MIRA INFORM REPORT

Report Date :

11.01.2011

IDENTIFICATION DETAILS

Name :	SATICON (INDIA) PRIVATE LIMITED
Registered Office :	246, Azad Market, New Delhi – 110006
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	03.05.1984
Com. Reg. No.:	55-18090
CIN No.: [Company Identification No.]	U74899DL1984PTC018090
TAN No.: [Tax Deduction & Collection Account No.]	DELS28049A
PAN No.: [Permanent Account No.]	AAACS3519B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Textile Machinery and Related Parts.

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 29000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. Trade relations are reported as fair. Business is active. Payments 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

LOCATIONS

Registered Office :	246, Azad Market, New Delhi – 110006, India
E-Mail :	info@sigmalegal.in soloman@del12.vsnl.net.in accom@vsnl.net scguptaandcompany@hotmail.com
Works :	Plot No. 395, Bhari Industrial Estate, Bhari, Haryana, India

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Ajay Aggarwal
Designation :	Director
Address :	BK – 17, West Shalimar Bagh, New Delhi – 110052, India
Date of Birth/Age :	11.11.1976
Date of Appointment :	20.08.2007
Name :	Mr. Vijay Kumar Aggarwal
Designation :	Director
Address :	BK – 17, West Shalimar Bagh, New Delhi – 110052, India
Date of Appointment :	20.11.2006
Name :	Mrs. Shakuntala Aggarwal
Designation :	Director
Address :	BK – 17, West Shalimar Bagh, New Delhi – 110052, India
Date of Appointment :	20.11.2006
Name :	Mr. Raj Kumar Harjai
Designation :	Director
Address :	21/77, Punjabi Bagh, New Delhi – 110026, India
Date of Birth/Age :	15.06.1959
Date of Appointment :	15.09.2003
Name :	Mr. Somnath Harjai
Designation :	Director
Address :	AG – 12, Shalimar Bagh, New Delhi – 1100088, India
Date of Birth/Age :	03.04.1953
Date of Appointment :	03.05.1984
Name :	Mr. Sumit Harjai
Designation :	Director
Address :	AG – 12, Shalimar Bagh, New Delhi – 1100088, India
Date of Birth/Age :	19.11.1976
Date of Appointment :	23.07.2003

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Mrs. Shakuntala Aggarwal	8280
Mr. Vijay Kumar Aggarwal	201
Mr. Ajay Aggarwal	100
Vijay Kumar Aggarwal and Sons HUF	10643
Mr. Somnath Harjai	1
Mr. Raj Kumar Harjai	1
Vishwanidhi Chemicals Private Limited, New Delhi	4000
Total	23226

AS ON 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		17.22
Directors or relatives of directors		82.78
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Textile Machinery and Related Parts.

GENERAL INFORMATION

Suppliers :

v Abdul Rashid

v Arpan Vinyls Private Limited

v Jai Shri Shyam Enterprises

v Mohit Canvas House

v Nidhi Harjai

v Om Prakash HUF

v R S Timber and Rent Store

v Raj Kumar HUF

v Ravinder Singh

v Soloman Overseas

Bankers :

· Dena Bank, Sector 3, Rohini, Delhi 110085, India

· State Bank of Patiala

Facilities :

UNSECURED LOANS

(Rs. in millions)

Particulars	31.03.2010	31.03.2009
Aggarwal Canvas Company	0.300	0.000
Mrs. Shakuntala Aggarwal	2.800	2.525
Vijay Kumar Aggarwal and Sons HUF	4.170	4.170
Ajay Kumar Aggarwal	1.841	1.575
Ajay Aggarwal HUF	0.700	0.000
Mrs. Karuna Aggarwal	0.820	0.000
Mr. Vijay Kumar Aggarwal	0.475	0.000
Total	11.106	8.270

Banking Relations :	--
Auditors :
Name :	Kanwalia and Company Chartered Accountant
Address :	Jain Bhawan, 12, Shaeed Bhagat Singha marg, New Delhi – 110001, India
Name :	Arora and Choudhary Associates Chartered Accountant
Address :	8/28, Wea Abdul Azis Road, Karol Bagh, New Delhi – 110005, India

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 100/- each	Rs. 5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23226	Equity Shares (At a Premium of Rs. 150 each)	Rs. 100/- each	Rs.2.322 millions
	Share Application Money		Rs. 0.900 million
	Share Premium		Rs. 0.600 million
	Total		Rs. 3.822 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		2.322	1.922	1.940
2] Share Application Money		0.900	0.017	0.000
3] Reserves & Surplus		4.144	3.945	3.917
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7.366	5.884	5.857
LOAN FUNDS
1] Secured Loans (Bank OD)		9.659	0.000	0.138
2] Unsecured Loans		11.106	8.270	3.162
TOTAL BORROWING		20.765	8.270	3.300
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
SHARE PREMIUM AMOUNT		0.600	0.000	0.000
TOTAL		28.731	14.154	9.157
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.412	7.856	10.367
Capital work-in-progress		12.493	6.634	0.000
INVESTMENT		0.149	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.388	0.023	0.000
	Sundry Debtors	0.920	0.161	0.161
	Cash & Bank Balances	0.499	1.219	0.003
	Other Current Assets	0.419	0.185	0.000
	Loans & Advances	3.045	0.100	0.249
Total Current Assets		5.271	1.688	0.413
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.197	1.981	1.394
	Current Liabilities	0.000	0.000	0.000
	Provisions	0.397	0.043	0.228
Total Current Liabilities		2.594	2.024	1.622
Net Current Assets		2.677	(0.336)	(1.209)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		28.731	14.154	9.157

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales and Other Income	3.704	1.166	2.998
		TOTAL (A)	3.704	1.166	2.998
Less	EXPENSES
		Personnel Expenses			0.108
		Administrative Expenses	3.188	1.138	0.300
		Raw Materials and Purchases			2.553
		TOTAL (B)	3.188	1.138	2.961
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.516	0.028	0.037
Less	FINANCIAL EXPENSES (D)		(0.055)	0.000	0.004
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.571	0.028	0.033
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.268	0.000	0.000
	PROFIT BEFORE TAX (E-F) (G)		0.303	0.028	0.033
Less	TAX (H)		0.047	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		0.256	0.028	0.033
	Earnings Per Share (Rs.)		11.02	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	6.91	2.40	1.10
Net Profit Margin (PBT/Sales)	(%)	8.18	2.40	1.10
Return on Total Assets (PBT/Total Assets}	(%)	1.62	0.29	0.31
Return on Investment (ROI) (PBT/Networth)		0.04	0.00	0.00
Debt Equity Ratio (Total Liability/Networth)		3.25	1.74	0.28
Current Ratio (Current Asset/Current Liability)		2.03	0.83	0.25

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The registered office address of the company has been shifted from Bara Hindu Roa, Shivaji Road, Pul Mithai, Azad Market, New Delhi – 110006, India to present w. e. f. 05.02.2007

FIXED ASSETS:

• Land – Hside Plot at Barhi Industrial Area
• Plant and Machinery

FORM 8

Corporate identity number of the company	U74899DL1984PTC018090
Name of the company	SATICON (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	246, Azad Market, New Delhi – 110006, India
This form is for	Creation of charge
Type of charge	Immovable property Movable property (not being pledge)
Particular of charge holder	Dena Bank, Sector 3, Rohini, Delhi 110085, India Email: Info@sigmalegal.in
Nature of instrument creating charge	Land and building with all the movable and other asset
Date of instrument Creating the charge	03.02.2010
Amount secured by the charge	Rs. 17.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest BPLR+1%-0.50% and presently it is 13% Terms of repayment Rs. 0.607 million in 27 installments and balance ie. Rs. 0.611 million in 28th installment Margin 39.65% Extent and operation of the charge 100%
Short particulars of the property charged (Including location of the property)	Land and Building With All Movable And Other Assets Situated At 395, HSIDC, Industrial Estate, Barhi, District Sonepat, Haryana

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 records 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 records 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. 45.44
UK Pound	1	Rs. 70.61
sEuro	1	Rs. 58.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.