MIRA INFORM REPORT

Report Date :

25.05.2011

IDENTIFICATION DETAILS

Name :	SHREE RANI SATI PROCESSORS PRIVATE LIMITED
Registered Office :	Plot No. 88, G.I.D.C., Pandesarag G.I.D.C., Pandesar, Surat – 394221, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.08.1993
Com. Reg. No.:	020028
Capital Investment / Paid-up Capital :	Rs.19.910 Millions
CIN No.: [Company Identification No.]	U17110GJ1993PTC020028
TAN No.: [Tax Deduction & Collection Account No.]	SRTS00859F
PAN No.: [Permanent Account No.]	AADCS3531J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Textile, Yarns, Threads, Fibres
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 100104
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be under pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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.

INFORMATION PARTED BY

Name :	Mr. Sanjay Kumar
Designation :	Director
Contact No.:	91-261-2891592
Date :	24.05.2011

LOCATIONS

Registered Office/Factory :	Plot No. 88, G.I.D.C., Pandesarag G.I.D.C., Pandesar, Surat – 394221, Gujarat, India
Tel. No.:	91-261-2891592/28
E-Mail :	shreeranisati@drdcs.net
Area :	1000sq.fts
Location :	Owned

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Rajeshkumar Balkishan Poddar
Designation :	Director
Address :	401, Prasthan Apartment, Somnath Mahadev Road, Parle Point, Surat
Date of Birth/Age :
Date of Appointment :	18.09.1993
Name :	Mr. Sanjaykumar Balkishan Poddar
Designation :	Director
Address :	401, Prasthan Apartment, Somnath Mahadev Road, Parle Point, Surat
Date of Birth/Age :
Date of Appointment :	20.05.1997
Name :	Mr. Sanjaykumar Sohanlalji Modi
Designation :	Director
Address :	B-15, Sadar Building, Arihant Awas, Begumpura, Surat
Date of Birth/Age :
Date of Appointment :	17.06.2004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Balkishan Tormal Poddar	80100
Sanjay Kishan Poddar	45100
Premlata Poddar	2000
Sunita Rajesh Poddar	7500
Rajesh Balkishan Poddar	335000
Balkishan Poddar HUF	166300
Priti Poddar	4500
Kajolmal Nagalla	1000
Surendrakumar Nagalla	20000
Shashikant Nagalla	10
Sanjay Poddar HUF	175090
Surendrakumar Nagalla HUF	10
Rajesh Poddar HUF	151490
Poddar Fibrics Private Limited, Surat	60000
Apurva Poddar	310000
Komal Poddar	150000
Saloni Poddar	120000
Ekta Poddar	255000
Ria Shashikat Nagalla	100000
Chanda Nagalla	7800
Shree Sati Tex Prints Private Limited, Surat	100
Total	1991000

AS ON 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		3.00
Directors or relatives of directors		72.00
Other top fifty shareholders		25.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Textile, Yarns, Threads, Fibres
Terms :
Selling :	Cash, Credit (30 days, 60 days, 90 days)
Purchasing :	Cash, Credit (30 days, 60 days, 90 days)

GENERAL INFORMATION

Customers :

· End Users

· OEM’s

No. of Employees :

20 (Approximately)

Bankers :

Bank Of Baroda, Pandesara I. E. Branch, Pandesara,, Surat - 394221, Gujarat, India

Facilities :

SECURED LOANS	31.03.2010 RS. IN MILLIONS	31.03.2009 RS. IN MILLIONS
Term Loan From Bank of Baroda (Secured against hypothecation of Plant and Machinery)	3.636	5.414
TOTAL	3.636	5.414
UNSECURED LOANS	31.03.2010 RS. IN MILLIONS	31.03.2009 RS. IN MILLIONS
Deposit From Shareholders	49.248	25.613
TOTAL	49.248	25.613

Banking Relations :	--
Auditors :
Name :	Goyal Vinod and Company Chartered Accountant
Address :	5009, Jash Textile Market, Ring Road, Surat – 395002, Gujarat, India
Tel. No.:	91-261-2321366
Mobile No.:	91-261-2369023
Associates/Subsidiaries :	NA

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10 each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1991000	Equity Shares	Rs. 10 each	Rs.19.910 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2011
Sales Turnover (Approximately)	100.000

Expected Sales (2011-2012) : Rs.120.000 millions

The above information has been parted by Mr. Sanjay Kumar (Director)

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		19.910	19.910	19.910
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.116	9.567	13.884
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		25.026	29.477	33.794
LOAN FUNDS
1] Secured Loans		3.636	5.414	7.478
2] Unsecured Loans		49.248	25.613	28.398
TOTAL BORROWING		52.884	31.027	35.876
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		77.910	60.504	69.670
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.015	17.332	20.008
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		6.067	6.068	6.068
DEFERREX TAX ASSETS		0.000	0.000	(0.088)
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	23.227	7.964	13.305
	Sundry Debtors	19.665	17.229	17.468
	Cash & Bank Balances	3.701	3.100	3.137
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	22.472	20.449	17.940
Total Current Assets		69.065	48.742	51.850
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.387	9.161	5.516
	Other Current Liabilities	0.224	0.309	0.655
	Provisions	2.626	2.654	1.997
Total Current Liabilities		13.237	12.124	8.168
Net Current Assets		55.828	36.618	43.682
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		77.910	60.504	69.670

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	96.869	94.835	70.991
		Other Income	1.348	1.009	2.440
		TOTAL (A)	98.217	95.844	73.431
Less	EXPENSES
		Raw Materials	24.520	23.325	17.743
		Manufacturing Expenses	62.826	61.429	45.886
		Increase/(Decrease) in Finished Goods	(0.605)	0.210	(0.030)
		Administrative Expenses	8.970	8.779	6.698
		Selling and Distribution Expenses	0.071	0.093	0.143
		TOTAL (B)	95.782	93.836	70.440
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.435	2.008	2.991
Less	FINANCIAL EXPENSES (D)		2.367	1.933	1.288
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.068	0.075	1.703
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.031	4.927	2.025
	PROFIT BEFORE TAX (E-F) (G)		(3.963)	(4.852)	(0.322)
Less	TAX (H)		0.000	(0.535)	0.508
	PROFIT AFTER TAX (G-H) (I)		(3.963)	(4.317)	(0.830)
	Provision Years Adjustment		0.000	0.000	0.000
	Excess Provision for deferred tax		(0.487)	0.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9.567	13.884	14.715
	BALANCE CARRIED TO THE B/S		5.116	9.567	13.884

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(4.03)	(5.12)	(1.13)
Net Profit Margin (PBT/Sales)	(%)	(4.09)	(4.50)	(0.45)
Return on Total Assets (PBT/Total Assets}	(%)	(4.66)	(7.34)	(0.45)
Return on Investment (ROI) (PBT/Networth)		(0.04)	(0.05)	(0.01)
Debt Equity Ratio (Total Liability/Networth)		2.64	1.46	1.30
Current Ratio (Current Asset/Current Liability)		5.22	4.02	6.35

LOCAL AGENCY FURTHER INFORMATION

Particulars	Rs. In millions 31.03.2010	Rs. In millions 31.03.2010	Rs. In millions 31.03.2010
Sundry Creditors	10.387	9.161	5.516

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Vehicles

· Furniture and Fixtures

· Office Equipments

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U17110GJ1993PTC020028
Name of the company	SHREE RANISATI PROCESSORS PVT LTD
Address of the registered office or of the principal place of business in India of the company	Surat, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	BANK OF BARODA
Nature of description of the instrument creating or modifying the charge	Memorandum of Entry
Date of instrument Creating the charge	05/05/2007
Amount secured by the charge	Rs.9.100 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Collateral Securities Hence Not Applicable Terms of Repayment Collateral Securities Hence Not Applicable Margin Collateral Securities Hence Not Applicable Extent and Operation of the charge Equitable Mortgage Created to Secure Financial Assistance Given By the Bank to the Company.
Short particulars of the property charged	All that piece and parcel of Non-Agricultural Land Bearing Survey No.41 and 48/1 Situated within the Village Limits of Pandesara, Taluka: Choryasi, District: Surat and Registration Sub-District Surat in the State of Gujarat containing by admeasurement 4185.00 Square Meters. Together with all Buildings and Structures Standing thereon or to be erected hereafter and the Plant and Machinery attached to the earth, Both Present and Future.

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.45.25
UK Pound	1	Rs.72.82
Euro	1	Rs.63.58

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
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	2
--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
TOTAL		29

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.