Latest Title Deed ProposalNote 5371

CONFIDENTIAL
MAIDEN FORGINGS PRIVATE LIMITED

FORUM JAA
UCC In CCIF: 5065316

INDEX
1. Company Details
2. Assistance details
3. Arrears and Irregularities
4. Current And Proposed Sharing Pattern
5. Group Company Details
6. Exposure to group companies
7. Business Details
8. Management Details
9. Shareholding Pattern
10. Top 5 Customers
11. Top 5 Suppliers
12. Market References
13. Financial Details
14. Current year performance/Actual Versus Projections
15. Ageing of Receivables
16. Comments on adverse financials and contingent liabilities
17. Comments on financial performance
18. Property Valuation
19. Recommendation
20. Terms & Conditions
21. Security Template
22. Annexure I - Dedupe details
23. Annexure II - Other Relationships:(With The Borrower, Not With The Group)
24. Annexure III - Assessment of Limits
25. Annexure IV - Pending compliance
26. Annexure V - Site Visit Report
27. Annexure VI
28. Annexure VII - Financial Difficulty Details
Infinity-New Delhi-North-MAIDEN FORGINGS PRIVATE LIMITED--Amit Jha-Alok Gupta 1

29. Annexure VIII - Operations and Review
30. Annexure IX - Exposure Details
31. Annexure X
32. Annexure XI
33. Annexure XII - Note Validation
34. Annexure XIII - Physical Performance
35. Annexure XIV - Additional Details
1.Company Details
Promoter Group / Sponsor No specific Group
Counterparty 1 MAIDEN FORGINGS PRIVATE LIMITED

Risk Counterparty
Counterparty 2 Annapurna Melters and Founders Private Limited
Industry-STAINLESS 16 Years 1 Months 7 days

Industry Vintage
STEEL Outlook-Negative
Date of incorporation 11-02-2005 Constitution Private limited
Current Rating BB,SME_F10,RED
Credit Rating External ///
Relationship 09-2019 The case was last

Rating Migration na
since sanctioned in September 2019
Registered office A 161F/F VIVEK VIHAR 110092 Delhi Delhi
C-118 BS Road Industrial Area 201002 Ghaziabad Ghaziabad Uttar Pradesh

Factory location
India
Client Classification (for derivative exposure) NA
USGAAP classification Non-impaired
Whether the borrower is classified as Asset Under

No as of 10-03-2021
watch (AUW) (Y/N). If Yes, date of addition in AUW
Priority Sector Categorization Medium manufacturing
Percentage exports to total revenue to the country/ies identified

Country Of Risk-:
India,India
In case of clarification, contact Aman Juneja/ Pamela Gadag in CRMG
Country Of Indirect Risk-:
Defined as the country to which exports are greater than or equal to 50.0% of total revenue
of borrower. Please fill Not Applicable if exports to total revenue is less than 50.0% of total
revenue or where total sanctioned limits (fund and non-fund) is less than INR 1.00 billion
Broadly, whenever the company is incorporated in India and has all of its operations in NA,NA
India, and where the entire security/collateral/source of credit comfort is within India, the
country of risk will be India. In case of clarification on exposures on banks, credit
derivatives and for any other case, contact Aman Juneja/ Pamela Gadag/ Priyank Jain from
CRMG.

Legal Entity Identifier (LEI) Applicability Yes
LEI No 335800K1VJKRHBNG2U11
Validity of LEI number 22-04-2021
Whether the borrower account is in

No.
financial difficulty (as per RBI circular)##
Sourcing Channel Internal Others ok
Proposal ROE 12.28% Relationship ROE 15.66%
Due to competition from existing banker and new banks we have to provide the
Justification if ROE is less than 15%.
competitive pricing to the borrower. Also the borrower is now classified as priority sector
Special Mention Account (SMA): No as on 10-03-2021
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2.Assistance details
(Rs. million)
Type of Proposal: Fresh
Current Proposal Validity/L

Proposed Security
Existing Proposed ast
Facility O/S applicable Cover(No ROE
Additiona Limit Total Drawdow
Renewal rate of times)
l n Date
Fund Based
Repo
Rate+4.60
Cash Credit 160.0 0.0 160.0 160.0 152.4 1.9 12.2 2
%=8.60%
%
Repo
Rupee Term Loan 0.0 0.0 54.0 54.0 54.0 Rate+4.60 1.9 0.0
%=8.60%
Sub-total A 160.0 0.0 214.02 214.02 206.42 - - - -
Non Fund Based
Letter of credit 10.0 0.0 10.0 10.0 6.9 1.25% 1.93 6.55 2
Sub-total B 10.0 0.0 10.0 10.0 6.9 - 2
OTHER
Sub-total C 0.0 0.0 0.0 0.0 0.0 - 2
Total(A+ B+ C) 170.0 0.0 224.0 224.0 213.3 -
Comments

Facilities Secured against 100% Cash Margin***** : NA
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3.Arrears/ irregularities in existing facilities as on
(Rs. million)
Rs. million Borrower Borrower Group
There no arrears and irregularities in existing facility
ICICI Group(other than ICICI Bank) Rs 0.0 for 0 days Rs 0.0 for 0 days
Arrears And Irregularities (prior to one year):
There are nil instance of SMA reporting, However, there are 15 instances of moved to default/out of default out of which 1 instance of
moved to default/out of default in past 1 year. On December 1, 2020 the borrower was reported move to default by HDFC
bank. Borrower is not availing any limits form HDFC Bank. As informed, borrower has applied for limits from HDFC Bank, limits were
sanctioned but not disbursed due to prepayment penalty.
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4. Type of Banking: 2-Multiple Arrangement
Current And Proposed Sharing Pattern
For working capital assistance (Cash credit/ LC/ BG etc)

Current and proposed sharing pattern:
(Rs. million)
Present limits Proposed limits

Name of the Bank Total Total
FB a NFB b TL c FB d NFB e TL f
ICICI Bank 160.0 10.0 54.02 224.02 160.0 10.0 54.02 224.02
Bajaj Finance Ltd 0.0 0.0 1.6 1.6 0.0 0.0 1.6 1.6
Total 160.0 10.0 55.62 225.62001 160.0 10.0 55.62 225.62001
*Facilities classified as Term loans, Derivatives, LCBD and Others are excluded from sharing pattern amongst banks/FIs
* Please mention consortium/outside consortium limits (Please comment on the conduct of the accounts like satisfactory, overdue
reasons etc)
Term Loans
(Rs. million)
Name of the Bank Limits O/S EMI Overdues* if any
ICICI Bank 54.02 54.02 0.00.0 *
Bajaj Finance Ltd 25.0 1.3 0.0 Nil
Bajaj Finance Ltd 1.6 1.3 0.0 Nil
Total 80.62 56.6 0.0

Comment Box
* Overdues with ICICI bank (if any) are mentioned under Arrear and Irregularity section.
Other loans
(Rs. million)
Name of the Bank Limits O/S EMI Overdues* if any
ICICI Bank 0.0 0.0 *
Total 54.02 54.0 0.0
Comment Box
* Overdues with ICICI bank (if any) are mentioned under Arrear and Irregularity section.
Share of ICICI Bank for the purpose of DP calculation is 0.00%.
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5. Group companies
(Rs. million)
Total Key financials for Group Companies

Company name Main Activity Borrowin TOL / TD / Remarks
g TOI PAT ATNW NCA
ATNW NCA
MAIDEN
Manufacturer , There is currently no
STEELS
Iron/Steel And 0.0 0.0 0.0 0.0 0.0 0.0 0.0 business in the company as
PRIVATE
Products and informed by the borrower
LIMITED
ANNAPURNA
MELTERS AND Manufacturer , There is currently no
FOUNDERS Iron/Steel And 0.0 0.0 0.0 0.0 0.0 0.0 0.0 business in the company as
PRIVATE Products and informed by the borrower
LIMITED
MAIDEN
INDUSTRIES
PRIVATE
LIMITED
MAIDEN
RESIDENCY
PRIVATE
LIMITED
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6. Exposure to group companies
(Rs. million)

NA
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7. Background and business description
Maiden Forgings Private Limited (MFPL), an ISO, PED and CE marking certified
company, roots back to 1989. The company specializes in manufacturing of all
types of Bright steel bars, stainless steel bright bars & all grades of steel wires.
The company has its corporate office and plants located in Ghaziabad (Delhi-
About the entity NCR). Promoter Mr. Sanjay Garg, has a rich experience of over 25 years in this
industry and is currently being assisted by his son Mr. Nishant Garg who is
involved in company's operations since last 8 years. The borrower has 3
manufacturing plants located at Ghaziabad, one in Kavi Nagar Industrial area and
2 in Bulandshahr Road industrial area
MFPL has also pioneered into special drawn profiles in various shapes like flat
bars, D-section, Round Corner Square, Double D-Section, Ellipse Sections, Half
Round Sections, Groove Bars, I-shape bars and many more customized shapes.
Borrower generates their 15-20% of sales from the Automobile sector and rest of
Products / Contracts the sales is raised from Lock Industry, Furniture Industry ( Rot Iron Furniture),
Hardware Industry ( Door Handle, Aldrop & chitkini for doors), Home Appliance
Industry( frame for Air Conditioner, Refrigeration, Utensil stand, Racks for
Modular kitchens), Basic utility item( trolley fro Shopping Malls & Airport) Paint
Industry ( Bucket /Basket Handles)
Borrower procures raw material from domestic suppliers with includes SAIL, RINL
etc and gets around 30-45 days of credit on an average. Borrower maintains an
Production cycle
inventory of around 30-45 days which includes raw material, WIP and finished
goods and they extend a credit of around 45-90 days to its customers
Borrower is exploring avenues to export products to customers in Germany, Israel
Future Business plans and USA. The borrower has already started export to Germany. The borrower
projects to achieve export turnover of Rs 120 million in FY2021
Mr Sanjay Garg, 58 years old, is the promoter of the company , he has more than 2
decades experience in the same line of business. He takes care of day to day
operations of the company Mr Nishant Garg, 30 years old, is the son of Mr Sanjay
Garg, he looks after Marketing and Finance and totally involved in the family
business from very early age Succession Planning Mr Nishant Garg(30 years) son
Other details of Mr Sanjay Garg is already involved in day to day operations of the company The
purchase of raw material is meticulously done as per the orders received from
clients and no excess inventory is maintained to manage the price fluctuation. The
volume of export sales is less and there is no import hence hedging is currently not
being done by the borrower and most of the export is done on advance payment
only
Financial Year Product % share to total turnover
31-03-2020 Stainless Steel 55.00%

31-03-2020 Carbon Steel 45.00%
31-03-2020 Stainless Steel 55.00%
31-03-2020 Carbon Steel 45.00%
PROPOSAL - 1
Requirement of limit and end use 170

Purpose of usage Working capital and Capex
PROPOSAL - 2
Requirement of limit and end use 170
Purpose of usage Working capital and Capex
Proposal Comments
Proposal
The borrower is currently in multiple banking with Icici Bank and Indusind bank. The borrower is availing Working capital limit of Rs
130 million and Term loan of Rs 42 million with Indusind bank. The borrower is also availing Bill discounting limit from SBI of Rs 49
million and Oxyzo Finance of Rs 10 million. The borrower has also availed ECLGS from the Indusind Bank of Rs.35.1 million, Hero
Fincorp of Rs.7.9 million, Edelweiss Capital of Rs.5.0 million, & Northern Capital of Rs.5.0 million.
Current Poroposal is for renewal of Working Capital facilities for 60 days amounting to Rs. 170.0 million including Cash Credit of Rs
160.0 million , and LC limit of Rs 10.0 million.
The facilities are proposed to be secured by:

1. First Pari Passu Charge on current assets
2. First Pari Passu Charge on movable fixed assets
3. Exclusive charge on residential property located at KJ-122, Kavi Nagar , Ghaziabad
4. Exclusive charge on residential property located at KJ-162, Kavi Nagar Ghaziabad
5. Exclusive charge on industrial property located at C-118 BS Road Industrial Area , Ghaziabad
6. Personal Guarantee of Mr Sanjay Garg, Mrs Nivedita Garg and Mr Nishant Garg
7. Corporate Guarantee of Annapurna Melters and Founders Private Limited
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8.Details of Management
Detail - 1
Name of Promoter NISHANT GARG Percentage of shareholding 0.00%
Capacity Director Personal Guarantee Yes
CIBIL Score 706
Vintage with company 01 years 11 months 10 days Residential status of directors Resident
Detail - 2
Name of Promoter NIVEDITA GARG Percentage of shareholding 8.80%
CIBIL Score 716

Detail - 3
Name of Promoter SANJAY GARG Percentage of shareholding 91.20%
CIBIL Score 729
None of the directors of the company, or directors of its holding company or any of its subsidiary companies is a director of ICICI
Bank.(Please check the list of common directorships available on the secretarial site on the intranet) at 30-09-2020
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9.Shareholding Pattern
Date Of Shareholding Pattern :01-10-2020
Name of the
% holding % Pledged Relationship
shareholder/partner
NISHANT GARG 0.00% - Director
NIVEDITA GARG 8.80% - Director
SANJAY GARG 91.20% - Director
0.00% - NA
0.00% - NA
Total 100.00%
Total0.00%
COMMENTS
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10. Top 5 Customers
% Total Sales % Total Sales ( Length of Reference

Sr.No Customer Name SMA Status of Customer
(FY 2020 ) FY 2019 ) Association Taken* (Y/N)
SRINATHJI ISPAT AND As mentioned in
1 0.83% Steel Products No
POWER LIMITED additional details Tab
SRINATHJI ISPAT AND As mentioned in

2 0.83% Steel Products No
POWER LIMITED additional details Tab
M/s Ghaziabad Precision

3 1.48% Steel Products Yes
Pvt Ltd

M/s Premier Pin As mentioned in
Industries additional details TAB
M/s Premier Pin As mentioned in

Industries additional details TAB
Sr.No Customer Name 360 degree Comments

1 SRINATHJI ISPAT AND POWER LIMITED No Contact Details not available
2 SRINATHJI ISPAT AND POWER LIMITED No Contact Details not available
3 M/s Ghaziabad Precision Pvt Ltd Yes
4 M/s Premier Pin Industries Yes
5 M/s Premier Pin Industries Yes
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11. Top 5 Supplier
% Total Purchases ( % Total Purchases ( Length of Reference SMA Status of

Sr.no Supplier Name
FY 2020) FY 2019 ) Association Taken* (Y/N) Supplier
R.K.STEEL & As mentioned in
1 26.48% 4 Yes
ALLOYS additional details Tab
R.K.STEEL & As mentioned in

2 26.48% 4 Yes
ALLOYS additional details Tab
P.P. STEELS
3 4.19% 3 No
CORPN
PANCHMAHAL As mentioned in
4 2.58% 3 No
STEELS LTD additional details Tab
PANCHMAHAL As mentioned in
5 2.58% 3 No
STEELS LTD additional details Tab
Sr.No Supplier Name 360 degree Comments

1 R.K.STEEL & ALLOYS Yes
2 R.K.STEEL & ALLOYS Yes
3 P.P. STEELS CORPN No Contact Details not available
4 PANCHMAHAL STEELS LTD No Contact Details not available
5 PANCHMAHAL STEELS LTD No Contact Details not available

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12. Market references*
Sr No. Name of the Company (Banker) Contact Person,Number & Designation
1 na na, na,0000000000
Feedback Received (As per New 360 degree feedback) (To be taken from minimum one reference under each head from the list above.
Reference should be taken from a significant supplier/customer)
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13.Financial performance
(Rs. million)
Sr
For the year ended Audite Audite Audite Audite Project Project Project Project Project Project Project Project Project
N
March 31, d d d d ion ion ion ion ion ion ion ion ion
o.
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
No of months 12 12 12 12 12 12 12 12 12 12 12 12 12
Total operating
1267. 2052. 2043. 2060. 2200. 2420. 2662. 2928. 3221. 3543. 3897. 4287.
1 income (TOI) (Rs 817.8
4 0 1 0 0 0 0 2 0 1 4 2
million)
2 EBIDTA 47.9 58.6 94.8 133.7 134.0 144.2 159.1 175.0 192.5 211.7 232.9 261.7 285.1
3 EBIDTA/TOI (%) 5.85 4.62 4.62 6.54 6.51 6.55 6.57 6.57 6.57 6.57 6.57 6.72 6.65
4 Interest 31.6 26.6 33.2 67.4 50.7 47.0 42.0 38.1 36.0 34.7 33.6 33.0 32.7
Depreciation &
5 8.9 24.9 40.0 43.9 44.5 44.5 45.0 45.0 45.0 45.0 45.0 45.0 45.0
Amortization
6 Operating profit 7.4 7.0 21.6 22.4 38.8 52.7 72.0 91.9 111.5 132.0 154.3 183.8 207.4
Non-operating
7 1.0 7.8 0.9 0.9 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0
income
8 PBT 8.4 14.8 22.5 23.3 40.8 54.7 74.0 93.9 113.5 134.0 156.3 185.8 209.4
9 PAT 5.1 10.1 14.9 16.5 30.6 41.0 55.5 70.4 85.1 100.5 117.2 139.3 157.0
1
PAT/TOI (%) 0.62 0.80 0.73 0.81 1.49 1.86 2.29 2.65 2.91 3.12 3.31 3.57 3.66
0
1 Net Cash Accruals
14.7 34.6 62.5 55.6 75.1 85.5 100.5 115.4 130.1 145.5 162.2 184.3 202.0
1 (NCA) (Rs million)
1
Net fixed assets 156.0 253.7 345.8 330.0 289.5 251.0 216.0 191.0 146.0 101.0 56.0 11.0 -34.0
2
1 Tangible Networth 1010.
116.7 146.9 197.3 213.9 244.5 285.5 341.0 411.5 496.5 597.0 714.3 853.6
3 (TNW) 6
1
Quasi Equity 2.4 47.6 50.5 75.0 75.0 75.0 75.0 75.0 75.0 75.0 75.0 75.0 75.0
4
1
Investments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
5
1 Loans and
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
6 advances

1 Adjusted TNW 1085.
119.2 194.4 247.8 288.9 319.5 360.6 416.1 486.5 571.6 672.1 789.3 928.6
7 (ATNW) 6
1 Long term debt
86.2 179.1 205.6 171.7 158.2 103.4 59.5 36.3 22.0 9.3 2.3 0.0 0.0
8 (LTD) (A)
1 Short term debt
8.7 34.7 40.1 53.4 41.3 54.8 43.9 23.2 14.4 12.7 7.0 2.3 0.0
9 (STD) (B)
2 Term loan
8.7 34.7 40.1 53.4 41.3 54.8 43.9 23.2 14.4 12.7 7.0 2.3 0.0
0 repayments
2 Other working
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
1 capital STD
2 WC bank finance
179.3 229.7 328.0 332.1 369.0 369.0 369.0 369.0 369.0 369.0 369.0 369.0 369.0
2 (C)
2 Total Debt (w/o
274.1 443.5 573.6 557.2 568.5 527.2 472.4 428.5 405.3 391.0 378.3 371.3 369.0
3 Gtee) ( A+B+C)
2
Guarantee* (D) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
4
2 Total Debt
274.1 443.5 573.6 557.2 568.5 527.2 472.4 428.5 405.3 391.0 378.3 371.3 369.0
5 (A+B+C+D)
2
LTD/TNW (times) 0.7 1.2 1.0 0.8 0.6 0.4 0.2 0.1 0.0 0.0 0.0 0.0 0.0
6
2
LTD/ATNW (times) 0.7 0.9 0.8 0.6 0.5 0.3 0.1 0.1 0.0 0.0 0.0 0.0 0.0
7
2 Total Debt/TNW
2.3 3.0 2.9 2.6 2.3 1.8 1.4 1.0 0.8 0.7 0.5 0.4 0.4
8 (times)
2 Total Debt/ATNW
2.3 2.3 2.3 1.9 1.8 1.5 1.1 0.9 0.7 0.6 0.5 0.4 0.3
9 (times)
3 Other term liabilities
1.2 0.0 7.6 6.1 5.9 5.9 5.9 5.9 5.9 5.9 5.9 5.9 5.9
0 not considered debt
3 Total outside
421.8 575.5 836.2 701.0 781.1 755.8 715.8 686.8 680.5 680.3 683.2 693.6 707.2
1 liabilities (TOL)
3
TOL/TNW (times) 3.6 3.9 4.2 3.3 3.2 2.6 2.1 1.7 1.4 1.1 1.0 0.8 0.7
2
3
TOL/ATNW (times) 3.5 3.0 3.4 2.4 2.4 2.1 1.7 1.4 1.2 1.0 0.9 0.7 0.7
3
3 1024. 1170. 1335. 1530. 1745.
Total current assets 368.8 499.9 696.0 631.6 744.0 793.2 837.7 900.1
4 0 2 4 1 7
3 Total current
334.4 396.4 623.0 523.2 617.0 646.5 650.5 644.6 652.7 665.2 675.0 687.7 701.3
5 liabilities
3 1044.
Net working capital 34.3 103.5 73.0 108.4 127.0 146.7 187.2 255.5 371.2 505.1 660.3 842.3
6 3
3
Current ratio (times) 1.1 1.3 1.1 1.2 1.2 1.2 1.3 1.4 1.6 1.8 2.0 2.2 2.5
7
3
Non-current assets 16.2 16.3 42.3 28.4 67.2 72.2 78.2 82.2 82.2 81.2 81.2 81.2 81.2
8
Fixed assets
3
turnover ratio 5.2 5.0 5.9 6.2 7.1 8.8 11.2 13.9 20.1 31.9 63.3 355.6 -125.9
9
(times)
4
ROCE (%) 9.91 5.28 6.67 10.61 10.08 11.23 12.84 14.21 15.10 15.68 16.09 16.67 16.51
0
4 Interest cover
1.4 2.0 2.9 1.8 2.4 2.8 3.3 4.0 4.6 5.1 5.8 6.5 7.1
1 (times)
4 Total debt/EBIDTA
5.7 7.6 6.1 4.2 4.2 3.7 3.0 2.4 2.1 1.8 1.6 1.4 1.3
2 (times)
4 Total debt/NCA
18.7 12.8 9.2 10.0 7.6 6.2 4.7 3.7 3.1 2.7 2.3 2.0 1.8
3 (times)

4 Inventory Turnover
67.3 55.3 40.4 44.9 46.6 45.6 42.6 39.3 37.5 35.7 33.9 32.6 30.9
4 Ratio (days)
4 Debtors Turnover
82.7 74.5 67.9 55.2 74.9 74.2 71.0 67.2 62.9 57.8 54.1 50.6 47.7
5 Ratio (days)
4 Creditors Turnover
44.5 34.5 49.6 26.4 33.8 33.5 32.2 30.8 29.7 28.1 26.7 25.3 24.0
6 Ratio (days)
Accruals available
4
for debt servicing 45.3 53.5 94.8 122.0 123.8 130.5 140.6 151.5 164.1 178.2 193.8 215.3 232.8
7
(E)
4 Total Debt service
41.9 35.3 67.9 107.4 104.1 88.2 96.9 82.0 59.2 49.1 46.2 39.9 35.1
8 requirement (F)
4
DSCR (times) (E/F) 1.1 1.5 1.4 1.1 1.2 1.5 1.5 1.8 2.8 3.6 4.2 5.4 6.6
9
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14. Current year performance/Actual Versus Projections
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Actual Versus Projections For :No
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15.Ageing of receivables
Receivables as on : 25-03-2020 Upto 6 months > 6 months
Receivables (Rs. million) 360.12 16.63

Receivables (as % of total receivables) 95.50% 4.50%
Receivables (as % of total current assets) 51.74% 2.38%
Comments on debtors* (in brief):
The debtor's list is as on March 25, 2020 and October 31, 2020, Receivables over six months have increased as on October 31 due to
impact if lockdown and Covid -19 to Rs 35.15 million.
15.Ageing of receivables
Receivables as on : 10-2020 Upto 6 months > 6 months
Receivables (Rs. million) 460.59 35.15

Receivables (as % of total receivables) 92.90% 7.10%
Receivables (as % of total current assets) 72.90% 5.56%

* Break-up of debtors more than 180 days constituting more than 1% of ATNW should be taken and their CRILC status, alongwith recovery
plan made by borrower should be commented
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16. Comments on adverse financials and contingent liabilities
Percentage of
Particulars Amount Details/Comments
Networth
Claims not acknowledged as debts/Amount under Under UP Value added Tax Act for the period 2014-15,
3.7 1.72%
litigation or dispute pending at Tribunal 1st
Claims not acknowledged as debts/Amount under Under UP Value added Tax Act for the period 2014-15,
3.7 1.72%
litigation or dispute pending at Tribunal 1st
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17. Comments on Financial Performance
Financial performance : MAIDEN FORGINGS PRIVATE LIMITED
COMMENTS ON FINANCIAL PERFORMANCE

Sr. No. Financial Parameter Comments
Maiden has shown a turnover of Rs 2043.1 million in
1 Total operating income (TOI) (Rs million)
FY2020 from a turnover of Rs 2059.0 million in FY2019
Maiden has shown a turnover of Rs 2043.1 million in
2 EBITDA
FY2020 from a turnover of Rs 2059.0 million in FY2019
The company's EBIDTA in FY2020 is 133.7 which was Rs
3 EBITDA/TOI (%)
94.8 million in FY2019
The company's EBIDTA in FY2020 is 133.7 which was Rs
4 Interest
94.8 million in FY2019
The company's EBIDTA margin in FY2020 is 6.54% in
5 Depreciation & Amortization
FY2019 was 4.62%
The company's EBIDTA margin in FY2020 is 6.54% in
6 Operating profit
FY2019 was 4.62%
Interest cost in FY2020 increased to 67.4 million from Rs
7 Non-operating income
33.2 million in FY2019 due to increase in unsecured loans
Interest cost in FY2020 increased to 67.4 million from Rs
8 PBT
33.2 million in FY2019 due to increase in unsecured loans
9 PAT .Depreciation is in line with fixed asset increased
10 PAT/TOI (%) .Depreciation is in line with fixed asset increased
11 Net Cash Accruals (NCA) (Rs million) Operating profit of borrower is Rs 22.4 million in FY2020.
12 Net fixed assets Operating profit of borrower is Rs 22.4 million in FY2020.
13 Tangible Networth (TNW) .Non operating income is very less Rs 0.9 million
14 Quasi Equity .Non operating income is very less Rs 0.9 million

15 Investments ..PBT in FY2020 is Rs 23.3 million
16 Loans and advances ..PBT in FY2020 is Rs 23.3 million
17 Adjusted TNW (ATNW) .PAT in FY2020 is Rs 16.6 million
18 Long term debt (LTD) (A) .PAT in FY2020 is Rs 16.6 million
19 Short term debt (STD) (B) PAT % is in range of 1%.
20 Term loan repayments PAT % is in range of 1%.
21 Other working capital STD .The NCA as per audited FY2020 is Rs 55.6 million
22 WC bank finance (C) .The NCA as per audited FY2020 is Rs 55.6 million
23 Total Debt (w/o Gtee) ( A+B+C) .Net fixed Asset in FY2020 is Rs 330 million
24 Guarantee (D) .Net fixed Asset in FY2020 is Rs 330 million
TNW of the company increased to Rs 213.9 million in
25 Total Debt (A+B+C+D)
FY2020 due to retentio of profit
TNW of the company increased to Rs 213.9 million in
26 LTD/TNW (times)
FY2020 due to retentio of profit
.Quasi equity in FY2020 increased to Rs 75 million from Rs
27 LTD/ATNW (times)
50.5 million
.Quasi equity in FY2020 increased to Rs 75 million from Rs
28 Total Debt/TNW (times)
50.5 million
29 Total Debt/ATNW (times) .NA
30 Other term liabilities not considered debt .NA
31 Total outside liabilities (TOL) .NA
32 TOL/TNW (times) .NA
ATNW of the company increased to Rs 288.9 million in
33 TOL/ATNW (times) FY2020 due to retention of profit and increase in quasi
equity.
ATNW of the company increased to Rs 288.9 million in
34 Total current assets FY2020 due to retention of profit and increase in quasi
equity.
35 Total current liabilities .LTD decreased in FY2020 due to repayment of term loan
36 Net working capital .LTD decreased in FY2020 due to repayment of term loan
37 Current ratio (times) ..As per repayment schedules of the term loans
38 Non-current assets ..As per repayment schedules of the term loans
39 Fixed assets turnover ratio (times) .As per repayment schedules of the term loans
40 ROCE (%)) .As per repayment schedules of the term loans
41 Interest cover (times) .NA
42 Total debt/EBIDTA (times) .NA
43 Total debt/NCA (times) Included WC limit from Icici bank, Indusind and SBI.
44 Inventory Turnover Ratio (days) Included WC limit from Icici bank, Indusind and SBI.
45 Debtors Turnover Ratio (days) .Total debt as per Audited FY2020 is Rs 557.2 million
46 Creditors Turnover Ratio (days) .Total debt as per Audited FY2020 is Rs 557.2 million
47 Accruals available for debt servicing (E) .NA
48 Total Debt service requirement (F)) .NA
49 DSCR (times) (E/F) ..Total debt as per Audited FY2020 is Rs 557.2 million
Financial Comments Borrower

Financial Comments
Financial Triggers
Parameters Reason for flagging Comments

60+DPD in There are several accounts reported as SMA as per commercial CIBIL
bureau 1 mentioned in the dedupe observation table. NO SMA-1/SMA-2
commercial > 0 reporting in last 12 months and currently the account is standard
Average DSCR for last 2 years is less than

Average DSCR
1.25 for projected financials or latest Due to higher interest cost due to availment of business loans
for last 2 years
(audited/provisional) financials
TD/NCA is greater than 3.5 for projected

TD/NCA financials or latest (audited/provisional) due to availment of business loans
financials
YoY change in (Debtor+Inventory) turnover days have

(debtor + increased by more than 15% for projected
In FY2020 due to impact of Covid 19 WC cycle was stretched
inventory) financials or latest (audited/provisional)
turnover days financials
Cash flow from Cash flow from operating activity is less than 0
operating for projected financials or latest Due to increase in debtors
activity (audited/provisional) financials
Current ratio & net working capital
The breakup of essential components of current assets for last three years is as below:
(Rs. million)
Particulars Audited Audited Audited

2018 2019 2020
Cash & Bank Balance 5.0 16.7 9.1
Receivables Domestic 256.4 356.8 296.8
Inventory 185.0 219.2 238.1
Advance to supplier of Raw material, stores 42.2 85.9 76.1
Advance payment of taxes 11.0 12.6 5.9
Interest receivable 0.0 0.0 0.0
Retention money current portion 0.0 0.0 0.0
Prepaid Expenses 0.0 0.0 0.0
Total Current Assets 499.9 696.0 631.6

The breakup of essential components of current liabilities for last three years is as below:
(Rs. million)
Particulars Audited Audited Audited

2018 2019 2020
Short term borrowings from banks 229.7 328.0 332.1
Term loan (repayable within one year) 34.7 40.1 53.4
Trade Creditors 111.2 248.7 131.6
Employee Expenses (Labor) 0.0 0.0 0.0
Statutory Dues 0.0 0.6 0.5
Advance payments From Customers 13.6 0.0 0.0
Total Current Liabilities 396.4 623.0 523.2
Non-current assets (Break-up of non-current assets) :
Financial Year 2018 2019 2020 2021 2022

Non-Current Assets 270.0 388.1 358.3 356.7 323.1
Gross Block 290.9 423.0 451.0 455.0 461.0
Land, building, plant, machinery etc. 252.0 423.0 451.0 455.0 461.0
Capital work-in-progress 38.9 0.0 0.0 0.0 0.0
Accumulated depreciation 37.1 77.1 121.0 165.5 210.0
Net Block (35 - 36) 253.7 345.8 330.0 289.5 251.0
OTHER NON-CURRENT ASSETS
Exposure in group entities 0.0 0.0 0.0 0.0 0.0
Investments 0.0 0.0 0.0 0.0 0.0
Loans & advances 0.0 0.0 0.0 0.0 0.0
Other non-current investments and advances 0.0 0.0 0.0 0.0 0.0
Advances to suppliers of capital goods 0.0 0.0 0.0 0.0 0.0
Others 16.3 42.3 28.4 67.2 72.2
Security Deposits 1.5 1.5 2.9 4.0 6.0
Dues from directors/ promoters/ partners 0.0 0.0 0.0 0.0 0.0
FDs under Lien 12.3 11.4 12.2 15.0 15.0
Receivables over 6 months 2.3 24.6 11.8 46.0 46.0
Retention money - Non current portion 0.0 0.0 0.0 0.0 0.0
Others/MAT Credit Entitlement carried forward 0.2 4.8 1.5 2.2 5.2
Total Other Non-current Assets (38 to 40) 16.3 42.3 28.4 67.2 72.2
Net Intangible Assets 0.0 0.0 0.0 0.0 0.0
Intangible Assets (incl. Deferred tax assets) 0.0 0.0 0.0 0.0 0.0
Less : Accumulated amortization 0.0 0.0 0.0 0.0 0.0

Comments on Non-current assets (Break-up of non-current assets):
Non-current Liabilities (Break-up of non-current liabilities) :
Financial Year 2018 2019 2020 2021 2022

Total Non Current
373.5 461.1 466.7 483.6 469.8
Liability
Term Liabilities 179.1 213.2 177.7 164.1 109.3
Debentures (not maturing within 1 year) 0.0 0.0 0.0 0.0 0.0
Preference Shares (redeemable after 1 year) 0.0 0.0 0.0 0.0 0.0
Rupee Term loan (excl. instalments payable within 1 year) 179.1 205.6 171.7 158.2 103.4
Foreign currency loans (excl. instalments payable within 1 year) 0.0 0.0 0.0 0.0 0.0
Term deposits (repayable after 1 year) 0.0 0.0 0.0 0.0 0.0
Mobilization advance- Non-current portion 0.0 0.0 0.0 0.0 0.0
Deferred tax liabilities/ Other long term liabilities/ provisions not
0.0 7.6 6.1 5.9 5.9
considered as debt
NET WORTH 194.4 247.8 288.9 319.5 360.6
Ordinary Share Capital 27.5 46.5 46.5 46.5 46.5
General Reserve 0.0 0.0 0.0 0.0 0.0
Revaluation Reserve (incl. revaluation part of Accumulated Other
0.0 0.0 0.0 0.0 0.0
Comprehensive Income/Loss)
Others (Equity in some other form: Preference shares, CCDs, etc.) 0.0 0.0 0.0 0.0 0.0
Surplus (+) or deficit (-) in Profit & Loss a/c 21.6 37.1 53.6 84.3 125.3
Share Premium 97.8 113.8 113.8 113.8 113.8
Capital Redemption Reserve 0.0 0.0 0.0 0.0 0.0
Share application money 0.0 0.0 0.0 0.0 0.0
Foreign currency translation reserve 0.0 0.0 0.0 0.0 0.0
Minority Interest 0.0 0.0 0.0 0.0 0.0
Quasi Equity 47.6 50.5 75.0 75.0 75.0
Others 0.0 0.0 0.0 0.0 0.0
Comments on Non-current Liabilities (Break-up of non-current liabilities) :
18. PROPERTY VALUATION

PROPERTY VALUATION - 1
Parameters Internal Valuation
Name of the valuer date of valuation

04-09-2019
Address of property KJ 162 Kavi Nagar Kavi Nagar Kavi Nagar GHaziabad Uttar
Pradesh India Ghaziabad 201002
Valuation
Rs 16.9 million
Approved plan obtained

.
Type of property
Residential
Status of occupancy and name of occupant

Self Occupied
Name of the owner and relationship

Sanjay Garg and Third Party
Adverse remarks / critical deviations

NA
Whether additional visit applicable by ICICI Bank official done

No

04-09-2019
Address of property KJ 122 Kavi Nagar Kavi Nagar Kavi Nagar Ghaziabad Uttar
Pradesh India Ghaziabad 201002
Valuation
Rs 39.4 million

.
Type of property
Residential

Self Occupied
Name of the owner and relationship

Sanjay Garg and Third Party

NA
Whether additional visit applicable by ICICI Bank official done No

04-09-2019
Address of property C 118 Industrial Area BS Road BS Road Ghaziabad Uttar Pradesh
India Ghaziabad 201002

Valuation
Rs 130.3 million

.
Type of property
Industrial

Leased Out
Name of the owner and relationship Annapurna Melters and Founders Private Limited and Owned
(by promoter group/related party/etc.)
NA
Whether additional visit applicable by ICICI Bank official done

No
Back to Index
19.Recommendation
The JAA is requested to sanction/renew at existing level/renew cum enhance/reduce the following credit facilities to (customer
details / type of proposal) on the terms and conditions as mentioned in below.
(Rs. million)
Facility Existing limit Additional limit Proposed total Pricing Security Cover ROE
Fund based
Cash Credit 160.0 0.0 160.0 Repo Rate+4.60%=8.60%% 1.93 12.24
Rupee Term Loan 54.0 0.0 54.0 Repo Rate+4.60%=8.60% 1.93
Sub-total A 214.02 0.0 214.02

Non Fund based
Letter of credit 10.0 0.0 10.0 1.25% 1.93 6.55
Sub-total B 10.0 0.0 10.0

Other
Sub-total C 0.0 0.0 0.0
Total (A+B) 224.0 0.0 224.0
A. Deviation
The sanctioning authority is requested to approve the variance from standard terms and conditions in the present sanction (in case
of fresh proposals)* and/or deviations from earlier sanction (in case of renewal proposals)*as detailed below:(Include deviations in
terms of TMN if any)
Sr. Nature Of
Norm Actual Justification
No Deviation
Letter of
1 Only Inland LCs; Usance or Sight. Both Inland and Foreign LC, Usance or Sight
credit

1. Foreign letters of credit will be opened as per the
provisions of exchange control and import trade
regulations. 2.Import LCs will be opened against valid
import licenses, wherever applicable. 3. In respect of
usance LCs, the goods received under unpaid LCs will
be excluded from the value of stocks for arriving at
1. In respect of high value / machinery
drawing power. 4. In respect of high value / machinery
LCs, the Borrower may be required to
LCs, the company may be required to furnish projected
furnish projected cash flow statements,
cash flow statements, if the bank so desires. 5.In case
if ICICI Bank so desires. 2. In case of
of high value LCs, the bank reserves the right to call for
high value LCs, ICICI Bank reserves the
opinion reports from reputed information exchange
right to call for opinion reports from
bureaus like Dun and Bradstreet or from banks in India
reputed information exchange bureaus
or overseas at the expense of the company. 6. LC for
like Dun and Bradstreet or from banks
import of capital goods shall be restricted for purposes
in India or overseas at the expense of
of normal capital expenditure only. 7.I/We do hereby
the Borrower. 3. LC's for import of
confirm that this LC shall not be utilized for any
capital goods shall be restricted for
Letter of transactions involving related parties, unless otherwise
2 purposes of normal capital expenditure
credit specified in this document. I/We do hereby undertake
only. 4. The Borrower confirms that the
to keep the Bank fully indemnified, saved and harmless
LC shall not be utilized for any
of, from or against any direct or indirect loss, damage
transactions involving 'related parties',
or risk that may arise/cause to ICICI Bank on account of
unless otherwise expressly permitted
any misrepresentation on our part under this clause
in the CAL or other transaction
and do hereby agree to make good to ICICI Bank, any /
documents. For the purposes of this
all such losses, costs or damages, expenses and
clause, the term 'related parties' shall
claims/actions. For the purposes of this clause, the term
be deemed to have the meaning
related parties shall be deemed to have the meaning as
assigned to it under section 2 (76) of
assigned to it under section 2 (76) of the Companies
the Companies Act, 2013 (as
Act, 2013. The client shall not request the bank for
amended/replaced from time to time).
issuance of LCs in favour of ANNAPURNA MELTERS
AND FOUNDERS PRIVATE LIMITED , MAIDEN
INDUSTRIES PRIVATE LIMITED, MAIDEN RESIDENCY
PRIVATE LIMITED , MAIDEN STEELS PRIVATE LIMITED
and any other sister concerns/ associate concerns/
group companies/associates of the borrower
Unit Visit by ICICI Bankýs officials or Unit Visit by ICICI Bank's officials or ICICI Bank's
ICICI Bankýs concurrent auditors or concurrent auditors or statutory auditors or officials of
statutory auditors or officials of RBI or RBI or any other re-financing agency or ICICI
3 Unit Visit any other refinancing agency or ICICI Bank's/RBI's authorized agency or any other third party
Bank's/RBI's authorized agency or any authorized by ICICI Bank. The expenditure in
other third party authorized by ICICI connection with the inspection will be borne by the
Bank. - Annually Borrower.
B. Deviation
Sr
Particulars/Clause Standard Term Proposed Term Rationale
No
Class I CA certified net Self-certified net worth statements (Class II) i.e
For operational convenience.
worth statements ( C l a s s schedule II to be obtained along with Personal
Personal Guarantee Further, CA certified networth
1 I I ) i . e schedule II to be Guarantee. Networth of Personal Guarantors
Type statements have also been
obtained along with not to fall below Rs. 194.7 million during the
proposed.
Personal Guarantee. currency of ICICI Bank Loan
Due to subtantial investment in
Assessment should be fixed asset assessment of WC
Assessment to be done by first method of
2 Assessment method done by second method of limit is justified by MPBF-I
MPBF
MPBF method is used for assessment
of limits

C o n s i d e r i n g t h e current
Covid -19 situation and
relationship with the b o r r o w
Renewal of existing limit to be setup basis on e r a n d t h e promoters, we
Limit to be set u p a f t e r
3 Limit Setup Approved memo and documentation to be are proposing existing limit to
documentation
completed within 60 days . be setup on the basis of memo.
The enhanced limit shall be set
up post e x e c u t i o n o f t h e
documents
As per Property value cap
guidelines, property having
Property value cap Total value of 3 properties(2 residential and 1 The same has been highlighted
4 value more than Rs 50
guidelines industrial) of Rs 186.6 million in Ghaziabad to sanctioning authority
million in Ghaziabad needs
to be review with caution
Annapurna Melters and
Founders Private Limited is
group company of the borrower
Third Party collateral The industrial property offered as collateral
company having Mr Sanjay
property needs to be review located at Kavi Nagar Industrial area valued at
5 Third Party collateral Garg and Mrs Nivedita Garg as
with caution as per property Rs 130.3 million is in the name of Annapurna
common directors. The
guidelines Melters and Founders Private Limited
property is being used as
manufacturing unit by the
borrower
Repayment Schedule
Facility Repayment Measurement Number of Proposed Percentage/Amount of

Frequency
Name type Criteria(Percentage/Amount) Installments Total Installment
Quantifying penal charges
Penal charged/Waiver Remarks (If penal charged,

Monitoring tracker Complied (Y/N/NA) proposed/Partial Amount (₹) mention charge reference
waiver/Not applicable no.)
Turnover routing Y Not applicable

Projection vs Actual Y Not applicable
Forum direction Y Not applicable
Covenants Y Waiver proposed
Penal interest of Rs 25,000
charged on Nov 30, 2020
Others Y Penal charged and Sept 24, 2020 due to
delay in submission of Stock
Statement.
Total
B. Authority
We have gone through the credit related authorization as currently in force and having done so, confirm that the approval of the above
proposal:
1.Falls within the authority of JAA (sanctioning authority)
C. RATIONALE FOR POST SANCTION MATTER(S) FOR OTHER PREVIOUS SANCTION TO THE SAME BORROWER
(Highlight all changes in the terms and conditions as compared to the Original sanction) (Mention NIL if post sanction deviations are
not sought)
(Details of post-sanction matters (including continuation of limits), if any to be included in the following table only)
Income foregone on account of waivers (including but not limited to extending time line for security creation) should be quantified
and bought to the notice of approving authority.

Sr. Existing Revised Term / (income foregone on account of
Post Sanction Details Rationale
No Term waiver)
As mentioned in additional details

1
tab
Back to Index
APPENDIX I
Terms and conditions
Existing conditions of terms and conditions and default interest to be continued(Please use template of terms and conditions for the
products specific to the company. Operating terms & conditions and Default Interest Rates are also to be stipulated as applicable).
Facility - Cash Credit
Facility Cash Credit

Repo Rate: The rate of interest of the Facility stipulated by the Bank shall be sum of the Repo
Rate plus 'Spread' per annum, plus applicable statutory levy, if any ('Interest Rate') and shall
be charged on the principal amount of the Facility remaining outstanding each day. The
applicable Repo Rate shall be the rate prevailing one Business Day preceding the date of
account opening /limit set-up /renewal. As on date the Repo Rate is 4.00% and Spread is
4.60%. 'Repo Rate' or 'Policy Repo Rate' means the rate of interest published by the Reserve
Bank of India ('RBI') on the RBI website from time to time as Repo Rate or Policy Repo Rate.
The Repo Rate component of the Interest Rate shall be reset after every 3 months following
the date of account opening /limit set-up /renewal (as applicable), as a sum of Repo Rate +
'Spread', plus applicable statutory levy, if any. The applicable Repo Rate shall be the rate
Interest prevailing one Business Day preceding the reset date. The Bank shall have the right to modify
the reset frequency and reset date from time to time in accordance with the extant RBI
Guidelines. The Borrower further acknowledges that Interest Rate may change, upward or
downwards, as the case may be, in line with change in the Repo Rate. The Bank reserves the
right to reset the Spread at any time upon substantial change in the Borrowerâ¬"s credit
assessment and/ or on account of deterioration in the credit risk profile. Any change in
â¬ÜSpreadâ¬" would be communicated by the Bank through either: (i) Letter (ii) E-Mail (iii)
SMS (iv) Statements of Accounts (v) WhatsApp or any other suitable mode. The Borrower
shall be deemed to have notice of changes in the Repo Rate when displayed on the notice
board of the Branch or displayed on Bank's website (www.icicibank.com) and the Borrower is
liable to pay such revised rate of interest.
Facility - Letter of credit
Facility Letter of credit

Type Both Inland and Foreign LC, Usance or Sight
Purpose Procurement of raw materials, consumable stores, spares and tools.
Cash margin 15%
Usance A maximum usance period of 180 days (from the date of shipment / dispatch).
Commision: 1.25% % p.a. plus applicable taxes. Commitment Charges: 1.25 % per quarter or
Commission
part thereof for the commitment period.
Amendment charges Rs. 1000 per LC amended
Minimum Commission Rs. 500 per Letter of Credit.
Exchange Margin
Commission Collection Frequency Payable upfront for the entire tenor of the letter of credit.
Commission Calculation Method No. of days (tenor) X rate of commission/365
The Borrower shall not request ICICI Bank for issuance of LCs in favour of ANNAPURNA
List of sister concerns/associate
MELTERS AND FOUNDERS PRIVATE LIMITED , MAIDEN INDUSTRIES PRIVATE LIMITED,
concerns/group company in favour of
MAIDEN RESIDENCY PRIVATE LIMITED , MAIDEN STEELS PRIVATE LIMITED and any other
whom LC cannot be issued
sister concerns/ associate concerns/ group companies/associates of the Borrower.

1. Foreign letters of credit will be opened as per the provisions of exchange control and
import trade regulations. 2.Import LCs will be opened against valid import licenses, wherever
applicable. 3. In respect of usance LCs, the goods received under unpaid LCs will be excluded
from the value of stocks for arriving at drawing power. 4. In respect of high value / machinery
LCs, the company may be required to furnish projected cash flow statements, if the bank so
desires. 5.In case of high value LCs, the bank reserves the right to call for opinion reports
from reputed information exchange bureaus like Dun and Bradstreet or from banks in India or
overseas at the expense of the company. 6. LC for import of capital goods shall be restricted
for purposes of normal capital expenditure only. 7.I/We do hereby confirm that this LC shall
not be utilized for any transactions involving related parties, unless otherwise specified in this
General
document. I/We do hereby undertake to keep the Bank fully indemnified, saved and harmless
of, from or against any direct or indirect loss, damage or risk that may arise/cause to ICICI
Bank on account of any misrepresentation on our part under this clause and do hereby agree
to make good to ICICI Bank, any / all such losses, costs or damages, expenses and
claims/actions. For the purposes of this clause, the term related parties shall be deemed to
have the meaning as assigned to it under section 2 (76) of the Companies Act, 2013. The
client shall not request the bank for issuance of LCs in favour of ANNAPURNA MELTERS AND
FOUNDERS PRIVATE LIMITED , MAIDEN INDUSTRIES PRIVATE LIMITED, MAIDEN
RESIDENCY PRIVATE LIMITED , MAIDEN STEELS PRIVATE LIMITED and any other sister
concerns/ associate concerns/ group companies/associates of the borrower
The last date of negotiation of any LC under the Facility shall not exceed the validity period of
Others
the Facility.
Operational Terms and conditions
http://universe.icicibankltd.com/businessgroups/RMG/Asp/CRMG_FormatsAppraisalNote_StandardsTC.asp
Operational Terms and conditions
TimeLine
Clause Standard Data
Data
Till the
Facilities
are fully
Comprehensive insurance to cover all risks, for the value of the security for the Facilities. ICICI Bank's/
repaid, to
Insurance security trustee's/ lead bank's (in case they are acting for all other lenders) lien should be noted on the
the
policies, as first loss payee or endorsee.
satisfaction
of ICICI
Bank
Unit Visit by ICICI Bank's officials or ICICI Bank's concurrent auditors or statutory auditors or officials of
RBI or any other re-financing agency or ICICI Bank's/RBI's authorized agency or any other third party
Unit Visit
authorized by ICICI Bank. The expenditure in connection with the inspection will be borne by the
Borrower.
ICICI Bank, in consultation with the Borrower, will arrange for stock and receivables audit. The terms
Stock Audit
of reference will be finalized by ICICI Bank, at its sole discretion.
The Borrower shall furnish, at the frequency and on or before the dates specified herein, details of
Stock Statement
stock, in a format, satisfactory to ICICI Bank.
The Borrower shall furnish, at the frequency and on or before the dates as specified herein, details of
book debts in a format, satisfactory to ICICI Bank. The Borrower shall submit client wise outstanding
Book debts for top 80% debtors, with ageing, in a format, satisfactory to ICICI Bank. along with the details of
outstanding for the balance 20% debtors on a consolidated basis, at the frequency and on or before
the dates as specified herein.
Audited financial
Certified by statutory auditor
statements
Unaudited
financial Certified by statutory auditor
statements

ICICI Bank shall be entitled to have all the assets offered as security, valued by one or more appraisers
Valuation report appointed by ICICI Bank, at the cost of the Borrower and the Borrower shall ensure that required
assistance is provided to such appraiser.
Annexure I of the
RBI Circular
(Lending under Prior to
consortium Duly certified by the Borrower, in a manner that is to the satisfaction of ICICI Bank. disburseme
arrangement / nt
Multiple Banking
arrangements)
Annexure III of
the RBI Circular
(Lending under
consortium Duly certified by a professional Company Secretary/Chartered Accountant/Cost Accountant.
arrangement /
Multiple Banking
arrangements)
Director /
Company
Secretary
Certificate in
To be submitted in a format that is satisfactory to ICICI Bank.
relation to
unhedged foreign
currency
exposure
Statutory auditor
Certificate for
unhedged foreign To be submitted in a format that is satisfactory to ICICI Bank.
currency
exposure
45 days
Data required for before
To be provided by the Borrower.
renewal expiry of
limits
Margin for fund
based limits - Uniform margin of 25 % against all components of inventory.
Inventory Stock
Margin for fund
based limits - Cover period: 90 days , Margin: 25%
Book debt
As fees for credit appraisal, due diligence and sanctioning carried out by ICICI Bank, the Borrower
Fees and Other shall pay a one-time processing fee equivalent to Rs. 0.1 (exclusive of service tax and statutory levies,
Charges if any)].Such fee shall be payable on upfront and is non-refundable and independent of
disbursement/availment/cancellation of the Facilities.
a) The Borrower shall route its business including sales turnover, forex, and ancillary business, if any,
through ICICI Bank at least in proportion to the limits sanctioned to the Borrower by ICICI Bank under
Consortium/Multi
consortium arrangements. The Borrower shall open a current account with ICICI Bank, as per
ple Banking
applicable terms and conditions and shall endeavor to treat ICICI Bank as its preferred banker. In
Arrangements a.
pursuance thereof, the Borrower shall facilitate the opening of savings / salary accounts of its
promoters, their immediate families and its employees with ICICI Bank.
Consortium/Multi b) Pre-disbursement condition: Exchange of information about the conduct of the borrower's account
ple Banking with other lending bankers is done as per Annexure II of the RBI Circular 'Lending under consortium
Arrangements b. arrangement / Multiple Banking arrangements', in RBI prescribed format.
Consortium/Multi c) Special Conditions: Quarterly exchange of information about the conduct of the borrower's account
ple Banking with other lending bankers is done as per Annexure II of the RBI Circular 'Lending under consortium
Arrangements c. arrangement / Multiple Banking arrangements'.
Consortium/Multi d) The Borrower shall submit to ICICI Bank a copy of lead bank's sanction letter. The Borrower agrees
ple Banking that ICICI Bank may have the right to stipulate further conditions in line with the lead bank's sanction
Arrangements d. letter.
Schedule of Except as specifically provided in the CAL, all other applicable charges, as per 'Schedule of charges
charges for for Transaction Banking Services' as uploaded on https://www.icicibank.com/managed-
foreign exchange assets/docs/service-charges/corporate/revision-notice/Txb_charges_trade.pdf, will be recovered for

transactions banking services rendered by ICICI Bank. ICICI Bank reserves the right to modify such
and international
charges from time to time and update it on the aforesaid link and it shall be the obligation of the
business services
Borrower to check such revisions/modifications.
Additional
As per Annexure II
Interest Rates
For Cash Credit / Overdraft Facilities, the Borrower agrees to the following additional terms: The
Borrower shall not open a current account with any bank and all transactions by the Borrower shall be
Additional terms
routed through the Borrower's cash credit / overdraft account(s) in line with the guidelines stipulated
a.
by RBI, vide the RBI Circular on Opening of Current Accounts by Banks - Need for Discipline, dated
August 6, 2020, as amended from time to time.
Where ICICI Bank's exposure to the Borrower is less than 10% of the Borrower's entire banking
system exposure, debits from the cash credit / overdraft account maintained with ICICI Bank can only
Additional terms
be made to remit funds to the specified cash credit / overdraft account(s) maintained with other
b.
bank(s), in such proportion as specified by the Borrower, provided that the exposure of each bank so
specified by the Borrower, is at least 10% or more of the Borrower's entire banking system exposure.
The funds to be remitted in accordance with the aforementioned point A(b), shall be remitted from the
Additional terms
cash credit / overdraft account maintained with ICICI Bank on a _ basis or such other frequency as
c.
may be specified by the Borrower.
The Borrower shall not use the credit balances in the cash credit / overdraft accounts maintained with
Additional terms
ICICI Bank, as margin for availing any non-fund based credit facilities by the Borrower or any third
d.
party.
For Facilities other than Cash Credit / Overdraft Facilities, the Borrower agrees that it shall open the
current account/ collection account/ escrow account in line with the guidelines stipulated by RBI, vide
Additional terms
the RBI Circular on Opening of Current Accounts by Banks - Need for Discipline, dated August 6, 2020,
as amended from time to time.
Borrower shall ensure that total working capital bank finance will not exceed assessed MPBF limits of INR 404.0
MPBF condition
million
The Bank at its sole discretion may block/zeros the drawing power in the account upon non-renewal or non-
Drawing Power
submission of stock statements.
Declaration to be taken from borrower at the time of submitting the stock statement that stock financed out of SBI
Declaration for
channel finance and receivables factored by Oxyzo Financial Services Pvt. Ltd to be excluded while calculating
stock statement
Drawing Power.
CMA Borrower shall submit signed copy of projections/CMA .
Udyam
Udyam registration certificate will be obtained by March 31, 2021
registration
The Bank reserves the unconditional right to cancel the outstanding un-drawn commitments advanced/ to be
advanced under the credit arrangement letter (CAL) and/ or Transaction Documents (either fully or partially) without
giving any prior notice to the Borrower, on the occurrence of any one or more of the following: (i) in case the
overall limits/part of the overall limits are not utilized by the borrower; or (ii) in case of deterioration in the
creditworthiness of the borrower in any manner whatsoever; or (iii) in case of non-compliance of the terms and
conditions of the transaction documents and/or CAL. For the purpose of this clause, deterioration in the
Basel Conditions
creditworthiness shall mean and include without limitation, the following events: · downgrade of the rating of the
borrower by a credit rating agency; · inclusion of the borrower and/or any of its directors in the Reserve Bank of
Indias wilful defaulters list; · closure of a significant portion of the borrowers operating capacity; · decline in the
profit after tax of the borrower by more than fifteen percent; · any adverse comment from the auditor; and · any
other reason/event in the opinion of the Bank constituting or which may constitute deterioration in the credit-
worthiness
The borrower undertakes None of director of ICICI Bank is: a director, manager, managing agent employee or
guarantor of the Borrower, or of a subsidiary of the Borrower, or of the holding company of the Borrower, or holds
substantial interest, in the Borrower or a subsidiary or the holding company of the Borrower and no directors of any
Other Borrower other bank holds substantial interest or is interested as director or as a guarantor of the Borrower Borrower
Undertaking undertakes that no relative (as specified by RBI) of a Chairman / Managing Director or director of banking company
(including ICICI Bank) or a relative of senior officer (as specified by RBI) of ICICI Bank, hold substantial interest or is
interested as a director or as guarantor of the Borrower.None of the borrower/director(s) of the borrowing entity is a
director/trustee in any of the mutual funds/venture capital funds including subsidiary(ies) of ICICI Bank.
With regards to the RBI exporter caution list, letter/mail sent by the client acknowledged by other Bank (confirming
Other condition
that details w.r.t. bills more than 2 years have been submitted to concerned Bank/s) within 30 days of sanction.
RBI/ECGC
Borrower undertakes from the company that none of the directors name is into RBI/ECGC defaulter list.
defaulter list
Advance/investm The borrower shall not invest/lend/extend advances to group or Subsidiaries Company other than genuine trade

transactions without prior written approval of ICICI Bank. The Borrower undertakes that facilities availed from ICICI
Bank will not be diverted/utilized to sister concern or for financing activity No advance/investment in Group
ent in Group Company to be done without prior approval from ICICI Bank Limited. The borrower shall not issue corporate
Company guarantee on behalf of its subsidiary / group concerns without prior written approval of ICICI Bank The borrower
shall not invest/lend/extend advances to group or Subsidiaries Company other than genuine trade transactions
without prior written approval of ICICI Bank.
Post Dated Two Recourse Cheque in favor of ICICI Bank Limited A/c- M/s Maiden Forgings Pvt Ltd. One for total facility amount
Cheques and one for two quarters interest on total facility amount assuming the full utilization on sanctioned amount.
Other bank The Borrower undertakes that during the currency of ICICI Bank facilities, it shall not avail of any credit facility /
condition opening of current account from other banks / FI without prior written permission of ICICI Bank Ltd
The borrower shall not raise any term loans/debentures, incur major capital expenditure or make any investments
Fresh loan
either directly or through its subsidiaries, without the prior written approval of ICICI Bank during the currency of the
condition
Loan
Undertaking to be submitted from lenders of unsecured loan that the loan amount of Rs.75.0 million, treated as
Maintenance of
quasi equity, will not be withdrawn during the currency of ICICI Bank facility. (the same shall be mandatory when
quasi capital
unsecured loans is considered as quasi equity)
Networth of Self-certified Net worth statement of the personal guarantors in the format as specified by ICICI Bank shall be
promoters submitted . Aggregate Net worth shall not fall below Rs.204.0 million
The Borrower undertakes that Adjusted Tangible Net Worth shall be maintained at a minimum level of Rs.288.9
million & Rs.319.5 million at March 31, 2020 & March 31, 2021 respectively and onwards during the tenure of the
ATNW Condition ICICI Bank's facilities wherein Adjusted Tangible Net Worth shall be defined as "Capital+Reserves &
Surplus+subordinated unsecured loans -intangible assets-loans/advances to group companies /partners/its
relatives)
1. ICICI Bank, without assigning any reason, reserves the right to not disburse any Facility, partially or fully, and the
Borrower / guarantors shall not have any claim against ICICI Bank for such non disbursement. 2. In addition to any
other terms, the disbursement of the Facilities is contingent upon (a) positive CIBIL report of the Borrower or any of
its directors; (b) the Borrower or any of its directors have not been declared as a wilful defaulter or noncooperative
borrower; (c) the Borrowers account has not been classified and reported to RBI as Special Mention Account 1 or 2.
3. The Borrower shall ensure that its foreign currency exposures, if any, are suitably hedged to the satisfaction of
Additional Terms the Bank (including without limitation, pursuant to a suitably authorized risk management policy as may be required
by applicable law). 4. The Borrower shall submit information on its foreign currency exposure (including the details
of hedging thereof), (a) duly certified by its directors or company secretary, within thirty days of expiry of each fiscal
quarter; and (b) audited and certified by its statutory auditor within six months of expiry of each fiscal year. 5. In
case there is any change in the regulatory requirements applicable to the Facilities pertaining to provisioning norms
and/or risk weightage, ICICI Bank may revise the spread to reflect the regulatory change, subject to extant RBI
guidelines
The Borrower hereby gives specific consent to Lenders for submitting/disclosing the ‘Financial Information’ as
defined in Section 3(13) of the Insolvency and Bankruptcy Code, 2016 (including all amendments and replacements
Disclosure to made thereto and all rules and regulations framed thereunder), in respect of the Financial Information in respect of
Information the RTL Facility availed by the Borrower, from time to time, to Information Utilities as defined in Section 3(21) of the
Utilities Insolvency and Bankruptcy Code, 2016 (including all amendments and replacements made thereto and all rules and
regulations framed thereunder)an Information Utility. The Borrower shall promptly authenticate and verify the
Financial Information by Lenders, as and when requested by Information Utilities.
Payment to
partner/ director Partners / Director remuneration payable will be subservient to the interest payable to ICICI Bank Ltd.
remuneration
Standard clause for unhedged exposure guidelines: a) Under Representations: (i) The Borrower represent that it has
adopted a suitable hedging policy, approved by its board of directors, which includes mechanisms to reduce its
currency mismatches. b) Under Undertakings/Covenants: (i)The Borrower’s hedging policy shall remain in full force
and effect and updated from time to time, till all the monies due and payable under the Facility
Agreement/Transaction Documents are fully paid to the satisfaction of the Bank/Lender. (ii) The Borrower shall
Other Condition
provide all information as may be required by the Bank/Lender from time to time in relation to its foreign currency
exposures and hedging details in relation thereto. c) Under Other Covenants/Pricing/Interest: (i) In the event of any
change in applicable laws/regulations (including regulatory/statutory requirements pertaining to provisioning norms
and/or risk weightage), the Bank/Lender shall have the right to recover the cost, in any manner that it deems fit,
including by way of revision in spread/applicable rate.
Diversion of
The facilities availed from ICICI Bank will not be diverted/utilized to sister concern or for financing activity.
Funds
The Bank may at any time sell, assign, securitise, novate or transfer all or any of its rights, benefits and obligations
Other Condition in respect of the credit facilities offered herein to any person without the prior consent of the Borrower. Any such
sale, assignment, securitization or transfer shall be binding on the Borrower and / or its guarantors if any.
Information to The Bank, its group companies, agents / representatives would be entitled to provide the Borrower its Promoters /

Promoter/director
directors / Partners /its employee’s information on various products, offers and services through any mode
s /Partners /its
(including through telephone calls / SMS / emails).
employee
Valuation of properties offered as collateral to ICICI Bank to be obtained and kept on records once in two years.
Valuation report from an approved valuer of ICICI Bank and Title Search Report (TSR), acceptable to ICICI Bank shall
be completed, prior to the disbursement. All expenses related to valuation, title search, mortgage including stamp
External Security
duty to be borne by the borrower. In case of any shortfall in combined value of all the properties offered as security,
Valuation
the borrower may place Fixed Deposits under lien with ICICI Bank or any other securities acceptable to ICICI Bank
for the amount of shortfall or limit may be disbursed proportionately. Such liquid collateral not to exceed 2% of
security.
Investment/Adva
nce to The borrower shall not invest/lend/extend advances to group or subsidiaries company other than genuine trade
subsidiary/Group transactions without prior written approval of ICICI Bank.
Companies
Tenancy of the
The tenancy in the property mortgaged to ICICI Bank Limited should not be created without specific prior approval
Mortgaged
in writing.
Property
Letting out of Borrower to obtained prior approval from ICICI Bank for letting out the collateral offered to ICICI Bank on rent /
collateral lease.
Maintenance of Quasi Capital Interest or any other obligations towards unsecured loans will be subservient to payment of interest/
Quasi Capital principal or any other liabilities towards ICICI Bank Ltd.
Unsecured Loan-
Subservient to Interest or any other obligations towards unsecured loans, Partners / Director remuneration payable will be
ICICI Bank subservient to the interest payable to ICICI Bank Ltd.
Liability
Routing of Multiple or Consortium: Borrower to route turnover proportionate to the limits enjoyed with ICICI Bank under
turnover MBA/CBA within 3 months from the date of disbursment of the limits.
Borrower shall ensure that total working capital bank finance will not exceed assessed MPBF limits of Rs. 290
MPBF condition
million
Networth of Self-certified net worth statement (class II) disclosing assets owned and listing the same in guarantee deed of the
promoters personal guarantors
i. The Borrower hereby, in addition to the representations, declarations and warranties contained in the General
Conditions, makes the representations, warranties and agreements as given below and confirms that the same will
continue to remain, true, correct, valid and subsisting in every respect till the money remains remain to ICICI Bank
under the Facility: Neither the Borrower nor any other person benefiting in any capacity in connection with or from
the Facility Agreement and/or any instruments and/or payments thereunder is a Specially Designated National
(SDN) and/or otherwise sanctioned, under the sanctions promulgated by the United States (including its Office of
Foreign Assets Controls (OFAC)), India, United States, United Nations, European Union, the jurisdiction of the
Facility Office and/or any other country (collectively, the """"Sanctions""""). ii. The Borrower hereby acknowledges,
OFAC clause covenants and agrees that: (a) The Sanctions may become applicable with respect to the Facility and/or
transactions thereunder, including to any documentary credits and/or guarantees issued and/or disbursements
and/or payments made by the Bank pursuant to the Facility Agreement. Sanctions may pertain inter alia, to the
purpose and/or end use of the Facility, goods manufactured in or originated from/through certain countries,
shipment from/to/using certain countries, ports, vessels, liners and/or due to involvement of certain persons and
entities (including correspondent banks and the Facility Office). Consequently, disbursement, issuance, payment
and/or processing under the Facility by the Bank may become subjected to the Sanctions and the Bank shall have
the unconditional right to refuse to process any transactions that violate/may violate any Sanctions. (b) It shall
ensure that the transactions entered into pursuant to the Transaction Documents do not violate any Sanctions and

that no persons, entities or otherwise, currently subject to any Sanctions are involved in any transactions
hereunder. The Borrower agrees that it shall not avail of the Facility or use the proceeds of the Facility in any
transaction with, or for the purpose of financing the activities of, any person currently subject to any Sanctions as
aforesaid. (c) It shall indemnify and hold harmless the Bank, to the fullest extent permitted by applicable law, for all
losses and liabilities (including due to claims by a third party), incurred by the Bank as a result of any breach by it of
its representations and undertakings contained herein pertaining to the Sanctions and/or due to any action taken by
the Bank pursuant to the Sanctions. No action taken by the Bank pursuant to the Facility Agreement, including grant
of the Facility, issuance of any financial instruments thereunder or processing of any payments or transactions, nor
any action taken by the Borrower in relation thereto, shall be deemed to be a waiver of any of the Banks rights
under any provisions of the Transaction Documents related to the Sanctions nor shall they act to relieve the
Borrower of its obligations or liabilities in relation thereto. (d) The Borrower hereby agrees and confirms that any
breach of the terms and conditions stipulated hereinabove, shall constitute an Event of Default under the Facility
Agreement.
Default Interest Rates
Nature of default (as Editable Default interest rate (p.a.) Applicabili

Sr No Reckoning of default interest
applicable) payable monthly ty (Y/N)
Specific sanction terms not complied with
within sanctioned timeline / complied with
Non-compliance of delay 1. Additional interest to be ceased
sanction terms pertaining once the subsequent month / quarter For facility amount: > 100.0 mn: Rs.
1 to Stock Audit, Book statement is received 2. In case of Stock 25,000/- per type of compliance pending Yes
Debt Statement and Audit, additional interest to be charged if at month end
Stock Statement Stock Audit remains overdue beyond 90
days from due date No additional interest
will be charged for intra month delay.
Other kinds of defaults namely, non-
submission/ delayed submission of OFIs
or equivalent reports, non-submission or
2 Others Nil. Yes
delayed submission of financial
statements and/or insurance cover not
obtained / not renewed.
For the first 15 days of the breach: Nil.
Breach of financial Applicable in cases where there has been
3 Breach continuing beyond 15 days: 1% Yes
covenants breach in financial covenants.
p.a..
Non-compliance of
Security not created and perfected within For the first 15 days of delay: Nil Delay >
4 sanction terms pertaining Yes
the sanctioned timeline. 15 days: 1% p.a.
to security creation
1. Excess drawings over drawing power
but within sanctioned limit . 2. Excess
drawings over sanctioned limit . 3. Non-
renewal of limits Additional interest would
Irregular due to drawings
5 be charged from the next day of excess 2% over the Documented Rate. Yes
beyond DP / Limit
drawings/date of expiry till such time the
outstanding is brought within drawing
power / sanctioned limit as applicable/
limits are renewed.
Payment default (in case 2% over the Documented Rate. (Note -
of foreign currency The Borrower agrees that in the event
loans, the foreign payment default continues for more than
Additional interest would be charged from
currency amount will be 90 days, the additional interest rate shall
6 next day of due date till such time the Yes
converted into equivalent increase to '6% over the Documented
default amount is paid.
rupee and additional Rate' and such increased rate shall be
interest as mentioned applicable from the date of the payment
herein will be charged) default.)

Covenants
Covenant Covenant Covenant Measurement Due Applicable Grace Applicable Stipulated

Facility Frequency
Type Name Description Criteria from Upto period period ratio/Amount
Back to Index
Security Template :
A.SECURITY DETAILS: (Applicable- Yes)
Primary Security
Value of asset(as per last
Valuation Date(whereever
Asset Detail Type Of Charge Status Of Property audited balance sheet,WDV in
applicable)
case of fixed assets)
Movable
Fixed First Paripassu
0.0 31-03-2020
Assets charge
Comments First pari-passu Charge on unencumbered moveable fixed assets of the company, both present and future and including
those which are to be created out of term loan excluding the assets exclusively mortgaged to other banks
Current
First Paripassu
Assets - 0.0 31-03-2020
charge
First pari-passu charge on entire current assets which inter-alia include stocks of raw materials, work-in-process,
Comments
finished goods, consumable stores and spares and such other movables including book-debts, outstanding monies,
receivables both present and future of the Company in such form satisfactory to ICICI bank.
Collateral Security
Valuation
Type of Status of Type Of Name of owner of
Valuation Amount Date(whereever Address
property/asset Property Charge property
applicable)
Kavi Nagar
Immovable Ghaziabad Uttar
Exclusive
Fixed Assets Residential 0.0 04-09-2019 Pradesh Kavi Nagar Sanjay Garg
charge
Kavi Nagar 201002
India
Exclusive charge on Residential Property KJ-122, Kavi Nagar, Ghaziabad Valuer comments: 01 CASE TYPE IS
SMEAG RESIDENTIAL.02 SUBJECT PROPERTY IS G+2 STORIED ROW HOUSE SITUATED IN KAVI NAGAR
Comments
GHAZIABAD.03 DOCUMENTS PROVIDED IS SALE DEED IN FAVOR OF MR. SANJAY GARG SON OF RAM NIWAS
GARG DATED 23 MARCH 2013 FOR THE CAPTIONED PLOT HAVING PLOT AREA 301.82 SQ. MTR. PROPERTY WAS
VISITED IN PRESENCE OF MRS GARG.
Industrial Area
Immovable Ghaziabad Uttar Annapurna Melters
Exclusive
Fixed Assets Industrial 0.0 04-09-2019 Pradesh BS Road and Founders
charge
BS Road 201002 Private Limited
India

Exclusive charge on Industrial property at C-118, Site-1, BS Road, Ghaziabad Valuer comments: 01. CASE TYPE IS
SME. 02. SUBJECT PROPERTY IS LOCATED AT B.S. ROAD, GHAZIABAD, UTTAR PRADESH. 03. SUBJECT
PROPERTY IS A SINGLE STORIED INDUSTRIAL BUILDING BUILT UPON A PLOT OF LAND AD-MEASURING 5754 SQ
YDS. PART PORTION OF THE SUBJECT PROPERTY IS CONSTRUCTED WITH RCC AND REMAINING ENTIRE
PROPERTY IS CONSTRUCTED WITH TIN SHED ROOFING. MEASURED BUILT UP AREA IS WORK OUT 47478 SFT
AGAINST PERMISSIBLE BUILT UP AREA 28751 SFT AS PER LOCAL BUILDING BYE LAWS AND SAME HAS BEEN
Comments
ADOPTED FOR VALUATION. SUBJECT PROPERTY HAS BEEN OCCUPIED AT THE TIME OF SITE VISIT. SUBJECT
PROPERTY HAS BEEN 5 YEARS OLD. 04. A COPY OF LEASE DEED HAS BEEN PROVIDED TO US IN THE FAVOR OF
ANNAPURNA MELTERS & FOUNDERS PVT LTD. SUBJECT PROPERTY LEASED HOLD PROPERTY AND WHICH IS
LEASED FOR 90 YEARS STARTING FROM 20 MARCH 1969. AND SUBJECT PROPERTY IS ALLOTTED FOR STEEL
STRUCTURE FABRICATION WORK AND SAME WORK IS GOING AT SITE. 05. AGE OF PROPERTY IS 05 YEARS OLD.
06. SUBJECT PROPERTY IS SELF OCCUPIED AT THE TIME OF SITE VISIT. 07. SUBJECT PROPERTY IS VISITED IN
PRESENCE OF DHEERENDRA.
Kavi Nagar
Immovable GHaziabad Uttar
Exclusive
Fixed Assets Residential 0.0 04-09-2019 Pradesh Kavi Nagar Sanjay Garg
charge
Kavi Nagar 201002
India
Residential Property at KJ-162 valuer comments: CASE TYPE IS SMEAG RESIDENTIAL. SUBJECT PROPERTY IS A
G+1 STORIED ROW HOUSE SITUATED IN KAVI NAGAR J BLOCK GHAZIABAD. SUBJECT PROPERTY IS
Comments CURRENTLY OCCUPIED BY THE EMPLOYEE. ONE ROOM AT GROUND OF THE PROPERTY IS USED FOR TEACHING
CLASSES FOR PAINTING .FREE HOLD DEED DATED 21 AUG 2000 WHICH IS IN THE NAME OF MR SANJAY GARG
IS PROVIDED. VALUE IN THE CASE IS RELEASED AS THEIR ARE NO INTERNAL CHANGES IN THE HOUSE AND IT
BE USED FOR RESIDENTIAL PURPOSE INFUTURE.
Total:0.0
Name of the corporate guarantor Type of Corporate guarantor Security provider Over all comfort
Annapurna Melters and Founders Private Limited Others Yes No
Annapurna Melters and Founders Private Limited Others Yes No
Personal Guarantee
Name of personal guarantor Class (I, II or III)* Relationship with Promoter Networth (Rs.million) As On Date
NISHANT GARG Class II Son 2.2 15-01-2020
NIVEDITA GARG Class II Wife 11.5 15-01-2020
SANJAY GARG Class II Self 180.0 15-01-2020
Total:193.8
Corporate Guarantor
Is third party security being accepted as collateral in

Yes
this proposal

If yes, Name of third party collateral provider Sanjay Garg
Relationship of third party collateral provider with

Director/Promoter
Borrower
Justification for third party collateral provider in Security provider is shareholder in the company and is providing collateral for
offering the collateral additional comfort
Back to Index
22. ANNEXURE I
Defaulters Database(dedupe details)
Indian Companies
Whether,
Date of list
S/N Facet Yes/No
referred
The name of the Company or its Directors appears in RBI/CIBIL list of defaulters/RBI caution
advices/ RBI's list of wilful defaulters/ credit information bureau list of defaulters/list of non-co-
1. No 17-12-2019
operative borrowers. Nature of directorship (Nominee Director/Promoter Director/Executive
Director/Non Executive Director) is to be mentioned.
2. If Yes to the above, provide justification :
Name of Director/CompanyName of Director/Company
.........NA........................
Nature of directorship
NA......
3. The Company's name figures in ECGC's caution list dated No 10-03-2021
If 'Yes' to the above, please provide details of the steps taken by the company for removal and justification for proposing
4.
assistance :
The borrower or their partners /directors etc. are not facing any litigations which have been initiated
5. No 10-03-2021
by other lenders as on
6. If Yes to the above, provide rationale for recommending credit facility. :
The borrower's name is not appearing in the SFIO lists of "Total Cases Filed" and "Cases in CLB" at
6. No 10-03-2021
10-03-2021 SFIO website http://www.sfio.nic.in/websitenew/main2.asp) :
Any adverse news available on the internet (Google etc.) on the company, its promoters and the
8. No 10-03-2021
directors
9. If Yes to the above*, provide the screen shot/link of the news articles/ information :
Does the name of the borrower appears in the database of Frauds listed in RBIs Central Fraud
10. No 10-03-2021
Registry Account? The link to the database is http://dbie.rbi.org.in/CFR/
12. Details of CPCS check of the borrower and partners /directors : No true matches
RBI inspection findings in the RBI inspection report :

NA

Comments :
The dedupes have been done on date: March 11, 2021 of C I B I L

following parties: Score/Rating
SMA check
MAIDEN FORGINGS
1 Standard
PRIVATE LIMITED Borrower CMR-4
2 SANJAY GARG Director 745

-
3 NIVEDITA GARG Director 746

-
4 NISHANT GARG Director 681

-
ANNAPURNA MELTERS
-
5 AND FOUNDERS PRIVATE G r o u p
LIMITED Company -
MAIDEN INDUSTRIES G r o u p
6 -
PRIVATE LIMITED Company -
MAIDEN RESIDENCY G r o u p
7 -
PRIVATE LIMITED Company -
MAIDEN STEELS PRIVATE G r o u p

8 -
LIMITED Company -
S.N. Dedupe Parameter Observations
1 COMMERCIAL CIBIL As mentioned in table
2 CONSUMER CIBIL As mentioned in table
3 MCA Index of charges, Authorized

Signatories, Balance Sheets, Company
Details, Defaulters List
checked.
4 CPCS As mentioned in table

5 INTERNAL (Exporters - RBI CAUTION LIST, As mentioned in table below
Exporters ECGC C a u t i o n L i s t , I B A
CAUTION LIST)
6 RBI LIST RS.25 LACS A B O V E ( W i l f u l No match found
defaulters of 25 lakhs and above)
7 RBI LIST RS. 1 CRORE ABOVE (defaulting No match found
borrowers of Rs. 1 crore and above
8 SECRETARIALDIRECTORSHIP No match found
CHECK
9 Amlock False match found
10 SMA CRILC Yes
S. N. Nature of NFA Mitigants

Description
1 Commercial Match found in the name of

CIBIL the borrower with regard to an
As informed by borrower there
Overdraft limit of Rs 1.0, is no such overdraft limit in any
O v e r d u e o f R s 3 9 3 4 i s other bank. Considering small
appearing with status of SMA- amount request approval
0 also reported SMA-0 in Oct
2018 and closed by payment
and last reported date as Dec
31, 2018.
2 Commercial Match found in the name of As informed by borrower there

CIBIL the borrower with regard to: is no such loan currently
running. Request approval
A demand loan of Rs 20 lacs is
showing delay of 4 days and
NIL overdue with status closed
by payment and last reported
date as Nov 30, 2018.

Inland Bills Discounted of Rs
40.0 million is showing as
SMA-0 and NIL overdue with
status closed by payment and
last reported date as Oct 31,
2018
4 Commercial Match found in the name of The client has been making
CIBIL the borrower with regard to: payment of the loan however
some previous penal charges
Auto loan of Rs 5.84 lacs of were deducted which are still
ICICI Bank is showing overdue shown as overdue. The client
of Rs 1479 shall clear the overdue before
Jan 31, 2021. Request approval
5 Commercial Match found in the name of This is auto loan from from
CIBIL the borrower with regard to: Daimler Finance as informed by
the borrower the account is
Auto loan of Rs 3.0 million currently regular. Request
showing overdue of Rs 64,680 approval
and delay of 12 days and 13
days in Dec 2019
6 Commercial Match found in the name of The client has been making
CIBIL the borrower with regard to: payment of the loan however
some previous penal charges
Auto loan of Rs 29.54 lacs of were deducted which are still
ICICI Bank is showing overdue shown as overdue. The client
of Rs 4796 shall clear the overdue before
Jan 31, 2021. Request approval
7 Commercial Match found in the name of There is no current overdue in

CIBIL the borrower with regard to: the account
Unsecured Business Loan of

Rs 5.0 million is showing
overdue delay of 28 days in
Apr 2020

Inland Bills Purchased of Rs 0
is showing as SMA-1 and SMA
between Jun 2017 and Oct
2018.

9 Commercial Match found in the name of Borrower is not availing any
CIBIL the borrower with regard to: limits form HDFC Bank. As
informed, borrower has applied
Overdraft of Rs 160 million for limits from HDFC Bank,
showing overdue of Rs 1.95 limits were sanctioned but not
million and delay of 30 days disbursed due to prepayment
penalty.
10 Consumer CIBIL Match found in the name of

Mr Sanjay Garg with regard
to: 1. Considering small amount
request approval
1. A business loan of Rs

20.94 million is showing
delay of 21 DPD in June 2. There is no current overdue
2020 in the account
2. A business loan of Rs 35 3. There is no current overdue

lacs is showing delay of i n t h e a c c o u n t . R e q u e s t
29 days in Dec 2018 approval
3. An OD account of Rs 21
million is showing delay
of 2 days in March 2018

Mrs Nivedita Garg with regard
to: 1. Considering small amount
request approval
1. A business loan of Rs

20.94 million is showing
overdue of Rs 3855 and 2. There is no current overdue
delay of 21 DPD in June i n t h e a c c o u n t . R e q u e s t
approval
2020
2. A credit card of Rs 8118
is of ICICI Bank is
showing delay of upto
100 days between Sept
2017 and March 2018

Mr Nishant Garg with regard
to: ● As informed by the
borrower the account is
● An auto loan of Rs 30
currently regular
lacs there is an overdue
● Considering small amount
of Rs 64680 and showing

delay of 12 days in Sept request approval
2020.An auto loan of Rs ● There is no current
5.84 lacs there is an overdue in the account.
overdue of Rs 1317.An Request approval
auto loan of Rs 29.54 lacs ● There is no current
is showing overdue of Rs overdue in the account.
4796 and delay of 15 days Request approval
in Apr 2020A credit card
of Rs 7759 is showing
delay of upto 163 days
between Sept 2017 and
Feb 2018An auto loan of
Rs 30 lacs is showing
delay of 13 days in Dec
2019
13 W a t c h o u t Total 25 matches found in the Currently the Watchout

Investors name of Mr Sanjay Garg Investors data not available.
Request approval
14 W a t c h o u t Total 2 matches found in the Currently the Watchout

Investors name of Mr Nishant Garg Investors data not available.
Request approval
15 RBI Caution List Match found in the name of Approval of the compliance
Maiden Forgings Pvt Ltd team has been taken
The name is appearing in the

exporters caution list
16 CPCS Match found in the name of Approval of the compliance

Maiden Forgings Pvt Ltd team has been taken

exporters caution list
17 CPCS Match found in the name of The limits were taken over from
Maiden Forgings Pvt Ltd Yes Bank . Currently no limit is
going on with Yes Bank
The company was reported as
defaulter by Yes Bank
between 05.10.2019 to
11.10.2019
18 CPCS Match found in the name of There is no current overdue in

Mr Nishant Garg the account as the account is

The name is appearing in the closed
Chronic defaulter with ICICI
Bank with regards to a credit
Card. 0000000010423382
19 CPCS Match found in the name of There is no current overdue in

Nivedita Garg the account as the account is
closed
Chronic defaulter with ICICI
Bank with regards to a credit
Card. 0000000010398604
20 CPCS Match found in the name of False match based on Date of

Sanjay Garg Birth

Restricted entity list AMLOCK ;
4010958
Adverse remarks, if any, in previous year's RBI inspection report:

* Remarks in the inspection report and the corrective action taken with respect to these remarks.
* Information available on the internet (Google, etc.) on the company, its promoters and the directors (Requisite rationale for
recommending the proposed credit facility)
Observations by the overseas regulator pertaining to the borrower, parent company or subsidiary company:
Back to Index
23. ANNEXURE II
OTHER RELATIONSHIPS:(WITH THE BORROWER, NOT WITH THE GROUP)
NA
Back to Index
24. ANNEXURE III
Assessment of Limits
Rs. million
Type of facility Fund Based Limit

Assessment Method MPBF 1
Fund Based Limit
It is evident that borrower has invested huge amount in fixed assets due to which
Comment Box
assessment is done through First method of lending

For Year
Audited:03- Audited:03- Audited:03- Projection:03 Projection:03 Projection:03 Projection:03
Ended/Ending
March 31st
2018 2019 2020 -2021 -2022 -2023 -2024
First Method of
Lending
Total Current
499.90 695.97 631.61 743.99 793.17 837.70 900.14
Assets
Other Current
Liabilities (Other
166.71 295.03 191.14 248.03 277.48 281.45 275.63
than bank
borrowings)
Working Capital
333.19 400.94 440.47 495.96 515.69 556.25 624.51
Gap
Min. stipulated net
working capital
(25% of total
83.30 100.24 110.12 123.99 128.92 139.06 156.13
current assets
excluding export
receivables
Actual/Projected
103.50 72.99 108.36 126.96 146.69 187.25 255.51
net working capital
Item 3 minus item
249.89 300.70 330.35 371.97 386.77 417.19 468.38
4
item 3 minus item
229.69 327.95 332.11 369.00 369.00 369.00 369.00
5
Max. permissible
bank finance 229.7 300.7 330.4 369.0 369.0 369.0 369.0
(lower of 6 or 7)
Excess borrowing
representing 0.00 27.25 1.76 0.00 0.00 0.00 0.00
shortfall in NWC
Letter of Credit
One time LC No
Type of LC Inland
Raw Material to be Purchased inland in next 12 months 325.0
Percentage of total inland purchases under LC 35.00%
Actual Raw material purchased under LC 113.8
Normal Usance + Lead Time 180.0
Number of cycles 2.0
Total LC requirement 56.9
Limit with other bank 40.0
Limit proposed with ICICI bank 10.0

Untied gap 6.9
The LC limit is proposed for purchase of raw material. The

Comment in Brief untied gap shall be funded by the borrower through its own
funds
Term loan/Capex Buyers Credit/Capex LC/ECB/Corporate Loan
Term loan is was taken over by ICICI Bank from Aditya Birla finance (this loan was outstanding totally amounting to Rs. 54.62 million
as on September 1, 2019 ). Current outstanding is Rs 54.62 million. The AQR of the term loan is mentioned in the additional details tab
Back to Index
25. ANNEXURE IV
Pending compliance
Type of
Pending Closure
pending Particulars Action Taken Status
Since Date
compliance
Covenant Waiver for penal charge is proposed
captured for Covenant captured for TL facility 31-10-2020 due to non compliance of TL 05-01-2021 Waived
TL facility covenants
Covenant Waiver for penal charge is proposed

captured for Covenant captured for TL facility 31-10-2020 due to non compliance of TL 05-01-2021 Waived
TL facility covenants
Undertaking from borrower that

Waiver for penal charge is proposed
Adjusted Tangible Net Worth shall be Complied
ATNW 31-10-2020 due to non compliance of ATNW 05-01-2021
maintained at minimum of Rs 303.3 with
condition
million at March 31, 2020
Undertaking from borrower that

Waiver for penal charge is proposed
Adjusted Tangible Net Worth shall be Complied
ATNW 31-10-2020 due to non compliance of ATNW 05-01-2021
maintained at minimum of Rs 303.3 with
condition
million at March 31, 2020
Security pending
Type of pending compliance Particulars Date of Security pending Action Taken

Pending Security Creation
Pending Security Creation
Pending compliance details of the group companies for which deviation is not sought in this note
Name of the Type of Pending

Particulars/ Pending Since action taken / Closure date
Company Compliances

MAIDEN
FORGINGS Unit Visit report is submitted for updation vide POST-
Unit Visit Unit Visit report
PRIVATE 000000000000000031868-SAN
LIMITED
MAIDEN
FORGINGS
Others Insurance policy to be done submitted to CMOG for updation - SR697326915
PRIVATE
LIMITED
MAIDEN
FORGINGS Stock Statement Due For 30-SEP- Stock statement has been received and submitted to
Others
PRIVATE 2019 CMOG for updation - SR719848458
LIMITED
MAIDEN
FORGINGS stock audit report has been received to be closed with
Stock Audit Stock Audit
PRIVATE CMOG by January 5
LIMITED
MAIDEN
FORGINGS
Others Audit vs Provisional To be done in renewal proposal
PRIVATE
LIMITED
Additional amount of Rs.23.5 million

should be infused by promoters in the
form of unsecured loan /share capital ,
of which Rs. 13.5 million to be infused
before the release of additional
MAIDEN amount of working capital (over and
The condition has been complied by the borrower as
FORGINGS above existing working capital facilities
Others per audited financilas submitted. The SR719848591 is
PRIVATE amounting to Rs.135.0 million with
raised for updation of pending compliance
LIMITED other banks and term loan amounting
to Rs.59.85 million, which are to be
disbursed without any infusion) and
remaining Rs.10.0 million of quasi
equity to be infused on or before
March 31, 2020
MAIDEN
Declaration for RBI Annexure III
FORGINGS
Others (Sharing of Information) Due for 31- To be done by January 10
PRIVATE
MAR-2020
LIMITED
MAIDEN
FORGINGS
Others Security Valuation Shall be closed by January 10
PRIVATE
LIMITED
MAIDEN Undertaking from borrower that

FORGINGS Adjusted Tangible Net Worth shall be
Others To be done in renewal proposal
PRIVATE maintained at minimum of Rs 303.3
LIMITED million at March 31, 2020
MAIDEN
FORGINGS ROC report has been retrieved and submitted to
Others ROC Due For 29-AUG-2020
PRIVATE CMOG - SR719848404
LIMITED
MAIDEN
FORGINGS Declaration for NDU Negative lien
Others Shall be closed by January 10
PRIVATE Annex B Due For 31-MAR-2020
LIMITED

MAIDEN
FORGINGS Reset of Spread Due For 27-SEP-
Others Shall be closed by January 10
PRIVATE 2020
LIMITED
MAIDEN
Audited Financials have been submitted by borrower,
FORGINGS Annual Audited Financial Statement
Others however Auditor report and Notes to Accounts and
PRIVATE Due For 31-OCT-2020
Director Report to be shared by borrower by January 5
LIMITED
MAIDEN hard copy of end use required.vide I

FORGINGS memo no 13007842 dated 29-05- Hard copy submitted to CMOG for updation -
Others
PRIVATE 2020|vide I memo no 13007842 dated SR719848265
LIMITED 29-05-2020
|Borrower to route its turnover with

ICICI Bank Ltd on proportionate Basis
(55% of the turnover) from 90 days of
MAIDEN
disbursement of working capital
FORGINGS
Others limits.|Borrower to route its turnover submitted to CMOG for updation - SR697321643
PRIVATE
with ICICI Bank Ltd on proportionate
LIMITED
Basis (55% of the turnover) from 90
days of disbursement of working
capital limits
Status Of Compliance With Policies / Guidlines / Directives
(Please refer to policies/guidelines/directives applicable to the proposal for the respective industry/facility type/business group.
For example (i) e-circular number 10331, for incremental exposure to certain industries based on outlook. (ii) e-circular number
10405 for directives on Credit Facilities like Bank Guarantee/Stand-by Letter of Credit, LUT etc.)
Details of the applicable policy/guidelines/directives referred above
Committee/Policy,issuing the directive(s) Particulars of Policy/Guidelines/Directives Complied with Remarks
Credit Committee Yes Negative

As per circular 16035
Back to Index
26. ANNEXURE V
Site Visit Report
Name of the borrower / company MAIDEN FORGINGS PRIVATE LIMITED

Line of activity of the company Manufacturing
Address of the site visited C-118 Kavi Nagar 201002 GHAZIABAD UTTAR PRADESH India
Date of visit 30-07-2020

Person Met Mr. Sanjay Garg
Designation of person met CMD
Exposure and internal rating Exposure- 224.0 Internal Rating-
Line of activity of the company Moderate
Location of the site visited C-118, Site-1, BS Road, Ghaziabad
Date of visit 30-07-202011:00
Date of visit report 30-07-202011:00
Name of the visiting Bank officials Saurabh Sawant
Name of the company's representative met along with designation Mr. Sanjay GargCMD
Tempo of activity Moderate
Details of idle machineries(Reason of their being idle) NA
State of repair / maintenance/ upkeep of plant & machineries and

Yes
building ( Excellent/ Adequate / Below par)
Power arrangement / Standby power arrangement Yes
Effluent treatment arrangement ( Adequate / Inadequate ) NA
Status of Pollution Control Board Certificate (Date of issue, expiry

NA
etc.)
Inventory details (Slow / non-moving items e.g. items covered with

dust, discoloured boxes, items lying in a heap etc.) (Too much / too NA
little inventory)
Valuation of inventory NA
Scrutiny of production / dispatch (Month-wise production and

despatch details as culled from excise register, VAT returns etc.)
NA
Variation in month-wise production / dispatch volumes in the last few
month
Details of production stoppage NA
Project Loan NA
Discussion with the company on other important issues / matters.

Discussion regarding the impact of Covid 19 on the business and
(Brief on the other issues discussed with promoters / company
moratorium availed by the company
officials and their replies on the issues discussed).
Summary of the visit: Satisfactory
Brief scope of project:
Name and signature of the visiting officer : Saurabh Sawant

Site Visit Report

Line of activity of the company Manufacturing
Address of the site visited C-118 Kavi Nagar 201002 GHAZIABAD UTTAR PRADESH India
Date of visit
Person Met Mr Nishant Garg
Designation of person met Director
Exposure and internal rating Exposure- 224.0 Internal Rating-
Line of activity of the company Moderate
Location of the site visited C-118, Site-1, BS Road, Ghaziabad
Date of visit 00:00
Date of visit report 00:00
Name of the visiting Bank officials Saurabh Sawant
Name of the company's representative met along with designation Mr Nishant GargDirector
Tempo of activity Moderate
Details of idle machineries(Reason of their being idle) NA
State of repair / maintenance/ upkeep of plant & machineries and

Yes
building ( Excellent/ Adequate / Below par)
Power arrangement / Standby power arrangement Yes
Effluent treatment arrangement ( Adequate / Inadequate ) NA
Status of Pollution Control Board Certificate (Date of issue, expiry

NA
etc.)
Inventory details (Slow / non-moving items e.g. items covered with

dust, discoloured boxes, items lying in a heap etc.) (Too much / too NA
little inventory)
Valuation of inventory NA
Scrutiny of production / dispatch (Month-wise production and

despatch details as culled from excise register, VAT returns etc.)
NA
Variation in month-wise production / dispatch volumes in the last few
month
Details of production stoppage NA
Project Loan NA

Discussion with the company on other important issues / matters.
Discussion regarding the impact of Covid 19 on the business and
(Brief on the other issues discussed with promoters / company
moratorium availed by the company
officials and their replies on the issues discussed).
Summary of the visit: Satisfactory
Brief scope of project:
Name and signature of the visiting officer : Saurabh Sawant
Back to Index
27. ANNEXURE VI
A. Details of Un-hedged Foreign Currency Exposure (as per the latest quarterly data submitted to PIVG for provisioning purpose)
Delete if not applicable.
Foreign currency Foreign currency % Unhedged Foreign

Unhedged Foreign
Currency exposure outstanding at payable in next 5 yrs Currency Exposure
Currency Exposure (b)
30-09-2019 including interest (a) (b/a)*
INR 0.0 0.0 0.0 0.0
For borrowers which are internally rated BBB+ and below, the unhedged exposure of the borrower should be less than or equal to
50% of its total foreign currency exposure. In case the above threshold is breached then the same has to be highlighted to the
respective sanctioning authority and justification for the same has to be mentioned in the proposal note by the business group.
Likely Incremental provisioning requirement on the total credit exposures over and above extant Incremental capital
loss/EBID % standard asset provisioning requirement
% %
% %
B. OFAC QUESTIONNAIRE
Various multilateral international agencies (such as OFAC, European Union, United Nations, UK HM Treasury, etc) enforce economic
and trade sanctions. These sanctions are either targeted against certain individuals or entities or against a country as whole. An
individual or an entity under sanctions is commonly termed as a Sanctioned entity. The Office of Foreign Assets Control ("OFAC") of the
US Department of the Treasury administers and enforces economic and trade sanctions. A country under OFAC sanctions is called a
"Sanctioned Country" (SC). Currently the five SCs as per OFAC sanctions are a) Crimea region of Ukraine b) Iran c) North Korea d) Cuba
e) Syria. An individual or an entity under OFAC sanctions is commonly termed as a "Specially Designated Nationals"(SDN). For any
lending/facilities/investments to be made, please answer the below questions only in a YES or a NO. In case of any of the answers
being in the affirmative, mail clearance will be required by writing to [email protected] (for details please refer e-circular 12092).
OFAC QUESTIONS Yes/No

Q1. Are any Shareholders/ Joint Venture Partners/ Associates of the customer incorporated or located in any of the Sanctioned
No
Countries (SCs)?
Q2. Does the customer have any trade relations and/ or dealings with any of the SCs or a Sanctioned entity/SDN?* No
Q3. Is the funding intended for any use in a SC? No
Q4. During the name screening process through AMLOCK, has any match been found on the names of the customer / members
No
of the board of the customer/ shareholders?**
Q5. Does the customer have any borrowing of funds from any bank located in any of the SCs? No
*Screenshot printouts of amlock checks to be adequately filed.

Please confirm if the requisite KYC documents as per the applicable e-circular have been obtained from the applicant
Yes
*The evidence for the above confirmations should be held on record along with the facility documentation.
** As per name screening process through AMLOCK. The screening has to be carried out each time when facility is reviewed irrespective
whether the screening was carried out earlier(e.g at pre-sanction appraisal stage)
C.DETAILS OF SPPI and BUSINESS MODEL
Solely payments of principal and interest (SPPI) determination:

Classification of business model
Classification Term Loans Working Capital Loans
Loan to be held (Amortised Cost) 170.0
Loan to be sold on best efforts (FVOCI)
Loan to be syndicated(FVTPL)
Total sanction amount 0.0 170.0
D. ROC Search Report:
Particulars Remarks/Actions
Whether print of index of charges has been filled Yes

Time-line for conducting ROC Search Pre sanction
For pre-sanction applicability:
Discrepancies, if any No
Proposed action/resolution for the said discrepancies with due date
Back to Index
28. ANNEXURE VII
Financial Difficulty Details Applicable:Yes
Whether the borrower account is in financial difficulty * No

Justification
for not
Sr. No. Proposed Parameters Y/N classifying as
Financial
Difficulty
Default with any lenders as on the date of sanction
Default means non-payment of debt when whole or any part of the instalment of the debt
has become due and payable and is not paid by the debtor or the corporate debtor, as
the case may be. N o
justification
1 For revolving facilities like cash credit, default would also mean, without prejudice to the No
permitted, it
above, the outstanding balance remaining continuously in excess of the sanctioned limit
criteria is met
or drawing power, whichever is lower, for more than 30 days.
(A default, as per the definition provided in the framework, shall be treated as an indicator
for financial difficulty, irrespective of reasons for the default.)

De-listing of the securities or are under threat of being delisted from an exchange due to
non-compliance with the listing requirements or for financial reasons or suspension of N o
shares/securities on the stock exchanges justification
2 No
(A borrowerâ¬"s outstanding securities have been delisted, are in the process of being permitted, it
delisted, or are under threat of being delisted from an exchange due to noncompliance criteria is met
with the listing requirements or for financial reasons.)
Assessment of the borrowersâ¢s cash flows & debt servicing obligation for 3 years (table
appended below)
(A borrower not in default, but it is probable that the borrower will default on any of its
exposures in the foreseeable future without the concession, for instance, when there has N o
been a pattern of delinquency in payments on its exposures. justification
3 Yes
permitted, it
On the basis of actual performance, estimates and projections that encompass the criteria is met
borrowerâ¬"s current level of operations, the borrowerâ¬"s cash flows are assessed to
be insufficient to service all of its loans or debt securities (both interest and principal) in
accordance with the contractual terms of the existing agreement for the foreseeable
future.)
NPA/Wilful defaulter/Non-co-operative borrowers / fraud/ or in the Red Flagged list with

other Bank.
4 No
(A borrowerâ¬"s credit facilities are in non-performing status or would be categorised as
nonperforming without the concessions.)
In case the abovementioned events occur, the testing of financial difficulty would be done
for all cases rated BBB or below (this includes cases rated BB & B also).
5 (A borrowerâ¬"s existing exposures are categorised as exposures that have already Yes
evidenced difficulty in the borrowerâ¬"s ability to repay in accordance with the bankâ¬"s
internal credit rating system.)
Borrower is not in
Overall conclusion for classification/non classification as borrower with Financial Difficulty financial difficulty as
per parameters
Dues vs. Ability
(Rs. in Millions)
Sr.
Item FY-2020 FY-2021 FY-2022
No.
1 Interest 67.36 50.69 46.98
2 Principal Repayment(2a+2b+2c) 40.077 53.37122 41.251000000000005
3 Short term loans
4 Repayment of loans 40.077 53.37122 41.251000000000005
Any other principal payments including
5
bonds/debentures
6 Total (1+2) 107.44 104.06 88.23
7 PAT + Interest + Depreciation+ Deferred tax 126.26270099999999 125.834 132.524
Other sources (includes sources like Equity infusion,
8 unsecured loans of promoters, refinance, fresh loans,
monetization of assets, etc)
9 Total (4+5) 0.00 0.00 0.00
If cash flow is sufficient to meet the obligations then no further action required. If the cash flow is not
sufficient then there justification will need to be provided as to how the shortfall will be met. In case there
is no adequate justification, then the case will have to be classified under financial difficulty.

The aforesaid parameters would be captured in the appraisal note. Based on the analysis of these factors,
the aspect of whether the borrower is in financial difficulty would be arrived at and articulated in the
appraisal note.
Back to Index
29. ANNEXURE VIII

Operations and Review : NA
Back to Index
30. ANNEXURE IX
Exposure Details
A) Exposure to industry as on 30-09-2020 is 1.19% of the total exposure as on Rs 235227.00 million (Last date of the previous quarter)
B) Have the provisions of Section 19 (2) of the Banking Regulation Act 1949 been complied with: Yes
C) Have the provisions of Section 19 (3) of the Banking Regulation Act 1949 been complied with: Yes
D) Subsidiary /Joint venture/ Step-down subsidiary ?- No
A joint venture between an Indian

A step-down subsidiary which is wholly
An overseas wholly-owned subsidiary of company and a foreign company abroad,
owned by the overseas subsidiary(ies) of
an Indian Corporates? with the Indian company holding more
Indian Corporates?
than 51%?
No No No
E) In case of derivative limits being sanctioned:
Break clause
Margining
Derivative details
(Rs. million)
Maximum
Utilisation(hig
Margin calls Margin calls Calls delay in
Limit MTM her of
made honoured Extended Margin
OEM/CEM)
payment
Whether deals cut and losses booked,

if any
TODs outstanding if any( with dates)
Overdues
With respect to derivatives facilities, please mention specific location to be mentioned with limit:Rs. in million
Location (India/Bahrain/OBU/Singapore/Srilanka/Hong Kong Limit
NA 0.0

NA 0.0
Derivative details (Bankwise)
Utilisation( Profit/loss
Limit MTM higher of Overdues booked in
OEM/CEM) current FY
NA 0.0 0.0 0.0 0.0 0.0
NA 0.0 0.0 0.0 0.0 0.0
Total 0.0 0.0 0.0 0.0 0.0
F) Share of wallet
Interest charges (%) 100.00% Non-interest charges (%) 100.00%
G) Borrower's details
Permanent Account Number (PAN) AAECM1658H

BSR Code 27101
Date of last Sanction 02-01-2021
Date of Renewal 02-01-2022
Whether the account was restructured No
H) Whether the loan application of the borrower was rejected in past :
NO
I) Information regarding litigation (if any) faced by the borrowers/guarantors initiated by its financiers (including ICICI Bank) :
NO
J)
Sharing of Information, where borrower is availing credit facilities from more than one banker as per RBI Circular Lending under
consortium arrangement / Multiple banking arrangements.
Declaration from borrower regarding information with regard to

credit facilities availed from other bankers is obtained - Yes
Annexure I
Quarterly exchange of information about the conduct of the

borrowers account with other lending bankers is done - Yes
Annexure II
Half-yearly certification by professional with regard to

compliance of various statutory prescriptions is obtained as Yes
per Annexure III
Declaration on directors
"None of director/senior officer of ICICI Bank or any other bank is: a director, manager, managing agent, employee or
guarantor of the Borrower, or of a subsidiary of the Borrower, or of the holding company of the Borrower or holds
substantial interest, in the Borrower or a subsidiary or the holding company of the Borrower and no directors of any 30-09-2019
other bank holds substantial interest or is interested as director or as a guarantor of the Borrower."

No relative (as specified by RBI) of a Chairman / Managing Director or director of banking company (including ICICI Bank)
or a relative of senior officer (as specified by RBI) of ICICI Bank, hold substantial interest or is interested as a director or
as guarantor of the Borrower. None of the borrower/director(s) of the borrowing entity is a director/trustee in any of the Yes
mutual funds/venture capital funds including subsidiary(ies) of ICICI Bank.
Back to Index
31. ANNEXURE X
Declaration:
The sanctioning authority is requested to note the following :

i. Program does not permit Capital market exposure real estate exposure
ii.
Whether tangible security/(ies) fully cover the loan value No

Value of such security:
iii.Whether any related party transaction :
iv.The exposure is classified as Micro Service Enterprise exposure / Micro Manufacturing enterprise exposure / Small Service
Enterprise exposure / Small Manufacturing Enterprise exposure / Medium Manufacturing Enterprise exposure/ Medium Service
Enterprise exposure/ Retail Trade up to Rs.2.00mn exposure as per RBI definition. (Kindly delete this point if the exposure is other
than SME Exposure) :Medium Manufacturing Enterprise exposure
v.The following facility(ies) would qualify as Priority Sector :
Priority Sector Classification for Micro , Small and Medium Sector Exposure
Code Sub Sector Code Description
Priority MEMF Medium manufacturing
Priority Sector
Direct
Finance -
Small /
Facility Direct Indirect Other Weaker Section credit*
Micro
Finance to Finance to Priority
(Manufactur
Agriculture Agriculture Credit
ing /
Service
enterprise)
Cash Credit - - 160.0 - -
Rupee Term Loan - - 54.0 - -
Whether the MSME unit is ZED rated No.
Rehab Details
*Please indicate additional information on weaker section credit viz. amount and the category of weaker section qualifying for priority credit)
Note: Include only fund-based limits.

Mention the amount eligible for the respective category above in the table.
Other priority credit includes:
1. Micro Credit (i.e. Loans of very small amount not exceeding Rs50000 per borrower provided by banks either directly or indirectly through
a SHG/JLG mechanism or to NBFC/MFI for on-lending up to Rs50000 per borrower).
2. Education or Housing Loans

3. Weaker Section)If yes, please fill Section Annexure IIA (for capital market)/Annexure IIB (for real estate)
PSL Details of Facility Limits:
Sector
Mode of
Sr.No Type of Facility WC/TL Code(Priority/N Sub Sector Code
Advance
on Priority)
1 Cash Credit I-Core Priority MEMF OTH-Others
2 Rupee Term Loans I-Core Priority MEMF OTH-Others
Non Priority-
3 Letter of credit I-Core Non Priority OTHERS
Others
Back to Index
32. ANNEXURE XI
SM Declaration
The following declaration table needs to be incorporated in the proposal note by RCM based on the above points:-
Declaration Yes/No/NA
The bank statement/ Bank sanction letter have been duly verified and the summary has been mentioned in the proposal. Yes
Order copies for order based businesses have been duly verified by us. No
CMA has been classified as per the Balance sheet classifications circulated by SPRG. Yes
All terms and conditions are as per the standard templates mentioned in Universe. In case of deviations, the same has been
Yes
specifically mentioned in the proposal.
The format used is as per the standard format on SPRG URL. Yes
The Exposure norms / classification is as per Banks / RBI guidelines. Yes
RCU screening and sampling of required documents is done. No
Above deviations are not in contravention to program norms/ bank guidelines/ Credit policy and RBI guidelines. Yes
Dedupe has been done as required by OG and in case of any default, necessary approval as per deviation matrix has been
Yes
obtained and held on record.
The priority sector classification has been done as per the circular and necessary documents supporting the same have been
Yes
obtained and held on record.
Existing facilities enjoyed with ICICI bank by the borrower and its group concern verifies and commented upon in the note. Yes
The account conduct has been duly verified by Relationship Banking Group/Credit and the summary has been mentioned in
the Operation view sheet and Asset review sheet and the same has been highlighted in the proposal as per operating Yes
guidelines and program note.
All post sanction amendments and approvals through PAAM has been verified and incorporated in the proposal. Yes

SM Checklist Yes/No/NA
Only filled in audited financial years' data in customer details tab Yes
Downloaded and verified all commercial and individual CIBIL reports for accuracy Yes
Uploaded correct mandatory documents in the document checklist tab Yes
Answered all questions from iCABS bank statement analysis after discussions with customer, if required No
Answered all QCA questions and provided appropriate rationale after due consultation with the customer, if required Yes
Completed the proposal in all aspects to the best of my abilities to ensure a first-time right application Yes
Environmental & Social Management Framework (E&S Framework) :
Environmental & Social Management Framework is applicable ? Yes
It has been checked and hereby confirmed that the facility proposed
to be utilized is not towards any of the activities stated in the
Yes
exclusion list mentioned in the Environmental & Social Management
Framework (E&S Framework))
A declaration has been obtained from borrower for compliance with

Yes
applicable environmental guideline / approvals
CA Checklist Yes/No/NA
Ensured all discrepancies in QCA answers have been discussed and resolved with the SM Yes
Verified all commercial and individual CIBIL and de-dupe reports for accuracy Yes
All iCABS Bank Statement Analysis questions have been satisfactorily answered by the SM Yes
The proposal complies all Infinity program norms Yes
Back to Index
33. ANNEXURE XII - Note Validation
Corporate Loan

General-purpose loans for meeting normal capital expenditure, long-term working capital and short-term liquidity needs of
corporates, as well as for any other normal requirement of funds including license fee payments, repayment of high cost
debt, insurance premium payments. Corporate loans maybe offered subject to the following: ? Assessment shall be carried
out based on whether the loan is intended to meet gap in working capital requirement, normal capital expenditure,
expenditure which is exceptional in nature etc. ? The tenor of the corporate loan should be commensurate with the
1 Yes
requirement of the client and the projected cash flows of the borrower. ? It must be ascertained that the proposed additional
borrowing together with the existing borrowing should be within the borrowing limits as specified by the board of the
borrower. ? While assessing the requirement, due consideration shall be given for any credit enhancements provided by way
of guarantee from borrower/group entities/liquid collateral, visible cash flows etc. ? End use for such loans shall be
determined at the time of sanction and shall be monitored in accordance with the Bank's end use monitoring procedure.
Dedupe
As per CRP if names of any of the directors/partners/company appears in the RBI/ECGC/CRILC/AMLOCK/Credit information
companies etc, then justification for extension of credit facilities should be included in the proposal. Such justification should
include background of the borrower, the circumstances under which name of the borrower appeared in the defaulters list,
1 remedial steps taken by the borrower for removing the names & potential impact of the extension of credit facility by the bank Yes
to such borrower. Declaration needs to be taken from the customer and maintained in file. All dedupe/SMA approvals to be
taken from relevant authorities and kept on record. If the borrower or its directors appear on the RBI caution advices list, we
cannot provide funding to the client.
In case collateral from third party is taken- Pre-sanction dedupe checks of the collateral provider by way of checking the
2 Yes
databases of CIBIL, CRILC, RBI list of defaulters/wilful defaulters, etc should be conducted.
If the AMLOCK de-dupe match is false; then only 'false match' needs to be mentioned in both the sections of the note. If the
match is true; post taking approval from relevant authority(as per defined process); in the requisite sections of the appraisal
3 Yes
note SM/RM will write 'Yes' and in bracket 'Confidential & due approvals from authorities as per policy has already been
taken'.
Foreign guarantor
"A person resident in India being the principal debtor, to make payment to a person resident outside India being a guarantor,
such payment being by way of reimbursement of the payment made to the resident creditor by the non-resident guarantor
under the guarantee furnished by him on behalf of the principal debtor; Provided that the amount payable by way of
1 Yes
reimbursement by the resident principal debtor shall not exceed the rupee equivalent of the amount paid by the non-resident
guarantor under the guarantee". Please note that "Such reimbursement should be done within reasonable period (say one or
two months) from the date of inward remittance from guarantor."
General guidelines
1 Purpose must be mentioned in the term sheet of all facilities provided to the client Yes
2 Interest repayment frequency of CC/WCDL/LOCSTL/TL should be monthly. Yes
3 Latest declaration for common and relative of directors to be incorporated in the term sheet Yes
4 Incorporate the contingent liability and statutory auditors comments Yes
5 Incorporate the reason for Current ratio <1.2 Yes
6 Status on Compliance with policies/guidelines/directives- Check all the e-circulars and incorporate accordingly Yes
7 Penal interest, if any, needs to be either collected or waived off. Quantify the waiver amount in the deviation table. Yes
Express renewal should be taken if the sanction is expiring & the renewal is delayed for any reason. All working capital
8 limits, CMS and derivatives need renewal. It is not prudent to not take express renewal and ratification of the same during Yes
renewal. Approval of continuation of limit needs to be taken if renewal/express renewal not done.
Name of group companies along with financial details need to be disclosed in the note. If the financial details of such group
9 Yes
companies are not available, then the same has to be mentioned in the note.
10 Default interest rate table should be present for all facilities proposed to the client Yes
11 Pending compliance as per latest CMOG reports to be incorporated in the note along with closure timelines Yes
Please incorporate in note- Immovable fixed assets to be valued at least annually, subject to extant regulatory guidelines.
12 However, for commercial, industrial and residential properties, the bank would obtain valuation report at least once in two Yes
years. Cases under consortium banking arrangement would follow the timelines stipulated by the lead bank.
13 Please ensure that discrepancies in charges, if any, appearing in the MCA site is/are incorporated in the note. Yes
14 Detailed explanation, for each row item, required for negative variation in projections vs actual. Yes

15 Please provide explanation for excess borrowing in the note. Yes
Please mention the reason for using turnover method of assessment/MPBF 1 method instead of MPBF 2nd method of
16 Yes
lending
17 Method of calculation of MPBF should be incorporated in the note Yes
In case of import/export/business transactions with other countries, share the customer/RM declaration to SMEAG
Compliance and incorporate the details in the OFAC table. In case of transactions with OFAC countries, please take the
18 approval of OFAC committee prior to presenting in sanctioning forums. The customer/RM declaration should not be older Yes
than 3 months from the date of sanction. In case of RM declaration, the declaration along with the supportings based on
which RM has provided the declaration must be kept on record.
Interchangeability of limits: 1. There shall be no sub-limit/ interchangeability between CMS/ derivatives and other facilities 2.
For sub-limit/ interchangeability between NFB and FB facilities, the following shall be applicable: a. Where the primary
sanctioned facility is a fund based facility, interchangeability/ sub-limit involving conversion of FB facility to NFB facility
would be permitted b. For cases rated BBB & below, where the primary sanctioned facility is a NFB facility, no sub-limit/
interchangeability from NFB to FB shall be permitted. 3. Sub-limit/ interchangeability between fund based facilities which are
19 drawing power backed and non-drawing power backed is permitted only if all the following criteria are met: a. Rating of the Yes
borrower to be BBB+ or better, b. Approval for the sub-limit/ interchangeability to be specifically obtained from the
sanctioning committee, c. Assessment of revised limits, including the extent of interchangeability, should be detailed in the
proposal note. The aforementioned clauses would be applicable on a prospective basis for each case from the date of fresh
sanction/ renewal. Thereafter, if there is a rating downgrade, the aforementioned clauses would be applicable based on the
revised rating.
Reduction in rate of interest (due to reasons other than competitive reasons) will amount to restructuring of the client.
20 Yes
Please document the reason adequately with sufficient proof of competitive offers
21 Request letter from client on record for availing the facilities Yes
22 LEI number should be active at the time of sanction of the credit facilities Yes
Prepayment penalty clause is not applicable for Micro and Small enterprises. Please ensure the clause is removed for Micro
23 Yes
and Small enterprises
Pricing to be linked to Repo rate if the case falls under the Micro, Small and Medium enterprise (MSME) category. Please
24 Yes
ensure Repo rate is considered for MSME enterprises
Letter of Credit
1 Detailed assessment of LC to be incorporated in the note Yes
Calculation of LC operating cycle to be incorporated in the note. The LC operating cycle should be in lines with the
2 Yes
usance period
Return on Equity (ROE)

1 Adequate reason to be provided for ROE <=16.5%. Yes
Proposals with pricing below cost of funds shall be approved only by COSM/COED or CC, except for Originate-for-Sale
2 Yes
proposals, which shall be approved by COE, subject to a minimum pricing of 3% below cost of funds
Shares taken as collateral security

Incorporate in the term sheet- "In case of pledge of shares, the shares are classified under Investment 'Held for Trading'
1 category and are not held beyond 90 days and also the shareholding does not exceed five percent of the investee's equity Yes
capital."
2 The shares are held in dematerliased form. Yes
It is also subject to the provisions of Section 19(2) of the Banking Regulation Act, 1949 whereby a banking company
cannot hold shares in any company whether as pledgee or mortgagee or absolute owner of an amount exceeding 30 per
3 Yes
cent of the paid-up share capital of that company or 30 per cent of its own paid-up share capital and reserves, whichever
is less."
4 Shares can not be taken as primary security. Yes
Sole/Multiple/Consortium banking

If client is banking with more than one bank, client is in multiple banking. Sharing of information (Annexure I, II and III) is
applicable. Please note that there is no concept of working capital sole banker. Sharing of information (Annexure I, II and III)
is exempted if any of the following condition is met: a) where all facilities are under sole banking arrangement. Client is not
banking with any other bank b) where all facilities including derivatives are under consortium (only Annexure II not
1 applicable) c) where the total exposure to the borrower is below Rs. 50.0 million from the Banking System d) where the Yes
borrower has no other borrowings except for auto loan, commercial vehicle loan, two wheeler loan, commercial equipment
loan, etc. is below Rs. 5 million e) where the borrower has no other lenders except NBFCs f) Cases where the exposure is
booked in an overseas branch and the borrower is a Non-Indian entity g) NPA suit filed cases (applicable for NPA cases) h)
facilities against 100% FD/SBLC or bill discounting backed by letter of credit
In case of multiple/consortium banking cases: a. Please incorporate following points in operational T&C Pre-Limit set up
condition: i) Declaration from borrower regarding information with regard to credit facilities availed from other bankers is
obtained as per Annexure I of the RBI Circular 'Lending under consortium arrangement/Multiple Banking arrangements'
before limit set up ii) Exchange of information about the conduct of the borrower account with other lending bankers is done
as per Annexure II of the RBI Circular 'Lending under consortium arrangement/Multiple Banking arrangements' in RBI
2 prescribed format (not to be communicated to client) before limit set up. b. Please incorporate following points in operational Yes
T&C: i) Quarterly exchange of information about the conduct of the borrower account with other lending bankers is done as
per Annexure II of the RBI Circular 'Lending under consortium arrangement/Multiple Banking arrangements' in IBA prescribed
format (not to be communicated to client). ii) Half-yearly certification by professional with regard to compliance of various
statutory prescriptions is obtained as per Annexure III of the RBI Circular 'Lending under consortium arrangement/Multiple
Banking arrangement within 90 days of each half year end.
3 Waiver of sharing of information (Annexure I, II and III) cannot be approved by sanctioning authority. Yes
For Multiple/Consortium banking cases, incorporated in the term sheet- The overall working capital bank finance will not
4 Yes
exceed MPBF limits
Term Loan/Project Loan

Cases wherein project is not yet complete, it would be treated as Project Under Implementation (PUI) and NPA guidelines
1 Yes
for project will be applicable. Keep NPA cell informed of the Date of commercial operation (DCCO) of the project
2 DCCO to be incorporated in the note Yes
3 Incorporate the status of various approvals for the project in the note Yes
4 Stage-wise project completion schedule to be documented in the note Yes
5 Reimbursement of expenses cannot be done for bills which are older than 6 months from the date of sanction Yes
6 Projections to be included in the note upto the final repayment of the term loan Yes
7 Term loan cannot be given for general business purposes Yes
8 Adequate safeguard to be incorporated regarding end use of funds Yes
Back to Index
34. ANNEXURE XIII - Physical Performance
Physical Performance :Yes
Year ended March 31, 2017 2018 2019 2020

Installed capacity (MT) 26100.0 30935.0 34683.0 45000.0
Production (MT) 20650.0 25360.0 28676.5 33750.0
Capacity utilization (%) 79.11% 81.97% 82.68% 75.00%
Sales (MT) 0.0 0.0 0.0 0.0
Revenue (Rs million) 817.8 1267.4 2043.1 2059.0
Avg. revenue realisation (Rs/unit) 0.0 0.0 0.0 0.0

Industry average capacity utilization (%) 0.0 0.0 0.0 0.0
Year ended March 31, 2017 2018 2019 2020

Installed capacity (MT) 26100.0 30935.0 34683.0 45000.0
Production (MT) 20650.0 25360.0 28676.5 33750.0
Capacity utilization (%) 79.11% 81.97% 82.68% 75.00%
Sales (MT) 0.0 0.0 0.0 0.0
Revenue (Rs million) 817.8 1267.4 2043.1 2059.0
Avg. revenue realisation (Rs/unit) 0.0 0.0 0.0 0.0
Industry average capacity utilization (%) 0.0 0.0 0.0 0.0
Back to Index
35. ANNEXURE XIV - Additional Details
Additional Details
Additional Comment 1
COMMENTS ON FINANCIALS:
Turnover
Maiden has shown a turnover of Rs 2041.2 million in FY2020 from a turnover of Rs 2051.3 million in FY2019. The company had projected sales of
Rs 2,716.9 million in FY 2020, the drop of sale is on account of impact due to Covid -19 and lockdown in March 2020 and slowdown in business in
general. The borrower has already achieved a sale of Rs 730.0 million till September 2020 due to impact of lockdown , however the borrower shall
achieve sales of Rs 2060 million in FY2021 due to good order inflow. The sales of Rs 1650 million has been validated through the GST statements
for FY2021 till Jan 2021
Break up of Domestic and Export Sales is given below
In Rs Million
FY2020 FY2021
Domestic Export Domestic Export
1993.8 47.6 711.7 15.9
Month wise sales is given below
FY2019 FY2020
Apr 135.22
May 148.01 30.28
June 134.07 88.44

July 160.39 192.29
Aug 144.73 178.10
Sept 198.11 217.87
Oct 166.13 230.2
Nov 185.16 215.3
Dec 206.31 232.4
Jan 182.53 223.9
Feb 193.03 199.7
March 119.31
Total 1973.0 1808.5
Profitability
The company's EBIDTA margin in FY2020 is 6.54% in which was 4.62% in FY2018 and FY2019. The EBITDA percentage has improved in FY2020.
The company deals in two segments Stainless Steel(SS) and Carbon Steel(CS) the Gross margin in SS is approx. 15% and in CS is 5%. In FY2019
the composition was 35 %(SS) and 65%(CS). In FY2020 the composition was 45 %(SS) and 55%(CS) hence the EBITDA % improved in FY2020.
Going forward also the company is focusing more on SS and the profit margins shall be maintained . Also with the enhancement of WC limit the
company also intends to reduce the creditors hence the borrower shall avail discount from the creditors hence the profit margins shall further
improve .
Leverage
In FY2020 TOL/ATNW has improved to 2.4 times due to retention of profit,repayment of term loan and infusion of quasi equity the TOL/ATNW in
FY2019 was 3.4 times
Working Capital Cycle
The debtor days(average for last 3 years) of the company is in range of 66 days. Inventory days is in the range of 46 days. Creditor days is in the
range of 36 days.
Current Ratio
Current ratio is mantained at 1.2 times in FY2020 against 1.1 times in FY2019 . The current ration is lower due to investment in fixed assets for
increasing the capacity
Breakup of Non Current Assets
Particulars FY2018 FY2019 FY2020
Security Deposits 1.5 1.5 2.9
FDs under lien 12.3 11.4 12.2

Debtors more than 6 2.3 24.6 11.8
months
MAT credit 0.0 4.6 1.4
Others 0.2 0.2 0.1
Total 16.3 42.3 28.4
Break up of Non Current Liabilities
Particulars FY2018 FY2019 FY2020
Ruppee Term Loans 179.1 205.6 171.7
Deferred Tax 0.0 7.6 6.1

Liabilities
Total 179.1 213.2 177.7
Key assumptions:
● EBITDA margins have been projected at 6.5% in FY21 and FY22

● Interest on working capital limits have been calculated as per the interest rates and BG commision
mentioned in the sanction letters of all the banks with 100.0% utilization. This has resulted in increase
in interest costs.
● In FY21 inventory holding has shown as 42.9 days in FY2021 and 40.5 days in FY2022 also the debtor
days have been shown at 69 days in FY2021 and 68.9 days in FY2022.
● Tax rate has been taken as 25% in FY2021 and FY2022
● Depreciation rate has been taken as per trend in the past
● TOI of Rs 2060 million has been shown for FY2021 .

GST working table
FY2020(Rs Mn)
Apr 160.6
May 175.3

June 163.4
July 190.3
Aug 171.2
Sept 234.4
Oct 197.2
Nov 220.8
Dec 251.5
Jan 226.7
Feb 235.5
Mar 140.1
Total 2367
Impact of Covid -19
The company has been impacted due to Covid 19 and lockdown since March 2020. In FY2021 also the sales has been impacted specifically in the
month of April, May and June. However July onwards the business has picked up nicely and the company has already done Rs 730 million of sales
in FY2021
Moratorium and ECLGS
Due to the lockdown the borrower had availed moratorium from March 2020 to August 2020 on both principal and interest components. The
borrower has also availed ECLGS from the Indusind Bank of Rs.35.1 million, Hero Fincorp of Rs.7.9 million, Edelweiss Capital of Rs.5.0 million, &
Northern Capital of Rs.5.0 million.
Audited Vs Projection FY2020
S.N. Particular Projected Audit Remarks
1 TOI 2716.9 2042 The drop in sales is due to 2

reasons. First is due to the fact
that the enhanced portion of
WC limit could not be
disbursed to to delay in
security creation. Secondly in
the month of March impact on
sales due to COVID-19

2 EBITDA 136.2 133.7 EBITDA percentage is
maintained at previous years
level
3 EBITDA% 5.01% 6.54% The EBITDA percentage has

improved in FY2020. The
company deals in two
segments Stainless Steel(SS)
and Carbon Steel(CS) the
Gross margin in SS is approx.
15% and in CS is 5%. In
FY2019 the composition was
35 %(SS) and 65%(CS). In
FY2020 the composition was
45 %(SS) and 55%(CS) hence
the EBITDA % improved in
FY2020
4 PAT 34.9 16.6 Drop in PAT is due to non

achievement of projected
sales as per the reasons
already provided above as the
net profit also came down due
to lower sales
5 PAT% 1.28 0.81% Drop in PAT is due to increase

in depreciation and finance
expenses
Stock Audit Critical Observations
Critical Audit observation of stock Audit:
● The company has paid to Aditya Birla ● Term Loan of Aditya Birla Finance was
Finance Limited Rs.35.00 million on 30-09- taken over by ICICI Bank. Hence initially at
2019 from CC account of ICICI Bank for the time of takeover some entries were
repaying the business finance availed from made by the borrower through CC
Aditya Birla Finance Limited. Account.
● The company is availing channel finance ● The client is submitting the debtor
limit from SBI having O/s. of Rs. 48.76 amount for DP calculation after excluding
million as on 2902-2020 and also availing the discounted bills from the total debtors
purchase bills discounting facility from in stock statement.
Oxyzo Financial Services Pvt. Ltd. Having ● The provision was appropriately made for
O/s. of Rs. 8.31 million as 29-02-2020, but multiple parties, however the amount was
the same has not been declared under recovered in March hence the provision is
stock purchased against other facilities. not shown in Provisional financial

● We have noted that provision has been statement of FY2020. However,
done by the company, for the debtors not condition is stipulated that ledger of
received from more than 365 days of Rs. provision for doubtful debtor shall be
19.50 million outstanding as on 29-02- provided prior to disbursement with name
2020. of parties for which provision of Rs.19.50
● The company has not satisfied charges of was made and Ledgers of major parties to
Oriental Bank of Commerce & DHFL from confirm recoverability of the amount.
which company is not availing any finance ● Currently, as per Provisional financial
at present. statement of FY2020 loan of Rs.7.2 million
● The location C-118, site-1, BS Road, is o/s from DHFL. Charge for OBC Bank is
Ghaziabad, is not added in the insurance not satisfied by the borrower Covid-19
policy, where stock of Rs.63.89 million was restrictions. However, condition is
lying as on 29-02-2020. stipulated NDC from OBC Bank shall be
● Stock of the company is also lying in C- obtained by April 30, 2021.
118, site-1, BS Road, Ghaziabad, but the ● We have sensitized the client about the
same is the registered address of the same and client will rectify it by March 31,
group company 2021.
Post Sanction details
Post sanction dated Sept 26, 2019
Sl Existing Terms Proposed Terms

No
1. Interest rate for Cash credit is IMCLR-6M + Proposed interest rate for Cash credit is
2.20% i.e. 10.70% IMCLR-6M + 1.70% i.e. 10.20%
2. Interest rate for term loan is IMCLR-1Y + Proposed interest rate for term loan is
2.70% i.e. 11.25% IMCLR-1Y + 1.95% i.e. 10.50%
3. Proposed commission for Letter of credit is Proposed commission for Letter of credit
2.50% with 15% FD margin is 2.00% with 15% FD margin
4. Property at C-118, Site-1, BS Road, Property at C-118, Site-1, BS Road,

Ghaziabad is owned by Maiden Forgings Ghaziabad is owned by Annapurna Melters
Private Limited and Founders Private Limited
5. - Corporate Guarantee from third party

security provider Annapurna Melters and

Founders Private Limited to be provided
within 90 days of disbursement (all
documentation pertaining to this corporate
guarantor including but not limited to POA,
ROC search report, etc. to be obtained
within 90 days of disbursementnot forming
part of CAL)
Realisation of detors:
Shiv Metal and RK Stee are the 2 suppliers of Maiden Forgings. As per the agreement reached Between RK Steel , Shiv Metals(both are suppliers
of the borrower) and Victora Auto(the customer of the borrower) The agreement was reached by the three parties as explained below
When the borrower started business with Victora Auto they started buying their Raw Material from RK Steel and Shiv Metals, as Victora has specific
requirement of these grades and their procurement is done by RK Steel and Shiv Metals. Earlier Victora used to buy it from RK Steel and Shiv
Metals and get the job work done. So they had older understanding. But instead of getting job work done for making them Bright Steel, Maiden
came into picture and started buying from RK Steel and Shiv Metals and selling it to Victora after making them bright steel. But any how the
payments from Victora were getting delayed and therefore, Maidens payments to the 2 firms were getting delayed and thus, Maiden was not able
to procure materials from the 2 suppliers. Since the 2 had a strong understanding and trust level therefore, all 3 had reached an agreement
wherein, it was decided that the 2 suppliers would directly realize this payment from Victora, instead of Maiden, and Victora was also comfortable
with the same as they can have continuous supply. It was clearly agreed that Maiden is free from the liability of this amount forever as well as
Maiden Cant request the same amount from Victora in future. Thus, as per this agreement transfer entry was made. The agreement was reached
by the three parties in the month of January 2020, though due to GST input issues the internal auditor suggested that they don't perform the same
in the month of January. Thus, as per the suggestion the client has made the transaction in back date of July 2019
We have taken the feedback from Mr Nikhil Goel (9811132747) of RK Steel and he has confirmed regarding the mutual arrangement between the 3
parties.
List of Supplier FY 2018-19
AMOUNT (Rs
S.No. PARTY NAME million) PERCENTAGE Nature of goods
1 M/s Shivaye Traders 90.81 4.96% Steel
M/s Steel Authority of India

Steel
2 Limited 206.9 11.3%
M/s Regal Metal & Ferrous

Steel
3 Alloys 119.2 6.51%
M/s Shubham Fertilizers &

Steel
4 Chemical 112.4 6.14%

M/s Rashtriya Ispat Nigam
Steel
5 Limited 80.6 4.4%
Total 609.91

List of Customer FY 2018-19
AMOUNT (Rs
S.No. PARTY NAME million) PERCENTAGE Nature of goods
M/s Shivam Autotech

1 Limited, Haridwar 34.1 1.66% Steel Components
M/s Ghaziabad Precision

Steel Components
2 Pvt Ltd 51.3 2.5%
3 M/s Premier Pin Industries 73.9 3.6%

Steel Components
M/s Victora Auto Private

Steel Components
4 Limited 196.0 9.55%
5 M/s Rotomek Seals Pvt Ltd 29.5 1.44% Steel Components
Total 384.9
Additional Comment 2
Target Market Norms
S.N. Criteria Standard Actual Justification
1 Minimum Vintage Entity should have 15 years NA

atleast one year of
audited financials
(covering atleast 9

months of actual
operations)
2 PAT Positive Rs 16.6 million NA

FY2020 (audited)
3 TNW Positive Rs 213.9 million NA

FY2020 (audited)
4 ATNW Positive Rs NA
288.9 million
FY2020 (audited)
Stock Statement Analysis
(in Rs million)
Aug Sept Oct Nov Dec Jan
Stock 219.63 263.9 262.17 289.66 244.44 338.16
Debtor 262.6 382.6 408.09 359.42 356.22 281.07
Less than 90
days 235.2 364.16 391.14 341.8 331.4 263.45
Creditor 50.65 148.06 169.13 184.3 155.14 163.87
328.305
DP 303.135 360 363.135 335.37 315.525
Annexure II
Indusind Bank (existing) ICICI Bank (Proposed)
Date of Sanction 31.08.2020 Not Applicable
Limits 1. CC : Rs 130.0 Mn 1) CC : Rs 160.0 Mn

2. PCFC(sub limit of CC): Rs 20.0 Mn
2) RTL: Rs 54.62 Mn
3. Term Loan -1 : Rs 52.38 million
4. Term Loan -2 : Rs 13.63 million 3) LC: Rs 10.0 Mn
5. Term Loam -3 : Rs 6.25 million

6. LC/BG(sub limit of CC) : Rs 40.0
7. LCBD : 20.0 million
8. Derivative : Rs 3.1 million
Pricing 1. CC : 9.6% p.a. 1. CC : Repo rate + 4.6%

2. PCFC(sub limit of CC): LIBOR+100 2. RTL : Repo rate + 4.7%
Bps 3. LC : 1.25% p.a.
3. Term Loan -1 : 9.6% p.a.

4. Term Loan -2 : 9.6% p.a.
5. Term Loam -3 : 9.6% p.a.
6. LC/BG(sub limit of CC) : Not
mentioned
Processing Fees Rs 0.2 million + GST Rs 0.05 million + GST
Margin CC : 25% on stock, receivables upto 90 LC :15%

days less creditors
CC : 25% on stock,
LC : 20% receivables upto 90 days less
creditors
Usance Period Nil Nil
Security Primary First and exclusive charge on all First Pari Passu charge on all
existing and future receivables, current existing and future
assets, movable assets, movable fixed receivables, current assets,
assets of the borrower. movable assets, movable
fixed assets of the borrower.
Security Collateral ● Exclusive Charge on Industrial ● Exclusive Charge on

Property located at Plot No C-10, residential property
Bulandshahr road industrial area, located at KJ-122, Kavi
Site I, Ghaziabad Nagar Ghaziabad. Valued
● Exclusive Charge on Residential at Rs 39.4 million
Plot located at Khasra No 1246, ● Exclusive charge on
Morta Jalalabad, Meerut Road, residential property
Ghaziabad located at KJ-162, Kavi
Nagar Ghaziabad. Valued
at Rs 16.9 million
● Exclusive charge on
industrial property
located at C-118 BS
Road Industrial Area
Ghaziabad . Valued at Rs

130.3 million
Personal/Corporate Mr. Sanjay Garg, Mrs Nivedita Garg, Mr Mr. Sanjay Garg, Mrs
Guarantee Nishant Garg Nivedita Garg, Mr Nishant
Garg. Corporate guarantee
of Annapurna Melters and
Founders Private Limited

Summary of account conduct:
ICICI Bank CC Account Conduct (Sept 2019 to Aug 2020)
● Credit summation of Rs 835 million in ICICI bank

● Average utilization of fund based limit utilization with ICICI Bank is 85.7%.
● There were 4 instances of inward cheque returns due to technical and other reasons
● 21 instances of outward cheque return. Out of which 7 are due to funds insufficiency and others were
due to technical and other reasons
● There are delay in interest servicing in multiple months, with maximum delay of 35 days in March
2020. However the borrower had availed Moratorium for CC limit in March 2020
● There were 9 instances of overdrawing/TOD in cash credit account from Sept 1 2019 to August 31,
2020. Following are the details: 1 was due to fall in drawing power (regularized within 1 day).14 were
due to interest application (regularized with a maximum delay of 37 days).5 were due to penal
charges for non creation of security (regularized with a maximum delay of 9 days).
● 2 were due to recovery of stock audit charges (regularized with a maximum delay of 3 days).
ICICI Bank CC Account Conduct (Sept 2020 to Feb 2021)
● Credit summation of Rs 525 million in ICICI bank

● Average utilization of fund based limit utilization with ICICI Bank is 96%.
● There were NIl instances of inward cheque returns
● 12 instances of outward cheque return. Out of which 2 are due to funds insufficiency and others
were due to technical and other reasons
● There are delay in interest servicing in multiple months, with maximum delay of 2 days in
Jan 2021.
Indusind Bank CC Account Conduct (Dec 2019 to Nov 2020)
● Credit summation of Rs 1091 million in Indusind bank

● Average utilization of fund based limit utilization with Indusind Bank is 96.4%
● There were 17 instances of inward cheque returns, out of which 6 were due to funds insufficiency
and others were due to technical and other reasons
● 12 instances of outward cheque return. Out of which 8 are due to funds insufficiency and others were
● There are 2 instance of overdrawn of 23 days and 8 days in Dec-19 & Sept-19.The borrower had
availed Adhoc limit from Indusind Bank during this period

● There are delay in interest servicing in multiple months
● There were 5 instances of overdrawing/TOD in cash credit account from Sept 1 2019 to August 31,
2020. Following are the details: The client had availed Adhoc limit of Rs 15 million on Sept 30, 2019
which was regularized on Dec 30, 2019 In the month of September there were 4 instances of
overdrawing maximum of 5 days, however there were no instances of cheque bounces hence the
borrower had availed TOD
Bank Name Adhoc Amount (in Mn) Date of regularisation
Indusind Sept 30, 2019 15.0 Dec 30, 2019
Indusind May 30, 2019 15 Aug 28, 2019
Indusind Bank CC Account Conduct (Sept 2020 to Feb 2021)
● Credit summation of Rs 434 million in Indusind bank

● Average utilization of fund based limit utilization with ICICI Bank is 92%.
● There were 2 instance of inward cheque returns
● 2 instances of outward cheque return. Out of which 1 was due to funds insufficiency and others were
● There are delay in interest servicing in multiple months, with maximum delay of 1 days in
Jan 2021.

The borrower avails TOD and Adhoc limits from Indusind Bank from time to time. However No TOD or adhoc limit has been extended by ICICI Bank
to the borrower.
Hence total credit summation including CC account of ICICI Bank and Indusind bank is Rs 1811 million out of total sales of Rs 2059 million which is
turnover routing of ~88 percent
No BG invocation or LC devolvement in last one year as per the bank statement analysis.
We have checked CIBIL and CRILC of the borrower and no other discrepancy is found other than already mentioned in the note. Hence the account
conduct of the borrower is satisfactory for the working capital facilities
The borrower has also availed ECLGS from the Indusind Bank of Rs.35.1 million, Hero Fincorp of Rs.7.9 million, Edelweiss Capital of Rs.5.0 million,
& Northern Capital of Rs.5.0 million.
The borrower had availed Moratorium on both working capital and term loan facilities starting from March 2020 to August 2020 on both interest
and principal components on both term loans and WC limits. The interest component of the moratorium availed period has been converted into
DITL and to be repaid in installments. The TL repayment has been shifted further for the moratorium period availed
Payment of statutory dues
The borrower has made payment of ESI/PF to the government without any delay in FY2019 except 2 instance having delay of 4 days.
Also, as checked from EPFO website, there is only 1 instances of delay during April2019 to August2020 in PF payment with delay of 1 day of
amount of Rs.0.04 million in May2020.
Auditors Observation
The audited Balance sheet for FY2020 has been provided by the borrower however Auditor's report and other supporting reports have not been
provided yet as they are not finalised yet
FY2016-17
Creditors under MSME were not ascertainable The classification to be done from FY 2020

Closing stock is valued, taken and certified by Value has been considered by the Bank as per
the management of the company. Sundry audited Financials
debtors, loans and advances are subject to
confirmation and verification
Prior period expenses are not ascertainable Value has been considered by the Bank as per
from the books of the accounts audited Financials
Records procured for the payments through Latest Bank Statements have been attached
account payee cheques were not sufficient with the proposal
Reports of audits carried out by excise/Service Tax dues and demand s considered as per
tax department were not available audited financials
Information regarding demand raised or Tax dues and demand s considered as per
refund issued during the previous year under audited financials
any tax laws other than IT act, 1961 and
Wealth Tax, 1957 was not made available
FY2017-18
Creditors under MSME were not ascertainable The classification to be done from FY 2020
Closing stock is valued, taken and certified by Value has been considered by the Bank as per
the management of the company. Sundry audited Financials
debtors, loans and advances are subject to
confirmation and verification
Prior period expenses are not ascertainable Value has been considered by the Bank as per
from the books of the accounts audited Financials
Records procured for the payments through Latest Bank Statements have been attached
account payee cheques were not sufficient with the proposal
Reports of audits carried out by excise/Service Tax dues and demand s considered as per
tax department were not available audited financials
Information regarding demand raised or Tax dues and demand s considered as per
refund issued during the previous year under audited financials
any tax laws other than IT act, 1961 and
Wealth Tax, 1957 was not made available
Company has taken excess input credit for Rs. Same has been confirmed by the borrower
578660 under GST for which company will

charge reversal next year
GSTR2 is not reconciled with that of books Month Wise GST returns for FY 18-19 have
been attached with the proposal
FY2018-19
The company has not maintained fixed assets The register to be maintained from next year
register. However the Company has
maintained proper records showing full
particulars, including quantitative details and
situation of fixed assets
The title deeds of immovable properties are The property is in the name of group company
held in the name of the Company except Land Annapurna Melters and Founders Private
C-118, Bulandshar Road, Industrial Area, Limited. The same is mortgaged with ICICI
Ghaziabad bank for availing credit facilities
Reason for change in auditor in FY2019 - The main Partner of the permanent Auditor of the borrower expired in FY2017 hence the borrower gad to
change the auditor based in Delhi in FY18 but the services were not satisfactory hence in FY2019 the company again changed the auditor
Account Conduct of Term Loans:
ICICI Bank ; Term loan Rs. 56 million
Month FY2019 Due Date Actual Payment Date Delay in days
October 31-October 31-October
November 30-November 30-November
December 31-December 31-December
January 031-January 031-January
February 28-February 28-February
March 31-March 31-March
April 30-Apr - Moratorium

May 31-May - Moratorium
June 30-June - Moratorium
July 31-Jul - Moratorium
Aug 31-Aug - Moratorium
Indusind Bank ; Term loan Rs. 52.38 million, Account no- 510003471511
September 31- September 31- September



ICICI Bank ; Vehicle loan Rs. 5.84lacs; EMI Rs. 18658/-
July 15-July 15-July
August 15-August 15-August
September 15-September 15-September

April 15-Apr 17-Apr 2
May 15-May 15-May
June 15-June 29-June 14
July 15-Jul 15-Jul
ICICI Bank ; Vehicle loan Rs. 29.54 lacs; EMI Rs. 59917/-
April 15-Apr 17-Apr 2
May 15-May 15-May
June 15-June 29-June 7
July 15-Jul 15-Jul 13

Tata Capital ; Machinery loan Rs. 20.94 million; EMI Rs 0.58 million-
March 15-March 15-March Moratorium
April 15-Apr 17-Apr Moratorium
May 15-May 15-May Moratorium
June 15-June 22-June Moratorium
July 15-Jul 28-Jul Moratorium
Bajaj Finserv ; Business loan Rs. 35.05 lacs; EMI Rs. 136553

Bajaj Finserv ; Business loan Rs. 35.28 lacs; EMI Rs. 125855

We have checked CIBIL and CRILC of the borrower and no other discrepancy is found other than already mentioned in the note. Hence the account
conduct of the borrower is satisfactory for the term loans and business loans
Status of pending legal cases ::
Case Appellan Responde Latest

SN Court State Type t nt Filing Case Status
M/S
Criminal
Maiden Payment has
- M/S
Forgings been
District Uttar Negotiab Techmas
1 Pvt Ltd 1-Jun-20 received.
Court Pradesh le Engineerin
Through Case to be
Instrume g Pvt Ltd
Sanjay withdrawn
nt Cases
Garg
Warrant
Maiden Yash Case is
Or
Forgings Trading pending in
District Uttar Summon
2 Pvt. Ltd.- Company 5-Mar-20 court
Court Pradesh s
Sanjay And because of
Criminal
Garg Others Covid -19
Case
Warrant Maiden Indian Case is

District Uttar Or Forgings Wire pending in
3 5-Mar-20
Court Pradesh Summon Pvt. Ltd.- Traders court
s Sanjay And because of
Criminal Garg Others Covid -19

Case
Criminal M/S
M/S Case is
- Maiden
Raghav pending in
District Uttar Negotiab Forgings
4 Metal 28-Nov-19 court
Court Pradesh le Pvt. Ltd.-
Works- because of
Instrume Sanjay
Suresh A. Covid -19
nt Cases Garg
Criminal
Maiden Krishna Payment has
-
Forgings Home been
District Uttar Negotiab
5 Pvt. Ltd. Products 20-Nov-19 received.
Court Pradesh le
- Sanjay Pvt. Ltd. Case to be
Instrume
Garg And Other withdrawn
nt Cases
M/S
Criminal
Maiden Payment has
- M/S
Forgings been
76 Pvt Ltd 21-Aug-19 received.
Through Case to be
Instrume g Pvt Ltd
Sanjay withdrawn
nt Cases
Garg
M/S
Criminal
Maiden Payment has
- M/S
Forgings been
7 Pvt Ltd 25-May-19 received.
Through Case to be
Instrume g Pvt Ltd
Sanjay withdrawn
nt Cases
Garg
SMA classification of top 5 buyers and suppliers

Buyer
SMA Classification as at Dec 18, 2020
Premier Pin Industries Standard
Ghaziabad Precision Pvt Ltd Standard with multiple MTDs
SMA-1 reported by Canara Bank on 31-

Victora Auto Private Limited 08-2020 with muptiple MTDs by multiple
banks

APEX THERMOCON PVT LTD Not Available
Not Available
SRINATHJI ISPAT AND POWER LIMITED

The SMA check on the top 5 suppliers is as below:

Supplier
SMA Classification as at Dec 18, 2020
AMBICA STEELS LTD Standard with multiple MTDs
PANCHMAHAL STEELS LTD Standard
Not Available
P.P. STEELS CORPN

Not Available
R.K.STEEL & ALLOYS

Not Available
V.S.IRON PVT. LTD

Asset Quality Review
1. Review of existing term loan of Rs. 54.62 million
Recent visit/inspection of assets charged as security
Borrower was sanctioned term loan of Rs. 59.0 million in September 17, 2019
Purpose of Rupee Term Loan-The rupee term loan was sanctioned for the purpose of taking over the term loan of Aditya Birla Finance
As on date, the current outstanding in the rupee term loan is Rs. 54.62 Million and is fully secured.
C-118 Kavi Nagar Industrial Area Ghaziabad was visited by Mr. Saurabh Sawant in October 2020. The property has been found to be fully
operational and no irregularities were observed
Compliances with critical /major covenants (including previous appraisal),
Creation of security:

1. Charge on current assets : Yes
2. Charge on Fixed Assets : The rupee term loan is secured by excluive charge on all movable fixed assets financed by the proceeds of the term
loan ( approx Rs. 54.62 Million) which is fully created as on date. Security has been fully created on the immovable property at C-118 Kavi Nagar
for rupee term loan facility.
3. Corporate Guarantees : Completed
4. Personal Guarantees : Completed
5. Other Conditions : NA
Other covenants:
FINANCIAL COVENANTS ( applicbale for rupee term loan)
S. No. Covenants First Due Date Frequency of Status

Monitoring
1. Total debt/ Adjusted 31/10/2020 Annually As per audited

Tangible net worth not to Financials FY2020
exceed times 1.9 times Total debt/
Adjusted
Tangible net
worth is 1.9 times
2. Total debt/Net cash 31/10/2020 Annually As per audited

accruals not to exceed 9.0 Financials FY2020
times Total debt/ Net
cash Accrual net
worth is 10 times
3. DSCR not to fall below 31/10/2020 Annually As per audited

1.33 times in FY2022 and Financials FY2020
thereafter. (Deviation of DSCR is 1.14
1.25 times and 1.24 times times
of minimum DSCR already
highlighted for FYs 2020
and FY 2021)
4. Interest coverage ratio to 31/10/2020 Annually As per audited

not to fall below 2.0 times Financials FY2020
in FY2020 and thereafter. Interest cover is
1.8 times
5. Asset coverage ratio to not 31/10/2020 Annually Asset Coverage

to fall below 1.7 times in ratio is 1.5 times
FY2020 and thereafter

Comments of Lenders Engineers, Concurrent Auditors etc. if any: NA
Litigation status, if any: As mentioned in table of existing cases
Reasons for slippage of account into NPA (if applicable): NA.
Whether any incidents as outlined in RBIs guidelines on Willful Defaults is observed: Nil
Future prospects of the companys operations and impact on debt servicing to ICICI Bank: Maiden Forgings Private Limited (MFPL), an ISO, PED and
CE marking certified company, roots back to 1989. The company specializes in manufacturing of all types of Bright steel bars, stainless steel bright
bars & all grades of steel wires. The company has its corporate office and plants located in Ghaziabad (Delhi- NCR). Promoter Mr. Sanjay Garg, has
a rich experience of over 25 years in this industry and is currently being assisted by his son Mr. Nishant Garg who is involved in company's
operations since last 8 years. The borrower has 3 manufacturing plants located at Ghaziabad, one in Kavi Nagar Industrial area and 2 in Bulandshahr
Road industrial area. Borrower is exploring avenues to export products to customers in Germany, Israel and USA. The borrower has already started
export to Germany. The borrower projects to achieve export turnover of Rs 120 million in FY2021. Company is having sufficient NCA to repay the
debt in future.
The Sales of the borrower has been increased from Rs 1304.1 million in FY 2018 to Rs 2051.3 million in FY 2019 and the company has achieved
sales of Rs 2041.2 million in FY2020. The company has sufficient NCA for repayment of the debt obligations. During FY2020, the company has a
NCA of Rs. 55.6 million which was Rs. 62.5 in FY 2019.
Current ratio in FY 2019 for the borrower is 1.0
Action Plan mentioning milestones to be tracked based on the above asset review: Since the borrower is on continuous growth track, we
recommend to support the company in its future plans.
Insurance: Adequate Insurance
Dues vs. Ability
(Rs. in Millions)
Sr.
Item FY-2020 FY-2021 FY-2022
No. FY-2023
1 Interest 67.4 50.7 47.0 42.1
2 Principal 40.1 53.4 41.3 54.8

Repayment(2a+2b+2c)
3 Short term loans
4 Repayment of loans 40.1 53.4 41.3 54.8
5 Any other principal

payments including

bonds/debentures
6 Total (1+2) 107.5 104.1 88.3 86.9
7 PAT + Interest + 127.8 125.8 132.5 142.6

Depreciation+ Deferred
tax
Other sources (includes

sources like Equity
8 infusion, unsecured loans
of promoters, refinance,
fresh loans, monetization
of assets, etc)
9 Total (4+5) 127.8 125.8 132.5 142.6
If cash flow is sufficient to meet the obligations then no further action required. If the cash flow
is not sufficient then there justification will need to be provided as to how the shortfall will be
met. In case there is no adequate justification, then the case will have to be classified under
financial difficulty.
The aforesaid parameters would be captured in the appraisal note. Based on the analysis of
these factors, the aspect of whether the borrower is in financial difficulty would be arrived at
and articulated in the appraisal note.
Do you want to classify the proposal as Scheduled Castes (SC)/ Scheduled Tribes (ST) for availing the benefit provided to SC/ST
No.
exporters under IES- Interest Equalisation Scheme?
Name of Auditor H.G. & Co.

Membership No of Auditor 403482
Reason for change in last 3 years As mentioned in additional details tab

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CONFIDENTIAL

MAIDEN FORGINGS PRIVATE LIMITED

UCC In CCIF: 5065316

3. Arrears and Irregularities

4. Current And Proposed Sharing Pattern

5. Group Company Details

6. Exposure to group companies

10. Top 5 Customers

11. Top 5 Suppliers

12. Market References

13. Financial Details

14. Current year performance/Actual Versus Projections

15. Ageing of Receivables

16. Comments on adverse financials and contingent liabilities

17. Comments on financial performance

18. Property Valuation

20. Terms & Conditions

21. Security Template

22. Annexure I - Dedupe details

24. Annexure III - Assessment of Limits

25. Annexure IV - Pending compliance

26. Annexure V - Site Visit Report

28. Annexure VII - Financial Difficulty Details

Infinity-New Delhi-North-MAIDEN FORGINGS PRIVATE LIMITED--Amit Jha-Alok Gupta 1

30. Annexure IX - Exposure Details

33. Annexure XII - Note Validation

34. Annexure XIII - Physical Performance

35. Annexure XIV - Additional Details

Promoter Group / Sponsor No specific Group

Counterparty 1 MAIDEN FORGINGS PRIVATE LIMITED

Industry-STAINLESS 16 Years 1 Months 7 days

Date of incorporation 11-02-2005 Constitution Private limited

Current Rating BB,SME_F10,RED

Credit Rating External ///

Relationship 09-2019 The case was last

Registered office A 161F/F VIVEK VIHAR 110092 Delhi Delhi

C-118 BS Road Industrial Area 201002 Ghaziabad Ghaziabad Uttar Pradesh

Client Classification (for derivative exposure) NA

USGAAP classification Non-impaired

Whether the borrower is classified as Asset Under

Priority Sector Categorization Medium manufacturing

Percentage exports to total revenue to the country/ies identified

Country Of Indirect Risk-:

Infinity-New Delhi-North-MAIDEN FORGINGS PRIVATE LIMITED--Amit Jha-Alok Gupta 2

Validity of LEI number 22-04-2021

Whether the borrower account is in

Sourcing Channel Internal Others ok

Proposal ROE 12.28% Relationship ROE 15.66%

Special Mention Account (SMA): No as on 10-03-2021

Type of Proposal: Fresh

Current Proposal Validity/L

Sub-total A 160.0 0.0 214.02 214.02 206.42 - - - -

Non Fund Based

Sub-total B 10.0 0.0 10.0 10.0 6.9 - 2

Sub-total C 0.0 0.0 0.0 0.0 0.0 - 2

Total(A+ B+ C) 170.0 0.0 224.0 224.0 213.3 -

Infinity-New Delhi-North-MAIDEN FORGINGS PRIVATE LIMITED--Amit Jha-Alok Gupta 3

3.Arrears/ irregularities in existing facilities as on

Rs. million Borrower Borrower Group

There no arrears and irregularities in existing facility