1. Summary Information

		Country	India
Company Name	SURANA CORPORATION LIMITED	Principal Name 1	Mr. Shantilal Surana
Status	Good	Principal Name 2	Mr. Vijayraj Surana
		Registration #	18-020783
Street Address	29,Whites Road 29, Whites Road, Royapettah, Madras – 600014, Tamilnadu, India
Established Date	10.05.1991	SIC Code	--
Telephone#	91-44-28525596/28525127	Business Style 1	Manufacturer
Fax #	91-44-28521143	Business Style 2	Exporter
Homepage	http://www.suranacorp.in	Product Name 1	Jewllery Products
# of employees	Not Available	Product Name 2	-
Paid up capital	Rs. 218,587,340/-	Product Name 3	-
Shareholders	Shareholding of Promoter and Promoter – 53.95% Public Shareholding - 46.05%	Banking	State Bank of India
Public Limited Corp.	Yes	Business Period	21 Years
IPO	Yes	International Ins.	--
Public Enterprise	Yes	Rating	Ba (52)
Related Company
Relation	Country	Company Name	CEO
Associate	India	Surana Industries Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	6,629,702,000	Current Liabilities	5,706,439,000
Inventories	3,565,973,000	Long-term Liabilities	2,621,297,000
Fixed Assets	696,454,000	Other Liabilities	222,123,000
Deferred Assets	0,000	Total Liabilities	8,549,859,000
Invest& other Assets	8,200,000	Retained Earnings	2,131,883,000
		Net Worth	2,350,470,000
Total Assets	10,900,329,000	Total Liab. & Equity	10,900,329,000
Total Assets (Previous Year)	7,642,622,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	53,197,786,000	Net Profit	582,195,000
Sales(Previous yr)	40,620,046,000	Net Profit(Prev.yr)	404,665,000

MIRA INFORM REPORT

Report Date :

05.05.2012

IDENTIFICATION DETAILS

Name :	SURANA CORPORATION LIMITED
Registered Office :	29,Whites Road 29, Whites Road, Royapettah, Madras – 600014, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.05.1991
Com. Reg. No.:	18-020783
Capital Investment / Paid-up Capital :	Rs. 218.587 Millions
CIN No.: [Company Identification No.]	L65991TN1991PLC020783
TAN No.: [Tax Deduction & Collection Account No.]	CHES02842A
PAN No.: [Permanent Account No.]	AAACS3122L
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer exports and retails jewllery products and traders in steel and bullion.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 9400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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 :	29,Whites Road 29, Whites Road, Royapettah, Madras – 600014, Tamilnadu, India
Tel. No.:	91-44-28525596/28525127
Fax No.:	91-44-28521143
E-Mail :	chandraprakash@suranacorp.com
Website:	http://www.suranacorp.in
Jewellery Showroom :	# 70, NSC Bose Road, Chennai – 600079, Tamilnadu, India
Steel Factory :	# F67, 68 and 69 Sipcot Industrial Complex, Gummidipoondi – 601201, Tiruvallur, Tamilnadu, India
Tel. No.:	91-4119-222880
Jewellery Factory :	# 27, Vaithiyanathan Street, Tondiarpet, Chennai – 600081, Tamilnadu, India
Bangalore Branches :	# 10/1, New Timber Yard Layout, 2^nd Main Road, Byatarayanapura, Mysore Road, Bangalore – 600026, Karnataka, India
Tel. No.:	91-80-26749201/26753936
Fax No.:	91-80-26753936
Marketing Cum Stockyard:	# 30, GNT Road, Madhavaram, Chennai – 600110, Tamilnadu, India
Tel. No.:	91-44-25375531/25375533
Fax No.:	91-44-25375400
Mumbai Branch:	410A, Panchratna, Opera House, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-23666379

DIRECTORS

As on 28.06.2011

Name :

Mr. Shantilal Surana

Designation :

Chairman

Address :

S U S Bhawan, 131 23, Mandapam Road, Kilpauk, Chennai - 600 010, Tamilnadu, India

Date of Birth/Age :

18.05.1955

Date of Appointment :

04.03.2004

DIN No.:

00007328

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	L65991TN1991PLC020783	SURANA CORPORATION LIMITED	Managing director	4/3/2004	4/3/2004	-	Active	NO
2	U70101TN2007PLC063946	SURANA FOUNDATIONS LIMITED	Director	14/06/2007	14/06/2007	-	Strike off	NO
3	U74999TN2008PLC066902	SURANA POWER LIMITED	Director	19/03/2008	19/03/2008	24/01/2012	Active	NO
4	U40109TN2010PLC074770	SURANA GREEN POWER LIMITED	Director	3/3/2010	3/3/2010	27/01/2012	Active	NO
5	U40105TN2011PTC079680	UDAY ENERGY PRIVATE LIMITED	Director	17/03/2011	17/03/2011	-	Active	NO
6	U45400TN2012PTC084874	SURANA PROJECTS PRIVATE LIMITED	Director	12/3/2012	12/3/2012	-	Active	NO

Name :

Mr. Vijayraj Surana

Designation :

Managing Director

Address :

Flat No.2 D, 11 Floor, 15, Harrington Road, 6th Avenue, Chetpet, Chennai – 600031, Tamilnadu, India

Date of Birth/Age :

14.03.1964

Date of Appointment :

04.03.2004

DIN No.:

00007313

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	L65991TN1991PLC020783	SURANA CORPORATION LIMITED	Managing director	19/05/2009	4/3/2004	-	Active	NO
2	U70101TN2007PLC063946	SURANA FOUNDATIONS LIMITED	Director	14/06/2007	14/06/2007	-	Strike off	NO
3	U74999TN2008PLC066902	SURANA POWER LIMITED	Director	19/03/2008	19/03/2008	24/01/2012	Active	NO
4	U40109TN2010PLC074770	SURANA GREEN POWER LIMITED	Director	3/3/2010	3/3/2010	27/01/2012	Active	NO
5	U40105TN2011PTC079680	UDAY ENERGY PRIVATE LIMITED	Director	17/03/2011	17/03/2011	-	Active	NO
6	U45400TN2012PTC084874	SURANA PROJECTS PRIVATE LIMITED	Managing director	12/3/2012	12/3/2012	-	Active	NO

Name :

Mr. Venkatasubramaniya Muthu Swami

Designation :

Director

Address :

13, Old No.7, Fourth Cross Street, Sastri Nagar, Chennai - 600020, Tamilnadu, India

Date of Birth/Age :

30.06.1940

Date of Appointment :

01.09.2008

DIN No.:

00009552

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	L27104TN1991PLC020533	SURANA INDUSTRIES LIMITED	Whole-time director	6/8/2010	5/8/2000	-	Active	NO
2	L31102WB1976PLC030676	MARSONS LIMITED	Director	4/1/2005	4/1/2005	14/11/2011	Active	NO
3	L65991TN1991PLC020783	SURANA CORPORATION LIMITED	Director	29/06/2009	1/9/2008	-	Active	NO
4	U74999TN2008PLC066902	SURANA POWER LIMITED	Additional director	24/01/2012	1/12/2009	-	Active	NO

Name :

Mr. Pattabhi Ram Venkat Ram

Designation :

Director

Address :

B.6, Arcot lerrace,. 160, NSK Salai, Vadaualani. Chennai- 600026, Tamilnadu, India

Date of Birth/Age :

29.12.1961

Date of Appointment :

06.12.2000

DIN No.:

00233602

Name :

Mr. Harish Purshottamdas Rajdev

Designation :

Director

Address :

12, Netra Bunglows, Nr.Seema Society, Opp University Ground, Mennagar, Ahmedabad- 380052, Gujarat, India

Date of Birth/Age :

07.01.1958

Date of Appointment :

19.02.2011

DIN No.:

01713239

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	U51909GJ2007PTC049992	CFA BROKING PRIVATE LIMITED	Director	12/2/2007	12/2/2007	-	Active	NO
2	U72200GJ2008PTC055673	AUTOMATED TRADING TECHNOLOGIES PRIVATE LIMITED	Director	15/12/2008	15/12/2008	23/05/2011	Active	NO
3	L65991TN1991PLC020783	SURANA CORPORATION LIMITED	Director	28/06/2011	19/02/2011	-	Active	NO

Name :

Mr. Guruswamy Subramania

Designation :

Director

Address :

No.3, Surendra Nagar, 6th Street, Adambakkam, Chennai- 600088, Tamilnadu, India

Date of Birth/Age :

22.05.1948

Date of Appointment :

09.02.2010

DIN No.:

02507376

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	L65991TN1991PLC020783	SURANA CORPORATION LIMITED	Director	29/06/2009	28/01/2009	-	Active	NO

Name :

Mr. Tilakchand Lodaya Koovarji

Designation :

Director

Address :

New No 102, E V R Salai, 238-348 And 640-702, Anna Nagar District, North Chennai, Chennai-600010, Tamilnadu, India

Date of Birth/Age :

22.05.1948

Date of Appointment :

09.02.2010

DIN No.:

02956825

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	L65991TN1991PLC020783	SURANA CORPORATION LIMITED	Director	14/06/2010	9/2/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. S V Rajesh
Designation :	Secretary
Address :	No. 30, Sriram Nagar, Porur, Chennai – 600116, Tamilnadu, India
Date of Birth/Age :	01.01.1973
Date of Appointment :	07.05.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2012

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	11,793,675	53.95
Sub Total	11,793,675	53.95
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	11,793,675	53.95
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	5,036,899	23.04
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1,457,227	6.67
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	731,203	3.35
Any Others (Specify)	2,839,730	12.99
Clearing Members	9,205	0.04
Hindu Undivided Families	151,609	0.69
Non Resident Indians	1,578,916	7.22
Overseas Corporate Bodies	1,100,000	5.03
Sub Total	10,065,059	46.05
Total Public shareholding (B)	10,065,059	46.05
Total (A)+(B)	21,858,734	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	21,858,734	-

BUSINESS DETAILS

Line of Business :	Manufacturer exports and retails jewllery products and traders in steel and bullion.
Product:	Item Code No.	Product Descriptions
	71081300	Gold Ornaments

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Actual Production
Gold	KGS	18734

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Overseas Branch, No. 86, Rajaji Salai, Chennai – 600001, Taminadu, India

· IDBI bank Limited

· Punjab National Bank

· UCO Bank

· Dena Bank

· Standard Chartered Bank

· Central Bank of India

· Bank of India

· Syndicate Bank

(Rs. In Millions)

Facilities :

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	1014.046	151.848
Working capital loans banks secured	1084.921	1201.470
Total	2098.967	1353.318
Secured Loan	As on 31.03.2011	As on 31.03.2010
Other debt unsecured	522.330	522.330
Total	522.330	522.330

Banking Relations :	--
Statutory Auditors :
Name :	C.S.P. Jain and Company Chartered Accountants
Address :	No. 123, NSC Bose Road, Sowcarpet, Chennai – 600079, Tamilnadu, India
PAN.:	AAHPP7933J
Internal Auditors:
Name :	Sanjiv Shah and Associates, Chartered Accountants
Address :	Adarsh Apartments, II Floor, No 80, Vepery High Road, Chennai – 600 007, Tamilnadu, India
Associates:	Surana Industries Limited, India (CINL27104TN1991PLC020533)

CAPITAL STRUCTURE

As on 28.06.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
55000000	Equity Shares	Rs.10/- each	Rs. 550.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21858734	Equity Shares	Rs.10/- each	Rs. 218.587 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		218.587	218.587	218.587
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2131.883	1595.720	1148.013
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2350.470	1814.307	1366.600
LOAN FUNDS
1] Secured Loans		2098.967	1353.318	1594.726
2] Unsecured Loans		522.330	522.330	522.330
TOTAL BORROWING		2621.297	1875.648	2117.056
DEFERRED TAX LIABILITIES		145.155	149.662	149.661
TOTAL		5116.922	3839.617	3633.317
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		696.454	488.459	528.166
Capital work-in-progress		8.200	0.000	0.789
INVESTMENT		0.000	0.300	1.194
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3565.973	3044.549	2136.101
	Sundry Debtors	4807.520	3744.045	2996.159
	Cash & Bank Balances	801.520	282.581	203.683
	Other Current Assets	8.512	0.000	0.000
	Loans & Advances	1012.150	82.988	77.624
Total Current Assets		10195.675	7154.163	5413.567
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5703.133	3733.617	2246.357
	Other Current Liabilities	3.306	0.11	9.921
	Provisions	76.968	69.578	54.628
Total Current Liabilities		5783.407	3803.305	2310.906
Net Current Assets		4412.268	3350.858	3102.661
MISCELLANEOUS EXPENSES		0.000	0.000	0.507
TOTAL		5116.922	3839.617	3633.317

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	53197.786	40620.046	22822.863
		Other Income	0.156	0.489	4.506
		TOTAL (A)	53197.942	40620.535	22827.369
Less	EXPENSES
		Consumption material changes inventories	51836.805	39364.893
		Manufacturing service costs	19.150	15.844
		Employee related expenses	16.218	12.490
		Administrative selling other expenses	76.216	78.464
		TOTAL (B)	51948.389	39471.691	22086.484
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1249.553	1148.844	740.885
Less	FINANCIAL EXPENSES (D)		519.642	620.728	455.595
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		729.911	528.116	285.290
Less/ Add	DEPRECIATION/ AMORTISATION (F)		117.423	35.069	30.929
	PROFIT BEFORE TAX (E-F) (G)		612.488	493.047	254.361
Less	TAX (H)		30.293	88.382	29.360
	PROFIT AFTER TAX (G-H) (I)		582.195	404.665	225.001
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		900.699	493.458	321.644
Add	AMOUNTS TRANSFERRED RESERVES		0.000	81.402	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	104.252	32.788	26.230
		Dividend		5.572	4.456
		Tax on Dividend		40.466	22.500
	BALANCE CARRIED TO THE B/S		1378.642	900.699	493.458
	EARNINGS IN FOREIGN CURRENCY
		Export receivables		7552.900	4391.385
	TOTAL EARNINGS			7552.900	11944.285
	Earnings Per Share (Rs.)		26.63	18.51	10.29

QUARTERLY RESULTS

PARTICULARS	30.06.2011 (1^st Quarter)	30.09.2011 (2^nd Quarter)	31.12.2011 (3^rd Quarter)
Net Sales	19186.00	21573.600	20733.200
Total Expenditure	18734.200	21154.900	20389.500
PBIDT (Excl OI)	451.800	418.700	343.700
Other Income	0.700	0.300	(0.700)
Operating Profit	452.500	419.000	343.000
Interest	116.800	169.200	92.400
Exceptional Items	0.00	0.000	0.000
PBDT	335.700	249.800	250.600
Depreciation	34.700	52.500	27.900
Profit Before Tax	301.000	197.300	192.700
Tax	63.600	4.000	42.000
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	237.400	193.300	150.700
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	237.400	193.300	150.700

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.09	0.99	0.98
Net Profit Margin (PBT/Sales)	(%)	2.64	1.21	1.11
Return on Total Assets (PBT/Total Assets}	(%)	6.00	6.89	4.69
Return on Investment (ROI) (PBT/Networth)		0.26	0.27	0.18
Debt Equity Ratio (Total Liability/Networth)		2.46	2.09	1.69
Current Ratio (Current Asset/Current Liability)		1.76	1.88	2.34

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	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	No

BACKGROUND

Scl is one of the largest jewellery manufacturing companies in India. It was incorporation in 2004. The company manufactures experts and retails jewellery products and trades in steel and bullion. Exports for 19% of FY10 revenue. In FY10, the company commenced special economic zone (SEZ) operations at the madras export Processing Zone (MEPZ) to increase export sales.

The jewellery manufactures plant has capacity of 50,000 pieces per day. The wind farm has capacity 4.25 MW of power (five wind mills), which the company plants to expand by FY11- end by 25MW (another 76 wind mills), TNEB buys the entire power generated by the wind farm. The company has a “Star Trading House” meaning it is recognized for export performance under the country foreign trade policy.

OPERATIONS BUSINESS PERFORMANCE

The companys total turnover during the year ended 31st March, 2011 increased to Rs. 53197.800 Millions as against Rs.40620.100 Millions for the previous year, recording a jump of 31%.

The Export turnover of the company has increased by 92% to Rs.14514.800 Millions in 2010-2011 as against Rs.7552.900 Millions in last year. Similarly, domestic sales during the year have increased by 17% to Rs.38652.900 Millions as against Rs.33032.700 Millions in the previous year. The increased Export turnover and profitability of SEZ unit has contributed to lower outflows on account of taxes. Revenues from wind energy during the year amounted to Rs.30.100 Millions as against Rs.34.400 Millions. As a result of this the company was able to earn its highest Profit after Tax ever amounting to Rs.582.100 Millions in the current year which was Rs 404.600 Millions for the Previous Year.

This all round improvement in performance and profits came from better management of the resources of the company, control on overheads cost and deeper understanding of the market. During the year, Gold Prices witnessed a steady uptrend.

ACHIVEMENTS

During the year, the company has won the following achievements / laurels;

- EPCES Export Award for outstanding export performance, for the year 2008 2009 by Export Promotion Council of India.

- Designation as Nominated Agency by Government of India.

- Award of the status of Star Trading House by Government of India.

- ICRA Rating of LBBB+ (pronounced as L triple B plus) which means the long term outlook is stable.

- ICRA has also assigned A2 for the short term outlook.

FUTURE OUTLOOK

Over the last few years, Gold as an investment destination has become increasingly popular. Holding of Gold is an old tradition deeply ingrained in Indian Culture and society. Traditionally, apart from being an article of consumption in the form of jewellery, high demand for gold stemmed from hedge against inflation and a source of savings. Consequently, India accounted for 32% of the global gold purchase in 2010. The total annual consumer demand in India reached 963.10 tonnes in the year 2010.

Indias continued rapid growth which will have significant impact on income and savings, will increase gold purchasing by almost three percent per annum over the next decade. In view of this scenario a shift away from gold, to other forms of savings is unlikely to happen in a hurry. Indias fancy for gold is steadfast; hence, the demand for gold and silver will continue unabated. During 2010- 2011, the performance of silver was also aggressive, with the price registering almost 100% increase on the previous year.

During this year 2011 2012 the exports will remain buoyant, in pace with the countrys export performance, which rose to USD 12.9 billion in 2010 2011 from USD 9.7 billion in 2009 2010 representing an increase of 33.27% As a recognized Nominated Agency, the company is permitted to import bullion directly and supply like MMTC, STC and other RBI nominated banks. This will improve the companys volumes and working results substantially.

The company has completed the purchase of about 14,000 sq.ft of land with existing factory building of about 1,000 sq.ft to set up a state-of-the-art jewellery manufacturing unit at Ambattur Industrial Estate, Chennai. It is proposed to commence production of jewellery in this plant during this financial year. The existing Factory at Tondiarpet will be phased out thereafter. It may be noted that they have during the year acquired space at NSC Bose Road, Chennai for another showroom and the renovation work is in progress.

Further, keeping the larger goal of Pan India presence in near future, they have opened a branch at Mumbai and delivery centres at Coimbatore, Madurai and Trichy for sales and service. This move will help Them in reaching out a larger customer base and consequently increase their turnover.

WIND ENERGY DIVISION

The Wind energy division of the Company earned an income of Rs.30.100 Millions during the year 2010 - 2011 as compared to an income of Rs.34.400 Millions in the previous year. Due to not so good wind, the power generation, which is sold to TNEB, was marginally low.

During the year under report, an order for 25MW of wind mills was placed. Out of this, during March 2011, we have commissioned 22 windmills thereby adding to our power generation capacity by 5.5 MW. In the near future, we expect the wind energy division to contribute substantially to the bottom line of the company. The balance power generation capacity will be commenced in the first quarter of 2011 - 2012. The company has programmed to expand its capacity in this sector.

CONTINGENT LIABILITIES: (31.03.2011)

Disputed customs duty Rs. 13.539 Millions (*)

(*) This relates to Steel division of erstwhile Company since amalgamated with the Company.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	L65991TN1991PLC020783
Name of the company	SURANA CORPORATION LIMITED
Address of the registered office or of the principal place of business in India of the company	29,Whites Road 29, Whites Road, Royapettah, Madras – 600014, Tamilnadu, India Email: chandraprakash@suranacorp.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10198254
Type of charge	Immovable property
Particular of charge holder	State Bank of India, Overseas Branch, No. 86, Rajaji Salai, Chennai – 600001, Taminadu, India Email: mahendiran56@gmail.com
Nature of instrument creating charge	EM Confirmation Letters
Date of instrument Creating the charge	31.03.2012
Amount secured by the charge	Rs. 8500.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per the existing Terms and Conditions. Terms of Repayment As per the existing Terms and Conditions. Margin As per the existing Terms and Conditions. Extent and Operation of the charge The immovable properties belonging to the Company situated at N.S.C Bose Road, MEPZ Special Economic Zone and Ambattur Industrial Estate, more fully described in the Attachment shall rank Pari Passu Charge in favour of State Bank of India, Punjab National Bank, IDBI Bank, Bank of India and Standard Chartered Bank for the Credit Facilities granted by them aggregating Rs.8500.000 Millions. Others Banks Rs. in. Millions State Bank of India 2500.000 Punjab National Bank 2500.000 IDBI Bank 1250.000 Bank of India 1250.000 Standard Chartered Bank 1000.000 ------------ Total 8500.000
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The immovable properties of the Company situate at N.S.C Bose Road, MEPZ and Ambattur, more fully described in the Attachment shall rank Pari Passu Charge in favour of SBI, PNB, IDBI, BoI and SCB Other existing securities remain same.
Date of instrument modifying the charge	29.03.2012
Particulars of the present modification	By the present modification, the existing overall limit to an extent of Rs.8500.000 Millions granted by the Consortium Banks remain same and additionally been secured by the immovable properties belonging to the Company situated at N.S.C Bose Road, MEPZ Special Economic Zone and Ambattur Industrial Estate, more fully described in the Attachment by way of Pari Passu Charge in favour of SBI, PNB, IDBI, BoI and SCB. Other existing securities remain same

FIXED ASSETS

· Leasehold Land

· Freehold Land

· Building

· Plant and Machinery

· Wind Mills

· Computers

· Office Equipments

· Furniture and Fittings

· Vehicles

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.53.72
UK Pound	1	Rs.86.98
Euro	1	Rs.70.64

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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.