MIRA INFORM REPORT

Report No. :	347206
Report Date :	30.10.2015

IDENTIFICATION DETAILS

Name :	SUNDEK INDIA LIMITED
Registered Office :	Sundek House, 203/204, Lalita Complex, Rasala Marg, Navrangpura, Ahmedabad – 380009, Gujarat
Tel. No.:	91-79-26426840/49
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.03.1983
Com. Reg. No.:	04-005945
Capital Investment / Paid-up Capital :	Rs. 20.001 Million
CIN No.: [Company Identification No.]	U20299GJ1983PLC005945
IEC No.:	Not Available
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 :	Subject is engaged in manufacturing and exporting of interior decor products which includes metal foil laminates, standard grade HPL laminates, post forming grade laminate, chemical resistant laminate, toxin free fire retardant laminate, electrostatic dissipative laminate, exterior grade laminate, colour core laminate and sandwich laminate.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 436800
Status :	Moderate
Payment Behavior :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1983 having moderate track record. The rating takes into consideration heavy loss incurred by the company during FY 2014. Borrowings recorded by the company are incurred over years. Further, the rating also takes into unfavorable gap between trade payables and trade receivables. However, trade relations are reported as fair. Business is active. Payments terms are reported to be 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Krishnakumar Shah
Designation :	Director
Contact No.:	91-9909929319
Date :	24.10.2015

LOCATIONS

Registered / Head Office/ Corporate Office :	Sundek House, 203/204, Lalita Complex, Rasala Marg, Navrangpura, Ahmedabad – 380009, Gujarat
Tel. No.:	91-79-26426840/49
Mobile no:	91-9909929319 (Mr. Krishnakumar Shah)
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. ft.
Location :	Owned
Factory :	1421, Village Rajpur, Kalol, Mehsana Highway, Mehsana -382740 North Gujarat, India
Tel. No.:	91-2764-278562/3/4
Fax No.:	91-2764-278561
E-Mail :	factory@sundekintl.com sundekfactory@hotmail.com
Area :	36000 Sq. Yards
Network Areas :	Agra Tel No. : 91-562-3202054 Email ID: agra@sundekintl.com Ahmedabad Tel No. : 91-79-26463319 Bangalore Tel No. : 91-80- 25426151/54, Email ID: bangalore@sundekintl.com Chandigarh  Tel No. : 91- 172-5052452, 2735699, Email ID: cochin@sundekintl.com Chennai  Tel No. : 91-44-26691691/2/3/4 Delhi Tel No. : 91-11-32973240, 23624442/43, 25420377/78 Goa Tel No. : 91-832-223287 Email ID: goa@sundekintl.com Hissar  Tel No. : 91-1662-238315 Hyderabad Tel No. : 91- 40-66745108/9 Email ID: hyderabad@sundekintl.com Jaipur  Tel No. : 91-291-141-2440484, 2470228 Kochi  Tel No. : 91-484-2356627, 2357727, 3299957 Kolkata  Tel No. : 91-33-22256330/31, 32905193 Lucknow Tel No. : 91-522- 6535524/23, 2202920 Email ID: lucknow@sundekintl.com Mumbai Tel No. : 91- 22-2612 2667/68/69, 32550851 Email ID: mumbai@sundekintl.com: Pune Tel No. : 91- 20-26431525, 26451535 Email ID: pune@sundekintl.com Srinagar Tel No. : 91- 194-2440282, 2430998 Email ID: srinagar@sundekintl.com Vijayawada Tel No. : 91-866-2576441/2570583 Email ID: vijaywada@sundekintl.com Indore Tel No. : 91-731-2434030 Email ID: indore@@sundekintl.com Ludhiana Tel No. : 91- 161-2444475, 2448575 Email ID: udhiana@sundekintl.com Nagpur Tel No. : 91- 712-3254326, 3252754 Email ID: nagpur@sundekintl.com Nasik  Tel No. : 91-253-2592203 Raipur Tel No. : 91-771-2234295 Email ID: raipur@sundekintl.com

DIRECTORS

AS ON 20.09.2014

Name :

Mr. Shashikant Sitaram Gupta

Designation :

Managing Director

Address :

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

Date of Birth/Age :

08.11.1961

Date of Appointment :

01.04.2012

DIN No. :

00008798

Name :

Mr. Krishnakumar Bansidhar Shah

Designation :

Whole-time Director

Address :

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

Date of Birth/Age :

08.02.1945

Date of Appointment :

01.09.2013

DIN No. :

00011671

Name :

Mr. Nitinkumar Maneklal Patel

Designation :

Director

Address :

'Divyajyoti', Swastika Society, Navrangpura, Ahmedabad – 380009, Gujarat, India

Date of Birth/Age :

20.19.1957

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,

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	30/03/2015	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

MAJOR SHAREHOLDERS

AS ON 20.09.2014

Names of Shareholders	No. of Shares
Gupta S. Sunil	5250
Gupta P. Pramila	6570
Gupta S Sangita	3750
Guptas Prahlad	450
Shashikant Gupta and Alka Gupta	42150
Gupta S. Rupal	6000
Guptas Alka	12880
Gupta S. Sunll	750
Parikh N Devalben	4500
Parikh N Niravbhai	7500
Parikh N. Payalben	3000
Parikh N. Ashaben	6000
Parikh S. Nitinbhai	6000
Parikh 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
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
Shashikant S.Gupta	21240
Total	200010

AS ON 20.09.2014

Equity Share Break up (Percentage of Total Equity)

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

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturing and exporting of interior decor products which includes metal foil laminates, standard grade HPL laminates, post forming grade laminate, chemical resistant laminate, toxin free fire retardant laminate, electrostatic dissipative laminate, exterior grade laminate, colour core laminate and sandwich laminate.
Products :	Laminates Prelaminated Boards
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS:NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	Bank of Baroda
Branch Address	Usmanpura Branch, Ashram Road, Ahmedabad – 380013, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Term Loans from Bank of Baroda	0.000	4.785
Vehicle Loans from Banks (Vehicles loans are secured by hypothecation of vehicles)	0.489	0.057
SHORT TERM BORROWINGS
Loans Repayable on Demand
From Banks
Working capital facilities repayable on demand Cash Credit (Secured by hypothecation of existing and future movable machineries and further secured by extention of charge of hypothecation of stock and boo-debts)	94.161	84.186
Total	94.650	89.028

Auditors :
Name :	Naushir M Marfatia and Company Chartered Accountants
Address :	1, B. Jadav Chambers, First Floor, Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-27546269 / 27546976
Fax No.:	91-79-27546667
E-Mail :	nmmarfatia108@yahoo.co.in
PAN No.:	AAEFN5051G
Memberships :	Not Available
Collaborators :	Not Divulged
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

AS ON 20.09.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200010	Equity Shares	Rs.100/- each	Rs. 20.001 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	20.001	20.001	20.001
(b) Reserves & Surplus	132.894	178.522	125.783
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	152.895	198.523	145.784
(3) Non-Current Liabilities
(a) long-term borrowings	35.800	31.339	47.891
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	2.156	0.952	7.898
(d) long-term provisions	3.851	3.605	3.063
Total Non-current Liabilities (3)	41.807	35.896	58.852
(4) Current Liabilities
(a) Short term borrowings	94.161	84.186	75.394
(b) Trade payables	37.571	33.917	34.943
(c) Other current liabilities	41.128	73.097	102.758
(d) Short-term provisions	1.479	1.336	1.187
Total Current Liabilities (4)	174.339	192.536	214.282
TOTAL	369.041	426.955	418.918
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	34.255	39.170	46.297
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	108.201	102.177	95.048
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	6.899	6.782	7.063
(d) Long-term Loan and Advances	6.912	9.504	8.874
(e) Other Non-current assets	6.592	10.167	10.029
Total Non-Current Assets	162.859	167.800	167.311
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	171.444	179.161	174.943
(c) Trade receivables	16.343	37.513	23.290
(d) Cash and cash equivalents	15.631	39.429	51.262
(e) Short-term loans and advances	2.152	2.639	1.711
(f) Other current assets	0.612	0.413	0.401
Total Current Assets	206.182	259.155	251.607
TOTAL	369.041	426.955	418.918

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	372.711	371.689	399.545
	Other Income	1.733	1.949	1.887
	TOTAL	374.444	373.638	401.432
Less	EXPENSES
	Cost of Materials Consumed	314.158	282.946	295.818
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.471	(10.179)	(7.190)
	Employees benefits expense	29.227	27.469	23.945
	Other expenses	61.835	55.028	69.043
	TOTAL	405.691	355.264	381.616
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(31.247)	18.374	19.816
Less	FINANCIAL EXPENSES	6.120	4.510	5.295
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(37.367)	13.864	14.521
Less/ Add	DEPRECIATION/ AMORTISATION	8.379	10.256	13.103
	PROFIT/ (LOSS) BEFORE TAX	(45.746)	3.608	1.418
Less	TAX	(0.118)	1.167	0.506
	PROFIT/ (LOSS) AFTER TAX	(45.628)	2.441	0.912
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	121.361	118.920	118.008
	Balance Carried to the B/S	75.733	121.361	118.920
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	23.519	20.594	23.688
	TOTAL EARNINGS	23.519	20.594	23.688
	IMPORTS
	Raw Materials
	Paper	43.052	38.107	56.141
	Melamine	0.000	1.520	3.286
	TOTAL IMPORTS	43.052	39.627	59.427
	Earnings / (Loss) Per Share (Rs.)	(228.13)	12.21	4.56

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	5.165	18.176	18.176
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(12.24)	0.66	0.23
Operating Profit Margin (PBIDT/Sales)	(%)	(8.38)	4.94	4.96
Return on Total Assets (PBT/Total Assets}	(%)	(18.01)	1.13	0.45
Return on Investment (ROI) (PBT/Networth)		(0.30)	0.02	0.01
Debt Equity Ratio (Total Debt /Networth)		0.85	0.58	0.85
Current Ratio (Current Asset/Current Liability)		1.18	1.35	1.17

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	20.001	20.001	20.001
Reserves & Surplus	125.783	178.522	132.894
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	145.784	198.523	152.895
long-term borrowings	47.891	31.339	35.8
Short term borrowings	75.394	84.186	94.161
Current maturities of long-term debts	5.165	18.176	18.176
Total borrowings	128.450	133.701	148.137
Debt/Equity ratio	0.881	0.673	0.969

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	399.545	371.689	372.712
		(6.972)	0.275

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	399.545	371.689	372.712
Profit	0.911	2.441	(45.628)
	0.23%	0.66%	(12.24%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	-----------
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

PERFORMANCE

REVIEW OF OPERATIONS

During the year the company posted stable performance with revenue growth to Rs. 415.100 Million from Rs.414.800 Million in the previous year

Exports have registered at Rs. 23.519 Million as compared to Rs.20.594 Million in the previous year. The total expenditure incurred is Rs. 42.019 Million including depreciation and amortisation expenses of Rs.8.379 Million compared to expenditure of Rs.37.003 Million including depreciation and amortisation expenses of Rs.10.256 Million in the corresponding previous year 2012-13. The Net Loss registered during the year is Rs.45.600 Million against net profit Rs.2.442 Million in the corresponding Year 2012-13. This performance is particularly noteworthy when viewed against backdrop of the challenging business context in which this was achieved, namely, the steep increase in cost of various raw materials slow down of world economy and resulting into low demand of laminates across the world, unfavorable exchange rates of US Dollar and EURO.

The Company will not leave any stone unturned to achieve improved performance in the times to come.

UNSECURED LOAN

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loans from Director	34.874	26.060
Others : A Company	0.437	0.437
Total	35.311	26.497

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10467514	07/11/2013	900,000.00	BANK OF BARODA	USMANPURA BRANCH, ASHRAM ROAD, AHMEDABAD - 380013, GUJARAT , INDIA	B92497791
2	10140200	11/06/2014 *	140,400,000.00	BANK OF BARODA	USMANPURA BRANCH, ASHRAM ROAD, AHMEDABAD - 380013, GUJARAT , INDIA	C09045592
3	10105171	17/04/2008	30,000,000.00	BANK OF BARODA	USMANPURA BRANCH, ASHRAM ROAD, AHMEDABAD - 380013, GUJARAT , INDIA	A39496369
4	90102992	15/12/1994 *	9,000,000.00	BANK OF BARODA	USMANPURA BRANCH, AHMEDABAD - 380014, GUJARAT, INDIA	-
5	90102984	24/09/1994 *	2,500,000.00	BANK OF BARODA	USMANPURA BRANCH, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380014, INDIA	-
6	90102925	02/12/1991	1,840,000.00	BANK OF BARODA	USMANPURA BRANCH, AHMEDABAD - 380013, GUJARAT, INDIA	-
7	90102778	02/12/1991	76,986,000.00	BANK OF BARODA	USMANPURA BRANCH, AHMEDABAD - 380013, GUJARAT, INDIA	-
8	90102921	15/12/1994 *	8,300,000.00	BANK OF BARODA	USMANPURA BRANCH, AHMEDABAD - 380014, GUJARAT, INDIA	-
9	90102917	15/12/1994 *	1,840,000.00	BANK OF BARODA	USMANPURA BRANCH, AHMEDABAD, GUJARAT, INDIA	-
10	90102777	08/07/1991 *	44,686,000.00	BANK OF BARODA	USMANPURA BRANCH, AHMEDABAD - 380013, GUJARAT, INDIA	-

* Date of charge modification

FIXED ASSETS

• Land- Freehold

• Buildings
• Factory Temple
• Factory Temple House
• Factory Road
• Office Building
• Plant and Machinery
• Electric Installation
• S S Press Moulds
• Computer
• Furniture and Fittings
• Furniture Temple House
• Vehicle
• 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. 65.04
UK Pound	1	Rs. 99.58
Euro	1	Rs. 71.75

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	SANS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.