MIRA INFORM REPORT

Report Date :

18.11.2008

IDENTIFICATION DETAILS

Name :	JUGRAJ TEJRAJ AGENCY PRIVATE LIMITED
Registered Office :	302, Majestic Shopping Center, 144, Girgaon Road, Mumbai 400004, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	25.09.2000
Com. Reg. No.:	11-128840
CIN No.: [Company Identification No.]	U27200MH2000ULT128840
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ06209A
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Distributor of Aluminium Ingot, Bluet Wire Road, Alloy Rod, Rolled Products,

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 150000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Mr. Mahesh, Accounts Department parted the require details. Subject is a well established and reputed company having fine track. Trade relations are fair. Financial position is good. Payments are correct and as per commitments. The company can be considered good for any normal business dealings at usual trade terms and conditions. It can be regarded as a promising business partner in a medium to longrun.

INFORMATION PARTED BY [General Details]

Name :	Mr. Mahesh
Designation :	Accounts Department
Date :	15.11.2008

LOCATIONS

Registered Office :	302, Majestic Shopping Center, 144, Girgaon Road, Mumbai 400004, Maharashtra, India
Tel. No.:	91-22-66551170 / 71 / 72
Fax No.:	91-22-66551177
E-Mail :	jtsons@gmail.com
Area :	800 Sq. fts.
Location :	Owned
Warehouse 1 :	721, Khatri, Gandhi Road, Ahmedabad 380001, Gujarat, India
Tel. No.:	91-79-22141528 / 22111528
Fax No.:	91-79-2211527
Area :	1500 Sq. fts.
Location :	Rented
Warehouse 2 :	Godown No. 15, Shankar Tekri, Udyognagar, Jamnagar 361007
Tel. No.:	91-288-2566063
Fax No.:	91-288-2560152

DIRECTORS

Name :	Mr. Manjukumari Surendra Mehta
Designation :	Director
Address :	1602, Shivtapi 57, Goregaonkar Lane, Gamdevi, Mumbai 400007, Maharashtra, India
Date of Birth/Age :	07.09.1965
Name :	Mr. Parasmal Jain
Designation :	Director
Address :	B – 2, Prithvi Apartments, 21, Altamount Road, Mumbai 400028, Maharashtra, India
Date of Birth/Age :	28.03.1939
Date of Appointment :	25.09.2000
Name :	Mr. Dilip Jain
Designation :	Director
Address :	B – 2, Prithvi Apartments, 21, Altamount Road, Mumbai 400028, Maharashtra, India
Date of Birth/Age :	30.06.1967
Date of Appointment :	25.09.2000
Name :	Mrs. Manju Mehta
Designation :	Director
Address :	1602, 16^th Floor, Shiv Tapi, Gamdevi, Mumbai 400007, Maharashtra, India
Date of Birth/Age :	07.09.1965
Date of Appointment :	25.09.2000
Name :	Mr. Gumanmal Dhoked
Designation :	Director
Address :	702, Veena Apartments, 198, Walkeshwar Road, Mumbai 400006, Maharashtra, India
Date of Birth/Age :	16.02.1969
Date of Appointment :	25.09.2000
Name :	Mr. Vinod P. Jain
Designation :	Director
Address :	B – 2, Prithvi Apartments, 21, Altamount Road, Mumbai 400028, Maharashtra, India
Date of Birth/Age :	15.08.1971
Date of Appointment :	01.06.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Parasmal Jain	17000
Najudevi Jain	5000
Dilip Jain	11400
Manju Mehta	2000
Gumanmal Dhoked	2000
Vinod Jain	5900
Surendra Mehta	1000
Geeta Dhoked	1000
Laxmibala Jain	2000
Dhirti Jain	200
Varun Jain	300
Gumanmal Dhoked HUF	200
Garima Jain	1200
Ragini Jain	200
Vinod Jain HUF	500
Devraj Mehta	100
Total	50000
Equity Share Break-up [As on 31.03.2007]	Percentage of Holding
Directors or relatives of the Directors	94.20
Other top fifty shareholders	5.80
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Distributor of Aluminium Ingot, Bluet Wire Road, Alloy Rod, Rolled Products,
Agencies Held :	Hindalco Industries Limited
Terms :
Selling :	Cash and Credit [30 days]
Purchasing :	Credit [60 days]

GENERAL INFORMATION

Customers :

Wholesaler

No. of Employees :

30

Bankers :

· Central Bank of India

Opera House Branch, Bhaskar Mansion, 1^st Floor, 437, Dr. Dadasaheb Bhadkamkar Marg, Opera House, Mumbai 400004, Maharashtra, India

· HDFC Bank

· ICICI Bank

Facilities :

SECURED LOAN	31.03.2007 [Rs. In Millions]
From Central Bank of India Cash Credit against Book Debts [Equitable mortgage deed of office premises and guaranteed by all Directors personally]	9.009
Against hypothecation of car	0.600
From HDFC Bank Against hypothecation of car	0.403
Total	10.012

UNSECURED LOAN	31.03.2007 [Rs. In Millions]
From Directors	10.942
From Share Holder and Relatives	18.705
From Inter Corporate Deposit	2.500
Total	32.147

Banking Relations :	---
Auditors :
Name :	J. C. Bafna and Company Chartered Accountants
Address :	10, Emerald Building, P. P. Road, Andheri [East], Mumbai 400069, Maharashtra, India
Tel. No.:	91-22-26833993
Fax No.:	91-22-26839787
Associates/Subsidiaries :	· Guru Rajendra Metals Private Limited Website : www.grmetal.in · Vinal Metal Limited · Jay Metal Industries
	·

CAPITAL STRUCTURE

[As on 31.03.2008]

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs. 100/- each	Rs. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs. 100/- each	Rs. 7.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		25.529	19.330	4.381
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.529	24.330	9.381
LOAN FUNDS
1] Secured Loans		10.013	7.584	10.441
2] Unsecured Loans		32.147	121.150	55.708
TOTAL BORROWING		42.160	128.734	66.149
DEFERRED TAX LIABILITIES		0.000	0.012	0.018
TOTAL		72.689	153.076	75.548
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.357	2.916	1.968
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.272	0.297	0.296
DEFERREX TAX ASSETS		0.047	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.287	35.472	6.136
	Sundry Debtors	358.049	392.555	130.088
	Cash & Bank Balances	62.685	11.373	12.169
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	40.580	66.174	5.792
Total Current Assets		467.601	505.574	154.185
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	366.025	344.628	79.136
	Provisions	32.602	11.135	1.830
Total Current Liabilities		398.627	355.763	80.966
Net Current Assets		68.974	149.811	73.219
MISCELLANEOUS EXPENSES		0.039	0.052	0.065
TOTAL		72.689	153.076	75.548

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		1081.921	943.134	35.898
Other Income		157.696	91.387	79.886
Total Income		1239.617	1034.521	115.784
Profit/(Loss) Before Tax		28.177	24.854	2.760
Provision for Taxation		46.076	9.329	1.237
Profit/(Loss) After Tax		17.899	15.525	1.523
Expenditures :
	Administrative Expenses	130.158	100.699	65.353
	Purchases made for re-sale	1033.155	919.944	42.053
	Increase/(Decrease) in Finished Goods	29.186	[29.336]	[6.137]
	Salaries, Wages, Bonus, etc.	3.888	3.570	2.780
	Managerial Remuneration	3.780	2.580	1.260
	Interest	10.472	11.751	7.201
	Depreciation & Amortization	0.801	0.459	0.514
Total Expenditure		1211.440	1009.667	113.024

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	1.44	1.50	1.32
Net Profit Margin (PBT/Sales)	(%)	2.60	2.64	7.68
Return on Total Assets (PBT/Total Assets}	(%)	5.98	4.89	1.77
Return on Investment (ROI) (PBT/Networth)		0.92	1.02	0.29
Debt Equity Ratio (Total Liability/Networth)		14.44	19.91	15.68
Current Ratio (Current Asset/Current Liability)		1.17	1.42	1.90

LOCAL AGENCY FURTHER INFORMATION

Trade References

Local Trader and Dealer

Fixed Assets

· Office Equipment

· Air Conditioner

· Electric Fittings

· Computer

· Cycle

· Furniture and Fixtures

· Vehicles

· Intangible Assets [Software]

Form 8

Corporate identity number of the company	U27200MH2000ULT128840
Name of the company	JUGRAJ TEJRAJ AGENCY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	302, Majestic Shopping Center, 144, Girgaon Road, Mumbai 400004, Maharashtra, India
This form is for	Modification of charge
Type of charge	Hypothecation
Particular of charge holder	Central Bank of India Opera House Branch, Bhaskar Mansion, 1^st Floor, 437, Dr. Dadasaheb Bhadkamkar Marg, Opera House, Mumbai 400004, Maharashtra, India E-mail: cbiopera@vsnl.net
Amount secured by the charge	Rs. 6.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Interest at the rate of 15.5% p.a. or at such other rate as may from time to time be fixed by the bank by notice in writing to the borrower with quarterly rests for the cash credit [hypothecation] limit of Rs. 6.000 Millions granted by the bank to the company. Margin 30%
Description of the property charged indicating whether it is a charged on	Stock in trade
Particulars of the property charged	Hypothecation of all tangible movable property such as products, stock in trade and goods, whether finished or raw or in process of manufacture and all articles manufactured therefrom belonging to the borrowers which now are or hereafter from time to time during this security shall be brought in stored or be in or about the premises, warehouses or godowns of the borrower or anywhere else, including any such goods in course of transit or delivery.
Charge identification number of the charge to be modified	90143366

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 48.99
UK Pound	1	Rs. 72.14
Euro	1	Rs. 61.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		55

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

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

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

RATING EXPLANATIONS

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

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