MIRA INFORM REPORT

Report Date :

17.02.2012

IDENTIFICATION DETAILS

Name :	SILVERLINE POWER INFRASTRUCTURE PRIVATE LIMITED
Registered Office :	100, GIDC Industrial Estate, Por Raman Gamdi, District Vadodara - 391243, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.03.2009
Com. Reg. No.:	04-056480
Capital Investment / Paid-up Capital :	Rs.7.500 Millions
CIN No.: [Company Identification No.]	U45207GJ2009PTC056480
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Electrical Panel Board.
No. of Employees :	22 (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 67000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a successor of Sunrise Electrical Industries, a partnership concern started in the year 1985. It 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.

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. Solanki
Designation :	Accounts Manager
Contact No.:	91-265-2648016
Date :	15.02.2012

LOCATIONS

Registered Office/ Factory :	100, GIDC Industrial Estate, Por Raman Gamdi, District Vadodara - 391243, Gujarat, India
Tel. No.:	91-265-2648016/ 2630742
Mobile No.:	91-9898822682 (Mr. Vineet Nair)
Fax No.:	91-265-2648016/ 2630742
E-Mail :	kheradiaramesh@hotmail.com info@sunriseelectricalind.com
Location :	Owned

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Liju Abraham Chacko

Designation :

Director

Address :

A-78, Geetanjali Duplex, Novino Tarsali Road, Vadodara – 390010, Gujarat, India

Date of Birth/Age :

25.05.1974

Date of Appointment :

31.03.2009

DIN No.:

02581234

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U45207GJ2009PTC056480	SILVERLINE POWER INFRASTRUCTURE PRIVATE LIMITED	Whole-time director	1/4/2010	31/03/2009	Active	NO
2	U28999GJ2011PTC067570	SILVERLINE GALVANIZERS PRIVATE LIMITED	Director	20/10/2011	20/10/2011	Active	NO

Name :

Mr. Vineethkumar Nair

Designation :

Director

Address :

B-30, Mangaldeep Society, Suseen Tarsali Road, Vadodara – 390009, Gujarat, India

Date of Birth/Age :

23.12.1974

Date of Appointment :

31.03.2009

DIN No.:

02581721

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U45207GJ2009PTC056480	SILVERLINE POWER INFRASTRUCTURE PRIVATE LIMITED	Whole-time director	1/4/2010	31/03/2009	Active	NO
2	U28999GJ2011PTC067570	SILVERLINE GALVANIZERS PRIVATE LIMITED	Director	20/10/2011	20/10/2011	Active	NO
3	U28999GJ2011PTC067855	SUNRISE AUTOMATION SOLUTIONS PRIVATE LIMITED	Director	17/11/2011	17/11/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Solanki
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Liju Abraham Chacko	370000
Vineethkumar Nair	370000
K A Chacko	2500
Sudhi Abraham	2500
Kavitha Vineeth Nair	2500
Shivsankaran Nair	2500
Total	750000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Electrical Panel Board.
Products :	Electrical Panel Board
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

22 (Approximately)

Bankers :

· Indian Overseas Bank

Mehta Pole Baroda Main Branch, Near Mandvi Vadodara – 390001, Gujarat, India

· IDBI Bank Limited

Kabirplaza makarpura Road, Manjalpur, Vadodara – 390009, Gujarat, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Term Loan from IDBI Bank	39.432	12.637
Bank Overdraft		4.912
Total	39.432	17.549
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loans and Advances from Director	9.565	5.796
Loans and Advances from Shareholders		2.499
Total	9.565	8.295

Banking Relations :	--
Auditors :
Name :	Ashwin Shah and Company Chartered Accountant
Address :	110-111, 1^st Floor, Silver Coin, Near Shrenik Park Char Rasta, Productivity Road, Vadodara – 390020, Gujarat, India
Tel No.:	91-265-2350687
Mobile No.:	91-9824011740
PAN No.:	ABWPS4438D
Email :	ashwintshah@yahoo.co.in

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Share	Rs.10/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
750000	Equity Share	Rs.10/- each	Rs.7.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		7.500	5.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		9.125	1.692
4] (Accumulated Losses)		0.000	0.000
NETWORTH		16.625	6.692
LOAN FUNDS
1] Secured Loans		39.432	17.549
2] Unsecured Loans		9.565	8.295
TOTAL BORROWING		48.997	25.844
DEFERRED TAX LIABILITIES		1.101	0.390
TOTAL		66.723	32.926
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		32.551	22.767
Capital work-in-progress		0.000	0.000
INVESTMENT		0.105	0.015
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	24.734	7.831
	Sundry Debtors	20.415	5.395
	Cash & Bank Balances	0.195	0.295
	Other Current Assets	0.000	0.000
	Loans & Advances	2.670	4.195
Total Current Assets		48.014	17.716
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	11.401	6.834
	Other Current Liabilities		0.552
	Provisions	2.662	0.340
Total Current Liabilities		14.063	7.726
Net Current Assets		33.951	9.990
MISCELLANEOUS EXPENSES		0.116	0.154
TOTAL		66.723	32.926

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	81.259	20.754
		Other Income	0.002	0.014
		TOTAL (A)	81.261	20.768
Less	EXPENSES
		Materials Consumed	45.264	11.173
		Manufacturer and Other Expenses	10.749	2.990
		Employee Costs	3.613	0.597
		Administrative and Other Expenses	7.093	1.245
		Selling and Distribution Charge	1.026	0.152
		Preliminary Expenses W/O	0.039	0.039
		TOTAL (B)	67.784	16.196
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.477	4.572
Less	FINANCIAL EXPENSES (D)		4.390	1.558
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.087	3.014
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.793	0.592
	PROFIT BEFORE TAX (E-F) (G)		7.294	2.422
Less	TAX (H)		2.361	0.730
	PROFIT AFTER TAX (G-H) (I)		4.933	1.692
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		--	--
	BALANCE CARRIED TO THE B/S		4.933	1.692
	Earnings Per Share (Rs.)		6.58	3.38

Expected Sales (2011-12): Rs.200.000 Millions

The above information has been parted by Mr. Solanki.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	6.07	8.15
Net Profit Margin (PBT/Sales)	(%)	8.98	11.67
Return on Total Assets (PBT/Total Assets}	(%)	9.05	5.98
Return on Investment (ROI) (PBT/Networth)		0.44	0.36
Debt Equity Ratio (Total Liability/Networth)		3.79	5.02
Current Ratio (Current Asset/Current Liability)		3.41	2.29

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	-----
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last two years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-----
Estimation for coming financial year	Yes
Capital in the business	No
Details of sister concerns	-----
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	-----
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	-----
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	No
Incorporation details is applicable	-----
Last Accounts filed at ROC	-----
Major Shareholders, if available	-----

FORM 8:

Corporate identity number of the company	U45207GJ2009PTC056480
Name of the company	SILVERLINE POWER INFRASTRUCTURE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	100, GIDC Industrial Estate, Por Raman Gamdi, District Vadodara - 391243, Gujarat, India kheradiaramesh@hotmail.com
This form is for	Modification of charge
Charge identification number of the modified	1023437
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	· Indian Overseas Bank Mehta Pole Baroda Main Branch, Near Mandvi Vadodara – 390001, Gujarat, India brdambr@barsco.iobnet.co.in
Nature of description of the instrument creating or modifying the charge	Letter of hypothecation (for Securing Machines / Vehicles/ Goods/ Book Debts) for Rs.42.833 Millions
Date of instrument Creating the charge	21.01.2012
Amount secured by the charge	Rs.42.959 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest BASE Rate + 3.50% i.e. present 14.25% per annuam for CC and TL I and II, BASE rate + 2.75% i.e. present 13.50% per annum for TL III, Base rate + 2.50% i.e. present 13.25% per annuam for TL IV Terms of Repayment New term Loan IV of Rs.0.650 Million is to be repaid in 60 Equal monthly installments Margin 25% Extent and Operation of the charge The charge operates as security for the due repayment of principal amount advanced and interests, penal interests, cost, fees and charges etc
Short particulars of the property charged	Stock of raw materials, work in process, finished goods, spares, plant and machinery, vehicles and other assets at Plot No.100 and 128, POR Ramangamdi, District Vadodara and AT Plot No.873/10 GIDC, Makarpura Vadodara.
Particulars of the present modification	The charge of Rs.42.833 Millions dated 04.08.2010 is further extended to cover the new term loan IV of Rs.0.650 Million as well as letter of credit is Rs.42.959 Millions under Rs.27.000 Millions Cash Credit Rs.8.847 Millions Loan I for taking over Rs.2.940 Millions term Loan II Fresh Rs.0.522 Million Term Loan III Vehicles Rs.0.650 Million New Term Loan IV Rs.3.000 Millions Letter of Credit

FIXED ASSETS:

· Land

· Air Conditioner

· Computer

· Digital Coating Gauge

· Dies and Tools

· Digital Thermometer

· Furniture

· Hand Press

· Land and Building

· Machinery

· Spot Welding Machine

· Electronic Installation

· Factory Building

· Heter Outflow

· Tank

· Refactory Materials

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.49.25
UK Pound	1	Rs.77.45
Euro	1	Rs.64.89

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	4
--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
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.