MIRA INFORM REPORT

Report No. :	300858
Report Date :	05.01.2015

IDENTIFICATION DETAILS

Name :	K. L. JUTE PRODUCTS PRIVATE LIMITED
Registered Office :	205, Rabindra Sarani, 3^rd Floor, Kolkata – 700007, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.12.1985
Com. Reg. No.:	21-039897
Capital Investment / Paid-up Capital :	Rs.11.994 Million
CIN No.: [Company Identification No.]	U17112WB1985PTC039897
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Trader, Exporter and Importer of Jute bags and Plastic bags.
No. of Employees :	22 (Approximately)

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 :
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Profitability of the company seems to be low during 2014. However, general financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are slow but 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

Not Available

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 PARTED BY

Name :	Mr. Abhishek Agarwal
Designation :	Manager
Contact No.:	91-8045138706
Date :	31.12.2014

LOCATIONS

Registered Office :	205, Rabindra Sarani, 3^rd Floor, Kolkata – 700007, West Bengal, India
Tel. No.:	91-33-22421681
Mobile No.:	91-8045138706 (Mr. Abhishek)
Fax No.:	91-33-22421681
E-Mail :	kl_jute@vsnl.net
Location :	Owned
Factory:	Kashipur, Kolkata, West Bengal, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Kanhaya lal Agarwal

Designation :

Director

Address :

188/1H, Maniktolla Road, 3^rd Floor, Kolkata – 700054, West Bengal, India

Date of Birth/Age :

13.08.1962

Date of Appointment :

19.12.1985

DIN No.:

00476860

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	U17112WB1985PTC039897	K.L.JUTE PRODUCTS PVT LTD	Director	19/12/1985	19/12/1985	-	Active	NO
2	U70101WB1997PTC085960	VRINDA ENGINEERS PRIVATE LIMITED	Director	24/11/1997	24/11/1997	-	Active	NO

Name :

Manju Agarwal

Designation :

Director

Address :

188/1H, Maniktolla Road, 3^rd Floor, Kolkata – 700054, West Bengal, India

Date of Birth/Age :

08.07.1962

Date of Appointment :

19.12.1985

DIN No.:

00476905

KEY EXECUTIVES

Name :	Mr. Abhishek Agarwal
Designation :	Manager

MAJOR SHAREHOLDERS

As on 30.09.2014

SHAREHOLDERS FILE ATTACHED

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	82.61
Directors or relatives of Directors	17.39
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader, Exporter and Importer of Jute bags and Plastic bags.
Products :	Promotional canvas bags Synthetic bags Women’s fashion bag Canvas satchel String bags Cross body bags
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	Bangladesh
Terms :
Selling :	Cash and L/C
Purchasing :	Cash and L/C

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Birla Jute Mill – Kolkata
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	ITC Limited – Madhya Pradesh
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

22 (Approximately)

Bankers :

Banker Name	Axis Bank Limited
Branch Address	Manicktala, Main Road, Kolkata, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Vehicle Loans
From Banks
HDFC Bank Limited	0.160	0.605
Cash Credit Loan
From Axis Bank Limited	42.640	107.827
Total	42.800	108.432

Auditors :
Name :	B.R. Mittal and Company Chartered Accountants
Address :	36A, Bentinck Street, Kolkata – 700069, West Bengal, India
Tel No.:	91-2248-3062/4043
E-mail:	brmittal@vsnl.net
PAN No.:	ACXPA1230F
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/-each	Rs.15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
119940	Equity Shares	Rs.100/-each	Rs.11.994 Million

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	11.994	11.994	11.994
(b) Reserves & Surplus	70.281	62.623	55.434
(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)	82.275	74.617	67.428
(3) Non-Current Liabilities
(a) long-term borrowings	177.654	173.395	151.834
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	177.654	173.395	151.834
(4) Current Liabilities
(a) Short term borrowings	40.798	231.607	77.289
(b) Trade payables	44.047	58.037	97.428
(c) Other current liabilities	2.029	3.838	3.126
(d) Short-term provisions	8.793	7.507	5.781
Total Current Liabilities (4)	95.667	300.989	183.624
TOTAL	355.596	549.001	402.886
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.327	2.580	2.608
(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	6.638	7.348	7.015
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	17.726	57.749	36.624
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	26.691	67.677	46.247
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	29.773	41.521	9.098
(c) Trade receivables	282.679	401.349	339.412
(d) Cash and cash equivalents	0.167	21.708	0.285
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	16.286	16.746	7.844
Total Current Assets	328.905	481.324	356.639
TOTAL	355.596	549.001	402.886

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
PROFIT / (Loss)	7.708	10.145	9.099

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Liability/Networth)	2.66	5.43	3.40
Current Ratio (Current Asset/Current Liability)	3.44	1.60	1.94

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	11.994	11.994	11.994
Reserves & Surplus	55.434	62.623	70.281
Net worth	67.428	74.617	82.275
long-term borrowings	151.834	173.395	177.654
Short term borrowings	77.289	231.607	40.798
Total borrowings	229.123	405.002	218.452
Debt/Equity ratio	3.398	5.428	2.655

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	Yes
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	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	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	No

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10039806	21/03/2013	90,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH (CBB),, 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR,, KOLKATA, West Bengal  - 700071, INDIA	B72590532

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
From Bodies Corporate	94.286	28.487
From Directors and Shareholders	40.568	36.476
SHORT TERM BORROWINGS
From Bodies Corporate	40.798	231.607
Total	175.652	296.570

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.63.28
UK Pound	1	Rs.98.38
Euro	1	Rs.76.30

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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.