MIRA INFORM REPORT

Report Date :

28.02.2012

IDENTIFICATION DETAILS

Name :	STELLA INDUSTRIES LIMITED
Formerly Known As :	STELLA INDUSTRIES PRIVATE LIMITED
Registered Office :	Khasra No.548, Office No.402, Lal Singh Building, Main Vasant Kunj Road, Mahipalpur, New Delhi – 110 037
Country :	India a
Financials (as on) :	31.03.2011 (Consolidated)
Date of Incorporation :	13.12.1983
Com. Reg. No.:	55-017102
Capital Investment / Paid-up Capital :	Rs.7.468 millions
CIN No.: [Company Identification No.]	U29299DL1983PLC017102
TAN No.: [Tax Deduction & Collection Account No.]	RTKS03909D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Aerosol Products and Cosmetics.
No. of Employees :	Not Available

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 452000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	Khasra No.548, Office No.402, Lal Singh Building, Main Vasant Kunj Road, Mahipalpur, New Delhi – 110 037, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	rohitt.wassan@stella-indusstries.com
Head Office :	A-42, Sitapuri, Janak Puri, New Delhi
Factory :	Kherki Daula, Old Khandsa Road, Gurgaon – 122 002, Haryana, India
Tel. No.:	91-124-2373068/ 2373070
Fax No.:	91-124-2371577

DIRECTORS

As on 30.09.2011

Name :

Mr. Rohit Balraj Wassan

Designation :

Managing Director

Address :

84, Akashneem Marg, DLF Phase II, Gurgaon – 122 001, Haryana, India

Date of Birth/Age :

16.03.1963

Date of Appointment :

13.12.1983

DIN No.:

00074680

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29299DL1983PLC017102	Stella Industries Limited	Managing director	13-12-83	13-12-83	Active	NO
2	U28113DL2011PTC223576	Casablanca Industries Private Limited	Additional director	30-09-11	30-09-11	Active	NO

Name :

Mr. Balraj Mela Ram Wassan

Designation :

Director

Address :

C-2/396, Paukha Road, New Delhi – 110 058, India

Date of Birth/Age :

01.09.1930

Date of Appointment :

13.12.1983

DIN No.:

02296016

Name :

Mr. Rishab Rohit Wassan

Designation :

Director

Address :

84, Akashneem Marg, DLF Phase II, Gurgaon – 122 001, Haryana, India

Date of Birth/Age :

20.05.1989

Date of Appointment :

15.03.2011

DIN No.:

02477346

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29299DL1983PLC017102	Stella Industries Limited	Director	15-03-11	15-03-11	Active	NO
2	U28113DL2011PTC223576	Casablanca Industries Private Limited	Additional director	30-09-11	30-09-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
B R Wassan	19222
Rohit Wassan	40440
Balraj Wassan (HUF)	1600
Charu Wassan	5
Megha Wassan	5
Rohit Wassan (HUF)	5
Prem Wassan	5
Rishab Wassan	15000
Total	76282

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Aerosol Products and Cosmetics.

GENERAL INFORMATION

Suppliers :

v Velogic India Private Limited, Delhi

v Aadinath Enterprises, Delhi

v Ankit Enterprises

v DHL Express India Private Limited, Mumbai

v Goodwill Traders, Delhi

v Gujarat Trading Company, Kolkata

v Expression Perfumes

v Cansco Impact, Delhi

v Blue Moon Fragrances, Kolkata

v Delta IT Network Private Limited, Ggn

v Balaji Trading Company, GGN

v Hitech Builder

v Maersk India Private Limited

v N.K. Corrugation

Customers :

v Archies Gifts and Greetings Limited

v Arjun Enterprises

v AV Light Automotives Limited

v Eastern Medikit Limited

v Elder Healthcare Limited

v Gillete India Limited

v Hindustan Syrings and Med. Dev.

v Life Long India Limited

v Prince Plastics Technologies

v Supreme Indsutries Limited

v Top Beauty Trading Company

v Sonu Impex India

v Airval International, Spain

v Almusbah Trading Group

v Brandz Wagon

No. of Employees :

Not Available

Bankers :

v Syndicate Bank, Mayapuri Branch, New Delhi – 110 064, India

v Kotak Mahindra Bank Limited

v ICICI Bank Limited

v Citi Bank

v State Bank of Hyderabad

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Syndicate Bank SOD 13 (Against Hypothecation of Opening Stock and Book Debts)	85.528	55.624
Syndicate Bank SOD 1091 (Against Material for Export Proceeds)	0.000	30.376
Syndicate Bank PCL A/c (Against Material for Export Proceeds)	52.709	78.922
Syndicate Bank FUBP (Against Purchase of Exports Bills)	2.545	0.513
ICICI (Honda Civic)	0.000	0.342
ICICI (BMW)	0.000	0.157
ICICI (Maruti 800)	0.000	0.038
ICICI (Maruti 800)	0.000	0.068
Term Loan II	0.000	0.658
Kotak Mahindra Bank	1.545	0.000
Total	142.327	166.698

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Due to Director
B R Wassan	18.697	4.016
Rishab Wassan	2.500	0.000
Rohit Wassan	15.894	2.879
Due to Others
Charu Wassan	0.653	0.653
Anjali	0.300	0.000
Total	38.044	7.548

Banking Relations :	--
Financial Institution :	Reliance Capital Limited, "H" Block 1^st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai – 400 710, Maharashtra, India
Auditors :
Name :	Ashok Shyam and Associates Chartered Accountants
Address :	A-1/105 L.G.F., Safdarjung Enclave, New Delhi – 110 029, India
Income-tax PAN of auditor or auditor's firm :	AAHFA9212F

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
76282	Equity Shares	Rs.100/- each	Rs.7.628 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
74682	Equity Shares	Rs.100/- each	Rs.7.468 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011 (Consolidated)	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		7.468	1.743	1.743
2] Share Application Money		0.000	0.725	0.725
3] Reserves & Surplus		105.434	97.835	89.470
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		112.902	100.303	91.938
LOAN FUNDS
1] Secured Loans		142.327	166.698	185.373
2] Unsecured Loans		38.044	7.548	5.146
TOTAL BORROWING		180.371	174.246	190.519
DEFERRED TAX LIABILITIES		0.623	0.000	0.000
TOTAL		293.896	274.549	282.457
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		64.660	44.309	45.239
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	1.576	1.548
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	132.764	109.579	126.740
	Sundry Debtors	173.087	165.889	130.539
	Cash & Bank Balances	15.493	2.924	2.817
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.240	38.305	33.436
Total Current Assets		331.584	316.697	293.532
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	80.577	67.461	54.581
	Other Current Liabilities	15.159	18.812	1.729
	Provisions	6.612	1.760	1.552
Total Current Liabilities		102.348	88.033	57.862
Net Current Assets		229.236	228.664	235.670
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		293.896	274.549	282.457

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011 (Consolidated)	31.03.2010	31.03.2009
	SALES
		Net Sales	611.724	296.982	258.141
		Other Income	7.015	6.854	11.536
		Prior Period Income	0.007	0.000	0.000
		TOTAL (A)	618.746	303.836	269.677
Less	EXPENSES
		Increase/ Decrease in Stock	24.982	15.161	224.181
		Raw Material Consumed	487.785	208.931
		Direct Expenses	17.372	10.496
		Selling & Distribution Expenses	2.091	1.647
		Personnel Expenses	17.143	15.646
		Administrative & Other Expenses	16.886	8.520
		TOTAL (B)	566.259	260.401	224.181
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		52.487	43.435	45.496
Less	FINANCIAL EXPENSES (D)		31.612	27.131	29.243
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20.875	16.304	16.253
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.171	6.165	7.005
	PROFIT BEFORE TAX (E-F) (G)		14.704	10.139	9.248
Less	TAX (H)		6.606	1.774	1.449
	PROFIT AFTER TAX (G-H) (I)		8.098	8.365	7.799
	Earnings Per Share (Rs.)		108.44	338.93	NA

KEY RATIOS

PARTICULARS		31.03.2011 (Consolidated)	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.31	2.75	2.89
Net Profit Margin (PBT/Sales)	(%)	2.40	3.41	3.58
Return on Total Assets (PBT/Total Assets}	(%)	3.71	2.81	2.73
Return on Investment (ROI) (PBT/Networth)		0.13	0.10	0.10
Debt Equity Ratio (Total Liability/Networth)		2.50	2.61	2.70
Current Ratio (Current Asset/Current Liability)		3.24	3.60	5.07

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office of the company has been shifted from 305-306, Ansals Imperial Tower, C Block Community Centre, Naraina Vihar, New Delhi – 110 028 to the present address.

Bankers Charges Report as per Registry

Corporate identity number of the company	U29299DL1983PLC017102
Name of the company	STELLA INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	305-306, Ansals Imperial Tower, C Block Community Centre, Naraina Vihar, New Delhi – 110 028, India E-Mail: casundeep@gmail.com
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	CIN No.: L65910MH1986PLC165645 Reliance Capital Limited, "H" Block 1^st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai – 400 710, Maharashtra, India E-Mail: vinayak.g.gupta@relianceada.com
Nature of description of the instrument creating or modifying the charge	Loan against property, mortgage loan amount funded is Rs.31.500 millions for tenure of 180 months.
Date of instrument Creating the charge	20.11.2011
Amount secured by the charge	Rs.31.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 13.25% Terms of Repayment: Floating Rate of Interest (RCL PLR - 4.50%) for a tenure of 180 months. Margin: 4.50 % margin on RCL PLR (currently 17.75%) Extent and Operation of the charge: 100%
In case of acquisition of property, subjected to charge, furnish the details relating to the existing charge on the property so acquired	Date of instrument creating or evidencing the charge - 20/11/2011 Description of the instrument creating or evidencing the charge: Loan against property, mortgage loan amount funded is Rs.31.500 millions for tenure of 180 months. Date of acquisition of the property: 20.11.2011 Amount of the charge: Rs.31.500 millions Particulars of the property charged: Shop No. GF-67 and 68, MGF Metropolitan Mall, M.G. Road, Gurgaon
Short particulars of the property charged	Shop No. GF-67 and 68, MGF Metropolitan Mall, M.G. Road, Gurgaon

FIXED ASSETS:

v Air Conditioners

v Almirah (Safe)

v Attendance Recoding System

v Building

v Car

v Computer

v Cycle

v Dies and Tools

v Electric Equipment and Fitting

v Fans and Coolers

v Flat

v Furniture and Fixtures

v Generator

v Lab Equipments

v Land

v Mould

v Office Equipments

v Photo Copy Machine

v Plant and Machinery

v Printer

v Refrigerator

v Scanner

v Scooter

v Servo Voltage

v Software

v Splender

v Steam Boiler

v Telephone and Cellular Phone

v UPS

v Water Dispenser

v MGF Property

v DLF Property

v Computer

v Dies and Tools

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.49.05
UK Pound	1	Rs.77.77
Euro	1	Rs.65.89

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		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.