MIRA INFORM REPORT

Report Date :

17.12.2011

IDENTIFICATION DETAILS

Name :	CRESCENT ORGANICS PRIVATE LIMITED
Registered Office :	Winsor, 2^nd Floor, CST Road, Kalina, Santacruz (East), Mumbai-400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	08.02.1991
Com. Reg. No.:	11-060197
Capital Investment / Paid-up Capital :	Rs.9.840 Millions
CIN No.: [Company Identification No.]	U99999MH1991PTC060197
TAN No.: [Tax Deduction & Collection Account No.]	mumc10295F
PAN No.: [Permanent Account No.]	aaacc1690D
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Supplier of Chemicals.
No. of Employees :	50 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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.

INFORMATION PARTED BY

Name :	Mr. Dinesh Maheshwari
Designation :	Chief Finance Officer
Date :	15.12.2011

LOCATIONS

Registered / Head Office :	Winsor, 2^nd Floor, CST Road, Kalina, Santacruz (East), Mumbai-400059, Maharashtra, India
Tel. No.:	91-22-67033555
Fax No.:	91-22-67033556
E-Mail :	ketan@crescentindia.com info@crescentindia.com dinesh@crescentindia.com
Website :	www.crescentindia.com
Location:	Owned

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Gunvantrai Dipchand Shah

Designation :

Director

Address :

Deep Ashish, 372 A and B Deepashish, Shantabai Amre Marg, Off 9^th Road, Chembur, Mumbai – 400 071, Maharashtra

Date of Birth/Age :

01.05.1939

Date of Appointment :

01.01.1992

Din No.:

00056111

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U99999MH1991PTC060197	CRESCENT ORGANICS PRIVATE LIMITED	Director	01-01-92	01-01-92	Active	NO
2	U25199MH2011PTC216932	CRESCENT INNOVATIVE PACKAGING PRIVATE LIMITED	Director	02-05-11	02-05-11	Active	NO

Name :

Mr. Ashit Gunvantrai Shah

Designation :

Director

Address :

Ashish, 372 A and B Deepashish, Shantabai Amre Marg, Off 9^th Road, Chembur, Mumbai – 400 071, Maharashtra

Date of Birth/Age :

05.01.1963

Date of Appointment :

01.01.1992

Din No.:

00056229

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U99999MH1991PTC060197	CRESCENT ORGANICS PRIVATE LIMITED	Director	01-01-92	01-01-92	Active	NO
2	U25199MH2011PTC216932	CRESCENT INNOVATIVE PACKAGING PRIVATE LIMITED	Director	02-05-11	02-05-11	Active	NO

Name :

Mr. Dilip Pranlal Sheth

Designation :

Director

Address :

1201/1202, Sai Vaibhav R B Mehta Marg, jhulelal Chowk, Ghatkopar (East), Mumbai – 400 077, Maharashtra

Date of Birth/Age :

04.04.1962

Date of Appointment :

01.04.2009

Din No.:

00056982

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24299MH2001PTC131771	RKG PETROCHEM PRIVATE LIMITED	Director	27-04-01	27-04-01	Amalgamated	NO
2	U24100MH2004PTC143905	CRESCENT CHEMSOL PRIVATE LIMITED	Director	30-09-08	01-04-08	Active	NO

KEY EXECUTIVES

Name :	Mr. Dinesh Maheshwari
Designation :	Chief Finance Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Gunvantrai Dipchand Shah	246765
Kokila Gunvantrai Shah	489
Ashit Gunvantrai Shah	102708
Kavita A Shah	489
Aditya A Shah	141810
Anushka A Shah	32112
Gunvantrai Dipchand Shah HUF	77
Ashit Gunvantrai Shah HUF	59624
Dilip Pranlal Sheth	15823
Sapna D Sheth	14233
Abhishek D Sheth	5820
Sejal N Shah	24500
Ayush N Shah	4900
Anaisha N Shah	5600
Nitin M Shah HUF	15
Mukesh I Doshi	22519
Aarti M Doshi	3137
Pratik I Doshi	23
Pooja M Doshi	15
Ranjan I Doshi	10015
Mukehs I Doshi HUF	53
Crescent Chemsol Private Limited	700
Total	691427

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	0.10
Directors or relatives of directors	99.90
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Supplier of Chemicals.

Products :

Product Description	Item Code
Phenol	29071110
Toluene	29023000
Styrene Monomer	29025000

Terms :

Selling :

L/C / Cash and Credit

Purchasing :

L/C / Cash and Credit

GENERAL INFORMATION

Suppliers :

Reliance

Customers :

Ranbaxy Limited

No. of Employees :

50 [Approximately]

Bankers :

· Standard Chartered Bank, 90, M.G. Road, Fort, Mumbai-400001, Maharashtra, India

· Union Bank of India, Sion Branch, Sunita Apartments, 169/B, Sion (East), Mumbai-400022, Maharashtra, India

Facilities :

SECURED LOAN	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
From LIC [Secured against Keyman ins. Policies of directors and staff]	0.000	13.906
Bank Overdraft
Union Bank of India [Cash Credit] [Secured against mortgage of office premises and personally guaranteed by directors]	0.006	0.000
Externational Commercial Borrowing [Secured against mortgage of office premises and personally guaranteed by directors]	794.413	0.000
Car Loan [Secured against hypothecation of motor car and personally guaranteed by two directors]	5.224	1.281
Total	799.643	15.187
Unsecured Loan
From Shareholders	25.810	0.000
Total	25.810	0.000

Banking Relations :	--
Auditors :
Name :	Chhajed and Doshi Chartered Accountants
Address :	5/6, Western Prabhadevi Co-operative Society, Veer Savarkar Marg, Prabhadevi, Mumbai-400025, Maharashtra, India
Pan No.:	ACUPC1012C
Associates/Subsidiaries :	Kemsol Limited
Name of enterprise (associates) having same key managerial personal / or their relatives as the reporting enterprise with whom the company has entered into transactions during the year:	· Crescent Chemicals · Crescent International · Crescent Chemsol Private Limited · RKG Petrochem Products · RKG Petrochem Private Limited · Shaileja Polymer Private Limited · United Petrotech India Private Limited · G D Shah Charitable Trust

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
849500	Equity Shares	Rs.100/- each	Rs.84.950 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
691427	Equity Shares	Rs.100/- each	Rs.69.143 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
499500	Equity Shares	Rs.100/- each	Rs.49.950 Millions
500	Unclassified Shares	Rs.100/- each	Rs.0.050 Million
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
98400	Equity Shares	Rs.100/- each	Rs.9.840 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		9.840	9.840	9.840
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		257.543	151.781	126.516
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		267.383	161.621	136.356
LOAN FUNDS
1] Secured Loans		799.643	15.187	6.791
2] Unsecured Loans		25.810	0.000	27.394
TOTAL BORROWING		825.453	15.187	34.185
DEFERRED TAX LIABILITIES		1.319	1.801	0.418
TOTAL		1094.155	178.609	170.959
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		62.036	60.330	64.246
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		106.857	73.655	73.655
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	575.497	0.870	0.663
	Sundry Debtors	996.411	27.438	85.406
	Cash & Bank Balances	128.680	0.516	3.589
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	35.101	22.978	7.573
Total Current Assets		1735.689	51.802	97.231
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	761.604	1.426	35.253
	Other Current Liabilities	47.287	4.803	28.261
	Provisions	1.536	0.949	0.659
Total Current Liabilities		810.427	7.178	64.173
Net Current Assets		925.262	44.624	33.058
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1094.155	178.609	170.959

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	3103.720	39.695
		Indenting Commission	65.249	63.782
		Other Income	57.807	13.779
		TOTAL (A)	3226.776	117.256	241.223
Less	EXPENSES
		Purchase	3440.081	38.547
		Payments to and Provision for Employees	42.883	14.078
		Selling and Administrative Expenses	128.358	17.042
		Increase / Decrease in Stocks	(574.500)	(0.197)
		TOTAL (B)	3036.822	69.470
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		189.954	47.786	205.575
Less	FINANCIAL EXPENSES (D)		19.675	2.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		170.279	45.786
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.999	5.428
	PROFIT BEFORE TAX (E-F) (G)		165.280	40.358	35.648
Less	TAX (H)		59.517	15.093	13.043
	PROFIT AFTER TAX (G-H) (I)		105.763	25.265	22.605
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		122.261	96.996	74.391
	BALANCE CARRIED TO THE B/S		228.024	122.261	96.996
	EARNINGS IN FOREIGN CURRENCY
		Indenting Commission	65.249	63.782	NA
	Earnings Per Share (Rs.)		1074.82	256.75	229.73

Particulars	31.03.2011
Sales Turnover [Approximately]	4100.000

Expected Sales (2011-12) : Rs.4500.000 Millions.

The above information has been parted by Mr. Dinesh Maheshwari.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.27	21.55	9.37
Net Profit Margin (PBT/Sales)	(%)	5.33	101.67	NA
Return on Total Assets (PBT/Total Assets}	(%)	9.19	35.99	22.07
Return on Investment (ROI) (PBT/Networth)		0.62	0.25	0.26
Debt Equity Ratio (Total Liability/Networth)		6.12	0.14	0.72
Current Ratio (Current Asset/Current Liability)		2.14	7.22	1.52

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors	761.604	1.426	35.253

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
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	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

OPERATIONS:

The total sales of the Company for the current year was Rs. 3103.720 Millions as against Rs. 39.695 Millions in the previous year. The company earned a profit after tax amounted to Rs. 105.763 Millions as against profit of Rs. 25.265 Millions of the previous year. This shows growth of approx. 418% in profits from the previous year.

FUTURE PROSPECTS

During the year, the Company as planned has begun with import of chemicals. This new diversion has not only increased sales of the company in multiple folds but has also increased the returns to a greater extent. The company has achieved a greater height of Gross Sales. The company today definitely has made a mark in the industry of trading into Chemicals and ensures the shareholders of its better future prospects in the same field with further better returns.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10163690
Corporate identity number of the company	U99999MH1991PTC060197
Name of the company	CRESCENT ORGANICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Winsor, 2^nd Floor, CST Road, Kalina, Santacruz (East), Mumbai-400059, Maharashtra, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge
Particular of charge holder	Standard Chartered Bank, 90, M.G. Road, Fort, Mumbai-400001, Maharashtra, India
Email	avinash.bahutule@sc.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation
Date of instrument Creating the charge	11.03.2011
Amount secured by the charge
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest / Commission - As agreed by and with the Bank from time to time. Terms of Repayment As agreed by and with the Bank from time to time. Margin As applicable, if any. Extent and Operation of the charge The Bank is having first charge on current assets of the borrower.
Short particulars of the property charged	Hypothecation by way of first charge on current assets of the borrower, both present and future viz. a) all present and future book debts, outstanding moneys receivables, claims and Bills arising out of the facility b) all present and future stock in trade consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise
Date of latest modification prior to the present modification	25.11.2009
Particulars of the present modification	By present modification, the existing charge amount of Rs.236.280 Millions enhanced to Rs.250.000 Millions against the security of Hypothecation by way of first charge on current assets of the borrower, both present and future. (as more described in schedule of agreement). Now the facility is in INR instead of USD facility. Further instead of specific charge given earlier, its now on first charge basis on current assets of the borrower, both present and future.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
In respect of guarantees/ letter of credit given to/in favour of suppliers / principals by the bank against margin of Rs.69.483 millions [previous year Rs.0.050 million]	988.200	0.050
In respect of corporate guarantee given to bakers of subsidiary company Kemsol Limited, BVI AED Rs.15.000 millions [previous year AED Rs.12.770 millions]	183.342	177.283
Crescent Chemsol Private Limited	0.000	203.800
DEMAND DISPUTED IN APPEALS:
Sales tax	5.978	9.147
Income tax	7.136	6.195
Service tax	0.036	0.036
Claims against the company not acknowledged as debts In respect of liquidated damages since under negotiation	0.000	4.905
Bills discounted with the bankers	17.117	0.000
Total	1201.809	401.416

Fixed assets:

· Office Premises

· Furniture And Fixtures

· Office Equipments

· Xerox Machine

· Computers

· Card Scan

· Air Conditioners

· Video Conferencing

TRADE REFERENCES:

· Reliance

· Ranbaxy Limited

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 records 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.52.81
UK Pound	1	Rs.82.00
Euro	1	Rs.68.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.