MIRA INFORM REPORT

Report Date :

09.09.2014

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 has yet commenced its business activity. However, the capital base of the company appears to be decent. Business is active. As per 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 – 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

N E W S

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 their 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 tat 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 (GENERAL DETAILS)

Name :	Mr. J. Narayan
Designation :	General Marketing Manger
Contact No.:	91-9324275531
Date :	04.09.2014

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:-	PETITIONS FOR HEARING (ORIGINAL SIDE MATTERS)
Last Date:-	20/06/2014
Last Coram:-	PROVISIONAL BOARD
Act. :	Companies Act and Rules 1956			Under Section 439

LITIGATION DETAILS
Bench:- Bombay
Presentation Date : 06/05/2013
Lodging No. :	CPL/291/2013	Failing Date:-	06/05/2013	Reg. No.:-	CP/493/2013	Reg. Date:-	22/08/2013
Petitioner:-	LANDESBAN BADEN-WURTTEMBERG		Respondent:-	S.K. AGROTECH INDUSTRIES LIMITED
Petn.Adv:-	M/S. CONSULTA JURIS ()		Resp. Adv :-	SACHIN VASANT MASURKAR (I3390)
District:-	OUTSIDE MAHARASHTRA
Bench:-	SINGLE		Category :-	COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT
Status:-	Pre-Admission		Stage:-	FOR ADMISSION – FOB
Next Date:-	11/09/2014
Last Coram:-	HON’BLE SHRI JUSTICE S.J. KATHAWALLA
Last Date:-	02/09/2014		Stage:-	FOR ADMISSION – FOB
Last Coram:-	HON’BLE SHRI JUSTICE S.J. KATHAWALLA
Act. :	Companies Act and Rules 1956			443(E), and 434(1) (A)

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 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.60.26
UK Pound	1	Rs.97.51
Euro	1	Rs.77.94

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	SUB
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.