MIRA INFORM REPORT

Report Date :

25.11.2011

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 i.e. Methanol, Ethanol, 150 Prol Alcohol.
No. of Employees :	12 [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.

INFORMATION PARTED BY

Name :	Mr. Suhas
Designation :	Accouant Department
Date :	24.11.2011

LOCATIONS

Registered Office :	404/405, Acme Plaza, Andheri Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra, India.
Tel. No.:	91-22-28375382/83/28262017/42226400
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: 30.09.2011

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
DIN No.:	00248793

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51900MH1983PTC031280	Haresh Overseas Private Limited	Director	03-11-83	03-11-83	-	Active	NO
2	U24100MH2004PTC145264	Haresh Petrochem Private Limited	Director	23-03-04	23-03-04	-	Active	NO
3	U28122KL1998PTC012280	Hha Tank Terminal Private Limited	Director	16-09-10	17-05-10	-	Active	NO

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
DIN No.:	00248704

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51900MH1983PTC031280	Haresh Overseas Private Limited	Director	03-11-83	03-11-83	-	Active	NO
2	U24100MH2004PTC145264	Haresh Petrochem Private Limited	Director	23-03-04	23-03-04	-	Active	NO

Name :	Mrs. 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
DIN No.:	02941790
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
DIN No.:	02943387

KEY EXECUTIVES

Name :	Mr. Suhas
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Kanayalal Kashiram Kasat	720000
Kamla Kanayalal Kasat	336000
Kunal Kanayalal Kasat	144000
Total	1200000

AS ON 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Distributor of Petrochemicals and Solvents i.e. Methanol, Ethanol, 150 Prol Alcohol.
Products :	Alcohols Methanol Ethanol Isobutanol Normal butanol Iso Propyl Alcohol 2 ethyl Alcohol Ketons Cyclohexanone Acetone Methly Iso Butyl Ketone Monomer · Styrene Monomer · Butyl Acrylate Monomer Chlorinated Solvents · Methylene Dichloride · Ethylene Dichloride Plasticizers · Di Octyl Phthalate Other Chemicals · Toluene · Cumene · Phenol · Acrylonitrile · Aniline Oil · Solvent C9 · Benzene · Acetic Acid · Caustic Soda Lye
Terms :
Selling :	Cash
Purchasing :	Cash

GENERAL INFORMATION

Customers :

· End Users

· OEMs’

No. of Employees :

12 [Approximately]

Bankers :

· Standard Chartered Bank, M. G. Road, Fort Branch, Mumbai, Maharashtra, India

· Union Bank of India, Mumbai, Maharashtra, India

· ICICI bank

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 Mahi Integrated Logistics

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs.100/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs.100/- each	Rs.120.000 Millions

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	52.035	29.911
	Sundry Creditors	304.052	468.147	283.805
	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	--	--

Particulars	31.03.2011
Sales Turnover (Approximately)	1500.000

The above information has been parted by Mr. Suhas.

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

DETAILS OF SUNDRY CREDITORS:

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
- For Goods	297.493	459.753	270.912
- For Expenses	6.559	8.394	12.893
Total	304.052	468.147	283.805

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 three years	YES
12) Profitability for last three years	NO
13) Reasons for variation <> 20%	NO
14) Estimation for coming financial year	NO
15) Capital in the business	YES
16) Details of sister concerns	YES
17) Major suppliers	NO
18) Major customers	NO
19) Payments terms	YES
20) Export / Import details (if applicable)	NO
21) Market information	--
22) Litigations that the firm / promoter	--
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	--

FORM: 8

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
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10072022
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 E-Mail : Kaveri.Das@standardchartered.com
Nature of instrument creating charge	Supplemental Unattested Memorandum of Hypothecation
Date of instrument Creating the charge	09.03.2009
Amount secured by the charge	Rs.100.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Credit Facility. 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 First charge on stocks and book debts arising out of Letter of Credit, in favour of the Bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	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.
Particulars of the present modification	By present modification, the Bank sanctioned as inner limit maximum principal amount of INR 100.000 Millions by way of Payment Undertaking which is within the existing credit facility/ies of Rs.100.000 Millions. Henceforth, there were amendment / modification in few clauses of Original Unattested Deed of Hypothecation dated 03.10.2007. Other terms and conditions shall remain the same.

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.52.25
UK Pound	1	Rs.81.23
Euro	1	Rs.69.83

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	YES
--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.