MIRA INFORM REPORT

Report Date :

24.05.2011

IDENTIFICATION DETAILS

Name :	SUMATI PRINTS PRIVATE LIMITED
Registered Office :	424-425B, G.I.D.C. Industrial Estate, Pandesara, Surat – 394 221, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.09.2002
Com. Reg. No.:	04-041308
Capital Investment / Paid-up Capital :	Rs.4.525 millions
CIN No.: [Company Identification No.]	U17119GJ2002PTC041308
TAN No.: [Tax Deduction & Collection Account No.]	SRTS02563B
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Grey Cloth.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 99000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal 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.

INFORMATION PARTED BY

Name :	Mr. Amitkumar Deshraj Jain
Designation :	Director
Contact No.:	91-261-2892976
Date :	21.05.2011

LOCATIONS

Registered Office :	424-425B, G.I.D.C. Industrial Estate, Pandesara, Surat – 394 221, Gujarat, India
Tel. No.:	91-261-2892976
Mobile No.:	91-9825113782 (Mr. Shashibhushan Jain)
Fax No.:	91-261-2892973
E-Mail :	shashijain1969@gmail.com
Area :	3500 sq ft (Approximately)
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :	Mr. Amitkumar Deshraj Jain
Designation :	Director
Address :	Vrundavan Apartment, Near Maharaja Cinema, Salabatpura, Surat – 395 003, Gujarat, India
Date of Birth/Age :	32 Years
Date of Appointment :	05.01.2005
DIN No.:	00304697
Name :	Mr. Shashibhushan Chhabildas Jain
Designation :	Director
Address :	3-E, Megh Mayur Ploaza Apartment, Athwalines Umra, Surat – 395 007, Gujarat, India
Date of Birth/Age :	03.07.1969
Date of Appointment :	20.09.2002
DIN No.:	01851569
Name :	Mr. Chhabildas Khajanchi Mal Jain
Designation :	Director
Address :	TU-49, Pitam Pura, Delhi – 110 034, India
Date of Birth/Age :	15.11.1945
Date of Appointment :	20.09.2002
DIN No.:	02429814
Name :	Mr. Deshraj Raghubirsingh Jain
Designation :	Director
Address :	Vrundavan Apartment, Near Maharaja Cinema, Salabatpura, Surat – 395 003, Gujarat, India
Date of Birth/Age :	12.08.1948
Date of Appointment :	07.06.2007
DIN No.:	00302686
Name :	Mr. Raghubirsingh Paliram Jain
Designation :	Director
Address :	1^st Floor, Damanwala Complex, Udhna Darwaja, Surat, Gujarat, India
Date of Ceasing :	05.01.2005
Name :	Mr. Rahul Kailashchand Jain
Designation :	Director
Address :	9-B, Ravi Chhaya Apartment, Near Lourds Convent School, Athwa Lines, Surat – 395 007, Gujarat, India
Date of Birth/Age :	14.11.1984
Date of Ceasing :	07.06.2007
DIN No.:	00302911

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Shashibhushan Jain	50220
Chhabildas Jain	10000
Mukesh Jain	40000
Asha S. Jain	500
Chhabildas Jain Represents Chhabildas Jain-HUF	500
Anilkumar Jain	1000
Rahul Jain	17300
Ashok Kumar Jain	17600
Amit Jain	265
Shashi Bhushan Jain HUF	25
Abhishek Jain	16200
Deepali Jain	16200
Usha Jain	16200
Manish Jain	16200
Deshraj Jain	100
Santoshdevi Jain	100
Kiranbala Jain	100
Savitri Devi Jain	10
Bmc Silk Mills Private Limited, India	125000
Paras Avenues Private Limited, India	55000
Vivek Organisors Private Limited, India	70000
Jyoti M. Jain	10
Total	452530

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	55.24
Directors or relatives of directors	44.76
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Grey Cloth.

Products :

Item Code No. (ITC Code)	540710.39
Product Description	(1) Processing of Fabrics on Job Work (2) Trading of Grey Cloth

Terms :

Selling :

Cash and Credit (30/ 60/ 90 days)

Purchasing :

Cash and Credit (30/ 60/ 90 days)

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Actual Production
Process Cloth	In Mtrs.	18894599.270

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

15 (Approximately)

Bankers :

ICICI Bank, Pandesara, Surat, Gujarat, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Vehicle Loan from ICICI Bank Limited (Secured against hypothecation of Motor Tempo)	0.106	0.373
Vehicle Loan from Kotak Mahidnra Private Limited (Secured against hypothecation of car)	0.804	0.000
Total	0.910	0.373

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Body Corporate	0.000	0.000
From Shareholders and Directors	24.873	27.519
Total	24.873	27.519

Banking Relations :	--
Auditors :
Name :	RKG and Company Chartered Accountants
Address :	409, Ajanta Shopping and Textile Arcade, Ring Road, Surat – 395 002, Gujarat, India
Tel. No.:	91-261-2325901/ 902

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
452530	Equity Shares	Rs.10/- each	Rs.4.525 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		4.525	2.025	2.025
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		20.315	3.252	1.365
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		24.840	5.277	3.390
LOAN FUNDS
1] Secured Loans		0.910	0.373	0.640
2] Unsecured Loans		24.873	27.519	28.369
TOTAL BORROWING		25.783	27.892	29.009
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		50.623	33.169	32.399
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.571	27.997	30.355
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		1.286	1.204	0.838
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.179	7.778	5.268
	Sundry Debtors	22.077	26.004	16.969
	Cash & Bank Balances	4.333	3.978	1.761
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.779	8.588	5.874
Total Current Assets		49.368	46.348	29.872
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	29.303	40.279	27.644
	Other Current Liabilities	0.324	0.877	0.279
	Provisions	1.036	1.252	0.778
Total Current Liabilities		30.663	42.408	28.701
Net Current Assets		18.705	3.940	1.171
MISCELLANEOUS EXPENSES		0.061	0.028	0.035
TOTAL		50.623	33.169	32.399

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales and Processing Charges	121.096	134.356	81.032
		Other Income	0.532	0.071	0.069
		TOTAL	121.628	134.427	81.101
Less	EXPENSES
		Colour and Chemical Consumed	32.423	35.103	75.134
		Manufacturing and Other Expenses	64.562	73.741
		Payment to Employees	17.381	17.150
		Increase/ Decrease in Inventory	(0.911)	0.742
		TOTAL	113.455	126.736	75.134
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.173	7.691	5.967
Less/ Add	DEPRECIATION/ AMORTISATION		5.129	4.837	4.019
	PROFIT BEFORE TAX		3.044	2.854	1.948
Less	TAX		0.981	0.968	0.632
	PROFIT AFTER TAX		2.063	1.886	1.316
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.252	1.366	NA
	BALANCE CARRIED TO THE B/S		5.315	3.252	NA
	Earnings Per Share (Rs.)		4.56	9.31	NA

Particulars	31.03.2011 (Approximately)
Sales Turnover	130.000

Expected Sales (2011-2012): Rs.150.000 millions

The above information has been parted by Mr. Amitkumar Deshraj Jain (Director).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.70	1.40	1.62
Net Profit Margin (PBT/Sales)	(%)	2.51	2.12	2.40
Return on Total Assets (PBT/Total Assets}	(%)	3.81	3.84	3.23
Return on Investment (ROI) (PBT/Networth)		0.12	0.54	0.57
Debt Equity Ratio (Total Liability/Networth)		2.27	13.32	17.02
Current Ratio (Current Asset/Current Liability)		1.61	1.09	1.04

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors	29.303	40.279	27.644

THE YEAR IN RETROSPECT AND FUTURE OUTLOOK:

During the year, Sales and Processing income of the company has decreased to Rs.121.096 millions as compared last years income of Rs.134.356 millions and Net Profit after tax of the company is increased to Rs.2.063 millions as against last years profit of Rs.1.886 millions. The Board of Directors is taking appropriate steps to improve the Profitability of the company and hopeful that the company will come out with better results during the Current year as per targets.

CONTINGENT LIABILITIES (NOT PROVIDED FOR):

Particulars	31.03.2010 (Rs. in millions)
S.M.C. Water Charges	2.602

FIXED ASSETS:

v Land

v Plant and Machinery

v Factory Building

v Furniture and Fixture

v Scooter

v Office Equipment

v Tempo

v Weigh Scale

v Motor Car

v Computer

v Computer Peripherals

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 records 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.45.28
UK Pound	1	Rs.73.30
Euro	1	Rs.63.61

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	4
--PROFITABILIRY	1~10	4
--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
TOTAL		43

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.