MIRA INFORM REPORT

Report Date :

08.10.2011

IDENTIFICATION DETAILS

Name :	SPRAYKING AGRO EQUIPMENT PRIVATE LIMITED
Registered Office :	Plot No. 590, GIDC Phase II, Dared, Jamnagar 361005, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.02.2005
Com. Reg. No.:	045508
Capital Investment / Paid-up Capital :	Rs.1.000 million
CIN No.: [Company Identification No.]	U29219GJ2005PTC045508
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Sprayer Parts which are use in Agriculture and Horticulture
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 12096
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. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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.

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/Factory :	Plot No. 590, GIDC Phase II, Dared, Jamnagar 361005, Gujarat, India
Tel. No.:	91-288-2730750 / 2560667
Fax No.:	91-288-2730225
E-Mail :	suresh_ghetia@rediffmail.com

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Premajibhai Patel
Designation :	Chairman
Date of Birth/Age :	27.10.1955
Date of Appointment :	17.02.2005
DIN No.:	00414469

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29219GJ2005PTC045508	Sprayking Agro Equipment Private Limited	Director	17/02/2005	17/02/2005	-	Active	NO

Name :	Mr. Hitesh Patel
Designation :	Director
Date of Birth/Age :	13.10.1979
Date of Appointment :	17.02.2005
DIN No.:	00414604

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29219GJ2005PTC045508	Sprayking Agro Equipment Private Limited	Director	17/02/2005	17/02/2005	-	Active	NO

Name :	Mr. Jignesh Patel
Designation :	Director
Date of Birth/Age :	27.05.1978
Date of Appointment :	15.06.2010
DIN No.:	03121010

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29219GJ2005PTC045508	Sprayking Agro Equipment Private Limited	Director	15/06/2010	15/06/2010	-	Active	NO

Name :	Mr. Pragjibhai M D Patel
Designation :	Director
Date of Birth/Age :	17.09.1955
Date of Appointment :	17.02.2005
DIN No.:	00414510

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29219GJ2005PTC045508	Sprayking Agro Equipment Private Limited	Director	17/02/2005	17/02/2005	-	Active	NO

Name :	Mrs. Jasmin P M Patel
Designation :	Director
Date of Birth/Age :	19.08.1986
Date of Appointment :	17.02.2005
DIN No.:	00414496

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29219GJ2005PTC045508	Sprayking Agro Equipment Private Limited	Director	17/02/2005	17/02/2005	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Mr. Premajibhai Patel	7500
Mr. Hitesh Patel	6000
Mr. Jignesh Patel	5000
Mr. Pragjibhai M D Patel	7500
Mrs. Jasmin P M Patel	6000
Mrs. LAxmiben Patel	6000
Mrs. Parvatiben Patel	6000
Mr. Nathalal Patel	6000
Mr. Rameshbhai Patel	6000
Mrs. Rekhaben Patel	5000
Mrs. Kalpanaben Patel	6000
Mrs. Ronakben Patel	6000
Mrs. Dudhiben Patel	6000
Mrs. Vandanaben Patel	4000
Mr. Jatin Patel	4000
Mrs. Nitalben Patel	5000
Mrs. Bhavikaben PAtel	6000
Mr. Kaushik Patel	2000
Total	100000

AS ON 30.09.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Sprayer Parts which are use in Agriculture and Horticulture

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Small Industries Development Bank of India, 1-2-3, Shreeji, Near St. Ann’s School, Street No. 4, Patel Colony, Jamnagar 361008, Gujarat, India

· The Nawanagar Co Operative Bank Limited, Shankar Tekri Branch, Udyognagar, Ahmedabad 365001, Gujarat, India

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2010	31.03.2009
The Nawanagar Co Operative Bank	1.006	1.264
Total	1.006	1.264
UNSECURED LOAN
P M Patel	0.350	0.000
Total	0.350	0.000

Banking Relations :	--
Auditors :
Name :	Suresh Patel and Company Chartered Accountant
Address :	Town Hall Shopping Centre, 2^nd Floor, Opposite Town Hall, Jamnagar 361005, Gujarat, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10 each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10 each	Rs.1.000 million

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		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.024	1.396	0.946
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.024	2.396	1.946
LOAN FUNDS
1] Secured Loans		1.006	1.264	2.131
2] Unsecured Loans		0.350	0.000	0.000
TOTAL BORROWING		1.356	1.264	2.131
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4.380	3.660	4.077
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.106	6.787	6.156
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.299	0.839	0.839
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.087	5.690	12.505
	Sundry Debtors	5.676	4.293	11.111
	Cash & Bank Balances	0.194	0.703	0.023
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.732	1.107	3.337
Total Current Assets		12.689	11.793	26.976
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	17.612	15.673	29.914
	Provisions	0.119	0.104	0.001
Total Current Liabilities		17.731	15.777	29.915
Net Current Assets		(5.042)	(3.984)	(2.939)
MISCELLANEOUS EXPENSES		0.017	0.018	0.021
TOTAL		4.380	3.660	4.077

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	85.683	81.365	105.136
		Other Income	0.000	0.000	0.000
		TOTAL (A)	85.683	81.365	105.136
Less	EXPENSES
		Office Expenses
		Administrative Expenses	83.436	80.190	104.000
		Advertising Expenses
		TOTAL (B)	83.436	80.190	104.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.247	1.175	1.136
Less	FINANCIAL EXPENSES (D)		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.247	1.175	1.136
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.905	0.726	0.688
	PROFIT BEFORE TAX (E-F) (G)		1.342	0.449	0.448
Less	TAX (H)		0.714	--	--
	PROFIT AFTER TAX (G-H) (I)		0.628	--	--
	Earnings Per Share (Rs.)		6.28	3.08

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.73	NA	NA
Net Profit Margin (PBT/Sales)	(%)	1.56	0.55	0.42
Return on Total Assets (PBT/Total Assets}	(%)	6.15	2.41	1.35
Return on Investment (ROI) (PBT/Networth)		0.44	0.18	0.23
Debt Equity Ratio (Total Liability/Networth)		6.31	7.11	16.46
Current Ratio (Current Asset/Current Liability)		0.71	0.74	0.90

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS:

· Factory Shed

· Machinery

· CCTV and Intercom Office

· Invertor Office

· LCD TV Office

· Tol Map

· Motor Car

· Electric Fittings

· Furniture

· Power Bike

· Computer

FORM 8

Corporate identity number of the company	U29219GJ2005PTC045508
Name of the company	SPRAYKING AGRO EQUIPMENT PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 590, GIDC Phase II, Dared, Jamnagar 361005, Gujarat, India
This form is for	Creation of charge
Type of charge	Immovable property Movable property (not being pledge)
Particular of charge holder	Small Industries Development Bank of India, 1-2-3, Shreeji, Near St. Ann’s School, Street No. 4, Patel Colony, Jamnagar 361008, Gujarat, India Email: jnbo_sidbi@sidbi.in
Nature of instrument creating charge	i) On 30/06/2011, deed of hypothecation has been executed for creation of first charge by way of hypothecation of movable assets of the company. ii) Memorandum of deposit of title documents dated June 30, 2011 for creation of charge on the company's immovable properties situated at Plot No. 590/1, GIDC, phase-II, Dared, Jamnagar admeasuring 2527.80 sqmtrs.
Date of instrument Creating the charge	30.06.2011
Amount secured by the charge	Rs. 14.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 10.75 % : TL of Rs. 4.150 millions, 11.75 % : TL of Rs. 10.350 millions Terms of repayment 54 Monthly installments after a moratorium of 6 months. Margin Rs. 6.020 millions Extent and operation of the charge First charge by the way of equitable mortgage of leasehold rights of immovable properties situated at Plot No. 590/1, GIDC, phase-II, Dared, Jamnagar admeasuring 2527.80 sqmtrs. and Hypothecation of company's movables including plant, equipment, machinery, machinery spares, tools, accessories and all other assets which have been acquired or proposed to be acquired under the project/scheme.
Short particulars of the property charged (Including location of the property)	Hypo of company’s all movables including plant, equipment, machinery, machinery spares, tools, accessories and all other assets acquired to be acquired under the project/ scheme. Equitable mortgage of leasehold right of company immovable properties situated at Plot No.- 590/1, GIDC, Phase-II, Dared, Jamnagar admeasuring 2527.80 Sqmtrs.

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.49.14
UK Pound	1	Rs.75.97
Euro	1	Rs.65.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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		32

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.