MIRA INFORM REPORT

Report Date :

25.01.2013

IDENTIFICATION DETAILS

Name :	SAINATH INTERNATIONAL PRIVATE LIMITED
Registered Office :	C-75, Prince Anwar, Shah Road South City Residence, Tower-3, Flat 2 I Kolkata – 700068, West Bengal, India
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.01.2003
Com. Reg. No.:	21-185517
Capital Investment / Paid-up Capital :	Rs. 3.522 millions
CIN No.: [Company Identification No.]	U51211WB2003PTC185517
PAN No.: [Permanent Account No.]	AAGCS9372Q
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Importer and Exporter of Agri Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 320000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Latest financial i.e. 2011-2012 are missing from the government department. From the previous year record, there appears huge external borrowing recorded by the company which seems to be increasing over years. However, trade relations are reported as fair. Business is active. Payments are unknown. 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.

LOCATIONS

Registered Office :	C-75, Prince Anwar, Shah Road South City Residence, Tower-3, Flat 2 I Kolkata – 700068, West Bengal, India
Tel. No.:	91-7672-414904
Fax No.:	Not Available
E-Mail :	companyact@yahoo.com companyact1956@yahoo.com

DIRECTORS

As on 29.09.2012

Name :	Mr. Kamlesh Kumar Patel
Designation :	Director
Address :	Ashirwad Bhawan, Circuit, House Chowk, Satna (Madhya Pradesh)
Date of Appointment :	13/09/2004
DIN No.:	00010843
Name :	Ms. Sangeeta Patel
Designation :	Director
Address :	Ashirwad Bhawan, Circuit, House Chowk, Satna (Madhya Pradesh)
Date of Appointment :	13/01/2003
DIN No.:	00010871
Name :	Mr. Saurabh Khandelwal
Designation :	Director
Address :	Adarsh Nagar, Satna (Madhya Pradesh)
Date of Appointment :	13/01/2003
DIN No.:	00017650

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders	No. of Shares
Kamlesh Patel	34871
Dinesh Wadhawani	2500
Smt. Sudha Khandelwal	12500
Saurabh Khandelwal	24200
Smt. Saroj Gupta	7500
Smt. Rashmi Gupta	5000
Brajesh Khandelwal	26126
Rakesh Khandelwal	1250
Rajesh Khandelwal	1250
Ajay Khandelwal	1250
Smt. Manju Khandelwal	1250
Nageen Bhai u. Bhai	3500
Harsad Bhai j. Bhai	3500
Sangeeta Patel	27926
Mukesh Kumar Patel	15000
Anju Patel	3750
Ashwin Kumar Thakkar	1250
Dinu Bhai m. Bhai Patel	5000
Smt. Madhu Khandelwal	2500
Smt. Geeta Khandelwal	3750
Sonal Khandelwal	1575
Smt. Richa Khandelwal	1575
Om prakash Khandelwal	1575
Manish Khandelwal	1575
Vijay kumar Gupta	1575
Ashok Khandelwal	1575
Vikas Khandelwal	1250
Smt. Manjula Ben Patel	17400
Raman bhai Iswar Bhai Patel	5000
Prateek Patel	24276
Rishi Patel	11000
Global technology Convergence Private Limited	100000
Total	352250

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	95.88
Directors or relatives of Directors	3.71
Other top fifty shareholders	0.41
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Importer and Exporter of Agri Products.
Export :
Products	Agri Products.
Countries	Dubai Pakistan Turkey
Import:
Products	Agri Products.
Countries	Dubai Pakistan Turkey

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (west), Mumbai - 400013, Maharashtra, India

• Axis Bank Limited, Tiwari Tower, Upper Ground Floor, Rewa road, Satna - 485001, Madhya Pradesh, India

• Axis Bank Limited, Trishul 3rd floor Opposite Samartheshwar Temple,

Law garden Ellis Bridge, Ahmedabad - 380006, Gujarat, India

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee Term Loan financial institution	0.106	0.466
Working capital loans	201.614	181.573
Total	201.720	182.039

Banking Relations :	----
Auditors :
Name :	M.R. Daga and Company chartered Accountants
Address :	TMD Complex Rewa road, Satna - 485001, Madhya Pradesh, India
PAN No.:	ADPPD1363H
Associates/Subsidiaries :	Astra Vyapar Private Limited CIN No.: U51909WB2007PTC113155 Ras Infraport Private Limited CIN No.: U45400WB2009PTC139145

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions
7500000	Preference Shares	Rs.10/- each	Rs. 75.000 Millions
	Total		Rs. 80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
352250	Equity Shares	Rs.10/- each	Rs.3.522 Millions
5772900	Preference Shares	Rs.10/- each	Rs. 57.729 Millions
	Total		Rs. 61.251 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
352250	Equity Shares	Rs.10/- each	Rs.3.522 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		3.522	3.522	2.522
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		77.102	71.553	42.073
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		80.624	75.075	44.595
LOAN FUNDS
1] Secured Loans		201.720	182.039	111.382
2] Unsecured Loans		37.741	19.580	11.613
TOTAL BORROWING		239.461	201.619	122.995
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		320.085	276.694	167.590
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.865	5.552	2.898
Capital work-in-progress		0.000	0.628	0.000
INVESTMENT		12.918	2.000	0.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	151.976	152.719	41.991
	Sundry Debtors	87.197	104.912	60.454
	Cash & Bank Balances	8.394	11.056	(1.526)
	Other Current Assets	0.434	0.504	0.000
	Loans & Advances	73.038	49.242	80.700
Total Current Assets		321.039	318.433	181.619
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20.772	46.740	14.467
	Other Current Liabilities	0.965	3.179	2.417
	Provisions	0.000	0.000	0.043
Total Current Liabilities		21.737	49.919	16.927
Net Current Assets		299.302	268.514	164.692
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		320.085	276.694	167.590

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		630.491	809.064
		Other Income		13.814	32.689
		TOTAL (A)	NA	644.305	841.753
Less	EXPENSES
		Direct Expense
		Raw material consumed
		Manufacturing expense
		Employment cost
		Administrative Expense
		Increase/decrease in stock
		TOTAL (B)	NA	636.421 (Including depreciation and Finance)	833.020 (Including depreciation and Finance)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)
Less	FINANCIAL EXPENSES (D)
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)
Less/ Add	DEPRECIATION/ AMORTISATION (F)
	PROFIT BEFORE TAX (E-F) (G)		8.057	7.884	8.733
Less	TAX (I)		2.509	2.404	2.887
	PROFIT AFTER TAX (G-I) (J)		5.548	5.480	5.846
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		25.176	19.696	13.850
	BALANCE CARRIED TO THE B/S		30.724	25.176	19.696
	Earnings Per Share (Rs.)		15.75	15.56	23.18

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	0.85	0.69
Net Profit Margin (PBT/Sales)	(%)	NA	1.25	1.08
Return on Total Assets (PBT/Total Assets}	(%)	2.45	2.43	4.73
Return on Investment (ROI) (PBT/Networth)		0.10	10.50	0.19
Debt Equity Ratio (Total Liability/Networth)		3.24	3.35	3.14
Current Ratio (Current Asset/Current Liability)		14.77	6.38	10.73

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last two 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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51211MP2003PTC015503
Name of the company	SAINATH INTERNATIONAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Shri Ram Market J.P.Birla Road, District - Satna – 485001, Madhya Pradesh India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10322389
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Nature of instrument creating charge	Supplementary Letter of Hypothecation.
Date of instrument Creating the charge	20.01.2012
Amount secured by the charge	Rs. 247.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment On demand. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge Hypothecation by way of First Charge on Company's Stocks, Book Debts etc, to secure for the repayment of Rs.247.500 Millions together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Stock-in-Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties All the debts, that is, all the book debts, outstanding, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights
Particulars of the present modification	The Charge shall now stand increased from Rs.225.000 MIllions to Rs. 247.500 MIllions against the security of Stocks and Book Debts of the Company.

Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Directors Loan	25.514	12.326
Public deposit	2.477	2.236
Other debt	9.750	5.018
Total	37.741	19.580

Note :

Registered office of the company has been shifted from Shri Ram Market J.P.Birla Road, District - Satna – 485001, Madhya Pradesh India to the present address.

Fixed Assets

• Freehold Land and Building
• Plant and Machinery
• Furniture and Fixture
• Motor Cycle
• Cars
• Computer and Peripherals
• Office Equipment

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.53.77
UK Pound	1	Rs.85.13
Euro	1	Rs.71.56

INFORMATION DETAILS

Report Prepared by :

SPN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		31

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.