MIRA INFORM REPORT

Report No. :	320623
Report Date :	08.05.2015

IDENTIFICATION DETAILS

Name :		RATNASAGAR HERBALS PRIVATE LIMITED
Registered Office :		119 Park Street, 2^nd Floor, Unit - 2C, Kolkata - 700016, West Bengal
Tel. No.:	91-33-22274539
Country :		India
Financials (as on) :		31.03.2014
Date of Incorporation :		17.06.2005
Com. Reg. No.:		21-103808
Capital Investment / Paid-up Capital :		Rs. 1.753 Million
CIN No.: [Company Identification No.]		U24246WB2005PTC103808
TAN No.: [Tax Deduction & Collection Account No.]		CALR05783B
PAN No.: [Permanent Account No.]		AADCR0379P
Legal Form :		Private Limited Liability Company
Line of Business :		Manufacturer of Herbal Cosmetics.
No. of Employees :		Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 599000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record There seems some dip in the profit of the company during FY2014 however, reserve level of the company is sound. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

Rating Agency Name	CARE
Rating	Bank Facilities = BBB- (Withdrawn)
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	02.01.2014

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. Sunil Agarwal
Designation :	Director
Contact No.:	91-9433050356
Date :	07.05.2015

LOCATIONS

Registered Office :	119 Park Street, 2^nd Floor, Unit - 2C, Kolkata - 700016, West Bengal, India
Tel. No.:	91-33-22274539/22274540/40167300
Mobil No.:	91-9433050356 (Mr. Sunil Agarwal)
Fax No.:	91-33-22292415/40167301
E-Mail :	tax@joycosmetics.com
Website :	www.ratnasagar.com
Factory :	Plot No. 3C, Apparel Park Cum Industrial Area, Village Katha Bhatoli, District Solan, Baddi - 173205, Himachal Pradesh, India
Tel. No.:	91-1795-275110
E-Mail :	baddi@joycosmectics.com

DIRECTORS

AS ON 15.09.2014

Name :

Mr. Sunil Agarwal

Designation :

Director

Address :

4, Mysore Road, Kolkata – 700026, West Bengal, India

Date of Birth/Age :

08.09.1962

Date of Appointment :

01.04.2014

DIN No.:

00528965

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	L51109WB1986PLC041125	BETUL COMMERCIAL LIMITED	DIRECTOR	18-08-1986	18-08-1986	-	ACTIVE	NO
2	U24246WB2003PTC097275	JOY BEAUTY CARE PRIVATE LIMITED	DIRECTOR	18-11-2003	18-11-2003	-	ACTIVE	NO
3	U24246WB2005PTC103808	RATNASAGAR HERBALS PRIVATE LIMITED	MANAGING DIRECTOR	01-04-2014	17-06-2005	-	ACTIVE	NO
4	U24246WB2005PTC103965	JOY SKIN CARE PRIVATE LIMITED	DIRECTOR	29-06-2005	29-06-2005	-	ACTIVE	NO
5	U45400WB2008PTC128971	RIGHT INFRASTRUCTURE PRIVATE LIMITED	DIRECTOR	01-09-2008	01-09-2008	-	ACTIVE	NO
6	U45400WB2008PTC128969	SAGAR RATNA DEVELOPERS PRIVATE LIMITED	DIRECTOR	01-09-2008	01-09-2008	31-03-2015	ACTIVE	NO
7	U24240WB2009PTC137325	JOY CREATORS PRIVATE LIMITED	DIRECTOR	30-07-2009	30-07-2009	-	CONVERTED TO LLP AND DISSOLVED	NO
8	AAD-1407	JOY CREATORS LLP	DESIGNATED PARTNER	02-01-2015	02-01-2015	-	ACTIVE	NO

Name :

Mr. Sanjay Agarwal

Designation :

Director

Address :

4, Mysore Road, Kolkata – 700026, West Bengal, India

Date of Birth/Age :

11.11.1968

Date of Appointment :

01.04.2014

DIN No.:

00528434

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	COMPANY/ LLP STATUS	DEFAULTING STATUS
1	U93020WB1989PTC046607	KUSHAL COMMERCIAL PRIVATE LIMITED	DIRECTOR	03-04-1989	03-04-1989	ACTIVE	NO
2	U67120WB1995PTC073011	TRIKUTA FINANCIAL SERVICES PRIVATE LIMITED	DIRECTOR	01-04-1996	01-04-1996	ACTIVE	NO
3	U24246WB2003PTC097275	JOY BEAUTY CARE PRIVATE LIMITED	DIRECTOR	18-11-2003	18-11-2003	ACTIVE	NO
4	U24246WB2005PTC103808	RATNASAGAR HERBALS PRIVATE LIMITED	WHOLE-TIME DIRECTOR	01-04-2014	17-06-2005	ACTIVE	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.09.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 15.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	91.85
Directors or relatives of directors	8.05
Other top fifty shareholders	0.10
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Herbal Cosmetics.
Products/ Services :	· Herbal Kajal · Eye Cosmetic · Shower Gel Bottle · Protective Cream · Cosmetic Colorants · Cosmetic Creams
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :	--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

Not Available

Bankers :

Bank Name:	--
Branch:	--
Person Name (with Designation):	--
Contact Number:	--
Name of Account Holder:	--
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	--
Remarks:	--

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

· HDFC Bank Limited, Central Plaza, 2/6, Sarat Bose Road, Kolkata – 700020, West Bengal, India

Account No.: 00142320006484

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term Loans from Banks	34.097	0.541
Rupee term loans from banks	65.345	0.000
Other Loans and Advance	0.064	0.000
SHORT TERM BORROWINGS
Loans repayable on demand from others	88.228	76.136
Total	187.734	76.677

Banking Relations :	--
Auditors :
Name :	S. K. Agrawal and Company Chartered Accountants
Address :	4A, Council House Street, Kolkata – 700001, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AATFS9977P
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AFTER 15.09.2014

Authorised Capital: Rs. 5.000 Million

Issued, Subscribed & Paid-up Capital: Rs. 1.504 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
145,000	Equity Shares	Rs. 10/- each	Rs. 1.450 Million
55,000	Preference Shares	Rs. 10/- each	Rs. 0.550 Million
	Total		Rs. 2.000 Million

Issued,

No. of Shares	Type	Value	Amount
126,400	Equity Shares	Rs. 10/- each	Rs. 1.264 Million
48,900	Preference Shares	Rs. 10/- each	Rs. 0.489 Million
	Total		Rs. 1.753 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	1.753	1.753	1.264
(b) Reserves & Surplus	207.899	188.739	125.261
(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)	209.652	190.492	126.525
(3) Non-Current Liabilities
(a) Long-term borrowings	99.506	0.541	0.324
(b) Deferred tax liabilities (Net)	0.000	0.000	1.643
(c) Other long term liabilities	20.322	15.372	14.519
(d) long-term provisions	3.637	2.509	0.000
Total Non-current Liabilities (3)	123.465	18.422	16.486
(4) Current Liabilities
(a) Short term borrowings	126.748	155.606	112.231
(b) Trade payables	105.466	62.385	35.128
(c) Other current liabilities	55.562	27.793	23.422
(d) Short-term provisions	0.645	0.436	1.469
Total Current Liabilities (4)	288.421	246.220	172.250
TOTAL	621.538	455.134	315.261
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	41.139	38.247	0.000
(ii) Intangible Assets	0.766	0.769	1.066
(iii) Capital work-in-progress	96.936	7.785	40.852
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	15.515	7.454	3.006
(c) Deferred tax assets (net)	0.781	0.344	0.000
(d) Long-term Loan and Advances	4.250	7.887	1.630
(e) Other Non-current assets	22.064	16.778	1.851
Total Non-Current Assets	181.451	79.264	48.405
(2) Current assets
(a) Current investments	4.782	11.441	0.000
(b) Inventories	304.907	269.621	173.954
(c) Trade receivables	90.049	60.136	54.548
(d) Cash and cash equivalents	7.090	6.998	14.144
(e) Short-term loans and advances	33.259	27.674	24.210
(f) Other current assets	0.000
Total Current Assets	440.087	375.870	266.856
TOTAL	621.538	455.134	315.261

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES		1245.461	1070.661	781.652
	PROFIT/ LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		30.478	76.306	56.082
Less/ Add	DEPRECIATION/ AMORTISATION		6.777	9.114	6.023
	PROFIT/ LOSS BEFORE TAX		23.701	67.192	50.059
Less	TAX		0.438	3.148	4.061
	PROFIT/LOSS AFTER TAX		23.263	64.044	45.998
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		69.163	44.194	23.057
	APPROPRIATIONS
		Transfer to General Reserve	0.100	0.350	0.225
		Dividend	3.506	3.506	1.264
		Tax on Dividend	0.596	0.568	0.205
	BALANCE CARRIED TO THE B/S		78.324	69.163	45.086
	EARNINGS IN FOREIGN CURRENCY		15.117	2.092	0.000
	Earnings Per Share (Rs.)		0.12	0.32	0.23

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.87	5.98	5.88
Operating Profit Margin (PBDIT/Sales)	(%)	2.45	7.13	7.17
Return on Total Assets (PBT/Total Assets}	(%)	4.66	15.29	18.44
Return on Investment (ROI) (PBT/Networth)		0.11	0.35	0.40
Debt Equity Ratio (Total Debt/Networth)		1.08	0.82	0.89
Current Ratio (Current Asset/Current Liability)		1.53	1.53	1.55

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.264	1.753	1.753
Reserves & Surplus	125.261	188.739	207.899
Net worth	126.525	190.492	209.652
long-term Borrowings	0.324	0.541	99.506
Short-term Borrowings	112.231	155.606	126.748
Total borrowings	112.555	156.147	226.254
Debt/Equity ratio	0.890	0.820	1.079

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	781.652	1070.661	1245.461
		36.974	16.326

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	781.652	1070.661	1245.461
Profit	45.998	64.044	23.263
	5.88%	5.98%	1.87%

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	No
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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10468697	27/12/2013	3,000,000.00	DEPUTY DIRECTOR OF INDUSTRIES	SWCA,, BADDI, SOLAN- 173205, HIMACHAL PRADESH INDIA	B92934561
2	10448960	07/09/2013	150,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST,  MUMBAI – 400013, MAHARASHTRA , INDIA	B84960541
3	10447924	18/09/2013 *	150,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST  , MUMBAI - 400013, MAHARASHTRA, INDIA	B85220481

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans repayable on demand	38.520	79.470
Total	38.520	79.470

PERFORMANCE OF BUSINESS

Despite a challenging environment, they delivered broad-based growth in their product portfolio through a slew of new launches and extensions in the Skin Care categories. Innovations touched most of their product portfolio and delivered strong growth. In their endeavor to serve the consumers in the farthest corners of India, they further expanded their direct retail reach and strengthened their in store execution. The on-shelf availability in modern trade touched an all-time high with many of their key customers recognizing them as the Supplier of Choice. Strong brands and innovation are central to their ambition to deliver consistent, competitive, profitable and responsible growth.

This year they have celebrated a Silver Jubilee Anniversary on completion of 25th year of JOY to rejoice the spirit of their glorious journey through out these years.

The Company has launched in a good number of product variants under, Sunscreen Lotion, Fruit Face Wash Pack and Scrub during the year.

OPERATIONS AND FUTURE OUTLOOK

The Company is smoothly running the manufacturing unit situated at Baddi, Himachal Pradesh. The new unit which was undertaken last year has successfully commenced its commercial production during the month of June of this year.

FIXED ASSETS:

· Land

· Building

· Office Building

· Plant and Equipment

· Factory Equipment’s

· Other plant and Equipment

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

· Office Equipment

· Computer Equipment’s

· Other Equipment’s

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. 63.88
UK Pound	1	Rs. 97.21
Euro	1	Rs. 72.51

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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	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		47

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.