MIRA INFORM REPORT

Report No. :	302844
Report Date :	20.01.2015

IDENTIFICATION DETAILS

Name :	J P EXTRUSIONTECH LIMITED
Registered Office :	Plot No.1701, GIDC Industrial Estate, Ankleshwar – 393002, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.04.2011
Com. Reg. No.:	04-064803
Capital Investment / Paid-up Capital :	Rs.48.705 Millions
CIN No.: [Company Identification No.]	U29291GJ2011PLC064803
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BRDJ01776F
PAN No.: [Permanent Account No.]	AACCJ5616Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of plastic extrusion machines and equipment which finds application mainly in the packaging industry for manufacturing of stretch wrapping films, High Density Polyethylene (HDPE) / Polypropylene (PP) laminated bags, polyester films and flexible intermediate bulk containers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established as a partnership concern during 1997 by the name ‘J P Extrusions’ and during April 2011 it got converted into a private limited company by the name ‘ J P Extrusiontech Limited’ Management has reported low reserves and modest as well as working capital intensive operations during FY14. However, trade relations seem to be fair. Business is active. Payments are reported to be slow but correct. In view of experienced promoters, 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 – 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

Rating Agency Name	CARE
Rating	Long term bank facilities = BB+
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	March 26, 2014

Rating Agency Name	CARE
Rating	Short term bank facilities = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	March 26, 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.

LOCATIONS

Registered Office :	Plot No.1701, GIDC Industrial Estate, Ankleshwar – 393002, Gujarat, India
Tel. No.:	91-2646-250194/221143/251083
Fax No.:	91-2646-250196
E-Mail :	jpextrusion1701@gmail.com info@jpextrusiontech.com
Website :	www.jpextrusiontech.com
Location :	Owned
Factory:	Located At: Ankleshwar, Gujarat, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Nathu Jamu Dorik

Designation :

Whole-time Director

Address :

Jagannath Bhavan Plot No. 1321, 1323, Near Gil Colony, GIDC, Ankleshwar Bharuch, Gujarat – 393002, India

Date of Birth/Age :

01.01.1954

Date of Appointment :

01.01.2012

DIN No.:

01602247

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	U22122GJ1986PTC008883	M J POLYCOATER PVT LTD	Director	18/08/1986	18/08/1986	-	Converted to LLP	NO
2	U40109GJ1996PLC029147	DORIK PLASTOCHEM LIMITED	Director	01/04/2009	25/03/1996	-	Active	NO
3	U25200GJ2008PLC053523	JAGANNATH EXTRUSION INDIA LIMITED	Director	01/01/2012	08/04/2008	-	Active	NO
4	U29291GJ2011PLC064803	J P EXTRUSIONTECH LIMITED	Whole-time director	01/01/2012	06/04/2011	-	Active	NO
5	AAC-8853	M J POLYCOATER LLP	Designated Partner	07/11/2014	07/11/2014	-	Active	NO

Name :

Mr. Dattatray Kashiram Patkar

Designation :

Director

Address :

1321,22,23, Jagannath Bhavan, Near Gil Colony, GIDC, Ankleshwar, Gujarat – 393002, India

Date of Birth/Age :

08.04.1959

Date of Appointment :

06.04.2011

DIN No.:

00972915

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	U29190GJ1993PLC019130	PATKAR EXTRUSIONS LIMITED	Whole-time director	01/07/2014	15/03/1995	-	Active	NO
2	U25200GJ2008PLC053523	JAGANNATH EXTRUSION INDIA LIMITED	Director	01/01/2012	08/04/2008	-	Active	NO
3	U29291GJ2011PLC064803	J P EXTRUSIONTECH LIMITED	Director	06/04/2011	06/04/2011	-	Active	NO

Name :

Mr. Pandurang Kashiram Patkar

Designation :

Whole-time Director

Address :

Uday Colony Ral-1, GIDC, Ankleshwar Bharuch – 393002 , Gujarat, India

Date of Birth/Age :

01.06.1965

Date of Appointment :

01.01.2012

DIN No.:

01602123

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	U29190GJ1993PLC019130	PATKAR EXTRUSIONS LIMITED	Director	01/01/2012	15/03/1993	-	Active	NO
2	U25200GJ2008PLC053523	JAGANNATH EXTRUSION INDIA LIMITED	Director	08/04/2008	08/04/2008	-	Active	NO
3	U29291GJ2011PLC064803	J P EXTRUSIONTECH LIMITED	Whole-time director	01/01/2012	06/04/2011	-	Active	NO

Name :

Mr. Deepak Chhaganbhai Patkar

Designation :

Director

Address :

1321, Jagannath Bhawan, GIDC, Ankleshwar, Gujarat – 393002, India

Date of Birth/Age :

04.12.1973

Date of Appointment :

06.04.2011

DIN No.:

00874712

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	U25209CH1998PTC021852	KAMALDEEP PLASTIC PRIVATE LIMITED	Director	07/10/1998	07/10/1998	-	Strike off	NO
2	U25200GJ2008PLC053523	JAGANNATH EXTRUSION INDIA LIMITED	Whole-time director	01/01/2012	08/04/2008	-	Active	NO
3	U29291GJ2011PLC064803	J P EXTRUSIONTECH LIMITED	Director	06/04/2011	06/04/2011	-	Active	NO

Name :

Mr. Dnyaneshwar Jamu Dorik

Designation :

Director

Address :

J.P. Industries, Plot No.1701, G.I.D.C, Ankleshwar, Gujarat – 393002, India

Date of Birth/Age :

01.06.1965

Date of Appointment :

06.04.2011

DIN No.:

01598871

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	U29190GJ1993PLC019130	PATKAR EXTRUSIONS LIMITED	Director	01/01/2012	15/03/1993	-	Active	NO
2	U25200GJ2008PLC053523	JAGANNATH EXTRUSION INDIA LIMITED	Whole-time director	01/01/2012	08/04/2008	-	Active	NO
3	U29291GJ2011PLC064803	J P EXTRUSIONTECH LIMITED	Director	06/04/2011	06/04/2011	-	Active	NO

Name :

Mr. Mahesh Jagannath Patkar

Designation :

Director

Address :

J.P. Industries, Plot No.1701, G.I.D.C, Ankleshwar, Gujarat – 393002, India

Date of Birth/Age :

31.05.1971

Date of Appointment :

06.04.2011

DIN No.:

01598983

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	U29190GJ1993PLC019130	PATKAR EXTRUSIONS LIMITED	Whole-time director	01/01/2012	15/03/1993	-	Active	NO
2	U25209GJ1992PTC017728	PRERNADIP PLASTCS PRIVATE LIMITED	Additional director	13/07/2007	13/07/2007	-	Active	NO
3	U25200GJ2008PLC053523	JAGANNATH EXTRUSION INDIA LIMITED	Director	08/04/2008	08/04/2008	-	Active	NO
4	U29291GJ2011PLC064803	J P EXTRUSIONTECH LIMITED	Director	06/04/2011	06/04/2011	-	Active	NO
5	AAC-8853	M J POLYCOATER LLP	Designated Partner	07/11/2014	07/11/2014	-	Active	NO

Name :

Mr. Vipul Jagannath Patkar

Designation :

Director

Address :

1/10, Durga Smriti, Ram Mandir Road, Babhai, Borivali (W), Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

23.07.1968

Date of Appointment :

06.04.2011

DIN No.:

01599309

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	U29190GJ1993PLC019130	PATKAR EXTRUSIONS LIMITED	Director	15/03/1993	15/03/1993	-	Active	NO
2	U25209GJ1992PTC017728	PRERNADIP PLASTCS PRIVATE LIMITED	Director	01/12/1999	01/12/1999	-	Active	NO
3	U25200GJ2008PLC053523	JAGANNATH EXTRUSION INDIA LIMITED	Whole-time director	01/01/2012	08/04/2008	-	Active	NO
4	U29291GJ2011PLC064803	J P EXTRUSIONTECH LIMITED	Director	06/04/2011	06/04/2011	-	Active	NO
5	AAC-8853	M J POLYCOATER LLP	Designated Partner	07/11/2014	07/11/2014	-	Active	NO

Name :

Mr. Ramkrishna Jamu Dorik

Designation :

Whole-time Director

Address :

R B L-11/B-9, Opposite Gattu School, G.I.D.C., Ankleshwar Bharuch – 393002, Gujarat, India

Date of Birth/Age :

01.06.1962

Date of Appointment :

01.07.2014

DIN No.:

01602033

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	U29190GJ1993PLC019130	PATKAR EXTRUSIONS LIMITED	Director	01/01/2012	15/03/1993	-	Active	NO
2	U25209GJ1992PTC017728	PRERNADIP PLASTCS PRIVATE LIMITED	Director	12/08/1996	12/08/1996	-	Active	NO
3	U40109GJ1996PLC029147	DORIK PLASTOCHEM LIMITED	Director	30/06/2004	30/06/2004	-	Active	NO
4	U25200GJ2008PLC053523	JAGANNATH EXTRUSION INDIA LIMITED	Director	08/04/2008	08/04/2008	-	Active	NO
5	U29291GJ2011PLC064803	J P EXTRUSIONTECH LIMITED	Whole-time director	01/07/2014	06/04/2011	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Nathubhai Jamubhai Dorik	405000
Dattatray Kashiram Patkar	272700
Ramkrishna Jamu Dorik	387000
Pandurang Kashiram Patkar	315900
Dnyaneshwar Jamu Dorik	486000
Vipul Jagannath Patkar (Transmitted 188550)	716850
Mahesh Jagannath Patkar (Transmitted 188550)	716850
Deepak Chhaganbhai Patkar	70200
Patkar Extrusiontech Limited	1500000
Total	4870500

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	30.79
Directors or relatives of Directors	69.21
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturing of plastic extrusion machines and equipment which finds application mainly in the packaging industry for manufacturing of stretch wrapping films, High Density Polyethylene (HDPE) / Polypropylene (PP) laminated bags, polyester films and flexible intermediate bulk containers.
Products :	Plastic Processing Machinery Lamination Machinery Flexo Printing Machinery Cutting Machine
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

Banker Name	Bank of Baroda
Branch Address	Industrial Estate Branch, GIDC Industrial Estate, GIDC, Ankleshwar – 393002, Gujarat, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan
1)Bank of Baroda A/c No 06/1538 (Secured By Plant and Machinery Purchased out of Bank finance and other collateral security of company and Director.)	0.000	2.133
2) Bank of Baroda A/c No 06/1539 (Secured by Plant and Machinery Purchased out of Bank finance and other collateral security of company and Directors)	0.000	1.043
3) Bank of Baroda Term A/c No 06/1571 (Secured By Plant and Machinery Purchased out of Bank finance and other collateral security of company and Directors)	5.385	7.531
From Banks
4) Bank of Baroda Term Loan A/c No06/1604 (Secured Against Capital Subsidy FDR) (of the above, All is guaranteed by Directors and / or others Terms of Repayment)	0.908	0.908
5) Bank of Baroda Vehicle Dustcher Loan A/c No 06/1652 (Secured By Hypothecation of Vehicle) (of the above, All is guaranteed by Directors and / or others) Term of Repayment 36 Equal EMI	0.000	0.482
6) Term Loan From GIDC Ankleshwar (Secured By Dahej Plot no D2/ E21/ 1) (of the above, NILI is guaranteed by Directors.) Term of Repayment	0.801	1.123
SHORT TERM BORROWINGS
Loans repayable on demand (cash credit)
1)Bank Overdraft (Ac No. 08950500000020) From banks Bank of Baroda (Secured By Inventory and Trade Receivables) (of the above, All is guaranteed by Directors and / or others)	43.248	36.789
2) (Packing Credit Loan for foreign LC) From banks Bank of Baroda (Secured By Export Goods)	12.500	15.000
Total	62.842	65.009

Auditors :
Name :	G.N. Shah Associates Chartered Accountants
Address :	106 / 107, Vadilonu Ghar, First Floor, Near Kasak Fuvara, Bharuch – 392002, Gujarat, India
Tel. No.:	91-2642-225026 / 225392 / 225044
PAN No.:	AHXPS2658G
Memberships :	Not Available
Collaborators :	Not Available
Enterprise, and companies over which key managerial personnel are able to exercise significant influence :	Jaiko Industries Jagnnath extrusion I Limited Patkar Extrusiontech Limited Jaiko Industries Prernadip Plastics Private Limited Hariom Logistics Jagannath Extrusion India Limited Dorik Plastopack Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4950000	Equity Shares	Rs.10/-each	Rs.49.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4870500	Equity Shares	Rs.10/-each	Rs.48.705 Millions

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	48.705	48.705	48.705
(b) Reserves & Surplus	25.334	15.762	3.906
(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)	74.039	64.467	52.611
(3) Non-Current Liabilities
(a) long-term borrowings	7.094	13.221	14.941
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	12.788	8.128	8.862
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	19.882	21.349	23.803
(4) Current Liabilities
(a) Short term borrowings	55.748	51.789	44.223
(b) Trade payables	143.389	124.810	126.630
(c) Other current liabilities	8.269	20.586	15.040
(d) Short-term provisions	14.602	5.211	4.045
Total Current Liabilities (4)	222.008	202.396	189.938
TOTAL	315.929	288.212	266.352
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	130.582	129.827	123.827
(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	16.048	16.049	16.049
(c) Deferred tax assets (net)	0.927	0.787	0.569
(d) Long-term Loan and Advances	12.018	9.069	13.312
(e) Other Non-current assets	0.000	0.000	0.369
Total Non-Current Assets	159.575	155.732	154.126
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	76.863	43.174	63.791
(c) Trade receivables	37.584	62.999	38.654
(d) Cash and cash equivalents	23.719	4.365	0.488
(e) Short-term loans and advances	18.188	21.942	9.170
(f) Other current assets	0.000	0.000	0.123
Total Current Assets	156.354	132.480	112.226
TOTAL	315.929	288.212	266.352

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	602.879	606.326	469.519
	Other Income	1.874	2.133	3.729
	TOTAL	604.753	608.459	473.248
Less	EXPENSES
	Cost of Materials Consumed	456.211	432.640	354.728
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(26.359)	15.186	(16.500)
	Employees benefits expense	48.897	38.338	32.959
	Other expenses	85.532	78.888	69.059
	TOTAL	564.281	565.052	440.246
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	40.472	43.407	33.002
Less	FINANCIAL EXPENSES	8.625	9.092	7.288
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	31.847	34.315	25.714
Less/ Add	DEPRECIATION/ AMORTISATION	17.391	17.825	16.783
	PROFIT/ (LOSS) BEFORE TAX	14.456	16.490	8.931
Less	TAX	4.884	5.543	5.025
	PROFIT/ (LOSS) AFTER TAX	9.572	10.947	3.906
	EARNINGS IN FOREIGN CURRENCY	$2332109.720	0.000	$1369064.770
	IMPORTS
	Raw Materials	26.663	31.235	26.660
	TOTAL IMPORTS	26.663	31.235	26.660
	Earnings / (Loss) Per Share (Rs.)	1.97	2.25	0.80

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	1.58	1.80	0.83
Operating Profit Margin (PBDIT/Sales)	(%)	6.71	7.15	7.02
Return on Total Assets (PBT/Total Assets}	(%)	4.84	6.08	3.58
Return on Investment (ROI) (PBT/Networth)		0.20	0.26	0.17
Debt Equity Ratio (Total Debts/Networth)		0.85	1.01	1.12
Current Ratio (Current Asset/Current Liability)		0.70	0.65	0.59

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	48.705	48.705	48.705
Reserves & Surplus	3.906	15.762	25.334
Net worth	52.611	64.467	74.039
long-term borrowings	14.941	13.221	7.094
Short term borrowings	44.223	51.789	55.748
Total borrowings	59.164	65.010	62.842
Debt/Equity ratio	1.125	1.008	0.849

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	469.519	606.326	602.879
		29.138	(0.569)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	469.519	606.326	602.879
Profit	3.906	10.947	9.572
	0.83%	1.81%	1.59%

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	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10288596	21/03/2012 *	103,977,000.00	BANK OF BARODA	ANKLESHWAR INDUSTRIAL ESTATE BRANCH, G I D C INDUSTRIAL ESTATE, ANKLESHWAR, Gujarat - 393002, INDIA	B35380948
2	10288601	13/06/2012 *	163,077,000.00	BANK OF BARODA	INDUSTRIAL ESTATE BRANCH, GIDC INDUSTRIAL ESTATE, GIDC, ANKLESHWAR, Gujarat - 393002, INDIA	B42033431

* Date of charge modification

FIXED ASSETS

• Land
• Computer
• Plant and Machinery
• Vehicle
• Tools and Spares
• Electrical Installation
• Office Equipments and Other Assets
• Mobile
• Building
• Furniture and Fixture
• Quarter
• Business Office

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.61.69
UK Pound	1	Rs.93.41
Euro	1	Rs.71.33

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.