MIRA INFORM REPORT

Report Date :

01.02.2013

IDENTIFICATION DETAILS

Name :	SUCHI FOAMS PRIVATE LIMITED
Registered Office :	25, Uganda Park Society, Near A-One School, Memnagar – 380052, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.03.2005
Com. Reg. No.:	04-045744
Capital Investment / Paid-up Capital :	Rs. 11.600 Millions
CIN No.: [Company Identification No.]	U17210GJ2005PTC045744
TAN No.: [Tax Deduction & Collection Account No.]	AHMS14789F
PAN No.: [Permanent Account No.]	AAECM1977D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Polyurethane, Sandwich Panels, Door, Windows, Boxes, Polyurethanes Sheet, Pipes, Slabs for erection of cold room, coolers etc.
No. of Employees :	18 (In Office-3, In Factory-15) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 87000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The performance capacity of the company appears good. However financial strength of the company is improving. Trade relations are reported as fair. Business is active. Payment terms are slow but correct. 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.

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. Nilesh Patel
Designation :	Accounts Department
Contact No.:	91-2764-268361
Date :	29.01.2013

LOCATIONS

Registered Office :	25, Uganda Park Society, Near A-One School, Memnagar – 380052, Gujarat, India
Tel. No.:	91-2764-268361
Fax No.:	91-2764-286427
E-Mail :	kamin@suchifoams.com sales@suchifoams.com
Website :	http://www.suchifoams.com
Location :	Owned
Factory :	489, Bhagya Laxmi Estate, B/H Manpasand Weigh Bridge, Opposite Sarthi Pharma, Rakanpur-Santej Road, Rakanpur – 382721, Kalol, Gandhinagar, Gujarat, India

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Himanshu Babubhai Amin
Designation :	Director
Address :	3, President Bungalows, Opposite Satyam Bungalows, Thaltej, Ahmedabad – 380052, Gujarat, India
Date of Birth/Age :	08.03.1963
Date of Appointment :	21.03.2005
PAN No.:	ABKPA6570C
DIN No.:	01719984
Name :	Mr. Kamlesh Babubhai Amin
Designation :	Director
Address :	25, Uganda Park Society, Near A-One School, Memnagar – 380052, Gujarat, India
Date of Birth/Age :	23.11.1964
Date of Appointment :	21.03.2005
PAN No.:	ABKPA0839N
DIN No.:	01724004
Name :	Mrs. Chetnaben Himanshu Amin
Designation :	Additional director
Address :	3, President Bungalows, Opposite Satyam Bungalows, Thaltej, Ahmedabad – 380052, Gujarat, India
Date of Birth/Age :	27.12.1962
Date of Appointment :	15.10.2007
PAN No.:	ADMPA2218H
DIN No.:	01743055

KEY EXECUTIVES

Name :	Mr. Nilesh Patel
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Himanshu B. Amin	450000
Chetnaben H. Amin	141000
Kamlesh B. Amin	149000
Manisha B. Amin	21000
Bhavnaben D.Desai	55000
Himanshu B. Amin (H.U.F)	60000
Kamlesh B. Amin (H.U.F)	40000
Shantaben J. Ghantia	46000
Devendra J. Desai	10000
Balvant K. Patel	9000
Jigishbhai B.Amin	10000
Jyotikaben J.Amin	10000
Kumudchandra B.Patel	17500
Mahesh Panchal	7500
Paragi K. Amin	25000
Parth J. Amin	10000
Pravin G. Panchal	5000
Sangita A. Patel	2000
Shailesh D. Patel	15000
Sashikant B. Desai	27000
Sudhir G. Panchal	5000
Vidhyaben B. Amin	15000
Prashat Mileshiya	10000
Shyamal.S.Parikh	15000
Samir A. Sheth	5000
Total	1160000

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Polyurethane, Sandwich Panels, Door, Windows, Boxes, Polyurethanes Sheet, Pipes, Slabs for erection of cold room, coolers etc.
Exports :
Products :	Finished Goods
Countries :	Sri Lanka
Imports :
Products :	Raw Material
Countries :	Ø Italy Ø China Ø South Korea
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Ø BASF Company Limited

Ø BASF India Limited

Ø Carrier Airconditioning and Refrigeration Limited

Ø Chamak Polymers Private Limited

Ø Dixit Security and Investigation

Ø Jay Shree Engineering Industries

Ø Mahalaxmi Engineering Works

Ø Umiya Airpack Private Limited

Customers :

Others

Ø Aditya Enterprises

Ø Alfa Chemical and Lather Company

Ø Cream Pack Private Limited

Ø Dilip Industries

Ø Jalaram Trading

Ø M.K. Enterprises

Ø Nikhil Enterprises

Ø Shiv Enterprises

Ø Shiv Shakti Services

Ø Sri Sai Industries

Ø Vimal Dairy Limited

Ø Snofield Foods Private Limited

No. of Employees :

18 (In Office-3, In Factory-15) (Approximately)

Bankers :

Ø State Bank of India

Ø Progressive Merchentile Co–operative Bank Limited, Progressive Bank Bhavan, 670/1, Motilal Hirabhai Market, Station Road, Ahmedabad-380002, Gujarat, India

Ø Small Industrial Development Bank of India, Navjivan Amrit Jayanti Bhavan, 1^st Floor, Navjivan P.O. Ahmedabad-380014, Gujarat, India

Ø Kotak Mahindra Bank

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
SIDBI-TL-1	0.000	0.503
SIDBI-TL-2	0.000	9.010
SBI Car Loan	0.000	0.330
HDFC Car Loan	1.865	0.000
Kotak Mahindra Car Loan	0.655	0.000
SIDBI-TL-1	3.623	0.000
SIDBI-TL-2	4.581	0.000
State Bank of India OD	(3.356)	1.645
HDFC Car Loan	0.000	0.397
SBI Car Loan	0.173	0.000
HDFC Car Loan	1.094	0.000
Total	8.635	11.885
Note: There has been no default in repayment of any of the loans or interest thereon. Term loan from SIDBI is secured against first charge on all fixed assets of the company and other fixed assets. The loan is further secured by way of personal guarantee from all the Directors and their relatives of the company equitable mortgage of properties of directors and their relatives.

Banking Relations :	--
Auditors :
Name :	Mukesh O Parikh and Company Chartered Accountants
Address :	406, Panorama Complex, Near Navjivan Press, Gujarat Vidhyapith, Ashram Road, Ahmedabad – 380014, Gujarat, India
Tel. No.:	91-79-27545352
Mobile No.:	91-9227204545
E-Mail :	mukeshoparikh@yahoo.com
Income-tax PAN of auditor or auditor's firm :	AASPP2728G

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1,200,000	Equity Shares	Rs. 10/- each	Rs. 12.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,160,000	Equity Shares	Rs. 10/- each	Rs. 11.600 Millions

Note:

During the year, the company has not issued equity share of Rs. 10/- each.

The holders of the equity shares are entitled to receive dividends as declared from time to time, and are entitled to voting rights proportionate to their share holding at the meeting of shareholders.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		11.600	11.600	11.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.183	6.763	4.543
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		21.783	18.363	16.143
LOAN FUNDS
1] Secured Loans		8.635	11.885	14.580
2] Unsecured Loans		22.507	24.353	20.804
TOTAL BORROWING		31.142	36.238	35.384
DEFERRED TAX LIABILITIES		3.670	2.690	1.990
TOTAL		56.595	57.291	53.517
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		40.104	32.928	33.938
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.621	11.501	4.224
	Sundry Debtors	8.770	12.474	18.923
	Cash & Bank Balances	0.145	6.468	4.829
	Other Current Assets	0.000	1.232	0.201
	Loans & Advances	11.844	4.096	4.119
Total Current Assets		27.380	35.771	32.296
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.212	6.434	12.504
	Other Current Liabilities	3.677	4.974	0.065
	Provisions	0.000	0.000	0.766
Total Current Liabilities		10.889	11.408	13.335
Net Current Assets		16.491	24.363	18.961
MISCELLANEOUS EXPENSES		0.000	0.000	0.618
TOTAL		56.595	57.291	53.517

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	98.069	95.849	101.132
		Other Income	N.A.	0.496	0.475
		TOTAL	N.A.	96.345	101.607
	EXPENSES
		Purchase		80.806	75.435
		Direct Expenses		10.385	13.078
		Indirect Expenses		8.028	8.057
		(Increase)/ Decrease in stock		(7.277)	(0.843)
		TOTAL	96.670	91.942	95.727
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			4.403	5.880
Less/ Add	DEPRECIATION/ AMORTISATION			1.483	1.505
	PROFIT BEFORE TAX		4.399	2.920	4.375
Less	TAX		0.979	0.700	1.007
	PROFIT AFTER TAX		3.420	2.220	3.368
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.763	4.543	1.175
	BALANCE CARRIED TO THE B/S		10.183	6.763	4.543
	Earnings Per Share (Rs.)		2.95	1.91	2.90

Expected Sales (2012-2013): Rs. 84.500 Millions

The above information has been parted by Mr. Nilesh Patel (Accounts Department)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	N.A.	2.30	3.31
Net Profit Margin (PBT/Sales)	(%)	4.49	3.05	4.33
Return on Total Assets (PBT/Total Assets}	(%)	6.52	4.25	6.61
Return on Investment (ROI) (PBT/Networth)		0.20	0.16	0.27
Debt Equity Ratio (Total Debt/Networth)		1.43	1.97	2.19
Current Ratio (Current Asset/Current Liability)		2.51	3.14	2.42

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditors (For Goods and Services )	7.212	6.434	12.504

SUNDRY CREDITORS DETAILS:

PARTICULARS	31.03.2012
BASF Company Limited	1.930
BASF India Limited	4.307
Biju M. Jose	0.115
Carrier Airconditioning and Refrigeration Limited	0.161
Chamak Polymers Private Limited	0.034
Dixit Security and Investigation	0.015
Hemantkumar J. Parikh	0.013
Hindustan Marketing	0.364
Jay Shree Engineering Industries	0.036
Mahalaxmi Engineering Works	0.169
Mukesh O. Parikh	0.035
Maulik Enterprise	0.008
Sahyog Converters	0.004
Umiya Airpack Private Limited	0.020
Vijay Hardware Agency	0.001
Total	7.212

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	Yes
18]	Major customers	Yes
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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
From Shareholders and their relatives	22.507	24.353
Total	22.507	24.353

Note: The registered address of the company has been shifted from 23 Dipak Jyot Society, Opposite Sarvoday Park, 2 Sola Road, Ahmedabad-380061, Gujarat, India to the present w.e.f.25.02.2011

FIXED ASSETS:

Ø Vehicles

Ø Air conditioner

Ø Computer

Ø Electrical Installation

Ø Factory Building

Ø Furniture and Fixture

Ø Land

Ø Mobile

Ø Plant and Machinery

Ø Tools and Dies

Ø Water Cooler

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. 53.29
UK Pound	1	Rs. 84.22
Euro	1	Rs. 72.23

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		33

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.