MIRA INFORM REPORT

Report No. :	327856
Report Date :	18.06.2015

IDENTIFICATION DETAILS

Name :	JINESHWAR WRITING INSTRUMENTS LIMITED
Registered Office :	104, Kamla Bhavan, Valbhat Road, Sharma Estate, Goregaon (East), Mumbai – 400063, Maharashtra
Tel. No.:	91-22-66991515
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.03.1993
Com. Reg. No.:	11-071090
Capital Investment / Paid-up Capital :	Rs. 2.400 Million
CIN No.: [Company Identification No.]	U36991MH1993PLC071090
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Mumj04334b
PAN No.: [Permanent Account No.]	AAACJ1711C
Legal Form :	A Closely Held Public Limited liability Company
Line of Business :	Manufacturer and Importer of all Types of Writing Instruments.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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 was established in the year 1993. It is engaged in the business of Manufacturing and Importing of all types of writing instruments. It is an established company having a moderate track record. It is classified as Indian Non-Government Company and is registered at Registrar of Companies, Mumbai. Its authorized share capital is Rs. 5.000 Million and its paid up capital is Rs. 2.400 Million. As per registrar of companies the date of balance sheet i.e., financials file is shown as 31^st March, 2014 but the document related to the financials for the year 2014 are not available from any sources. As per available financial of 2013, there seems dip in the profit of the company. Profitability of the company is also low. External Borrowings of the company seems to be increasing compared to be previous year. However trade relations are reported as fair. Business is active. Payment 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.

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) DEFAILTERS’ 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 :	Ms. Omna
Designation :	Export Executive
Contact No.:	91-22-66991515
Date :	17.06.2015

LOCATIONS

Registered Office/ Factory :	104, Kamla Bhavan, Valbhat Road, Sharma Estate, Goregaon (East), Mumbai – 400 063, Maharashtra, India
Tel. No.:	91-22-66991515 / 26852341/26852261/26852647
Fax No.:	91-22-26852603 / 26852313
E-Mail :	montex@montexpen.com montex@bom3.vsnl.net.in viaxman@vsnl.com
Website :	http://www.montexpen.com
Area :	20000 Sq. ft
Location :	Owned
Administrative Office / Corporate Office :	AH/2, Shakti House, Cama Industrial Estate, Walbhat Road, Goregaon (East), Mumbai – 400 063, Maharashtra, India
Tel. No.:	91-22-61156115 / 66991515 / 26852261
Fax No.:	91-22-26852603 / 26852318 / 26859667
E-Mail :	montex@bom3.vsnl.net.in
Area :	10000 Sq. ft
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :

Mr. Ramniklal Uttamchand Jain

Designation :

Director

Address :

201, Anand Laxmi, Prarthana Samaj, Vile Parle (East), Mumbai – 400057, Maharashtra

Date of Birth/Age :

11.09.1953

Date of Appointment :

30.09.2004

DIN No.:

00863202

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	U36991MH1993PLC071090	JINESHWAR WRITING INSTRUMENTS LIMITED	Director	30/09/2004	30/09/2004	-	Active	NO
2	U45200MH2007PTC167715	REL TEK Tiles India Private Limited	Director	09/02/2007	09/02/2007	-	Active	NO
3	U29120MH1994PLC077061	DEVA FABRICATORS LTD.	Director	25/08/2007	25/08/2007	-	Active	NO

Name :

Mr. Ramanlal Raghunathmalji Jain

Designation :

Director

Address :

401, Shivali Apartment, Azad Nagar Housing Society , JVPD Scheme, Vile Parle (West), Mumbai – 4700 056, Maharashtra, India

Date of Birth/Age :

26.05.1952

Date of Appointment :

30.09.2004

DIN No.:

00863261

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	U36991MH1993PTC071586	EASTERN BALLPEN PRIVATE LIMITED	Director	13/04/1993	13/04/1993	-	Active	NO
2	U28910MH1983PTC029515	SUNMET METALLURGICAL PVT LTD	Director	30/09/1993	30/09/1993	-	Active	NO
3	U29120MH1994PLC077061	DEVA FABRICATORS LTD.	Director	11/03/1994	11/03/1994	-	Active	NO
4	U28993MH1989PTC051503	BOMBAY CABINETS MANUFACTURING COMPANY PVT LTD	Director	01/11/1994	01/11/1994	-	Active	NO
5	U36991MH1993PTC071089	VITRAG WRITING INSTRUMENTS PRIVATE LIMITED	Director	30/09/2004	30/09/2004	-	Active	NO
6	U36991MH1993PLC071090	JINESHWAR WRITING INSTRUMENTS LIMITED	Director	30/09/2004	30/09/2004	-	Active	NO

Name :

Mr. Durgaram Lohar

Designation :

Director

Address :

201 / A Devkidham, C-51 Gokuldham, Goregaon (East), Mumbai, 400063, Maharashtra, India

Date of Birth/Age :

05.03.1955

Date of Appointment :

28.09.1994

DIN No. :

01916209

KEY EXECUTIVES

Name :	Ms. Omna
Designation :	Export Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Ramanlal R Jain	23700	98.74
Ramnik U Jain	50	0.21
Rajiv R Jain	50	0.21
Kamla R Jain	50	0.21
Sonal Rajiv Jain	50	0.21
Asha R Jain	50	0.21
Bharti K Bafna	50	0.21
Total	24000	100.00

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of all Types of Writing Instruments.
Products :	Writing Instruments
Brand Names :	Not Available
Agencies Held :	Montex
Exports :
Products :	Finished Goods
Countries :	Bangladesh
Imports :
Products :	Raw Material Machinery
Countries :	Korea Germany China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS : Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :	Not Divulged
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 :

150 (Approximately)

Bankers :

Banker Name	Indusind bank Limited
Branch Address	425, Dadasaheb Bhadkamkar Marg, Opera House, Mumbai – 400004, 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

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
SHORT TERM BORROWINGS
From Bank
Cash Credit	110.479	95.550
Total	110.479	95.550

Auditors :
Name :	S S Jain and Associates Chartered Accountants
Address :	504, Sharda Shopping Centre, 81 Old Nagardas Road, Andheri (East), Mumbai – 400 069, Maharashtra, India
Tel. No.:	91-22-26841212
PAN No.:	AABPJ7505J
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Shivshakti Plastic Industries Eastern Ballpen Private Limited Montex Writing Instrument Montex Pen Industries Sunmet Metallurgical Private Limited Laxmi Industries Deva Fabricators Limited Bombay Cabinet Manufacturing Private Limited Vitag Writing Instruments Limited Rushabh Developers

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 100/- each	Rs.5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24000	Equity Shares	Rs. 100/- each	Rs.2.400 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	2.400	2.400	2.400
(b) Reserves & Surplus	101.922	100.999	99.826
(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)	104.322	103.399	102.226
(3) Non-Current Liabilities
(a) long-term borrowings	242.369	223.869	221.369
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	5.826	4.607	4.682
(d) long-term provisions	8.894	7.615	6.802
Total Non-current Liabilities (3)	257.089	236.091	232.853
(4) Current Liabilities
(a) Short term borrowings	110.479	95.550	92.809
(b) Trade payables	78.313	39.053	51.742
(c) Other current liabilities	6.736	49.692	17.870
(d) Short-term provisions	2.603	5.368	7.246
Total Current Liabilities (4)	198.131	189.663	169.667
TOTAL	559.542	529.153	504.746
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	42.291	50.179	58.520
(ii) Intangible Assets	0.264	0.400	0.040
(iii) Capital work-in-progress	4.684	4.684	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)	1.837	1.109	0.335
(d) Long-term Loan and Advances	22.990	18.410	16.144
(e) Other Non-current assets	30.011	27.346	21.434
Total Non-Current Assets	102.077	102.128	96.473
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	315.597	306.852	266.015
(c) Trade receivables	127.754	105.414	124.643
(d) Cash and cash equivalents	1.571	3.219	0.716
(e) Short-term loans and advances	1.923	3.231	6.705
(f) Other current assets	10.620	8.309	10.194
Total Current Assets	457.465	427.025	408.273
TOTAL	559.542	529.153	504.746

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	604.052	564.024	746.072
	Other Income	7.174	6.527	1.058
	TOTAL	611.226	570.551	747.130
Less	EXPENSES
	Cost of Materials Consumed	303.773	285.357	379.079
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.554	(9.593)	(25.358)
	Employees benefits expense	32.267	28.304	32.105
	Other expenses	251.904	239.650	322.015
	Exceptional Item	(0.206)	(0.262)	0.025
	TOTAL	589.292	543.456	707.866
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	21.934	27.095	39.264
Less	FINANCIAL EXPENSES	12.394	12.315	19.263
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	9.540	14.780	20.001
Less/ Add	DEPRECIATION/ AMORTISATION	8.424	13.356	15.848
	PROFIT/ (LOSS) BEFORE TAX	1.116	1.424	4.153
Less	TAX	0.182	0.251	1.092
	PROFIT/ (LOSS) AFTER TAX	0.934	1.173	3.061
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	69.999	68.826	66.853
Add	Provision for taxation for earlier year	0.000	0.000	(0.088)
	Balance Carried to the B/S	70.933	69.999	69.826
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	11.203	18.660	11.606
	TOTAL EARNINGS	11.203	18.660	11.606
	IMPORTS
	Raw Materials	55.164	97.672	110.036
	Stores and Spares	0.469	0.418	0.359
	Capital Goods	1.011	5.455	1.155
	TOTAL IMPORTS	56.644	103.545	111.550
	Earnings / (Loss) Per Share (Rs.)	38.93	48.90	127.58

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	0.15	0.21	0.41
Operating Profit Margin (PBIDT/Sales)	(%)	3.63	4.80	5.26
Return on Total Assets (PBT/Total Assets}	(%)	0.20	0.27	0.82
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.04
Debt Equity Ratio (Total Liability/Networth)		3.38	3.09	3.07
Current Ratio (Current Asset/Current Liability)		2.31	2.25	2.41

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	2.400	2.400	2.400
Reserves & Surplus	99.826	100.999	101.922
Share Application money pending allotment	0.000	0.000	0.000
Net worth	102.226	103.399	104.322
long-term borrowings	221.369	223.869	242.369
Short term borrowings	92.809	95.550	110.479
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	314.178	319.419	352.848
Debt/Equity ratio	3.073	3.089	3.382

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	746.072	564.024	604.052
		(24.401)	7.097

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	746.072	564.024	604.052
Profit	3.061	1.173	0.934
	0.41%	0.21%	0.15%

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	Yes
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	No
19	Major customers	No
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 three 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 LOANS

PARTICULAR	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
LONG TERM BORROWINGS
Loans from related parties	242.369	223.869
Total	242.369	223.869

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80001409	15/03/2007 *	85,000,000.00	INDUSIND BANK LTD.	425, D.B.MARG, OPERA HOUSE, MUMBAI, Maharashtra - 400004, INDIA	-
2	80001410	09/01/2008 *	123,000,000.00	INDUSIND BANK LTD.	425, DADASAHEB BHADKAMKAR MARG, OPERA HOUSE, MUMBAI, Maharashtra - 400004, INDIA	A40760092

* Date of charge modification

FIXED ASSETS

• Machinery
• Mould
• Lift
• Tools and Equipment
• Office Equipment
• Computers
• Air Conditioner
• Furniture and Fixture
• Vehicles
• Computer Software
• Trademarks

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. 64.11
UK Pound	1	Rs. 100.32
Euro	1	Rs. 72.17

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--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		27

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.