MIRA INFORM REPORT

Report Date :

19.05.2012

IDENTIFICATION DETAILS

Name :	OM SALT REFINERY PRIVATE LIMITED
Registered Office :	Survey No. 157, Village Padana, Taluka Gandhidham – 370201, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.05.2008
Com. Reg. No.:	04-053970
Capital Investment / Paid-up Capital :	Rs. 10.309 millions
CIN No.: [Company Identification No.]	U24298GJ2008PTC053970
TAN No.: [Tax Deduction & Collection Account No.]	RKTO00378A
PAN No.: [Permanent Account No.]	AABCO0411H
Legal Form :	Private Limited Liability Company
Line of Business :	Company is engaged in the business of refining freeflow lodised salt.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 81000
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 dealing with some caution.

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 :	Survey No. 157, Village Padana, Taluka Gandhidham – 370201, Gujarat, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	sanjeev@sidbi.in agarwal.hitendra@gmail.com kapoor_kunal@rediffmail.com arun@lahotiandlahoti.com bmjain2001@yahoo.co.in
Factory :	Survey No.437, Behind Suzlon Chopadva – Lunava Road, Rajkot, Gujarat, India

DIRECTORS

As on 30.09.2010

Name :

Mr. Surendra Singh Chand Singh Kapoor

Designation :

Director

Address :

E/5, Anmol Apartments, Kadbi Chowk, Nagpur - 440004, Maharashtra, India

Date of Birth/Age :

29.09.1943

Date of Appointment :

22.05.2008

DIN No.:

01265054

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	U28129MH1996PTC100318	S.C. PACKAGING PRIVATE LIMITED	Director	19/06/1996	19/06/1996	-	Active	YES
2	U24298GJ2008PTC053970	OM SALT REFINERY PRIVATE LIMITED	Director	22/05/2008	22/05/2008	-	Active	NO

Name :

Mr. Kunal Preet Singh Kapoor

Designation :

Director

Address :

E-5, Anmol Appartments, opposite Mecosabag, Ground, Kadbichowk, Nagpur - 440010, Maharashtra, India

Date of Birth/Age :

04.09.1976

Date of Appointment :

22.05.2008

DIN No.:

02141466

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	U28129MH1996PTC100318	S.C. PACKAGING PRIVATE LIMITED	Director	19/06/1996	19/06/1996	-	Active	YES
2	U24298GJ2008PTC053970	OM SALT REFINERY PRIVATE LIMITED	Director	22/05/2008	22/05/2008	-	Active	NO
3	U63090GJ2009PTC058375	SATNAM LOGISTICS AND PACKAGING PRIVATE LIMITED	Director	15/10/2009	15/10/2009	-	Active	NO

Name :

Mr. Devindersingh Surendersingh Kapoor

Designation :

Director

Address :

E-5, Anmol Appartments, Kadbichowk, Nagpur - 440004, Maharashtra, India

Date of Birth/Age :

25.02.1975

Date of Appointment :

22.05.2008

DIN No.:

01282032

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	U28129MH1996PTC100318	S.C. PACKAGING PRIVATE LIMITED	Director	19/06/1996	19/06/1996	-	Active	YES
2	U24298GJ2008PTC053970	OM SALT REFINERY PRIVATE LIMITED	Director	22/05/2008	22/05/2008	-	Active	NO

Name :

Mrs. Yasmin Servaia

Designation :

Director

Address :

5, Doverpark, BallyGunge, Kolkata - 700019, West Bengal, India

Date of Birth/Age :

12.04.1959

Date of Appointment :

22.05.2008

DIN No.:

01519532

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	U70109WB1980PTC032964	WHITE CLIFF PROPERTIES PRIVATE LIMITED	Director	3/11/2003	3/11/2003	-	Active	NO
2	U51226WB1997PTC084170	DOVER TEA PRIVATE LIMITED	Director	3/11/2003	3/11/2003	-	Active	NO
3	U70101WB1985PTC039340	WHITE CLIFF HOLDINGS PVT LTD	Director	15/06/2006	15/06/2006	-	Active	NO
4	U24298GJ2008PTC053970	OM SALT REFINERY PRIVATE LIMITED	Director	22/05/2008	22/05/2008	-	Active	NO

Name :

Mr. Denu Ashok Kapania

Designation :

Director

Address :

Aashirwad, Plot No.4, Sector4, Oslo colony, Gandhidham - 370201, Gujarat, India

Date of Birth/Age :

13.03.1975

Date of Appointment :

22.05.2008

DIN No.:

02130144

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	U24298GJ2008PTC053970	OM SALT REFINERY PRIVATE LIMITED	Director	22/05/2008	22/05/2008	-	Active	NO
2	U45202GJ2007PTC051794	MILAN PROJECTS PRIVATE LIMITED	Additional director	20/06/2008	20/06/2008	-	Active	NO
3	U15411GJ2009PTC057271	GHODAWAT CHEMFOOD PRIVATE LIMITED	Director	16/06/2009	16/06/2009	-	Active	NO
4	U51909GJ2010PTC059606	KANDLA INDUSTRIAL AND DEVELOPMENT COMPANY PRIVATE LIMITED	Director	16/02/2010	16/02/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Devindersingh Surendersingh Kapoor	154914
Surendra Singh Chand Singh Kapoor	69000
Yasmin Servaia	306218
Kunal Preet Singh Kapoor	258713
Denu Ashok Kapania	122000
Kunal S. Kapoor As Partner Of Kunal Enterprises	120055
Total	1030900

As on 30.09.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Company is engaged in the business of refining freeflow lodised salt.

PRODUCTION STATUS (31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Free flow refine salt (As certified by Management )	M.T	90000	1177

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Small Industries Development Bank Of India, 1st Floor, Plot No. 345, Ward 12b, Gandhidham, 370201, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Allahabad Bank: Cash Credit secured by way of hypothecation of stock-in-trade and book-debts of the company and personal guarantee of directors		11.527
From S1DBI: Term Loan secured by way of mortgage of land and building and hypothecation of movable fixed assets of the company and personal guarantee of directors		38.000
Total		49.527
UNSECURED LOAN	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Directors and Shareholders		2.758
Total		2.758

Banking Relations :	--
Auditors :
Name :	Bhanwar Jain and company Chartered Accountant
Address :	Branch : 312, Sunder Park, Plot no. 95, Tagore Road, Gandhidham – 370201, Gujarat, India
Tel. No.:	91-79-26583107
E-Mail :	bmjain2001@yahoo.co.in
PAN.:	AACFB8898F

CAPITAL STRUCTURE

After 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2300000	Equity Shares	Rs.10/- each	Rs.203.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1030900	Equity Shares	Rs.10/- each	Rs.10.309 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1050000	Equity Shares	Rs.10/- each	Rs.10.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1030900	Equity Shares	Rs.10/- each	Rs.10.309 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		10.309	0.100
2] Share Application Money		0.000	19.556
3] Reserves & Surplus		10.209	0.000
4] (Accumulated Losses)		(0.025)	0.000
NETWORTH		20.493	19.656
LOAN FUNDS
1] Secured Loans		49.527	0.000
2] Unsecured Loans		2.758	0.000
TOTAL BORROWING		52.285	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		72.778	19.656
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		65.096	0.000
Capital work-in-progress		0.000	17.969
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.344	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.444	0.000
	Cash & Bank Balances	1.017	1.336
	Other Current Assets	13.338	0.000
	Loans & Advances	3.574	2.310
Total Current Assets		18.373	3.646
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.244	2.041
	Other Current Liabilities	2.938	0.101
	Provisions	0.000	0.000
Total Current Liabilities		11.182	2.142
Net Current Assets		7.191	1.504
MISCELLANEOUS EXPENSES		0.147	0.183
TOTAL		72.778	19.656

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2010
	Turnover including other Receipt	2.043
	Net profit / Loss	(0.344)

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	3.09	0.11
Current Ratio (Current Asset/Current Liability)	1.64	1.70

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	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	No
12) Profitability for last one 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	No
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	--
23) Banking Details	Yes
24) Banking facility details	No
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	No
30) Major Shareholders, if available	Yes

PERFORMANCE OF THE COMPANY:

· Financial Year: 2009-10

· Turnover including other Receipts: Rs. 2.043 millions

· Net Loss: Rs. 0.344 millions

· Profit transferred to Reserve and Surplus: Rs. NIL

Bankers Charges Report as per Registry

Corporate identity number of the company	U24298GJ2008PTC053970
Name of the company	OM SALT REFINERY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No. 157, Village Padana, Taluka Gandhidham – 370201, Gujarat, India Email : agarwal.hitendra@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10167993
Type of charge	· Immovable property · Any interest in immovable property · Movable property (not being pledge)
Particular of charge holder	Small Industries Development Bank Of India, 1st Floor, Plot No. 345, Ward 12b, Gandhidham, 370201, Gujarat, India Email :sanjeev@sidbi.in
Nature of instrument creating charge	· Memorandum of Deposit of Title Deeds Dated 17.03.2010. · Deed of Hypothecation Dated 17.03.2010.
Date of instrument Creating the charge	17.03.2010
Amount secured by the charge	Rs.41.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 9.75% P.A Terms of Repayment The Entire loan amount shall be repaid In 67 monthly Installments. Margin As per LOI Extent and Operation of the charge All the properties as have been charged /Mortgaged on the first and exclusive basis to the bank to secure the entire loan amount of Rs. 41.900 millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	· All those piece and parcel of land admeasuring Acreas 5-36 Guntha Comprised In Survy No. 437, Village: Chopadva, Ta: Bhachau, Kachchh, Gujarat Together with all building and structures thereon. And plant and machineries attached to earth or permanently fastened to anything attached to earth. · All the movable properties pertaining to the project situated at no. 437, Vill: Chopadva, Ta: Bhachau, Kutch Including Plants, machineries, spares, tools and accessories, office equipments.cont. · (ii) furnitures and fixtures and all other movable properties both present and future.
Date of instrument modifying the charge	02.06.2009
Particulars of the present modification	By virtue of the present modification the credit facility has been enhanced by Rs. 3.900 millions from Rs. 38.000 millions to Rs. 41.900 millions and the charge has been extended to secure the enhanced credit facilities of Rs. 419.00 millions

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Electric Installation

· Furniture Fixed

· Office Equipment

· 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.54.39
UK Pound	1	Rs.86.56
Euro	1	Rs.69.30

INFORMATION DETAILS

Report Prepared by :

DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.