MIRA INFORM REPORT

Report Date :

29.10.2012

1. Summary Information

		Country	India
Company Name	J. K TOOLS IS A UNIT OF J. K. FILES (INDIA) LIMITED	Principal Name 1	Mr. Hari Gautam Singhania
Status	Satisfactory	Principal Name 2	Mr. Sunder Hariharan
		Registration #	11-105955
Street Address	New Hind House, Narottam Morarjee Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India
Established Date	18.02.1997	SIC Code	--
Telephone#	91-22- 22686000	Business Style 1	Manufacturer
Fax #	91-22- 22620052	Business Style 2	-
Homepage	-	Product Name 1	Steel Files
# of employees	Not Available	Product Name 2	-
Paid up capital	Rs.307,407,000/-	Product Name 3	-
Shareholders	Bodies Corporate – 100%	Banking	HDFC Bank Limited
Public Limited Corp.	NO	Business Period	15 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (50)
Related Company
Relation	Country	Company Name	CEO
Holding Company	India	Raymond Limited
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	454,054,000	Current Liabilities	388,568,000
Inventories	390,580,000	Long-term Liabilities	550,222,000
Fixed Assets	590,577,000	Other Liabilities	58,709,000
Deferred Assets	0,000	Total Liabilities	997,499,000
Invest& other Assets	82,444,000	Retained Earnings	212,749,000
		Net Worth	520,156,000
Total Assets	1,517,655,000	Total Liab. & Equity	1,517,655,000
Total Assets (Previous Year)	1,483,273,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	2490,613,000	Net Profit	109,089,000
Sales(Previous yr)	1274,551,000	Net Profit(Prev.yr)	45,767,000

IDENTIFICATION DETAILS

Name :	J K FILES (INDIA) LIMITED (05.10.2009) J. K TOOLS IS A UNIT OF J. K. FILES (INDIA) LIMITED
Formerly Known As :	HINDUSTAN FILES LIMITED
Registered Office :	New Hind House, Narottam Morarjee Marg, Ballard Estate, Mumbai – 400001, Maharashtra,
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.02.1997
Com. Reg. No.:	11-105955
Capital Investment/ Paid-up Capital:	Rs.307.407 Millions
CIN No.: [Company Identification No.]	U27104MH1997PLC105955
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Steel Files.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2081000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Raymond Limited’. It is a well established company having satisfactory track. It has achieved better growth in its sales turnover during 2011. Trade relations are reported as decent. Business is active. Payments are reported to regular and as per commitments. The company can be considered 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	A1+( Short Term Bank Facilities)
Rating Explanation	Very Strong degree of safety and lowest credit risk.
Date	08.10.2012

Rating Agency Name	CARE
Rating	A+( Long Term Bank Facilities)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	08.10.2012

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 DENIED BY

Name :	Mr. Atul Vaidya
Designation :	Deputy Senior Manager in power tools
Date :	26.10.2012

LOCATIONS

Registered Office :	New Hind House, Narottam Morarjee Marg, Ballard Estate, Mumbai – 400001, Maharashtra , India
Tel. No.:	91-22- 22686000
Fax No.:	91-22- 22620052
E-Mail :	priti.alkari@raymond.in akshat.chechani@raymond.in

DIRECTORS

As on 31.05.2012

Name :

Mr. Hari Gautam Singhania

Designation :

Director

Address :

59 A, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

09.09.1965

Qualification :

B.COM.

Date of Appointment :

08.06.2010

Din No.:

00020088

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	U99999MH1964PLC012865	J.K.HELENE CURTIS LIMITED	Director	26/12/1989	26/12/1989	-	Active	NO
2	L17117MH1925PLC001208	RAYMOND LIMITED	Managing director	01/07/2009	01/04/1990	-	Active	NO
3	U99999MH1947PLC005735	J.K. INVESTO TRADE (INDIA) LIMITED	Director	20/06/1990	20/06/1990	-	Active	NO
4	U92411MH1991GAP062033	COLOSSEUM SPORTS AND RECREATION INTERNATIONAL	Director	05/09/1991	05/09/1991	-	Strike off	NO
5	U67120MH1945PLC004603	J K INVESTORS(BOMBAY) LIMITED	Director	11/08/1992	11/08/1992	-	Active	NO
6	U24241MH1990PTC055034	SILVER SOAPS PRIVATE LIMITED	Director	16/10/1992	16/10/1992	-	Active	NO
7	U51109MH1948PLC006460	RAYMOND APPAREL LIMITED	Director	30/03/1993	30/03/1993	-	Amalgamated	NO
8	U40100MH1997PLC106133	AQUALINE MARINE INDIA LIMITED	Director	25/02/1997	25/02/1997	-	Strike off	NO
9	U25199MH1996PLC100697	J K ANSELL LIMITED	Director	08/10/1997	08/10/1997	-	Active	NO
10	U72900MH2000PLC127831	SILVER SPARK APPAREL LIMITED	Director	20/07/2000	20/07/2000	-	Active	NO
11	U51102TN1987PLC014467	COLOR PLUS FASHIONS LIMITED	Director	21/02/2003	21/02/2003	-	Active	NO
12	U01100MH2004PTC150094	AVANI AGRICULTURAL FARMS PRIVATE LIMITED	Director	28/04/2005	24/12/2004	-	Active	NO
13	U17120MH2004PLC149276	RAYMOND ZAMBAITI LIMITED	Director	30/03/2005	30/03/2005	-	Active	NO
14	U17115MH2006PTC162450	Raymond UCO Denim Private Limited	Director	12/06/2007	08/08/2006	-	Active	NO
15	U85110MH2007PTC171500	BODY BASIC HEALTH CARE PRIVATE LIMITED	Director	09/06/2007	09/06/2007	-	Active	NO
16	U74990MH2009PTC196992	TILOTTAMA HOSPITALITY & ENTERTAINMENT PRIVATE LIMITED	Director	10/11/2009	10/11/2009	31/03/2010	Active	NO
17	U27104MH1997PLC105955	JK Files (India) Limited	Director	08/06/2010	22/04/2010	-	Active	NO
18	U92412MH2010PTC202465	Super Car Club of India Private Limited	Director	27/04/2010	27/04/2010	-	Active	NO
19	U99999MH1986PLC040885	RING PLUS AQUA LIMITED	Director	03/06/2011	11/08/2010	-	Active	NO
20	U24999MH1948NPL006309	AUDIT BUREAU OF CIRCULATIONS	Director	14/12/2010	14/12/2010	26/09/2011	Active	NO
21	U18100PN2004PLC140524	CELEBRATIONS APPAREL LIMITED	Director	31/05/2011	20/04/2011	-	Active	NO
22	U18109TN2006PLC061384	RAYMOND APPAREL LIMITED	Director	28/07/2011	27/07/2011	-	Active	NO

Name :

Mr. Sunder Hariharan

Designation :

Director

Address :

5C, Regency Park B, Eden Woods Complex, Gladys Alavares Marg, Off, Pokharan Road No.2, Thane, Maharashtra, India

Date of Birth/Age :

26.07.1959

Qualification :

ACA

Date of Appointment :

22.04.2010

Din No.:

00020583

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	U72900MH2000PLC127831	SILVER SPARK APPAREL LIMITED	Director	07/09/2012	10/02/2004	-	Active	NO
2	U17120MH2004PTC149277	PLATINUM FASHION APPAREL PRIVATE LIMITED	Director	27/10/2004	27/10/2004	14/05/2008	Active	NO
3	U52320MH2004PTC149312	TRIDENT RETAIL VENTURES PRIVATE LIMITED	Director	29/10/2004	29/10/2004	14/05/2008	Active	NO
4	U18100PN2004PLC140524	CELEBRATIONS APPAREL LIMITED	Director	21/01/2005	21/01/2005	-	Active	NO
5	U72900MH2000PLC124912	EVERBLUE APPAREL LIMITED	Director	17/02/2005	17/02/2005	-	Active	NO
6	U28930MH2005PLC154517	JK TALABOT LIMITED	Director	06/07/2005	06/07/2005	-	Active	NO
7	U29130MH2005PLC154732	SCISSORS ENGINEERING PRODUCTS LIMITED	Director	12/07/2005	12/07/2005	-	Active	NO
8	U99999MH1986PLC040885	RING PLUS AQUA LIMITED	Director	08/08/2005	08/08/2005	-	Active	NO
9	U17120MH2005PLC154066	RAYMOND WOOLLEN OUTERWEAR LIMITED	Director	20/06/2006	19/04/2006	29/08/2011	Active	NO
10	U18100TN2006PTC061374	GOLDPLUS APPAREL PRIVATE LIMITED	Director	25/10/2006	25/10/2006	-	Strike off	NO
11	U93090MH2007PTC167110	Orbitel Network Private Limited	Director	18/01/2007	18/01/2007	26/04/2007	Active	NO
12	U17210MH2007PTC172300	TB KAWASHIMA AUTOMOTIVE TEXTILE (INDIA) PRIVATE LIMITED	Director	12/07/2007	12/07/2007	29/11/2007	Active	NO
13	U18109TN2006PLC061384	RAYMOND APPAREL LIMITED	Director	25/09/2010	01/10/2009	29/07/2011	Active	NO
14	U27104MH1997PLC105955	JK Files (India) Limited	Director	07/06/2010	22/04/2010	-	Active	NO
15	U70102MH2010PLC202294	JEKEGRAM REALTY LIMITED	Director	22/04/2010	22/04/2010	-	Active	NO
16	L17117MH1925PLC001208	RAYMOND LIMITED	Whole-time director	06/06/2012	29/07/2011	-	Active	NO
17	U67120MH1990PTC133784	SMART INVESTMENTS PRIVATE LIMITED	Director	29/06/2012	09/08/2011	-	Active	NO
18	U25199MH1996PLC100697	J K ANSELL LIMITED	Alternate director	16/09/2011	16/09/2011	18/09/2011	Active	NO
19	U99999MH1964PLC012865	J.K.HELENE CURTIS LIMITED	Director	24/05/2012	23/04/2012	-	Active	NO

Name :

Mr. Harshal Jayavant

Designation :

Director

Address :

Flat no.1505, Building Burlington, Hiranandani Estate, Thane – 400607, Maharashtra, India

Date of Birth/Age :

19.12.1958

Qualification :

B.E

Date of Appointment :

15.06.2004

Din No.:

00020998

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	U27104MH1997PLC105955	JK Files (India) Limited	Director	15/06/2004	15/06/2004	-	Active	NO
2	U28930MH2005PLC154517	JK TALABOT LIMITED	Director	06/07/2005	06/07/2005	-	Active	NO
3	U29130MH2005PLC154732	SCISSORS ENGINEERING PRODUCTS LIMITED	Director	12/07/2005	12/07/2005	-	Active	NO
4	U99999MH1986PLC040885	RING PLUS AQUA LIMITED	Director	08/08/2005	08/08/2005	-	Active	NO
5	U28121TN2007PTC062173	ROSE ENGINEERED PRODUCTS INDIA PRIVATE LIMITED	Director	14/06/2007	01/02/2007	08/06/2010	Active	NO

Name :

Mr. Krishnan Ashwath Narayan

Designation :

Director

Address :

Flat No.302, 3^rd Floor, Pranav Residency, Bhemani Street, Matunga, Mumbai – 400019, Maharashtra, India

Date of Birth/Age :

20.09.1957

Qualification :

PGDBM

Date of Appointment :

22.04.2010

Din No.:

00950589

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	U24230MH1996PLC097019	WOCKHARDT BIOPHARM LIMITED	Director	09/11/2006	09/11/2006	16/04/2008	Active	NO
2	U27104MH1997PLC105955	JK Files (India) Limited	Director	07/06/2010	22/04/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Hemant Ramchandra Bhange
Designation :	Manager
Address :	Flat No.602, North Side, Hiranandani, Mea Dows, Gladys Alwares Road, Pokhran Road No.2, Thane (West) – 400610, Maharashtra, India
Date of Birth/Age :	23.08.1964
Date of Appointment :	08.06.2010
Pan No.:	AALPB2410L
Name :	Mr. Atul Vaidya
Designation :	Deputy Senior Manager in power tools

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.05.2012

Names of Equity Shareholders	No. of Shares
Raymond Limited Joint With Hari Gautam Singhania	10
Raymond Limited, India	8740588
Raymond Limited Joint With Vinod Ranglal Verma	10
Raymond Limited Joint With Ashok T Khedekar	10
Raymond Limited Joint With Shantilal L Pokharna	10
Raymond Limited Joint With Thomas Fernandes	10
Raymond Limited Joint With Ptiti Nitin Alkari	10
Raymond Limited Joint With Uma Ramasubramanyian	10
Total	8740658

Names of Preference Shareholders	No. of Shares
Raymond Limited, India	2200000
Total	2200000

Equity Share Break up (Percentage of Total Equity)

As on 31.05.2012

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Steel Files.

Products :

ITEM CODE NUMBER	PRODUCT DESCRIPTION
82031000	Files, Rasps and Similar Tools
84672100	Drills

PRODUCTION STATUS As on 31.03.2010

Particulars	Licensed / Registered	Installed Capacity*	Actual Production
Files and Rasps – Lac No.s	NA#	573.60	300.95
H.S.S Twist Drills – Lac No. s	NA#	144	76.52
Tool Bits	NA#	1.50	-
Bars and Rods - MT	NA#	7200
Bars and Rods – HRS $ Mt			2879.06

* As Certified by the management and being a technical matter, accepted by the auditors

# Delicensed and Therefore not applicable

$ 2488.733 Mt. Used for Captive Consumption: (Previous year Nil M.T )

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India

Facilities :

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Working capital loans banks secured	50.552	4.626
Total	50.552	4.626

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Rupee term loans others unsecured	492.782	608.500
Deferred sales tax loan unsecured	6.888	8.147
Total	499.670	616.647

Banking Relations :	--
Auditors :
Name :	Lodha and Company Chartered Accountant
Address :	6, Karim Chambers, 40, A. Doshi Marg, Mumbai - 400 001, Maharashtra, India
Pan No.:	AABFL1894Q
Holding Company:	· Raymond Limited
Subsidiary Company:	· J K TalabotLimited CIN No.:U28930MH2005PLC154517
Fellow Subsidiary Companies	· Raymond Apparel Limited (Formerly Solitaire Fashions Limited) · Pashmina Holdings Limited · Everblue Apparel Limited · Jaykayorg AG · Raymond (Europe)Limited (Formerly as J K (England) Ltd) · Colorplus Fashions Limited · Silver Spark Apparel Limited · Celebrations Apparel Limited · Ring Plus Aqua Limited · R and Alogistics Inc. · Scissors Engineering Products Limited · Raymond Woollen Outerwear Limited
Other Associates :	· Rose Engineering Products India Private Limited · P.T. Jaykay Files, Indonesia

CAPITAL STRUCTURE

As on 31.05.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
17000000	Equity Shares	Rs.10/- each	Rs.170.000 Millions
2200000	Preference shares	Rs.100/-each	Rs.220.000 Millions
	Total		Rs.390.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8740658	Equity Shares	Rs.10/- each	Rs.87.407 Millions
2200000	Preference shares	Rs.100/-each	Rs.220.000 Millions
	Total		Rs.307.407 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		307.407	307.407	37.701
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		212.749	103.660	23.099
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		520.156	411.067	60.800
LOAN FUNDS
1] Secured Loans		50.552	4.626	0.000
2] Unsecured Loans		499.670	616.647	0.000
TOTAL BORROWING		550.222	621.273	0.000
DEFERRED TAX LIABILITIES		4.866	1.739	0.000
TOTAL		1075.244	1034.079	60.800
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		590.577	612.089	36.656
Capital work-in-progress		9.955	4.506	2.677
INVESTMENT		72.489	72.489	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.953
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	390.580	324.962	36.084
	Sundry Debtors	267.607	239.231	26.184
	Cash & Bank Balances	9.326	19.956	6.115
	Other Current Assets	62.451	31.515	1.280
	Loans & Advances	114.670	178.525	11.948
Total Current Assets		844.634	794.189	81.611
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	238.564	251.638	0.965
	Other Current Liabilities	150.004	142.419	46.031
	Provisions	53.843	55.137	14.101
Total Current Liabilities		442.411	449.194	61.097
Net Current Assets		402.223	344.995	20.514
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1075.244	1034.079	60.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2490.613	1274.551	406.398
		Other Income	124.458	79.356	9.555
		TOTAL (A)	2615.071	1353.907	415.953
Less	EXPENSES
		Consumption materials changes inventories	1182.715	611.454
		Manufacturing service costs	294.139	158.792
		Employee related expenses	491.236	273.740
		Administrative selling other expenses	360.833	170.885
		TOTAL (B)	2328.923	1214.871	390.648
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		286.148	139.036	25.305
Less	FINANCIAL EXPENSES (D)		54.804	30.365	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		231.344	108.671	25.305
Less/ Add	DEPRECIATION/ AMORTISATION (F)		55.389	32.172	5.457
	PROFIT BEFORE TAX (E-F) (G)		175.955	76.499	19.848
Less	TAX (H)		66.866	30.732	6.740
	PROFIT AFTER TAX (G-H) (I)		109.089	45.767	13.108
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		68.866	23.099	9.991
	BALANCE CARRIED TO THE B/S		177.955	68.866	23.099
	EARNINGS IN FOREIGN CURRENCY		989.406	449.382	46.539
	IMPORTS
		Raw Materials	248.022	81.686	5.362
		Stores & Spares	1.738	0.121	0.000
	TOTAL IMPORTS		249.760	81.807	5.362
	Earnings Per Share (Rs.)
	Basic		10.86	6.18	3.48
	Diluted		3.55	5.25	3.48

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.17	3.38	3.15
Net Profit Margin (PBT/Sales)	(%)	7.06	6.00	4.88
Return on Total Assets (PBT/Total Assets}	(%)	12.26	5.44	16.78
Return on Investment (ROI) (PBT/Networth)		0.34	0.19	0.33
Debt Equity Ratio (Total Liability/Networth)		1.91	2.60	1.00
Current Ratio (Current Asset/Current Liability)		1.91	1.77	1.34

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
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	Yes

OPERATIONS

During the year the Company moved up the value change by entering into the Power Tools and Hand Tools segment. The Company foresees good potential growth in its enhanced product offerings. Industry Outlook

With continued growth in Indian economy in manufacturing, infrastructural, real estate and agriculture and improved economic scenario in Europe and USA, opens up good opportunity for the Company to further consolidate its position in this business.

PERFORMANCE AND REVIEW OF OPERATIONS

The Company continues to be market leader in the files segment in the domestic market and the largest producer of Steel Files in the World. The Export Sales of the Company is at Rs1001.000 Millions compared to Rs.457.200 Millions in the corresponding previous year. The Company reported gross turnover of Rs. 2721.200 Millions for the year (Previous Year: Rs.1386.600 Millions). The profit after tax was at Rs.10.91 Millions (Previous Year : Rs.45.800 Millions). The significant growth during the year is also seen on account of acquisition of Files & Tools business of Raymond Limited, during second half of previous year. In spite of spiraling inflationary trends and volatile foreign currency, the Company is able to put up significantly good performance during the year The initiatives taken to improve on time in full (OTIF), customer service, control on cost, improvement in productivity, process, and control over rejections, effective implementation of Theory of Constraints model, optimizing working capital and aggressive marketing are the factors which have helped the Company to register very good performance for the year

FORM 8

Corporate identity number of the company	U27104MH1997PLC105955
Name of the company	J K FILES (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	New Hind House, Narottam Morarjee Marg, Ballard Estate, Mumbai – 400001, India Email: akshat.chechani@raymond.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10178997
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India Email: sravan.bhandekar@hdfcbank.com
Nature of instrument creating charge	Fifth Supplemental Letter of Hypothecation of Stock and Book Debts dated May 31, 2012.
Date of instrument Creating the charge	31.05.2012
Amount secured by the charge	Rs. 230.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Margin 25% on stocks and book debts Extent and operation of the charge First Pari-passu charge on entire Stock & Book Debts both present & future to secure the due repayment of the credit facilities along with interest, cost, charges and other dues.
Short particulars of the property charged (Including location of the property)	First pari - passu charge on entire Stock & Book Debts both present & future.
Date of last modification prior to the present modification	13.12.2011
Particulars of the present modification	By Present modification (5th modification), the charge on current assets is enhanced from Rs. 190.000 Millions to Rs.230.000 Millions

CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF:

(Rs. In Millions )

PARTICULAR	31.03.2011	31.03.2010
Disputed Sales Tax Matters	3.378	3.780
Excise Matters	30.130	29.205
ESI Demand in appeal	0.171	0.171

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.53.63
UK Pound	1	Rs.86.18
Euro	1	Rs.69.75

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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		50

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.