MIRA INFORM REPORT

Report Date :

23.10.2012

IDENTIFICATION DETAILS

Name :	JASCH PLASTICS INDIA LIMITED
Registered Office :	Jasch House, No.5105-D, Krishan Nagar, Dev Nagar, Karol Bagh, New Delhi – 110005
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.08.1994
Com. Reg. No.:	55-060810
Capital Investment / Paid-up Capital :	Rs.86.389 Millions
CIN No.: [Company Identification No.]	U74990DL1994PLC060810
TAN No.: [Tax Deduction & Collection Account No.]	DELJ04147D/ DELJ02851C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Synthetic Leather, Synthetic Leather Footwear etc.
No. of Employees :	Not Available

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 530000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, 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 cautions.

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.

LOCATIONS

Registered Office :	Jasch House, No.5105-D, Krishan Nagar, Dev Nagar, Karol Bagh, New Delhi – 110005, India
Tel. No.:	91-11-28723745/ 28723750
Fax No.:	91-11-28723732
E-Mail :	suganchandgarg@yahoo.com
Factory :	17^th Mile Stone, G. T. Road, Kindli, Pio Maniyari, District Sonepat, Haryana, India
Tel. No.:	91-1264-235723/240710

DIRECTORS

(AS ON 28.09.2012)

Name :

Mr. Sugan Chand Garg

Designation :

Managing Director

Address :

34-R, Model Town, Sonepat – 131001, Haryana, India

Date of Birth/Age :

11.03.1946

Date of Appointment :

15.05.2003

PAN No.:

AAGPG8797G

DIN No.:

00175167

Other Directorships :

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	Company/ LLP Status	Defaulting status
1	U19201HR1985PTC021074	JASCH FOOTWEARS PVT LTD	Director	29/05/1985	29/05/1985	Not Available for eFiling	NO
2	U74950HP1985PLC006124	JASCH SHOES INDIA LIMITED	Director	23/09/1985	23/09/1985	Active	NO
3	U74899DL1985PTC022088	JASCH FOAMS PRIVATE LIMITED	Director	23/09/1985	23/09/1985	Active	NO
4	U74899DL1988PLC031528	JASCH HEALTH FOODS LIMITED	Director	28/11/1992	28/11/1992	Active	NO
5	U74899DL1995PLC064600	JASCH FINANCIAL SERVICES LIMITED	Director	23/08/2001	23/08/2001	Active	NO
6	U74990DL1994PLC060810	JASCH PLASTICS INDIA LIMITED	Managing director	01/10/2009	15/05/2003	Active	NO
7	U74899DL1985PTC025555	JASCH FOOTWEARS PRIVATE LIMITED	Director	27/12/2006	27/12/2006	Active	NO

Name :

Mr. Sanjeev Sugan Garg

Designation :

Whole Time Director

Address :

34-R, Model Town, Sonepat – 131001, Haryana, India

Date of Birth/Age :

07.04.1974

Date of Appointment :

15.03.2003

PAN No.:

AADPG5625N

DIN No.:

00175338

Other Directorships :

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	Company/ LLP Status	Defaulting status
1	U74899DL1988PLC031528	JASCH HEALTH FOODS LIMITED	Director	01/11/2000	01/11/2000	Active	NO
2	U74990DL1994PLC060810	JASCH PLASTICS INDIA LIMITED	Whole-time director	15/11/2008	15/03/2003	Active	NO
3	U74899DL1985PTC022088	JASCH FOAMS PRIVATE LIMITED	Director	01/09/2003	01/09/2003	Active	NO
4	U74950HP1985PLC006124	JASCH SHOES INDIA LIMITED	Director	01/09/2003	01/09/2003	Active	NO

Name :

Mr. Sudhir Sugan Garg

Designation :

Whole Time Director

Address :

34-R, Model Town, Sonepat – 131001, Haryana, India

Date of Birth/Age :

05.05.1977

Date of Appointment :

15.05.2003

PAN No.:

AAEPG2124R

DIN No.:

00175403

Other Directorships :

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	Company/ LLP Status	Defaulting status
1	U74990DL1994PLC060810	JASCH PLASTICS INDIA LIMITED	Whole-time director	15/05/2008	15/05/2003	Active	NO
2	U74899DL1988PLC031528	JASCH HEALTH FOODS LIMITED	Director	20/07/2006	20/07/2006	Active	NO
3	U74899DL1990PTC039152	ADHUNIK CONTAINERS PRIVATE LIMITED	Director	24/07/2006	24/07/2006	Active	NO
4	U74899DL1995PLC064600	JASCH FINANCIAL SERVICES LIMITED	Director	02/07/2007	02/07/2007	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 28.09.2012)

Names of Shareholders	No. of Shares
Individuals
Sugan Chand Garg	4690000
Naraini Garg	149010
Sudhir Garg	199560
Sanjeev Garg	145800
Sumit Garg	21200
Shilpa Garg	112000
Sajal Garg	148000
Deepti Garg	150000
Jai Kishan Garg	8810
Kamlesh Garg	10
Ramnik Garg	1240
Archana Garg	10000
Navneet Garg	800
Munni Devi	30010
Satish Kumar Garg	63250
Vishal Garg	6000
Vikas Garg	49000
Paras Ram Sharma	37500
Satish Kumar Garg and Son (HUF)	5000
Sugan Chand Garg and Son (HUF)	63060
	0
Body Corporates	0
Jasch Financial Ser. Limited, India	2026150
AAS Marketing Limited, India	412500
Jasch Health Foods Limited, India	310000
Total	8638900

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Bodies corporate	32.00
Directors or relatives of directors	66.00
Other top fifty shareholders	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Synthetic Leather, Synthetic Leather Footwear etc.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Punjab National Bank

Main Branch, Sonepat – 131001, Haryana, India

· Bank of India

Gita Bhawan Branch, Sonipat – 131001, Haryana, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	14.028	0.000
Working capital loans banks secured	118.982	94.174
Loans taken for vehicles secured	3.850	4.089
Total	136.860	98.263

Banking Relations :	--
Auditors :
Name :	Arora and Choudhary Associates Chartered Accountant
Address :	8/28, W.E.A., Abdul Aziz Road, Karol Bagh, New Delhi – 110005, India
PAN No.:	AAAFA4250G
Group Companies :	· Jasch Foams Private Limited · Jasch Shoes India Limited · Jasch Footwears Private Limited · Jasch Financial Services Limited

CAPITAL STRUCTURE

(AS ON 28.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8638900	Equity Shares	Rs.10/- each	Rs.86.389 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		86.389	86.389	86.389
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		45.256	39.537	34.040
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		131.645	125.926	120.429
LOAN FUNDS
1] Secured Loans		136.860	98.263	78.255
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		136.860	98.263	78.255
DEFERRED TAX LIABILITIES		5.196	5.587	4.864
TOTAL		273.701	229.776	203.548
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		77.569	75.344	74.096
Capital work-in-progress		17.088	0.000	0.000
INVESTMENT		0.000	0.500	0.500
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	65.440	49.281	34.398
	Sundry Debtors	147.281	138.576	132.548
	Cash & Bank Balances	7.243	7.135	4.458
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	19.436	20.960	10.561
Total Current Assets		239.400	215.952	181.965
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	53.942	55.628	45.443
	Other Current Liabilities	2.292	1.498	2.112
	Provisions	4.122	4.894	5.458
Total Current Liabilities		60.356	62.020	53.013
Net Current Assets		179.044	153.932	128.952
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		273.701	229.776	203.548

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	459.988	405.359	397.223
		Other Income	0.712	4.100	0.271
		TOTAL (A)	460.700	409.459	397.494
Less	EXPENSES
		Consumption materials changes inventories	410.717	361.075
		Manufacturing service costs	8.033	5.114
		Employee related expenses	5.381	5.196	376.536
		Administrative selling other expenses	10.299	13.979
		TOTAL (B)	434.430	385.364	376.536
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		26.270	24.095	20.958
Less	FINANCIAL EXPENSES (D)		14.087	10.156	8.930
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.183	13.939	12.028
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.848	3.483	3.350
	PROFIT BEFORE TAX (E-F) (G)		8.335	10.456	8.678
Less	TAX (H)		2.616	4.960	2.983
	PROFIT AFTER TAX (G-H) (I)		5.719	5.496	5.695
	Earnings Per Share (Rs.)		0.66	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.24	1.34	1.43
Net Profit Margin (PBT/Sales)	(%)	1.81	2.58	2.18
Return on Total Assets (PBT/Total Assets}	(%)	2.63	3.59	3.39
Return on Investment (ROI) (PBT/Networth)		0.06	0.08	0.07
Debt Equity Ratio (Total Liability/Networth)		1.50	1.27	1.09
Current Ratio (Current Asset/Current Liability)		3.97	3.48	3.43

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	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	No
16]	Details of sister concerns	Yes
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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS

The company has achieved sales and other income of Rs 461.114 Millions, which was about 13.31% higher as compared with the sales and other income of the previous year. The increase in sales was partly due to higher production of coated fabric, uppers and higher sales realization. The operating profit before Interest, Depreciation and Income Tax was at Rs.26.270 Millions, which was about 9.03% higher as compared to previous year at Rs. 24.095 Millions. The interest and financial charges have increased by about 38.71% to Rs.14.087 Millions as against Rs.10.156 Millions in the previous year, mainly due to higher working capital borrowing from bank and interest on term loan for machinery.

The company has achieved net profit of Rs.5.719 Millions during the Financial Year 2010-11 (after providing for Depreciation of Rs.3.848 Millions and provision for Income Tax of Rs.3.000 Millions), as compared with Net profit of Rs. 5.496 Millions in the previous year.

FUTURE PROSPECTS

The Company has achieved gross sales of Rs.136.624 Millions during the first quarter of the current financial year ended on 30th June 2011. The company now proposes to concentrate on higher value added products for niche market, which have better margin. The company is also going for Manufacturing of Insole Sheet, Counter Sheet, TOE Puff. For the new project the company has installed machinery. The company is expecting to cater to the needs of shoe manufacturers across the country. In view of this, the prospects during current and next year are expected to be better.

Contingent Liabilities not provided for in the books of account by the company is:

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
In respect of claims against the Company not Acknowledged as debts.*	6.678	6.678
Foreign Letters of Credit Opened by the Bank (Margin money with bank Rs 30.850 Millions ( Rs 38.660 Millions)	30.850	25.775
Estimated amount of contracts remaining to be executed on capital account not provided for	0.000	0.000
Liability in respect of Bills Discounting with bank	0.000	0.000
Corporate Guarantee given to Bank. **	265.700	177.460

* Includes mainly Rs.6.678 Millions represented Local Area Development Tax imposed by Assessing Authority Sonepat. The claim has been disputed before Tribunal-Chandigarh and the company has paid Rs. 2.901 Millions as ordered by appropriate Authority.

** The Company has given Corporate Guarantee and mortgage the title deeds of the land in favor of Bank of India, Sonipat to secure the fund and non fund based facilities sanctioned to Jasch Foams Private Limited, Jasch Shoes (India) Limited, Jasch Foils, Bright sports shoes manufacturing company and Jasch Footwears Private Limited

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	10240737
Corporate identity number of the company	U74990DL1994PLC060810
Name of the company	JASCH PLASTICS INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	5105-D, Dev Nagar, Karol Bagh, New Delhi, India suganchandgarg@yahoo.com
Type of charge	Immovable Property
Particular of charge holder	Bank of India Gita Bhawan Branch, Sonepat – 132001, Haryana, India sonepat.chandigarh@bankofindia.co.in
Nature of description of the instrument creating or modifying the charge	Extension of equitable mortgage of property.
Date of instrument Creating the charge	27/03/2012
Amount secured by the charge	Rs.35.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest The company has given its corporate guarantee infavour of Bank of India (sonipat branch) granted credit facilities of Rs.35.000 Millions to bright sports shoes manufacturing company Terms of Repayment All amount payable under bank guarantee limits shall carry interest as per Bank/RBI rules from time to time. Margin Margin-NIL Extent and Operation of the charge 100%
Short particulars of the property charged	Equitable mortgage of industrial Land and Building at G. T. Road, Kundli belonging to Jasch Plastics India Limited.
Particulars of the present modification	Corporate guarantee has been reduced from Rs.40.500 Millions to Rs.35.000 Millions (Term Loan Rs.7.500 Millions, Cash Credit Limit enhanced from Rs.23.000 Millions to Rs.27.500 Millions and NFB Limit of Rs.10.000 Millions has been adjusted) the above credit facilities granted to Bright Sports Shoes Manufacturing Company and extension of equitable mortgage of land and building at G. T. Road, Kundli belonging to Jasch Plastics India Limited.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Other Equipments

· Furniture and Fixtures

· Vehicles

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.53.67
UK Pound	1	Rs.86.05
Euro	1	Rs.70.07

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	3
--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	NO
--AFFILIATION	YES/NO	YES
--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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.