MIRA INFORM REPORT

Report Date :

21.10.2013

IDENTIFICATION DETAILS

Name :	JAWAHAR SAW MILLS PRIVATE LIMITED
Registered Office :	47, Victoria Road, Mustafa Bazar, Mumbai – 400010, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.04.2008
Com. Reg. No.:	11-180898
Paid-up Capital :	Rs.12.500 Millions
CIN No.: [Company Identification No.]	U20212MH2008PTC180898
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ13459F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Timber Products
No. of Employees :	115 (Approximately)

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 270000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears huge external borrowing recorded by the company. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered fort 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.

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BB- (Suspended)
Rating Explanation	Inadequate credit quality and high credit risk for suspension.
Date	30.09.2013

Reason for Suspension: Non Co-operation by JSM with CRISIL efforts to be undertake review.

LOCATIONS

Registered / Corporate Office :	47, Victoria Road, Mustafa Bazar, Mumbai – 400010, Maharashtra, India
Tel. No.:	91-22-23728820/ 23732222/ 23790777/ 23790999/ 23752222
Mobile No.:	91-9820284447 (Mr. Gaurav Manoharlal Agicha)
Fax No.:	91-22-23732222/ 23732179
E-Mail :	info@jawahar.in
Website :	http://www.jawahar.in
Area :	5000 sq. ft.
Location :	Owned
Factory:	Survey 51, Savroli Khadpada Road, Dhamini Village, Khalapur, Raigad 410202, Maharashtra, India
Email:	production@jawahar.in
Branch Office :	Located at: · Chennai · Hyderabad

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Gaurav Manoharlal Agicha
Designation :	Director
Address :	The Agicha’s, 6, Perry Cross Road, Bandra (West), Mumbai- 400050, Maharashtra, India
Date of Birth/Age :	01.12.1980
Date of Appointment :	07.04.2008
DIN No.:	00299339
Name :	Mr. Srichand Satramdas Agicha
Designation :	Director
Address :	The Agicha’s, 6, Perry Cross Road, Bandra (West), Mumbai- 400050, Maharashtra, India
Date of Birth/Age :	22.02.1951
Date of Appointment :	07.04.2008
DIN No.:	00364370
Name :	Mr. Manoharlal Satramdas Agicha
Designation :	Director
Address :	The Agicha’s, 6, Perry Cross Road, Bandra (West), Mumbai- 400050, Maharashtra, India
Date of Birth/Age :	21.04.1945
Date of Appointment :	07.04.2008
DIN No.:	00364700
Name :	Mr. Rajesh Manoharlal Agicha
Designation :	Director
Address :	The Agicha’s, 6, Perry Cross Road, Bandra (West), Mumbai- 400050, Maharashtra, India
Date of Birth/Age :	11.10.1970
Date of Appointment :	07.04.2008
DIN No.:	00478125
Name :	Mr. Sidarrtha Srichand Agicha
Designation :	Director
Address :	The Agicha’s, 6, Perry Cross Road, Bandra (West), Mumbai- 400050, Maharashtra, India
Date of Birth/Age :	11.04.1982
Date of Appointment :	07.04.2008
DIN No.:	00481804
Name :	Mr. Ashok Sunderdas Agicha
Designation :	Director
Address :	The Agicha’s, 6, Perry Cross Road, Bandra (West), Mumbai- 400050, Maharashtra, India
Date of Birth/Age :	15.11.1954
Date of Appointment :	03.08.2009
DIN No.:	01238363
Name :	Mr. Satish Sunderdas Agicha
Designation :	Director
Address :	The Agicha’s, 6, Perry Cross Road, Bandra (West), Mumbai- 400050, Maharashtra, India
Date of Birth/Age :	07.08.1957
Date of Appointment :	08.04.2008
DIN No.:	02137189

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Amritibai Sunderdas Agicha Jointly with Ashok Sunderdas Agicha	286875
Abhishek Satish Agicha and Satish Sunderdas Agicha	6250
Aditya Satish Agicha and Satish Sunderdas Agicha	6250
Ashok Sunderdas Agicha and Satish Sunderdas Agicha	25625
Chandni Srichand Agicha / Srichand Satramdas Agicha	15000
Gaurav Manoharlal Agicha / Krishika Gaurav Agicha	106250
Gautam Prakash Agicha / Ashok Sunderdas Agicha	25000
Hriday R Agicha Jointly With Rajesh Manoharlal Agicha and Sakshi Rajesh Agicha	6250
Krishika Gaurav Agicha / Gaurav Manoharlal Agicha	12500
Manoharlal Agicha(HUF)	10000
Manoharlal Satramdas Agicha / Nanda Manoharlal Agicha	127500
Nanda Manoharlal Agicha / Manoharlal Satramdas Agicha	12500
Rajesh Manoharlal Agicha H.U.F	6250
Rajesh Manoharlal Agicha / Sakshi Rajesh Agicha	106250
Sakshi Rajesh Agicha / Rajesh Manoharlal Agicha	12500
Satish Agicha H.U.F	5625
Satish Sunderdas Agicha / Sweta Satish Agicha	138125
Sidarrtha Srichand Agicha / Srichand Satramdas Agicha	106250
Srichand S Agicha H.U.F	37500
Srichand Satramdas Agicha / Chandni Srichand Agicha	191250
Sweta Satish Agicha and Satish Srichand Agicha	6250
TOTAL	1250000

AS ON 28.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Timber Products.

Products :

Wood Raw Materials Timber: Teak wood, soft wood, decorative wood, etc. Plywood: Commercial plywood, marine plywood, film faced plywood, etc. Veneer Finished Products o Door Frames: Panel doors, skin doors, flush doors, etc. o Flooring o Door Frames, etc. Other Products: Dropper Bottles Glass Eye Droppers Glass Dropper Bottle Ball Neck Droppers Bend Neck Droppers Medicine Dropper Glass Bottles Squeeze Dropper Cosmetic Dropper Timber

GENERAL INFORMATION

Customers :

• DB Realty
• Oberoi realty
• Reliance Industries Limited
• ITC Limited
• Videocon
• Lanco inspiring Growth
• Supreme Universal

No. of Employees :

115 (Approximately )

Bankers :

Corporation Bank – Mandvi Branch, 221/223 Samuel Street, Masjid, Mumbai - 400003, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long Term Borrowings
Loan From Bank	36.852	0.000
Short Term Borrowings
Term Loans
From Banks	470.018	399.437
TOTAL	506.870	399.437

Banking Relations :	--
Auditors :
Name :	Makhija and Associates Chartered Accountants
Address :	204, Rewa Chambers, 31, New Marine Lines (Behind Ayakar Bhawan), Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22012313/ 22017431
PAN No.:	AAEPM5315Q
Related Parties :	· Jawahar Woodtech Private Limited · Associate Lumbers Private Limited · Associate Real Estate Private Limited · Associate Holdings Private Limited · Associate Exports

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs. 12.500 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	12.500	12.500
(b) Reserves & Surplus	55.980	44.532
(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)	68.480	57.032
(3) Non-Current Liabilities
(a) long-term borrowings	184.274	82.848
(b) Deferred tax liabilities (Net)	1.417	1.020
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	185.691	83.868
(4) Current Liabilities
(a) Short term borrowings	470.018	399.437
(b) Trade payables	181.536	121.992
(c) Other current liabilities	24.667	18.472
(d) Short-term provisions	5.100	5.600
Total Current Liabilities (4)	681.321	545.501
TOTAL	935.492	686.401
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	129.461	124.030
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	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	1.562	1.545
Total Non-Current Assets	131.023	125.575
(2) Current assets
(a) Current investments	9.770	14.611
(b) Inventories	310.087	179.009
(c) Trade receivables	361.305	234.321
(d) Cash and cash equivalents	2.156	35.757
(e) Short-term loans and advances	108.205	94.612
(f) Other current assets	12.946	2.516
Total Current Assets	804.469	560.826
TOTAL	935.492	686.401

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		12.500
2] Share Application Money		0.000
3] Reserves & Surplus		32.706
4] (Accumulated Losses)		0.000
NETWORTH		45.206
LOAN FUNDS
1] Secured Loans		363.941
2] Unsecured Loans		71.343
TOTAL BORROWING		435.284
DEFERRED TAX LIABILITIES		0.686
TOTAL		481.176
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		108.088
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	147.294
	Sundry Debtors	192.918
	Cash & Bank Balances	18.965
	Other Current Assets	33.342
	Loans & Advances	49.362
Total Current Assets		441.881
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	61.144
	Other Current Liabilities	3.607
	Provisions	4.225
Total Current Liabilities		68.976
Net Current Assets		372.905
MISCELLANEOUS EXPENSES		0.183
TOTAL		481.176

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	832.407	683.567	637.785
		Other Income	0.324	0.992
		TOTAL (A)	832.731	684.559	637.785
Less	EXPENSES
		Purchase and Other Related Cost	803.824	592.136	625.107
		Employee Benefit Expenses	27.160	17.899
		Other Expenses	39.694	31.005
		Changes in inventories of finished goods, work-in-progress and stock in trade	(131.078)	(31.715)
		TOTAL (B)	739.600	609.325	625.107
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		93.131	75.234	[Including Financial
					Expenses
Less	FINANCIAL EXPENSES (D)		63.063	46.214	And
					Depreciation]
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		30.068	29.020
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.376	11.747
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		16.692	17.273	12.678
Less	TAX (H)		5.244	5.447	NA
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		11.448	11.826	NA
	Earnings / (Loss) Per Share (Rs.)		9.16	9.46	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.37	1.73	NA
Net Profit Margin (PBT/Sales)	(%)	2.01	2.53	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.78	2.52	2.31
Return on Investment (ROI) (PBT/Networth)		0.24	0.30	0.28
Debt Equity Ratio (Total Debt /Networth)		9.55	8.46	9.63
Current Ratio (Current Asset/Current Liability)		1.18	1.03	6.41

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	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	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	Yes
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	Yes

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long Term Borrowings
Loans from Shareholders and Others	147.422	82.848
TOTAL	147.422	82.848

YEAR IN RETROSPECT

During the year total operations revenue of the company was Rs. 832.407 Millions (Previous year Rs. 684.559 Millions). The Directors are putting in their best efforts to improve the performance of the company

BUSINESS OPERATION

The global financial crisis has a significant Impact of the economic environment across all industry sectors and markets. They maintained strong growth in their existing business. The company has made a further capital investment. Plant and machinery and electric installation amounting to Rs. 14.500 Millions and there was also expansion in Factory Building and shed amounting to Rs. 16.400 Millions. They also started manufacturing of frames, doors, kitchen shutters, flooring, export of wooden items, Khalapur unit during the year, they expect that in coming years. It will strengthen their business activities in Timber and other allied products. The Sawing activity of Nagpur unit was delayed during the year and has been started from July 2011.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10426805	25/03/2013	613,200,000.00	CORPORATION BANK	221/223, SAMUEL STREET, MANDVI, MUMBAI, Maharashtra -400003, INDIA	B75515056
2	10156320	28/11/2011 *	632,500,000.00	CORPORATION BANK	221/223,SAMUEL STREET, MASJID BUNDER, MANDVI,, MUMBAI, Maharashtra - 400003, INDIA	B28359024

* Date of charge modification

FIXED ASSETS

· Land

· Office Gala

· Shed

· Factory Building

· Plant and Machinery

· Office Equipment

· Furniture and Fixture

· Motor Care

· Vehicles

· Motor Cycle

· Computers and Software

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. 61.28
UK Pound	1	Rs. 99.03
Euro	1	Rs. 83.80

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--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.