MIRA INFORM REPORT

Report No. :	326871
Report Date :	12.06.2015

IDENTIFICATION DETAILS

Name :	NOBEL HYGIENE PRIVATE LIMITED (w.e.f 23.12.2013)
Formerly Known As :	NOBEL HYGIENE LIMITED (w.e.f. 01.01.2010) NOBEL HYGIENE PRIVATE LIMITED
Registered Office :	House No. L – 20, Housing Board Colony, Upasnagar, Sancoale, Vasc Da Gama – 403726, Goa
Tel. No.:	91-832-2556861
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.11.2001
Com. Reg. No.:	24-003048
Capital Investment / Paid-up Capital :	Rs. 157.834 Million
CIN No.: [Company Identification No.]	U24239GA2001PTC003048
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRN02038B
PAN No.: [Permanent Account No.]	AABCN5081A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of baby diapers and adult diapers
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1800000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established private limited company incorporated in the year 2001, having satisfactory track. As per registrar of company the date of balance sheet is showing 31.03.2014 but the same could not made available from any sources. As per indirect sources, the company has recorded total operating income of Rs.1124.000 Million and profit after tax is Rs.73.900 Million in FY14. Rating also takes into consideration vast experience of promoter in FMCG industry. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered for normal business dealings with usual trade terms and conditions. (Note : Partial information has been taken from CARE Ratings)

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

Rating Agency Name	CARE
Rating	Long-term Bank Facilities BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	17.04.2015

Rating Agency Name	CARE
Rating	Short-term Bank Facilities A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	17.04.2015

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. Sanjeev Trivedi
Designation :	Finance head
Contact No.:	91-932074331
Date :	11.06.2015

LOCATIONS

Registered Office :	H. No. L-20, Housing Board Colony, Upasnagar, Sancoale, Vasco Da Gama Goa -403726, India
Tel. No.:	91-832-2556861
Mobile No.:	91-9320744331 (Mr. Sanjeev Trivedi)
Fax No.:	91-832-42121316
E-Mail :	noble@vsnl.in nobelco@sancharnet.in accounts@nobelhygiene.com
Website :	http://www.nobelhygiene.com
Location :	Rented
Corporate Office:	Unit No. 204, Thakur House (Antariksh), Makwana Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-28201381/ 28201382
Fax No.:	91-22-28201383 / 242121314
E-Mail :	noble@vsnl.in sales@nobelhygiene.com
Factory :	A–70, MIDC, Sinnar, Nashik – 422103, Maharashtra India

DIRECTORS

As on 30.09.2014

Name :	Mr. Kamal Manohardas Johari
Designation :	Director
Address :	101, Sunflower Building, Thakkarpark, Aram Socrd, Vakola, Santacruz (East), Mumbai-400 055, Maharashtra, India
Date of Birth/Age :	10.10.1960
Date of Appointment :	16.07.2012
DIN No.:	00785082
Name :	Mrs. Kamini Kamal Johari
Designation :	Director
Address :	101, Sunflower Building, Thakkarpark, Aram Socrd, Vakola, Santacruz (East), Mumbai-400 055, Maharashtra, India
Date of Birth/Age :	10.02.1962
Date of Appointment :	16.07.2012
DIN No.:	01309286
Name :	Mr. Manish Dharanendra Ladage
Designation :	Directors
Address :	Row No. 18, Vasant Vihar, Pokharan Road No. 2, Thane (West), Mumbai – 400601, Maharashtra, India
Date of Appointment :	30.09.2010
DIN No.:	00082178
Name :	Mr. Bhupal Singh Verdia
Designation :	Director
Address :	17 Mani Vikas, T. H. Kataria Marg, Matunga Road, Mumbai – 400016, Maharashtra, India
Date of Appointment :	29.09.2012
DIN No.:	02258522
Name :	Mr. Nilesh Bansilal
Designation :	Director
Address :	203, Tulsi Villa, Poddar Road, Santacruz (West), Mumbai – 400054, Maharashtra, India
Date of Appointment :	14.2.2013
DIN No.:	00199071

KEY EXECUTIVES

Name :	Mr. Sanjeev Trivedi
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

SHAREHOLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	7.28
Bodies corporate	54.60
Directors or relatives of Directors	30.23
Other top fifty shareholders	7.89
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of baby diapers and adult diapers

Products :

Item Code No.

Product Description

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Diapers

Countries :

• Dubai
• South East Asia
• South Africa

Imports :

Products :

Raw Material and Allied Products

Countries :

• USA
• Canada

Terms :

Selling :

L/C / Cash / Credit / DP

Purchasing :

L/C / Cash / Credit / DP

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	JVS, Mumbai
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 :	Fiber Tesc, Malaysia
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 :

150 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	MIDC, Andheri (East) Branch, Marol, Central Road, Andheri (East), Mumbai - 400093, 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

Janakalyan Sahakari Bank Limited, 140, Vivek Darshan, Opposite Bhakti Bhavan, Sindhi Society, Chembur,, Mumbai - 400071, Maharashtra, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long-term Borrowings
Term loan from Banks	83.703	85.674
Short-term borrowings
Loan repayable on demand	230.551	184.117
Total	314.254	269.791

Auditors :
Name :	Bagasrawala Shabbir Sirajuddin Chartered Accountants
Address :	63 Narayan, Niwas 1^st, Floor Aarey, Road, Goregaon, (West) Mumbai-400062, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAKPB8971F
Memberships :	--
Collaborators :	--
Enterprises over which Key Managerial Personnel are able to exercise Significant Influence :	Nobel Corporation Mastermind Finantial Service Private Limited Manish D. Ladage and Co.

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs. 90.000 Million
6250000	Preference Shares	Rs.20/- each	Rs. 125.000 Million
	Total		Rs. 215.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8654800	Equity Shares	Rs.10/- each	Rs. 86.548 Million
3564286	Preference Shares	Rs.20/- each	Rs. 71.286 Million
	Total		Rs. 157.834 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	157.834	76.880	76.880
(b) Reserves & Surplus	484.375	185.389	85.165
(c) Money received against share warrants	0.323	9.000	9.000
(2) Share Application money pending allotment	0.000	23.400	0.000
Total Shareholders’ Funds (1) + (2)	642.532	294.669	171.045
(3) Non-Current Liabilities
(a) long-term borrowings	90.113	91.004	120.428
(b) Deferred tax liabilities (Net)	28.676	1.166	1.166
(c) Other long term liabilities	0.000	0.000	32.804
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	118.789	92.170	154.398
(4) Current Liabilities
(a) Short term borrowings	247.584	201.086	156.464
(b) Trade payables	20.897	53.564	38.719
(c) Other current liabilities	116.463	78.135	42.596
(d) Short-term provisions	45.003	31.375	18.126
Total Current Liabilities (4)	429.947	364.160	255.905
TOTAL	1191.268	750.999	581.348
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	348.071	241.715	230.992
(ii) Intangible Assets	9.432	0.000	0.033
(iii) Capital work-in-progress	42.409	38.356	33.746
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	43.776	1.276	1.276
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	9.013	28.700	29.072
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	452.701	310.047	295.119
(2) Current assets
(a) Current investments	0.000	5.000	5.000
(b) Inventories	168.426	169.467	121.131
(c) Trade receivables	351.717	225.150	130.682
(d) Cash and cash equivalents	32.713	8.512	6.396
(e) Short-term loans and advances	185.711	32.823	21.957
(f) Other current assets	0.000	0.000	1.063
Total Current Assets	738.567	440.952	286.229
TOTAL	1191.268	750.999	581.348

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1117.074	762.338	451.582
		Other Income	1.860	0.514	4.834
		TOTAL (A)	1118.934	762.852	456.416
Less	EXPENSES
		Cost of materials consumed	764.839	511.403	339.917
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	7.547	(28.687)	(27.445)
		Employee benefit expense	22.488	11.754	6.793
		Other expenses	160.566	109.579	69.286
		Expenditure on production, transportation and other expenditure pertaining to E and P activities	0.000	0.000	0.964
		TOTAL (B)	955.440	604.049	389.515
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		163.494	158.803	66.901
Less	FINANCIAL EXPENSES (D)		46.361	47.288	23.187
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		117.133	111.515	43.714
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.147	11.158	5.678
	PROFIT BEFORE TAX (E-F) (G)		104.986	100.357	38.036
Less	TAX (H)		29.086	0.134	0.000
	PROFIT AFTER TAX (G-H) (I)		75.900	100.223	38.036
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		163.358	63.135	25.099
	BALANCE CARRIED TO THE B/S		239.258	163.358	63.135
	Earnings Per Share (Rs.)		9.56	13.04	4.95

Particulars	31.03.2014
Total operating income	1124.000
Profit After Tax	73.900

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	38.407	35.197	33.841
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	6.79	13.15	8.42
Operating Profit Margin (PBIDT/Sales)	(%)	14.64	20.83	14.81
Return on Total Assets (PBT/Total Assets}	(%)	9.50	14.11	6.96
Return on Investment (ROI) (PBT/Networth)		0.16	0.34	0.22
Debt Equity Ratio (Total Debt /Networth)		0.59	1.11	1.82
Current Ratio (Current Asset/Current Liability)		1.72	1.21	1.12

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	76.880	76.880	157.834
Reserves & Surplus	85.165	185.389	484.375
Money received against share warrants	9.000	9.000	0.323
Share Application money pending allotment	0.000	23.400	0.000
Net worth	171.045	294.669	642.532
long-term borrowings	120.428	91.004	90.113
Short term borrowings	156.464	201.086	247.584
Current maturities of long-term debts	33.841	35.197	38.407
Total borrowings	310.733	327.287	376.104
Debt/Equity ratio	1.817	1.111	0.585

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	451.582	762.338	1117.074
		68.815	46.533

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	451.582	762.338	1117.074
Profit	38.036	100.223	75.900
	8.42%	13.15%	6.79%

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

Note:

The registered office of the company has been shifted from D-2 16, Sancoale, Zuari Nagar, Goa-403 726, India to present address. w.e.f. 28.09.2013

UNSECURED LOAN

Particulars	31.03.2013	31.03.2012
LONG TERM BORROWINGS
Rupee term loan from others	2.566	4.030
Intercorporated deposits	3.844	1.300
	6.41	5.33
SHORT TERM BORROWINGS
Loans repayable on demand from others	17.033	16.969
Total	23.443	22.299

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10145181	13/01/2014 *	785,700,000.00	State Bank of India	MIDC, Andheri (East) Branch, Marol,, Central Road , Andheri (East),, Mumbai, Maharashtra - 400093, INDIA	B95269502
2	90065627	01/01/2003	3,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, CHEMBUR, MUMBAI, Maharashtra - 400071, INDIA	-

FIXED ASSETS

· Air Conditioner

· Aquaguard

· Computer

· Factory Equipments

· Factory Premises

· Factory Land

· Office Premises

· Handi (Machine)

· Reliance Mobile Phone

· Electrical Installation

· Website Development

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.63.89
UK Pound	1	Rs.98.89
Euro	1	Rs.72.31

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KIN
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	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		45

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.