MIRA INFORM REPORT

Report Date :

06.06.2011

IDENTIFICATION DETAILS

Name :	JET TEC INFO-CONSUMABLES (INDIA) LIMITED (w.e.f.10.12.2002)
Formally Known as :	JET TEC INFOSYS (INDIA) LIMITED
Registered Office :	B-308, Virwani Industrial Estate, Near Western Express Highway, Goregaon (West) Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.03.1999
Com. Reg. No.:	11-119000
Capital Investment / Paid-up Capital :	Rs. 4.980 millions
CIN No.: [Company Identification No.]	U30000MH1999PLC119000
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ08624A
PAN No.: [Permanent Account No.]	AAACJ5916H
Legal Form :	A Closely held Public Limited Liability Company.
Line of Business :	Importer of Printer Consumables
No. of Employees :	22 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 86000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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.

INFORMATION PARTED BY

Name :	Mr. Ritesh
Designation :	Account Manager
Contact No.:	91-22-42030106
Date :	04.06.2011

LOCATIONS

Registered Office :	B-308, Virwani Industrial Estate, Near Western Express Highway, Goregaon (West) Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-28759572 / 28756011 / 28760007 / 28789083
Fax No.:	91-22-28755960 / 28755966
E-Mail :	rohit@bom3.vsnl.net.in sales@jettecindia.com rohit@bom.vsnl.net.in ritesh@jettecindia.com
Website :	http://www.jettecindia.com
Area :	1040 Sq. ft
Location :	Owned
Branch 1 :	104, Hemkoot, Opposite Capital Commercial Center, Ashram Road, Ahmadabad – 380089, Gujarat, India
Branch 2 :	Cabin No. 4, B-18, Ansal Tower, 38, Nehru Place, New Delhi, Delhi, India
Warehouse :	Industrial Unit No. 101 and 104, Richa Industrial Estate, Sativli Road, Waliv Fata, Vasai (East), Thane, Maharashtra, India
Area :	4000 Sq.fts

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Rohit Gokuldas Shah
Designation :	Managing Director
Address :	1003-1004 Raj Residency Mahavir Nagar, Kandivali (West), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	27.05.1965
Qualification :	B.com
Date of Appointment :	19.03.1999
DIN No :	00078857
Name :	Mrs. Mayuri Rohit Shah
Designation :	Director
Address :	1003-1004 Raj Residency Mahavir Nagar, Kandivali (West), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	04.02.1969
Qualification :	B. Com
Date of Appointment :	19.03.1999
DIN No :	00078835
Name :	Mr. Ashish Chandulal Kothari
Designation :	Whole Time Director
Address :	701-A Rajni Gandha Apartments Poonam Complex, Asha Nagar, Kandivali (East), Mumbai – 400101, Maharashtra, India
Date of Birth/Age :	01.04.1968
Qualification :	B.Com
Date of Appointment :	19.03.1999
DIN No :	00039270
Name :	Mrs. Nehal Ashish Kothari
Designation :	Director
Address :	701-A Rajni Gandha Apartments Poonam Complex, Asha Nagar, Kandivali (East), Mumbai – 400101, Maharashtra, India
Date of Birth/Age :	29.08.1971
Qualification :	B.Com
Date of Appointment :	19.03.1999
DIN No :	00039261
Name :	Mr. Ajay Karsandas Malkan
Designation :	Director
Address :	D-615 Veena Sitar, Sector 1, Mahavir Nagar, Dhanukar Wadi, Kandivali (West), Mumbai - 400067, Maharashtra, India
Date of Birth/Age :	25.07.1962
Date of Appointment :	01.05.2003
DIN No :	00040326
Name :	Mr. Jaydeep Kakubhai Bakhai
Designation :	Director
Address :	B-704, Pushpa Heritage, Mahavir Nagar Dhanukar Wadi, Kandivali (West), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	01.01.1965
Date of Appointment :	01.05.2003
DIN No :	00069410
Name :	Mr. Vikas Navinchandra Kothari
Designation :	Director
Address :	Flat No. 208, Plot No. A , Wing A , Door – 2, Madhuba, Ashoka Madhuban CHS Limited, Raheja Township , Malad (East), Mumbai – 400097, Maharashtra, India
Date of Birth/Age :	28.07.1970
Date of Appointment :	01.10.2008
DIN No :	02572442

KEY EXECUTIVES

Name :	Mr. Ritesh
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Ashish Chandulal Kothari	43710
Mayuri Rohit Shah	6110
Nehal Ashish Kothari	5110
Rajesh Chandulala Kothari	10
Rohit Gokuldas Shah	42450
Ashish Chandulal Kothari (HUF)	5800
Kanakben Chandulal Kothari	6010
Rohit Gokuldas Shah (HUF)	4900
Image Printer Ribbon Private Limited, India	27200
Shah and Kothari, India	138500
Shah and Kothari, India	135800
Shah and Kothari, India	51000
Shah and Kothari, India	31400
Total	498000

AS ON 30.09.2010

Category	Percentage
Bodies corporate	5.46
Directors or relatives of Directors	94.54
Total	100.00

BUSINESS DETAILS

Line of Business :	Importer of Printer Consumables
Products :	Ink Jet Cartridges Toner Powder Toner Cartridge Doctor and Wiper Blade Synthetic Nylon Fabric Perseverance Toner Drums Inks Papers Accessories
Brand Names :	JET TEC TSIC D.C.I.
Agencies Held :	Dynamic Cassttee International (U.K.) TSIC TEC (Taiwan) Magnetone Singapore PTE Limited (Singapore) Perseverance Mills Limited (U.K.) Image Specialists (U.S.A.) Ink Lab (Hong Kong) Company Limited
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Customers :

Importer

No. of Employees :

22 (Approximately)

Bankers :

· HDFC Bank Limited, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· Corporation Bank, Turekhia Park, M. G. Road, Kandivali (West), Mumbai – 400067, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Cash Credit from HDFC Bank (Secured by hypothecation of Stocks and Debts and Personal Property of Directors)	20.997	11.786
Total	20.997	11.786
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Image Master-Mumbai	0.000	4.802
Sagar International	0.000	0.028
Mayuri R. Shah	5.300	0.000
Nehal A Kothari	3.500	0.000
Total	8.800	4.830

Banking Relations :
Auditors :
Name :	Manoj O. Shah and Company Chartered Accountant
Address :	A/2, Anand Sarita, Anand Nagar, Off M. G. Road, Kandivali (West), Mumbai-400067, Maharashtra, India

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
498000	Equity Shares	Rs.10/- each	Rs. 4.980 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		4.980	4.980	4.980
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		16.605	10.336	6.952
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		21.585	15.316	11.932
LOAN FUNDS
1] Secured Loans		20.997	11.786	7.141
2] Unsecured Loans		8.800	4.830	2.500
TOTAL BORROWING		29.797	16.616	9.641
DEFERRED TAX LIABILITIES		0.044	0.030	0.279
TOTAL		51.426	31.962	21.852
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.132	2.383	1.958
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.840	21.384	15.540
	Sundry Debtors	47.676	31.378	18.873
	Cash & Bank Balances	1.876	2.574	1.241
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	18.442	8.007	2.815
Total Current Assets		88.834	63.343	38.469
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.657	25.207	15.716
	Other Current Liabilities	10.916	5.339	1.082
	Provisions	3.967	3.218	1.777
Total Current Liabilities		39.540	33.764	18.575
Net Current Assets		49.294	29.579	19.894
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		51.426	31.962	21.852

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	230.129	153.651	91.433
		Other Income	6.514	1.207	0.993
		TOTAL (A)	236.643	154.858	92.426
Less	EXPENSES
		Purchases made for re-sale	194.364	129.206	81.533
		Increase/(Decrease) in Finished Goods	0.639	(5.882)	(4.499)
		Trading Expenses	8.820	5.034	2.442
		Selling and Administrative Expenses	14.517	14.668	5.628
		Salaries, Wages, Bonus, etc.	6.169	4.801	3.452
		TOTAL (B)	224.509	147.827	88.556
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12.134	7.031	3.870
Less	FINANCIAL EXPENSES (D)		2.309	1.569	0.712
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.825	5.462	3.158
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.628	0.487	0.464
	PROFIT BEFORE TAX (E-F) (G)		9.197	4.975	2.694
Less	TAX (I)		2.890	1.605	0.857
	PROFIT AFTER TAX (G-I) (J)		6.307	3.370	1.837
Add	Deferred Tax Assets (Liabilities)		(0.014)	0.249	NA
Less	Fringe Benefit Tax		0.000	(0.147)	NA
Less/ Add	Provision for Bad Debts		0.002	(0.088)	NA
Add	Excess Provision of FBT in Last Year		0.000	0.000	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.278	4.169	NA
Less	APPROPRIATIONS
		Transfer to General Reserve	(0.500)	(0.275)	NA
		Short Provision for Tax in Previous Year	(0.027)	0.000	NA
	BALANCE CARRIED TO THE B/S		13.046	7.278	NA
	IMPORTS VALUE		NA	84.273	46.567
	Earnings Per Share (Rs.)		12.67	6.77	3.69

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.67	2.18	1.99
Net Profit Margin (PBT/Sales)	(%)	4.00	3.24	2.95
Return on Total Assets (PBT/Total Assets}	(%)	10.11	7.57	6.66
Return on Investment (ROI) (PBT/Networth)		0.43	0.32	0.22
Debt Equity Ratio (Total Liability/Networth)		3.21	3.29	2.39
Current Ratio (Current Asset/Current Liability)		2.25	1.88	2.07

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Detail

Particulars	As on 31.03.2010 (Rs. In Millions )	As on 31.03.2009 (Rs. In Millions )	As on 31.03.2008 (Rs. In Millions )
Sundry Creditor for Goods	18.355	20.820	11.397
Sundry Creditor for Expenses	6.302	4.387	4.319
Total	24.657	25.207	15.716

PERFORMANCE REVIEW :

The Performance of the Company during the year was satisfactory. The Sales for the year was Rs.230.129 millions as against Rs. 153.651 millions in the previous year reporting an increase of 49.77 %. The Net Profit before Tax was Rs. 9.198 millions as compared to Rs. 4.975 millions last year recording an increase of 84.84%.

FORM 8

Corporate identity number of the company	U30000MH1999PLC119000
Name of the company	JET TEC INFO-CONSUMABLES (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	B-308, Virwani, Industrial Estate, Near Western Express Highway, Goregaon (West) Mumbai – 400063, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	HDFC Bank Limited, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India Emil ID: RBBform8@hdfcbank.com
Nature of instrument creating charge	Supplemental Memorandum Relating to Hypothecation of Stocks, Book Debts and Machinery.
Date of instrument Creating the charge	30.07.2010
Amount secured by the charge	Rs. 30.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest at the rate as may be communicated by the Bank from time to time. Terms of repayment On demand Margin As may be stipulated by the Bank from time to time. Extent and operation of the charge Hypothecation by way of First Charge on Company’s Stocks, Book Debts and Machinery etc, to secure as a continuing security for the repayment of Rs. 30.000 millions together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank.
Short particulars of the property charged (Including location of the property)	Hypothecation first charge over the Stocks, Book Debts and Machinery of the Company.
Charge identification number of the charge to be modified	10076374
Date of instrument modifying the charge	05.12.2009
Particulars of the present modification	The Charge shall now stand increased from Rs. 22.500 millions against the security of Stocks, Book Debts and Machinery of the Company.

Fixed Assets

· Computers

· Printers

· Furniture and Fixtures

· Printers

· Air Condition

· Plant and Machinery

· Printers

· Weighing Machine

· Telephone

· Scanner HP 2400

· Motor Car – Optra

· Fire Extinguisher

· Compressor

· Air Cooler

· Filter Set

· Scooter

· Vacuum Cleaner

· Bose Lifestyle

· Cupboard

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	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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
TOTAL		45

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.