MIRA INFORM REPORT

Report Date :

31.07.2014

IDENTIFICATION DETAILS

Name :	JUPITER LAMINATORS PRIVATE LIMITED
Registered Office :	25/33, 3^rd Floor, East Patel Nagar, New Delhi – 110 088
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	07.03.2003
Com. Reg. No.:	55-119318
Capital Investment / Paid-up Capital :	Rs.40.140 Millions
CIN No.: [Company Identification No.]	U21022DL2003PTC119318
PAN No.: [Permanent Account No.]	AABCJ2883L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Flexible laminated Packaging Material.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 940000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	07.02.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	07.02.2014

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 31-03-2014.

INFORMATION DECLINED

Management Non Corporative (91-11-42481111)

LOCATIONS

Registered Office/ Corporate Office :	25/33, 3^rd Floor, East Patel Nagar, New Delhi – 110 088, India
Tel. No.:	91-11-42481111/ 26913252
Fax No.:	91-11-42481126
E-Mail :	roc.anilashok@gmail.com jupiter@jupiterlaminators.com
Website :	http://www.jupiterlaminators.com
Location:	Owned
Factory :	Village Liwaspur, Near Bahalgarh Industrial Area, Bahalgarh, Sonepat – 131 021, Haryana, India
Tel. No.:	91-130-2380305/ 2380306/ 2380307/ 2380308 / 4001700
Fax No.:	91-130-2380308 / 2380307

DIRECTORS

As on 30.09.2013

Name :

Mr. Sandeep Dharam Pal Bajaj

Designation :

Director

Address :

C-582, New Friends Colony, New Delhi – 110 065, India

Date of Birth/Age :

15.05.1968

Date of Appointment :

07.03.2003

Pan No.:

AEQPB9767B

DIN No.:

00058334

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	U55101DL1998PTC096453	PLAYWAY RESORTS PRIVATE LIMITED	Director	10/05/2001	10/05/2001	-	Active	NO
2	U51109DL1999PTC098930	SUPER GROWTH TRADERS PRIVATE LIMITED	Director	26/03/2002	26/03/2002	01/10/2006	Active	NO
3	U29299DL2002PTC115772	AKSS ENGINEERS PRIVATE LIMITED	Director	13/06/2002	13/06/2002	-	Active	NO
4	U51221DL2002PTC116299	JUPITER EXIM PRIVATE LIMITED	Director	23/07/2002	23/07/2002	-	Active	NO
5	U21022DL2003PTC119318	JUPITER LAMINATORS PRIVATE LIMITED	Director	07/03/2003	07/03/2003	-	Active	NO
6	U45201DL2005PTC136241	SIGNATURE BUILD-WELL PRIVATE LIMITED	Director	13/05/2005	13/05/2005	-	Active	NO
7	U29199DL2003PTC121437	PIONEER CONVERTING AND ALLIED MACHINERY PRIVATE LIMITED	Director	20/11/2006	20/11/2006	-	Active	NO
8	U74140DL1995PTC186071	TYFORT SALES PROMOTION PRIVATE LIMITED	Director	10/08/2008	22/12/2007	-	Active	NO
9	U70101DL2006PTC146777	AVICHAL BUILDCON PRIVATE LIMITED	Whole-time director	01/08/2011	01/08/2008	31/07/2012	Active	NO
10	U51909WB1995PTC071874	SIGNET VYAPAAR PRIVATE LIMITED	Director	05/04/2010	05/04/2010	-	Active	NO

Name :

Mr. Brij Lal Choudhary

Designation :

Director

Address :

113, B. P. Amar Jyoti, Mayur Vihar, Phase – I, Delhi – 110 092, India

Date of Birth/Age :

01.05.1944

Date of Appointment :

29.03.2005

DIN No.:

00058514

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	U21022DL2003PTC119318	JUPITER LAMINATORS PRIVATE LIMITED	Director	29/03/2005	29/03/2005	-	Active	NO
2	U74140DL1995PTC186071	TYFORT SALES PROMOTION PRIVATE LIMITED	Director	22/12/2007	22/12/2007	04/10/2008	Active	NO
3	U29199DL2003PTC121437	PIONEER CONVERTING AND ALLIED MACHINERY PRIVATE LIMITED	Director	17/08/2009	17/08/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Sandeep Bajaj	1838000
Signet Vyapar Private Limited, India	1938000
Playway Resorts Private Limited, India	118000
Signature Build-Well Private Limited, India	120000
Total	4014000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	54.21
Directors or relatives of Directors	45.79
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Flexible laminated Packaging Material.
Exports :	Not Divulged
Imports :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information declined by the management

Bankers :

· Indian Overseas Bank, A-5B, DDA Market, Paschim Vihar, New Delhi – 110 063, India

· Punjab National Bank, Shalimar Bagh Branch, Shalimar Bagh, New Delhi – 110 052, India

· ICICI Bank Limited

· Barclays Bank PLC

· Bank of India

· Syndicate Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long-term borrowings
Rupee term loans from banks	19.060	25.823
Loans repayable on demand from banks	419.536	305.945
Total	438.596	331.768

Banking Relations :	---
Auditors :
Name :	Mathur Nitin and Company Chartered Accountants
Address :	207, Gupta Arcade, Plot # 5, Local Shopping Centre, Mayur Vihar Phase – I Extension, Delhi – 110 091, India
Tel. No.:	91-11-22717886/ 22717887
E-Mail :	nitinmathur@vsnl.com
PAN No.:	AAJPM1168J

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4014000	Equity Shares	Rs.10/- each	Rs.40.140 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	40.140	40.140	37.000
(b) Reserves & Surplus	197.082	160.284	122.154
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	30.000	0.000
Total Shareholders’ Funds (1) + (2)	237.222	230.424	159.154
(3) Non-Current Liabilities
(a) long-term borrowings	62.297	62.313	326.623
(b) Deferred tax liabilities (Net)	6.219	4.278	1.369
(c) Other long term liabilities	9.590	9.705	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	78.106	76.296	327.992
(4) Current Liabilities
(a) Short term borrowings	419.536	305.945	0.000
(b) Trade payables	58.360	150.329	118.755
(c) Other current liabilities	12.454	21.802	18.373
(d) Short-term provisions	7.000	1.750	0.000
Total Current Liabilities (4)	497.350	479.826	137.128
TOTAL	812.678	786.546	624.274
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	141.195	119.537	94.170
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4.545	4.125	4.125
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	145.740	123.662	98.295
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	259.387	168.526	145.873
(c) Trade receivables	360.504	467.901	351.664
(d) Cash and cash equivalents	8.973	4.622	4.384
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	38.074	21.835	24.058
Total Current Assets	666.938	662.884	525.979
TOTAL	812.678	786.546	624.274

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	3050.787	1797.287	1203.972
		Other Income
		TOTAL	3050.787	1797.287	1203.972
Less	EXPENSES
		Office Expenses
		Administrative Expenses	2977.267	1744.172	1163.138
		Advertising Expenses
		TOTAL	2977.267	1744.172	1163.138
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		73.520	53.115	40.834
Less/ Add	DEPRECIATION/ AMORTISATION		19.808	14.877	14.242
	PROFIT BEFORE TAX		53.712	38.238	26.592
Less	TAX		16.914	12.669	0.610
	PROFIT AFTER TAX		36.798	25.569	25.982
	Earnings Per Share (Rs.)		9.17	6.37	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.21	1.42	2.16
Return on Total Assets (PBT/Total Assets}	(%)	6.65	4.89	4.29
Return on Investment (ROI) (PBT/Networth)		0.23	0.17	0.17
Debt Equity Ratio (Total Debt /Networth)		2.03	1.60	2.05
Current Ratio (Current Asset/Current Liability)		1.34	1.38	3.84

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	37.000	40.140	40.140
Reserves & Surplus	122.154	160.284	197.082
Share Application money pending allotment	0.000	30.000	0.000
Net worth	159.154	230.424	237.222
long-term borrowings	326.623	62.313	62.297
Short term borrowings	0.000	305.945	419.536
Total borrowings	326.623	368.258	481.833
Debt/Equity ratio	2.052	1.598	2.031

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1203.972	1797.287	3050.787
		49.280	69.744

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1203.972	1797.287	3050.787
Profit	25.982	25.569	36.798
	2.16%	1.42%	1.21%

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note:

The registered office of the company has been shifted from B-35, L.G.P. Jangpura Extn, New Delhi – 110014, India to present address w.e.f. 28.05.2004

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2013	As on 31.03.2012
Long-term borrowings
Loans and advances from directors	8.122	12.170
Loans and advances from others	35.115	24.320
Total	43.237	36.490

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10332781	05/12/2011	4,000,000.00	PUNJAB NATIONAL BANK	SHALIMAR BAGH BRANCH, SHALIMAR BAGH, NEW DELHI, DELHI -110052, INDIA	B30920094
2	10220569	13/02/2012 *	300,000,000.00	PUNJAB NATIONAL BANK	SHALIMAR BAGH BRANCH, SHALIMAR BAGH, NEW DELHI, DELHI -110052, INDIA	B36676591
3	10221128	31/03/2010	42,000,000.00	PUNJAB NATIONAL BANK	SHALIMAR BAGH BRANCH, SHALIMAR BAGH, NEW DELHI, DELHI -110052, INDIA	A85691673

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· 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.60.15
UK Pound	1	Rs.101.93
Euro	1	Rs.80.64

INFORMATION DETAILS

Information Gathered by :	HET
Analysis Done by :	SUM
Report Prepared by :	NTH

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	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.