MIRA INFORM REPORT

Report Date :

27.02.2014

IDENTIFICATION DETAILS

Name :	S.K. AGROTECH INDUSTRIES LIMITED
Registered Office :	B-31/201, Saraf Chowdhari Nagar, Thakur Complex, Kandivali (East), Mumbai – 400101, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.07.2009
Com. Reg. No.:	11-194253
Capital Investment / Paid-up Capital :	Rs.50.000 Millions
CIN No.: [Company Identification No.]	U01403MH2009PLC194253
TAN No.: [Tax Deduction & Collection Account No.]	MUMS65267G
PAN No.: [Permanent Account No.]	AANCS2708K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers Producer, Importer and Exporter of all types of Agricultural, Semi Agricultural, Natural Products, Seeds and to undertake activities for Procuring etc.
No. of Employees :	56 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Exist
Comments :	Subject is a company having moderate track record. Mr. J. Narayan, general marketing manager provided general details and denied to provide any information about the subject to us. Management have failed to file the financials after F.Y. 2009-10 with the government department. As per available of 2009-2010 we found that company was yet to commence business activity. However, the capital base of the company appears to be decent. Business is active. As per the maintained with the registrar of the companies. Payment terms are unknown. In view of unavailability of financial statements, the subject can be considered for business dealing on a safe and secured trade terms and conditions. Note: Profit and Loss Account of the company is not available

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National  Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled  Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. J. Narayan
Designation :	General Marketing Manger
Contact No.:	91-9324275531
Date :	18.02.2014

LOCATIONS

Registered Office :	B-31/201, Saraf Chowdhari Nagar, Thakur Complex, Kandivali (East), Mumbai – 400101, Maharashtra, India
Tel. No.:	91-22-28543868
Mobile No.:	91-9324275531 (Mr. J. Narayan)
Fax No.:	Not Available
E-Mail :	stationarypointin@gmail.com madhukarpalde@apilgroup.com
Website :	www.skagrotech.com
Area :	2000 Sq. ft.
Location :	Owned
Factory :	Located at District Satara, Kaledhan Village

DIRECTORS

As on 02.07.2009

Name :

Mr. Shankar Namdeo Kashid

Designation :

Director

Address :

201, 31/ B, Thakur Complex, Saraf Choudhary Nagar, Kandivili (East), Mumbai – 400 101, Maharashtra, India

Date of Birth/Age :

21.03.1969

Date of Appointment :

21.07.2009

DIN No.:

01963549

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	U74950PN1998PLC013193	SHIVANI FLEXIPACK LIMITED	Managing director	06-09-99	06-09-99	-	Active	NO
2	U36991MH1999PLC121605	STATIONERY POINT (INDIA) LIMITED	Managing director	06-09-99	06-09-99	-	Active	NO
3	U74950MH2004PTC144012	PUSHKRAJ PACKAGING INDIA PRIVATE LIMITED	Managing director	14-01-04	14-01-04	-	Active	NO
4	U01403MH2009PLC194253	S. K. AGROTECH INDUSTRIES LIMITED	Director	21-07-09	21-07-09	-	Active	NO
5	U45203MH2012PTC229779	S K AGROFOOD TECH PRIVATE LIMITED	Director	17-04-12	17-04-12	04-06-12	Active	NO

Name :

Mr. Makarand Ashok Pandit

Designation :

Director

Address :

A-5/ 150, J.P. Nagar, Kopharad Village, PO-Agashi, Virar (West), Thane – 401 301, Maharashtra, India

Date of Birth/Age :

19.07.1960

Date of Appointment :

21.07.2009

DIN No.:

02454534

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	U36991MH1999PLC121605	STATIONERY POINT (INDIA) LIMITED	Director	06-09-99	06-09-99	-	Active	NO
2	U74950PN1998PLC013193	SHIVANI FLEXIPACK LIMITED	Director	29-09-07	31-03-07	-	Active	NO
3	U01403MH2009PLC194253	S. K. AGROTECH INDUSTRIES LIMITED	Director	21-07-09	21-07-09	-	Active	NO
4	U45203MH2012PTC229779	S K AGROFOOD TECH PRIVATE LIMITED	Director	17-04-12	17-04-12	04-06-12	Active	NO

KEY EXECUTIVES

Name :	Mr. J. Narayan
Designation :	General Marketing Manger

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2010

Names of Shareholders	No. of Shares
Shankar Namdeo Kashid	692900
Sharmila S. Kashid	750000
Pushkraj Packaging India Private Limited, India	2000000
Shivani Flexipack Limited, India	727400
Stationery Point India Limited, India	829700
Total	5000000

BUSINESS DETAILS

Line of Business :	Manufacturers Producer, Importer and Exporter of all types of Agricultural, Semi Agricultural, Natural Products, Seeds and to undertake activities for Procuring etc.
Exports :
Products :	Ampaule Tray, Bag Packaging Tray, Packaging Tray, etc.
Countries :	· South Africa · Nigeria · Asia
Terms :
Selling :	Credit
Purchasing :	Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

56 (Approximately)

Bankers :

· State Bank of India, Industrial Finance Branch, Shivsagar Estate, Worli, Mumbai – 400 018, Maharashtra, India

· Bank of Maharashtra, Larel Parel, Mumbai, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2010
Term Loan form Bank	66.037
Total	66.037

Banking Relations :	--
Auditors :
Name :	M.R. Sharma and Company Chartered Accountants
Address :	C\8, Poonam Nagar, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-28218117 / 28377189 / 28265309
Qualification :	B.Com, LLB, FCA
E-Mail :	camrsharma@yahoo.com
PAN.:	AAOPS4050N

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital : Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.100.000 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		50.000
2] Share Application Money		20.895
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		70.895
LOAN FUNDS
1] Secured Loans		66.037
2] Unsecured Loans		11.649
TOTAL BORROWING		77.686
DEFERRED TAX LIABILITIES		0.000
TOTAL		148.581
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.743
Capital work-in-progress		103.367
INVESTMENT		5.800
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	1.254
	Other Current Assets	0.000
	Loans & Advances	23.151
Total Current Assets		24.405
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	3.064
	Provisions	0.000
Total Current Liabilities		3.064
Net Current Assets		21.341
MISCELLANEOUS EXPENSES		0.330
TOTAL		148.581

KEY RATIOS

PARTICULARS	31.03.2010
Debt Equity Ratio (Total Liability/Networth)	1.14
Current Ratio (Current Asset/Current Liability)	7.97

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 three years	No
12]	Profitability for last three years	No
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	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

LITIGATION DETAILS
Bench:- Bombay
Lodging No. :	CPL/50/2013	Failing Date:-	23/01/2013	Reg. No.:-	CP/197/2013	Reg. Date:-	22/03/2013
Petitioner:-	RASENDRA CHEMEXPORTS PRIVATE LIMITED		Respondent:-	S.K. AGROTECH INDUSTRIES LIMITED
Petn.Adv:-	M.J. DEVANI ()
District:-	MUMBAI
Bench:-	SINGLE
Status:-	Admitted (Unready)		Stage:-	COMPANY PETITIONS FOR HEARING / ARGUMENTS
Next Date:	20/03/2014
Coram:-	HON’BLE SHRI JUSTICS G.S. PATEL
Last Date:-	29/01/2014		Stage:-	COMPANY PETITIONS FOR ADMISSION
Last Coram:-	HON’BLE SHRI JUSTICS G.S. PATEL
Act. :	Companies Act and Rules 1956			Under Section 439

EXPANSION PROJECT

The expansion project of new unit at Gat No.3361 at Post Kaledhon. Taluka Khatav., District Satara for manufacturing of flexible packaging laminates and Thermoforming is under progress and is expected to start commercial production during the month November 2010. The total cost of the project is estimated to Rs.300.000 Millions.

FUTURE OUTLOOK

India continues to lag behind the world, in usage of flexible packaging film and pet punnet with one of the lowest per capital consumption rates globally; Nevertheless, the momentum from applications in packaging continues to be strong driving growth in both PET and BOPP Film markets,. The growth is also driving by an increase in the export of Flexible packaging laminates from India as converting operations are shifting from Europe and USA to India.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2010
Form Promotor and Others	11.649
Total	11.649

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10251048	02/11/2010	59,382,700.00	LANDESBANK BADEN-WURTTEMBERG	AM HAUPTBAHNHOF 2, 70173 STUTTGART, FEDERAL REPUBLIC OF GERMANY, STUTTGART - 70173, GERMANY	A99447013
2	10193837	21/09/2011 *	279,500,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, SHIVSAGAR ESTATE, WORLI, MUMBAI, MAHARASHTRA -400018, INDIA	B22104178

* Date of charge modification

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that 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.61.94
UK Pound	1	Rs.103.31
Euro	1	Rs.85.11

INFORMATION DETAILS

Information Gathered by :	PRT
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

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

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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.