MIRA INFORM REPORT

Report Date :

16.10.2013

IDENTIFICATION DETAILS

Name :	SILVERLINE TAPES MANUFACTURING PRIVATE LIMITED
Registered Office :	6-B, Clive Row, Ground Floor, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.07.2003
Com. Reg. No.:	21-096606
Capital Investment / Paid-up Capital :	Rs. 14.996 Millions
CIN No.: [Company Identification No.]	U21098WB2003PTC096606
TAN No.: [Tax Deduction & Collection Account No.]	CALS13678A
PAN No.: [Permanent Account No.]	AAHCS3337E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pressure Sensitive Tapes.
No. of Employees :	Not Divulged

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 124000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payment are reported to be slow but 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

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 DECLINED BY

Name :	Mr. Shashank Singhania
Designation :	Director
Contact No.:	91-9831079876
Date :	15.10.2013

LOCATIONS

Registered Office :	6-B, Clive Row, Ground Floor, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22312682 / 22303168 / 22206612 / 22306612
Mobile No.:	91-9831079876 (Mr. Shashank Singhania)
Fax No.:	91-33-22306612 / 22206612 / 40550749
E-Mail :	gvt3@rediffmail.com
Website :	www.silverlinetapes.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Shashank Singhania

Designation :

Managing Director

Address :

Panchvati Building, 7 Chakraberia Road, Kolkata - 700020, West Bengal, India

Date of Birth/Age :

11.05.1969

Date of Appointment :

01.08.2013

Voter ID No. :

WB-23-146-273529

DIN No. :

00090603

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	U21098WB2003PTC096606	SILVERLINE TAPES MANUFACTURING PRIVAE LIMITED	Managing director	01/08/2013	27/07/2003	-	Active	NO
2	U70110WB1981PTC033260	TEEKAY PROPERTIES PRIVAE LIMITED	Director	28/09/2006	02/05/2006	-	Active	NO
3	U70109WB2011PTC164790	JUST COOL PROPERTIES PRIVATE LIMITED	Director	11/07/2011	11/07/2011	-	Active	NO

Name :

Jyoti Singhania

Designation :

Director

Address :

Panchvati Building, 7 Chakraberia Road, Kolkata - 700020, West Bengal, India

Date of Birth/Age :

03.11.1972

Date of Appointment :

31.07.2012

PAN No. :

AKQPS6829K

DIN No. :

00090652

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	U70110WB1981PTC033260	TEEKAY PROPERTIES PRIVAE LIMITED	Director	11/08/1997	11/08/1997	-	Active	NO
2	U21098WB2003PTC096606	SILVERLINE TAPES MANUFACTURING PRIVAE LIMITED	Director	31/07/2012	27/07/2003	-	Active	NO
3	U31909WB1996PTC079834	ARUN LUMINIARES PRIVAE LIMITED	Director	28/09/2006	01/10/2005	01/06/2011	Active	NO
4	U70109WB2011PTC164790	JUST COOL PROPERTIES PRIVATE LIMITED	Whole-time director	01/08/2012	11/07/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Singhania Shashank	100000
Jyoti Singhania	5000
Goenka Annaya J/W Singhania Shashank	150
Liang Kun Wu	615150
Shashank Singhania J/W Jyoti Singhania	175000
Jyoti Singhania J/W Shashank Singhania	10000
Su Feng Lien	134330
Shashank Singhania Karta	460000
Total	1499630

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	49.97
Directors or relatives of Directors	50.03
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pressure Sensitive Tapes.

Products :

Item Code No. (ITC Code)	Product Description
4811	Gummed/ Adhesive Paper Tapes

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	G. K. Dugar and Company Chartered Accountants
Address :	Tobacco House, 3^rd Floor, 1, Old Court House Corner, Kolkata – 700001, West Bengal, India
Tel. No. :	91-33-22108951/ 8726
Income-tax PAN of auditor or auditor's firm :	ADSPD6555G

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1600000	Equity Shares	Rs. 10/- each	Rs. 16.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1499630	Equity Shares	Rs. 10/- each	Rs.14.996 millions

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	14.996	14.996
(b) Reserves & Surplus	16.050	10.363
(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)	31.046	25.359
(3) Non-Current Liabilities
(a) long-term borrowings	15.261	13.475
(b) Deferred tax liabilities (Net)	0.173	0.173
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	15.434	13.648
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.000	0.000
(c) Other current liabilities	0.641	0.841
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	0.641	0.841
TOTAL	47.121	39.848
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.083	7.473
(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)	0.000	0.000
(d) Long-term Loan and Advances	0.938	0.664
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	8.021	8.137
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	6.046	6.010
(c) Trade receivables	24.625	21.788
(d) Cash and cash equivalents	5.690	1.635
(e) Short-term loans and advances	2.646	2.220
(f) Other current assets	0.093	0.058
Total Current Assets	39.100	31.711
TOTAL	47.121	39.848

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		14.996
2] Share Application Money		0.000
3] Reserves & Surplus		6.319
4] (Accumulated Losses)		0.000
NETWORTH		21.315
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		17.495
TOTAL BORROWING		17.495
DEFERRED TAX LIABILITIES		0.000
TOTAL		38.810
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.190
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.347
	Sundry Debtors	15.012
	Cash & Bank Balances	1.729
	Other Current Assets	0.000
	Loans & Advances	8.360
Total Current Assets		34.448
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.949
	Other Current Liabilities	0.000
	Provisions	1.956
Total Current Liabilities		2.905
Net Current Assets		31.543
MISCELLANEOUS EXPENSES		0.077
TOTAL		38.810

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	96.373	84.056	76.999
		Other Income	0.292	0.236	0.121
		TOTAL	96.665	84.292	77.120
Less	EXPENSES
		Cost of Goods Sold			65.870
		Direct Expenses			3.546
		Administrative, Selling and Other Expenses			3.899
		TOTAL	88.032 (Including Depreciation)	78.224 (Including Depreciation)	73.315
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION				3.805
Less/ Add	DEPRECIATION/ AMORTISATION				1.001
	PROFIT/ (LOSS) BEFORE TAX		8.633	6.068	2.804
Less	TAX		2.946	2.024	0.876
	PROFIT/ (LOSS) AFTER TAX		5.687	4.044	1.928
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.363	6.319	4.391
	BALANCE CARRIED TO THE B/S		16.050	10.363	6.319
	EARNINGS IN FOREIGN CURRENCY		0.187	0.000	0.000
	IMPORTS		49.783	40.116	NA
	Earnings / (Loss) Per Share (Rs.)		3.79	2.70	1.29

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.88	4.80	2.50
Net Profit Margin (PBT/Sales)	(%)	8.96	7.22	3.64
Return on Total Assets (PBT/Total Assets}	(%)	18.32	15.23	6.73
Return on Investment (ROI) (PBT/Networth)		0.28	0.24	0.13
Debt Equity Ratio (Total Debt/Networth)		0.49	0.53	0.82
Current Ratio (Current Asset/Current Liability)		61.00	37.71	11.86

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 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	No
20]	Export / Import details (if applicable)	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

INDEX OF CHARGES : NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Loan from Others	5.669	6.494
Loan from Bodies Corporate	9.592	6.981
Total	15.261	13.475

PERFORMANCE OF THE COMPANY

During the year the profit before tax was Rs. 8.633 Millions as compared to profit before tax Rs. 6.068 Millions earned during the previous year. The directors hope to achieve better result during the current year barring any unforeseen circumstances.

FIXED ASSETS

· Plant and Machinery

Furniture and Fixture

Air Condition Machine

Computer

Motor Car

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.61.69
UK Pound	1	Rs.98.59
Euro	1	Rs.83.67

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	MRI

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	5
--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	NO
--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.