MIRA INFORM REPORT

Report Date :

28.09.2012

IDENTIFICATION DETAILS

Name :	JASCO PUMP PRIVATE LIMITED
Registered Office :	Plot No.47, Phase 1, G.I.D.C., Opposite Mangal Estate, Naroda, Ahmedabad – 382 330, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.04.1988
Com. Reg. No.:	04-010635
Capital Investment / Paid-up Capital :	Rs.2.490 millions
CIN No.: [Company Identification No.]	U29120GJ1988PTC010635
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Supplier and Exporter of Submersible Pumps.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 130000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is established company having satisfactory track record. There appears dip in the sales turnover and profitability of the company. However, trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for business dealing at usual trade terms and condition.

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 DECLINED BY

Name :	Mr. Rakesh Kantilal Patel
Designation :	Director
Contact No.:	91-9374063721
Date :	21.09.2012

LOCATIONS

Registered Office / Factory :	Plot No.47, Phase 1, G.I.D.C., Opposite Mangal Estate, Naroda, Ahmedabad – 382 330, Gujarat, India
Tel. No.:	91-79-22821240/ 22823422/ 22201484/ 22200156
Mobile No.:	91-9374063721 (Mr. Rakesh Patel)
Fax No.:	91-79-22823398
E-Mail :	rakesh@jascopump.com dkshah43@hotmail.com jascopump@sify.com info@jascopump.com
Website :	http://www.jascopump.com
Location :	Owned

DIRECTORS

As on 02.09.2011

Name :	Mr. Kantilal Chaturdas Patel
Designation :	Director
Address :	6, Vrundavan Colony, Shahibag, Ahmedabad - 380004, Gujarat, India
Date of Birth/Age :	15.06.1938
Qualification :	HSC
Date of Appointment :	28.04.1988
DIN No.:	01437952
Name :	Mr. Rakesh Kantilal Patel
Designation :	Director
Address :	6, Vrundavan Colony, Shahibag, Ahmedabad - 380004, Gujarat, India
Date of Birth/Age :	04.03.1972
Qualification :	Graduate
Date of Appointment :	28.12.1991
DIN No.:	01435053
Name :	Mr. Piyush Kantilal Patel
Designation :	Director
Address :	6, Vrundavan Colony, Shahibag, Ahmedabad - 380004, Gujarat, India
Date of Birth/Age :	26.06.1974
Qualification :	Graduate
Date of Appointment :	01.10.1994
DIN No.:	01435154

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 02.09.2011

Names of Shareholders	No. of Shares
Kantilal Chaturdas Patel	48000
Revaben Kantilal Patel	45000
Rakesh Kantilal Patel	54188
Piyush Kantilal Patel	54393
Kantilal Chaturdas Patel HUF	20500
Ambalal Chaturdas Patel	11000
Ambalal Chaturdas Patel HUF	500
Dahiben Ambalal Patel	10000
Rakesh Family Trust, India	200
Anjana Kantilal Patel	5200
Prabhudas Mathurdas Patel HUF	1
Heenaben Pratikbhai Patel	1
Baldevbhai I. Patel HUF	1
Chintankumar B. Patel	1
P.M. Patel and Company, India	1
Shankar Vijay Brass Moulding, India	1
Saral Trading Company, India	1
Vipinbhai M. Shah HUF	1
Hinaben Rakeshbhai Patel	4
Smrutiben Piyushbhai Patel, India	4
P.P. International, India	1
Amrutbhai K. Patel	1
Pratik R. Patel	1
Total	249000

As on 02.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Supplier and Exporter of Submersible Pumps.
Products :	· Submersible Pumps · Sewage Submersible Pumps · Non Clog Sewage Submersible Pumps · Polder Submersible Pumps · Dewatering Submersible Pumps · Portable Sewage Submersible Pumps · Portable Dewatering Pumps · Self Priming Mud Pumps · Monoset Submersible Pumps

GENERAL INFORMATION

Customers :

· Larson and Toubro

· Tata Power Company Limited

· Ingersoll - Rand (India) Limited

· Pusha Institute Delhi

· Gujarat Electricity Board

· Panchayati Raj Department

· Oil and Natural Gas Commission

· Punjab State Tubewell Corporation

· Steel Authority of India Limited

· National Thermal Power Corporation

· Gujarat Narmad Valley Fertilizer Company

· Hindustan Coca Cola Beverages Limited

· Public Health Engineering Department

· Gujarat Water Supply and Sewerage Board

· Hyderabad Metro Supply and Sewerage Board

· Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited

· A.P. State Irrigation Development Corporation Limited

No. of Employees :

40 (Approximately)

Bankers :

· State bank of India, Ahmedabad, Gujarat, India

· Bank of Baroda, Naroda Road Branch, Anil Starch Road, Ahmedabad – 380 025, Gujarat, India

· HDFC Bank Limited

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Directors and Shareholders:	7.151	6.395
From Others:	0.758	1.474
From Financial Institutions:	1.130	2.472
Deposits from Customers	0.516	0.685
Total	9.555	11.026

Banking Relations :	--
Auditors :
Name :	Dinesh K. Shah and Company Chartered Accountants
Address :	507, Hemkoot Complex, Ashram Road, Ahemdabad – 380 009, Gujarat, India
Tel. No.:	91-79-26584450/ 66614144
Fax No.:	91-79-66614144
E-Mail :	dkshah43@hotmail.com
PAN No.:	AAEFD0527B

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
249000	Equity Shares	Rs.10/- each	Rs.2.490 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		2.490	2.490	2.490
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		31.860	30.015	24.717
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		34.350	32.505	27.207
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.503
2] Unsecured Loans		9.555	11.026	13.879
TOTAL BORROWING		9.555	11.026	14.382
DEFERRED TAX LIABILITIES		5.232	6.026	6.287
TOTAL		49.137	49.557	47.876
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		20.126	20.557	21.143
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.167	0.167	0.167
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.725	15.861	15.655
	Sundry Debtors	42.861	59.087	30.998
	Cash & Bank Balances	4.361	4.889	2.472
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.544	6.789	9.031
Total Current Assets		60.491	86.626	58.156
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	30.995	55.952	31.210
	Other Current Liabilities
	Provisions	0.652	1.841	0.380
Total Current Liabilities		31.647	57.793	31.590
Net Current Assets		28.844	28.833	26.566
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		49.137	49.557	47.876

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	72.596	153.724	55.406
		Other Income	0.240	0.636	0.914
		TOTAL (A)	72.836	154.360	56.320
Less	EXPENSES
		Increase / Decrease in stock of finished goods and process stock	5.135	(0.205)	(2.152)
		Materials Purchased	54.592	128.633	48.734
		Employee Costs	2.137	2.791	0.943
		Manufacturing Expenses	1.259	3.556	0.976
		Administrative and Other Expenses	5.206	10.287	4.194
		TOTAL (B)	68.329	145.062	52.695
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.507	9.298	3.625
Less	FINANCIAL EXPENSES (D)		1.441	1.261	1.424
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.066	8.037	2.201
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.457	1.387	1.299
	PROFIT BEFORE TAX (E-F) (G)		1.609	6.650	0.902
Less	TAX (H)		(0.004)	1.121	(0.605)
	PROFIT AFTER TAX (G-H) (I)		1.613	5.529	1.507
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		28.713	23.184	21.677
	BALANCE CARRIED TO THE B/S		30.326	28.713	23.184
	Earnings Per Share (Rs.)		6.48	22.21	6.05

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.21	3.43	2.68
Net Profit Margin (PBT/Sales)	(%)	2.22	4.33	1.63
Return on Total Assets (PBT/Total Assets}	(%)	2.00	6.20	1.14
Return on Investment (ROI) (PBT/Networth)		0.05	0.20	0.03
Debt Equity Ratio (Total Liability/Networth)		1.20	2.12	1.69
Current Ratio (Current Asset/Current Liability)		1.91	1.50	1.84

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

The registered office of the company has been shifted from 6, Vrindavan Colony, Dafnala, Sahibaug, Ahmedabad – 380 004, Gujarat to the present address w.e.f. 25.10.2007.

OPERATIONS:

The Company’s Gross sales for the year amounted to Rs. 75.714 Millions as compared to Rs. 162.264 Millions of last year. The result for the year shows net profit after tax of Rs. 1.613 Millions as compared to the net profit after tax of Rs. 5.529 Millions in the previous year.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Rs. In Millions

Particulars	31.03.2011	31.03.2010
Bank Guarantee with Bank of Baroda Limit Rs.1.000 million	0.200	0.220

FIXED ASSETS:

· Factory Building – New

· Plant and Machinery

· Furniture

· Vehicle

· Typewriting Machine

· Computer

· Fax Machine

· Pattern

· Telephone Instrument

· Scale Machine

· Cooler (Office)

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 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.53.26
UK Pound	1	Rs.86.23
Euro	1	Rs.68.64

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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.