1. Summary Information

		Country	India
Company Name	JSSI HYDRAULICS PRIVATE LIMITED	Principal Name 1	Mr. Hardeep Jagtar Singh
Status	Yet to commence business	Principal Name 2	Mr. Joginder Jagtar Singh
		Registration #	55-165420
Street Address	C-1/B, Mansarover Garden, New Delhi – 110015, Delhi, India
Established Date	02.07.2007	SIC Code	--
Telephone#	91-11-25458355/8404/41421779	Business Style 1	Manufacturer
Fax #	91-11-25469094	Business Style 2	Exporter
Homepage	www.jssi.in	Product Name 1	Hydraulic Cylinder
# of employees	150 (approximately) [Sister Concern Employees]	Product Name 2	--
Paid up capital	Rs. 4,350,000/-	Product Name 3	--
Shareholders	Directors or relatives of Directors – 100%	Banking	Punjab and Sind Bank
Public Limited Corp.	No	Business Period	4 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ca (16)
Related Company
Relation	Country	Company Name	CEO
Associates/Subsidiaries :	India	Jagtar Singh and Sons Hydrautic Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	19,935,000	Current Liabilities	84,000
Inventories	0	Long-term Liabilities	0
Fixed Assets	0	Other Liabilities	0
Deferred Assets	0	Total Liabilities	84,000
Invest& other Assets	749,000	Retained Earnings	16,250,000
		Net Worth	20,600,000
Total Assets	20,684,000	Total Liab. & Equity	20,684,000
Total Assets (Previous Year)	20,669,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	--	Net Profit	--
Sales(Previous yr)	--	Net Profit(Prev.yr)	--

MIRA INFORM REPORT

Report Date :

08.07.2011

IDENTIFICATION DETAILS

Name :	JSSI HYDRAULICS PRIVATE LIMITED
Registered Office :	C-1/B, Mansarover Garden, New Delhi – 110015, Delhi
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.07.2007
Com. Reg. No.:	55-165420
Paid-up Capital :	Rs. 4.350 Millions
CIN No.: [Company Identification No.]	U74140DL2007PTC165420
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Hydraulic Cylinder
No. of Employees :	150 (approximately) [Sister Concern Employees]

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet to commence business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Though the company was incorporated in the year 2007, the company has yet to start its business activities from December 2011. payment terms are unknown. Initially, the company can be considered for business dealings on a secured 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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
India	A1	A1

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

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Joginder S.
Designation :	Director
Contact No.:	91-9818370335
Name :	Mr. Malkeet Singh
Designation :	Accountant
Contact No.:	91-8800217459
Date :	05.07.2011

LOCATIONS

Registered Office/Head Office :	C-1/B, Mansarover Garden, New Delhi – 110015, Delhi, India
Tel. No.:	91-11-25458355/8404/41421779
Mobile No.:	91-9818370335 (Mr. Joginder)
Fax No.:	91-11-25469094
E-Mail :	Jsv-jssi@yahoo.com kohlikuldip@yahoo.co.in
Website :	www.jssi.in
Location :	Owned
Factory 1 :	Plant No1 – 46 Plant No2 - 84, Nangali Sakrawati Extn., Nagafgarh, New Delhi-110 043, India
Tel. No.:	91-11-25321558/25321472
E-Mail :	hardeep.singh@jssi.in
Factory 2 :	Selaqui Plot No. E-1 Industrial Area Selaqui, Dehradun, Uttra khand, India
Factory 3 :	Plot No. 39, Sector 4B, HSIDC, Bahadurgarh, Haryana, India
Sales Office :	Plot No-12/1A, South Phase, Ambattur Industrial Estate, Near Bus Depot Chennai-600058, Tamilnadu, India
Tel. No.:	44-42180123,32475687
Fax No.:	44-42180080
E-Mail :	sjagtar99@yahoo.com

DIRECTORS

As On 30.09.2010

Name :	Mr. Hardeep Jagtar Singh
Designation :	Director
Address :	C-1/B, Mansarover Garden, New Delhi – 110015, Delhi, India
Date of Birth/Age :	12.04.1966
Date of Appointment :	02.07.2007
DIN No.:	01076306
Name :	Mr. Joginder Jagtar Singh
Designation :	Director
Address :	Plot No. 46, Phase-1, Nangali Sakravati Extension, Najafgarh Road, New Delhi – 110059, Delhi, India
Date of Birth/Age :	17.08.1968
Date of Appointment :	02.07.2007
DIN No.:	01076320
Name :	Mr. Sukhwant Jagtar Singh
Designation :	Director
Address :	C-1/B, Mansarover Garden, New Delhi – 110015, Delhi, India
Date of Birth/Age :	10.08.1968
Date of Appointment :	02.07.2007
DIN No.:	01076290
Name :	Mr. Jagtar Bhagat Singh
Designation :	Director
Address :	C-1/B, Mansarover Garden, New Delhi – 110015, Delhi, India
Date of Birth/Age :	16.04.1938
Date of Appointment :	02.07.2007
DIN No.:	01076329

KEY EXECUTIVES

Name :	Mr. Malkeet Singh
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 30.09.2010

Names of Shareholders	No. of Shares
S. Hardeep Singh	77500
S. Jagtar Singh	77500
S. Joginder Singh	77500
S. Sukhwant Singh	77500
Upkar Kaur	45000
Ranjit Kaur	40000
Rajwant Kaur	40000
Total	435000

As On 31.03.2011

Names of Shareholders	No. of Shares
Elegant Trexim Private Limited – India	25000
Blooming Commodities Private Limited – India	25000
Total	50000

As On 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Hydraulic Cylinder
Exports :
Products :	Hydraulic Cylinder
Countries :	Korea Europe Countries
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	150 (approximately) [Sister Concern Employees]
Bankers :	Punjab and Sind Bank
Facilities :	--

Banking Relations :	--
Auditors :
Name :	K K Kohli and Company Chartered Accountant
Address :	16 RDC Advocates Chambers, Raj Nagar, Ghaziabad – 201001, Uttar Pradesh, India
Pan No.:	AAGFK4316H
Associates/Subsidiaries :	Jagtar Singh and Sons Hydrautic Private Limited Address: Delhi, India Jagtar Singh and Sons India Address: Chennai, Tamilnadu, India

CAPITAL STRUCTURE

As On 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
450000	Equity Shares	Rs. 10/- each	Rs. 4.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
435000	Equity Shares	Rs. 10/- each	Rs. 4.350 Millions

As On 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
485000	Equity Shares	Rs. 10/- each	Rs. 4.850 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		4.350	4.350	2.850
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		16.250	16.250	2.750
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		20.600	20.600	5.600
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		20.600	20.600	5.600
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.086	0.092	0.014
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	19.849	19.849	6.553
Total Current Assets		19.935	19.941	6.567
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	0.084	0.069	1.667
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.084	0.069	1.667
Net Current Assets		19.851	19.872	4.900
MISCELLANEOUS EXPENSES		0.749	0.728	0.700
TOTAL		20.600	20.600	5.600

The company will start its activities by December 2011.

DEVELOPMENT ACCOUNT

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Bank Charges	0.001	0.003	0.003
Printing, Stationery and Postage	0.000	0.001	0.001
Traveling and Conveyance (Directors)	0.000	0.001	0.001
Development Expenses	0.000	0.000	0.560
Advertisement	0.000	0.003	0.000
Telephone Charges	0.001	0.001	0.001
Fees and Subscription	0.003	0.004	0.000
Auditors Remuneration	0.015	0.015	0.015
Miscellaneous Expenses	0.001	0.001	0.001
Brought Forward pre-operative expenses	0.028	0.000	0.000
Pre-operative expenses pending capitalisation carried to balance sheet	0.048	0.028	0.581

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	0.00	0.00	0.30
Current Ratio (Current Asset/Current Liability)	237.32	289.00	3.94

LOCAL AGENCY FURTHER INFORMATION

AS PER WEBSITE DETAILS

PROFILE:

Jagtar Singh and Sons (India) manufactures precision-engineered hydraulic cylinders and material handling solutions for the infrastructure and related industries.

Headquartered in New Delhi, they have manufacturing facility in Delhi spread over in an area of 4400 sq. meters, an upcoming global manufacturing hub at Bahadurgarh, Haryana spread over in an area of 20250 sq. meters sales offices located in Chennai and Ludhiana.

Over 3 decades of experience coupled with deep engineering expertise, scalable manufacturing and consistent Quality make us a preferred source to OEMs the world over.

The cylinders run efficiently on Material and Cargo Handling Equipment such as pick and carry cranes, Construction and Earthmoving Equipment such as backhoes, Industrial equipment and Special applications.

Today, they are among the top five Hydraulic Cylinder manufacturers in India with capacity of processing 150 cylinders per day.

Besides manufacturing hydraulic cylinders, Jagtar Singh and Sons (India) businesses are:

• Water Cooled Molds for casting copper billets
• Precision Tie-Rods upto 10 meters long for Heavy Duty Presses

History:

1987 Registered with Small Scale Industries for turning and grinding job works.

1992 The company started operations with design and manufacture of Water Cooled Moulds to meet the demand of extruder and rolling mills for copper, cupro-nickel and brass.

2000 Developed wide range of hard chrome plated piston rods for various applications

2001 Imported its first consignment for honed, skived and burnished cold drawn seamless tubes from Italy.

2006 Launched hydraulic cylinders for pick and carry cranes with supplies to major O. E. M. in north India.

2007 Expanded the machine shop with implementing CAD/CAM technology. Implemented ISO 9001 quality systems. Opened first sales cum branch office in South India, Chennai.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.42
UK Pound	1	Rs.70.95
Euro	1	Rs.63.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	2
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		16

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

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

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

RATING EXPLANATIONS

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

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

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