MIRA INFORM REPORT

Report Date :

24.01.2014

IDENTIFICATION DETAILS

Name :	STALLEN SOUTH ASIA PRIVATE LIMITED
Registered Office :	6^th Floor, Matharu Arcade, Subhash Road, Vile Parle (East), Mumbai – 400057, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.08.1996
Com. Reg. No.:	11-102230
Capital Investment / Paid-up Capital :	Rs.38.595 Millions
CIN No.: [Company Identification No.]	U24230MH1996PTC102230
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Animal Health Care Products.
No. of Employees :	25 [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 233000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an old and established company having a satisfactory track record. Reserves of the company seems to be improving. Performance capability of the company appears to be good. Company has paid dividend @ 7.5% in the year 2013. Trade relations are reported to be 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.

INDIAN ECONOMIC OVERVIEW

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE2B
Rating Explanation	High performance capability and moderate financial strength.
Date	16.08.2012

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 DECLINED BY

Name :	Mr. Vipul Thakkar
Designation :	Chartered Accountant
Contact No.:	91-22-26830275
Date :	22.01.2014

LOCATIONS

Registered Office :	6^th Floor, Matharu Arcade, Subhash Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-26830275
Fax No.:	91-22-26820691
E-Mail :	stallen@vsnl.com aniparikh@gmail.com
Website :	http://www.stallen.com
Location :	Owned
Factory :	Located At: · Vasai, Maharashtra, India · Palghar, Maharashtra, India

DIRECTORS

(AS ON 30.09.2013)

Name :	Mr. Amit Bhupendra Parikh
Designation :	Managing Director
Address :	Atit, 1^st Floor, JVPD Scheme, 7^th NS Road, Vile Parle (West), Mumbai-400049, Maharashtra, India
Date of Birth/Age :	11.10.1959
Date of Appointment :	29.08.1996
Name :	Silvana Giuseppedal Margo
Designation :	Director
Address :	Viale Roma, 2-Castel S. Pietro, Terme, Bologna, Italy
Date of Appointment :	10.11.2005
Din No.:	02562156
Name :	Claudia F. Calcinoni
Designation :	Director
Address :	Ozzano Dell Emilia, Bologna 80, Italy
Date of Birth/Age :	14.03.1972
Date of Appointment :	31.03.2009
Din No.:	02651073
Name :	Mrs. Jagruti Amit Parikh
Designation :	Director
Address :	Atit, 1^st Floor, JVPD Scheme, 7^th NS Road, Vile Parle (West), Mumbai-400049, Maharashtra, India
Date of Birth/Age :	07.12.1964
Date of Appointment :	27.03.2007
Din No.:	00058640
Name :	Mr. Bhupendra Vrajlal Parikh
Designation :	Director
Address :	Atit, 1^st Floor, JVPD Scheme, 7^th NS Road, Vile Parle (West), Mumbai-400049, Maharashtra, India
Date of Birth/Age :	11.09.1921
Date of Appointment :	27.03.2007
Din No.:	01654577
Name :	Mr. Aniket Amit Parikh
Designation :	Director
Address :	Atit, 1^st Floor, JVPD Scheme, 7^th NS Road, Vile Parle (West), Mumbai-400049, Maharashtra, India
Date of Birth/Age :	03.05.1991
Date of Appointment :	20.04.2010
Din No.:	03087010

KEY EXECUTIVES

Name :	Mr. Vipul Thakkar
Designation :	Chartered Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2013)

Names of Shareholders	No. of Shares
Amit Bhupendra Parikh	135785
Amit Bhupendra Parikh HUF	1
Jagruti Amit Parikh	95760
Aniket A. Parikh	24
Fatro SPA, Italy	154380
Total	385950

(AS ON 30.09.2013)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	40.00
Directors or relatives of directors	60.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Animal Health Care Products.

GENERAL INFORMATION

No. of Employees :

25 [Approximately]

Bankers :

· The Saraswat Co-operative Bank Limited

SME Vile Parle Branch, Bholanath Co-operative Housing Society, Subhash Road, Vile Parle East, Mumbai – 400057, Maharashtra, India

Facilities :

Secured Loans	31.03.2013	31.03.2012
	(Rs. In Millions)
Long Term Borrowings
Term Loans from Bank	3.308	0.000
Short Term Borrowings
Loans Repayable in demand
From Banks
O. D. Against F. D. (Saraswat Bank)	4.483	7.200
Saraswat Co-operative Bank Limited	12.156	11.949
Total	19.947	19.149
NOTE: The Company has working capital facility with Saraswat Co-operative Bank Limited For Rs.20.000 Millions (31st March, 2012 Rs.20.000 Millions). These facilities are payable on demand, secured by a charges on present and future inventories, trade receivables and fixed deposits. The facility bears a floating rate determined based on market conditions. The Company has Overdraft Facility for Rs.4.484 Millions (31st March, 2012, Rs.7.200 Millions) which has been secured by a charge on Fixed deposits. The facilities are also secured against personal guarantees of Mr. Amit Parikh and Mrs. Jagruti Parikh, both Directors of the Company.

Banking Relations :	--
Auditors :
Name :	Tamhane and Mehta Chartered Accountants
Address :	1, Gauresh Apartments, Old Police Line, Andheri (East), Mumbai-400069, Maharashtra, India
Tel No.:	91-22-26842158 / 26832838
PAN No:	AABFT0637K

CAPITAL STRUCTURE

(AS ON 30.09.2013)

Authorised Capital :

No. of Shares	Type	Value	Amount
390000	Equity Shares	Rs.100/- each	Rs.39.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
385950	Equity Shares	Rs.100/- each	Rs.38.595 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	38.595	38.595	38.595
(b) Reserves & Surplus	19.760	18.077	9.746
(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)	58.355	56.672	48.341
(3) Non-Current Liabilities
(a) long-term borrowings	11.958	8.650	8.650
(b) Deferred tax liabilities (Net)	0.379	0.259	0.000
(c) Other long term liabilities	13.659	15.817	10.666
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	25.996	24.726	19.316
(4) Current Liabilities
(a) Short term borrowings	16.639	19.149	12.884
(b) Trade payables	34.127	39.405	43.840
(c) Other current liabilities	1.266	1.205	0.722
(d) Short-term provisions	5.613	2.201	5.196
Total Current Liabilities (4)	57.645	61.960	62.642
TOTAL	141.996	143.358	130.299
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.606	5.013	3.473
(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	0.025	0.025	0.025
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.732	2.883	3.347
(e) Other Non-current assets	0.059	0.119	0.178
Total Non-Current Assets	13.422	8.040	7.023
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	35.856	40.908	52.685
(c) Trade receivables	65.773	64.417	49.856
(d) Cash and cash equivalents	16.388	20.323	16.116
(e) Short-term loans and advances	10.295	9.617	3.919
(f) Other current assets	0.262	0.053	0.700
Total Current Assets	128.574	135.318	123.276
TOTAL	141.996	143.358	130.299

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income [Revenue From Operations]	350.448	368.331	274.362
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		13.769	13.155	9.666
Less/ Add	DEPRECIATION/ AMORTISATION		1.188	0.664	0.600
	PROFIT BEFORE TAX		12.581	12.491	9.066
Less	TAX		4.170	4.159	2.830
	PROFIT AFTER TAX		8.411	8.332	6.236
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	2.438
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	NA
		Dividend	NA	NA	2.720
		Tax on Dividend	NA	NA
	BALANCE CARRIED TO THE B/S		NA	NA	5.954
	EARNINGS IN FOREIGN CURRENCY
		FOB Basis	13.192	21.051	NA
		Commission Earnings	0.648	1.214	NA
	TOTAL EARNINGS		13.840	22.265	NA
	IMPORTS
		Raw Materials & Packing Materials	11.132	4.936	NA
		Traded Goods	34.825	35.972	NA
	TOTAL IMPORTS		45.957	40.908	NA
	Earnings Per Share (Rs.)			21.59	16.15

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	NA	NA
Net Profit Margin (PBT/Sales)	(%)	3.59	3.39	3.30
Return on Total Assets (PBT/Total Assets}	(%)	8.86	8.71	6.96
Return on Investment (ROI) (PBT/Networth)		0.22	0.22	0.19
Debt Equity Ratio (Total Debt/Networth)		0.49	0.49	0.45
Current Ratio (Current Asset/Current Liability)		2.23	2.39	1.97

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITY OF LONG TERM BORROWINGS DETAIL: NOT AVAILABLE

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	Yes
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	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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

Particulars	31.03.2013	31.03.2012
	(Rs. In Millions)
Long Term Borrowings
Loans and advances from Related Parties	8.650	8.650
Total	8.650	8.650

OPERATIONS

In the current year, the Company has managed to achieve turnover of Rs.350.448 Millions inspite of poor market conditions, showing marginal de-growth of less than 5% compare to last year. However, due to effective cost cutting measures, the company has able to achieve net profit marginally higher at Rs.8.411 Millions (previous year Rs.8.332 Millions).

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/ Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10447351	30/08/2013	20,000,000.00	The Saraswat Cooperative Bank Limited	SME VILE PARLE BRANCH, BHOLANATH CO-OP HSG SOC, SUBHASH ROAD, VILE PARLE EAST, MUMBAI, MAHARASHTRA - 400057, INDIA	B84193887
2	10125675	06/10/2008	500,000.00	The Saraswat Co-op Bank Limited	VILE PARLE BRANCH, NEHRU ROAD, VILE PARLE EAST, MUMBAI, MAHARASHTRA - 400057, INDIA	A48379697
3	10104564	09/05/2008	1,500,000.00	The Saraswat Co-op Bank Limited	VILE PARLE BRANCH, VILE PARLE (EAST), MUMBAI, MAHARASHTRA - 400057, INDIA	A39243639
4	10060803	20/06/2007	1,000,000.00	The Saraswat Co-op Bank Limited	VILE PARLE BRANCH, VILE PARLE (EAST), MUMBAI, MAHARASHTRA - 400057, INDIA	A19399997
5	90166767	31/12/2002	1,500,000.00	THE SARASWAT VITHAL COOP BANK	VILE PARLE, MUMBAI, MAHARASHTRA - 400057, INDIA	-
6	90164312	27/12/2002	1,500,000.00	THE SARASWAT VITHAL COOP BANK	VILE PARLE EAST BRANCH, NAHRU ROAD, MUMBAI, MAHARASHTRA - 400057, INDIA	-
7	90166756	23/10/2002	350,000.00	THE SARASWAT VITHAL COOP BANK	VILE PARLE, MUMBAI, MAHARASHTRA - 400057, INDIA	-
8	90164268	16/04/2009 *	6,000,000.00	The Saraswat Co-op Bank Limited	VILE PARLE BRANCH, VILE PARLE (EAST), MUMBAI, MAHARASHTRA - 400057, INDIA	A61301792
9	90164203	12/12/2002 *	2,000,000.00	THE SARASWAT VITHAL COOP BANK	VILE PARLE, MUMBAI, MAHARASHTRA - 400057, INDIA	-
10	90164191	08/12/2001	2,000,000.00	THE SARASWAT VITHAL COOP BANK	VILE PARLE EAST BRANCH, NAHRU ROAD, MUMBAI, MAHARASHTRA - 400057, INDIA	-
11	90164142	30/05/2001	776,000.00	THE SARASWAT VITHAL COOP BANK	VILE PARLE EAST BRANCH, MUMBAI, MAHARASHTRA - 400057, INDIA	-
12	90163881	30/06/1999	2,000,000.00	THE SARASWAT VITHAL COOP BANK	VILE PARLE EAST BRANCH, NAHRU ROAD, MUMBAI, MAHARASHTRA - 400057, INDIA	-
13	90166622	15/06/1999	2,000,000.00	THE SARASWAT VITHAL COOP BANK	VILE PARLE, MUMBAI, MAHARASHTRA - 400057, INDIA	-
14	90163832	24/02/1999	5,000,000.00	THE SARASWAT VITHAL COOP BANK	VILE PARLE EAST BRANCH, NAHRU ROAD, MUMBAI, MAHARASHTRA - 400057, INDIA	-
15	90165292	22/11/2007 *	23,000,000.00	The Saraswat Co-op Bank Limited	VILE PARLE BRANCH, VILE PARLE (EAST), MUMBAI, MAHARASHTRA - 400057, INDIA	A30709794
16	90163750	31/07/1998	5,000,000.00	THE SARASWAT VITHAL COOP BANK	VILE PARLE EAST BRANCH, NAHRU ROAD, MUMBAI, MAHARASHTRA - 400007, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Office Equipments

· Marketing Equipment

· Computers

· Motor Car

· Refrigerator Systems

· Cylinder

· Packaging Machine Equipments

· Air Conditioner

· Furniture and Fixture

· Industrial Equipments

· Factory Equipment

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.61.92
UK Pound	1	Rs.101.98
Euro	1	Rs.83.93

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	NIT

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
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	NO
--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.