MIRA INFORM REPORT

Report Date :

21.07.2011

IDENTIFICATION DETAILS

Name :	SARA PLAST PRIVATE LIMITED
Registered Office :	Plot No. 34, B. U. Bhandari Industrial Estate, Gat No. 156+1544+168+169+170+171, Village Sanaswadi, Taluka Shirur, Pune - 412208, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	28.02.2006
Com. Reg. No.:	11-022093
Capital Investment / Paid-up Capital :	Rs.9.873 Millions
CIN No.: [Company Identification No.]	U25209PN2006PTC022093
TAN No.: [Tax Deduction & Collection Account No.]	PNES18793F
PAN No.: [Permanent Account No.]	AAJCS6876Q
Legal Form :	Private Limited Liability Company
Line of Business :	Hire services of portable toilets for construction site outdoor events septic tank clearing evacuation
No. of Employees :	50 [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 203000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The Company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

INFORMATION PARTED BY [General Details]

Name :	Ms. Shreya
Designation :	Correspondence Manager
Contact No.:	91-9823074747
Date :	18.07.2011

LOCATIONS

Registered Office/ Factory :	Plot No.34, Industrial Estate, Gat No. 156+1544+168+169+170+171, Village Sanaswadi, Taluka Shirur - 412208, Maharashtra, India
Tel. No.:	91-20-25537551 / 27290604
Mobile No.:	91-9823074747 [Ms. Shreya]
Fax No.:	91-20-25539580
E-Mail :	info@3sindia.com sureshmarulkar@yahoo.com
Website :	http://www.3sindia.com
Corporate Office :	203, Rutuja Complex, Nachiket Park, Dania Road, Pune, Maharashtra, India

DIRECTORS

As on 29.09.2010

Name :	Mr. Rajeev Dilip Kher
Designation :	Managing director
Address :	3, Navshantiban Society, 1134/2, Shivaji Nagar, Pune – 411016, Maharashtra, India
Date of Birth/Age :	14.10.1974
DIN :	00764123
Date of Appointment :	28.02.2006
Name :	Ms. Ulka Ashok Sadalkar
Designation :	Whole-time director
Address :	702, Jasper Lapis, Lazuli, 5^th Lane, South Main Road, Koregaopark, Pune – 411001, Maharashtra, India
Date of Birth/Age :	18.05.1976
DIN :	00676822
Date of Appointment :	28.02.2006
Name :	Mr. Ranjit Dilip Kher
Designation :	Whole-time director
Address :	3, Navshantiban Society, 1134/2, Shivaji Nagar, Pune – 411016, Maharashtra, India
Date of Birth/Age :	02.02.1976
DIN :	00764054
Date of Appointment :	01.08.2006
Name :	Mr. Vineet Chandra Rai
Designation :	Nominee director
Address :	101-D Wing, Bldg.No.6, Emp 48 Halley, Evershine, Thakur Village, Kandivali (E), Mumbai – 4000101, Maharashtra, India
Date of Birth/Age :	17.06.1971
DIN :	00606290
Date of Appointment :	27.12.2010

KEY EXECUTIVES

Name :	Ms. Shreya
Designation :	Correspondence Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
Rajeev Dilip Kher	311000
Ulka Ashok Sadalkar	110000
Ranjit Dilip Kher	110000
Dilip Vasudev Kher	210000
Sara Rajiv Kher	19500
Ira Rajiv Kher	19500
Aavishkar Venture Trustees Private Limited	207342
Total	987342

As on 29.09.2010

Category	Percentage
Venture Capital	21.00
Directors or relatives of Directors	79.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Hire services of portable toilets for construction site outdoor events septic tank clearing evacuation
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Customers :

Constructor

No. of Employees :

50 [Approximately]

Bankers :

Indian Overseas Bank Aundh Branch, 161/162 'B'wing', Supriya Towers, New D.P. Road Aundh, Pune - 411007, Maharashtra, India

Facilities :

Secured Loan [Rs. in million]	31.03.2010	31.03.2009
Term Loan [Secured by Hypothecation of Movables]
Cholamandalam Finance Limited	2.500	1.306
Citi Bank Loan	0.000	0.030
Tata Motors	0.914	1.163
ICICI Bank	1.177	0.615
Indian Overseas bank	2.421	0.000
IDBI Bank	0.000	1.429
Sundaram Finance Limited	0.591	0.000
Working Capital Limits	5.249	0.000
Total	12.852	4.543
Unsecured Loan [Rs. in million]	31.03.2010	31.03.2009
From Directors	2.465	2.323
From Director’s Relatives	0.000	0.454
From Others	0.903	2.120
Total	3.368	4.897

Banking Relations :	--
Auditors :
Name :	Gokhale Tanksale and Ghatpande Chartered Accountant
Address :	102, R K Classic, New D P Road, Opp Ashish Garden, Kothrud, Pune - 411029, Maharashtra, India
Related Parties :	Shramik Infrastructure Private Limited Shramvan Resort Shramik Engineering Shramik Sanitation Systems
Sister Concern :	Ecologie

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1,010,000	Equity Shares	Rs.10/-each	Rs.10.100 millions
172,000	Preference Shares	Rs.10/-each	Rs. 1.720 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
987,342	Equity Shares	Rs.10/-each	Rs.9.873 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		9.873	7.800	1.500
2] Share Application Money		0.000	0.000	5.328
3] Reserves & Surplus		41.115	15.681	2.743
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		50.988	23.481	9.571
LOAN FUNDS
1] Secured Loans		12.852	4.543	6.446
2] Unsecured Loans		3.368	4.897	7.096
TOTAL BORROWING		16.220	9.440	13.542
DEFERRED TAX LIABILITIES		1.797	1.243	0.000
TOTAL		69.005	34.164	23.113
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		45.899	23.646	20.969
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.089	5.051	4.806
	Sundry Debtors	14.816	11.712	9.250
	Cash & Bank Balances	6.932	4.609	0.671
	Other Current Assets	0.000	0.000	0.905
	Loans & Advances	13.313	6.597	0.646
Total Current Assets		40.150	27.969	16.278
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.485	7.669	11.964
	Other Current Liabilities	2.469	1.552	1.097
	Provisions	9.090	8.230	1.107
Total Current Liabilities		17.044	17.451	14.168
Net Current Assets		23.106	10.518	2.110
MISCELLANEOUS EXPENSES		0.000	0.000	0.034
TOTAL		69.005	34.164	23.113

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Clearing Charges	44.843	45.374	18.937
		Sales	1.415	5.038	8.396
		Other Income	0.621	0.068	0.228
		TOTAL (A)	46.879	50.480	27.561
Less	EXPENSES
		Material Consumed	13.292	6.508	6.858
		Increase in Stock	1.879	[4.336]	0.000
		Factory Overheads	1.210	0.586	0.581
		Administrative Overheads	10.239	8.445	4.177
		Servicing Expenses	8.928	7.749	8.995
		Employee Overheads	13.447	5.624	1.352
		Selling Overheads	3.060	1.352	1.121
		Misc. Expenses Written off	0.000	0.136	0.011
		Cost of Toilets Transferred for service	[14.819]	0.000	[2.137]
		TOTAL (B)	37.236	26.064	20.958
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.643	24.416	6.603
Less	FINANCIAL EXPENSES (D)		1.237	1.398	0.912
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.406	23.018	5.691
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.364	1.714	1.330
	PROFIT BEFORE TAX (E-F) (G)		5.042	21.304	4.361
Less	TAX (I)		1.414	8.049	1.091
	PROFIT AFTER TAX (G-I) (J)		3.628	13.255	3.270
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		15.680	2.742	[0.528]
	BALANCE CARRIED TO THE B/S		19.308	15.997	2.742
	EARNINGS IN FOREIGN CURRENCY		0.026	2.987	0.000
	Earnings Per Share (Rs.)		3.95	36.82	18.28

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	7.74	26.26	11.86
Net Profit Margin (PBT/Sales)	(%)	356.32	422.87	51.94
Return on Total Assets (PBT/Total Assets}	(%)	5.86	41.27	11.71
Return on Investment (ROI) (PBT/Networth)		0.10	0.91	0.45
Debt Equity Ratio (Total Liability/Networth)		0.65	1.14	2.89
Current Ratio (Current Asset/Current Liability)		2.35	1.60	1.15

LOCAL AGENCY FURTHER INFORMATION

Note : Registered office address of the company has been shifted from Flat No. 103/203, Rujuta Residency, S. No. 266, Baner, Pune – 412208, Maharashtra, India to the present address w.e.f. 30.05.2009

Sundry Creditors Details

Rs in Millions

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	5.485	7.669	11.964

Private Equity Investment: After 31st March, 2009, an agreement was entered into amongst the Promoters of the company, Aavishkaar India Micro Venture Capital Fund, a Trust, and the company enabling the said Trust to invest Rs. 20.000 millions in the Company. The Board welcomes such private equity investment and appreciates the confidence placed by the Investor in the professional management of the Company and his concern for a clean environment.

Alteration of the Company's Articles of Association; As a sequel to such private equity investment, the company altered its Articles of Association so as to make the shareholders' agreement dated 7th April, 2009 as part of its Articles.

Increase in Authorized Capital: To facilitate the private equity investment as aforesaid, pursuant its resolution passed at the Company's Extra-ordinary General Meeting held on 5^th May 2009 the Company's authorized capital was increased from Rs.3.000 millions to Rs.11.820 millions.

Increase in Paid up Capital: Pursuant to the agreement for private investment as aforesaid, the company increased in Paid-up Capital : on 5th May 2009 by allotting 1,71,154, 0.001% Compulsorily Convertible Preference Shares of Rs.10 each @ a premium of Rs.102 per share to the Trustees of the Trust. on 7^th August 2009, 1,60,877 equity shares of Rs.10/- each were issued as a result of the conversion of the said Compulsorily Convertible Preference Shares into equity shares at premium. On the same day tine Company also issued to Aavishkar Venture Trustees Private Limited 46,465 equity shares of Rs.10/- each at a premium of Rs.109.15 per share

Unsecured Loans: The Company is neither entitled to, nor has accepted any deposits from the public during the year Hence the provisions of Section 58A, Companies Act, 1956, and the Companies (Acceptance of Deposits) Rules. 1975 are not applicable

Bankers Charges Report as per Registry

Corporate identity number of the company	U25209PN2006PTC022093
Name of the company	SARA PLAST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No 34, Industrial Estate, Gat No. 156+1544+168+169+170+171, Village Sanaswadi, Taluka Shirur, Pune – 412208, Maharashtra, India
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	10178355
Type of charge	Immovable Property Book Debts Movable Property (Not Being Pledge) Others
Particular of charge holder	Indian Overseas Bank Aundh Branch, 161/162 'B'wing' ,Supriya Towers, New D.P. Road Aundh, Pune - 411007, Maharashtra, India
Nature of instrument creating charge	Letter of Hypothecation and Memorandum of Title Deeds both the documents executed on 6th May2011 to create a single and exclusive charge against all the present and future current assets and immovable properties of the borrower company to secure the credit facilities extended by the Bank.
Date of instrument Creating the charge	06.05.2011
Amount secured by the charge	Rs.29.800 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - For DCC and Term Loan: Base Rate +2.25% pa i.e. presently :11.75%pa. The Penal Interest on default on part of the company as per directives of RBI. Terms of Repayment - DCC: On Demand. The Tenor for the existing Term Loans (I),(II),(III) would be in continuous mode till the repayment of entire loan as per existing terms which will be in operation. Margin - For WC: 25% on full paid stock and 40% on Book Debts(Cover Period 120 days) for Term Loan:25% Extent and Operation of the charge - IOB Aundh Branch will have first and exclusive charge over all the present and future current assets inclusive of Book debts plant and machineries inclusive of tankers and fixed assets would in continuous mode . Bank will have lien over the Recurring Deposit. The Charge will be in continuous mode till the repayment of entire loan inclusive of Term Loan. Others - The Company, by virtue of the Board Resolution passed on 11/03/2011,has given assent to all the Terms and Conditions, Covenants, as provided in the Bank's Sanction Letter Dated06/05/2011, have executed the related loan document(s)/ Agreement(s) through the Director(s),who have received and signed the documents in physical form and who have been authorized to file eform-8 for modifications in the existing limits and in the nature and scope of the charge on agreed terms.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All the present and future current assets inclusive of Book Debts and P and M at the Registered Office and at the Works of the Company. All the existing immovable properties as geographicated will be in continuous security mode for the existing Term Loans(I),(II),(III) as depicted in the Memorandum of Title Deeds itself. Lien on the Recurring Deposit for Rs.2.000 millions per month for a period of 48 months.
Particulars of the present modification	By this present modification, the existing limit of Rs.24.800 millions has been enhanced by Rs.5.000 millions towards WC facilities, making the over all credit facilities to the tune of Rs.29.800 millions.

FIXED ASSETS :

· Building

· B. U. Bhandari Industrial Estate Plot

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Trademark

· Vehicles

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.44.46
UK Pound	1	Rs.71.67
Euro	1	Rs.62.94

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	5
--PROFITABILIRY	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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.