MIRA INFORM REPORT

Report Date :

16.10.2012

IDENTIFICATION DETAILS

Name :	SPARK IRRIGATION PRIVATE LIMITED
Registered Office :	G-58, MIDC, Jalgaon-425003, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.08.2007
Com. Reg. No.:	11-173210
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U74999MH2007PTC173210
TAN No.: [Tax Deduction & Collection Account No.]	NSKS10430A
PAN No.: [Permanent Account No.]	AALCS1637H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Agricultural Products.
No. of Employees :	100 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 69000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Financial position of the company is improving. Reserves appears to be low. It has achieved some growth in its sales turnover during 2011. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings 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 – 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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. Dhanokar
Designation :	Office Executive
Contact No.:	91-9422604140
Date :	15.10.2012

LOCATIONS

Registered Office/ Factory :	G-58, MIDC, Jalgaon-425003, Maharashtra, India
Tel. No.:	91-257-2212269
Mobile No.:	91-9422604140 [Mr. Dhanokar]
Fax No.:	91-257-2210498
E-Mail :	ladhagroplast@yahoo.co.in sparkirrigation@gmail.com sparkirrigation@yahoo.com
Location :	Owned
Corporate Office :	Gat No. 332, Tarsod, District Jalgaon-425001, Maharashtra, India
Tel. No.:	91-257-2200004
Fax No.:	Not Available

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Ravindra Dagdulal Laddha

Designation :

Director

Address :

5, Aadinath Housing Society, Shivram Nagar, Jalgaon-425001, Maharashtra, India

Date of Birth/Age :

14.07.1965

Date of Appointment :

17.08.2007

Din No.:

00191521

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	U01100MH1987PTC045347	LADDHA AGRO PLAST INDUSTRIES PRIVATE LIMITED	Director	21/01/2003	21/01/2003	Active	NO
2	U74999MH2007PTC173210	SPARK IRRIGATION PRIVATE LIMITED	Director	17/08/2007	17/08/2007	Active	NO
3	U29210MH2011PTC216443	PARVATI IRRIGATION SYSTEMS PRIVATE LIMITED	Director	19/04/2011	19/04/2011	Active	NO

Name :

Mr. Purushottam Shankarlal Nyati

Designation :

Director

Address :

3, Suyog Colony, Near St. Josephs Convent School, Jalgaon-425002, Maharashtra, India

Date of Birth/Age :

27.07.1967

Date of Appointment :

17.08.2007

Din No.:

00990646

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U52392MH2001PTC132034	SYBILLA MARKETING NETWORK PRIVATE LIMITED	Director	21/05/2001	21/05/2001	04/07/2012	Active	NO
2	U74999MH2007PTC173210	SPARK IRRIGATION PRIVATE LIMITED	Director	17/08/2007	17/08/2007	-	Active	NO

Name :

Mr. Shriram Dayaram Patil

Designation :

Director

Address :

Savda Road, 750/42, Raver, Jalgaon-425508, Maharashtra, India

Date of Birth/Age :

26.08.1971

Date of Appointment :

01.10.2007

Din No.:

01666597

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	U74999MH2007PTC173210	SPARK IRRIGATION PRIVATE LIMITED	Director	30/09/2008	01/10/2007	Active	NO

Name :

Mr. Dilipkumar Punamchand Agrawal

Designation :

Director

Address :

House 544, Floor 2, Main Road, Raver, Jalgaon-425508, Maharashtra, India

Date of Birth/Age :

01.06.1959

Date of Appointment :

01.10.2007

Din No.:

01666613

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	U74999MH2007PTC173210	SPARK IRRIGATION PRIVATE LIMITED	Director	30/09/2008	01/10/2007	Active	NO

Name :

Mr. Dhananjay Tukaram Khadke

Designation :

Director

Address :

Hira Pipe Industries, S/No. 148/2, Near S.T. Deopt Workshop, Jalgaon-425001, Maharashtra, India

Date of Birth/Age :

01.05.1954

Date of Appointment :

01.10.2007

Din No.:

01749239

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	U74999MH2007PTC173210	SPARK IRRIGATION PRIVATE LIMITED	Director	30/09/2008	01/10/2007	Active	NO

KEY EXECUTIVES

Name :	Mr. Dhanokar
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Dilip Kumar Agrawal	10000
Maya D. Agrawal	190000
Dhananjay Tukaram Khadke	54800
Vijaya N. Savdekar	10000
Minakshi U. Mahajan	50000
Vimal D. Khadke	40000
Bhushan D Khadke	20000
Nivrutti S. Savdekar	5000
Ulhas K Mahajan	10000
Umakant N. Savdekar	10000
Ravindra Dagdulal Laddha	45000
Jyoti Ravindra Laddha	30000
Chandrakala S. Dahad	30000
Lilabhai R. Somani	10000
Deepak R. Somani	10000
Kiran Dahad	10000
Mukesh S. Dahad	10000
Rakesh R. Jakhete	15000
Shivnarayan S. Dahad	10000
Trilokchand D. Laddha	30000
Purushottam Nyati	20000
Surekha P. Nyati	130000
Chitra K. Lathi	15000
Sheetal Lathi	5000
Kashinath B. Lathi	10000
Nilesh R. Lathi	5000
Ravindra B. Lathi	5000
Roopesh R. Lathi	5000
Vishal K. Lathi	5000
Shriram Patil	100000
Asha Shriram Patil	10000
Bharat Vishwanath Patil	15000
Chintaman Y. Patil	15000
Gajanan Ramdhan Patil	10000
Manish C. Chaudhari	10000
Pramod D. Patil	10000
Sachin S. Chaudhari	15000
Sunil Sitaram Patil	15000
Chandrakant Bhagwat Kale	100
Dinkar Tukaram Chaudhari	100
TOTAL	1000000

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 of Agricultural Products.
Terms :
Selling :	Cash and Credit [30 and 60 Days]
Purchasing :	Cash and Credit [30 and 60 Days]

GENERAL INFORMATION

Suppliers :

· Kamal Engineering

· Kasturi Engineering Works

· Lata Industry

· Millstores

· Rex Polyextrusion Limited

· Valia Impex Private Limited

· E.T. Joseph

· Suresh Engineering

· Armec Cooling Systems

· Winner Electronics

· Shriram Agroplast Industries

· Prasad Plast Engineers

Customers :

Wholesalers and Retailers

No. of Employees :

100 [Approximately]

Bankers :

Jalgaon Janata Sahakari Bank Limited, (Head Office) Seva, 117/119, Navi Peth, Market Yard Branch, Jalgaon-425001, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Bank OD A/C	23.179	15.880
TOTAL	23.179	15.880
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Chandrakant Bhagwat Kale	0.000	0.353
Dinkar Tukaram Chaudhari	0.000	0.500
Unsecured Loan	5.839	5.323
TOTAL	5.839	6.176

Banking Relations :	--
Auditors :
Name :	Satish S Naik and Company Chartered Accountants
Address :	10/B, Brook Bond Colony, Jalgaon-425001, Maharashtra, India
PAN No:	AAHPN7343L

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 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		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7.383	0.762	0.000
4] (Accumulated Losses)		0.000	0.000	(4.642)
NETWORTH		17.383	10.762	5.358
LOAN FUNDS
1] Secured Loans		23.179	15.880	17.642
2] Unsecured Loans		5.839	6.176	3.033
TOTAL BORROWING		29.018	22.056	20.675
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		46.401	32.818	26.033
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.371	10.943	12.119
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.482	0.482	0.482
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.842	17.886	13.896
	Sundry Debtors	18.194	7.343	3.678
	Cash & Bank Balances	0.726	0.140	0.109
	Other Current Assets	1.286	0.034	1.362
	Loans & Advances	0.091	1.188	0.000
Total Current Assets		41.139	26.591	19.045
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.509	3.993	4.714
	Other Current Liabilities	(0.098)	(0.191)	0.328
	Provisions	2.225	1.442	0.612
Total Current Liabilities		5.636	5.244	5.654
Net Current Assets		35.503	21.347	13.391
MISCELLANEOUS EXPENSES		0.045	0.046	0.041
TOTAL		46.401	32.818	26.033

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	TURNOVER	62.967	40.002	22.715
	EXPENSES	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	10.099	6.942	(2.128)
Less/ Add	DEPRECIATION/ AMORTISATION	2.189	1.714	1.818
	PROFIT / (LOSS) BEFORE TAX	7.910	5.228	(3.946)
Less	TAX	1.290	0.010	0.000
	PROFIT / (LOSS) AFTER TAX	6.620	5.218	(3.946)
	Earnings / (Loss) Per Share (Rs.)	6.62	5.22	(3.95)

Particulars	31.03.2012
Sales Turnover [Approximately]	70.000

Expected Sales (2012-13) : More than Rs.80.000 Millions.

The above information has been parted by Mr. Dhanokar.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	15.35	13.93	(12.66)
Return on Investment (ROI) (PBT/Networth)		0.45	0.49	(0.74)
Debt Equity Ratio (Total Liability/Networth)		1.99	2.54	4.91
Current Ratio (Current Asset/Current Liability)		7.30	5.07	3.37

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	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%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	No
19]	Payments terms	Yes
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
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FIXED ASSETS:

· Building

· Computer

· Furniture and Fixtures

· Lab Equipment and Tools

· Plant and Machinery

· Vehicles

· Temporary Shed

· Cooling Tower

· Electrical Fittings and Fixtures

· Electrical Weight Scale

· Electronic Bike

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 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 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.53.12
UK Pound	1	Rs.85.15
Euro	1	Rs.68.60

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	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		34

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.