MIRA INFORM REPORT

Report Date :

17.04.2013

IDENTIFICATION DETAILS

Name :	JOT PACKAGING PRIVATE LIMITED [w.e.f. 25.06.2011]
Formerly Known As :	WINDSOR PACKAGING (BARODA) PRIVATE LIMITED
Registered Office :	C-1/B, 158-173, GIDC Industrial Estate, Por, Raman Gamdi, District Baroda-391243, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.09.1996
Com. Reg. No.:	04-030733
Capital Investment / Paid-up Capital :	Rs.4.475 Millions
CIN No.: [Company Identification No.]	U25209GJ1996PTC030733
IEC No.:	3496001771
PAN No.: [Permanent Account No.]	AAACW1790L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of EPS Thermocol Buffer and Packing, Sheets, Blocks, Pipe Section, Granules, Boxes.
No. of Employees :	71 [In Office 6 and In Factory 65] Approximately

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 33400
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears dip in sales turnover and profitability during 2011-2012. The profit margin appears to be low. However, trade relations are reported to be 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

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. Paramjeetsingh Jaswantsingh Gandhok
Designation :	Managing Director
Contact No.:	91-9327241948
Date :	15.04.2013

LOCATIONS

Registered Office/ Factory :	C-1/B, 158-173, GIDC Industrial Estate, Por, Raman Gamdi, District Baroda-391243, Gujarat, India
Tel. No.:	91-265-2830096
Mobile No.:	91-9327241948 [Mr. Paramjeetsingh Jaswantsingh Gandhok]
Fax No.:	91-265-2830942
E-Mail :	windbaroda@yahoo.co.in
Area :	1703 sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2012

Name :	Mr. Paramjeetsingh Jaswantsingh Gandhok
Designation :	Managing Director
Address :	53, Green Park Society, Makarpura Road, Vadodara-390010, Gujarat, India
Date of Birth/Age :	24.09.1953
Qualification :	M. Sc.
Date of Appointment :	29.02.2000
Din No.:	00365230
Name :	Mrs. Tejvinderkaur Paramjeetsingh Gandhok
Designation :	Whole Time Director
Address :	53, Green Park Society, Makarpura Road, Vadodara-390010, Gujarat, India
Date of Birth/Age :	29.07.1956
Qualification :	M.A.
Date of Appointment :	18.09.1996
Din No.:	00365190
Name :	Mr. Manjotsingh Paramjeetsingh Gandhok
Designation :	Whole Time Director
Address :	53, Green Park Society, Makarpura Road, Vadodara-390010, Gujarat, India
Date of Birth/Age :	07.02.1980
Qualification :	B.E.
Date of Appointment :	09.05.2011
Din No.:	03520534

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2012

Names of Shareholders	No. of Shares
Tejvinderkaur Paramjeetsingh Gandhok	72000
Paramjeetsingh Jaswantsingh Gandhok	330000
Manjotsingh Paramjeetsingh Gandhok	42500
Preetjot Kaur	3000
TOTAL	447500

AS ON 30.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of EPS Thermocol Buffer and Packing, Sheets, Blocks, Pipe Section, Granules, Boxes.
Terms :
Selling :	Credit [60 to 90 Days]
Purchasing :	Credit [60 to 90 Days]

PRODUCTION STATUS [AS ON 31.03.2012]

Particulars	Installed Capacity	Actual Production
EPS Thermocol Buffer and Packing, Sheets, Blocks, Pipe Section, Granules, Boxes	40 Tons	455637 Kgs.

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

71 [In Office 6 and In Factory 65] Approximately

Bankers :

State Bank of India, 1^st Floor, Plot No. 137, GIDC, Por, District Vadodara-391243, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Term Loan
From Banks	3.324	0.198
Loan From Others	0.441	1.023
Loans Repayable on Demand Cash Credit From Bank	8.540	7.007
TOTAL	12.305	8.228

Banking Relations :	--
Auditors :
Name :	Prakash Thakkar and Company Chartered Accountants
Address :	209, Coner Point, Jatalpur Road, Vadodara-390007, Gujarat, India
Tel. No.:	91-265-2351253/2351254
E-Mail :	ptcca@rediffmail.com
PAN No:	AAEFP4261G

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
447500	Equity Shares	Rs.10/- each	Rs.4.475 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.475	4.475	4.475
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.881	3.386	2.841
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.356	7.861	7.316
LOAN FUNDS
1] Secured Loans		12.305	8.228	8.683
2] Unsecured Loans		1.078	2.871	2.885
TOTAL BORROWING		13.383	11.099	11.568
DEFERRED TAX LIABILITIES		0.637	0.547	0.604
TOTAL		22.376	19.507	19.488
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.540	13.190	13.447
Capital work-in-progress		0.000	1.005	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.071	2.897	2.705
	Sundry Debtors	17.296	16.132	14.455
	Cash & Bank Balances	0.372	0.167	0.402
	Other Current Assets	0.246	0.101	0.000
	Loans & Advances	1.000	1.611	1.231
Total Current Assets		25.985	20.908	18.793
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.676	12.043	11.529
	Other Current Liabilities	2.570	1.976	0.000
	Provisions	0.903	1.577	1.223
Total Current Liabilities		20.149	15.596	12.752
Net Current Assets		5.836	5.312	6.041
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		22.376	19.507	19.488

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	68.432	79.652	73.791
		Other Income	0.000	0.110	NA
		TOTAL	68.432	79.762	NA
Less	EXPENSES
		TOTAL	67.668	77.815	NA
	PROFIT / (LOSS) BEFORE TAX		0.764	1.947	2.249
Less	TAX		0.277	0.620	0.732
	PROFIT / (LOSS) AFTER TAX		0.487	1.327	1.517
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.286	2.841	1.324
	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.100	0.000
		Proposed Dividend	0.000	0.671	0.000
	BALANCE CARRIED TO THE B/S		3.773	3.286	2.841
	Earnings / (Loss) Per Share (Rs.)		1.10	2.97	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.71	1.66	NA
Net Profit Margin (PBT/Sales)	(%)	1.12	2.44	3.05
Return on Total Assets (PBT/Total Assets}	(%)	1.80	5.71	6.97
Return on Investment (ROI) (PBT/Networth)		0.09	0.25	0.31
Debt Equity Ratio (Total Debt/Networth)		1.60	1.41	1.58
Current Ratio (Current Asset/Current Liability)		1.29	1.34	1.47

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Loans and Advances From Directors and Relatives of Directors	1.078	2.871
TOTAL	1.078	2.871

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10098623
Corporate identity number of the company	U25209GJ1996PTC030733
Name of the company	JOT PACKAGING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-1/B, 158-173, GIDC Industrial Estate, Por, Raman Gamdi, District Baroda-391243, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, 1^st Floor, Plot No. 137, GIDC, Por, District Vadodara-391243, Gujarat, India Email: sanjiv.sharan@sbi.co.in
Nature of description of the instrument creating or modifying the charge	letter of arrangement
Date of instrument Creating the charge	14.08.2012
Amount secured by the charge	Rs.9.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Not applicable as it is extension of charge on immovable properties due to decrease in cash credit limit. Terms of Repayment As per agreement Margin As per agreement Extent and Operation of the charge As per Agreement
Short particulars of the property charged	Extension of equitable mortgage over factory, land, and building situated at plot no C-1/B 158 and 173 GIDC Por Ramangamdi, Baroda -391243.
Particulars of the present modification	By virtue of this modification the existing limit of Rs.11.425 Millions is reduced to Rs.9.000 Millions as cash credit.

FIXED ASSETS:

· Land

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixtures

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 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.54.33
UK Pound	1	Rs.83.17
Euro	1	Rs.71.05

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
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	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.