MIRA INFORM REPORT

Report Date :

21.06.2012

IDENTIFICATION DETAILS

Name :	JAIMARUTI GAS CYLINDERS LIMITED (w.e.f. 14.07.1993)
Formerly Known As :	JAIMARUTI GAS CYLINDERS PRIVATE LIMITED
Registered Office :	Plot No.131-133, Block E, Jai Maruti Bhawan, Harishankar Puram, Gwalior - 474 002, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.10.1988
Com. Reg. No.:	10-004835
Capital Investment/ Paid-up Capital:	Rs.6.631 Millions
CIN No.: [Company Identification No.]	U28121MP1988PLC004835
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 Cylinders.
No. of Employees:	120 (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 300000
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 – 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. Ashok
Designation :	Director
Contact No.:	91-9425116577
Date :	22.05.2012

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)
Fax No.:	91-751-2324920
E-Mail :	nigamjmgcl@rediffmail.com jmgcl@sancharnet.in
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: 30.09.2011

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 :	30.07.1950
Qualification :	MSC.
Date of Appointment :	05.10.1988
DIN No.:	00023982
Name :	Mr. Vijay Kumar Mekkeveedu Damodaran
Designation :	Director
Address :	H No. 04/2090 HIG Block MMDA, Chennai, Tamilnadu, India
Qualification :	BE, MBA
Date of Appointment :	07.08.1995
DIN No.:	02586164
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
DIN No.:	01628337

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

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 31.03.2012

Names of Allottees	No. of Shares
M C Jain	731
Sanjay Kumar Goyal	385
Vijay Kumar Goyal	3477
Total	4593

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Industrial Gas Cylinders.

Products :

Product Description	ITC Code
Industrial Gas Cylinders	7311

· Chlorine Cylinders

· Anhyd. Ammonia Cylinders

· Refrigerant Cylinders

· Sulphur Chloride Cylinders

· Ethylene Oxide Cylinders

· Dissolved Acetylene Cylinders

· Welded and Seamless DA Cylinders

Exports :

Products :

Industrial Gas Cylinder

Countries :

• Africa
• Middle East

Imports :

Products :

Raw Material

Countries :

• Canada
• USA

Terms :

Selling :

L/C, Cash and Credit (30 days / 60 days / 90 days)

Purchasing :

L/C, Cash and Credit (30 days / 60 days / 90 days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

120 (Approximately)

Bankers :

· State Bank of India, Commercial Branch

· IDBI Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
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	1.603	(0.230)
IDBI O/D, Gwalior (Secured on hypothecation of FDRs)	3.998	0.009
Total	5.601	(0.221)
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Jai Maruti Medi Pharma Private Limited	0.150	0.000
CST Deferred Payment	0.000	1.322
A K Nigam and Sons (HUF)	0.102	0.092
Gopalji Nigam	0.469	0.450
Total	0.721	1.864

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
PAN No.:	AAEFG3882G

CAPITAL STRUCTURE

After: 30.09.2011

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
70903	Equity Shares	Rs.100/- each	Rs.7.090 Millions

As on: 31.03.2011

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		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		6.631	6.631	6.631
2] Share Application Money		2.010	0.000	0.000
3] Reserves & Surplus		67.831	58.626	50.739
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		76.472	65.257	57.370
LOAN FUNDS
1] Secured Loans		5.601	(0.221)	1.539
2] Unsecured Loans		0.721	1.864	2.629
TOTAL BORROWING		6.322	1.643	4.168
DEFERRED TAX LIABILITIES		0.605	0.636	0.000
TOTAL		83.399	67.536	61.538
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.561	8.311	7.902
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.204	0.120	0.120
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.828	6.354	14.649
	Sundry Debtors	9.285	19.521	10.659
	Cash & Bank Balances	58.394	46.997	34.458
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	11.624	4.959	8.111
Total Current Assets		89.131	77.831	67.877
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	10.781	13.417	11.469
	Other Current Liabilities
	Provisions	4.716	5.309	2.892
Total Current Liabilities		15.497	18.726	14.361
Net Current Assets		73.634	59.105	53.516
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		83.399	67.536	61.538

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	95.285	94.269	88.236
		Other Income	4.055	4.791	3.372
		TOTAL (A)	99.340	99.060	91.608
Less	EXPENSES
		Raw material consumed	59.376	63.363	67.569
		Manufacturing expenses	17.184	8.650	11.154
		Office and administrative expenses	6.342	4.856	3.461
		Repair maintenances	0.629	0.500	0.736
		Selling and distribution expenses	0.740	1.240	0.557
		Increase / decrease in stocks	(0.297)	4.263	(3.911)
		TOTAL (B)	83.974	82.872	79.566
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.366	16.188	12.042
Less	FINANCIAL EXPENSES (D)		0.158	0.234	0.177
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.208	15.954	11.865
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.205	1.058	0.929
	PROFIT BEFORE TAX (E-F) (G)		14.003	14.896	10.936
Less	TAX (H)		4.798	7.009	2.960
	PROFIT AFTER TAX (G-H) (I)		9.205	7.887	7.976
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		43.761	35.874	27.898
	BALANCE CARRIED TO THE B/S		52.966	43.761	35.874
	Earnings Per Share (Rs.)		138.82	118.90	120.24

Particulars	31.03.2012
Sales Turnover (Approximately)	160.000

Expected Sales (2012-2013): Rs. 200.000 Millions

The above information has been parted by Mr. Ashok

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.27	7.96	8.71
Net Profit Margin (PBT/Sales)	(%)	14.70	15.80	12.39
Return on Total Assets (PBT/Total Assets}	(%)	14.19	17.29	14.43
Return on Investment (ROI) (PBT/Networth)		0.18	0.23	0.19
Debt Equity Ratio (Total Liability/Networth)		0.29	0.31	0.32
Current Ratio (Current Asset/Current Liability)		5.75	4.16	4.73

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	Yes
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]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
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:

· Land

· Factory Building

· Plant and Machinery

· Furniture and Fixture

· Electric Installation

· Office Equipments

· Computer

· Bicycle

· 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.55.86
UK Pound	1	Rs.87.93
Euro	1	Rs.70.88

INFORMATION DETAILS

Information Gathered by :	JML
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	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.