MIRA INFORM REPORT

Report Date :

26.11.2013

IDENTIFICATION DETAILS

Name :	JET FIBRE PUMPS AND EQUIPMENTS PRIVATE LIMITED
Registered Office :	1225, Phase III, G.I.D.C., Vatva, Ahmadabad – 382 445, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.10.1992
Com. Reg. No.:	04-18470
Capital Investment / Paid-up Capital :	Rs.12.500 Millions
CIN No.: [Company Identification No.]	U29120GJ1992PTC018470
TAN No.: [Tax Deduction & Collection Account No.]	AHMJ00100C
PAN No.: [Permanent Account No.]	AAACJ3791Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of HDPE Pipes, Blowers, Storage Tanks etc.
No. of Employees :	328 (Approximately) (In Office 28, In Factory 300)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 190000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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. Anal Amrutbhai Patel
Designation :	Director
Contact No.:	91-9879766766

LOCATIONS

Registered Office / Factory 1 :	1225, Phase III, G.I.D.C., Vatva, Ahmadabad – 382 445, Gujarat, India
Tel. No.:	91-79-25892438/ 25830931 / 25893313
Mobile No.:	91-9879766766 (Mr. Anal Amrutbhai Patel)
Fax No.:	91-79-25893313
E-Mail :	info@jetfiber.co.in lakhanikp@yahoo.co.in jetfibre@hotmail.com
Website :	www.jetfiber.com
Factory 2 :	Shed No. 658, Survey No. 909/1 and 2, Purshottam Farm, Bhudarpura, Kheda, Gujarat, India
Tel No.:	91-79-25892438/ 25830931

DIRECTORS

AS ON 31.07.2013

Name :

Mr. Amrutbhai Purshottambhai Patel

Designation :

Director

Address :

Surtikuva, Near Anandwadi, Isanpur Road, Ahmadabad – 382 443, Gujarat, India

Date of Birth/Age :

05.03.1957

Date of Appointment :

22.10.1992

DIN No.:

00171902

Other Directorship

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29120GJ1992PTC018470	JET FIBRE PUMPS AND EQUIPMENTS PRIVATE LIMITED	Director	22/10/1992	22/10/1992	Active	NO
2	U29100GJ2008PTC054542	UTOPIA PROCESS EQUIPMENTS PRIVATE LIMITED	Alternate director	31/12/2009	31/12/2009	Active	NO
3	U25191GJ2011PTC067702	JET IRRIGATION PRIVATE LIMITED	Director	2/11/2011	2/11/2011	Active	NO

Name :

Mr. Pravinbhai Purshottambhai Patel

Designation :

Director

Address :

Surtikuva, Near Anandwadi, Isanpur Road, Ahmadabad – 382 443, Gujarat, India

Date of Birth/Age :

22.09.1960

Date of Appointment :

22.10.1992

DIN No.:

00171969

Other Directorship

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29120GJ1992PTC018470	JET FIBRE PUMPS AND EQUIPMENTS PRIVATE LIMITED	Director	22/10/1992	22/10/1992	Active	NO
2	U29100GJ2008PTC054542	UTOPIA PROCESS EQUIPMENTS PRIVATE LIMITED	Alternate director	31/12/2009	31/12/2009	Active	NO

Name :

Mr. Rameshbhai Purshottambhai Patel

Designation :

Director

Address :

Surtikuva, Near Anandwadi, Isanpur Road, Ahmadabad – 382 443, Gujarat, India

Date of Birth/Age :

22.05.1967

Date of Appointment :

22.10.1992

DIN No.:

00172007

Name :

Mr. Dhaval Amratbhai Patel

Designation :

Director

Address :

Ashirwad Surtikuvo, Ghodasar, Ahmadabad – 380 050, Gujarat, India

Date of Birth/Age :

13.11.1988

Date of Appointment :

01.11.2008

DIN No.:

02253320

Other Directorship

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29100GJ2008PTC054542	UTOPIA PROCESS EQUIPMENTS PRIVATE LIMITED	Director	22/07/2008	22/07/2008	Active	NO
2	U29120GJ1992PTC018470	JET FIBRE PUMPS AND EQUIPMENTS PRIVATE LIMITED	Director	1/11/2008	1/11/2008	Active	NO

Name :

Mr. Laxmanbhai Purshottambhai Bhoi

Designation :

Director

Address :

G-103, Shakuntal Appartment, Near Girivar Bunglows, Opposite Ramwadi Tekra, Isanpur, Ahmadabad – 380 050, Gujarat, India

Date of Birth/Age :

15.08.1972

Date of Appointment :

01.02.2010

DIN No.:

02894203

Name :

Mr. Anal Amrutbhai Patel

Designation :

Director

Address :

Surtikuva, Near Anandwadi, Isanpur Road, Ahmadabad – 382 443, Gujarat, India

Date of Birth/Age :

18.10.1986

Date of Appointment :

25.02.2005

DIN No :

00172034

Other Directorship

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29120GJ1992PTC018470	JET FIBRE PUMPS AND EQUIPMENTS PRIVATE LIMITED	Director	25/02/2005	25/02/2005	Active	NO
2	U29100GJ2008PTC054542	UTOPIA PROCESS EQUIPMENTS PRIVATE LIMITED	Director	22/07/2008	22/07/2008	Active	NO
3	U25191GJ2011PTC067702	JET IRRIGATION PRIVATE LIMITED	Director	2/11/2011	2/11/2011	Active	NO

Name :

Mr. Madhumatiben A. Patel

Designation :

Director (Alternate Director to Dhaval Amratbhai Patel )

Address :

Surtikuva, Near Anandwadi, Isanpur Road, Ahmadabad – 382 443, Gujarat, India

Date of Birth/Age :

14.06.1964

Date of Appointment :

01.09.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.07.2013

Names of Shareholders	No. of Shares
Amrutbhai Purshottambhai Patel	354300
Rameshbhai Purshottambhai Patel	354300
Pravinbhai Purshottambhai Patel	354300
Hansaben Purshottambhai Patel	40500
Pannaben Purshottambhai Patel	12200
Dharmisthaben Rameshbhai Patel	10000
Rameshbhai Purshottambhai Patel (As a Karta of HUF)	100
Pravinbhai Purshottambhai Patel (As a Karta of HUF)	100
Amrutbhai Purshottambhai Patel (As a Karta of Amrutbhai P Patel HUF)	100
Amrutbhai Purshottambhai Patel (As a Karta of Purshottambhai P Patel HUF)	100
Anal Amrutbhai Patel	66500
Dhaval Amrutbhai Patel	57500
TOTAL	1250000

AS ON 31.07.2013

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

BUSINESS DETAILS

Line of Business :

Manufacturer of HDPE Pipes, Blowers, Storage Tanks etc.

Products :

ITEM CODE NO.	PRODUCT DESCRIPTION
3917.00	HDPE PIPE
3925.10	HDPE Tank
8413.00	CI Pump

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Scrubber, Blower, etc.	Nos.	NA	200	69
HDPE Tank	Nos.	NA	500	447
HDPE/PP Pipes	Mtr.	NA	300000	81834
Sleeves	Nos.	NA	2000	1821

GENERAL INFORMATION

No. of Employees :

328 (Approximately) (In Office 28, In Factory 300)

Bankers :

• State Bank of India, Vatva Industrial Estate Branch, Ahmadabad – 382 445, Gujarat, India
• HDFC Bank

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Secured Loan	8.539	14.020
Short Term Borrowings
Secured Loan	22.824	21.519
TOTAL	31.363	35.539

Banking Relations :	--
Auditors :
Name :	K.P. Lakhani and Company Chartered Accountants
Address :	7, Ratnadeep, Near Old High Court, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-27543496 / 27485797
Mobile No.:	91-9825258622
E-Mail :	lakhanikp@yahoo.com
PAN No:	AAHPL168L

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12.500	12.500	12.500
(b) Reserves & Surplus	35.066	25.270	18.190
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	47.566	37.770	30.690
(3) Non-Current Liabilities
(a) long-term borrowings	14.067	24.159	18.957
(b) Deferred tax liabilities (Net)	1.145	1.236	0.902
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	15.212	25.395	19.859
(4) Current Liabilities
(a) Short term borrowings	22.824	21.519	21.943
(b) Trade payables	16.006	8.760	2.773
(c) Other current liabilities	4.963	5.094	6.102
(d) Short-term provisions	3.161	2.875	2.281
Total Current Liabilities (4)	46.954	38.248	33.099
TOTAL	109.732	101.413	83.648
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	59.877	59.122	37.188
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	7.941
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.860	3.572	1.270
(e) Other Non-current assets	0.000	0.000	0.014
Total Non-Current Assets	63.737	62.694	46.413
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	25.053	19.883	18.268
(c) Trade receivables	12.888	11.804	7.804
(d) Cash and cash equivalents	4.371	3.751	4.180
(e) Short-term loans and advances	3.683	3.267	6.957
(f) Other current assets	0.000	0.014	0.026
Total Current Assets	45.995	38.719	37.235
TOTAL	109.732	101.413	83.648

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	184.479	138.201	119.178
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX		14.830	10.460	12.251
Less	TAX		5.034	3.380	4.770
	PROFIT / (LOSS) AFTER TAX		9.796	7.080	7.481
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		25.270	18.190	10.709
	BALANCE CARRIED TO THE B/S		35.066	25.270	18.190
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	0.090	NA
	IMPORTS
		Raw Materials	NA	NA	27.735
	Earnings / (Loss) Per Share (Rs.)		7.84	5.66	5.98

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	13.51	10.31	16.18
Return on Investment (ROI) (PBT/Networth)		0.31	0.27	0.40
Debt Equity Ratio (Total Debt/Networth)		0.01	1.21	1.33
Current Ratio (Current Asset/Current Liability)		0.97	1.01	1.12

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	No
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]	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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10049133	13/03/2012 *	57,050,000.00	STATE BANK OF INDIA	VATVA I.E. BRANCH, VATVA, GIDC, AHMEDABAD - 382445, GUJARAT, INDIA	B35919620
* Date of charge modification

NOTE:

Registered office of the company has been shifted from Phase III Plot No 1224, GIDC, VATWA, Ahmedabad, Gujarat, India to the present address w.e.f. 05.11.2011

OPERATIONS:

The Company has achieved sales turnover of Rs. 184.479 Millions during the year compared to previous year’s turnover of Rs. 138.201 Millions. The sales turnover is increased by 33%. The company has made profit after tax Rs. 9.796 Millions compared to earlier year’s profit after tax Rs. 7.080 Millions. The profit after tax is increased due to increase in production & sale and decrease in interest cost.

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
From Shareholders	3.561	3.880
From Directors	1.967	6.259
TOTAL	5.528	10.139

FIXED ASSETS:

· Land –GIDC

· Land – Mahij

· Building –GIDC

· Building – Mahij

· Plant – GIDC

· Plant – Mahij

· Electric Fittings

· Furniture

· Scooter

· Car

· Type Writter

· Laboratory Instruct

· Fax

· Computer

· Aircondioner

· Television

· Vaccum cleaner

· Water system

· Mobile

· Dies and Patterns

· Dead Stock

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.62.57
UK Pound	1	Rs.101.42
Euro	1	Rs.84.70

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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.