MIRA INFORM REPORT

Report Date :

01.03.2011

IDENTIFICATION DETAILS

Name :	JAGMOHAN PLA-MACH PRIVATE LIMITED
Registered Office :	115, Sharad Industrial Estate, Lake Road, Bhandup (West), Mumbai – 400 078, Maharashtra
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	20.04.1995
Com. Reg. No.:	11-087502
CIN No.: [Company Identification No.]	U29295MH1995PTC087502
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ04668G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plastic Blow Moulding Machines.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 110000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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 – 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

INFORMATION PARTED BY

Name :	Mr. Malviya
Designation :	Sales Manager
Contact No.:	91-9967087736
Date :	21.02.2011

LOCATIONS

Registered Office :	115, Sharad Industrial Estate, Lake Road, Bhandup (West), Mumbai – 400 078, Maharashtra, India
Tel. No.:	91-22-25955678 / 25950246 / 25965426
Mobile No.:	91-9323050017 (Mr. Nikunj Shah)
Fax No.:	91-22-25965434
E-Mail :	info@jagmohan.com
Website :	www.jagmohan.com
Area :	1000 Sq. ft.
Location :	Owned
Factory :	Survey No.48, 54 and 56, Manas Mandir Road, Mumbai Nashik Highway, Taluka Shabpur, Asan Gaon (West), Thane-421301, Maharashtra, India
Area :	2 acres (Approximately)
Location :	Owned

DIRECTORS

As On 15.09.2009

Name :	Mr. Jagdish H Shah
Designation :	Chairman and Managing Director
Address :	1683/16-A, Kinjalk Apartment, Dr. Ambedkar Road, Mulund (West), Mumbai – 400 080, Maharashtra, India
Date of Birth/Age :	14.01.1945
Qualification :	B.E. (Electrical Engineering)
Date of Appointment :	20.04.1995
Name :	Mr. Nikunj J Shah
Designation :	Director
Address :	1683/16-A, Kinjalk Apartment, Dr. Ambedkar Road, Mulund (West), Mumbai – 400 080, Maharashtra, India
Date of Birth/Age :	25.10.1978
Qualification :	B.com
Date of Appointment :	01.09.2000
Name :	Mrs. Kanchanben J Shah
Designation :	Director
Address :	1683/16-A, Kinjalk Apartment, Dr. Ambedkar Road, Mulund (West), Mumbai – 400 080, Maharashtra, India
Qualification :	B.com.
Date of Appointment :	01.08.2002

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.09.2009

Names of Shareholders	No. of Shares
Jagdish H Shah	25000
Kanchanben J Shah	40000
Nikunj J Shah	15500
Jinendra H Shah HUF	5000
Monal N Shah	83500
J.P.K. Trading (India) Private Limited, India	10000
Faststone Trading Company Private Limited, India	10000
New Planet Trading Company Private Limited, India	10000
Ostal Trading Company India Private Limited, India	7500
Creative World Telefilms Limited, India	7500
Sanjivani Enviro Protection Limited, India	10000
Ashwin A Shah	12500
Hansa A. Shah	13000
Total	249500

AS ON 15.09.2009

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		22.44
Directors or relatives of directors		77.56
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Plastic Blow Moulding Machines.
Products :	· Automatic Blow Moulding Machines (continuous Parison, 200 ml to 5000 ml.) · Automatic Blow Moulding Machines (With Automatic Deflashing Unit, 200 ml to 5000 ml.) · Automatic Blow Moulding Machines (Accumulator Type, 10 Ltr. to 100 Ltr.) · 'JMD' Series Double Layer, Automatic Blow Moulding Machines (10 Ltrs to 200 Ltrs.) · New 210 Ltr. Modified, Automatic Blow Moulding Machines · Automatic Blow Moulding Machines (1000 ltr. to 2000 ltr. Co-Ex Automatic · Blow Moulding Machines (Water Storage Tank-Double Layer) · D Series Automatic Blow Moulding Machines (10 Ltrs. to 200 Ltrs.) · M-Series Multi Layer Blow Moulding Machines · DC-Series Colour Blow Moulding Machines.
Exports :
Products :	Plastic Blow Moulding Machines.
Countries :	ü African Countries ü Nigeria ü Kenya ü Zambia
Imports :
Products :	Accessories
Countries :	ü Italy
Terms :
Selling :	L/C, Cash, Credit
Purchasing :	L/C, Cash, Credit

GENERAL INFORMATION

Customers :

ü End Users

ü OEM’s

No. of Employees :

150 (in office-30 and in factory-120)

Bankers :

v Abhydaya Co-operative Bank Limited, Administrative Office, K. K. Tower, Abhyudaya Bank, Lane, Off. G. D. Ambekar Marg, Parel Village, Mumbai-400012, Maharashtra, India

v Kotak Mahindra Bank

v Citi Bank

v Standard Chartered Bank

v HDFC Bank

v Barclays Bank

Facilities :

SECURED LOAN	31.03.2009 Rs. In Millions	31.03.2008 Rs. In Millions
Term Loans / Business Loans
Abhudaya Bank	0.172	0.894
Barclays Bank	1.739	2.446
Citi Bank	0.788	0.985
Kotak Mahindra Bank	1.392	1.958
Standard Chartered Bank	2.362	2.944
HDFC Bank	1.005	1.435
Car Loan
HDFC Bank	0.377	0.018
ICICI Bank	0.406	0.601
(hypothecation of Motor car)
Total	8.241	11.282
UNSECURED LOAN	31.03.2009 Rs. In Millions	31.03.2008 Rs. In Millions
From Directors / Relatives / Others	4.026	4.675
From Shareholders	0.000	0.000
Total	4.026	4.675

Banking Relations :	--
Auditors :
Name :	G C Khatri and Associates Chartered Accountants
Address :	312, Shreyas Chambers, 175, Dr. D N Road, Fort, Mumbai – 400 001, Maharashtra, India

CAPITAL STRUCTURE

As On : 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs. 10/- each	Rs. 2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
249500	Equity Shares	Rs. 10/- each	Rs. 2.495 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		2.495	1.990	1.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		25.931	15.560	10.448
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		28.426	17.550	11.948
LOAN FUNDS
1] Secured Loans		8.241	11.282	2.144
2] Unsecured Loans		4.026	4.675	9.390
TOTAL BORROWING		12.267	15.957	11.534
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		40.693	33.507	23.482
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.818	13.075	9.373
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.931	0.456	0.442
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	66.074	57.741	59.154
	Sundry Debtors	13.902	0.000	11.406
	Cash & Bank Balances	8.918	3.664	0.482
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	27.072	25.105	14.972
Total Current Assets		115.966	86.510	86.014
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	81.668	57.259	66.483
	Other Current Liabilities	10.363	6.367	4.059
	Provisions	3.991	2.908	1.805
Total Current Liabilities		96.022	66.534	72.347
Net Current Assets		19.944	19.976	13.667
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		40.693	33.507	23.482

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2009	31.03.2008	31.03.2007
	TURNOVER	218.174	184.860	140.604
Less	TOTAL EXPENSES	216.819	183.514	139.941
	PROFIT BEFORE TAX	1.355	1.346	0.663
Less	TAX	0.579	0.644	0.236
	PROFIT AFTER TAX	0.776	0.702	0.427

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	0.36	0.38	0.30
Return on Total Assets (PBT/Total Assets}	(%)	1.00	1.35	0.70
Return on Investment (ROI) (PBT/Networth)		0.05	0.08	0.06
Debt Equity Ratio (Total Liability/Networth)		3.81	4.70	7.02
Current Ratio (Current Asset/Current Liability)		1.21	1.30	1.19

LOCAL AGENCY FURTHER INFORMATION

Note : Registered Office of the company has been shifted from 13, Sharad Industrial Estate, 1^st Floor, Lake Road, Bhandup (West), Mumbai – 400 078, Maharashtra, India to the present address.

FORM 8

Corporate identity number of the company	U29295MH1995PTC087502
Name of the company	JAGMOHAN PLA-MACH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	13, Sharad Industrial Estate, 1^st Floor, Lake Road, Bhandup (West), Mumbai – 400 078, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Abhydaya Co-operative Bank Limited, Administrative Office, K. K. Tower, Abhyudaya Bank, Lane, Off. G. D. Ambekar Marg, Parel Village, Mumbai-400012, Maharashtra, India
Nature of instrument creating charge	Hypothecation of Stock and Book-Debts Agreement
Date of instrument Creating the charge	21.10.2010
Amount secured by the charge	Rs. 35.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Rate of interest : 12% p.a. or at such other rate, as may be decided by the Bank from time to time. Terms of repayment On Demand Margin Margin : 25% Extent and operation of the charge 100% Charge by way of Hypothecation over Stocks of raw Material, Semi Finished Goods, Finished Goods and Book Debts arising out of genuine trade transactions outstanding not more than 90 days to secure the due repayment of Cash Credit facility of Rs.35.000 millions (enhanced from Rs.10.000 millions), together with interest, all costs, charges and expenses and all other monies thereon, granted by the Bank to the Company.
Short particulars of the property charged (Including location of the property)	All, present and future, Stock and Goods such as Hydraulic valves, Cylinders, Pumps, Houses, Electric Items, Timers, Counters, Limit Switches, Fuses and Buttons, etc., as particularly described in Sch to Agreement All, present and future, Book Debts of the Company
Charge identification number of the charge to be modified	90159657
Date of instrument modifying the charge	20.10.2008
Particulars of the present modification	Additional Cash Credit facility of Rs.25.000 millions, granted to the Company, aggregating in total Cash Credit facility, secured by charge of Rs. 35.000 millions enhanced from Rs.10.000 millions. The overall charge now stands at Rs.35.000 millions.

FIXED ASSETS

Ø Air Conditioners

Ø Computers

Ø Electric and Fittings

Ø EPBX

Ø Factory Building

Ø Factory Land

Ø Furniture and Fittings

Ø Fan

Ø Machinery

Ø Motor Car mh 04-

Ø Motor Car mh 04-

Ø Motor Car mh -59

Ø Motor Cycle

Ø Office Equipments

Ø Scooter

Ø Typewriter

Ø Weighing Machine

TRADE REFERENCE :

v Apollo Plastics

v Liberty

v Jyoti Poly Containers

WEB SIDE DETAILS

PROFILE

When subject was set up in the year 1980 to manufacture blow moulding machines, it was a case of the perfect idea at the perfect time - the culmination of a longstanding dream of two intrepid entrepreneurs, Jagdish Shah and the late Mohan Singh Tetra.

Both the partners had been in the field of plastic processing since 1968. Starting out with machine manufacturing, both soon found their core competence and a burgeoning market need to be catered to in the field of blow moulding machines. Their wealth of knowledge and expertise and years of experience, along with the high manufacturing standards and cost-effective parameters they adhered to resulted in world-class quality extrusion blow moulding machines. The market knew a good product when it saw it and the orders started pouring in. Soon, subject was on the growth track-manufacturing the full range of machines and even customizing them to specifications and following up with machine, modifications, improvements and innovations that would further benefit the blow moulding industry.

By the late Eighties, Subject was firmly entrenched in the blow moulding machine field, with clients across India. The time was ripe to venture into the more challenging territory of exports and the first big step was taken in Kenya. After this, there has been no looking back.

As tycoon Donald Trump has famously said, "While you're thinking, you might as well think Big!". This is exactly the thinking that has brought subject this far today, making Jagmohan a leader in the field and a preferred name among discerning clients in the blow moulding industry.

As for the road ahead, it only looks even brighter and inviting - with more challenges to take on, more markets to be tapped and more successes to be achieved - after all, these are just the very things we excel in doing.

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.45.18
UK Pound	1	Rs.72.79
Euro	1	Rs.62.15

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
--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		46

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.