MIRA INFORM REPORT

Report Date :

25.01.2012

IDENTIFICATION DETAILS

Name :	SUNSHINE KITCHENS PRIVATE LIMITED

Registered Office :	202, R.K. Tower, Peetal Factory Area, Jhotwara, Jaipur – 302 016 Rajasthan

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	23.09.2008

Com. Reg. No.:	17-027442

Capital Investment / Paid-up Capital :	Rs.0.100 million

CIN No.: [Company Identification No.]	U31909RJ2008PTC027442

TAN No.: [Tax Deduction & Collection Account No.]	JPRS08914D

PAN No.: [Permanent Account No.]	AAMCS3897C

Legal Form :	Private Limited Liability Company

Line of Business :	Trader of Kitchen Accessories.

No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING

STATUS

PROPOSED CREDIT LINE

11-25

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 a relatively small company having moderate track. There appears huge accumulated losses recorded by the company. Profitability of the company is under pressure. 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 safe and 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

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

INFORMATION PARTED BY

Name :	Ms. Priya
Designation :	Office Executive
Contact No.:	91-141-2203192
Date :	17.01.2012

LOCATIONS

Registered Office/ Head Office 1 :	202, R.K. Tower, Peetal Factory Area, Jhotwara, Jaipur – 302 016 Rajasthan, India
Tel. No.:	91-141-4023237/ 2203192
Mobile No.:	919314613814 (Mr. Peeyush Dhanuka - Director)
Fax No.:	91-141-2203192
E-Mail :	mpk927@gmail.com info@dhanukagroup.in
Website :	http://www.dhanukagroup.in
Location :	Owned

Head Office 2 :	302, R.K. Tower, Near Peetal Factory, Jhotwara Road, Jaipur – 302 016, Rajasthan, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Yogesh Girish Chandra Dhanuka

Designation :

Director

Address :

C-23, Urmila Marg, Hanuman Nagar, Jaipur – 302 021, Rajasthan, India

Date of Birth/Age :

04.12.1975

Date of Appointment :

23.09.2008

DIN No.:

01437705

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	U14101RJ1988PTC004406	Golchha Marbles Private Limited	Director	14-03-05	14-03-05	13-08-07	Active	NO
2	U45201RJ2005PTC021231	Dhanuka Coloniser and Builders Private Limited	Director	01-09-05	01-09-05	-	Active	NO
3	U45201RJ2005PTC021400	Sunshine Buildhome Private Limited	Director	05-10-05	05-10-05	-	Active	NO
4	U45201RJ2008PTC025705	Sunshine Buildmart Private Limited	Director	18-01-08	18-01-08	-	Active	NO
5	U24232RJ2008PTC027249	Stem Biosciences Private Limited	Director	26-08-08	26-08-08	-	Active	NO
6	U31909RJ2008PTC027442	Sunshine Kitchens Private Limited	Director	23-09-08	23-09-08	-	Active	NO
7	U45201RJ2010PTC032810	Shri Shyam Realmart Private Limited	Director	01-03-11	01-03-11	-	Active	NO
8	U36102RJ2011PTC036995	Premia Woodtech Private Limited	Director	14-11-11	14-11-11	-	Active	NO
9	U70101RJ2011PTC037025	Sunshine Realmart Private Limited	Director	16-11-11	16-11-11	-	Active	NO

Name :

Mr. Peeyush Girish Chandra Dhanuka

Designation :

Director

Address :

C-23, Urmila Marg, Hanuman Nagar, Jaipur – 302 021, Rajasthan, India

Date of Birth/Age :

18.10.1979

Date of Appointment :

23.09.2008

DIN No.:

01437706

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	U45201RJ2005PTC021231	Dhanuka Coloniser and Builders Private Limited	Director	01-09-05	01-09-05	Active	NO
2	U45201RJ2005PTC021400	Sunshine Buildhome Private Limited	Director	05-10-05	05-10-05	Active	NO
3	U45201RJ2008PTC025705	Sunshine Buildmart Private Limited	Director	18-01-08	18-01-08	Active	NO
4	U24232RJ2008PTC027249	Stem Biosciences Private Limited	Director	26-08-08	26-08-08	Active	NO
5	U31909RJ2008PTC027442	Sunshine Kitchens Private Limited	Director	23-09-08	23-09-08	Active	NO
6	U45201RJ2010PTC032810	Shri Shyam Realmart Private Limited	Director	01-03-11	01-03-11	Active	NO
7	U36102RJ2011PTC036995	Premia Woodtech Private Limited	Director	14-11-11	14-11-11	Active	NO
8	U70101RJ2011PTC037025	Sunshine Realmart Private Limited	Director	16-11-11	16-11-11	Active	NO

Name :

Mr. Girish Chandra Gajanand Dhanuka

Designation :

Director

Address :

C-23, Urmila Marg, Hanuman Nagar, Jaipur – 302 021, Rajasthan, India

Date of Birth/Age :

09.11.1948

Date of Appointment :

01.04.2009

DIN No.:

02679931

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	U45201RJ2005PTC021231	Dhanuka Coloniser and Builders Private Limited	Director	01-04-09	01-04-09	Active	NO
2	U24232RJ2008PTC027249	Stem Biosciences Private Limited	Director	01-04-09	01-04-09	Active	NO
3	U31909RJ2008PTC027442	Sunshine Kitchens Private Limited	Director	01-04-09	01-04-09	Active	NO
4	U45201RJ2008PTC025705	Sunshine Buildmart Private Limited	Director	01-04-09	01-04-09	Active	NO
5	U45201RJ2010PTC032810	Shri Shyam Realmart Private Limited	Director	01-03-11	01-03-11	Active	NO
6	U45201RJ2005PTC021400	Sunshine Buildhome Private Limited	Director	01-07-11	01-07-11	Active	NO
7	U36102RJ2011PTC036995	Premia Woodtech Private Limited	Director	14-11-11	14-11-11	Active	NO

Name :

Mr. Hitesh Girish Chandra Dhanuka

Designation :

Director

Address :

C-23, Urmila Marg, Hanuman Nagar, Jaipur – 302 021, Rajasthan, India

Date of Birth/Age :

12.04.1980

Date of Appointment :

23.09.2008

DIN No.:

01437707

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	U45201RJ2005PTC021231	Dhanuka Coloniser and Builders Private Limited	Director	01-09-05	01-09-05	Active	NO
2	U45201RJ2005PTC021400	Sunshine Buildhome Private Limited	Director	05-10-05	05-10-05	Active	NO
3	U45201RJ2008PTC025705	Sunshine Buildmart Private Limited	Director	18-01-08	18-01-08	Active	NO
4	U24232RJ2008PTC027249	Stem Biosciences Private Limited	Director	26-08-08	26-08-08	Active	NO
5	U31909RJ2008PTC027442	Sunshine Kitchens Private Limited	Director	23-09-08	23-09-08	Active	NO
6	U45201RJ2010PTC032810	Shri Shyam Realmart Private Limited	Director	01-03-11	01-03-11	Active	NO
7	U36102RJ2011PTC036995	Premia Woodtech Private Limited	Director	14-11-11	14-11-11	Active	NO
8	U70101RJ2011PTC037025	Sunshine Realmart Private Limited	Director	16-11-11	16-11-11	Active	NO

KEY EXECUTIVES

Name :	Ms. Priya
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders		No. of Shares
Yogesh Dhanuka		2500
Peeyush Dhanuka		2500
Hitesh Dhanuka		2500
Girish Chandra Dhanuka		2500
Total		10000

As on 30.09.2011

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00

BUSINESS DETAILS

Line of Business :	Trader of Kitchen Accessories.

Products :	v Accessories/Kitchen Organizers: Below Counter Storage, Mid Level Accessories, Mass Storage Systems, Utilities and Miscellaneous, Wardrobe Accessories v Appliances: Cooker Hoods, Inbuilt Hobs, Cooktops, Cooking Range, Inbuilt Microwave Ovens

Exports :
Products :	Kitchen Accessories
Countries :	Middle East

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

15 (Approximately)

Bankers :

Bank of Baroda, Park Street Branch, M.I. Road, Jaipur – 302 016, Rajasthan, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Bank OCC A/c
Bank OD A/c	0.000	2.936
Total	0.000	2.936

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Hitesh Dhanuka	0.000	0.070
Peeyush Dhanuka (Loan A/c)	0.000	0.889
Unsecured Loans	3.178	0.000
Total	3.178	0.959


Banking Relations :	--

Auditors :
Name :	Manish Borad and Company Chartered Accountants
Address :	208, Saraogi Mension, M.I. Road, Jaipur – 302 001, Rajasthan, India
Tel. No.:	91-141257199
Mobile No.:	91-9828061559/ 9829068558
E-Mail :	manishborad@hotmail.com
Income-tax PAN of auditor or auditor's firm :	ABVPB3454H

Group Companies :	v Dhanuka Investments v Sunshine Buildmart Private Limited v Sunshine Buildhome Private Limited v Shri Shyam Realmart Private Limited v Stem BioSciences Private Limited v Dhanuka Coloniser and Builders Private Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(3.763)	(2.396)	(0.215)
NETWORTH		(3.663)	(2.296)	(0.115)
LOAN FUNDS
1] Secured Loans		0.000	2.936	0.000
2] Unsecured Loans		3.178	0.959	0.671
TOTAL BORROWING		3.178	3.895	0.671
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		(0.485)	1.599	0.556

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		1.329	1.106	0.000
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.685	1.902	0.676
	Sundry Debtors	(0.317)	0.467	0.487
	Cash & Bank Balances	0.044	0.083	0.045
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.174	0.403	0.023
Total Current Assets		1.586	2.855	1.231
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.597	1.153	0.000
	Other Current Liabilities	1.808	1.216	0.684
	Provisions	0.000	0.000	0.000
Total Current Liabilities		3.405	2.369	0.684
Net Current Assets		(1.819)	0.486	0.547

MISCELLANEOUS EXPENSES		0.005	0.007	0.009

TOTAL		(0.485)	1.599	0.556

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	8.570	6.389	1.290
		Other Income	0.863	0.920	0.082
		TOTAL (A)	9.433	7.309	1.372

Less	EXPENSES
		Cost of Goods Sold	6.156	5.407	1.031
		Selling and Distribution Expenses	0.000	0.054	0.007
		Indirect Expenses	3.643	3.559	0.548
		Directors Remuneration	0.480	0.000	0.000
		Auditors Remuneration	0.014	0.018	0.000
		TOTAL (B)	10.293	9.038	1.586

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.860)	(1.729)	(0.214)

Less	FINANCIAL EXPENSES (D)		0.294	0.336	0.000

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1.154)	(2.065)	(0.214)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.213	0.117	0.000

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(1.367)	(2.182)	(0.214)

Less	TAX (H)		0.000	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(1.367)	(2.182)	(0.214)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(2.396)	(0.214)	0.000

	BALANCE CARRIED TO THE B/S		(3.763)	(2.396)	(0.214)

	Earnings/ (Loss) Per Share (Rs.)		(136.70)	(218.20)	(21.40)

Expected Sales (2011-2012): Rs.10.000 millions

The above information has been parted by Ms. Priya (Office Executive).

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(14.49)	(29.85)	(15.60)

Net Profit Margin (PBT/Sales)	(%)	(15.95)	(34.15)	(16.59)

Return on Total Assets (PBT/Total Assets}	(%)	(46.90)	(55.09)	(17.38)

Return on Investment (ROI) (PBT/Networth)		0.37	0.95	1.86

Debt Equity Ratio (Total Liability/Networth)		(1.80)	(2.73)	(11.78)

Current Ratio (Current Asset/Current Liability)		0.47	1.21	1.80

LOCAL AGENCY FURTHER INFORMATION

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	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 for last three years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

GENERAL REVIEW

The company's performance was not satisfactory during the year. The company could not achieve its turnover as well it could not achieve its target of Net Profit. The company shall be able to achieve its target of Net Profit in the year to come. The future of the company seems to be bright.

FORM 8:

Corporate identity number of the company	U31909RJ2008PTC027442
Name of the company	SUNSHINE KITCHENS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	202, R.K. Tower, Peetal Factory Area, Jhotwara, Jaipur – 302 016 Rajasthan, India E-Mail: mpk927@gmail.com
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	Bank of Baroda, Park Street Branch, M.I. Road, Jaipur – 302 016, Rajasthan, India E-Mail: mpk927@gmail.com
Nature of description of the instrument creating or modifying the charge	Working capital requirement in business.
Date of instrument Creating the charge	09.03.2011
Amount secured by the charge	Rs.1.700 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: At base rate (at present 9.50%) + 4% i.e. @ 13.50% p.a. Terms of Repayment: Overdraft Limit - 12 months (annual review basis) Margin: 40% on realizable value of property Extent and Operation of the charge: Bank Overdraft- Rs.1.700 millions
Short particulars of the property charged	Equitable mortgage of Showroom No.1 situated on Ground Floor of Sunshine Signature on Plot No.A-13, Ambabari Scheme, Jaipur Equitable mortgage of Showroom No.1 situated on Ground Floor of Sunshine Siddarth at Khasara No.27/66, Parasampura, Near Dhahar Ka Balaji, Sikar Road, Jaipur

FIXED ASSETS:

Machinery and Plant

v Electrical Equipments

v Computers

Furniture and Fittings

v Furniture and Fixture

v Furniture (Showroom)

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.49.97
UK Pound	1	Rs.77.74
Euro	1	Rs.65.09

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	2
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		14

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.

MIRA INFORM REPORT

1.685

(0.317)

0.044

0.000

0.174

1.586

1.597

1.808

0.000

3.405

(1.819)

(14.49)

(29.85)

(15.60)

(15.95)

(34.15)

(16.59)

(46.90)

(55.09)

(17.38)

0.37

0.95

1.86

(1.80)

0.47

Unit