MIRA INFORM REPORT

Report Date :

07.12.2012

IDENTIFICATION DETAILS

Name :	SANJAY SOYA PRIVATE LIMITED
Registered Office :	S K Oil Industries Compound CTS No. 2786/2-B, Dhulia Road, Shivaji Nagar, Jalgaon-425001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.02.2004
Com. Reg. No.:	11-144574
Capital Investment / Paid-up Capital :	Rs.21.000 Millions
CIN No.: [Company Identification No.]	U15143MH2004PTC144574
TAN No.: [Tax Deduction & Collection Account No.]	NSKS07736B
PAN No.: [Permanent Account No.]	AAHCH9916M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Edible and Non Edible Refined Oils.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 290000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of the ‘Maharashtra Solvent Group owned by the Agrawal Family’ It is an established company having moderate track. The profitability of the company appears to be low. There appears huge external borrowing recorded by the company. However, trade relations are reported as fair. Business is active. Payment terms are 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	21.11.2012

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3
Rating Explanation	Moderate degree of safety and Higher credit risk.
Date	21.11.2012

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.

INFORMATION DECLINED

Name :	Mr. Sanjay Agarwal
Designation :	Director
Contact No.:	91-9823070501
Date :	06.12.2012

LOCATIONS

Registered Office :	S K Oil Industries Compound CTS No. 2786/2-B, Dhulia Road, Shivaji Nagar, Jalgaon-425001, Maharashtra, India
Tel. No.:	91-2562-239500
Mobile No.:	91-9823070501 (Mr. Sanjay Agarwal)
Fax No.:	91-2562-227009
E-Mail :	sspl_dhi@yahoo.com
Factory :	E-131/1, MIDC Area, Behind S T Workshop, Dhule-424006, Maharashtra, India

DIRECTORS

As on 29.09.2012

Name :	Mr. Vinod Dwarkadas Agrawal
Designation :	Director
Address :	CST No.2786/28, Old Dhulia Road, Shivaji Nagar, Jalgaon-425001, Maharashtra, India
Date of Birth/Age :	08.12.1956
Date of Appointment :	17.02.2004
DIN No.:	00913898
Name :	Mr. Dhiraj Vinod Agrawal
Designation :	Director
Address :	CST No.2786/28, Old Dhulia Road, Shivaji Nagar, Jalgaon-425001, Maharashtra, India
Date of Birth/Age :	05.05.1980
Date of Appointment :	17.02.2004
DIN No.:	02304016

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Santosh Sanjay Agarwal	599500
Vinod Dwarkadas Agrawal	500
Dhiraj Vinod Agral	3000
Snehal Hitesh Poddar	500
Anil Dwarkadas Poddar	118800
Fulibai Dwarkadas Agrawal	158900
Saroj Vinod Agrawal	118800
Dhiraj Vinod Agarwal C/O S K Agrotech	165000
Fulibai Dwarkadas Agrawal C/O S K Agrotech	110000
Ravi Sanjay Agrawal C/O S K Agrotech	660000
Shahsibala A Agrawal C/O S K Agrotech	165000
Total	2100000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Edible and Non Edible Refined Oils.

Products :

Description of Product or Services	ITC Number of product
Refined Oil	15159010

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

· The Jalgaon Peoples Co-Operative Bank, 152 Polam Peth, Dana Bazar, Jalgaon - 425001, Gujarat, India

· State Bank of India, Branch MIDC, Plot P-7/2, Ajanta Road, Jalgaon - 425003, Maharashtra, India

· State Bank of India, Branch MIDC, Ajanta Road, Jalgaon - 425001, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Rupee term loans banks secured	204.400	11.999
Working capital loans banks secured		51.059
Total	204.400	63.058
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Working capital loans unsecured	21.731	3.398
Total	21.731	3.398

Banking Relations :	--
Auditors :
Name :	J B Agrawal and Company Chartered Accountants
Address :	134, Jilha Peth, Bhagirath, Jalgaon - 425001, Maharashtra, India
PAN.:	AACFJ1571F

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2100000	Equity Shares	Rs.10/- each	Rs.21.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		21.000	21.000	35.100
2] Share Application Money		0.000	26.700	0.000
3] Reserves & Surplus		52.920	40.674	54.678
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		73.920	88.374	89.778
LOAN FUNDS
1] Secured Loans		204.400	63.058	42.396
2] Unsecured Loans		21.731	3.398	3.508
TOTAL BORROWING		226.131	66.456	45.904
DEFERRED TAX LIABILITIES		0.000	0.000	0.715
TOTAL		300.051	154.830	136.397
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		153.164	39.464	71.872
Capital work-in-progress		0.000	7.639	0.000
INVESTMENT		0.697	0.707	0.707
DEFERREX TAX ASSETS		0.000	0.380	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories		58.062	17.788
	Sundry Debtors		25.023	19.334
	Cash & Bank Balances		7.368	31.441
	Other Current Assets		2.388	0.000
	Loans & Advances		30.573	6.142
Total Current Assets			123.414	74.705
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		5.120	5.891
	Other Current Liabilities		0.000	0.000
	Provisions		11.654	4.996
Total Current Liabilities			16.774	10.887
Net Current Assets		146.190	106.640	63.818
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		300.051	154.830	136.397

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2264.501	1531.736	1263.855
		Other Income
		TOTAL	2264.501	1531.736	1263.855
Less	EXPENSES
		Office Expenses
		Administrative Expenses	2246.418	1507.301	1251.943
		Advertising Expenses
		TOTAL	2246.418	1507.301	1251.943
	PROFIT BEFORE TAX		18.083	24.435	11.912
Less	TAX		6.149	8.306	4.000
	PROFIT AFTER TAX		11.934	16.129	7.912
	Earnings Per Share (Rs.)		5.68	8.00	3.77

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.53	1.05	0.94
Return on Total Assets (PBT/Total Assets}	(%)	NA	15.00	8.13
Return on Investment (ROI) (PBT/Networth)		0.24	0.28	0.13
Debt Equity Ratio (Total Liability/Networth)		NA	0.94	0.63
Current Ratio (Current Asset/Current Liability)		NA	7.36	6.86

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CEDITORS DETAILS:

Rs. In Millions

Particulars	31.03.2012	31.03.2011	31.03.2010
For Raw Materials			1.249
For Stores and spares, Packing Materials, Fuel Materials	Not Available	5.120	4.592
Others [Brokers]			0.726
For Plant and Machinery and Stores Materials			(0.676)
Total	Not Available	5.120	5.891

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	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	No
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	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U15143MH2004PTC144574
Name of the company	SANJAY SOYA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	S K Oil Industries Compoundcts No 2786/2-B Dhulia Road Shivaji Nagar, Jalgaon – 425001, Maharashtra, India sspl_dhl@yahoo.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10097981
Type of charge	· Book debts · Movable property (not being pledge) · Others (Stocks)
Particular of charge holder	State Bank of India, Branch MIDC, Plot P-7/2, Ajanta Road, Jalgaon - 425003, Maharashtra, India sbi.06336@sbi.co.in
Nature of instrument creating charge	Supplimental agreement of loan cum hypothecation.
Date of instrument Creating the charge	30.05.2011
Amount secured by the charge	Rs.302.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC-5% above base rate (9.25%)= 14.25% TL--5% above base rate (9.25%) plus term premium 0.75 = 15.00% Terms of Repayment CC= 1 Year or on Demand TL Fresh - 72 Monthly Installments of 12,22,250 From April 2012 to March 2018. Margin Raw Material 25% Wip-25% Finished Goods 25% Receivables 40% Bg and One Time Lc-25% Tl-28% Extent and Operation of the charge Stocks and Book Debts of the Company
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Stocks, Book Debts and Plant and Machinery of The Company At Factory Premises At Dhule.
Date of instrument modifying the charge	03.05.2010
Particulars of the present modification	The Dcc Limit Has Been Enhanced From Rs.90.000 Millions To 200.000 Millions, Sanction of Fresh - One Time L/C For Buyers Credit Rs.13.000 Millions and Fresh Term Loan For New Plant Rs.88.000 Millions.

FIXED ASSETS:

• Building
• Furniture
• Office Equipment
• Land
• Plant and Machinery
• Computer
• Vehicles
• Laboratory Equipment
• 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 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.54.47
UK Pound	1	Rs.87.63
Euro	1	Rs.71.12

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NTH

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	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		36

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.