MIRA INFORM REPORT

Report No. :	317489
Report Date :	18.04.2015

IDENTIFICATION DETAILS

Name :	REXELLO CASTORS PRIVATE LIMITED

Registered Office :	23-D, Mahal Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai-400093, Maharashtra
Tel. No.:	91-22-40917777

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	12.09.1980

Com. Reg. No.:	11-023111

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

CIN No.: [Company Identification No.]	U36109MH1980PTC023111

IEC No.:	Not Available

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

PAN No.: [Permanent Account No.]	AABCR1775R

Legal Form :	Private Limited Liability Company

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

No. of Employees :	180 (Approximately)

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 160000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 :	Mr. Kazim Merchant
Designation :	Sale Marketing Executive
Contact No.:	91-9820334016
Date :	15.04.2015

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 www.rexello.com http://www.asiansources.com/rexello.co
Area :	35000 Sq. Ft.
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 30.09.2014

Name :

Mrs. Zarina Haiderali Merchant

Designation :

Director

Address :

460, Rexello House, 24^th 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, 24^th 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/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	U36109MH1980PTC023111	REXELLO CASTORS PRIVATE LIMITED	Director	01/04/1985	01/04/1985	-	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/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	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	01-04-1997	01-04-1997	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Kazim Merchant
Designation :	Sale Marketing Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Amirali Mohamedali Merchant	525	35.00
Zarinabai Haiderali Merchant	150	10.00
Tanvir Haiderlai Merchant	150	10.00
Tehsinabbas Haiderali Merchant	150	10.00
Raiz Haiderali Merchant	150	10.00
Munir Haiderali Merchant	150	10.00
Yasin Reza Amirali Merchant	225	15.00
Total	1500	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers and Exporter 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, fiber, 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.

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Zeal’s Trollies
Countries :	USA UK Europe Gulf Countries

Imports :
Products :	Raw Materials
Countries :	England

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Rexello Engineering Products Private Limited
Rex Arts Castors Private Limited
Castors Wheels and Trolleys
Rex Builders and Engineers
Rex Rubber Works
Crown Rollen

Customers :

Wholesalers and End Users

Castors Wheels and Trolleys
Rex Builders and Engineers
Crown Rollen
Rexello Engineering Products Private Limited
Rex Arts Castors Private Limited
Rex Rubber Works

No. of Employees :

180 (Approximately)

Bankers :

HDFC Bank Limited
State Bank of India – Byculla Branch, Sir J. J Road, Bombay – 400008, Maharashtra, India
HSBC Bank Limited
Bank of Baroda
Bank of India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans from Banks
HDFC Bank Limited – Term Loans against Motor Car	0.000	0.131

Short-term borrowings
Loans from Banks
State Bank of India – Cash Credit Accounts	17.293	18.370
HDFC bank Limited – Term Loans against Motor Car	0.131	0.207
Total	17.424	18.708

NOTE :

Long Term Borrowings

The Said loan are secured in hypothecation of the financed vehicles. The loan are repayable in 36 EMI of Rs. 0.019 Million.

Short Term Borrowings

Cash credit facilities from bank are secured by hypothecation of stock, stores, book debts and personal guarantee of directors

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
Qualification :	B.Com, F.C.A.
E-Mail :	nsvirani@vsnl.com
PAN N Income-tax PAN of auditor or auditor's firm :	AABPV7421P

Memberships :	Not Available

Collaborators :	Not Available

Related Parties :	Rexello Engineering Products Private Limited Rex Arts Castors Private Limited Castors Wheels and Trolleys Rex Builders and Engineers Rex Rubber Works Crown Rollen

CAPITAL STRUCTURE

As on 31.03.2014

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 Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.150	0.150	0.150
(b) Reserves & Surplus	54.259	52.914	51.641
(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)	54.409	53.064	51.791

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.131	0.338
(b) Deferred tax liabilities (Net)	0.346	0.388	0.469
(c) Other long term liabilities	0.660	0.660	0.834
(d) long-term provisions	0.000	0.000	0.529
Total Non-current Liabilities (3)	1.006	1.179	2.170

(4) Current Liabilities
(a) Short term borrowings	17.424	18.577	21.316
(b) Trade payables	28.910	31.605	27.022
(c) Other current liabilities	1.950	2.289	2.566
(d) Short-term provisions	2.053	1.706	1.451
Total Current Liabilities (4)	50.337	54.177	52.355

TOTAL	105.752	108.420	106.316

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets
(ii) Intangible Assets	29.094	29.375	29.938
(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	3.744	3.198	2.727
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	16.023	13.339	7.758
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	48.861	45.912	40.423

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	38.158	40.011	44.346
(c) Trade receivables	12.077	16.192	17.435
(d) Cash and cash equivalents	2.992	1.215	0.719
(e) Short-term loans and advances	3.664	5.090	3.393
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	56.891	62.508	65.893

TOTAL	105.752	108.420	106.316

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	NA	NA	NA
	Other Income
	TOTAL	NA	NA	NA

Less	TOTAL EXPENSES	NA	NA	NA

	PROFIT/ (LOSS) BEFORE TAX	2.156	1.279	0.322

Less	TAX (H)	0.811	(0.006)	(0.279)

	PROFIT/ (LOSS) AFTER TAX	1.345	1.285	0.601

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	113.719	115.299	68.372
	TOTAL EARNINGS	113.719	115.299	68.372

	Earnings / (Loss) Per Share (Rs.)	896.67	856.67	400.67

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012

Return on Total Assets (PBT/Total Assets}	(%)	2.11	1.22	0.31

Return on Investment (ROI) (PBT/Networth)		0.04	0.02	0.01

Debt Equity Ratio (Total Debt /Networth)		0.32	0.35	0.42

Current Ratio (Current Asset/Current Liability)		1.13	1.15	1.26

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.150	0.150	0.150
Reserves & Surplus	51.641	52.914	54.259
Net worth	51.791	53.064	54.409

long-term borrowings	0.338	0.131	0.000
Short term borrowings	21.316	18.577	17.424
Total borrowings	21.654	18.708	17.424
Debt/Equity ratio	0.418	0.353	0.320

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	Yes
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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	No

FINANCIAL RESULTS

During the year, the Company has earned a profit of Rs. 2.156 Million and after deduction of Current tax of Rs.0.853 Million and provision for Deferred Tax Liability of Rs. (0.042 Million) the balance of Rs.1.345 Million Millions is proposed to be carried forward to the Balance Sheet.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10155123	31/03/2012 *	18,500,000.00	STATE BANK OF INDIA	R & C BUILDING GROUND FLOOR, SIR J J ROAD, MUMBAI, Maharashtra - 400008, INDIA	B39811781

FIXED ASSETS

Tangible Assets

Land and Building
T.D.R.
Plant and machinery
Furniture and Fixtures
Office Equipment’s
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 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.62.34
UK Pound	1	Rs.93.09
Euro	1	Rs.67.13

INFORMATION DETAILS

Information Gathered by :	RKH

Analysis Done by :	KAR

Report Prepared by :	JYTK

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit