MIRA INFORM REPORT

Report Date :

05.10.2013

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) :	31.03.2012
Date of Incorporation :	01.07.2002
Com. Reg. No.:	04-040915
Capital Investment / Paid-up Capital :	Rs.2.800 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 :

Ba (41)

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

Maximum Credit Limit :	USD 23000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

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 PARTED BY

Name :	Mr. Prakashbhai Maganbhai Patel
Designation :	Director
Contact No.:	91-9825064291/ 9376064292
Date :	28.09.2013

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 29.09.2012

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
Name :	Mr. Prakashbhai Maganbhai Patel
Designation :	Director
Address :	C-1143, Ambica Nagar, Odhav, Ahmedabad – 382 415, Gujarat, India
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

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

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

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	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 · Sri Lanka · Israel · Europe · Saudi Arabia · Malaysia
Imports :
Products :	· Machinery
Countries :	· USA
Terms :
Selling :	Cash and Credit
Purchasing :	Cash, Credit and Depend

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Actual Production
Industrial Pumps	Nos.	1418

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

40 (Approximately)

Bankers :

• HDFC Bank Limited, Driving Road, Ahmedabad Branch
• State Bank of India, SMECCC Branch, Opposite Gandhigram Railway Station, Ellisbridge, Ahmedabad – 380 009, Gujarat, India
• ICICI Bank Limited, Driving Road, Ahmedabad Branch
• Small Industries Development Bank of India, SIDBI Tower 15, Ashok Marg, Lucknow – 226 001, Uttar Pradesh, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Term loan from SIDBI against hypothecation of fixed assets	5.839	4.005
Car loan from Tata Capital Limited against hypothecation of motor car (All loans from bank have been guaranteed by the director)	0.477	0.000
SHORT-TERM BORROWINGS
Loan from State Bank of India against hypothecation of stock (Secured against hypothecation of stock, book debts and personal guarantee of director)	3.854	4.306
Total	10.169	8.311

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 Address: Odhal, Ahmedabad, Gujarat, India Line of Business: Manufacturer and Exporter of Industrial Pumps.

CAPITAL STRUCTURE

AFTER 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.10/- each	Rs.8.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
280000	Equity Shares	Rs.10/- each	Rs.2.800 millions

AS ON 29.09.2012

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	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	2.800	1.900
(b) Reserves & Surplus	2.998	2.106
(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)	5.798	4.006
(3) Non-Current Liabilities
(a) Long-term borrowings	7.007	4.347
(b) Deferred tax liabilities (Net)	0.105	0.170
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	7.112	4.517
(4) Current Liabilities
(a) Short term borrowings	4.466	4.306
(b) Trade payables	17.982	11.883
(c) Other current liabilities	0.912	1.346
(d) Short-term provisions	3.036	2.218
Total Current Liabilities (4)	26.396	19.753
TOTAL	39.306	28.276
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.669	10.820
(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	0.000	0.000
(e) Other Non-current assets	0.051	0.068
Total Non-Current Assets	12.720	10.888
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	7.838	5.783
(c) Trade receivables	14.166	8.913
(d) Cash and cash equivalents	1.626	1.247
(e) Short-term loans and advances	2.956	1.445
(f) Other current assets	0.000	0.000
Total Current Assets	26.586	17.388
TOTAL	39.306	28.276

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money		0.000
3] Reserves & Surplus		0.641
4] (Accumulated Losses)		0.000
NETWORTH		1.141
LOAN FUNDS
1] Secured Loans		2.524
2] Unsecured Loans		1.147
TOTAL BORROWING		3.671
DEFERRED TAX LIABILITIES		0.000
TOTAL		4.812
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.687
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.049
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.396
	Sundry Debtors	5.788
	Cash & Bank Balances	0.053
	Other Current Assets	0.000
	Loans & Advances	1.182
Total Current Assets		12.419
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.797
	Other Current Liabilities	0.000
	Provisions	0.546
Total Current Liabilities		12.343
Net Current Assets		0.076
MISCELLANEOUS EXPENSES		0.000
TOTAL		4.812

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	67.223	45.949	28.212
		Other Income	0.242	0.122	0.210
		TOTAL (A)	67.465	46.071	28.422
Less	EXPENSES
		Cost of materials consumed	45.915	31.524	26.218
		Changes in inventories of finished goods work-in-progress and stock-in-trade	0.426	(0.426)
		Employee benefits expense	7.671	4.699
		Other expenses	8.560	6.373
		TOTAL (B)	62.572	42.170	26.218
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.893	3.901	2.204
Less	FINANCIAL EXPENSES (D)		1.320	0.678	0.610
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.573	3.223	1.594
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.221	1.711	0.841
	PROFIT BEFORE TAX (E-F) (G)		1.352	1.512	0.753
Less	TAX (H)		0.460	0.742	0.238
	PROFIT AFTER TAX (G-H) (I)		0.892	0.770	0.515
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.411	0.641	0.126
	BALANCE CARRIED TO THE B/S		2.303	1.411	0.641
	EXPORT VALUE		4.296	2.821	2.856
	Earnings Per Share (Rs.)
	- Basic		3.18	4.05	NA
	- Diluted		3.57	6.29	NA

Particulars	31.03.2013
Sales Turnover (Approximately)	100.000

The above information has been parted by Mr. Prakashbhai Maganbhai Patel (Director).

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.32	1.67	1.81
Net Profit Margin (PBT/Sales)	(%)	2.01	3.29	2.67
Return on Total Assets (PBT/Total Assets}	(%)	3.44	5.35	4.40
Return on Investment (ROI) (PBT/Networth)		0.23	0.38	0.66
Debt Equity Ratio (Total Debt/Networth)		1.98	2.16	3.22
Current Ratio (Current Asset/Current Liability)		1.01	0.88	1.01

LOCAL AGENCY FURTHER INFORMATION

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 four 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:

The Registered office has been shifted from 90, 91/5, GIDC Estate, Opposite Ambica Nagar, Odhav, Ahmedabad – 382 415, Gujarat, India to the present address w.e.f. 27.01.2007.

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10235284	14/07/2011 *	7,400,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SIDBI TOWER 15, ASHOK MARG, LUCKNOW, UTTAR PRADESH - 226001, INDIA	B16600702
2	10042687	14/12/2012 *	10,000,000.00	STATE BANK OF INDIA	SMECCC BRANCH, 2ND FLOOR, MODI ARCADE, STATION ROAD, MANINAGAR, AHMEDABAD, GUJARAT - 380008, INDIA	B64741598

* Date of charge modification

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Deposits from directors and shareholders	0.691	0.342
SHORT-TERM BORROWINGS
From Standard Chartered Bank	0.612	0.000
Total	1.303	0.342

FIXED ASSETS:

· Mobile Phones

· Office Equipments

· Plant and Machinery

· Computers

· Cycles

· Air Conditioner

· Electric Fittings

· Factory Building

· Furniture

· Office Building

· Patterns

· Scooters

· Dead Stock

· Dies

· Tempo

· CCD Camera

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.61.41
UK Pound	1	Rs.99.29
Euro	1	Rs.83.67

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		41

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.