1. Summary Information

		Country	India
Company Name	SAKSHI MARKFIN PRIVATE LIMITED	Principal Name 1	Mr. Ajay Kumar Garg
Status	Moderate	Principal Name 2	Ms. Rekha Garg
		Registration #	55-082574
Street Address	7/73, Bhim Gali, Vishwas Nagar, Shahdara, Delhi-110032, India
Established Date	11.10.1996	SIC Code	--
Telephone#	91-11-22381336/ 22385336/ 22388336	Business Style 1	Manufacturer
Fax #	91-11-22386633	Business Style 2	Supplier
Homepage	www.sakshimarkfin.com	Product Name 1	PVC resin
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.6,300,000/-	Product Name 3	--
Shareholders	Directors or relatives of Directors - 93.65% Other top fifty shareholders - 6.35%	Banking	Tamilnad Mercantile Bank Limited
Public Limited Corp.	--	Business Period	18 Years
IPO	--	International Ins.	-
Public Enterprise	--	Rating	B (28)
Related Company
Relation	Country	Company Name	CEO
Associates	India	S.S. Markfin Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	137,939,000	Current Liabilities	79,354,000
Inventories	24,126,000	Long-term Liabilities	60,414,000
Fixed Assets	936,000	Other Liabilities	156,000
Deferred Assets	144,000	Total Liabilities	139,924,000
Invest& other Assets	200,000	Retained Earnings	16,321,000
		Net Worth	23,421,000
Total Assets	163,345,000	Total Liab. & Equity	163,345,000
Total Assets (Previous Year)	104,631,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	599,165,000	Net Profit	1,357,000
Sales(Previous yr)	454,579,000	Net Profit(Prev.yr)	799,000

MIRA INFORM REPORT

Report Date :

06.03.2014

IDENTIFICATION DETAILS

Name :	SAKSHI MARKFIN PRIVATE LIMITED
Registered Office :	7/73, Bhim Gali, Vishwas Nagar, Shahdara, Delhi-110032
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.10.1996
Com. Reg. No.:	55-082574
Capital Investment / Paid-up Capital :	Rs.6.300 Millions
CIN No.: [Company Identification No.]	U24110DL1996PTC082574
TAN No.: [Tax Deduction & Collection Account No.]	DELS21341F
PAN No.: [Permanent Account No.]	AABCS7074C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Supplier, Exporter and B2B Seller of PVC resin.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 94000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company appears to be low. The long term external borrowing appears to be increasing during 2013. However, trade relations appears to be fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National  Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled  Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Fund Based Limits = B
Rating Explanation	High risk of default regarding timely servicing of financial obligations.
Date	December 2013

Rating Agency Name	ICRA
Rating	Short Term Non-Fund Based Limits = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	December 2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

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

DIRECTORS

AS ON: 30.09.2013

Name :

Mr. Ajay Kumar Garg

Designation :

Director

Address :

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

Date of Birth/Age :

26.04.1966

Date of Appointment :

11.10.1996

DIN No.:

00264662

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24110DL1996PTC082574	SAKSHI MARKFIN PRIVATE LIMITED	Director	11/10/1996	11/10/1996	-	Active	NO
2	U51909DL1998PTC095536	S S MARKFIN PRIVATE LIMITED	Director	13/08/1998	13/08/1998	-	Active	NO

Name :

Ms. Rekha Garg

Designation :

Director

Address :

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

Date of Birth/Age :

16.10.1974

Date of Appointment :

11.10.1996

DIN No.:

00264777

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24110DL1996PTC082574	SAKSHI MARKFIN PRIVATE LIMITED	Director	11/10/1996	11/10/1996	-	Active	NO
2	U51909DL1998PTC095536	S S MARKFIN PRIVATE LIMITED	Director	13/08/1998	13/08/1998	-	Active	NO

MAJOR SHAREHOLDERS

AS ON: 30.09.2013

Names of Shareholders	No. of Shares
Ajay Kumar Garg	403559
Rekha Garg	96440
S.S. Markfin Private Limited, India	90000
Clintus Landbase Private Limited, India	40000
Sumit Tondon	1
Total	630000

AS ON: 30.09.2013

Equity Share Break up (Percentage of Total Equity)

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

BUSINESS DETAILS

Line of Business :

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

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Tamilnad Mercantile Bank Limited, 26/22 St No 12 60 Ft Road, Vishwas Nagar - 110032, Delhi, India
• Canara Bank, Vivek Vihar Branch, Delhi - 110095, Delhi, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short Term Borrowing
Tamilnad Mercantile Bank Limited (Against Stock, Book Debts and Personal Guarantee of Directors)	17.631	36.782
Buyers Credit (Against bank guarantee) (Against stock Book Debts and Personal Gurantee of Directors)	0.000	10.639
Total	17.631	47.421

Note :

Short Term Borrowing

1. Interest has been charged @13.5% p.a.
2. Secured by Bank Guarantee of Tamilnad Mercantile Bank Limited

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

CAPITAL STRUCTURE

AS ON: 30.09.2013

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6.300
(b) Reserves & Surplus	16.321
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.800
Total Shareholders’ Funds (1) + (2)	23.421
(3) Non-Current Liabilities
(a) long-term borrowings	42.783
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	42.783
(4) Current Liabilities
(a) Short term borrowings	17.631
(b) Trade payables	79.354
(c) Other current liabilities	0.156
(d) Short-term provisions	0.000
Total Current Liabilities (4)	97.141
TOTAL	163.345
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.936
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.200
(c) Deferred tax assets (net)	0.144
(d) Long-term Loan and Advances	0.006
(e) Other Non-current assets	0.000
Total Non-Current Assets	1.286
(2) Current assets
(a) Current investments	0.000
(b) Inventories	24.126
(c) Trade receivables	118.167
(d) Cash and cash equivalents	13.068
(e) Short-term loans and advances	6.684
(f) Other current assets	0.014
Total Current Assets	162.059
TOTAL	163.345

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		6.300	5.900
2] Share Application Money		0.800	0.000
3] Reserves & Surplus		14.964	10.473
4] (Accumulated Losses)		0.000	0.000
NETWORTH		22.064	16.373
LOAN FUNDS
1] Secured Loans		47.421	49.825
2] Unsecured Loans		34.699	30.070
TOTAL BORROWING		82.120	79.895
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		104.184	96.268
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.191	1.499
Capital work-in-progress		0.000	0.000
INVESTMENT		0.200	0.200
DEFERREX TAX ASSETS		0.122	0.030
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	28.102	49.449
	Sundry Debtors	66.644	35.157
	Cash & Bank Balances	5.390	4.700
	Other Current Assets	0.000	0.000
	Loans & Advances	2.982	6.754
Total Current Assets		103.118	96.060
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	1.193
	Other Current Liabilities	0.447	0.328
	Provisions	0.000	0.000
Total Current Liabilities		0.447	1.521
Net Current Assets		102.671	94.539
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		104.184	96.268

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	599.165	454.579	375.984
		Other Income	0.623	0.403	0.721
		TOTAL	599.788	454.982	376.705
Less	EXPENSES
		Office Expenses
		Administrative Expenses	591.928	450.095	372.627
		Advertising Expenses
		TOTAL	591.928	450.095	372.627
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		7.860	4.887	4.078
Less	FINANCIAL EXPENSES		5.567	3.267	2.699
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.293	1.621	1.378
Less/ Add	DEPRECIATION/ AMORTISATION		0.309	0.406	0.389
	PROFIT BEFORE TAX		1.984	1.214	0.990
Less	TAX		0.627	0.415	0.338
	PROFIT AFTER TAX		1.357	0.799	0.652
	Earnings Per Share (Rs.)		2.13	1.27	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.23	0.18	0.17
Net Profit Margin (PBT/Sales)	(%)	0.33	0.27	0.26
Return on Total Assets (PBT/Total Assets}	(%)	1.22	1.16	1.01
Return on Investment (ROI) (PBT/Networth)		0.08	0.06	0.06
Debt Equity Ratio (Total Debt/Networth)		2.58	3.72	4.88
Current Ratio (Current Asset/Current Liability)		1.67	230.69	63.16

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	375.984	454.579	599.165
		20.904	31.807

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	375.984	454.579	599.165
Profit After Tax	0.652	0.799	1.357
	0.17%	0.18%	0.23%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	---
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATION:

During the year the company earns a profit of Rs. 1.984 Millions after depreciation of Rs.0.309 Millions (Previous Year profit is Rs.1.214 Millions after depreciation of Rs.0.406 Millions)

UNSECURED LOAN:

Particulars	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long Term Borrowing
From Shareholders Directors and their friends and relatives	40.708	34.699
Sumit Tondon	1.000	0.000
Manish Hingesh Private Limited	1.075	0.000
Total	42.783	34.699

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10236443	05/12/2013 *	250,000,000.00	TAMILNAD MERCANTILE BANK LIMITED	26/22, ST NO. 12, 60 FT ROAD, VISHWAS NAGAR, DELH  I, Delhi - 110032, INDIA	B93393981
2	90048281	03/01/2001	4,500,000.00	VIJAYA BANK	KHUREJEE KHAS, DELHI, Delhi, INDIA	-

* Date of charge modification

FIXED ASSETS:

• Car
• Computer and Printer
• Fax
• Water Purifier
• Air Conditioner
• Furniture
• Telephone
• Scooter
• Television

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.61.86
UK Pound	1	Rs.103.06
Euro	1	Rs.84.92

INFORMATION DETAILS

Report Prepared by :

SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.