MIRA INFORM REPORT

Report Date :

13.06.2012

IDENTIFICATION DETAILS

Name :	SCIL CAPITAL INDIA PRIVATE LIMITED w.e.f. 23.02.2011
Formerly Known As :	SCIL CAPITAL INDIA LIMITED SAKURA CAPITAL INDIA LIMITED
Registered Office :	21, Mittal Chambers, 228 Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.08.1995
Com. Reg. No.:	11-092200
Capital Investment / Paid-up Capital :	Rs. 230.000 Millions
CIN No.: [Company Identification No.]	U74140MH1995PTC092200
TAN No.: [Tax Deduction & Collection Account No.]	MUMS18977A
PAN No.: [Permanent Account No.]	AAACS8065J
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is a non – banking financial company and deals in trading in shares and units of mutual funds on long term and short term basis.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 1700000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There is some dip in the turnover and the company has incurred losses during the year. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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	A1	A1

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

LOCATIONS

Registered Office :	21, Mittal Chambers, 228 Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-66324361
Fax No.:	91-22-66324367
E-Mail :	parthik.maniar@scilcapital.com

DIRECTORS

AS ON 29.09.2011

Name :	Mr. Nayan Chandrasinh Mirani
Designation :	Managing director
Address :	Sagar Mahal Bunglow, 51-J,Bhulabhai Desai Road, Mumbai 400026, Maharashtra, India
Date of Birth/Age :	08.06.1960
Date of Appointment :	01.12.1995
DIN No.:	00045197
Name :	Mr. Hitesh Laxmidas Motiwala
Designation :	Director
Address :	5, Heera House 288, Sir Bhalchandra Road, Matunga, Mumbai 400019, Maharashtra, India
Date of Birth/Age :	12.11.1968
Date of Appointment :	29.06.2004
DIN No.:	00130230
Name :	Mr. Viren Chandrasinh Mirani
Designation :	Director
Address :	Sagar Mahal Bunglow, 51-J,Bhulabhai Desai Road, Mumbai 400026, Maharashtra, India
Date of Birth/Age :	21.08.1965
Date of Appointment :	11.03.2002
DIN No.:	00044901
Name :	Mr. Manish Kishorsinh Mirani
Designation :	Whole-time director
Address :	81/83 Vallabh Apartment, 87 Bhulabhai Desai Road, Mumbai 400036, Maharashtra, India
Date of Birth/Age :	01.07.1968
Date of Appointment :	30.03.2011
DIN No.:	00111363
Name :	Mr. Sunil Pratapsinh Mirani
Designation :	Additional director
Address :	D/9, Ananta Apartments, Dr. Rajaballi Patel Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	18.12.1966
Date of Appointment :	18.10.2010
DIN No.:	01576946

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Mr. Navinchandra Ramdas Mirani Mrs. Manorama Navinchandra Mirani	875000
Mrs. Divyaprabha Chandrasinh Mirani	1750000
Mr. Pratapsinh Hansraj Mirani	875000
Mr. Kishorsinh Ramdas Mirani Mrs. Jyotsna Kishorsinh Mirani	875000
Mr. Nayankumar Chandrasinh Mirani Mrs. Hina Nayankumar Mirani	875000
Mr. Sunil Pratapsinh Mirani Mrs. Nandini Sunil Mirani	875000
Mr. Madhav Navinchandra Mirani Mr. Navinchandra Ramdas Mirani	1750000
Mr. Virendra Chandrasinh Mirani Mrs. Shefali Virendra Mirani	875000
Mr. Manish Kishorsinh Mirani Mrs. Nimisha Manish Mirani	875000
Mr. Rahul Chandrasinh Mirani	1750000
Mr. Tanmay Nayankumar Mirani Mrs. Hina Nayankumar Mirani	280000
Mr. Nayankumar C. Mirani (A/C. Jash) Mrs. Hina Nayankumar Mirani	280000
Mr. Manish K. Mirani (A/C. Aditya) Mrs. Nimisha Manish Mirani	280000
Mrs. Manorama Navinchandra Mirani Mr. Navinchandra Ramdas Mirani	875000
Mrs. Jyotsna Kishorsinh Mirani Mr. Kishorsinh Ramdas Mirani	875000
Mrs. Hina Nayankumar Mirani Mr. Nayankumar Chandrasinh Mirani	315000
Mrs. Shefali Virendra Mirani Mr. Virendra Chandrasinh Mirani	875000
Mrs. Nandini Sunil Mirani Mr. Sunil Pratapsinh Mirani	875000
Mrs. Nimisha Manish Mirani Mr. Manish Kishorsinh Mirani	595000
India Gelatine and Chemicals Limited, India	5500000
Mr. Sunil Pratapsinh Mirani Mr. Pratapsinh Hansraj Mirani Mrs. Nandini Sunil Mirani	875000
Total	23000000

AS ON 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	76.00
Other top fifty shareholders	24.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is a non – banking financial company and deals in trading in shares and units of mutual funds on long term and short term basis.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
(Secured against hypothecation of Vehicles)	0.000	1.100
Less: Unmatured Interest Charges	0.000	0.027
(Principal amount falling due within one year Rs. Nil) (Previous Year Rs. 1.072 Millions)
Total	0.000	1.073

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679100
Income-tax PAN of auditor or auditor's firm :	AACFD4815A
Related Party :	India Gelatine and Chemicals Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
26000000	Equity Shares	Rs. 10/- each	Rs. 260.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23000000	Equity Shares	Rs. 10/- each	Rs. 230.000 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		230.000	230.000	230.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		197.015	199.929	182.019
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		427.015	429.929	412.019
LOAN FUNDS
1] Secured Loans		0.000	1.073	3.358
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	1.073	3.358
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		427.015	431.002	415.377
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.226	8.496	10.328
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		156.545	137.586	133.580
DEFERRED TAX ASSETS		6.721	7.971	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	54.992	38.634	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.572	38.239	16.994
	Other Current Assets	0.195	0.224	2.613
	Loans & Advances	203.117	212.967	226.226
Total Current Assets		258.876	290.064	245.833
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.226	0.000
	Other Current Liabilities	1.908	3.739	3.980
	Provisions	2.445	9.150	10.384
Total Current Liabilities		4.353	13.115	14.364
Net Current Assets		254.523	276.949	231.469
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		427.015	431.002	415.377

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Export Sales	451.221(Gross Income)	33.291	0.000
		Sales of Securities		844.848	0.000
		Interest Income		21.314	23.210
		Other Income		14.454	56.331
		TOTAL (A)		913.907	79.541
Less	EXPENSES
		Purchase of Finished Goods		30.006	0.000
		Purchase of Securities		877.246	0.000
		Operating Expenses		1.325	0.000
		Personnel Cost		9.256	8.520
		Administrative and Other Expenses		10.009	8.880
		Increase / (decrease) in Closing Stock - Stock in trade - Securities		(38.634)	0.000
		TOTAL (B)	451.076	889.208	17.400
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			24.699	62.141
Less	FINANCIAL EXPENSES (D)			1.006	7.412
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.145	23.693	54.729
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.752	2.117	2.714
	PROFIT/ LOSS BEFORE TAX (E-F)		(1.607)	21.576	52.015
Less	TAX (H)		1.295	(4.395)	6.313
	PROFIT/ LOSS AFTER TAX (G-H)		(2.902)	25.971	45.702
Less	Tax Adjustment in respect of earlier years		0.000	0.000	7.014
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		144.315	131.560	108.745
Less	APPROPRIATIONS
		Transfer to Reserve fund	0.000	5.170	7.800
		Proposed Dividend	0.000	6.900	6.900
		Corporate dividend Tax	0.000	1.146	1.173
	BALANCE CARRIED TO THE B/S		141.413	144.315	131.560
	EARNINGS IN FOREIGN CURRENCY
		FOB Value	Nil	32.730	Nil
	Earnings Per Share (Rs.)		(0.13)	1.13	1.68

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	N.A.	2.84	57.46
Net Profit Margin (PBT/Sales)	(%)	N.A.	2.46	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	(0.60)	7.23	20.31
Return on Investment (ROI) (PBT/Networth)		(0.00)	0.05	0.13
Debt Equity Ratio (Total Liability/Networth)		0.01	0.03	0.04
Current Ratio (Current Asset/Current Liability)		59.47	22.12	17.11

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. Constitution 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	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	No
21. Market information	--
22. Litigations that the firm / promoter involved	--
23. Banking Details	No
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

OPERATIONS

During the year, the Company’s gross income has gone down to Rs. 451.221 Millions against previous year figure of Rs.952.542 Millions. There is a Net Loss of Rs. 2.903 Millions against the Net Profit of Rs. 25.971 Millions of previous year.

No amount was transferred to Reserves.

CONTINGENT LIABILITIES

a. Counter Guarantees given to the Bank: Rs. 0.100 Million (Previous Year – Rs. 0.100 Million) (Against pledge of Fixed Deposit)

b. Income Tax Demands amounting to Rs. 49.204 Millions (Previous Year Rs. 47.975 Millions) are disputed by the Company and are under appeal before appellate authorities.

c. Sales Tax Demands amounting to Rs. 0.071 Millions. (Previous Year Rs. 17.139 Millions)

d. Amount uncalled on Investment in Kotak’s India growth fund I - Rs. 0.525 Millions. Previous Year Rs. 0.750 Millions).

e. Amount uncalled on Investment in Kotak’s India growth fund II - Rs. 9.300 Millions. Previous Year Rs. 11.100 Millions).

FIXED ASSETS

Tangible assets

v Improvements to lease

v Premises

v Office Equipments

v Furnitures and Fixtures

v Vehicles

Intangible Assets

v Software – Acquired

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. 56.05
UK Pound	1	Rs. 86.69
Euro	1	Rs. 69.98

INFORMATION DETAILS

Report Prepared by :

BVA

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	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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.