MIRA INFORM REPORT

Report Date :

25.05.2011

IDENTIFICATION DETAILS

Name :	JAIMARUTI GAS CYLINDERS LIMITED
Registered Office :	Plot No.131-133, Block E, Jai Maruti Bhawan, Harishankar Puram, Gwalior-474 002, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	05.10.1988
Com. Reg. No.:	10-04835
Capital Investment / Paid-up Capital :	Rs.6.631 Millions
CIN No.: [Company Identification No.]	U2812MP1988PLC004835
TAN No.: [Tax Deduction & Collection Account No.]	BPLJ00547B
PAN No.: [Permanent Account No.]	AAACJ7589G
Legal Form :	A closely held public limited liability company.
Line of Business :	Manufacturer of Industrial Gas Cylinder.
No. of Employees :	100 (Approximately)

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 260000
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 dealing 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. Ashok Kumar Nigam
Designation :	Director
Contact No.:	91-9425116577
Date :	23.05.2011

LOCATIONS

Registered Office :	Plot No.131-133, Block E, Jai Maruti Bhawan, Harishankar Puram, Gwalior-474 002, Madhya Pradesh, India
Tel. No.:	91-751-2424575/2376920
Mobile No.:	91-9425116577 (Mr. Ashok Kumar Nigam)
Fax No.:	91-751-2324920
E-Mail :	nigamjmgcl@rediffmail.com
Website :	www.jmgcl.com
Area :	7000 Sq. ft.
Location :	Owned
Factory :	Plot No. 122-123, Malanpur Industrial Area, Malanpur, District Bhind, State Madhya Pradesh, India
Tel. No.:	91-7539-283166
Area :	2 acre
Location :	Leased

DIRECTORS

As on 30.09.2010

Name :	Mr. Ashok Kumar Nigam
Designation :	Managing Director
Address :	Block E Plot No-131-133, Harishankar Puram, Gwalior-474 002, Madhya Pradesh, India
Date of Birth/Age :	30.071950
Qualification :	MSC..
Date of Appointment :	05.10.1988
Name :	Mr. Vijay Kumar MD
Designation :	Director
Address :	H No. 04/2090 HIG Block MMDA, Chennai, Tamilnadu, India
Date of Birth/Age :	25 Years
Qualification :	BE, MBA
Date of Appointment :	07.08.1995
Name :	Mr. Manu Kumar Nigam
Designation :	Director
Address :	Block E Plot No-131-133, Harishankar Puram, Gwalior-474 002, Madhya Pradesh, India
Date of Birth/Age :	15.04.1984
Qualification :	BE
Date of Appointment :	01.04.2003
Name :	Mr. Pramod Kumar Nigam
Designation :	Director
Address :	Plot 131, Block E, Harishankar Puram, Gwalior-474011, Madhya Pradesh, India
Date of Birth/Age :	03.03.1946

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Ashok Kumar Nigam	18815
Tejwati Nigam	6879
Anil Kumar Nigam	1763
Gopal Nigam	5922
Sita Srivastava	450
Abha Nigam	7079
A.K. Nigam and Sons (HUF)	7556
Gopalji Nigam (HUF)	4041
Lovelesh Nigam	3831
Manu Kumar	9783
Vijay Goel	191
Total	66310

As on 30.09.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Industrial Gas Cylinder.

Products :

• Chlorine Cylinders
• Anhyd. Ammonia Cylinders
• Refrigerant Cylinders
• Sulphur Chloride Cylinders
• Ethylene Oxide Cylinders
• Dissolved Acetylene Cylinders
• Welded and Seamless DA Cylinders

Item Code No. (ITC Code)	Product Description
Industrial Gas Cylinders	7311

Exports :

Products :

Industrial Gas Cylinder

Countries :

• South Africa
• Middle East
• Sri Lanka

Imports :

Products :

Raw Material

Countries :

• Canada
• America

Terms :

Selling :

Cash / Credit (30 days / 60 days / 90 days)

Purchasing :

Cash / Credit (30 days / 60 days / 90 days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers, End Users and OEM’s

No. of Employees :

100 (Approximately)

Bankers :

State Bank of India, Commercial Branch

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
State Bank of India C/C, Gwalior (Secured on Hypothecation of Raw Material, Work in Progress, Finished Goods and a change on Plant and Machinery and other Fixed Assets in Addition to personal Guarantee of directors	(0.230)	1.539
IDBI O/D, Gwalior (Secured on hypothecation of FDRs)	0.009	0.000
Total	(0.221)	1.539
Unsecured Loan
MPCT Deferred Payment	0.000	0.047
CST Deferred Payment	1.322	2.093
A K Nigam and Sons (HUF)	0.092	0.083
Gopalji Nigam	0.450	0.406
Total	1.864	2.629

Banking Relations :	--
Auditors :
Name :	Geeta Dhindra and Associates Chartered Accountants
Address :	104 Pan-in Plaza. Shinde Ki Chhawani, Lashkar, Gwalior-474009, Madhya Pradesh, India
Tel. No.:	91-751-2430137 / 2632967
Fax No.:	91-751-2632967
E-Mail :	ananya97in@yahoo.com ananya97in@rediffmail.com
Associates/Subsidiaries :	Jai Anganeya Gas Contener Limited Address: Plot No.131-133, Block E, Jai Maruti Bhawan, Harishankar Puram, Gwalior-474 002, Madhya Pradesh, India Line of Business: Manufacturer and Exporter of various types of Industrial Welded Gas Cylinders.

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
66310	Equity Shares	Rs.100/- each	Rs.6.631 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		6.631	6.631	6.612
2] Share Application Money		0.000	0.000	0.192
3] Reserves & Surplus		58.626	50.739	42.591
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		65.257	57.370	49.395
LOAN FUNDS
1] Secured Loans		(0.221)	1.539	0.000
2] Unsecured Loans		1.864	2.629	3.689
TOTAL BORROWING		1.643	4.168	3.689
DEFERRED TAX LIABILITIES		0.636	0.000	0.000
TOTAL		67.536	61.538	53.084
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.311	7.902	7.076
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.120	0.120	0.120
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.354	14.649	11.410
	Sundry Debtors	19.521	10.659	7.253
	Cash & Bank Balances	46.997	34.458	30.293
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.959	8.111	7.419
Total Current Assets		77.831	67.877	56.375
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	13.417	11.469	7.512
	Provisions	5.309	2.892	2.975
Total Current Liabilities		18.726	14.361	10.487
Net Current Assets		59.105	53.516	45.888
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		67.536	61.538	53.084

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	94.269	88.236	84.358
		Other Income	4.791	3.372	3.987
		TOTAL (A)	99.060	91.608	88.345
Less	EXPENSES
		Raw material consumed	63.363	67.569	60.346
		Manufacturing expenses	8.650	11.154	11.186
		Office and administrative expenses	4.856	3.461	4.052
		Repair maintenances	0.500	0.736	0.759
		Selling and distribution expenses	1.240	0.557	1.183
		Increase / decrease in stocks	4.263	(3.911)	(0.667)
		TOTAL (B)	82.872	79.566	76.859
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.188	12.042	11.486
Less	FINANCIAL EXPENSES (D)		0.234	0.177	0.310
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.954	11.865	11.176
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.058	0.929	1.019
	PROFIT BEFORE TAX (E-F) (G)		14.896	10.936	10.157
Less	TAX (H)		7.009	2.960	2.975
	PROFIT AFTER TAX (G-H) (I)		7.887	7.976	7.182
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		35.874	27.898	20.716
	BALANCE CARRIED TO THE B/S		43.761	35.874	27.898
	Earnings Per Share (Rs.)		118.90	120.28	NA

Particulars	31.03.2011
Sales Turnover (Approximately)	100.000

Expected Sales (2011-12) : Rs.120.000 Millions

The above information has been parted by Mr. Ashok Kumar Nigam.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	7.96	8.71	8.13
Net Profit Margin (PBT/Sales)	(%)	15.80	12.39	12.04
Return on Total Assets (PBT/Total Assets}	(%)	17.29	14.43	16.01
Return on Investment (ROI) (PBT/Networth)		0.23	0.19	0.20
Debt Equity Ratio (Total Liability/Networth)		0.31	0.32	1.21
Current Ratio (Current Asset/Current Liability)		4.16	4.73	5.38

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets:

v Land

v Factory Building

v Plant and Machinery

v Furniture and Fixture

v Electric Installation

v Office Equipments

v Computer

v Bicycle

v Vehicle

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.45.25
UK Pound	1	Rs.72.83
Euro	1	Rs.63.58

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	YES
--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.