MIRA INFORM REPORT

Report No. :	303163
Report Date :	09.02.2015

IDENTIFICATION DETAILS

Name :	SAKA ENGINEERING SYSTEMS PRIVATE LIMITED

Registered Office :	J-58, S, Block, MIDC Bhosari, Pune - 411026, Maharashtra

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	22.03.2010

Com. Reg. No.:	11-135874

Capital Investment / Paid-up Capital :	Rs.0.100 Million

CIN No.: [Company Identification No.]	U74900PN2010PTC135874

TIN No.:	27860795360

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	PNES30960G

PAN No.: [Permanent Account No.]	AAOCS3606F

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Industrial Dryers, Flash Dryers, Spray Dryers, Fluid Bed Dryers, Rotary Dryer, Spray Coolers, etc.

No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 47000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established private limited liability company having limited operational track record. It stated its operations in year 2010. As per registrar of companies the date of balance sheet i.e. financial filed is shown as 31^st March 2014 but the documents related to the financials for the year 2014 are not available from any sources. However as per available financials for the year 2012-13 the company seems to be in decent position. As per balance sheet dated 31.03.2013 the company does not has any long term borrowing nor any short term loans, however is has other current liabilities, the company’s fixed assets have increased considerably. Trade relations are improving. Business is active. Payments are reported to be slow but correct. 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 :	Ms. Shubhangi
Designation :	Accounts Department
Contact No.:	91-20-27110011
Date :	29.01.2015

LOCATIONS

Registered Office / Factory 1 :	J-58, S, Block, MIDC Bhosari, Pune - 411026, Maharashtra, India
Tel. No.:	91-20-27110011
Mobile No.:	91-9561094128 (Mrs. Sarika Anand Thigale)
Fax No.:	Not available
E-Mail :	info@sakaindia.com humanresource@sakaindia.com sakaengg@gmail.com sarika@sakaindia.com sales@sakaindia.com prasadbhalerao@gmail.com
Website :	http://www.sakaindia.com
Location :	Owned

Factory 2 :	Survey No. 396/8, Santosh Park, Kundan Nagar, Dapodi, Pune - 411012, Maharashtra, India
Tel. No.:	91-20-27110011
Fax No.:	91-20-30710412
E-Mail :	info@sakaindia.com
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :

Mrs. Sarika Anand Thigale

Designation :

Director

Address :

E-103, LA Vida Loca, Pimpale-Soudagar, Govind Garden, Pune – 411027, Maharashtra, India

Date of Birth/Age :

12.05.1976

Date of Appointment :

22.03.2010

DIN No.:

02952758

Other Directorship:

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

U74900PN2010PTC135874

SAKA ENGINEERING SYSTEMS PRIVATE LIMITED

Director

22/03/2010

Active

U74900PN2012PTC141950

TANGENT PROCESS PRIVATE LIMITED

Director

17/01/2012

Under Process of Striking off

Name :

Mr. Anand Suresh Thigale

Designation :

Managing Director

Address :

FL 103 BL E LA Vida Loca S No 66/2+3, Pimple Saudagar, Kalewadi, Pune – 411027, Maharashtra, India

Date of Birth/Age :

14.06.1972

Date of Appointment :

22.03.2010

DIN No.:

02976482

KEY EXECUTIVES

Name :	Ms. Shubhangi
Designation :	Accounts Department

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders		No. of Shares
Anand Thigale		9999
Sarika Thigale		1
Total		10000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Industrial Dryers, Flash Dryers, Spray Dryers, Fluid Bed Dryers, Rotary Dryer, Spray Coolers, etc.

Products :	Spray Dryers Industrial Spray Dryer Semi Closed Cycle Dryer Rotary Disc Atomiser Two Stage Spray Drying System Nozzle Atomization Single Stage Dryer Co-Current Flow Spray Dryer Two Stage Spray Dryers Counter Current Spray Dryers Closed Cycle Spray Dryer Mixed Flow Configuration Dryer Open Cycle Layout Open Cycle Spray Dryer Fluid Bed Dryers Continuous Fluid Bed Dryer Agglomeration Process Integrated Fluid Bed Dryer Flash Dryers Extended Residence Time Flash Dryer Agitated Flash Dryer Flash Dryer Multiple-Stage Drying Systems Rotary Dryer Industrial Rotary Dryers Direct Fired Calciners Rotary Drum Dryer Co Current Rotary Dryer Counter Current Dryers Spray Coolers Spray Cooling System Air Heating Systems Direct Fired Hot Air Generator Indirect Fired Hot Air Generator Allied Products Cleaning In Place Systems Dryer Accessories Atomization Systems Pressure Spray Nozzles Rotary Valves Pollution Control Systems Bag Filters Wet Scrubbers Material Handling Systems Screw Conveyers Bucket Elevators Pneumatic Conveyers Ring Dryers P Type Ring Dryer Full Ring Dryer

Brand Names :	--

Agencies Held :	--

Exports :
Products :	Finished Goods
Countries :	European Countries Thailand

Imports :	Not Divulged

Terms :
Selling :	Cash, Cheque and Credit

Purchasing :	Cash, Cheque and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :	Ambica Electricals Aryan Electricals Ambalal System Private Limited

Customers :	Avesta Pharma Private Limited Ambuja Intermediates Private Limited

No. of Employees :	35 (Approximately)

Bankers :	HDFC Bank Limited, Pimpri, Saudagar Branch, Maharashtra, India Bank of Maharashtra State Bank of India

Facilities :	--


Auditors :
Name :	Inamdar Bhalerao and Company Chartered Accountants
Address :	Office No. 12, 4^th Floor, Surya Towers, Near Raja Mantri Garden, Erandwane, , Pune - 411004, Maharashtra, India
PAN No.:	AMJPB3742R

Memberships :	--

Collaborators :	--

Sister Concern :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

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	0.100	0.100	0.100
(b) Reserves & Surplus	16.394	13.078	2.900
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.200
Total Shareholders’ Funds (1) + (2)	16.494	13.178	3.200

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.407
(b) Deferred tax liabilities (Net)	0.092	0.022	0.000
(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)	0.092	0.022	0.407

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.164
(b) Trade payables	28.369	28.239	14.247
(c) Other current liabilities	35.883	25.772	26.260
(d) Short-term provisions	12.627	7.413	3.896
Total Current Liabilities (4)	76.879	61.424	44.567

TOTAL	93.465	74.624	48.174

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.951	2.547	0.910
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.046
(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	6.951	2.547	0.956

(2) Current assets
(a) Current investments	24.440	24.293	22.508
(b) Inventories	4.911	1.680	5.669
(c) Trade receivables	19.309	23.364	9.675
(d) Cash and cash equivalents	6.364	6.944	5.580
(e) Short-term loans and advances	1.422	0.359	0.369
(f) Other current assets	30.068	15.437	3.417
Total Current Assets	86.514	72.077	47.218

TOTAL	93.465	74.624	48.174

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011

	INCOME	NA	NA	NA

	EXPENSES	NA	NA	NA

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	6.324	15.847	4.552

Less	DEPRECIATION/ AMORTISATION	1.105	0.427	0.089

	PROFIT/(LOSS) BEFORE TAX	5.219	15.418	4.463

Less	TAX	1.904	5.241	0.000

	PROFIT/(LOSS) AFTER TAX	3.315	10.179	4.463

	Earnings / (Loss) Per Share (Rs.)	331.50	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	5.58	20.66	9.27

Return on Investment (ROI) (PBT/Networth)		0.32	1.17	1.39

Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.18

Current Ratio (Current Asset/Current Liability)		1.13	1.17	1.06

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	0.100	0.100	0.100
Reserves & Surplus	2.900	13.078	16.394
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.200	0.000	0.000
Net worth	3.200	13.178	16.494

Long Term borrowings	0.407	0.000	0.000
Short Term borrowings	0.164	0.000	0.000
Total borrowings	0.571	0.000	0.000
Debt/Equity ratio	0.178	0.000	0.000

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	No
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	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	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

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.87
UK Pound	1	Rs.94.07
Euro	1	Rs.70.19

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	SUC

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		43

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.

MIRA INFORM REPORT

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