MIRA INFORM REPORT

Report Date :

13.06.2013

IDENTIFICATION DETAILS

Name :	SAJJAN INDIA LIMITED
Formerly Known As :	SAJJAN IMPEX LIMITED
Registered Office :	Matulya Centre, ‘A’ 12, Ground Floor, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2012 [Profit and Loss Account]
Date of Incorporation :	17.09.1983
Com. Reg. No.:	11-030874
Capital Investment / Paid-up Capital :	Rs. 38.191 Millions
CIN No.: [Company Identification No.]	U51900MH1983PLC030874
TAN No.: [Tax Deduction & Collection Account No.]	MUMS42160G
PAN No.: [Permanent Account No.]	AAACS6498M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Specialty Chemicals.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (55)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 15100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a fine track record. The Balance Sheet for the year 2012 is not available. However, the company has achieved better growth in its total income during 2012. The financial position of the company is good. Trade relations are reported to be decent. Business is active. Payment are reported to be regular and as per commitment. The company can be considered good for business dealing at usual 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.

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. Arun Mehta
Designation :	Finance Manager
Contact No.:	91-22-24974400
Date :	12.06.2013

LOCATIONS

Registered/ Head Office :	Matulya Centre, ‘A’ 12, Ground Floor, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-24974400/ 24974401/ 24975700
Fax No.:	91-22-24950588/ 24951098
E-Mail :	sajjan@bom2.vsnl.net.in sil@sajjan.com mehta@sajjan.com
Website :	http://www.sajjan.com
Factory 1 :	Plot No. 6117-19, GIDC, Ankleshwar, District Bharuch – 393003, Gujarat, India
Tel. No.:	91-2646-22180/ 52181
Fax No.:	91-2646-52181
Factory 2 :	Located at: v Dahej

DIRECTORS

AS ON 21.09.2012

Name :	Mr. Kartikeya Maheshwari
Designation :	Director
Address :	Maheshwari House, 36 L Jagmohandas Marg, Mumbai – 400036, Maharashtra, India
Date of Birth/Age :	28.10.1974
Date of Appointment :	12.08.2004
DIN No.:	00078494
Name :	Mr. Madhav Prasad Aggarwal
Designation :	Director
Address :	15-B, Darbhanga Mansion, 3^rd Floor, 12, Carmichael Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	21.09.1962
Date of Appointment :	25.12.1997
DIN No.:	00109434
Name :	Mr. Rajkumar Seksaria
Designation :	Whole-time director
Address :	A-3, HImbndu, Sector 10, Navi Mumbai – 400703, Maharashtra, India
Date of Birth/Age :	12.12.1951
Date of Appointment :	16.03.2009
DIN No.:	02604654

KEY EXECUTIVES

Name :	Mr. Arun Mehta
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 21.09.2012

Names of Shareholders	No. of Shares
Eshita M. Agrawal	53500
Priyanka M. Agarwal	11000
M. P. Agarwal HUF	955400
Sushama M. Agarwal	124000
Priyata International, India held in the name of M. P. Agarwal	700000
Om International, India held in the name of Sushama Agarwal	364000
Sajjan Overseas Private Limited, India	140000
Agarwal Marketing Private Limited, India	977200
Manisha Saraf	10
Madhav Prasad Agarwal	493990
Total	3819100

AS ON 21.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	29.25
Directors or relatives of directors	42.89
Other top fifty shareholders	27.86
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Specialty Chemicals.

Products/ Services :

ITC Code No.	Product Descriptions
29222911	PNOAP

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

v Standard Chartered Bank, 90, M. G. Road, Fort, Mumbai – 400001, Maharashtra, India

v ABN Ambro Bank N.V., 74, Sakhar Bhavan, 7^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Rupee Term Loans Secured
Rupee Term Loans Banks Secured		0.000
Foreign Currency Loan Secured
Foreign Currency Loan Banks Secured		46.402
Total	NA	46.402

Banking Relations :	--
Auditors :
Name :	Sankarlal Jain and Associates Chartered Accountants
Address :	12, Engineer Building, 265 Princess Street, Mumbai – 400002, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACFS6967Q
Subsidiaries [31.03.2011] :	Agrasen Impex Private Limited, India CIN No.: U51900MH2007PTC170918 Date of Incorporation: 17^th May, 2007 Sajjan Specialty Limited, India CIN No.: U24233MH2007PLC170668 Date of Incorporation: 8^th May 2007 Agrasen Dyes and Intermediates Private Limited, India CIN No.: U24233MH2010PTC198856 Date of Incorporation: 13^th January, 2010

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,819,100	Equity Shares	Rs. 10/- each	Rs. 38.191 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		38.191	40.691
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		3737.399	3315.432
4] (Accumulated Losses)		0.000	0.000
NETWORTH		3775.590	3356.123
LOAN FUNDS
1] Secured Loans		46.402	128.960
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		46.402	128.960
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		3821.992	3485.083
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		676.770	662.780
Capital work-in-progress		30.272	17.120
INVESTMENT		1506.467	1646.869
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	682.763	615.097
	Sundry Debtors	417.209	348.732
	Cash & Bank Balances	20.971	18.777
	Other Current Assets	2.705	1.618
	Loans & Advances	843.115	425.486
Total Current Assets		1966.763	1409.710
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	246.433	197.444
	Other Current Liabilities	111.847	53.952
	Provisions	0.000	0.000
Total Current Liabilities		358.280	251.396
Net Current Assets		1608.483	1158.314
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		3821.992	3485.083

Note: Balance Sheet statement for the year 2012 is not available only Profit and Loss Account is available.

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	2780.988	2704.861	2011.343
		Other Income	129.935	62.526	37.919
		TOTAL (A)	2910.923	2767.387	2049.262
Less	EXPENSES
		Cost of materials consumed	1352.166	1053.764
		Purchases of stock-in-trade	78.866	114.610
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	24.209	(21.752)
		Employee benefit expense	147.442	120.107
		Other expenses	673.093	586.982
		TOTAL (B)	2275.776	1853.711	1474.971
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		635.147	913.676	574.291
Less	FINANCIAL EXPENSES (D)		6.022	4.184	0.276
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		629.125	909.492	574.015
Less/ Add	DEPRECIATION/ AMORTISATION (F)		145.031	131.888	133.119
	PROFIT BEFORE TAX (E-F) (G)		484.094	777.604	440.896
Less	TAX (H)		99.998	158.000	74.058
	PROFIT AFTER TAX (G-H) (I)		384.096	619.604	366.838
	EARNINGS IN FOREIGN CURRENCY
		FOB value of goods exported	NA	2371.053	1802.039
	IMPORTS
		Raw Materials	NA	439.877	316.232
	Earnings Per Share (Rs.)		100.57	153.88	90.15

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	13.19	22.39	17.90
Net Profit Margin (PBT/Sales)	(%)	17.41	28.75	21.92
Return on Total Assets (PBT/Total Assets}	(%)	NA	29.42	21.27
Return on Investment (ROI) (PBT/Networth)		NA	0.21	0.13
Debt Equity Ratio (Total Debt/Networth)		NA	0.01	0.04
Current Ratio (Current Asset/Current Liability)		NA	5.49	5.61

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditors
Creditors due others	NA	246.433	197.444

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	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	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

FIXED ASSETS:

v Goodwill

v Lease Hold Land

v Plot at Lonawala

v Factory Building

v Factory Building (CPP)

v Bungalow and Flats

v Admin Building

v Lab Premises

v Plant and Machinery

v Plant and Machinery (CPP)

v Electrical Installations

v Laboratory Equipment

v Office Equipment

v Computer

v Furniture and Fixture

v Vehicles

v Cycles

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. 58.27
UK Pound	1	Rs. 91.16
Euro	1	Rs. 77.50

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	7
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		55

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.