MIRA INFORM REPORT

Report Date :

11.10.2011

IDENTIFICATION DETAILS

Name :	SRI SALASAR BALAJI AGRO TECH PRIVATE LIMITED

Registered Office :	D N 4-3 18/56, 1^st Floor, Ambedkar Chowk, Adilabad – 504 001, Andhra Pradesh

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	14.08.2003

Com. Reg. No.:	41519

Capital Investment / Paid-up Capital :	Rs.40.000 Millions

CIN No.: [Company Identification No.]	U15143AP2003PTC04159

IEC No.:	0904001059

PAN No.: [Permanent Account No.]	AAHCS48769

Legal Form :	Private Limited Liability Company.

Line of Business :	Processing and Exporting of Raw Cotton Bales

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 192436

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 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

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

INFORMATION PARTED BY

Name :	Mr. Deepak Birolia
Designation :	Director
Contact No.:	91-9848331050

LOCATIONS

Registered Office :	D N 4-3 18/56, 1^st Floor, Ambedkar Chowk, Adilabad – 504 001, Andhra Pradesh, India
Tel. No.:	91-22-873-2226632 / 226692
Fax No.:	91-22-8732226132
E-Mail :	asawavickey@gmail.com
Website :	www.salasarcot.com www.salasarcot.trustpass.alibaba.com
Area :	They have 3 Floors each 2000 Sq. Feet
Location :	Owned

Factory :	Processing Unit : C/O : Sriram Ginning Factory, Mantha Road, Jalna
Tel No. :	91-248-2230632
Area :	9 Acres
Location :	Owned

Branch :	Coimbatore, Bigwell Complex, R S Puram

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Mahesh Kumar Khetan
Designation :	Director
Address :	D N 67-72 /1/A, Bhokjapur, Adilabad – 504 001, Andhra Pradesh, India
Qualification :	Graduate
Date of Appointment :	14.08.2003

Other Directorship:

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	U18100AP2000PTC035266	VINAYAKA SPINTEX PRIVATE LIMITED	Director	14/09/2000	14/09/2000	-	Active	YES
2	U17111AP2001PTC037019	SREE ASTALAXMI SPINNING MILLS PRIVATE LIMITED	Director	13/07/2001	13/07/2001	-	Active	NO
3	U15143AP2003PTC041519	SRI SALASAR BALAJI AGRO TECH PRIVATE LIMITED	Director	14/08/2003	14/08/2003	-	Active	NO
4	U18101AP2004PTC043991	SALASARBALAJI GARMENTS PRIVATE LIMITED	Managing director	25/08/2004	25/08/2004	-	Active	YES
5	U01119AP2006PTC051272	K.K.PROTIENS PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
6	U27101AP2007PTC054296	SRI SALASAR BALAJI METALS PRIVATE LIMITED	Director	05/06/2007	05/06/2007	-	Active	NO
7	U13100AP2007PTC054410	SALASAR BALAJI MINES PRIVATE LIMITED	Director	12/06/2007	12/06/2007	-	Active	NO
8	U74900AP2007PTC054437	SRI RAMA BUSINESS ENTERPRISES PRIVATE LIMITED	Director	14/06/2007	14/06/2007	-	Active	NO
9	U45400AP2007PTC054561	SALASAR BALAJI ESTATES(INDIA) PRIVATE LIMITED	Director	21/06/2007	21/06/2007	-	Active	NO
10	U40103AP2010PTC068430	SREE ASTALAXMI POWER COMPANY PRIVATE LIMITED	Director	14/05/2010	14/05/2010	-	Active	NO
11	U45200AP2010PTC068102	PHOENIX TECHNO CITY PRIVATE LIMITED	Additional director	28/06/2010	28/06/2010	17/03/2011	Active	NO
12	U74900AP2011PTC072743	YELLOW RENEWABLE ENERGY PRIVATE LIMITED	Director	19/02/2011	19/02/2011	-	Active	NO
13	U01403AP2011PTC073655	SWIFT AGRI TECH PRIVATE LIMITED	Director	01/04/2011	01/04/2011	-	Active	NO

Name :	Mr. Dhiraj Kumar Khetan
Designation :	Director
Address :	D N 67-72 /1/A, Bhokjapur, Adilabad – 504 001, Andhra Pradesh, India
Qualification :	Post Graduate
Date of Appointment :	14.08.2003

Other Directorship:

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	U18100AP2000PTC035266	VINAYAKA SPINTEX PRIVATE LIMITED	Director	14/09/2000	14/09/2000	-	Active	YES
2	U15143AP2003PTC041519	SRI SALASAR BALAJI AGRO TECH PRIVATE LIMITED	Director	14/08/2003	14/08/2003	-	Active	NO
3	U18101AP2004PTC043991	SALASARBALAJI GARMENTS PRIVATE LIMITED	Director	25/08/2004	25/08/2004	-	Active	YES
4	U01119AP2006PTC051272	K.K.PROTIENS PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
5	U13100AP2007PTC054410	SALASAR BALAJI MINES PRIVATE LIMITED	Director	12/06/2007	12/06/2007	-	Active	NO
6	U74900AP2007PTC054437	SRI RAMA BUSINESS ENTERPRISES PRIVATE LIMITED	Director	14/06/2007	14/06/2007	-	Active	NO
7	U45400AP2007PTC054561	SALASAR BALAJI ESTATES(INDIA) PRIVATE LIMITED	Director	21/06/2007	21/06/2007	-	Active	NO

Name :	Mr. Vikrant Kumar Khetan
Designation :	Director
Address :	D N 67-72 /1/A, Bhokjapur, Adilabad – 504 001, Andhra Pradesh, India
Qualification :	Graduate
Date of Appointment :	14.08.2003

Other Directorship:

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	U18100AP2000PTC035266	VINAYAKA SPINTEX PRIVATE LIMITED	Director	14/09/2000	14/09/2000	-	Active	YES
2	U15143AP2003PTC041519	SRI SALASAR BALAJI AGRO TECH PRIVATE LIMITED	Director	14/08/2003	14/08/2003	-	Active	NO
3	U18101AP2004PTC043991	SALASARBALAJI GARMENTS PRIVATE LIMITED	Director	25/08/2004	25/08/2004	-	Active	YES
4	U13100AP2007PTC054410	SALASAR BALAJI MINES PRIVATE LIMITED	Director	12/06/2007	12/06/2007	-	Active	NO
5	U45400AP2007PTC054561	SALASAR BALAJI ESTATES(INDIA) PRIVATE LIMITED	Director	21/06/2007	21/06/2007	-	Active	NO
6	U40103AP2010PTC068430	SREE ASTALAXMI POWER COMPANY PRIVATE LIMITED	Director	14/05/2010	14/05/2010	-	Active	NO

Name :	Mrs. Manju Devi Khetan
Designation :	Director
Address :	D N 67-72 /1/A, Bhokjapur, Adilabad – 504 001, Andhra Pradesh, India
Qualification :	Graduate
Date of Appointment :	14.08.2003

Name :	Mrs. Vidya Devi Khetan
Designation :	Director
Address :	D N 67-72 /1/A, Bhokjapur, Adilabad – 504 001, Andhra Pradesh, India
Qualification :	SSC
Date of Appointment :	14.08.2003

Name :	Mr. Deepak Kumar Birolia
Designation :	Director
Address :	D N 67-72 /1/A, Bhokjapur, Adilabad – 504 001, Andhra Pradesh, India
Qualification :	Graduate
Date of Appointment :	14.08.2003

Name :	Mrs. Kirti Khetan
Designation :	Director
Address :	D N 67-72 /1/A, Bhokjapur, Adilabad – 504 001, Andhra Pradesh, India
Qualification :	Graduate
Date of Appointment :	14.08.2003

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders		No. of Shares
Mahesh Kumar Khetan		380000
Dhiraj Kumar Khetan		380000
Vikrant Kumar Khetan		380000
Manju Devi Khetan		800000
Vidya Devi Khetan		800000
Deepak Kumar Birolia		460000
Kirti Khetan		800000
Total		4000000

AS ON 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Processing and Exporting of Raw Cotton Bales

Exports :
Products :	Raw cotton
Countries :	China, Bangladesh Pakistan Indonesia

Terms :
Selling :	L/C, Cash / Credit ( 60 days)

Purchasing :	Cash / Advance

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

Approx 170 (50 in Office, 100 in Factory, 20 Clearing Staff)

Bankers :

· The Lakshmi Villas Bank Limited, D No 3-2-29/25, B, C and D, Ground Floor, Shree Dhanalakshmi Lodge Complex, N.H.7 Road, Adilabad - 504001, Andhra Pradesh, India

· State Bank of Hyderabad

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
CC Loans
From Banks
SBH Main Branch. Adilabad CC A/C	50.313	48.760
SBH Main Branch, Adilabad EPC A/C	48.875	50.336
SBH Main Branch, Adilabad Adhoc Limit A/C	30.296	0.000
Total	129.484	99.096

UNSECURED LOAN	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Bhawani Shankar Agarwal, Salasar Balaji Oil Industries, Adb. Salasar Balaji cotton company, Adb Shyam cotton trading company , Adb Preeti Agarwal, Armoor Dhiraj Kumar Khetan (HUF), Adilabad Theme Ambience Resorts Hotel, Hyderabad Krishna Welfare Trust, Adilabad Mahesh Kumar Khetan (HUF), Adilabad Kirthi khethan Adb Meena Agarwal, Armoor Naresh Kumar Agarwal Srteeya Welfare Trust, Adilabad Shrestha Welfare Trust, Adilabad Snehil Welfare Trust, Adilabad Sri Venkatesh Fibre Corporation, Adilabad. Rajkumari Agarwal, Armoor Ronak Welfare Trust Amit Cotton Private Limited,, Hyderabad Naveen Kumar Agarwal (HUF) Armoor Naresh Kumar Agarwal, Armoor(HUF) B ha wani S hankar Agarwal, (HUF) Sri Venkatesh Cotton Corporation, Adilabad. Vikrant Kumar Khetan (HUF), Adilabad Salasar Balaji Garments Private Limited, - Adilabad Rajat Cotton Sri Shivajothi Spinning Milts Private Limited Dindayai Purushottam Lal, Sirsa Sr Jagadamba Ginning and Pressing Private Limited, Adilabad	0.000 2.500 0.500 26.794 0.875 0.000 1.000 1.580 0.000 1.750 0.800 1.096 1.260 1.580 1.580 1.580 0.200 0.000 0.580 10.000 0.686 0.627 0.667 1.170 0.300 0.085 0.800 1.410 0.750 10.000	0.800 20.000 0.700 19.000 0.875 0.300 5.750 1.170 1.350 0.550 0.758 0.906 1.170 1.170 1.170 0.375 0.583 0.360 2.080 0.560 0.520 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.800 1.411 0.761
TOTAL	70.173	63.122


Banking Relations :	---

Auditors :
Name :	MKA Associates Chartered Accountants
Address :	Adilabad

Associates/Subsidiaries :	· Shree Astalaxmi Spg Mills Private Limited Address: Survey No. 38, light Industrial Area Line of Business: Manufacturing of Cotton Yarn · Salasar Balaji Industries Address: Beta Village, Adilabad – 504 001 Line of Business Ginning Pressing and Oil Mills Tel No: 91-22-232220 KK Protein Private Limited Address : Ponnari Road, Adilabad Line of Business : Extraction of Soya Protein

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity shares	Rs. 10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4000000	Equity shares	Rs. 10/- each	Rs.40.000 Millions
	Share Application		Rs.1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		41.000	10.000	8.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7.109	31.955	21.702
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		48.109	41.955	30.202
LOAN FUNDS
1] Secured Loans		129.485	99.096	112.509
2] Unsecured Loans		70.173	63.122	59.294
TOTAL BORROWING		199.658	162.218	171.803
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		247.767	204.173	202.005

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		2.107	0.628	0.666
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	228.618	46.014	189.821
	Sundry Debtors	221.830	202.622	120.024
	Cash & Bank Balances	3.612	2.195	3.160
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	16.453	7.201	12.676
Total Current Assets		470.513	258.032	325.680
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	221.026	53.396	122.390
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	4.316	1.543	2.027
Total Current Liabilities		225.342	54.939	124.417
Net Current Assets		245.171	203.093	201.263

MISCELLANEOUS EXPENSES		0.489	0.452	0.076

TOTAL		247.767	204.173	202.005

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2009
	SALES
		TOTAL	6948.632	1481.489	1605.286

Less	EXPENSES
		TOTAL	NA	NA	NA

	PROFIT BEFORE TAX		7.554	4.135	2.781

Less	TAX		2.400	1.384	1.065

	PROFIT AFTER TAX		5.154	2.751	1.716

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2009
PAT / Total Income	(%)	0.07	0.19	0.11

Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA

Return on Total Assets (PBT/Total Assets}	(%)	1.60	1.60	1.38

Return on Investment (ROI) (PBT/Networth)		0.16	0.10	0.09

Debt Equity Ratio (Total Liability/Networth)		8.83	5.18	4.12

Current Ratio (Current Asset/Current Liability)		2.09	4.70	2.62

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company	U15143AP2003PTC041519
Name of the company	SRI SALASAR BALAJI AGRO TECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D N 4-3 18/56, 1^st Floor, Ambedkar Chowk, Adilabad – 504 001, Andhra Pradesh, India
This form is for	Creation of charge
Type of charge	Others
Particular of charge holder	The Lakshmi Villas Bank Limited
Nature of instrument creating charge	Letter of Continuity Agreement For FDBP/FUBD Corporate Guarantee
Date of instrument Creating the charge	11/02/2011
Amount secured by the charge	Rs.74.632 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 10.50% p.a. Terms of Repayment On Demand Extent and Operation of the charge The charge operates for duly repayment of loan amount together interest in time.

FIXED ASSETS:

Computers
Air Conditioner
Car
Scooter Motor Cycle
Mobile

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.49.07
UK Pound	1	Rs.76.65
Euro	1	Rs.66.16

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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.

MIRA INFORM REPORT

228.618

189.821

221.830

120.024

3.612

3.160

0.000

0.000

16.453

12.676

470.513

221.026

122.390

0.000

0.000

4.316

2.027

225.342

124.417

245.171

201.263

0.07

0.11

NA

NA

1.60

1.38

0.16

0.09

8.83

4.12

2.09

2.62

Unit