MIRA INFORM REPORT

Report No. :	326539
Report Date :	11.06.2015

IDENTIFICATION DETAILS

Name :	JINDAL RAIL INFRASTRUCTURE LIMITED

Registered Office :	28, Shivaji Marg, New Delhi – 110015, India
Tel. No.:	91-11-45021983

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	25.05.2007

Com. Reg. No.:	20-070235

Capital Investment / Paid-up Capital :	Rs.191.503 Million

CIN No.: [Company Identification No.]	U45400DL2007PLC070235

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AABCJ9516E

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Railway rolling stock.

No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 1700000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject was incorporated in May 2007 as a wholly owned subsidiary of Jindal ITF Limited (JITF), which is wholly owned subsidiary of Jindal Saw Limited (J Saw). J Saw, the flagship company of the OP Jindal Group. Subject is established company and it is having satisfactory track record. Company have incurred continuous losses over past two years from its business operations. However the rating take in accounts of strong financial support which company receives from Jindal Group and based on credit enhancement in the form of an unconditional and irrevocable corporate guarantee from Jindal ITF Limited. Trade relation are fair. Business is active. Payments are reported to be slow but correct. In view of part of being Jindal Group, the company can be considered for the business dealings with its usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term rating = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	August, 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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Dinker Pandey
Designation :	Finance Manager
Contact No.:	91-11-45021983
Date :	09.06.2015

LOCATIONS

Registered / Head Office :	28, Shivaji Marg, New Delhi – 110015, India
Tel. No.:	91-11-45021983
Fax No.:	91-11-45021982
E-Mail :	alok.kumar@jindalitf.com
Website :	www.jindalrail.com

Manufacturing Works :	NH-8, Near Karjan Arts and Commerce College, Post and Taluka : Karjan, District Vadodara – 391440, Gujarat, India
Tel. No.:	91-266-6398222

DIRECTORS

As on 09.09.2014

Name :

Ms. Sminu Jindal

Designation :

Director

Address :

6, Prithvi Raj Road, New Delhi – 110011, India

Date of Birth/Age :

18.01.1973

Date of Appointment :

25.05.2007

DIN No.:

00005317

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	U27104GJ1979PLC066476	JINDAL SEAMLESS TUBES LIMITED	Director	28/05/1997	28/05/1997	-	Active	NO
2	L27104UP1984PLC023979	JINDAL SAW LIMITED	Managing director	01/02/2011	01/09/1997	-	Active	NO
3	U74899DL1988PLC033588	JINDAL INTELLICOM LIMITED	Director	28/02/2000	28/02/2000	-	Active	NO
4	U74999DL2004PLC128194	IUP JINDAL METALS AND ALLOYS LIMITED	Director	09/08/2004	09/08/2004	-	Active	NO
5	U41000UP2006PLC069631	JITF WATER INFRASTRUCTURE LIMITED	Director	27/10/2006	27/10/2006	-	Active	NO
6	U40109DL2006PLC156463	JINDAL COULUMBS LIMITED	Director	12/12/2006	12/12/2006	-	Active	NO
7	U13203DL2006PLC156894	Best Aromatics Limited	Director	21/12/2006	21/12/2006	-	Active	NO
8	U35122UP2007PLC069366	JITF WATERWAYS LIMITED	Director	24/01/2007	24/01/2007	15/01/2013	Active	NO
9	U70102UP2007PLC069540	JITF URBAN INFRASTRUCTURE LIMITED	Director	28/03/2007	28/03/2007	20/02/2013	Active	NO
10	U34109UP2007PLC069246	JITF SHIPYARDS LIMITED	Director	29/03/2007	29/03/2007	15/01/2013	Active	NO
11	U70102DL2007PTC160879	TRINETRA BUILDCON PRIVATE LIMITED	Director	19/09/2008	17/04/2007	-	Active	NO
12	U45400UP2007PLC070235	JINDAL RAIL INFRASTRUCTURE LIMITED	Director	25/05/2007	25/05/2007	-	Active	NO
13	U27310DL2007PLC165361	JINDAL METSTEEL LIMITED	Director	29/06/2007	29/06/2007	-	Strike off	NO
14	U74900UP2007PLC069247	JINDAL ITF LIMITED	Director	18/09/2007	18/09/2007	-	Active	NO
15	U72900DL2000PTC106406	JAISHILA INFOTECH PRIVATE LIMITED	Director	28/12/2007	28/12/2007	-	Active	NO
16	U60231UP2008PLC069245	JITF INFRALOGISTICS LIMITED	Director	03/01/2008	03/01/2008	30/03/2015	Active	NO
17	L51101UP2010PLC042382	HEXA TRADEX LIMITED	Managing director	01/10/2011	01/10/2011	-	Active	NO

Name :

Mr. Arun Kumar Khosla

Designation :

Whole Time Director

Address :

B-24, Ground Floor, Jangpura Extension, New Delhi – 110014, India

Date of Birth/Age :

18.09.1959

Date of Appointment :

26.12.2012

DIN No.:

00038033

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	U63033UP2003PTC042031	STAR TRACK TERMINALS PRIVATE LIMITED	Nominee director	30/03/2005	30/03/2005	27/08/2007	Active	NO
2	U45400UP2007PLC070235	JINDAL RAIL INFRASTRUCTURE LIMITED	Whole-time director	26/12/2012	26/12/2012	-	Active	NO

Name :

Mr. Dhananjaya Pati Tripathi

Designation :

Director

Address :

39, Ground Floor, Aradhana Enclave, Sector – 13, R.K. Puram, New Delhi – 110066, India

Date of Birth/Age :

01.07.1942

Date of Appointment :

27.06.2007

DIN No.:

00131460

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	U74999DL2003GOI118633	RAIL VIKAS NIGAM LIMITED	Director	04/10/2005	04/10/2005	03/10/2008	Active	NO
2	L25206AP1983PLC004037	HINDUSTAN FLUORO CARBONS LTD.	Director	24/11/2005	24/11/2005	01/07/2007	Active	NO
3	U74899DL1974GOI007227	RITES LIMITED	Director	01/11/2006	01/11/2006	31/10/2009	Active	NO
4	U45400UP2007PLC070235	JINDAL RAIL INFRASTRUCTURE LIMITED	Director	27/06/2007	27/06/2007	-	Active	NO
5	U37100UP2005PTC069574	TIMARPUR-OKHLA Waste Management Company Private Limited	Director	24/03/2015	24/03/2015	-	Active	NO
6	U70102UP2007PLC069540	JITF URBAN INFRASTRUCTURE LIMITED	Director	27/03/2015	27/03/2015	-	Active	NO
7	U41000UP2006PLC069631	JITF WATER INFRASTRUCTURE LIMITED	Director	31/03/2015	31/03/2015	-	Active	NO

Name :

Mr. Amit Bajpai

Designation :

Director

Address :

C-64, Sector-61, Noida, Uttar Pradesh – 201307, India

Date of Birth/Age :

26.09.1964

Date of Appointment :

24.09.2013

DIN No.:

01728337

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	U74899DL1991PTC045499	ARUNIMA INVESTMENT PRIVATE LIMITED	Director	02/02/1995	02/02/1995	29/04/2008	Active	NO
2	U41000UP2007PLC069572	JITF ESIPL CETP (SITARGANJ) LIMITED	Director	28/12/2007	28/12/2007	14/06/2012	Active	NO
3	U37100UP2005PTC069574	TIMARPUR-OKHLA Waste Management Company Private Limited	Whole-time director	22/12/2010	18/03/2008	15/05/2012	Active	NO
4	U41000UP2009PLC069539	JITF WATER INFRA (NAYA RAIPUR) LIMITED	Director	29/09/2009	29/09/2009	15/05/2012	Active	NO
5	U40300UP2010PLC069354	JITF URBAN INFRASTRUCTURE SERVICES LIMITED	Director	06/07/2010	06/07/2010	15/05/2012	Active	NO
6	U41000DL2010PLC202231	JITF WATER DEVELOPMENT COMPANY LIMITED	Additional director	23/01/2012	31/08/2010	15/05/2012	Strike off	NO
7	U35122UP2007PLC069366	JITF WATERWAYS LIMITED	Director	26/09/2013	30/09/2010	06/08/2014	Active	NO
8	U41000DL2011PLC214943	KOBELCO ECO-SOLUTIONS INDIA LIMITED	Additional director	13/12/2011	28/02/2011	27/09/2012	Active	NO
9	U41000DL2011PLC219181	JITF WATER INFRA (RAJKOT) LIMITED	Director	13/05/2011	13/05/2011	15/05/2012	Strike off	NO
10	U90000UP2011PLC069723	JITF URBAN WASTE MANAGEMENT (JALANDHAR) LIMITED	Director	23/08/2011	23/08/2011	15/05/2012	Active	NO
11	U90001UP2011PLC069571	JITF URBAN WASTE MANAGEMENT (BATHINDA) LIMITED	Director	23/08/2011	23/08/2011	15/05/2012	Active	NO
12	U90000UP2011PLC069642	JITF URBAN WASTE MANAGEMENT (FEROZEPUR) LIMITED	Director	10/10/2011	10/10/2011	15/05/2012	Active	NO
13	U61200UP2011PLC069643	JITF COAL LOGISTICS LIMITED	Director	16/12/2011	16/12/2011	15/05/2012	Active	NO
14	U45201UP2012PLC069573	JITF INDUSTRIAL INFRASTRUCTURE DEVELOPMENT COMPANY LIMITED	Director	02/05/2012	02/05/2012	15/05/2012	Active	NO
15	U45400UP2007PLC070235	JINDAL RAIL INFRASTRUCTURE LIMITED	Director	24/09/2013	23/05/2013	-	Active	NO
16	U70102UP2007PLC069540	JITF URBAN INFRASTRUCTURE LIMITED	Whole-time director	01/09/2014	31/08/2013	-	Active	NO
17	U51109DL1995PTC173744	CRISTINA VINIMAY PVT. LTD.	Director	30/09/2014	05/06/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dinker Pandey
Designation :	Finance Manager

MAJOR SHAREHOLDERS

As on 09.09.2014

Names of Shareholders		No. of Shares
Prithvi Raj Jindal		100
Indresh Batra		100
Sminu Jindal		100
Sunil Kumar Jain		100
Renuka Financial Services Limited, India		100
Manjula Finances Limited, India		100
Goswamis Credit and Investments Limited, India		100
Jindal ITF Limited, India		19149600
Total		19150300

As on 09.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Railway rolling stock.

Products :

Product Description

Item Code No. (ITC Code)

Railway Or Tramway Goods

Vans And Wagons, Not

Self-propelled - Railway Or

Tramway

86061090

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	Punjab National Bank
Branch Address	Bhikaji Cama Place Branch, 7, Bhikaji Cama Place, New Delhi – 110066, 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
Term Loans from others	1017.499	1060.514

SHORT TERM BORROWING
Working capital loans from banks	226.419	102.863
Total	1243.918	1163.377

Auditors :
Name :	N.C. Aggarwal and Company Chartered Accountants
Address :	102, Harsha house, Karampura Commercial Complex, New Delhi, India
PAN No.:	AAAFN9149H

Memberships :	Not Available

Collaborators :	Not Available

Holding company :	Jindal ITF Limited, India

Fellow Subsidiary company :	JITF Shipyards Limited, India JITF Water Infrastructure Limited, India JITF Waterways Limited, India JITF Water Infrastructure Limited JITF Waterways Limited JITF Urban Infrastructure Services Limited JITF Urban Infrastructure Limited JITF Shipyards Limited JITF Infralogistics Limited Jindal Intellicom Limited JITF ESIPL CETP (Sitarganj) Limited (Indirect) Timarpur-Okhla Waste Management Company Private Limited (Indirect) JITF Water Infra (Naya Raipur) Limited (Indirect) JITF Coal Logistics Limited JITF Shipping and Logistics (Singapore) Pte Limited (Indirect) JITF Urban Waste Management (Bathinda ) Limited (Indirect) JITF Urban Waste Management (Ferozepur ) Limited (Indirect) JITF Urban Waste Management (Jalandhar ) Limited (Indirect) JITF Industrial Infrastructure Development Company Limited IUP Jindal Metals and Alloys Limited (Indirect) S.V. Trading Limited (Indirect) Jindal Saw USA, LLC (Indirect) Jindal Saw Holding FZE (Indirect) Jindal Saw Middle East FZC (Indirect) Jindal Saw Gulf LLC (Indirect) Intellicom Insurance Advisors Limited (Indirect) Ralael Holdings Limited (Indirect) Jindal Saw Italia S.P.A (Indirect) Jindal Fittings Limited Quality Iron and steel Limited Green Ray Holdings Derwant Sand SARL(Indirect) Universal Tube Accessories Private Limited Jindal Saw Espana SL

CAPITAL STRUCTURE

AFTER 09.09.2014

Authorised Capital: Rs.316.000 Million

Issued, Subscribed & Paid-up Capital: Rs.305.945 Million

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount

21600000	Equity Shares	Rs.10/- each	Rs.216.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

19150300	Equity Shares	Rs.10/- each	Rs.191.503 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	191.503	191.503	191.503
(b) Reserves & Surplus	237.362	290.534	382.006
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	160.026	156.884	0.200
Total Shareholders’ Funds (1) + (2)	588.891	638.921	573.709

(3) Non-Current Liabilities
(a) long-term borrowings	1017.499	1060.514	983.401
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	200.000	0.000	0.000
(d) long-term provisions	2.646	2.558	2.592
Total Non-current Liabilities (3)	1220.145	1063.072	985.993

(4) Current Liabilities
(a) Short term borrowings	226.419	102.863	97.907
(b) Trade payables	12.063	22.093	51.902
(c) Other current liabilities	202.591	1129.699	170.135
(d) Short-term provisions	0.154	0.156	0.091
Total Current Liabilities (4)	441.227	1254.811	320.035

TOTAL	2250.263	2956.804	1879.737

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1421.784	1467.635	183.939
(ii) Intangible Assets	2.608	3.047	0.000
(iii) Capital work-in-progress	5.073	0.000	1143.185
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	100.000	100.000	100.000
(c) Deferred tax assets (net)	70.075	45.633	0.000
(d) Long-term Loan and Advances	44.524	44.543	102.756
(e) Other Non-current assets	0.276	0.368	0.460
Total Non-Current Assets	1644.340	1661.226	1530.340

(2) Current assets
(a) Current investments	0.000	0.000	12.325
(b) Inventories	142.524	140.050	142.004
(c) Trade receivables	201.837	2.660	0.000
(d) Cash and cash equivalents	84.103	1078.556	58.443
(e) Short-term loans and advances	176.609	73.026	136.228
(f) Other current assets	0.850	1.286	0.397
Total Current Assets	605.923	1295.578	349.397

TOTAL	2250.263	2956.804	1879.737

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES
	Income	838.708	445.868
	Other Income	8.596	6.267
	TOTAL	847.304	452.135

Less	EXPENSES
	Cost of Materials Consumed	554.565	422.429
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.646	(100.655)
	Employees benefits expense	54.228	46.623
	Other expenses	50.753	28.265
	TOTAL	661.192	396.662

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	186.112	55.473

Less	FINANCIAL EXPENSES	206.831	146.415

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(20.719)	(90.942)

Less/ Add	DEPRECIATION/ AMORTISATION	56.895	46.162

	PROFIT/ (LOSS) BEFORE TAX	(77.614)	(137.104)

Less	TAX	(24.441)	(45.633)

	PROFIT/ (LOSS) AFTER TAX	(53.173)	(91.471)

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	764.378	NA
	TOTAL EARNINGS	764.378	NA

	IMPORTS
	Raw Materials	392.969	18.880
	Capital Goods	0.000	9.364
	TOTAL IMPORTS	392.969	28.244

	Earnings / (Loss) Per Share (Rs.)	(2.77)	(4.77)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

82.500

1022.662

118.060

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(6.34)	(20.52)	NA

Operating Profit Margin (PBDIT / Sales)	(%)	22.19	12.44	NA

Return on Total Assets (PBT/Total Assets}	(%)	(3.74)	(4.88)	NA

Return on Investment (ROI) (PBT/Networth)		(0.13)	(0.21)	NA

Debt Equity Ratio (Total Debt/Networth)		2.25	3.42	2.09

Current Ratio (Current Asset/Current Liability)		1.37	1.03	1.09

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	191.503	191.503	191.503
Reserves & Surplus	382.006	290.534	237.362
Share Application money pending allotment	0.200	156.884	160.026
Net worth	573.709	638.921	588.891

long-term borrowings	983.401	1060.514	1017.499
Short term borrowings	97.907	102.863	226.419
Current Maturities of Long Term Debt	118.060	1022.662	82.500
Total borrowings	1199.368	2186.039	1326.418
Debt/Equity ratio	2.091	3.421	2.252

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	445.868	838.708
		88.107

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	445.868	838.708
Profit	(91.471)	(53.173)
	(20.52%)	(6.34%)

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	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 two years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
29	Profitability for last two 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

REVIEW OF OPERATIONS

The Company has set up a state-of-art facility, comparable to the best available internationally, for manufacture of Railway Freight Wagons and heavy engineering components at Karjan in Vadodara District of Gujarat. The Plant has a capacity to manufacture 3000 wagons per annum. The manufacturing facilities and infrastructure at the plant include robotic welding systems & a large number of NC/CNC metal cutting and metal forming machines.

The Company has an excellent team of qualified technicians, engineers and managers with extensive experience in heavy engineering and fabrication industry. Our thrust areas are Safety, Quality and Constant Improvement. Your Company has been awarded certification to G-105 Standard by Ministry of Railways for Open, Covered and Flat Wagons. Your Company is also accredited with ISO 9001:2008, ISO 14001:2004 and BS OHSAS 18001:2007 certifications. Recently, Company has been approved by DLW, ICF and BEML for medium to heavy fabrication work.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10414926	15/07/2013 *	1,100,000,000.00	Punjab National Bank	Bhikaji Cama Place Branch, New Delhi, Delhi - 110067, INDIA	B84154970
2	10408552	15/07/2013 *	270,000,000.00	Punjab National Bank	Bhikaji Cama Place Branch, New Delhi, Delhi - 110607, INDIA	B81712234
3	10317462	31/01/2015 *	190,000,000.00	Punjab National Bank	Bhikaji Cama Place Branch, New Delhi, Delhi - 110607, INDIA	C45396546
4	10317421	17/02/2015 *	333,500,000.00	Punjab National Bank	Bhikaji Cama Place Branch, New Delhi, Delhi - 110066, INDIA	C53883351

* Date of charge modification

FIXED ASSETS

Furniture and fixtures
Vehicles
Office equipment
Computer equipment’s
Land
Buildings
Plant and equipment

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.63.88
UK Pound	1	Rs.98.47
Euro	1	Rs.72.15

INFORMATION DETAILS

Information Gathered by :	PPT

Analysis Done by :	KYP

Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	---
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

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