MIRA INFORM REPORT

Report Date :

12.02.2013

IDENTIFICATION DETAILS

Name :	JAYMALA INFRASTRUCTURE PRIVATE LIMITED
Registered Office :	Flat No. B-8/ B-9 Ground Floor, B Wing, Gurudev Apartments, R C Marg, Chembur Naka, Chembur, Mumbai – 400071, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.04.2010
Com. Reg. No.:	11-202162
Capital Investment / Paid-up Capital :	Rs. 3.350 Millions
CIN No.: [Company Identification No.]	U45207MH2010PTC202162
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged into activity of Infrastructure Development and Construction.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 726000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a relatively new company having a satisfactory track record. The latest financial are not available with the government department. As per previous year’s record, the company has performed well. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for normal business dealings 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.

LOCATIONS

Registered/ Head Office :	Flat No. B-8/ B-9 Ground Floor, B Wing, Gurudev Apartments, R C Marg, Chembur Naka, Chembur, Mumbai – 400071, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	sskassociates@yahoo.com
Branch Office :	7B – Soho Court, Plot No. 139, Hemu Kalani Marg, Opposite Acres Club, Chembur (East), Mumbai – 400071, Maharashtra, Inida
Tel. No.:	91-22-25292306/ 07/ 66

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Praveen Tulsiram Sankpal
Designation :	Director
Address :	Row H. No. 12, Jimmy Tower CHS, Sector – 4, Vashi, Mumbai – 400705, Maharashtra, India
Date of Birth/Age :	07.11.1966
Date of Appointment :	30.09.2011
DIN No.:	00628766
Name :	Mr. Mukund Keshav Vitkar
Designation :	Director
Address :	Plot No. 23, Silver Nest, Bunglow No. 2, Bhakti Bhavan, Sindhi Society, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	15.07.1960
Date of Appointment :	30.09.2011
DIN No.:	01690508
Name :	Mrs. Jaymala Mukund Vitkar
Designation :	Director
Address :	Plot No. 23, Silver Nest, Bunglow No. 2, Bhakti Bhavan, Sindhi Society, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	10.05.1971
Date of Appointment :	19.04.2010
DIN No.:	01748577
Name :	Mr. Gaurav Mukund Vitkar
Designation :	Director
Address :	Plot No. 23, Silver Nest, Bunglow No. 2, Bhakti Bhavan, Sindhi Society, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	24.02.1990
Date of Appointment :	19.04.2010
DIN No.:	02881819

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares of Rs. 10/- each fully paid up	No. of Shares of Rs. 10/- each, Rs. 2.50/- paid up
Jaymala Mukund Vitkar	25000	240000
Gaurav Mukund Vitkar	25000	240000
Empower Industrial India Limited, India	100000	--
Mukund Keshav Vitkar	--	260000
Total	150000	740000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	11.24
Directors or relatives of directors	88.76
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged into activity of Infrastructure Development and Construction.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	State Bank of India, Eastern Express Highway, Gala No. 9 and 10, Sun Magnetic, Near LIC Off, Louis Wadi Service Road, Thane – 400604, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Kulkarni Dhuri and Company Chartered Accountants
Address :	210, Hiren Lite Industrial Estate, Mogul Lane, Mahim (West), Mumbai – 400016, Maharashtra, India
Tel. No.:	91-22-65065008/ 24456197
Fax No.:	91-22-24456197
E-Mail :	info@kdacindia.com
Income-tax PAN of auditor or auditor's firm :	AAIFK7857R

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1,500,000	Equity Shares	Rs. 10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares of fully paid	Rs. 10/- each	Rs. 1.500 Millions
740000	Equity Shares of partly paid	Rs. 2.5/- each	Rs. 1.850 Millions
	Total		Rs. 3.350 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		3.350
2] Share Application Money		112.500
3] Reserves & Surplus		65.560
4] (Accumulated Losses)		0.000
NETWORTH		181.410
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		2.250
TOTAL BORROWING		2.250
DEFERRED TAX LIABILITIES		0.000
TOTAL		183.660
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		285.900
Capital work-in-progress		3.452
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	(6.186)
	Cash & Bank Balances	0.549
	Other Current Assets	0.000
	Loans & Advances	19.024
Total Current Assets		13.387
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	102.057
	Other Current Liabilities	11.870
	Provisions	5.369
Total Current Liabilities		119.296
Net Current Assets		(105.909)
MISCELLANEOUS EXPENSES		0.217
TOTAL		183.660

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2011
	SALES
		Income
		Other Income
		TOTAL		23.092
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL		1.126
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			21.966
Less/ Add	DEPRECIATION/ AMORTISATION			0.037
	PROFIT BEFORE TAX			21.929
Less	TAX			5.369
	PROFIT AFTER TAX			16.560
	Earnings Per Share (Rs.) (Fully Paid)			18.61
	Earnings Per Share (Rs.) (Partly Paid)			11.11

KEY RATIOS

PARTICULARS		31.03.2011
PAT / Total Income	(%)	71.71
Return on Total Assets (PBT/Total Assets}	(%)	7.33
Return on Investment (ROI) (PBT/Networth)		0.12
Debt Equity Ratio (Total Debt/Networth)		0.01
Current Ratio (Current Asset/Current Liability)		0.11

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 one year	Yes
12]	Profitability for last one year	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	No
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

UNSECURED LOANS

Unsecured Loans	31.03.2011 (Rs. in millions)
Loan from Directors/ Shareholders
Jaymala Mukund Vitkar	1.250
Gaurav Mukund Vitkar	1.000
Total	2.250

OPERATIONS/ WORKING RESULTS:

During the year under consideration, the company has earned income from operation of Rs. 23.092 Millions. The above financial results show that the company has earned Net profit after tax of Rs. 16.560 Millions

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U45207MH2010PTC202162
Name of the company	JAYMALA INFRASTRUCTURE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Flat No. B-8/ B-9 Ground Floor, B Wing, Gurudev Apartments, R C Marg, Chembur Naka, Chembur, Mumbai – 400071, Maharashtra, India Email: sskassociates@yahoo.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Others [Stocks, Current assets, Fixed Assets.]
Particular of charge holder	State Bank of India, Eastern Express Highway, Gala No. 9 and 10, Sun Magnetic, Near LIC Off, Louis Wadi Service Road, Thane – 400604, Maharashtra, India Email: sbi.14177@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Agreement of hypothecation of goods and assets Form C. 2 Letter regarding the grant of individual limits within the overall limit Form C. 5
Date of instrument Creating the charge	21.11.2012
Amount secured by the charge	Rs. 290.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 2.00% above Base Rate Present effective rate is being 11.75% p.a. Margin As per the Sanctioned letter. Extent and Operation of the charge Security to cover principal amount together with interest, costs, charges and expenses etc. Others Term Loan Under Rent Plus Scheme (LRD) - Rs. 290.000 Millions. All other terms and conditions as per the sanctioned letter and loan agreement.
Short particulars of the property charged	All the present and future goods, books debts and all other moveable assets of the borrower including documents of title to goods, outstanding moneys, receivables including receivables by way of cash assistance and/or cash incentives under the Cash Incentive Scheme or any other Scheme claims including claims by way of refund of customs/excise duties under the Duty Drawback Credit Scheme or any other Scheme, bills, invoices, documents, contracts, insurance policies, guarantees, engagements, securities, investments and right and the present machinery listed in the Schedule hereunto and all future machinery belonging to or in the possession or under the control of the borrower wherever lying stored and kept and whether in possession of the borrower or of the Bank or of any Third party.

FIXED ASSETS:

Ø Brand Fees

Ø Hotel Equipment

Ø Camera

Ø Air conditioner

Ø Crockery

Ø Furniture and Fixture

Ø Vehicles

Ø Plot

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. 53.68
UK Pound	1	Rs. 84.84
Euro	1	Rs. 71.87

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
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	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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.