less	TAX		77.342	5.175	35.346
	PROFIT AFTER TAX		281.360	284.324	282.147
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		745.436	794.760	589.411
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	30.000	30.000
		Dividend	NA	40.000	40.000
		Tax on Dividend	NA	7.648	6.798
	BALANCE CARRIED TO THE B/S		NA	745.436	794.760
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Exports	NA	17.387	9.466
	TOTAL EARNINGS		NA	17.387	9.466
	IMPORTS
		Stores & Spares	NA	62.858	70.358
		Capital Goods	NA	24.851	29.101
	TOTAL IMPORTS		NA	87.709	99.459
	Earnings Per Share (Rs.)		5.63	28.43	28.21

CURRENT MATURITIES OF LONG TERM BORROWINGS DETAILS

PARTICULARS	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term borrowings	NA	282.875	345.637
Cash from operations	NA	616.562	890.221
Net cash from operating activities	NA	551.557	827.013

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	6.31	7.31	7.78
Operating Profit Margin (PBIDT/Sales)	(%)	18.68	20.66	24.07
Return on Total Assets (PBT/Total Assets}	(%)	7.81	8.21	9.46
Return on Investment (ROI) (PBT/Networth)		0.20	0.18	0.23
Debt Equity Ratio (Total Debt /Networth)		0.94	0.55	0.68
Current Ratio (Current Asset/Current Liability)		0.96	0.72	0.60

STOCK PRICES

Face Value	Rs.2.00/-
Market Value	Rs.148.40/-

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	100.000	100.000	100.000
Reserves & Surplus	1279.376	1511.052	1715.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1379.376	1611.052	1815.000
long-term borrowings	436.619	296.952	1032.790
Short term borrowings	498.523	590.899	670.296
Total borrowings	935.142	887.851	1703.086
Debt/Equity ratio	0.678	0.551	0.938

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	3628.816	3887.974	4458.161
		7.142	14.665

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	3628.816	3887.974	4458.161
Profit	282.147	284.324	281.360
	7.78%	7.31%	6.31%

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	No
8	Designation of contact person	No
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)	No
16	No. of employees	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN:

PARTICULAR	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG TERM BORROWINGS
Term loans from Hero Fincorp Limited	NA	133.333
Total	NA	133.333

PERFORMANCE [AS ON 31.03.2014]

During the year, the Company focused on enhancing operational efficiencies - improving yields, lowering rejections and enhancing capacity utilisation. The total sales of the Company increased by 6.96% from Rs.3920.879 Million in 2012-13 to Rs. 4193.779 Million in 2013-14. Operating profit (PBDIT) of the company has decreased by 8.04% from Rs. 873.423 Million in 2012-13 to Rs. 803.180 Million in 2013-14. The overall performance of the company can be termed as satisfactory.

NEW PROJECTS AND EXPANSION [AS ON 31.03.2014]

To cater the requirements of its existing customer BOSCH, the Company is required to have a new manufacturing setup. The Directors are happy to inform that the Company has finalised the project and chosen Kolar-District (Near Bangalore, Karnataka) as new location for new plant.

In order to meet the ever-increasing demand for its existing business and for the potential of new business, the Company has identified IMT Rohtak (Near Delhi/NCR) as new location.

Lands have already been acquired at both the locations.

INDEX OF CHARGE:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10554593	25/02/2015	150,000,000.00	IDBI BANK LIMITED	GARG PLAZA, 46-A, GAUTAM NAGAR, NR. MGVCL OFFICE,,  RACE COURSE ROAD, BARODA, GUJARAT - 390007, INDI  A	C46415824
2	10547163	16/12/2014	400,000,000.00	ING VYSYA BANK LIMITED	NARIAN MANZIL,GROUND FLOOR, SHOP NO. G1 TO G5,, I  FLOORSHOP NO.1001 TO 1007,BARAKHAMBA ROAD,, NEW D  ELHI, DELHI - 110001, INDIA	C42517342
3	10546638	25/11/2014	500,000,000.00	YES BANK LIMITED	NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIA,, DR.  A.B. ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, I  NDIA	C42246140
4	10476138	12/12/2013	150,000,000.00	KARNATAKA BANK LTD.	CORPORATE FINANCE BRANCH, K-13, CHOUDHARY BUILDIN  G, CONNAUGHT PLACE,, NEW DELHI, DELHI - 110001, IN  DIA	B95706008
5	10476016	12/12/2013	200,000,000.00	KARNATAKA BANK LTD.	CORPORATE FINANCE BRANCH, K-13, CHOUDHARY BUILDIN  G, CONNAUGHT PLACE,, NEW DELHI, DELHI - 110001, IN  DIA	B95656625
6	10375703	13/03/2014 *	430,000,000.00	ING VYSYA BANK LIMITED	NARIAN MANZIL,GROUND FLOOR,SHOP NO. G1 TO G5,, I  FLOOR,SHOP NO.1001 TO 1007,BARAKHAMBA ROAD,, NEW D  ELHI, DELHI - 110001, INDIA	C08803157
7	10375710	18/08/2012	100,000,000.00	ING VYSYA BANK LIMITED	NARIAN MANZIL,GROUND FLOOR,SHOP NO. G1 TO G5,, I  FLOOR,SHOP NO.1001 TO 1007,BARAKHAMBA ROAD,, NEW D  ELHI, DELHI - 110001, INDIA	B57781312
8	10310481	13/09/2011	90,000,000.00	AXIS BANK LTD.	4/10, OPG HOUSE, ASAF ALI ROAD, NEW DELHI, DELHI  - 110002, INDIA	B22669881
9	10266905	12/01/2011	26,300,000.00	PUNJAB NATIONAL BANK	ROSHANABAD BRANCH, NEW COLLECTRATE, ROSHANABAD, H  ARIDWAR, UTTARAKHAND - 249401, INDIA	B05390323
10	10266906	12/01/2011	323,700,000.00	PUNJAB NATIONAL BANK	ROSHANABAD BRANCH, NEW COLLECTRATE, ROSHANABAD, H  ARIDWAR, UTTARAKHAND - 249401, INDIA	B05391362

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computers

· Office Equipments

· Furniture and Fixtures

· Vehicles

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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 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.64.00
UK Pound	1	Rs.99.83
Euro	1	Rs.70.07

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.