MIRA INFORM REPORT

Report Date :

24.09.2012

IDENTIFICATION DETAILS

Name :	SUNGROUP ENTERPRISES PRIVATE LIMITED
Registered Office :	Meridian Towers, 9^th Floor, 10, Windsor Place, New Delhi-110001
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.02.2002
Com. Reg. No.:	55-114345
Capital Investment / Paid-up Capital :	501843 Euro
CIN No.: [Company Identification No.]	U23209DL2002PTC114345
TAN No.: [Tax Deduction & Collection Account No.]	DELS15391F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Management/Consultancy Services.
No. of Employees :	25 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	EURO 1831495
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. However, there appear strong networth. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings at 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.

LOCATIONS

Registered Office :	Meridian Towers, 9^th Floor, 10, Windsor Place, New Delhi-110001
Tel. No.:	91-11-23327200
Fax No.:	91-11-23354300
E-Mail :	reception@sungroup-india.com sarkar6534@gmail.com
Website :	http://sungroup-global.com/
Corporate Office :	Plot 39, Institutional Area, Sector 32, Gurgaon-122001, Haryana, India
Tel. No.:	91-124-4974400
Fax No.:	91-124-4974401

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Nand Lal Khemka

Designation :

Director

Address :

A-6, Kalindi Colony, New Delhi-110065, India

Date of Birth/Age :

13.01.1935

Date of Appointment :

22.02.2002

Din No.:

00211084

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	U29230WB1958PTC023711	PANKAJ DILIP PRIVATE LIMITED	Director	02/05/1960	02/05/1960	30/09/2011	Active	NO
2	U74899DL1966PTC004623	KHEMKA AVIATION PRIVATE LIMITED	Director	17/07/1966	17/07/1966	-	Active	NO
3	L74899DL1978PLC009038	INDAG RUBBER LIMITED	Director	02/06/1978	02/06/1978	-	Active	NO
4	U25199DL1982PLC014879	UNIPATCH RUBBER LIMITED	Director	22/12/1982	22/12/1982	-	Active	NO
5	U74899DL1984PTC019689	COMPUTING AHEAD (INDIA) PRIVATE LIMITED	Director	26/12/1984	26/12/1984	-	Active	NO
6	U74899DL1966PTC004548	M. P. FLOUR MILLS PRIVATE LIMITED	Director	15/01/1986	15/01/1986	-	Active	NO
7	U74899DL1980PTC010223	V S P STORES PRIVATE LIMITED	Director	30/08/1986	30/08/1986	-	Active	NO
8	U74899DL1987PTC026817	INDIA PETROCOM PRIVATE LIMITED	Director	29/01/1987	29/01/1987	-	Active	NO
9	U74899DL1993PTC054144	HIND CAPITAL MANAGEMENT PRIVATE LIMITED	Director	08/03/1994	08/03/1994	18/04/2010	Active	NO
10	U74899DL1994PTC059449	SUN SECURITIES (INDIA) PRIVATE LIMITED	Director	06/06/1994	06/06/1994	-	Active	NO
11	U72900DL2000PTC104230	SUN PSINET PRIVATE LIMITED	Director	07/03/2000	07/03/2000	-	Active	NO
12	U23209DL2002PTC114345	SUNGROUP ENTERPRISES PRIVATE LIMITED	Director	22/02/2002	22/02/2002	-	Active	NO
13	U23300DL2007PTC167781	INDRASIL TECHNOLOGIES PRIVATE LIMITED	Director	06/09/2007	06/09/2007	-	Active	NO

Name :

Mr. Uday Harsh Khemka

Designation :

Director

Address :

A-6, Kalindi Colony, New Delhi-110065, India

Date of Birth/Age :

11.07.1965

Date of Appointment :

22.02.2002

Din No.:

00323609

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	Company/ LLP Status	Defaulting status
1	U74899DL1994PTC059449	SUN SECURITIES (INDIA) PRIVATE LIMITED	Director	06/06/1994	06/06/1994	Active	NO
2	U67120DL1998PTC096525	SUN INVESTHOLD COMPANY (INDIA) PRIVATE LIMITED	Director	30/09/1998	30/09/1998	Active	NO
3	U23209DL2002PTC114345	SUNGROUP ENTERPRISES PRIVATE LIMITED	Director	22/02/2002	22/02/2002	Active	NO
4	U74140DL1995PTC170716	SGE ADVISORS (INDIA) PRIVATE LIMITED	Director	14/09/2005	14/09/2005	Active	NO
5	U74999MH2006NPL163665	NABHA DEVELOPMENT INITIATIVE	Director	08/08/2006	08/08/2006	Active	NO
6	U85191DL2009NPL190959	Climate Change Association India	Director	05/06/2009	05/06/2009	Active	NO

Name :

Mr. Shiv Vikram Khemka

Designation :

Director

Address :

A-6, Kalindi Colony, New Delhi-110065, India

Date of Birth/Age :

19.08.1962

Date of Appointment :

22.02.2002

Din No.:

01214671

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	U67120DL1998PTC096525	SUN INVESTHOLD COMPANY (INDIA) PRIVATE LIMITED	Director	30/09/1998	30/09/1998	-	Active	NO
2	U23209DL2002PTC114345	SUNGROUP ENTERPRISES PRIVATE LIMITED	Director	22/02/2002	22/02/2002	-	Active	NO
3	U45201DL2002PTC117912	SRM ENGINEERING SERVICES INDIA PRIVATE LIMITED	Director	05/12/2002	05/12/2002	-	Active	NO
4	L45202TN1991PLC046402	MASCON GLOBAL LIMITED	Director	12/05/2006	12/05/2006	30/01/2009	Active	NO
5	U74999MH2006NPL163665	NABHA DEVELOPMENT INITIATIVE	Director	08/08/2006	08/08/2006	-	Active	NO

Name :

Mr. Amar Singh Sehgal

Designation :

Director

Address :

C-227, Defense Colony, New Delhi-110065, India

Date of Birth/Age :

28.09.1928

Date of Appointment :

22.02.2002

Din No.:

00033525

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	U74899DL1993PTC054144	HIND CAPITAL MANAGEMENT PRIVATE LIMITED	Director	28/06/1997	28/06/1997	-	Active	NO
2	U23209DL2002PTC114345	SUNGROUP ENTERPRISES PRIVATE LIMITED	Director	22/02/2002	22/02/2002	-	Active	NO
3	U45201DL2002PTC117912	SRM ENGINEERING SERVICES INDIA PRIVATE LIMITED	Director	03/01/2003	03/01/2003	-	Active	NO
4	U65993TN1996PTC035747	MADRAS FINVEST PRIVATE LIMITED	Director	30/09/2005	28/06/2005	30/01/2007	Active	NO
5	U01122DL1984PTC018925	INDU FARMS PRIVATE LIMITED	Director	09/04/2007	09/04/2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Nand Lal Khemka	10
Amar Singh Sehgal	1
Shiv Vikram Khemka	1300505
Uday Harsh Khemka	521505
SPR Limited, Stahelier Jersy	1262573
Sun Securities India Private Limited, India	500000
TOTAL	3584594

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	35.22
Bodies corporate	13.95
Directors or relatives of directors	50.83
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Management/Consultancy Services.

GENERAL INFORMATION

No. of Employees :

25 [Approximately]

Bankers :

Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India

Facilities :

SECURED LOAN	As on 31.03.2011 [In Euro]	As on 31.03.2010 [In Euro]
Term Loan From Bank [Secured against charge on building project and receivables]	2008928	2901785
TOTAL	2008928	2901785
UNSECURED LOAN	As on 31.03.2011 [In Euro]	As on 31.03.2010 [In Euro]
Intercoperate Deposits	71428	71428
TOTAL	71428	71428

Banking Relations :	--
Auditors :
Name :	Khanna and Annadhanam Chartered Accountants
Address :	706, Akash Deep, 26-A, Barakhamba Road, P.O. Box 648, New Delhi-11001, India
Tel. No.:	91-11-23315110/23350644/23315119
PAN NO:	AAAFK1558R
Associates/Subsidiaries :	SRM Engineering Services India Private Limited [U45201DL2002PTC117912]
Associates/Subsidiaries [As on 31.03.2010] :	Elcom System Private Limited SPI Partners Limited Suntera Resources Limited SPR Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
14500000	Equity Shares	0.14 Euro Each	2030000 Euro
500000	Non Voting Equity Shares	0.14 Euro Each	70000 Euro
	TOTAL		2100000 Euro

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3084594	Equity Shares	0.14 Euro Each	431843 Euro
500000	Non Voting Equity Shares	0.14 Euro Each	70000 Euro
	TOTAL		501843 Euro

FINANCIAL DATA

[all figures are in Euro]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		501843	501843	501843
2] Share Application Money		000	825400	000
3] Reserves & Surplus		14592157	14592157	14592157
4] (Accumulated Losses)		(5936525)	(5070324)	(1691300)
NETWORTH		9157475	10849076	13402700
LOAN FUNDS
1] Secured Loans		2008928	2901785	3571428
2] Unsecured Loans		71428	71428	71428
TOTAL BORROWING		2080356	2973213	3642856
DEFERRED TAX LIABILITIES		000	5430	10486
TOTAL		11237831	13827719	17056042
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8224141	4840699	11948107
Capital work-in-progress		13089	6838777	000
INVESTMENT		153511	1568029	4754697
DEFERREX TAX ASSETS		000	000	000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	000	000	000
	Sundry Debtors	401347	239883	000
	Cash & Bank Balances	523078	511217	348964
	Other Current Assets	000	000	000
	Loans & Advances	2045620	632521	971344
Total Current Assets		2970045	1383621	1320308
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	44950	639104	644695
	Other Current Liabilities	33845	112561	278076
	Provisions	33919	41501	34055
Total Current Liabilities		112714	793166	956826
Net Current Assets		2857331	590455	363482
MISCELLANEOUS EXPENSES		000	000	000
OTHERS		(10241)	(10241)	(10244)
TOTAL		11237831	13827719	17056042

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1493642	1550742	3069989
		Other Income	29442	85300	52063
		Profit on Sale of Investments	(26728)	(401442)	118810
		TOTAL	1496356	2037484	3240862
Less	EXPENSES
		Employee Remuneration and Benefits	1291028	1791713	1606957
		Administrative Expenses			1266357
		TOTAL	1291028	1791713	2873314
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	245771	367548
Less/ Add	DEPRECIATION/ AMORTISATION		NA	201400	104587
	PROFIT / (LOSS) BEFORE TAX		205328	44371	262961
Less	TAX		NA	NA	40919
	PROFIT / (LOSS) AFTER TAX		NA	NA	222042
	EARNINGS IN FOREIGN CURRENCY
		Consultancy Receipts	NA	1550742	3069985
	TOTAL EARNINGS		NA	1550742	3069985
	Earnings / (Loss) Per Share (Rs.)		NA	NA	61.94

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	6.85
Net Profit Margin (PBT/Sales)	(%)	13.75	2.86	8.57
Return on Total Assets (PBT/Total Assets}	(%)	1.83	0.71	1.98
Return on Investment (ROI) (PBT/Networth)		0.02	0.00	0.02
Debt Equity Ratio (Total Liability/Networth)		0.23	0.35	0.34
Current Ratio (Current Asset/Current Liability)		26.35	1.74	1.37

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	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 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]	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

FIXED ASSETS:

• Leasehold Land
• Building
• Furniture and Fixtures
• Air Conditioner
• Computer and Printers
• Office Equipments
• Vehicles
• Leasehold Improvements

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] 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.53.90
UK Pound	1	Rs.87.60
Euro	1	Rs.70.00

INFORMATION DETAILS

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	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		34

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.