MIRA INFORM REPORT

Report No. :	305602
Report Date :	30.01.2015

IDENTIFICATION DETAILS

Name :	RAKHI AGENCIES LIMITED
Formerly Known As :	RAKHI AGENCIES PRIVATE LIMITED
Registered Office :	3328, Kucha Kashgiri Bazar, Sita Ram, NCT of Delhi, New Delhi - 110006
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.12.1987
Com. Reg. No.:	55-030084
Capital Investment / Paid-up Capital :	Rs.12.830 Millions
CIN No.: [Company Identification No.]	U52110DL1987PLC030084
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACR0880Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader of Aluminum Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profitability of the company seems to be low during 2014. However, general financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be slow but 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.

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.

LOCATIONS

Registered Office :	3328, Kucha Kashgiri Bazar, Sita Ram, NCT of Delhi, New Delhi – 110006, India
Tel. No.:	Not Available
Mobile No.:	91-9811155634 (Mr. Narender Aggarwal)
Fax No.:	Not Available
E-Mail :	rakhiagency@yahoo.co.in

DIRECTORS

As on 30.09.2014

Name :

Mr. Bala Aggarwal

Designation :

Director

Address :

8544, Sector-C, Pocket-8, Vasant Kunj, New Delhi - 110070, India

Date of Birth/Age :

23.10.1957

Date of Appointment :

01.12.2006

DIN No.:

01382390

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	U65910DL1997PTC086215	RAKHI FINANCE AND INVESTMENT PRIVATE LIMITED	Director	27/03/1997	27/03/1997	-	Active	NO
2	U52110DL1987PLC030084	RAKHI AGENCIES LIMITED	Director	01/12/2006	01/12/2006	-	Active	NO

Name :

Mr. Narender Aggarwal

Designation :

Director

Address :

8544, Sector-C, Pocket-8, Vasant Kunj, New Delhi - 110057, India

Date of Birth/Age :

19.06.1954

Date of Appointment :

28.12.1987

DIN No.:

01595461

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	U52110DL1987PLC030084	RAKHI AGENCIES LIMITED	Director	28/12/1987	28/12/1987	-	Active	NO
2	U16003CT2001PLC014564	LNS INDUSTRIES LIMITED	Director	26/02/2001	26/02/2001	30/03/2011	Active	NO
3	U55101DL1971PLC042246	HOTEL BANJARA LIMITED	Managing director	01/04/2013	17/08/2001	-	Active	NO
4	U27203TN1989PTC017163	PREM ALUCON PRIVATE LIMITED	Director	07/06/2005	07/06/2005	-	Active	NO
5	U74899DL1991PTC046353	PAYAL APPLIANCES PRIVATE LIMITED	Director	01/05/2011	01/05/2011	04/02/2012	Active	NO

Name :

Mr. Anuj Agarwal

Designation :

Director

Address :

Flat No- 8544, Pocket- 8, Sector- C Vasant Kunj, New Delhi - 110070, India

Date of Birth/Age :

12.07.1988

Date of Appointment :

01.12.2008

DIN No.:

01928714

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	U55101DL1971PLC042246	HOTEL BANJARA LIMITED	Whole-time director	01/10/2007	01/10/2007	-	Active	NO
2	U52110DL1987PLC030084	RAKHI AGENCIES LIMITED	Director	30/09/2009	01/12/2008	-	Active	NO
3	U74899DL1991PTC046353	PAYAL APPLIANCES PRIVATE LIMITED	Director	01/05/2011	01/05/2011	04/02/2012	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Aggarwal Kumar Narender	154999
Gupta Prakash Ved	1999
Aggarwal Anju	4000
Sakhuja Ashok	2000
Mittal Kanta	3000
Arora K.A.	3000
Aggarwal Kusum U.G.O.	35500
Arora Sukhvinder	2500
Aggarwal Rakhi U.G.O.	30000
Khandelwal Chand Phool	1000
Gupta Kailashwati	8200
Gupta Avtar Ram	6600
Bhargava Jitender	1000
Aggarwal Kr. Narender Huf	3900
Aggarwal Prakash Arun	100
Gupta Vikram U.G.O.	100
Kishore Nand	2000
Kumar Vijay	4800
Aggarwal Subhash	2000
Aggarwal Bala	421000
Aggarwal Lajja	4600
Aggarwal Anuj	17501
Gupta D.R.	1
Aggarwal Ruchi	100
Gupta Lal Kundan	33000
Devi Krishna	10000
Aggarwal Kumar Rajender	2000
Aggarwal Amit	1500
Vijay Kumar Huf	38100
Rakhi Fin. Invt. Private Limited, India	388500
Archit Hotel and Resorts Private Limited, India	100000
Total	1283000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	38.07
Directors or relatives of Directors	58.07
Other top fifty shareholders	3.86
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Aluminum Products.
Products :	Aluminum Products
Brand Names :	--
Agencies Held :	--
Exports :	Not Applicable
Imports :	Not Applicable
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS – NOT APPLICABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available
Remark :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available
Remark :	Not Available

No. of Employees :

Not Available

Bankers :

• ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India
• Oriental Bank of Commerce, Darya Ganj, New Delhi - 110002, India
• The Hongkong and Shanghai Banking Corporation Limited, 25, Barakhama Road, New Delhi - 110001, India
• State Bank of India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
SHORT TERM BORROWINGS
Working capital loans from banks	72.462	2.121
Total	72.462	2.121

Auditors :
Name :	Surinder Verma Associates Chartered Accountants
Address :	Delhi, India
PAN No.:	AAJFS6776A
Memberships :	--
Collaborators :	--
Associate :	Hotel Banjara Limited CIN No.: U55101DL1971PLC042246 Rakhi Finance and Investment Private Limited CIN No.: U65910DL1997PTC086215 Rakhi Agencies

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1283000	Equity Shares	Rs.10/- each	Rs.12.830 Millions

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	12.830	12.830	12.830
(b) Reserves & Surplus	123.968	117.763	111.390
(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)	136.798	130.593	124.220
(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	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	118.397	23.201	46.543
(b) Trade payables	39.031	12.064	15.602
(c) Other current liabilities	145.417	199.496	157.982
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	302.845	234.761	220.127
TOTAL	439.643	365.354	344.347
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.611	13.669	13.700
(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	2.500	2.500	2.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.412	3.112	3.112
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	19.523	19.281	19.312
(2) Current assets
(a) Current investments	28.443	0.000	0.000
(b) Inventories	0.000	0.978	0.978
(c) Trade receivables	322.106	292.065	277.498
(d) Cash and cash equivalents	47.007	39.567	40.826
(e) Short-term loans and advances	22.564	13.463	5.733
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	420.120	346.073	325.035
TOTAL	439.643	365.354	344.347

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1,626.648	1,866.313	1,475.892
		Other Income	8.924	6.637	2.894
		TOTAL (A)	1,635.572	1,872.950	1,478.786
Less	EXPENSES
		Purchase of Stock-in-trade	1,608.850	1,843.669	1,427.269
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	0.978	0.000	29.363
		Employee Benefits Expenses	1.004	0.970	1.032
		Other Expenses	1.832	7.008	7.067
		TOTAL (B)	1,612.664	1,851.647	1,464.731
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		22.908	21.303	14.055
Less	FINANCIAL EXPENSES (D)		13.875	12.166	6.793
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.033	9.137	7.262
Less	DEPRECIATION/ AMORTISATION (F)		0.058	0.073	0.088
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		8.975	9.064	7.174
Less	TAX (H)		2.770	2.692	2.125
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		6.205	6.372	5.049
	Earnings / (Loss) Per Share (Rs.)		4.84	4.97	3.93

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.38	0.34	0.34
Operating Profit Margin (PBDIT/Sales)	(%)	1.41	1.14	0.95
Return on Total Assets (PBT/Total Assets}	(%)	2.05	2.50	2.10
Return on Investment (ROI) (PBT/Networth)		0.07	0.07	0.06
Debt Equity Ratio (Total Debt /Networth)		0.87	0.18	0.37
Current Ratio (Current Asset/Current Liability)		1.39	1.47	1.48

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	12.830	12.830	12.830
Reserves & Surplus	111.390	117.763	123.968
Share Application money pending allotment	0.000	0.000	0.000
Net worth	124.220	130.593	136.798
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	46.543	23.201	118.397
Total borrowings	46.543	23.201	118.397
Debt/Equity ratio	0.375	0.178	0.865

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1,475.892	1,866.313	1,626.648
		26.453	(12.842)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1,475.892	1,866.313	1,626.648
Profit	5.049	6.372	6.205
	0.34%	0.34%	0.38%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	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	No

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
SHORT TERM BORROWINGS
Loans repayable on demand	45.935	21.080
Total	45.935	21.080

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10540195	29/12/2014	240,000,000.00	State Bank Of India	Sme Branch Naraina, Naraina Industrial Area, Phas  E-I, New Delhi, Delhi - 110028, India	C38993218
2	10435662	18/03/2014 *	90,000,000.00	The Hongkong And Shanghai Banking Corporation Limited	25, Barakhama Road, New Delhi, Delhi - 110001, India	C03789146
3	10088971	05/02/2008	20,000,000.00	Oriental Bank Of Commerce	Darya Ganj, New Delhi, Delhi - 110002, India	A32979536
4	90054306	27/09/2008 *	100,000,000.00	Oriental Bank Of Commerce	Daryaganj, New Delhi, Delhi - 110002, India	A48750624
5	90053168	01/07/2002 *	1,000,000.00	Oriental Bank Of Commerce	Daryaganj, Delhi, Delhi, India	-
6	90053150	24/03/2003 *	1,000,000.00	Oriental Bank Of Commerce	Daryaganj, New Delhi, Delhi, India	-
7	90052641	15/02/1999 *	2,900,000.00	Oriental Bank Of Commerce	Daryaganj, New Delhi, Delhi, India	-
8	90052639	03/12/1994 *	2,900,000.00	Oriental Bank Of Commerce	Daryaganj, New Delhi, Delhi, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.41
UK Pound	1	Rs.93.18
Euro	1	Rs.69.82

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.