MIRA INFORM REPORT

Report No. :	321686
Report Date :	26.05.2015

IDENTIFICATION DETAILS

Name :	EXCEL RASAYAN PRIVATE LIMITED

Registered Office :	172, New Okhla Area, Phase – l, New Delhi – 110020
Tel. No.:	91-11-26810961

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	05.06.1985

Com. Reg. No.:	55-021136

Capital Investment / Paid-up Capital :	Rs. 0.263 Million

CIN No.: [Company Identification No.]	U74899DL1985PTC021136

TAN No.: [Tax Deduction & Collection Account No.]	DELE03214B

PAN No.: [Permanent Account No.]	AAACE0521B

Legal Form :	Private Limited Liability Company.

Line of Business :	Subject is dealing in Detergents and Chemicals.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1100

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. Rating takes into account huge external borrowings taken by the company which may act as a threat to its liquidity. Also reserve of the company is low. However trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution.

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

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	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 DENIED BY

Name :	Mr. Shantanu Upadhyaya
Designation :	Director
Contact No.:	91-9811037373
Date :	14.05.2015

LOCATIONS

Registered Office :	172, New Okhla Area, Phase – l, New Delhi – 110020, India
Tel. No.:	91-11-26810961
Mobile No.:	91-9811037373 (Mr. Shantanu Upadhyaya)
Fax No.:	91-11-41349106
E-Mail :	shantanu84@gmail.com rccandco@gmail.com
Website :	www.excelrasayan.com
Area :	7000 Sq. ft.
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :

Mr. Rakesh Upadhyaya

Designation :

Managing Director

Address :

C – 17, Housing Society, N.D.S.E. Part – 1, Delhi – 110049, India

Date of Birth/Age :

28.08.1953

Date of Appointment :

05.06.1985

DIN No.:

00855192

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	U74899DL1985PTC021136	EXCEL RASAYAN PRIVATE LIMITED	Managing director	05-06-1985	05-06-1985	-	Active	NO
2	U24243MP1991PTC006536	SHANTANU DETERGENT AND CHEMICALS PRIVATE LIMITED	Managing director	02-07-1991	02-07-1991	-	Active	NO
3	U24243DL1985PLC021386	ADVANCE HOME AND PERSONAL CARE LIMITED	Director	28-09-2012	28-11-2011	15-10-2012	Active	NO

Name :

Mrs. Sharda Upadhyaya

Designation :

Director

Address :

C – 17 Housing Society, NDSE Part – 1, Delhi – 110049, India

Date of Birth/Age :

02.02.1959

Date of Appointment :

02.07.1991

DIN No.:

00855282

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	U74899DL1985PTC021136	EXCEL RASAYAN PRIVATE LIMITED	Director	02-07-1991	02-07-1991	-	Active	NO
2	U24243MP1991PTC006536	SHANTANU DETERGENT AND CHEMICALS PRIVATE LIMITED	Director	02-07-1991	02-07-1991	-	Active	NO

Name :

Mr. Shantanu Upadhyaya

Designation :

Director

Address :

C -17, Housing Society, NDSE Part – 1 South Extension, Delhi – 110049, India

Date of Birth/Age :

02.11.1984

Date of Appointment :

06.03.2008

DIN No.:

02016393

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Laxmi Upadhyaya	430	16.34
Rakesh Upadhyaya	857	32.56
Shantanu Upadhyaya	945	35.90
Sharda Upadhyaya	400	15.20
Total	2632	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 :	Subject is dealing in Detergents and Chemicals.

Products :	Dish Wash Detergent Dish Wash Gel Dish Washing Liquid Toilet Cleaner Fabric Softener Glass Cleaner Descalant Powder Hand Wash Liquid, etc.

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

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 :

Bank Name	Not Divulged
Branch	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)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loan Against FDR	0.267	0.256

Short-term borrowings
From Bank (Overdraft)	0.368	0.006
Total	0.635	0.262

Auditors :
Name :	R C Chadda and Company LLP Chartered Accountants
Address :	A - 27, Vivek Vihar, Phase – II, Delhi – 110095, India
Tel. No.:	91-11-45136004
E-Mail :	rccandco@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFR3982L

Memberships :	Not Available

Collaborators :	Not Available

Other Related Party:	Shantanu Detergent and Chemical Private Limited R U Enterprises Spectra Surfactants Krishna Udyog

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

5000	Equity Shares	Rs.100/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2632	Equity Shares	Rs.100/- each	Rs.0.263 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	0.263	0.263	0.263
(b) Reserves & Surplus	0.152	0.055	(0.030)
(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)	0.415	0.318	0.233

(3) Non-Current Liabilities
(a) long-term borrowings	0.267	0.256	0.242
(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)	0.267	0.256	0.242

(4) Current Liabilities
(a) Short term borrowings	6.324	4.347	3.805
(b) Trade payables	5.494	2.808	1.984
(c) Other current liabilities	0.248	0.033	0.865
(d) Short-term provisions	0.037	0.044	0.006
Total Current Liabilities (4)	12.103	7.232	6.660

TOTAL	12.785	7.806	7.135

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.771	0.422	0.367
(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	0.341	0.841	0.841
(c) Deferred tax assets (net)	0.039	0.036	0.042
(d) Long-term Loan and Advances	0.010	0.010	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1.161	1.309	1.250

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.705	2.882	2.213
(c) Trade receivables	5.852	2.275	2.655
(d) Cash and cash equivalents	0.772	1.088	0.755
(e) Short-term loans and advances	0.000	0.000	0.010
(f) Other current assets	0.295	0.252	0.252
Total Current Assets	11.624	6.497	5.885

TOTAL	12.785	7.806	7.135

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	11.972	6.254	NA
	Other Income	0.044	0.002	NA
	TOTAL (A)	12.016	6.256	NA

Less	EXPENSES
	Cost of Materials Consumed	9.803	5.145
	Purchases of Stock-in-Trade	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000
	Employees benefits expense	0.881	0.334
	Other expenses	0.760	0.502
	TOTAL (B)	11.444	5.981	NA

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	0.572	0.275	NA

Less	FINANCIAL EXPENSES (D)	0.259	0.038	NA

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	0.313	0.237	NA

Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.193	0.103	NA

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	0.120	0.134	NA

Less	TAX (H)	0.024	0.049	NA

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	0.096	0.085	0.177

	Earnings / (Loss) Per Share (Rs.)	36.47	32.29	67.24

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.80	1.36	NA

Operating Profit Margin (PBIDT/Sales)	(%)	4.78	4.40	NA

Return on Total Assets (PBT/Total Assets}	(%)	0.97	1.93	NA

Return on Investment (ROI) (PBT/Networth)		0.29	0.42	NA

Debt Equity Ratio (Total Debt /Networth)		15.88	14.47	17.37

Current Ratio (Current Asset/Current Liability)		0.96	0.90	0.88

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	0.263	0.263	0.263
Reserves & Surplus	(0.030)	0.055	0.152
Net worth	0.233	0.318	0.415

long-term borrowings	0.242	0.256	0.267
Short term borrowings	3.805	4.347	6.324
Total borrowings	4.047	4.603	6.591
Debt/Equity ratio	17.369	14.475	15.882

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	6.254	11.972
		91.429

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	6.254	11.972
Profit	0.085	0.096
	1.36%	0.80%

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 two 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

CORPORATE INFORMATON:

Subject was incorporated as a private limited company on 5^th June, 1985 under the Indian Companies Act, 1956. The main object of the company is to deal in Detergents and Chemicals.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
From Others	5.956	4.341
Total	5.956	4.341

INDEX OF CHARGES - NO CHARGES EXIST FOR COMPANY

FIXED ASSETS

Air Conditioner
Plant and Machinery
Computer
Furniture and Fixture
Mobile Phone
Motor Cycle
Office 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 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.63.62
UK Pound	1	Rs.98.51
Euro	1	Rs.69.93

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	SAN

Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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.

MIRA INFORM REPORT

INDEX OF CHARGES - NO CHARGES EXIST FOR COMPANY

Unit