MIRA INFORM REPORT

Report Date :

21.10.2013

IDENTIFICATION DETAILS

Name :	SUNSHINE TILES COMPANY PRIVATE LIMITED
Registered Office :	S. No.150 and 160/P1, Behind Sunhill Ceramics, Taluka Wankaner, Village Dhuva, Rajkot – 363 622, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.08.2009
Com. Reg. No.:	04-057909
Capital Investment/ Paid-up Capital:	Rs.37.850 Millions
CIN No.: [Company Identification No.]	U26933GJ2009PTC057909
TAN No.: [Tax Deduction & Collection Account No.]	RKTS06469B
PAN No.: [Permanent Account No.]	AANCS3264L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Vitrified Tiles, Ceramic Tiles, Floor Tiles and Wall Tiles etc.
No. of Employees:	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1553000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company has achieved a better growth in its sales turnover as well as net profitability during 2012. Financial position appears to be decent. Trade relations are as fair. Business is active. Payment terms are usually correct. The company can be considered 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	August 27, 2012

Rating Agency Name	CRISIL
Rating	Short Term Rating: A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	August 27, 2012

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. Lakhani
Designation :	Accountant
Contact No.:	91-9909988391
Date :	19.10.2013

LOCATIONS

Registered Office :	S. No.150 and 160/P1, Behind Sunhill Ceramics, Taluka Wankaner, Village Dhuva, Rajkot – 363 622, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9909988391 (Mr. Lakhani)
Fax No.:	Not Available
E-Mail :	info@sunheart.in info@varmoratiles.com
Website :	http://www.sunheart.in
Head Office/ Factory :	8-A, National Highway, Dhuva, Taluka Wankaner, Rajkot – 363 622, Gujarat, India
Tel. No.:	91-2828-287858/ 287859
Fax No.:	91-2828-287559
Corporate Office :	11, Ground Floor, Patel Avenue, Near Gurudwara, S.G. Highway, Ahmedabad – 380 015, Gujarat. (India
Tel. No.:	91-79-40039851
Fax No.:	91-79-40039854
E-Mail :	ahm@sunheart.in
Branch Office 1 :	9-C, Laxmi Industrial Estate, Off. Link Road, Andheri (West) Mumbai – 400 053, Maharashtra, India
Tel. No.:	91-22-26334506/ 7
E-Mail :	mumbai@sunheart.in
Branch Office 2 :	F-3, Shopping Centre-1, Mansarovar Garden, New Delhi – 110 015, India
Tel. No.:	91-11-46158880/ 1/ 2/ 3
E-Mail :	delhi@sunheart.in

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Govind Ganeshbhai Varmora

Designation :

Director

Address :

4, Shakti Society, Ravapar Road, Near Narshi Tekri, Morbi – 363 641, Gujarat, India

Date of Birth/Age :

25.01.1958

Date of Appointment :

28.08.2009

DIN No:

01935136

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	U26914GJ1996PTC029963	VARMORA CERAMICS PRIVATE LIMITED	Director	30/09/2008	08/12/2007	26/02/2010	Active	NO
2	U26914GJ1999PTC036444	SUNHILL CERAMICS PRIVATE LIMITED	Director	01/07/2009	01/07/2009	-	Active	NO
3	U26933GJ2009PTC057909	SUNSHINE TILES COMPANY PRIVATE LIMITED	Director	28/08/2009	28/08/2009	-	Active	NO
4	U26955GJ2007PTC049879	SUNRAY TILES PRIVATE LIMITED	Director	15/11/2009	15/11/2009	-	Active	NO

Name :

Mr. Jagjivanbhai Ganeshbhai Varmora

Designation :

Director

Address :

Avernew Park, Ravapar Road, Morbi – 363 641, Gujarat, India

Date of Birth/Age :

05.03.1961

Date of Appointment :

28.08.2009

PAN No.:

ABUPP2592H

DIN No:

00095196

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	U26914GJ2003PTC043194	VARMORA GRANITO PRIVATE LIMITED	Director	18/11/2003	18/11/2003	01/07/2009	Active	NO
2	U26914GJ1999PTC036444	SUNHILL CERAMICS PRIVATE LIMITED	Director	01/07/2009	01/07/2009	-	Active	NO
3	U26933GJ2009PTC057909	SUNSHINE TILES COMPANY PRIVATE LIMITED	Director	28/08/2009	28/08/2009	-	Active	NO
4	U74999DL1990NPL038848	INDIAN COUNCIL OF CERAMIC TILES AND SANITARYWARE	Director	17/06/2010	17/06/2010	-	Active	NO
5	U26914GJ2010PTC063247	REDSTONE GRANITO PRIVATE LIMITED	Director	14/12/2010	14/12/2010	31/03/2012	Active	NO

Name :

Mr. Pravinbhai Narshibhai Patel

Designation :

Director

Address :

Block No.30, Shri Ram Society, Opposite Gokuldham, Ravapar Road, Morbi – 363 641, Gujarat, India

Date of Birth/Age :

15.09.1961

Date of Appointment :

28.08.2009

DIN No:

01935034

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	U26914GJ1996PTC029963	VARMORA CERAMICS PRIVATE LIMITED	Director	30/09/2008	08/12/2007	26/02/2010	Active	NO
2	U26914GJ1999PTC036444	SUNHILL CERAMICS PRIVATE LIMITED	Director	01/07/2009	01/07/2009	-	Active	NO
3	U26933GJ2009PTC057909	SUNSHINE TILES COMPANY PRIVATE LIMITED	Director	28/08/2009	28/08/2009	-	Active	NO
4	U26914GJ2009PTC058762	SUNRAJ CERAMIC PRIVATE LIMITED	Director	03/12/2009	03/12/2009	01/09/2012	Active	NO
5	U26933GJ2011PTC064789	SUNRAY PLUS TILES PRIVATE LIMITED	Director	05/04/2011	05/04/2011	-	Active	NO

Name :

Mr. Bhudarbhai Ganeshbhai Varmora

Designation :

Director

Address :

19, Jayraj Park, Ravapar Road, Morbi – 363 641, Gujarat, India

Date of Birth/Age :

26.10.1969

Date of Appointment :

28.08.2009

PAN No.:

ABOPP6384M

DIN No:

02530181

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	U26914GJ1999PTC036444	SUNHILL CERAMICS PRIVATE LIMITED	Director	19/08/1999	19/08/1999	-	Active	NO
2	U26933GJ2009PTC057909	SUNSHINE TILES COMPANY PRIVATE LIMITED	Director	28/08/2009	28/08/2009	-	Active	NO
3	U26933GJ2011PTC066901	GRENIC TILES PRIVATE LIMITED	Director	15/11/2011	15/11/2011	-	Active	NO
4	U26900AS2010PTC010278	SUNSHINE GLOBAL CERATILES PRIVATE LIMITED	Director	29/11/2011	29/11/2011	-	Under Process of Striking off	NO

Name :

Mr. Manojkumar Govinbhai Patel

Designation :

Director

Address :

4, Shakti Society, Ravapar Road, Near Narshi Tekri, Morbi – 363 641, Gujarat, India

Date of Birth/Age :

18.04.1979

Date of Appointment :

28.08.2009

PAN No.:

ACMPP9906C

DIN No:

00095240

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	U26914GJ2003PTC043194	VARMORA GRANITO PRIVATE LIMITED	Director	18/11/2003	18/11/2003	01/07/2009	Active	NO
2	U26914GJ1999PTC036444	SUNHILL CERAMICS PRIVATE LIMITED	Director	01/07/2009	01/07/2009	-	Active	NO
3	U26933GJ2009PTC057909	SUNSHINE TILES COMPANY PRIVATE LIMITED	Director	28/08/2009	28/08/2009	-	Active	NO
4	U26914GJ2009PTC058762	SUNRAJ CERAMIC PRIVATE LIMITED	Director	03/12/2009	03/12/2009	01/09/2012	Active	NO
5	U26900AS2010PTC010278	SUNSHINE GLOBAL CERATILES PRIVATE LIMITED	Director	16/11/2010	16/11/2010	-	Under Process of Striking off	NO
6	U26914GJ2010PTC063247	REDSTONE GRANITO PRIVATE LIMITED	Director	31/12/2011	31/12/2011	31/03/2012	Active	NO
7	U26914GJ2012PTC068945	SUNGRACIA TILES PRIVATE LIMITED	Director	07/02/2012	07/02/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Lakhani
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.11.2010

Names of Shareholders	No. of Shares
Govindbhai Ganeshbhai Varrnora	31700
Dipesh Maganbhai Patel	2200
Shaileshbhai Valjibhai Patel	2200
Rugnathbhai Ambarambhai Patel	2200
Damjibhai Ambarambhai Patel	2200
Rameshbhai Bachubhai Fefar	2200
Manojkumar Govindbhai Patel	52900
Bhavinaben Hareshbhai Patel	36000
Bhudarbhai Ganeshbhai Patel	85000
Bhudarbhai Ganeshbhai Patel HUF	17200
Ganeshbhai Shivabhai Patel	86000
Hardik Hareshbhai Varmora	42100
Jagjivanbhai Ganeshbhai Varmora	70000
Jayaben Bhudarbhai Patel	34800
Kantaben Jagjivanbhai Varmora	59600
Vasantben Govinbhai Patel	87500
Sunhill Ceramics Private Limited	1053400
Lalitaben Pravinbhai Patel	22100
Mayank Kumar Pravinbhai Patel	25600
Pravinbhai Narshibhai Patel	42100
Daxitaben Jayrambhai Bhalodiya	6600
Jayantibhai Mavjibhai Bhalodiya	10000
Jayrambhai Mavjibhai Bhalodiya	23750
Krunal Jayrambhai Bhalodiya	13750
Shilpaben Jayantibhai Bhalodiya	5800
A. International Private Limited	140000
Govindbhai Ganeshbhai Patel HUF	24900
Jagjivanbhai Ganeshbhai Varmora HUF	6900
Jagrutiben Manojbhai Patel	31300
Total	2020000

AS ON 31.03.2012

Names of Allottees	No. of Shares
Bhavinaben Hareshbhai Patel	87500
Bhudarbhai Ganeshbhai Patel	153150
Ganeshbhai Shivabhai Patel	34900
Govindbhai Ganeshbhai Patel	412500
Hardik Hareshbhai Patel	84350
Jagjivanbhai Ganeshbhai Varmora	86000
Jagrutiben Manojbhai Patel	23650
Jayaben Bhudarbhai Patel	207000
Kantaben Jagjivanbhai Varmora	68400
Lalitaben Pravinbhai Patel	23000
Manojkumar Govindbhai Patel	249600
Mayank Kumar Pravinbhai Patel	96300
Pravinbhai Narshibhai Patel	105000
Vasantben Govinbhai Patel	133650
Total	1765000

AS ON 30.09.2011

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Vitrified Tiles, Ceramic Tiles, Floor Tiles and Wall Tiles etc.
Products :	Vitrified Tiles Ceramic Tiles Floor Tiles Wall Tiles
Exports :
Products :	Vitrified Tiles Ceramic Tiles Floor Tiles Wall Tiles
Countries :	Middle East Europe
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity
Ceramic Vitrified Tiles	MTPA	N.A.	57000

Particulars	Actual Production (Quantity in Mts.)
Finished Goods	3635.936
Broken Goods	216.287

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

500 (Approximately)

Bankers :

• State Bank of India, I F Branch , 1^st Floor, Naptune Tower Annexe, Near Gandhidham Railway Station, Ashram Road, Ahmedabad – 380 006, Gujarat, India
• Union Bank of India, Jodhpur Tekra Branch, Moti Park Society, Satellite, Ahmedabad – 380 015, Gujarat , India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	147.000	129.637
Loans taken for fixed assets	1.845	1.959
Other loans and advances, others	130.982	162.647
SHORT-TERM BORROWINGS
Loans repayable on demand from Banks	465.880	389.008
Total	745.707	683.251

Banking Relations :	--
Auditors :
Name :	R. K. Doshi and Company Chartered Accountants,
Address :	Aditya Centre, 2^nd Floor, Opposite Phulchhab Chowk, Rajkot – 360 001, Gujarat, India
PAN No:	AAIFR8841C
Associates :	Jaysun Ceramics, India Red Stone Granito Private Limited, India Sunhill Ceramics Private Limited, India Sunraj Ceramics Private Limited, India Sunraj Minerals, India Sunshine Ceramics, India

CAPITAL STRUCTURE

AS ON 31.03.20112

Authorised Capital :

No. of Shares	Type	Value	Amount
5100000	Equity Shares	Rs.10/- each	Rs.51.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3785000	Equity Shares	Rs.10/- each	Rs.37.850 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	37.850	20.200
(b) Reserves & Surplus	350.389	166.693
(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)	388.239	186.893
(3) Non-Current Liabilities
(a) Long-term borrowings	357.266	432.460
(b) Deferred tax liabilities (Net)	32.328	25.703
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	389.594	458.163
(4) Current Liabilities
(a) Short term borrowings	465.880	389.008
(b) Trade payables	379.106	316.454
(c) Other current liabilities	103.367	46.947
(d) Short-term provisions	25.469	27.769
Total Current Liabilities (4)	973.822	780.178
TOTAL	1751.655	1425.234
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	590.291	494.168
(ii) Intangible Assets	1.161	0.205
(iii) Capital work-in-progress	15.120	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	12.338	17.559
(e) Other Non-current assets	0.248	0.012
Total Non-Current Assets	619.158	511.944
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	510.337	305.250
(c) Trade receivables	442.865	330.494
(d) Cash and cash equivalents	106.719	197.735
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	72.576	79.811
Total Current Assets	1132.497	913.290
TOTAL	1751.655	1425.234

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		20.200
2] Share Application Money		0.000
3] Reserves & Surplus		100.112
4] (Accumulated Losses)		0.000
NETWORTH		120.312
LOAN FUNDS
1] Secured Loans		130.515
2] Unsecured Loans		73.220
TOTAL BORROWING		203.735
DEFERRED TAX LIABILITIES		0.075
Other Liabilities		80.472
TOTAL		404.594
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		296.896
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	34.713
	Sundry Debtors	15.163
	Cash & Bank Balances	50.559
	Other Current Assets	0.205
	Loans & Advances	48.527
Total Current Assets		149.167
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	41.061
	Other Current Liabilities	0.389
	Provisions	0.034
Total Current Liabilities		41.484
Net Current Assets		107.683
MISCELLANEOUS EXPENSES		0.015
TOTAL		404.594

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
NET SALES & OTHER INCOME	2771.610	1680.185	14.585
DEPRECIATION	80.538	50.121	3.188
PROVISION OF INCOME TAX	25.000	22.547	0.034
DEFERRED TAX LIABILITIES	6.625	25.628	0.075
NET PROFIT/ (LOSS)	95.446	66.581	0.220
EARNINGS IN FOREIGN CURRENCY	1.446	3.885	NA
CIF VALUE OF IMPORT	190.258	195.615	NA

Particulars	31.03.2013
Sales Turnover (Approximately)	3000.000

Expected Sales (2013-2014): Rs.3500.000 millions

KEY RATIOS

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Debt Equity Ratio (Total Debt/Networth)	2.12	4.40	1.69
Current Ratio (Current Asset/Current Liability)	1.16	1.17	3.60

LOCAL AGENCY FURTHER INFORMATION

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 four 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	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	Yes

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Loans and advances from directors	77.439	138.217
Total	77.439	138.217

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10244719	08/09/2012 *	993,000,000.00	STATE BANK OF INDIA	I F BRANCH, 1^ST FLOOR, NAPTUNE TOWER ANNEXE, GANDHIDHAM RAILWAY STATION, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA	B59426387
2	10187762	25/03/2011 *	252,000,000.00	UNION BANK OF INDIA	JODHPUR TEKRA BRANCH, MOTI PARK SOCIETY, SATELLITE, AHMEDABAD, GUJARAT - 380015, INDIA	B10595577

* Date of charge modification

FINANCIAL RESULTS:

The total income of the Company during the full year of operations was Rs.2771.610 millions as against total income of Rs.1680.185 millions during the previous year. The Company has earned net profit during the year of Rs.95.446 millions as against net profit of Rs.66.581 millions during the previous year. With a view to conserve resources, the directors do not recommend any dividend.

FIXES ASSETS:

· Factory Land

· Factory Building

· Plant and Machinery

· Electrifications

· Refrigerator

· Printer, Fax and Xerox Machine

· Air Conditioner

· Mobile

· Vehicles

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.61.28
UK Pound	1	Rs.99.03
Euro	1	Rs.83.80

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.