MIRA INFORM REPORT

Report Date :

21.05.2013

IDENTIFICATION DETAILS

Name :	VINERGY INTERNATIONAL PRIVATE LIMITED (w.e.f. 06.10.2005)
Formerly Known As :	SUMEX ORGANIC PRIVATE LIMITED
Registered Office :	Urmi Chambers, 3^rd Floor, Apsara Complex, D. B. Marg, Grant Road (East), Mumbai – 400 007, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.01.1991
Com. Reg. No.:	11-59979
Capital Investment / Paid-up Capital :	Rs.12.969 Millions
CIN No.: [Company Identification No.]	U24110MH1991PTC059979
TAN No.: [Tax Deduction & Collection Account No.]	MUMS15051B
PAN No.: [Permanent Account No.]	AAACS5473J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Chemicals, Fuel and Lubricants, Furnace Oil, Carbon Tetrachloride and Caustic Soda Lye.
No. of Employees :	80 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 1900000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The latest financial are not made available. As per the previous year the company has incurred loss. However, the networth of the company seems to be good and the promoters appear to be good and the promoters appear to be well experienced businessmen. Trade relations are fair. Business is active. Payments are unknown. The company can be considered normal for business dealings with slight caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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.

INFORMATION DECLINED BY

Name :	Mr. Sunil
Designation :	Finance Manager
Contact No.:	91-22-66537221
Date :	18.05.2013

LOCATIONS

Registered Office :	Urmi Chambers, 3^rd Floor, Apsara Complex, D. B. Marg, Grant Road [East], Mumbai – 400 007, Maharashtra, India
Tel. No.:	91-22-66537221/22
Fax No.:	91-22-66537225/26
E-Mail :	rocfiling@hotmail.com info@vinergy.in
Website :	http://www.vinergy.in
Head Office:	Shivsagar Estate, A Block, 1^st Floor, South Wing, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India
Tel. No.:	91-22-66537221/7222
Fax No.:	91-22-66537224/25
Regional Office :	Located At: · New Delhi · Hyderabad · Kolkata · Navi Mumbai

DIRECTORS

As on 29.09.2012

Name :	Mrs. Sharda Mahavirprasad Agarwal
Designation :	Whole-time director
Address :	181, Tanna Residency, 'B' Wing, 392, Veer Savarkar Marg, Prabhadevi, Mumbai 400 025, Maharashtra, India
Date of Birth/Age :	09.07.1942
Date of Appointment :	24.01.1991
Din No.:	00242695
Name :	Mr. Mukul Mahavirprasad Agarwal
Designation :	Managing director
Address :	181, Tanna Residency, 'B' Wing, 392, Veer Savarkar Marg, Prabhadevi, Mumbai 400 025, Maharashtra, India
Date of Birth/Age :	04.01.1966
Date of Appointment :	01.02.2008
Din No.:	01673950

KEY EXECUTIVES

Name :	Mr. Sunil
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Sharda Mahavirprasad Agarwal	610100
Mukul Mahavirprasad Agarwal	95300
Suman Mukul Agarwal	610100
Sureshchandra Purshottamdas Mody	400
Priyanka Mukul Agarwal	4400
Komal Mukul Agarwal	6400
Juhi Mukul Agarwal	6400
Parsoli Securities Limited, India	70000
Paryank Ramesh Shah	9375
Anand Balmukund Desai	6250
Raksha Anand Desai	3125
Total	1421850

As on 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	1.32
Bodies corporate	4.92
Directors or relatives of directors	93.76
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Chemicals, Fuel and Lubricants, Furnace Oil, Carbon Tetrachloride and Caustic Soda Lye.

Products :

PRODUCTS DESCRIPTION	ITC CODE NO.
Furnace Oil	2710.19.50
Caustic Soda Lye	2815.12.00
Bitumen	2714.90.90

GENERAL INFORMATION

No. of Employees :

80 [Approximately]

Bankers :

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

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

· Yes Bank Limited, Tiecicion House, 1st Floor, Dr. E. Moses Road, Mahalaxmi, Mumbai-400011, Maharashtra, India

· Bank of India, Tarded Road Branch, Hotel Rose Wood Building, Mumbai – 400034, Maharashtra, India

· ING Vysya Bank Limited, Plot No. C – 12, ‘G’ Block,, BKC, Bandra (E),, Mumbai – 400051, Maharashtra, India

Facilities :

SECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loan	0.000	0.430
Working capital loans financial institution	856.804	838.498
Total	856.804	838.928

Banking Relations :	--
Auditors :
Name :	Dayal and Lohia Chartered Accountants
Address :	Kamanwala Chambers, 1st Floor, Office Nos.6 and 7, Sir P.M. Road, Fort, Mumbai – 400 001, Maharashtra, India
Pan No.:	AAAFD1548C
Subsidiaries :	· Vinergy Global Tankers Private Limited [U63090MH2008PTC177593] · Vania Limited
Companies Significantly Influenced:	· Total Vinergy Bitumen India Private Limited · Winfull Finvest Private Limited · Vinergy Developers Private Limited · Rex Fuel Management Private Limited · Parsoli Securites Limited · Chemical Exchange.Com (Bombay) Private Limited · Veritech Pharmaceuticals Private Limited · Valencia Exim Pte. Limited · Valencia FZE and Vinergy Djibouti International FZCO

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1421850	Equity Shares	Rs.10/- each	Rs.14.219 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1296850	Equity Shares	Rs.10/- each	Rs.12.969 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		12.969	12.844	12.844
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		465.070	491.019	425.997
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		478.039	503.863	438.841
LOAN FUNDS
1] Secured Loans		856.804	838.928	682.876
2] Unsecured Loans		97.046	95.878	81.485
TOTAL BORROWING		953.850	934.806	764.361
DEFERRED TAX LIABILITIES		0.000	2.792	2.164
TOTAL		1431.889	1441.461	1205.366
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		213.420	137.546	110.628
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		72.459	42.610	45.641
DEFERREX TAX ASSETS		16.596	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	517.717	339.922	397.689
	Sundry Debtors	801.082	807.494	558.037
	Cash & Bank Balances	67.628	113.067	214.690
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	543.566	622.908	417.045
Total Current Assets		1929.993	1883.391	1587.461
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	686.578	554.674	509.039
	Other Current Liabilities	114.001	67.412	29.325
	Provisions	0.000	0.000	0.000
Total Current Liabilities		800.579	622.086	538.364
Net Current Assets		1129.414	1261.305	1049.097
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1431.889	1441.461	1205.366

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	TURNOVER [Inclusive of Other Income] (A)		4912.793	7530.584	7846.423
Less	EXPENSES
		Office Expenses
		Administrative Expenses	4881.551	7360.399	7668.426
		Advertising Expenses
		TOTAL (B)	4881.551	7360.399	7668.426
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.242	170.185	177.997
Less	FINANCIAL EXPENSES (D)		85.222	60.147	63.008
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(53.980)	110.038	114.989
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.274	13.734	13.794
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(66.254)	96.304	101.195
Less	TAX (H)		(20.431)	31.282	40.041
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(45.823)	65.022	61.154
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		363.915	305.395	257.870
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	6.502	6.115
		Interim Dividend	0.000	0.000	6.423
		Dividend Tax	0.000	0.000	1.091
	BALANCE CARRIED TO THE B/S		318.092	363.915	305.395
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	346.112	720.114	620.179
	IMPORTS
		Raw Materials for Trial Run	0.000	0.000	14.908
		Trading Goods	1255.037	1944.932	1640.641
	TOTAL IMPORTS		1255.037	1944.932	1655.549
	Earnings / (Loss) Per Share (Rs.)		(32.23)	50.63	47.61

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(0.93)	0.86	0.78
Return on Total Assets (PBT/Total Assets}	(%)	(3.09)	4.77	5.96
Return on Investment (ROI) (PBT/Networth)		(0.14)	0.19	0.23
Debt Equity Ratio (Total Liability/Networth)		3.67	3.09	2.97
Current Ratio (Current Asset/Current Liability)		2.41	3.03	2.95

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	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	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	Yes
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	No

NOTE:

The registered office of the company has been shifted from Shivsagar Estate, A Block, 1^st Floor, South Wing, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India to the present address w.e.f. 15.01.2011.

HIGHLIGHTS OF 2010-11:

The Company achieved a turnover of Rs. 4912.793 Millions as compared to the previous year turnover of Rs. 7530.584 Millions. The Loss after tax stood at Rs. 45.823 Millions. The losses were mainly due to low volume of business and under recovery of fixed expenses. The Company is taking necessary action to ensure that the volumes improve and restore the working to profitable levels.

UNSECURED LOAN

(Rs in Millions)

Particular	As on 31.03.2011	As on 31.03.2010
Rupee term loans financial institutions	20.159	22.703
Rupee term loans others	33.085	33.628
Loans directors	43.802	39.547
Total	97.046	95.878

CONTINGENT LIABILITIES:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Estimated amount of contracts remaining to be executed on capital account-not provided for	0.421	15.261
Outstanding Bank Guarantees	40.150	17.613
Total	40.571	32.874

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Leasehold Improvements

· Administrative Buildings

· Equipment and Apparels

· Hydrogen Gas Cylinders

· Chlorine Tonners

· Computer and Peripherals

· Furniture and Fixtures

· Vehicles

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.55.04
UK Pound	1	Rs.83.61
Euro	1	Rs.70.68

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		36

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.