MIRA INFORM REPORT

Report Date :

12.02.2014

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, Por-Ramangamdi, District Baroda – 391243, Gujarat
Country :	India
Financials (as on) :	31.03.2013
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
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of EPS Moulded Packaging Eps Sheets and Pipes Section.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 35000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company seems to have below average financial risk marked by modest net worth and small scale of operations. However, trade relations are reported to be fair. Business is active. Payments terms 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National  Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled  Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

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 :	C-1/B-158-173, GIDC, Por-Ramangamdi, District Baroda – 391243, Gujarat, India
Tel. No.:	91-265-2830096
Fax No.:	91-265-2830942
E-Mail :	windbaroda@yahoo.co.in

DIRECTORS

As on 15.07.2013

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

Date of Appointment :

09.05.2011

DIN No.:

00365230

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	U25209GJ1996PTC030733	JOT PACKAGING PRIVATE LIMITED	Managing director	09/05/2011	29/02/2000	-	Active	NO

Name :

Mr. Tejvinderkaur Paramjeetsingh Gandhok

Designation :

Director

Address :

53, Green Park Society, Makarpura Road, Vadodara – 390010, Gujarat, India

Date of Birth/Age :

29.07.1956

Date of Appointment :

18.09.1996

DIN No.:

00365190

Name :

Mr. Manjotsingh Paramjeetsingh Gandyok

Designation :

Additional director

Address :

53, Green Park Society, Makarpura Road, Vadodara – 390010, Gujarat, India

Date of Birth/Age :

07.02.1980

Date of Appointment :

09.05.2011

DIN No.:

03520534

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.07.2013

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

Equity Share Break up (Percentage of Total Equity)

As on 15.07.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of EPS Moulded Packaging Eps Sheets and Pipes Section.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· State Bank of India, GIDC, Por, District Vadodara - 391243, Gujarat, India · Kotak Mahindra Bank Limited, 36-38a, Nariman Bhavan, 227,D, Nariman Point,, Mumbai - 400021, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Prakash Thakkar and Company Chartered Accountants
Address :	209, Corner Point, Jetalpur Road, Vadodara – 390007, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFP4261G

CAPITAL STRUCTURE

As on 31.03.2013

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	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.475	4.475	4.475
(b) Reserves & Surplus	4.391	3.881	3.386
(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)	8.866	8.356	7.861
(3) Non-Current Liabilities
(a) long-term borrowings	3.595	4.844	4.092
(b) Deferred tax liabilities (Net)	0.773	0.637	0.547
(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)	4.368	5.481	4.639
(4) Current Liabilities
(a) Short term borrowings	8.666	8.540	7.007
(b) Trade payables	22.688	16.676	12.043
(c) Other current liabilities	2.236	2.571	1.976
(d) Short-term provisions	0.472	0.903	1.578
Total Current Liabilities (4)	34.062	28.690	22.604
TOTAL	47.296	42.527	35.104
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.732	16.538	13.187
(ii) Intangible Assets	0.001	0.002	0.004
(iii) Capital work-in-progress	0.000	0.000	1.005
(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	0.363	0.377	0.906
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	20.096	16.917	15.102
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8.232	7.072	2.897
(c) Trade receivables	18.402	17.296	16.132
(d) Cash and cash equivalents	0.172	0.372	0.167
(e) Short-term loans and advances	0.394	0.870	0.705
(f) Other current assets	0.000	0.000	0.101
Total Current Assets	27.200	25.610	20.002
TOTAL	47.296	42.527	35.104

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Sales	76.524	68.433	79.652
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		0.745	0.764	1.947
Less	TAX		0.234	0.276	0.620
	PROFIT AFTER TAX		0.511	0.488	1.327
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.880	3.286	2.841
	APPROPRIATIONS
	Transfer to General Reserve		0.000	0.000	0.100
	Proposed Divined		0.000	0.000	0.671
	BALANCE CARRIED TO THE B/S		4.391	3.781	3.286
	IMPORTS
		Capital Goods	1.054	0.000	0.000
	Earnings Per Share (Rs.)		1.14	1.09	2.97

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	0.97	1.12	2.44
Return on Total Assets (PBT/Total Assets}	(%)	1.58	1.80	5.55
Return on Investment (ROI) (PBT/Networth)		0.08	0.09	0.28
Debt Equity Ratio (Total Debt /Networth)		1.38	1.60	1.41
Current Ratio (Current Asset/Current Liability)		0.80	0.89	0.88

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 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]	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

NATURE OF OPERATIONS

The Company was incorporated as on 18th September, 1996 under the Name of Windsor Packaging (Baroda) Private Limited. The Company has carried on business of Manufacturing of EPS Moulded Packaging Eps Sheets and Pipes Section. The company has changed its name w.e.f. 25/06/2011. The new name of the company is Jot Packaging Private Limited.

INDEX OF CHARGES

.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10098623	02/09/2013 *	11,000,000.00	STATE BANK OF INDIA	GIDC, POR, DIST VADODARA, GUJARAT - 391243, INDIA	B84034255
2	10098622	02/09/2013 *	11,000,000.00	STATE BANK OF INDIA	GIDC, POR, DIST VADODARA, GUJARAT - 391243, INDIA	B84032739

* Date of charge modification

FIXED ASSETS

Tangible Assets

· Land

· Building

· Plant and Machinery

· Electrical Installation

· Moulds

· Weighing Scale

· Furniture and Fixtures

· Vehicles

· Office equipment

Intangible Assets

· Computer Software

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.62.44
UK Pound	1	Rs.102.48
Euro	1	Rs.85.28

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	2
--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		28

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.