MIRA INFORM REPORT

Report Date :

06.07.2013

IDENTIFICATION DETAILS

Name :	SYNERGY OPTIC PRIVATE LIMITED
Registered Office :	42/B, S.D.A Compound, Dewas Naka, A.B Road, Indore – 452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.01.2007
Com. Reg. No.:	10-019183
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U31300MP2007PTC019183
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of FRP Products.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 28000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Net profit margin of the company has increased in 2012. Trade relations are reported as fair. Business is active. Payment terms are usually correct. The company can be considered for 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 (PARTIAL DETAILS)

Name :	Mr. Shakir Malik
Designation :	Director
Contact No.:	91-9424011727
Date :	05.08.2013

LOCATIONS

Registered Office / Factory :	42/B, S.D.A Compound, Dewas Naka, A.B Road, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2700943
Mobile No.:	91-9424011727 (Mr. Shakir Malik)
Fax No.:	91-731-4263878
E-Mail :	info@synergyoptic.com synergy_optic@yahoo.co.in
Website :	www.synergyoptic.com
Location :	Rented

DIRECTORS

As on 29.09.2012

Name :

Mr. Shariq Malik

Designation :

Managing Director

Address :

1, White Colony, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

19.09.1974

Date of Appointment :

12.05.2010

DIN No.:

01840551

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	U31300MP2007PTC019183	SYNERGY OPTIC PRIVATE LIMITED	Managing director	12/05/2010	03/01/2007	-	Active	NO

Name :

Mr. Manish Jain

Designation :

Director

Address :

129, Tilakpath, Indore – 452001, Madhya Pradesh, India

Date of Appointment :

03.01.2007

DIN No.:

01840526

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	U51909MP1992PTC006904	JAYANA MARKETING PRIVATE LIMITED	Director	01/01/1993	01/01/1993	19/03/2012	Active	NO
2	U31300MP2007PTC019183	SYNERGY OPTIC PRIVATE LIMITED	Director	03/01/2007	03/01/2007	-	Active	NO

Name :

Mr. Syed Qamar Ali Warsi

Designation :

Director

Address :

50/2 Dayara, District – Shajapur The. Shajapur – 465001, Madhya Pradesh, India

Date of Birth/Age :

18.07.1948

Date of Appointment :

12.05.2010

DIN No.:

02325298

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	U45201MP2008PTC021222	ARYAN CREATIVE DEVELOPERS PRIVATE LIMITED	Director	06/10/2008	06/10/2008	-	Active	NO
2	U31300MP2007PTC019183	SYNERGY OPTIC PRIVATE LIMITED	Director	12/05/2010	12/05/2010	-	Active	NO

Name :

Mr. Shakir Malik

Designation :

Director

Address :

1, White Colony, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

22.09.1986

Date of Appointment :

12.05.2010

DIN No.:

03073341

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Shakir Malik	2979
Farha Ali	2979
Manish Jain	1063
Malik Shahnawaz Khan	2979
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of FRP Products.
Exports :
Products :	Finished Good
Countries :	China
Imports :
Products :	Raw Material
Countries :	Bangladesh
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (As on 31.03.2011)

Licensed and Installed Capacity: Plastic F.R.P Rod Manufacturing – 50000.00 Qty (In Kgs)

GENERAL INFORMATION

Suppliers:	Not Divulged
Customers :	End Users
No. of Employees :	30 (Approximately)
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	Mantri Ranjan and Associates Chartered Accountants
Address :	405-406, Manas Bhawan Extension, 11, R N T Marg, Indore – 452001, Madhya Pradesh, India
Tel No.:	91-731-2514721
PAN N Income-tax PAN of auditor or auditor's firm :	AADFG4586G

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100
(b) Reserves & Surplus	6.911	3.539
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7.011	3.639
(3) Non-Current Liabilities
(a) long-term borrowings	8.024	7.927
(b) Deferred tax liabilities (Net)	0.000	0.066
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	8.024	7.993
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.786	1.794
(c) Other current liabilities	1.375	0.848
(d) Short-term provisions	1.529	1.396
Total Current Liabilities (4)	3.690	4.038
TOTAL	18.725	15.670
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.547	5.264
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.075	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	4.622	5.264
(2) Current assets
(a) Current investments	0.000	1.445
(b) Inventories	3.749	1.578
(c) Trade receivables	7.074	6.381
(d) Cash and cash equivalents	2.635	0.173
(e) Short-term loans and advances	0.281	0.423
(f) Other current assets	0.364	0.406
Total Current Assets	14.103	10.406
TOTAL	18.725	15.670

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		0.498
4] (Accumulated Losses)		0.000
NETWORTH		0.598
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		8.426
TOTAL BORROWING		8.426
DEFERRED TAX LIABILITIES		0.099
TOTAL		9.123
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.903
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.000
	Sundry Debtors	0.013
	Cash & Bank Balances	0.270
	Other Current Assets	3.670
	Loans & Advances	0.328
Total Current Assets		7.281
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.814
	Other Current Liabilities	0.000
	Provisions	0.421
Total Current Liabilities		2.235
Net Current Assets		5.046
MISCELLANEOUS EXPENSES		0.174
TOTAL		9.123

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
	Income		34.161 (Income from operation)	35.819 (Income from operation)
	Other Income		NA	NA
	TOTAL (A)		NA	NA	24.909
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	22.690
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.163	6.540	2.219
Less	FINANCIAL EXPENSES (D)		1.658	1.524	1.026
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.505	5.016	1.193
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.743	0.604	0.600
	PROFIT BEFORE TAX (E-F) (G)		4.762	4.412	0.593
Less	TAX (H)		1.390	1.370	0.114
	PROFIT AFTER TAX (G-H) (I)		3.372	3.042	0.479
	CIF VALUE OF IMPORT		NA	8.694	6.655
	Earnings Per Share (Rs.)		337.2	304.20	39.25

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	1.92
Return on Total Assets (PBT/Total Assets}	(%)	25.53	28.16	8.14
Return on Investment (ROI) (PBT/Networth)		0.68	1.21	0.99
Debt Equity Ratio (Total Debt /Networth)		1.14	2.18	14.09
Current Ratio (Current Asset/Current Liability)		3.82	2.58	3.26

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	No
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	No
24]	Banking facility details	No
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

NOTE:

· No Charges Exist for Company

· Registered office of the company has been shifted from 67, Tilak Nagar, Indore – 452018, Madhya Pradesh, India to the present address w.e.f 01.08.2008

WORKING PERFORMANCE REVIEW:

During the year turnover of the company decrease from Rs. 35.819 Millions to Rs. 34.161 Millions and resulted Profit of Rs. 3.372 Millions compare to Rs. 3.042 Millions. The Directors are confidant and trying hard to increase the profitability during the current financial year with dedicated efforts of the management.

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Other Parties	8.024	7.927
Total	8.024	7.927

FIXED ASSETS

· Air Conditioner

· Electroning Plant Item

· Fixtures and Furniture

· Heating and Pumping Unit

· Lab Equipment

· Laptop

· Plant and Machinery

· Printer and Fax

· Reflector Sheets

· Spooling Machines and Winder

· Temperature Indicator

· U.V Lamps

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.60.82
UK Pound	1	Rs.92.97
Euro	1	Rs.80.73

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.