MIRA INFORM REPORT

Report Date :

20.03.2012

IDENTIFICATION DETAILS

Name :	JAIKISHAN DASS MALL JUTE PRODUCTS PRIVATE LIMITED
Registered Office :	Rupsa, Balasore-756028, Orissa
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.06.1975
Com. Reg. No.:	15-000666
Capital Investment / Paid-up Capital :	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U17125OR1975PTC000666
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Jute and Allied Products
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 33000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 :	Rupsa, Balasore-756028, Orissa, India
Tel. No.:	91-6781-245541
Fax No.:	Not Available
E-Mail :	office@jmjute.com
Website :	www.jmjute.com
Head Office :	12, Ho-Chi-Minh Sarani, Unit-3E, Kolkata-700071, West Bengal, India
Tel. No.:	91-33-22822234/5
Fax No.:	91-33-22826681

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Harsh Vardhan Mall
Designation :	Director
Address :	15A, Raja Santosh Road, Alipore, Kolkata-700027, West Bengal, India
Date of Birth/Age :	06.02.1973
Date of Appointment :	28.09.1996
DIN No.:	00136881

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U65999WB1995PLC071562	J.M.GLOBAL FINANCE LIMITED	Director	17-05-95	17-05-95	Active	NO
2	U17125OR1975PTC000666	JAIKISHAN DASS MALL JUTE PRODUCTS PRIVATE LIMITED	Director	28-09-96	28-09-96	Active	NO
3	U70101WB1999PTC090730	JHAWAR TOWERS PRIVATE LIMITED	Director	28-04-09	28-04-09	Active	NO
4	U70109WB1994PTC064550	WESTIN ESTATE PRIVATE LIMITED	Director	19-08-11	19-08-11	Active	NO

Name :	Mr. Brij Mohan Mall
Designation :	Director
Address :	23, Raja Santosh Road, Kolkatat-700027, West Bengal, India
Date of Birth/Age :	20.12.1956
Date of Appointment :	27.05.1986
DIN No.:	00174840

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U17125OR1975PTC000666	JAIKISHAN DASS MALL JUTE PRODUCTS PRIVATE LIMITED	Director	27-05-86	27-05-86	Active	NO
2	U17119WB1935PLC008462	PRABARTAK JUTE MILLS LIMITED	Managing director	06-01-07	29-05-86	Active	NO
3	U51109WB1990PTC049856	J M (TRADERS AND INVESTORS) PRIVATE LIMITED	Director	13-09-90	13-09-90	Active	NO
4	U65999WB1995PLC071562	J.M.GLOBAL FINANCE LIMITED	Director	17-05-95	17-05-95	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Brij Mohan Mall	2235
Aruna Devi Mall	1000
Yash Vardhan Mall	1500
Harsh Vardhan Mall	345
Bharati Mall	450
Kamala Devi Mall	100
Ashok Saraogi	300
Rajashree Mall	1000
Raghav Mall	1500
Shelly Mall	100
Swati Mall	100
Hari Jute Supplier Private Limited, India	10
Raghv Mall HUF	150
Sohan Lal Mall HUF	100
Jag Mohan Mall	100
Brij Mohan Mall HUF	100
Aditi Mall	110
Brij Mohan Mall HUF	100
Vatsala Mall	100
Harshvardhan Mall HUF	100
Soumya Mall Trust, India	100
Vatsala Mall Trust, India	100
Siddhika Mall Trust, India	100
Aaryaa Mall Trust, India	100
Ananya Mall Trust, India	100
Total	10000

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Jute and Allied Products

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Jute Twine including Yarn	--	5203.249

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Axis Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Cash Credit with UCO Bank
(Secured by hypothecation of raw materials, finished goods, stores, process stock and personal guarantee of some directors)	0.800	0.269
Total	0.800	0.269
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors	6.950	4.794
From Bodies Corporates	21.067	17.043
From shareholders	58.508	46.868
Total	86.525	68.705

Banking Relations :	--
Auditors :
Name :	B. Jain and Company Chartered Accountant
Address :	26 Strand Road, Kolkata-700001, West Bengal, India
Pan No.:	AADFB4131C

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs. 2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs. 1.000 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		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7.366	7.039	6.259
4] (Accumulated Losses)		0.000	0.000	(2.009)
NETWORTH		8.366	8.039	5.250
LOAN FUNDS
1] Secured Loans		0.800	0.269	1.223
2] Unsecured Loans		86.525	68.705	59.949
TOTAL BORROWING		87.325	68.974	61.172
DEFERRED TAX LIABILITIES		0000	0.000	0.000
TOTAL		95.691	77.013	66.422
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		28.558	30.252	28.453
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.030	0.030	0.015
DEFERREX TAX ASSETS		0.036	0.036	0.035
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	146.284	82.261	67.752
	Sundry Debtors	18.458	49.057	17.693
	Cash & Bank Balances	4.088	8.637	4.198
	Other Current Assets	8.093	6.137	0.000
	Loans & Advances	14.096	3.049	12.063
Total Current Assets		191.019	149.141	101.706
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.841	29.683	12.777
	Other Current Liabilities	118.852	70.460	49.651
	Provisions	3.259	2.303	1.359
Total Current Liabilities		123.952	102.446	63.787
Net Current Assets		67.067	46.695	37.919
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		95.691	77.013	66.422

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	550.222	517.454	294.857
		Other Income
		TOTAL	550.222	517.454	294.857
Less	EXPENSES
		Office Expenses	548.938	513.626	295.286
		Administrative Expenses
		Advertising Expenses
		TOTAL	548.938	513.626	295.286
	PROFIT BEFORE TAX		1.284	3.828	(0.429)
Less	TAX		0.956	1.079	0.379
	PROFIT AFTER TAX		0.328	2.749	(0.808)
Add	Adjustment for earlier year		0.000	0.039	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.780	(2.008)	(1.200)
	BALANCE CARRIED TO THE B/S		1.108	0.780	(2.008)
	EXPORT VALUE		288.147	275.387	144.916
	IMPORTS VALUE		13.334	15.713	NA
	Earnings Per Share (Rs.)		32.76	274.94	(80.82)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.06	0.53	(0.27)
Return on Total Assets (PBT/Total Assets}	(%)	0.58	2.13	(0.33)
Return on Investment (ROI) (PBT/Networth)		0.15	0.48	(0.08)
Debt Equity Ratio (Total Liability/Networth)		25.25	21.32	23.80
Current Ratio (Current Asset/Current Liability)		1.54	1.46	1.59

LOCAL AGENCY FURTHER INFORMATION

WORKING RESULT:

Production during the reporting year was 5203 M.T in comparison to 5533 M.T which shows decrease of 6 Percent and turnover was Rs. 477.411 Millions against Rs. 499.505 Millions which shows decrease of 4 Percent. Decrease in turnover during the reporting year was due to non-receipts of Sales report from the consignment agents and remains unaccounted during this financial year. Resulting thereby the level of closing stock of finished goods has increased. Raw jute prices all along remained at the pick point and touched the figures of Rs. 37001- Per Quintal. Cost of other inputs has also gone up along with increase in D.A after the tripartite settlement in jute industries with workers in West Bengal. Hence the directors could not show the better working result for the current financial year. To increase the productivity of the Unit Capital investment amounting to Rs.3.719 Millions in Plant and Machinery was made during the reporting year.

FIXED ASSETS

· Land

· Building

· Office Premises

· Plant and Machinery

· Aluminium Silver Cans

· Transformer and OCB

· Fire Extinguiser

· Generator

· Weigh Bridge

· Motor Car and Vehicles

· Furniture and Fixtures

· Air Conditioner

· Office Equipments

· Computer

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. 50.12
UK Pound	1	Rs. 79.37
Euro	1	Rs. 66.00

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.