MIRA INFORM REPORT

Report Date :

29.06.2012

IDENTIFICATION DETAILS

Name :	SUN ACRYLIC PRIVATE LIMITED
Registered Office :	44/2A, Yashodham, Gokuldham Dindoshi Village, Opposite Film, City Road, Goregaon, Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.05.1990
Com. Reg. No.:	11-56535
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U25209MH1990PTC056535
IEC No.:	0391008251
TAN No.: [Tax Deduction & Collection Account No.]	MUMS50453E/ MUMS16700F/ MUMS24103C
PAN No.: [Permanent Account No.]	AAECS1851P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Acrylic Plastic Sheets, M. M. Monomer and Fabricators.
No. of Employees :	54 (Approximately) (Office – 4 and Factory – 50)

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 14000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	--
Comments :	Subject is an established company having moderate track. There appears accumulated losses recorded by the company. However trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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. Chetan Kothari
Designation :	Director
Contact No.:	91-9322950886
Date :	26.06.2012

LOCATIONS

Registered Office :	44/2A, Yashodham, Gokuldham Dindoshi Village, Opposite Film, City Road, Goregaon, Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-28406883/ 84
Mobile No.:	91-9322950886 (Mr. Chetan Kothari)
Fax No.:	91-22-28420905
E-Mail :	nareshmehta@yahoo.co.in rahulkothari246@gmail.com
Location :	Owned
Factory 1:	33-35, Achaad Industrial Estate, Taluka Talasari, District Thane, Maharashtra, India
Tel No.:	91-2521-230081
Location :	Owned

DIRECTORS

(AS ON 31.03.2011)

Name :	Mr. Naresh Javerilal Mehta
Designation :	Managing Director
Address :	44/2A, Yashodham, Gokuldham Dindoshi Village, Opposite Film, City Road, Goregaon, Mumbai – 400063, Maharashtra, India
Date of Birth/Age :	03.11.1948
Qualification :	Graduate
Date of Appointment :	15.05.1990
DIN No.:	00185862
Name :	Mr. Chetan Vadilal Kothari
Designation :	Director
Address :	211/A, Kirti-kunj, Road No.5, 1^st Floor, Matunga C.C.R., Mumbai – 400019, Maharashtra, India
Date of Birth/Age :	26.12.1960
Qualification :	S. Y. B. Com
Date of Appointment :	04.05.2006
DIN No.:	00185915
Name :	Mr. Jay Naresh Mehta
Designation :	Director
Address :	44/2A, Yashodham, Gokuldham Dindoshi Village, Opposite Film, City Road, Goregaon, Mumbai – 400063, Maharashtra, India
Date of Birth/Age :	30.07.1988
Date of Appointment :	07.01.2010
DIN No.:	02490931

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Naresh Mehta	25000
Mrunal Mehta	110000
Jay Mehta	50000
Shreeji Polyacrylics Private Limited, India	5000
Shree Ganesh Vyapar Udyog, India	5000
N J Mehta (HUF)	55000
Total	250000

(AS ON 30.09.2010)

Equity Shares Break – up

Category	Percentage
Bodies corporate	4.00
Directors or relatives of directors	96.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Acrylic Plastic Sheets, M. M. Monomer and Fabricators.
Imports :
Products :	Acrylic Plastic Sheets
Countries :	USA
Terms :
Selling :	(90 days)
Purchasing :	Cash

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Acrylic Plastic Sheets	MT	NA	1200	460

GENERAL INFORMATION

Suppliers :

· Ansh Cargo Movers

· Comet Lubricants

· Kesar Steel Suppliers

· Mech Job Engineering

· MS Exports Private Limited

· Precision Mechanicals

· Rajvi Logistics

· Saiyogi Electricals

· Shree Nathaji Fabricators Works

· United International Limited

· United Corporation

· Urmeeka Enterprises

· Vardhaman Chemicals

· VHCL Industries Limited

Customers :

End Users

No. of Employees :

54 (Approximately) (Office – 4 and Factory – 50)

Bankers :

· Corporation Bank

Pratiksha Apartments, S. V. Road, Opposite Filmstan Studio, Goregaon (West), Mumbai – 400062, Maharashtra, India

· Bank of Baroda

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Cash Credit Facility from Corporation Bank (Secured Against Hypothecation of Stock and Book Debts and Fixed deposit of Corporation Bank)	7.327	7.416
Total	7.327	7.416
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors and Shareholders	2.253	2.501
From Others	11.109	8.366
Total	13.362	10.867

Banking Relations :	--
Auditors :
Name :	Lakhani and Company Chartered Accountant
Address :	Hemsharsaka, 19 Gola Lane, Fort, Mumbai – 400001, Maharashtra, India
Tel No.:	91-22-22666660/ 1/ 2
Fax No.:	91-22-22666644
Email :	lakhani@lakhanicompany.com
Pan No.:	AAAFL1302L
Associates/Subsidiaries :	· Shree Ganesh Vyapar Udyog 44/2A, Yashodham, Gokuldham Dindoshi Village, Opposite Film, City Road, Goregaon, Mumbai – 400063, Maharashtra, India Activity: Manufacturer of Plastic

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 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		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.000	2.000	2.000
4] (Accumulated Losses)		(1.070)	(1.064)	(1.360)
NETWORTH		3.430	3.436	3.140
LOAN FUNDS
1] Secured Loans		7.327	7.416	5.882
2] Unsecured Loans		13.362	10.867	10.355
TOTAL BORROWING		20.689	18.283	16.237
DEFERRED TAX LIABILITIES		0.119	0.000	0.000
TOTAL		24.238	21.719	19.377
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.040	2.376	2.749
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.025	0.025	0.025
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.230	2.385	2.985
	Sundry Debtors	18.794	16.311	7.109
	Cash & Bank Balances	1.085	0.913	0.859
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.595	3.291	8.733
Total Current Assets		40.704	22.900	19.686
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	17.436	1.120	1.270
	Other Current Liabilities	1.036	2.401	1.475
	Provisions	0.059	0.061	0.338
Total Current Liabilities		18.531	3.582	3.083
Net Current Assets		22.173	19.318	16.603
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		24.238	21.719	19.377

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	35.807	27.476	26.452
		Other Income	0.360	0.000	NA
		TOTAL (A)	36.167	27.476	NA
Less	EXPENSES
		Increase/(Decrease) in Stocks	(0.855)	(0.081)	NA
		Cost of Material Consumed	4.101	5.333	NA
		Cost of Traded Goods	23.119	14.978	NA
		Manufacturing Expenses	5.879	3.536	NA
		Administrative and Other Expenses	2.262	1.658	NA
		TOTAL (B)	34.506	25.424	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.661	2.052	NA
Less	FINANCIAL EXPENSES (D)		1.036	1.270	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.625	0.782	1.005
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.335	0.431	0.518
	PROFIT BEFORE TAX (E-F) (G)		0.290	0.351	0.487
Less	TAX (H)		0.296	0.055	0.084
	PROFIT AFTER TAX (G-H) (I)		(0.006)	0.296	0.403
	IMPORTS VALUE		15.353	8.280	12.989
	Earnings Per Share (Rs.)		(0.03)	1.19	1.61

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(0.02)	1.08	NA
Net Profit Margin (PBT/Sales)	(%)	0.81	1.28	1.84
Return on Total Assets (PBT/Total Assets}	(%)	0.68	1.39	2.17
Return on Investment (ROI) (PBT/Networth)		0.08	0.10	0.16
Debt Equity Ratio (Total Liability/Networth)		11.43	6.36	6.15
Current Ratio (Current Asset/Current Liability)		2.20	6.39	6.39

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

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Electric Installations

· Office Equipment

· Furniture and Fixture

· Scooter

· Computers

· Tempo

· Air Conditioner

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.56.92
UK Pound	1	Rs.88.91
Euro	1	Rs.71.25

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		31

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.