MIRA INFORM REPORT

Report Date :

06.09.2013

IDENTIFICATION DETAILS

Name :	SUNDEK INDIA LIMITED
Formerly Known As :	Sunrays Laminates Private Limited
Registered Office :	204, Lalita Complex, Rasala Marg, Navrangpura, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.03.1983
Com. Reg. No.:	04-005945
Capital Investment / Paid-up Capital :	Rs. 20.001 Millions
CIN No.: [Company Identification No.]	U20299GJ1983PLC005945
TAN No.: [Tax Deduction & Collection Account No.]	AHMS00086C
PAN No.: [Permanent Account No.]	AACCS0897A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of HPL.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 580000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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

Name :	Mr. Ajay
Designation :	Account Department
Contact No.:	91-2764-278562

LOCATIONS

Registered / Head Office :	204, Lalita Complex, Rasala Marg, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26426840/49/26426872/26461071/30088514
Fax No.:	91-79-26426477
E-Mail :	mail@sundekintl.com sundekad1@sancharnet.in skg@sundekintl.com sharad@sundekintl.com kks@sundekintl.com marketing@sundekintl.com export@sundekintl.com hrd@sundekintl.com sundekfactory@hotmail.com
Website :	www.sundekintl.com
Area :	2000 Sq.fts
Location :	Owned
Factory :	1421, Village Rajpur, Kalol, Mehsana Highway, Mehsana -382740 North Gujarat, India
Tel. No.:	91-2764-278562/3/4/278616/7
Fax No.:	91-2764-278561
E-Mail :	factory@sundekintl.com sundekfactory@hotmail.com
Area :	36000 Sq. Yards
Network Areas :	Agra Tel No. : 91-562-2620614 Email ID: agra@sundekintl.com Bangalore Tel No. : 91-80-22122047/22223547/48 Email ID: bangalore@sundekintl.com Bhubaneswar Tel No. : 91-674-2534592 Email ID: bhubaneswar@sundekintl.com Cochin Tel No. : 91-484-3099957 Email ID: cochin@sundekintl.com Goa Tel No. : 91-832-2420038/2228130 Email ID: goa@sundekintl.com Hyderabad Tel No. : 91-40-24734752/55745105/55745109 Email ID: hyderabad@sundekintl.com Jodhpur Tel No. : 91-291-2637263/2546572/2637260 Email ID: jodhpur@sundekintl.com Lucknow Tel No. : 91-522-2227647/2202920/3110408 Email ID: lucknow@sundekintl.com Mumbai Tel No. : 91-22-55768010/8020/8040/8050 Email ID: mumbai@sundekintl.com: Pune Tel No. : 91-20-6431525/6451535 Email ID: pune@sundekintl.com Srinagar Tel No. : 91-194-2440282/2432081/2430998 Email ID: srinagar@sundekintl.com Vijaywada Tel No. : 91-866-2576441/2570583 Email ID: vijaywada@sundekintl.com Ahmedabad Tel No. : 91-79-26442962/26440207 Email ID: ahmedabad@sundekintl.com Bhopal Tel No. : 91-755-2576644/9300621913 Chennai Tel No. : 91-44-26691691/2/3/4/26691688 Email ID: chennai@sundekintl.com Delhi Tel No. : 91-11-55293408/30973240 Email ID: delhi@sundekintl.com Hisar Tel No. : 91-1662-238315 Email ID: hisar@sundekintl.com Indore Tel No. : 91-731-5092565/66/2368267 Email ID: indore@@sundekintl.com Kolkata Tel No. : 91-33-30905193/31046348/22208733 Email ID: kolkota@sundekintl.com Ludhiana Tel No. : 91-161-2444475,2448575 Email ID: udhiana@sundekintl.com Nagpur Tel No. : 91-7104-224370/0712-2765439 Email ID: nagpur@sundekintl.com Raipur Tel No. : 91-771-2234295 Email ID: raipur@sundekintl.com Udaipur Tel No. : 91-294-2418942/2426571/3110028 Email ID: udaipur@sundekintl.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Shashikant Sitaram Gupta

Designation :

Managing Director

Address :

31, Indraprastha Bungalows, Opposite Management Enclave, Vastrapur, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

08.11.1961

Qualification :

B.Com

Date of Appointment :

15.10.1985

DIN No.:

00008798

Name :

Mr. Krishnakumar Bansidhar Shah

Designation :

Executive Director

Address :

C-3/23, Goyal Intercity, Drive-In-Road, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

08.02.1945

Qualification :

C.A.

Date of Appointment :

03.02.1987

DIN No.:

00011671

Name :

Mr. Nitinkumar Maneklal Patel

Designation :

Director

Address :

“Divyajyoti” Swastik Society, Navrangpura, Ahmedabad – 380009, Gujarat, India

Date of Birth/Age :

20.09.1957

Date of Appointment :

30.09.2010

DIN No.:

00457516

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	U65910GJ1983PTC006087	HARSHJIVAN HOLDINGS PRIVATE LIMITED	Director	13/04/1983	13/04/1983	-	Active	NO
2	U51494GJ1985PTC007760	SHETH PATEL TRADING COMPANY PRIVATE LIMITED	Director	31/03/1995	31/03/1995	-	Active	NO
3	U29120GJ1993PTC019413	SCREENOTEX ENGINEERS PRIVATE LIMITED	Director	08/04/1995	08/04/1995	-	Active	NO
4	U51909GJ1999PTC036924	MANEKLAL HARGOVANDAS TRADING COMPANY PRIVATE LIMITED	Director	25/11/1999	25/11/1999	-	Active	NO
5	U20299GJ1983PLC005945	SUNDEK INDIA LIMITED	Director	30/09/2010	07/12/2009	-	Active	NO

Name :

Mr. Kantibhai Hirabhai Patel

Designation :

Director

Address :

26,Mahasukhnagar, CHSL -2 ,26 Prerna, Tirth, Vibhag-1, Opposite Prerna Tirth Jain, Derasar, Satelite, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

03.09.1946

Date of Appointment :

30.09.2010

DIN No.:

02325787

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	U51101GJ1984PTC006663	ORLEY LABORATORIES PRIVATE LIMITED	Director	15/09/2008	15/09/2008	22/03/2010	Active	NO
2	U24119GJ2000PLC037683	JAY CHEMICAL INDUSTRIES LIMITED	Director	26/09/2008	26/09/2008	-	Active	NO
3	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Director	31/07/2009	24/10/2008	-	Active	NO
4	U74140GJ2010PTC060526	K H PATEL LABOUR CONSULTANCY PRIVATE LIMITED	Director	03/05/2010	03/05/2010	-	Active	NO
5	U20299GJ1983PLC005945	SUNDEK INDIA LIMITED	Director	30/09/2010	01/06/2010	-	Active	NO
6	L21010GJ1986PLC008772	RAINBOW PAPERS LIMITED	Director	27/09/2011	12/08/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ajay
Designation :	Account Department

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders	No. of Shares
Gupta S. Sunil	5250
Gupta P.Pramila	6570
Gupta S. Sangita	3750
Gupta S. Prahlad	450
Gupta S. Shashikant	17250
Gupta S. Rupal	6000
Gupta S. Alka	12880
Gupta l. Prahlad	450
Gupta S. Sunil	750
Parlkh N. Devalben	4500
Parikh N. Nlravbhal	7500
Parlkh N. Payalben	3000
Parlkh N.Ashaben	6000
Parikh S. Hitinbhai	6000
Gupta S. Rupali	21450
Parlkh N. Viral	3000
Gupta R. Manjudevi	500
Gupta S. Meenadevi	500
Agarwal Satyanarayan	500
Agarwal S. Munidevi	500
Agarwal Ramkrishna	1500
Agarwal Bimladevi	1000
Agarwal Satyanarayan	500
Shah K. Vinit	600
Shah k. Girish	900
Gupta S. Shardadevl	3000
Krishna Kumar Shah, Girish K. Shah, vinit k shah, trustees on behalf of Usha Shah family will trust	4500
Shashikant Gupta	40600
Alka S. Gupta	19370
Shashlkant S. Gupta	21240
Total	200010

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	78.77
Other top fifty shareholders	21.23
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of HPL.

Products :

Product Description	Item Code No.
Decorative Laminates	392640-02

Exports :

Products :

Finished Goods

Countries :

• USA
• Dubai

Imports :

Products :

Raw Material

Countries :

• China
• Germany
• Japan

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

GENERAL INFORMATION

Suppliers :

• Mahadev Paper Corporation

Customers :

End Users and OEM’s

• Marshade Enterprises

No. of Employees :

300 (Approximately)

Bankers :

· Bank of Baroda, Usmanpura Branch, Ashram Road, Ahmedabad – 380 013, Gujarat, India

Facilities :

L/C – Rs. 120.000 Millions

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long Term Borrowing
Term loan from Bank of Baroda	22.784	20.785
Car loans from bank	0.203	0.337
Short Term Borrowing	0	0
Working capital facilities repayable on demand – Cash Credit	75.393	57.873
Total	98.380	78.995

Note:

Long Term Borrowing

(Rs. In Millions)

Nature of Security	Original Amount of Borrowing	Tenure at Inception (in months)	Terms of Repayment	Repayment Schedule Installment Rs.	Prevailing Interest Rate per Annum
a) Term Loans From Bank of Baroda Term Loans are secured by hypothecation of specific Plant and Machineries against which Loans have been taken	40.100 24.000	60 36	Monthly Monthly	0.833 0.666	14.75% 14.75%
b) Car Loans Bank of Baroda HDFC Bank	1.141 0.590	36 48	Monthly Monthly	0.033 0.015	12.50% 9.25%

Car loans are secured by hypothecation of vehicles.

Short Term Borrowing

Secured by hypothecation of existing and future secured by extension of charge of charge of hypothecation of stock and book-debts

Banking Relations :	--
Auditors :
Name :	Naushir M Marfatia and Company Chartered Accountants
Address :	1^st Floor, B Jadhav Chambers, Ashram Road, Ahmedabad – 380 009, Gujarat, India
Name :	Chartered Accountants
Tel. No.:	91-79-27546269 / 27546976
Fax No.:	91-79-27546667
E-Mail :	nmmarfatia@yahoo.com
PAN No.:	AAEFN5051G

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200010	Equity Shares	Rs.100/- each	Rs.20.001 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	20.001	20.001
(b) Reserves & Surplus	125.782	124.871
(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)	145.783	144.872
(3) Non-Current Liabilities
(a) long-term borrowings	47.891	48.628
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	7.898	8.303
(d) long-term provisions	3.063	2.780
Total Non-current Liabilities (3)	58.852	59.711
(4) Current Liabilities
(a) Short term borrowings	75.394	57.873
(b) Trade payables	34.943	38.452
(c) Other current liabilities	102.759	107.220
(d) Short-term provisions	1.187	1.112
Total Current Liabilities (4)	214.283	204.657
TOTAL	418.918	409.240
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	46.297	55.539
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	95.047	82.890
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.001	0.073
(c) Deferred tax assets (net)	7.063	7.169
(d) Long-term Loan and Advances	8.874	9.864
(e) Other Non-current assets	10.029	11.866
Total Non-Current Assets	167.311	167.401
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	174.943	168.252
(c) Trade receivables	23.290	42.968
(d) Cash and cash equivalents	51.262	21.621
(e) Short-term loans and advances	1.712	0.512
(f) Other current assets	0.400	8.486
Total Current Assets	251.607	241.839
TOTAL	418.918	409.240

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		20.001
2] Share Application Money		0.000
3] Reserves & Surplus		135.647
4] (Accumulated Losses)		0.000
NETWORTH		155.648
LOAN FUNDS
1] Secured Loans		65.798
2] Unsecured Loans		0.437
TOTAL BORROWING		66.235
DEFERRED TAX LIABILITIES		0.000
TOTAL		221.883
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		138.432
Capital work-in-progress		0.000
INVESTMENT		0.073
DEFERRED TAX ASSETS		1.987
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	142.975
	Sundry Debtors	78.582
	Cash & Bank Balances	11.235
	Other Current Assets	0.000
	Loans & Advances	20.581
Total Current Assets		253.373
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	34.843
	Other Current Liabilities	123.085
	Provisions	14.683
Total Current Liabilities		172.611
Net Current Assets		80.762
MISCELLANEOUS EXPENSES		0.629
TOTAL		221.883

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	399.545	375.279	393.029
		Other Income	1.887	1.998	7.893
		TOTAL (A)	401.432	377.277	400.922
Less	EXPENSES
		Cost of Material Consumed	295.818	304.806
		Purchase of stock-in-trade	0.000	0.291
		Employee Benefits Expenses	23.945	20.365
		Other Expenses	69.042	58.958
		Changes in inventories of finished goods and work-in-progress	(7.190)	(11.245)
		TOTAL (B)	381.615	373.175	369.172
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.817	4.102	31.750
Less	FINANCIAL EXPENSES (D)		5.295	2.968	0.000
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.522	1.134	31.750
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.104	16.954	14.724
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		1.418	(15.820)	17.026
Less	TAX (H)		0.506	(5.044)	5.037
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.912	(10.776)	11.989
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		118.008	128.784	116.795
	BALANCE CARRIED TO THE B/S		118.920	118.008	128.784
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on F.O.B Basis	23.688	21.262	NA
	TOTAL EARNINGS		23.688	21.262	NA
	IMPORTS
		Paper	56.141	46.481	NA
		Phenol	0.000	1.676	NA
		Melamine	3.286	4.729	NA
		BOPP	0.000	0.589	NA
	TOTAL IMPORTS		59.427	53.475	NA
	Earnings / (Loss) Per Share (Rs.)		4.56	(53.88)	59.94

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.23	(2.86)	2.99
Net Profit Margin (PBT/Sales)	(%)	0.35	(4.22)	4.33
Return on Total Assets (PBT/Total Assets}	(%)	0.52	(6.00)	5.33
Return on Investment (ROI) (PBT/Networth)		0.01	(0.11)	0.12
Debt Equity Ratio (Total Debt /Networth)		0.85	0.74	0.74
Current Ratio (Current Asset/Current Liability)		1.17	1.18	1.67

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	Yes
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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Loans from a director	24.466	27.070
Others	0.437	0.437
Total	24.903	27.507

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10140200	20/08/2011 *	250,900,000.00	Bank of Baroda	Usmanpura Branch, Ashram Road, Ahmedabad, Gujarat - 380013, INDIA	B22643357
2	10105171	17/04/2008	30,000,000.00	Bank of Baroda	Usmanpura Branch, Ashram Road, Ahmedabad, Gujarat - 380013, INDIA	A39496369
3	90102992	15/12/1994 *	9,000,000.00	BANK OF BARODA	USMANPURA BRANCH, AHMEDABAD, Gujarat - 380014, INDIA	-
4	90102984	24/09/1994 *	2,500,000.00	BANK OF BARODA	USMANPURA BRANCH, ASHRAM ROAD, AHMEDABAD, Gujarat - 380014, INDIA	-
5	90102925	02/12/1991	1,840,000.00	BANK OF BARODA	USMANPURA BRANCH, AHMEDABAD, Gujarat - 380013, INDIA	-
6	90102778	02/12/1991	76,986,000.00	BANK OF BARODA	USMANPURA BRANCH, AHMEDABAD, Gujarat - 380013, INDIA	-
7	90102921	15/12/1994 *	8,300,000.00	BANK OF BARODA	USMANPURA BRANCH, AHMEDABAD, Gujarat - 380014, INDIA	-
8	90102917	15/12/1994 *	1,840,000.00	BANK OF BARODA	USMANPURA BRANCH, AHMEDABAD, Gujarat, INDIA	-
9	90102777	08/07/1991 *	44,686,000.00	BANK OF BARODA	USMANPURA BRANCH, AHMEDABAD, Gujarat - 380013, INDIA	-
10	90102912	15/12/1994 *	1,875,000.00	BANK OF BARODA	USMANPURA BRANCH, AHMEDABAD, Gujarat - 380013, INDIA	-

* Date of charge modification

PERFORMANCE

During the year the Turnover and other Income was Rs 439.738 Millions compared to Rs.411.216 Millions in the Previous Year. Exports have registered at Rs. 23.688 Millions as compared to Rs. 21.262 Millions in the previous year. The total expenditure incurred is Rs.400.014 Millions compared to Rs. 424.864 Millions in the corresponding year 2010-11 resulting in to Gross Profit before depreciation and taxation of Rs. 14.522 Millions compared to Rs.1.254 Millions .Net profit after depreciation and taxation registered at Rs.0.912 Millions compared to Net loss of Rs.10.776 Millions during the previous financial year.

The performance of the Company compared to previous year is quite satisfactory when viewed against the backdrop of the challenging business context in which this was achieved namely, the steep increase in cost of various raw materials and stiff competition.

Exports recorded a growth as compared to previous year. The overall performance of the Company as compared to previous year amid adverse economic scenario vindicates the effectiveness of the abilities and prudency of Company's management in better exploitation of business opportunities and streamlining the operation.

FIXED ASSETS:

• Land- Freehold

• Buildings
• Factory Temple
• Factory Temple House
• Office Building
• Plant and Machinery
• Electric Installation
• S S Press Moulds
• Computer
• Furniture and Fittings
• Furniture Temple House
• Laboratory Equipments
• Loose Tools
• Office Premises

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. 66.04
UK Pound	1	Rs. 103.11
Euro	1	Rs. 86.99

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.