MIRA INFORM REPORT

Report Date :

13.01.2012

IDENTIFICATION DETAILS

Name :	SAVANNAH SURFACTANTS LIMITED

Registered Office :	1, Golf Links, Delhi – 110 003

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	24.03.2008

Com. Reg. No.:	55-175744

Capital Investment / Paid-up Capital :	Rs.10.000 millions

CIN No.: [Company Identification No.]	U15132DL2008PLC175744

TAN No.: [Tax Deduction & Collection Account No.]	DELS38823B

PAN No.: [Permanent Account No.]	AAMCS0323F

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturing of Food Emulsifiers.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (19)

RATING

STATUS

PROPOSED CREDIT LINE

11-25

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is a relatively new company having moderate track. Profitability of the company is under pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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

LOCATIONS

Registered Office :	1, Golf Links, Delhi – 110 003, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	dharmaraj.bhonsle@gmail.com
Website :	http://www.savannahgoa.com

Factory :	283A, Kundaim Industrial Estate, Kundaim, Goa – 403 115, India
Tel. No.:	91-832-2395109-5112/ 6413653
E-Mail :	sales@savannahgoa.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Anirudh Ravi Kumar Bajaj

Designation :

Director

Address :

1, Golf Links, New Delhi – 110 003, India

Date of Birth/Age :

24.11.1969

Date of Appointment :

24.03.2008

DIN No.:

02079438

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U15132DL2008PLC175744	Savannah Surfactants Limited	Director	24-03-08	24-03-08	Active	NO
2	U74999DL1995PLC070872	Ganapati Chemisys Limited	Director	01-05-08	01-05-08	Active	NO

Name :

Ms. Anushree Ravi Kumar Bajaj

Designation :

Director

Address :

1, Golf Links, New Delhi – 110 003, India

Date of Birth/Age :

23.11.1971

Date of Appointment :

24.03.2008

DIN No.:

01281378

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74999DL1995PLC070872	Ganapati Chemisys Limited	Director	01-07-99	01-07-99	Active	NO
2	U15132DL2008PLC175744	Savannah Surfactants Limited	Director	24-03-08	24-03-08	Active	NO

Name :

Mr. Ravi Kumar Girdhari Lal Bajaj

Designation :

Director

Address :

1, Golf Links, New Delhi – 110 003, India

Date of Birth/Age :

04.05.1941

Date of Appointment :

24.03.2008

DIN No.:

01209918

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74999DL1995PLC070872	Ganapati Chemisys Limited	Director	01-07-99	01-07-99	Active	NO
2	U15319DL2004PTC126605	Golden Wheat and Allied Mills Private Limited	Director	26-05-04	26-05-04	Active	NO
3	U15132DL2008PLC175744	Savannah Surfactants Limited	Director	24-03-08	24-03-08	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders		No. of Shares
Anirudh Bajaj		585000
Ravi Kumar Bajaj		175000
Anushree Bajaj		235000
Brinda Bajaj		4700
Rajendra Pal Singh		100
Ruvneet Bains		100
Arvind Walia		100
Total		1000000

As on 30.09.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturing of Food Emulsifiers.

Products :

Item Code No. (ITC Code)	29161980
Product Description	Polyglycerol Polyricinoleate
Item Code No. (ITC Code)	29181190
Product Description	Sodium Stearoyl Lactylate
Item Code No. (ITC Code)	29157090
Product Description	Sorbitan Mono-Stearate

v Acetem

v Polyglycerol Esters of Edible Fatty Acids (PGE)

v Lactem

v Sorbitan Tri Stearate (STS)

v Eggless Cake Premix / Concentrate

v Bread Improver

v Sorbitan Mono Oleate (SMO)

v Datem

v Glycerol Mono and Di-Stearate (GMS)

v Cake Gel

v Glycerol Mono Oleate (GMO)

PRODUCTION STATUS (AS ON 31.03.2010)

Licensed and Installed Capacity: Item – Food Ingredients/ Food Emulsifiers

Particulars	2009-10
Capacity and Actual Production:	In M.T.
Licensed Capacity	1155
* Installed Capacity (On three shift basis)	1155
Actual Production	99

* Installed Capacity is as certified by the Directors and relied by the Auditors, this being a Technical matter.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of India, Patto Plaza Branch, Panaji – 403 001, Goa, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Term Loan from Bank of India	21.242	0.000
Working Capital Loan from Bank of India (The above loans are secured by hypothecation of Plant and Machinery, Stocks, Book Debts and Immovable Property)	9.121	0.000
Total	30.363	0.000

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Other Loans and Advances:
- From Director	5.954	6.029
- From Others	0.021	0.082
Total	5.975	6.111


Banking Relations :	--

Auditors :
Name :	S.B. Tubachi and Company Chartered Accountants
Address :	Margao – 403601, Goa, India
Income-tax PAN of auditor or auditor's firm :	ABCPT5521A

Related Parties :	v Gapapati Chemisys Limited v Golden Wheat v Dernier Food and Flavours

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		10.000	0.500
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(3.873)	0.000
NETWORTH		6.127	0.500
LOAN FUNDS
1] Secured Loans		30.363	0.000
2] Unsecured Loans		5.975	6.111
TOTAL BORROWING		36.338	6.111
DEFERRED TAX LIABILITIES		0.622	0.000

TOTAL		43.087	6.611

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		37.810	1.629
Capital work-in-progress		0.000	4.997
Expenditure during Construction Pending Capitalisation		0.000	0.585

INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.368	0.000
	Sundry Debtors	2.555	0.000
	Cash & Bank Balances	0.528	0.378
	Other Current Assets	0.014	0.000
	Loans & Advances	2.995	0.441
Total Current Assets		16.460	0.819
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.396	0.000
	Other Current Liabilities	0.558	1.463
	Provisions	0.438	0.000
Total Current Liabilities		11.392	1.463
Net Current Assets		5.068	(0.644)

MISCELLANEOUS EXPENSES		0.209	0.044

TOTAL		43.087	6.611

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	7.837	0.000
		Other Income	0.055	0.000
		TOTAL (A)	7.892	0.000

Less	EXPENSES
		Increase/ Decrease in Stocks of finished goods and WIP	(3.794)	0.000
		Raw Materials Consumed	9.554	0.000
		Employee Cost	0.919	0.000
		Manufacturing and Other Expenses	2.547	0.000
		TOTAL (B)	9.226	0.000

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(1.334)	0.000

Less	FINANCIAL EXPENSES (D)		1.282	0.000

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(2.616)	0.000

Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.635	0.000

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(3.251)	0.000

Less	TAX (H)		0.622	0.000

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(3.873)	0.000

	IMPORTS
		Raw Materials & Packing Materials	7.128	0.000
	TOTAL IMPORTS		7.128	0.000

	Earnings/ (Loss) Per Share (Rs.)		(3.87)	0.00

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	(49.08)	0.00

Net Profit Margin (PBT/Sales)	(%)	(41.48)	0.00

Return on Total Assets (PBT/Total Assets}	(%)	(5.99)	0.00

Return on Investment (ROI) (PBT/Networth)		(0.53)	0.00

Debt Equity Ratio (Total Liability/Networth)		7.79	15.15

Current Ratio (Current Asset/Current Liability)		1.44	0.56

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

The Company has started the activities during the year and the Company has achieved turnover of Rs.8.109 millions. However Company could not maintain the profits because of the trial and error in production being the first year by which manufacturing expenses were on higher side which will be improved during the current year.

CONTINGENT LIABILITIES: (As on 31.03.2010)

v Estimated amount of contract on capital account remaining to be executed and not provided for Rs.3.500 millions

FORM 8:

Corporate identity number of the company	U15132DL2008PLC175744
Name of the company	SAVANNAH SURFACTANTS LIMITED
Address of the registered office or of the principal place of business in India of the company	1, Golf Links, Delhi – 110 003, India E-Mail: dharmaraj.bhonsle@gmail.com
This form is for	Modification of charge
Charge identification number of the modified	10170643
Type of charge	Immovable Property Book Debts Movable Property (not being pledge)
Particular of charge holder	Bank of India, Patto Plaza Branch, Panaji – 403 001, Goa, India E-Mail: PattoPlaza.Goa@bankofindia.co.in
Nature of description of the instrument creating or modifying the charge	1. Hypothecation cum Loan Agreement 2. Oral Assent
Date of instrument Creating the charge	23.08.2011
Amount secured by the charge	Rs.38.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As per agreement Terms of Repayment: As per agreement Margin: As per agreement Extent and Operation of the charge: The first charge on all the assets financed by the Bank.
Short particulars of the property charged	All equipments of machinery for converting the raw material into food emulsifiers such as Air Chillor, Filtters, Heat Exchanges, Spray Drier etc. stored in premises of the borrower or in transit. All tangible moveable assets of the borrower including in particular all stocks of raw materials such as Sorbital, Stearic Acid, Ricinoleic Acid, etc. stored in premises of the borrower or in transit. All the plot of land Plot No.283-A adm.3003 sq. mtrs. in the Property known as Kundaim Industrial Estate bearing Survey No.43 of Kundaim Village registered in the land Registration Office under No.130
Date of latest modification prior to the present modification	18.07.2009
Particulars of the present modification	The charge limits revised from Rs.30.000 millions to Rs.38.000 millions as follows:- Term Loan : Rs.21.000 millions Cash Credit : Rs.11.000 millions EPC/FBN : Rs.6.000 millions ----------------------------------------------- Total : Rs.38.000 millions All the existing terms and conditions and securities offered remain unchanged as per the previous agreements.

FIXED ASSETS:

v Land

v Buildings

v Plant and Machinery

v Computers

v Furniture and Fixtures

v Office Equipments

v Capital Work in Progress

- Building

- Plant and Machinery

v Expenditure Pending Capitalisation

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.51.83
UK Pound	1	Rs.79.42
Euro	1	Rs.65.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	2
--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		19

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

10.368

2.555

0.528

0.014

2.995

16.460

0.558

0.438

11.392

5.068

Unit