MIRA INFORM REPORT

Report Date :

07.08.2014

IDENTIFICATION DETAILS

Name :	S S P PRIVATE LIMITED (w.e.f. 18.10.2001)
Formerly Known As :	S S P LIMITED (w.e.f. 01.07.1998) S S P PRIVATE LIMITED (w.e.f. 02.02.1993) FARIDABAD STAINLESS AND STEEL PRODUCTS COMPANY PRIVATE LIMITED
Registered Office :	13, Mile Stone, Mathura Road, Faridabad – 121 003, Haryana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.06.1985
Com. Reg. No.:	05-021129
Capital Investment / Paid-up Capital :	Rs.503.329 millions
CIN No.: [Company Identification No.]	U29219HR1985PTC021129
PAN No.: [Permanent Account No.]	AAECS1415J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Dairy Food-Processing, Plants and Equipment Pharmaceutical, Chemical Plants and Equipment.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 5759000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

NEWS

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20%! Equities came in second with annualized return of 15.5%! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs.10000 mn.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Dev Kumar
Designation :	Accounts Manager
Contact No.:	91-129-2277442
Date :	01.08.2014

LOCATIONS

Registered Office/ Corporate Office :	13, Mile Stone, Mathura Road, Faridabad – 121 003, Haryana, India
Tel. No.:	91-129-2277442/ 2275968/ 2277730/ 4183700/ 4183799/ 5275441
Fax No.:	91-129-2277441/ 4183777/ 6847665
E-Mail :	info@sspindia.com info@ssp.co.in marketing@ssp.co.in anil@ssp.co.in
Website :	http://www.sspindia.com
Area :	4500 sq. ft.
Location :	Owned
Research and Development Center :	19, DLF Industrial Area, Phase-II, 13/4, Mathura Road, Faridabad – 121 003, Haryana, India
Tel. No.:	91-129-2277730/ 2275441
Fax No.:	91-129-2254956
Factory 1 :	Village Chandpur, Tehsil Vallabgarh, District Faridabad – 121 101, Haryana, India
Area :	4000 sq. mtr.
Location :	Owned
Factory 2 :	B-109, M.I.D.C. Butibori, Nagpur – 441 122, Maharashtra, India
Area :	10000 sq. mtr.
Location :	Owned
Factory 3 :	Plot No.149, Noida Special Economic Zone, Noida Dadri Road, Phase 2, Noida – 201 305, Uttar Pradesh, India
Location :	Leased
Factory 4 :	C-60A, Eldeco SIDCOL Industrial Park, Sitarganj – 262 403, U.S. Nagar, Uttarkhand, India
Location :	Owned
Factory 5 :	12/6 Mile Stone, Gurukul, Faridabad – 121 003, Haryana, India
Regional Office 1 :	61 B, 6^th Floor, Aggarwal Trade Center, Plot No.62, Sector-II, CDB-Belapur, Navi Mumbai – 400 614, Maharashtra, India
Tel. No.:	91-22-66099836
Regional Office 2 :	New # 94, Old # 83, Kamaraj Avenue, 2^nd Street, Adyar, Chennai – 600 020, Tamilnadu, India
Tel. No.:	91-44-42019795

DIRECTORS

AS ON 24.08.2013

Name :

Mr. Rama Prasad Banerjee

Designation :

Whole-Time Director

Address :

219, Kailash Hills, New Delhi – 110 065, India

Date of Birth/Age :

21.08.1930

Date of Appointment :

28.09.1990

DIN No.:

00250105

PAN No.:

AAWPB5289L

Name :

Mr. Tapas Chatterjee

Designation :

Managing Director

Address :

219, Kailash Hills, New Delhi – 110 065, India

Date of Birth/Age :

25.03.1950

Date of Appointment :

01.10.1985

DIN No.:

00250010

PAN No.:

ACOPC3659B

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	U29219HR1985PTC021129	S S P PRIVATE LIMITED	Managing director	01-10-1985	01-10-1985	-	Active	NO
2	U15122HR2014PTC052042	TECH FOODS PRIVATE LIMITED	Director	04-03-2014	04-03-2014	-	Active	NO

Name :

Mrs. Rekha Banerjee

Designation :

Director

Address :

219, Kailash Hills, New Delhi – 110 065, India

Date of Birth/Age :

26.02.1941

Date of Appointment :

01.12.2012

DIN No.:

00254055

PAN No.:

ABQPB6603B

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	U29219HR1985PTC021129	S S P PRIVATE LIMITED	Director	01-12-2012	01-10-1985	-	Active	NO

Name :

Mrs. Dola Chatterjee

Designation :

Director

Address :

219, Kailash Hills, New Delhi – 110 065, India

Date of Birth/Age :

19.01.1958

Date of Appointment :

01.12.2012

DIN No.:

00253904

PAN No.:

AAEPC4475F

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	U29219HR1985PTC021129	S S P PRIVATE LIMITED	Director	01-12-2012	09-05-2001	-	Active	NO

Name :

Mr. Gautam Banerjee

Designation :

Whole-Time Director

Address :

219, Kailash Hills, New Delhi – 110 065, India

Date of Birth/Age :

28.10.1965

Date of Appointment :

30.09.2009

DIN No.:

00250277

PAN No.:

AAHPB0342F

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	U74899DL1991PTC043302	G D MACHINES PRIVATE LIMITED	Director	28-02-1991	28-02-1991	-	Amalgamated	NO
2	U29219HR1985PTC021129	S S P PRIVATE LIMITED	Whole-time director	30-09-2009	24-09-2009	-	Active	NO
3	U15122HR2014PTC052042	TECH FOODS PRIVATE LIMITED	Director	04-03-2014	04-03-2014	-	Active	NO

Name :

Mrs. Putul Banerjee

Designation :

Whole-Time Director

Address :

219, Kailash Hills, New Delhi – 110 065, India

Date of Birth/Age :

21.08.1970

Date of Appointment :

30.09.2009

DIN No.:

00250374

PAN No.:

ADFPB7015C

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	U74899DL1991PTC043302	G D MACHINES PRIVATE LIMITED	Director	05-05-2001	05-05-2001	-	Amalgamated	NO
2	U29219HR1985PTC021129	S S P PRIVATE LIMITED	Whole-time director	30-09-2009	24-09-2009	-	Active	NO

Name :

Mr. Tanmoy Chatterjee

Designation :

Whole-Time Director

Address :

219, Kailash Hills, New Delhi – 110 065, India

Date of Birth/Age :

11.11.1981

Date of Appointment :

30.09.2009

DIN No.:

00499800

PAN No.:

AEPPC9531H

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	U29251DL2005PTC139439	PRISTINE PLANTS (INDIA) PRIVATE LIMITED	Director	08-08-2005	08-08-2005	03-03-2008	Active	NO
2	U29219HR1985PTC021129	S S P PRIVATE LIMITED	Whole-time director	30-09-2009	24-09-2009	-	Active	NO

Name :

Mrs. Shohini Chatterjee

Designation :

Director

Address :

219, Kailash Hills, New Delhi – 110 065, India

Date of Birth/Age :

01.03.1983

Date of Appointment :

27.09.2011

DIN No.:

03633345

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	U29219HR1985PTC021129	S S P PRIVATE LIMITED	Director	27-09-2011	16-08-2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dev Kumar
Designation :	Accounts Manager
Name :	Mr. Dwarka Nath
Designation :	Secretary
Address :	CM-311, Abhimanyu Apartment, Vasundhara Enclave, Delhi – 110 096, India
Date of Birth/Age :	01.01.1946
Date of Appointment :	01.04.2010
PAN No.:	AAFPD7436C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.08.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Directors and their relatives
Tapas Chatterjee	13827514	27.47
Rekha Banerjee	2887066	5.74
Gautam Banerjee	7970075	15.83
Dola Chatterjee	5329169	10.59
R.P. Banerjee	4938060	9.81
Putul Banerjee	3313743	6.58
Tanmoy Chatterjee	3325170	6.61
Deepanjan Banerjee	2286000	4.54
Shreya Banerjee	1788781	3.55
Piyal Chatterjee	2332122	4.63
Sohini Chatterjee	1203530	2.39
Namita Chakraborty	322320	0.64
Ila Chaterjee	204644	0.41
R. N. Chatterjee	28954	0.06
Gita Chatterjee	19302	0.04
Total A	49776450	98.89
Others
Shymal Banerjee	86861	0.17
Deepak Banerjee	48640	0.10
S.K. Chatterjee	43053	0.09
Shankar Chatterjee	41274	0.08
Mita Chatterjee	48211	0.10
Falguni Banerjee	55615	0.11
Anil Chatterjee	9651	0.02
Ashok Kr. Mukherjee	96512	0.19
Saukat Ali	7540	0.01
Mahip Bhatia	3770	0.01
Amit Dey	3770	0.01
Debashis Dey	3770	0.01
Anup Mukherjee	8294	0.02
Swaraj Banerjee	15080	0.03
Ajay Chatterjee	7540	0.01
Chanda Sur	36675	0.07
Swapan Kumar Chatterjee and Kuheli Mookherjee	40158	0.08
Total B	556414	1.11
Total (A+B)	50332864	100.00

AS ON 24.08.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	98.89
Other top fifty shareholders	1.11
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Dairy Food-Processing, Plants and Equipment Pharmaceutical, Chemical Plants and Equipment.

Products :

Item Code No.	Product Description
84195010	Evaporators, Dryers, Engineering Goods

Industrial Evaporators

· Falling Film Evaporators

· Forced Circulation Evaporators

· Scrapped Surface Evaporators

Industrial Dryers

· Spray Dryers

· Fluid Bed Dryers

· Band Dryers

· Spin Flash Dryers

· Steam Tube Dryers

Dairy Industry

· Milk Powder Plants

· Evaporated Milk Plants

Food Processing Industry

· Refined Iodized Free Flowing Salt Plants

· Honey Processing Plants

· Instant Coffee Plants

· Egg Powder Plants

Fruit and Vegetable Processing Industry

· Fruit Processing Plants

· Fruit Juice Powder Plants

· Fruit and Vegetable Dehydration Plants

· Tomato Paste and Ketchup Plants

Chemical Industry

· Herbal Extraction Plants

· Vegetable Dye Plants

· Detergent Powder Plants

Effluent Treatment Plants

· Molasis Based Distilleries

· Grain Based Distilleries

· Textile Dyeing Industry

· Pharmaceutical Industry

· Paper Industry

· Common Effluent Treatment Plants

Exports :

Products :

· Dairy Food-Processing

· Pharmaceutical

· Chemical Plants and Equipment

· Raw Materials.

Countries :

• Europe
• Africa
• South East Asia

Imports :

Products :

· Raw Materials

Countries :

· USA

· Mexico

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

· Jindal Steel and Power Limited

· ABB Limited

Customers :

End Users

· Hindustan Unilever Limited

No. of Employees :

500 (Approximately)

Bankers :

· State Bank of India, Commercial Branch, The Great Eastern Centre, 70 , Ground Floor Nehru Place, New Delhi – 110 019, India

· State Bank of India, Commercial Branch, Vardhman Trade Centre, Plot No.3 and 4, 2^nd Floor, DDA Building, Nehru Place, New Delhi – 110 019, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Term loans from banks (Secured by first charge on entire Fixed Assets acquired out of bank finance and equitable mortgage of certain Fixed Assets and Current Assets.)	10.093	40.316
Loans taken for vehicles (Secured against hypothecation of Cars)	1.371	3.748
SHORT-TERM BORROWINGS
Working capital loans from banks [State Bank of India Working Capital Loan Rs.62.064 millions (Secured against hypothecation of Stock and Book Debts)]	62.064	15.248
Loans repayable on demand (State Bank of India PCFC Secured against hypothecation of Stock and Book Debts)	0.000	12.930
Total	73.528	72.242

Banking Relations :	--
Auditors :
Name :	Kumar Pankaj and Company Chartered Accountants
Address :	203, Amrit Chamber, 78-79 Scindia House, Connaught Place, Janpath, New Delhi – 110 001, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAEPK8977E

CAPITAL STRUCTURE

AS ON 24.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50500000	Equity Shares	Rs.10/- each	Rs.505.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50332864	Equity Shares	Rs.10/- each	Rs.503.329 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	503.329	433.904	433.904
(b) Reserves & Surplus	936.442	880.094	811.249
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1439.771	1313.998	1245.153
(3) Non-Current Liabilities
(a) Long-term borrowings	17.538	51.741	38.047
(b) Deferred tax liabilities (Net)	9.984	8.762	8.366
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	27.522	60.503	46.413
(4) Current Liabilities
(a) Short term borrowings	62.064	28.178	48.278
(b) Trade payables	116.004	99.563	135.077
(c) Other current liabilities	294.447	246.280	213.712
(d) Short-term provisions	79.052	51.180	49.171
Total Current Liabilities (4)	551.567	425.201	446.238
TOTAL	2018.860	1799.702	1737.804
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	892.621	805.573	790.827
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	32.099	46.248	13.066
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.025	0.025	0.025
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	924.745	851.846	803.918
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	428.404	467.788	487.333
(c) Trade receivables	393.027	348.689	337.940
(d) Cash and cash equivalents	188.442	38.498	29.253
(e) Short-term loans and advances	50.813	78.383	53.987
(f) Other current assets	33.429	14.498	25.373
Total Current Assets	1094.115	947.856	933.886
TOTAL	2018.860	1799.702	1737.804

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1570.733	1202.135	859.870
		Other Income
		TOTAL	1570.733	1202.135	859.870
Less	EXPENSES
		Office Expenses	1366.461	1084.466	750.708
		Administrative Expenses
		Advertising Expenses
		TOTAL	1366.461	1084.466	750.708
	PROFIT/ (LOSS) BEFORE TAX		204.272	117.669	109.162
Less	TAX		43.082	23.520	26.910
	PROFIT/ (LOSS) AFTER TAX		161.190	94.149	82.252
	EARNINGS IN FOREIGN CURRENCY		692.453	139.134	117.652
	IMPORT VALUE		NA	49.795	16.308
	Earnings/ (Loss) Per Share (Rs.)		3.20	2.17	1.89

Particulars	31.03.2014
Sales Turnover (Approximately)	1650.000

The above information has been parted by Mr. Dev Kumar (Accounts Manager)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	10.26	7.83	9.57
Return on Total Assets (PBT/Total Assets}	(%)	10.28	6.71	6.33
Return on Investment (ROI) (PBT/Networth)		0.14	0.09	0.09
Debt Equity Ratio (Total Debt /Networth)		0.06	0.06	0.07
Current Ratio (Current Asset/Current Liability)		1.98	2.23	2.09

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	433.904	433.904	503.329
Reserves & Surplus	811.249	880.094	936.442
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1245.153	1313.998	1439.771
Long-term borrowings	38.047	51.741	17.538
Short term borrowings	48.278	28.178	62.064
Total borrowings	86.325	79.919	79.602
Debt/Equity ratio	0.069	0.061	0.055

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	859.870	1202.135	1570.733
		39.804	30.662

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	859.870	1202.135	1570.733
Profit	82.252	94.149	161.190
	9.57%	7.83%	10.26%

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	Yes
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 four 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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN 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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90033206	29/01/2014 *	520,400,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, THE GREAT EASTERN CENTRE, 70 , GROUND FLOOR NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	B97401103

* Date of charge modification

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Deferred sales tax loan	6.074	7.677
Total	6.074	7.677

Note:

The Registered Office of the company has been shifted from 19, DLF Industrial Area, Faridabad, Haryana to the present address w.e.f. 15.01.2010.

FINANCIAL RESULTS

During the year, the Company’s overall Sales and Other Income has increased by 30.66% to Rs.1577.000 millions as against Rs.1202.100 millions during the previous year including Exports which increased by around four times to Rs.692.500 millions against Rs.139.100 millions during the previous year. The Profit after Tax increased significantly by 71.30% at Rs.161.200 millions against Rs.94.100 millions during the previous year, with increased exports, better management controls and higher efficiencies.

BUSINESS OVERVIEW:

The sluggish market conditions in India followed by severe competition in the industry has led to substantially less number of orders in the domestic market. The company has therefore, decided to cut cost across the line and also undertake re-engineering so as to have competitive edge in the market.

The company has successfully exported a few projects which are performing well giving the company a good name in the international market.

The Directors foresee a good growth pattern for the company both in domestic and international market and aim to be the leader of the market.

The company has also decided to open several offices in the country and abroad.

FUTURE OUTLOOK:

At present they have order book position of Rs.1100.000 millions and expect another Rs.1500.000–2000.000 millions orders for execution during the current year.

The company has exported a few plants and when these projects start production, there will be substantial improvement in the reputation of the company. The Directors foresee a good growth in the export market. Since the food processing sector is growing all over the world, they expect lot of orders from this sector. Presently, they are also, negotiating quite a few big orders and expect to grow rapidly in next three years.

SALES AND MARKETING:

The company is making consistent efforts to enhance its market share and to emerge as market leader in its own right. The order book position is quite healthy and orders expected are more than Rs.2000.000 millions. To enhance the market share of the company, they are carrying out several project specific research and development and hope to provide better solution to their customers.

Also they will open several offices across the country to have their presence felt. They expect a good growth in export market as the technologies developed by SSP are now getting recognition all over the world for its superiority.

EXPORTS:

The Company has achieved around four times increase in Exports to Rs.692.500 millions against Rs.139.100 millions during the previous year. The company has participated in various international exhibitions and has received a good response. The Directors expect further good growth with more than Rs.1000.000 millions export orders expected during the Financial Year.

FIXED ASSETS:

· Land

· Buildings

· Office Building

· Factory Building

· Plant and Equipment

· Factory Equipments

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

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.61.34
UK Pound	1	Rs.103.44
Euro	1	Rs.81.96

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.