MIRA INFORM REPORT

Report Date :

17.10.2012

IDENTIFICATION DETAILS

Name :	SRISHTI AGRO FOUNDATIONS PRIVATE LIMITED (w.e.f. 17.01.2012)
Formerly Known As :	SRISHTI WAREHOUSING PRIVATE LIMITED
Registered Office :	'Siyat House' (IV Floor), 961, Poonamallee High Road, Chennai – 600084, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.10.2005
Com. Reg. No.:	18-057820
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U01400TN2005PTC057820
Legal Form :	Private Limited Liability Company
Line of Business :	Supplier, Trader and Importer of Apple, Orange and Kiwi.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

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 on a secured 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.

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 DECLINED BY

Name :	Mr. Ramesh Babu
Designation :	Senior Vice President
Contact No.:	91-9846915266
Date :	17.10.2012

LOCATIONS

Registered Office :	'Siyat House' (IV Floor), 961, Poonamallee High Road, Chennai – 600084, Tamil Nadu, India
Tel. No.:	91-44-42933333 / 42933000
Mobile No.:	91-9846915266 (Mr. Ramesh Babu)
Fax No.:	91-44-42933339
E-Mail :	sugalshare_2008@rediffmail.com

DIRECTORS

As on 29.09.2012

Name :	Mr. Kevalchand Sureshkumar Jain
Designation :	Director
Address :	Sneh-40/9, East Patel Nagar, New Delhi – 110008, India
Date of Birth/Age :	12.09.1964
Date of Appointment :	01.12.2009
DIN No.:	00157760

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	U65191TN1990PTC018757	SUGAL FINANCE PRIVATE LIMITED	Managing director	19/02/1990	19/02/1990	-	Active	NO
2	U92490TN2002PTC048382	SWASTHIK LOTTERIES PRIVATE LIMITED	Director	29/09/2007	19/03/2007	-	Active	NO
3	U74120TN2008PTC068825	SPELL BOUND AUDITS PRIVATE LIMITED	Director	11/08/2008	11/08/2008	-	Active	NO
4	U45200TN2005PTC057819	SNAZZY PROPERTIES PRIVATE LIMITED	Director	30/09/2010	01/12/2009	-	Active	NO
5	U45204TN2009PTC072174	SINGHVI FOUNDATIONS PRIVATE LIMITED	Director	30/09/2010	01/12/2009	-	Active	NO
6	U01400TN2005PTC057820	SRISHTI AGRO FOUNDATIONS PRIVATE LIMITED	Director	30/09/2010	01/12/2009	-	Active	NO
7	U45200TN2008PTC067100	SINGHVI PROPERTY PRIVATE LIMITED	Director	15/09/2011	16/02/2011	-	Active	NO
8	U45200TN2010PTC074886	SAIYYAM DEVELOPERS PRIVATE LIMITED	Additional director	22/09/2012	22/09/2012	-	Active	NO

Name :	Mr. Pramod Prasan Chand Jain
Designation :	Director
Address :	20/44, Venkatachala Chetty Street, Triplicane, Chennai – 600005, Tamil Nadu, India
Date of Birth/Age :	15.05.1988
Date of Appointment :	30.09.2010
DIN No.:	01992053

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	U74999TN2008PTC067093	SUMMIT ONLINE TRADE SOLUTIONS PRIVATE LIMITED	Director	28/03/2008	28/03/2008	30/04/2008	Active	NO
2	U65191TN1990PTC018757	SUGAL FINANCE PRIVATE LIMITED	Director	30/09/2010	05/11/2009	02/01/2012	Active	NO
3	U01403TN2007PTC062194	SUGAL AND DAMANI AGRI SYSTEMS PRIVATE LIMITED	Director	30/09/2010	09/11/2009	-	Active	NO
4	U45200TN2005PTC057819	SNAZZY PROPERTIES PRIVATE LIMITED	Director	01/12/2009	01/12/2009	-	Active	NO
5	U67190TN1995PTC030346	PADMAVATHI DEVELOPERS PRIVATE LIMITED	Director	30/09/2010	01/12/2009	-	Active	NO
6	U45200TN2008PTC067100	SINGHVI PROPERTY PRIVATE LIMITED	Director	30/09/2010	01/12/2009	-	Active	NO
7	U45204TN2009PTC072174	SINGHVI FOUNDATIONS PRIVATE LIMITED	Director	30/09/2010	01/12/2009	-	Active	NO
8	U45200TN2008PTC067099	SIYAT PROPERTY PRIVATE LIMITED	Director	30/09/2010	01/12/2009	-	Active	NO
9	U01400TN2005PTC057820	SRISHTI AGRO FOUNDATIONS PRIVATE LIMITED	Director	30/09/2010	01/12/2009	-	Active	NO
10	U63040KA2010PTC052689	SUGAL TRAVELS PRIVATE LIMITED	Director	25/02/2010	25/02/2010	-	Active	NO
11	U45200TN2009PTC072173	SINGHVI DEVELOPERS PRIVATE LIMITED	Additional director	05/03/2011	05/03/2011	-	Active	NO
12	U45400DL2008PTC177233	SPINE PROPERTIES PRIVATE LIMITED	Director	30/09/2011	10/03/2011	-	Active	NO
13	U70101TN2008PTC069869	ANJLI DEVELOPERS AND DESIGNERS PRIVATE LIMITED	Additional director	26/06/2012	26/06/2012	10/08/2012	Active	NO
14	U45200TN2010PTC074886	SAIYYAM DEVELOPERS PRIVATE LIMITED	Additional director	22/09/2012	22/09/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ramesh Babu
Designation :	Senior Vice President

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Vinodh Kumar Suhalchand Jain	100
Prasanchand Suhalchand Jain	100
Siyat Holdings Private Limited, India	9800
Total	10000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	98.00
Directors or relatives of Directors	1.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Supplier, Trader and Importer of Apple, Orange and Kiwi.

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

Not Divulged

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Siyat Holdings Private Limited	8.739	8.718
Total	8.739	8.718

Banking Relations :	--
Auditors :
Name :	S. Kishore Kumar and Company Chartered Accountants
Address :	No.9, Trevelyan Basin Street, Gaurav Tower, Chennai – 600079, Tamil Nadu, India
Tel. No.:	91-44-25298988 / 42124988
PAN No.:	AGMPK8510B
Holding Company :	SIYAT HOLDINGS PRIVATE LIMITED CIN No.: U65993TN2008PTC066062

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(0.010)	(0.011)	(0.011)
NETWORTH		0.090	0.089	0.089
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		8.739	8.718	8.725
TOTAL BORROWING		8.739	8.718	8.725
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		8.829	8.807	8.814
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.910	8.910	8.910
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	0.000	0.000	0.000
	Sundry Debtors	0.010	0.000	0.000
	Cash & Bank Balances	0.013	0.004	0.006
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.001	0.001	0.001
Total Current Assets		0.024	0.005	0.007
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	0.000	0.000	0.104
	Provisions	0.105	0.108	0.000
Total Current Liabilities		0.105	0.108	0.104
Net Current Assets		(0.081)	(0.103)	(0.097)
MISCELLANEOUS EXPENSES		0.000	0.000	0.001
TOTAL		8.829	8.807	8.814

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	0.010	0.010	0.013
		Other Income
		TOTAL	0.010	0.010	0.013
Less	EXPENSES
		Administrative and other Expenses	0.008	0.009	0.010
		Preliminary Expenses written off	0.000	0.000	0.001
		TOTAL	0.008	0.009	0.011
	PROFIT BEFORE TAX		0.002	0.001	0.002
Less	TAX		0.001	0.012	NA
	PROFIT AFTER TAX		0.001	(0.011)	NA
	Earnings Per Share (Rs.)		0.10	(1.09)	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	10.00	(110.00)	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.02	0.01	0.02
Return on Investment (ROI) (PBT/Networth)		0.02	0.01	0.02
Debt Equity Ratio (Total Liability/Networth)		98.27	99.17	99.20
Current Ratio (Current Asset/Current Liability)		0.23	0.05	0.07

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	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	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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered office address of the company has been shifted from “No.11 Ponnappa Lanetriplicane, Chennai – 600005, Tamil Nadu, India” w.e.f. 10.11.2011

FINANCIAL RESULTS:

Income received during the year was Rs.0.010 Million. Administrative expenses amounted to Rs.0.008 Million. profit after depreciation and tax was Rs.0.001 Million. After taking into account loss of the previous years, total loss of Rs.0.010 Million was carried forward to the balance sheet.

FIXED ASSETS:

• Land

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 subjectis 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.52.82
UK Pound	1	Rs.84.96
Euro	1	Rs.68.61

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--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		12

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.