MIRA INFORM REPORT

Report Date :

04.06.2011

IDENTIFICATION DETAILS

Name :	JUPITOR POLYTEX (INDIA) PRIVATE LIMITED
Registered Office :	M-18, Badli Industrial Area, New Delhi-110042, Delhi
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	29.07.1985
Com. Reg. No.:	55-021590
Capital Investment / Paid-up Capital :	Rs. 1.908 Millions
CIN No.: [Company Identification No.]	U74899DL1985PTC021590
TAN No.: [Tax Deduction & Collection Account No.]	DELJ05180A
PAN No.: [Permanent Account No.]	AAACJ2009F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers, domestic suppliers and stockist of flexible multilayer films like hdpe films, ldpe films, lldpe films, etc.

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 27000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	M-18, Badli Industrial Area, New Delhi-110042, Delhi
Tel. No.:	91-11-22785788 / 27856402
E-Mail :	dvmittalca@yahoo.co.in

DIRECTORS

As on 30.09.2010

Name :	Mr. Vijander Singhal
Designation :	Director
Address :	BP-41, Shalimar Bagh, New Delhi-110088, North Delhi, Delhi, India.
Date of Appointment :	16.04.2006
DIN:	00055074
Name :	Mr. Satya Narain Singhal
Designation :	Director
Address :	BP-41, Shalimar Bagh, New Delhi-110088, North Delhi, Delhi, India.
Date of Appointment :	29.07.1985
DIN:	01477390
Name :	Mr. Anil Jain
Designation :	Director
Address :	207, Bhagirathi Apartment, Rohini, Sector-9, Delhi-110085, Delhi, India.
Date of Birth/Age :	28.04.1963
Date of Appointment :	01.06.2006
Date of Cessation :	15.06.2010
DIN:	00055081

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Anil Jain	260
Satyanarain Singhal	5,441
Narain Satya HUF	1,130
Sunil Singhal	120
Jai Kumar	100
Vikas Singhal	1,002
Ravinder Bitoo Trust	260
Vijander Singhal	2,150
Rama devi	2,325
Murti deve	200
Prem Chand	100
Krishna Devi	100
Chand Sugan	220
Sunita	10
Narender Gole	10
Kumar Krishna	10
Chander Bhan	10
Sachin Gupta	700
Sachin Gupta	700
Inder Sen	1,000
Sen Inder HUF	1,500
Kali Ram	500
Tara Chand Jain	10
Shila Jain	10
Naresh Chand Jain	1
Jain N.C. HUF	1
Shiromani Devi	1
Sulochan Jain	1
Ankit Polytex (India) Private Limited, India	1,400
Manish Gupta	10
Vijotma Devi	250
TOTAL	19,082

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	7.34
Directors or relatives of directors	68.00
Other top fifty shareholders	24.66
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers, domestic suppliers and stockist of flexible multilayer films like hdpe films, ldpe films, lldpe films, etc.
Products :	Multi Layer Film

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Installed Capacity	Actual Production (Including Waste)
Multi Layer Film	MT	1700.000	1536.174

Note: The installed capacities are as per the certificate given by the management on which the Auditors

have relied, being technical matters.

GENERAL INFORMATION

Bankers :

• Yes Bank Limited, 9^th Floor, Nehru Center, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai- 400018, Maharashtra, India.
• Punjab National Bank, Chawari Bazar, Delhi-110006, Delhi, India.

Facilities :

Secured Loans	As on 31.03.2010 (Rs. In Millions)	As on 31.03.2009 (Rs. In Millions)
Punjab National Bank –CC A/C (Cash Credit Against Hypothecation of stock and Debtors and Personal Guarantee of Directors)	23.973	18.445
Punjab National Bank- Term Loan (Against Hypothecation of Plant and Machinery)	3.880	4.880
Kotak Mahindra Car Loan	0.823	0.000
TOTAL	28.676	23.325

Banking Relations :	--
Auditors :
Name :	D.V. Mittal and company Chartered Accountant
Address :	101, Time House, 5, Community Center, Wazirpur Industrial Area, New Delhi-110052, Delhi, India.
Pan No.:	AAAFD5458K

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19,082	Equity Shares	Rs. 100/- each	Rs. 1.908 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		1.908	1.908	1.708
2] Share Application Money		1.545	1.685	0.985
3] Reserves & Surplus		3.457	2.874	1.645
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6.910	6.467	4.338
LOAN FUNDS
1] Secured Loans		28.677	23.326	9.679
2] Unsecured Loans		8.875	7.824	3.393
TOTAL BORROWING		37.552	31.150	13.072
DEFERRED TAX LIABILITIES		0.653	0.382	0.182
TOTAL		45.115	37.999	17.592
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.897	9.503	4.069
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.168	2.169	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.140	8.677	5.193
	Sundry Debtors	35.315	21.268	9.866
	Cash & Bank Balances	0.167	1.150	0.043
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.262	2.516	2.143
Total Current Assets		42.884	33.611	17.245
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.573	5.966	3.121
	Other Current Liabilities	1.130	1.229	0.496
	Provisions	0.131	0.089	0.105
Total Current Liabilities		10.834	7.284	3.722
Net Current Assets		32.050	26.327	13.523
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		45.115	37.999	17.592

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	124.209	93.502	51.637
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.388	1.120	0.666
Less/ Add	DEPRECIATION/ AMORTISATION		0.535	0.468	0.203
	PROFIT BEFORE TAX		0.853	0.652	0.463
Less	TAX		0.271	0.222	0.215
	PROFIT AFTER TAX		0.582	0.430	0.248
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.075	1.645	1.397
	BALANCE CARRIED TO THE B/S		2.657	2.075	1.645
	Earnings Per Share (Rs.)		0.03	0.03	-

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	0.68	0.69	0.89
Return on Total Assets (PBT/Total Assets}	(%)	1.58	1.51	2.17
Return on Investment (ROI) (PBT/Networth)		0.12	0.10	0.10
Debt Equity Ratio (Total Liability/Networth)		7.00	5.94	3.87
Current Ratio (Current Asset/Current Liability)		3.95	4.61	4.63

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Name of the company	JUPITOR POLYTEX (INDIA) PRIVATE LIMITED
Presented By	Anil Jain
1) Date and description of instrument creating the change	Article of agreement for MTL for Rs.0.350 Million (Hypothecation) at 26.03.1992
2) Amount secured by the charge/amount owing on the securities of charge	MTL Rs. 0.350 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Plant and Machinery (Specific)
4) List of the terms and conditions and extent and operation of the charge.	Rate of Interest: Rate of interest 19% p.a. with quarterly rat.
5) Name and Address and description of the person entitled to the charge.	Name: State Bank of India Address: G.T. Karnel Road, Industrial complex, Delhi- 110033.

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Fire Extinguisher
• Computer
• Car and Scooter
• Furniture and Fixture
• Fax
• Testing Machine
• Cycle
• Electrical Installation

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 records 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.44.85
UK Pound	1	Rs.73.29
Euro	1	Rs.64.89

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	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.