MIRA INFORM REPORT

Report Date :

23.09.2011

IDENTIFICATION DETAILS

Name :	JASMIRA ENGINEERS PRIVATE LIMITED
Registered Office :	D-3A Ghatkopar Industrial Estate L B S Marg, Ghatkopar (West), Mumbai 400086, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	05.08.1992
Com. Reg. No.:	068024
Capital Investment / Paid-up Capital :	Rs. 2.200 millions
CIN No.: [Company Identification No.]	U29198MH1992PTC068024
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ06267C
PAN No.: [Permanent Account No.]	AAACJ7023M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Fabrications and Engineering Works, Paper Mill Machinery Engineering Goods and Equipment
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 31796
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.

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 :	D-3A Ghatkopar Industrial Estate L B S Marg, Ghatkopar (West), Mumbai 400086, Maharashtra, India
Tel. No.:	91-22-25007505
E-Mail :	jasmira@gmail.com
Website :	www.jepl.wxs.org
Factory :	R 900 TTC Industrial Area, Rabale, Thane-Belapur Road, Navi Mumbai 400706, Maharashtra, India
Tel. No.:	91-22-65132551 / 52 / 53 / 27690516
Fax No.:	91-22-27603534

DIRECTORS

AS ON 30.09.2010

Name :	Mrs. Nisha Gopalan
Designation :	Director
Date of Birth/Age :	24.03.1963
Date of Appointment :	01.011.2010
DIN No.:	03046394

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	U29198MH1992PTC068024	Jasmira Engineers Private Limited	Director	01/11/2010	01/11/2010	-	Active	NO

Name :	Mrs. Divya Gopal
Designation :	Director
Date of Birth/Age :	03.04.1987
Date of Appointment :	01.11.2010
DIN No.:	03046402

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	U29198MH1992PTC068024	Jasmira Engineers Private Limited	Director	01/11/2010	01/11/2010	-	Active	NO

Name :	Mr. Divesh Gopal
Designation :	Director
Date of Birth/Age :	27.02.1990
Date of Appointment :	01.11.2010
DIN No.:	03046404

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	U29198MH1992PTC068024	Jasmira Engineers Private Limited	Director	01/11/2010	01/11/2010	-	Active	NO

Name :	Mr. Govindan R Kodappully
Designation :	Director
Date of Birth/Age :	10.03.1924
Date of Appointment :	05.08.1992
DIN No.:	01769084

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	U29198MH1992PTC068024	Jasmira Engineers Private Limited	Director	05/08/1992	05/08/1992	-	Active	NO

Name :	Mr. Gopalan R Kodappully
Designation :	Director
Date of Birth/Age :	04.03.1959
Date of Appointment :	05.08.1992
DIN No.:	01652073

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	U29198MH1992PTC068024	Jasmira Engineers Private Limited	Director	05/08/1992	05/08/1992	-	Active	NO
2	U99999MH1996PTC100977	Ramkamal Chemicals Private Limited	Director	12/07/1996	12/07/1996	01/07/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Mr. Govindan R Kodappully	1500
Mr. Gopalan R Kodappully	20500
Total	22000

AS ON 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Fabrications and Engineering Works, Paper Mill Machinery Engineering Goods and Equipment

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· ICICI Bank

· City Bank

· Bank of Baroda

· Sangli Bank Limited

· State Bank of Saurashtra

· Oriental Bank of Commerce

Financial institution:

Maharashtra State Financial Corporation, Office Complex Building, 6 Floor, Wagle Estate, Near Check Naka, Thane, Mumbai 400604, Maharashtra, India

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2010	31.03.2009
Vehicle Loan from ICICI	0.000	0.113
Vehicle Loan from Tata Motors	0.000	0.039
Vehicle Loan from Family Credit	0.000	0.374
Bank Overdraft	0.000	0.212
Term Loan from SBS	0.000	0.618
TOTAL	0.000	1.356
UNSECURED LOAN
K Gopalan Ramakrishanan	1.688	1.688
N Haridasen	0.100	0.100
P N Kulkani	0.190	0.190
TOTAL	1.978	1.978

Banking Relations :	--
Auditors :
Name :	Kirit R Mehta and Company Chartered Accountant
Address :	01, himhiri Building, Vidhyavihar-Kurla Terminus Road, Ghatkopar (East), Mumbai 400077, Maharashtra, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 100 each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22000	Equity Shares	Rs. 100 each	Rs. 2.200 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		2.200	2.200	2.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.749	4.281	3.463
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7.949	6.481	5.663
LOAN FUNDS
1] Secured Loans		0.000	1.356	2.062
2] Unsecured Loans		1.978	1.978	2.648
TOTAL BORROWING		1.978	3.334	4.710
DEFERRED TAX LIABILITIES		0.000	0.000	0.040
TOTAL		9.927	9.815	10.413
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.653	16.605	16.102
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	2.501	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.600	0.510	6.547
	Deposits	0.000	0.271	0.000
	Sundry Debtors	11.717	15.100	10.413
	Cash & Bank Balances	2.324	0.845	1.472
	Other Current Assets	1.093	0.198	0.553
	Loans & Advances	1.561	0.471	1.645
Total Current Assets		26.295	17.395	20.630
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.647	14.541	14.124
	Other Current Liabilities	9.676	8.242	9.595
	Provisions	5.698	3.903	2.600
Total Current Liabilities		38.021	26.686	26.319
Net Current Assets		(11.726)	(9.291)	(5.689)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9.927	9.815	10.413

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	72.320	81.774	55.611
		Other Income	0.026	0.001	0.115
		TOTAL (A)	72.346	81.775	55.726
Less	EXPENSES
		Cost of Materials	65.322	58.420	41.159
		Selling and Distribution Expenses	0.626	0.747	0.513
		Administrative Expenses	1.153	2.187	1.604
		Manufacturing Expenses	6.562	6.783
		Employees Remuneration	3.901	3.699	7.938
		Increase/(Decrease) in Finished Goods	(9.089)	6.037
		Donation	0.084	0.226
		Loss on Sale of Assets	0.103	0.034
		TOTAL (B)	68.662	78.133	51.214
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.684	3.642	4.512
Less	FINANCIAL EXPENSES (D)		0.060	0.551	1.767
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.624	3.091	2.745
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.428	1.237	1.426
	PROFIT BEFORE TAX (E-F) (G)		2.196	1.854	1.319
Less	TAX (H)		0.729	0.749	0.268
	PROFIT AFTER TAX (G-H) (I)		1.467	1.105	1.051
	Earnings Per Share (Rs.)		0.29	0.22

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.02	1.35	1.88
Net Profit Margin (PBT/Sales)	(%)	3.03	2.26	2.37
Return on Total Assets (PBT/Total Assets}	(%)	4.57	5.45	3.59
Return on Investment (ROI) (PBT/Networth)		0.27	0.28	0.23
Debt Equity Ratio (Total Liability/Networth)		5.03	4.63	5.48
Current Ratio (Current Asset/Current Liability)		0.69	0.65	0.78

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE

During the year under review, the company showed decrease in turnover at Rs.72.321 millions. A combination of factors including lack of job opportunities due to lesser number of tenders during the immediate past year and the year under consideration, increased project costs due to overrun expenses at project sites (increase in cost of steel, diesel, transport, on-site labour etc), delays by clients in settling extra works and final measurements, and the resultant cash crunch discouraged the company from going all out to book orders with reduced margins. The competition was intense and jobs were being contracted by other companies with very low profit margin. However, the management felt it is worth its wile to wait for better climate to prevail before booking orders.

Profit after tax for the year was Rs.2.197 millions.

FIXED ASSETS:

· Plant and Machinery

· Vehicles

· Furniture and Fixture

· Office Equipment

· Land

· Building

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.48.82
UK Pound	1	Rs.75.48
Euro	1	Rs.66.10

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	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.