MIRA INFORM REPORT

Report No. :	316373
Report Date :	18.04.2015

IDENTIFICATION DETAILS

Name :	R.L. JAIN EQUIPMENTS PRIVATE LIMITED
Registered Office :	G-13, M.I.A. Extension, Road No.12, Udaipur – 313 001, Rajasthan
Tel. No.:	91-294-2486810
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.07.2010
Com. Reg. No.:	17-032450
Capital Investment / Paid-up Capital :	Rs.0.500 million
CIN No.: [Company Identification No.]	U29246RJ2010PTC032450
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Exporter and Importer of a comprehensive range of different types of Wire Ropes and Slings, Tooth Point and Adapters, Under Carriage, Rock Breaker, Crawler Drill, Welding Electrodes, Drill Rods, Drilling Equipments, Wire Saw Accessories, etc.
No. of Employees :	80 (Approximately)

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

Maximum Credit Limit :	USD 14000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management has reported high working capital intensive operations, hampering the capital structure during FY 14. However, trade relations seem to be fair. Business is active. Payment terms are reported as 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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. Ladu Lal Jain
Designation :	Director
Contact No.:	91-9829041411
Date :	14.04.2015

LOCATIONS

Registered Office :	G-13, M.I.A. Extension, Road No.12, Udaipur – 313 001, Rajasthan, India
Tel. No. :	91-294-2486810/ 2491324
Mobile No. :	91-9829041411 (Mr. Ladu Lal Jain)
Fax No. :	91-294-5100506
E-Mail :	contact@rljain.com ostwal.surendra@gmail.com accounts@roshanlaljain.com
Website :	http://www.rljain.com

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Ladu Lal Jain
Designation :	Director
Address :	56, Anand Nagar, University Road, Udaipur – 313 001, Rajasthan, India
Date of Birth/Age :	15.04.1960
Date of Appointment :	01.10.2010
DIN No. :	00374615

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	U45201RJ1998PLC015200	ROLJACK INDIA LIMITED	Director	06/11/1998	06/11/1998	-	Active	NO
2	U29299RJ2005PTC021675	ROLSON EQUIPMENTS PRIVATE LIMITED	Director	28/11/2005	28/11/2005	-	Active	NO
3	U36101RJ2002PTC017395	PRAKASH WOOD PALACE PRIVATE LIMITED	Director	01/03/2008	01/03/2008	-	Active	NO
4	U29246RJ2010PTC032450	R.L. JAIN EQUIPMENTS PRIVATE LIMITED	Director	01/10/2010	01/10/2010	-	Active	NO

Name :	Mr. Bhagwati Lal Jain
Designation :	Director
Address :	41, Anand Nagar, University Road, Udaipur – 313 001, Rajasthan, India
Date of Birth/Age :	29.02.1964
Date of Appointment :	01.10.2010
DIN No. :	00374651

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	U45201RJ1998PLC015200	ROLJACK INDIA LIMITED	Director	06/11/1998	06/11/1998	-	Active	NO
2	U29299RJ2005PTC021675	ROLSON EQUIPMENTS PRIVATE LIMITED	Director	28/11/2005	28/11/2005	-	Active	NO
3	U36101RJ2002PTC017395	PRAKASH WOOD PALACE PRIVATE LIMITED	Director	01/03/2008	01/03/2008	-	Active	NO
4	U29246RJ2010PTC032450	R.L. JAIN EQUIPMENTS PRIVATE LIMITED	Director	01/10/2010	01/10/2010	-	Active	NO

Name :	Mr. Priyankar Jain
Designation :	Director
Address :	56, Anand Nagar, University Road, Udaipur – 313 001, Rajasthan, India
Date of Birth/Age :	28.12.1983
Date of Appointment :	27.07.2010
DIN No. :	03062413
Name :	Mr. Konark Jain
Designation :	Director
Address :	41, Anand Nagar, University Road, Udaipur – 313 001, Rajasthan, India
Date of Birth/Age :	12.08.1985
Date of Appointment :	27.07.2010
DIN No. :	03062422
Name :	Mr. Rishabh Jain
Designation :	Director
Address :	56, Anand Nagar, University Road, Udaipur – 313 001, Rajasthan, India
Date of Birth/Age :	27.03.1986
Date of Appointment :	27.07.2010
DIN No. :	03062435

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of holding
Priyankar Jain	16000	32.00
Konark Jain	16000	32.00
Rishabh Jain	16000	32.00
Ladu Lal Jain	1000	2.00
Bhagwati Lal Jain	1000	2.00
Total	50000	100.00

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Trader, Exporter and Importer of a comprehensive range of different types of Wire Ropes and Slings, Tooth Point and Adapters, Under Carriage, Rock Breaker, Crawler Drill, Welding Electrodes, Drill Rods, Drilling Equipments, Wire Saw Accessories, etc.
Products :	Crawler Drill Drilling Equipments Rock Breaker Tooth Point Adaptors Undercarriage Parts Hydraulic Equipment Wire Saw Accessories Joining Alloys Wire Ropes
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Gulf Countries
Imports :
Products :	Raw Materials
Countries :	China Korea, etc.
Terms :
Selling :	Not Divulged
Purchasing :	Depend

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Hyundai Construction Equipment India Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	R K Farms Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

80 (Approximately)

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· Axis Bank Limited, 222/21, Sahelli Marg, Near UIT Circle, Udaipur – 313 001, Rajasthan, India

· Bank of Maharashtra

· ICICI Bank Limited

· State Bank of Bikaner and Jaipur

· Yes Bank Limited

· Standard Chartered Bank

· IndusInd Bank

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Kotak Mahindra Bank (Senta-FE) [Term Loan from Kotak Mahindra Bank (Senta FE) is payable in equited periodic instalment upto a 34 month from the date of respective loan. The Term Loan is secured by first executive charge on the Car Senta FE.]	0.134	0.896
Kotak Mahindra Bank-Bolero Loans [Term Loan from Kotak Mahindra Bank (Bolero) is payable in equited periodic instalment upto a 36 month from the date of respective loan. The Term Loan is secured by first executive charge on the Mahindra Bolero Pickup.]	0.115	0.270
Kotak Mahindra Bank-Verna	0.666	0.000
Bank of Maharashtra - Loan	0.000	0.539
HDFC Buyer's Credit	1.888	1.415
SHORT TERM BORROWINGS
Loans from Banks
HDFC CC A/c 0065	11.748	10.253
HDFC IF A/c 00467 (Working Capital loan from HDFC Bank, Udaipur are secured by way of first executive charge by hypothecation on all stock and book debts of the company. The loans are collaterally secured by personal guarantee of directors of the company and immovable property of relatives of Director.)	23.156	7.260
Total	37.707	20.633

Banking Relations :	--
Auditors :
Name :	Surendra Ostwal and Company Chartered Accountants
Address :	7B, Bapu Bazzar Circle, Above Udaipur Krishi Kendra, Udaipur – 313 001, Rajasthan, India
Tel. No. :	91-294-2418046
Mobile No. :	91-9414162573
PAN No.:	ABBFS0339Q
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern (As confirmed by the Management) :	Roshanlal Jain and Company

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 million

FINANCIAL DATA

[all figures are in Rupees Million]

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	0.500	0.500	0.500
(b) Reserves & Surplus	4.430	2.120	0.979
(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)	4.930	2.620	1.479
(3) Non-Current Liabilities
(a) Long-term borrowings	9.341	9.118	4.989
(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)	9.341	9.118	4.989
(4) Current Liabilities
(a) Short term borrowings	34.904	17.513	6.606
(b) Trade payables	198.209	136.929	46.339
(c) Other current liabilities	1.966	2.239	1.173
(d) Short-term provisions	1.153	0.616	0.469
Total Current Liabilities (4)	236.232	157.297	54.587
TOTAL	250.503	169.035	61.055
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.690	2.901	2.880
(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	3.690	2.901	2.880
(2) Current assets
(a) Current investments	1.084	0.847	0.000
(b) Inventories	199.187	140.840	50.027
(c) Trade receivables	34.657	23.657	4.548
(d) Cash and cash equivalents	7.476	0.165	1.946
(e) Short-term loans and advances	4.396	0.606	1.628
(f) Other current assets	0.013	0.019	0.026
Total Current Assets	246.813	166.134	58.175
TOTAL	250.503	169.035	61.055

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	498.983	358.161	210.831
		Other Income	12.008	6.075	3.593
		TOTAL	510.991	364.236	214.424
Less	EXPENSES
		TOTAL	506.466	361.631	212.415
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		4.525	2.605	2.009
Less/ Add	DEPRECIATION/ AMORTISATION		1.059	0.851	0.554
	PROFIT/ (LOSS) BEFORE TAX		3.466	1.754	1.455
Less	TAX		1.156	0.614	0.469
	PROFIT/ (LOSS) AFTER TAX		2.310	1.141	0.986
	Earnings / (Loss) Per Share (Rs.)		46.20	22.82	NA

Expected Sales (2014-2015): Rs.500.000 million

The above information has been parted by Mr. Ladu Lal Jain (Director).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.46	0.32	0.47
Return on Total Assets (PBT/Total Assets}	(%)	1.38	1.04	2.38
Return on Investment (ROI) (PBT/Networth)		0.70	0.67	0.98
Debt Equity Ratio (Total Debt/Networth)		8.97	10.16	7.84
Current Ratio (Current Asset/Current Liability)		1.04	1.06	1.07

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	0.500	0.500	0.500
Reserves & Surplus	0.979	2.120	4.430
Net worth	1.479	2.620	4.930
Long Term borrowings	4.989	9.118	9.341
Short Term borrowings	6.606	17.513	34.904
Total borrowings	11.595	26.631	44.245
Debt/Equity ratio	7.840	10.165	8.975

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Turnover	210.831	358.161	498.983
		69.881	39.318

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Turnover	210.831	358.161	498.983
Profit	0.986	1.141	2.310
	0.47%	0.32%	0.46%

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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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

OPERATIONAL REVIEW:

During the year the company has achieved turnover of Rs.498.983 million as compared to last year Rs.358.161 million. The Sales is increased by Rs.140.822 million as compared to last year. The Net Profit before tax during the year is Rs.3.466 million as compared to last year Profit Rs.1.754 million. The company enjoys good confidence among the existing customers.

UNSECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Loans from Director and related parties
Konark Jain	1.228	1.108
Priyankar Jain	1.228	1.108
Rishabh Jain	1.228	1.108
Chandani Nahar	0.463	0.418
Mahima Samar	0.463	0.418
Kuldeep Jain	0.464	0.419
Prakesh Jain	0.464	0.419
Ravi Bhatt	1.000	1.000
Total	6.538	5.998

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10376641	25/07/2013 *	25,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	B84658608
2	10378020	03/08/2012	15,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	B58661828

* Date of charge modification

FIXED ASSETS

· Vehicle and Car

· Computer

· Furniture

· Office Equipments

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 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] 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.62.35
UK Pound	1	Rs.93.09
Euro	1	Rs.67.13

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	SUB
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

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