MIRA INFORM REPORT

Report No. :	349926
Report Date :	17.11.2015

IDENTIFICATION DETAILS

Name :	JEWEL PAPERS PRIVATE LIMITED
Registered Office :	706, GIDC, Phase III, Wadhwan, Surendranagar – 363035, Gujarat
Tel. No.:	91-22-32537744
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.02.1992
Com. Reg. No.:	04-017082
Capital Investment / Paid-up Capital :	Rs. 9.992 Million
CIN No.: [Company Identification No.]	U21019GJ1992PTC017082
IEC No.:	2497003173
TAN No.: [Tax Deduction & Collection Account No.]	AHMJ01659A
PAN No.: [Permanent Account No.]	AAACJ5157A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Packaging Materials.
No. of Employees :	Information declined by the Management.

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

Maximum Credit Limit :	USD 126000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1992 having satisfactory track. As per Registrar of Companies the date of balance sheet (i.e. financial filed) is shown as 31.03.15 but the documents related to the financial for the year 2015 are not available from any sources As per available financial of 2014, the company possesses an acceptable financial risk profile marked by satisfactory networth base with fair liquidity and favorable gap between trade payables and trade receivables. Trade relations are reported as fair. Business is active. Payments terms are reported as slow but correct In view of long track record and acceptable financial base, the company can be considered normal for business dealings at usual trade terms and conditions. Note: Profit and Loss Account of the company is not available

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Bipin Shah
Designation :	Chief Executive Officer
Contact No.:	91-22-32537744
Date :	10.11.2015

LOCATIONS

Registered Office/ Factory :	706, GIDC, Phase III, Wadhwan, Surendranagar – 363035, Gujarat, India
Tel. No.:	91-22-32537744
Fax No.:	Not Available
E-Mail :	jeweljpl@gmail.com sanjayshah1964@gmail.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Sanjaykumar Rasiklal Shah

Designation :

Director

Address :

“Paras Mani”, 5 Ashok Society, Surendranagar, Gujarat, India

Date of Birth/Age :

04.08.1964

Date of Appointment :

30.09.2004

DIN No.:

00082214

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	U36999GJ2000PTC038661	JEWEL LAMIPACK PRIVATE LIMITED	Director	19/09/2000	19/09/2000	-	Strike off	NO
2	U21019GJ1992PTC017082	JEWEL PAPERS PRIVATE LIMITED	Director	30/09/2004	30/09/2004	-	Active	NO

Name :

Mr. Niranjan Ramniklal Shah

Designation :

Director

Address :

201, Simandhar Apartment, 2^nd Floor, Behind Sanskar Society, Surendranagar - 363002, Gujarat, India

Date of Birth/Age :

24.10.1947

Date of Appointment :

29.09.2005

DIN No.:

00261383

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	U36999GJ2000PTC038661	JEWEL LAMIPACK PRIVATE LIMITED	Director	19/09/2000	19/09/2000	-	Strike off	NO
2	U21019GJ1992PTC017082	JEWEL PAPERS PRIVATE LIMITED	Director	29/09/2005	29/09/2005	-	Active	NO

Name :

Mr. Narendrabhai Rasiklal Shah

Designation :

Director

Address :

37, Nutan Society, opposite Vrundavan Hotel, Jintan Road, Surendranagar - 363002, Gujarat, India

Date of Birth/Age :

04.03.1955

Date of Appointment :

30.09.2004

DIN No.:

00082230

Name :

Mr. Rahul Bipin Shah

Designation :

Director

Address :

S/2, Purnima Building, M.G. Road, Mulund (West), Mumbai, Maharashtra, India

Date of Birth/Age :

07.07.1976

Date of Appointment :

29.09.2005

DIN No.:

00115453

Name :

Mr. Nayankumar Ramniklal Shah

Designation :

Director

Address :

24, Sanskar Society, Jintan Road, Surendranagar, Gujarat, India

Date of Birth/Age :

17.02.1952

Date of Appointment :

29.09.2005

DIN No.:

00082368

Name :

Mr. Nitinbhai Ramniklal Shah

Designation :

Director

Address :

48, New Servoday Society, Surendranagar, Gujarat, India

Date of Birth/Age :

22.02.1954

Date of Appointment :

29.09.2005

DIN No.:

00115516

KEY EXECUTIVES

Name :	Mr. Bipin Shah
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Packaging Materials.
Products :	Packaging Materials.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

• A. Crescent Marketing
• A.K. Chemicals
• Alteem Instruments
• Aman Industries
• DIC India Limited
• Mangal Deep Enterprises

Customers :

• Express Flexipack
• G.S. Products
• K.D. Enterprises
• Kaywin Marketing
• Desai Trader
• Dabur Traders

No. of Employees :

Information declined by the Management.

Bankers :

Bank Name	HDFC Bank Limited
Branch	HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, 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 :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loans From banks Buyers credit – Loan A/c (HDFC Bank Limited) (Sanctioned the Limit and Margin of Company Fix Deposits) (Limit Sanction Against Company GIDC Plot No.903 and 905 and All Plant and Machineries )	13.002	0.000
SHORT TERM BORROWING
Loans repayable on demand
From bank
AXIS Bank Limited (Security Against Company Fix Deposits of Rs. 1.137 Million)	0.942	2.348
HDFC Bank Limited	0.002	7.050
Kotak Mahindra Bank (Security Against Our Ahmedabad Office)	1.472	2.181
State bank of India (Security Against Company Fix Deposits of Rs. 5.560 Million)	2.909	4.731
Total	18.327	16.310

Auditors :
Name :	Hitesh V. Shah and Company Chartered Accountants
Address :	108, Dwarkesh, Main Road, Surendranagar – 363001, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	ADRPS4565L
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99920	Equity Shares	Rs.100/- each	Rs. 9.992 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	9.992	9.992	9.992
(b) Reserves & Surplus	34.202	34.673	32.658
(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)	44.194	44.665	42.650
(3) Non-Current Liabilities
(a) long-term borrowings	44.975	29.164	29.540
(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)	44.975	29.164	29.540
(4) Current Liabilities
(a) Short term borrowings	5.325	16.310	11.689
(b) Trade payables	27.619	26.333	32.339
(c) Other current liabilities	0.763	3.654	-0.138
(d) Short-term provisions	1.738	2.631	2.839
Total Current Liabilities (4)	35.445	48.928	46.729
TOTAL	124.614	122.757	118.919
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	37.435	38.926	39.901
(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	0.000	0.000	0.000
(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	37.435	38.926	39.901
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	40.331	33.437	31.923
(c) Trade receivables	27.998	29.927	32.277
(d) Cash and cash equivalents	12.246	13.806	9.800
(e) Short-term loans and advances	6.604	6.661	5.018
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	87.179	83.831	79.018
TOTAL	124.614	122.757	118.919

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012
	SALES
	Income	245.507	272.726
	Other Income	1.721	3.425
	TOTAL	247.228	276.151
Less	EXPENSES	244.013	272.307
	PROFIT/ (LOSS) BEFORE TAX	3.215	3.844
Less	TAX	1.200	1.688
	PROFIT/ (LOSS) AFTER TAX	2.015	2.156
	Earnings / (Loss) Per Share (Rs.)	20.17	21.58

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	0.82	0.79
Return on Total Assets (PBT/Total Assets}	(%)	NA	2.62	3.23
Return on Investment (ROI) (PBT/Networth)		NA	0.07	0.09
Debt Equity Ratio (Total Debt /Networth)		1.14	1.02	0.97
Current Ratio (Current Asset/Current Liability)		2.46	1.71	1.69

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	9.992	9.992	9.992
Reserves & Surplus	32.658	34.673	34.202
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	42.650	44.665	44.194
long-term borrowings	29.540	29.164	44.975
Short term borrowings	11.689	16.310	5.325
Current maturities of long-term debts	0.000	0.000	0.000
Total borrowings	41.229	45.474	50.300
Debt/Equity ratio	0.967	1.018	1.138

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Deposits From Shareholder	31.973	29.164
Total	31.973	29.164

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10387064	01/11/2012 *	27,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	B62483755
2	10392390	30/06/2012	25,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	B60337367

FIXED ASSETS

• Factory Building
• Plant and Machinery
• Furniture
• Vehicles
• Computer
• Fax Machine
• Typewriter
• Water cooler
• Inverter

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.66.13
UK Pound	1	Rs.100.55
Euro	1	Rs.71.26

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

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