MIRA INFORM REPORT

Report Date :

26.10.2012

IDENTIFICATION DETAILS

Name :	EXCEL RASAYAN PRIVATE LIMITED
Registered Office :	172, DSIDC Sheds, Okhla Industrial Area, Phase –I, New Delhi -110020
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.06.1985
Com. Reg. No.:	55-021136
Capital Investment/ Paid-up Capital:	Rs.0.263 Million
CIN No.: [Company Identification No.]	U74899DL1985PTC021136
TAN No.: [Tax Deduction & Collection Account No.]	DELE03214B
PAN No.: [Permanent Account No.]	AAACE0521B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Home and personal care products.
No. of Employees:	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

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 :	Slow and delayed
Litigation :	Clear
Comments :	Subject is a small company having moderate track. The financial condition of the company appears to be weak. There appears some accumulated losses recorded by the company. It has incurred loss form its operations during 2011. Business is active. Payments are reported to be slow and delayed. The company can be considered for small business dealings on a safe and secured 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Shantanu Upadhyaya
Designation :	Director
Contact No.:	91-91-9811037373
Date :	23.10.2012

LOCATIONS

Registered Office/Factory :	172, DSIDC Sheds, Okhla Industrial Area, Phase –I, New Delhi -110020, India
Tel. No.:	91-11-26810961
Mobile No.:	91-9811037373 (Mr. Shantanu Upadhyaya)
Fax No.:	91-11-41349106
E-Mail :	shantanu84@gmail.com rccandco@gmail.com
Website :	www.excelrasayan.com
Area :	7000 Sq. ft
Location :	Owned

DIRECTORS

Name :

Mr. Rakesh Upadhyaya

Designation :

Managing Director

Address :

C -17, NDSE Part –I, New Delhi -110049, India

Date of Birth/Age :

28.08.1955

Date of Appointment :

05.06.1985

Din No.:

00855192

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	U74899DL1985PTC021136	EXCEL RASAYAN PVT.LTD.	Managing director	05/06/1985	05/06/1985	-	Active	NO
2	U24243MP1991PTC006536	SHANTANU DETERGENT AND CHEMICALS PRIVATE LIMITED	Managing director	02/07/1991	02/07/1991	-	Active	NO
3	U24243DL1985PLC021386	ADVANCE HOME AND PERSONAL CARE LIMITED	Director	28/09/2012	28/11/2011	-	Active	NO

Name :

Mrs. Sharda Upadhyaya

Designation :

Director

Address :

C -17, NDSE Part –I, New Delhi -110049, India

Date of Birth/Age :

02.02.1959

Date of Appointment :

02.07.1991

Din No.:

00855282

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	U74899DL1985PTC021136	EXCEL RASAYAN PVT.LTD.	Director	02/07/1991	02/07/1991	-	Active	NO
2	U24243MP1991PTC006536	SHANTANU DETERGENT AND CHEMICALS PRIVATE LIMITED	Director	02/07/1991	02/07/1991	-	Active	NO

Name :

Mr. Shantanu Upadhyaya

Designation :

Director

Address :

C -17, NDSE Part –I, New Delhi -110049, India

Date of Birth/Age :

02.11.1984

Date of Appointment :

06.03.2008

Din No.:

02016393

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Laxmia Upadhyaya	430
Rakesh Upadhyaya	857
Shantanu Upadhyaya	945
Sharda Upadhyaya	400
Total	2632

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Home and personal care products.
Exports :
Products :	Home and personal care products.
Countries :	· West Africa · Singapore · Bangladesh · Srilanka
Imports :
Products :	Raw Materials
Countries :	· Indonesia · China · Hong Kong · Malaysia
Terms :
Selling :	Cash/Credit
Purchasing :	Cash/Credit

GENERAL INFORMATION

Customers :

End users

No. of Employees :

25 (Approximately)

Bankers :

Indusind Bank, Lajpat Nagar

Facilities :

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Cash Credit	0.262	2.356
Overdraft against FDR	0.000	0.313
Total	0.262	2.669

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
From shareholders	3.625	1.333
Total	3.625	1.333

Banking Relations :

--

Auditors :

Name :

R.C. Chadda and Company

Chartered Accountant

Address :

A-5/24, Lal Quarter Krishna Nagar Delhi 110051, India

Tel. No.:

91-11-22513122/22514159

E-Mail :

rcchadda@gmail.com

Pan No.:

AAEFR3982L

Associates :

Name:	R.U. Enterprises
Address:	172, DSIDC Sheds, Okhla Industrial Area, Phase –I, New Delhi -110020, India
Line of Business:	Manufacturer and Exporter of Home and personal care products.

Name:	Shantanu Detergent and Chemical Private Limited
Address:	172, DSIDC Sheds, Okhla Industrial Area, Phase –I, New Delhi -110020, India
Line of Business:	Manufacturer and Exporter of Home and personal care products.

· Krishna Udyog

· Spectra Surfctants

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
2632	Equity Shares	Rs.100/- each	Rs.0.263 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		0.263	0.263	0.263
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(0.210)	(0.152)	(0.079)
NETWORTH		0.053	0.111	0.184
LOAN FUNDS
1] Secured Loans		0.262	2.669	2.530
2] Unsecured Loans		3.625	1.333	1.307
TOTAL BORROWING		3.887	4.002	3.837
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3.940	4.113	4.021
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.484	0.608	0.769
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.841	0.841	0.841
DEFERREX TAX ASSETS		0.041	0.037	0.028
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.096	1.184	0.605
	Sundry Debtors	1.514	2.388	3.132
	Cash & Bank Balances	0.459	0.268	0.041
	Other Current Assets	0.027	0.001	0.011
	Loans & Advances	0.151	0.060	0.054
Total Current Assets		4.247	3.901	3.843
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.962	1.037	1.194
	Other Current Liabilities	0.704	0.230	0.266
	Provisions	0.007	0.007	0.000
Total Current Liabilities		1.673	1.274	1.460
Net Current Assets		2.574	2.627	2.383
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3.940	4.113	4.021

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	7.404	8.268
		Other Income	0.462	0.263
		TOTAL (A)	7.866	8.531	23.341
Less	EXPENSES
		Cost of goods sold	6.850	7.347
		Cartage outward	0.026	0.025
		Stores and spears consumed	0.001	0.007
		Wages and Labour Charges	0.108	0.051
		Administration, selling and distribution charges	0.709	0.644
		TOTAL (B)	7.694	8.074	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.172	0.460	Including Interest and Depreciation
Less	FINANCIAL EXPENSES (D)		0.080	0.342
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.092	0.118
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.155	0.186
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(0.063)	(0.068)	NA
Less	TAX (H)		(0.004)	(0.004)	NA
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(0.059)	(0.072)	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.151)	(0.079)	NA
	BALANCE CARRIED TO THE B/S		(0.210)	(0.151)	NA
	Earnings Per Share (Rs.)		(22.42)	NA	NA

Particulars	31.03.2012
Sales Turnover (Approximately)	11.000

Expected Sales (2012-2013): Rs.14.000 Million

The above information has been parted by Mr. Shantanu Upadhyaya

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(0.75)	(0.84)	NA
Net Profit Margin (PBT/Sales)	(%)	(0.85)	(0.82)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(1.33)	(1.51)	(1.71)
Return on Investment (ROI) (PBT/Networth)		(1.19)	(0.61)	(0.43)
Debt Equity Ratio (Total Liability/Networth)		104.91	47.53	28.79
Current Ratio (Current Asset/Current Liability)		2.54	3.06	2.63

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	No

FIXED ASSETS:

· Air Conditioner

· Car

· Computer

· Land

· Furniture and Fixtures

· Mobile

· Office Equipment

· Plant and Machinery

· Motor Cycle

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.53.63
UK Pound	1	Rs.86.18
Euro	1	Rs.69.75

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	2
--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
TOTAL		16

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.