MIRA INFORM REPORT

Report No. :	327803
Report Date :	19.06.2015

IDENTIFICATION DETAILS

Name :	JAGDISH ELECTRONICS (INDIA) PRIVATE LIMITED
Registered Office :	Lavale Road, Pirangut, Taluka Mulshi, Pune- 412115, Maharashtra
Tel. No.:	91-8042903492 (Mr. Manoj Ranade)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.06.1985
Com. Reg. No.:	11-036614
Capital Investment / Paid-up Capital :	Rs. 0.585 Million
CIN No.: [Company Identification No.]	U31902PN1985PTC036614
IEC No.:	0388116056
TAN No.: [Tax Deduction & Collection Account No.]	PNEJ04688F
PAN No.: [Permanent Account No.]	AACCJ0013D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Ignition Coil, Magneto Coil, Pickup and Charging Coil etc.
No. of Employees :	200 (Approximately)

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 795000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is a private limited company incorporated on 14^th , June 1985, having a satisfactory track. The Company specializing in manufacturing of Electronic Ignition Systems and Ignition Coils needed in two-wheelers, three-wheelers and small petrol engines. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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 – 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

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 (GENERAL DETAILS)

Name :	Mr. Manoj Ranade
Designation :	President
Contact No.:	91-8042903492
Date :	18.06.2015

LOCATIONS

Registered Office :	Lavale Road, Pirangut, Taluka Mulshi, Pune- 412115, Maharashtra, India
Tel. No.:	91-20-66758141
Mobile No.:	91-8042903492 (Mr. Manoj Ranade)
Fax No.:	91-20-66758146
E-Mail :	jeiptaccounts@vsnl.com info@powercoils.com
Website :	http://www.powercoils.com
Location :	Owned
Locality :	Industrial

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Vijay Jagdish Chheda

Designation :

Director

Address :

13, Belmont Park, ICS Colony,, Off University Road, Pune-411007, Maharashtra, India

Date of Birth/Age :

25.03.1969

Date of Appointment :

04.10.2004

DIN No.:

00570393

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	Company/ LLP Status	Defaulting status
1	U31900MH1995PTC087786	CHHEDA ELECTRICALS AND ELECTRONICS PRIVATE LIMITED	Managing director	27-04-1995	27-04-1995	Active	NO
2	U31902PN1985PTC036614	JAGDISH ELECTRONICS (INDIA) PRIVATE LIMITED	Director	04-10-2004	04-10-2004	Active	NO

Name :

Mr. Jagdishchandra Bhavanji Chheda

Designation :

Whole-time director

Address :

14, Silver Birch, Model Colony, Lakaki Road, Pune-411016, Maharashtra, India

Date of Birth/Age :

20.03.1945

Date of Appointment :

14.06.1985

DIN No.:

02247782

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	U29259GJ1983PTC006588	JAGDISH ENGG INDUSTRIES PRIVATE LIMITED	Whole-time director	05-12-1983	05-12-1983	31-05-2014	Active	NO
2	U31902PN1985PTC036614	JAGDISH ELECTRONICS (INDIA) PRIVATE LIMITED	Whole-time director	14-06-1985	14-06-1985	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manoj Ranade
Designation :	President

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Shah Naresh Pallavi	1900	32.48
Chhheda Jagdish Rashmi	1875	32.05
Chheda Vinod Manju	1950	33.33
Jagdishchandra Bhavanji Chheda	75	1.28
Chheda Bhavanji Vinod	50	0.85
Total	5850	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	34.19
Other top fifty shareholders	65.81
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Ignition Coil, Magneto Coil, Pickup and Charging Coil etc.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Finished Goods
Countries :	France
Imports :
Products :	Raw Material
Countries :	Malaysia
Terms :
Selling :	Cash, Advance Payment and L/C
Purchasing :	Cash, Advance Payment and L/C

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Epoxy Type Ignition Coil	Nos.	NA	6.600	5.287

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

End Users and OEMs

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

200 (Approximately)

Bankers :

Bank Name:	HDFC Bank Limited
Branch:	Pune-411005, Maharashtra, India
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	01032320001194
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

Facilities :

--

Auditors :
Name :	Paresh K Shah and Company Chartered Accountants
Address :	Prestige Point Office No. 76 and 89 2nd Floor, 283 Shukrawar Peth Opposite Chinchechi Talim, Pune-411002, Maharashtra, India
Tel. No.:	91-20-30424212
Income-tax PAN of auditor or auditor's firm :	AAAPF9171B
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs. 100/- each	Rs. 2.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5850	Equity Shares	Rs. 100/- each	Rs. 0.585 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	0.585	0.585	0.585
(b) Reserves & Surplus	277.581	273.205	281.726
(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)	278.166	273.790	282.311
(3) Non-Current Liabilities
(a) Long-term borrowings	12.227	13.942	14.807
(b) Deferred tax liabilities (Net)	0.000	0.173	1.953
(c) Other long term liabilities	4.708	4.658	3.715
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	16.935	18.773	20.475
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	38.942	38.647	31.779
(c) Other current liabilities	5.208	7.852	5.591
(d) Short-term provisions	170.943	117.016	119.477
Total Current Liabilities (4)	215.093	163.515	156.847
TOTAL	510.194	456.078	459.633
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	160.856	170.753	181.153
(ii) Intangible Assets	0.238	0.087	0.006
(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	0.006	0.006	0.006
(c) Deferred tax assets (net)	0.969	0.000	0.000
(d) Long-term Loan and Advances	0.759	1.130	3.541
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	162.828	171.976	184.706
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	62.835	63.123	59.754
(c) Trade receivables	104.310	101.598	84.391
(d) Cash and cash equivalents	9.516	2.919	12.349
(e) Short-term loans and advances	4.379	3.188	4.222
(f) Other current assets	166.326	113.274	114.211
Total Current Assets	347.366	284.102	274.927
TOTAL	510.194	456.078	459.633

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ LOSS BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT/ LOSS AFTER TAX		101.013	108.384	113.064
	IMPORTS
		Raw Materials	NA	70.900	70.200
		Components and Spares Parts, Capital Goods	NA	1.361	12.771
	TOTAL IMPORTS		NA	72.261	82.971
	Earnings Per Share (Rs.)		17267.18	18527.25	19327.20

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	160.614	167.700	NA

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Liability/Networth)	0.04	0.05	0.05
Current Ratio (Current Asset/Current Liability)	1.61	1.74	1.75

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

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	0.585	0.585	0.585
Reserves & Surplus	281.726	273.205	277.581
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	282.311	273.790	278.166
Long-term borrowings	14.807	13.942	12.227
Short term borrowings	0.000	0.000	0.000
Total borrowings	14.807	13.942	12.227
Debt/Equity ratio	0.052	0.051	0.044

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	No
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	Yes
26	Turnover of firm for last three years	No
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	Yes
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS:

HIGH COURT OF BOMBAY

Bench:- Bombay
Presentation Date:- 05/01/2015
Stamp No:-	WPST/11824/2013	Filing Date:-	16/04/2013
Petitioner:-	MAHARASHTRA LABOUR UNION-		Respondent:-	M/S. JAGDISH ELECTRONICS (I) PVT.LTD.
Petn. Adv.:	V.H. SHEKDAR (0)
District:-	PUNE
Bench:-	SINGLE
Status:-	Pre-Admission
Last Date:-	24/04/2013		Stage:-
Last Coram:-	REGISTRAR (JUDICIAL)
Act:-	Industrial Dispute Act, 1947.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90083412	06/11/1985	900,000.00	STATE BANK OF INDIA	DECCAN GYMKBANA, PUNE- 411004, MAHARASHTRA, INDIA	-

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Sales Tax Deferred	12.227	14.807
Less: repayable within 12 months	0.000	(0.865)
Total	12.227	13.942

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from Gat No 162 (Part) Pirangut Village, Lavale Phata, Mulshi Taluks District Pune-411042, Maharashtra, India to the present address w.e.f 09.01.2013

FIXED ASSETS:

Tangible Assets

· Freehold Land

· Factory Building

· Plant and Machinery

· Computer

· Vehicles

· Office Equipments

· Furniture and Fixtures

· Electrical Istallation

Intangible Assets

Computer Software

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. 63.85
UK Pound	1	Rs. 101.00
Euro	1	Rs. 72.46

INFORMATION DETAILS

Information Gathered by :	MAN
Analysis Done by :	RAS
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	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		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	--

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