MIRA INFORM REPORT

Report No. :	354787
Report Date :	16.12.2015

IDENTIFICATION DETAILS

Name :	JAYWANTI INDUSTRIES
Registered Office :	B-13, Digha Industrial Area, Opposite Sandoz Limited, Digha, Navi Mumbai – 400708, Maharashtra
Tel. No.:	91-22-27794455
Country :	India
Financials (as on) :	31.03.2015 (Unaudited)
Year of Establishment :	2008
Capital Investment / Paid-up Capital :	Rs.10.585 million
IEC No.:	0312003862
TIN No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AEHPG2227C
Legal Form :	Sole Proprietary Concern
Line of Business :	Manufacturer of Electrical Insolution, Transformer Component. (Confirmed by Management)
No. of Employees :	21 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established proprietorship concern started in the year 2008 having satisfactory track. Mr. Vikas Pawar (Production Manager) has provided information of the subject to us. The concern possesses decent operational performance with fair profit margin of 2.77% recorded during the year 2015. General financial position seems to be good. Further, trade relations are reported as fair. Business is active. Payments are reported to be usually correct. In view of aforesaid, the concern can be considered for business dealings at usual trade terms and conditions. Note: The financials (for the year 2015) provided by Mr. Vikas Pawar (Production Manager) are not stamped and signed by the relevant authority.

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Vikas
Designation :	Production Manager
Contact No.:	91-9870087370
Date :	14.12.2015

LOCATIONS

Registered Office/ Factory :	B-13, Digha Industrial Area, Opposite Sandoz Limited, Digha, Navi Mumbai – 400708, Maharashtra, India
Tel. No.:	91-22-27794455
Mobile No.:	91-9870087370 (Mr. Vikas Pawar)
Fax No.:	Not Available
E-Mail :	jipl.sg@gmail.com
Location :	Owned
Locality :	Commercial

SOLE PROPRIETOR

Name :	Mrs. Shubhangi Anil Ghag
Designation :	Proprietor
Address :	1/101, Vastu Anand, Near Raj Park, Parsik Nagar, Thane – 400605, Maharashtra, India

KEY EXECUTIVES

Name :	Mr. Vikas Pawar
Designation :	Production Manager

BUSINESS DETAILS

Line of Business :	Manufacturer of Electrical Insolution, Transformer Component. (Confirmed by Management)
Products / Services :	· Hermetically Sealed Transformer · Capacitor Voltage Transformer · High Frequency Transformer · Low Power Transformer · Low Tension Transformer · Transformer Turns Ratio Tester
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	United States of America
Imports :	Not Available
Terms :
Selling :	Cheque
Purchasing :	Cheque

GENERAL INFORMATION

Suppliers :

Reference :	ABB 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

· Abhay Engineering Works

· Agadh Power Transmission Private Limited

· AMI Corporation

· Anil Ghag

· Baamana Industries

· Bassaya Transport

· Bhagwati Enterprises

· Bhagyasri Corporation

· Bombay Trading Company

· Burani Tools

· Central Engineering

· Chandra Sagar Traders

· Citizen Enterprise

· C. S. Industries

· David Engineering

Customers :

Reference :	Aditya Vidyut Application 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

Wholesalers and Retailers

· Allianz Transformers Private Limited

· Anista Transformer Private Limited

· Bharat Bijlee Limited

· Citizen Enterprises

· Deltron Electricals

· Emco Limited, Thane

· EMCO Limited, Jalgaon

· Exemplar Engineering

· Hind Rectifiers

· Jain Electrical Private Limited

· Jewel Metals Private Limited

· Kebee Power Transport Private Limited

· Kirloskar Power Equipment

No. of Employees :

21 (Approximately)

Bankers :

Banker Name	The Abhinav Sahakari Bank Limited
Branch Address	Usma P. Pumo, MIDC Branch, Dombivali (East), Thane, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	91-251-2482918 /2861648
Name of Account Holder	Not Available
Account Number	100420030000023
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Overdraft – 25.000 million (Confirmed by Mr. Vikas Pawar - Production Manager)
Account Operation	Not Available
Remarks (If any)	Not Working Properly

Auditors :
Name :	Yogesh Sovani and Associates Chartered Accountants
Address :	3/301, Janaki Niwas, Dr. Moose Road, Talao Pali, Thane – 400602, Maharashtra, India
Mobile No.:	91-8898106780
PAN No :	ACEPS2656Q
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2015

Capital Investment :	Amount (Rs. in Million)
Capital Account
Donation	(0.110)
Drawings Account	(6.679)
L.IC.	(4.997)
Mediclaim Insurance	(0.083)
Proprietor’s Capital Account	22.514
Reliance	(0.060)
Total	10.585

FINANCIAL DATA

[all figures are in Rupees Million]

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015	31.03.2014
SHAREHOLDERS FUNDS
1] Proprietor’s Capital		10.585	13.967
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		6.568	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		17.153	13.967
LOAN FUNDS
1] Secured Loans		31.418	45.753
2] Unsecured Loans		0.000	0.478
TOTAL BORROWING		31.418	46.231
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		48.571	60.198
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.259	22.338
Capital work-in-progress		0.000	0.000
INVESTMENT		3.637	0.936
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	22.983	18.282
	Sundry Debtors	63.390	46.840
	Cash & Bank Balances	1.039	0.888
	Other Current Assets	4.526	2.524
	Loans & Advances	0.000	26.071
Total Current Assets		91.938	94.605
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	68.015	57.416
	Other Current Liabilities and Provision	0.248	0.265
Total Current Liabilities		68.263	57.681
Net Current Assets		23.675	36.924
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		48.571	60.198

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015 (Unaudited)	31.03.2014
	SALES
		Sales	148.175	105.486
		Other Income	0.000	0.469
		TOTAL	148.175	105.955
Less	EXPENSES
		Cost of Goods Sold	114.149	83.315
		Audit Fees	0.112	0.112
		Bank charges	0.857	0.961
		Conveyance	0.565	0.477
		Courier and Postage	0.122	0.090
		Electricity Charges	1.007	0.698
		Direct Expenses	12.840	5.592
		Fees and Subscription	0.006	0.006
		Insurance	0.072	0.116
		MLW Fund	0.001	0.001
		Printing and Stationery	0.067	0.041
		Professional Fees	0.252	0.179
		Repairs and Maintainance	0.182	0.197
		Salary	1.873	1.661
		Service Tax	0.065	0.095
		Staff Welfare	0.407	0.296
		Stamp Duty Charges	0.008	0.007
		Telephone Expenses	0.232	0.226
		Water Charges	0.179	0.121
		Other Expenses	3.623	0.810
		TOTAL	136.619	95.001
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		11.556	10.954
Less	FINANCIAL EXPENSES		5.298	6.131
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		6.258	4.823
Less/ Add	DEPRECIATION/ AMORTISATION		2.148	2.371
	NET PROFIT		4.110	2.452

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014
Net Profit Margin (PAT / Sales)	(%)	2.77	2.32
Operating Profit Margin (PBIDT/Sales)	(%)	7.80	10.38
Return on Total Assets (PBT/Total Assets}	(%)	0.04	0.02
Return on Investment (ROI) (PBT/Networth)		0.24	0.17
Debt Equity Ratio (Total Debt /Networth)		1.83	3.31
Current Ratio (Current Asset/Current Liability)		1.35	1.64

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Share Capital	13.967	10.585
Reserves & Surplus	0.000	6.568
Money received against share warrants	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	13.967	17.153
Secured Loans	45.753	31.418
Unsecured Loans	0.478	0.000
Total borrowings	46.231	31.418
Debt/Equity ratio	3.310	1.832

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	105.486	148.175
		40.469

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	105.486	148.175
Profit	2.452	4.110
	2.32%	2.77%

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	No
10	Date of Birth of Proprietor / Partners / Directors	No
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	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
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	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two years	Yes
30	Major shareholders, if available	No
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

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 records 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.67.04
UK Pound	1	Rs.101.67
Euro	1	Rs.73.93

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	HNA
Report Prepared by :	ASN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.