MIRA INFORM REPORT

Report No. :	321064
Report Date :	07.05.2015

IDENTIFICATION DETAILS

Name :	DEEPAK FASTENERS LIMITED

Registered Office :	4^th Floor, First Mall, Mall Road, Ludhiana – 141001, Punjab, India
Tel No.:	91-161-2774401

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	12.11.1990

Com. Reg. No.:	16-010832

Capital Investment / Paid-up Capital :	Rs.10.290 Million

CIN No.: [Company Identification No.]	U28991PB1990PLC010832

TIN No.:	Not Available

IEC No.:	3092004621

TAN No.: [Tax Deduction & Collection Account No.]	JLDD00515E / JLDD00615G

PAN No.: [Permanent Account No.]	AAACD6282G

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturers and Exporters of Fasteners, Farm Parts, Hex Bolts and Nuts.

No. of Employees :	4500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Exist

Comments :	Subject is an established company having a satisfactory track. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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	CRISIL
Rating	Long Term Rating = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	30.04.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating =A3+
Rating Explanation	Have moderate degree of safety and carry higher credit risk
Date	30.04.2015

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. V K Goyal
Designation :	Legal Advisor
Contact No.:	91-161-2774401
Date :	05.05.2015

LOCATIONS

Registered / Corporate Office :	4^th Floor, First Mall, Mall Road, Ludhiana – 141001, Punjab, India
Tel. No.:	91-161-2774401/ 3911111 (30 Lines)
Fax No.:	91-161-2449050 / 2774400
E-Mail :	internalaudit@deepakfastners.com unbrakosales@unbrako.com sales@deepakfasterns.com
Website :	http://www.deepakfasteners.com http://unbrako.com

Central Marketing Office :	G.T. Road, Miller Ganj, Opposite Ramgariya Gurudwara, Ludhiana – 141003, Punjab, India
Tel. No.:	+91-161-3911111
Fax No.:	+91-161-2538333
E-Mail :	Sanjeev.b@deepakfastners.com

Factory 1:	Village Jaspalon, G T Road, Doraha – 141421, India
Tel. No.:	91-161-3911111
Fax No.:	91-1628-245300
Area :	431964 Sq. Ft.
Location :	Owned

Factory 2/ Branch Office :	Near 33 KV sub Station, Industrial Area, Phase – IV, Tahiwal, UNA, Himachal Pradesh, India
Tel. No.:	91-1975-257300-301
Fax No.:	91-1975-257302
Area :	253779 Sq. Ft.
Location :	Owned

Branch Offices :	EGA Trade Centre, 809, Poonamallee High Road, 1st Floor, Office No. 5, Kilpauk, Chennai - 600010, Tamilnadu, India Tel : 91-44-26612389 Fax : 91-44-26612451 E-mail : chennai@deepakfasteners.com Office No. 1, 1^st Floor, Shreeji Arcade, Opposite Nitin Company, Almeda Road, Panchpakhadi, Thane(West) - 400062, Maharashtra, India Tel : 91-22-40111062 / 063 Fax : 91-22-25408099 E-mail : mumbai@deepakfasteners.com 303 – 3^rd Floor, Basant Complex, Opposite HDFC Bank, Chaar Rasta, Navrangpura, Ahmedabad, Gujarat, India E–mail : gujarat@deepakfastners.com

Overseas Office :	Located at: · Australia · United Kingdom · Ireland · United States

DIRECTORS

As on 30.09.2014

Name :

Mr. Deepak Kalra

Designation :

Managing Director

Address :

600/13A, Sagar Street, Civil Lines, Ludhiana – 141 003, Punjab, India

Date of Birth/Age :

09.05.1966

Qualification :

B. Tech (Mech)

Date of Appointment :

12.11.1990

DIN No:

00633576

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	U28991PB1990PLC010832	DEEPAK FASTENERS LIMITED	Managing director	15/12/2011	12/11/1990	-	Active	NO
2	U28991PB1995PLC016024	KAILASH IMPEX LIMITED	Director	13/03/1995	13/03/1995	-	Active	NO
3	U18101PB1997PLC019743	DEEPAK FIBERS LIMITED	Director	08/04/1997	08/04/1997	-	Active	NO
4	U45202PB1997PLC019742	SHREE GANESH JEWELLERS LIMITED	Director	08/04/1997	08/04/1997	-	Active	NO
5	U00000PB2002PLC024934	DFL INTERNATIONAL LIMITED	Managing director	20/12/2006	05/02/2002	-	Amalgamated	NO
6	U72200PB2000PLC023610	DEEPAK AVIATION LIMITED	Director	01/12/2006	01/12/2006	-	Active	NO
7	U55101PB2010PTC034151	DEEPAK HOSPITALITY PRIVATE LIMITED	Director	04/08/2010	04/08/2010	-	Active	NO

Name :

Mr. Sanjeev Kalra

Designation :

Managing Director

Address :

600/13A, Sagar Street, Civil Lines, Ludhiana – 141 003, Punjab, India

Date of Birth/Age :

13.03.1964

Qualification :

MBA (Finance)

Date of Appointment :

12.11.1990

DIN No:

00633619

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	U28991PB1990PLC010832	DEEPAK FASTENERS LIMITED	Managing director	15/12/2011	12/11/1990	-	Active	NO
2	U45202PB1997PLC019742	SHREE GANESH JEWELLERS LIMITED	Director	08/04/1997	08/04/1997	-	Active	NO
3	U18101PB1997PLC019743	DEEPAK FIBERS LIMITED	Director	30/03/2000	30/03/2000	-	Active	NO
4	U00000PB2002PLC024934	DFL INTERNATIONAL LIMITED	Director	05/02/2002	05/02/2002	-	Amalgamated	NO
5	U72200PB2000PLC023610	DEEPAK AVIATION LIMITED	Director	01/12/2006	01/12/2006	-	Active	NO
6	U28991PB1995PLC016024	KAILASH IMPEX LIMITED	Director	30/09/2010	01/01/2010	-	Active	NO
7	U55101PB2010PTC034151	DEEPAK HOSPITALITY PRIVATE LIMITED	Director	04/08/2010	04/08/2010	-	Active	NO

Name :

Mr. Kailash Chander Kalra

Designation :

Director

Address :

600/13A, Sagar Street, Civil Lines, Ludhiana – 141 003, Punjab, India

Date of Birth/Age :

14.03.1938

Qualification :

B. Tech (Civil)

Date of Appointment :

12.11.1990

DIN No:

00633487

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	U28991PB1990PLC010832	DEEPAK FASTENERS LIMITED	Director	12/11/1990	12/11/1990	-	Active	NO
2	U28991PB1995PLC016024	KAILASH IMPEX LIMITED	Director	13/03/1995	13/03/1995	-	Active	NO
3	U45202PB1997PLC019742	SHREE GANESH JEWELLERS LIMITED	Managing director	01/05/2011	08/04/1997	-	Active	NO
4	U18101PB1997PLC019743	DEEPAK FIBERS LIMITED	Whole-time director	15/12/2011	08/04/1997	-	Active	NO
5	U72200PB2000PLC023610	DEEPAK AVIATION LIMITED	Director	17/04/2000	17/04/2000	-	Active	NO
6	U00000PB2002PLC024934	DFL INTERNATIONAL LIMITED	Director	05/02/2002	05/02/2002	-	Amalgamated	NO

KEY EXECUTIVES

Name :	Mr. V K Goyal
Designation :	Legal Advisor

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders		No. of Shares
Kailash Kalra		193121
Sanjeev Kalra		187930
Deepak Kalra		201485
Prem Kalra		21088
Monika Kalra		8285
Mona Kalra		7785
Deepak Fibers Limited, India		34000
Shree Ganesh Jewellers Limited, India		309338
Deepak Aviation Limited, India		40000
Kailash Impex Limited, India		20000
Deepak Kalra and Sons HUF		2750
Sanjeev Kalra and Sons HUF		2750
Banyantree Growth Capital LLC, Mauritius		125
DEG-Deutsche Investitions-Und Entwicklungsgessellseha ftmbH, Germany		125
Sushant Kalra		100
Sidhant Kalra		100
Total		1028982

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	0.02
Bodies corporate	39.20
Directors or relatives of Directors	60.78
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporters of Fasteners, Farm Parts, Hex Bolts and Nuts.

Products :

Product Description	Item Code No. (ITC Code)
Screwa and bolts with or without nuts and/or washers	73181500

Brand Names :

Agencies Held :

Exports :

Products :

DFL and Unbrako

Countries :

European Countries
African Countries

Imports :

Products :

Raw Materials

Countries :

European Countries

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

Reference 1 :	Reliance
Reference 2 :	LNT
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

4500 (Approximately)

Bankers :

Central Bank of India, Industrial Area-A, Ludhiana- 141003, Punjab, India
Punjab National Bank, Near Manju Cinema, Ludhiana- 141003, Punjab, India
Corporation Bank, Pakhowal Road, Ludhiana- 141001, Punjab, India
Allahabad Bank, IIFB Branch, 165 Industrial Area A, Cheema Chowk, Ludhiana- 141002, Punjab, India
Oriental Bank Of Commerce Overseas Branch, 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
Term loans from banks	1470.672	1327.940
SHORT TERM BORROWINGS
Working capital loans from banks	1,703.165	1,266.615
Total	3,173.837	2,594.555


Auditors :
Name :	Rakesh Goel and Associates Chartered Accountants
Address :	B – 15/503, ST No.1, Nirankari Mohalla, Overlock Road, Ludhiana, India
Tel. No.:	91-161-2532574/ 2533174
Fax No.:	91-161-2532574
E-Mail :	ca_rakeshgoel@sify.com
PAN No.:	AALFR0310D

Memberships :	--

Collaborators :	--

Associates :	Shree Ganesh Jewellers Limited CIN No.: U45202PB1997PLC0019742 KDK Steel Industries Private Limited CIN No: U27107PB2007PTC030831 Kailash Impex Limited CIN No.: U28991PB1995PLC016024 Deepak Hospitality Private Limited CIN No.: U55101PB2010PTC034151 Deepak Fibres Limited CIN No.: U18101PB1997PLC019743 Deepak Aviation Limited CIN No.: U72200PB2000PLC023610

Subsidiaries:	Deepak Fasteners (UK) Limited Deepak Fasteners (Shannon) Limited Deepak Fasteners (Australia) Pty Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

10100000	Equity Shares	Rs.10/- each	Rs.101.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1028982	Equity Shares	Rs.10/- each	Rs.10.290 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	10.290	10.290	10.290
(b) Reserves & Surplus	1,678.225	1,565.302	1,338.281
(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)	1,688.515	1,575.592	1,348.571

(3) Non-Current Liabilities
(a) long-term borrowings	2,170.472	2,027.740	1,924.233
(b) Deferred tax liabilities (Net)	81.910	18.433	21.317
(c) Other long term liabilities	18.406	17.747	16.590
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	2,270.788	2,063.920	1,962.140

(4) Current Liabilities
(a) Short term borrowings	1,703.165	1,266.615	594.707
(b) Trade payables	889.916	570.079	484.781
(c) Other current liabilities	440.394	221.307	194.224
(d) Short-term provisions	0.000	57.181	116.154
Total Current Liabilities (4)	3,033.475	2,115.182	1,389.866

TOTAL	6,992.778	5,754.694	4,700.577

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2,419.786	397.396	423.892
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	1,503.697	417.964
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	668.009	430.721	288.427
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	384.925	581.176	705.065
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3,472.720	2,912.990	1,835.348

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2,279.605	1,717.317	1,431.159
(c) Trade receivables	743.936	725.520	655.230
(d) Cash and cash equivalents	220.925	162.650	570.293
(e) Short-term loans and advances	275.592	236.217	208.547
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	3,520.058	2,841.704	2,865.229

TOTAL	6,992.778	5,754.694	4,700.577

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		2,697.803	2,790.116	2,734.083
		Other Income		142.785	100.361	143.410
		TOTAL (A)		2,840.588	2,890.477	2,877.493

Less	EXPENSES
		Cost of Materials Consumed		1,465.302	1,545.560	1,562.629
		Purchase of Stock-in-trade		172.813	152.527	2.388
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(472.179)	(251.606)	(262.593)
		Employee Benefits Expenses		117.774	102.831	77.870
		Other Expenses		872.909	786.656	745.759
		TOTAL (B)		2,156.619	2,335.968	2,126.053

	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			683.969	554.509	751.440

Less	FINANCIAL EXPENSES (D)			293.244	141.365	122.982

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			390.725	413.144	628.458

Less	DEPRECIATION/ AMORTISATION (F)			213.398	63.283	60.412

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			177.327	349.861	568.046

Less	TAX (H)			64.405	122.840	186.793

	PROFIT/(LOSS) AFTER TAX (G-H) (I)			112.922	227.021	381.253

	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	709.516	553.018	831.093
	TOTAL EARNINGS			709.516	553.018	831.093

	IMPORTS
			Raw Materials	437.215	882.013	940.060
			Stores & Spares	25.698	16.862	10.529
			Capital Goods	452.008	334.913	106.484
	TOTAL IMPORTS			914.921	1233.788	1057.073

	Earnings / (Loss) Per Share (Rs.)
	Basic			109.74	220.63	372.83
	Diluted			95.26	191.50	323.62

Expected Sales (2014-2015): Rs.3420.000 Million

The above information has been parted by Mr. V K Goyal

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	4.19	8.14	13.94

Operating Profit Margin (PBDIT/Sales)	(%)	25.35	19.87	27.48

Return on Total Assets (PBT/Total Assets}	(%)	2.80	9.16	14.22

Return on Investment (ROI) (PBT/Networth)		0.11	0.22	0.42

Debt Equity Ratio (Total Debt /Networth)		2.29	2.09	1.87

Current Ratio (Current Asset/Current Liability)		1.16	1.34	2.06

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	10.290	10.290	10.290
Reserves & Surplus	1338.281	1565.302	1678.225
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1348.571	1575.592	1688.515

Long Term borrowings	1924.233	2027.740	2170.472
Short Term borrowings	594.707	1266.615	1703.165
Total borrowings	2518.940	3294.355	3873.637
Debt/Equity ratio	1.868	2.091	2.294

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	2,734.083	2,790.116	2,697.803
		2.049	(3.309)

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	2,734.083	2,790.116	2,697.803
Profit	381.253	227.021	112.922
	13.94%	8.14%	4.19%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

Case Details For Case ITA-631-2010
Diary Number	528372	District	LUDHIANA
Category	96-STATUTORY APPEALS INCOME TAX	Main Case Detail	ITA-630-2010
Party Detail	COMMISSIONER OF INCOME TAX-I, LDH. V/S M/S DEEPAK FASTNERS LIMITED
Advocate Name	VIVEK SETHI	List Type	ORDINARY
Status	DISPOSED OF on 16-DEC-2010 by HON'BLE MR. JUSTICE ADARSH KUMAR GOEL; HON'BLE MR. JUSTICE AJAY KUMAR MITTAL
Miscellaneous Applications
CM-21833-CII-2010		IN ITA-631-2010
Case Listing Details
No Listing Data Available
Impung Order Detail
Order Date	Authority		District
31-AUG-09	ITAT, CHANDIGARH BENCH 'A', CHD.
Judgment Details For Case: ITA-631-2010 Party Detail: COMMISSIONER OF INCOME TAX-I, LDH. V/S M/S DEEPAK FASTNERS LIMITED
Order Date	Order Type	Bench	Judgment Link
No Judgment/Order Found.

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Fully convertible debentures others	699.800	699.800
Total	699.800	699.800

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10565353	20/03/2015	45,000,000.00	CENTRAL BANK OF INDIA	MID CORPORATE BRANCH, 369 R.K. ROAD, INDUSTRIAL A REA-A, LUDHIANA, PUNJAB - 141003, INDIA	C51627370
2	10553981	04/03/2015	50,000,000.00	CORPORATION BANK	PAKHOWAL ROAD, LUDHIANA, PUNJAB - 141001, INDIA	C46100640
3	10553584	10/02/2015	70,000,000.00	ORIENTAL BANK OF COMMERCE	OVERSEAS BRANCH, JANDU TOWER, LUDHIANA, PUNJAB - 141003, INDIA	C45863941
4	10519639	05/08/2014	100,000,000.00	PUNJAB NATIONAL BANK	IBB, NEAR MANJU CINEMA, MILLER GANJ, LUDHIANA, PU NJAB - 141003, INDIA	C20355699
5	10489891	12/03/2014	1,462,500,000.00	PUNJAB NATIONAL BANK	PUNJAB NATIONAL BANK, NEAR MANJU CINEMA, LUDHIANA , PUNJAB - 141003, INDIA	C03051745
6	10454312	28/09/2013	298,100,000.00	COPORATION BANK	PAKHOWAL ROAD, LUDHIANA, PUNJAB - 141001, INDIA	B87209052
7	10437988	08/07/2013	300,000,000.00	ALLAHABAD BANK	IIFB BRANCH, 165 INDUSTRIAL AREA A, CHEEMA CHOWK, LUDHIANA, PUNJAB - 141002, INDIA	B80106206
8	10415092	07/03/2013	150,000,000.00	PUNJAB NATIONAL BANK	IBB BRANCH, LUDHIANA, PUNJAB - 141003, INDIA	B71862577
9	10377193	22/09/2012	200,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B58376021
10	10332603	11/06/2014 *	3,799,600,000.00	PUNJAB NATIONAL BANK (LEAD BANK)	INTERNATIONAL BANKING BRANCH, NEAR MANJUCINEMA, LUDHIANA, PUNJAB - 141003, INDIA	C06641104
11	10300284	12/04/2013 *	219,120,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B75819607
12	10300287	21/12/2011 *	270,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B32385759
13	10284805	25/04/2011	3,000,000.00	DISTRICT INDUSTRIES CENTRE	UNA DISTRICT, UNA, HIMACHAL PRADESH - 174303, INDIA	B12223566
14	10269457	10/02/2011	1,200,000,000.00	PUNJAB NATIONAL BANK	IBB BRANCH, LUDHIANA, PUNJAB - 141003, INDIA	B07319627
15	10252052	29/12/2010 *	109,000,000.00	ALLAHABAD BANK	IIFB CHEEMA CHOWK, 165 INDUSTRIAL AREA-A, LUDHIANA, PUNJAB - 141002, INDIA	B03959012
16	10233558	05/07/2010	995,305,000.00	PUNJAB NATIONAL BANK	IBB BRANCH, LUDHIANA, PUNJAB - 141003, INDIA	A91607119
17	10215298	11/03/2010	70,000,000.00	PUNJAB NATIONAL BANK	IBB BRANCH, LUDHIANA, PUNJAB - 141003, INDIA	A84208222
18	10215299	11/03/2010	749,400,000.00	PUNJAB NATIONAL BANK	IBB BRANCH, LUDHIANA, PUNJAB - 141003, INDIA	A84207661
19	10215302	11/03/2010	749,400,000.00	PUNJAB NATIONAL BANK	IBB BRANCH, LUDHIANA, PUNJAB - 141003, INDIA	A84207885
20	10143394	12/01/2009	37,500,000.00	ORIENTAL BANK OF COMMERCE	OVERSEAS BRANCH, LUDHIANA, PUNJAB - 141003, INDIA	A56962079
21	10139193	02/12/2008	580,000,000.00	PUNJAB NATIONAL BANK	IBB BRANCH, LUDHIANA, PUNJAB - 141003, INDIA	A55059448
22	10139188	11/03/2010 *	749,400,000.00	PUNJAB NATIONAL BANK	IBB BRANCH, LUDHIANA, PUNJAB - 141003, INDIA	A84208057
23	10105227	02/05/2008	20,000,000.00	PUNJAB NATIONAL BANK	IBB BRANCH, LUDHIANA, PUNJAB - 141003, INDIA	A39193701

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.63.64
UK Pound	1	Rs.96.81
Euro	1	Rs.71.51

INFORMATION DETAILS

Information Gathered by :	KMN

Analysis Done by :	SUB

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	6
--CREDIT LINES	1~10	4
--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		44

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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