MIRA INFORM REPORT

Report Date :

26.03.2011

IDENTIFICATION DETAILS

Name :	JET FIBRE PUMPS AND EQUIPMENTS PRIVATE LIMITED
Registered Office :	Plot No.1224/ 1225, Phase III, G.I.D.C., Vatva, Ahmadabad – 382 445, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.10.1992
Com. Reg. No.:	04-18470
CIN No.: [Company Identification No.]	U29120GJ1992PTC018470
TAN No.: [Tax Deduction & Collection Account No.]	AHMJ00100C
PAN No.: [Permanent Account No.]	AAACJ3791Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of HDPE Pipes, Blowers, Storage Tanks etc.

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 93000
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 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.

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 :	Ms. Neeta
Designation :	Accountant
Contact No.:	91-79-25892438
Date :	23.03.2010

LOCATIONS

Registered Office/ Factory :	Plot No.1224/ 1225, Phase III, G.I.D.C., Vatva, Ahmadabad – 382 445, Gujarat, India
Tel. No.:	91-79-25892438/ 25830931
Fax No.:	91-79-25893313/ 25830931
E-Mail :	lakhanikp@yahoo.co.in jetfibre@hotmail.com
Website :	www.jetfiber.com
Area :	1000 sq mtrs
Location :	Owned

DIRECTORS

As On : 31.07.2010

Name :	Mr. Amrutbhai P. Patel
Designation :	Director
Address :	Surtikuva, Near Anandwadi, Isanpur Road, Ahmadabad – 382 443, Gujarat, India
Date of Birth/Age :	05.03.1957
Date of Appointment :	22.10.1992
DIN No :	00171902
Name :	Mr. Rameshbhai P. Patel
Designation :	Director
Address :	Surtikuva, Near Anandwadi, Isanpur Road, Ahmadabad – 382 443, Gujarat, India
Date of Birth/Age :	22.05.1967
Date of Appointment :	22.10.1992
DIN No :	00172007
Name :	Mr. Pravinbhai P. Patel
Designation :	Director
Address :	Surtikuva, Near Anandwadi, Isanpur Road, Ahmadabad – 382 443, Gujarat, India
Date of Birth/Age :	22.09.1960
Date of Appointment :	22.10.1992
DIN No :	00171969
Name :	Mr. Anal A. Patel
Designation :	Director
Address :	Surtikuva, Near Anandwadi, Isanpur Road, Ahmadabad – 382 443, Gujarat, India
Date of Birth/Age :	18.10.1986
Date of Appointment :	25.02.2005
DIN No :	00172034
Name :	Mr. Dhaval Amratbhai Patel
Designation :	Director
Address :	Ashirwad Surtikuvo, Ghodasar, Ahmadabad – 380 050, Gujarat, India
Date of Birth/Age :	13.11.1988
Date of Appointment :	01.11.2008
DIN No :	02253320
Name :	Mr. Laxmanbhai P. Bhoi
Designation :	Director
Address :	G-103, Shakuntal Appartment, Near Girivar Bunglows, Opposite Ramwadi Tekra, Isanpur, Ahmadabad – 380 050, Gujarat, India
Date of Birth/Age :	15.08.1972
Date of Appointment :	01.02.2010
DIN No :	02894203

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.07.2010

Names of Shareholders	No. of Shares
Amrutbhai P. Patel	354300
Rameshbhai P. Patel	354300
Pravinbhai P. Patel	354300
Hansaben P. Patel	40500
Pannaben P. Patel	12200
Dharmisthaben R. Patel	10000
Rameshbhai P Patel (As a Karta of HUF)	100
Pravinbhai P. Patel (As a Karta of HUF)	100
Amrutbhai P. Patel (As a Karta of Amrutbhai P Patel HUF)	100
Amrutbhai P. Patel (As a Karta of Purshottambhai P Patel HUF)	100
Anal A. Patel	66500
Dhaval A. Patel	57500
Total	1250000

AS ON 31.07.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer and Exporter of HDPE Pipes, Blowers, Storage Tanks etc.

Products :

Product Description	ITC Code
HDPE Pipe	3917.00
HDPE Tank	3925.10
CI Pump	8413.00

· HDPE Pipes

· Blowers: PP FRP Blower, etc.

· Storage Tanks: HDPE and PP Spiral Storage Tanks and Vessels, Vertical Profile Tanks, Horizontal Profile Tanks, Rectangular Profile Tanks, Conical Bottom Profile Tanks, Moulding Tanks, etc.

· PP Pipes (Polypropylene Pipes)

· Pollution Control Equipments: HCL Recovery Systems, HDPE Scrubbers, PP FRP Scrubbers, Graphite Condensers, HDPE Heat Exchanger Ejector Systems, Recovery Systems, etc.

Exports :

Products :

HDPE Pipes, Blowers, Storage Tanks etc.

Countries :

Dubai

Imports :

Products :

Raw Materials

Countries :

Thailand

Terms :

Selling :

L/C, Cash, Credit

Purchasing :

L/C, Cash, Credit

PRODUCTION STATUS (As On 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Scrubber, Blower, etc	Nos.	N.A.	200	26
HDPE Tank	Nos.	N.A.	500	417
HDPE/PP Pipes	Mtrs	N.A.	300000	77292
Sleeves	Nos.	N.A.	2000	1301

GENERAL INFORMATION

Suppliers :

· Accurate Tradelink

· Akshar Chemicals

· Arjun Trading

· Bhavani Graphics

· FRP Equipments

· Janki Engineering

· Jayesh Enterprise

· Kabra Extrusion

· Lab Plast Corporation

· Manahar Electricals

· Krishna Traders

· Mohan Agencies

· Jay Somnath Transport

· H.R. Trading Company

· Kabra Extrusion

· Megha Care Ind.

· Nexus Enterprise

· Parth Electricals

· OM Corporation

· Monica Metals

Customers :

· Aarti Industries Limited, Jaghdia

· Adani Wilmar Limited, Mundra, Kutch

· Advent Envirocare Technology Private Limited, Vatva, Ahmedabad

· Ahmedabad Streep Private Limited, Sanand

· Bosch Rexroth (India) Limited, Vatva, Ahmedabad

· Camby Organics Private Limited,, Cambay, Khambhat

· Cipla Limited, Pune

· Clori Tech Industries. Nandesari, Baroda

· Dunger Chemicals Industries, Bichiwara, Rajsthan

· Dynamic Products Limited, Ankleshwar

· Gajanan Polychem Private Limited, Sikandrabad

· H.K. Finechem Limited

· Hari Orgochem Private Limited, Nandesari, Baroda

· International Dyestuff Industries, Nandesari, Baroda

· Aerochem Piping

· Ashish Chemicals

· Mansi Industries

· Mono Plast

· Novel Infrastructure

· Kinjal Chemicals

· Lakoona Reaction

· A.V. Plastic Equipments

· Aceto Chem Private Limited

· Akshar Chemicals

· Amarnath Traders

· Amtex Dyechem Industries

· Anal Industries

· Anar Chemicals Industries

· Ashahi Songwon Color

· Associated Dye Stuff

· Bodal Chemicals

No. of Employees :

150 (In Office-50 and In Factory-100) (Approximately)

Bankers :

· State Bank of India, Vatva I.E. Branch, Vatva GIDC, Ahmadabad – 382 445, Gujarat, India

Facilities :

SECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
State Bank of India – Cash Credit	4.215	4.466
State Bank of India – Term Loan	16.497	12.258
Tata Finance Limited – Car Loan	0.096	0.187
Total	20.808	16.911
UNSECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Shareholders	7.767	7.172
Total	7.767	7.172

Banking Relations :	--
Auditors :
Name :	K.P. Lakhani and Company Chartered Accountants
Address :	7, Ratnadeep, Near Old High Court, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-27543496 / 27485797
Mobile No.:	91-9825258622

CAPITAL STRUCTURE

As On : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs. 10/- each	Rs. 12.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs. 10/- each	Rs. 12.500 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		12.500	10.000	7.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.709	2.579	2.452
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		23.209	12.579	9.952
LOAN FUNDS
1] Secured Loans		20.808	16.911	18.785
2] Unsecured Loans		7.767	7.172	6.407
TOTAL BORROWING		28.575	24.083	25.192
DEFERRED TAX LIABILITIES		0.725	0.146	0.000
TOTAL		52.509	36.808	35.144
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		40.186	23.212	9.051
Capital work-in-progress		0.042	6.576	19.549
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.126
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.536	7.201	6.162
	Sundry Debtors	5.248	4.806	4.618
	Cash & Bank Balances	3.290	1.196	0.198
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.161	3.482	4.007
Total Current Assets		25.235	16.685	14.985
Less : CURRENT LIABILITIES & PROVISIONS
	Other Current Liabilities	9.525	8.998	8.027
	Provisions	3.495	0.759	0.621
Total Current Liabilities		13.020	9.757	8.648
Net Current Assets		12.215	6.928	6.337
MISCELLANEOUS EXPENSES		0.066	0.092	0.081
TOTAL		52.509	36.808	35.144

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES TURNOVER		85.016	44.502	29.055
Less	EXPENSES
		Office Expenses
		Administrative Expenses	73.346	43.927	28.646
		Advertising Expenses
		TOTAL	73.346	43.927	28.646
	PROFIT BEFORE TAX		11.670	0.575	0.409
Less	TAX		3.540	0.448	(0.157)
	PROFIT AFTER TAX		8.130	0.127	0.566
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.579	2.452	1.886
	BALANCE CARRIED TO THE B/S		10.709	2.579	2.452
	Earnings Per Share (Rs.)		6.95	0.15	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	9.56	0.28	1.94
Net Profit Margin (PBT/Sales)	(%)	13.72	1.29	1.40
Return on Total Assets (PBT/Total Assets}	(%)	17.83	1.44	2.39
Return on Investment (ROI) (PBT/Networth)		0.50	0.04	0.04
Debt Equity Ratio (Total Liability/Networth)		1.79	2.69	3.40
Current Ratio (Current Asset/Current Liability)		1.93	1.71	1.73

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS

The company has started full flag production at unit-II. The company has achieved sales turnover of Rs.85.016 millions during the year compared to previous year’s turnover of Rs. 44.501 millions. The sales turnover is increased by 91%. The company has made profit before tax Rs.11.670 millions compared to earlier year’s profit before tax Rs.0.575 millions. The directors are hopeful to give better results for the current year.

Fixed Assets :

· Land

· Building

· Plant

· Electric Fittings

· Scooter

· Furniture

· Car

· Type Writer

· Laboratory Instruments

· Fax

· Computer

· Air Conditioner

· Television

· Vacuum Cleaner

· Water Systems

· Mobile

Form : 8

Corporate identity number of the company	U29120GJ1992PTC018470
Name of the company	JET FIBRE PUMPS AND EQUIPMENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Phase Iii Plot No 1224 Gidcvatwa, Ahmedabad, Gujarat, INDIA
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	State Bank Of India, Vatva I.E. Branch, Vatva, GIDC, Ahmedabad – 382445, Gujarat, INDIA
Nature of instrument creating charge	1. Memorandum Relating To Deposit Of Title Deeds For Creation Of Further Charge Dt.20-12-2010 Where The Initial Charge Is Created On Dt.12-4-2007 By Way Of Mortgage By Deposit Of Deeds. 2. Letter Of Confirmation Dated 20-12-2010 All The Above Executed By Jet Fibre Pumprs and Equipments Private Limited In Favour Of State Bank Of India, Vatva I.E. Branch, Ahmedabad
Date of instrument Creating the charge	20/12/2010
Amount secured by the charge	Rs. 54.800 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : 1. The Interest On Working Capital Will Be 5.50% Margin Above The Base Rate 7.60%. 2. The Interest On Term Loan Will Be 3.75% Margin Above The Base Rate 7.60%. 3. Penal Interest 1% To Maximum 2% Terms of repayment : 1. Working Capital Limits Are Repayable On Demand Subject Annual Review. 2. The Existing Term Loan Is Repayable As Existing Repayment Schedule (I.E. From January 2010 By 60 Monthly Installments Of Rs.1 Lac Each First 30 Installments And Next 30 Installments Of Rs.0.167 millions). 3. The New Term Loan Rs. 15.000 millions Is Repayable By 60 Monthly Installments Each Of Rs.2.50 Lac Commencing From April 2011. Margin : Items Margin % 1. Raw Materials 25% 2. Finished Goods 35% 3. Receivable 50% 4. Term Loan (New) 30% 5. Letter Of Credit 25% Extent and operation of the charge : The Various Properties Of The Company Specified In Item No.15 Here Under Are Charged By Jet Fibre Pumprs and Equipments Private Limited In Favour Of State Bank Of India, Vatva I.E. Branch, Ahmedabad As Security For Due Repayment Of Various Credit Limits Amounting Rs.54.800 Together With Interest, Penal Interest, Charge And Expenses Other : Nil
Short particulars of the property charged (Including location of the property)	1. Plant and Machineries And Entire Current Assets Of The Company Situated At Plot No.1225, Vatva, Gidc, Phase-Iii Ncluding Book Debts 2. Commercial Property Of The Company Situated At Block No.658, Mouje-Mahij, Dist: Kheda. Admeasuring Area 5868 Sq.Mtrs. 3. Commercial Property Of The Company Situated At Plot No.1225, Vatva, Gidc, Phase-Ii Admeasuring Area 703 Sq.Mtrs 4. Commercial Property Of The Company Situated At Plot No.555, Vatva, Gidc, Phase-Ii Admeasuring Area 618 Sq.Mtrs
Date of instrument modifying the charge	18/12/2010
Particulars of the present modification	The Company Admitted That The Benefit To The Bank Of The Mortgage By Deposit Of The Title Deeds Relating The Properties Of The Borrower Created On Dated 12-04-2007 For Rs.23.000 millions As Security For Indebt ness Of The Borrower To The Bank For All The Facilities Shall Continue To Remain Deposited With The Bank And Shall Also C0ver For Indebt ness Of The Enhanced Limit From Rs.34.134 millions To Rs.54.800 millions. The Various Credit Facilities After Said Enhancement Are Amounting To Rs.54.800 millions.

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. 44.77
UK Pound	1	Rs. 73.56
Euro	1	Rs. 63.68

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.