MIRA INFORM REPORT

Report Date :

15.03.2012

IDENTIFICATION DETAILS

Name :	GANPATI ENVIRON PROJECTS PRIVATE LIMITED
Registered Office :	167, Old China Bazar Street, 2^nd Floor, Kolkata – 700001, West Bengal, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.04.2005
Com. Reg. No.:	21-102780
Capital Investment / Paid-up Capital :	Rs. 2.500 Millions
CIN No.: [Company Identification No.]	U45209WB2005PTC102780
TAN No.: [Tax Deduction & Collection Account No.]	CALG04471F
PAN No.: [Permanent Account No.]	AACCG3479J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of PVC, Pallets, Garbage Bins, Water Tank, Drip and Sprinkler Irrigation System.
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 39000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. 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 :	167, Old China Bazar Street, 2^nd Floor, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-32008555/ 22421895
Mobile No.:	91-9830225284 (Mr. Rajendra Saraogi)
Fax No.:	91-33-22421594
E-Mail :	ganpatienviron@vsnl.net ronix@vsnl.com
Factory :	Delhi Road, Vill. Bhdua, Dankuni, West Bengal, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Rajendra Kumar Saraogi

Designation :

Director

Address :

19, Hem Chandra Naskar Road, Kolkata-700010, West Bengal, India

Date of Birth/Age :

04.09.1954

Date of Appointment :

20.01.2005

DIN No.:

00556438

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67120WB1987PTC041852	SWATI VINIYOG PRIVATE LIMITED	Director	9/2/1987	9/2/1987	-	Active	NO
2	U45209WB2005PTC102780	GANPATI ENVIRON PROJECTS PRIVATE LIMITED	Director	20/04/2005	20/04/2005	-	Active	NO
3	U67120WB1987PTC041855	SILPA RESOURCES PRIVATE LIMITED	Director	21/06/2010	21/06/2010	-	Active	NO
4	U67120WB1987PTC041954	PIYUSH VANIJYA PRIVATE LIMITED	Director	10/8/2010	10/8/2010	-	Active	NO
5	U67120WB1987PTC041854	PRIYANKA HOLDINGS PRIVATE LIMITED	Director	10/8/2010	10/8/2010	-	Active	NO

Name :

Mr. Kunal Saraogi

Designation :

Director

Address :

19, Hem Chandra Naskar Road, Kolkata-700010, West Bengal, India

Date of Birth/Age :

10.11.1981

Date of Appointment :

20.04.2005

DIN No.:

00556241

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U25209WB1990PTC049276	RONIX POLYMER PRIVATE LIMITED	Director	4/4/2005	4/4/2005	-	Active	NO
2	U45209WB2005PTC102780	GANPATI ENVIRON PROJECTS PRIVATE LIMITED	Director	20/04/2005	20/04/2005	-	Active	NO
3	U65993WB1987PTC041955	RICHA FINANCIERS PRIVATE LIMITED	Director	9/2/2006	9/2/2006	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Swati Viniyog Private Limited, India	90000
Richa Financiers Private limited, India	50000
Kunal Investors Private Limited, India	50000
Piyush Vanijya Private Limited, India	50000
Rajendra Kumar Saraogi	5000
Kunal Saraogi	5000
Total	250000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	96.00
Directors or relatives of Directors	4.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of PVC, Pallets, Garbage Bins, Water Tank, Drip and Sprinkler Irrigation System.
Products :	Industrial Pipes · Lubricated HDPE Pipes · PPR Pipes & Fittings · PVC Pipes & Fittings · Polyethylene Pipes & Fittings · SWR Pipes And Fittings Irrigation Systems · Drip Irrigation System · Sprinkler Irrigation Systems Perforated Plastics · Perforated Plastics Plastic Products · Cable Blowing · Garbage Bins · Plastic Crates And Pallets · Plastic Furniture · Solvent Cements

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of Mysore, Shakespeare Sarani Branch, Parijat, 24A, Shakespeare Sarani, Kolkata-700017, West Bengal, India

· Kotak Mahindra Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loan	17.370	18.645
Kotak Mahindra Bank Limited	-	0.119
State Bank of Mysore C/c	28.138	28.138
Total	45.508	46.902

Banking Relations :	--
Auditors :
Name :	M.P. Shah and company Chartered Accountant
Address :	135A, Biplabi Rashbehari Basu Road, Kolkata-700001, West Bengal, India
PAN.:	AAFFM1587R

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs. 2.500 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		2.500	2.500	2.500
2] Share Application Money		9.800	9.800	9.800
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(2.425)	(2.526)	(1.268)
NETWORTH		9.875	9.774	11.032
LOAN FUNDS
1] Secured Loans		45.508	46.902	49.887
2] Unsecured Loans		0.669	5.485	6.206
TOTAL BORROWING		46.177	52.387	56.093
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		56.052	62.161	67.125
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.430	29.127	32.846
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	9.388	28.038	28.518
	Sundry Debtors	21.325	6.568	11.890
	Cash & Bank Balances	0.467	1.240	0.430
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.290	1.515	1.882
Total Current Assets		32.470	37.361	42.720
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.100	1.067	0.938
	Other Current Liabilities	0.782	3.301	7.541
	Provisions	0.000	0.000	0.009
Total Current Liabilities		1.882	4.368	8.488
Net Current Assets		30.588	32.993	34.232
MISCELLANEOUS EXPENSES		0.034	0.041	0.047
TOTAL		56.052	62.161	67.125

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	39.304
		Other Income	NA
		TOTAL (A)	NA	44.622
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	45.879
	PROFIT BEFORE TAX (E-F) (G)		0.100	(1.257)
Less	TAX (I)		NA	(1.258)
	PROFIT AFTER TAX (G-I) (J)		NA	0.001
	Earnings Per Share (Rs.)		NA	0.01

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	0.00	NA
Net Profit Margin (PBT/Sales)	(%)	0.25	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.17	(1.89)	NA
Return on Investment (ROI) (PBT/Networth)		0.01	(0.13)	NA
Debt Equity Ratio (Total Liability/Networth)		4.87	5.81	5.85
Current Ratio (Current Asset/Current Liability)		17.25	8.55	5.03

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULT:

The company has made sales amounting to Rs. 39.305 Millions besides other operating income and expenditure during the year. The working results show a profit of Rs. 0.100 Million after depreciation and have been carried to balance sheet during the year.

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U45209WB2005PTC102780
Name of the company	GANPATI ENVIRON PROJECTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	167, Old China Bazar Street, 2^nd Floor, Kolkata – 700001, West Bengal, India
Type of charge	Book Debts Movable Property Floating Charge Others · Fixed assets
Particular of charge holder	State Bank of Mysore, Shakespeare Sarani Branch, Parijat, 24A, Shakespeare Sarani, Kolkata-700017, West Bengal, India Email - shakespearesarani@sbm.co.in
Nature of description of the instrument creating or modifying the charge	Agreement for cash credit (Debts and Assets). Agreement for cash credit (Goods). Articles of agreement (Pledge of Moveable Machinery)
Date of instrument Creating the charge	18.04.2007
Amount secured by the charge	Rs. 57.100 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Working capitals loan-14.25% Floating (linked to SBMPLR- 1% above SBMPLR and as applicable to SBM -2 Rated Company) With monthly rests. Term loan- 15.25% Floating (linked to SBMPLR- 2% above SBMPLR and as applicable to SBM -2 Rated Company) With monthly rests. Terms of Repayment Term Loan to be repaid in 7 Years and 9 months. Including a moratorium period of 6 months, in 30 equal Quarterly installments each of Rs. 0.858 Million and Last installment of Rs. 0.860 Million, with first installment commenced from September. 2007. Extent and Operation of the charge The charge operates as first charge basis on the whole of the hypothecated current assets and fixed assets both present and future. Others
Short particulars of the property charged	All present and future raw materials, stocks in process, finished goods, book-debts and all other moveable current assets of the Company including plant and machinery situated at Vill-Vadua (Bhadua), Delhi Road, Dankuri, District Hooghly, West Bengal and all other fixed assets purchased or to be purchased out of bank finance.

FIXED ASSETS:

· Computer Account

· Die and Moulds

· Electric Installation

· Furniture

· Land and Land Development

· Plant and Machinery

· Shed and Building

· Testing Equipment

· Tools and Tackles

· Tube Well

· Vehicle

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.49.90
UK Pound	1	Rs.78.14
Euro	1	Rs.65.08

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	-
--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	NO
--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.