MIRA INFORM REPORT

Report No. :	325692
Report Date :	02.06.2015

IDENTIFICATION DETAILS

Name :	MAGNA CLEANING SYSTEMS PRIVATE LIMITED
Registered Office :	Mathura Chaya Apartments, Room No. 3, 2^nd Rabodi, Koliwada, Thane – 400602, Maharashtra
Tel. No.:	91-22-25411454
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.11.2008
Com. Reg. No.:	11-188324
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U93000MH2008PTC188324
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	PNEM13703E
PAN No.: [Permanent Account No.]	AAFCM8160R
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Cleaning Equipments.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

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 an established company having moderate track record. For the financial year ended 2014, company has reported above average operational performance and it has achieved some profit from its operational activities. Due to accumulate losses incurred over past it has eroded net worth of the company and it has weak balance sheet profile. Business is active. Payments are reported to be slow. In view of week net worth profile, the company can be considered for business dealings on safe and 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

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 DECLINED BY

Name :	Mr. Jatin
Designation :	Accounts Department
Contact No.:	91-22-25411454
Date :	02.06.2015

LOCATIONS

Registered Office :	Mathura Chaya Apartments, Room No. 3, 2nd Rabodi, Koliwada, Thane – 400602, Maharashtra, India
Tel. No.:	91-22-25411454/25430968
Fax No.:	91-22-25430968
E-Mail :	info@magnacleaning.com khalic@magnacleaning.com
Website :	www.magnacleaining.com
Head Office :	57-A/ S-1 and 2, Brindaban Complex, Thane – 400 601, Maharashtra, India
Warehouse :	Digha, Kalwa, Thane, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Abdul Khalic Kasam Amalkhan
Designation :	Director
Address :	Mathura Chaya Apartments, Room No.3, 2nd Rabodi, Koliwada, Thane – 400 602, Maharashtra, India
Date of Birth/Age :	27.01.1971
Qualification :	B.E.
Date of Appointment :	19.11.2008
DIN No.:	02359893
Name :	Mr. Mehboob Majid Khan
Designation :	Director
Address :	Mumtaz Appartment, 1st Floor, Kattal Khana Road, 1st Rabodi Road, Thane - 400601, Maharashtra, India
Date of Appointment :	28.04.2014
DIN No.:	06862188
Name :	Mr. Gerard Joseph Bodwekar
Designation :	Director
Address :	4, 2nd Floor, Shram Safalya, 2nd Rabodi, Koliwada, Thane, 400601, Maharashtra, India
Date of Appointment :	28.04.2014
DIN No.:	06862193

KEY EXECUTIVES

Name :	Mr. Jatin
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Abdul Khalic Kasam Amalkhan	9000	90.00
Aslam Gulammohiddin Khan	1000	10.00
Total	10000	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 :	Trader of Cleaning Equipments.
Products :	Cleaning Equipments
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

TJSB Sahakari Bank Limited, Johny House,79, K'villa, Rabodi, Thane - 400601,

Maharashtra, India

Banker Name	The Thane Janata Sahakari Bank Limited
Branch Address	Anant Laxmi Chember, B- Cabin,Shivaji Nagar Road, Naupada, Thane - 400602, 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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Bank C.C.	6.872	11.689
Car Loan	0.000	0.657
Property Loan	0.000	1.022
Total	6.872	13.368
NOTE: Bank C C Is secured against stock, debtors , immovable property belonging to director/shareholder and personal guarantee given by directors/shareholders.

Auditors :
Name :	Rishi Deshmukh Chartered Accountant
Address :	21, Vijprabha Complex, Near Kamat Medical Stores, Patkar Road, Dombivli East, Thane – 421201, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	APYPD1571J
Memberships :	--
Collaborators :	--
Proprietary Concern of ex-spouse of the director/shareholder:	Magna Cleaning Systems

CAPITAL STRUCTURE

AS ON 31.03.2014

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 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	0.100	0.100	0.100
(b) Reserves & Surplus	(0.305)	(0.450)	1.834
(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)	(0.205)	(0.350)	1.934
(3) Non-Current Liabilities
(a) long-term borrowings	1.890	1.890	4.598
(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)	1.890	1.890	4.598
(4) Current Liabilities
(a) Short term borrowings	8.217	13.919	8.135
(b) Trade payables	2.083	2.725	3.961
(c) Other current liabilities	2.462	3.760	1.810
(d) Short-term provisions	0.106	0.000	0.000
Total Current Liabilities (4)	12.868	20.404	13.906
TOTAL	14.553	21.944	20.438
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.134	3.004	3.448
(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)	0.038	0.025	0.025
(d) Long-term Loan and Advances	0.247	0.034	0.000
(e) Other Non-current assets	0.157	0.174	0.562
Total Non-Current Assets	2.576	3.237	4.035
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8.979	10.154	9.118
(c) Trade receivables	0.000	0.000	6.312
(d) Cash and cash equivalents	1.868	7.168	0.482
(e) Short-term loans and advances	0.098	0.130	0.491
(f) Other current assets	1.032	1.255	0.000
Total Current Assets	11.977	18.707	16.403
TOTAL	14.553	21.944	20.438

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	22.081	15.029	27.020
	Other Income
	TOTAL	22.081	15.029	27.020
Less	EXPENSES	21.647	16.835	26.633 (Including Depreciation)
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	0.434	(1.806)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.354	0.512
	PROFIT/ (LOSS) BEFORE TAX	0.080	(2.318)	0.387
Less	TAX	(0.065)	(0.034)	0.000
	PROFIT/ (LOSS) AFTER TAX	0.145	(2.284)	0.387
	IMPORTS
	Purchase of Stock in Trade	2.361	2.383	NA
	TOTAL IMPORTS	2.361	2.383	NA
	Earnings / (Loss) Per Share (Rs.)	14.51	(228.43)	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt
To Others	0.000	0.000
To Related parties	0.000	1.241
Advance from customers	0.078	1.047
Duties & Taxes Payable	1.919	0.684
Total	1.997	2.972	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	0.55	(10.58)	1.90
Return on Investment (ROI) (PBT/Networth)		(0.39)	6.62	0.20
Debt Equity Ratio (Total Debt /Networth)		(59.04)	(53.66)	6.58
Current Ratio (Current Asset/Current Liability)		0.93	0.92	1.18

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	0.100	0.100	0.100
Reserves & Surplus	1.834	(0.450)	(0.305)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1.934	(0.350)	(0.205)
long-term borrowings	4.598	1.890	1.890
Short term borrowings	8.135	13.919	8.217
Total borrowings	12.733	18.781	12.104
Debt/Equity ratio	6.584	(53.660)	(59.044)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	27.020	15.029	22.081
		(44.378)	46.923

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	27.020	15.029	22.081
Profit	0.387	(2.284)	0.145
	1.43%	(15.20%)	0.66%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

FUTURE PROSPECTS AND OPERATIONS:

During the year the sales and other income of the company increased to Rs. 22.081 Million compared to Rs 15.029 Million for the Previous year and the Net Profit after depreciation and taxation is Rs 0.145 Million compared to the loss of Rs. 2.284 Million during the previous year.

The Company is taking necessary steps by way of improved products, and wide customer base. Efforts are also made to control expenses and financial charges.

UNSECURED LOAN

(Rs. in Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

Loan from Director/Shareholders

1.890

1.890

SHORT TERM BORROWING

From related parties

0.264

0.000

From friends & relatives

1.080

0.550

Total

3.234

2.440

NOTE:-

The details such as period of maturity, no of installments of repayments, rate of interest and overdue amounts of the above loan are not determinable.

Particulars	As on 31.03.2014	As on 31.03.2013
Trade payable for material and services
To Others	2.084	2.726
To Related parties	--	--

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10334855	10/01/2012	1,000,000.00	THE THANE JANATA SAHAKARI BANK LTD	ANANT LAXMI CHEMBER, B- CABIN,SHIVAJI NAGAR ROAD,, NAUPADA, THANE, MAHARASHTRA - 400602, INDIA	B31805336
2	10247516	12/10/2010 *	1,700,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	RABODI K'VILLA BRANCH,, RABODI,, THANE, MAHARASHT RA - 400601, INDIA	B05645106
3	10239318	21/07/2012 *	11,400,000.00	TJSB SAHAKARI BANK LIMITED	JOHNY HOUSE,79, K'VILLA,, RABODI, THANE, MAHARASH TRA - 400601, INDIA	B56203425
4	10224264	08/06/2010	535,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	RABODI K'VILLA BRANCH, RABODI, THANE, MAHARASHTRA - 400601, INDIA	A87358529
5	10234005	15/10/2009	1,500,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	RABODI K'VILLA BRANCH, RABODI, THANE, MAHARASHTRA - 400601, INDIA	A79156287

* Date of charge modification

FIXED ASSETS

Tangible Assets

• Land
• Building
• Plant & Machinery
• Furniture & Fixture
• Vehicles
• Office Equipments
• Data Processing Equipments

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 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.63.61
UK Pound	1	Rs.97.27
Euro	1	Rs.69.63

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	KVT

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	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	--
--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		14

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.