MIRA INFORM REPORT

Report Date :

23.09.2013

IDENTIFICATION DETAILS

Name :	SPRAY ENGINEERING DEVICES LIMITED
Registered Office :	Plot No.25, Industrial Area, Phase II, Chandigarh – 160 002
Country :	India
Financials (as on) :	31.03.2012 (Profit and Loss A/c)
Date of Incorporation :	08.11.2004
Com. Reg. No.:	53-027625
Capital Investment / Paid-up Capital :	Rs.221.214 Millions
CIN No.: [Company Identification No.]	U00000CH2004PLC027625
PAN No.: [Permanent Account No.]	AAICS5252M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing of Cooling and Condensing System and Energy Efficient Equipments for the Sugar Industry.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Maximum Credit Limit :	USD 945000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Exist
Comments :	Subject is an established company having a moderate track record. The balance sheet of the company for the year 2012 is not available. As per profit and loss statement, the company has shown some improvement in its operations over its previous year. During previous year (2011), the company has incurred huge loss from its operations causing a threat to its liquidity. However, trade relations are fair. Business is active. Payment terms are slow. The company can be considered for business dealings 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.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 :	Plot No.25, Industrial Area, Phase II, Chandigarh – 160 002, India
Tel. No.:	91-712-2389000
Fax No.:	91-712-2898001
E-Mail :	support@sprayengineering.com info@sprayengineering.com maninder.kanwar@sedl.in sanjay.gupta@sedl.in prateek.verma@sed.in info@sedi.in
Website :	www.sprayengineering.com www.sedl.in
Head Office :	“Spray House”, Plot No. C-82, Industrial Area, Phase-VII, Mohali – 160 055, Punjab, India
Tel. No.:	91-172-3029999/ 3029703
Fax No.:	91-172-3029774
Corporate Office :	Plot No.A-30, Sector-63, Noida – 201 301, Uttar Pradesh, India
Tel. No.:	91-120-4263512/ 4031300/ 3046668
Fax No.:	91-120-4263513/ 4031345
Factory 1 :	Unit I # 76, HPSIDC Industrial Area, Baddi, District Solan – 173 205, Himachal Pradesh, India
Tel. No.:	91-1795-245321/ 308284
Fax No.:	91-1795-245316/ 308264
Factory 2 :	Unit II # 245-246, HPSIDC, Industrial Area, Baddi, District Solan – 173 205, Himachal Pradesh, India
Tel. No.:	91-1795-247421/ 308705
Fax No.:	91-1795-308722
Factory 3 :	Unit III # 395-399, HPSIDC, Industrial Area, Baddi, District Solan – 173 205, Himachal Pradesh, India
Tel. No.:	91-1795-308235
Fax No.:	91-1795-308257
Factory 4:	Sugar Factory: Village-Pawarwadi, Taluka Majalgaon, District Beed – 431 131, Maharashtra, India
Tel. No.:	91-2443-235972/ 73
Fax No.:	91-2443-235971
Regional Office :	Pune 202, 2^nd Floor, Winners Court, Lullangar Junction, Pune – 411 040, Maharashtra, India
Tel. No.:	91-20-64782192/ 30227149
Fax No.:	91-20-30227146

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Vivek Verma

Designation :

Managing Director

Address :

House No.485, Sector – 8, Panchkula – 134 109, Haryana, India

Date of Birth/Age :

28.09.1966

Qualification :

B. Tech

Date of Appointment :

01.07.2009

DIN No.:

00032970

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	U15420MH2000PLC124792	SHREE SAIBABA SUGARS LIMITED	Director	01/12/2004	01/12/2004	15/09/2006	Active	NO
2	U00000CH2004PLC027625	SPRAY ENGINEERING DEVICES LIMITED	Managing director	01/07/2009	06/12/2004	-	Active	NO
3	U45200CH1996PTC019216	MODLINE CONSTRUCTIONS PRIVATE LIMITED	Director	29/07/2008	25/04/2005	-	Active	NO
4	U45202CH2006PTC029652	SED ENGINEERS AND FABRICATORS PRIVATE LIMITEDA	Director	06/02/2006	06/02/2006	-	Active	NO
5	U27100HP2005PTC028397	GENIUS STEELS PRIVATE LIMITED	Director	24/02/2006	24/02/2006	-	Amalgamated	NO
6	U40108AP2001PTC037076	EN-PACK POWER PROJECTS PRIVATE LIMITED	Director	24/03/2006	24/03/2006	23/08/2011	Active	NO
7	U15420CH2006PLC029976	SPRAY ENGINEERING SUGARS LIMITED	Director	03/04/2006	03/04/2006	17/12/2012	Active	NO
8	U15421MH2000PLC130397	JAY MAHESH SUGAR INDUSTRIES LIMITED	Managing director	01/04/2007	26/09/2006	25/06/2011	Amalgamated	NO
9	U01403CH2007PTC030679	IPRO SUGAR ENGINEERING PRIVATE LIMITED.	Nominee director	23/12/2008	30/01/2007	03/09/2009	Active	NO
10	U40101PB2007PTC030986	PARADISE POWER GENERATION PRIVATE LIMITED	Director	29/07/2008	19/02/2008	07/06/2010	Active	NO
11	U74990CH2008PLC031137	SUSTAINABLE ENVIRONMENT DEVELOPERS LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO

Name :

Mr. Prateek Verma

Designation :

Whole-Time Director

Address :

House No.485, Sector – 8, Panchkula – 134 109, Haryana, India

Date of Birth/Age :

08.01.1968

Qualification :

B.E. (Mechanical)

Date of Appointment :

01.07.2009

DIN No.:

00024740

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	U00000CH2004PLC027625	SPRAY ENGINEERING DEVICES LIMITED	Whole-time director	01/07/2009	08/11/2004	-	Active	NO
2	U15420MH2000PLC124792	SHREE SAIBABA SUGARS LIMITED	Director	01/12/2004	01/12/2004	20/09/2006	Active	NO
3	U45200CH1996PTC019216	MODLINE CONSTRUCTIONS PRIVATE LIMITED	Director	29/07/2008	25/04/2005	-	Active	NO
4	U45202CH2006PTC029652	SED ENGINEERS AND FABRICATORS PRIVATE LIMITED	Director	02/04/2007	06/02/2006	-	Active	NO
5	U27100HP2005PTC028397	GENIUS STEELS PRIVATE LIMITED	Director	24/02/2006	24/02/2006	-	Amalgamated	NO
6	U40108AP2001PTC037076	EN-PACK POWER PROJECTS PRIVATE LIMITED	Director	24/03/2006	24/03/2006	23/08/2011	Active	NO
7	U15420CH2006PLC029976	SPRAY ENGINEERING SUGARS LIMITED	Director	03/04/2006	03/04/2006	17/12/2012	Active	NO
8	U15421MH2000PLC130397	JAY MAHESH SUGAR INDUSTRIES LIMITED	Director	26/09/2006	26/09/2006	25/06/2011	Amalgamated	NO
9	U40101PB2007PTC030986	PARADISE POWER GENERATION PRIVATE LIMITED	Director	19/03/2007	19/03/2007	07/06/2010	Active	NO
10	U74990CH2008PLC031137	SUSTAINABLE ENVIRONMENT DEVELOPERS LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO

Name :

Mr. Sanjay Gupta

Designation :

Whole-Time Director

Address :

House No.280, Sector – 37/A, Chandigarh – 160 036, India

Date of Birth/Age :

20.02.1967

Qualification :

F.C.A., F.C.S.

Date of Appointment :

01.07.2009

DIN No.:

00024681

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	U00000CH2004PLC027625	SPRAY ENGINEERING DEVICES LIMITED	Whole-time director	01/07/2009	08/11/2004	-	Active	NO
2	U15420MH2000PLC124792	SHREE SAIBABA SUGARS LIMITED	Director	01/12/2004	01/12/2004	15/09/2006	Active	NO
3	L15131HP1976PLC003703	SHIVALIK AGRO POLY PRODUCTS LIMITED	Director	01/01/2005	01/01/2005	-	Active	NO
4	U45200CH1996PTC019216	MODLINE CONSTRUCTIONS PRIVATE LIMITED	Director	29/07/2008	25/04/2005	01/06/2012	Active	NO
5	U45202CH2006PTC029652	SED ENGINEERS AND FABRICATORS PRIVATE LIMITED	Director	06/02/2006	06/02/2006	-	Active	NO
6	U27100HP2005PTC028397	GENIUS STEELS PRIVATE LIMITED	Director	24/02/2006	24/02/2006	-	Amalgamated	NO
7	U15420CH2006PLC029976	SPRAY ENGINEERING SUGARS LIMITED	Director	03/04/2006	03/04/2006	01/06/2012	Active	NO
8	U15421MH2000PLC130397	JAY MAHESH SUGAR INDUSTRIES LIMITED	Director	26/09/2006	26/09/2006	25/06/2011	Amalgamated	NO
9	U01403CH2007PTC030679	IPRO SUGAR ENGINEERING PRIVATE LIMITED.	Nominee director	23/12/2008	30/01/2007	03/09/2009	Active	NO
10	U40101PB2007PTC030986	PARADISE POWER GENERATION PRIVATE LIMITED	Director	29/07/2008	19/02/2008	25/06/2010	Active	NO
11	U74990CH2008PLC031137	SUSTAINABLE ENVIRONMENT DEVELOPERS LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO
12	U73100CH2008PTC031273	SPINOFF TECHNOPARK PRIVATE LIMITED	Director	18/06/2008	18/06/2008	-	Active	NO
13	U45209CH2008PTC031380	VINCERE EDUCATION AND INFRASTRUCTURES PRIVATE LIMITED	Director	23/09/2008	23/09/2008	-	Active	NO
14	U73100CH2008PTC031468	SYNKROM HEALTHCARE PRIVATE LIMITED	Director	29/09/2012	24/12/2008	-	Active	NO
15	U45209CH2010PTC032033	EIGENTUM INFRA PRIVATE LIMITED	Director	17/02/2010	17/02/2010	-	Active	NO
16	U73200CH2010PTC032221	ONIOSOME HEALTHCARE PRIVATE LIMITED	Director	11/05/2010	11/05/2010	31/03/2011	Active	NO
17	U72900CH2010PTC032566	FIRE BOX ANIMATION STUDIOS PRIVATE LIMITED	Additional director	08/12/2010	08/12/2010	01/06/2012	Strike off	NO
18	L24219HR1993PLC032195	SYSCHEM (INDIA) LIMITED	Director	30/09/2011	31/08/2011	28/12/2011	Active	NO
19	U70109CH2012PTC034160	SANKALP ESTATE PRIVATE LIMITED	Director	19/10/2012	19/10/2012	-	Active	NO
20	U24232PB2007PTC030965	ALLYCHEM ORGANICS PRIVATE LIMITED	Additional director	02/03/2013	02/03/2013	-	Active	NO

Name :

Mr. Rajeev Chadha

Designation :

Whole-Time Director

Address :

Flat No.302, Maitherye Residency, 10 Amravathi Colony, Kaushalya Estate, Karkhana, Secunderabad – 500 009, Andhra Pradesh, India

Date of Birth/Age :

18.06.1965

Qualification :

B.E. (Mechnaical), M.B.A

Date of Appointment :

14.08.2008

DIN No.:

00030373

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	U28113AP2001PTC036004	SIR VALVES PRIVATE LIMITED	Director	05/01/2001	05/01/2001	-	Active	NO
2	U40108AP2001PTC037076	EN-PACK POWER PROJECTS PRIVATE LIMITED	Director	31/07/2001	31/07/2001	-	Active	NO
3	U45200CH1996PTC019216	MODLINE CONSTRUCTIONS PRIVATE LIMITED	Director	25/04/2005	25/04/2005	27/09/2012	Active	NO
4	U40101PB2007PTC030986	PARADISE POWER GENERATION PRIVATE LIMITED	Director	19/03/2007	19/03/2007	07/06/2010	Active	NO
5	U00000CH2004PLC027625	SPRAY ENGINEERING DEVICES LIMITED	Whole-time director	14/08/2008	25/09/2007	-	Active	NO
6	U45202CH2006PTC029652	SED ENGINEERS AND FABRICATORS PRIVATE LIMITED	Director	07/07/2008	01/04/2008	-	Active	NO
7	U15420CH2006PLC029976	SPRAY ENGINEERING SUGARS LIMITED	Director	07/07/2008	01/04/2008	17/12/2012	Active	NO
8	U74990CH2008PLC031137	SUSTAINABLE ENVIRONMENT DEVELOPERS LIMITED	Director	04/08/2009	12/04/2008	-	Active	NO
9	U15421MH2000PLC130397	JAY MAHESH SUGAR INDUSTRIES LIMITED	Director	21/07/2008	22/04/2008	25/06/2011	Amalgamated	NO
10	U26100AP2008PTC060974	PARADISE GLASS INDUSTRIES PRIVATE LIMITED	Director	10/09/2008	10/09/2008	-	Active	NO
11	U40100AP2012PTC081662	GREENWAYS TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	26/06/2012	26/06/2012	-	Active	NO

Name :

Mr. Satish Vasant Deshpande

Designation :

Nominee Director

Address :

House No.101, Glorisoa Apartment, NM – Kale Marg, Dadar (West), Mumbai, Maharashtra, India

Date of Birth/Age :

15.07.1960

Date of Appointment :

08.08.2007

DIN No.:

00023871

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	L35999GJ1982PLC005203	SETCO AUTOMOTIVE LIMITED	Director	12/12/2005	12/12/2005	29/05/2013	Active	NO
2	U15499KL1989PTC005449	EASTERN CONDIMENTS PRIVATE LIMITED	Nominee director	27/06/2007	27/06/2007	02/11/2010	Active	NO
3	U74140TN2003PTC051955	UPDATER SERVICES PRIVATE LIMITED	Director	25/09/2007	30/06/2007	29/01/2008	Active	NO
4	U00000CH2004PLC027625	SPRAY ENGINEERING DEVICES LIMITED	Nominee director	08/08/2007	30/06/2007	-	Active	NO
5	U72200AP1997PLC033030	SEMANTICSPACE TECHNOLOGIES LIMITED	Nominee director	30/11/2007	30/11/2007	-	Active	NO
6	U74990MH2010PTC199700	EPSILON POLYMERS PRIVATE LIMITED	Director	04/02/2010	04/02/2010	-	Active	NO

Name :

Subramanian Ananthakrishnan

Designation :

Nominee Director

Address :

A-401, Tilak Nagar, HP EMP CHS Limited, NDR Plot No.11, Opposite Building 124, Chembur, Mumbai – 400 089, Maharashtra India

Date of Birth/Age :

13.02.1957

Date of Appointment :

20.03.2013

DIN No.:

02984791

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	U01132PN2007PTC130970	CHELSEA COFFEE AND TEA COMPANY PRIVATE LIMITED	Director	05/05/2008	03/04/2008	-	Active	NO
2	U67190MH2010PTC205660	S2 CORPORATE ADVISORY SERVICES PRIVATE LIMITED	Director	20/07/2010	20/07/2010	-	Active	NO
3	U74999MH2008PTC178651	SILICA TOOL MANUFACTURING AND ALLIED SERVICES PRIVATE LIMITED	Director	30/09/2011	04/12/2010	-	Active	NO
4	U29130MH2004PTC149846	JV ROULEMENTS INTERNATIONAL PRIVATE LIMITED	Director	19/12/2011	04/12/2010	-	Active	NO
5	U74990MH2008PTC178964	ADRIENNE INFORMATION SUPPLIERS PRIVATE LIMITED	Director	30/09/2011	23/07/2011	-	Active	NO
6	U90009MH2008PTC181958	ENVIROX PROJECTS COMPANY PRIVATE LIMITED	Director	30/09/2011	30/08/2011	-	Active	NO
7	U90002MH2009PTC195697	SHERIDAN ENVIRONMENT PROTECTION PRIVATE LIMITED	Director	30/09/2011	30/08/2011	-	Active	NO
8	U90000MH2009PTC190594	SADE ENVIROX NETWORK SERVICES PRIVATE LIMITED	Director	30/09/2011	30/08/2011	-	Active	NO
9	U29219MH2007PTC167005	ENVIROX PROTECTION COMPANY PRIVATE LIMITED	Director	30/09/2011	30/08/2011	-	Active	NO
10	U65910KA2007PTC043110	BRICS LEASING AND FINANCE PRIVATE LIMITED	Director	20/08/2012	22/06/2012	-	Active	NO
11	U74999TN1996PLC037132	PURPLE INFOTECH LIMITED	Director	29/12/2012	05/07/2012	-	Active	NO
12	U15500MH2007PTC177164	PRANAV AGROTECH DISTILLERIES PRIVATE LIMITED	Director	26/09/2012	06/08/2012	-	Active	NO
13	U00000CH2004PLC027625	SPRAY ENGINEERING DEVICES LIMITED	Nominee director	20/03/2013	30/11/2012	-	Active	NO
14	U74900MH2011PTC233954	VBE PROJECTS PRIVATE LIMITED	Additional director	09/03/2013	09/03/2013	02/09/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Maninder Kanwar
Designation :	Secretary
Address :	House No.331, Sector – 19, Panchkula – 134 113, Haryana, India
Date of Birth/Age :	27.01.1978
Date of Appointment :	15.12.2007
PAN No.:	AOSPK6958D
Name :	Mr. Sachin Anand
Designation :	Secretary
Address :	House No.211, Karanpur, Dehradun – 248 001, Uttarakhand, India
Date of Birth/Age :	17.10.1983
Date of Appointment :	01.02.2013
PAN No.:	AJWPA8640F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Note:

Shareholding details file attached.

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	25.00
Directors or relatives of directors	70.77
Other top fifty shareholders	3.89
Others	0.34
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing of Cooling and Condensing System and Energy Efficient Equipments for the Sugar Industry.

Products :

ITC CODE	Product Description
84042000	Multijet Condenser

PRODUCTION STATUS (AS ON 31.03.2011):

Information of installed and licenced capacity as per the requirements of Part II of the Companies Act, 1956 is not applicable to the Company as the Company is not manufacturing any licensed product.

Particulars	Unit	Actual Production
Multijet Condenser	Nos.	293
Parts of Multijet Condensers	Nos.	1346
Mist Cooling Systems and their Parts	Nos.	46
Auto Thermal Process Optimizer and their Parts	Nos.	17740
Machinery for Sugar Mills and their Parts	Nos.	584
Vapour Condensing System and their Parts	Nos.	1534
Equipment for Sugar Refinery	Nos.	1579

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Canara Bank, SCO 255-256, Sector 44C, Chandigarh – 160 047, India
• Bank of India, Chandigarh Corporate Banking Branch, SCO 81-82, Sector 17 B, Chandigarh – 160 017, India
• Axis Bank, SCO 343-344, Sector-35/B, Chandigarh – 160 022, Chandigarh, India

Facilities :

Secured Loans	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	302.859	382.829
Rupee term loans others secured	33.440	43.000
Foreign currency loans banks secured	54.438	34.439
Working capital loans banks secured	630.098	576.954
Other debt secured	3.891	5.156
Total	1024.726	1042.378

Banking Relations :	--
Auditors :
Name :	S.R. Batlibai and Company Chartered Accountants
Address :	Golf View, Corporate Tower B, Sector 42, Sector Road, Gurgaon – 122 002, Haryana, India
PAN No.:	AALFS0506L
Subsidiary Company (As on 31.03.2011) :	SED Engineers and Fabricators Private Limited (CIN No.: U45202CH2006PTC029652) Spray Engineering Sugars Limited (CIN No.: U15420CH2006PLC029976) Jay Mahesh Sugar Industries Limited (CIN No.: U15421MH2000PLC130397) Sustainable Environment Developers Limited (CIN No.: U74990CH2008PLC031137)
Associates (As on 31.03.2011) :	Shree Saibaba Sugars Limited
Joint Venture (As on 31.03.2011) :	IPROSUGAR Engineering Private Limited

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
24050000	Equity Shares	Rs.10/- each	Rs.240.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22586781	Equity Shares	Rs.10/- each	Rs.225.868 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
24050000	Equity Shares	Rs.10/- each	Rs.240.500 Millions

Issued & Subscribed Capital :

No. of Shares	Type	Value	Amount
22586781	Equity Shares	Rs.10/- each	Rs.225.868 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
22121391	Equity Shares	Rs.10/- each	Rs.221.214 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		221.214	221.523
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		568.189	1778.623
4] (Accumulated Losses)		(553.160)	0.000
NETWORTH		236.243	2000.146
LOAN FUNDS
1] Secured Loans		1024.726	1042.378
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		1024.726	1042.378
DEFERRED TAX LIABILITIES		66.908	38.513
TOTAL		1327.877	3081.037
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		656.285	685.624
Capital work-in-progress		1.545	1.424
INVESTMENT		315.841	1398.649
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	431.756	311.509
	Sundry Debtors	246.655	845.556
	Cash & Bank Balances	73.868	62.093
	Other Current Assets	2.941	3.982
	Loans & Advances	298.885	231.856
Total Current Assets		1054.105	1454.996
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	156.228	223.455
	Other Current Liabilities	379.792	95.758
	Provisions	163.879	140.443
Total Current Liabilities		699.899	459.656
Net Current Assets		354.206	995.340
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		1327.877	3081.037

Note: Balance Sheet for the year 2012 is not available only Profit & Loss A/c is available.

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	1456.237	1363.629	1636.536
		Other Income	108.833	31.141	8.359
		TOTAL (A)	1565.070	1394.770	1644.895
Less	EXPENSES
		Cost of materials consumed	366.398	592.838	1176.636
		Purchases of stock-in-trade	414.690	409.892
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	128.513	(89.949)
		Employee benefit expense	82.794	128.326
		Other expenses	372.862	439.294
		Exceptional items	45.300	1461.999
		TOTAL (B)	1410.557	2942.400	1176.636
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		154.513	(1547.630)	468.259
Less	FINANCIAL EXPENSES (D)		98.185	146.300	132.066
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		56.328	(1693.930)	336.193
Less/ Add	DEPRECIATION/ AMORTISATION (F)		43.653	37.393	46.408
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		12.675	(1731.323)	289.785
Less	TAX (H)		(67.809)	29.296	18.317
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		80.484	(1760.619)	271.468
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(553.160)	1207.459	935.991
	BALANCE CARRIED TO THE B/S		NA	(553.160)	1207.459
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods (FOB Value basis)	NA	187.990	189.940
	TOTAL EARNINGS		NA	187.990	189.940
	IMPORTS
		Capital Goods	NA	0.000	1.322
		Raw Materials & Components	NA	147.467	81.293
	TOTAL IMPORTS		NA	147.467	82.615
	Earnings/ (loss) Per Share (Rs.)
	- Basic		3.64	(79.59)	12.25
	- Diluted		3.56	(79.59)	9.80

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.14	(126.23)	16.50
Net Profit Margin (PBT/Sales)	(%)	0.87	(126.96)	17.71
Return on Total Assets (PBT/Total Assets}	(%)	NA	(101.22)	13.54
Return on Investment (ROI) (PBT/Networth)		NA	(7.33)	0.15
Debt Equity Ratio (Total Debt /Networth)		NA	4.34	0.52
Current Ratio (Current Asset/Current Liability)		NA	1.51	3.16

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	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	Yes
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

LITIGATION DETAILS:

PUNJAB AND HARYANA HIGH COURT

CASE STATUS INFORMATION SYSTEM

Case Status:  PENDING

Status of          INCOME TAX APPEAL   4        of    2013    

COMMISSIONER OF INCOME TAX I CHANDIGARH     Vs.    SPRAY ENGINEERING DEVICES LIMITED

Pet's Adv.     :   URVASHI DHUGGA                   

Next Date of Hearing :     Thursday, October 03, 2013

List Type :  Ordinary     

FIR No. :   NO FIR DETAILS AVAILABLE / NOT A CRIMINAL CASE

Category :  STATUTORY APPEALS INCOME TAX     

Last Hearing Detail 1 :  Tuesday, July 23, 2013 Before   MR. JUSTICE HEMANT GUPTA , MS. JUSTICE RITU BAHRI,---      at Bench Sl. No :   225     

Last Hearing Detail 2 :   Before   MR. JUSTICE HEMANT GUPTA , MS. JUSTICE RITU BAHRI,---      at Bench Sl. No :230     

CONNECTED APPLICATION (S)   CM   215-CII    of  2013

CONNECTED MATTER (S) No Connected Cases.

Case Updated on:   Tuesday, July 23, 2013 

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90183393	16/05/2013 *	531,300,000.00	CANARA BANK (LEAD BANKER) AND BANK OF INDIA	SCO 255-256, SECTOR 44C, CHANDIGARH (CANARA BANK), SCO 81-82, SECTOR 17B, CHANDIGARH (BOI), CHANDIGARH, CHANDIGARH - 160017, INDIA	B75409698

* Date of charge modification

CONTINGENT LIABILITIES:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
On account of pending appeals of Income Tax	106.643	10.045

Cases are in respect of Income tax for which the total estimated liability, should the actions be successful, for the Company is Rs.106.643 millions (Previous Year Rs.10.045 millions). The legal proceedings are going on and therefore it is not practicable to state the timing of any payment. The management is of the opinion that it is possible, but not probable, the action will succeed and accordingly no provision for any liability has been made in these financial statements.

FIXED ASSETS:

· Residential Flat

· Factory Building

· Plant and Machinery

· Data Processing Equipments

· Vehicles

· Furniture

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 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.62.24
UK Pound	1	Rs.99.90
Euro	1	Rs.84.23

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		35

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.