MIRA INFORM REPORT

Report Date :

18.12.2014

IDENTIFICATION DETAILS

Name :	JSL CORPORATE SERVICES LIMITED
Registered Office :	Valecha Chambers, 6^th Floor, New Link Road, Andheri (West), Mumbai - 400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.11.1993
Com. Reg. No.:	11-075210
Capital Investment / Paid-up Capital :	Rs. 35.000 millions
CIN No.: [Company Identification No.]	U65923MH1993PLC075210
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACJ1009K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Investment and Finance Company (As confirmed by Mr. Kumar [Accountant], Subject has not yet started business activity)
No. of Employees :	Information decline by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet to commence its business activity
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the company was incorporated during 19^th November, 1993, it is yet to commence its business activity. Mr. Nishant Kumar (Finance Manager) has denied to disclose any information about the subject to us. Business is active as per the status shown in the registrar of companies. Payment terms are unknown. The company can be considered for business dealing on a safe and secured 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Nishant Kumar
Designation :	Finance Manager
Contact No.:	91-22-40915000
Date :	17.12.2014

LOCATIONS

Registered Office :	Valecha Chambers, 6^th Floor, New Link Road, Andheri (West), Mumbai - 400053, Maharashtra, India
Tel. No.:	91-22-40915000
Fax No.:	91-22-40915014
E-Mail :	investor@jsl.in

DIRECTORS

As on 22.09.2014

Name :

Mr. Kanayo Ratanlal Thakur

Designation :

Director

Address :

11, Brighton Bunglow, Lokhandwala Complex Versova, Andheri (West), Mumbai - 400 053, Maharashtra, India

Date of Birth/Age :

13.11.1942

Date of Appointment :

05.09.2003

DIN No.:

00001270

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L45200MH1974PLC017494	JYOTI STRUCTURES LIMITED	Whole-time director	01-04-13	07-02-78	-	Active	NO
2	U40108MH2001PLC132635	JYOTI ENERGY LIMITED	Director	06-07-01	06-07-01	-	Active	NO
3	U65923MH1993PLC075210	JSL CORPORATE SERVICES LIMITED	Director	05-09-03	05-09-03	-	Active	NO
4	U70102MH2007PTC174574	SURYA INDIA FINGROWTH PRIVATE LIMITED	Director	30-09-11	11-10-10	-	Active	NO
5	U74900MH2008PTC178060	MOD AGE CONSULTANTS & ADVISORY SERVICES PRIVATE LIMITED	Director	14-09-13	01-07-13	-	Active	NO

Name :

Mr. Lachhman Hashoomal Khilnani

Designation :

Director

Address :

15/22, Triveni, New Link Road, Lokhandwala, Andheri (West), Mumbai-400102, Maharashtra, India

Date of Birth/Age :

07.08.1957

Date of Appointment :

31.03.2014

DIN No.:

00001279

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28999MH1980PLC022966	JSL STRUCTURES LIMITED CN	Director	03-04-03	03-04-03	-	Amalgamated	NO
2	U40108MH2001PLC132635	JYOTI ENERGY LIMITED	Director	03-05-03	03-05-03	-	Active	NO
3	U74900MH2008PTC178060	MOD AGE CONSULTANTS & ADVISORY SERVICES PRIVATE LIMITED	Director	21-01-08	21-01-08	01-07-13	Active	NO
4	U22219MH2011PTC215458	INFINITY PRINT PACK PRIVATE LIMITED	Director	29-03-11	29-03-11	31-03-11	Active	NO
5	U65923MH1993PLC075210	JSL CORPORATE SERVICES LIMITED	Director	22-09-14	31-03-14	-	Active	NO
6	U45200MH2011FTC215114	LAUREN JYOTI PRIVATE LIMITED	Alternate director	30-10-14	30-10-14	-	Active	NO

Name :

Mr. Santosh Vithal Nayak

Designation :

Director

Address :

D - 705, Om Sai Aradhana Chs, Shiv Vallabh Road, Borivali (East), Mumbai - 400066, Maharashtra, India

Date of Birth/Age :

15.12.1959

Date of Appointment :

03.04.2003

DIN No.:

00001281

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65923MH1993PLC075210	JSL CORPORATE SERVICES LIMITED	Director	03-04-03	03-04-03	-	Active	NO
2	U28999MH1980PLC022966	JSL STRUCTURES LIMITED CN	Director	06-01-06	06-01-06	-	Amalgamated	NO
3	L45200MH1974PLC017494	JYOTI STRUCTURES LIMITED	Managing director	01-04-10	26-07-07	-	Active	NO
4	U40108MH2001PLC132635	JYOTI ENERGY LIMITED	Director	30-04-10	30-04-10	-	Active	NO
5	U45200MH2011FTC215114	LAUREN JYOTI PRIVATE LIMITED	Director	02-07-12	26-09-11	-	Active	NO
6	U40300MH2012PTC235336	TAQA INDIA POWER VENTURES PRIVATE LIMITED	Director	04-03-14	05-09-12	01-07-14	Active	NO
7	U40108HP2004PLC030554	HIMACHAL SORANG POWER LIMITED	Additional director	11-12-12	11-12-12	02-12-13	Active	NO

KEY EXECUTIVES

Name :	Mrs. Kajal Kishor Jakharia
Designation :	Company Secretary
Address :	201, Panorama, 63, Jaisukh Lal, Mehta Road, Green Street, Santacruz (West), Mumbai - 400 054, Maharashtra, India
Date of Birth/Age :	07.03.1982
Qualification :	AFUPJ3840E
Date of Appointment :	03/01/2009

MAJOR SHAREHOLDERS

As on 22.09.2014

Names of Shareholders	No. of Shares
Mr. K. R. Thakur (Beneficial owner - Jyoti Structures Limited)	33
Mr. Prakash K. Thakur (Beneficial owner - Jyoti Structures Limited)	1
Mr. L. H. Khilnani (Beneficial owner -Jyoti Structures Limited)	1
Mr. Santosh V. Nayak (Beneficial owner - Jyoti Structures Limited)	1
M/s Jyoti Structures Limited	3499962
Mr. Sudhir V. Nayak (Beneficial owner - Jyoti Structures Limited)	1
Mr. Rakesh Y. Singhal (Beneficial owner - Jyoti Structures Limited)	1
Total	3500000

Equity Share Break up (Percentage of Total Equity)

As on 22.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Investment and Finance Company (As confirmed by Mr. Kumar [Accountant], Subject has not yet started business activity)
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :	Not Divulged
Customers :	Not Divulged
No. of Employees :	Information decline by the management
Bankers :	Not Divulged

Banking Relations :	---
Auditors :
Name :	R. M. Ajgaonkar and Associates Chartered Accountants
Address :	Mandar, Juhu Tara Road, Opp. Bharat Petroleum Pump, Juhu, Mumbai – 400049, Maharashtra, India
PAN No.:	AAIFR7610R
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	Jyoti Structures Limited (CIN No. : L45200MH1974PLC017494)
Associates :	Jyoti Energy Limited (CIN NO.: U40108MH2001PLC132635) Jyoti Structures Africa (Private) Limited Jyoti International Inc. Jyoti Americas LLC Jyoti Structures Canada Limited Jyoti Structures FZE. Jyoti Structures Namibia (Private) Limited

CAPITAL STRUCTURE

As on 22.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs. 90.000 Millions
100000	Preference Shares	Rs.100/- each	Rs. 10.000 Millions
	Total		Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs. 35.000 Millions

Names of shareholder holding more than 5 % shares

PARTICULARS	No.	% holding
Jyoti Structures Limited	3500000	100%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	35.000	35.000	35.000
(b) Reserves & Surplus	13.903	13.958	13.970
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	48.903	48.958	48.970
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.043	0.035	0.027
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	0.043	0.035	0.027
TOTAL	48.946	48.993	48.997
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.000	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.050	0.050	0.050
(e) Short-term loans and advances	48.896	48.943	48.947
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	48.946	48.993	48.997
TOTAL	48.946	48.993	48.997

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.000	0.000	0.000
		TOTAL (A)	0.000	0.000	0.000
Less	EXPENSES
		Other Expenses	0.055	0.013	0.024
		TOTAL (B)	0.055	0.013	0.024
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.055)	(0.013)	(0.024)
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.055)	(0.013)	(0.024)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.000	0.000
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(0.055)	(0.013)	(0.024)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (H)		(0.055)	(0.013)	(0.024)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13.957	13.970	13.994
	BALANCE CARRIED TO THE B/S		13.902	13.957	13.970
	Earnings Per Share (Rs.)		(0.02)	0.00	(0.007)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(0.11)	(0.03)	(0.05)
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1138.28	1399.80	1814.70

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	35.000	35.000	35.000
Reserves & Surplus	13.970	13.958	13.903
Net worth	48.970	48.958	48.903
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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	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	Yes
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	No
24]	Banking facility details	No
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

OPERATIONS

No business was transacted by the Company during the year and the loss is due to statutory payments.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

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. 63.58
UK Pound	1	Rs. 99.98
Euro	1	Rs. 79.39

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	0
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		13

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.