MIRA INFORM REPORT

Report Date :

10.12.2013

IDENTIFICATION DETAILS

Name :	HARESH PETROCHEM PRIVATE LIMITED
Registered Office :	404/405, Acme Plaza, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.03.2004
Com. Reg. No.:	11-145264
Capital Investment / Paid-up Capital :	Rs. 120.000 Millions
CIN No.: [Company Identification No.]	U24100MH2004PTC145264
TAN No.: [Tax Deduction & Collection Account No.]	MUMH07361E
PAN No.: [Permanent Account No.]	AABCH4107K
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Petrochemicals and Solvents.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 630000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has filed its latest financials with the government department but the same is not available with us. As per the financials of 2012, there seems some dip in the profitability of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: “BB”
Rating Explanation	Moderate risk of default.
Date	23.04.2013

Rating Agency Name	CARE
Rating	Short term bank facilities: “A4”
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	23.04.2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	404/405, Acme Plaza, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-28375382/ 83/ 28262017/ 42226400
Fax No.:	91-22-28254417/ 28375382
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
Email :	singapore@hareshgroup.com

DIRECTORS

As on 30.09.2013

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

Qualification:

B.Sc.

Experience:

37 Years

Date of Appointment :

23.03.2004

DIN No.:

00248793

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51900MH1983PTC031280	HARESH OVERSEAS PRIVATE LIMITED	Director	3/11/1983	3/11/1983	26/06/2013	Active	NO
2	U24100MH2004PTC145264	HARESH PETROCHEM PRIVATE LIMITED	Director	23/03/2004	23/03/2004	-	Active	NO
3	U28122KL1998PTC012280	HHA TANK TERMINAL PRIVATE LIMITED	Director	16/09/2010	17/05/2010	-	Active	NO
4	U74120MH2012PTC234114	KKP Petchem Private Limited	Director	20/08/2012	20/08/2012	5/12/2012	Active	NO

Name :

Kamla Kanayalal Kasat

Designation :

Director

Address :

4^th Floor, Plot No. 96, Road No. 3, Hindu Colony, Dadar, Mumbai – 400014, Maharashtra, India

Date of Birth/Age :

04.07.1953

Date of Appointment :

20.04.2010

DIN No.:

02941790

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24100MH2004PTC145264	HARESH PETROCHEM PRIVATE LIMITED	Director	20/04/2010	20/04/2010	Active	NO
2	U74120MH2012PTC234114	KKP PETCHEM PRIVATE LIMITED	Director	3/8/2012	3/8/2012	Active	NO

Name :

Mr. Kunal Kanayalal Kasat

Designation :

Director

Address :

4^th Floor, Plot No. 96, Road No. 3, Hindu Colony, Dadar, Mumbai – 400014, Maharashtra, India

Date of Birth/Age :

12.11.1981

Date of Appointment :

20.04.2010

DIN No.:

02943387

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24100MH2004PTC145264	HARESH PETROCHEM PRIVATE LIMITED	Director	20/04/2010	20/04/2010	Active	NO
2	U74120MH2012PTC234114	KKP PETCHEM PRIVATE LIMITED	Director	20/08/2012	20/08/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Kanayalal Kashiram Kasat	260000
Kamla Kanayalal Kasat	236000
Kunal Kanayalal Kasat	344000
Poonam Kunal Kasat	360000
Total	1200000

As on 30.09.2013

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 of Petrochemicals and Solvents.

Products :

ITC Code No.	Product Description
29071110	Organic Chemicals

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

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

Union Bank of India, Khand Bazar Branch, 109, Kazi Sayed Street, Mumbai - 400003, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
SHORT TERM BORROWINGS
Working capital loans from banks (Hypothecation of stocks, book debts and collaterally secured by equitable mortgage of office premises)	19.663	34.286
Total	19.663	34.286

Banking Relations :	--
Auditors :
Name :	D.M. Damle and Company Chartered Accountants
Address :	G-2/106, Kalpita Enclave, Sahar Road, Andheri (East), Mumbai – 400069, Maharashtra, India.
Income-tax PAN of auditor or auditor's firm :	AACPD5615L
Subsidiary company:	Haresh Petrochem Singapore Pte Limited, Singapore
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Mahi Integrated Logistics

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,200,000	Equity Shares	Rs. 100/- each	Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,200,000	Equity Shares	Rs. 100/- each	Rs. 120.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	120.000	120.000
(b) Reserves & Surplus	38.530	26.570
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	158.530	146.570
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.102	0.078
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	31.785	26.326
Total Non-current Liabilities (3)	31.887	26.404
(4) Current Liabilities
(a) Short term borrowings	24.227	40.150
(b) Trade payables	542.865	469.459
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	567.092	509.609
TOTAL	757.509	682.583
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.143	4.203
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	19.494	19.494
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	38.017	34.042
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	61.654	57.739
(2) Current assets
(a) Current investments	3.648	0.000
(b) Inventories	163.221	251.359
(c) Trade receivables	386.249	227.889
(d) Cash and cash equivalents	136.004	143.699
(e) Short-term loans and advances	6.733	1.897
(f) Other current assets	0.000	0.000
Total Current Assets	695.855	624.844
TOTAL	757.509	682.583

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		80.000
2] Share Application Money		0.000
3] Reserves & Surplus		47.656
4] (Accumulated Losses)		0.000
NETWORTH		127.656
LOAN FUNDS
1] Secured Loans		14.110
2] Unsecured Loans		8.813
TOTAL BORROWING		22.923
DEFERRED TAX LIABILITIES		0.072
TOTAL		150.651
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.939
Capital work-in-progress		0.000
INVESTMENT		19.493
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	173.432
	Sundry Debtors	219.831
	Cash & Bank Balances	38.794
	Other Current Assets	0.000
	Loans & Advances	52.729
Total Current Assets		484.786
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	297.494
	Other Current Liabilities	35.362
	Provisions	25.711
Total Current Liabilities		358.567
Net Current Assets		126.219
MISCELLANEOUS EXPENSES		0.000
TOTAL		150.651

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	1974.583	1281.143	1375.983
Less	EXPENSES
		TOTAL	1957.109	1238.528	1276.555
	PROFIT/ (LOSS) BEFORE TAX		17.474	42.615	99.428
Less	TAX		5.514	14.305	16.918
	PROFIT/ (LOSS) AFTER TAX		11.960	28.310	82.510
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		24.032	5.118	(92.632)
	APPROPRIATIONS
		Interim dividend	0.000	8.000	0.000
		Tax on dividend	0.000	1.329	0.000
	BALANCE CARRIED TO THE B/S		35.992	24.032	5.118
	Earnings / (Loss) Per Share (Rs.)		1.00	2.36	10.31

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.61	2.21	6.00
Return on Total Assets (PBT/Total Assets}	(%)	2.37	6.43	20.30
Return on Investment (ROI) (PBT/Networth)		0.11	0.29	0.78
Debt Equity Ratio (Total Debt/Networth)		0.15	0.27	0.18
Current Ratio (Current Asset/Current Liability)		1.23	1.23	1.35

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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	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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10458745	30/10/2013	100,000,000.00	DBS BANK LIMITED	221, FORT HOUSE, 3RD FLOOR, D.N.ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B88977434
2	10142229	31/01/2009	1,000,000.00	UNION BANK OF INDIA	KHAND BAZAR BRANCH, 109, KAZI SYED STREET, KHAND BAZAR, MUMBAI - 400003, MAHARASHTRA, INDIA	A56602105
3	10106810	31/01/2009 *	62,000,000.00	UNION BANK OF INDIA	KHAND BAZAR BRANCH, 109, KAZI SYED STREET, KHAND BAZAR, MUMBAI - 400003, MAHARASHTRA, INDIA	A56602188
4	90148853	19/11/2013 *	80,000,000.00	UNION BANK OF INDIA	KHAND BAZAR BRANCH, 109, KAZI SYED STREET, KHAND BAZAR, MUMBAI - 400003, MAHARASHTRA, INDIA	B90260076
5	80031029	19/11/2013 *	650,000,000.00	UNION BANK OF INDIA	KHAND BAZAR BRANCH, 109, KAZI SYED STREET, KHAND BAZAR, MUMBAI - 400003, MAHARASHTRA, INDIA	B90260159

* Date of charge modification

UNSECURED LOAN

PARTICULAR	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans repayable on demand from others	4.564	5.864
Total	4.564	5.864

FIXED ASSETS

· Buildings

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

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 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] 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.61.18
UK Pound	1	Rs.100.01
Euro	1	Rs.83.82

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.