MIRA INFORM REPORT

Report Date :

11.05.2013

IDENTIFICATION DETAILS

Name :	JASCH PLASTICS INDIA LIMITED
Registered Office :	5105-D, Dev Nagar, Karol Bagh, New Delhi – 110005
Country :	India
Financials (as on) :	31.03.2012
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
PAN No.: [Permanent Account No.]	AAACJ3572F
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 :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 580000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Mr. Navin Gupta, Accounts department has provided full information about the company. Trade relations are reported as fair. But there is a slight dip in the sales turnover which has affected the net profit. Further the reserves are less. However, the company can be considered for business dealing 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Bank Facilities : LBB+-(Suspended)
Rating Explanation	Moderate Risk of Default
Date	March 2010

Rating Agency Name	ICRA
Rating	Short Term Bank Facilities : A4+(Suspended)
Rating Explanation	High Credit Risk and Minimal Degree of Safety
Date	March 2010

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. Navin Gupta
Designation :	Accounts Department
Contact No.:	91-11-28723750
Date :	10.05.2013

LOCATIONS

Registered Office :	5105-D, Dev Nagar, Karol Bagh, New Delhi – 110005, India
Tel. No.:	91-11-28723745/ 28723750
Fax No.:	91-11-28723732
E-Mail :	suganchandgarg@yahoo.com MA_2211@REDIFFMAIL.COM
Location :	Owned
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 :

01.10.2009

PAN No.:

AAGPG8797G

DIN No.:

00175167

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	U19201HR1985PTC021074	JASCH FOOTWEARS PVT LTD	Director	29-05-85	29-05-85	-	Not Available for eFiling	NO
2	U74950HP1985PLC006124	JASCH SHOES INDIA LIMITED	Director	23-09-85	23-09-85	-	Active	NO
3	U74899DL1985PTC022088	JASCH FOAMS PRIVATE LIMITED	Director	23-09-85	23-09-85	-	Active	NO
4	U74899DL1988PLC031528	JASCH HEALTH FOODS LIMITED	Director	28-11-92	28-11-92	-	Active	NO
5	U74899DL1995PLC064600	JASCH FINANCIAL SERVICES LIMITED	Director	23-08-01	23-08-01	-	Active	NO
6	U74990DL1994PLC060810	JASCH PLASTICS INDIA LIMITED	Managing director	01-10-09	15-05-03	-	Active	NO
7	U74899DL1985PTC025555	JASCH FOOTWEARS PRIVATE LIMITED	Director	27-12-06	27-12-06	-	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 :

15.11.2008

PAN No.:

AADPG5625N

DIN No.:

00175338

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	U74899DL1988PLC031528	JASCH HEALTH FOODS LIMITED	Director	01-11-00	01-11-00	-	Active	NO
2	U74990DL1994PLC060810	JASCH PLASTICS INDIA LIMITED	Whole-time director	15-11-08	15-03-03	-	Active	NO
3	U74899DL1985PTC022088	JASCH FOAMS PRIVATE LIMITED	Director	01-09-03	01-09-03	-	Active	NO
4	U74950HP1985PLC006124	JASCH SHOES INDIA LIMITED	Director	01-09-03	01-09-03	-	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 :

15.05.2008

PAN No.:

AAEPG2124R

DIN No.:

00175403

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	U74990DL1994PLC060810	JASCH PLASTICS INDIA LIMITED	Whole-time director	15-05-08	15-05-03	-	Active	NO
2	U74899DL1988PLC031528	JASCH HEALTH FOODS LIMITED	Director	20-07-06	20-07-06	-	Active	NO
3	U74899DL1990PTC039152	ADHUNIK CONTAINERS PRIVATE LIMITED	Director	24-07-06	24-07-06	-	Active	NO
4	U74899DL1995PLC064600	JASCH FINANCIAL SERVICES LIMITED	Director	02-07-07	02-07-07	-	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
Body Corporates
Jasch Financial Ser. Limited, India	2026150
AAS Marketing Limited, India	412500
Jasch Health Foods Limited, India	310000
Total	8638900

Equity Share Break up (Percentage of Total Equity)

As on : 28.09.2012

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.
Imports :
Products :	Raw Materials
Countries :	· Europe · Asian Countries
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

OEM’S

No. of Employees :

50 (Approximately)

Bankers :

· Bank of India, Gita Bhawan Branch, Sonepat – 131001, Haryana, India

· Punjab National Bank, Main Branch, Sonepat – 131001, Haryana, India

Facilities :

Rs. In Millions

SECURED LOANS	31.03.2012	31.03.2011
Rupee term loans banks secured	8.9854	14.028
Working capital loans banks secured	0.000	118.982
Loans taken for vehicles secured	123.633	3.850
Other Loans and Advance	1.028	--
Total	133.645	136.860

Auditors :
Name :	Arora and Choudhary Associates Chartered Accountants
Address :	8/28, W.E.A., Abdul Aziz Road, Karol Bagh, New Delhi – 110005, India
PAN No.:	AAAFA4250G
Associates :	· Jasch Footwears Private Limited, India Cin No : (U74899DL1985PTC025555) · Jasch Foams Private Limited, India Cin No: (U74899DL1985PTC022088) · Jasch Shoes India Limited, India Cin No: (U74950HP1985PLC006124) · Jasch Financial Services Limited, India Cin No: (U74899DL1995PLC064600)

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		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		86.389	86.389	86.389
2] Share Application Money		10.600	0.000	0.000
3] Reserves & Surplus		49.988	45.256	39.537
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		146.977	131.645	125.926
LOAN FUNDS
1] Secured Loans		133.645	136.860	98.263
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		133.645	136.860	98.263
DEFERRED TAX LIABILITIES		6.562	5.196	5.587
TOTAL		287.184	273.701	229.776
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		96.423	77.569	75.344
Capital work-in-progress		6.555	17.088	0.000
INVESTMENT		0.000	0.000	0.500
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	104.031	65.440	49.281
	Sundry Debtors	155.169	147.281	138.576
	Cash & Bank Balances	9.741	7.243	7.135
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	28.865	19.436	20.960
Total Current Assets		297.806	239.400	215.952
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	93.598	53.942	55.628
	Other Current Liabilities	14.257	2.292	1.498
	Provisions	5.745	4.122	4.894
Total Current Liabilities		113.600	60.356	62.020
Net Current Assets		184.206	179.044	153.932
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		287.184	273.701	229.776

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	452.831	459.988	405.359
		Other Income	0.440	0.712	4.100
		TOTAL (A)	453.271	460.700	409.459
Less	EXPENSES
		Cost of Material Consumed	382.903	0.000	0.000
		Purchase of Stock in Trade	17.463	0.000	0.000
		Changes in Inventories	(3.981)	410.717	361.075
		Employees Benefits	5.208	5.381	5.196
		Manufacturing Service Costs	0.000	8.033	5.114
		Other Expenses	19.867	10.299	13.979
		TOTAL (B)	421.460	434.430	385.364
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.811	26.270	24.095
Less	FINANCIAL EXPENSES (D)		19.690	14.087	10.156
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.121	12.183	13.939
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.617	3.848	3.483
	PROFIT BEFORE TAX (E-F) (G)		7.504	8.335	10.456
Less	TAX (I)		2.773	2.616	4.960
	PROFIT AFTER TAX (G-I) (J)		4.731	5.719	5.496
	Earnings Per Share (Rs.)		0.55	0.66	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.04	1.24	1.34
Net Profit Margin (PBT/Sales)	(%)	1.66	1.81	2.58
Return on Total Assets (PBT/Total Assets}	(%)	1.90	2.63	3.59
Return on Investment (ROI) (PBT/Networth)		0.05	0.06	0.08
Debt Equity Ratio (Total Debt /Networth)		0.91	1.04	0.78
Current Ratio (Current Asset/Current Liability)		2.62	3.97	3.48

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	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	Yes
17]	Major suppliers	No
18]	Major customers	No
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	Yes

OPERATIONS:

During the year, the company has achieved sales and other income of Rs 453.271 Millions, which was marginally lower with the sales and other income of the previous year. The decrease is due to lower demand in the market. The interest and financial charges have increased by about 39.77% to Rs 19.690 Millions as against Rs. 14.087 Millions in the previous year, mainly due to higher working capital borrowing from bank and interest on term loan for machinery coupled with increase in rate of interest. The company has achieved net profit of Rs 4.731 Millions during the Financial Year 2011.12 (after providing for Depreciation of Rs. 4.617 Millions provision for Income Tax of Rs. 1.400 Millions), as compared with Net profit of Rs. 5.719 Millions in the previous year. The profits are reduced in account of lower sales

Bankers Charges Report as per Registry :

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 Email :suganchandgarg@yahoo.com
This form is for	Modification of charge
Charge identification number of the modified	10240737
Type of charge	Immovable Property
Particular of charge holder	Bank of India Gita Bhawan Branch, Sonepat – 132001, Haryana, India Email : 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 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. 54.54
UK Pound	1	Rs. 84.19
Euro	1	Rs. 71.11

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.