MIRA INFORM REPORT

Report Date :

10.11.2011

IDENTIFICATION DETAILS

Name :	SITSON INDIA PRIVATE LIMITED
Registered Office :	W-76, MIDC, Phase II, Dombivali (East), District Thane – 421 204, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.03.1999
Com. Reg. No.:	11-119203
Capital Investment / Paid-up Capital :	Rs.48.000 millions
CIN No.: [Company Identification No.]	U28131MH1999PTC119203
TAN No.: [Tax Deduction & Collection Account No.]	PNES11760A
PAN No.: [Permanent Account No.]	AADCS9489D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Industrial Boilers.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1500000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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

Name :	Mr. Ramarao Sonu Nandris
Designation :	Director
Contact No.:	91-9594972701
Date :	09.11.2011

LOCATIONS

Registered Office :	W-76, MIDC, Phase II, Dombivali (East), District Thane – 421 204, Maharashtra, India
Tel. No.:	91-251-2871283 / 2871394 / 2871282
Mobile No.:	91-9594972701 (Mr. Ramarao Sonu Nandris)
Fax No.:	91-251-2871653 / 2870878
E-Mail :	sitsonindia@yahoo.com
Website :	http://www.sitsonindia.com
Location :	Owned
Factory :	C 33, MIDC, Phase 1, Dombivli East, Dist Thane, Thane – 421 203, Maharashtra, India
Branch Office :	1- Sankalp Complex, 50 – Wellesly Road, Shivaji Nagar, Pune – 411 005, Maharashtra, India
Tel. No.:	91-20-25542065 / 64016387
E-Mail :	sitsonpu@sitsonindia.com

DIRECTORS

AS ON 30.09.2009

Name :

Mr. Ramarao Sonu Nandris

Designation :

Director

Address :

1 /12, Dombivali Peoples CHS Limited, Vishnu Nagar, Dombivali (East), Mumbai – 421 202, Maharashtra, India

Date of Birth/Age :

25.11.1948

Date of Appointment :

31.03.1999

DIN No.:

00159004

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24110MH1988PTC049144	Dhanwantary Laboratories Private Limited	Director	05-01-94	05-01-94	Active	NO
2	U90001MH1995PTC090501	Sitson Process Control Systems Private Limited	Director	12-07-95	12-07-95	Active	NO
3	U28131MH1999PTC119203	Sitson India Private Limited	Director	31-03-99	31-03-99	Active	YES
4	U15420MH1999PLC119202	Sitaram Sugars And Allied Industries Limited	Director	31-03-99	31-03-99	Active	NO
5	U99999MH1991PTC060452	Saikripa Paper And Board Mills Private Limited	Director	29-08-01	29-08-01	Active	YES
6	U65990MH2006PTC160655	Pramila Finance And Investments Private Limited	Director	23-03-06	23-03-06	Active	NO

Name :

Mr. Dilip Sitaram Bhamre

Designation :

Director

Address :

7, Moreshwar Apartment, Dr. R P Road, Raghuvir Road, Dombivali (East), Mumbai – 421 201, Mahrashtra, India

Date of Birth/Age :

15.04.1951

Date of Appointment :

31.03.1999

DIN No.:

00144203

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24110MH1988PTC049144	Dhanwantary Laboratories Private Limited	Director	05-01-94	05-01-94	Active	NO
2	U90001MH1995PTC090501	Sitson Process Control Systems Private Limited	Director	12-07-95	12-07-95	Active	NO
3	U28131MH1999PTC119203	Sitson India Private Limited	Director	31-03-99	31-03-99	Active	YES
4	U15420MH1999PLC119202	Sitaram Sugars And Allied Industries Limited	Director	31-03-99	31-03-99	Active	NO
5	U99999MH1991PTC060452	Saikripa Paper And Board Mills Private Limited	Director	29-08-01	29-08-01	Active	YES
6	U65990MH2006PTC160655	Pramila Finance And Investments Private Limited	Director	23-03-06	23-03-06	Active	NO
7	U31101MH2001PLC133127	Chintamani Agrotech (India) Limited	Director	19-07-10	19-07-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2009

Names of Shareholders	No. of Shares
Ramarao Sonu Nandris	102910
Dilip Sitaram Bhamre	102910
TOTAL	205820

AS ON 30.09.2009

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Industrial Boilers.
Products :	· Boilers · Soot Blowers
Exports :
Products :	Industrial Boilers
Countries :	· African Countries · Kenya · West Kenya
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Suppliers :	Rajesh Steel
Customers :	Century Rayon Shahad
No. of Employees :	200 (Approximately)
Bankers :	· Canara Bank, 88/C, Patkar Building, Narayan Patkar Road, Near Railway Station, Dombivali (East), Mumbai – 421 201, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	M S Wani and Company Chartered Accountants
Address :	Flat No.4, OM Neelkanth Ashish CHS, Tata Power lane, Off Shiv Mandir Road, Dombivali (East), Thane – 421 201, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.48.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		48.000	41.164	20.582
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		315.240	258.063	244.748
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		363.240	299.227	265.330
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		108.122	22.122	22.122
TOTAL BORROWING		108.122	22.122	22.122
DEFERRED TAX LIABILITIES		0.000	0.573	0.671
TOTAL		471.362	321.922	288.123
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		130.019	59.776	58.120
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		138.940	152.212	152.012
DEFERRED TAX ASSETS		0.143	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	238.375	82.088	120.528
	Sundry Debtors	213.003	167.410	142.718
	Cash & Bank Balances	246.461	275.186	297.692
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	182.528	118.803	106.249
Total Current Assets		880.367	643.487	667.187
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	654.107	496.207	256.987
	Other Current Liabilities			308.584
	Provisions	24.000	37.351	23.645
Total Current Liabilities		678.107	533.558	589.216
Net Current Assets		202.260	109.929	77.971
MISCELLANEOUS EXPENSES		0.000	0.005	0.020
TOTAL		471.362	321.922	288.123

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	657.391	1353.699	745.979
		Miscellaneous Income	44.950	26.567	21.354
		Total	702.341	1380.266	767.333
		Short Term Capital Gain/Loss on sale of shares	1.663	(6.553)	0.000
		Long Term Capital Gain/Loss on sale of shares	(0.564)	12.004	(1.510)
		TOTAL	703.440	1385.717	765.823
Less	EXPENSES
		Stock (Increase) / Decrease	(156.288)	38.440	(59.536)
		Material Purchase	624.331	1028.261	665.165
		Staff Expenses	69.690	102.893	29.804
		Manufacturing, Selling and Administrative Expenses	91.974	98.126	58.167
		Other Expenses	0.005	0.015	0.015
		TOTAL	629.712	1267.735	693.615
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION		73.728	117.982	72.208
Less/ Add	DEPRECIATION/ AMORTISATION		6.867	5.563	4.044
	PROFIT/LOSS BEFORE TAX		66.861	112.419	68.164
Less	TAX		23.284	37.253	23.821
	PROFIT/LOSS AFTER TAX		43.577	75.166	44.343
Less	APPROPRIATIONS
		Interim Dividend Paid	0.000	2.058	0.000
		Proposed Dividend	12.000	20.582	0.000
		Provision for Doubtful Debts b/f	(39.553)	(20.924)	0.000
		Provision for Bad Debts	13.953	39.553	20.924
		Transfer to General Reserve	10.000	10.000	10.000
	BALANCE CARRIED TO THE B/S		47.177	23.897	13.419
	Earnings Per Share (Rs.)		--	--	215.45

Expected Sales (2011-2012) : Rs.1500.000 millions

The above information has been parted by Mr. Ramarao Sonu Nandris

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.19	5.42	5.79
Net Profit Margin (PBT/Sales)	(%)	10.17	8.30	9.14
Return on Total Assets (PBT/Total Assets}	(%)	6.62	15.99	9.40
Return on Investment (ROI) (PBT/Networth)		0.18	0.38	0.26
Debt Equity Ratio (Total Liability/Networth)		2.16	2.42	2.30
Current Ratio (Current Asset/Current Liability)		1.30	1.21	1.13

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Sundry Creditors for Expenses	Not Available	Not Available	3.341
Sundry Creditors for Goods and Services			253.646
Total			256.987

Sr. No.	Check List by Info Agents
1.	Year of Establishment	YES
2.	Locality of the firm	YES
3.	Constitutions of the firm	YES
4.	Premises details	YES
5.	Type of Business	YES
6.	Line of Business	YES
7.	Promoter’s background	--
8.	No. of employees	YES
9.	Name of person contacted	YES
10.	Designation of contact person	YES
11.	Turnover of firm for last two years	YES
12.	Profitability for last three years	--
13.	Reasons for variations <> 20%	YES
14.	Estimation for coming financial year	YES
15.	Capital in the business	YES
16.	Details of sister concerns	--
17.	Major Suppliers	YES
18.	Major Customers	YES
19.	Payment terms	YES
20.	Export / Import details (is applicable)	YES
21.	Market information	--
22.	Litigation that the firm / promoter involved in	--
23.	Banking Details	YES
24.	Banking facility details	--
25.	Conduct of the banking account	--
26.	Buyer visit details	--
27.	Financials, if provided	YES
28.	Incorporation details, if applicable	--
29.	Last accounts filed at ROC	--
30.	Major Shareholders, is available	--

FORM 8

Name of the company	SITSON INDIA PRIVATE LIMITED
Presented By	Canara Bank, Dombivali (East), Mumbai – 421201, Maharashtra, India
1) Date and description of instrument creating the change	Hypothecation Agreement Dated 12.04.2004
2) Amount secured by the charge/amount owing on the securities of charge	Rs.26.500 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	The Borrower hereby hypothecates and charges in favour of the Bank by way of first charge the following properties: All Stocks of Goods such as Raw Materials., Goods in Process, Finished and Manufactured Goods and other items of stocks in trade and stores, spares, components, machinery and all other moveable goods and properties of every description of the Borrower wherever situated whether at Borrower’s Factories, places of Business Residence (If Applicable), godowns or in transit or in custody of processor, warehouse agents or others or wherever else the same may be situated, lying or being including any such raw material articles or Goods, stores, spares, components, stock in trade and all description of moveable property in the course of Delivery to the Borrower and All of the Borrowers present and future book debts, outstanding moneys, bills receivable, claims, bills, contracts, securities, investment, assets and rights relating to or in moveable properties of whatsoever is entitled to during the continuance of this agreement (All of which are herein after collectively referred to as the said hypothecated articles)
4) Gist of the terms and conditions and extent and operation of the charge.	Rate of Interest as per Bank Rules
5) Name and Address and description of the person entitled to the charge.	Canara Bank, Dombivali (East), Mumbai – 421201, Maharashtra, India
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

This form is for	Modification of charge
Charge identification number of the modified	90361325
Corporate identity number of the company	U28131MH1999PTC119203
Name of the company	SITSON INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	W – 76, MIDC, Phase II, Dombivali (East), Dist. Thane, Pune - 411005, Maharashtra, India
Type of charge	Book Debts Any Interest In Immovable Property
Particular of charge holder	Canara Bank, 88/C, Patkar Building, Narayan Patkar Road, Near Railway Station, Dombivali (E), Mumbai – 421201, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Supplemental Common Hypothecation Agreement Dated 24th December, 2008.
Date of instrument Creating the charge	24.12.2008
Amount secured by the charge	Rs.73.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Terms of Repayment Period : Not to exceed 2 years excluding claim period..(2) Personal Guarantee of existing two directors of the company Margin (1) Margin : 25%.
Short particulars of the property charged	1) EMT of Plot C-33, Phase I, MIDC, Dombivli admeasuring 4618 Sqm.with built up area 2300 Sqm. with Cost of Land is Rs. 46.181 Millions. at market price and Building at Rs. 17.250 Millions.(2) Pledge of Term Deposits having face value of Rs. 2.500 millions with Canara Bank, Dombivli East. (3) Lien on Shares/MF Investment to the extent of Rs. 110.0000 millions as per Audited Balance Sheet 2008.
Particulars of the present modification	Original Charge was created vide Hypothecation agreement dated 12/04/2004 for Rs. 26.500 millions).By present modification, the Limit raised from Rs. 26.500 millions to Rs. 100.000 millions. Loan availed vide this agreement to the extent of Rs. 73.500 millions.

TRADE REFERENCES

· Century Rayon Shahad

· Rajesh Steel

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.49.78
UK Pound	1	Rs.80.10
Euro	1	Rs.68.82

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.