MIRA INFORM REPORT

Report Date :

08.10.2011

IDENTIFICATION DETAILS

Name :	JAYPEE (INDIA) LIMITED (w.e.f 14.02.2009)
Formerly Known As :	JAYPEE INDIA PRIVATE LIMITED
Registered Office :	11, Dr. Rajendra Prasad Sarani, Kolkata-700001, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	28.07.1982
Com. Reg. No.:	21-35131
Capital Investment/ Paid-up Capital:	Rs. 3.775 Millions
CIN No.: [Company Identification No.]	U29133WB1982PLC035131
TAN No.: [Tax Deduction & Collection Account No.]	CALJ00899D
PAN No.: [Permanent Account No.]	AAACJ6785C
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Construction Equipments, Rebar Bending, Bar Cutting, Batch Mix, Plant Concrete Mixer, Mini Dumper, Roller, Tower Crane and Passenger Hoist, etc.
No. of Employees:	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 73000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is Jaypee Group Company. It 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 business dealings with some caution.

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

INFORMATION PARTED BY

Name :	Ms. Shreemonti M
Designation :	Manager Corporate
Contact No.:	91-033-22890496
Date :	23.09.2011

LOCATIONS

Registered Office :	11, Dr. Rajendra Prasad Sarani, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-22890497/98/22890496
Mobile No.:	91-9051234444 (Mr. Aditya Mehta)
Fax No.:	91-33-22890859
E-Mail :	shreemonti@jaypee.in agarwal_shankarassociates@yahoo.co.in
Location :	Owned
Factory Office :	National Highway No. 6, Ankur Hati, P O Salab, Kolkata, West Bengal, India
Tel. No.:	91-33-22691275
Area :	8 Acers
Location :	Owned
Corporate Office :	226/1, AJC Bose Road, Kolkata-700020, West Bengal, India
Tel. No.:	91-33-22890496
Fax No.:	91-33-22890859
Area :	1500 Sq. ft
Location :	Owned

DIRECTORS

As on 29.09.2010

Name :	Mr. Jayprakash Mehta
Designation :	Director
Address :	39, Humayun Kabir Sarani, Flat 2A, Newalipore, Kolkata – 700053, West Bengal, India
Date of Birth/Age :	25.12.1960
Qualification :	B.Com
Date of Appointment :	29.09.1993
DIN No:	00164338

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29133WB1982PLC035131	Jaypee (India) Limited	Director	29-09-93	29-09-93	-	Active	NO
2	U28991WB1994PLC065608	Jaypee Projects Limited.	Whole-time director	24-10-94	24-10-94	-	Active	NO
3	U74210WB1987PLC042030	WML Machinery Limited	Director	10-12-97	10-12-97	-	Active	NO
4	U74200WB2001PLC093097	Jaymac Engineering Limited	Director	10-04-01	10-04-01	-	Active	NO
5	U29193WB1991PLC053110	Jaypee Manufacturing Company Limited	Director	01-02-06	01-02-06	-	Active	NO
6	U45200MH1999PTC119477	Bygging Infrastructure Private Limited	Director	30-05-06	30-05-06	03-10-07	Active	NO

Name :	Mr. Dilip Kumar Ghorai
Designation :	Director
Address :	Vill Makarda, P.O Aknagaria, Midnapore – 721140, West Bengal, India
Date of Birth/Age :	09.11.1969
Qualification :	BE Civil
Date of Appointment :	01.09.2005
DIN No:	00271174

Name :	Mr. Aditya Vikram Mehta
Designation :	Director
Address :	39, Humayun Kabir Sarani, Flat 2A, Newalipore, Kolkata – 700053, West Bengal, India
Date of Birth/Age :	29.11.1983
Qualification :	MBA
Date of Appointment :	01.01.2007
DIN No:	00481189

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29133WB1982PLC035131	Jaypee (India) Limited	Director	29-09-93	29-09-93	-	Active	NO
2	U29193WB1991PLC053110	Jaypee Manufacturing Company Limited	Director	17-01-02	17-01-02	-	Active	NO
3	U29240MH2003PTC143179	Winget Construction Equipment Private Limited	Managing director	25-04-09	18-11-03	-	Active	NO
4	U28991WB1994PLC065608	Jaypee Projects Limited.	Whole-time director	01-12-05	01-12-05	-	Active	NO

Name :	Mr. Kumar Mangalam Mehta
Designation :	Director
Address :	39, Humayun Kabir Sarani, Flat 2A, Newalipore, Kolkata – 700053, West Bengal, India
Date of Birth/Age :	05.09.1986
Date of Appointment :	01.01.2010
DIN No:	02929136

Other Directorship:

0

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29133WB1982PLC035131	Jaypee (India) Limited	Additional director	01-01-10	01-01-10	-	Active	NO
2	U28991WB1994PLC065608	Jaypee ProjectS Limited.	Additional director	01-01-10	01-01-10	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Shreemonti M
Designation :	Manager Corporate

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
Jay Prakash Mehta	6114
Gorachand Desarkar	21
Sunita Devi Mehta	500
Aditya Vikram Mehta	500
Divya Mehta	25
Jaypee Manufacturing Company Limited, India	5900
Jaymac Engineering Limited, India	2700
Jay Prakash Mehta - HUF	1140
WML Machinery Limited, India	5400
Mehta Mangalam Kumar	50
Jaypee Equipment Private Limited, India	8400
Scaf Engineering Limited, India	7000
Total	37750

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2010

Category	Percentage
Bodies corporate	78.00
Other top fifty shareholders	22.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Construction Equipments, Rebar Bending, Bar Cutting, Batch Mix, Plant Concrete Mixer, Mini Dumper, Roller, Tower Crane and Passenger Hoist, etc.
Product:	Rebar Processing Equipment Concrete Processing Equipment Compaction Equipment Material Handling Equipment Tower Crane Shearing Machine Batch Mix Plant Radius Bending Machine
Exports :
Products :	Bar Cutting Machine
Countries :	Bangladesh Srilanka Middle East Africa
Imports :
Products :	Raw Material
Countries :	USA China Belgium Middle East
Terms :
Selling :	L/C / Cash / Credit
Purchasing :	L/C / Cash / Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

150 (Approximately)

Bankers :

State Bank of India, Bagri Market Branch, Kolkata, India

Facilities :

Unsecured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
From Body Corporate	15.020	0.000
Total	15.020	0.000

Banking Relations :	--
Auditors :
Name :	A R Maitri and Company Chartered Accountants
Address :	21, Old Court House Street, Kolkata- 700001, West Bengal, India
PAN No :	AASSK3397K
Associates/Subsidiaries :	Jaypee Projects Limited Address: 11, Dr. Rajendra Prasad Sarani, Kolkata-700001, West Bengal, India. Line of Business: Manufacturer of construction machineries

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs. 4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37750	Equity Shares	Rs.100/- each	Rs. 3.775 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		3.775	2.235	1.435
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		14.577	7.811	4.580
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		18.352	10.046	6.015
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		15.020	0.000	0.303
TOTAL BORROWING		15.020	0.000	0.303
DEFERRED TAX LIABILITIES		0.046	0.002	0.000
TOTAL		33.418	10.048	6.318
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.245	0.009	0.015
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.440	7.940	7.379
DEFERREX TAX ASSETS		0.000	0.000	0.007
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.788	0.092	0.163
	Sundry Debtors	16.258	4.452	0.593
	Cash & Bank Balances	11.408	0.298	0.124
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.313	2.515	0.133
Total Current Assets		39.767	7.357	1.013
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	12.794	3.459	1.839
	Other Current Liabilities	4.962	1.704	0.226
	Provisions	0.322	0.122	0.043
Total Current Liabilities		18.078	5.285	2.108
Net Current Assets		21.689	2.072	(1.095)
MISCELLANEOUS EXPENSES		0.044	0.027	0.012
TOTAL		33.418	10.048	6.318

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	37.201	11.601	2.805
		Other Income	1.071	0.112	0.131
		TOTAL	38.272	11.713	2.936
Less	EXPENSES
		Trading Expenses	9.592	9.997	2.446
		Raw Material Consumed	20.629	0.000	0.000
		Manufacturing Expenses	1.359	0.000	0.000
		Administrative and General Expenses	5.717	1.535	0.415
		TOTAL	37.297	11.532	2.861
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.975	0.181	0.075
Less/ Add	DEPRECIATION/ AMORTISATION		0.101	0.005	0.009
	PROFIT BEFORE TAX		0.874	0.176	0.066
Less	TAX		0.270	0.145	0.024
	PROFIT AFTER TAX		0.604	0.031	0.042
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.611	0.580	0.538
	BALANCE CARRIED TO THE B/S		1.215	0.611	0.580
	Earnings Per Share (Rs.)		23.16	1.39	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.57	0.26	1.43
Net Profit Margin (PBT/Sales)	(%)	2.34	1.51	2.35
Return on Total Assets (PBT/Total Assets}	(%)	1.74	2.38	6.42
Return on Investment (ROI) (PBT/Networth)		0.04	0.01	0.01
Debt Equity Ratio (Total Liability/Networth)		1.80	0.52	0.40
Current Ratio (Current Asset/Current Liability)		2.19	1.39	0.48

LOCAL AGENCY FURTHER INFORMATION

Check List:

Check List by info Agents	Available in Report (Yes/ No)
1) Year of Establishment	Yes
2)Locality of the Firm	Yes
3)Constitution of the Firm	Yes
4)Premises Details	Yes
5)Type of Business	Yes
6)Line of Business	Yes
7)Promoter’s Background	------------------
8)No. of Employees	Yes
9)Name of Person Contacted	Yes
10)Designation of Contact person	Yes
11)Turnover of Firm for last three years	Yes
12)Profitability for last three years	----------------
13)Reason for variation <> 20%	----------------
14)Estimated for coming financial year	-----------------
15)Capital in the Business	Yes
16)Details of Sister Concern	Yes
17)Major Suppliers	----------------
18)Major Customer	Yes
19)Payment Terms	Yes
20)Export/ Import Details (if Applicable)	Yes
21)Market Information	------------------
22)Litigation that the Firm / Promoter	------------------
23)Banking Details	Yes
24)Banking facility details	Yes
25)Conduct of the Banking	-------------------
26)Buyer visit details	-------------------
27)Financials, if provided	Yes
28)Incorporation details, if applicable	-------------------
29)Last account filed at ROC	-------------------
30)Major Shareholders, if applicable	-------------------

FINANCIAL RESULTS:

The result disclosed a Profit of Rs.0.874 Million before tax after charging depreciation of Rs.0.101 Million which has been reduced by Deferred Tax Liabilities Rs.0.044 Million, Provision for Taxation Rs.0.226 Million, and added Income Tax for earlier year Rs.0.001 Million and surplus of Rs.0.611 Million brought forward from the earlier year leaves a surplus of Rs.1.216 Million which the Directors propose to carry forward to next year.

Fixed Assets:-

· Typewriter

· Office Equipments

· Furniture and Fixtures

· Motor Cycle

· Bi-Cycle

· Air Conditioner

· Computer

· Franking Machine

· Plant and Machinery

WEBSITE DETAILS:

PROFILE:

Subject is a one point solution provider for construction engineering industry. With over 28 years of expertise, we understand the challenges in the manufacturing process and the opportunities to improve Productivity. They have achieved great success by empowering every user in the enterprise with the tools to benchmark, automate and improve performance of their manufacturing tasks.

Shri JAY MEHTA, the founder and the present Chairman of the Subject laid the foundation stone of the company in the year 1982. The tradition of success and supremacy is now being carried well into the new millennium by his illustrious sons, Mr. Aditya Mehta, and Mr. Kumar Mehta. The Group reached the magical heights of honor with major expansions in business.

Since its inception in 1982 Subject has constantly upgraded its portfolio with diverse offerings, challenging projects and impressive clients. Their reputation is built on technical expertise, professional approach and commercial integrity. With a dedicated team of dynamic, qualified professionals they provide optimal engineering solutions meeting client requirements. They build long term, successful partnerships with their clients based on mutual trust and respect.

Subject believes sky is the limit for success but trust of its consumers is the ladder to that success, and thus it has always created a bond of trust with the clients.

The company has manufacturing units in Kolkata and in Taloja, Navi Mumbai where they have a dedicated R and D wing to facilitate the technological changes, and modifications, using state of the art equipment.

Today, Subject wide range of Products includes Bar Bending Machines, Bar Cutting Machines, Bar Shearing Machines, Bar Straightening Machines, Batch Mix Plants, Concrete Mixers, Mini Dumpers, Walk behind Vibratory Rollers, Tower Cranes, Passenger Hoists, etc. They are also a leading OEM service provider with ISO certifications. With the consistent efforts of their advanced R and D unit, they have introduced several new models, innovative designs, and improvisations in their range of Construction equipment.

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.49.13
UK Pound	1	Rs.75.97
Euro	1	Rs.65.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.