MIRA INFORM REPORT

Report Date :

21.09.2011

IDENTIFICATION DETAILS

Name :	JYOTI (INDIA) METAL INDUSTRIES PRIVATE LIMITED
Registered Office :	223, Kaliandas Udyog Bhavan, S.H. Tandel Marg, Near Century Bazar, Worli, Mumbai – 400 025, Maharashtra
Country :	India
Financials (as on) :	31.03.2010 (Consolidated)
Date of Incorporation :	27.09.1996
Com. Reg. No.:	11-102939
Capital Investment / Paid-up Capital :	Rs.5.979 millions
CIN No.: [Company Identification No.]	U26900MH1996PTC102939
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ08997C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Kitchen Sinks.
No. of Employees :	Approximately 50 (In Office)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 822000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for 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.

INFORMATION PARTED BY

Name :	Mr. Amit Sangani
Designation :	Accounts Manager
Contact No.:	91-9967063034
Date :	21.09.2011

LOCATIONS

Registered Office :	223, Kaliandas Udyog Bhavan, S.H. Tandel Marg, Near Century Bazar, Worli, Mumbai – 400 025, Maharashtra
Tel. No.:	91-22-24315500
Mobile No.:	91-9967063034 (Mr. Amit Sangani) 91-9443349200 (Mr. Rajangam – Marketing Representative in South)
Fax No.:	91-22-24362543
E-Mail :	diralisink@vsnl.com zanuff@vsnl.net accounts@nirali.com
Website :	http://www.niralisinks.com
Area :	1000 sq. ft.
Location :	Rented
Factory/ Administrative Office :	Village Shelvali, Palghar-Manor Road, Palghar (East), District Thane – 401 404, Maharashtra, India
Tel. No.:	91-22-24315500 (10 Lines)
Fax No.:	91-22-24362543
E-Mail:	niralisink@vsnl.com nirali@nirali.com
Gallery :	Located at: v Santacruz (West)

DIRECTORS

As on 30.09.2010

Name :

Mr. Navin Ratanshi Gada

Designation :

Director

Address :

701, Royal Grace, Lokmanya Tilak Marg No.2, Dadar, Mumbai – 400 014, Maharashtra, India

Date of Birth/Age :

09.01.1956

Date of Appointment :

27.09.1996

DIN No.:

00651876

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	U26900MH1996PTC102939	Jyoti (India) Metal Industries Private Limited	Director	27-09-96	27-09-96	-	Active	NO
2	U70120MH1996PTC103745	Natasha Real Estate And Developers Private Limited	Director	01-03-97	01-03-97	-	Active	NO
3	U51900MH1999PTC121714	Sumedha Trading Private Limited	Director	24-09-99	24-09-99	-	Active	NO
4	U74999MH1968PTC014027	Electron House Private Limited	Director	01-01-00	01-01-00	25-03-11	Active	NO
5	U29300MH1989PTC053803	L N Engineering Works Private Limited	Director	01-04-03	01-04-03	-	Active	NO
6	U51900MH2007PTC175278	Nirali Sinks Private Limited	Director	22-10-07	22-10-07	-	Active	NO
7	U45400AP2007PTC053929	Future Infraindia Private Limited	Additional director	01-09-08	01-09-08	-	Active	YES
8	U27200MH1990PTC056495	Jash Metal Private Limited	Director	30-09-09	20-08-09	-	Active	NO
9	U27108MH1963GAP012792	All India Stainless Steel Industries Association	Director	23-09-10	23-09-10	-	Active	NO

Name :

Mr. Bhailal Ratanshi Gada

Designation :

Director

Address :

Flat No.701, Nirant, 7^th Floor, 520, Adanwala Road, Matunga, Mumbai – 400 019, Maharashtra, India

Date of Birth/Age :

12.07.1961

Date of Appointment :

27.09.1996

DIN No.:

00701044

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	U26900MH1996PTC102939	Jyoti (India) Metal Industries Private Limited	Director	27-09-96	27-09-96	-	Active	NO
2	U70120MH1996PTC103745	Natasha Real Estate And Developers Private Limited	Director	01-03-97	01-03-97	-	Active	NO
3	U51900MH2007PTC175278	Nirali Sinks Private Limited	Director	22-10-07	22-10-07	-	Active	NO
4	U29300MH1989PTC053803	L N Engineering Works Private Limited	Additional director	01-04-11	01-04-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Amit Sangani
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Bhailal Ratanshi Gada	191698
Navin Ratanshi Gada	191698
Leena Navin Gada	5100
Rita Bhailal Gada	5100
Sumedha Trading Private Limited, India	131240
Natasha Real Estate and Developers Private Limited, India	73100
Total	597936

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	34.17
Directors or relatives of directors	65.83
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Kitchen Sinks.
Product :	S.S. Kitchen Sink
Brand Names :	“NIRALI”
Exports :
Products :	Sinks
Countries :	South Africa
Imports :
Products :	Coils
Countries :	Malaysia
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Installed Capacity	Actual Production
St St Sinks	200000 pcs	161394 pcs

GENERAL INFORMATION

Suppliers :

v Jindal Stainless Limited

Customers :

Dealer

v Cosmo Durable Private Limited, Hyderabad

No. of Employees :

Approximately 50 (In Office)

Bankers :

v The Saraswat Co-operative Bank Limited, Worli Branch, Kanchwala Building, Old Post Office Road, Dr. A.B. Road, Worli, Mumbai – 400 030, Maharashtra, India

v Citi Bank N.A., Trent House, 2^nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051, Maharashtra, India

Facilities :

Overdraft – Rs.1500.000 millions

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
FCNR Loans	14.951	16.498
ICICI Bank Limited (Car Loan)	0.000	0.000
Total	14.951	16.498

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Directors	13.118	3.852
From Shareholders	6.758	11.452
Others	30.469	2.165
340 redeemable discount bonds redeemable on 30.06.2016 of Rs.0.750 Million (net of unamortized discount)	97.616	84.151
Total	147.961	101.620

Banking Relations :	--
Auditors :
Name :	Chetan N. Dedhia Chartered Accountant
Address :	48, Patwa Chambers, 104/108, Clive Road, Masjid Bunder, Mumbai – 400 009, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACPD8235C
Associates/Subsidiaries :	v LN Engineering Work Private Limited v Jyoti Industries India

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
597936	Equity Shares	Rs.10/- each	Rs.5.979 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010 Consolidated	31.03.2009 Consolidated	31.03.2008 Consolidated
SHAREHOLDERS FUNDS
1] Share Capital		5.979	7.077	7.077
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		199.617	160.731	125.788
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		205.596	167.808	132.865
LOAN FUNDS
1] Secured Loans		14.951	16.498	16.518
2] Unsecured Loans		147.961	101.620	93.061
TOTAL BORROWING		162.912	118.118	109.579
DEFERRED TAX LIABILITIES		2.186	4.507	5.294
TOTAL		370.694	290.433	247.738
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		77.445	70.573	79.452
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.035	0.035	0.035
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	104.970	81.217	66.225
	Sundry Debtors	132.950	120.060	120.180
	Cash & Bank Balances	2.208	17.143	9.848
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	136.702	51.029	43.711
Total Current Assets		376.830	269.449	239.964
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.217	7.867	39.045
	Other Current Liabilities	0.804	1.537	1.677
	Provisions	76.595	40.220	30.995
Total Current Liabilities		83.616	49.624	71.717
Net Current Assets		293.214	219.825	168.247
MISCELLANEOUS EXPENSES		0.000	0.000	0.004
TOTAL		370.694	290.433	247.738

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
TOTAL INCOME		513.518	517.862	442.629
TOTAL EXPENDITURE		391.651	432.965	377.003
PROFIT/ (LOSS) FOR THE YEAR AFTER TAX		62.500	40.557	25.478
PROFIT/ (LOSS) CARRIED TO BALANCE SHEET		61.784	37.014	25.478
EARNINGS IN FOREIGN CURRENCY
	Export Sales	14.367	34.319	12.178
TOTAL EARNINGS		14.367	34.319	12.178
IMPORTS
	Raw Materials	17.801	69.775	93.230
TOTAL IMPORTS		17.801	69.775	93.230
Earnings Per Share (Rs.)		103.00	52.30	NA

Particulars	31.03.2011
Sales Turnover (Approximately)	650.000

The above information has been parted by Mr. Amit Sangani (Accounts Manager).

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	1.20	0.99	1.36
Current Ratio (Current Asset/Current Liability)	4.51	5.43	3.35

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors
Creditors for Goods	4.122	5.398	26.542
Creditors for Expenses	2.095	2.469	12.503
	6.217	7.867	39.045

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions 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	No
13) Reasons for variation <> 20%	Yes
14) Estimation for coming financial year	--
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

BUY BACK OF SHARES:

The Company bought back 109779 equity shares from its existing shareholders at Rs.225/- by passing a Special Resolution On 5^th September, 2009 after complying with all the provisions of Section 17 A of the Companies Act, 1956 and Private Limited Company and Unlisted Public Limited Company (Buy-back of Securities) Rules, 1999.

FORM 8:

Corporate identity number of the company	U26900MH1996PTC102939
Name of the company	JYOTI (INDIA) METAL INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	223, Kaliandas Udyog Bhavan, S.H. Tandel Marg, Near Century Bazar, Worli, Mumbai – 400 025, Maharashtra, India E-Mail: accounts@nirali.com
This form is for	Modification of charge
Charge identification number of the modified	10180777
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Citi Bank N.A., Trent House, 2^nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051, Maharashtra, India E-Mail: vlaxman@vsnl.com
Nature of description of the instrument creating or modifying the charge	Deed of Modification.
Date of instrument Creating the charge	30.06.2011
Amount secured by the charge	Rs.28.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Interest to be charged at such rate/s as may be determined by the Bank from time to time. Terms of Repayment: On demand. Margin: As may be stipulated by the Bank from time to time. Extent and Operation of the charge: Hypothecation of Current Assets on first pari passu basis to Citibank NA more particularly described as security with Bank, as security for the repayment of the loan together with all interest, liquidated damages, premia on prepayment or on redemption, costs, charges and other expenses payable by Company to Citibank N.A. Others: The charge created herein for Rs.28.000 millions in favour of Citibank shall rank pari passu on first charge basis over current assets, with the charges created in favour of Saraswat Bank for their Fund Based and Non Fund Based facility of Rs.33.000 millions and Rs.40.000 millions respectively.
Short particulars of the property charged	Hypothecation by way of first pari passu charge on Current Assets of the Company, both present and future.
Particulars of the present modification	The charge shall now stands increased from Rs.18.000 millions to Rs.28.000 millions, in favour of the Bank against the security of Current Assets (on first pari passu basis with Saraswat Bank).

Corporate identity number of the company	U26900MH1996PTC102939
Name of the company	JYOTI (INDIA) METAL INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	914, Electron House, Sadanad Hasu Tandale Marg, Worli, Mumbai – 400 025, Maharashtra, India
This form is for	Creation of Charge
Type of charge	Immovable Property
Particular of charge holder	The Saraswat Co-operative Bank Limited, Worli Branch, Kanchwala Building, old Post Office Road, Dr. A B Road, Worli, Mumbai – 400 030, Maharashtra, India
Nature of instrument creating charge	Supplementary recording letter evidencing deposit of title deeds (Equitable Mortgage)
Date of instrument Creating the charge	29.06.2010
Amount secured by the charge	Rs. 71.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest @ 12.50% p.a. Terms of Repayment On Demand Margin 30% Extent and Operation of the charge The charge will operate to the extent of Rs. 71.000 Millions on the Security offered by the company.
Short particulars of the property charged	All that piece or parcel of Land situated at Survey No.l 18, H. No. 1/1, and Survey No. 27 N. No. 1 admeasuring 24200 sq.mtrs. of village: Shelvali, Taluka: Palghar, District Thane and the factory buding constructed or to be constructed thereon. All that premises lying, being situated at Unit No. 211 admeasuring 450 sq.ft. on the second floor of the building known as Kalayandas Udyog Bhavan Premises Co-Operative Housing Society Limited situated at 914, Century Mills Passage Road, Worli, Mumbai-400025

TRADE REFERENCES:

v Cosmo Durable Private Limited, Hyderabad

v Jindal Stainless Limited

FIXED ASSETS:

v Land

v Industrial Premises

v Office Premises

v Building

v Plant and Machinery

v Electrical Installation

v Dies

v Design and Drawings

v Technical Knowhow

v Marketing Network

v Goodwill

v Furniture at display centre

v Furniture and Fixtures

v Vehicles

v Xerox Machine

v Miscellaneous Equipments

v Spares

v Fax

v Computers

v Air Condition

v Air Condition (D C)

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.44.37
UK Pound	1	Rs.72.20
Euro	1	Rs.62.87

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		46

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.