MIRA INFORM REPORT

Report Date :

24.09.2013

IDENTIFICATION DETAILS

Name :	JETPACK MACHINES PRIVATE LIMITED
Registered Office :	JPM House, 29 CD, Kandivali Co Operative Industrial Estate, Charkop, Kandivali (West), Mumbai-400 067, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.05.2007
Com. Reg. No.:	11-170657
Capital Investment / Paid-up Capital :	Rs. 5.100 Millions
CIN No.: [Company Identification No.]	U74900MH2007PTC170657
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing, Exporting and Supplying of a wide range of packaging machines like Over-Wrapping Machines, Flow-Wrap Machines and Fully Automatic Filling Lines.
No. of Employees :	Not Available

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 34000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears drastic dip in its profitability during 2012. The company has recorded modest scale of business operation. 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 – 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 :	JPM House, 29 CD, Kandivali Co Operative Industrial Estate, Charkop, Kandivali (West), Mumbai-400 067, Maharashtra, India
Tel. No.:	91-22-33071100
Fax No.:	91-22-33071199
E-Mail :	info@jetpackmachines.com
Website :	www.jetpackmachines.com

DIRECTORS

As on: 29.09.2012

Name :	Mr. Bhanupratap Singh
Designation :	Managing Director
Address :	B/105, Evening Star, Raheja Vihar, Near Tunga Village, Chandivali Studio, Saki Naka Road, Mumbai- 400072, Maharashtra, India
Date of Birth/Age :	20.03.1967
Date of Appointment :	08.05.2007
DIN No.:	00281944
Name :	Mr. Anilkumar parameshwaran Nair
Designation :	Director
Address :	2/39, Shyam Kunj Pushtikar Society, Jogeshwari (West), Mumbai – 400102, Maharashtra, India
Date of Birth/Age :	12.04.1956
Date of Appointment :	08.05.2007
DIN No.:	00282137

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Bhanupratap Singh	507500
Jugnu Bhanupratap Singh	2500
Total	510000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing, Exporting and Supplying of a wide range of packaging machines like Over-Wrapping Machines, Flow-Wrap Machines and Fully Automatic Filling Lines.
Products :	Over Wrapping Machines Flow-Wrap Machines Fully Automatic and Semi-Automatic Filling Lines Online Feeding Filling Tagger Sealing

GENERAL INFORMATION

Suppliers :

• Auro Threads Private Limited
• Avalon Cosmetics Private Limited
• Centenial Surgical Suture Limited
• Cool Cosmetics Private Limited
• Dabur India Limited
• Dison Tech LLC
• Fibre Foils Limited
• Galaxy Pencils Manufacturing Company
• Gandhi Spices Private Limited
• Gits Food Products Private Limited
• Glaxo Smithkline Pharmaceuticals Limited
• Gofield Chemical Engineer
• Gopaldas Visram and Company Limited
• Govind Milk and Milk Products Private Limited
• Imsofer Mfg. Ind. Private Limited
• Intertech Equip Technologies Private Limited

Customers :

• Accra Pac (India) Private Limited
• African Consumer Care Limited
• Aquagel Chemicals Private Limited
• B.L. Agro Oils Limited
• Cadbury India Limited
• Eurolux Fragrances Private Limited
• Fabtech Technologies International Limited
• Inpack Machineries (India) Private Limited
• Ishwer Manufacturing Company Private Limited
• Kagalwala Packaging Private Limited
• Maa Kamakhya Darbar Fragrances (India)
• Mcnroe Consumer Products Private Limited
• Navneet Synthetics Limited
• Parksons Graphics Private Limited
• Power Soap Limited

No. of Employees :

Not Available

Bankers :

Dattatray Maharaj Kalambe Jaoli Sahakari Bank Limited, 27, Interlink Industrial Estate, Caves Road, Jogeshwari (East), Mumbai - 400060, Maharashtra, India

The Saraswat Co-Operative Bank Limited, Mahim Branch, Gsb Temple Building, Sitaladevi Temple Road, Mahim, Mumbai - 400016, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long term borrowings
Term loans from banks	13.626	15.267
Short term borrowings
DMK Jaoli Sahakari Bank Limited – A/C 50150 –OD	20.000	21.660
Total	33.626	36.927

Banking Relations :	--
Auditors :
Name :	Gaurang B Shah and Company Chartered Accountants
Address :	B 3, 202, Kashimiri Bhawan, Anand Nagar, Vasai (West), Thane – 401202, Maharashtra, India
PAN No.:	ASBPS7405A

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
510000	Equity Shares	Rs.10/- each	Rs. 5.100 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.100	5.100
(b) Reserves & Surplus	3.531	3.289
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	8.631	8.389
(3) Non-Current Liabilities
(a) long-term borrowings	26.239	41.977
(b) Deferred tax liabilities (Net)	0.000	0.029
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	26.239	42.006
(4) Current Liabilities
(a) Short term borrowings	20.000	21.659
(b) Trade payables	39.056	38.966
(c) Other current liabilities	16.960	15.981
(d) Short-term provisions	3.743	4.040
Total Current Liabilities (4)	79.759	80.646
TOTAL	114.629	131.041
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	71.846	79.475
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.500	0.500
(c) Deferred tax assets (net)	0.061	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	72.407	79.975
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	9.486	12.420
(c) Trade receivables	18.773	16.219
(d) Cash and cash equivalents	3.571	3.614
(e) Short-term loans and advances	9.057	15.577
(f) Other current assets	1.335	3.236
Total Current Assets	42.222	51.066
TOTAL	114.629	131.041

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.100
2] Share Application Money		0.000
3] Reserves & Surplus		1.536
4] (Accumulated Losses)		0.000
NETWORTH		6.636
LOAN FUNDS
1] Secured Loans		31.582
2] Unsecured Loans		0.000
TOTAL BORROWING		31.582
DEFERRED TAX LIABILITIES		0.000
TOTAL		38.218
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.683
Capital work-in-progress		64.265
INVESTMENT		0.526
DEFERREX TAX ASSETS		0.003
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.999
	Sundry Debtors	19.853
	Cash & Bank Balances	0.734
	Other Current Assets	0.000
	Loans & Advances	10.120
Total Current Assets		42.706
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	48.795
	Other Current Liabilities	40.335
	Provisions	0.000
Total Current Liabilities		89.130
Net Current Assets		(46.424)
MISCELLANEOUS EXPENSES		0.165
TOTAL		38.218

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	112.426	88.006
		Other Income	0.351	10.976
		TOTAL (A)	112.777	98.982	51.653
Less	EXPENSES
		Cost of Materials Consumed	61.249	59.806
		Increase/(Decrease) in Stock of FG / WIP	2.935	(0.421)
		Manufacturing Expenses	3.279	2.162
		Employee Benefits Expenses	15.430	9.928
		Other Expenses	16.114	11.985
		TOTAL (B)	99.007	83.460	49.426
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.770	15.522	Including depreciation and Finance
Less	FINANCIAL EXPENSES (D)		5.568	4.689
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.202	10.833
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.736	8.283
	PROFIT BEFORE TAX (E-F) (G)		0.466	2.550	2.227
Less	TAX (H)		0.225	0.797	0.698
	PROFIT AFTER TAX (G-H) (I)		0.241	1.753	1.529
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.289	1.536	0.007
	BALANCE CARRIED TO THE B/S		3.530	3.289	1.536
	EARNINGS IN FOREIGN CURRENCY		NA	NA	2.973
	Earnings Per Share (Rs.)		0.47	3.44	3.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.21	1.77	2.97
Net Profit Margin (PBT/Sales)	(%)	0.41	2.90	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.41	1.95	3.57
Return on Investment (ROI) (PBT/Networth)		0.05	0.31	0.34
Debt Equity Ratio (Total Debt/Networth)		5.36	7.59	4.76
Current Ratio (Current Asset/Current Liability)		0.52	0.63	0.48

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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	No
11]	Turnover of firm for last three years	No
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	Yes
18]	Major customers	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Long term borrowings
Loans from Bajaj Allianz	1.065	1.709
Deposits for Premises Net of Receivables (Jet Pack Engineering)	11.548	25.000
Total	12.613	26.709

Note:

Registered office of the company has been shifted from Unit No.24, Building VI, Mehra Industrial Estate, Andheri Kurla Road, Saki Naka, Mumbai- 400072, Maharashtra, India to the present address w.e.f.16.01.2010

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10203710	17/02/2010	15,000,000.00	DATTATRAY MAHARAJ KALAMBE JAOLI SAHAKARI BANK LIMITED	27, INTERLINK INDL. ESTATE, CAVES ROAD, JOGESHWARI EAST, MUMBAI, MAHARASHTRA - 400060, INDIA	A79751772
2	10203711	17/02/2010	15,000,000.00	DATTATRAY MAHARAJ KALAMBE JAOLI SAHAKARI BANK LIMITED	27, INTERLINK INDUSTRIAL ESTATE, CAVES ROAD, JOGESHWARI EAST, MUMBAI, MAHARASHTRA - 400060, INDIA	A79754594
3	10203841	17/02/2010	30,000,000.00	DATTATRAY MAHARAJ KALAMBE JAOLI SAHAKARI BANK LIMITED	27, INTERLINK INDUSTRIAL ESTATE, CAVES ROAD, JOGESHWARI EAST, MUMBAI, MAHARASHTRA - 400060, INDIA	A79754974

Fixed Assets:

· Good Will

· Computer

· Air Conditioner

· Electricity Fitting

· Furniture and Fixtures

· Telephone Instruments

· Motor Cars

· Office Equipments

· Plants and Machinery

· Computer Software

· Xerox Machine

· Capital Work in Progress

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 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. 62.52
UK Pound	1	Rs.100.56
Euro	1	Rs.84.67

INFORMATION DETAILS

Report Prepared by :

DPH

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
DEFAULTER
--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.