MIRA INFORM REPORT

Report Date :

10.05.2012

IDENTIFICATION DETAILS

Name :	JAIN PACKAGING PRIVATE LIMITED
Registered Office :	35-K, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	25.10.1982
Com. Reg. No.:	11 – 28565
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U25200MH1982PTC028565
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ09153E
PAN No.: [Permanent Account No.]	AAACJ1039R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Printed and Coated Aluminium Sheets.
No. of Employees:	100 (Office 30, Factory 70) 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 342000
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 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. Shambhu Kumar
Designation :	Manager

LOCATIONS

Registered Office :	35-K, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India
Tel. No.:	91-22-26366848 / 50
Fax No.:	91-22-26364715
E-Mail :	info@nipra.co.in
Website :	www.jainpackaging.com
Area :	3000 Sq. ft.
Location :	Owned
Factory 1:	Plot No. 26 and 28, Survey No. 144/2, Naroji Road, Athal, Silvassa-396230 D and NH, India
Tel. No.:	91-260-2645434
Fax No.:	91-260-2645432
Area :	30000 Sq. ft.
Location :	Owned
Factory 2 :	B-19/20, Dewan and Shah Industrial Complex No. 2, Village – Waliv, Taluka Vasai, Thane, Maharashtra, India
Tel. No.:	91-250-2480241
Fax No.:	91-250-2481351
Location :	Owned

DIRECTORS

AS ON 27.09.2010

Name :	Mr. Nikhil Prakash Jain
Designation :	Managing Director
Address :	A 402, Palm Beach Apartment, J.P. Road, Versova, Andheri (West), Mumbai – 400 061, Maharashtra, India
Date of Birth/Age :	16.02.1980
Date of Appointment :	31.10.2003
Name :	Ms. Nidhi Jain
Designation :	Additional Director
Address :	402, Palm Beach Apartment, J P Roadl, Versova, Andheri (West), Mumbai-400061, Maharashtra, India
Date of Birth/Age :	17.07.1980
Date of Appointment :	01.11.2009
Name :	Mr. Sulabha Prakash Jain
Designation :	Director
Address :	9 Parag Apartments, J.P. Road, Versova, Andheri (West), Mumbai – 400 061, Maharashtra, India
Date of Birth/Age :	14.06.1954
Date of Appointment :	01.08.1997
Date of Ceasing:	01.11.2009
Name :	Mr. Mahendra Singh Chhoutbhai Solanki
Designation :	Whole Time Director
Address :	House No.6/1, Main Road, Naroli, Silvassa – 396 235, Dadar Nagar Haveli
Date of Birth/Age :	02.03.1962
Date of Appointment :	15.09.2008

KEY EXECUTIVES

Name :	Mr. Shambhu Kumar
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2010

Names of Shareholders	No. of Shares
Nikhil Jain	7400
Sulabha Jain	14550
Nipra Industries Private Limited, Amli, Silvassa	2000
Orbit Packagings Private Limited, Mumbai	50
Prakash Jain	1000
Total	25000

Equity Share Breakup (Percentage of Total Equity)

AS ON 27.09.2010

Category	Percentage
Bodies corporate	12.00
Directors or relatives of directors	88.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Printed and Coated Aluminium Sheets
Products :	ITC CODE	Product Description
	7607.1995	Printed Aluminium Sheets
	7210.3090	Printed M.S. Sheets
	7607.1994	Coated Aluminium Sheets
	7607.1991	Cut to Size Aluminium Sheets
Exports :
Products :	Printed and Coated Aluminium Sheets
Countries :	Europe USA Italy Singapore Bangladesh Nigeria
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	L/C, Cash and Credit (90-60 days)
Purchasing :	Cash and Credit

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Actual Production
Printed/ Coated Aluminium Sheets	MT	2250
M.S. Sheets	MT	114

GENERAL INFORMATION

Suppliers :

· Brisk Technovision Private Limited

· Balaji Polycoats

· Columbus Travels

· Corporate Consultants

· DIC (India) Limited

· DIC Coatings (India) Limited

· Ganesh Watch and Wards

· Godha and Company

· Hindatco Industries Limited, Silvasa

· Industrial Domestic Machines and Components

· J Fast Octroi Services

· Jay Ambe Roadlines

· Jain and Kothari

· Jayn Security Services

· Kanan Graphics Private Limited

· Mayur Corporation

Customers :

• End Users
• OEM’s

No. of Employees :

100 (Office 30, Factory 70) Approximately

Bankers :

• The Shamrao Vithal Co-operative Bank Limited, 12 Udyog Nagar, Time Star Building, S.V. Road, Goregaon (West), Mumbai – 400 062, Maharashtra, India
• Canara Bank, Andheri (West), Mumbai – 400068, Maharashtra

Facilities :

SECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From the Shamrao Vithal Co-op Bank Limited
i) Term Loans (Against equitable mortgage of land and building at Athal and Casai and hypothecation of machinery etc at Athal)	19.931	21.919
ii) Cash Credit (Against hypothecation of stock an dbook debts) (Note: all above facilities with the bank are collaterally secured by factory building and land at Athal, Gala at Vasai and personal guarantee of relatives of the directors)	58.522	58.455
From Other Banks
Car Loans
From Tata Capital Limited (against hypothecations of car )	1.466	0.000
Total	79.919	80.374
UNSECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Directors	1.292	0.117
Total	1.292	0.117

Banking Relations :	--
Auditors :
Name :	Jain and Kothari Chartered Accountant
Address :	43, Onlooker Building, Sir P.M. Road, Mumbai – 400 001, Maharashtra, India
Pan No.:	AACFJ6082B

CAPITAL STRUCTURE

AS ON (31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- Each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- Each	Rs.2.500 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		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		83.063	64.631	58.446
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		85.563	67.131	60.946
LOAN FUNDS
1] Secured Loans		79.919	80.374	81.391
2] Unsecured Loans		1.292	0.117	0.684
TOTAL BORROWING		81.211	80.491	82.075
DEFERRED TAX LIABILITIES		0.592	0.624	0.741
TOTAL		167.366	148.246	143.762
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		51.444	49.869	55.806
Capital work-in-progress		0.000	3.915	0.000
INVESTMENT		0.500	0.050	0.050
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	27.331	26.275	9.167
	Sundry Debtors	102.775	63.014	66.102
	Cash & Bank Balances	3.347	1.714	6.361
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	18.760	18.776	18.404
Total Current Assets		152.213	109.779	100.034
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.224	9.901	8.686
	Current Liabilities	12.284	5.466	3.442
	Provisions	2.283	0.000	0.000
Total Current Liabilities		36.791	15.367	12.128
Net Current Assets		115.422	94.412	87.906
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		167.366	148.246	143.762

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	444.539	275.850	286.921
		TOTAL	444.539	275.850	286.921
Less	EXPENSES
		Selling and Distribution Expenses
		Office Expenses	412.671	260.522	274.641
		Administrative Expenses
		Advertising Expenses
		TOTAL	412.671	260.522	274.641
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		31.868	15.328	12.280
Less/ Add	DEPRECIATION/ AMORTISATION		6.490	6.825	3.812
	PROFIT BEFORE TAX		25.378	8.503	8.468
Less	TAX		6.945	2.317	2.101
	PROFIT AFTER TAX		18.431	6.186	6.367
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.132	0.946	2.079
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	5.000	7.500
	BALANCE CARRIED TO THE B/S		10.563	2.132	0.946
	EARNINGS IN FOREIGN CURRENCY		NA	0.160	0.022
	IMPORTS		NA	15.253	9.386
	Earnings Per Share (Rs.)		737.00	247.00	254.68

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.14	2.24	2.22
Return on Total Assets (PBT/Total Assets}	(%)	12.46	5.33	5.43
Return on Investment (ROI) (PBT/Networth)		0.29	0.13	0.14
Debt Equity Ratio (Total Liability/Networth)		1.38	1.43	0.20
Current Ratio (Current Asset/Current Liability)		4.13	7.14	8.24

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	Yes
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	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	No
30) Major Shareholders, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25200MH1982PTC028565
Name of the company	JAIN PACKAGING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	35-K, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	The Shamrao Vithal Co-operative Bank Limited, 12 Udyog Nagar, Time Star Building, S.V. Road, Goregaon (West), Mumbai – 400 062, Maharashtra, India Email: legaldept@svcbank.com
Nature of instrument creating charge	Supplementary Deed of Hypothecation
Date of instrument Creating the charge	15.12.2010
Amount secured by the charge	Rs. 120.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Rate of Interest : @ PLR-3.00% p.a. subject to minimum @12.50% p.a. or at such lending rate that RBI/Bank policies may determine to charge from time to time. Margin As may be decided from time to time by the Bank. Extent and operation of the charge To secure the due repayment of the following credit facilities of Rs.120.000 millions (enhanced from Rs.65.000 millions), together with interest, costs, charges and expenses thereon, granted by the bank to the Company. 1) Cash Credit of Rs.100.000 millions (enhanced from Rs.50.000 millions) 2) Letter of Credit of Rs.20.000 millions (enhanced from Rs.15.000 millions)
Short particulars of the property charged (Including location of the property)	All, present & future, stocks of raw materials, goods in process of manufacture & all finished & manufactured goods and articles, etc. with all stores of the Company. All, present and future, book debts, outstanding monies, receivables, claims, bills, rights to or in moveable properties and movable assets of the Company. All, present & future, tangible moveable assets, furniture, fixtures, civil work, plant and machinery as per Annexure-I of Plant and Machinery to the said Agreement.
Date of instrument modifying the charge	02.09.2009
Particulars of the present modification	This charge shall also hold good to secure the due repayment of additional Credit facilities of Rs.55.000 millions granted to the Company. Hence, the aggregate credit facilities, secured by charge, have been enhanced from Rs.65.000 millions to Rs.120.000 millions.[being Cash Credit facility of Rs.100.000 millions (enhanced from Rs.50.000 millions), Letter of Credit of Rs.20.000 millions (enhanced from Rs.15.000 millions)].Therefore, the overall charge now stands at Rs.120.000 millions.

FIXED ASSETS

• Building
• Land
• Plant and Machinery
• Cycle
• Motor Car
• Furniture and Fixtures
• Computers

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.53.46
UK Pound	1	Rs.86.27
Euro	1	Rs.69.40

INFORMATION DETAILS

Report Prepared by :

TPT

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.