MIRA INFORM REPORT

Report Date :

27.06.2013

IDENTIFICATION DETAILS

Name :	SUMATEX LIMITED (w.e.f.13.08.2007)
Formerly Known As :	SUMATEX SERVICES LIMITED (w.e.f.20.07.2007) SUMATEX SERVICES PRIVATE LIMITED
Registered Office :	H-81, RIICO Industrial Area, Pur Road, Bhilwara – 311001, Rajasthan
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.01.1998
Com. Reg. No.:	17-014593
Capital Investment / Paid-up Capital :	Rs. 70.000 Millions
CIN No.: [Company Identification No.]	U29262RJ1998PLC014593
TAN No.: [Tax Deduction & Collection Account No.]	JDHS02916E
PAN No.: [Permanent Account No.]	AAFCS0342F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Selvedge Design Machines, Pattern Maker Machines, Textile Weaving Machine, Jacquard Design, Weaving Machines etc.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1470000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears a significant increase in the net profitability during 2011-2012. Trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered normal for business dealings 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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	SME Rating – SME 3
Rating Explanation	Above average credit quality and low credit risk.
Date	June 24, 2013

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 [GENERAL DETAILS]

Name :	Mr. Raghunandan Upadhay
Designation :	Marketing Department
Contact No.:	91-1482-260693
Date :	13.06.2013

LOCATIONS

Registered Office :	H-81, RIICO Industrial Area, Pur Road, Bhilwara – 311001, Rajasthan, India
Tel. No.:	91-1482-260693/ 260296/ 260496/ 320750
Fax No.:	91-1482-260575
E-Mail :	sudeepmalu@gmail.com info@sumatex.com marketing@sumatex.com software@sumatex.com purchase@sumatex.com spares@sumatex.com
Website :	http://www.sumatex.com
Location :	Owned
Factory :	SPL-1, RIICO Industrial Area, Phase I and II Billya, Bhilwara - 311001, Rajasthan, India
Location :	Owned
Mumbai Office:	513, Palm Spring, Link Road, Malad [West], Mumbai – 400064, Maharashtra, India
Tel. No.:	91-22-40212421

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Sudeep Malu

Designation :

Managing director

Address :

A-19, R. K. Colony, Bhilwara – 311001, Rajasthan, India

Date of Birth/Age :

21.08.1961

Qualification :

B. Tech., MIE, Chartered Engineer

Date of Appointment :

01.09.2012

PAN No.:

ACSPM7886J

DIN No.:

00177659

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	U29262RJ1998PLC014593	SUMATEX LIMITED	Managing director	01/09/2012	23/01/1998	Active	NO
2	U29261RJ2003PTC018845	RAJ TEX MACHINARY PRIVATE LIMITED	Director	30/12/2003	30/12/2003	Active	NO

Name :

Mr. Surendra Kumar Chandna

Designation :

Director

Address :

2-F-8, New Housing Board, Shastri Nagar, Bhilwara - 311001, Rajasthan, India

Date of Birth/Age :

17.08.1961

Qualification :

B. Tech.

Date of Appointment :

21.11.2009

DIN No.:

00923696

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	U29262RJ1998PLC014593	SUMATEX LIMITED	Director	21/11/2009	30/10/2009	Active	NO

Name :

Surbhit Malu

Designation :

Whole-time director

Address :

A-19, R. K. Colony, Bhilwara – 311001, Rajasthan, India

Date of Birth/Age :

31.07.1989

Qualification :

MBA

Date of Appointment :

12.12.2012

DIN No.:

02491895

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	U29262RJ1998PLC014593	SUMATEX LIMITED	Whole-time director	12/12/2012	30/05/2009	Active	NO
2	U29261RJ2003PTC018845	RAJ TEX MACHINARY PRIVATE LIMITED	Director	15/03/2011	15/03/2011	Active	NO

Name :

Mr. Sunil Kumar Agarwal

Designation :

Whole-time director

Address :

Sarkari Darwaja, Bhilwara - 311001, Rajasthan, India

Date of Birth/Age :

06.05.1961

Qualification :

B. Tech

Date of Appointment :

22.12.2009

DIN No.:

02822627

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	U29262RJ1998PLC014593	SUMATEX LIMITED	Whole-time director	22/12/2009	30/10/2009	Active	NO

KEY EXECUTIVES

Name :	Mr. Raghunandan Upadhay
Designation :	Marketing Department
Name :	Mr. Anurag Puri Goswami
Designation :	Secretary
Address :	A 323 Harikesh – Vila Vidhyut Nagar, Bhilwara - 311001, Rajasthan, India
Date of Birth/Age :	10.06.1983
Date of Appointment :	25.06.2011
PAN No.:	ANUPG1519K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Sudeep Malu	3972456
Supriya Malu	1092344
Sudeep Malu HUF	662600
Surbhit Malu	193200
Sonali Lunawat	210000
Sunita Khicha	126000
Mohan Singh Jain	145320
Nirmala Jain	64680
Lily Coolers Private Limited, India	126000
Crest Latex Private Limited, India	172200
Cardoid Plasteel Private Limited, India	235200
Total	7000000

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Selvedge Design Machines, Pattern Maker Machines, Textile Weaving Machine, Jacquard Design, Weaving Machines etc.

Products/ Services :

ITC Code No.	Product Descriptions
84461090	Computerised Pattern Maker

Exports :

Products :

Selvedge Design Machines

Pattern Maker Machines

Textile Weaving Machine

Jacquard Design

Weaving Machines etc.

Countries :

Turkey

Nepal

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

Others

No. of Employees :

300 (Approximately)

Bankers :

Bank of Baroda, SSI Branch, Bhilwara, Rajasthan, India

Facilities :

Secured Loans	31.03.2012 [12 Months]	31.03.2011 [9 Months]
	(Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	19.488	16.838
Other loans and advances	0.666	1.288
SHORT-TERM BORROWINGS
Term loans from others	11.700	0.000
Term loans from banks	0.000	8.700
Foreign currency term loans from banks	5.733	0.000
Working capital loans from banks	99.317	97.763
Loans taken for fixed assets	2.053	1.054
Total	138.957	125.643

Banking Relations :	--
Auditors :
Name :	R C Somani and Associates Chartered Accountants
Address :	201, Ahinsa Tower, Bhilwara - 311001, Rajasthan, India
Income-tax PAN of auditor or auditor's firm :	AMMPS8603D
Related Party :	Rajtex Machinery Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs. 10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7,000,000	Equity Shares	Rs. 10/- each	Rs. 70.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012 [12 Months]	31.03.2011 [9 Months]
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	70.000	70.000
(b) Reserves & Surplus	298.015	156.087
(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)	368.015	226.087
(3) Non-Current Liabilities
(a) long-term borrowings	33.963	18.126
(b) Deferred tax liabilities (Net)	3.493	3.345
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	37.456	21.471
(4) Current Liabilities
(a) Short term borrowings	118.803	107.517
(b) Trade payables	12.446	11.510
(c) Other current liabilities	14.670	8.576
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	145.919	127.603
TOTAL	551.390	375.161
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	358.662	225.803
(ii) Intangible Assets	1.803	6.092
(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)	0.000	0.000
(d) Long-term Loan and Advances	2.205	2.205
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	362.669	234.100
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	151.624	103.490
(c) Trade receivables	14.308	10.905
(d) Cash and cash equivalents	3.016	8.004
(e) Short-term loans and advances	19.292	17.942
(f) Other current assets	0.480	0.720
Total Current Assets	188.720	141.061
TOTAL	551.390	375.161

SOURCES OF FUNDS		30.06.2010
SHAREHOLDERS FUNDS
1] Share Capital		70.000
2] Share Application Money		0.000
3] Reserves & Surplus		155.826
4] (Accumulated Losses)		0.000
NETWORTH		225.826
LOAN FUNDS
1] Secured Loans		82.688
2] Unsecured Loans		2.169
TOTAL BORROWING		84.857
DEFERRED TAX LIABILITIES		3.484
OTHER LIABILITIES		4.090
TOTAL		318.257
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		215.641
Capital work-in-progress		0.000
INVESTMENT		0.128
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	57.844
	Sundry Debtors	24.867
	Cash & Bank Balances	5.699
	Other Current Assets	0.156
	Loans & Advances	16.131
Total Current Assets		104.697
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.601
	Other Current Liabilities	0.000
	Provisions	4.513
Total Current Liabilities		16.114
Net Current Assets		88.583
MISCELLANEOUS EXPENSES		13.905
TOTAL		318.257

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012 [12 Months]	31.03.2011 [9 Months]	30.06.2010
	SALES
		Revenue from operations	236.103	223.041	186.171
		Other Income	0.570	0.427	8.058
		TOTAL (A)	236.673	223.468	194.229
Less	EXPENSES
		Cost of materials consumed	149.044	153.262
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	8.830	(4.385)
		Employee benefit expense	13.226	17.460
		Other expenses	18.322	22.644
		Exceptional items	0.031	0.636
		TOTAL (B)	189.453	189.617	162.282
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		47.220	33.851	31.947
Less	FINANCIAL EXPENSES (D)		19.572	10.822	8.431
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		27.648	23.029	23.516
Less/ Add	DEPRECIATION/ AMORTISATION (F)		21.390	17.451	11.693
	PROFIT BEFORE TAX (E-F) (G)		6.258	5.578	11.823
Less	TAX (H)		1.289	1.830	3.467
	PROFIT AFTER TAX (G-H) (I)		4.969	3.748	8.356
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.208	3.341	0.137
	CIF VALUE OF IMPORT		30.341	24.510	26.477
	Earnings Per Share (Rs.)		0.71	0.54	1.19

KEY RATIOS

PARTICULARS		31.03.2012 [12 Months]	31.03.2011 [9 Months]	30.06.2010
PAT / Total Income	(%)	2.10	1.68	4.30
Net Profit Margin (PBT/Sales)	(%)	2.65	2.50	6.35
Return on Total Assets (PBT/Total Assets}	(%)	1.13	1.49	3.69
Return on Investment (ROI) (PBT/Networth)		0.02	0.01	0.04
Debt Equity Ratio (Total Debt/Networth)		0.42	0.56	0.38
Current Ratio (Current Asset/Current Liability)		1.29	1.11	6.50

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	Yes
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	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 [12 Months]	31.03.2011 [9 Months]
	(Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from related parties	9.884	0.000
Other loans and advances	3.925	0.000
Total	13.809	0.000

OPERATIONS:

The company has manufactured and sold Computerized Pattern Makers Machine during the year including its all the models. The company has done trading and manufacturing activity of fabric also during the year. The company has registered a growth of five percentage in its turnover which has grown to Rs. 224.800 Millions from the previous period of Rs. 213.600 Millions. The company has enlarged its customer base and started exporting its products during the year. The company has participated in various shows. The company has launched various new variants of its Comp Pattern make during the year. The company maintains its leadership in CPM and having largest market share in India as Indian manufacturer. Product development has been the key focus area of the company in CPM technology. The company has successfully completed various development project. During the financial year company has carried out work on different development projects under progress. Significant progress in development works in core projects like complete range of Computerized Pattern Makers for full width loom, needle and narrow fabric looms has taken place. During the financial year company has started new version software development for Full Width Computerized Pattern Makers (hooks range 672 to 2688). In this software company has work on adding a lots of new feature with world wide software. Additional this the company has started development of Dobby designing software.

FIXED ASSETS:

Land

Buildings

Office building

Other building

Plant and equipment

Other plant and equipment

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipments

Other equipments

Computer software

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. 59.85
UK Pound	1	Rs. 92.31
Euro	1	Rs. 78.23

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
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	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.