MIRA INFORM REPORT

Report Date :

07.11.2012

IDENTIFICATION DETAILS

Name :	JET-TECH PRIVATE LIMITED
Registered Office :	102, Kunj Society, Alkapuri, Vadodara – 390007, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.08.1989
Com. Reg. No.:	04-012651
Capital Investment / Paid-up Capital :	Rs.5.000 millions
CIN No.: [Company Identification No.]	U51909GJ1989PTC012651
TAN No.: [Tax Deduction & Collection Account No.]	BRDJ00691F
PAN No.: [Permanent Account No.]	AAACJ5890J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of all types of Jumbo Bass.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 38000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The reserve of the company appears to be low. It has achieved better growth in its sales and profits during 2011. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Shivanshu Misra
Designation :	Director
Contact No.:	91-9825020096
Date :	05.11.2012

LOCATIONS

Registered Office :	102, Kunj Society, Alkapuri, Vadodara – 390007, Gujarat, India
Tel. No.:	91-265-2830932/2338188
Mobile No.:	91-9825020096 (Mr. Shivanshu Misra)
Fax No.:	91-265-2338188/2338145
E-Mail :	mkt@jtinida.com
Website :	www.jtindia.com www.jettechpvtltd.com
Area :	2000 sq. ft.
Location :	Owned
Factory :	221, GIDC, Ramangamdi-Por, Vadodara – 391243, Gujarat, India
Tel. No.:	91-265-2830932 / 2830442 / 2338188
Fax No.:	91-265-2338188 / 2830442 / 2338145
Area :	10000 sq. ft.
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Shivanshu Kailashnath Misra

Designation :

Director

Address :

102, Kunj Society, Alkapuri, Vadodara – 390 007, Gujarat, India

Date of Birth/Age :

31.07.1979

Qualification :

BE

Date of Appointment :

01.10.1998

DIN No.:

01420071

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909GJ1989PTC012651	JET-TECH PRIVATE LIMITED	Director	01/10/1998	01/10/1998	-	Active	NO
2	U29120GJ1992PTC018274	DHYAN PRECISION PACK PVT LTD	Director	11/08/2003	11/08/2003	-	Active	NO
3	U17299GJ1988PTC011153	KINGSTON THREADS PRIVATE LIMITED	Director	25/03/2004	25/03/2004	08/09/2012	Active	NO
4	U65910GJ1992PLC017992	SAMRAT TRADING AND INVESTMENTS LTD	Director	29/08/2005	29/08/2005	-	Active	NO

Name :

Ms. Sashi Kailasnath Misra

Designation :

Whole-time-Director

Address :

102, Kunj Society, Alkapuri, Vadodara – 390 007, Gujarat, India

Date of Birth/Age :

06.07.1953

Qualification :

MAC

Date of Appointment :

21.08.1989

DIN No.:

01460596

Name :

Mr. Dileep Teckchand Chandwani

Designation :

Director

Address :

12, Sindhu Park, S.K. Colony, Wareshia, Vadodara – 390 006, Gujarat, India

Date of Birth/Age :

11.06.1966

Date of Appointment :

31.08.2000

DIN No.:

03105855

MAJOR SHAREHOLDERS

As on 30.09.2011

Names of Shareholders	No. of Shares
Kailashnath Misra	10
Shashi Misra	190980
Girish Trivedi	10
Shivanshu Misra	187200
Shivani Misra	121800
Total	500000

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 and Exporter of all types of Jumbo Bass.
Products :	§ Container Liner Inlets § Bulk Bags § Industrial Yarn § Industrial Thread § High Strength Webbing § Basket Slings § PP / HDPE woven sacks § Jute sacks § Floor Coverings
Exports :
Products :	All types of Jumbo Bass
Countries :	§ Europe § Middle East § USA § Latin America § Australia § Africa
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

MANUFACTURING/ FINISHED GOODS ITEM AS ON 31.03.2011

Particulars	Unit	Actual Production
Container Liner Inlet/ Bulk head		9395
J. Bag/ R Sheet/ Sling/ Belt/ Buckle/ Liner		49671
Threads		8605
Tex Yarn/ Tape		1126.61
Waste		0

GENERAL INFORMATION

Suppliers :

Yomika Fabrics, Vadodara

Customers :

Retailers and End Users

· ABC Trading Company, Karnataka

No. of Employees :

50 (Approximately)

Bankers :

§ State Bank of India, Vadodara, Gujarat, India

§ ICICI Bank, Vadodara, Gujarat, India

§ IDBI

§ HDFC Bank

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
IDBI Vehicle Loan	0.224	0.321
HDFC Bank Car Loan	0.664	0.000
SBI Vehicle Loan	0.186	0.298
OD A/c State Bank of India	1.115	1.649
Total	2.189	2.268
Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Indiabulls Financial Services Limited	0.048	8.178
Unsecured Loans from friends and Relatives	10.215	4.708
Total	10.263	12.886

Banking Relations :	--
Financial Institution:	Indiabulls Financial Services Limited
Auditors :
Name :	Dushyant J. Dalal and Company Chartered Accountants
Address :	33, Anandnagar Society, Productivity Road, Vadodara- 390007, Gujarat, India
Tel. No.:	91-265-2358393 / 6532088
Fax No.:	91-265-2343303
E-Mail :	djd_co@yahoo.com
PAN No.:	ABTPD2631E

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 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		5.000	5.000	5.000
2] Share Application Money		0.682	0.382	0.382
3] Reserves & Surplus		3.992	2.778	2.604
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		9.674	8.160	7.986
LOAN FUNDS
1] Secured Loans		2.189	2.268	1.373
2] Unsecured Loans		10.263	12.886	11.579
TOTAL BORROWING		12.452	15.154	12.952
DEFERRED TAX LIABILITIES		0.730	0.629	0.435
TOTAL		22.856	23.943	21.373
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.999	28.869	4.601
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		11.418	1.073	16.587
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.100	1.811	0.966
	Sundry Debtors	2.525	2.773	0.625
	Cash & Bank Balances	0.046	0.076	0.026
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.773	0.916	0.722
Total Current Assets		6.444	5.576	2.339
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.789	5.754	1.113
	Other Current Liabilities	2.846	5.589	0.928
	Provisions	0.545	0.232	0.113
Total Current Liabilities		8.180	11.575	2.154
Net Current Assets		(1.736)	(5.999)	0.185
MISCELLANEOUS EXPENSES		0.175	0.000	0.000
TOTAL		22.856	23.943	21.373

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	30.476	18.366	16.751
		Other Income	1.098	0.744	1.177
		TOTAL (A)	31.574	19.110	17.928
Less	EXPENSES
		Manufacturing Expenses	22.986	13.743	13.187
		Administrative Expenses	3.470	2.453	2.542
		Selling and Distribution Expenses	1.492	1.212	1.301
		Increase/ Decrease in Stock	0.188	0.073	0.036
		Other Expenses	0.127	0.279	0.015
		TOTAL (B)	28.263	17.760	17.081
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.311	1.350	0.847
Less	FINANCIAL EXPENSES (D)		1.231	0.387	0.213
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.080	0.963	0.634
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.420	0.384	0.212
	PROFIT BEFORE TAX (E-F) (G)		1.660	0.579	0.422
Less	TAX (H)		0.446	0.405	0.108
	PROFIT AFTER TAX (G-H) (I)		1.214	0.174	0.314
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.178	2.004	1.690
	BALANCE CARRIED TO THE B/S		3.392	2.178	2.004
	EXPORT VALUE		9.359	8.048	7.552
	IMPORT VALUE		0.000	0.034	0.000
	Earnings Per Share (Rs.)		2.43	0.35	NA

Particulars	31.03.2012
Sales Turnover (Approximately)	50.000

Expected Sales (2012-2013) : Rs.60.000 Millions

The above information has been parted by Mr. Shivanshu Mishra (Director)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.84	0.91	1.75
Net Profit Margin (PBT/Sales)	(%)	5.45	3.15	2.52
Return on Total Assets (PBT/Total Assets}	(%)	8.54	1.68	6.08
Return on Investment (ROI) (PBT/Networth)		0.17	0.07	0.05
Debt Equity Ratio (Total Liability/Networth)		2.13	3.28	1.89
Current Ratio (Current Asset/Current Liability)		0.79	0.48	1.09

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

YEAR IN RETROSPECT:

The company continued its business of manufacturing of FIBC Bags, Jumbo Bags, Container Liner Inlet etc., in regular course and acceptability for the same in the market is growing day by day.

TRADE REFERENCE:

· Yomika Fabrics, Vadodara

Mr. Vinay (Plant Manager)

· ABC Trading Company, Karnataka

Mr. Rakesh Patel (Owner)

FIXED ASSETS:

§ Furniture and Fixture

§ Office Equipment

§ Air-condition

§ Communication Equipment

§ Computer

§ Patents

§ Plant and Machinery

§ Vehicles

§ Factory Building

§ Electrical Installation

§ Factory Land

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 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.54.60
UK Pound	1	Rs.87.31
Euro	1	Rs.69.86

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		36

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.