MIRA INFORM REPORT

Report Date :

11.05.2012

IDENTIFICATION DETAILS

Name :	SUPER INDUSTRIAL LINING PRIVATE LIMITED
Registered Office :	Block No. 1401/A and 1401/B, Mahali Talav, Behind Elysium Pharma Luna Patiya,, Village Dabhasa, Padra, Jambusar Road, Padra, Vododara – 391440, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.04.2008
Com. Reg. No.:	04-053699
Capital Investment / Paid-up Capital :	Rs.10.002 Millions
CIN No.: [Company Identification No.]	U74900GJ2008PTC053699
TAN No.: [Tax Deduction & Collection Account No.]	BRDS06960C
PAN No.: [Permanent Account No.]	AALCS8879B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Ptfe Moulded Sheets, Rods, Bushes, Extruded roads etc.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 49000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has incurred some losses in the current year (i.e:2010-2011). However, Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small business dealing 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. Navdeep Goyal
Designation :	Director
Contact No.:	91-9879204811
Date :	19.04.2012

LOCATIONS

Registered Office /Factory :	Block No. 1401/A and 1401/B, Mahali Talav, Behind Elysium Pharma Luna Patiya,, Village Dabhasa, Padra, Jambusar Road, Padra, Vododara – 391440, Gujarat, India
Tel. No.:	91-2662-222035/37/222036
Mobile No.:	91-9879204811 (Mr. Navdeep Goyal)
Fax No.:	91-2662-222038
E-Mail :	navdeep@silceindia.com accounts@superscientific.com rctca@rediffmail.com
Location :	Owned

DIRECTORS

As on 26.09.2011

Name :

Mr. Naresh Vijay Kumar Goyal

Designation :

Director

Address :

B-30, Shivashrya Housing Complex, Saiyad Vasna Road, Vadodara - 390015,

Gujarat, India

Date of Birth/Age :

15.04.1958

Date of Appointment :

25.04.2008

DIN No.:

00139277

Other directorships :

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	U74999GJ1995PTC025900	SUPER SCIENTIFIC WORKS PRIVATE LIMITED	Whole-time director	16/05/1995	16/05/1995	-	Active	NO
2	U24231GJ1988PTC011652	CHEMCON SPECIALITY CHEMICALS PRIVATE LIMITED	Whole-time director	19/01/2004	19/01/2004	-	Active	NO
3	U26101GJ2006PLC047753	GOEL GLASS INTERNATIONAL LIMITED	Whole-time director	16/02/2006	16/02/2006	-	Strike off	NO
4	U45200GJ2006PTC049305	KANA REAL ESTATE PRIVATE LIMITED	Director	7/11/2006	7/11/2006	-	Active	NO
5	U24239GJ2008PTC053060	CHEMCON PHARMA CHEM PRIVATE LIMITED	Director	26/02/2008	26/02/2008	-	Active	NO
6	U74900GJ2008PTC053699	SUPER INDUSTRIAL LINING PRIVATE LIMITED	Director	25/04/2008	25/04/2008	-	Active	NO

Name :

Mr. Navdeep Naresh Goyal

Designation :

Director

Address :

Navdeep Bunglow, Near Shreepark Society, B/H Avkar Mall Karelibaug, Vadodara - 390018, Gujarat, India.

Date of Birth/Age :

08.05.1990

Date of Appointment :

25.03.2009

DIN No.:

02604876

Name :

Mr. Avnesh Goyel Sudesh

Designation :

Director

Address :

G-14, Chandra Nagar Society, Waghodia Road, Vadodara - 390019, Gujarat, India

Date of Birth/Age :

30.10.1983

Date of Appointment :

01.08.2008

DIN No.:

02201652

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders	No. of Shares
Virendra Mangla	70000
Virendra Mangla-HUF	130000
Madhu Mangla	50000
Sudesh Goyel	100000
Sudesh Goyel - HUF	50000
Anita Goyel	100000
Naresh Goyal	380000
Shubhrangna Goyal	20000
Pooja Goyal	20000
Navdeep Goyal	50000
Parul Goyal	20000
Suresh Chandra Bishnoi	100
Mrs. Kamlesh Bishnoi	100
TOTAL	990200

Allotees as on: 30.09.2011

Names of Allotees	No. of Shares
Mr. Nareshkumar Goyal	180000
Navdeep Goyal	60000
Total	240000

As on 26.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Ptfe Moulded Sheets, Rods, Bushes, Extruded roads etc.
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :

Patel Walls

No. of Employees :

70 (Approximately)

Bankers :

· Indian Overseas Bank, Mehta Pole, Manvi, Vadodara – 390006, Gujarat, India

· HDFC Bank

· State Bank of India

Facilities :

Cash Credit – Rs. 15.000 Millions (form Indian Overseas Bank)

SECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loan From India Overseas Bank (Secured against the hypothecation of Plant and machinery mortgage factory shed)	11.083	10.800
Indian Overseas Bank (Secured against the hypothecation of stock and Book debts)	10.875	7.931
HDFC Bank – Honda Car Loan (Secured against the hypothecation of Motor car)	0.487	0.747
Total	22.445	19.478
UNSECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Director	10.300	5.177
From Shareholder and their relatives	28.725	15.620
Total	39.025	20.797

Banking Relations :	--
Auditors :
Name :	R.C Thakkar and Associates Chartered Accountant
Address :	432,Paradise Complex,Near Kala Ghoda, Sayajigunj, Vadodara – 390005, India
Tel. No.:	91- 265-2362255
Fax No.:	91- 265-2363465
E-Mail :	rctca@rediffmail.com rcthakkarca@gmail.com
PAN.:	AXXPT1002E
Sister concern :	· Super Scientific Works · Chemcon Specialty Chemical
Associate :	· Super Industrial Lining company · Chemcon Specialty Chemicals Private Limited · Kana Real Estae Private Limited · Super Chemical Industries · Super Scientific Works Private Limited · Super Scientific Glass Industries Private Limited

CAPITAL STRUCTURE

After As on 26.09.2011

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1240200	Equity Shares	Rs.10/- each	Rs.12.402 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000200	Equity Shares	Rs.10/- each	Rs.10.002 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		10.002	10.002	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.313	3.186	0.801
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		12.315	13.188	0.901
LOAN FUNDS
1] Secured Loans		22.445	19.478	0.000
2] Unsecured Loans		39.025	20.797	4.900
TOTAL BORROWING		61.470	40.275	4.900
DEFERRED TAX LIABILITIES		0.948	1.019	0.007
TOTAL		74.733	54.482	5.808
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		44.828	45.544	0.933
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.978	12.902	0.000
	Sundry Debtors	18.730	10.210	2.172
	Cash & Bank Balances	1.868	0.821	1.117
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.167	4.145	2.503
Total Current Assets		51.743	28.078	5.792
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.582	18.366	0.570
	Other Current Liabilities	16.018	0.751	0.039
	Provisions	0.449	0.307	0.340
Total Current Liabilities		22.049	19.424	0.949
Net Current Assets		29.694	8.654	4.843
MISCELLANEOUS EXPENSES		0.211	0.284	0.032
TOTAL		74.733	54.482	5.808

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	94.005	32.215	2.356
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	93.061	28.192	1.182
	PROFIT BEFORE TAX		0.944	4.023	1.174
Less	TAX		0.071	1.639	0.373
	PROFIT AFTER TAX		0.873	2.384	0.801
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.685	0.501	Nil
	APPROPRIATIONS
		Transfer to General Reserve	(0.200)	2.200	0.300
	BALANCE CARRIED TO THE B/S		0.013	0.686	0.501
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	0.333	0.000
	TOTAL EARNINGS		0.000	0.333	0.000
	Earnings Per Share (Rs.)		0.87	11.68	80.13

(Rs in Millions)

Particulars	31.03.2012
Sales Turnover (Approximately)	120.000

Expected Sales (2012-2013): Rs.150.000 Millions

The above information has been parted by Mr. Navdeep Goyal

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.92	7.40	33.99
Return on Total Assets (PBT/Total Assets}	(%)	0.98	5.46	17.45
Return on Investment (ROI) (PBT/Networth)		0.08	0.31	1.30
Debt Equity Ratio (Total Liability/Networth)		6.78	4.53	6.49
Current Ratio (Current Asset/Current Liability)		2.35	1.44	6.10

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	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last one years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	No
19) Payments terms	Yes
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	Yes

CONTINGENT LIABILITY

(Rs In Millions.)

Name of Small Scale Undertaking	2009-2010
Super Industrial Lining company	7.086
Super Scientific Works Private Limited	0.100
Total	7.186

Bankers Charges Report as per Registry

Corporate identity number of the company	U74900GJ2008PTC053699
Name of the company	SUPER INDUSTRIAL LINING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Block No. 1401/A and 1401/B, Mahali Talav, Behind Elysium Pharma Luna Patiya,, Village Dabhasa, Padra, Jambusar Road, Padra, vododara – 391440, Gujarat Email :rctca@rediffmail.com
This form is for	Creation of charge
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	Indian Overseas Bank, Mehta Pole, Manvi, Vadodara – 390006, Gujarat, India
Nature of instrument creating charge	1) Deeds of equitable mortgage dated 29.9.09 duly registered on 16.10.09 (for securing the immovable property at Dabhasa Tal. Padra and At Varsha Society, Ajwa Road, Vadodara) 2) Letter of Hypothecation Dated 29.9.09 (for securing machineries, misc. Fixed Assets, stock - Raw material/semi finished goods/ finished goods and book-debts)
Date of instrument Creating the charge	29.09.2009
Amount secured by the charge	Rs. 60.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit - BPLR (-)1% with Minimum 11% Term Loan - BPLR (-)1% with Minimum 11% Letter of Credit - commission as per circular Letter of Guarantee - commission as per Circular Terms of Repayment Cash credit - on demand Term loan - repayable in 20 quarterly installments of Rs. 1.550 millions (starting from December '09) and interest at actual on monthly basis Margin 1) 25% on Stocks, 50% on Book-debts (Maximum 90 Days Debts) 2) 15% on Letter of Credit (Maximum 60 Days Usance) 3) 25% on Plant and Machineries, 35% On Misc. Fixed Assets 4) 25% on Letter of Guarantee Extent and Operation of the charge The charge shall extend to repayment to the Bank of all monies including the principal sums, interest, cost, charges, expenses and any other monies payable from time to time and that all rights, remedies, terms, conditions to be observed by the company shall extend to total facility of Rs. 60.000 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First Charge by way of Hypothecation on all present and future stocks - Raw material/semi finished goods/finished goods, Books-debts /outstanding monies receivables and movable Plant and Machineries, misc. Fixed assets situated at Factory premises at Dabhasa, Tal. Padra, District Vadodara or any Other Place.

FIXED ASSETS

· Air Conditioner

· Computer

· Electrical Installments

· Factory Shed

· Furniture and Fitting

· Office Equipments

· Plant and Machinery

· Vehicles

· Land

TRADE REFERENCES

Patel Walls – Supplier

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.53.34
UK Pound	1	Rs.86.11
Euro	1	Rs.69.07

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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		27

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.