MIRA INFORM REPORT

Report Date :

12.11.2011

IDENTIFICATION DETAILS

Name :	JET-TECH PRIVATE LIMITED
Registered Office :	102, Kunj Society, Alkapuri, Vadodara – 390 007, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.08.1989
Com. Reg. No.:	04-12651
Capital Investment / Paid-up Capital :	Rs.5.000 millions
CIN No.: [Company Identification No.]	U51909GJ1989PTC012651
TAN No.: [Tax Deduction & Collection Account No.]	BRDJ00691F
PAN No.: [Permanent Account No.]	AAACJ5890J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Jumbo Bags, Container Liner, Container Bags, Plastic Jumbo Bags and Jumbo Storage Bags, etc.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 33000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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. Dilip Rana
Designation :	Accountant
Contact No.:	91-265-2830932
Date :	05.11.2011

LOCATIONS

Registered Office :	102, Kunj Society, Alkapuri, Vadodara – 390 007, Gujarat, India
Tel. No.:	91-265-2338188
Mobile No.:	91-9825020096 (Mr. Shivanshu Misra)
Fax No.:	91-265-2338145
E-Mail :	mkt@jtinida.com
Website :	www.jtindia.com www.jettechpvtltd.com
Area :	10000 sq. ft.
Location :	Owned
Factory :	221, GIDC, Ramangamdi-Por, Vadodara – 391 243, Gujarat, India
Tel. No.:	91-265-2830932 / 2830442 / 2338188
Fax No.:	91-265-2338188 / 2830442 / 2338145
Area :	10000 sq. ft.
Location :	Owned

DIRECTORS

As on 30.09.2009

Name :

Mr. Shivanshu Kailashnath Misra

Designation :

Director

Address :

102, Kunj Society, Alkapuri, Vadodara – 390 007, Gujarat, India

Date of Birth/Age :

31.07.1979

Qualification :

BE

Date of Appointment :

01.10.1998

DIN No.:

01420071

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51909GJ1989PTC012651	Jet-Tech Private Limited	Director	01-10-98	01-10-98	Active	NO
2	U29120GJ1992PTC018274	Dhyan Precision Pack Private Limited	Director	11-08-03	11-08-03	Active	NO
3	U17299GJ1988PTC011153	Kingston Threads Private Limited	Director	25-03-04	25-03-04	Active	NO
4	U65910GJ1992PLC017992	Samrat Trading And Investments Limited	Director	29-08-05	29-08-05	Active	NO

Name :

Ms. Sashi Kailasnath Misra

Designation :

Director

Address :

102, Kunj Society, Alkapuri, Vadodara – 390 007, Gujarat, India

Date of Birth/Age :

06.07.1953

Qualification :

MAC

Date of Appointment :

21.08.1989

DIN No.:

01460596

Name :

Mr. Dileep Tekchand Chandwani

Designation :

Director

Address :

12, Sindhu Park, S.K. Colony, Vadodara – 390 006, Gujarat, India

Date of Birth/Age :

11.06.1966

Date of Appointment :

31.08.2000

DIN No.:

03105855

KEY EXECUTIVES

Name :	Mr. Dilip Rana
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2009

Names of Shareholders	No. of Shares
Kailashnath Misra	10
Shashi Misra	190980
Girish Trivedi	10
Shivanshu Misra	187200
Shivani Misra	121800
Total	500000

As on 30.09.2009

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Jumbo Bags, Container Liner, Container Bags, Plastic Jumbo Bags and Jumbo Storage Bags, etc.
Products :	· Flexible Container Liner Inlets · Flexible Intermediate Bulk Containers (FIBC) · Slings and Slings Baskets · High Strength Webbings · Industrial Yarns · Industrial Sewing Threads · Sling and Container Liners · Llfting Slings · PP and HDPE Sacks: Big Bags, Bulk Bags, etc. · Threads: Industrial Threads, Bag Closing Threads, etc.
Exports :
Products :	Jumbo Bags, Container Liner, Container Bags etc
Countries :	· Europe · Middle East · USA
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (As on 31.03.2009)

Particulars	Unit	Actual Production
Container Liner Inlet/ Liner	Nos.	1026
Jumbo Bag/ Cock Sheet/ Sling/ Sack	Nos.	21192
Threads	Nos.	15942

GENERAL INFORMATION

Suppliers :

Uniqua Fabrics

Customers :

Wholesalers and Retailers and End Users

· ABC Trading Company

· Dawat Foods

· NKG Jayanti Group

No. of Employees :

50 (Approximately)

Bankers :

· State Bank of India, Branch Por-Vadodara

· ICICI Bank

Facilities :

Secured Loans	31.03.2009 Rs. In Millions	31.03.2008 Rs. In Millions
ICICI Vehicle Loan	0.000	0.251
State Bank of India (Por)	1.225	0.000
ICICI Bank OD A/c	0.148	(0.212)
Total	1.373	0.039

Unsecured Loans	31.03.2009 Rs. In Millions	31.03.2008 Rs. In Millions
Indiabulls Financial Services Limited	10.918	0.000
Unsecured Loans from Friends and Relatives	0.661	0.446
Total	11.579	0.446

Banking Relations :	--
Auditors :
Name :	Dushyant J. Dalal and Company Chartered Accountants
Address :	“Mansi”, 33, Anand Nagar Society, Productivity Road, Vadodara – 390 007, Gujarat, India
Tel. No.:	91-265-2358393 / 6532088
Fax No.:	91-265-2343303
E-Mail :	djd_co@yahoo.com
Associates/Subsidiaries :	· Kingston Threads (Private) Limited · Dhyan Precision (Private) Limited

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 millions

As on 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 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		5.000	5.000	5.000
2] Share Application Money		0.382	0.382	0.382
3] Reserves & Surplus		2.778	2.604	2.290
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.160	7.986	7.672
LOAN FUNDS
1] Secured Loans		2.268	1.373	0.039
2] Unsecured Loans		12.886	11.579	0.446
TOTAL BORROWING		15.154	12.952	0.485
DEFERRED TAX LIABILITIES		0.629	0.435	0.357
TOTAL		23.943	21.373	8.514
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		28.869	4.601	3.740
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.073	16.587	1.713
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.576	0.966	1.434
	Sundry Debtors		0.625	1.549
	Cash & Bank Balances		0.026	0.089
	Other Current Assets		0.000	0.000
	Loans & Advances		0.722	0.767
Total Current Assets		5.576	2.339	3.839
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.575	1.113	0.513
	Other Current Liabilities		0.928	0.038
	Provisions		0.113	0.227
Total Current Liabilities		11.575	2.154	0.778
Net Current Assets		(5.999)	0.185	3.061
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		23.943	21.373	8.514

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	18.366	16.751	16.987
		Other Income	0.744	1.177	0.358
		TOTAL (A)	19.110	17.928	17.345
Less	EXPENSES
		Manufacturing Expenses	13.743	13.187	13.628
		Administrative Expenses	2.453	2.542	2.157
		Selling and Distribution Expenses	1.212	1.301	0.998
		Increase/ Decrease in Stock	0.073	0.036	(0.251)
		Other Expenses	0.279	0.015	0.120
		TOTAL (B)	17.760	17.081	16.652
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.350	0.847	0.693
Less	FINANCIAL EXPENSES (D)		0.387	0.213	0.182
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.963	0.634	0.511
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.384	0.212	0.138
	PROFIT BEFORE TAX (E-F) (G)		0.579	0.422	0.373
Less	TAX (H)		0.405	0.108	0.169
	PROFIT AFTER TAX (G-H) (I)		0.174	0.314	0.204
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.004	1.690	1.486
	BALANCE CARRIED TO THE B/S		2.178	2.004	1.690
	EXPORT VALUE		NA	7.552	8.048
	IMPORT VALUE		NA	0.000	0.034
	Earnings Per Share (Rs.)		0.35	NA	NA

Particulars	31.03.2011
Sales Turnover (Approximately)	30.400 (Due to more Export)

Expected Sales (2011-2012) : Rs.40.000 millions

The above information has been parted by Mr. Dilip Rana

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.91	1.75	1.18
Net Profit Margin (PBT/Sales)	(%)	3.15	2.52	2.20
Return on Total Assets (PBT/Total Assets}	(%)	1.68	2.54	4.92
Return on Investment (ROI) (PBT/Networth)		0.07	0.05	0.05
Debt Equity Ratio (Total Liability/Networth)		3.28	1.89	0.16
Current Ratio (Current Asset/Current Liability)		0.48	1.09	4.93

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents
1.	Year of Establishment	YES
2.	Locality of the firm	YES
3.	Constitutions of the firm	YES
4.	Premises details	YES
5.	Type of Business	YES
6.	Line of Business	YES
7.	Promoter’s background	--
8.	No. of employees	YES
9.	Name of person contacted	YES
10.	Designation of contact person	YES
11.	Turnover of firm for last three years	YES
12.	Profitability for last three years	--
13.	Reasons for variations <> 20%	--
14.	Estimation for coming financial year	YES
15.	Capital in the business	NO
16.	Details of sister concerns	YES
17.	Major Suppliers	YES
18.	Major Customers	YES
19.	Payment terms	YES
20.	Export / Import details (is applicable)	YES
21.	Market information	--
22.	Litigation that the firm / promoter involved in	--
23.	Banking Details	YES
24.	Banking facility details	NO
25.	Conduct of the banking account	--
26.	Buyer visit details	--
27.	Financials, if provided	NO
28.	Incorporation details, if applicable	--
29.	Last accounts filed at ROC	--
30.	Major Shareholders, is available	--

TRADE REFERENCES

· Uniqua Fabrics

· ABC Trading Company

· Dawat Foods

· NKG Jayanti Group

FIXED ASSETS

· Furniture and Fixtures

· Office Equipments

· Air Conditioner

· Communication Equipments

· Computer

· Patents

· Plant and Machinery

· Vehicles

· Factory Buildings

· Factory Land

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.50.27
UK Pound	1	Rs.80.07
Euro	1	Rs.68.45

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		27

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.