MIRA INFORM REPORT

Report No. :	319698
Report Date :	02.05.2015

IDENTIFICATION DETAILS

Name :	J K SWITCHGEARS AND KABLE PRIVATE LIMITED
Registered Office :	124, Narayan Dhuru Street, 2nd Floor, Nagdevi, Mumbai – 400002, Maharashtra
Tel. No.:	91-22-23432863
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.04.2002
Com. Reg. No.:	11-135482
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U31900MH2002PTC135482
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Selling of Switchgear, Cables, Hardware and Electrical Goods, Parts, Accessories etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 7000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field having moderate track record. Its scale of activities are limited. The company possesses a moderate financial profile marked by small networth base along with modestly slow debtor realisation leading to working capital requirements. Management has reported an improvement in its business profile owing to increase in sales volume during FY 14. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of gradual improvement the company can be considered small 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.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

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 31-03-2014.

LOCATIONS

Registered Office :	124, Narayan Dhuru Street, 2nd Floor, Nagdevi, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-23432863/ 23401573
Fax No.:	91-22-23401573/ 23440512
E-Mail :	jkkable@gmail.com
Warehouse:	Located at: · Bhoisar, Maharashtra, India

DIRECTORS

AS ON 29.09.2014

Name :	Mr. Jitendra Ratilal Shah
Designation :	Director
Address :	B/101, Rajshree Avenue, Bunglow No.5, Royal Complex, Eksar Road, Borivali (West), Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	03.06.1953
Date of Appointment :	10.04.2002
DIN No.:	00680231
Name :	Mr. Kartik Ratilal Shah
Designation :	Director
Address :	B/201, Rajshree Avenue, Bunglow No.5, Royal Complex, Eksar Road, Borivali (West), Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	12.04.1963
Date of Appointment :	10.04.2002
DIN No.:	00680304

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares
Jitendra R. Shah	1500
Kartik R. Shah	1500
Anjana Jitendra Shah	1500
Ankur Jitendra Shah	2000
Rina Kartik Shah	1500
Jitendra R. Shah [H.U.F]	1000
Kartik R. Shah [H.U.F]	1000
Total	10000

AS ON 29.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Selling of Switchgear, Cables, Hardware and Electrical Goods, Parts, Accessories etc.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	--
Purchasing :	--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

· Aayushi Enterprise

· Boskey Electricials

· Dodia Electricals

· Ganesh Electricals

· Kunal Corporation

· Prakash Corporation

Customers :

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

· A Infrastructure Limited

· A. J. Corporation

· Apar Industries Limited

· Birla Century

· Classic Sintific

· Chiripal Industries Limited

· Cotmac Electronics Private Limited

No. of Employees :

Not Available

Bankers :

Bank Name:	Not Available
Branch:	Not Available
Person Name (with Designation):	Not Available
Contact Number:	Not Available
Name of Account Holder:	Not Available
Account Number:	Not Available
Account Since (Date/ Year of A/c Opening):	Not Available
Average Balance Maintained (Optional):	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Available
Account Operation:	Not Available
Remarks:	Not Available

· Standard Chartered Bank

· The Ahmedabad Mercantile Co-operative Bank Limited

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
The Ahmedabad Merc Co-op Bank (O/d.) (Bank O/d has been facilities by bank against the hypothecation of NSC of Director)	6.482	4.046
The Ahmedabad Merc Co-op Bank (Car Loan LN256)	0.271	0.000
The Ahmedabad Merc Co-op Bank (Car Loan LN257) (Car Loan against hypothecation of Car)	0.445	0.000
Standard Chartered Bank –OD (Bank O/d has been facilities by Bank As Guarantee Given By Siemens Limited)	0.000	6.517
Total	7.198	10.563

Banking Relations :	--
Auditors :
Name :	K.N. Mehta and Associates Chartered Accountants
Address :	211 Standard House, 126 V V Chandan Street, Vadgadi, Masjid Bunder (West), Mumbai – 400003, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAHPM6081E
Related Parties :	· J K Switchgear and Kable · Shree Engineers

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 10/- each	Rs. 0.100 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	0.100	0.100	0.100
(b) Reserves & Surplus	2.368	1.689	0.958
(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)	2.468	1.789	1.058
(3) Non-Current Liabilities
(a) Long-term borrowings	7.321	3.459	1.615
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	7.321	3.459	1.615
(4) Current Liabilities
(a) Short term borrowings	7.198	10.563	0.000
(b) Trade payables	7.091	12.253	4.636
(c) Other current liabilities	0.251	0.125	0.349
(d) Short-term provisions	0.052	1.004	0.346
Total Current Liabilities (4)	14.592	23.945	5.331
TOTAL	24.381	29.193	8.004
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.958	0.131	0.118
(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	0.114	0.105	0.000
(c) Deferred tax assets (net)	0.010	0.009	0.012
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1.082	0.245	0.130
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.147	5.292	0.386
(c) Trade receivables	15.311	20.343	6.971
(d) Cash and cash equivalents	0.825	0.543	0.362
(e) Short-term loans and advances	3.016	2.770	0.155
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	23.299	28.948	7.874
TOTAL	24.381	29.193	8.004

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL (A)	67.836	65.876	21.170
Less	EXPENSES
		TOTAL (B)	64.912	63.498	20.708
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.924	2.378	0.462
Less	FINANCIAL EXPENSES (D)		1.733	1.279	0.155
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.191	1.099	0.307
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.189	0.026	0.026
	PROFIT BEFORE TAX (E-F) (G)		1.002	1.073	0.281
Less	TAX (H)		0.323	0.342	0.094
	PROFIT AFTER TAX (G-H) (I)		0.679	0.731	0.187
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.689	0.958	0.771
	BALANCE CARRIED TO THE B/S		2.368	1.689	0.958
	Earnings Per Share (Rs.)		67.90	73.12	18.72

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	4.13	3.69	3.52
Return on Investment (ROI) (PBT/Networth)		0.41	0.60	0.27
Debt Equity Ratio (Total Debt/Networth)		5.88	7.84	1.53
Current Ratio (Current Asset/Current Liability)		1.60	1.21	1.48

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	0.958	1.689	2.368
Net worth	1.058	1.789	2.468
Long-term borrowings	1.615	3.459	7.321
Short term borrowings	0.000	10.563	7.198
Total borrowings	1.615	14.022	14.519
Debt/Equity ratio	1.526	7.838	5.883

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)
Total Income	21.170	65.876	67.836
		211.176	2.975

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	21.170	65.876	67.836
Profit	0.187	0.731	0.679
	0.88%	1.11%	1.00%

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	No
10]	Designation of contact person	No
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	Yes
18]	Major customers	Yes
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	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
From Related Parties	7.321	3.459
Total	7.321	3.459

CORPORATE INFORMATION:

The company was incorporated on 10th April, 2002. The company is in the business of selling of Switchgear, cables, Hardware & electrical goods, Parts, Accessories etc.

FIXED ASSETS

· Vehicles

· Computer System

· Air Conditioner

· Refrigerator

· Office Equipment

· Furniture

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. 63.57
UK Pound	1	Rs. 97.98
Euro	1	Rs. 70.53

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		30

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.