MIRA INFORM REPORT

Report Date :

16.11.2011

IDENTIFICATION DETAILS

Name :	SURYA COATS PRIVATE LIMITED
Registered Office :	3-G 3^rd Floor, Trade Centre, Near Stadium Circle, Navrangpura, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.02.1993
Com. Reg. No.:	04-019010
Capital Investment/ Paid-up Capital:	Rs.24.474 millions
CIN No.: [Company Identification No.]	U74999GJ1993PTC019010
TAN No.: [Tax Deduction & Collection Account No.]	AHMS00165E
PAN No.: [Permanent Account No.]	AADCS0464N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of a Black Centered Metallic Paper, etc
No. of Employees:	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (19)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company is under pressure. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Chiag
Designation :	Marketing Manager
Contact No.:	91-9099893383
Date :	14.11.2011

LOCATIONS

Registered Office :	3-G 3^rd Floor, Trade Centre, Near Stadium Circle, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26449684
Mobile No.:	91-9099893383 ( Mr. Chirag)
E-Mail :	suryacoats@rediffmail.com
Area :	46000 sq. ft.
Location :	Owned
Factory :	Plot No.2016/B/2, At Post – Vamaj, Taluka – Kadi, Kadi – 382715, Gujarat, India
Tel. No.:	91-2764-285578
Fax No.:	91-2764-285542

DIRECTORS

(AS ON 17.09.2011)

Name :

Mr. Sameer Navinchandra Patel

Designation :

Director

Address :

3, Abhishree Residency-1, B/h Kantam Party Plot, Ahmedabad-380058, Gujarat, India

Date of Birth/Age :

24.04.1967

Date of Appointment :

19.02.1993

DIN No :

00092360

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74999GJ1993PTC019010	Surya Coats Private Limited	Director	19/02/1993	19/02/1993	-	Active	NO
2	U31100GJ1971PTC001903	Patson Transformers Private Limited	Director	12/10/1999	12/10/1999	-	Active	NO
3	U65910GJ1991PTC015271	Kusum Finstock Private Limited	Director	13/10/2001	13/10/2001	21/01/2011	Active	NO
4	U65910GJ1991PTC015274	Samir Stockholdings Private Limited	Director	13/10/2001	13/10/2001	-	Active	NO
5	U45201GJ2004PTC045011	Niva Infrastructure Private Limited	Director	13/12/2007	13/12/2007	-	Active	NO
6	U45201GJ2008PTC053589	K R Mega Mall Private Limited	Additional director	23/09/2009	23/09/2009	1/10/2011	Active	NO
7	U40106GJ2011PTC065899	Saura Synergies Private Limited	Director	14/06/2011	14/06/2011	-	Active	NO

Name :

Mr. Harishbhai Bhanubhai Patel

Designation :

Director

Address :

27, Nirat Park, Sola Road, Thaltej, Ahmedabad-380061, Gujarat, India

Date of Birth/Age :

09.08.1961

Date of Appointment :

12.09.1993

DIN No :

00092389

Name :

Mr. Bharatbhai Mohanbhai Gandhi

Designation :

Director

Address :

I-104, Tulip Citadel, Shreyas Tekra, Ambawadi, Ahmwdabad-380015, Gujarat, India

Date of Birth/Age :

06.05.1969

Date of Appointment :

28.03.2002

DIN No :

00092415

KEY EXECUTIVES

Name :	Mr. Chiag
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Samir N. Patel	1000
Harish B. Patel	84000
Bharat N. Patel	1000
Navinchandra R. Patel	30000
Kusumben N. Patel	1000
Hasumatiben R. Patel	158133
Rumit H. Patel	40000
Mansi H. Patel	20000
Jignesh B. Patel (HUF)	91000
Romil J. Patel (Minor) Thr. FG Jignesh b. Patel	20000
Bharat M. Gandhi	140000
Mohanlal C. Gandhi	50000
Niraj H. Patel	15000
Sarojben H. Patel	15000
Chetan J. Patel	10000
Mitul J. Patel (Minor)	10000
Charulata N. Patel	269224
Vishnubhai S. Patel	20000
Chandubhai T. Patel	20000
Bhanubhai B. Patel	81000
Harish B. Patel (HUF)	81000
Rekhaben H. Patel	207567
Rituben J. Patel	193567
Jignesh B. Patel	111000
Tarika B. Patel	379000
Nisha S. Patel	200000
Priyanshi J. Patel	20000
Drishti S. Patel	179000
Total	2447491

Equity Share Breakup

(AS ON 30.09.2011)

Category	Percentage
Directors or relatives of directors	56.97
Other top fifty shareholders	43.63
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of a Black Centered Metallic Paper, etc
Products :	· Fluorescent Paper · Paper Sheets · Coated Papers · Packaging Paper · Gutkha Packing Paper · Carbonless Paper · Chromo Paper · Thermal Paper · Pastel Paper · Wet Strength Paper
Exports :
Products :	Black Centered Metallic Paper
Countries :	· Canada · Uganda · Thailand
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	L/C / Cash / Credit
Purchasing :	L/C / Cash / Credit

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Actual Production
Licensed Capacity	Tons	NA
Installed Capacity	Tons	5400
Actual Production	Tons	1678.457

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· End Users

No. of Employees :

20 (Approximately)

Bankers :

· The Kalupura Commercial Co-operative Bank Limited, Ashram Road, Usmanpura Branch, Ahmedabad-380006, Gujarat, India.

· Axis Bank, Ahmedabad, Gujarat, India

Facilities :

(Rs. in millions)

Secured Loans	As on 31.03.2011	As on 31.03.2010
From Kalupura Commercial Co-operative Bank Limited
Cash Credit Account	7.686
Book Debt [Secured against Hypothecation of Stock / Book Debt and personal Guarantee of Directors]	1.489	11.572
F. D. Overdraft A/C [Secured against pledge of F.D.]	1.077
Term Loan-II [Secured against mortgage of Land/Building and hypothecation of machineries and personal guarantee of Directors]	0.266
Total	10.518	11.572

(Rs. in millions)

Unsecured Loans	As on 31.03.2011	As on 31.03.2010
Deposit from Directors
Interest Accrued and due on above
Deposit from Shareholders
Interest Accrued and due on above	41.967	39.376
Deposits From Companies
Interest Accrued and Due on above
Deposit From Shareholders ( N.I.B)
Total	41.967	39.376

Banking Relations :	--
Auditors :
Name :	Chandulal M. Shah and Company Chartered Accountant
Address :	601, Samruddhi, Opposite Old Gujarat High Court, Ahmedabad-380014, Gujarat, India
Income-tax PAN of auditor or auditor’s firm :	AAAFC6603M
Associates/Subsidiaries :	· Samir Stockholding Private Limited · Kusum Finstock Private Limited · Jadar Ginning and Pressing Factory · Bharat automotive · Patson Transformers Private Limited

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Share	Rs.10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2447491	Equity Share	Rs.10/- each	Rs.24.474 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		24.474	24.474	24.474
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.500	1.500	1.500
4] (Accumulated Losses)		(34.925)	(33.944)	(32.253)
NETWORTH		(8.951)	(7.970)	(6.279)
LOAN FUNDS
1] Secured Loans		10.518	11.572	16.220
2] Unsecured Loans		41.967	39.376	34.300
TOTAL BORROWING		52.485	50.948	50.520
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		43.534	42.978	44.241
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.101	17.358	16.994
Capital work-in-progress		0.000	0.000	0.535
INVESTMENT		0.562	0.562	0.562
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	21.566	15.583	20.151
	Sundry Debtors	15.352	11.396	7.644
	Cash & Bank Balances	3.271	2.728	2.044
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.124	2.012	5.758
Total Current Assets		42.313	31.719	35.597
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	15.094	6.312	6.148
	Other Current Liabilities			2.748
	Provisions	0.348	0.349	0.551
Total Current Liabilities		15.442	6.661	9.447
Net Current Assets		26.871	25.058	26.150
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		43.534	42.978	44.241

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	102.414	83.863	159.416
		Other Income	Na	0.756	NA
		TOTAL	NA	84.619	NA
Less	EXPENSES		NA	84.659	NA
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION		0.696	(0.040)	(0.438)
Less/ Add	DEPRECIATION/ AMORTISATION		1.677	1.621	1.313
Add	EXTRA ORDINARY ITEM		0.000	0.000	1.198
	PROFIT/LOSS BEFORE TAX		(0.982)	(1.661)	(0.553)
Less	TAX		0.000	0.029	0.000
	PROFIT/LOSS AFTER TAX		(0.982)	(1.690)	(0.553)
	Earnings Per Share (Rs.)		(0.40)	(0.69)	(0.22)

Expected Sales (2011-2012) : Rs.115.000 millions.

The above information has been parted by Mr. Chirag

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	(1.99)	NA
Net Profit Margin (PBT/Sales)	(%)	(0.96)	(1.98)	(1.09)
Return on Total Assets (PBT/Total Assets}	(%)	(1.68)	(3.38)	(3.32)
Return on Investment (ROI) (PBT/Networth)		(0.11)	(0.21)	0.27
Debt Equity Ratio (Total Liability/Networth)		(7.58)	(7.23)	(9.55)
Current Ratio (Current Asset/Current Liability)		2.74	4.76	3.76

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in reports
1) Year of Establishment	Yes
2) Locality of the Firm	Yes
3) Constitution of the Firm	Yes
4) Premises Details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s Background	---------
8) No. of Employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm of last two year	Yes
12) Profitability for last three years	----------
13) Reasons for variations <> 20%	----------
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of Sister concern	-----------
17) Major Suppliers	No
18) Major Customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market Information	---------
22) Litigation that the firm / promoter involved	---------
23) Banking Details	Yes
24) Banking facility Details	---------
25) Conduct of the banking account	---------
26) Buyer visit details	---------
27) Financials, if provided	No
28) Incorporation details, if applicable	----------
29) Last account field at ROC	----------
30) Major Shareholders, if available	----------

TURNOVER AND PROFITABILITY:

The Turnover for the period is Rs.102.414 millions (Previous Year: Rs.83.863 millions)

During the year, the company has incurred loss of Rs.0.982 millions. The loss is mainly due to recessional condition in the market and stiff competition from the competitors.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	90098392
Corporate identity number of the company	U74999GJ1993PTC019010
Name of the company	SURYA COATS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	3-G 3^rd Floor, Trade Centre, Near Stadium Circle, Navrangpura, Ahmedabad – 380009, Gujarat
Type of charge	Immovable Property
Particular of charge holder	The Kalupur Commercial Co-Operative Bank Limited, Ashram Road, Usmanpura Branch, Ahmedabad – 380006, Gujarat, India E-Mail Id: chiragshah2211@yahoo.co.in
Nature of description of the instrument creating or modifying the charge	Enhancement of Charge
Date of instrument Creating the charge	08.07.2008
Amount secured by the charge	Rs.21.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Stock & Book Debts : 12.50 % Machinery : 13 % Terms of Repayment 48 Months for new machinery loan and hypothecation limit valid for one year. Margin Stock & Machinery : 30% Book Debts - 40% Extent and Operation of the charge All the securities described here in below in column no.14 have been charged to the bank to secure additional Hypothecation of machinery facility of Rs. 3.500 Millions making aggregate limit of Rs. 21.000 Millions.
Short particulars of the property charged	Company's immovable property being all that piece and parcel of land with present and future construction thereon bearing Plot No.2 paiki of Revenue Block No.2016/B of Mouje Vamaj, Tal.: Kadi, Dist.: Mehsana, adm. about 16892 sq. mtrs.
Date of latest modification prior to the present modification	12.08.2006
Particulars of the present modification	By virtue of said modification, the charge orginally created on 16-04-1996 and subsequently modified from time to time , is now further extended for additional Hypothecation of machinery loan facility of Rs. 3.500 Millions making aggregate limit of Rs. 21.000 millions covered under said charge.

FIXED ASSETS:

· Factory Land

· Factory Building

· Office Building

· Borewell

· Plant and Machinery

· Electric Installation

· Tools

· Laboratory Equipment

· Furniture Equipment

· Computer

· Vehicles

· Office Equipment

· Mobile Instrument

· Boiler

· Capital WIP

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.50.56
UK Pound	1	Rs.80.30
Euro	1	Rs.68.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		19

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.