1. Summary Information

		Country	India
Company Name	SAKSHI MARKFIN PRIVATE LIMITED	Principal Name 1	Mr. Ajay Kumar Garg
Status	Moderate	Principal Name 2	Ms. Rekha Garg
		Registration #	55-082574
Street Address	7/73, Bhim Gali, Vishwas Nagar, Shahdara, Delhi-110032, India
Established Date	11.10.1996	SIC Code	--
Telephone#	91-11-22381336/ 22385336/ 22388336	Business Style 1	Manufacturer
Fax #	91-11-22386633	Business Style 2	Supplier
Homepage	--	Product Name 1	PVC resin
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.6,300,000/-	Product Name 3	--
Shareholders	Directors or relatives of Directors - 93.65% Other top fifty shareholders - 6.35%	Banking	Tamilnad Mercantile Bank Limited
Public Limited Corp.	--	Business Period	17 Years
IPO	--	International Ins.	-
Public Enterprise	--	Rating	B (27)
Related Company
Relation	Country	Company Name	CEO
Associates	India	S.S. Markfin Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	75,016,000	Current Liabilities	447,000
Inventories	28,102,000	Long-term Liabilities	82,120,000
Fixed Assets	1,191,000	Other Liabilities	0,000
Deferred Assets	122,000	Total Liabilities	82,567,000
Invest& other Assets	200,000	Retained Earnings	14,964,000
	0	Net Worth	22,064,000
Total Assets	104,631,000	Total Liab. & Equity	104,631,000
Total Assets (Previous Year)	97,789,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	454,579,000	Net Profit	799,000
Sales(Previous yr)	375,984,000	Net Profit(Prev.yr)	652,000

MIRA INFORM REPORT

Report Date :

04.03.2013

IDENTIFICATION DETAILS

Name :	SAKSHI MARKFIN PRIVATE LIMITED
Registered Office :	7/73, Bhim Gali, Vishwas Nagar, Shahdara, Delhi-110032
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.10.1996
Com. Reg. No.:	55-082574
Capital Investment / Paid-up Capital :	Rs.6.300 Millions
CIN No.: [Company Identification No.]	U24110DL1996PTC082574
TAN No.: [Tax Deduction & Collection Account No.]	DELS21341F
PAN No.: [Permanent Account No.]	AABCS7074C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Supplier, Exporter and B2B Seller of PVC resin.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 88000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company appears to be low. The external borrowing appears to be huge. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be 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.

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 :	7/73, Bhim Gali, Vishwas Nagar, Shahdara, Delhi-110032, India
Tel. No.:	91-11-22381336/ 22385336/ 22388336
Fax No.:	91-11-22386633
E-Mail :	jkmanocha@yahoo.com

DIRECTORS

As on: 28.09.2012

Name :

Mr. Ajay Kumar Garg

Designation :

Director

Address :

4/23, Vishwas Nagar, Delhi – 110032, India

Date of Birth/Age :

26.04.1966

Date of Appointment :

11.10.1996

DIN No.:

00264662

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	U24110DL1996PTC082574	SAKSHI MARKFIN PRIVATE LIMITED	Director	11/10/1996	11/10/1996	-	Active	NO
2	U51909DL1998PTC095536	S S MARKFIN PRIVATE LIMITED	Director	13/08/1998	13/08/1998	-	Active	NO

Name :

Ms. Rekha Garg

Designation :

Director

Address :

C – 59, 1^st Floor, Pushpanjali Enclave, Pitampura New Delhi – 110034, India

Date of Birth/Age :

16.10.1974

Date of Appointment :

11.10.1996

DIN No.:

00264777

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	U24110DL1996PTC082574	SAKSHI MARKFIN PRIVATE LIMITED	Director	11/10/1996	11/10/1996	-	Active	NO
2	U51909DL1998PTC095536	S S MARKFIN PRIVATE LIMITED	Director	13/08/1998	13/08/1998	-	Active	NO

MAJOR SHAREHOLDERS

As on: 28.09.2012

Names of Shareholders	No. of Shares
Ajay Kumar Garg	403560
Rekha Garg	96440
S.S. Markfin Private Limited	90000
Clintus Landbase Private Limited	40000
Total	630000

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Directors or relatives of Directors	93.65
Other top fifty shareholders	6.35
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Supplier, Exporter and B2B Seller of PVC resin.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Tamilnad Mercantile Bank Limited, 26/22 St No 12 60 Ft Road, Vishwas Nagar - 110032, Delhi, India

· Canara Bank, Vivek Vihar, Delhi - 110095, Delhi, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Short Term Borrowing
Tamilnad Mercantile Bank Limited (Against Stock, Book Debts and Personal Guarantee of Directors)	36.782	27.457
Tamilnad Mercantile Bank Adhod A/c	0.000	10.000
Tamilnad Mercantile Bank Limited (FCL Loan)	0.000	4.458
Buyers Credit (Against bank guarantee) (Against stock Book Debts and Personal Gurantee of Directors)	10.639	7.910
Total	47.421	49.825

Banking Relations :	--
Auditors :
Name :	J.K Manocha and Associates Chartered Accountants
Address :	27/55, Street No. 8, Vishwas Nagar, Shahdara, Delhi – 110032, India
Tel. No.:	91-11-22389025
Mobile No.:	91-9810703939
PAN.:	AGDPM0903B
Associates :	S.S. Markfin Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
630000	Equity Shares	Rs.10/- each	Rs.6.300 Millions

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		6.300	5.900	5.900
2] Share Application Money		0.800	0.000	0.000
3] Reserves & Surplus		14.964	10.473	9.816
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		22.064	16.373	15.716
LOAN FUNDS
1] Secured Loans		47.421	49.825	35.277
2] Unsecured Loans		34.699	30.070	23.795
TOTAL BORROWING		82.120	79.895	59.072
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		104.184	96.268	74.788
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.191	1.499	1.001
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.200	0.200	0.000
DEFERREX TAX ASSETS		0.122	0.030	0.025
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	28.102	49.449	21.001
	Sundry Debtors	66.644	35.157	37.800
	Cash & Bank Balances	5.390	4.700	2.991
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.982	6.754	22.977
Total Current Assets		103.118	96.060	84.769
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	1.193	8.225
	Other Current Liabilities	0.447	0.328
	Provisions	0.000	0.000	2.782
Total Current Liabilities		0.447	1.521	11.007
Net Current Assets		102.671	94.539	73.762
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		104.184	96.268	74.788

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	454.579	375.984	290.427
		Other Income	0.403	0.721
		TOTAL	454.982	376.705	290.427
Less	EXPENSES
		Office Expenses	450.095	372.627	286.720
		Administrative Expenses
		Advertising Expenses
		TOTAL	450.095	372.627	286.720
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		4.887	4.078	3.707
Less	FINANCIAL EXPENSES		3.267	2.699	2.581
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.621	1.378	1.126
Less/ Add	DEPRECIATION/ AMORTISATION		0.406	0.389	0.271
	PROFIT BEFORE TAX		1.214	0.990	0.855
Less	TAX		0.415	0.338	0.290
	PROFIT AFTER TAX		0.799	0.652	0.565
	Earnings Per Share (Rs.)		1.27	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.18	0.17	0.19
Net Profit Margin (PBT/Sales)	(%)	0.27	0.26	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.16	1.01	1.00
Return on Investment (ROI) (PBT/Networth)		0.06	0.06	0.05
Debt Equity Ratio (Total Debt/Networth)		3.72	4.88	3.76
Current Ratio (Current Asset/Current Liability)		230.69	63.16	7.70

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	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]	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

OPERATION:

During the year the company earns a profit of Rs. 1.214 Millions after depreciation of Rs.0.406 Millions (Previous Year profit is Rs.990 Millions after depreciation of Rs.0.389 Millions)

UNSECURED LOAN:

Particulars	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
From Shareholders Directors and their friends and relatives	34.699	30.070
Total	34.699	30.070

BANKERS CHARGES REPORT AS PER REGISTRY:

Corporate identity number of the company	U24110DL1996PTC082574
Name of the company	SAKSHI MARKFIN PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	7/73, Bhim Gali, Vishwas Nagar, Shahdara Delhi – 110032, India jkmanocha@yahoo.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10236443
Type of charge	· Immovable property · Book debts · Floating charge
Particular of charge holder	Tamilnad Mercantile Bank Limited, 26/22 St No 12 60 Ft Road, Vishwas Nagar, Delhi – 110032, India delhi_shahdara@tnmbonline.com
Nature of instrument creating charge	vide sanction letter dated 20th June 2012 and agreement dated 21st June 2012
Date of instrument Creating the charge	21.06.2012
Amount secured by the charge	Rs.210.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction letter Terms of Repayment as per terms and conditions of the bank Margin CC Limit Stock 25% CC Limit BD 30% 90 Days FLC/BG 15% 180 Days FCL 15% 180 Days IBN 90 Days Extent and Operation of the charge as per terms and agreement
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Existing EM of Properties (3) Lien over term deposit accounts of Rs.1.942 Millions Assignment of LIC policies of SV of Rs.2.428 Millions in the name of directors
Date of instrument modifying the charge	03.04.2012
Particulars of the present modification	Particulars Existing Limit Modified Limit CC Limit 5CR 7CR FLC/FCL 4CR 8CR IBN - 6CR

FIXED ASSETS:

· Car

· Computer and Printer

· Fax

· Water Purifier

· Air Conditioner

· Furniture

· Telephone

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.54.48
UK Pound	1	Rs.82.72
Euro	1	Rs.71.27

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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
TOTAL		27

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.