MIRA INFORM REPORT

Report No. :	349043
Report Date :	10.11.2015

IDENTIFICATION DETAILS

Name :	JAYES ELECTRICALS
Registered Office :	No. 2-C, Head Quarters Road, Coimbatore – 641018, Tamilnadu
Tel. No.:	91-422-2304191/2304183
Country :	India
Financials (as on) :	31.03.2014 (Consolidated)
Year of Establishment :	1961
Capital Investment / Paid-up Capital :	Rs. 8.849 Million (As on 31.03.2014)
IEC No.:	Not Divulged
TIN No.:	Not Available
PAN No.: [Permanent Account No.]	AACFJ4844R
Legal Form :	Partnership Concern with an unlimited liability of the partners
Line of Business :	Authorized dealer of cable and electrical goods.
No. of Employees :	9 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an old partnership concern established in the year 1961. It is an authorized dealer of cable and electrical goods. As per consolidated financials of the year 2014, the concern has achieved decent sales turn over marked low profitability margin. The concern possesses adequate capital base marked by decent liquidity position. Mr. V.V.R. Natrajan (Partner) claimed that the concern has achieved turnover of Rs.63.000 Million for the year 2015. Trade relations are fair. Business is active. Payments are slow but correct. The concern can be concern can be considered for business dealing at usual trade terms and conditions. (The rating also takes into consideration consolidated financials of the year 2013 and 2014)

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

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. V. V. R. Natarajan
Designation :	Partner
Contact No.:	91-9842437004
Date :	06.11.2015

LOCATIONS

Registered Office/ Branch Office :	No. 2-C, Head Quarters Road, Coimbatore – 641018, Tamilnadu, India
Tel. No.:	91-422-2304191/2304183
Mobile No.:	91-9842437004/9361455114 (Mr. Natarajan)
Fax No.:	91-422-2380070
E-Mail :	coimbatore@jayesh.co.in
Website :	www.jayes.co.in
Location :	Owned
Locality :	Industrial
Head Office :	No.87-B, Arunachala Asari Street, Salem-636001, Tamilnadu, India

PARTNERS

Name :	Mr. V. V. R. Natarajan
Designation :	Partner
PAN No.:	ACXPN4443N
Name :	Mrs. N. Sita
Designation :	Partner

BUSINESS DETAILS

Line of Business :	Authorized dealer of cable and electrical goods.
Products :	Electrical Cables Electrical Equipments Panel Boards
Brand Names :	---
Agencies Held :	ABB India Limited Lapp India Private Limited Gemscab Industries Limited BCH Electric Limited
Exports :
Products :	Finished goods
Countries :	Dubai
Imports :	Not Available
Terms :
Selling :	Cash, Credit (30/60/90 Days)
Purchasing :	Cash, Credit (30/60/90 Days)

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 :

End Users, OEM’s

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 :

9 (Approximately)

Bankers :

Banker Name :	Andhra Bank
Branch Address :	Salem Branch, Tamilnadu, India
Person Name :	Not Available
Contact No.:	91-427-2267643 (Ringing)
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Cash Credit Rs.8.000 Million
Account Operation	Not Available
Remarks (If any)	Not Available

Auditors :
Name :	T.S. Subramaniam and Company Chartered Accountants
Address :	47, Town Railway Station Road, Salem-636001, Tamilnadu, India
Tel No.:	91-422-2452386
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	Not Available

CAPITAL STRUCTURE

As on: 31.03.2015

Capital Investment :
Owned :	Rs. 7.500 (Approximately)
Borrowed :	--
Total :	Rs. 7.500 (Approximately)

As on: 31.03.2014

Capital Investment :	Amount (Rs. In Million)
Mr. V. V. R. Natarajan	6.507
Mrs. N. Sita	2.342
Total :	8.849

FINANCIAL DATA

[all figures are in Rupees Million]

Particulars	31.03.2015
Sales Turnover (Approximately)	63.000

The above information has been parted by Mr. V.V. R. Natarajan (Partner)

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

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014 (Consolidated)	31.03.2013 (Consolidated)
SHAREHOLDERS FUNDS
1] Partner’s Capital		8.849	8.614
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		8.849	8.614
LOAN FUNDS
1] Secured Loans		9.393	4.509
2] Unsecured Loans		4.956	3.075
TOTAL BORROWING		14.349	7.584
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		23.198	16.198
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.564	0.479
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.987	20.055
	Sundry Debtors	12.517	8.329
	Cash & Bank Balances	0.728	0.366
	Other Current Assets	0.629	0.479
	Loans & Advances	0.000	0.000
Total Current Assets		30.861	29.229
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.129	13.108
	Other Current Liabilities and Provisions	0.098	0.402
Total Current Liabilities		8.227	13.510
Net Current Assets		22.634	15.719
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		23.198	16.198

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	66.152	69.714
		Other Income	0.176	0.594
		TOTAL	66.328	70.308
Less	EXPENSES
		Cost of Materials Consumed	58.331	62.591
		Advertisement	0.149	0.183
		Audit Fee Paid	0.016	0.015
		Balance Sales Tax Paid A/c	0.098	0.200
		Bank Charges	0.099	0.099
		bank OCC Interest (Andhra Bank)	0.832	0.766
		Batta To Staffs	0.136	0.093
		Bonus	0.250	0.270
		Business Promotion Expense	0.017	0.000
		Crain and Cable Handling Charges	0.044	0.086
		Car Maintenance	0.038	0.043
		carriage Outward	0.175	0.194
		Conveyance Charges	0.033	0.043
		Godown rent	0.197	0.168
		Generators Maintenance	0.006	0.024
		firm registration Charge	0.001	0.000
		house rent allowance	0.024	0.024
		insurance	0.656	0.060
		electricity paid	0.037	0.034
		legal fee paid	0.042	0.001
		Motor cycle Maintenance	0.234	0.190
		Partner Salary	0.156	0.240
		Interest Paid	0.906	0.376
		Other Expenses	3.477	4.203
		TOTAL	65.954	69.903
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.374	0.405
Less/ Add	DEPRECIATION/ AMORTISATION		0.104	0.099
	NET PROFIT		0.270	0.306

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.41	0.44
Return on Total Assets (PBT/Total Assets}	(%)	0.86	1.03
Return on Investment (ROI) (PBT/Networth)		0.03	0.04
Debt Equity Ratio (Total Debt /Networth)		1.62	0.88
Current Ratio (Current Asset/Current Liability)		2.34	1.76

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Partner’s Capital	8.614	8.849
Reserves & Surplus	0.000	0.000
Net worth	8.614	8.849
Secured Loans	4.509	9.393
Unsecured Loans	3.075	4.956
Total borrowings	7.584	14.349
Debt/Equity ratio	0.880	1.622

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	69.714	66.152
		(5.109)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	69.714	66.152
Profit	0.306	0.270
	0.44%	0.41%

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	Yes
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	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 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 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.65.79
UK Pound	1	Rs.99.94
Euro	1	Rs.71.55

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	AMR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--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		44

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.