MIRA INFORM REPORT

Report No. :	305331
Report Date :	28.01.2015

IDENTIFICATION DETAILS

Name :	JANATICS INDIA PRIVATE LIMITED
Registered Office :	E 25, SIDCO Industrial Estate, Kurichi, Coimbatore – 641021, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.08.1991
Com. Reg. No.:	18-003409
Capital Investment / Paid-up Capital :	Rs.9.900 Millions
CIN No.: [Company Identification No.]	U31103TZ1991PTC003409
TAN No.: [Tax Deduction & Collection Account No.]	CMBJ03004B
PAN No.: [Permanent Account No.]	AAACJ5553C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of pneumatic products.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1200000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects sound financial risk profile marked by decent reserves position and fair profitability of the company. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal for business dealings at 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating=BBB/Stable
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	10.03.2014

Rating Agency Name	CRISIL
Rating	Short term rating=A3+
Rating Explanation	Moderate degree of safety. It carry higher credit risk.
Date	10.03.2014

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. Murli Dharan
Designation :	Accounts Executive
Contact No.:	91-422-2672752

LOCATIONS

Registered Office :	E 25, SIDCO Industrial Estate, Kurichi, Coimbatore – 641021, Tamilnadu, India
Tel. No.:	91-422-2672800 / 2672752
Fax No.:	91-422-2672304
E-Mail :	janatics@md2.vsnl.net.in janatics_ho@janatics.co.in
Website :	www.janatics.com
Marketing Offices :	Located At: · Ahmedabad · Bangalore · Chennai · Hyderabad · Indore · Kolkata · Mumbai · New Delhi · Pune

DIRECTORS

AS ON 08.09.2014

Name :

Mr. Jaganathan Ganeshkumar

Designation :

Managing Director

Address :

21, New Damu Nagar, Pappanaickenpalayam, Coimbatore – 641037, Tamil Nadu, India

Date of Birth/Age :

04.12.1974

Date of Appointment :

06.10.2011

DIN No.:

00002658

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	U31103TZ1991PTC003409	JANATICS INDIA PRIVATE LIMITED	Managing director	06/10/2011	13/01/2006	-	Active	NO
2	U31200TZ1993PTC004274	JANATICS CONTROLS PRIVATE LIMITED	Director	11/09/2014	07/11/2013	-	Active	NO
3	U73100TZ2004PTC011307	JANATICS RESEARCH AND DEVELOPMENT PRIVATE LIMITED	Director	09/09/2014	07/11/2013	-	Active	NO

Name :

Mr. Balachandar Nageswar Gobichetipalayam

Designation :

Managing Director

Address :

1996/7, Mani Rajanna Garden, Singanallur, Coimbatore – 641005, Tamil Nadu, India

Date of Birth/Age :

08.05.1981

Date of Appointment :

06.10.2011

DIN No.:

00002669

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	U31103TZ1991PTC003409	JANATICS INDIA PRIVATE LIMITED	Managing director	06/10/2011	13/01/2006	-	Active	NO
2	U31200TZ1993PTC004274	JANATICS CONTROLS PRIVATE LIMITED	Director	11/09/2014	07/11/2013	-	Active	NO
3	U73100TZ2004PTC011307	JANATICS RESEARCH AND DEVELOPMENT PRIVATE LIMITED	Director	09/09/2014	07/11/2013	-	Active	NO

Name :

Mr. Krishnaswamy Jaganathan

Designation :

Whole-time Director

Address :

21, New Damu Nagar, Pappanaickenpalayam, Coimbatore – 641037, Tamil Nadu, India

Date of Birth/Age :

20.09.1940

Date of Appointment :

06.10.2011

DIN No.:

00002654

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	U31103TZ1991PTC003409	JANATICS INDIA PRIVATE LIMITED	Whole-time director	06/10/2011	23/09/1991	-	Active	NO
2	U31200TZ1993PTC004274	JANATICS CONTROLS PRIVATE LIMITED	Managing director	25/02/1993	25/02/1993	-	Active	NO
3	U73100TZ2004PTC011307	JANATICS RESEARCH AND DEVELOPMENT PRIVATE LIMITED	Managing director	01/09/2004	01/09/2004	-	Active	NO

Name :

Mr. Gobichettipalayam Chandrasekaran Nageswaran

Designation :

Whole-time Director

Address :

1996/7, Mani Rajanna Garden, Singanallur, Coimbatore – 641005, Tamil Nadu, India

Date of Birth/Age :

15.12.1937

Date of Appointment :

06.10.2011

DIN No.:

00002660

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	U31103TZ1991PTC003409	JANATICS INDIA PRIVATE LIMITED	Whole-time director	06/10/2011	23/09/1991	-	Active	NO
2	U31200TZ1993PTC004274	JANATICS CONTROLS PRIVATE LIMITED	Managing director	25/02/1993	25/02/1993	-	Active	NO
3	U73100TZ2004PTC011307	JANATICS RESEARCH AND DEVELOPMENT PRIVATE LIMITED	Managing director	01/09/2004	01/09/2004	-	Active	NO

Name :

Mr. Chandrasekaran Venkatesan

Designation :

Whole-time Director

Address :

21/1, Souripalayam Housing Unit, Peelamedu, Coimbatore – 641004, Tamil Nadu, India

Date of Birth/Age :

30.09.1951

Date of Appointment :

30.08.2008

DIN No.:

02059831

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	U31103TZ1991PTC003409	JANATICS INDIA PRIVATE LIMITED	Whole-time director	30/08/2008	11/02/2008	-	Active	NO

Name :

Mr. Rajamani Ramesh

Designation :

Whole-time Director

Address :

301 Srivari Aishwaryam, Dr Ambadkar Road Velandi Palayam, Coimbatore – 641025, Tamil Nadu, India

Date of Birth/Age :

15.05.1967

Date of Appointment :

24.10.2012

DIN No.:

03639857

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	U31103TZ1991PTC003409	JANATICS INDIA PRIVATE LIMITED	Whole-time director	24/10/2012	06/10/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Murli Dharan
Designation :	Accounts Executive

MAJOR SHAREHOLDERS

AS ON 08.09.2014

Names of Shareholders	No. of Shares
Balachandar Nageswar Gobichetipalayam	49500
Jaganathan Ganeshkumar	49500
Total	99000

LIST OF ALLTTEES:

AS ON 03.10.2014

Names of Shareholders	No. of Shares
Balachandar Nageswar Gobichetipalayam	155000
Jaganathan Ganeshkumar	155000
Total	310000

Equity Share Break up (Percentage of Total Equity)

AS ON 08.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of pneumatic products.
Products :	Pneumatic Products
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

GENERAL INFORMATION

Suppliers :

--

Customers :

--

No. of Employees :

Information declined by the management

Bankers :

State Bank of India, Mid-Corporate Group, Commercial Branch, 1443 Trichy Road, P B No.3902, Coimbatore – 641018, Tamil Nadu, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Short Term Borrowings
Working capital loans from banks	265.100	204.207
Total	265.100	204.207

Banking Relations :	--
Auditors :
Name :	Raja & Raman Chartered Accountants
Address :	1055, Gowthem Centre, First Floor, Avanashi Road, Coimbatore – 641018, Tamil Nadu, India
PAN No.:	AACFR3210R
Associates :	· SKY Fast · Rovick Industries · SK Goods and Services

CAPITAL STRUCTURE

AFTER 08.09.2014

Authorised Capital : Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 40.000 Millions

AS ON 08.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99000	Equity Shares	Rs.100/- each	Rs.9.900 Millions

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	9.900	9.900	9.900
(b) Reserves & Surplus	394.695	336.652	281.440
(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)	404.595	346.552	291.340
(3) Non-Current Liabilities
(a) long-term borrowings	3.305	7.057	1.466
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	8.008	6.216	5.066
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	11.313	13.273	6.532
(4) Current Liabilities
(a) Short term borrowings	265.100	204.207	76.944
(b) Trade payables	184.401	165.710	187.662
(c) Other current liabilities	6.084	2.079	6.416
(d) Short-term provisions	66.777	60.713	48.794
Total Current Liabilities (4)	522.362	432.709	319.816
TOTAL	938.270	792.534	617.688
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	163.284	114.365	94.779
(ii) Intangible Assets	15.005	4.668	6.734
(iii) Capital work-in-progress	0.000	1.776	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	4.709	3.801	4.738
(e) Other Non-current assets	25.788	23.672	26.216
Total Non-Current Assets	208.786	148.282	132.467
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	387.810	333.970	284.299
(c) Trade receivables	266.779	213.044	150.082
(d) Cash and cash equivalents	11.499	68.478	36.367
(e) Short-term loans and advances	63.396	28.760	14.473
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	729.484	644.252	485.221
TOTAL	938.270	792.534	617.688

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1534.786	1311.629	1136.647
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		101.736	91.271	90.477
Less	DEPRECIATION/ AMORTISATION		22.839	17.108	18.039
	PROFIT/(LOSS) BEFORE TAX		78.897	74.163	72.438
Less	TAX		21.292	18.951	14.642
	PROFIT/(LOSS) AFTER TAX		57.605	55.212	57.796
	Earnings In Foreign Currency on F.O.B. Basis		59.317	58.678	1405.852
	C.I.F. Value of Imports		165.647	125.275	119.566
	Earnings Per Share (Rs.)		1637.20	--	--

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	3.75	4.21	5.08
Return on Total Assets (PBT/Total Assets}	(%)	8.41	9.38	11.73
Return on Investment (ROI) (PBT/Networth)		0.20	0.21	0.25
Debt Equity Ratio (Total Debt /Networth)		0.66	0.61	0.27
Current Ratio (Current Asset/Current Liability)		1.40	1.49	1.52

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	9.900	9.900	9.900
Reserves & Surplus	281.440	336.652	394.695
Net worth	291.340	346.552	404.595
long-term borrowings	1.466	7.057	3.305
Short term borrowings	76.944	204.207	265.100
Total borrowings	78.410	211.264	268.405
Debt/Equity ratio	0.269	0.610	0.663

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1136.647	1311.629	1534.786
		15.395	17.014

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1136.647	1311.629	1534.786
Profit	57.796	55.212	57.605
	5.08%	4.21%	3.75%

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	Yes

OPERATIONS:

During the year, the Company achieved a turnover of Rs.1534.786 Millions, compared to Rs.1311.629 Millions of last year, resulting with an increase of 17.01%. The profit before Taxation was Rs.78.897 Millions as against Rs.74.163 Millions of previous year. Even though the turnover of the company increased significantly, but the profit has not been increased to that extent. However the directors were able to achieve the expectation. Considering the present situation, the Directors are confident of achieving a major share in the Indian market as well as abroad in the coming years.

The company is also explored new market avenues in India as well as abroad and added few more customers abroad during the year as compared to last year. The company has also participated in various Industrial Exhibitions in India as well as abroad. The growth of the company is very optimistic in future. The company has introduced few more new products in the market and has received a good response. Your Directors are very optimistic to achieve their plan in the coming year and are confident of securing a major share in the Global Market.

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Other loans and advances	3.305	7.057
Total	3.305	7.057

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90006756	26/09/2014 *	520,200,000.00	State Bank of India	Mid - Corporate Group, Commercial Branch,, 1443 Trichy Road P B No 3902, Coimbatore, Tamil Nadu - 641018, India	C30017990

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.46
UK Pound	1	Rs.92.77
Euro	1	Rs.69.03

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	DIV
Report Prepared by :	NKT

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	7
--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		47

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.