MIRA INFORM REPORT

Report Date :

12.11.2011

IDENTIFICATION DETAILS

Name :	JAGDISH ALLUMINIUM PRIVATE LIMITED
Registered Office :	1, Subhalaxmi Industrial Estate, Opposite Saket Estate, Village Moraiya, Sarkhej-Bavla Highway Near Changodar, Ahmedabad – 382213, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	23.12.1991
Com. Reg. No.:	04-16822
Capital Investment / Paid-up Capital :	Rs.5.824 Millions
CIN No.: [Company Identification No.]	U27200GJ1991PTC016822
TAN No.: [Tax Deduction & Collection Account No.]	AHMJ00248D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Aluminium Foils, Strips and Sheets for Air Condition Cooling Coils, Pilfer Proof Caps, Vail Seals, Tagger Foils and Cable Wraps.
No. of Employees :	About 120 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 130000
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.

INFORMATION DECLINED BY

Name :	Mr. Lalit Jain
Designation :	Finance Manager
Date :	11.11.2011

LOCATIONS

Registered Office/ Factory :	1, Subhalaxmi Industrial Estate, Opposite Saket Estate, Village Moraiya, Sarkhej-Bavla Highway Near Changodar, Ahmedabad – 382213, Gujarat, India
Tel No.:	91-2717-294261/ 294262
Fax No.:	91-2717-294263
E-Mail :	jagmetal@satyam.net.in info@jagdishaluminium.com hiten_parikh@hotmail.com sadurkal@yahoo.co.in
Website :	http://www.jagdishaluminium.com
Corporate Office :	A-2, 4^th Floor, Safal Profitaire, Near Prahladnagar Auda Garden, Corporate Road, Satellite, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-40098361/ 62/ 63/ 32200224
Fax No.:	91-79-40098364

DIRECTORS

(AS ON 30.09.2010)

Name :	Mr. Champaklal D. Shah
Designation :	Director
Address :	9, Hasubhai Society, Near Gulab Tower, Thaltej, Ahmedabad – 380054, Gujarat, India
Date of Appointment :	23.12.1991
DIN No.:	00038884
Name :	Mr. Vishal Champaklal shah
Designation :	Director
Address :	9, Hasubhai Society, Near Gulab Tower, Thaltej, Ahmedabad – 380054, Gujarat, India
Date of Appointment :	01.04.2009
DIN No.:	02600148

KEY EXECUTIVES

Name :	Mr. Lalit Jain
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Champaklal D. Shah	119830
Vishal C. Shah	151400
Champaklal D. Shah (HUF)	53500
Lataben C Shah	104200
Darshan M shah	51000
Pankita V Shah	101120
Vishal C Shah (HUF)	500
Hetvi V Shah (Minor)	810
Riddhesh Girishbhai Bhandari	10
Total	582370

(AS ON 30.09.2010)

Equity Shares Break – Up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Aluminium Foils, Strips and Sheets for Air Condition Cooling Coils, Pilfer Proof Caps, Vail Seals, Tagger Foils and Cable Wraps.
Products :	· Aluminium Coils · Aluminium Foil · Aluminium Strips · Aluminium Sheets · Aluminium Pharma Foil

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed capacity	Installed Capacity	Actual Production (MTS)
Foils	----	NA	----	381.633
Coils	MTPA	NA	3500	1983.038*
Sheets	----	NA	----	880.805
strips	----	NA	----	61.641

* Includes 7.859 MT (P.Y Nil MT) of Purchase Return.

GENERAL INFORMATION

No. of Employees :

About 120 (Approximately)

Bankers :

· State bank of India,

MID Corporate Branch, Zodiac Avenue, Law garden Road, Ahmedabad – 380 006, Gujarat, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Cash Credit Facility from State Bank of India (Secured against the Hypothecation of Company’s stock of raw material, work in progress and finished goods and company’s book debts. Also further secured by way of Equitable Mortgage of Factory land building and Hypothecation of plant and machinery of the company and equitable mortgage of the office building belonging to the company and also personally guaranteed by the Directors of the Company)	32.920	17.821
Total	32.920	17.821
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Directors	4.480	7.656
From Shareholders	8.413	17.617
Total	12.893	25.273

Banking Relations :	--
Auditors :
Name :	Parikh and Majmudar Chartered Accountants
Address :	204-05-06, Harsh Avenue, Opposite Old High Court, Navjeevan Press Road, Navarangpura, Ahmedabad – 380 014, Gujarat, India
PAN No.:	AAAFP8921B

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs.6.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
582370	Equity Shares	Rs.10/- each	Rs.5.824 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		5.824	4.824	4.824
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		25.660	18.479	15.141
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		31.484	23.303	19.965
LOAN FUNDS
1] Secured Loans		32.920	17.821	18.042
2] Unsecured Loans		12.893	25.273	23.860
TOTAL BORROWING		45.813	43.094	41.902
DEFERRED TAX LIABILITIES		0.873	0.953	1.165
TOTAL		78.170	67.350	63.032
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.251	13.815	14.874
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	56.632	47.096	43.369
	Sundry Debtors	33.111	22.009	22.805
	Cash & Bank Balances	4.711	2.079	1.128
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.306	5.652	5.843
Total Current Assets		102.760	76.836	73.145
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	33.231	19.955	23.432
	Other Current Liabilities	3.034	3.162	1.435
	Provisions	0.576	0.184	0.120
Total Current Liabilities		36.841	23.301	24.987
Net Current Assets		65.919	53.535	48.158
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		78.170	67.350	63.032

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2010	31.03.2009	31.03.2008
	INCOME FROM OPERATIONS	499.793	421.638	386.596
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	13.4720	7.032	6.725
Less/ Add	DEPRECIATION/ AMORTISATION	1.739	1.918	2.113
	PROFIT BEFORE TAX	11.733	5.114	4.612
Less	TAX	4.552	1.776	1.913
	PROFIT AFTER TAX	7.181	3.338	2.699
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	15.329	11.991	9.292
	BALANCE CARRIED TO THE B/S	22.510	15.329	11.991
	IMPORTS VALUE	Nil	Nil	1.227
	Earnings Per Share (Rs.)	14.27	6.92	5.60

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	10.20	5.64	5.24
Return on Investment (ROI) (PBT/Networth)		0.37	0.22	0.23
Debt Equity Ratio (Total Liability/Networth)		2.63	2.85	3.35
Current Ratio (Current Asset/Current Liability)		2.79	3.30	2.93

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Sundry Creditors
- Creditors for goods	29.313	18.846	22.631
- Creditors for expenses	3.918	1.109	0.801
Total	33.231	19.955	23.432

review of operations:-

The company has cloaked gross turnover of Rs.499.800 Millions and net turnover of Rs.462.200 Millions for the year ending on 31.03.2010 showing a growth of about 23% in the net turnover of the company as compared to the corresponding previous year.

The directors would also like to state that the company has earned net profit of Rs.7.181 Millions in the year ending on 31.03.2010 showing a growth of 115% over the financial year 2008-09 in the bottom line. Thus, there is a remarkable improvement in the top line and bottom line of the company. However, to strengthen the long term working capital requirement of the company, the directors do not recommend any dividend for the year ending on 31.03.2010.

CONTINGENT LIABILITIES

Contingent Liability not provided in respect of:

Particulars	31.03.2010	31.03.2009
	(Rs. In millions)
Disputed Income Tax Demand	0.253	0.336
Estimated remaining to be executed on Capital Account and not provided for (Net of advances)	9.000	---

form 8:-

This form is for	Modification of charge
Charge identification number of the modified	90104742
Corporate identity number of the company	U27200GJ1991PTC016822
Name of the company	JAGDISH ALLUMINIUM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1, Shubhlaxmi Industrial Estate, Opposite Saket Estate, Village Moraiya, Sarkhej- Bavla Highway Near Changodar, Ahmedabad – 382210, Gujarat, India hiten_parikh@hotmail.com
Type of charge	· Immovable Property · Book Debts · Movable Property · Floating Charge
Particular of charge holder	State Bank of India, Law Garden Branch, Zodiac Avenue, Opposite Commissioner's Bunglows, Law Garden, Ahmedabad – 380006, Gujarat, India E-Mail: sbi.60438@sbi.co.in
Nature of description of the instrument creating or modifying the charge	(1) Supplemental Agreement of loan cum Hypothecation (2) Memorandum relating to deposit of title deeds for creation of further charge for Term Loan / Overall Limit
Date of instrument Creating the charge	27.07.2011
Amount secured by the charge	Rs.122.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: WC: 6.75% margin above base rate which is presently 9.50% p.a. present effective rate 16.25% P.A. Terms of Repayment: As per existing terms of repayment Margin: Raw Materials: 40% Semi fin. Goods: 40% Fin. Goods: 50% Domestic Receivable: 50% Letters of Credit: 7.5% Bank Guarantees: 7.5% Extent and Operation of the charge: First and exclusive charge created in favour of State Bank of India
Short particulars of the property charged	Hypothecation of entire current assets including plant and machinery, book debts, both present and future and construction building purchased out of bank finance and unencumbered plan and machinery of the company. Equitable Mortgage over Factory Land and Building of the unit located at Survey No.435/P, Subhlaxmi Industrial Estate, Village Moraiya, Chandgodar, Tal: Sanand, District Ahmedabad Land Area 7683.10 sq. yds.
Particulars of the Present Modification	The original charge modified from time to time is now further modified and extended on Movable and Immovable Assets to Secure Enhanced Aggregate Credit Limits of Rs.122.500 Millions.

Name of the company	JAGDISH ALLUMINIUM PRIVATE LIMITED
Presented By	Mr. Champaklal D. Shah (Director)
1) Date and description of instrument creating the change	17.01.1998. Deed of Hypothecation of Goods and Book debts
2) Amount secured by the charge/amount owing on the securities of charge	Rs.8.000 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	First charge on goods, raw materials, manufactured goods, all the book debts, outstanding moneys, receivables which may become due and arise in future.
4) Gist of the terms and conditions and extent and operation of the charge.	The limits covered are as under: - Demand Cash Credit (Hypothecation of Stocks) – Rs.4.000 millions - Demand Cash Credit (Hypothecation of Book debts) – Rs.4.000 millions TOTAL = Rs.8.000 millions
5) Name and Address and description of the person entitled to the charge.	State Bank of India, Specialized Commercial Branch, Handhigram, Ahmedabad, India
6) Date and brief description of instrument modifying the charge	Bank’s charge of hypothecation first modified vide supplemental General Agreement dated 24.04.2001 enhancing the Demand Cash Credit Limits from the existing level of Rs.8.000 millions to Rs.9.000 millions and sanction of Letters of Credit Limit of Rs.10.000 millions, thereby enhancing the total charge by Rs.11.000 millions to an aggregate charge of Rs.19.000 millions. Bank’s charge of Hypothecation now further modified vide Supplemental General Agreement dated 06.05.2003 enhancing the Demand Cash Credit Limit of Rs.9.000 millions to Rs.13.500 millions and Letters of Credit Limit from Rs.10.000 millions to Rs.15.000 millions, thereby enhancing the total charge by Rs.9.500 millions to an aggregate limit of Rs.28.500 millions. Bank’s charge of Hypothecation extended over the current assets of the company at Sub Plot No.1, Survey No.435, Village Moraia, Tal – Sanand, Disctrict Ahmedabad
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Bank’s charge of Hypothecation extended over the current assets of the company at Sub Plot No.1, Survey No.435, Village Moraia, Tal – Sanand, Disctrict Ahmedabad towards enhancement in credit limits from existing level of Rs.19.000 millions to Rs.28.500 millions vide Supplemental General Agreement dated 06.05.2003.

FIXED ASSETS:-

· Land and Site Development

· Factory Building

· Office Building

· Plant and Machinery

· Office Equipments

· Furniture and Fixtures

· Vehicles

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.50.28
UK Pound	1	Rs.80.08
Euro	1	Rs.68.45

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	No
--AFFILIATION	YES/NO	No
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
TOTAL		49

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.