MIRA INFORM REPORT

Report Date :

14.05.2012

IDENTIFICATION DETAILS

Name :	JUPITER COMTEX PRIVATE LIMITED
Registered Office :	Plot No. 510, Phase IV ,GIDC, Vatva, Mehmedabad Road, Ahmedabad – 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.12.2007
Com. Reg. No.:	052347
Capital Investment / Paid-up Capital :	Rs.7.560 Millions
CIN No.: [Company Identification No.]	U29190GJ2007PTC052347
TAN No.: [Tax Deduction & Collection Account No.]	AHMJ03274F
PAN No.: [Permanent Account No.]	AABCJ9321K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Machineries and Spare parts
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit:	USD 37032
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has been successful in wipping-off the accumulated losses of the previous years. Trade relations are reported as fair. Business is fair. Business is active. Payments are reported to slow but correct. The company can be considered 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 DECLINED BY

Management Non Co-operative [Name not disclosed]

LOCATIONS

Registered Office :	Plot No. 510, Phase IV ,GIDC, Vatva, Mehmedabad Road, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91-79-25835313
E-Mail :	mishankshah@gmail.com

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Gitesh Jayantilal Mistry
Designation :	Director
Address :	6/B, Sitabag Co-op Society, B/h Sardar Patel Society, Maninagar, Ahmedabad.
Date of Birth/Age :	17.11.1961
Date of Appointment :	14.12.2007
Name :	Mr. Sanjay Jayantilal Mistry
Designation :	Director
Address :	21- A, Sardar Patel Soceity, B/h Swaminarayan Tower, Maninagar, Ahmedabad.
Date of Birth/Age :	17.11.1961
Date of Appointment :	14.12.2007
Name :	Mr. Vishal Mukesh Mistry
Designation :	Director
Address :	B-14, Ananya Bunglows, Isanpur Jawahar Chowk Road, Opposite Anandwadi Bus Stop, Ahmedabad.
Date of Birth/Age :	09.05.1978
Date of Appointment :	14.12.2007
Name :	Mr. Rikesh Gitesh Mistry
Designation :	Director
Address :	6/B, Sitabag Co-op Society, B/h Sardar Patel Society, Maninagar, Ahmedabad.
Date of Birth/Age :	25.04.1984
Date of Appointment :	20.11.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Gitesh Jayantilal Mistry	1,50,000
Bhavnaben Sanjaybhai Mistry	1,87,500
Rikesh Giteshkumar Mistry	18,750
Saurin Giteshkumar Mistry	18,750
Leenaben Jatinkumar Mistry	1,87,500
Gitesh Jayantilal Mistry	18,750
Gitesh Jayantilal Mistry	43,750
Leenaben Jatinkumar Mistry	62,500
Bhavnaben Sanjaybhai Mistry	62,500
Gitesh Jayantilal Mistry	1,000
Bhavnaben Sanjaybhai Mistry	1,000
Rikesh Giteshkumar Mistry	1,000
Saurin Giteshkumar Mistry	1,000
Leenaben Jatinkumar Mistry	1,000
Jatin Jayantilal Mistry	1,000

AS ON 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Machineries and Spare parts

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Central Bank of India, Khokhra Mehmdabad Branch, Khokhra, Ahmedabad - 380008, Gujarat, India

· ICICI Bank – Maninagar Branch

· HDFC Bank – Navrangpura Branch

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
A. From Banks a) Cash Credit	14.733	22.778
B. From Others a) Hire Purchase Loans	3.397	1.398
TOTAL	18.130	24.176

NOTES:

1. Secured against hypothecation of stocks, book debts and other tangible movable assets of the Company, hypothecation of Plant and Machineries of the Company, Equitable mortagage of Factory Land and Building situated at Plot No:510, G.I.D.C. Phase IV, Vatva, Ahmedabad in the name of company, personal guarantee of all the shareholders of the company.

2. Secured by way of hypothecation of respective motor vehicles purchased.

UNSECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors	5.256	5.561
From Sharehloders	13.247	14.604
From Banks and Financial Institutions	0.374	0.431
Intercorporate	0.000	6.795
TOTAL	18.877	27.391

Banking Relations :	--
Auditors :
Name :	Mishank Shah and Associates Chartered Accountant
Address :	191/1, New Cloth Market, O/S Raipur Gate, Ahmedabad – 380002, Gujarat, India
Directors Relatives exercise control / significant influence::	Star Machine Engineers Private Limited

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
756000	Equity Shares	Rs.10/- each	Rs.7.560 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		7.560	7.560	7.560
2] Share Application Money		0.000	0.000	0.00
3] Reserves & Surplus		1.698	0.000	0.000
4] (Accumulated Losses)		0.000	(0.498)	(1.443)
NETWORTH		9.258	7.062	6.117
LOAN FUNDS
1] Secured Loans		18.130	24.176	33.967
2] Unsecured Loans		18.878	27.391	34.754
TOTAL BORROWING		37.008	51.567	68.721
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		46.266	58.629	74.838
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.682	9.607	8.225
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.414	0.346	0.289
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	84.855	78.727	89.946
	Sundry Debtors	127.141	65.808	26.169
	Cash & Bank Balances	1.184	11.764	15.832
	Other Current Assets	0.00	0.000	0.000
	Loans & Advances	40.483	43.416	24.533
Total Current Assets		253.663	199.715	156.480
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	220.930	150.964	89.954
	Other Current Liabilities	0.00	0.000	0.000
	Provisions	0.563	0.075	0.202
Total Current Liabilities		221.493	151.039	90.156
Net Current Assets		32.170	48.676	66.324
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		46.266	58.629	74.838

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	665.172	245.100	102.791
		Labour and Service Charges	0.712	0.962	0.766
		Other Income	0.917	5.542	2.747
		TOTAL (A)	666.801	251.604	106.304
Less	EXPENSES
		Material Cost	607.839	190.166	111.262
		Manufacturing and Operating costs	24.024	4.925	6.951
		Employment Costs	12.782	8.432	8.225
		Administrative, Selling and General Expenses	20.606	11.335	9.897
		Increase/ (Decrease) in Stock	(8.650)	29.720	(36.415)
		TOTAL (B)	656.601	244.578	99.920
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10.200	7.026	6.384
Less	FINANCIAL EXPENSES (D)		5.198	4.804	4.868
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.002	2.222	1.516
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.308	1.550	1.452
	PROFIT BEFORE TAX (E-F) (G)		2.694	0.672	0.064
Less	TAX (I)		0.498	(0.273)	(0.155)
	PROFIT AFTER TAX (G-I) (J)		2.196	0.945	0.219
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.498)	(1.443)	(1.662)
	BALANCE CARRIED TO THE B/S		1.698	(0.498)	(1.443)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	8.282	21.967	32.499
	TOTAL EARNINGS		8.282	21.967	32.499
	IMPORTS
		Raw Materials	59.004	17.534	10.227
	TOTAL IMPORTS		59.004	17.534	10.227
	Earnings Per Share (Rs.)		2.91	1.25	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.33	0.37	0.21
Net Profit Margin (PBT/Sales)	(%)	0.41	0.27	0.06
Return on Total Assets (PBT/Total Assets}	(%)	1.01	0.32	0.04
Return on Investment (ROI) (PBT/Networth)		0.29	0.10	0.01
Debt Equity Ratio (Total Liability/Networth)		27.92	28.69	25.97
Current Ratio (Current Asset/Current Liability)		1.15	1.32	1.73

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	220.930	150.964	89.954

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	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter's background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
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	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	--
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	Yes
30) Major Shareholders, if available	Yes

FORM 8:

Corporate identity number of the company	U29190GJ2007PTC052347
Name of the company	JUPITER COMTEX PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 510, Phase Iv, G.I.D.C. Vatwa, Mehmedabad Road, Ahmedabad – 382445, Gujarat, India
This form is for	Modification of charge
Type of charge	Book Debts Movable Property
Particular of charge holder	CENTRAL BANK OF INDIA
Nature of instrument creating charge	Supplemental Agreement of Hypothecation To Secure Demand Cash Credit Dated 18-05-2010 For Rs. 10.000 Millions
Date of instrument Creating the charge	18/05/2010
Amount secured by the charge	Rs.34.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit Against Goods Bplr + 0.5% Viz @12.5 % Monthly Rest. Book Debt (Odbd) Bplr + 0.5% Viz @12.5 % Monthly Rest. Terms of Repayment Payable On Demand Margin Stock In Trade - 25 % Book Debt (Odbd) - 50 % Extent and Operation of the charge The Original Charge Created In Favour Of Central Bank Of India, Khokhra Branch, Ahmedabad C/C Rs. 12.500 Millions, Hypo. Of B/ D For Rs. 7.500 Millions And B/G Limit Of Rs. 4.500 Millions Aggregating Rs. 24.500 Millions On 31/03/2008 And Registered With Roc Vide No. 10097782. The Above Charge Is Modified On 18/05/2010. The Bank Has Granted Additional C/C Facility Of Rs. 10.000 Millions Whereby The Total Charge Is Now For Rs. 34.500 Millions. (C/C Rs. 22.500 Millions, Hypo. Of B/ D For Rs. 7.500 Millions And B/G Of Rs. 4.500 Millions).
Short particulars of the property charged	Hypothecations Of Stock And Book Debts Of The Company
Particulars of the present modification	The Original Charge Created In Favour Of Central Bank Of India, Khokhra Branch, Ahmedabad C/C Rs. 12.500 Millions, Hypo. Of B/ D For Rs. 7.500 Millions And B/G Limit Of Rs. 4.500 Millions Aggregating Rs. 24.500 Millions On 31/03/2008 And Registered With Roc Vide No. 10097782. The Above Charge Is Modified On 18/05/2010. The Bank Has Granted Additional C/C Facility Of Rs. 10.000 Millions Whereby The Total Charge Is Now For Rs. 34.500 Millions. (C/C Rs. 22.500 Millions, Hypo. Of B/ D For Rs. 7.500 Millions And B/G Of Rs. 4.500 Millions).

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.53.64
UK Pound	1	Rs.86.42
Euro	1	Rs.69.28

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		28

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.