MIRA INFORM REPORT

Report Date :

12.10.2012

IDENTIFICATION DETAILS

Name :	JEE PUMPS (GUJARAT) PRIVATE LIMITED
Registered Office :	Plot No. L-1 and 2, Near Water Tank, G.I.D.C. Estate, Odhav, Ahmedabad – 382 415, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.07.2002
Com. Reg. No.:	04-040915
Capital Investment / Paid-up Capital :	Rs. 1.900 Millions
CIN No.: [Company Identification No.]	U29120GJ2002PTC040915
TAN No.: [Tax Deduction & Collection Account No.]	AHMJ00684F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Industrial Pumps.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 16000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is a established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to medicare 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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. Omna
Designation :	General Manager
Contact No.:	91-9376064292
Date :	10.10.2012

LOCATIONS

Registered Office/ Factory :	Plot No. L-1 and 2, Near Water Tank, G.I.D.C. Estate, Odhav, Ahmedabad – 382 415, Gujarat, India
Tel. No.:	91-79-22970346/ 22970347
Mobile No.:	91-9825064291 (Mr. Prakash Patel)
Fax No.:	91-79-22977724
E-Mail :	jeepumps@wilnetonline.net info@jeepumps.com
Website :	www.jeepumps.com
Area :	2000 Sq ft
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Brijeshkumar Maganbhai Patel
Designation :	Director
Address :	C-1143 Ambica Nagar, Odhav, Ahmedabad-382 415, Gujarat, India
Date of Birth/Age :	10.10.1970
Qualification :	FYB com
Date of Appointment :	01.07.2002
DIN No.:	01964400

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U35117GJ1995PTC026517	REAL CAST FOUNDRY PRIVATE LIMITED	Managing director	01/05/1998	01/05/1998	21/10/2009	Active	NO
2	U29120GJ2002PTC040915	JEE PUMPS (GUJARAT) PRIVATE LIMITED	Director	01/07/2002	01/07/2002	-	Active	NO

Name :	Mr. Prakashbhai Maganbhai Patel
Designation :	Director
Address :	C-1143 Ambica Nagar, Odhav, Ahmedabad-382 415, Gujarat, India
Date of Birth/Age :	40 Years
Qualification :	B.Com
Date of Appointment :	01.07.2002
DIN No.:	00940477
Name :	Mr. Anilkumar Maganbhai Patel
Designation :	Director
Address :	93, Swapna Shruti Part – 3, Near Madhav School, Behind Labh Ghar, Vastral Road, Ahmedabad-382 418, Gujarat, India
Date of Birth/Age :	01.07.1973
Qualification :	B.Com
Date of Appointment :	24.07.2009
DIN No.:	02678531

KEY EXECUTIVES

Name :	Mr. Omna
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Prakashbhai Maganbhai Patel	213500
Maganbhai Ramjibhai Patel	2000
Brijeshbhai Maganbhai Patel	24000
Kanakben P. Patel	40500
TOTAL	280000

AS ON 30.09.2011

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Industrial Pumps.
Products :	Centrifugal Process Pumps Self Priming Mud/Sewage Pumps Chemical Pumps Polypropylene Pumps Rotary Gear Pumps High Pressure Multistage Pumps Boiler Feed Self Priming Pumps Submersible Sewage Pumps Filter Press Pumps Vertical Pumps Fuel Injection Internal Gear Pumps Hydraulic Test Pumps S.S. Monoblock Barrel Pumps All Type Pumps Spares
Exports :
Products :	· Industrial Pumps
Countries :	· Bangladesh · USA · Srilanka · Israel · Europe · Saudi Arabia · Malaysia
Imports :
Products :	· Machinery
Countries :	· USA
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Customers :

· End Users

No. of Employees :

40 (Approximately)

Bankers :

• HDFC Bank, Driving Road, Ahmedabad Branch
• State Bank of India, SMECCC Branch, Opposite Gandhigram Railway Station, Ellisbridge, Ahmedabad – 380 009, Gujarat, India
• ICICI, Driving Road, Ahmedabad Branch
• Small Industries Development Bank of India, SIDBI Tower 15, Ashok Marg, Lucknow-226001, Uttar Pradesh, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From SIDBI against hypothecation of fixed assets	4.005	0.000
From Standard Chartered Bank against hypothecation of current assets	0.000	1.915
From State Bank of India against hypothecation of stock	4.306	0.609
TOTAL	8.311	2.524
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors	0.052	0.474
From Shareholders	0.290	0.673
TOTAL	0.342	1.147

Banking Relations :	--
Auditors :
Name :	Chandabhoy and Jassoobhoy Chartered Accountants
Address :	605-606-607, Silver Oaks, Near Mahalaxmi Char Rasta, Paldi, Ahmedabad-380 007, Gujarat, India
Tel. No.:	91-79-26586063/ 26586069
Fax No.:	91-79-26586063
E-Mail :	cnjabd@vsnl.net
PAN No.:	AABFC0696F
Sister Concern :	Jay Ambe Engineering Enterprises, Odhal, Ahmedabad, Gujarat, India Line of Business : Manufacturer and Exporter of Industrial Pumps

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs. 3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
190000	Equity Shares	Rs.10/- each	Rs. 1.900 Millions

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs. 3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
280000	Equity Shares	Rs.10/- each	Rs. 2.800 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		1.900	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.106	0.641	0.126
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4.006	1.141	0.626
LOAN FUNDS
1] Secured Loans		8.311	2.524	1.314
2] Unsecured Loans		0.342	1.147	3.818
TOTAL BORROWING		8.653	3.671	5.132
DEFERRED TAX LIABILITIES		0.170	0.000	0.000
TOTAL		12.829	4.812	5.758
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.820	4.687	3.698
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.049	0.010
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.783	5.396	2.519
	Sundry Debtors	8.913	5.788	2.147
	Cash & Bank Balances	1.247	0.053	0.031
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.445	1.182	0.575
Total Current Assets		17.388	12.419	5.272
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.662	11.797	2.916
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.785	0.546	0.306
Total Current Liabilities		15.447	12.343	3.222
Net Current Assets		1.941	0.076	2.050
MISCELLANEOUS EXPENSES		0.068	0.000	0.000
TOTAL		12.829	4.812	5.758

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	46.048	28.212	13.818
		Other Income	0.122	0.210	0.133
		TOTAL (A)	46.170	28.422	13.951
Less	EXPENSES
		Raw Material Consumption	31.524	19.395	8.643
		Manufacturing Expenses	0.635	0.553	0.308
		Payment to Employees	3.790	1.397	1.149
		Administrative Expenses	3.407	2.407	1.246
		Selling and Distribution Expenses	2.296	1.551	0.941
		Payment to Auditors	0.046	0.037	0.020
		Remuneration to Directors	0.909	0.648	0.256
		Donations	0.071	0.011	0.142
		Preliminary Expenses written off	0.017	0.000	0.000
		Increase/Decrease in Stock	(0.426)	0.219	0.210
		TOTAL (B)	42.269	26.218	12.915
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.901	2.204	1.036
Less	FINANCIAL EXPENSES (D)		0.678	0.610	0.178
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.223	1.594	0.858
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.711	0.841	0.756
	PROFIT BEFORE TAX (E-F) (G)		1.512	0.753	0.102
Less	TAX (H)		0.743	0.238	0.126
	PROFIT AFTER TAX (G-H) (I)		0.769	0.515	(0.024)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.641	0.126	0.150
	BALANCE CARRIED TO THE B/S		1.410	0.641	0.126
	EXPORT VALUE		2.821	2.856	2.468
	Earnings Per Share (Rs.)		4.05	10.31	(0.49)

Particulars	31.03.2012
Sales Turnover (Approximately)	100.000

Expected Sales (2012-2013) : Rs. 200.000 Millions

The above information has been parted by Mr. Omna.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.67	1.81	(0.17)
Net Profit Margin (PBT/Sales)	(%)	3.28	2.67	0.74
Return on Total Assets (PBT/Total Assets}	(%)	5.36	4.39	1.14
Return on Investment (ROI) (PBT/Networth)		0.38	0.66	0.16
Debt Equity Ratio (Total Liability/Networth)		6.06	14.03	13.35
Current Ratio (Current Asset/Current Liability)		1.13	1.01	1.64

LOCAL AGENCY FURTHER INFORMATION

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

NOTE

Registered office has been shifted from 90,91/5, GIDC Estate, Opposite Ambica Nagar, Odhav, Ahmedabad-382415, Gujarat, India to the present address w.e.f. 27.01.2007.

FORM 8

Corporate identity number of the company	U29120GJ2002PTC040915
Name of the company	JEE PUMPS (GUJARAT) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. L-1 and 2, Near Water Tank, G.I.D.C. Estate, Odhav, Ahmedabad – 382 415, Gujarat, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	10235284
Type of charge	· Movable property (not being pledge)
Particular of charge holder	Small Industries Development Bank of India, SIDBI Tower 15, Ashok Marg, Lucknow-226001, Uttar Pradesh, India
Nature of instrument creating charge	Deed of Hypothecation dated 14/07/2011 for creation of First Charge over the movable assets [both present and future] of the Company created out of the Proposed Loan of Rs. 2.700 Millions along-with extension of first charge over the movable assets [both present & future] of the Company.
Date of instrument Creating the charge	14.07.2011
Amount secured by the charge	Rs. 7.400 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest SIDBI PLR plus 0.75% Terms of repayment 60 monthly installments of Rs. 0.045 Million each commencing after a moratorium of 6 months from the date of the first disbursement of the loan Margin Nil Extent and operation of the charge The loan is secured by 1st charge against hypothecation on all the movables assets [save and except current assets] including movable plant, machineries, tools, accessories, office equipments, computers, furniture and fixtures, both present and future, acquired/to be acquired by the Company. Other Further term loan of Rs. 2.700 Millions
Short particulars of the property charged (Including location of the property)	First Charge by way of Hypothecation on all the movables [save and except current assets] including movable plant, machineries, tools, accessories, office equipments, computers, furniture and fixtures, both present and future, of the Company.
Date of instrument modifying the charge	20.08.2010
Particulars of the present modification	By Virtue of Present Modification, The First Charge Over The Existing and Future Movable Assets [Save And Except Current Assets] of The Company Are Extended to Secure The Enhanced Credit Facilities of Rs.7.400 Millions [Enhanced by Rs.2.700 Millions From Existing Rs.4.700 Millions] in Favour of SIDBI.

FIXED ASSETS

· Factory Shed

· Mobile Phone

· Office Equipment

· Plant and Machinery

· Computers

· Cycle

· Air Conditioner

· Electric Fittings

· Factory Building

· Furniture

· Office Building

· Patterns

· Testing Equipment

· Scooters

· Dead Stock

· Dies

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. 53.07
UK Pound	1	Rs. 84.94
Euro	1	Rs. 68.23

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		33

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.