MIRA INFORM REPORT

Report Date :

30.07.2012

IDENTIFICATION DETAILS

Name :	SAI MACHINE TOOLS PRIVATE LIMITED
Registered Office :	Plot No.23-D, Sector-A, Industrial Area, Sanwer Road, Indore - 452 003, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.04.1989
Com. Reg. No.:	10-005207
Capital Investment / Paid-up Capital :	Rs.5.000 millions
CIN No.: [Company Identification No.]	U28939MP1989PTC005207
IEC No.:	1197000160
TAN No.: [Tax Deduction & Collection Account No.]	BPLS02358G
PAN No.: [Permanent Account No.]	AADCS9549L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Plastic Processing Machinery.
No. of Employees :	More than 100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 82000
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.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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 PARTED BY

Name :	Mr. Ajay Jaiswal
Designation :	Director
Contact No.:	91-9425060060
Date :	27.07.2012

LOCATIONS

Registered Office/ Factory :	Plot No.23-D, Sector-A, Industrial Area, Sanwer Road, Indore - 452 003, Madhya Pradesh, India
Tel. No.:	91-731-2722436, 2720504, 2720521, 4023324, 4081200-206
Mobile No.:	91-9425060060 (Mr. Ajay Jaiswal)
Fax No.:	91-731-2721831, 4081222
E-Mail :	response@smitndore.com smtpl@sancharnet.in akgroc@yahoo.com saimachinetools@hotmail.com
Web Site:	http://www.smtindore.com http://www.saimachinetools.com
Area:	45000 sq ft
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Ashok Kumar Jaiswal

Designation :

Director

Address :

651, Vijay Syndicate Colony, Annapurna Road, Indore - 452 009, Madhya Pradesh, India

Date of Birth/Age :

18.10.1955

Date of Appointment :

13.04.1989

DIN No.:

01590607

Name :

Ms. Vandana Jaiswal

Designation :

Director

Address :

651, Vijay Syndicate Colony, Annapurna Road, Indore - 452 009, Madhya Pradesh, India

Date of Birth/Age :

04.04.1957

Date of Appointment :

13.04.1989

DIN No.:

01618220

Name :

Mr. Vishal Jaiswal

Designation :

Director

Address :

651, Vijay Syndicate Colony, Annapurna Road, Indore - 452 009, Madhya Pradesh, India

Date of Birth/Age :

08.12.1978

Date of Appointment :

30.06.1998

DIN No.:

01741062

Name :

Mr. Ajay Jaiswal

Designation :

Director

Address :

651, Vijay Syndicate Colony, Annapurna Road, Indore - 452 009, Madhya Pradesh, India

Date of Birth/Age :

15.08.1980

Date of Appointment :

01.04.2008

DIN No.:

01754887

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	Company/ LLP Status	Defaulting status
1	U25202MP1998PTC013100	ASHOKA POLYPLAST PRIVATE LIMITED	Director	27/09/2003	27/09/2003	Active	NO
2	U28939MP1989PTC005207	SAI MACHINE TOOLS PVT LTD	Director	01/04/2008	01/04/2008	Active	NO

Name :

Mrs. Niharika Jaiswal

Designation :

Director

Address :

651, Vijay Syndicate Colony, Annapurna Road, Indore - 452 009, Madhya Pradesh, India

Date of Birth/Age :

11.04.1985

Date of Appointment :

10.04.2009

DIN No.:

03388509

Name :

Mrs. Shikha Jaiswal

Designation :

Director

Address :

651, Vijay Syndicate Colony, Annapurna Road, Indore - 452 009, Madhya Pradesh, India

Date of Birth/Age :

28.08.1982

Date of Appointment :

10.04.2009

DIN No.:

01755236

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	Company/ LLP Status	Defaulting status
1	U25202MP1998PTC013100	ASHOKA POLYPLAST PRIVATE LIMITED	Director	27/09/2003	27/09/2003	Active	NO
2	U28939MP1989PTC005207	SAI MACHINE TOOLS PRIVATE LIMITED	Director	10/04/2009	10/04/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Ashok Jaiswal	124
Vishal Jaiswal	4049
Vandana Jaiswal	27300
Praveen C. Jaiswal	3184
Naveenchand Jaiswal	2138
Niharika Jaiswal	2390
Shikha Jaiswal	2790
Poonam Jaiswal	2170
Ajay Jaiswal	5855
Total	50000

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Plastic Processing Machinery.
Products :	v Single Screw Extruder o HDPE Pipe Plant o Suction Hose Pipe Plant Co-extrusion o Soft PVC Garden Tubing Plant o Single Screw RPVC Pipe Plant o Wire and Cable Coating Plant v Twin Screw Extruder o Twin Screw RPVC and Profile Extruder o PVC Compounding Mixer v Post Extrusion Equipments o Vacuum Sizing Tank o Haul Off o Automatic Cutter o "O" Ring Socketing o Scrap Grinder o Twin Die Head v Blown Film Plant o PP Blown Film Plants o Multilayer Blown Film Plants o Hips Blown Film Plants o LDPE/HDPE/LLDPE/HMDPE Blown Film Plants o Monofilament/Box Strapping Plant o PVC Blown Film Plant v PPR 3 Layer Pipe Plant
Exports :
Products :	Plastic Processing Machinery
Countries :	v African Countries v European Countries
Imports :
Products :	Raw Materials
Countries :	v Germany v Italy
Terms :
Selling :	Cash and Credit (30/ 60 days)
Purchasing :	Cash and Credit (30/ 60 days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

More than 100 (Approximately)

Bankers :

Punjab National Bank, Sanwer Road Branch, Marimata Chouraha, Indore – 452 003, Madhya Pradesh, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Cash Credit Loan
From Punjab National Bank, Indore (Against Hypothecation of Stock and Book Debts and Personal Guarantee of Directors.)	31.529	14.839
Term Loan
From Punjab National Bank, Indore (Against Hypothecation of Stock and Book Debts and Personal Guarantee of Directors)	3.466	0.000
Total	34.995	14.839

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Directors	3.199	1.470
From Shareholders	0.242	2.491
Inter Corporate Loans	5.397	2.875
Total	8.838	6.836

Banking Relations :	--
Financial Institutions :	Intec Capital Limited, 701, Manjusha, 57, Nehru Place, New Delhi – 110 019, India
Auditors :
Name :	Anil Kamal Garg and Company Chartered Accountants
Address :	1^st Floor, Kuber Palace, 35, Jaora Compound, Opposite M.Y. Hospital, Indore - 452 001, Madhya Pradesh, India
Tel. No.:	91-731-2704354/ 2700940
Income-tax PAN of auditor or auditor's firm :	AAHFA7509B
Memberships :	AIPMA (All India Plastics Manufacturers Association)
Associates :	SMT Machine Fabrics

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs.7.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 millions

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 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		5.000	5.000	3.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		15.384	12.576	5.178
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		20.384	17.576	8.178
LOAN FUNDS
1] Secured Loans		34.995	14.839	14.312
2] Unsecured Loans		8.838	6.836	13.012
TOTAL BORROWING		43.833	21.675	27.324
DEFERRED TAX LIABILITIES		2.119	1.585	0.742
TOTAL		66.336	40.836	36.244
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.688	16.139	11.843
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.034	0.034	0.034
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	86.855	32.202	31.217
	Sundry Debtors	28.813	39.733	30.613
	Cash & Bank Balances	1.477	0.185	4.148
	Other Current Assets	3.791	1.737	1.659
	Loans & Advances	67.571	3.260	3.378
Total Current Assets		188.507	77.117	71.015
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	59.823	36.938	32.439
	Other Current Liabilities	76.224	14.398	12.890
	Provisions	8.846	1.118	1.319
Total Current Liabilities		144.893	52.454	46.648
Net Current Assets		43.614	24.663	24.367
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		66.336	40.836	36.244

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income from Operations	332.683	145.893	99.746
		Other Income	2.261	2.410	0.611
		TOTAL	334.944	148.303	100.357
Less	EXPENSES
		Office Expenses	330.888	145.156	98.793
		Administrative Expenses
		Advertising Expenses
		TOTAL	330.888	145.156	98.793
	PROFIT BEFORE TAX		4.056	3.147	1.564
Less	TAX		1.254	1.452	0.527
	PROFIT AFTER TAX		2.802	1.695	1.037
	EARNINGS IN FOREIGN CURRENCY		7.509	31.031	26.346
	Earnings Per Share (Rs.)		93.62	33.89	34.57

Particulars	31.03.2012
Sales Turnover (Approximately)	400.000 (Due to more demand)

Expected Sales (2012-2013): More than Rs.500.000 millions

The above information has been parted by Mr. Ajay Jaiswal (Director).

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.84	1.14	1.03
Net Profit Margin (PBT/Sales)	(%)	1.22	2.16	1.57
Return on Total Assets (PBT/Total Assets}	(%)	1.92	3.37	1.89
Return on Investment (ROI) (PBT/Networth)		0.20	0.18	0.19
Debt Equity Ratio (Total Liability/Networth)		9.26	4.22	9.05
Current Ratio (Current Asset/Current Liability)		1.30	1.47	1.52

LOCAL AGENCY FURTHER INFORMATION

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
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%	Yes
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
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) PAN of Proprietor/Partner/Director, if available	No
32) Passport No of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No

BUSINESS SCENARIO:

The Company is engaged in the business of Manufacturing and Repairing Machineries. The business prospects of the Company are bright.

Bankers Charges Report as per Registry

Corporate identity number of the company	U28939MP1989PTC005207
Name of the company	SAI MACHINE TOOLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.23-D, Sector-A, Industrial Area, Sanwer Road, Indore - 452 003, Madhya Pradesh, India E-Mail: akgroc@yahoo.com
This form is for	Creation of charge
Type of charge	Movable Property [not being pledge]
Particular of charge holder	CIN No.: L74899DL1994PLC057410 Intec Capital Limited, 701, Manjusha, 57, Nehru Place, New Delhi - 110 019, India E-Mail: complianceofficer@inteccapital.com
Nature of description of the instrument creating or modifying the charge	Agreement Creating Charge
Date of instrument Creating the charge	22.05.2012
Amount secured by the charge	Rs.5.220 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 8.05% per annum calculated on flat basis Terms of Repayment Total 36 Installments For Rs.0.180 Million Extent and Operation of the charge First and exclusive charge on assets financed by Intec Capital Limited

FIXED ASSETS:

v Land (Leasehold)

v Land (Leasehold) [HTMD]

v Land at Bhorasala

v Agricultural Land at Bhorasala

v Agricultural Land at Alwasa

v Road and Site Development

v Tube Well

v Factory Building

v Shed at Bhorsala

v Plant and Machinery

v Air Conditioner

v Electric Installation

v Office Equipments

v Generator

v Furniture and Fixture

v Cycle

v Car

v Motor Cycle

v Honda Activa

v Car (Wagon-R)

v Car (Swift)

v Computers

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.55.41
UK Pound	1	Rs.86.93
Euro	1	Rs.68.10

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		46

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.