MIRA INFORM REPORT

Report Date :

19.06.2012

IDENTIFICATION DETAILS

Name :	JINDAL ELECTRONICS PRIVATE LIMITED
Registered Office :	50, Ambar Talab, Roorkee – 247667, Uttarakhand
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.04.1977
Com. Reg. No.:	20-004410
Capital Investment / Paid-up Capital :	Rs. 0.902 Million
CIN No.: [Company Identification No.]	U29300UR1977PTC004410
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Distributor of Hydrogen Gas Dryer, Flat Sensors, Spiral Strip, Tubes etc.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 10000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an old and established company having moderate track. There appears to be some dip in the turnover of the company. Profitability of the company is low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	Mr. Dijyadeep
Designation :	Son of Director
Contact No.:	91-9897414444
Date :	22.05.2012

LOCATIONS

Registered Office :	50, Ambar Talab, Roorkee – 247667, Uttarakhand, India
Tel. No.:	91-1332-262207
Mobile No.:	91-9897414444 (Mr. Dijyadeep) 91-9897023311 (Mr. Rajiv Jindal)
Fax No.:	91-1332-264553
E-Mail :	jindaluk@rediffmail.com vinodgargadv@yahoo.in jel_jel@rediffmail.com
Website :	http://www.jindalelectronics.com
Factory :	15-16, Industrial Estate, Roorkee – 247667, Uttarakhand, India
Tel. No.:	91-1332-262207 / 263062
Fax No.:	91-1332-264553
Area :	1200 Sq. ft.
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Rajiv Jindal
Designation :	Director
Address :	50 East Ambar Talab, Roorkee – 247667, Uttarakhand, India
Date of Birth/Age :	15.03.1951
Date of Appointment :	29.04.1977
DIN No. :	02420018

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U29300UR1977PTC004410	JINDAL ELECTRONICS PRIVATE LIMITED	Director	29-04-77	29-04-77	Active	NO
2	U15491UR1995PLC018568	JINDAL HERBALS LIMITED	Director	16-08-95	16-08-95	Active	NO

Name :	Mrs. Renu Jindal
Designation :	Director
Address :	50 Ambar Talab, Roorkee – 247667, Uttarakhand, India
Date of Birth/Age :	06.02.1958
Date of Appointment :	12.03.1986
DIN No. :	02420051

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U29300UR1977PTC004410	JINDAL ELECTRONICS PRIVATE LIMITED	Director	12-03-86	12-03-86	Active	NO
2	U15491UR1995PLC018568	JINDAL HERBALS LIMITED	Director	06-04-03	06-04-03	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Rajiv Jindal	34285
Renu Jindal	10800
Divya Deep Jindal	24335
Mili Jindal	20750
Total	90170

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Distributor of Hydrogen Gas Dryer, Flat Sensors, Spiral Strip, Tubes etc.
Agencies Held :	Phoenix Caroskar
Exports :
Products :	Hydrogen Gas Dryer Flat Sensors Spiral Strip Tubes
Countries :	Bhutan Bangladesh Iraq
Imports :
Products :	Wire
Countries :	London
Terms :
Selling :	Cheque
Purchasing :	Cheque

GENERAL INFORMATION

Customers :

Government and Others

No. of Employees :

50 (Approximately)

Bankers :

· Canara Bank, Branch Anaj Mandi, Roorkee – 247667, Uttaranchal, India

· HDFC Bank

· ICICI Bank Limited

· Punjab National Bank

Facilities :

Secured Loans	As on 31.03.2011 Rs. in Millions	As on 31.03.2010 Rs. in Millions
Canara Bank (Against Bill Discounted)	5.999	4.198
ICICI Bank Limited	0.000	0.113
HDFC Car Loan	0.000	0.290
Canara bank car loan account	0.831	0.000
Total	6.830	4.601

Unsecured Loans	As on 31.03.2011 Rs. in Millions	As on 31.03.2010 Rs. in Millions
Loan From Director
Rajiv Jindal	1.872	0.663
Renu Jindal	0.695	0.305
Loan from Others (Relatives)
Rajiv Jindal HUF	0.768	0.767
Divya Deep Jindal	0.000	0.100
Lavina R Agarwal	0.163	0.163
Parmeshwar Saran Gupta	0.050	0.000
Total	3.548	1.998

Banking Relations :	--
Auditors :
Name :	Jitender Kumar Sharma Chartered Accountant
Address :	S-524, Main Vikas Marg, Shakarpur, Delhi – 110 092, India
Tel. No.:	91-120-4127433
Mobile No.:	91- 9811307433
E-Mail :	jksharmaca@rediffmail.com
PAN NO.:	AMWPS4012N
Associates/Subsidiaries :	Rajiv Jindal Electronics, Uttarakhand

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90170	Equity Shares	Rs.10/- each	Rs.0.902 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.902	0.902	0.902
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.076	1.556	1.167
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2.978	2.458	2.069
LOAN FUNDS
1] Secured Loans		6.830	4.601	7.196
2] Unsecured Loans		3.548	1.998	1.998
TOTAL BORROWING		10.378	6.599	9.194
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		13.356	9.057	11.263
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.744	3.842	3.718
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	0.819	0.254	0.426
	Sundry Debtors	14.572	11.825	11.560
	Cash & Bank Balances	0.158	0.489	0.077
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.500	0.290	1.655
Total Current Assets		17.049	12.858	13.718
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	4.598	5.851	3.096
	Other Current Liabilities	1.979	1.598	2.747
	Provisions	0.860	0.194	0.330
Total Current Liabilities		7.437	7.643	6.173
Net Current Assets		9.612	5.215	7.545
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		13.356	9.057	11.263

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	26.962	28.536	40.294 (Turnover)
		Other Income	0.677	1.330	NA
		TOTAL	27.639	29.866	NA
Less	EXPENSES
		Increase / (Decrease) in stock	(0.565)	0.173
		Operating Expenses	21.112	22.251	NA
		Administrative and Selling	5.949	6.200
		TOTAL	26.496	28.624	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.143	1.242	1.308
Less/ Add	DEPRECIATION/ AMORTISATION		0.567	0.685	0.528
	PROFIT BEFORE TAX		0.576	0.557	0.780
Less	TAX		0.178	0.168	0.508
	PROFIT AFTER TAX		0.398	0.389	0.272
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.555	1.166	0.894
	BALANCE CARRIED TO THE B/S		1.953	1.555	1.166
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	0.000	0.155
	TOTAL EARNINGS		0.000	0.000	0.155
	IMPORTS
		Raw Materials	0.000	0.000	2.160
	TOTAL IMPORTS		0.000	0.000	2.160
	Earnings Per Share (Rs.)		15.31	14.96	--

Particulars	31.03.2012
Sales Turnover (Approximately)	34.000

Expected Sales (2012-2013) : Rs. 40.000 Millions

The above information has been parted by Mr. Dijyadeep

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.44	1.31	NA
Net Profit Margin (PBT/Sales)	(%)	2.14	1.36	1.94
Return on Total Assets (PBT/Total Assets}	(%)	2.77	3.34	4.47
Return on Investment (ROI) (PBT/Networth)		0.19	0.23	0.38
Debt Equity Ratio (Total Liability/Networth)		5.98	5.79	7.43
Current Ratio (Current Asset/Current Liability)		2.29	1.68	2.22

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	---------
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-------------
Litigations that the firm/ Promoters Involved in	------------
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	------------
Buyer visit details	-------------
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

OPERATIONS

The Board is presenting before the financials of the year ended 31st March, 2011 as the Company has earned profit of Rs. 0.576 Million.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	90277756
Corporate identity number of the company	U29300UR1977PTC004410
Name of the company	JINDAL ELECTRONICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	50 Ambar Talab, Roorkee – 247 667, Uttarakhand, India
Type of charge	Book Debts Others Secured Demand Bills and bank guarantee
Particular of charge holder	Canara Bank, Branch Anaj Mandi, Roorkee – 247 667, Uttaranchal, India Email: luck2200@canbank.co.in
Nature of description of the instrument creating or modifying the charge	Sanction Letter, Agreement for Secured Demand Bills, Agreement Re: Advances against Book Debts as prime Security, draft of ledtd to be used where additional limit is guarantee on the very security
Date of instrument Creating the charge	15.04.2008
Amount secured by the charge	Rs. 8.650 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 13% Terms of Repayment No change Margin In case of Secured Demand Bills : 25% In case of Book Debts : 40% In case of Bank Guarantee : 25% Extent and Operation of the charge 100% i.e. the charge shall operate to the extent of Rs.8.650 millions plus interest and additional interest, if any accrued thereon. Others Nil
Short particulars of the property charged	(1) EMT of Land & Building situated at 15-16, Industrial Estate, Roorkee (2) Hypothecation of Plant and Machinery (3) Hypothecation of Book Debts (4) Pledge of Bank Deposit / Demand Bill (4) Personal guarantee of directors
Date of latest modification prior to the present modification	11.07.2005
Particulars of the present modification	The overall limit has been increase from Rs.7.650 Millions to Rs.8.650 Millions with increase of Book debts from Nil to Rs.1.000 Million.

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. 55.60
UK Pound	1	Rs. 87.34
Euro	1	Rs. 70.66

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	ACH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	4
--CREDIT LINES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.