MIRA INFORM REPORT

Report Date :

22.08.2012

IDENTIFICATION DETAILS

Name :	UTTAM SUCROTECH INTERNATIONAL PRIVATE LIMITED

Registered Office :	B-231-D, 2^nd Floor, Greater Kailash I, Delhi – 110048

Country :	India

Financials (as on) :	30.06.2011

Date of Incorporation :	21.04.2005

Com. Reg. No.:	55-135241

Capital Investment / Paid-up Capital :	Rs.250.000 Millions

CIN No.: [Company Identification No.]	U51909DL2005PTC135241

TAN No.: [Tax Deduction & Collection Account No.]	DELU03060B

PAN No.: [Permanent Account No.]	AAACU7928G

Legal Form :	Private Limited Liability Company

Line of Business :	Supplying engineering solutions, equipments and parts, executing projects on turnkey basis for co – generation power plants, sugar plants, sugar mill equipment and sugar plant equipment.

No. of Employees :	Not Available

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 3400000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. It has achieved a better increase in its sales turnover during 2011. Profitability appears to be good. Trade relations appears to be decent. Business is active. Payments are reported to be regular 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	B-231-D, 2^nd Floor, Greater Kailash I, Delhi – 110048, India
Tel. No.:	Not Available
Mobile No.:	Not Available
Fax No.:	Not Available
E-Mail :	rajnish.jain@usipl.com gramarathnam_uttam@yahoo.com

Corporate Office :	H-194, Sector 63, Noida – 201301, India
Tel. No.:	91-120-4726400/ 4726430/2427446
Fax No.:	91-120-4726464

DIRECTORS

As on 29.12.2011

Name :

Mr. Rajan Adlakha

Designation :

Managing Director

Address :

KD-51, Kavi Nagar, Ghaziabad – 201002, Uttar Pradesh, India

Date of Birth/Age :

16.03.1960

Date of Appointment :

21.04.2005

DIN No.:

00040713

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29221UP1981PLC005493	UTTAM SUCROTECH LIMITED	Director	01/10/1982	01/10/1982	-	Active	NO
2	U74899DL1983PLC015815	UTTAM INDUSTRIAL ENGINEERING LIMITED	Director	01/04/2008	03/07/1986	-	Active	NO
3	U74899DL1988PTC030926	HLM MANAGEMENT SERVICES PRIVATE LIMITED	Director	28/11/1989	28/11/1989	18/06/2008	Active	NO
4	U29294DL1957PTC195041	THE STANDARD TYPE FOUNDRY PRIVATE LIMITED	Managing director	01/10/2006	14/03/1996	-	Active	NO
5	U55101DL1990PLC038971	UTTAM LUXURY HOTEL & RESORTS LIMITED	Director	10/11/1997	10/11/1997	-	Active	NO
6	L99999UR1993PLC032518	UTTAM SUGAR MILLS LIMITED	Director	28/07/1998	28/07/1998	10/11/2011	Active	NO
7	U15520DL2004PLC128347	UTTAM DISTILLERIES LIMITED	Director	16/08/2004	16/08/2004	-	Active	NO
8	U51909DL2005PTC135241	UTTAM SUCROTECH INTERNATIONAL PRIVATE LIMITED	Managing director	01/04/2007	21/04/2005	-	Active	NO
9	U34300UP2007PTC032784	AUTOCARE MART PRIVATE LIMITED	Director	31/01/2007	31/01/2007	-	Active	NO
10	U80302DL2005PTC137428	UTTAM LIFESTYLE HOTELS PRIVATE LIMITED	Director	30/09/2008	20/07/2007	-	Active	NO
11	U27310PN2007PTC130489	UTTAM FOMA TECHNO CAST PRIVATE LIMITED	Director	25/07/2007	25/07/2007	-	Active	NO
12	U50400DL2002PTC117850	JPC INFRA PRIVATE LIMITED	Director	25/09/2009	02/09/2009	-	Active	NO
13	U70109DL2006PTC149735	ROSE DALE ESTATES PVT LTD	Director	30/09/2010	09/09/2009	-	Active	NO
14	U65900DL2011PTC228755	UTTAM SUCROTECH INTERNATIONAL HOLDINGS PRIVATE LIMITED	Director	14/12/2011	14/12/2011	-	Active	NO

Name :

Mr. Sanjiv Gulati

Designation :

Whole Time Director

Address :

KE-22, Kavi Nagar, Ghaziabad – 201002, Uttar Pradesh, India

Date of Birth/Age :

14.04.1964

Date of Appointment :

06.12.2006

DIN No.:

00352930

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74300DL1997PTC089047	CRITIQUE COMMUNICATION PRIVATE LIMITED	Director	12/08/1997	12/08/1997	20/11/2009	Active	NO
2	U74300DL2002PTC114335	BILLBOARD INDIA PRIVATE LIMITED	Director	22/02/2002	22/02/2002	-	Active	NO
3	U51909DL2005PTC135241	UTTAM SUCROTECH INTERNATIONAL PRIVATE LIMITED	Managing director	01/09/2011	06/12/2006	-	Active	NO
4	U50400DL2002PTC117850	JPC INFRA PRIVATE LIMITED	Director	25/09/2009	02/09/2009	19/04/2010	Active	NO
5	U70109DL2006PTC149735	ROSE DALE ESTATES PVT LTD	Director	30/09/2010	09/09/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Shridhi Jain
Designation :	Secretary
Date of Appointment :	16.11.2010
PAN No.:	AHLPJ5722C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.12.2011

Names of Shareholders		No. of Shares
Rajan Adlakha		10125000
Sonia Adlakha		750000
Anil Datta		30000
Kashi Lal Gulati		75000
Ashima Gulati		310000
Sanjiv Gulati		575000
Nand Kishore Datta		34000
Radha Datta		22500
Rajan & Sons (HUF)		10828500
Kailash Chawla		1500000
Bharat Adlakha		750000
Total		25000000

Equity Share Break up (Percentage of Total Equity)

As on 29.12.2011

Category	Percentage
Directors or relatives of Directors	99.65
Other top fifty shareholders	0.35
Total	100.00

BUSINESS DETAILS

Line of Business :

Supplying engineering solutions, equipments and parts, executing projects on turnkey basis for co – generation power plants, sugar plants, sugar mill equipment and sugar plant equipment.

Products :

Complete Cane Sugar Plant up to 10,000 TCD
Cane Handling & Preparation Systems
Complete Milling Tandem
Effluent treatment plant
Co-generation plant
Complete Boiling House Station
Complete Centrifugal Station
Bagasse and other bio-mass fired Steam generation plant with fuel handling system and fly ash treatment plant
Multi-fuel Boiler - Coal, lignite, oil, gas, LSHS, bagasse, agro-waste, rice husk fired individually or in combination.
A comprehensive range of cane mills in 3 roller, 4 roller, 5 roller & 6 roller configuration (from 610 mm x 1220 mm to 1397 mm x 2794 mm)
Toothed Roller Pressure Feeder (TRPF)
Grooved Roller Pressure Feeder (GRPF)
Clarification Equipment - Clarifiers & Filters
Sugar Drying, Grading & Handling Systems
EOT Cranes
Pumps

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, SIB Branch, Navyug Market, Ghaziabad – 201001, Uttar Pradesh, India
ICICI Bank Limited, Landmark race cource circle, Alkapuri, Baroda – 390015, Gujarat, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Loans taken for fixed assets secured	10.031	14.922
Total	10.031	14.922
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans directors unsecured	0.000	10.227
Interest accrued due other debt unsecured	0.000	0.256
Total	0.000	10.483


Banking Relations :	--

Auditors :
Name :	Mr. Kapur Madhu Sudan Chartered Accountant
Address :	312 Chokhani Tower, Sector-18, Distt: Gautam Budh Nagar, Noida – 201301, India
PAN No:	AAFFB2355L

Wholly Owned Sbusidiary Company:	Uttam International, FZE, Dubai

Group Companies:	· Uttam Industrial Engineering Limited · Uttam Sugar Mills Limited · Lipi Boliers Limited · Uttam Sucrotech Limited · Uttam Toyota

Related Parties:	The Standard Type Foundry Private Limited Rajan and Sons HUF

CAPITAL STRUCTURE

As on 30.06.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

30000000	Equity Shares	Rs.10/- Each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

25000000	Equity Shares	Rs.10/- Each	Rs.250.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.06.2011	30.06.2010	30.06.2009
SHAREHOLDERS FUNDS
1] Share Capital		250.000	250.000	48.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		618.623	278.380	310.768
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		868.623	528.380	358.868
LOAN FUNDS
1] Secured Loans		10.031	14.922	9.008
2] Unsecured Loans		0.000	10.483	13.144
TOTAL BORROWING		10.031	25.405	22.152
DEFERRED TAX LIABILITIES		0.000	0.192	1.304

TOTAL		878.654	553.977	382.324

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		83.173	86.931	70.108
Capital work-in-progress		0.000	0.000	1.985

INVESTMENT		10.892	20.990	10.893
DEFERREX TAX ASSETS		0.772	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	220.754	22.574	24.575
	Sundry Debtors	423.833	530.932	235.706
	Cash & Bank Balances	662.203	533.624	1213.904
	Other Current Assets	19.623	1.709	0.000
	Loans & Advances	1479.823	1568.492	843.593
Total Current Assets		2806.236	2657.331	2317.778
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	157.008	88.610	14.088
	Other Current Liabilities	1510.409	1909.718	1870.384
	Provisions	355.002	212.947	134.190
Total Current Liabilities		2022.419	2211.275	2018.662
Net Current Assets		783.817	446.056	299.116

MISCELLANEOUS EXPENSES		0.000	0.000	0.222

TOTAL		878.654	553.977	382.324

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.06.2011	30.06.2010	30.06.2009
	SALES
		Income
		Other Income
		TOTAL	2692.023	1278.093	1393.587

Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	2205.841	1027.010	1050.642

	PROFIT BEFORE TAX		486.182	251.083	342.945

Less	TAX		145.939	85.371	119.785

	PROFIT AFTER TAX		340.243	165.712	223.160

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		223.879	208.168	55.162

Less	Capitalised by issue of Bonus Shares		0.000	150.000	0.000

Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	65.000
		Dividend	0.000	0.000	4.406
		Tax on Dividend	0.000	0.000	0.749
	BALANCE CARRIED TO THE B/S		564.123	223.879	208.167

	EARNINGS IN FOREIGN CURRENCY		2281.983	1011.476	1212.561

	Earnings Per Share (Rs.)		13.61	0.00	0.00

KEY RATIOS

PARTICULARS		30.06.2011	30.06.2010	30.06.2009
PAT / Total Income	(%)	12.64	12.97	16.01

Return on Total Assets (PBT/Total Assets}	(%)	2.33	9.15	14.36

Return on Investment (ROI) (PBT/Networth)		0.56	0.48	0.96

Debt Equity Ratio (Total Liability/Networth)		2.34	4.23	5.69

Current Ratio (Current Asset/Current Liability)		1.39	1.20	1.15

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	No
6]	Line of Business	No
7]	Promoter's background	--------
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-------
22]	Litigations that the firm / promoter involved in	-------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--------
26]	Buyer visit details	--------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51909DL2005PTC135241
Name of the company	UTTAM SUCROTECH INTERNATIONAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B-231-D, 2^nd Floor, Greater Kailash I, Delhi – 110048, India Email: gramarathnam_uttam@yahoo.com
This form is for	Creation of charge
Type of charge	· Immovable property · Any interest in immovable property
Particular of charge holder	ICICI Bank Limited, Landmark race cource circle, Alkapuri, Baroda – 390015, Gujarat, India Email: shikha.gupta@icicibank.com
Nature of instrument creating charge	Sanction letter dated 23^rdMarch2012, Rs180.000 Millions towards Home Loan
Date of instrument Creating the charge	28.03.2012
Amount secured by the charge	Rs. 180.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest I-Base as publicly notified from time to time plus Margin of 0.75% = 10.75% p.a. (10.00%+0.75%). Subject to change in I-Base. Current I- Base is 10.00% Terms of Repayment Repayable with EMI of Rs. 2.454 Millions for 102 months. Subject to Change in I-Base Margin As per sanction letter attached. Extent and Operation of the charge First and exclusive charge over the property - Duplex No 805, DLF Golf Links, The Magnolias, DLF City, Gurgaon Others Personal guarantee of directors
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First and exclusive charge over the property - Duplex No 805, DLF Golf Links, The Magnolias, DLF City, Gurgaon

REVIEWS OF THE OPERATIONS:

The Company is in business of Project exports and at present, three projects viz. White Nile Sugar Company’s Mills and STG projects and Wonji Shoa Sugar Factory project are in execution. The progress of these projects upto November 2011 is as under:

Name of Project

Completion

Physically

Financially

White Nile Sugar Company

Mills Project
STG Project

70.60%

86.00%

73.84%

93.91%

Wonji Shoa Sugar Factory

Boiling House
Steam Generation
Power Generation

58.10%

56.90%

66.8%

33.84%

40.14%

60.49%

The execution of all these projects are in good pace and the Company is expected that all will be completed within time schedule.

The Company has submitted bids for projects coming up in African continent, some of which are at negotiation stage. The directors of the company are hoping to procure substantial project export orders.

FIXED ASSETS:

Lease Hold Land
Building
Plant and Machinery
Furniture and Fixture
Equipment
Vehicles
Tools and Equipments
Computers
Electric Installation
Generator

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.55.54
UK Pound	1	Rs.87.39
Euro	1	Rs.68.72

INFORMATION DETAILS

Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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	YES
--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.

MIRA INFORM REPORT

220.754

423.833

662.203

19.623

1479.823

2806.236

157.008

1510.409

355.002

2022.419

783.817

12.64

2.33

0.56

2.34

1.39

Unit