MIRA INFORM REPORT

Report No. :	306018
Report Date :	02.02.2015

IDENTIFICATION DETAILS

Name :	STARLIN EQUIPMENTS PRIVATE LIMITED
Registered Office :	Office No.10, 1^st Floor, Highway Tower, Near Mehta Hospital, Chinchwad, Pune – 411 019, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.07.2009
Com. Reg. No.:	11-134386
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U29190PN2009PTC134386
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Cleaning Equipment.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

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
Litigation :	Clear
Comments :	Subject is a relatively small company having moderate track The company has incurred huge accumulated losses which exceeds the entire networth of the company. However, business is active. Payment terms are reported to be slow. The company can be considered for business dealings on a 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.

EXTERNAL AGENCY RATING

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 :	Ms. Priti Dhanakshirur
Designation :	Marketing Head
Contact No.:	91-9011016052
Date :	31.01.2015

LOCATIONS

Registered Office/ Factory :	Office No.10, 1^st Floor, Highway Tower, Near Mehta Hospital, Chinchwad, Pune – 411 019, Maharashtra, India
Tel. No.:	91-20-27480441
Mobile No.:	91-9011016051/ 9422087471 (Mr. Simon L. Muringatharu) 91-9011016052 (Ms. Priti Dhanakshirur)
Fax No.:	91-20-66300520
E-Mail :	starlinindia@yahoo.com
Website :	www.starlindia.com
Area :	2000 sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Simon Lonappan Muringatharu
Designation :	Director
Address :	Office No.10, Highway Tower, Chinchwad, Pune – 411 019, Maharashtra, India
Date of Birth/Age :	13.05.1962
Date of Appointment :	28.07.2009
DIN No. :	02489375
Name :	Mr. Girly Simon
Designation :	Director
Address :	19B, Nigdi Pradhikaran, Pune – 411 044, Maharashtra, India
Date of Birth/Age :	30.05.1968
Date of Appointment :	28.07.2009
DIN No. :	02493314

KEY EXECUTIVES

Name :	Ms. Priti Dhanakshirur
Designation :	Marketing Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of holding
Simon Lonappan Muringatharu	6000	60.00
Girly Simon	4000	40.00
Total	10000	100.00

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Cleaning Equipment.
Products :	Cleaning Equipment
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash and Credit (30/ 60 days)
Purchasing :	Cash and Credit (30/ 60 days)

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Saprco Polymer
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

· Omsal Enterprises

· Shree Ganesh Industries

· K.S. Enterprises

· Amita Enterprises

· D.S. Enterprises

· Simran Electricals

Customers :

End Users and OEM’s

Reference :	S.S. Enterprises
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

· Shri Saikrupa Sugar and Allied Ind. Limited

· Rushaba Enterprises

· BBW Brushes Private Limited

· Ancare Nevtra

· Elkay Chemicals Private Limited

No. of Employees :

20 (Approximately)

Bankers :

Banker Name	Syndicate Bank
Branch Address	Chinchwad Branch, Pune, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banking Relations :	--
Auditors :
Name :	N. Srinivasan and Company Chartered Accountants
Address :	A-30, Mrunali, IV Floor, Orion Complex, 4-C, Aundh Road, Khadki, Pune – 411 020, Maharashtra, India
PAN No.:	AADPI9435N
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

FINANCIAL DATA

[all figures are in Rupees Millions]

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	0.100	0.100	0.100
(b) Reserves & Surplus	(0.539)	(0.521)	(0.531)
(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)	(0.439)	(0.421)	(0.431)
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.488	2.014	2.361
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.488	2.014	2.361
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1.179	0.484	0.725
(c) Other current liabilities	0.367	0.300	0.151
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	1.546	0.784	0.876
TOTAL	1.595	2.377	2.806
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.285	0.229	0.202
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.002	0.002	0.002
(e) Other Non-current assets	0.020	0.023	0.026
Total Non-Current Assets	0.307	0.254	0.230
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.492	0.351	0.251
(c) Trade receivables	0.725	1.574	2.168
(d) Cash and cash equivalents	0.044	0.150	0.090
(e) Short-term loans and advances	0.027	0.046	0.065
(f) Other current assets	0.000	0.002	0.002
Total Current Assets	1.288	2.123	2.576
TOTAL	1.595	2.377	2.806

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operation	4.554	3.281	2.680
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		0.225	0.116	(0.414)
Less	FINANCIAL EXPENSES		0.205	0.075	0.072
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.020	0.041	(0.486)
Less/ Add	DEPRECIATION/ AMORTISATION		0.038	0.031	0.024
	PROFIT/ (LOSS) BEFORE TAX		(0.018)	0.010	(0.510)
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(0.018)	0.010	(0.510)
	Earnings / (Loss) Per Share (Rs.)		(1.80)	1.00	NA

Expected Sales (2014-2015): Rs.5.000 millions

The above information has been parted by Ms. Priti Dhanakshirur (Marketing Head).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(0.40)	0.30	(19.03)
Operating Profit Margin (PBDIT/ Sales)	(%)	4.94	3.54	(15.45)
Return on Total Assets (PBT/Total Assets}	(%)	(1.13)	0.42	(18.18)
Return on Investment (ROI) (PBT/Networth)		0.04	(0.02)	1.18
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.83	2.71	2.94

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	(0.531)	(0.521)	(0.539)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(0.431)	(0.421)	(0.439)
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operation	2.680	3.281	4.554
		22.425	38.799

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operation	2.680	3.281	4.554
Profit	(0.510)	0.010	(0.018)
	(19.03%)	0.30%	(0.40%)

LOCAL AGENCY FURTHER INFORMATION

Details of Current Maturities of Long Term Debt: 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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	No
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

OPERATIONAL REVIEW:

Company is taking necessary steps to increase its profitability by imposing strict control over overheads.

INDEX OF CHARGES

No Charges Exist for Company.

FIXED ASSETS

· Plant and Machinery

· Jigs, Tools and Fixtures

· Furniture and Fixtures

· Mobile Handset

· Designs and Drawings

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.61.76
UK Pound	1	Rs.93.13
Euro	1	Rs.70.03

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	DIV
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
-- PROFITABILITY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		12

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.