MIRA INFORM REPORT

Report No. :	325668
Report Date :	05.06.2015

IDENTIFICATION DETAILS

Name :	HEADSTART INTERNATIONAL PRIVATE LIMITED
Registered Office :	B-103/3, 1^st and 2^nd Floor, Naraina Industrial Area, Phase-I, New Delhi
Tel No.:	91-9810318530 (Mr. Neeraj Agarwal)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.08.2010
Com. Reg. No.:	55-207365
Capital Investment / Paid-up Capital :	Rs.17.600 Million
CIN No.: [Company Identification No.]	U93000DL2010PTC207365
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 hair brushes, hair appliances and hair cosmetics.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

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 private limited company established in the year 2010, having moderate track record. Subject is a manufacturer of hair brushes, hair appliances and hair cosmetics. Company has recorded accumulated losses which has eroded its net worth. Overall financial are poor. However business is active. Payment terms are slow. The company can be considered for business dealings with 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.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Neeraj Agarwal
Designation :	Director
Contact No.:	91-9810318530
Date :	03.06.2015

LOCATIONS

Registered Office :	B-103/3, 1^st and 2^nd Floor, Naraina Industrial Area, Phase-I, New Delhi, India
Tel. No. :	91-11-42385120
Mobile No. :	91-9810318530
Fax No. :	Not Available
E-Mail :	neeraj@headstartinternational.in info@headstartinternational.in
Website :	http://www.headstartinternational.in

DIRECTORS

As on 31.07.2014

Name :

Ms. Madhu Sudan Choudhary

Designation :

Additional Director

Address :

98 Second Floor, Uday Park, New Delhi - 110049, India

Date of Appointment :

22.08.2014

DIN No. :

00246271

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	U74899DL1994PTC058646	SURBHI MARKETING PRIVATE LIMITED	Director	27-11-1994	27-11-1994	-	Active	NO
2	U51909DL1996PTC076328	PERFECT IMPEX PRIVATE LIMITED	Director	14-02-1996	14-02-1996	-	Active	NO
3	U65910DL1992PLC051183	EDUVISION AV SYSTEMS LIMITED	Director	27-06-1996	27-06-1996	-	Active	NO
4	U65993DL1997PTC089046	MENTOR CAPITAL SERVICES PRIVATE LIMITED	Director	31-12-1997	31-12-1997	30-03-2008	Active	NO
5	U74899DL2000PTC108315	WRITEMARK BOARDS PRIVATE LIMITED	Director	25-10-2000	25-10-2000	-	Active	NO
6	U51109DL2006PTC156281	AURIGA MARKETING SERVICES PRIVATE LIMITED	Director	08-12-2006	08-12-2006	-	Active	NO
7	U92412DL2006PTC148512	LEONIS MEDIA NETWORK PRIVATE LIMITED	Director	29-09-2007	29-03-2007	-	Active	NO
8	L74900DL1985PLC020118	AMAR VANIJYA LIMITED	Director	29-09-2007	30-03-2007	-	Active	NO
9	U74140DL2008PTC178782	SPINDLE CONSULTANTS PRIVATE LIMITED	Director	29-05-2008	29-05-2008	-	Active	NO
10	U51909DL2008PTC178784	PINWHEEL MARKETING PRIVATE LIMITED	Director	29-05-2008	29-05-2008	-	Active	NO
11	U74140DL2008PTC178802	NEBULA CORPORATE SERVICES PRIVATE LIMITED	Director	29-05-2008	29-05-2008	-	Active	NO
12	U37100DL2009PTC194877	INVOGUE EXIM PRIVATE LIMITED	Director	05-10-2009	05-10-2009	30-01-2014	Active	NO
13	U74920DL2007PTC171995	OGN SECURITIES PRIVATE LIMITED	Director	30-09-2010	02-11-2009	-	Active	NO
14	U74140DL2006PLC144608	SMPL Financial Consultancy Services Limited	Director	30-09-2013	15-04-2013	-	Active	NO
15	U93000DL2010PTC207365	HEADSTART INTERNATIONAL PRIVATE LIMITED	Additional director	22-08-2014	22-08-2014	-	Active	NO

Name :

Mr. Neeraj Agarwal

Designation :

Director

Address :

411, Pocket - D, Dilshad Garden, Delhi - 110095, India

Date of Birth/Age :

22.06.1971

Date of Appointment :

09.01.2013

Voter ID No.:

GVC1019116

DIN No. :

06469865

Name :

Mr. Narendra Singh Mehta

Designation :

Additional Director

Address :

71, Block Ah Shalimar Bagh, Delhi - 110088, India

Date of Appointment :

04.11.2014

DIN No. :

06557096

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	U74140DL2006PLC144608	SMPL Financial Consultancy Services Limited	Director	30-09-2013	15-04-2013	-	Active	NO
2	U93000DL2010PTC207365	HEADSTART INTERNATIONAL PRIVATE LIMITED	Additional director	04-11-2014	04-11-2014	-	Active	NO

Name :

Ms. Swati Choudhary

Designation :

Additional Director

Address :

98, Uday Park, Delhi - 110049, India

Date of Appointment :

22.08.2014

DIN No. :

06557249

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	U74140DL2006PLC144608	SMPL Financial Consultancy Services Limited	Director	30-09-2013	15-04-2013	-	Active	NO
2	U65910DL1992PLC051183	EDUVISION AV SYSTEMS LIMITED	Director	30-09-2013	10-07-2013	-	Active	NO
3	U93000DL2010PTC207365	HEADSTART INTERNATIONAL PRIVATE LIMITED	Additional director	22-08-2014	22-08-2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.07.2014

Names of Shareholders	No. of Shares	%age
Genesis Dream Merchants Private Limited, India	750000	42.61
Naresh Garg	240000	13.64
Vinod Tayal	5000	0.28
Vinod Kumar	4600	0.26
Ashok Malhotra	100	0.01
Ajay Verma	100	0.01
Nirmala Devi	100	0.01
Sangeeta Garg	100	0.01
Kiazen Realtors Private Limited, India	760000	43.18
Total	1760000	100.00

As on 31.07.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	86.00
Directors or relatives of Directors	1.00
Other top fifty shareholders	13.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of hair brushes, hair appliances and hair cosmetics.
Products :	Not Available
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 :	--

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 :	--

No. of Employees :

Not Divulged

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
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)	--

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
From Genesis Finance Company Limited	0.000	70.947
Total	0.000	70.947

Financial Institution :	Genesis Finance Company Limited, 4 MMTC/STC Market Geetanjali, New Delhi – 110017, India
Auditors :
Name :	P K Soni and Company Chartered Accountants
Address :	K 1/110 Lower Ground Floor, C. R. Park, New Delhi – 110019, India
PAN No. :	AAUPS8945G
Memberships :	--
Collaborators :	--
Associates / Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1760000	Equity Shares	Rs.10/- each	Rs.17.600 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	17.600	10.000	10.000
(b) Reserves & Surplus	(31.348)	(21.213)	0.141
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	34.200	13.400
Total Shareholders’ Funds (1) + (2)	(13.748)	22.987	23.541
(3) Non-Current Liabilities
(a) long-term borrowings	95.340	84.674	82.499
(b) Deferred tax liabilities (Net)	0.015	0.009	0.009
(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)	95.355	84.683	82.508
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	2.465	0.000	0.134
(c) Other current liabilities	7.591	7.999	6.327
(d) Short-term provisions	0.000	0.057	0.057
Total Current Liabilities (4)	10.056	8.056	6.518
TOTAL	91.663	115.726	112.567
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.368	0.453	0.461
(ii) Intangible Assets	0.000	2.739	5.478
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.647	3.562	3.600
Total Non-Current Assets	1.015	6.754	9.539
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	62.688	63.989	54.052
(c) Trade receivables	21.650	42.867	44.060
(d) Cash and cash equivalents	0.648	1.325	2.996
(e) Short-term loans and advances	5.662	0.791	1.920
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	90.648	108.972	103.028
TOTAL	91.663	115.726	112.567

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	79.553	67.784	69.583
Less	EXPENSES
		TOTAL	87.251	78.353	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(7.698)	(10.569)	NA
Less	FINANCIAL EXPENSES		0.299	7.903
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(7.997)	(18.472)
Less/ Add	DEPRECIATION/ AMORTISATION		2.139	2.882
	PROFIT/ (LOSS) BEFORE TAX		(10.136)	(21.354)	NA
Less	TAX		(0.001)	0.000
	PROFIT/ (LOSS) AFTER TAX		(10.135)	(21.354)	0.120
	CIF VALUE OF IMPORT		32.692	32.584	64.484
	Earnings / (Loss) Per Share (Rs.)		(5.76)	--	--

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Current Maturities of Long term debt	NA	NA	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}	(%)	(11.06)	(18.45)	NA
Return on Investment (ROI) (PBT/Networth)		0.74	(0.93)	NA
Debt Equity Ratio (Total Liability /Networth)		(6.93)	3.68	3.50
Current Ratio (Current Asset/Current Liability)		9.01	13.53	15.81

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	10.000	10.000	17.600
Reserves & Surplus	0.141	(21.213)	(31.348)
Net worth	10.141	(11.213)	(13.748)
long-term borrowings	82.499	84.674	95.340
Short term borrowings	0.000	0.000	0.000
Total borrowings	82.499	84.674	95.340
Debt/Equity ratio	8.135	(7.551)	(6.935)

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)
Total Income	69.583	67.784	79.553
		(2.585)	17.363

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	69.583	67.784	79.553
Profit	0.120	(21.354)	(10.135)
	0.17%	(31.50%)	(12.74%)

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	Yes
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	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
22	Conduct of the banking account	No
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
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	No
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	No
33	Market information	No
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
From Companies	42.800	13.727
From Shareholders	52.540	0.000
Total	95.340	13.727

INDEX OF CHARGED

No Charges Exist for Company 

FIXED ASSETS

v Computer

v Air conditioner

v Office Equipment

v Electrical Fittings

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.64.18
UK Pound	1	Rs.98.30
Euro	1	Rs.72.25

INFORMATION DETAILS

Information Gathered by :	RKH
Analysis Done by :	KIN
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
-- PROFITABILITY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		11

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.