MIRA INFORM REPORT

Report No. :	306301
Report Date :	09.02.2015

IDENTIFICATION DETAILS

Name :	SIDHHARTH CORPORATION PRIVATE LIMITED
Registered Office :	205-206, 2nd Floor, J.K. Chambers, Sector – 17, Vashi, Navi Mumbai – 400703, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	31.01.2011
Com. Reg. No.:	11-212831
Capital Investment / Paid-up Capital :	Rs.30.453 Millions
CIN No.: [Company Identification No.]	U93030MH2011PTC212831
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAPCS4008J
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Exporter of Agro Food Products like Red Chilies, Ground Nuts, Yellow Maize Corns, Soybean Meals etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1480500
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Management of the company has failed to file its financials for the year 2013-14 with government department. As per available information from indirect source (i.e. Crisil) we sound that the company is performing satisfactory. Tarde relations are fair. Business is active. Payment terms are reported to be usually 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, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	January 07, 2015

Rating Agency Name	CRISIL
Rating	Short term rating A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	January 07, 2015

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 :	Ms. Sonali
Designation :	Admin Department
Contact No.:	91-22-27668233
Date :	06.02.2015

LOCATIONS

Registered Office :	205-206, 2nd Floor, J.K. Chambers, Sector – 17, Vashi, Navi Mumbai – 400703, Maharashtra, India
Tel. No.:	91-22-27668233 / 27668223
Fax No.:	91-22-27668238
E-Mail :	deepesh@navkarcfs.com vishal@navkarcfs.com export@sidhartha.com
Website :	http://www.sidhharth.com
Warehouse :	Located at : Mumbai Guntur (Andhra Pradesh) Chennai (Tamilnadu)

DIRECTORS

As on 30.09.2013

Name :

Mr. Jayesh Nemichand Mehta

Designation :

Director

Address :

Flat No. G - 06-07, Basera Chs Limited, Ground Floor, Plot No. 11, Sector 17, Vashi, Navi Mumbai – 400703, Maharashtra, India

Date of Birth/Age :

02.01.1987

Date of Appointment :

31.01.2011

DIN No.:

00510313

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	U63000MH2004PLC145022	PREETI LOGISTICS LIMITED	Director	18/05/2005	18/05/2005	-	Amalgamated	NO
2	U51909MH2005PLC155091	HARVARD GLOBAL LOGISTICS LIMITED	Director	02/08/2005	02/08/2005	03/02/2014	Active	NO
3	U63000MH2008PLC187146	NAVKAR CORPORATION LIMITED	Whole-time director	01/10/2014	29/09/2008	-	Active	NO
4	U74140MH2010PTC207578	Harvard Credit Rating Agency Private Limited	Director	13/09/2010	13/09/2010	-	Active	NO
5	U74120MH2010PTC210003	Bhagavati Commission Agents Private Limited	Director	12/11/2010	12/11/2010	-	Active	NO
6	U93030MH2011PTC212831	SIDHHARTHA CORPORATION PRIVATE LIMITED	Director	31/01/2011	31/01/2011	-	Active	NO

Name :

Mr. Nemichand Jayavantraj Mehta

Designation :

Director

Address :

Flat No. G - 06-07, Basera Chs Limited, Ground Floor, Plot No. 11, Sector 17, Vashi, Navi Mumbai – 400703, Maharashtra, India

Date of Birth/Age :

28.04.1963

Date of Appointment :

31.01.2011

DIN No.:

01131811

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	U63000MH2004PLC145022	PREETI LOGISTICS LIMITED	Director	12/03/2004	12/03/2004	-	Amalgamated	NO
2	U51909MH2005PLC155091	HARVARD GLOBAL LOGISTICS LIMITED	Director	30/09/2010	02/08/2005	03/02/2014	Active	NO
3	U63000MH2008PLC187146	NAVKAR CORPORATION LIMITED	Managing director	20/11/2009	29/09/2008	04/09/2014	Active	NO
4	U74140MH2010PTC207578	Harvard Credit Rating Agency Private Limited	Director	13/09/2010	13/09/2010	-	Active	NO
5	U74120MH2010PTC210003	Bhagavati Commission Agents Private Limited	Director	12/11/2010	12/11/2010	-	Active	NO
6	U93030MH2011PTC212831	SIDHHARTHA CORPORATION PRIVATE LIMITED	Director	31/01/2011	31/01/2011	-	Active	NO
7	U51101MH2013PTC245132	ARIHANT MULTISALES PRIVATE LIMITED	Director	02/07/2013	02/07/2013	-	Active	NO
8	U60200MH2014PLC255272	NAVKAR TERMINALS LIMITED	Director	09/05/2014	09/05/2014	-	Active	NO

Name :

Mr. Kunthukumar Shantilal Mehta

Designation :

Director

Address :

Flat No. G - 06-07, Basera Chs Limited, Ground Floor, Plot No. 11, Sector 17, Vashi, Navi Mumbai – 400703, Maharashtra, India

Date of Birth/Age :

02.04.1975

Date of Appointment :

31.01.2011

DIN No.:

01865163

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	U63000MH2008PLC187146	NAVKAR CORPORATION LIMITED	Director	01/10/2008	01/10/2008	01/12/2010	Active	NO
2	U93030MH2011PTC212831	SIDHHARTHA CORPORATION PRIVATE LIMITED	Director	31/01/2011	31/01/2011	-	Active	NO
3	U60200MH2014PLC255272	NAVKAR TERMINALS LIMITED	Director	09/05/2014	09/05/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	%age
Shantilal Jayavantraj Mehta	240000	7.88
Kamlabai Shantilal Mehta	140000	4.60
Kunthukumar Shantilal Mehta	350000	11.49
Seema Kunthukumar Mehta	140000	4.60
Nemichand Jayavantraj Mehta	450000	14.78
Jayesh Nemichand Mehta	140000	4.60
Shailaja Nemichand Mehta	140000	4.60
Swastika Express Private Limited	1445321	47.46
Total	3045321	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Exporter of Agro Food Products like Red Chilies, Ground Nuts, Yellow Maize Corns, Soybean Meals etc.
Products :	· Red Chilli · Ground Nut · Soyabean Mill · Sesame Seed · Turmeric · Coriander Seed · Cumin Seed · Sunflower Seed · Chick Peas · Yellow Maize Corn, Big Yellow Maize Corn
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Malaysia Thailand Vietnam
Imports :	Not Available
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Retailers and End Users

No. of Employees :

Not Divulged

Bankers :

Banker Name	State Bank of India
Branch Address	Backbay Reclamation Branch,, Raheja Chambers, Nariman Point,, Mumbai - 400021, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	--

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from Banks	27.055	34.503
SHORT TERM BORROWINGS
Rupee term loans from Banks	1164.386	704.067
Total	1191.441	738.570

Auditors :
Name :	Sunil Adavade and Company Chartered Accountants
Address :	108-109, Sai Deep Commercial Premises Cooperative Society Limited, 1^st Floor, N. G. Acharya Marg, Opposite. Vishali Hotel, Mumbai- 400071, Maharashtra, India
Tel. No. :	91-22-66981231
Mobile No. :	91-9920961304
E-Mail :	suniladavade@yahoo.com suniladavade@gmail.com
PAN No. :	ACOPA3529L
Memberships :	--
Collaborators :	--
Enterprise in which key managerial personal and its relatives are having significant influence	Harvard Global Logistics Limited Harvard Global Logistics Tnz Limited (100% Subsidiary) Navkar Corporation Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3045321	Equity Shares	Rs.10/- each	Rs.30.453 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	30.453	14.000	11.000
(b) Reserves & Surplus	487.756	184.645	96.700
(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)	518.209	198.645	107.700
(3) Non-Current Liabilities
(a) long-term borrowings	35.125	41.545	13.731
(b) Deferred tax liabilities (Net)	3.104	1.573	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	83.191	27.905	0.000
Total Non-current Liabilities (3)	121.420	71.023	13.731
(4) Current Liabilities
(a) Short term borrowings	1164.386	704.067	618.064
(b) Trade payables	514.676	465.470	147.599
(c) Other current liabilities	33.323	34.450	22.092
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	1712.385	1203.987	787.755
TOTAL	2352.014	1473.655	909.186
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	186.135	185.110	138.024
(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	205.814	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	8.245	0.025	0.000
(e) Other Non-current assets	0.388	0.518	0.648
Total Non-Current Assets	400.582	185.653	138.672
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	597.315	560.079	165.224
(c) Trade receivables	860.684	586.085	290.198
(d) Cash and cash equivalents	21.298	42.533	223.476
(e) Short-term loans and advances	472.000	99.129	91.616
(f) Other current assets	0.135	0.176	0.000
Total Current Assets	1951.432	1288.002	770.514
TOTAL	2352.014	1473.655	909.186

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
		TOTAL
	PROFIT/ (LOSS) BEFORE TAX		153.099	89.319	(2.300)
Less	TAX		55.881	28.374	0.000
	PROFIT/ (LOSS) AFTER TAX		97.218	60.945	(2.300)
	Earnings / (Loss) Per Share (Rs.)		31.92	--	--

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	7.13	6.06	(0.25)
Return on Investment (ROI) (PBT/Networth)		0.30	0.45	(0.02)
Debt Equity Ratio (Total Debt/Networth)		2.31	3.75	5.87
Current Ratio (Current Asset/Current Liability)		1.14	1.07	0.98

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	11.000	14.000	30.453
Reserves & Surplus	96.700	184.645	487.756
Net worth	107.700	198.645	518.209
long-term borrowings	13.731	41.545	35.125
Short term borrowings	618.064	704.067	1164.386
Total borrowings	631.795	745.612	1199.511
Debt/Equity ratio	5.866	3.753	2.315

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	No
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	Yes
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	-----
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	Yes

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advance from related parties	8.070	7.042
Total	8.070	7.042

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10278860	30/12/2014 *	1,700,000,000.00	State Bank of India	Backbay Reclamation Branch, Tulsiani chambers, 1st floor, Free Press Journal Marg, Nariman point, MUMBAI, Maharashtra -400021, INDIA	C42264994

* Date of charge modification

FIXED ASSETS

• Computer and Printer
• Furniture and Fixture
• Land at Kharghar
• Motor Vehicles
• Plant and Machinery

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.61.74
UK Pound	1	Rs.94.65
Euro	1	Rs.70.79

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUM
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
-- PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.