MIRA INFORM REPORT

Report Date :

26.06.2012

IDENTIFICATION DETAILS

Name :	SARA PLAST PRIVATE LIMITED
Registered Office :	Plot No. 34, B. U. Bhandari Industrial Estate, Gat No. 156+1544+168+169+170+171, Village Sanaswadi, Taluka Shirur, Pune - 412208, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.02.2006
Com. Reg. No.:	11-022093
Capital Investment / Paid-up Capital :	Rs.9.873 Millions
CIN No.: [Company Identification No.]	U25209PN2006PTC022093
TAN No.: [Tax Deduction & Collection Account No.]	PNES18793F
PAN No.: [Permanent Account No.]	AAJCS6876Q
Legal Form :	Private Limited Liability Company
Line of Business :	Hire services of portable toilets for construction site outdoor events septic tank clearing evacuation
No. of Employees :	Information denied by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 270000
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.

INFORMATION DECLINED BY

Name :	Ms. Aparna Chitnis
Designation :	Finance Manager
Contact No.:	91-9823074747
Date :	26.06.2012

LOCATIONS

Registered Office/ Factory :	Plot No. 34, B. U. Bhandari Industrial Estate, Gat No. 156+1544+168+169+170+171, Village Sanaswadi, Taluka Shirur, Pune - 412208, Maharashtra, India
Tel. No.:	91-20-25537551 / 27290604
Mobile No.:	91-9823074747 [Ms. Aparna Chitnis]
Fax No.:	91-20-25539580
E-Mail :	info@3sindia.com sureshmarulkar@yahoo.com
Website :	http://www.3sindia.com
Corporate Office :	203, Rutuja Complex, Nachiket Park, Dania Road, Pune-411045, Maharashtra, India

DIRECTORS

As on 29.09.2011

Name :	Mr. Rajeev Dilip Kher
Designation :	Managing director
Address :	3, Navshantiban Society, 1134/2, Shivaji Nagar, Pune – 411016, Maharashtra, India
Date of Birth/Age :	14.10.1974
Date of Appointment :	28.02.2006
DIN :	00764123
Name :	Ms. Ulka Ashok Sadalkar
Designation :	Whole-time director
Address :	702, Jasper Lapis, Lazuli, 5^th Lane, South Main Road, Koregaopark, Pune – 411001, Maharashtra, India
Date of Birth/Age :	18.05.1976
Date of Appointment :	28.02.2006
DIN :	00676822
Name :	Mr. Ranjit Dilip Kher
Designation :	Whole-time director
Address :	3, Navshantiban Society, 1134/2, Shivaji Nagar, Pune – 411016, Maharashtra, India
Date of Birth/Age :	02.02.1976
Date of Appointment :	01.08.2006
DIN :	00764054
Name :	Mr. Noshir Dady Colah
Designation :	Nominee Director
Address :	5-8, Spenta, B.G. Kher Marg, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	13.01.1961
Date of Appointment :	29.08.2011
DIN :	02272595

KEY EXECUTIVES

Name :	Ms. Aparna Chitnis
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Rajeev Dilip Kher	311000
Ulka Ashok Sadalkar	110000
Ranjit Dilip Kher	110000
Dilip Vasudev Kher	210000
Sara Rajiv Kher	19500
Ira Rajiv Kher	19500
Aavishkar Venture Trustees Private Limited, India	207342
Total	987342

As on 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Venture capital	21.00
Directors or relatives of directors	79.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Hire services of portable toilets for construction site outdoor events septic tank clearing evacuation

GENERAL INFORMATION

No. of Employees :

Information denied by the management

Bankers :

· Indian Overseas Bank Aundh Branch, 161/162 'B' Wing, Supriya Towers, New D.P. Road Aundh, Pune-411007, Maharashtra, India

· ICICI Bank

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Term Loan [Secured by hypothecation of movables Cholamandalam Finance Limited]	1.445	2.500
Tata Motors	0.481	0.914
ICICI Bank	2.148	1.177
Indian Overseas Bank	4.624	2.421
Sundaram Finance Limited	0.338	0.591
Working Capital Limit	6.958	5.249
Total	15.994	12.852
Unsecured Loan
From Directors	2.473	2.465
From Others	0.000	0.903
Total	2.473	3.368

Banking Relations :	--
Auditors :
Name :	Gokhale Tanksale and Ghatpande Chartered Accountants
Address :	102, R K Classic, New D P Road, Opp Ashish Garden, Kothrud, Pune-411029, Maharashtra, India
Tel No.:	91-20-25388390/25389154/25399914
Fax No.:	91-20-25389302
Email:	suneel@gtgca.com
Pan No.:	AACFG4275H
Related Parties :	Shramik Infrastructure Private Limited Shramvan Resort Shramik Engineering

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1010000	Equity Shares	Rs.10/- each	Rs.10.100 Millions
172000	Preferences Shares	Rs.10/- each	Rs.1.720 Millions
	Total		Rs.11.820 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
987342	Equity Shares	Rs.10/- each	Rs.9.873 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		9.873	9.873	7.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		56.379	41.115	15.681
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		66.252	50.988	23.481
LOAN FUNDS
1] Secured Loans		15.994	12.852	4.543
2] Unsecured Loans		2.473	3.368	4.897
TOTAL BORROWING		18.467	16.220	9.440
DEFERRED TAX LIABILITIES		3.172	1.797	1.243
TOTAL		87.891	69.005	34.164
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		72.279	45.899	23.646
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.848	5.089	5.051
	Sundry Debtors	18.008	14.816	11.712
	Cash & Bank Balances	1.333	6.932	4.610
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.627	13.313	6.597
Total Current Assets		40.816	40.150	27.970
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	11.776	5.486	7.669
	Other Current Liabilities	5.327	2.468	1.553
	Provisions	8.101	9.090	8.230
Total Current Liabilities		25.204	17.044	17.452
Net Current Assets		15.612	23.106	10.518
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		87.891	69.005	34.164

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Cleaning Charges	88.122	44.843	45.374
		Sales	2.570	1.415	5.038
		Other Income	0.980	0.621	0.068
		TOTAL (A)	91.672	46.879	50.480
Less	EXPENSES
		Materials consumed	23.074	13.292	6.508
		Increase in Stock	(1.569)	1.879	(4.336)
		Factory Overheads	2.247	1.210	0.586
		Administrative Overheads	10.552	7.268	8.445
		Servicing Expenses	16.574	11.902	7.749
		Employees Overhead	24.519	13.444	5.624
		Selling Overhead	7.863	3.061	1.352
		Loss on sale of assets	0.246	0.000	0.136
		Misc. Expenses Written off	0.000	0.000	0.000
		Cost of Toilets Transferred for service	(22.452)	(14.819)	0.000
		TOTAL (B)	61.054	37.237	26.064
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		30.618	9.642	24.416
Less	FINANCIAL EXPENSES (D)		2.053	1.237	1.398
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		28.565	8.405	23.018
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.058	3.363	1.714
	PROFIT BEFORE TAX (E-F) (G)		23.507	5.042	21.304
Less	TAX (H)		8.616	1.414	8.049
	PROFIT AFTER TAX (G-H) (I)		14.891	3.628	13.255
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		19.309	15.681	2.742
	BALANCE CARRIED TO THE B/S		34.200	19.309	15.997
	EARNINGS IN FOREIGN CURRENCY		1.174	0.026	2.987
	Earnings Per Share (Rs.)		15.08	3.95	36.82

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	16.24	7.74	26.26
Net Profit Margin (PBT/Sales)	(%)	914.67	356.32	422.87
Return on Total Assets (PBT/Total Assets}	(%)	35.61	5.86	41.27
Return on Investment (ROI) (PBT/Networth)		0.35	0.10	0.91
Debt Equity Ratio (Total Liability/Networth)		0.66	0.65	1.14
Current Ratio (Current Asset/Current Liability)		1.62	2.35	1.60

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors	11.776	5.486	7.669
Total	11.776	5.486	7.669

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	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

NOTE:

The registered office of the company has been shifted from Flat No. 103/203, Rujuta Residency, S. No. 266, Baner, Pune-411045, Maharashtra, India to the present address w.e.f. 30.05.2009.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10178355
Corporate identity number of the company	U25209PN2006PTC022093
Name of the company	SARA PLAST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 34, B. U. Bhandari Industrial Estate, Gat No. 156+1544+168+169+170+171, Village Sanaswadi, Taluka Shirur, Pune - 412208, Maharashtra, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge Immovable Property Others
Particular of charge holder	Indian Overseas Bank Aundh Branch, 161/162 'B' Wing, Supriya Towers, New D.P. Road Aundh, Pune-411007, Maharashtra, India Email: aundhbr@mumnsco.iobnet.co.in
Nature of description of the instrument creating or modifying the charge	Letter of Hypothecation (for securing Machineries/Vehicles/Goods/Book-Debts) executed between Bank and the Borrower Company to execute the enhancement in the existing limit and to cover the loan facilities.
Date of instrument Creating the charge	20.03.2012
Amount secured by the charge	Rs.47.750 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest For CC + Term Loans inclusive of Fresh Term Loan: Base Rate+3.75% the effective rate:14.50%pa. Pneal interest on default of any of the Terms and Conditions as per RBI's Guidelines. Terms of Repayment DCC: On Demand. All the old Term Loan which are in operations will be in-force and will be governed as per with the sanctioned terms and Conditions duly acknowledged by the Borrower Company. The Fresh Term Loan of Rs.6.750 Millions to be repaid in 48 monthly installments of Rs.0.141 Million each with initial 3 months holiday from the date of first disbursement from July2012.Monthly interest for all the accounts to be serviced separately as and when debited. Margin 25% for all the accounts. Extent and Operation of the charge IOB Aundh Br. Pune will have first and exclusive charge over all the present and future current assets including the assets that would come into existence through the credit facilities extended by the Bank to the Borrower Company. The charge will be in continuous mode till the repayment of entire loan with interest thereon/s/Rajeev Kher, Ranjit Kher and Sushri Ulka Sadalkar extended Personal Guarantee to set against the repayment of entire loan. The collateral Security will be in force Others The Company, by virtue of the Board Resolution passed on 08/12/2011,has given assent to all the Terms and Conditions, Covenants, as provided in the Bank's Sanction Letter and have executed the related loan document(s)/ Agreement(s) through the Director(s),who have received and signed the documents in physical form and who have been authorized to file eform-8 for the modifications in the existing limits and in the nature and scope of the charge on agreed terms.
Short particulars of the property charged	All the present and future current assets inclusive of Book Debts and Plant and Machineries Equipments, Stock and the stock of Portable Toilet Cabins and Spares located at the Works, Registered Office and At the locations being denoted by the Borrower Company to the Bank time to time. Collateral Security: EM of Factory Land and Building at Industrial layout Plot No.34 BU Bhandari Industrial Estate Gat No.156+1544+168+169+170+171 Off Pune Nagar Road, Sanaswadi Taluka Shirur District Pune. Pledge Over RD Inclusive of New RD. The Residual Value of Prime Security for One Limit will be Collateral Security for the Other Limits.
Date of latest modification prior to the present modification	13.12.2011
Particulars of the present modification	By this present modification, the Bank has enhanced the existing CC Limit By Rs.10.000 Millions and extended Fresh Term Loan of Rs.6.750 Millions While Other existing Term Loans remain in force the Adhoc CC Limit of Rs.3.750 Millions and Term Loan of Rs.1.300 Millions has turn as "NIL" Considering all these changes in the credit facilities, the existing limit of Rs.36.050 Millions has been raised to Rs.47.750 Millions.

FIXED ASSETS:

· Building

· B. U. Bhandari Industrial Estate Plot

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Trademark

· Vehicles

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.56.63
UK Pound	1	Rs.88.09
Euro	1	Rs.70.83

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.