MIRA INFORM REPORT

Report Date :

21.03.2012

Tel. No.:	+91222845494
Website :	www.suradipta.com

IDENTIFICATION DETAILS

Name :	SURYADIPTA PROJECTS PRIVATE LIMITED
Registered Office :	P. M. Refinery Compound, Opposite Syndicate Bank, Fatak Road, Bhayandar East, Thane – 400105, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.02.1998
Com. Reg. No.:	11-113542
Capital Investment / Paid-up Capital :	Rs. 0.906 Million
CIN No.: [Company Identification No.]	U28920MH1998PTC113542
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Service Provider of Building Construction Materials, Plastic Processing Machinery.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 26000
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 and as per commitments. 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

LOCATIONS

Registered Office :	P. M. Refinery Compound, Opposite Syndicate Bank, Fatak Road, Bhayandar East, Thane – 401105, Maharashtra, India
Tel. No.:	91-22-28454944 / 28457367
Fax No.:	91-22-28457367
E-Mail :	ghoshal@taxpertindia.com narendra@taxpertindia.com surya@taxpertindia.com
Website :	http://www.suryadipta.com
Heavy Engineering Yard / Shipbuilding Yard :	Retibunder, Ghodbunder, Bhayandar (East), Thane : 401107, Maharashtra, India
E-Mail :	infratch@bom3.vsnl.net.in
Machine Shop :	Off Phatak Road, Behind Dharam Katta, Bhyander (East), Mira Bhyander, Mumbai-401107, Maharashtra, India

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Shyamashish Subal Ghoshal
Designation :	Director
Address :	B-5, Divine Life Jesal Park, Bhayander (East), Thane-401105, Maharashtra, India
Date of Birth/Age :	03.05.1957
Date of Appointment :	13.02.1998
DIN No.:	01752065
Name :	Mr. Bandana Ghoshal
Designation :	Director
Address :	B-5, Divine Life Jesal Park, Bhayander (East), Thane-401105, Maharashtra, India
Date of Birth/Age :	14.02.1957
Date of Appointment :	13.02.1998
DIN No.:	01752077
Name :	Mr. Suryadipta Ghoshal
Designation :	Director
Address :	B-5, Divine Life Jesal Park, Bhayander (East), Thane-401105, Maharashtra, India
Date of Birth/Age :	29.10.1984
Date of Appointment :	20.07.2008
DIN No.:	02253586

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Shyamashish Subal Ghoshal	4530
Bandana Ghoshal	4530
Total	9060

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Service Provider of Building Construction Materials, Plastic Processing Machinery

GENERAL INFORMATION

Suppliers :

· A-One Electric Works

· Bhagwati Construction

· Alam Steel

· Ashok Paints Agency

· Balaji Metal

· Creative Technik Inc.

· G. M. Engineering Works

· Honest Gas

· Jeet Paints

· Raj Traders

· Siddhivinayak Steel

Customers :

· Citadel Impex Private Limited

· Gammon India Limited

· Glassflake Australia Private Limited

· Leighto Contractors India Private Limited

· Mac Maring Engineering Private Limited

· Renuka Engineers

· Rock and Reef Dreging

· Shree Cement Limited

· Vee Three Informatics Limited

· Virgo Marine

No. of Employees :

Not Available

Bankers :

· Syndicate Bank, Nikisha Arcade, Goddev Phatak Road, Bhayander East, Bhayander - 400105 Maharashtra, India

· ABN Amro Bank

· Barclays Bank

· Citi Bank

· Kotak Mahindra Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Bank Overdraft – Vasai Janata	2.797	0.083
Total	2.797	0.083
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors and Relatives
Payal Ghoshal	0.250	0.250
Shyamashish Ghoshal HUF	1.150	0.900
From Banks
ABN Amro Bank	0.000	0.360
Barclays Bank	0.490	1.519
Citi Bank	0.431	0.680
Kotak Mahindra Bank	0.108	0.333
Total	2.429	4.042

Banking Relations :	--
Auditors :
Name :	Mr. Gopal Agarwal Chartered Accountant
Address :	B-102, Pushp Vinod, Behind Mcdonald, S. V. Road, Borivali (West), Mumbai-400092, Maharashtra, India
Pan No.:	ADKPA8540L

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9060	Equity Shares	Rs.100/- each	Rs. 0.906 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		0.906	0.906	0.906
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.611	4.448	2.680
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6.517	5.354	3.586
LOAN FUNDS
1] Secured Loans		2.797	0.083	0.897
2] Unsecured Loans		2.429	4.042	4.425
TOTAL BORROWING		5.226	4.125	5.322
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		11.743	9.479	8.908
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.764	3.269	3.936
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.125	0.000	0.000
DEFERREX TAX ASSETS		0.277	0.216	0.138
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.851	5.850	0.975
	Sundry Debtors	10.611	43.038	24.006
	Cash & Bank Balances	0.799	0.689	1.158
	Other Current Assets	3.831	3.594	2.351
	Loans & Advances	0.752	0.560	0.514
Total Current Assets		32.844	53.731	29.004
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20.586	44.002	18.100
	Other Current Liabilities	3.483	3.361	5.682
	Provisions	0.198	0.374	0.388
Total Current Liabilities		24.267	47.737	24.170
Net Current Assets		8.577	5.994	4.834
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		11.743	9.479	8.908

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	59.300	NA	NA
		Other Income
		TOTAL	59.300	NA	NA
Less	EXPENSES
		Office Expenses	56.948	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	56.948	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		2.352	4.052	3.160
Less	FINANCIAL EXPENSES		0.705	0.987	0.790
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.647	3.065	2.370
Less/ Add	DEPRECIATION/ AMORTISATION		0.545	0.663	0.446
	PROFIT BEFORE TAX		1.102	2.402	1.924
Less	TAX		(0.061)	0.634	0.619
	PROFIT AFTER TAX		1.163	1.768	1.305
	Earnings Per Share (Rs.)		128.37	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.96	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.07	4.20	5.82
Return on Investment (ROI) (PBT/Networth)		0.17	0.45	0.54
Debt Equity Ratio (Total Liability/Networth)		4.53	9.69	8.22
Current Ratio (Current Asset/Current Liability)		1.35	1.13	1.20

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS

This being the Fourteenth year of operation of the company. During the year sales and other income of the company as Rs. 59.300 millions with a net profit of Rs. 1.163 Millions the directors are making all their efforts and confident of better performance for the following financial year 2010-2011.

FIXED ASSETS

• Factory Shed
• Fax Machine
• Furniture and Fixture
• Office Equipment
• Machinery
• Motor Car
• Computer

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. 50.25
UK Pound	1	Rs. 79.76
Euro	1	Rs. 66.52

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	5
--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		45

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.