MIRA INFORM REPORT

Report Date :

02.06.2012

IDENTIFICATION DETAILS

Name :	JAYANTILAL J GANDHI CHEMICALS PRIVATE LIMITED
Registered Office :	40 and 41 Udyog Bhawan Sonawala Road, Goregaon (East), Mumbai – 400063, Maharashtra.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.10.1990
Com. Reg. No.:	11-058401
Capital Investment/ Paid-up Capital:	Rs.4.980 Millions
CIN No.: [Company Identification No.]	U24100MH1990PTC058401
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Chemicals and Adhesives.
No. of Employees:	45 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 460000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well 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 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 – 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. Sanjay
Designation :	Accounts Manager
Contact No.:	91-22-40972525
Date :	08.05.2012

LOCATIONS

Registered Office :	40 and 41 Udyog Bhawan Sonawala Road, Goregaon (East), Mumbai – 400063, Maharashtra. India
Tel. No.:	91-22-26992035
Fax No.:	91-22-40972555
E-Mail :	aggandhi@bom2.vsnl.net.in sanjay@jjgandhi.com maintenance@jjgandhi.com
Location :	Owned

DIRECTORS

As on: 23.09.2011

Name :

Mr. Avinash Gamanlal Gandhi

Designation :

Chairman cum Managing Director

Address :

201, Prabhat, Plot No.378, 14^th Road, Khar (West), Mumbai – 400052, Maharashtra, India.

Date of Birth/Age :

18.11.1934

Date of Appointment :

04.10.1990

DIN No.:

00388630

Other Directorships :

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	U24100MH1990PTC058401	JAYANTILAL J GANDHI CHEMICALS PRIVATE LIMITED	Managing director	04-10-90	04-10-90	31-03-12	Active	NO
2	U65990MH2004PTC057960	GANDHI AND ASSOCIATES INVESTMENTS PRIVATE LIMITED	Managing director	30-09-04	30-09-04	-	Strike off	NO

Name :

Mr. Urmil Avinash Gandhi

Designation :

Director

Address :

201, Prabhat, Plot No.378, 14^th Road, Khar (West), Mumbai – 400052, Maharashtra, India.

Date of Birth/Age :

30.01.1957

Date of Appointment :

04.10.1990

DIN No.:

00388735

Other Directorships :

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	U24100MH1990PTC058401	JAYANTILAL J GANDHI CHEMICALS PRIVATE LIMITED	Director	04-10-90	04-10-90	-	Active	NO
2	U65990MH2004PTC057960	GANDHI AND ASSOCIATES INVESTMENTS PRIVATE LIMITED	Director	30-09-04	30-09-04	-	Strike off	NO

Name :

Mrs. Snehal A. Gandhi

Designation :

Director

Address :

201, Prabhat, Plot No.378, 14^th Road, Khar (West), Mumbai – 400052, Maharashtra, India.

Date of Birth/Age :

25.07.1960

Date of Appointment :

04.10.1990

DIN No.:

00388683

Other Directorships :

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	U24100MH1990PTC058401	JAYANTILAL J GANDHI CHEMICALS PRIVATE LIMITED	Director	04-10-90	04-10-90	-	Active	NO
2	U65990MH2004PTC057960	GANDHI AND ASSOCIATES INVESTMENTS PRIVATE LIMITED	Director	30-09-04	30-09-04	-	Strike off	NO

KEY EXECUTIVES

Name :	Mr. Sanjay
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 23.09.2011

Names of Shareholders	No. of Shares
Avinash G. Gandhi	85010
Urmil A. Gandhi	85010
Snehal A. Gandhi	85010
Pramila A. Gandhi	81000
Kalindi U. Gandhi	81000
Usha S. Gandhi	81000
Total	498030

Equity Share Break up (Percentage of Total Equity)

As on: 23.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Chemicals and Adhesives.
Products :	· Hylomar Non – Setting Gasket Compounds · High Temperature Gasket Compound · Hylogrip Anaerobic Adhesives · Cyanoacrylate Adhesives · Polyurethane Adhesives and Sealants · ADCO VHB Tapes
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :	Wholesalers and Retailers
No. of Employees :	45 (Approximately)
Bankers :	· Canara Bank, Goregaon (East) Branch, Mumbai, Maharashtra, India · HDFC bank Limited · State Bank of India

Banking Relations :	--
Auditors :
Name :	Mr. Tushar Kamdar Chartered Accountant
Address :	C-104, Harmony, Off. Bumping Road, Mulund West, Mumbai -400080, Maharashtra, India.
PAN No.:	ABHPL5194M

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
498030	Equity Share	Rs.10/- each	Rs.4.980 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		4.980	4.980	4.980
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		111.617	99.465	81.217
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		116.597	104.445	86.197
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.074	0.527	0.000
TOTAL		116.671	104.972	86.197
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.574	19.779	19.511
Capital work-in-progress		0.233	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.647
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	42.373	39.776	39.270
	Sundry Debtors	51.757	48.599	29.387
	Cash & Bank Balances	12.505	13.890	10.272
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	19.120	19.960	15.618
Total Current Assets		125.755	122.225	94.547
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	14.911	23.833	12.480
	Other Current Liabilities	1.718	2.109	1.328
	Provisions	12.262	11.090	14.700
Total Current Liabilities		28.891	37.032	28.508
Net Current Assets		96.864	85.193	66.039
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		116.671	104.972	86.197

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	296.526	248.425	217.119
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
	PROFIT BEFORE TAX		24.585	29.524	22.676
Less	TAX		8.180	10.032	7.971
	PROFIT AFTER TAX		16.405	19.492	14.705
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	0.047	1.634
	TOTAL EARNINGS		NA	0.047	1.634
	IMPORTS
		Raw Materials	NA	107.134	96.312
	TOTAL IMPORTS		NA	107.134	96.312
	Earnings Per Share (Rs.)		32.94	39.14	29.53

Particulars	31.03.2012
Sales Turnover (Approximately)	300.000

Expected Sales (2012-2013): Rs.330.000 Millions

The above information has been parted by Mr. Sanjay

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	8.29	11.88	10.44
Return on Total Assets (PBT/Total Assets}	(%)	16.92	20.79	19.88
Return on Investment (ROI) (PBT/Networth)		0.21	0.28	0.26
Debt Equity Ratio (Total Liability/Networth)		0.25	0.35	0.33
Current Ratio (Current Asset/Current Liability)		4.35	3.30	3.32

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

FIXED ASSETS

· Computer

· Electrical Installation

· Furniture And Fixture

· Motor Car

· Moulds and Dies

· Office Equipment

· Office Premises

· Leased Premises Development

· Plant And Machinery

AS PER WEBSITE DETAILS:

PROFILE

They have two manufacturing and repacking locations backed by several stock–points and ware–housing facilities to cater to various customers needs with "BEST–IN–CLASS" logistic support.

PRODUCTION OBJECTIVES

JJGCPL Team is focused on the production and supply of ‘WORLD-CLASS’ quality products through our employment of latest plant and machinery used by our highly skilled work force.

JJGCPL Team is committed to the up-gradation and technological advancement of its manufacturing facilities.

In pursuit of engineering excellence the JJGCPL Team is delivering satisfaction to its customers.

They have a time tested proven track record of excellence within the maintenance repair and engineering industry and are being chosen to partner with some of the world leading OEM Companies.

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.55.92
UK Pound	1	Rs.86.03
Euro	1	Rs.69.13

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		50

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.