MIRA INFORM REPORT

Report No. :	309948
Report Date :	07.03.2015

IDENTIFICATION DETAILS

Name :	C J CORPORATION
Registered Office :	Plot No.249/1, Near Santogen, Silk Mill, Khanvel Main Road, Village Vasona, Silvassa – 396 230, Dadra and Nagar Haveli (U.T)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.03.2003
Com. Reg. No.:	DNH/07/2011
Capital Investment / Paid-up Capital :	Rs.188.993 million
IEC No.:	0303049511
TIN No.:	Not Available
PAN No.: [Permanent Account No.]	AADFC3505D
Legal Form :	Partnership concern with an unlimited liability of the partners
Line of Business :	Subject is engaged in the manufacturing of corrugated boxes, textile tubes and core pipes/ cones with kraft paper being the key raw material.
No. of Employees :	248 (Approximately) [In office 48, In Factory 200]

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having a satisfactory track. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. The concern can be considered for business dealings at usual 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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/ Factory :	Plot No.249/1, Near Santogen, Silk Mill, Khanvel Main Road, Village Vasona, Silvassa – 396 230, Dadra and Nagar Haveli (U.T), India
Tel. No.:	Not Available
Mobile No.:	91-9099011069 (Mr. Mahendra)
Fax No.:	Not Available
E-Mail :	mahendra.chirawala@gmail.com
Location :	Owned

PARTNERS

Name :	Mr. Mahendra Chirawala
Designation :	Partner
Address :	Woodlands 19^th floor, “B” wing, plot No. 67, pedder road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	25.03.1946
Qualification :	B.E.
Experience :	45 Years
Name :	Mr. Aditya Chirawala
Designation :	Partner
Address :	Woodlands 19^th floor, “B” wing, plot No. 67, pedder road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	31.05.1984
Qualification :	M.B.A.
Experience :	10 Years
Name :	Mr. Alok Ashok Jiwrajka
Designation :	Partner
Address :	301 and 302, Plot No. 254, Raheja Legend, Dr. Annie Besant Road, Worli, Mumbai-400030, Maharashtra, India
Date of Birth/Age :	21.05.1977
Qualification :	M.B.A.
Experience :	15 Years
Name :	Mr. Varun Surendra Jiwrajka
Designation :	Partner
Address :	901, Plam Beach, Pochkhanwala Road, Worli, Mumbai-400018, Maharashtra, India
Date of Birth/Age :	23.08.1986
Qualification :	M.B.A.
Experience :	9 Years
Name :	Niraj Dilip Jiwrajka
Designation :	Partner
Address :	7, Villa Orbit, 15^th Floor, Darabshaw Lane, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	30.04.1986
Qualification :	M.B.A.
Experience :	9 Years

BUSINESS DETAILS

Line of Business :	Subject is engaged in the manufacturing of corrugated boxes, textile tubes and core pipes/ cones with kraft paper being the key raw material.
Products :	Corrugated Boxes Textile Tubes Core Pipes/ Cones With Kraft Paper
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	L/C and Credit (60 Days)
Purchasing :	Credit (60 Days)

PRODUCTION STATUS

Particulars	Unit	Licensed Capacity	Actual Production
Corrugated box	MT	1500 Per Month	13394
Textile Paper Tubes	MT	1000 Per Month	9593

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :

Wholesalers

Reference :	Not Divulged
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 :

248 (Approximately) [In office 48, In Factory 200]

Bankers :

Banker Name :	State Bank of Patiala
Branch Address :	Nariman Point, Mumbai-400021, Maharashtra, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	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)	Rs.120.000 million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :	J.J. Desai and Associate Chartered Accountants
Address :	Tradeo Air Condition Market, Tardeo, Mumbai, Maharashtra, India
Mobile No.:	91-9821023263
Memberships :	Not Available
Collaborators :	Not Available
Sister concern :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Capital Investment :
Owned :	Rs. 188.993 million
Borrowed :	--
Total :	Rs. 188.993 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Partner’s Capital		188.993	176.926
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		188.993	176.926
LOAN FUNDS
1] Secured Loans		166.562	110.434
2] Unsecured Loans		65.373	62.500
3] Bank OD A/c		84.858	116.377
TOTAL BORROWING		316.793	289.311
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		505.786	466.237
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		310.675	310.814
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	173.525	140.518
	Sundry Debtors	157.228	113.027
	Cash & Bank Balances	15.897	14.835
	Other Current Assets	3.309	2.795
	Loans & Advances	5.683	4.867
Total Current Assets		355.642	276.042
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	68.036	18.459
	Other Current Liabilities and Provisions	92.495	102.160
Total Current Liabilities		160.531	120.619
Net Current Assets		195.111	155.423
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		505.786	466.237

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	882.521	860.922
		Other Income	1.469	1.423
		TOTAL	883.990	862.345
Less	EXPENSES
		Cost of Goods sold	707.716	688.268
		Administrative Expenses	6.117	6.028
		Salary staff	14.615	14.494
		Art work charges	0.007	0.000
		Remunration to Partner	1.200	0.901
		Bank charges and Interest	5.974	34.913
		Interest Paid	27.883
		Carriage Outward	3.137	6.294
		Clearing and forwarding Expenses	0.034	0.171
		Commission Paid	5.368	3.223
		Conveyance Expenses	0.544	0.490
		Printing and stationery Expenses	0.349	0.391
		Repairs and maintenance Expenses	0.902	2.317
		Travelling Expenses	0.540	0.320
		Vehicle Expenses (incl. Diesel)	8.930	7.348
		Tempo Toll Naka and Unloading Expenses	4.215	3.330
		Vehicle Insurance	0.468	0.000
		Miscellaneous Expenses	0.000	0.027
		Professional Fees	0.742	0.648
		Carriage Inward	10.136	8.339
		Power and Fuel	9.859	11.595
		Factory wages	45.862	42.155
		Factory Maintenance Expenses	0.000	3.028
		Factory Insurance Expenses	0.808	0.785
		Packing and Building Expenses	3.140	2.790
		Repairs to Plant and Machinery	3.251	0.000
		Repairs to Factory Building	0.192	0.000
		TOTAL	861.989	837.855
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		22.001	24.490
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.596	11.901
	PROFIT BEFORE TAX (E-F) (G)		11.405	12.589
Less	TAX (H)		0.000	0.111
	PROFIT AFTER TAX (G-H) (I)		11.405	12.478

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.29	1.46
Return on Total Assets (PBT/Total Assets}	(%)	1.71	2.15
Return on Investment (ROI) (PBT/Networth)		0.06	0.07
Debt Equity Ratio (Total Debt /Networth)		1.68	1.64
Current Ratio (Current Asset/Current Liability)		1.14	0.92

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	176.926	188.993
Reserves & Surplus	0.000	0.000
Net worth	176.926	188.993
Secured Loans	110.434	166.562
Unsecured Loans	178.877	150.231
Total borrowings	289.311	316.793
Debt/Equity ratio	1.635	1.676

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	860.922	882.521
		2.509

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	860.922	882.521
Profit	12.589	11.405
	1.46%	1.29%

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	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	Yes
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	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
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

TRADE REFERENCE

• Alok Industries Limited
• Paptex Trading Private Limited
• Auro Enterprises
• MWV India Board Packaging Private Limited

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 records 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.62.20
UK Pound	1	Rs.94.71
Euro	1	Rs.68.60

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	SUB
Report Prepared by :	JYTK

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--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		44

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.