MIRA INFORM REPORT

Report No. :	336965
Report Date :	18.08.2015

IDENTIFICATION DETAILS

Name :	J K PULSE MANUFACTURERS PRIVATE LIMITED
Formerly Known As :	SHRI GUPTA PULSE MILLS PRIVATE LIMITED
Registered Office :	272, Sajan Nagar, Indore-452001, Madhya Pradesh
Tel. No.:	91-731-2400060/61
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.09.1995
Com. Reg. No.:	10-009996
Capital Investment / Paid-up Capital :	Rs. 3.822 Million
CIN No.: [Company Identification No.]	U15314MP1995PTC009996
IEC No.:	1107006210
TAN No.: [Tax Deduction & Collection Account No.]	BPLS02682B
PAN No.: [Permanent Account No.]	AAHCS4382F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader and Importer of Pulses.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 32000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	J K Pulse Manufacturers Private Limited was incorporated on 26^th September, 1995 and it is established company having satisfactory track record. The company has reported healthy operational and financial risk profile. The fundamental of the company seems to sound and healthy. The rating also take consideration on company established track record and experience promoters. Trade relations are fair. Business is active. Payments terms are reported to be usually correct. In view of healthy operation and financial base, the company can be considered for business dealing with its 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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Paras Jain
Designation :	Accountant
Contact No.:	91-731-2400061
Date :	17.08.2015

LOCATIONS

Registered Office :	272, Sajan Nagar, Indore-452001, Madhya Pradesh, India
Tel. No.:	91-731-2400060/61
Fax No.:	91-731-4222182
E-Mail :	Yogeshjkind60@yahoo.com akmcafiling@gmail.com
Location :	Owned
Locality :	Commercial
Factory :	140, Devhuradia, Nemawar Raod, Indore-452001, Madhya Pradesh, India
Location :	Owned
Locality :	Commercial

DIRECTORS

As on 30.09.2014

Name :

Mr. Radheshyam M. Agrawal

Designation :

Whole-Time Director

Address :

121, Scheme No. 47, Near Agrawal Nagar, Indore-452001, Madhya Pradesh, India

Date of Birth/Age :

01.01.1951

Qualification :

S.S.C

Date of Appointment :

01.02.2013

DIN No.:

02024117

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	U15314MP1995PTC009996	J K PULSE MANUFACTURERS PRIVATE LIMITED	Whole-time director	01/02/2013	01/02/2008	-	Active	NO
2	U70101MP2010PTC024012	J K REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	27/07/2010	27/07/2010	02/09/2013	Active	NO

Name :

Mr. Yogeshkumar R. Agrawal

Designation :

Whole-Time Director

Address :

105, Scheme No. 47, New Agrawal Nagar, Indore-452001, Madhya Pradesh, India

Date of Birth/Age :

10.08.1979

Qualification :

Graduate

Date of Appointment :

01.02.2013

DIN No.:

02008901

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	U15314MP1995PTC009996	J K PULSE MANUFACTURERS PRIVATE LIMITED	Whole-time director	01/02/2013	01/02/2008	-	Active	NO
2	U70101MP2010PTC024444	SURESH REALESTATE AND DEVELOPERS PRIVATE LIMITED	Director	01/10/2010	01/10/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Paras Jain
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage
Lata Modi	29120	7.62
Damodar Pandey	29400	7.69
Kamlesh Agrawal	7000	1.83
Anil kumar Modi	7000	1.83
Yogesh Agrawal	197400	51.65
Priyanka Agrawal	49000	12.82
Radheyshyam Agrawal	63280	16.56
Total	382200	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	82.86
Other top fifty shareholders	17.14
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader and Importer of Pulses.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Raw Material
Countries :	· Singapore · Dubai · USA · Austria
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Globeways Canada Inc
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Reference :	Swiss Singapore Overseas Enterprises Pte Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

15 (Approximately)

Bankers :

Bank Name	Bank of Baroda
Branch	19/1, Sneh Nagar, Sapna Sangeeta Road, Navlakha, Indore - 452001, Madhya Pradesh, 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

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Working capital loans from bank	39.208	32.382
Buyers credit	42.951	24.961
Total	82.159	57.343

Banking Relations :	--
Auditors :
Name :	Ashok Khasgiwal and Company Chartered Accountants
Address :	317, Chetak Centre Annex, R.N.T Marg, Indore-452001, Madhya Pradesh, India
Tel. No.:	91-731-2517341/4069301
E-Mail :	ashokknasgiwala@yahoo.com
PAN N Income-tax PAN of auditor or auditor's firm :	AACFA7732P
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	· Lakshya Impex · J.K. Industries

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
750,000	Equity Shares	Rs.10/- each	Rs. 7.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
572,200	Equity Shares	Rs.10/- each	Rs. 5.722 Million

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
400,000	Equity Shares	Rs.10/- each	Rs. 4.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
382,200	Equity Shares	Rs.10/- each	Rs. 3.822 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	3.822	3.822	3.822
(b) Reserves & Surplus	7.216	5.980	5.266
(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)	11.038	9.802	9.088
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.129	0.153	0.183
(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)	0.129	0.153	0.183
(4) Current Liabilities
(a) Short term borrowings	89.800	66.817	99.261
(b) Trade payables	6.293	13.535	7.272
(c) Other current liabilities	0.523	0.597	0.701
(d) Short-term provisions	0.161	0.278	0.270
Total Current Liabilities (4)	96.777	81.227	107.504
TOTAL	107.944	91.182	116.775
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.816	12.512	13.325
(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	0.265	0.197	0.197
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	12.081	12.709	13.522
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	58.452	47.125	62.048
(c) Trade receivables	6.564	5.082	11.232
(d) Cash and cash equivalents	30.028	25.033	27.683
(e) Short-term loans and advances	0.435	0.420	0.319
(f) Other current assets	0.384	0.813	1.971
Total Current Assets	95.863	78.473	103.253
TOTAL	107.944	91.182	116.775

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	415.118	323.186	372.773
		Other Income	1.748	1.863	2.200
		TOTAL (A)	416.866	325.049	374.973
Less	EXPENSES
		Cost of Materials Consumed		120.355	184.022
		Purchases of Stock-in-Trade		172.227	165.831
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		14.716	1.292
		Employees benefits expense		1.495	1.729
		Other expenses		7.007	10.364
		TOTAL (B)	415.451 (Including financial expenses and depreciation)	315.800	363.238
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			9.249	11.735
Less	FINANCIAL EXPENSES (D)			7.402	9.860
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			1.847	1.875
Less/ Add	DEPRECIATION/ AMORTISATION (F)			0.812	0.977
	PROFIT BEFORE TAX (E-F) (G)		1.415	1.035	0.898
Less	TAX (H)		0.178	0.321	0.356
	PROFIT AFTER TAX (G-H) (I)		1.237	0.714	0.542
	Value of Import on CIF Basis		282.770	172.117	154.557
	Earnings Per Share (Rs.)		3.24	1.87	1.19

Particulars	31.03.2015
Sales Turnover (Approximately)	840.000
	(Expansion of business )

The above information has been parted by Mr. Paras Jain (Accountant)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.000	0.188
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.30	0.22	0.15
Operating Profit Margin (PBIDT/Sales)	(%)	NA	2.86	3.15
Return on Total Assets (PBT/Total Assets}	(%)	1.31	1.14	0.77
Return on Investment (ROI) (PBT/Networth)		0.13	0.11	0.10
Debt Equity Ratio (Total Debt /Networth)		8.14	6.82	10.94
Current Ratio (Current Asset/Current Liability)		0.99	0.97	0.96

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	3.822	3.822	3.822
Reserves & Surplus	5.266	5.980	7.216
Net worth	9.088	9.802	11.038
long-term borrowings	0.000	0.000	0.000
Short term borrowings	99.261	66.817	89.800
Current maturities of long-term debts	0.188	0.000	0.000
Total borrowings	99.449	66.817	89.800
Debt/Equity ratio	10.943	6.817	8.136

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	372.773	323.186	415.118
		(13.302)	28.446

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	372.773	323.186	415.118
Profit	0.542	0.714	1.237
	0.15%	0.22%	0.30%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of establishment	Yes
2]	Constitution of the entity -Incorporation details	Yes
3]	Locality of the entity	Yes
4]	Premises details	No
5]	Buyer visit details	--
6]	Contact numbers	Yes
7]	Name of the person contacted	Yes
8]	Designation of contact person	Yes
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	No
12]	Voter Id Card No. of Proprietor / Partners	No
13]	Type of business	Yes
14]	Line of Business	Yes
15]	Export/import details (if applicable)	Yes
16]	No. of employees	Yes
17]	Details of sister concerns	Yes
18]	Major suppliers	Yes
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	No
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	Yes
26]	Turnover of firm for last four years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	No
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	Yes
35]	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans from related parties	7.641	8.133
Others	0.000	1.341
Total	7.641	9.474

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10101710	15/06/2015 *	90,000,000.00	BANK OF BARODA	NAVLAKHA BRANCH, INDORE, Madhya Pradesh - 452001,  INDIA	C58464561

* Date of charge modification

FIXED ASSETS

· Land

· Building

· Plant and machinery

· Vehicle

· Furniture

· Office equipment

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.65.22
UK Pound	1	Rs.102.23
Euro	1	Rs.72.39

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAS
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		48

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.