MIRA INFORM REPORT

Report Date :

02.08.2013

IDENTIFICATION DETAILS

Name :	J.P. ELECTRONIC DEVICES (INDIA) PRIVATE LIMITED
Registered Office :	B/5/138, Rajawadi Co.operative Housing Society, Rajawadi, Ghatkopar - (East), Mumbai – 400077, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	31.01.2003
Com. Reg. No.:	11-138963
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U30007MH2003PTC138963
Legal Form :	Private Limited Liability Company
Line of Business :	Authorised Distributors of Electronic Components.
No. of Employees :	Information Denied by Management.

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 7000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears loss during 2012 recorded by the company. External borrowing seems to be huge. 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 business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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

Management Non Co-operative

Contact No.:	91-22-25785099
Date :	01.08.2013

LOCATIONS

Registered Office :	B/5/138, Rajawadi Co.operative Housing Society, Rajawadi, Ghatkopar - (East), Mumbai – 400077, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	JVMEHTACA@GMAIL.COM
Website :	http://www.jpedindia.com
Corporate / Head Office :	Ground Floor, JP House, 16/F, Samrat Silk Mills Compound, LBS Marg, Vikroli (West), Mumbai – 400079, Maharashtra, India
Tel. No.:	91-22-25785099
Fax No.:	91-22-67969976

DIRECTORS

As on : 27.09.2012

Name :	Mr. Harshad Nanalal Mehta
Designation :	Director
Address :	19-B-2 Sindhi Colony, Sion (West), Mumbai - 400022, Maharashtra, India
Date of Birth/Age :	20.07.1954
Date of Appointment :	31.01.2003
DIN No.:	01298075
Name :	Mr. Monish Sudhakar Satwe
Designation :	Director
Address :	B-5/138 Rajawadi Chs Soc Rajawadi, Ghatkopar (East), Mumbai - 400022, Maharashtra, India
Date of Birth/Age :	29.04.1977
Date of Appointment :	31.01.2003
DIN No.:	01298388
Name :	Mr. Rajeev Waman Mhashelkar
Designation :	Director
Address :	M-502 Railwaymens Apna Ghar Co-Op Housing Society Ltd, Shivaji Nagar, Jogeshwari (East), Mumbai - 400060, Maharashtra, India
Date of Birth/Age :	19.06.1961
Date of Appointment :	01.04.2004
DIN No.:	01298442

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 27.09.2012

Names of Shareholders	No. of Shares
Harshad Nanalal Mehta	510
Monish Sudhakar Satwe	490
Total	1000

Equity Share Break up (Percentage of Total Equity)

As on : 27.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Authorised Distributors of Electronic Components.

GENERAL INFORMATION

No. of Employees :

Information Denied by Management.

Bankers :

HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2012	As on 31.03.2011
Term Loan
From Bank
HDFC Bank (Car Loan)	0.015	0.185
HDFC Bank Car Loan (Polo)	0.530	0.000
Total	0.545	0.185

Auditors :
Name :	Jayant V Mehta Chartered Accountants
Address :	601, Balarama, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-11-3068900 / 01
PAN No.:	AAAPM8762H

CAPITAL STRUCTURE

As on : 27.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs. 100/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs. 100/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100
(b) Reserves & Surplus	1.814	3.909
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1.914	4.009
(3) Non-Current Liabilities
(a) long-term borrowings	7.345	6.371
(b) Deferred tax liabilities (Net)	0.110	0.121
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	7.455	6.492
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	84.191	50.894
(c) Other current liabilities	1.046	0.000
(d) Short-term provisions	4.458	3.730
Total Current Liabilities (4)	89.695	54.624
TOTAL	99.064	65.125
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.783	1.013
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.781	0.627
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	2.564	1.640
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	29.055	15.134
(c) Trade receivables	61.206	40.002
(d) Cash and cash equivalents	2.097	5.460
(e) Short-term loans and advances	4.142	2.889
(f) Other current assets	0.000	0.000
Total Current Assets	96.500	63.485
TOTAL	99.064	65.125

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(0.269)
NETWORTH		(0.169)
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		6.377
TOTAL BORROWING		6.377
DEFERRED TAX LIABILITIES		0.000
TOTAL		6.208
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.135
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.843
	Sundry Debtors	31.032
	Cash & Bank Balances	1.472
	Other Current Assets	0.000
	Loans & Advances	1.732
Total Current Assets		45.079
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	37.468
	Other Current Liabilities	0.688
	Provisions	1.850
Total Current Liabilities		40.006
Net Current Assets		5.073
MISCELLANEOUS EXPENSES		0.000
TOTAL		6.208

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	243.770	254.598	13.531
		Other Income	0.315	1.772	3.022
		TOTAL (A)	244.085	256.370	16.553
Less	EXPENSES
		Traded Goods	236.035	237.653
		Changes in Inventories of Finished Goods	(13.921)	(4.291)
		Employees Benefits Expenses	12.244	8.136
		Other expenses	9.875	7.292
		TOTAL (B)	244.233	248.790	10.675
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.148)	7.580	5.878
Less	FINANCIAL EXPENSES (D)		1.504	1.441	1.098
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1.652)	6.139	4.780
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.454	0.340	0.377
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(2.106)	5.799	4.403
Less	TAX (H)		(0.010)	1.621	0.686
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(2.096)	4.178	3.717
	Earnings / (Loss) Per Share (Rs.)		(419.00)	836.00	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(0.86)	1.63	22.46
Net Profit Margin (PBT/Sales)	(%)	(0.86)	2.28	32.54
Return on Total Assets (PBT/Total Assets}	(%)	(2.16)	9.05	9.77
Return on Investment (ROI) (PBT/Networth)		(1.10)	1.45	4.23
Debt Equity Ratio (Total Debt /Networth)		3.84	1.59	6.21
Current Ratio (Current Asset/Current Liability)		1.08	1.17	1.13

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
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 :

CURRENT MATURITIES OF LONG TERM DEBT : NOT AVAILABLE

UNSECURED LOANS :

(Rs in Millions)

PARTICULARS	31.03.2012	31.03.2011
Loans and advances from related parties :
Harshad N Mehta	0.516	0.516
Monish Satwe	1.619	1.461
Sandhiya Mehta	4.665	4.209
Total	6.800	6.186

INDEX OF CHARGE :

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1.	10016609	23/08/2006	5,000,000.00	HDFC BANK LIMITED	HDFC Bank Housesenapati Bapat Marg, Lower Parel - West, Mumbai - 400013, Maharashtra, INDIA	A03561859

FIXED ASSETS :

v Computer

v Furniture and Fixtures

v Laptop

v Refrigerator

v Motor Car

v Air Conditioner

v Testing Equipments

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. 60.74
UK Pound	1	Rs. 92.06
Euro	1	Rs. 80.60

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.