MIRA INFORM REPORT

Report Date :

03.07.2013

IDENTIFICATION DETAILS

Name :	SUMMIT CORPORATION PRIVATE LIMITED (w.e.f. 02.01.2012)
Formerly Known As :	BHARAT JCOM (INDIA) PRIVATE LIMITED
Registered Office :	679/1/2, Chakan Alandi Road, Kurli Taluka Khed - 410505, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.11.2006
Com. Reg. No.:	25-129192
Capital Investment / Paid-up Capital :	Rs. 29.260 Millions
CIN No.: [Company Identification No.]	U18101PN2006PTC129192
TAN No.: [Tax Deduction & Collection Account No.]	PNES36887E
PAN No.: [Permanent Account No.]	AACCD4735C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Sheet Metal Processing.
No. of Employees :	Not Available

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 53000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	As confirmed by Mr. Sumit Salunke that the company had a joint venture with “ Innovative Industries Limited” held (51%) in the year 2012. Even though the company was incorporated in 2006, it started its activity post to joint venture in April 2012. In its first year of business operation (i.e. 2012-2013) the company has achieved sizeable turnover. However, trade relations are reported to be fair. Business is active. Payments are reported to be unknown. 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 – 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

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. Sumit
Designation :	Chartered Accountants
Date :	20.06.2013

LOCATIONS

Registered Office :	679/1/2, Chakan Alandi Road, Kurli Taluka Khed - 410505, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	Sandeep_ashok@hotmail.com SMPATILSANGLI@GMAIL.COM
Website :	http://www.summitcorp.in
Corporate Office :	Summit House, 3^rd Floor, Plot No. 64/21, D-11 Block MIDC, Chinchwad, Pune – 411 019, Maharashtra India
Tel. No.:	91-20-27450025
Fax No.:	Not Available
Factory :	Gat No. 679/2/2, At. Alandi Road, Kuruli Chakan, Taluka Khed, District Pune, Maharashtra, India
Tel. No.:	91-2135301000 / 301001 / 301002
Fax No.:	Not Available
E-Mail :	info@summitcorp.in

DIRECTORS

As on : 30.09.2011

Name :

Mr. Prabhakar Anant Salunke

Designation :

Director

Address :

08.11.1961

Date of Birth/Age :

S. No. 86/1/2, Siddheshwar Park, R House, A-1, Pimple Gurav, Pune – 411027, Maharashtra, India

Date of Appointment :

07.11.2006

DIN No.:

00409798

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	U74140PN1992PTC068672	SUMEET FACILITIES PRIVATE LIMITED	Whole-time director	22-09-92	22-09-92	-	Active	NO
2	U72200PN2000PTC014546	SUPERB UNISHOE PRIVATE LIMITED	Director	03-03-00	03-03-00	-	Under Process of Striking off	NO
3	U74920PN2004PTC018982	UNIQUE DELTA FORCE SECURITY PRIVATE LIMITED	Director	05-03-04	05-03-04	-	Active	NO
4	U72200PN2005PTC020611	SUMEET INFOTECH PRIVATE LIMITED	Director	21-04-05	21-04-05	-	Strike off	NO
5	U18101PN2006PTC129192	SUMMIT CORPORATION PRIVATE LIMITED	Director	07-11-06	07-11-06	-	Active	NO
6	U74900PN2008PTC132626	DELTA4 FACILITIES PRIVATE LIMITED	Director	14-08-08	14-08-08	-	Strike off	NO
7	U74900PN2009PTC133336	UNIQUE DELTA FORCE E-SECURITY PRIVATE LIMITED	Director	08-01-09	08-01-09	-	Active	NO
8	U29100PN2011PTC138329	SUMEET LASERFABTECH PRIVATE LIMITED	Director	20-01-11	20-01-11	-	Active	NO
9	U74920PN1997PTC106980	EAGLE INDUSTRIAL SERVICES PRIVATE LIMITED	Managing director	09-03-11	09-03-11	-	Active	NO
10	U72900PN2012PTC145239	UNIQUE DELTA TECHNOLOGIES PRIVATE LIMITED	Director	31-10-12	31-10-12	-	Active	NO

Name :

Mrs. Sunanda Prabhakar Salunke

Designation :

Director

Address :

S. No. 86/1/2, Siddheshwar Park, R House, A-1, Pimple Gurav, Pune – 411027, Maharashtra, India

Date of Birth/Age :

05.04.1965

Date of Appointment :

07.11.2006

DIN No.:

02927188

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	U74140PN1992PTC068672	SUMEET FACILITIES PRIVATE LIMITED	Director	22-09-92	22-09-92	30-03-13	Active	NO
2	U18101PN2006PTC129192	SUMMIT CORPORATION PRIVATE LIMITED	Director	07-11-06	07-11-06	30-03-13	Active	NO
3	U29100PN2011PTC138329	SUMEET LASERFABTECH PRIVATE LIMITED	Director	20-01-11	20-01-11	30-03-13	Active	NO
4	U72900PN2012PTC145239	UNIQUE DELTA TECHNOLOGIES PRIVATE LIMITED	Director	31-10-12	31-10-12	30-03-13	Active	NO

Name :

Mr. Sumit Anant Salunke

Designation :

Director

Address :

A/P S. No. 86/1/2, Siddheshwar Park, A-2, Pimple Gaurav, Pune – 411027, Maharashtra, India

Date of Birth/Age :

23.12.1987

Date of Appointment :

29.09.2008

DIN No.:

01142253

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	U18101PN2006PTC129192	SUMMIT CORPORATION PRIVATE LIMITED	Managing director	29-09-08	01-07-08	-	Active	NO
2	U74140PN1992PTC068672	SUMEET FACILITIES PRIVATE LIMITED	Director	02-10-09	02-10-09	-	Active	NO
3	U74920PN1997PTC106980	EAGLE INDUSTRIAL SERVICES PRIVATE LIMITED	Director	22-04-10	22-04-10	-	Active	NO
4	U29100PN2011PTC138329	SUMEET LASERFABTECH PRIVATE LIMITED	Director	20-01-11	20-01-11	-	Active	NO
5	U72900PN2012PTC145239	UNIQUE DELTA TECHNOLOGIES PRIVATE LIMITED	Additional director	30-03-13	30-03-13	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2011

Names of Shareholders	No. of Shares
Salunke Anant Prabhakar	2058171
Salunke Prabhakar Sunanda	10000
Salunke Prabhakar Sumeet	857787
Total	2925958

Equity Share Break up (Percentage of Total Equity)

As on : 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Sheet Metal Processing.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Bank of Maharashtra
Facilities :	--

Auditors :
Name :	Sharad P Joshi Chartered Accountants
Address :	209, Indulal Comm. Cmplex, L.B. Shastri Road, Navi Peth, Pune – 411030, Maharashtra, India
Tel. No.:	91-20-24531437
Fax No.:	91-20-24531584
E-Mail :	sharadpipshi@vsnl.com
PAN No.:	ABAPJ9148D
Group Companies :	· Eagle Industrial Services Private Limited · Prompt Industrial Services Private Limited · Summit Facilities Private Limited · Unique Delta Force security private Limited · Delta Workwear Private Limited

CAPITAL STRUCTURE

As on : 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2925958	Equity Shares	Rs. 10/- each	Rs. 29.260 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		29.260	29.260	0.200
2] Share Application Money		0.000	0.000	29.037
3] Reserves & Surplus		(15.761)	(14.080)	(4.971)
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		13.499	15.180	24.266
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		18.203	22.883	14.287
TOTAL BORROWING		18.203	22.883	14.287
DEFERRED TAX LIABILITIES		0.039	0.207	0.050
TOTAL		31.741	38.270	38.603
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.934	4.609	5.364
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	25.260	28.950	22.706
	Sundry Debtors	0.353	2.064	5.150
	Cash & Bank Balances	0.015	0.018	1.517
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.243	2.517	4.696
Total Current Assets		27.871	33.549	34.069
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.020	0.013	0.706
	Other Current Liabilities	0.353	0.251	0.337
	Provisions	0.052	0.036	0.250
Total Current Liabilities		0.425	0.300	1.293
Net Current Assets		27.446	33.249	32.776
MISCELLANEOUS EXPENSES		0.361	0.412	0.463
TOTAL		31.741	38.270	38.603

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income			3.609
		Other Income			0.000
		TOTAL	3.219	3.671	3.609
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	5.068	12.623	8.208
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION				(4.599)
Less/ Add	DEPRECIATION/ AMORTISATION				0.268
	PROFIT / (LOSS) BEFORE TAX		(1.849)	(8.952)	(4.867)
Less	TAX		(1.681)	0.157	0.072
	PROFIT / (LOSS) AFTER TAX		(0.168)	(9.109)	(4.939)
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export Goods	0.000	146.300	NA
	TOTAL EARNINGS		0.000	146.300	NA
	IMPORTS
		Capital Goods	0.263	6.790	NA
	TOTAL IMPORTS		0.263	6.790	NA
	Earnings / Loss Per Share (Rs.)		(0.00)	NA	NA

Particulars	31.03.2013
Sales Turnover (Approximately)	380.000

The above information has been parted by Mr. Sumit (Chartered Accountants)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(5.22)	(248.13)	(136.85)
Net Profit Margin (PBT/Sales)	(%)	NA	NA	(134.86)
Return on Total Assets (PBT/Total Assets}	(%)	(5.81)	(23.46)	(12.34)
Return on Investment (ROI) (PBT/Networth)		(0.14)	(58.97)	(0.20)
Debt Equity Ratio (Total Debt /Networth)		1.35	1.51	0.59
Current Ratio (Current Asset/Current Liability)		67.93	111.83	26.35

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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	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
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 :

The registered address of the company has been shifted from Gut No. 2131, Mohitewadi, Shel-Pimpalgaon, Taluka Khed, Pune – 410505, Maharashtra, India to the present address w.e.f. 01.12.2011.

UNSECURED LOANS :

(Rs in Millions)

PARTICULARS	31.03.2011	31.03.2010
Loans from related party	14.449	14.946
Loans from Directors	0.756	(0.022)
Loans from related party	2.998	7.960
Total	18.203	22.883

FIXED ASSETS :

· Computers

· Electrical Installation

· Furnitures and Fixtures

· Plant and Machineries

· Office Equipments

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. 59.41
UK Pound	1	Rs. 90.38
Euro	1	Rs. 77.61

INFORMATION DETAILS

Report Prepared by :

NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.