MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	Vasantrai Petro-Chemicals (India) Private Limited	Principal Name 1	Mr. Chetan Nagardas Lakhani
Status	Satisfactory	Principal Name 2	Mrs. Chetna Chetan Lakhani
		Registration #	11-108419
Street Address	306, imperial Plaza Off link Road, Bandra (West), Mumbai w.e.f 03.10.2000, Mumbai – 400 050, Maharashtra
Established Date	30.05.1997	SIC Code	--
Telephone#	91-22-26559354	Business Style 1	Selling
Fax #	91-22-26559461	Business Style 2	--
Homepage	vppl@email.com	Product Name 1	Plastic raw materials
# of employees	Not Available	Product Name 2	Chemicals
Paid up capital	Rs.1,500,000/-	Product Name 3	-
Shareholders	Directors or relatives of directors 100.00%	Banking	The Bharat Co-Operative Bank (Mumbai) Limited
Public Limited Corp.	No	Business Period	15 years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	Ba (47)
Related Company
Relation	Country	Company Name	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	58,736,000	Current Liabilities	46,930,000
Inventories	8,403,000	Long-term Liabilities	17,174,000
Fixed Assets	7,909,000	Other Liabilities	2,059,000
Deferred Assets	0,000	Total Liabilities	66,163,000
Invest& other Assets	104,000	Retained Earnings	7,489,000
		Net Worth	8,989,000
Total Assets	75,152,000	Total Liab. & Equity	75,152,000
Total Assets (Previous Year)	68,523,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	--	Net Profit	--
Sales(Previous yr)	--	Net Profit(Prev.yr)	--

MIRA INFORM REPORT

Report Date :

04.02.2012

IDENTIFICATION DETAILS

Name :	VASANTRAI PETRO-CHEMICALS (INDIA) PRIVATE LIMITED

Registered Office :	306, imperial Plaza Off link Road, Bandra (West), Mumbai w.e.f 03.10.2000, Mumbai – 400 050, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	30.05.1997

Com. Reg. No.:	11-108419

Capital Investment / Paid-up Capital :	Rs.1.500 Millions

CIN No.: [Company Identification No.]	u51900mh1997ptc108419

TAN No.: [Tax Deduction & Collection Account No.]	mumm21285F

PAN No.: [Permanent Account No.]	aaacv3542m

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in the business of sales of various types of plastic raw materials and chemicals as Authorised Consignment Stockiest of GSFC Limited (Polymer Unit)

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 36000

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. Profit and Loss of the current year is not available.

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

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

LOCATIONS

Registered Office :	306, imperial Plaza Off link Road, Bandra (West), Mumbai w.e.f 03.10.2000, Mumbai – 400 050, Maharashtra
Tel. No.:	91-22-26559354
Fax No.:	91-22-26559461
E-Mail :	vppl@email.com chetan.lakhani@vasantrai.in

DIRECTORS

As on 30.09.2011

Name :	Mr. Chetan Nagardas Lakhani
Designation :	Managing Director
Address :	17, Prabhat Bhulabhai Desai Road, Mumbai – 400 025, Maharashtra
Date of Birth/Age :	24.03.1955
Date of Appointment :	30.05.1997
DIN No.:	02095360

Name :	Mrs. Chetna Chetan Lakhani
Designation :	Director
Address :	17, Prabhat Bhulabhai Desai Road, Mumbai – 400 025, Maharashtra
Date of Birth/Age :	29.10.1955
Date of Appointment :	30.05.1997
DIN No.:	02051696

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders		No. of Shares
Chetan Nagardas Lakhani		100100
Chetna Chetan Lakhani		49900
TOTAL		150000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of sales of various types of plastic raw materials and chemicals as Authorised Consignment Stockiest of GSFC Limited (Polymer Unit)

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Bharat Co-Operative Bank (Mumbai) Limited, Dadar (West), Branch, Shop No. 2 and 3, Ground Floor, Priyadarshini Mahila Co-op Hsg, Bhawani Shankar Road, Mumbai – 400 028, Maharashtra

· Standard Chartered Bank

· Syndicate Bank, Jolly Bhavan No.1, New Marine Lines, Sir Vittaldas Thakersery Marg, Mumbai – 400020, Maharashtra, India

· Bank of Baroda

· HDFC bank

· The North Kanara GSB Co-op Bank Limited

· ICICI Bank

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
The Bharat Co-operative Bank (Mumbai) Private Limited – Office Loan	9.869	18.279
The Bharat Co-operative Bank (Mumbai) Private Limited – Overdraft Account	3.311	3.498
Kotak Mahindra Prime Limited	0.665	0.000
Syndicate Bank Overdraft Account	1.459	2.325
Total	15.304	24.102

Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Director Loan	1.870	1.477
Total	1.870	1.477

Banking Relations :	--

Auditors :
Name :	M M Mathuria and associates Chartered Accountants
Address :	56/10, Botawala Building, Office No. 9 and 10, 1^st Floor, Bomanji Master Lane, Mumbai – 40 020, Maharashtra
PAN.:	AAAPM9540R

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs. 10/- each	Rs. 1.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs. 10/- each	Rs. 1.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.500	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7.489	4.849	3.969
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.989	5.849	4.969
LOAN FUNDS
1] Secured Loans		15.304	24.102	2.461
2] Unsecured Loans		1.870	1.477	0.785
TOTAL BORROWING		17.174	25.579	3.246
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		26.163	31.428	8.215

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		7.909	16.518	0.539
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.100	0.100	0.001
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.403	0.960	0.000
	Sundry Debtors	39.265	36.900	2.284
	Cash & Bank Balances	3.953	3.037	25.388
	Other Current Assets	0.000	0.000	10.087
	Loans & Advances	15.518	11.000	2.170
Total Current Assets		67.139	51.897	39.929
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	46.930	35.564	30.725
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	2.059	1.531	1.541
Total Current Liabilities		48.989	37.095	32.266
Net Current Assets		18.150	14.802	7.663

MISCELLANEOUS EXPENSES		0.004	0.008	0.012

TOTAL		26.163	31.428	8.215

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009
	SALES
		Income	7.039
		Other Income
		TOTAL	7.039

Less	EXPENSES
		Administrative Expenses	6.124
		TOTAL	6.124

	PROFIT BEFORE TAX		0.915

Less	TAX		0.000

	PROFIT AFTER TAX		0.915

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.053

	BALANCE CARRIED TO THE B/S		3.968

	Earnings Per Share (Rs.)		9.15

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	12.99

Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	2.26

Return on Investment (ROI) (PBT/Networth)		NA	NA	0.18

Debt Equity Ratio (Total Liability/Networth)		7.36	10.72	7.14

Current Ratio (Current Asset/Current Liability)		1.37	1.40	1.23

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	u51900mh1997ptc108419
Name of the company	VASANTRAI PTERO-CHEMICALS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	306, imperial Plaza Off link Road, Bandra (West), Mumbai w.e.f 03.10.2000, Mumbai – 400 050, Maharashtra Email : vppl@email.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10168617
Type of charge	Immovable Property Others
Particular of charge holder	The Bharat Co-Operative Bank (Mumbai) Limited, Dadar (West), Branch, Shop No. 2 and 3, Ground Floor, Priyadarshini Mahila Co-op Hsg, Bhawani Shankar Road, Mumbai – 400 028, Maharasahtra, India Email: emailroc@rediffmail.com
Nature of instrument creating charge	Memorandum of Release Recording the Release of Title Deeds of Office No. 304 and Office No. 305
Date of instrument Creating the charge	22.03.2011
Amount secured by the charge	Rs.18.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Interest and other charges as agreed between the borrower company and the bank from time to time. Penal interest as agreed between the borrower company and the bank from time to time. Terms of Repayment: Repayment, as agreed between the borrower company and the bank from time to time. Margin: Margin Rate, as agreed between the borrower company and the bank from time to time. Extent and Operation of the charge: At the request of the borrower, the bank has released the charge over the immovable property of the company i.e Office No.304 and Office No.305 situated at Imperial Plaza, TPS III, Bandra, in the sub-district of Bombay City secured against Term Loan of Rs.18.500 millions. The Charge against furniture and fixtures etc. and the immoveable properties i.e Office No. 306 and Office No.307 shall continue. The Charge stands unaltered at Rs.18.500 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The Charge against furniture and fixtures etc. and the immoveable properties i. e Office No. 306 and Office No. 307
Particulars of the present modification	At the request of the borrower, the bank has released the charge over the immovable property of the company i.e Office No.304 and Office No.305 situated at Imperial Plaza, TPS III, Bandra, in the sub-district of Bombay City secured against Term Loan of Rs.18.500 millions. The Charge against furniture and fixtures etc. and the immoveable properties i.e Office No. 306 and Office No.307 shall continue. The Charge stands unaltered at Rs.18.500 millions

FIXED ASSETS:

Computer
Kandivali Godown
Motor Car – Maruti
Motor Car – Ford
Refrigerator

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.48.96
UK Pound	1	Rs.77.46
Euro	1	Rs.64.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	yes
--AFFILIATION	YES/NO	no
--LISTED	YES/NO	no
--OTHER MERIT FACTORS	YES/NO	yes
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.

MIRA INFORM REPORT

8.403

39.265

3.953

0.000

15.518

67.139

46.930

0.000

2.059

48.989

18.150

NA

NA

NA

NA

NA

NA

7.36

1.37

Unit