MIRA INFORM REPORT

Report Date :

16.03.2012

IDENTIFICATION DETAILS

Name :	JSK INDUSTRIES PRIVATE LIMITED
Registered Office :	9 A.K. Naik Marg, Near Empire Cinema, CST (VT), Mumbai-400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.09.2005
Com. Reg. No.:	11-156332
Capital Investment / Paid-up Capital :	Rs.140.000 Millions
CIN No.: [Company Identification No.]	U27100MH2005PTC156332
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ11408F
PAN No.: [Permanent Account No.]	AABCJ5937F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading in Aluminium Products and Conductors.
No. of Employees :	Not Available

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 2000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. 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 – 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

LOCATIONS

Registered Office :	9 A.K. Naik Marg, Near Empire Cinema, CST (VT), Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-66253700
Fax No.:	91-22-66550780
E-Mail :	jsk@jskindia.in kaushaldalalcs@gmail.com
Factory 1 :	Survey No. 369/1/2, Behind Siyaram Silk Mills Limited, Village Sayli, Silvassa-396230, Dadra and Nagar Haveli, India
Factory 2 :	Survey No. 126/1, Near Rakholi School, Rakholi, Silvassa-396240, Dadra and Nagar Haveli, India

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Anish Dineshchandra Shah

Designation :

Directr

Address :

303/A-Wing, Chandanbala Apartments, RR Thakkar Marg, Off Ridge Road, Walkeshwar, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

07.11.1976

Date of Appointment :

29.09.2005

Din No.:

00466560

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	U22100MH1987PTC043578	EXCEL PRESS PRIVATE LIMITED	Director	10-07-05	10-07-05	23-11-09	Active	NO
2	U27100MH2005PTC156332	JSK INDUSTRIES PRIVATE LIMITED	Director	29-09-05	29-09-05	-	Active	NO

Name :

Mr. Kalpesh Dineshchandra Shah

Designation :

Director

Address :

303/A-Wing, Chandanbala Apartments, RR Thakkar Marg, Off Ridge Road, Walkeshwar, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

21.02.1975

Date of Appointment :

26.09.2005

Din No.:

01546268

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	U22100MH1987PTC043578	EXCEL PRESS PRIVATE LIMITED	Director	10-07-05	10-07-05	23-11-09	Active	NO
2	U27100MH2005PTC156332	JSK INDUSTRIES PRIVATE LIMITED	Director	26-09-05	26-09-05	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Sunandaben Dineshchandra Shah	700000
Kalpesh Dineshchandra Shah	288980
Kalpesh Dineshchandra Shah HUF	840000
Keval K. Shah	980000
Anish Dineshchandra Shah	848980
Anish Dineshchandra Shah HUF	1260000
Hetal Anish Shah	1260000
Prayagchand Ashok Kumar Private Limited, India	2607000
Eklavya Management Services Private Limited, India	2608040
Purak Trading Private Limited, India	2607000
Total	14000000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	55.87
Directors or relatives of directors	44.13
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading in Aluminium Products and Conductors.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Aluminium Wire Rods and Conductors	7605

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Installed Capacity	Actual Production
Finished Goods [Own]	155244.000	69406
Finished Goods [For Own Consumption]	--	41692.10
Finished Goods [Conversion For Others]	--	8521.72
Capacity Utilization [%]*	--	77.05

NOTE:

· Installed capacity is as certified by the management and accepted by auditors being a technical matter.

· * Capacity Utilization has been worked out on proportionate installed capacity based on dates of Installations

GENERAL INFORMATION

Customers :

· Power Grid Corporation of India Limited (PGCIL)

· Gujarat Energy Transmission Corporation Limited (GETCO)

· Madhya Gujarat Vij Company Limited (MGVCL)

· Dakshin Gujarat Vij Company Limited (DGVCL)

· Paschim Gujrat Vij Company Limited (PGVCL)

· Maharashtra State Electricity Distribution Company Limited (MSEDCL)

· Maharashtra State Electricity Transmission Company Limited (MSETCL)

· Ajmer Vidyut Vitaran Nigam Limited (AVVNL)

· Madhya Pradesh Power Transmission Company Limited (MPPTCL)

· Central Power Distribution Company of Andhra Pradesh Limited (APCPDCL)

· Tamil Nadu Electricity Board (TNEB)

· ICOMM Tele Limited

· Ravin Cables Limited

· Tata Iron and Steel Company (TISCO)

No. of Employees :

Not Available

Bankers :

State Bank of India, Commercial Branch, N.G.N. Vaidya Marg, Mumbai-400023, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loan	159.949	237.932
Working capital loan	440.770	11.344
Total	600.719	249.276
Unsecured Loan
Other debts	366.361	271.164
Total	366.361	271.164

Banking Relations :	--
Auditors :
Name :	MZS and Associates Chartered Accountants
Address :	1116, Raheja Chambers, Nariman Point, Mumbai-400021, Maharashtra, India
Pan No.:	AAFKM2006L

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14000000	Equity Shares	Rs.10/- each	Rs.140.000 Millions

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		140.000	140.000	61.780
2] Share Application Money		0.000	0.000	78.220
3] Reserves & Surplus		369.238	250.705	66.136
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		509.238	390.705	206.136
LOAN FUNDS
1] Secured Loans		600.719	249.276	323.755
2] Unsecured Loans		366.361	271.164	171.555
TOTAL BORROWING		967.080	520.440	495.310
DEFERRED TAX LIABILITIES		50.191	42.110	31.881
TOTAL		1526.509	953.255	733.327
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		449.171	424.312	380.056
Capital work-in-progress		0.000	21.452	0.000
INVESTMENT		3.310	5.500	5.500
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	887.725	531.259	224.278
	Sundry Debtors	1376.485	1102.842	434.712
	Cash & Bank Balances	282.926	345.050	58.369
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	407.018	248.454	99.835
Total Current Assets		2954.154	2227.605	817.194
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1687.256	1642.347	430.936
	Other Current Liabilities	152.870	23.267	26.022
	Provisions	40.000	60.000	12.465
Total Current Liabilities		1880.126	1725.614	469.423
Net Current Assets		1074.028	501.991	347.771
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1526.509	953.255	733.327

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES		7625.715	4980.643	1872.207
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		193.692	274.670	108.128
Less/ Add	DEPRECIATION/ AMORTISATION		24.584	20.802	10.746
	PROFIT BEFORE TAX		169.108	253.868	97.382
Less	TAX		50.575	69.467	36.246
	PROFIT AFTER TAX		118.533	184.401	61.136
	IMPORTS
		Material Cost	423.088	754.891	357.446
	Earnings Per Share (Rs.)		8.47	13.17	9.90

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	2.22	5.10	5.20
Return on Total Assets (PBT/Total Assets}	(%)	4.97	9.57	8.13
Return on Investment (ROI) (PBT/Networth)		0.33	0.65	0.47
Debt Equity Ratio (Total Liability/Networth)		5.59	5.75	4.68
Current Ratio (Current Asset/Current Liability)		1.57	1.29	1.74

LOCAL AGENCY FURTHER INFORMATION

INDUSTRIAL RELATIONS:

The Industrial relation with employees remained cordial throughout the year. To place on record their appreciation of the devoted services rendered by the workers staff and employees of the Company.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U27100MH2005PTC156332
Name of the company	JSK INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	9 A.K. Naik Marg, Near Empire Cinema, CST (VT), Mumbai-400001, Maharashtra, India
Type of charge	Book Debts Movable Property [not being pledge] Immovable Property
Particular of charge holder	State Bank of India, Commercial Branch, N.G.N. Vaidya Marg, Mumbai-400023, Maharashtra, India
Email	dgm06070@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Joint deed of hypothecation dated 2^nd December, 2011 and memorandum of deposit for creation of charge for term loan/overall limit dated 2^nd December, 2011.
Date of instrument Creating the charge	02.12.2011
Amount secured by the charge	4904.100 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Bank wise rate of interest Terms of Repayment Bank wise terms of repayment Margin Bank wise percentage of margin Extent and Operation of the charge Bank wise extent and operation of the charge
Short particulars of the property charged	ALL THAT piece and parcel of Non-agricultural land bearing Survey No. 369/1/1/2 adms. 16,100 sq. mtrs; 369/1/2 adms. 900 sq. mtrs; 369/2 adms. 200 sq. mtrs; 369/3 adms. 200 Sq. mtrs; 369/4 adms.1700, 369/8 adms.1400, 369/9 adms. 800, 369/10 adms. 900, 369/11 adms. 700, 369/12 adms.1200, 369/13 adms.900, 369/14 adms. 200 and Survey No. 370 adms. 3700 sq. mtrs. totally admeasuring 28900 sq. mtrs. of Village Sayli of the Union Territory of Dadra and Nagar Haveli for the Industrial Purpose together with all buildings and structures thereon and all plant and machinery attached to the earth Or permanently fastened to anything attached to the earth. The entire current assets i.e. all and Singular the Borrowers Stocks of Raw Materials, Semi-finished and Finished Goods, Stores and spares not relating to the Plant and Machinery Consumable Stores And Spares, Bills Receivable, Book Debts and all other movables of the Borrower including documents of the title to goods and other assets, such as outstanding moneys, receivables including Receivables by way of cash assistance and /or cash, including under the cash Incentive Scheme or any other scheme claims including claims by way of refund of customs /excise duties under the Duty Drawback Credit Scheme or any other Scheme, bills, invoices, documents, contracts, engagements, securities, investments and rights, both present and future, of the Borrower being and lying in the Borrowers premises or Godowns of or rented and whether lying loose or in cases or otherwise used in the business of the Borrower at the said site or in transit now belonging to or that may at any Time, during the continuance of the said Facilities and this security belong to the Borrower or that may be held by any party to the order or disposition of the Borrower.

FIXED ASSETS:

· Freehold Land

· Factory Building

· Office Equipments

· Plant and Machinery

· Furniture and Fittings

· Motor Car

· Computer

· Office 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] 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.50.22
UK Pound	1	Rs.78.64
Euro	1	Rs.65.54

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	6
--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		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.