MIRA INFORM REPORT

Report Date :

05.09.2014

IDENTIFICATION DETAILS

Name :	JSB ALUMINIUM PRIVATE LIMITED (w.e.f. 17.02.2011)
Formerly Known As :	J AND K ALCO INDUSTRIES LIMITED
Registered Office :	WZ – 1401/1, First Floor, Nangal Raya, New Delhi – 110046, Delhi
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	07.12.2007
Com. Reg. No.:	55-171207
Capital Investment / Paid-up Capital :	Rs. 5.744 Millions
CIN No.: [Company Identification No.]	U31905DL2007PTC171207
TAN No.: [Tax Deduction & Collection Account No.]	DELJ08088D
PAN No.: [Permanent Account No.]	AABCJ9232H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Aluminium and Zinc Alloy Ingots
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profit margin of the company is low. However, trade relations are reported as fair. Business is active. Payments terms 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.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 PARTED BY

Name :	Mr. Ashok Kumar
Designation :	Director
Contact No.:	91- 9811160663
Date :	01.09.2013

LOCATIONS

Registered Office :	WZ – 1401/1, First Floor, Nangal Raya, New Delhi – 110046, Delhi, India
Tel. No.:	91-11-28525421 / 28525422
Mobile No.:	91- 9811160663 (Mr. Ashok)
Fax No.:	91-11-28525421 / 28525422
E-Mail :	jsbalu@jsbalu.com
Website :	www.jsbalu.com
Factory 1 :	F – 148 and 149, Riico Industrial Area Chopanki, Bhiwadi, District – Alwar, Rajasthan – 301707, India
Tel. No.:	91-1493-260389 / 260390 / 260391

DIRECTORS

As on: 30.09.2013

Name :

Mr. Ashok Kumar Aggarwal

Designation :

Director

Address :

A -2/227, First Floor, Janakpuri, New Delhi – 110058, Delhi, India

Date of Birth :

04.03.1971

Date of Appointment :

30.09.2011

DIN No.:

02902873

Name :

Mr. Radhey Shyam Agarwal

Designation :

Director

Address :

C – 4F – 190, Janakpuri, New Delhi – 110058, Delhi, India

Date of Birth :

07.05.1964

Date of Appointment :

30.09.2011

DIN No.:

02911098

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	U27310DL2010PTC199013	MTJ INDUSTRIES PRIVATE LIMITED	Director	12/02/2010	12/02/2010	22/02/2011	Active	NO
2	U27100DL2010PTC200091	JSB INDUSTRIES PRIVATE LIMITED	Director	13/03/2010	13/03/2010	-	Active	NO
3	U31905DL2007PTC171207	JSB ALUMINIUM PRIVATE LIMITED	Director	30/09/2011	22/02/2011	-	Active	NO
4	U27106DL2013PTC256285	SBA RECYCLING PRIVATE LIMITED	Director	05/08/2013	05/08/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Ashok Kumar Aggarwal	25200	4.39
Radhey Shyam Aggarwal	20000	3.48
Radhey Shyam And Sons (HUF)	6400	1.11
MTJ Industries Private Limited	478700	83.34
Jai Swadesh Bansal	44100	7.68
Total	574400	100.00

As on: 24.06.2014

Names of Allottees	No. of Shares Allotted
Ashok Kumar Aggarwal	32857
Neetu Aggarwal	28571
Anshul Aggarwal	25714
Radhey Shyam Karta	85714
Total	172856

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Bodies corporate	83.00
Directors or relatives of directors	9.00
Other top fifty shareholders	8.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Aluminium and Zinc Alloy Ingots
Products :	· Aluminum Alloy Ingots · Zinc Alloy Ingots

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

The Jammu and Kashmir Bank Limited, G – 40, First Floor, Connaught Place, New Delhi – 110001, Delhi, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Rupee term loans from banks	21.394	25.524
SHORT TERM BORROWINGS:
Rupee term loans from banks	6.493	6.395
Loans repayable on demand	144.753	88.785
Total	172.640	120.704

Banking Relations :	--
Auditors :
Name :	Anil K. Gupta and Associates Chartered Accountants
Address :	307, Neelkanth Plaza, Plot No. 15, Road No. 44, Pitampura Community Center, Near Rani Bagh, New Delhi – 110034, India
Tel. No.:	91-11-27027275
E-Mail :	mail@caanilgupta.com
Holding Company :	MTJ Industries Private Limited, India CIN No.: U27310DL2010PTC199013

CAPITAL STRUCTURE

As on: 31.03.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
574400	Equity Shares	Rs.10/- each	Rs. 5.744 Millions

As on: 30.09.2013

Authorised capital: Rs. 90.000 Millions

Issued, Subscribed & Paid-up Capital: Rs. 10.129 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.744	5.744	5.744
(b) Reserves & Surplus	14.922	5.419	7.120
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	1.350	25.000
Total Shareholders’ Funds (1) + (2)	20.666	12.513	37.864
(3) Non-Current Liabilities
(a) long-term borrowings	93.014	90.089	39.664
(b) Deferred tax liabilities (Net)	3.066	2.394	0.002
(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)	96.080	92.483	39.666
(4) Current Liabilities
(a) Short term borrowings	151.246	95.180	46.274
(b) Trade payables	181.830	153.013	4.193
(c) Other current liabilities	2.916	0.716	0.024
(d) Short-term provisions	0.965	0.613	0.379
Total Current Liabilities (4)	336.957	249.522	50.870
TOTAL	453.703	354.518	128.400
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	65.490	48.770	47.491
(ii) Intangible Assets	0.076	0.094	0.078
(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	0.890
(e) Other Non-current assets	0.393	0.584	0.641
Total Non-Current Assets	65.959	49.448	49.100
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	93.990	46.021	32.783
(c) Trade receivables	261.924	227.909	38.598
(d) Cash and cash equivalents	0.895	1.583	0.920
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	30.935	29.557	6.999
Total Current Assets	387.744	305.070	79.300
TOTAL	453.703	354.518	128.400

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	1606.333	838.200	37.059
Less	EXPENSES		1591.636	834.585	36.479
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		14.697	3.615	0.580
Less/ Add	DEPRECIATION/ AMORTISATION		2.978	2.762	0.572
	PROFIT BEFORE TAX		11.719	0.853	0.008
Less	TAX		2.217	2.556	0.001
	PROFIT AFTER TAX		9.502	(1.703)	0.007
	Earnings Per Share (Rs.)		16.54	(2.96)	0.01

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.59	(0.20)	0.02
Return on Total Assets (PBT/Total Assets}	(%)	2.58	0.24	0.01
Return on Investment (ROI) (PBT/Networth)		0.57	0.07	0.00
Debt Equity Ratio (Total Debt/Networth)		11.82	14.81	2.27
Current Ratio (Current Asset/Current Liability)		1.15	1.22	1.56

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	5.744	5.744	5.744
Reserves & Surplus	7.120	5.419	14.922
Share Application money pending allotment	25.000	1.350	0.000
Net worth	37.864	12.513	20.666
long-term borrowings	39.664	90.089	93.014
Short term borrowings	46.274	95.180	151.246
Total borrowings	85.938	185.269	244.260
Debt/Equity ratio	2.270	14.806	11.819

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	37.059	838.200	1606.333
		2161.799	91.641

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	37.059	838.200	1606.333
Profit	0.007	(1.703)	9.502
	0.02%	(0.20%)	0.59%

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	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 of the company has been shifted from C – 4F /190, First Floor, Janakpuri, New Delhi – 110058, Delhi, India to the present address w.e.f. 22.02.2011.

UNSECURED LOAN

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Loans and advances from directors	62.040	62.550
Loans and advances from others	9.580	2.015
Total	71.620	64.565

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10473120	10/01/2014	2,000,000.00	THE JAMMU AND KASHMIR BANK LIMITED	G-40, FIRST FLOOR, CONNAUGHT PLACE, NEW DELHI - 110001, DELHI, INDIA	B94557204
2	10447727	29/07/2013	533,000.00	THE JAMMU AND KASHMIR BANK LIMITED	G-40, FIRST FLOOR, CONNAUGHT CIRCUS, NEW DELHI - 110001, DELHI, INDIA	B84345396
3	10446798	29/07/2013	960,000.00	THE JAMMU AND KASHMIR BANK LIMITED	G-40, FIRST FLOOR, CONNAUGHT PLACE, NEW DELHI - 110001, DELHI, INDIA	B83899799
4	10238403	13/12/2013 *	315,500,000.00	THE JAMMU AND KASHMIR BANK LIMITED	G-40, FIRST FLOOR, CONNAUGHT PLACE, NEW DELHI - 110001, DELHI, INDIA	B92083955

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipments

· Plant and machinery

· Furniture and fixtures

· Office Equipments

· Computer 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 judgment 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 records 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] 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.60.45
UK Pound	1	Rs.99.46
Euro	1	Rs.79.46

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.