MIRA INFORM REPORT

Report No. :	329564
Report Date :	30.06.2015

IDENTIFICATION DETAILS

Name :	AARTI INTERNATIONAL LIMITED
Registered Office :	G.T. Road, Miller Ganj, Ludhiana – 141003, Punjab, India
Tel. No.:	91-161-3006100
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.12.1993
Com. Reg. No.:	16-014037
Capital Investment / Paid-up Capital :	Rs. 204.139 Million
CIN No.: [Company Identification No.]	U27109PB1993PLC014037
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	JLDM01230
PAN No.: [Permanent Account No.]	AABCA4454C
Legal Form :	A Closely Held Public Limited liability Company
Line of Business :	Manufacturer of Cotton Yarn.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having fine track record. The rating reflects company’s established track record of more than two decades in the cotton spinning industry and presence across a wide count range of yarn supported by healthy financial risk profile, comfortable liquidity profile and sound net worth base of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. 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 – 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	ICRA
Rating	Long Term : Fund Based BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	January 2015

Rating Agency Name	ICRA
Rating	Short Term : Fund Based A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	January 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) DEFAILTERS’ 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

Management Non-cooperative (91-161-3006100 / 3006300)

LOCATIONS

Registered Office :	G.T. Road, Miller Ganj, Ludhiana – 141003, Punjab, India
Tel. No.:	91-161-3006100
Fax No.:	91-161-3006150/ 3006153
E-Mail :	aslldh@satyam.net.in info@aartiinternational.com secretarial@aartisteelsltd.com
Website :	http://www.aartiinternational.com
Factory :	Village Uchhi Mangli, P.O. Ramgarh, Outside Octroi Post, Chandigarh Road, Ludhiana – 141 123, Punjab, India
Tel. No.:	91-161-3006300
Fax No.:	91-161-3006350
Delhi Office :	101, Padma Palace-86, Nehru Palace, New Delhi – 110 019, India
Tel. No.:	91-11-26443775

DIRECTORS

As on 30.09.2014

Name :

Mr. Shiv Parshad Mittal

Designation :

Managing director

Address :

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

Date of Birth/Age :

07.08.1936

Qualification :

Under Graduate

Date of Appointment :

20.02.2014

DIN No.:

01091474

PAN No.:

ABKPA7653E

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	L51909DL1981PLC023796	CREATIVE INTRA LIMITED	Director	19/06/1984	19/06/1984	-	Active	NO
2	U27109PB1993PLC014037	AARTI INTERNATIONAL LIMITED	Managing director	20/02/2014	20/02/2004	-	Active	NO
3	U00000PB2004NPL026873	NIMBUA GREENFIELD (PUNJAB) LIMITED	Director	01/03/2004	01/03/2004	-	Active	NO
4	U70100PB2005PTC027897	H.L.REAL ESTATES (P) LTD.	Director	27/01/2005	27/01/2005	-	Active	NO
5	U17115PB1979PLC003991	AARTI STEELS LIMITED	Managing director	01/04/2010	30/09/2006	18/03/2014	Active	NO
6	U27109PB1974PLC003486	LUDHIANA STEELS LTD	Director	29/09/2011	05/07/2011	06/02/2012	Active	NO

Name :

Mr. Vinayak Mittal

Designation :

Whole-time Director

Address :

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

Date of Birth/Age :

05.06.1986

Qualification :

Graduate

Date of Appointment :

01.04.2013

DIN No.:

01942598

PAN No.:

AKIPM0582D

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	U27109PB1993PLC014037	AARTI INTERNATIONAL LIMITED	Whole-time director	01/04/2013	01/05/2008	-	Active	NO
2	U17115PB1979PLC003991	AARTI STEELS LIMITED	Whole-time director	01/05/2008	01/05/2008	18/03/2014	Active	NO
3	U27109PB1974PLC003486	LUDHIANA STEELS LTD	Director	29/09/2011	05/07/2011	06/02/2012	Active	NO

Name :

Mr. Sushen Mittal

Designation :

Whole-time Director

Address :

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

Date of Birth/Age :

22.09.1991

Date of Appointment :

30.09.2013

DIN No.:

06610383

PAN No.:

BAZPM9660G

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	U17115PB1979PLC003991	AARTI STEELS LIMITED	Director	30/09/2013	14/06/2013	18/03/2014	Active	NO
2	U27109PB1993PLC014037	AARTI INTERNATIONAL LIMITED	Whole-time director	30/09/2013	14/06/2013	-	Active	NO

Name :

Mrs. Ganga Bishan Mittal

Designation :

Director

Address :

319, Dr. Sham Singh Road, Civil Lines, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

16.03.1957

Date of Appointment :

31.03.2015

DIN No. :

01156378

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	U18101PB1990PLC010205	KUDU INDUSTRIES LIMTIED	Managing director	01/04/2009	20/03/1990	-	Active	NO
2	U70109PB2011PTC035271	Krishiv Estates Private Limited	Director	12/07/2011	12/07/2011	-	Active	NO
3	U27109PB1993PLC014037	AARTI INTERNATIONAL LIMITED	Director	31/03/2015	30/09/2014	-	Active	NO

Name :

Mr. Vipan Kumar Mittal

Designation :

Director

Address :

319, Dr. Sham Singh Road, Civil Lines, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

03.10.1958

Date of Appointment :

30.09.2014

DIN No. :

01068548

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	U17221PB1999PTC023002	KUDU KNIT PROCESS PRIVATE LIMITED	Managing director	08/10/1999	08/10/1999	-	Active	NO
2	U17290PB2004PTC027343	BTN TEXTILES PRIVATE LIMITED	Director	01/02/2005	01/02/2005	10/11/2013	Active	NO
3	L17115PB1998PLC021084	JINDAL COTEX LIMITED	Director	31/03/2005	31/03/2005	14/08/2012	Active	NO
4	U72200PB2008PLC031602	SUPPLE INNOVATIONS LIMITED	Director	21/01/2008	21/01/2008	-	Active	NO
5	U27109PB1993PLC014037	AARTI INTERNATIONAL LIMITED	Director	30/09/2014	30/09/2014	-	Active	NO

Name :

Mr. Varun Mittal

Designation :

Director

Address :

319, Dr. Sham Singh Road, Civil Lines, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

17.10.1984

Date of Appointment :

30.09.2014

DIN No. :

01068927

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	U17221PB1999PTC023002	KUDU KNIT PROCESS PRIVATE LIMITED	Director	29/05/2006	29/05/2006	-	Active	NO
2	U72200PB2008PLC031602	SUPPLE INNOVATIONS LIMITED	Managing director	21/01/2008	21/01/2008	-	Active	NO
3	U27109PB1993PLC014037	AARTI INTERNATIONAL LIMITED	Director	30/09/2014	30/09/2014	-	Active	NO

Name :

Mr. Alka Mittal

Designation :

Director

Address :

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

Date of Appointment :

31.03.2015

DIN No. :

07173227

KEY EXECUTIVES

Name :	Mr. Devinder Kumar
Designation :	CFO
Address :	H. No. 2664, Ward No. 8, Labhu Ram Street, Sirhind, Fatehgarh Sahib-140406, Punjab, India
Date of Appointment :	29.08.2014
PAN No.:	AESPK7206A
Name :	Mr. Ankit Kumar
Designation :	Secretary
Address :	H. No. 74, Basant Vihar Colony, Ludhiana-141013, Punjab, India
Date of Appointment :	17.09.2011
PAN No.:	AVTPK9579J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Shiv Parshad Mittal	1971748
Mahesh Mittal	1935500
Rajeev Mittal	1828375
Vikram Singh Kanwar	10
Girdhari Lal	10
Dushyant Kumar Kapil	10
Raj Rani	1832500
Uma Miittal	1724375
Alka Mittal	1733750
Creative Intra Limited, India	1743340
Sushen Mittal	1731125
Gayatri Mittal	127500
Vinayak Mittal	1732500
Mahesh Mittal (Karta)	70000
Isabelle Traders Limited, India	1483122
Mittal Spintex Private Limited, India	1250000
Aggarwal Spintex Private Limited, India	1250000
Total	20413865

As on 30.09.2014

Category	Percentage
Bodies corporate	28.05
Directors or relatives of Directors	71.95
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Cotton Yarn.

Products :

Item Code No. (ITC Code)	Product Description
Yarn	52051190

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	State Bank of India
Branch Address	Industrial Finance Branch, Golden Tower, Dholewal Chowk, G.T. Road, Ludhiana – 141 003, 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

• State Bank of Patiala, Commercial Branch, G.T. Road, Miller Ganj, Ludhiana – 141 003, Punjab, India

• Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

• State Bank of Hyderabad, Sona Complex, G. T. Road, Miller Ganj, Ludhiana - 141003, Punjab, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loans from banks	1127.106	1674.186
SHORT TERM BORROWINGS
Working capital loans from banks	2229.076	1877.470
Loans repayable on demand from banks	7.112	7.346
Total	3363.294	3559.002

Auditors :
Name :	N.K. Bector and Company Chartered Accountants
Address :	B-XX-3297/5, Gurdev Nagar, Backside Sigma Diagnostic Limited, Ludhiana – 141 001, Punjab, India
PAN No.:	AAWPB1817G
Memberships :	Not Available
Collaborators :	Not Available
Enterprises over which Key Management Personnel and relative of such personnel is able to exercise significant influence or control	Aarti Steels Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20413865	Equity Shares	Rs.10/- each	Rs.204.139 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	204.139	204.139	211.111
(b) Reserves & Surplus	1952.704	1607.895	1451.173
(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)	2156.843	1812.034	1662.284
(3) Non-Current Liabilities
(a) long-term borrowings	1306.300	1674.186	2126.495
(b) Deferred tax liabilities (Net)	184.651	0.000	0.000
(c) Other long term liabilities	6.998	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1497.949	1674.186	2126.495
(4) Current Liabilities
(a) Short term borrowings	3500.939	3163.598	2744.367
(b) Trade payables	72.972	84.823	72.563
(c) Other current liabilities	549.633	595.934	529.373
(d) Short-term provisions	18.906	10.652	6.285
Total Current Liabilities (4)	4142.450	3855.007	3352.588
TOTAL	7797.242	7341.227	7141.367
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2427.999	2636.219	2843.307
(ii) Intangible Assets	7.543	9.320	11.166
(iii) Capital work-in-progress	12.509	37.186	13.902
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	62.898	9.926	9.926
(c) Deferred tax assets (net)	0.000	50.491	150.555
(d) Long-term Loan and Advances	100.474	110.732	106.119
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2611.423	2853.874	3134.975
(2) Current assets
(a) Current investments	0.133	0.123	0.159
(b) Inventories	2658.554	2052.471	1403.838
(c) Trade receivables	1687.249	1933.693	1821.595
(d) Cash and cash equivalents	11.186	37.308	47.871
(e) Short-term loans and advances	685.083	348.199	585.516
(f) Other current assets	143.614	115.559	147.413
Total Current Assets	5185.819	4487.353	4006.392
TOTAL	7797.242	7341.227	7141.367

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	8074.910	7189.261	6763.832
	Other Income	61.158	53.170	60.345
	TOTAL (A)	8136.068	7242.431	6824.177
Less	EXPENSES
	Cost of Materials Consumed	5056.447	4384.262	5410.606
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(224.004)	(9.906)	447.400
	Employees benefits expense	320.929	279.569	209.694
	Other expenses	1484.102	1463.680	1113.041
	TOTAL (B)	6637.474	6117.605	7180.741
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1498.594	1124.826	(356.564)
Less	FINANCIAL EXPENSES (D)	424.290	493.079	527.595
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1074.304	631.747	(884.159)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	348.846	335.788	339.356
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	725.458	295.959	(1223.515)
Less	TAX (H)	380.650	91.127	(405.804)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	344.808	204.832	(817.711)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)	0.332	0.000	0.335
Less	APPROPRIATIONS
	Transfer to General Reserve	345.000	204.500	(817.376)
	Total (K)	345.000	204.500	(817.376)
	Balance Carried to the B/S (I+J-K)	0.140	0.332	0.000
	EARNINGS IN FOREIGN CURRENCY	112.208	4523.711	87.500
	CIF VALUE IMPORTS	65.293	111.171	53.313
	Earnings / (Loss) Per Share (Rs.)	16.89	9.71	(38.73)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	357.903	418.369	372.120
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	4.27	2.85	(12.09)
Operating Profit Margin (PBIDT/Sales)	(%)	18.56	15.65	(5.27)
Return on Total Assets (PBT/Total Assets}	(%)	9.39	4.09	(17.56)
Return on Investment (ROI) (PBT/Networth)		0.34	0.16	(0.74)
Debt Equity Ratio (Total Liability/Networth)		2.39	2.90	3.15
Current Ratio (Current Asset/Current Liability)		1.25	1.16	1.20

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	211.111	204.139	204.139
Reserves & Surplus	1451.173	1607.895	1952.704
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1662.284	1812.034	2156.843
long-term borrowings	2126.495	1674.186	1306.300
Short term borrowings	2744.367	3163.598	3500.939
Current Maturities of Long Term Debt	372.120	418.369	357.903
Total borrowings	5242.982	5256.153	5165.142
Debt/Equity ratio	3.154	2.901	2.395

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	6763.832	7189.261	8074.910
		6.290	12.319

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	6763.832	7189.261	8074.910
Profit	(817.711)	204.832	344.808
	(12.09%)	2.85%	4.27%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

Case Details For Case Details For Case CM-12274-CH-2011-2011
Diary Number	661183		District			UT-CHANDIGARH
Category	--		Main Case Detail			ITA-390-2011
Party Detail	COMMISSIONER OF INCOME TAX-II, LUDHIANA V/S M/S AARTI INTERNATIONAL LTD. , LUDHIANA
Advocate Name	DENESH GOYAL		List Type			ORDINARY
Status	PENDING		Next date
Case Listing Details
No Listing Data Available
Judgement Details for Case : CM-12274-CH-2011 Party Details : COMMISSIONER OF INCOME TAX-II, LUDHIANA V/S M/S AARTI INTERNATIONAL LTD. , LUDHIANA
Order Date		Order Type		Bench	Judgement Link
No Judgment/Order Found.
Designed and Developed by National Information Centre Contents Published and Managed by Punjab and Haryana High Court, Chandigarh

REVIEW OF OPERATIONS:

During the year the company earned net profit of Rs. 344.808 Million as compared to the net profit of Rs. 204.832 Million in the previous year. During the year, the company was able to effect a turnaround in performance through dedicated efforts aimed at improving operational efficiency, timely purchase of cotton in the market, remunerative prices and good cotton yarn, focus on optimal product mix and effective cost reduction practices, all of which resulted in improved sales and return to profitability.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10520425	08/09/2014	250,000,000.00	ORIENTAL BANK OF COMMERCE	OVERSEAS BRANCH, JANDU TOWER, MILLER GANJ, G.T. ROAD, LUDHIANA, PUNJAB - 141003, INDIA	C21053533
2	10476068	14/01/2014	180,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, GOLDEN TOWER, DHOLEWAL CHOWK, G.T ROAD, LUDHIANA, PUNJAB - 141003, INDIA	B95676458
3	10393836	04/12/2012	100,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, G.T ROAD, MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA	B64823859
4	10343586	01/03/2012	50,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA	B35591163
5	10228751	28/06/2010	100,000,000.00	STATE BANK OF HYDERABAD	SONA COMPLEX, G. T. ROAD, MILLER GANJ, LUDHIANA,  PUNJAB - 141003, INDIA	A89621742
6	10225868	14/06/2010	150,000,000.00	CORPORATION BANK	SCO-34, FEROZE GANDHI MARKET, PAKHOWAL ROAD, LUDHIANA, PUNJAB - 141001, INDIA	A88399704
7	10207299	02/03/2010	150,000,000.00	ORIENTAL BANK OF COMMERCE	OVERSEAS BRANCH, JANDU TOWER, G. T. ROAD, MILLER  GANJ, LUDHIANA, PUNJAB - 141003, INDIA	A81550873
8	10202916	20/02/2010	150,000,000.00	CORPORATION BANK	SCO - 34, FEROZE GANDHI MARKET, PAKHOWAL ROAD, LUDHIANA, PUNJAB - 141001, INDIA	A79825154
9	10203229	02/02/2010	250,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, G.T. ROAD, MILLER GANJ, LUDHI  ANA, PUNJAB - 141003, INDIA	A79469532
10	10186817	12/11/2009	80,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, G.T ROAD, MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA	A73786238

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Other loans and advances	179.194	0.000
SHORT TERM BORROWINGS
Other loans and advances, others	1264.751	1278.782
Total	1443.945	1278.782

FIXED ASSETS

• Land
• Buildings
• Factory building
• Plant and equipment
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Other equipments

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. 63.92
UK Pound	1	Rs. 100.40
Euro	1	Rs. 70.41

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAR
Report Prepared by :	TRU

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
--PROFITABILITY	1~10	6
--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	YES
--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		54

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.