MIRA INFORM REPORT

Report Date :

19.11.2012

IDENTIFICATION DETAILS

Name :	SUNRISE CORRUGATED (INDIA) PRIVATE LIMITED
Registered Office :	No. 10/11 Yadav Complex, B.M. Galli A.M. Lane Cross, Bangalore – 560053, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.04.1998
Com. Reg. No.:	023592
Capital Investment / Paid-up Capital :	Rs.10.869 Millions
CIN No.: [Company Identification No.]	U27201KA1998PTC023592
TAN No.: [Tax Deduction & Collection Account No.]	BLRS24474C
PAN No.: [Permanent Account No.]	AAECS8591H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Corrugated Flexible Hose Pipes and Double Weld Corrugated Pipe.
No. of Employees :	30 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 88000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Latest financial i.e. 2011-12 are missing from the government from the available financials it has seen that the company has incurred a loss in the financial year i.e. 2011. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Laxmansingh Rajpurohit
Designation :	Director
Contact No.:	91-9448481327
Date :	17.11.2012

LOCATIONS

Registered Office :	No. 10/11 Yadav Complex, B.M. Galli A.M. Lane Cross, Bangalore – 560053, Karnataka, India
Tel. No.:	91-80-27826190
Mobile No.:	91-9448481327 (Mr. Laxmansingh Rajpurohit)
Fax No.:	91-80-27826930
E-Mail :	Akb347@yahoo.co.in
Website :	www.sunrisecorrugated.com
Location :	Owned
Factory :	No. 17, 2^nd Phase, Jigni Industrial Area, Anekal Taluk, Bangalore – 562106, Karnataka, India

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Laxmansingh Rajpurohit
Designation :	Director
Address :	149 Royal, Hermitage, Bannerghatta Road, Bangalore – 560083, Karnataka, India
Date of Birth/Age :	10.11.1967
Date of Appointment :	06.04.1998
Din No.:	02310623
Name :	Mrs. Ritu Rajpurohit
Designation :	Director
Address :	149 Royal, Hermitage, Bannerghatta Road, Bangalore – 560083, Karnataka, India
Date of Birth/Age :	12.10.1971
Date of Appointment :	06.04.1998
Din No.:	02310565

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Lakshman Singh	192950
Ratan Devi	57450
Laxmi Devi	10000
Narayan Singh	114100
Lakshman Singh (HUF)	50450
Jogaji Bhopal	2000
Bhagwan Singh	26650
Devi Singh	21000
Mangilal	26500
Pukhraj	16500
Jog Singh	19500
Manjula Devi	24500
Santhosh Kumar	18500
Rajesh Kumar	2000
Basanti Devi	23000
Jitendra Singh	26000
Shanti Devi	6700
Chengappa	25000
Banuprakash	22500
Bhanshilal	25000
Manju Devi	25500
Angshuman Munshi	12500
Balwant Kumar	25000
Haripyari	22500
Sajjan Devi	25000
Jasoda Dave	20000
Veer Singh	25000
Surjeet Singh	7500
R.Manjula	12500
Sandhi Poly Plast	37225
Dinesh Singh Raj Purohit	8825
Jetha Ram	25000
Joga Ram	10000
Sunrise Corrugated Rep. By Dildeep Singh	120000
TOTAL	1086850

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	81.00
Other top fifty shareholders	19.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Corrugated Flexible Hose Pipes and Double Weld Corrugated Pipe.
Exports :
Products :	Corrugated Flexible Hose Pipes and Double Weld Corrugated Pipe.
Countries :	Italy
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

30 [Approximately]

Bankers :

· Karnataka Bank, Chicket Branch, Bangalore – 560052, Karnataka, India

· ING Vysya Bank, 233,9th Main Road, III Block, Jayanagar, Bangalore – 560011, Karnataka, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
KSFC	5.621	3.716
Bank O.D. A/c.	15.734	6.651
HDFC A/C No. 05230330000715 – 120 SPORTZ	0.554	0.000
HDFC Scorpio Loan Account A/C No. 15386445	0.328	0.000
Car Loan – HDFC	0.093	0.830
TOTAL	22.330	11.197
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Directors and Share Holders	1.398	1.096
TOTAL	1.398	1.096

Banking Relations :	--
Financial Institution :	Karnataka State Financial Corporation, KSFC Bhavan, No. 1/1, Thimmaiah Road, Near Cantonment Railway Station, Bangalore – 560052, Karnataka, India
Auditors :
Name :	Meena Bhandari and Company Chartered Accountants
Address :	Mahaveer Enclave, 3^rd Floor, No. 157, Cubbonpet Main Road, Bangalore-560002, Karnataka, India
Tel. No.:	91-80-22212347
PAN No:	AEFPB2057P

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1086850	Equity Shares	Rs.10/- each	Rs.10.869 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		10.869	10.869	9.669
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		11.310	11.834	6.810
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		22.179	22.703	16.479
LOAN FUNDS
1] Secured Loans		22.330	11.197	13.497
2] Unsecured Loans		1.398	1.096	4.135
TOTAL BORROWING		23.728	12.293	17.632
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		45.907	34.996	34.111
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.790	12.439	13.887
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.050	0.000	0.000
DEFERREX TAX ASSETS		0.903	0.751	0.457
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	22.764	0.050	0.000
	Sundry Debtors	27.191	24.123	18.971
	Cash & Bank Balances	0.266	0.496	0.093
	Other Current Assets	7.440	27.392	22.127
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		57.661	52.061	41.191
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.099	10.957	16.692
	Other Current Liabilities		15.933	1.616
	Provisions	23.398	3.365	3.116
Total Current Liabilities		25.497	30.255	21.424
Net Current Assets		32.164	21.806	19.767
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		45.907	34.996	34.111

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Turnover	68.836	63.742	44.215
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
	EXPENSES
		TOTAL	69.557	65.838	45.426
	PROFIT / (LOSS) BEFORE TAX		0.132	0.378	(0.481)
Less	TAX		0.655	0.155	(0.007)
	PROFIT / (LOSS) AFTER TAX		(0.523)	0.223	(0.474)
	Earnings / (Loss) Per Share (Rs.)		(0.48)	0.21	--

Particulars	31.03.2012
Sales Turnover [Approximately]	90.000

Expected Sales (2012-13) : Rs.100.000 Millions.

The above information has been parted by Mr. Laxmansingh Rajpurohit.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	0.19	0.58	(0.87)
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	(0.02)
Debt Equity Ratio (Total Liability/Networth)		2.22	1.87	2.37
Current Ratio (Current Asset/Current Liability)		2.26	1.72	1.92

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	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	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FINANCIAL HIGHLIGHTS:

The company is doing well and in coming future it expects excellent results.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U27201KA1998PTC023592
Name of the company	SUNRISE CORRUGATED (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 10/11 Yadav Complex, B.M. Galli A.M. Lane Cross, Bangalore – 560053, Karnataka, India
Type of charge	Immovable Property
Particular of charge holder	Karnataka State Financial Corporation, KSFC Bhavan, No. 1/1, Thimmaiah Road, Near Cantonment Railway Station, Bangalore – 560052, Karnataka, India
Email	info@ksfc.in
Nature of description of the instrument creating or modifying the charge	1. Mortgage of industrial land located at plot no. 17, sy no. 70, Jigni Industrial Area, Kasaba Hobli, Anekal Taluk, Bangalore, and buildings constructed thereon standing in the name of the company, 2. hypothecation of existing plant and machinery 3. Personal Guarantee of two directors, Mr. Laxman Singh Rajpurohit and Mrs. Ritu Rajpurohit 4. Personal Guarantee of Mr. Narayan Singh and Sri Dildeep Singh
Date of instrument Creating the charge	30.01.2012
Amount secured by the charge	Rs.10.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 15.5% per annum Terms of Repayment repaid in 21 monthly installments as noted below commencing from 10th day of the 2nd quarter following the first drawal first 5 monthly installments of Rs. 0.400 Million each last 16 monthly installments of Rs. 0.500 Million each Extent and Operation of the charge As per loan sanction letter.
Short particulars of the property charged	Mortgage of industrial land located at plot no. 17, sy no. 70, Jigni Industrial Area, Kasaba Hobli, Anekal Taluk, Bangalore, and buildings constructed thereon standing in the name of the company hypothecation of existing plant and machinery Personal Guarantee of two directors, Mr. Laxman Singh Rajpurohit and Mrs. Ritu Rajpurohit Personal Guarantee of Sri Narayan Singh and Sri Dildeep Singh

FIXED ASSETS:

· Machinery

· Furniture

· Building

· Electrical Fitting

· Land (KIADB)

· Mobiles

· Printer

· Computer

· Vehicle-Tata Safari

· Vehicle – Skoda

· Scorpio

· Hero Honda

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 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 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.54.99
UK Pound	1	Rs.87.21
Euro	1	Rs.70.22

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
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	4
--CREDIT LINES	1~10	2
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.