MIRA INFORM REPORT

Report Date :

17.02.2012

IDENTIFICATION DETAILS

Name :	JBL SAKS PRIVATE LIMITED
Registered Office :	Plot No.H-12, Additional M.I.D.C., Kudavali, Murbad, Thane – 421 401, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.05.2001
Com. Reg. No.:	11-132029
Capital Investment / Paid-up Capital :	Rs.5.000 millions
CIN No.: [Company Identification No.]	U21014MH2001PTC132029
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Packaging Products.
No. of Employees :	Approximately 60 (In Office) + Contract Basis Worker

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 48000
Status :	Satisfactory
Payment Behaviour :	Slow but 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 slow but correct. 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 PARTED BY

Name :	Mr. G.S. Srinivas
Designation :	Director
Contact No.:	91-9422075056
Date :	16.02.2012

LOCATIONS

Registered Office/ Factory :	Plot No.H-12, Additional M.I.D.C., Kudavali, Murbad, Thane – 421 401, Maharashtra, India
Tel. No.:	91-2524-244425
Mobile No.:	91-9422075056 (Mr. G.S. Srinivas)
Fax No.:	Not Available
E-Mail :	srinivas@blissgroup.com
Website :	www.blissgroup.com http://www.jblsaks.com
Location :	Owned
Corporate Office :	TA2, 3^rd Floor, Lake City Mall, Kapurbawdi Junction, Thane – 400 607, Maharashtra, India
Tel. No.:	91-22-25412210/ 11/ 12
Fax No.:	91-22-25412213

DIRECTORS

As on 27.09.2011

Name :

Mr. G.S. Srinivas

Designation :

Managing Director

Address :

Plot No.H12, MIDC, Kudavalai, Murbad, Thane, Maharashtra, India

Date of Birth/Age :

20.07.1974

Qualification :

BSC

Date of Appointment :

18.05.2001

DIN No.:

01922225

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	U74999MH1999GAP118265	Murbad Manufacturers Association Limited	Director	10-02-99	10-02-99	Active	NO
2	U21014MH2001PTC132029	JBL Saks Private Limited	Managing director	18-05-01	18-05-01	Active	NO
3	U51495MH2006PTC159234	Dinesh Polyfab Private Limited	Additional director	30-01-12	30-01-12	Active	NO

Name :

Mr. G.V. Balaji

Designation :

Director

Address :

Plot No.1888, I Block, 25^th Street, Tiruvalluvar, Kudiyiruppu, Anna Nagar, Chennai - 600 040, Tamilnadu, India

Date of Birth/Age :

18.08.1973

Qualification :

MSC

Date of Appointment :

30.08.2004

DIN No.:

00075754

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	U01210TN1985PTC012089	GF Impex Private Limited	Director	21-08-97	21-08-97	Active	NO
2	U21014MH2001PTC132029	JBL Saks Private Limited	Director	30-08-04	30-08-04	Active	NO
3	U51909TN1980PTC008344	Balaji Trading Enterprises Private Limited	Director	30-09-08	11-12-07	Active	NO
4	U51495MH2006PTC159234	Dinesh Polyfab Private Limited	Additional director	30-01-12	30-01-12	Active	NO

Name :

Mr. G.P. Ravichandran

Designation :

Director

Address :

1568, J-Block, 16^th Main Road, Anna Nagar West, Chennai - 600 040, Tamilnadu, India

Date of Birth/Age :

08.05.1971

Qualification :

B. Com

Date of Appointment :

30.08.2004

DIN No.:

00075675

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	U01210TN1985PTC012089	GF Impex Private Limited	Director	20-03-10	21-08-97	Active	NO
2	U74210TN2002PTC048845	Pravan Designers and Constructions Private Limited	Director	29-04-02	29-04-02	Active	NO
3	U21014MH2001PTC132029	JBL Saks Private Limited	Director	30-08-04	30-08-04	Active	NO

Name :

Ms. Sweta Manohar Patil

Designation :

Director

Address :

Shiv Shrishti, A-14, Nav Sah Jeevan CHS, Kurla (East), Mumbai - 400 024, Maharashtra, India

Date of Appointment :

18.05.2001

DIN No.:

02923377

Name :

Dr. G.V. Chalapathi

Designation :

Director

Address :

Plot No.1888, I Block, 25^th Street, Tiruvalluvar, Kudiyiruppu, Anna Nagar, Chennai - 600 040, Tamilnadu, India

Date of Birth/Age :

08.08.1948

Date of Appointment :

30.09.2010

DIN No.:

00088079

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L36991TN1991PLC021888	Stanpacks (India) Limited	Managing director	20-12-91	20-12-91	01-04-10	Active	NO
2	U91110TN1928NPL000030	Andhra Chamber of Commerce	Director	30-09-96	30-09-96	-	Active	NO
3	U51909TN1980PTC008344	Balaji Trading Enterprises Private Limited	Managing director	30-09-09	29-06-09	-	Active	NO
4	U21014MH2001PTC132029	JBL Saks Private Limited	Director	30-09-10	01-04-10	-	Active	NO
5	U01210TN1985PTC012089	GF Impex Private Limited	Director	05-04-10	05-04-10	-	Active	NO
6	U51495MH2006PTC159234	Dinesh Polyfab Private Limited	Additional director	30-01-12	30-01-12	-	Active	NO

KEY EXECUTIVES

Name :	S. Sandeep and Associates
Designation :	Company Secretaries
Address :	53, 1^st Main Road, G1, Sneha, R.A. Puram, Chennai – 600 028, Tamilnadu, India
Tel. No.:	91-44-42074764
Mobile No.:	91-9884071851
E-Mail :	sandeep@sandeep-cs.in
Website :	www.sandeep-cs.in

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2011

Names of Shareholders	No. of Shares
Swetha M Patil	30000
G.S Jwala	2000
G.A Nandhini	2000
G.R Reena	2000
G.S. Vijayalakshmi	2000
G.R. Mahalakshmi	6500
G.R. Pragathi	4000
G.V. Jayalakshmi	8340
G. Sangeetha	2500
G.B. Rachitha	2000
G.S. Ahalya	2000
G.V. Balaji	500
G.V. Sathish Kumar	500
G.R. Latharani	8000
G.S. Sarojini	7840
G.P. Ravichandran	3840
Balaji Trading Enterprises Private Limited, India	394480
M.V. Patil	20000
Achyutha G.R.	750
Sadavatra Pravan	750
Total	500000

As on 27.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	79.00
Directors or relatives of directors	21.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Packaging Products.
Products :	v PP/ Jumbo Bags v Container Liners v Value Added Bags
Exports :
Products :	Packaging Products
Countries :	Middle East Countries

GENERAL INFORMATION

No. of Employees :

Approximately 60 (In Office) + Contract Basis Worker

Bankers :

v Karnataka Bank Limited, Matru Ashish CHS, S.V. Road, Balbharti Stop, Kandivali, Mumbai – 400 067, Maharashtra, India

v Karnataka Bank Limited, Akanksha Arcade, 60, Trikamdas Road; Dandivli (West), Mumbai – 400 067, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Karnataka Bank Limited - Kandivali A/c No. 639 (C.C.)	0.000	14.174
Karnataka Bank Limited - Kandivali Br. (TL A/c. No.11101)	8.092	11.129
Karnataka Bank Limited - Kalyan A/c. No. 201 (O.D.)	0.000	0.238
Karnataka Bank Limited - Kandivali Branch (TL A/c. No.11401)	1.295	1.644
Karnataka Bank Limited - A/c No. 0101 (C.C.)	14.167	0.000
Total	23.554	27.185

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Unsecured Loan	1.322	1.108
Intercorporate Loan	0.300	1.300
Total	1.622	2.408

Banking Relations :	--
Auditors :
Name :	Vijay T. Parmar and Company Chartered Accountants
Address :	Office 101, Madhav Baug Apartment, Gaushala Road, Opposite Bank of Maharashtra, Shivaji Path, Kalyan (West) – 421 301, Maharashtra, India
Tel. No.:	95251-2311009
Mobile No.:	91-9821416960
Fax No.:	95251-2317655
E-Mail :	caparmar@yahoo.com
Income-tax PAN of auditor or auditor's firm :	ABOPP2499R
Holding Company :	Balaji Trading Enterprises Private Limited CIN No.: U51909TN1980PTC008344 Address: “S.K. Enclave” New No.4 (Old No.47), Nowroji Road, Chetpet, Chennai – 600 031, Tamilnadu, India

CAPITAL STRUCTURE

As on 27.09.2011

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		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6.895	5.132	3.935
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11.895	10.132	8.935
LOAN FUNDS
1] Secured Loans		23.554	27.185	24.354
2] Unsecured Loans		1.622	2.408	3.107
TOTAL BORROWING		25.176	29.593	27.461
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		37.071	39.725	36.396
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.873	21.178	20.591
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.243	1.158	1.096
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.044	10.651	8.613
	Sundry Debtors	11.081	11.289	8.389
	Cash & Bank Balances	0.099	0.071	0.175
	Other Current Assets	0.000	0.000	0.000
	Other Loans & Advances	3.665	2.783	2.557
Total Current Assets		22.889	24.794	19.734
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.105	2.334	4.122
	Other Current Liabilities	0.151	2.602	0.086
	Provisions	3.923	2.782	1.151
Total Current Liabilities		7.179	7.718	5.359
Net Current Assets		15.710	17.076	14.375
MISCELLANEOUS EXPENSES		0.245	0.313	0.334
TOTAL		37.071	39.725	36.396

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	72.718	64.420	56.894
		Other Income
		TOTAL (A)	72.718	64.420	56.894
Less	EXPENSES
		Office Expenses	63.547	55.509	51.155
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	63.547	55.509	51.155
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.171	8.911	5.739
Less	INTEREST (D)		3.256	3.686	3.069
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.915	5.225	2.670
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.336	2.446	2.204
	PROFIT BEFORE TAX (E-F) (G)		3.579	2.779	0.466
Less	TAX (H)		1.116	0.880	0.233
	PROFIT AFTER TAX (G-H) (I)		2.463	1.899	0.233
	PROFIT AVAILABLE FOR APPROPRIATION		2.463	1.899	0.233
	Earnings Per Share (Rs.)		4.93	3.80	0.47

Expected Sales (2011-2012): More than Rs.80.000 millions

The above information has been parted by Mr. S.G. Srinivas (Director).

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.39	2.95	0.41
Return on Total Assets (PBT/Total Assets}	(%)	8.37	6.04	1.16
Return on Investment (ROI) (PBT/Networth)		0.30	0.27	0.05
Debt Equity Ratio (Total Liability/Networth)		2.72	3.68	3.67
Current Ratio (Current Asset/Current Liability)		3.19	3.21	3.68

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors	3.105	2.334	4.122

Check List by Info Agents	Available in Report (Yes / No)
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 two years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	--
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, if available	--

FORM 8:

Corporate identity number of the company	U21014MH2001PTC132029
Name of the company	JBL SAKS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	302/3, Marigold Apartment, New Link Road, Opposite Shakti Motors, Chincholi, Malad (West), Mumbai – 400 064, Maharashtra, India E-Mail: srinivas@blissgroup.com
This form is for	Creation of charge
Type of charge	Immovable property Movable property (not being pledge)
Particular of charge holder	Karnataka Bank Limited, Matru Ashish CHS, S.V. Road, Balbharti Stop, Kandivali, Mumbai – 400 067, Maharashtra, India E-Mail: bom.kandivli@ktkbank.com
Nature of description of the instrument creating or modifying the charge	Hypothecation Agreement
Date of instrument Creating the charge	06.02.2010
Amount secured by the charge	Rs.1.800 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 1.5% less than the current PLR (presently 13.75) with a minimum of 12.25% Terms of Repayment: 60 EMI of Rs.0.040 million Per Month Margin: Not Applicable Extent and Operation of the charge: As per Term Loan Agreement
Short particulars of the property charged	Plant and Machinery, Furniture and Fixture and factory building at Plot No.H-12, additional MIDC, Kudavali, Murbad.

FIXED ASSETS:

v Computer

v Vehicle

v Furniture and Fixture

v Office Equipment

v Office Plant (A.C.)

v Plant and Machinery

v Land

v Building

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.49.25
UK Pound	1	Rs.77.45
Euro	1	Rs.64.89

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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.