MIRA INFORM REPORT

Report Date :

02.01.2015

IDENTIFICATION DETAILS

Name :	NEW INDIA DETERGENTS LIMITED
Registered Office :	A 2/25, Model Town-I, Delhi-110009
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.05.1989
Com. Reg. No.:	55-036220
Capital Investment / Paid-up Capital :	Rs. 4.000 Millions
CIN No.: [Company Identification No.]	U24240DL1989PLC036220
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Raw Material of Detergent and Soap.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the company was incorporated on 11/5/1989. It is having a moderate track. Mr. Amit Agarwal (Accounts Head) has provided us with general information to us. Further, he also claimed that the company has started its business activity from September 2014. Trade relation is improving. Business is active. Payment terms are unknown. The company can be considered for business dealings with some caution.

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, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

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 :	Mr. Amit Agrawal
Designation :	Accounts Head
Contact No.:	91-11-43230000
Date :	27.12.2014

LOCATIONS

Registered Office :	A 2/25, Model Town-I, Delhi-110009, India
Tel. No.:	91-11-43230000
Mobile No.:	91-9899999590
Fax No.:	91-11-43230011
E-Mail :	wahi_gupta@yahoo.com
Website :	http://www.labsaindia.com
Factory :	Gandhidham, Kutch, Gujarat

DIRECTORS

As on 30.09.2014

Name :	Mr. Deepak Arora
Designation :	Chairman-Cum-Managing Director
Address :	A-2/25, Modeltown –I, Delhi-110009, India
Date of Appointment :	11.06.1999
DIN No.:	00058070
Name :	Mr. Jaya Arora
Designation :	Director
Address :	A-2/25, Modeltown –I, Delhi-110009, India
Date of Appointment :	11.05.1989
DIN No.:	00058127
Name :	Mr. Karan Arora
Designation :	Director
Address :	A-2/25, Modeltown –I, Delhi-110009, India
Date of Birth/Age :	09.05.1989
Date of Appointment :	07.08.2008
DIN No.:	05144195

KEY EXECUTIVES

Name :	Mr. Amit Agrawal
Designation :	Accounts Head

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Jaya Arora	148180
Radhika Arora	30500
Karan Arora	30500
Deepak Arora	157000
Deepak Arora (HUF)	33820
TOTAL	400000

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 :	Manufacturer and Exporter of Raw Material of Detergent and Soap.
Products :	Not Divulge
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Brazil Yemen
Imports :	Not Divulge
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	S. K. Chemicals (Proprietorship)
Name of the Person :	Mr. Anil Bhatnagar (accounts Manager)
Contact No.:	91-9351412030
Since How Long Known :	2 Years
Experience :	Good
Maximum Limit Dealt :	Rs. 2.000 Millions (Monthly)
Remarks (If any)	They gave us positive response about subject company they are satisfied with their payment behaviour.

Customers :

Wholesalers, Retailers and End Users

Reference :	Navneet Oroducts
Name of the Person :	Mr. Raghu (Partner)
Contact No.:	91-9328471114
Since How Long Known :	8 Years
Experience :	Good
Maximum Limit Dealt :	Rs. 3.000 Millions (Approximately) (Monthly)
Remarks (If any)	They gave us positive response about the subject company they are satisfied with their product quality and delivery behavior.

No. of Employees :

25 (Approximately)

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	Gujaranwala Town, Delhi, India
Person Name (With Designation)	Not Divulge
Contact Number	Not Divulge
Name of Account Holder	Not Divulge
Account Number	Not Divulge
Account Since (Date/Year of Account Opening)	Not Divulge
Average Balance Maintained (If Possible)	Not Divulge
Credit Facilities Enjoyed (If any)	Not Divulge
Account Operation	Not Divulge
Remarks (If any)	Not Divulge

Auditors :
Name :	Wahi and Gupta Chartered Accountant
Address :	Hotel Rex Building (OBC Bank Building), 5, Hetaji Subhash Marg, Dargaganj, New Delhi, India
Tel. No.:	91-11-23269921 / 23252597
Fax No.:	91-11-23283272
E-Mail :	wahi_gupta@yahoo.com
PAN No.:	AAAFW1086A
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	D. J. Dychem (Partnership) D. J. SurFactants

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs. 4.000 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	4.000	4.000	4.000
(b) Reserves & Surplus	55.728	55.728	55.729
(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)	59.728	59.728	59.729
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	3.515
(b) Deferred tax liabilities (Net)	0.003	0.004	0.004
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.003	0.004	3.519
(4) Current Liabilities
(a) Short term borrowings	30.099	25.249	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	1.176	0.284	0.083
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	31.275	25.533	0.083
TOTAL	91.006	85.265	63.331
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.012	3.005	2.932
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	25.370	10.361	0.504
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	59.887	58.209	59.463
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.399	0.399	0.023
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	88.668	71.974	62.922
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.629	0.276	0.114
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	1.709	13.015	0.295
Total Current Assets	2.338	13.291	0.409
TOTAL	91.006	85.265	63.331

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.000	0.000	1.342
		TOTAL (A)	0.000	0.000	1.342
Less	EXPENSES
		Employees benefits expense	0.000	0.000	0.165
		Managerial Remuneration	0.000	0.000	0.444
		Payment to Auditors	0.000	0.000	0.025
		Power and Fuel	0.000	0.000	0.004
		Other Expenses	0.000	0.000	5.051
		TOTAL (B)	0.000	0.000	5.689
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.000	0.000	(4.347)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.001	0.001	0.001
	PROFIT BEFORE TAX (E-F) (G)		(0.001)	(0.001)	(4.348)
Less	TAX (H)		(0.001)	(0.001)	0.096
	PROFIT AFTER TAX (G-H) (I)		0.000	0.000	(4.444)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		44.792	44.793	49.237
	BALANCE CARRIED TO THE B/S		44.792	44.792	44.793
	Earnings Per Share (Rs.)		(0.002)	(0.001)	(11.11)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	(0.02)	(0.01)	(129.25)
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	(0.07)
Debt Equity Ratio (Total Debt /Networth)		0.50	0.42	0.06
Current Ratio (Current Asset/Current Liability)		0.07	0.52	4.93

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4.000	4.000	4.000
Reserves & Surplus	55.729	55.728	55.728
Net worth	59.729	59.728	59.728
long-term borrowings	3.515	0.000	0.000
Short term borrowings	0.000	25.249	30.099
Total borrowings	3.515	25.249	30.099
Debt/Equity ratio	0.059	0.423	0.504

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	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	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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWINGS
Loans	30.099	25.249
Total	30.099	25.249

FINANCIAL RESULTS AND OPERATIONS

During the year ended 31.03.2014 the company sales and other incomes is Rs. NIL as compared to sales and other income of Rs. NIL during the year ended 31.03.2013. Loss after tax is Rs. (0.000) Millions, during the year ended 31.03.2014 as compared to previous year ended 31.03.2013 of Rs. (0.000) Millions.

The company is in the process of starting its unit at Kutch (Gujrat). The building is under construction and Plant and Machinery is under installation and the unit is likely to start shortly.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10521096	31/05/2014	123,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	C21602321

* Date of charge modification

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. 63.32
UK Pound	1	Rs. 98.63
Euro	1	Rs. 76.59

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	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		27

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.