MIRA INFORM REPORT

Report Date :

04.06.2012

IDENTIFICATION DETAILS

Name :	ESP (ASIA) PRIVATE LIMITED
Registered Office :	3, Shreehari, Plot # 11, Sector # 40, Nerul, Navi Mumbai – 400706, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.09.2006
Com. Reg. No.:	55-164684
Capital Investment / Paid-up Capital :	Rs.4.800 Millions
CIN No.: [Company Identification No.]	U74210MH2006PTC164684
TAN No.: [Tax Deduction & Collection Account No.]	MUME06703E
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provider of Refineries Petrochemicals
No. of Employees :	25 (Approximately)

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 320000
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. Shiv Kumar
Designation :	Finance Manager
Contact No.:	91-22-40174222
Date :	02.06.2012

LOCATIONS

Registered Office :	3, Shreehari, Plot # 11, Sector # 40, Nerul, Navi Mumbai – 400706, Maharashtra, India
Tel. No.:	91-22-40174222 / 32800330
Fax No.:	91-22-40174220
Tele Fax No.:	91-22-27574297
E-Mail :	sivakumar@espasia.in kpnairadvocate@hotmail.com mumbai@espasia.in bala@espasia.in
Website :	www.espasia.in
Location :	Owned
Head Office :	10/17, 1st Floor, Neco Chanbers, Plot No.48, Sector 11, CBD Balapur, Navi Mumbai – 400614, Maharashtra, India
Tel No.:	91-22-40174222 / 32800330
Fax No.:	91-22-40174220
Site Locations :	Located at · HPCL – Nivsakh Refinery · MRPL – Mangalore · RIL - Jamnagar

DIRECTORS

As on 13.07.2011

Name :	Mr. Balasubrahmanian Thalappil
Designation :	Director
Address :	3, Shree Hari Chs, Plot No.11, Nerul, Navi Mumbai, Maharashtra, India
Date of Birth/Age :	10.04.1969
Date of Appointment :	18.09.2006
DIN No.:	02178305
Name :	Ms. Bindu Balasubrahmanian
Designation :	Director
Address :	3, Shree Hari Chs, Plot No.11, Nerul, Navi Mumbai, Maharashtra, India
Date of Birth/Age :	11.12.1973
Date of Appointment :	18.09.2006
DIN No.:	02317543
Name :	Mr. Peter John Wright
Designation :	Director
Address :	Jalan Lentik, 13, Pujut 9B, Miri Sarawak Miri Sarawak
Date of Appointment :	18.09.2006
DIN No.:	03095754
Name :	Mr. Richard Paul Balcarek
Designation :	Director
Address :	2287 Jalan Bidi – Krokong, Bau, Kuching, Sarawak, Kuching Sarawak
Date of Appointment :	18.09.2006
DIN No.:	03095799

KEY EXECUTIVES

Name :	Mr. Shiv Kumar
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 13.07.2011

Names of Shareholders	No. of Shares
Balasubrahmanian Thalappil	27600
Bindu Balasubrahmanian	8400
Peter John Wright	500
Richard Paul Balcarek	500

As on 13.07.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Service Provider of Refineries Petrochemicals
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Suppliers :

· Tanna Tools

Customers :

End Users

· Qatar Petroleum

· Oman Refinery Company L.L.C

· Special Technical Services L.LC

· Engineers India Limited

· Bharat Petroleum Corporation Limited

· Hindustan Petroleum Corporation Limited

· Mangalore Refinery and Petrochemicals Limited

· B.G. Exploration and Production India Limited

· Chennai Petroleum Corporation Limited

· Swiber Offshore Construction PTE Limited

· Galfar Almisnad Engineering and Contracting W.L.L

· Reliance Industries Limited

· ESSAR Oil Limited.

· ION Exchange Waterleau Limited

· Reliance Engineering Associates Private Limited

· Ducon Technologies (India) Private Limited

· BGR Energy System Limited

· Indian Oil Corporation Limited

· Jacobs Engineering Group Inc.

· Fabtech Projects and Engineers Limited

· IOT Anwesha Engineering and Construction Limited

· Petron Engineering Construction Limited

No. of Employees :

25 (Approximately)

Bankers :

· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· Punjab National Bank, 35, Laxmi Sadan, Datar Colony, Bhandup East, Mumbai - 400042, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
Cash Credit Account (From a Schedule Bank)
Dena Bank (Secured against hypothecation of Raw material, Semi finished goods and Finished goods and sundry debtors)	48.598	0.000
ABN Amro Bank – Loan	0.924	1.962
Corporation Bank - 8004	0.157	0.278
Corporation Bank – 80005	0.301	0.533
Corporation Bank – (Loan-80001)	0.168	0.324
Corporation Bank – 70004	0.000	0.041
Punjab National Bank	0.000	33.795
HDFC Bank – Loan	0.610	1.301
Kotak Mahindra Bank Limited	2.409	4.337
Magma Fincorp Limited	1.163	2.231
Reliance Capital Limited	1.803	0.000
Religare Finvest Limited	2.400	0.000
Sundaram Finance	0.000	0.054
Standard Chartered Bank (Loan)	0.820	1.876
Vehicle Loan
HDFC Bank Car Loan –Cruz	0.744	0.000
Bajaj Auto Finance Limited	0.888	2.081
Tata Motor Finance Loan 1	0.147	0.250
Tata Motors Finance Loan 2	0.149	0.250
Total	61.281	49.313
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
ESP Rat Limited – Loan	12.167	12.167
Gopec International	9.116	9.236
Bindu Balasubrahmanian	0.622	0.059
Balasubrahmanian Thalappil	4.037	5.250
Total	25.942	26.712

Banking Relations :	--
Auditors :
Name :	Jayant M Chavan and Company Chartered Accountants
Address :	13/3,Krishna Chs Limited, Dada Patil Wadi Road, Thane West, Thane – 400602, Maharashtra, India
PAN.:	AAWPC3030G
Associates/Subsidiaries :	Energetic Services and Products Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
48000	Equity Shares	Rs.100/- each	Rs.4.800 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		4.800	4.800	2.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		74.867	53.581	20.484
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		79.667	58.381	22.884
LOAN FUNDS
1] Secured Loans		61.281	49.313	45.867
2] Unsecured Loans		25.942	26.712	35.641
TOTAL BORROWING		87.223	76.025	81.508
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		166.890	134.406	104.392
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		48.031	43.009	46.076
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.500	6.041	0.500
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	61.030	52.000	69.000
	Sundry Debtors	65.770	52.276	44.388
	Cash & Bank Balances	12.360	16.209	12.268
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	83.932	50.639	24.866
Total Current Assets		223.092	171.124	150.522
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	41.831	50.516	68.326
	Other Current Liabilities	3.396	0.000	7.187
	Provisions	65.451	41.574	18.103
Total Current Liabilities		110.678	92.090	93.616
Net Current Assets		112.414	79.034	56.906
MISCELLANEOUS EXPENSES		5.945	6.322	0.910
TOTAL		166.890	134.406	104.392

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	317.549	274.610	NA
		Other Income
		TOTAL	317.549	274.610	NA
Less	EXPENSES
		Office Expenses	285.712	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	285.712	NA	NA
	PROFIT BEFORE TAX		31.837	NA	NA
Less	TAX		10.550	NA	NA
	PROFIT AFTER TAX		21.287	20.600	1.070
	Earnings Per Share (Rs.)		125.22	--	--

Particulars	31.03.2012
Sales Turnover (Approximately)	600.000

Expected Sales (2012-2013): Rs.650.000 Millions

The above information has been parted by Mr. Shiv Kumar.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.70	7.50	NA
Return on Total Assets (PBT/Total Assets}	(%)	11.74	NA	NA
Return on Investment (ROI) (PBT/Networth)		0.40	NA	NA
Debt Equity Ratio (Total Liability/Networth)		2.48	2.88	7.65
Current Ratio (Current Asset/Current Liability)		2.02	1.86	1.61

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	41.831	50.516	68.326

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	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
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	Yes
13) Reasons for variation <> 20%	--
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	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Bankers Charges Report as per Registry

Corporate identity number of the company	U74210MH2006PTC164684
Name of the company	ESP (ASIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	3, Shreehari, Plot # 11, Sector # 40, Nerul, Navi Mumbai – 400706, Maharashtra, India E-mail : drckalyan@rediffmail.com
This form is for	Creation of charge
Type of charge	Book debts Others (Current assets and fixed assets)
Particular of charge holder	ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India E-mail : poonam.gupta@icicibank.com
Nature of instrument creating charge	Deed of hypothecation
Date of instrument Creating the charge	23.12.2011
Amount secured by the charge	Rs.350.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit: sum of I Base and spread per annum Working Capital Demand loan: stipulated by ICICI Bank Commission on BG: 1.35% p.a plus service tax Counter Bank guarantees: 0.10% p.a. Terms of Repayment On demand / due dates Margin Cash Credit / Working Capital Demand loan: Uniform margin of 25% against all components of inventory and book debts (cover period for book debts 90 days) Guarantees covering disputed liabilities - 100% Performance guarantees - 10.0% Financial guarantees - 20.0% Counter Bank guarantees: Nil Extent and Operation of the charge 1. First and exclusive charge on entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares and such other movables including book-debts, bills whether documentary or clean, outstanding monies, receivables, both present and future. 2. First and exclusive charge by way of hypothecation on the entire present and future unencumbered fixed assets of the company. Others The above is to secure the Cash Credit Rs.100.000 million, Working Capital Demand loan( as a sublimit of cash credit) Rs.80.000 million and Bank guarantees Rs.250.000 million and Counter Bank guarantees ( as a sublimit of Bank Guarantees) Rs.150.000 million
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First and exclusive charge on entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares and such other movables including book-debts, bills whether documentary or clean, outstanding monies, receivables, both present and future. First and exclusive charge by way of hypothecation on the entire present and future unencumbered fixed assets of the company.

Trade References:

· Tanna Tools

· HPCL

· MRPL

Fixed Assets:

· Land

· Machinery

· Furniture and Fixtures

· Office Building

· Computer

· Motor Car

· Cycles

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.55.92
UK Pound	1	Rs.86.03
Euro	1	Rs.69.13

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--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.