MIRA INFORM REPORT

Report Date :

23.01.2013

IDENTIFICATION DETAILS

Name :	JMC PAPER TECH PRIVATE LIMITED
Registered Office :	25-26/8/13, Nilsin Blue Factory Compound, Phase-1, GIDC, Vatva, Ahmedabad-382445, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.07.2011
Com. Reg. No.:	04-066396
Capital Investment / Paid-up Capital :	Rs. 38.175 Millions
CIN No.: [Company Identification No.]	U29293GJ2011PTC066396
TAN No.: [Tax Deduction & Collection Account No.]	AHMJ04795A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Paper Mill Machinery Equipment and Trader of Spare Parts.
No. of Employees :	150 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 150000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is a successor of JMC Engineers a proprietory concern started in the year 2002. Later in 2011 it got converted in to private limited company. It is having a moderate track record. The performance capacity of the company appears to be high; but the profitability 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

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/ Factory :	25-26/8/13, Nilsin Blue Factory Compound, Phase-1, GIDC, Vatva, Ahmedabad-382445, Gujarat, India
Tel. No.:	91-79-40014848 / 25830709 / 25892681
Fax No.:	91-79-40014888 / 25830759
E-Mail :	rajni@jmcengineers.com
Website :	http://www.jmcengineers.com

DIRECTORS

AS ON 29.09.2012

Name :	Mrs. Binaben Rajani Patel
Designation :	Director
Address :	19/B, Parul Nagar Society, Bhyangdev Char Rasta, Ghatlodiya, Ahmedabad-380061, Gujarat, India
Date of Birth/Age :	12.11.1973
Date of Appointment :	19.07.2011
DIN No.:	02441100
Name :	Mr. Mayankkumar Amrutlal Suthar
Designation :	Director
Address :	D-4, Devbhumi Society, Ghodasar, Ahmedabad-380050, Gujarat, India
Date of Birth/Age :	17.04.1970
Date of Appointment :	19.07.2011
DIN No.:	03509669
Name :	Mr. Rajani Ambalal Patel
Designation :	Managing Director
Address :	10/B, Parul Nagar Society, Bhyangdev Char Rasta, Ghatlodiya, Ahmedabad-380061, Gujarat, India
Date of Birth/Age :	11.09.1971
Date of Appointment :	19.07.2011
DIN No.:	03509671
Name :	Mr. Kanan Dhirendra Patel
Designation :	Director
Address :	19/B, Parul Nagar Society, Bhyangdev Char Rasta, Ghatlodiya, Ahmedabad-380061, Gujarat, India
Date of Birth/Age :	25.04.1985
Date of Appointment :	21.07.2011
DIN No.:	03580054

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	Company/ LLP Status	Defaulting status
1	U29293GJ2011PTC066396	JMC PAPER TECH PRIVATE LIMITED	Director	29/09/2012	21/07/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Binaben Rajani Patel	2685000
Rajani Ambalal Patel (HUF)	681000
Kanan Patel	449000
Mayankkumar Amrutlal Suthar	1000
Rajesh Babubhai Gajjar	500
Nipam Jayantilal Thakkar	500
Amarishkumar Dahyalal Patel	500
TOTAL	3817500

AS ON 29.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Paper Mill Machinery Equipment and Trader of Spare Parts.

GENERAL INFORMATION

No. of Employees :

150 [Approximately]

Bankers :

• Union Bank of India, Gomtipur Branch, Outside Gomtipur Gate, Ahmedabad-380021, Gujarat, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012
Short Term Borrowings
Loans repayable on demand
From Bank (Working Capital Facility)
Union Bank of India – Cash credit	26.725
Union Bank of India – Packing Credit	8.921
Term Loan Installment Falling due within next 12 months	1.497
TOTAL	37.143
NOTES Working capital loans are secured by hypothecation of present and future inventory and book debts. Working capital facilities from bank are secured by way of first mortgage / charge on pari passu basis on the plant and machinery and manufacturing units of company and on property belonging to one of director situated at Ahmedabad (Gujarat) and personal guarantees of all directors of the company.

Banking Relations :	--
Auditors :
Name :	Surana Maloo and Company Chartered Accountant
Address :	4^th Floor, Shaival Plaza, Gujarat College Road, Ahmedabad-380006, Gujarat, India
PAN No.:	AAHFS7809J

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs. 45.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3817500	Equity Shares	Rs.10/- each	Rs. 38.175 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		38.175
2] Share Application Money		0.000
3] Reserves & Surplus		1.331
4] (Accumulated Losses)		0.000
NETWORTH		39.506
LOAN FUNDS
1] Secured Loans		37.143
2] Unsecured Loans		75.373
TOTAL BORROWING		112.516
DEFERRED TAX LIABILITIES		0.234
TOTAL		152.256
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.229
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	168.199
	Sundry Debtors	8.309
	Cash & Bank Balances	2.166
	Other Current Assets	2.430
	Loans & Advances	5.265
Total Current Assets		186.369
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	59.004
	Other Current Liabilities	0.338
	Provisions	0.000
Total Current Liabilities		59.342
Net Current Assets		127.027
MISCELLANEOUS EXPENSES		0.000
TOTAL		152.256

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2012
	SALES
		Income		242.404
		Other Income		2.772
		TOTAL		245.176
Less	EXPENSES
		Office Expenses		240.745
		Administrative Expenses
		Advertising Expenses
		TOTAL		240.745
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			4.431
Less/ Add	DEPRECIATION/ AMORTISATION			2.501
	PROFIT / (LOSS) BEFORE TAX			1.930
Less	TAX			0.602
	PROFIT / (LOSS) AFTER TAX			1.328
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings		10.052
	TOTAL EARNINGS			10.052
	IMPORTS
		Raw Materials		35.548
	TOTAL IMPORTS			35.548
	Earnings Per Share (Rs.)			0.35

KEY RATIOS

PARTICULARS		31.03.2012
PAT / Total Income	(%)	0.54
Net Profit Margin (PBT/Sales)	(%)	0.80
Return on Total Assets (PBT/Total Assets}	(%)	0.91
Return on Investment (ROI) (PBT/Networth)		0.05
Debt Equity Ratio (Total Liability/Networth)		4.36
Current Ratio (Current Asset/Current Liability)		3.14

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 one years	Yes
12]	Profitability for one 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)	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

UNSECURED LOAN	Rs. In Millions 31.03.2012
Long Term Borrowings
From Related Parties (Director)	1.825
Inter Corporate Deposits	14.586
Short Term Borrowings
Unsecured loan from Banks	1.556
Unsecured loan from NBFC	0.087
Other loans and advances
Advance for work from Customers	57.319
TOTAL	75.373

FORM 8

Corporate identity number of the company	U29293GJ2011PTC066396
Name of the company	JMC PAPER TECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	25-26/8/13, Nilsin Blue Factory Compound, Phase-1, GIDC, Vatva, Ahmedabad-382445, Gujarat, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	10299918
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Union Bank of India, Gomtipur Branch, Outside Gomtipur Gate, Ahmedabad-380021, Gujarat, India
Nature of instrument creating charge	1. Composite Hypothecation Deed 2. Supplemental Memorandum of Deposit of Title Deeds
Date of instrument Creating the charge	28.08.2012
Amount secured by the charge	Rs. 50.783 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest CC (H) BR+2.27 EPC (LC) As Per IBD Guideline T/L BR+3.50% Terms of repayment As Per Sanction Letter Margin CC : Stock 25%, BD 50 % EPC Under LC : 10 % Term Loan : 40 % Extent and operation of the charge The charge operate in favour to bank to secure the repayment of the amount due to the bank by the borrower under the various facilities granted by the bank together with interest and other charges accruing thereon and the costs and expenses incurred by the bank from time to time till the adjustment thereof.
Short particulars of the property charged (Including location of the property)	Immovable Property Being Tenement No.4 Admeasuring About 42 Sq. Yrds. Together With Construction Standing Thereon Admeasuring 42 Sq. Yrds. In Devbhoomi Ghodasar Co Operative Housing Society Limited. All That Piece And Parcel Of Lease Hold Immovable Property In Vatva GIDC Plot No 25 + 26/8 + 13 Phase - I of GIDC Admeasuring 1226.90 Sq. Mtrs. Consisting of Revenue Survey Nos. 422/P, 423/P 432/P The Non Agricultural Free Hold Immovable Property Bearing Hissa No 6 Admeasuring 957 Sq, Mtrs (1166 Sq Yards) And Hissa No 7 Admeasuring 1402 Sq Mtrs (1677 Sq Yards) or There About us In Revenue Hypothecation of Stock And Book Debts , Hypothecation of Entire Stock Meant For Export, Hypothecation of Plant And Machinery
Particulars of the present modification	By The Present Modification The Over All Credit Limit Is Rs. 50.783 Millions Which Is As Under : Limit Rs. CC (H) 45.000 Millions EPC Under LC 5.000 Millions Term Loan 0.783 Million

FIXED ASSETS

• Freehold Land
• Leasehold Land
• Factory Building
• Plant and Machinery
• Pattern and Dies
• Vehicles
• Furniture
• Office Equipments
• 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 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. 53.51
UK Pound	1	Rs. 84.84
Euro	1	Rs. 71.42

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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		34

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.