MIRA INFORM REPORT

Report Date :

14.03.2012

IDENTIFICATION DETAILS

Name :	AJIT INDUSTRIES PRIVATE LIMITED
Registered Office :	414/415 D Mall, 4^th Floor, Netaji Subash Place, Opposite DTC, Wazirpur , Delhi- 110034
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.02.1998
Com. Reg. No.:	55-092320
Capital Investment / Paid-up Capital :	Rs. 10.000 Millions
CIN No.: [Company Identification No.]	U33112DL1998PTC092320
IEC No.:	0598001280
TAN No.: [Tax Deduction & Collection Account No.]	DELA08875G
PAN No.: [Permanent Account No.]	AACCA4913D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Self Adhesive Tapes, Die Cuts and Stickers.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 360000
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 (GENERAL DETAILS)

Name :	Mr. A.K. Bhatt
Designation :	Manager
Contact No.:	91-9811168674
Date :	27.02.2012

LOCATIONS

Registered Office/ Factory:	414/415 D Mall, 4^th Floor, Netaji Subash Place, Opposite DTC, Delhi- 110034, India
Tel. No.:	91-11-49010101/ 49010154
Mobile No.:	91-9811168674/ 9810032455 (Mr. A.K. Bhatt)
Fax No.:	91-11-49010102
E-Mail :	info@ajitindustries.com ajit.gupta@ajitindustries.com ajitindustries@ajitindustries.com
Website :	http://www.ajitindustries.com

DIRECTORS

As on 26.09.2011

Name :

Mr. Ajit Kumar Gupta

Designation :

Managing Director

Address :

A-20, Panchwati Azadpur, New Delhi – 110 033, India

Date of Birth/Age :

05.05.1964

Date of Appointment :

30.03.1999

DIN No.:

00019393

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	U33112DL1998PTC092320	AJIT INDUSTRIES PRIVATE LIMITED	Managing director	30/03/1999	30/03/1999	-	Active	NO
2	U45202DL2005PTC141943	EMPIRE BUILDTECH PRIVATE LIMITED	Director	20/10/2005	20/10/2005	-	Active	NO
3	U74899DL2005PTC141942	HIGHVALLEY REALCON PVT LTD	Director	20/10/2005	20/10/2005	-	Active	NO
4	U45201DL2006PTC145997	EMPIRE BUILDCON PRIVATE LIMITED	Director	7/2/2006	7/2/2006	-	Active	NO
5	U45201DL2006PTC145996	HIGHVALLEY BUILDTECH PRIVATE LIMITED	Director	7/2/2006	7/2/2006	-	Active	NO
6	U45202HP2006PTC030006	J S ENERGY PRIVATE LIMITED	Director	7/4/2006	7/4/2006	-	Active	NO
7	U45202HP2006PTC030005	AJIT ENERGY PRIVATE LIMITED	Director	7/4/2006	7/4/2006	-	Active	NO
8	U32109DL2006PTC154042	HIGHVALLEY INSULATIONS PRIVATE LIMITED	Director	19/09/2006	19/09/2006	-	Active	NO
9	U72200DL2006PTC154182	HIGHVALLEY TECHNOLOGY PRIVATE LIMITED	Director	21/09/2006	21/09/2006	-	Active	NO
10	U72300DL2007PTC157777	EMPIRE EPARKS PRIVATE LIMITED	Director	11/1/2007	11/1/2007	-	Active	NO
11	U31908DL2007PTC162515	INTECH DIGITAL TECHNOLOGY (INDIA) PRIVATE LIMITED	Director	24/04/2007	24/04/2007	14/04/2011	Active	NO
12	U45300DL2007PTC164196	UNIEXCEL DEVELOPERS PRIVATE LIMITED	Director	30/05/2007	30/05/2007	-	Active	NO
13	U24297DL2007PTC171143	TUN WA POLY FILMS PRIVATE LIMITED	Director	6/12/2007	6/12/2007	-	Active	NO
14	U72200DL2008PTC172535	HIGHRISE INFOTECH PRIVATE LIMITED	Director	10/1/2008	10/1/2008	-	Active	NO
15	U27310DL2008PTC172571	SWIFT EPARKS PRIVATE LIMITED	Director	11/1/2008	11/1/2008	-	Active	NO
16	U51909DL2009PTC189380	S G POLYPLAST PRIVATE LIMITED	Director	15/04/2009	15/04/2009	-	Active	NO
17	U52100DL2010PTC203345	AIPL MARKETING PRIVATE LIMITED	Director	29/05/2010	29/05/2010	-	Active	NO
18	U35999DL2011PTC218569	SAM AUTOTECH PRIVATE LIMITED	Director	4/5/2011	4/5/2011	-	Active	NO
19	U27101RJ1991PTC006167	IMPEX METAL PRIVATE LIMITED	Director	19/08/2011	19/08/2011	-	Active	NO
20	U70102DL2011PTC227239	A G REALCON PRIVATE LIMITED	Director	9/11/2011	9/11/2011	-	Active	NO
21	U35999DL2011PTC227453	SAM AUTOPRO PRIVATE LIMITED	Director	15/11/2011	15/11/2011	-	Active	NO

Name :

Mr. Ashok Kumar Gupta

Designation :

Director

Address :

A-20, Panchwati Azadpur, New Delhi – 110033, India

Date of Birth/Age :

07.07.1961

Date of Appointment :

20.07.2003

DIN No.:

00076235

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	U74899DL1986PTC024159	WONDER POLYMERS PRIVATE LIMITED	Director	8/5/1986	8/5/1986	-	Active	NO
2	U33112DL1998PTC092320	AJIT INDUSTRIES PRIVATE LIMITED	Director	20/07/2003	20/07/2003	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders	No. of Shares
Arun Kumar Gupta	50600
Sahil Gupta	120000
Ajit Kumar Gupta	433850
Anjali Gupta	51100
Deepak Gupta	333450
Ashok Kumar Gupta	10000
Asha Gupta	1000
Total	1000000

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Self Adhesive Tapes, Die Cuts and Stickers.
Products :	Self Adhesive Tapes/ Die Cuts/ Stickers Silk Fabric Real Estate Special Tapes Industrial Tapes Packaging Tapes Electrical Components Tapes Repulpable Tapes Flexo Printing Tapes Adhesive Tapes for Automotives Adhesive Tapes for Foam and Rubber Processing Adhesive Tapes for Electricals Adhesive Tapes for Floor Making Adhesive Tapes for White Goods and Appliances
Exports :
Products :	Self Adhesive Tapes
Countries :	· Malaysia · Brazil · Indonesia
Imports :
Products :	Raw Material
Countries :	· Italy · Germany · America · Taiwan
Terms :
Selling :	Depends
Purchasing :	Depends

PRODUCTION STATUS As on 31.03.2011

Particulars	Unit	31.03.2011
Licensed capacity	NA	NA
Install capacity	NA	NA
Production	Rolls/Kgs/Pcs/Sq.Mtrs/Ctns	123011761

GENERAL INFORMATION

Customers :

OEMs

No. of Employees :

100 (Approximately)

Bankers :

· State Bank of Mysore, 4101-4157 Naya Bazar, New Delhi-110026, India

· HDFC Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Secured Loan from Banks Against Hypothecation of:
Stocks and Debtors	64.348	56.168
Vehicles	3.499	0.984
Total	67.847	57.152
Unsecured Loan
From Directors	0.131	0.307
From Shareholders	9.166	15.835
From other bodies corporate	0.950	1.147
From Banks	0.260	1.483
Total	10.507	18.772

Banking Relations :	--
Auditors :
Name :	Virender K Jain and Company Chartered Accountant
Address :	3618/11, Sudershan Market, Chawri Bazar, Delhi – 110006, India
Tel. No.:	91-11-23970376
PAN.:	AADPJ6778M
Memberships :	· Adhesive Tapes Manufacturing Association, India · Screen Printing Association of India (SPAI), India

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Note: Of the above 45000 shares have been allotted for consideration other than cash.

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		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		80.038	64.609	50.408
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		90.038	74.609	60.408
LOAN FUNDS
1] Secured Loans		67.847	57.152	52.056
2] Unsecured Loans		10.508	18.772	14.426
TOTAL BORROWING		78.355	75.924	66.482
DEFERRED TAX LIABILITIES		4.240	4.087	3.911
TOTAL		172.633	154.620	130.801
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		39.324	32.283	24.992
Capital work-in-progress		10.893	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	83.784	34.638	49.123
	Sundry Debtors	118.884	114.131	82.023
	Cash & Bank Balances	6.590	3.754	3.985
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	73.150	78.866	42.345
Total Current Assets		282.408	231.389	177.476
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	131.013	79.143	60.483
	Other Current Liabilities	8.996	18.349	4.396
	Provisions	19.983	11.560	6.788
Total Current Liabilities		159.992	109.052	71.667
Net Current Assets		122.416	122.337	105.809
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		172.633	154.620	130.801

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	849.094	796.817
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	825.089	774.623	NA
	PROFIT BEFORE TAX (E-F) (G)		24.005	22.194
Less	TAX (I)		8.576	7.993
	PROFIT AFTER TAX (G-I) (J)		15.429	14.201	9.656
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.009	0.008	NA
Less	APPROPRIATIONS
	Transfer to General Reserve		15.000	14.200	NA
	BALANCE CARRIED TO THE B/S		0.438	0.009	0.008
	EARNINGS IN FOREIGN CURRENCY		0.313	0.159	Nil
	IMPORTS
		Raw Materials	130.706	122.313	87.590
		Trading Goods	246.469	374.918	74.705
		Capital Goods	8.945	0.000	0.676
	TOTAL IMPORTS		386.120	497.231	162.971
	Earnings Per Share (Rs.)		15.43	14.20	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.82	1.78	NA
Return on Total Assets (PBT/Total Assets}	(%)	7.46	8.42	NA
Return on Investment (ROI) (PBT/Networth)		0.27	0.30	NA
Debt Equity Ratio (Total Liability/Networth)		2.65	2.47	2.29
Current Ratio (Current Asset/Current Liability)		1.77	2.12	2.48

LOCAL AGENCY FURTHER INFORMATION

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

NOTE:

The registered office of the company has been shifted from M-7, Aradhana Bhawan Azadpur Commercial Complex, Azadpur, New Delhi-110 033, India to the present address.

OPERATION:

During the year there has been increase in turnover from Rs.776.000 Millions to 821.900 Millions. The net profit before provision of tax for the year amounted to Rs. 24.005 Millions as against Rs. 22.194 Millions in preceding year. The increase in turnover compared to the previous year is 5.91% where as the increase in the net profit is 8.16%. After making provisions for current tax liability of Rs. 8.423 Millions and deferred tax liability of Rs. 0.153 Million the net profit amounted to Rs. 15.429 millions as against Rs. 14.200 Millions in the preceding year. After adding there to the brought forward profit of Rs. 0.009 Million there is a net surplus of Rs. 15.438 Millions out of which a sum of Rs.15.000 Millions have been transferred to General Reserve and the Balance profit of Rs. 0.438 Million is recommended to be carried forward.

FORM 8

Corporate identity number of the company	U33112DL1998PTC092320
Name of the company	AJIT INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	414/415 D Mall, 4^th Floor, Netaji Subash Place, Opposite DTC, Delhi- 110034, India
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	10320019
Type of charge	· Immovable property · Any interest in immovable property · Movable property (not being pledge) · Others Equitable Mortgage
Particular of charge holder	State Bank of Mysore, 4101-4157 Naya Bazar, New Delhi-110026, India Email - nayabazar@sbm.co.in
Nature of instrument creating charge	Letter of extension of equitable mortgage
Date of instrument Creating the charge	29.10.2011
Amount secured by the charge	Rs. 5.400 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 6% above base rate of 10.25% i.e. effective rate being 16.25% as applicable to TL tenor up to 3 years Terms of Repayment 36 equated monthly installments of 0.205 Million commencing from one month after disbursement Margin stocks : 30% Extent and Operation of the Charge The charge operates as security as first exclusive charge in favor of bank Others This is to secure medium term loan of Rs. 5.400 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Factory land and building killa no 4, rectangles Nos. 18/2/2 (0-12), 19/1/2 (3-17), 19/2 (3-18), 20/1 (1-0) total 9(0-7) registered as... Doc No 561 dated 23.08.1999 at Village Nizampur, Tehsil Kharkhoda, district Sonipat PVC free foamed board extrusion line with 500/1000 mixer PVC 0.10 mm x 1250mm x 25 m quantity 1 line make Suzhou Jwell machinery company Limited China
Particulars of the present modification	The MTL limit of Rs. 5.400 Millions is collaterally secured by extension of mortgage by redeposit of title deeds of immovable property factory land and building killa no 4, rectangles Nos. 18/2/2 (0-12), 19/1/2 (3-17), 19/2 (3-18), 20/1 (1-0) total 9(0-7) registered as doc no 561 dated 23.08.1999 at Village Nizampur, Tehsil Kharkhoda, district Sonipat

FIXED ASSETS:

· Building

· Plant and Machinery

· Electric Installation

· TV

· Generator

· Weighing Scale

· Other Equipments

· Motor Cycle

· Car

· Transformer

· Tempo

· AC

· Compressor

· Fax

· Mobile

· Three Wheeler

· Furniture

· Computer

· Cooler

· Video Conferencing

· EPBAX

· A.C

· Fan

· Geyser

· Cycle

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.49.84
UK Pound	1	Rs.77.96
Euro	1	Rs.65.61

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	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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.