MIRA INFORM REPORT

Report Date :

29.12.2012

IDENTIFICATION DETAILS

Name :	N S JAIN AND COMPANY PRIVATE LIMITED
Registered Office :	150, Bhawani Peth, Pune – 411002, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.11.1997
Com. Reg. No.:	11-112719
Capital Investment / Paid-up Capital :	Rs. 2.500 Millions
CIN No.: [Company Identification No.]	U31909MH1997PTC112719
Legal Form :	Private Limited Liability Company
Line of Business :	Distributor of Mobile Handset
No. of Employees :	50 (Approximately)

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 150000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. 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 condition.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Raju
Designation :	Account Department
Contact No.:	91-20-26386670
Date :	26.12.2012

LOCATIONS

Registered Office :	150, Bhawani Peth, Pune – 411002, Maharashtra, India
Tel. No.:	91-20-26386670 / 26387636 / 26387641 / 26381600
Fax No.:	91-20-26387636
E-Mail :	yogesh@nsjain.com nilesh@nsjain.com shahbaldota@vsnl.net
Website :	www.nsjain.com
Area :	3000 Sq. ft.
Location :	Owned
Branch Office :	Shop No.1/2, Jain Ganesh, Varadhast Complex, Pimpari, Pune, Maharashtra, India
Tel. No. :	91-20-27421537
Area :	500 sq. ft.
Location :	Owned
Warehouse :	125/116, Bhawani Peth, Pune – 411 042, Maharashtra, India
Area :	4000 sq. ft.
Location :	Rented
Showroom :	629, Raviva Peth, Pune, Maharashtra, India
Tel No.:	91-20-24478339
E-Mail :	sales@nsjain.com
Area :	400 sq. ft.
Locations :	Rented

DIRECTORS

As on 29.09.2012

Name :	Mr. Nilesh Achal Jain
Designation :	Director
Address :	Plot No. 45/46, Salisbury Park, Pune – 411 037, Maharashtra, India
Date of Birth/Age :	15.01.1977
Date of Appointment :	12.11.1997
DIN No.:	00721775
Name :	Mr. Yogesh Chunilal Jain
Designation :	Director
Address :	Plot No. 45/46, Salisbury Park, Pune – 411 037, Maharashtra, India
Date of Birth/Age :	17.12.1971
Date of Appointment :	30.12.1997
DIN No.:	00721944
Name :	Mrs. Achal Walchand Jain
Designation :	Director
Address :	585, Plot No.45, Gultekadi, Pune – 411037, Maharashtra, India
Date of Birth/Age :	13.02.1950
Date of Appointment :	21.11.1997
DIN No.:	01875128
Name :	Mr. Chunilal Walchand Jain
Designation :	Director
Address :	585, Plot No.45, Gultekadi, Pune – 411037, Maharashtra, India
Date of Birth/Age :	29.01.1947
Date of Appointment :	12.11.1997
DIN No.:	02847129
Name :	Mrs. Meena Chunilal Jain
Designation :	Director
Address :	585, Plot No.45, Gultekadi, Pune – 411037, Maharashtra, India
Date of Birth/Age :	04.03.1948
Date of Appointment :	01.04.2001
DIN No.:	02847152
Name :	Mrs. Preeti Yogesh Jain
Designation :	Director
Address :	585, Plot No.45, Gultekadi, Pune – 411037, Maharashtra, India
Date of Birth/Age :	28.05.1973
Date of Appointment :	01.04.2001
DIN No.:	02847157
Name :	Mrs. Sarita Nilesh Jain
Designation :	Director
Address :	585, Plot No.45, Gultekadi, Pune – 411037, Maharashtra, India
Date of Birth/Age :	05.09.1980
Date of Appointment :	01.04.2001
DIN No.:	02847166
Name :	Mrs. Indumati Achal Jain
Designation :	Director
Address :	585, Plot No.45, Gultekadi, Pune – 411037, Maharashtra, India
Date of Birth/Age :	07.07.1953
Date of Appointment :	01.04.2001
DIN No.:	02857913

KEY EXECUTIVES

Name :	Mr. Raju
Designation :	Account Department
Name :	Aniruddha Dekhane and Associates
Designation :	Company Secretaries
Address :	Flat No.4, Type III, ICE House Colony, Opposite Ruby Hall, Sasoon Road, Pune – 411001, Maharashtra, India
Email :	csaniruddha@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Chunilal Walchand Jain	31250
Achal Walchand Jain	31250
Yogesh Chunilal Jain	31250
Nilesh Achal Jain	31250
Meena Chunilal Jain	31250
Indumati Achal Jain	31250
Sarita Nilesh Jain	31250
Preeti Yougesh Jain	31250
Total	250000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Distributor of Mobile Handset
Products :	· Crompton Greaves - Luminaries and Accessories  · Philips -  Domestic Appliances and Personal Care Motorola -  Handsets
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Customers :

Retailers

No. of Employees :

50 (Approximately)

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· Maharashtra Bank

· Citi Bank

· ING Vyasa Bank, 928 Mantri Centre, FC Road, Pune – 411004, Maharashtra, India

Tel No.: 91-20-25656214

Note: Banker (ING Vyasa Bank) has reported that the subject maintains proper and good banking relation.

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Short Term Borrowing
ING Vyasa Bank‐CCA‐104	48.764	56.837
Maharashtra Bank,CA-8533	0.000	0.437
Total	48.764	57.274
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Short Term Borrowing
Chunilal W.Jain	1.024	1.657
Chunilal W.Jain (HUF)	1.620	1.488
Achal W Jain	3.576	3.717
Achal W Jain (HUF)	1.867	1.238
Indumati Jain	0.000	0.000
Kamlabai Jain	1.537	1.290
Meena Jain	1.628	1.543
Meenal Jain-Staff	0.222	0.222
Nilesh Jain	0.348	0.614
Yogesh Jain	0.000	0.741
Preeti Jain	2.102	1.694
Sarita Jain	1.725	1.330
Achal Construction	8.342	0.000
Total	23.991	15.534

Banking Relations :	--
Auditors :
Name :	Bharat V Shah and Associates Chartered Accountants
Address :	2A, Gangotri Complex, 926, Synagogue Street, Pune – 411 001, Maharashtra, India
Tel. No.:	91-20-26134610
Mobile No.:	91-9822271222
PAN.:	ANIPS7545R

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Disclosure pursuant to Note no. 6(A)(d) of Part I of Schedule VI to the Companies Act, 1956

Particulars	Equity Shares Number	Amount in Millions
Shares outstanding at the beginning of the year	10,000.00	0.100
Shares Issued during the year	240,000.00	2.400
Shares bought back during the year	--	--
Shares outstanding at the end of the year	250,000.00	250.000

Disclosure pursuant to Note no. 6(A)(g) of Part I of Schedule VI to the Companies Act, 1956 (if more than 5%)

Particulars	No. of Shares held	% of Holding
Chunilal Walchand Jain	31250	12.50%
Achal Walchand Jain	31250	12.50%
Yogesh Chunilal Jain	31250	12.50%
Nilesh Achal Jain	31250	12.50%
Meena Chunilal Jain	31250	12.50%
Indumati Achal Jain	31250	12.50%
Sarita Nilesh Jain	31250	12.50%
Preeti Yogesh Jain	31250	12.50%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.500	0.100	0.100
2] Share Application Money		0.000	2.400	2.400
3] Reserves & Surplus		36.197	29.959	24.694
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		38.697	32.459	27.194
LOAN FUNDS
1] Secured Loans		48.764	57.274	44.568
2] Unsecured Loans		23.991	15.534	9.945
TOTAL BORROWING		72.755	72.808	54.513
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		111.452	105.267	81.707
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.258	2.373	2.553
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.038	0.079	0.000
Other Non-Current Assets		4.198	2.082	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	29.677
	Sundry Debtors	55.658	64.702	40.433
	Cash & Bank Balances	0.169	0.239	0.570
	Other Current Assets	79.302	50.643	0.035
	Loans & Advances	0.644	0.109	19.415
Total Current Assets		135.773	115.693	90.130
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.514	12.101	7.942
	Other Current Liabilities	0.000	0.00	0.058
	Provisions	3.301	2.859	2.976
Total Current Liabilities		30.815	14.960	10.976
Net Current Assets		104.958	100.733	79.154
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		111.452	105.267	81.707

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	621.137	587.308	303.059
		Other Income
		TOTAL	621.137	587.308	303.059
Less	EXPENSES
		Office Expenses
		Administrative Expenses	611.811	578.743	295.687
		Advertising Expenses
		TOTAL	611.811	578.743	295.687
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		9.326	8.565	7.372
Less/ Add	DEPRECIATION/ AMORTISATION		0.794	0.760	0.209
	PROFIT BEFORE TAX		8.532	7.805	7.163
Less	TAX		2.674	2.134	2.026
	PROFIT AFTER TAX		5.858	5.671	5.137
	Earnings Per Share (Rs.)		23.42	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.94	0.97	1.70
Return on Total Assets (PBT/Total Assets}	(%)	6.18	6.61	5.54
Return on Investment (ROI) (PBT/Networth)		0.15	0.24	0.26
Debt Equity Ratio (Total Liability/Networth)		2.68	2.70	2.41
Current Ratio (Current Asset/Current Liability)		4.41	7.73	8.21

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Rs. In Millions

Particulars	31.03.2012	31.03.2011	31.03.2010
Others	27.514	12.101	7.942
Total	27.514	12.101	7.942

Sr. No.	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	Yes
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	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
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	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS AND FUTURE PROSPECTS:

During the year ended Company has achieve the turnover of Rs. 621.137 Millions and profit after tax of Rs.5.858 Millions as compared to last year the turnover of company was increased in this financial year and also profit of the company increased the company is in growth So the Directors are hopeful that the Company would be able to maintain its growth during the current financial year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U31909MH1997PTC112719
Name of the company	N S JAIN AND COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	150, Bhawani Peth, Pune – 411 002, Maharashtra, India shahbaldota@vsnl.net
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10122146
Type of charge	Book debts Floating charge Others (Hypothecation of stock)
Particular of charge holder	ING Vyasa Bank, 928 Mantri Centre, FC Road, Pune – 411004, Maharashtra, India cms@companiesinn.com
Nature of instrument creating charge	Supplemental Deed of Hypothecation.
Date of instrument Creating the charge	09.08.2011
Amount secured by the charge	Rs.70.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest ODSIT/BD : IVBR+2.80% BG : Commission 1% on performance BG and 1.50% on Financial BG. Terms of Repayment ODSIT/BD : On Demand BG : 12 months. Margin ODSIT/BD : 35% on stocks and 25% on book debts. BG : 20% with due noting of lien. Extent and Operation of the charge First charge on the stocks and book debts of the company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The entire stocks of electrical goods such as fans, tube lights, other lights, accessories, parts, mobile phones and accessories, which are already kept and/or to be kept at (1) 116/125 and 150, Bhawanipet, Pune (2) Shop No.1 and 2, Jai Ganesh Varadhasta Complex, Nehru Nagar, Pimpri, Pune Entire book debts of the company both present and future.
Particulars of the present modification	The total limit has been enhanced from Rs.55.000 Millions to Rs.70.000 Millions as follows: Rs. In Millions Limit Existing Modified ODSIT/BD 45.000 50.000 BG 10.000 20.000 All the terms and conditions are remain same.

FIXED ASSETS

• Land
• Buildings
• Plant and Machinery
• Furniture and Fixtures
• Vehicles
• Office equipment
• Computers

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.54.85
UK Pound	1	Rs.88.40
Euro	1	Rs.72.63

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	NO
--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.