1. Summary Information

		Country	India
Company Name	Haresh Petrochem Private Limited	Principal Name 1	Mr. Kanayalal Kashiram Kasat
Status	Moderate	Principal Name 2	Mr. Kailash Sohanlal Kasat
		Registration #	11-145264
Street Address	404/405, Acme Plaza, Andheri Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra, India
Established Date	23.03.2004	SIC Code	--
Telephone#	91-22-28375382/83	Business Style 1	Trader
Fax #	91-22-28254417	Business Style 2	Distributor
Homepage	www.hareshgroup.com	Product Name 1	Petrochemicals
# of employees	10 [Approximately]	Product Name 2	Solvents
Paid up capital	Rs.80,000,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors- 100%	Banking	Standard Chartered Bank
Public Limited Corp.	No	Business Period	7 years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	B (29)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	311,354,000	Current Liabilities	332,856,000
Inventories	173,432,000	Long-term Liabilities	22,923,000
Fixed Assets	4,939,000	Other Liabilities	25,783,000
Deferred Assets	0,000	Total Liabilities	381,562,000
Invest& other Assets	19,493,000	Retained Earnings	47,656,000
		Net Worth	127,656,000
Total Assets	509,218,000	Total Liab. & Equity	509,218,000
Total Assets (Previous Year)	642,361,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales (Including Other Income)	1375,983,000	Net Profit	82,510,000
Sales (Previous yr) (Including Other Income)	1494,183,000	Net Profit(Prev.yr)	(96,057,000)

MIRA INFORM REPORT

Report Date :

10.11.2011

IDENTIFICATION DETAILS

Name :	HARESH PETROCHEM PRIVATE LIMITED
Registered Office :	404/405, Acme Plaza, Andheri Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	23.03.2004
Com. Reg. No.:	11-145264
Capital Investment / Paid-up Capital :	Rs.80.000 Millions
CIN No.: [Company Identification No.]	U24100MH2004PTC145264
TAN No.: [Tax Deduction & Collection Account No.]	MUMH07361E
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Distributor of Petrochemicals and Solvents.
No. of Employees :	10 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 510000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company had recorded some accumulated losses in the previous year. However with since improvement in the financial position it has been successful in wiping off its losses. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Kailash Sohanlal Kasat
Designation :	Director

LOCATIONS

Registered Office :	404/405, Acme Plaza, Andheri Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra, India.
Tel. No.:	91-22-28375382/83
Fax No.:	91-22-28254417
E-mail :	hppl@hareshgroup.com
Website :	www.hareshgroup.com
Overseas Office :	Haresh Petrochem Singapore Pte 1, 101 Cecil Street, 19-01 A Ton, Singapore – 069533
Tel. No.:	65-62234955
Fax No.:	65-62236932

DIRECTORS

AS ON: 30.09.2010

Name :	Mr. Kanayalal Kashiram Kasat
Designation :	Director
Address :	4^th Floor, Plot No.96, Road No.3, Hindu Colony, Dadar – 400014, Maharashtra, India
Date of Birth/Age :	31.07.1951
Date of Appointment :	23.03.2004
Name :	Mr. Kailash Sohanlal Kasat
Designation :	Director
Address :	501 Amrutdhara Heights, 591 Jame Jamshed Road, Matunga, Mumbai – 400019, Maharashtra, India
Date of Birth/Age :	02.12.1957
Date of Appointment :	23.03.2004
Name :	Mr. Kamla Kanayalal Kasmat
Designation :	Director
Address :	4^th Floor, Plot No.96, Road No.3, Hindu Colony, Dadar – 400014, Maharashtra, India
Date of Birth/Age :	04.07.1953
Date of Appointment :	20.04.2010
Name :	Mr. Kunal Kanayalal Kasat
Designation :	Director
Address :	4^th Floor, Plot No.96, Road No.3, Hindu Colony, Dadar – 400014, Maharashtra, India
Date of Birth/Age :	12.11.1981
Date of Appointment :	20.04.2010

KEY EXECUTIVES

Name :	Mr. Shambhaunath Kushwaha
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Kanayalal Kashiram Kasat	480000
Kunal Kanayalal Kasat	96000
Kamla Kanayalal Kasat	224000
Total	800000

(AS ON 30.09.2010)

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Distributor of Petrochemicals and Solvents.
Products :	Alcohols v Methanol v Ethanol v Isobutanol v Normal butanol v Iso Propyl Alcohol v 2 ethyl Alcohol Ketons v Cyclohexanone v Acetone v Methly Iso Butyl Ketone Monomer v Styrene Monomer v Butyl Acrylate Monomer Chlorinated Solvents v Methylene Dichloride v Ethylene Dichloride Plasticizers v Di Octyl Phthalate Other Chemicals v Toluene v Cumene v Phenol v Acrylonitrile v Aniline Oil v Solvent C9 v Benzene v Acetic Acid v Caustic Soda Lye
Terms :
Selling :	Cash
Purchasing :	Cash

GENERAL INFORMATION

Customers :

· End Users

· OEMs’

No. of Employees :

10 [Approximately]

Bankers :

· Standard Chartered Bank,

M. G. Road, Fort Branch, Mumbai, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 [Rs. in Millions]	31.03.2009 [Rs. in Millions]
Cash Credit from Union Bank of India (secured by hypothecation of all stocks and book debts and collaterally secured by equitable mortgage of office premises)	16.673	66.645
ICICI Bank Limited. Car Loan (secured by hypothecation of car)	0.436	1.145
Total	14.110	67.790
Unsecured Loans	31.03.2010 [Rs. in Millions]	31.03.2009 [Rs. in Millions]
From Directors	3.013	0.013
From Shareholders	5.800	2.800
Total	8.813	2.813

Banking Relations :	--
Auditors :
Name :	D.M. Damle and Company Chartered Accountants
Address :	G-2/106, Kalpita Enclave, Sahar Road, Andheri (East), Mumbai – 400 069, Maharashtra, India.
PAN No.:	AACPD5615L
Associates/Subsidiaries :	· Haresh Petrochem Singapore Pte Limited Address : 101 Cecil Street, No. 19-01A, Tong Eng Building, Singapore-069533 Tel. No. : 0065-62234955 Fax. No : 0065-62236932

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.100/- each	Rs.80.000 Millions
400000	10% Redeemable Preference Shares	Rs.100/- each	Rs.40.000 Millions
	Total		Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.100/- each	Rs.80.000 Millions

NOTE: of which 780000 shares issued for consideration other than cash

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		80.000	80.000	80.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		47.656	42.538	45.566
4] (Accumulated Losses)		0.000	(92.632)	0.000
NETWORTH		127.656	29.906	125.566
LOAN FUNDS
1] Secured Loans		14.110	67.790	48.593
2] Unsecured Loans		8.813	2.813	2.963
TOTAL BORROWING		22.923	70.603	51.556
DEFERRED TAX LIABILITIES		0.072	0.154	0.326
TOTAL		150.651	100.663	177.448
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.939	6.406	7.846
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		19.493	19.493	19.493
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	173.432	194.547	46.622
	Sundry Debtors	219.831	340.792	357.778
	Cash & Bank Balances	38.794	47.318	51.572
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	52.729	33.805	58.775
Total Current Assets		484.786	616.462	514.747
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	28.804	52.036	30.821
	Sundry Creditors	304.052	468.146	282.895
	Provisions	25.711	21.516	51.114
Total Current Liabilities		358.567	541.698	364.830
Net Current Assets		126.219	74.764	149.917
MISCELLANEOUS EXPENSES		0.000	0.000	0.192
TOTAL		150.651	100.663	177.448

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1375.983	1494.183	1457.588
		Other Income
		TOTAL	1375.983	1494.183	1457.588
Less	EXPENSES
		Office Expenses	1276.555	1590.242	1434.784
		Administrative Expenses
		Advertising Expenses
		TOTAL	1276.555	1590.242	1434.784
	PROFIT/ (LOSS) BEFORE TAX		99.428	(96.059)	22.804
Less	TAX		16.918	0.002	8.056
	PROFIT(LOSS) AFTER TAX		82.510	(96.057)	14.748
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(92.632)	3.028	28.280
	BALANCE CARRIED TO THE B/S		5.118	(92.632)	3.028
	Earnings/(Loss) Per Share (Rs.)		103.14	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.99	(6.42)	1.02
Net Profit Margin (PBT/Sales)	(%)	7.22	(6.42)	1.56
Return on Total Assets (PBT/Total Assets}	(%)	26.06	(15.68)	4.27
Return on Investment (ROI) (PBT/Networth)		0.77	(3.21)	0.18
Debt Equity Ratio (Total Liability/Networth)		3.83	20.82	4.16
Current Ratio (Current Asset/Current Liability)		1.35	1.13	1.41

LOCAL AGENCY FURTHER INFORMATION

FORM: 8

Name of the company	HARESH PETROCHEM PRIVATE LIMITED
Presented By	Union Bank of India, Khand Bazar Branch, Mumbai
1) Date and description of instrument creating the change	Hypothecations Agreement of Goods and Debts Dated: 31^st August, 2004
2) Amount secured by the charge/amount owing on the securities of charge	Rs.170.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation by way of first charge in favour of the Bank: i) Stock of Chemicals, Solvents, Petrochemicals and Bulk Drugs etc. procured under L/C which shall include all goods and movable property of any kind now or at any time hereafter belonging to or at the disposal of the Borrower and which are now stored or being stored for which hereafter from time to time be brought into or stored or be in or about the Borrower premises or godown’s at Navi Mumbai and other places hired by the Borrower for the purposes of storage in the Union of India and all other places of storage whatsoever or at any other place in the Union Bank of India or wherever else they may be including any of the said goods with any of the Borrower’s agent or at any of the borrower’s agencies or in course of transit by ship, rail or otherwise and ii) The Borrower’s Book-Debts, outstandings, monies, deposits, receivables, claims and bills, contracts, securities, investments which are now due and owing or which may at any time hereafterduring the continuous of these security becoming due and owing to the Borrower in the course of its business by any person or party including any Government or any local or public body or authority (all of which are hereinafter collectively referred to as “ the said debts”)
4) Gist of the terms and conditions and extent and operation of the charge.	Interest at the rate of 14.25% per annum with monthly rests or at such other revised rate as may be prescribed by the Bnak from time to time depending upon the changes in the Prime Lending Rate of the Bank or the directives of Reserve Bank of India from time to time or the policy of the Bank on advances for Import/Inland L/C (DP/DA 120 days) facility of Rs.170.000 Millions granted by the bank to the Compnay. Margin: 10%+15%
5) Name and Address and description of the person entitled to the charge.	Union Bank of India, Khand Bazar Branch, 109, Kazi Sayed Street, Khand Bazar, Mumbai – 400 003.

This form is for	Modification of charge
Charge identification number of the modified	10072022
Corporate identity number of the company	U24100MH2004PTC145264
Name of the company	HARESH PETROCHEM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	404/405 Acme Plaza, Andheri – Kurla Road, Andheri (East), Mumbai – 400 059, 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
Nature of description of the instrument creating or modifying the charge	Supplementary Unattested Memorandum of Hypothecation
Date of instrument Creating the charge	09.03.2009
Amount secured by the charge	Rs.100.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of interest : Cash Facility Interest / Commission – As agree by and with the bank from time to time Terms of repayment : As agree by and with the bank from time to time Margin : As applicable, if any Extent and operations of the charge First charge on stock and book debts arising out of Letter of Credit, in favour of the bank. Others : Nil
Short Particulars of the property charged	Hypothecation by way of first charge on: a) all present and future book debts, o/s money receivables, claims and bills b) all present and future stock in trade consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise.

FIXED ASSETS:

A] Buildings

· Brahma Shopping Centre 215

· Brahma Shopping Centre 216

· Acme Plaza 404

· Acme Plaza 405

B] Vehicles

· Motor Cars

· Scooter

C] Others

· Computer

· Furniture and Fixtures

· Office Equipment

· Xerox Machine

· Air Conditioners

· Fax Machine

· Telephone Equipments

· 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 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.49.38
UK Pound	1	Rs.79.20
Euro	1	Rs.67.84

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.