MIRA INFORM REPORT

Report Date :

21.10.2013

IDENTIFICATION DETAILS

Name :	SURYA TWINES PRIVATE LIMITED
Registered Office :	12, India Exchange Place, 2^nd Floor, Kolkata – 700 001, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.05.1993
Com. Reg. No.:	21-058985
Capital Investment / Paid-up Capital :	Rs.3.600 millions
CIN No.: [Company Identification No.]	U24299WB1993PTC058985
TAN No.: [Tax Deduction & Collection Account No.]	CALS07781E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Jute Twine.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 59000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears sharp dip in sales turnover of the company during the year 2012. Profitability of the company seems to be under pressure. However, trade relations are fair. Business is active. Payment terms are slow. The company can be considered for business dealing 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

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 PARTED BY

Management non-cooperative

(Tel. No.: 91-33-22423276/ 22684814/ 22694801)

LOCATIONS

Registered Office :	12, India Exchange Place, 2^nd Floor, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22423276/ 22300343
Fax No.:	Not Available
E-Mail :	gadiagroup@gmail.com
Website :	http://www.mjindia.com
Administrative Office :	216, M.G. Road, Kolkata – 700 007, West Bengal, India
Tel. No.:	91-33-22684814/ 22694801

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Jitendra Panna Lal Jain

Designation :

Director

Address :

12, India Exchange Place, Kolkata – 700 001, West Bengal, India

Date of Birth/Age :

01.04.1971

Date of Appointment :

30.09.2010

DIN No.:

02260381

PAN No.:

ACQPJ2027E

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	U51109WB2006PTC110901	COSMIC DEALERS PRIVATE LIMITED	Director	15/07/2008	15/07/2008	-	Active	NO
2	U51909WB2008PTC128512	RATNAGIRI DEALERS PRIVATE LIMITED	Director	10/03/2009	10/03/2009	-	Active	NO
3	U24299WB1993PTC058985	SURYA TWINES PRIVATE LIMITED	Director	30/09/2010	09/04/2010	-	Active	NO
4	U70109WB2011PTC162300	JPR PROPERTIES PRIVATE LIMITED	Director	04/05/2011	04/05/2011	-	Active	NO

Name :

Mr. Gitesh Rajendra Prasad Gadia

Designation :

Director

Address :

77/6, Sheikh Para Lane, Santragachi, PS: Shibpur, Howrah – 711 104, West Bengal, India

Date of Birth/Age :

23.06.1970

Date of Appointment :

30.09.2010

DIN No.:

03031564

PAN No.:

ADUPG4274D

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	U24299WB1993PTC058985	SURYA TWINES PRIVATE LIMITED	Director	30/09/2010	09/04/2010	-	Active	NO

Name :

Mr. Manoj Kumar Dugar

Designation :

Director

Address :

Purab Palli Road, Kishanganj, Bihar – 855 107, India

Date of Birth/Age :

16.12.1975

Date of Appointment :

14.06.2010

DIN No.:

03059703

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Shree Vishnu Commodities Private Limited, India	50000
Cosmic Dealers Private Limited, India	150000
Sunita Dugar	25000
Jhawalmal Dugar (HUF)	65000
Rajendra Prasad Gadia (HUF)	10000
Surendra Prasad Gadia (HUF)	10000
Devendra Prasad Gadia (HUF)	10000
Rabindra Prasad Gadia (HUF)	10000
Jitendra Jain	30000
Total	360000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	55.56
Directors or relatives of directors	15.27
Other top fifty shareholders	29.17
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Jute Twine.

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
June Twine	MT	3000.000	2476.616

Note:

Capacities have been certified by the management and being a technical matter, it has been relied upon by them.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

• The Federal Bank Limited, 33A Tarachand Dutta Street, Kolkata – 700 073, West Bengal, India
• HDFC Bank Limited

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
SHORT TERM BORROWINGS
From Bank repayable within 12 months	0.000	0.007
Total	0.000	0.007

Banking Relations :	--
Auditors :
Name :	Raj Bhavna and Associates Chartered Accountants
Address :	21, Hemant Basu Sarani, 5^th Floor, Room No.507, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22135730
Fax No.:	91-33-22135730
E-Mail :	rajbhavna@hotmail.com
PAN No.:	AADFR7786D
Enterprise Controlled by Key Management Personnel and their relatives :	Shree Vishnu Commodities Private Limited Gadia and Gadia

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs.6.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
360000	Equity Shares	Rs.10/- each	Rs.3.600 millions

(Out of the above 1500 Equity Shares of Rs.10/- each has been allotted pursuant to a scheme of amalgamation with the order of the Hon'ble High Court of Kolkata, West Bengal, without the payment being received in cash.)

Reconciliation of the no. shares outstanding:

Particulars	No. of Shares
At the beginning of the year	360000
Issued/ (Buy Back) during the year	--
At the end of the year	360000

List of shareholder holding more than 5% shares

Particulars	No. of Shares
Shree Vishnu Commodities Private Limited	50000
Cosmic Dealers Private Limited	150000
Jhawalmal Dugar (HUF)	65000

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	3.600	3.600
(b) Reserves & Surplus	11.141	11.043
(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)	14.741	14.643
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.858	1.248
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.858	1.248
(4) Current Liabilities
(a) Short term borrowings	16.775	8.435
(b) Trade payables	8.786	12.850
(c) Other current liabilities	2.606	3.416
(d) Short-term provisions	1.880	2.012
Total Current Liabilities (4)	30.047	26.713
TOTAL	45.646	42.604
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.774	13.220
(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	1.977	1.269
(e) Other Non-current assets	1.047	0.985
Total Non-Current Assets	15.798	15.474
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	18.046	16.092
(c) Trade receivables	10.139	4.731
(d) Cash and cash equivalents	0.701	2.118
(e) Short-term loans and advances	0.962	4.189
(f) Other current assets	0.000	0.000
Total Current Assets	29.848	27.130
TOTAL	45.646	42.604

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.000
2] Share Application Money		0.000
3] Reserves & Surplus		6.804
4] (Accumulated Losses)		0.000
NETWORTH		8.804
LOAN FUNDS
1] Secured Loans		13.225
2] Unsecured Loans		36.252
TOTAL BORROWING		49.477
DEFERRED TAX LIABILITIES		1.340
TOTAL		59.621
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.847
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	40.531
	Sundry Debtors	15.488
	Cash & Bank Balances	1.870
	Other Current Assets	0.000
	Loans, Advances & Deposits	2.790
Total Current Assets		60.679
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.576
	Other Current Liabilities	1.468
	Provisions	1.861
Total Current Liabilities		17.905
Net Current Assets		42.774
MISCELLANEOUS EXPENSES		0.000
TOTAL		59.621

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	66.399	138.312	63.132
		Other Income	0.738	0.283	1.001
		TOTAL (A)	67.137	138.595	64.133
Less	EXPENSES
		Office Expenses	64.927	135.157	58.100
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	64.927	135.157	58.100
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.210	3.438	6.033
Less	FINANCIAL EXPENSES (D)		0.949	1.489	4.382
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.261	1.949	1.651
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.534	1.839	1.385
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(0.273)	0.110	0.266
Less	TAX (H)		(0.372)	0.058	0.397
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.098	0.052	(0.131)
	Earnings / (Loss) Per Share (Rs.)		0.27	0.14	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.15	0.04	(0.20)
Net Profit Margin (PBT/Sales)	(%)	(0.41)	0.08	0.42
Return on Total Assets (PBT/Total Assets}	(%)	(0.60)	0.26	0.34
Return on Investment (ROI) (PBT/Networth)		(0.02)	0.01	0.03
Debt Equity Ratio (Total Debt/Networth)		1.14	0.58	5.62
Current Ratio (Current Asset/Current Liability)		0.99	1.02	3.39

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	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	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	No
34) External Agency Rating, if available	No

Note:

The registered office of the company has been shifted from 10, Dr. Rajendra Prasad Sarani, Kolkata – 700 001, West Bengal to the present address w.e.f. 09.04.2010.

Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
SHORT TERM BORROWINGS
From Others	12.277	5.628
From Related party	4.498	2.800
Total	16.775	8.428

Notes:

· Unsecured loan are repayable on demand

· Loan from relatives of Director and Shareholders Rs.4.498 millions.

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90255998	27/05/2002 *	7,500,000.00	THE FEDERAL BANK LIMITED	BURRA BAZAR BRANCH, 33A; TARACHAND DUTTA STREET, CALCUTTA, WEST BENGAL - 700073, INDIA	-
2	90255038	27/08/2008 *	20,000,000.00	THE FEDERAL BANK LIMITED	33A TARACHAND DUTTA STREET, KOLKATA, WEST BENGAL - 700073, INDIA	A45910411

* Date of charge modification

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Raw Jute Purchase Tax AY 1997-98	0.550	0.550
WBST AY 2000-01	0.384	0.384
CST AY 2001-02	0.036	0.036
WBST AY 2003-04	0.134	0.134

FIXED ASSETS:

· Air Conditioner

· Building

· Capital WIP

· Cellular Phone

· Computer

· Cycle

· Electric Installation

· Factory Equipment

· Fire Extinguisher

· Furniture and Fixtures

· Generator

· Land

· Land Development

· Motor Car

· Motor Vehicle

· Office Equipments

· Plant and Machinery

· Refrigerator

· Silver Can

· Spot Humidfier

· Water Tank

· Weight Scale

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 :	PDT
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.