MIRA INFORM REPORT

Report Date :

10.01.2011

IDENTIFICATION DETAILS

Name :	JAJOO RASHMI REFRACTORIES PRIVATE LIMITED
Registered Office :	28, SSI Enclave, Shopping Centre, Ambabari, Jaipur-302023, Rajasthan
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.04.1995
Com. Reg. No.:	17-09866
CIN No.: [Company Identification No.]	U27108RJ1995PTC009866
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Best Quality Acidic Ramming Mass and all type of Minerals

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 79000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

LOCATIONS

Registered Office :	28, SSI Enclave, Shopping Centre, Ambabari, Jaipur-302023, Rajasthan, India
Tel. No.:	91-141-2335816/ 2234021/ 2336630/5134441
Tel. No. Factory:	91-141-2330295/ 2330954/ 2333011
Fax No.:	91-141-2234875
E-Mail :	shaijajacs@gmail.com jajuexpet@yahoo.com info@jajoogroup.com catvijay@yahoo.com
Website :	http://www.jajoogroup.com
Factory :	F – 409, Vishwakarma Industrial Area, Road No.14, Jaipur -13
Tel. No.:	91-141-2333011/2330295
Corresponding Postal Address :	D – 42, Ambabari, Jaipur – 302023, Rajasthan, India

DIRECTORS

AS ON 09.08.2010

Name :	Mr. Sudhir Jajoo
Designation :	Director
Address :	D-42, Ambari, Jaipur-302012, Rajasthan, India
Date of Birth/Age :	15.03.1963
Date of Appointment :	12.01.1999
DIN No.:	00280451
Name :	Mr. Ram Swaroop Jajoo
Designation :	Director
Address :	D-42, Ambari, Jaipur-302012, Rajasthan, India
Date of Birth/Age :	07.11.1938
Date of Appointment :	18.04.1995
DIN No.:	00280425
Name :	Mr. Suraj Jajoo
Designation :	Director
Address :	D-42, Ambari, Jaipur-302012, Rajasthan, India
Date of Birth/Age :	27.04.1988
Date of Appointment :	01.04.2007
DIN No.:	00280395
Name :	Mr. Sushil Jajoo
Designation :	Director
Address :	D-42, Ambari, Jaipur-302012, Rajasthan, India
Date of Birth/Age :	03.11.1966
Date of Appointment :	01.05.2009
DIN No.:	00307908
Name :	Ms. Nidhi Jajoo
Designation :	Additional Director
Address :	D-42, Ambari, Jaipur-302012, Rajasthan, India
Date of Birth/Age :	01.03.1990
Date of Appointment :	18.08.2009
DIN No.:	02430789
Name :	Ms. Rashmi Jajoo
Designation :	Director
Address :	D-42, Ambari, Jaipur-302012, Rajasthan, India
Date of Birth/Age :	11.01.1989
Date of Appointment :	21.09.2008
DIN No.:	02852605
Name :	Ms. Swati Jajoo
Designation :	Director
Address :	D-42, Ambari, Jaipur-302012, Rajasthan, India
Date of Birth/Age :	01.04.1972
Date of Appointment :	21.09.2009
DIN No.:	01299443
Name :	Mr. Saurabh Jaju
Designation :	Director
Address :	D-42, Chaitanya Mahaprabhu Marg Ambari, Jaipur-302012, Rajasthan, India
Date of Birth/Age :	03.12.1991
Date of Appointment :	20.11.2010
DIN No.:	03322241
Name :	Mr. Sunil Jjau
Designation :	Director
Address :	D-42, Ambari, Jaipur-302012, Rajasthan, India
Date of Birth/Age :	21.10.1964
Date of Appointment :	20.11.2010
DIN No.:	00307952

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 09.08.2010

Names of Shareholders	No. of Shares
Ram Swaroop Jaju	9110
Sunil Jjau	8410
Radha Jaju	9810
Swati Jaju	107670
Sushil Jaju	8000
Banwari Lal Goyal	10000
Rohit Gupta	1290
Sudhir Jaju	50
Anil Agarwal	9000
Anil Agarwal HUF	11000
.Anil Panchsia Vasupujya	2000
Mahesh Pachisia	1000
Mona Pachisia	1000
Seema Agarwal	8000
Vikas Panchisia	1000
Nidhi Jaju	75000
Suraj Jaju	80000
Rashmi Jaju	90000
Aashi Agarwal	5000
Kamna Commercial Private Limited	5000
Nitin Kumar Karwa	2600
Himalaya Commodeal Private Limited	64500
TOTAL	509440

AS ON 09.08.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		13.64
Directors or relatives of directors		86.36
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Best Quality Acidic Ramming Mass and all type of Minerals

GENERAL INFORMATION

Bankers :

• Punjab National Bank, International Banking Branch, Sarojani Marg, C – Scheme, Jaipur – 302001, Rajasthan, India

Facilities :

SECURED LOAN	AS ON 31.03.2010 (Rs. In millions)	AS ON 31.03.2009 (Rs. In millions)
LC Discounting account SBBJ	43.8290	0.000
SBBJ Working Capital Limit	10.446	0.000
TOTAL	54.275	0.000

UNSECURED LOAN	AS ON 31.03.2010 (Rs. In millions)	AS ON 31.03.2009 (Rs. In millions)
Seema Agarwal	0.000	0.222
Triveni International	0.000	1.047
Subhash Chandra Goyal	1.000	0.000
TOTAL	1.000	1.269

Banking Relations :

--

Auditors :

Name :

Nirmal and Lalit Associates

Chartered Accountant

Address :

S – 10, Divya Mall, Lal Kothi, Tonk Road, Jaipur – 302015, Rajasthan, India

Group Industries :

Name:	Jajoo Chemical Industries
Address:	F-160, Road No. 12, VKI Area, Jaipur, India
Name:	Jajoo Chemical Industries (Unit No. : 2)
Address:	Road No. 17, VKI Area, Village Jaislaya, Jaipur, India
Name:	Jajoo Rashmi Refractoriness Private Limited
Address:	F-409A, Road No. 14, VIKI Area, Jaipur, Rajasthan, India
Name:	Jajoo Impex
Address:	F-737 A, Plot No. 9F2, VKI Area, Jaipur India
Name:	Jajoo Exports
Address:	Industrial Area, Niwal India 28, SSI Enclave, Shopping Center, Amba Bari, Jaipur, Rajasthan, India
Name:	Shri Guru Kripa Alloyss Private Limited
Address:	Bari Brahmana, Jammu (J and K) India
Name:	Jajoo Exim Private Limited
Address:	C-169, Phase-II, RIICO Extension, Bagru, Jaipur, India
Name:	Jajoo Shivanshu Chemical (Private) Limited
Address:	Industrial Area, Jamtara (Jharkhand) India

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs. 10 each	Rs.6.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
509440	Equity Shares	Rs. 10 each	Rs.5.094 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		5.094	4.323	3.993
2] Share Application Money		1.500	3.500	4.250
3] Reserves & Surplus		13.245	4.124	1.025
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		19.839	11.947	9.268
LOAN FUNDS
1] Secured Loans		54.275	0.000	0.000
2] Unsecured Loans		1.000	1.269	0.218
TOTAL BORROWING		55.275	1.269	0.218
DEFERRED TAX LIABILITIES		0.080	0.090	0.103
TOTAL		75.194	13.306	9.589
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.134	1.193	1.264
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.822	0.287	0.787
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.210	2.048	0.788
	Sundry Debtors	64.241	6.343	3.398
	Cash & Bank Balances	5.321	3.841	0.285
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.516	2.438	4.971
Total Current Assets		82.288	14.670	9.442
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.733	2.668	1.752
	Other Current Liabilities	0.273	0.127	0.134
	Provisions	1.044	0.049	0.018
Total Current Liabilities		9.050	2.844	1.904
Net Current Assets		73.238	11.826	7.538
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		75.194	13.306	9.589

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	242.026	21.928	12.605
		Other Income	3.467	0.767	0.128
		TOTAL (A)	245.493	22.695	12.733
Less	EXPENSES
		Manufacturing Expenses	15.589	5.214	4.086
		Administrative Expenses	6.580	1.438	0.936
		Selling Expenses	6.426	0.529	0.311
		Other Expenses	213.625	15.217	7.194
		TOTAL (B)	242.220	22.398	12.527
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.273	0.297	0.206
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.104	0.107	0.118
	PROFIT BEFORE TAX (E-F) (G)		3.169	0.190	0.088
Less	TAX (H)		0.988	0.061	0.043
	PROFIT AFTER TAX (G-H) (I)		2.181	0.129	0.045
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.491	0.362	0.317
	BALANCE CARRIED TO THE B/S		2.672	0.491	0.362

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.88	0.56	0.35
Net Profit Margin (PBT/Sales)	(%)	1.30	0.86	0.70
Return on Total Assets (PBT/Total Assets}	(%)	3.79	1.19	0.80
Return on Investment (ROI) (PBT/Networth)		0.15	0.01	0.01
Debt Equity Ratio (Total Liability/Networth)		3.24	0.34	0.27
Current Ratio (Current Asset/Current Liability)		9.09	5.15	5.13

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS

During the year the company has shown a Profit of Rs.2.181 millions (Previous year Rs.0.129 millions) After Tax. The Directors expects improved performance during the year.

FORM 8

This form is for	Creation of charge
Corporate identity number of the company	U27108RJ1995PTC009866
Name of the company	JAJOO RASHMI REFRACTORIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	28, SSI Enclave, Shopping Centre, Ambabari, Jaipur-302023, Rajasthan, India
Type of charge	Immovable Property Others
Particular of charge holder	Punjab National Bank, International Banking Branch, Sarojani Marg, C – Scheme, Jaipur – 302001, Rajasthan, India
Nature of description of the instrument creating or modifying the charge	1. Agreement of Guarantee 2. Board Resolution 3. Memorandum of Entry
Date of instrument Creating the charge	16.11.2010
Amount secured by the charge	Rs.91.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest This company gives its CG AND EM for the principal borrower, M/s Jajoo Exports , Hence the interest rate which is applicable to the principal borrower is also app. to this company. Terms of Repayment This company gives its Corporate Guarantee and Equitable Mortgage for the principal borrower, M/s Jajoo Exports , Hence, the repayment which is applicable to the principal borrower is also applicable to this company. Margin This company gives its Corporate Guarantee and Equitable Mortgage for the principal borrower,M/s Jajoo Exports , Hence, the margin which is applicable to the principal borrower is also applicable to this company. Extent and Operation of the charge This charge is for Corporate Guarantee and Equitable Mortgage of immovable property to the extent of Rs.91.000 millions to secure the Various Credit Facilities Granted to M/s Jajoo Exports.
Short particulars of the property charged	Corporate guarantee and Equitable Mortgage of immovable property is extended by the company in favour of Punjab National Bank, Sarojani Marg C- Scheme,Jaipur in respect of its immovable property situated at F- 409-A, Road No. 14 VKIA Area, Jaipur to secure overall limit of Rs. 91.000 millions granted to M/s Jajoo Exports by the bank.

FIXED ASSETS:

· Computer

· Electric Motor

· Factory Building

· Furniture and Fixture

· Invertor

· Laboratory

· Machinery

· Scooter

· Pollution Equipments

WEBSITE DETAILS

PROFILE

Established 27 years ago, they are glad to introduce theirselves as leading manufacturer and exporter of Silica Ramming Mass and Ferro Alloys for Induction Furnace. They are having the own rich silica snow white quartz mines in Rajasthan and they are supplying the quality products all over the world.

The Company has the State of Art Manufacturing Plant of Ramming Mass operated and managed by qualified technologists having vast experience and knowledge of Refractory and its behavior. Mixing of various grain sizes of Quartz in the exact proportion suitable for small, medium and large sizes of Induction Furnaces viz. 250 kg to 25000 kg (25 Tones) capacities.

They are specialized manufacturer of Premix Ramming Mass which contains binder- Boric Acid, mixed with Pre-heated Ramming Mass (no need to mix Boric Acid further). They recommend using the Ramming Mass (Premix), which will prove to be a good performer with its long lining life reducing cost of production.

When the pieces of Raw material, power is high and return is limited. It is necessary to minimize the cost of production without affecting the productivity and quality of the product.

Besides domestic market, exported to Bangladesh, Zimbabwe, Kenya, Tanzania, Middle East, South Africa, Pakistan, Ethiopia etc.

• Silica Ramming Mass based on capacity of the furnace
• Boric Acid
• Mill Board Sheet
• Coil Coats
• Ferro Alloys
• Stockiest of ACE Refractory
• Basic Ramming Mass
• Tundish Board for Laddle (Concast)

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.45.37
UK Pound	1	Rs.70.04
Euro	1	Rs.58.93

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		28

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

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

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

RATING EXPLANATIONS

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

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

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