MIRA INFORM REPORT

Report Date :

18.09.2012

IDENTIFICATION DETAILS

Name :	SUNRAY GLASS PRIVATE LIMITED
Registered Office :	A-8/122, Kalkaji Extension, New Delhi – 110019
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.08.1983
Com. Reg. No.:	55-016327
Capital Investment / Paid-up Capital :	Rs.0.924 Million
CIN No.: [Company Identification No.]	U74899DL1983PTC016327
TAN No.: [Tax Deduction & Collection Account No.]	DELS24643D
PAN No.: [Permanent Account No.]	AAGCS1054H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Safety Glass, Laminated Safety Glass etc.
No. of Employees :	60 (Approximately) (In Office + In Factory)

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 1800
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a established company having moderate track record. 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. The company can be considered for business dealings with some caution. Profit and Loss Account of the company is not available

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. Manoj Kumar
Designation :	Accounts Head
Contact No.:	91-9811398861
Date :	12.09.2012

LOCATIONS

Registered Office :	A-8/122, Kalkaji Extension, New Delhi – 110019, India
Tel. No.:	Not Available
Mobile No.:	91-9811398861 (Mr. Manoj Kumar)
Fax No.:	Not Available
E-Mail :	girdharrajeshfca@gmail.com
Location :	Owned
Factory:	C-59, Sector – 4, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91-120-3359181/82/83/84/85
Fax No.:	91-120-3359185

DIRECTORS

As on 30.09.2011

Name :	Mr. Vineet Gulati
Designation :	Director
Address :	A-122/8, Kakaji Extension, New Delhi – 110019, India
Date of Birth/Age :	08.01.1967
Date of Appointment :	01.08.1988
DIN No.:	00403789

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1983PTC016327	SUNRAY GLASS PRIVATE LIMITED	Director	01/08/1988	01/08/1988	-	Active	NO
2	U74899DL1992PTC050803	SUNTECH GLASS PRIVATE LIMITED	Director	29/10/1992	29/10/1992	-	Active	NO
3	U51909DL2005PTC132084	VEDIKA EXIM PRIVATE LIMITED	Director	13/01/2005	13/01/2005	-	Active	NO
4	U27203DL2005PTC133634	V S ALUMINIUM PRIVATE LIMITED	Director	04/03/2005	04/03/2005	-	Active	NO
5	U70200DL2005PTC133696	SUNBUILD REALTY PRIVATE LIMITED	Director	07/03/2005	07/03/2005	-	Active	NO
6	U26101DL2005PTC133695	V H GLASS PRIVATE LIMITED	Director	07/03/2005	07/03/2005	-	Active	NO
7	U26101DL2005PTC134785	VIREN GLASS PRIVATE LIMITED	Director	06/04/2005	06/04/2005	-	Active	NO
8	U74899DL1998PTC095465	MUMTAZ LABORATORIES PRIVATE LIMITED	Director	01/07/2006	01/07/2006	-	Active	NO
9	U51311DL2004PTC130931	CLEAVE TRADERS PRIVATE LIMITED	Director	01/01/2007	01/01/2007	-	Active	NO
10	U18101DL2005PTC133413	COMFORT DRESSES PRIVATE LIMITED	Additional director	11/04/2007	11/04/2007	-	Active	NO

Name :	Mr. Sudesh Kumar Gulati
Designation :	Director
Address :	A-122/8, Kakaji Extension, New Delhi – 110019, India
Date of Birth/Age :	07.11.1939
Date of Appointment :	10.08.1983
DIN No.:	01192352

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1983PTC016327	SUNRAY GLASS PRIVATE LIMITED	Director	10/08/1983	10/08/1983	-	Active	NO
2	U27203DL2005PTC133634	V S ALUMINIUM PRIVATE LIMITED	Director	04/03/2005	04/03/2005	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Sudesh Kumar Gulati	5120
Suresh Gulati	1920
Vineet Gulati	2200
Total	9240

As on 30.09.2011

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 Safety Glass, Laminated Safety Glass etc.
Products :	· Security Glasses · Doors/Windows Accessories and Fittings · Glass and Glass Products · Silicone Sealent
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

60 (Approximately) (In Office + In Factory)

Bankers :

Bank of India, Sector – 9, Noida, Uttar Pradesh, India

CITI Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Bank of India (300206)	0.719	0.501
Bank of India (Loan)	0.000	0.130
Total	0.719	0.631
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
S. K. Gulati	2.060	1.910
Suresh Gulati	0.745	0.745
Vineet Gulati	1.200	1.200
Bank of India (300205)	0.000	0.526
S. K. Rajpal	0.400	0.400
Cleave Traders Private Limited	1.000	0.000
Total	5.405	4.781

Banking Relations :	--
Auditors :
Name :	Rajesh Girdhar and Associates Chartered Accountants
Address :	32/26, Old Rajinder Nagar, New Delhi – 110060, India
PAN No.:	AANPG9719K
Memberships :	ASRTU

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
9240	Equity Shares	Rs.100/- each	Rs.0.924 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		0.924	0.924	0.924
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(0.472)	(0.699)	(0.931)
NETWORTH		0.452	0.225	(0.007)
LOAN FUNDS
1] Secured Loans		0.719	0.631	1.152
2] Unsecured Loans		5.405	4.781	4.205
TOTAL BORROWING		6.124	5.412	5.357
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		6.576	5.637	5.350
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.541	2.574	2.028
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	3.049	0.111	0.251
	Sundry Debtors	4.749	6.440	5.432
	Cash & Bank Balances	0.792	0.760	1.696
	Other Current Assets	0.768	0.267	0.190
	Loans & Advances	1.060	0.224	0.222
Total Current Assets		10.418	7.802	7.791
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.072	4.573	4.369
	Other Current Liabilities	0.215	0.166	0.100
	Provisions	0.096	0.000	0.000
Total Current Liabilities		6.383	4.739	4.469
Net Current Assets		4.035	3.063	3.322
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6.576	5.637	5.350

Particulars	31.03.2012
Sales Turnover (Approximately)	330.000

Expected Sales (2012-2013) : Rs.350.000 Millions

The above information has been parted by Mr. Manoj Kumar .

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	27.67	45.16	(1403.71)
Current Ratio (Current Asset/Current Liability)	1.63	1.65	1.74

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 one years	Yes
12]	Profitability for last three years	No
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)	No
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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FINANCIAL RESULTS:

The profit and Loss A/c shown a Net profit of Rs.0.323 Million.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Electricity and Fittings

· Office Equipments

· Air Conditioner

· Scooter

· Furniture and Fixtures

· Car

· Computer

· Fax and Printer

· Grinding Machines

· Mobile

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 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.53.97
UK Pound	1	Rs.87.52
Euro	1	Rs.70.84

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BSN

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	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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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	-

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