MIRA INFORM REPORT

Report Date :

13.02.2012

IDENTIFICATION DETAILS

Name :	REXELLO CASTORS PRIVATE LIMITED

Registered Office :	23-D, Mahal Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai-400093, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	12.09.1980

Com. Reg. No.:	11-023111

Capital Investment / Paid-up Capital :	Rs.0.150 Millions

CIN No.: [Company Identification No.]	U36109MH1980PTC023111

TAN No.: [Tax Deduction & Collection Account No.]	MUMR16660A

PAN No.: [Permanent Account No.]	AABCR1775R

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturers of Castor wheels, Trolley wheels, Trolleys and other Industrial Wheels.

No. of Employees :	180 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 200000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Profit of the company in the current year is low. Trade relations are fair. Business is active. Payments are reported regular and as per commitments. The company can be considered 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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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

INFORMATION PARTED BY (GENERAL DETAILS )

Name :	Mrs. Yasin Reza Amirali Merchant
Designation :	Director
Contact No.:	91-40917777
Date :	09.02.2012

LOCATIONS

Registered Office :	23-D, Mahal Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai-400093, Maharashtra, India
Tel. No.:	91-22-40917777/26873625/26874456/66921721
Mobile No.:	91-9820334016 (Mr. Kazim Merchant)
Fax No.:	91-22-26873580/26874639
E-Mail :	mohsin.virani@vsnl.com rexello@gmail.com
Website :	http://www.rexellocastors.com http://www.asiansources.com/rexello.co
Location :	Owned

Head Office :	460, 24^th Road, Bandra (West), Mumbai-400050, Maharashtra, India

Corporate Office :	Navsonarbala, Turner Road, Bandra (West), Mumbai-400050, Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Amirali Mohamedali Merchant

Designation :

Director

Address :

460, Rexello House, 24th Road, TPS-III, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

25.11.1931

Date of Appointment :

12.09.1980

DIN No.:

00542791

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U36109MH1980PTC023111	REXELLO CASTORS PRIVATE LIMITED	Director	12/9/1980	12/9/1980	-	Active	NO
2	U34300MH1989PTC053508	REXELLO ENGINEERING PRODUCTS PRIVATE LIMITED	Director	15/09/1989	15/09/1989	-	Active	NO

Name :

Mrs. Zarina Haiderali Merchant

Designation :

Director

Address :

460, Rexello House, 24th Road, TPS-III, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

23.09.1932

Date of Appointment :

12.09.1980

DIN No.:

00555951

Name :

Mr. Tanvir Hussein Haiderlai Merchant

Designation :

Director

Address :

460, Rexello House, 24th Road, TPS-III, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

29.07.1950

Date of Appointment :

01.04.1985

DIN No.:

00542929

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U36109MH1980PTC023111	REXELLO CASTORS PRIVATE LIMITED	Director	1/4/1985	1/4/1985	-	Active	NO
2	U34300MH1989PTC053508	REXELLO ENGINEERING PRODUCTS PRIVATE LIMITED	Director	15/09/1989	15/09/1989	-	Active	NO

Name :

Mrs. Yasin Reza Amirali Merchant

Designation :

Director

Address :

460, Rexello House, 24th Road, TPS-III, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

17.12.1966

Date of Appointment :

01.04.1997

DIN No.:

00542884

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U28129MH1984PTC033247	REX ARTS CASTORS PRIVATE LIMITED	Director	23/06/1984	23/06/1984	-	Active	NO
2	U34300MH1989PTC053508	REXELLO ENGINEERING PRODUCTS PRIVATE LIMITED	Director	15/09/1989	15/09/1989	-	Active	NO
3	U36109MH1980PTC023111	REXELLO CASTORS PRIVATE LIMITED	Director	1/4/1997	1/4/1997	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders		No. of Shares
Amirali Mohamedali Merchant		525
Zarina Haiderali Merchant		150
Tanvir Hussein Haiderlai Merchant		150
Tehsinabbas Haiderali Merchant		150
Raiz Haiderali Merchant		150
Munir Haiderali Merchant		150
Yasin Reza Amirali Merchant		225
Total		1500

30.09.2011

Equity Share Break up

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers of Castor wheels, Trolley wheels, Trolleys and other Industrial Wheels.

Products :	Castors Light, medium, heavy duty and super heavy duty offering a maximum load carrying capacity up to 10000 kgs. Wheels Wheel material - nylon, rubber, polyurethane, cast iron, UHM, fibre, or any combination of materials, such as rubber on nylon, nylon on cast iron etc. (Size range - 25 mm to 525 mm.) Trolleys Plat-trucks (four sizes) Gas cylinder trolleys Wheel barrows Sack trucks Drum trolleys airport passenger baggage trolleys Other products Conveyor rollers Ball transfer units Door runners and tracks Non-powered ground support equipment for airports, etc.

Exports :
Products :	Zeals, Trolies
Countries :	USA UK European Counties

Terms :
Selling :	L/C / Cash / Credit (30 Days / 60 Days )

Purchasing :	Cash / Credit (30 Days / 60 Days )

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Actual Production
Toyller Wheels (87169090)	Nos	292727
Castor Wheels (8302200)	Nos	549357
Trolley (87168090)	Nos	5022
Converyor (84289090)	Nos	40383
Door RNR Treklg (38024110)	Nos	25802
Solid Rubber Wheel (40169390)	Nos	172
Moulding P. Wheel (39269099)	Nos	2252
Bed Pld Trolley (94035010)	Nos	76
Skipping Ropes (95069990)	Nos	6200

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

180 (Approximately)

Bankers :

State Bank of India, R and C Building, Ground Floor, Sir J. J. Road, Mumbai-400008, Maharashtra, India
ICICI Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
State Bank of India – C.C Account	13.081	14.185
ICICI Bank – Car Loan	0.000	0.139
Sate Bank of India – Nandham Gala Loan	0.936	2.260
Total	14.017	16.584


Banking Relations :	---

Auditors :
Name :	N.S. Virani and Company Chartered Accountants
Address :	28, Bhanushali Building, 35, Mint Road, Opposite G.P.O., Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-22624390/30203630
Fax No.:	91-22-22658831
E-Mail :	nsvirani@vsnl.com
PAN.:	AABPV7421P

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

5000	Equity Shares	Rs.100/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1500	Equity Shares	Rs.100/- each	Rs.0.150 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.150	0.150	0.150
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		51.040	49.479	50.233
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		51.190	49.629	50.383
LOAN FUNDS
1] Secured Loans		14.017	16.584	16.374
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		14.017	16.584	16.374
DEFERRED TAX LIABILITIES		1.009	1.104	1.320

TOTAL		66.216	67.317	68.077

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		30.019	31.760	25.239
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		3.636	3.575	4.958
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	41.383	37.643	29.194
	Sundry Debtors	14.421	13.622	18.814
	Cash & Bank Balances	1.305	1.419	1.565
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.984	9.844	11.619
Total Current Assets		68.093	62.528	61.192
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	31.506	26.640	16.460
	Other Current Liabilities	2.913	2.636	1.708
	Provisions	1.113	1.270	5.144
Total Current Liabilities		35.532	30.546	23.312
Net Current Assets		32.561	31.982	37.880

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		66.216	67.317	68.077

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009

	PROFIT BEFORE TAX		2.658	0.691	13.426

Less	TAX		1.116	0.137	4.337

	PROFIT AFTER TAX		1.542	0.554	9.089

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	80.406	82.618	NA
	TOTAL EARNINGS		80.406	82.618	NA

	Earnings Per Share (Rs.)		1028.00	369.33	6059.33

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	2.71	0.73	15.53

Return on Investment (ROI) (PBT/Networth)		0.05	0.01	0.27

Debt Equity Ratio (Total Liability/Networth)		0.97	0.95	0.79

Current Ratio (Current Asset/Current Liability)		1.92	2.05	2.62

LOCAL AGENCY FURTHER INFORMATION

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	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two 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	No
16) Details of sister concerns	--
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	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Financial Results:

During the year the Company has earned a profit of Rs.1.543 Millions and after deduction of excess Income Tax w/off of Rs.0.018 Million provision for Gratuity of Rs.0.520 Million provision for Corporation Tax of Rs.0.579 Millions provision for FBT of Rs. Nil and transferred to General Reserve Rs.0.500 Million adding the balance carried forward from previous year of Rs.1.060 millions provision for Deferred Tax Liability of Rs.0.095 Million the balance of Rs.1.524 Millions is proposed to be carried forward to the Balance Sheet.

Fixed Assets:

Plot at Pune
Land and Building
T.D.R.
Plant and machinery
Furniture and Fixtures
Office Equipments
Vehicles

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.49.64
UK Pound	1	Rs.78.35
Euro	1	Rs.65.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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

41.383

14.421

1.305

0.000

10.984

68.093

31.506

2.913

1.113

35.532

32.561

2.71

0.73

0.05

0.01

0.97

0.95

1.92

2.05

Unit