MIRA INFORM REPORT

Report Date :

12.09.2011

IDENTIFICATION DETAILS

Name :	SANTOSH STARCH PRODUCTS LIMITED

Registered Office :	55/78, NIDC Estate, Lambha Road, Narol, Ahmedabad – 382405, Gujarat

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	15.04.1983

Com. Reg. No.:	04-006099

Capital Investment / Paid-up Capital :	Rs.8.800 Millions

CIN No.: [Company Identification No.]	U24299GJ1983PLC006099

TAN No.: [Tax Deduction & Collection Account No.]	AHMS01521C

PAN No.: [Permanent Account No.]	AADCS0483R

Legal Form :	A Closely held Public Limited Liability Company.

Line of Business :	Manufacturing and Trading of Maize Starch Powder, Glucose Liquid.

No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 106628

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 DENIED BY

Name :	Mr. Shrikant Chaudhary
Designation :	Director
Contact No.:	91-9909070000
Date :	05.08.2011

LOCATIONS

Registered Office / Factory 1 :	55/78, NIDC Estate, Lambha Road, Narol, Ahmedabad – 382405, Gujarat, India
Tel. No.:	91-79-25710072
E-Mail :	info@santoshstarch.com / admin@santoshmaize.com
Website :	http://www.santoshstarch.com

Corporate Office :	201, Karma Complex, Near Mahalaxmi Cross Road, Paldi, Ahmedabad-380007, Gujarat, India
Tel. No.:	91-79-26651819 / 20 / 21
Fax No.:	91-79-26651822
E-Mail :	info@santoshstarch.com

Branch 1 :	Mumbai Office : 76/37, 10th Floor, Navjivan Society, Lamington Road, Mumbai 400008, India.
Tel fax No.:	91-22-23083283
E-Mail :	info@santoshstarch.com

Branch 2 :	Salem Office Santosh Complex, 21, Ayyaswamy Chetty Road, Shevapet, Salem-636002, Tamilnadu, India.
Tel. No.:	91-427-2213801 / 02
Fax No.:	91-427-2213804
E-Mail :	smil@santoshstarch.com

Overseas Office :	Santosh Europe Carlsmindevej 8, Denmark-2840, Holte
Tel. No.:	91-45-70-277 899
Fax No.:	91-45-4580 5308
E-Mail :	info@santoshstarch.com

DIRECTORS

AS ON 15.07.2011

Name :

Mr. Sohanlal L. Chowdhary

Designation :

Director

Address :

3B, Mahaveer Society, Paldi, Ahmedabad-380007, Gujarat, India

Date of Birth/Age :

19.01.1937

Date of Appointment :

15.07.1985

Directorship in other company:

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	U24299GJ1983PLC006099	SANTOSH STARCH PRODUCTS LIMITED	Director	15/07/1985	15/07/1985	-	Active	NO
2	L51100GJ1983PLC009047	SANTOSH STARCH LIMITED	Director	27/09/1985	27/09/1985	-	Active	NO
3	U74999GJ1990PLC014671	SANTOSH MAIZE AND INDUSTRIES LIMITED	Whole-time director	01/06/2011	20/11/1990	-	Active	NO

Name :

Mr. Gautamchand S. Chowdhary

Designation :

Director

Address :

13 Mahaveer Society, Paldi, Ahmedabad-380007, Gujarat, India

Date of Birth/Age :

25.12.1957

Date of Appointment :

15.07.1985

Directorship in other company:

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	U24299GJ1983PLC006099	SANTOSH STARCH PRODUCTS LIMITED	Director	15/07/1985	15/07/1985	30/03/2011	Active	NO
2	L51100GJ1983PLC009047	SANTOSH STARCH LIMITED	Managing director	27/09/1985	27/09/1985	-	Active	NO
3	U74999GJ1990PLC014671	SANTOSH MAIZE AND INDUSTRIES LIMITED	Director	20/11/1990	20/11/1990	30/03/2011	Active	NO
4	U15419GJ1984PTC007188	SAMBHAV STARCH PRODUCTS PRIVATE LIMITED	Additional director	30/03/2011	30/03/2011	-	Active	NO

Name :

Mr. Mahaveer S. Chowdhary

Designation :

Director

Address :

3B, Mahaveer Society, Paldi, Ahmedabad-380007, Gujarat, India

Date of Birth/Age :

12.07.1963

Date of Appointment :

01.08.1994

Directorship in other company:

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	L51100GJ1983PLC009047	SANTOSH STARCH LIMITED	Director	04/04/1987	04/04/1987	-	Active	NO
2	U74999GJ1990PLC014671	SANTOSH MAIZE AND INDUSTRIES LIMITED	Managing director	01/06/2011	20/11/1990	-	Active	NO
3	U24299GJ1983PLC006099	SANTOSH STARCH PRODUCTS LIMITED	Director	01/08/1994	01/08/1994	-	Active	NO

Name :

Mr. Sumanth Mahaveer Chowdhary

Designation :

Director

Address :

3-B, Mahavir Society, Paldi, Ahmedabad-380007, Gujarat, India

Date of Birth/Age :

04.12.1984

Date of Appointment :

01.05.2011

Directorship in other company:

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	U17119GJ1978PTC003150	SANDOZ POLYMERS PRIVATE LIMITED	Director	25/07/2006	25/07/2006	18/08/2011	Active	NO
2	U55101GJ2010PLC062982	SANTOSH HOTELS AND RESORTS LIMITED	Director	20/11/2010	20/11/2010	-	Active	NO
3	U74999GJ1990PLC014671	SANTOSH MAIZE AND INDUSTRIES LIMITED	Whole-time director	01/06/2011	01/05/2011	-	Active	NO
4	U24299GJ1983PLC006099	SANTOSH STARCH PRODUCTS LIMITED	Director	15/07/2011	01/05/2011	-	Active	NO

Name :

Mr. Shrikant Mahaveerchand Chowdhary

Designation :

Director

Address :

3-B, Mahavir Society, Paldi, Ahmedabad-380007, Gujarat, India

Date of Birth/Age :

27.01.1988

Date of Appointment :

30.03.2011

Directorship in other company:

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	U55101GJ2010PLC062982	SANTOSH HOTELS AND RESORTS LIMITED	Director	20/11/2010	20/11/2010	-	Active	NO
2	U17119GJ1978PTC003150	SANDOZ POLYMERS PRIVATE LIMITED	Additional director	25/01/2011	25/01/2011	30/03/2011	Active	NO
3	U74999GJ1990PLC014671	SANTOSH MAIZE AND INDUSTRIES LIMITED	Whole-time director	01/06/2011	30/03/2011	-	Active	NO
4	U24299GJ1983PLC006099	SANTOSH STARCH PRODUCTS LIMITED	Director	15/07/2011	30/03/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.07.2011

Names of Shareholders		No. of Shares
Sohanlal L. Chowdhary		8395
Gulabdevi Chowdhary		5560
Mahaveer S. Chowdhary		13295
Manjudevi Chowdhary		9145
Sumnath M. Chowdhary		9920
Mahaveer S. Chowdhary (Karta of Mahaveer Chowdhary HUF)		13870
Sohanlal L. Chowdhary (Karta Sohanlal of Chowdhary HUF)		3950
Shreekant Chowdhary		13295
Santosh Maize and Industries Limited, Ahmedabad		6580

AS ON 15.07.2011

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		7.47
Directors or relatives of Directors		92.53
Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Maize Starch Powder, Glucose Liquid.

Products :

Product Description	Item Code No.
Starch	110814
Maize	100500

Exporter :

Country :

Masqat

Importer :

Product :

Raw Material

Country :

Thailand

Terms :

Selling :

L/C, Cash and Credit (30 / 60 days)

Purchasing :

L/C, Cash and Credit (30 / 60 days)

GENERAL INFORMATION

Customers :	· Wholesalers · Retailers · End users · OEM’s

No. of Employees :	200 (Approximately)

Bankers :	Karur Vysya Bank, Branch Ahram Road, Ahmedabad, Gujarat, India


Banking Relations :	-

Financial Institution :	3i Infotech Trusteeship Services Limited, 3^rd to 6^th Floor, International Infotech Park, Tower No. 5, Vashi Railway Station Complex, Vashi, Navi Mumbai-400703, Maharashtra, India

Auditors :
Name :	Nahta Jain and Associates Chartered Accountant
Address :	211, New Cloth Market, Ahmedabad-380002, Gujarat, India

Associates/Subsidiaries :	Sandoz Ploymers Private Limited, Ahmedabad Line of Business: Merchant Exporter of Starch products

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Share	Rs.100/- Each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
88000	Equity Share	Rs.100/- Each	Rs.8.800 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		8.800	8.800	8.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		17.857	16.112	13.247
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		26.657	24.912	22.047
LOAN FUNDS
1] Secured Loans		0.000	0.000	7.710
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	7.710
DEFERRED TAX LIABILITIES		0.000	0.000	0.044

TOTAL		26.657	24.912	29.801

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		0.528	0.546	1.374
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		17.898	15.737	15.076
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.293	2.654	0.291
	Sundry Debtors	1.027	10.404	1.113
	Cash & Bank Balances	1.593	0.158	0.228
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.109	6.616	12.297
Total Current Assets		9.022	19.832	13.929
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.010	9.527	0.231
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.781	1.676	0.347
Total Current Liabilities		0.791	11.203	0.578
Net Current Assets		8.231	8.629	13.351

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		26.657	24.912	29.801

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	5.203	42.736	57.714
		Other Income	3.236	3.175	2.821
		TOTAL (A)	8.439	45.911	60.535

Less	EXPENSES
		Purchases	2.703	42.099	55.816
		Administrative, Selling, other Expenses	0.904	1.271	0.832
		Variation in Stock	2.229	(2.231)	0.889
		TOTAL (B)	5.836	41.139	57.537

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.603	4.772	2.998

Less	FINANCIAL EXPENSES (D)		0.000	0.131	0.175

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.603	4.641	2.823

Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.057	0.161	0.258

	PROFIT BEFORE TAX (E-F) (G)		2.546	4.480	2.565

Less	TAX (H)		0.271	0.605	0.328

	PROFIT AFTER TAX (G-H) (I)		2.275	3.875	2.237

	EXCESS/ SHORT PROVISION OF TAXATION PREVIOUS YEAR		0.019	0.016	0.084

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		16.112	13.247	11.095

Less	APPROPRIATIONS
		Proposed Dividend	0.440	0.880	0.000
		Tax on Dividend	0.071	0.146	0.000
	BALANCE CARRIED TO THE B/S		17.857	16.112	13.247

	Earnings Per Share (Rs.)		25.86	44.03	-

NOTE: As claimed by Mr. Shrikant Chowdhari, the manufacturing unit of the company has been separated and the company has done only trading business during the year 2010-2011.

Particulars

31.03.2011

Sales Turnover (Approximately)

110.000

The above information has been parted by Ms. Apex.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	26.96	9.76	3.70

Net Profit Margin (PBT/Sales)	(%)	48.93	10.48	4.24

Return on Total Assets (PBT/Total Assets}	(%)	26.65	21.99	16.76

Return on Investment (ROI) (PBT/Networth)		0.10	0.18	0.12

Debt Equity Ratio (Total Liability/Networth)		0.03	0.45	0.38

Current Ratio (Current Asset/Current Liability)		11.40	1.77	24.10

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The registered office address is shifted from 55/78, NIDC Estate, Lambha Road, Narol, Ahmadabad – 382405, Gujarat, India to 3^rd and 4^th Floor, Santosh Tower, Opposite Suvidha Shopping Centre, Near Parimal Underbridge, Paldi, Ahmadabad – 380007, Gujarat.

The registered office address is shifted from 3^rd and 4^th Floor, Santosh Tower, Opposite Suvidha Shopping Centre, Near Parimal Underbridge, Paldi, Ahmadabad – 380007, Gujarat to present address.

DETAILS OF SUNDRY CREDITORS:

Particulars

31.03.2011

(Rs. in millions)

31.03.2010

(Rs. in millions)

31.03.2009

(Rs. in millions)

Sundry Creditors

0.010

9.527

0.231

BUSINESS PERFORMANCE:

The Company's Turnover, during the year, decreased from Rs.42.736 Millions to Rs.5.203 Millions resulting decrease of 87.83% as Compared to previous year.

FORM 8:

Bankers Charges Report as per Registry

Corporate identity number of the company	U24299GJ1983PLC006099
Name of the company	SANTOSH STARCH PRODUCTS LIMITED
Address of the registered office or of the principal place of business in India of the company	55/78, NIDC Estate, Lambha Road, Narol, Ahmedabad-382405, Gujarat
Charge identification number of the modified	Creation of charge
Type of charge	Immovable Property Any Interest in Immovable Property Others
Particular of charge holder	3i Infotech Trusteeship Services Limited, 3^rd to 6^th Floor, International Infotech Park, Tower No. 5, Vashi Railway Station Complex, Vashi, Navi Mumbai-400703, Maharashtra, India Email ID: raman.jayaraman@3i-itsl.com
Nature of description of the instrument creating or modifying the charge	Memorandum of entry-first time mortagage by a third party by deposit of title deeds with security trustee acting as a security trustee for the lender i.e. ICICI Bank Limited
Date of instrument Creating the charge	08.10.2009
Amount secured by the charge	Rs. 60.000 Millions
Short particulars of the property charged	Immovable property being land

TRADE REFERENCES :

· ITC

· NETSIE

FIXED ASSETS:

Land
Building
Plant and Machinery
Office Equipment
Electrical Equipment
Furniture
Vehicles
Computer

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. 46.38
UK Pound	1	Rs. 74.00
Euro	1	Rs. 64.48

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
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	NO
--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		31

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.