MIRA INFORM REPORT

Report Date :

12.09.2013

IDENTIFICATION DETAILS

Name :	NEO PETCON (INDIA) PRIVATE LIMITED
Registered Office :	Door No. D-10, Phase-IV, Extension IDA, Jeedimetla, Ranga Reddy District, Hyderabad - 500055, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.01.1995
Com. Reg. No.:	01-019104
Capital Investment / Paid-up Capital :	Rs. 8.834 Millions
CIN No.: [Company Identification No.]	U24299AP1995PTC019104
TAN No.: [Tax Deduction & Collection Account No.]	HYDN00443C
PAN No.: [Permanent Account No.]	AAACN4660N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Fuel Additives and Trading of Fuel Additives, Liquefied Petroleum Gas, Chemicals, Mutual funds and Equity Shares
No. of Employees :	200 (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 480000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears heavy losses recorded by the company in 2012. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution.

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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 PARTED BY (GENERAL DETAILS)

Name :	Ms. Meenu
Designation :	Assistant
Contact No.:	91-11-25597861
Date :	07.09.2013

LOCATIONS

Registered Office / Factory :	Door No. D-10, Phase-IV, Extension IDA, Jeedimetla, Ranga Reddy District, Hyderabad - 500055, Andhra Pradesh, India
Tel. No.:	91-40-23096433 / 23196433 / 23547705
Fax No.:	91-40-23098939
E-Mail :	neopetcon@gmail.com hyd2_npiplh@sancharnet.in petcon@vsnl.com
Website :	http://www.neopetconindia.com
Location :	Owned
Branch Office :	A 36, Basement, Shanker Garden, Vikas Puri, New Delhi – 110018, India
Tel. No.:	91-11–25612452 / 25597861 / 25548405
Fax No.:	91-11–25528782
E-Mail :	petcon@vsnl.com petconindia@gmail.com

DIRECTORS

As on 25.09.2012

Name :

Mr. Pawan Mohanlal Shah

Designation :

Managing Director

Address :

7-1-29/22, Ameerpet, Hyderabad – 500016, Andhra Pradesh, India

Date of Birth/Age :

03.08.1945

Date of Appointment :

02.01.1995

DIN No.:

00039741

Name :

Mr. Ekkadu Vijayaraghavan Srikanth

Designation :

Director

Address :

409, Metro Plam Groove Apartments, Phase – I, Somajiguda, Hyderabad – 500016, Andhra Pradesh, India

Date of Birth/Age :

04.06.1947

Date of Appointment :

26.11.1997

DIN No.:

00039739

Name :

Mr. Vinay Kumar

Designation :

Whole-Time Director

Address :

C-194, New Friends Colony, New Delhi – 110095, India

Date of Birth/Age :

16.04.1946

Date of Appointment :

02.01.1995

DIN No.:

00039729

Name :

Mr. Suresh Shenoi

Designation :

Whole-Time Director

Address :

K-11/25, DLF, Qutab Enclave, Phase II, Gurgon – 122002, Haryana, India

Date of Birth/Age :

18.04.1945

Date of Appointment :

28.07.2004

DIN No.:

00039749

Name :

Mr. Muthachen John Kuriyan

Designation :

Director

Address :

4B, 4C, Shaaswath Apartment, 268/2, Race Course, Coimbatore – 641018, Tamilnadu, India

Date of Birth/Age :

07.09.1946

Date of Appointment :

09.11.2008

DIN No.:

02030992

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	U72200TZ2008PTC014225	JAGUAR SOFTWARE PRIVATE LIMITED	Director	13-02-08	13-02-08	-	Active	NO
2	U24299AP1995PTC019104	NEO PETCON (INDIA) PRIVATE LIMITED	Director	19-08-09	09-11-08	-	Active	NO
3	U74910TZ2009PTC015473	JAGUAR STAFFING SOLUTIONS PRIVATE LIMITED	Director	09-09-09	09-09-09	-	Active	NO
4	U00113TZ1996PTC007240	KPJ MANAGEMENT CONSULTING PRIVATE LIMITED	Additional director	10-05-10	10-05-10	-	Active	NO
5	L01132KA1936PLC002642	DEVON PLANTATIONS AND INDUSTRIES LIMITED	Director	29-09-10	29-07-10	-	Active	NO

Name :

Mr. Seshadri Giridhar

Designation :

Director

Address :

5, Ganapathy Apartment, Lakshmi Road, Shanti Nagar, Bangalore – 560027, Karnataka, India

Date of Birth/Age :

22.07.1947

Date of Appointment :

01.03.2009

DIN No.:

02551558

KEY EXECUTIVES

Name :	Ms. Meenu
Designation :	Assistant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2012

SHAREHOLDING DETAILS FILE ATTACHED

As on 25.09.2012

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 :

Manufacturer of Fuel Additives and Trading of Fuel Additives, Liquefied Petroleum Gas, Chemicals, Mutual funds and Equity Shares

Services of Company	ITC Code
Liquified Petroleum Gas	27111900
Petrol Additives	38119000
Polarchem	28530099

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

PRODUCTION STATUS (31.03.2011)

Particulars	Unit	Actual Production
Diesel Additives	Lts	11040

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

End Users

Name of Customers - Not Divulged

No. of Employees :

200 (Approximately)

Bankers :

Axis Bank Limited, 6-3-879/B, Greenlands, Begumpet, Hyderabad - 500016, Andhra Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Short Term Borrowings
Axis Bank Limited, Cash Credit secured by change on the fixed assets and current assets of the company. The rate of Interest payable is 15.50% at monthly rest.	4.728	5.078
Total	4.728	5.078

Banking Relations :	---
Auditors :
Name :	V.S. Rao and Company Chartered Accountants
Address :	6-3-609/136, Anand Nagar Colony, Khairatabad, Hyderabad – 500004, Andhra Pradesh
PAN No.:	AABFV3657R

CAPITAL STRUCTURE

As on 25.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1800000	Equity Shares	Rs.10/- each	Rs.18.000 Millions
20000	Preference Shares	Rs.100/- each	Rs.2.000 Millions
	Total		Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
883425	Equity Shares	Rs.10/- each	Rs.8.834 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	8.834	8.834
(b) Reserves & Surplus	113.439	130.154
(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)	122.273	138.988
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	1.705	1.203
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.797	1.312
Total Non-current Liabilities (3)	2.502	2.515
(4) Current Liabilities
(a) Short term borrowings	4.778	9.001
(b) Trade payables	1.238	1.423
(c) Other current liabilities	4.964	7.586
(d) Short-term provisions	0.097	0.000
Total Current Liabilities (4)	11.077	18.010
TOTAL	135.852	159.513
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	69.299	73.434
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	2.164	2.164
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.011	0.011
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	9.844	10.300
(e) Other Non-current assets	1.131	0.401
Total Non-Current Assets	82.449	86.310
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	41.412	55.529
(c) Trade receivables	4.350	10.893
(d) Cash and cash equivalents	5.344	5.033
(e) Short-term loans and advances	2.045	1.740
(f) Other current assets	0.252	0.008
Total Current Assets	53.403	73.203
TOTAL	135.852	159.513

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		8.834
2] Share Application Money		0.000
3] Reserves & Surplus		130.643
4] (Accumulated Losses)		0.000
NETWORTH		139.477
LOAN FUNDS
1] Secured Loans		10.827
2] Unsecured Loans		9.424
TOTAL BORROWING		20.251
DEFERRED TAX LIABILITIES		0.261
TOTAL		159.989
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		56.207
Capital work-in-progress		14.296
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.011
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	51.071
	Sundry Debtors	26.436
	Cash & Bank Balances	11.346
	Other Current Assets	0.055
	Loans & Advances	13.557
Total Current Assets		102.465
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.554
	Other Current Liabilities	8.997
	Provisions	3.439
Total Current Liabilities		12.990
Net Current Assets		89.475
MISCELLANEOUS EXPENSES		0.000
TOTAL		159.989

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	0.217	323.090
		Other Income
		TOTAL	NA	0.217	323.090
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	0.443	341.215
		Advertising Expenses
		TOTAL	NA	0.443	341.215
	PROFIT / (LOSS) BEFORE TAX		(16.715)	(0.226)	(18.125)
Less	TAX		0.000	0.263	1.039
	PROFIT / (LOSS) AFTER TAX		(16.715)	(0.489)	(19.164)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.295	NA	14.757
	TOTAL EARNINGS		1.295	NA	14.757
	IMPORTS
		Stock in Trade	NA	37.762	102.836
	TOTAL IMPORTS		NA	37.762	102.836
	Earnings / (Loss) Per Share (Rs.)		(18.92)	(0.55)	(21.69)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	(225.35)	(5.93)
Return on Total Assets (PBT/Total Assets}	(%)	(12.50)	(0.14)	(11.42)
Return on Investment (ROI) (PBT/Networth)		(0.14)	0.00	(0.13)
Debt Equity Ratio (Total Debt /Networth)		0.04	0.06	0.15
Current Ratio (Current Asset/Current Liability)		4.82	4.06	7.89

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 two 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	No
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 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 Plot No 20, Ida Balanagar, Hyderabad – 500037, Andhra Pradesh, India to present address w.e.f. 01.07.2010

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Short Term Borrowings
Loans from related parties	0.050	3.923
Total
	4.778	9.001

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90136326	06/09/2011 *	10,000,000.00	AXIS BANK LIMITED	6-3-879/B, GREENLANDS, BEGUMPET, HYDERABAD, ANDHRA PRADESH - 500016, INDIA	B23340300
2	90260112	14/09/2005 *	7,500,000.00	UTI BANK LIMITED	GREENLANDS ROAD, BEGUMPET, HYDERABAD, ANDHRA PRADESH, INDIA	-
3	90136134	14/02/2004 *	1,200,000.00	STATE BANK OF HYDERABAD	R. P. ROAD BRANCH, SECUNDERABAD, ANDHRA PRADESH, INDIA	-
4	90135431	07/02/2000 *	1,500,000.00	STATE BANK OF HYDERABAD	RASHTRA PATHI ROAD, SECUNDERABAD, ANDHRA PRADESH, INDIA	-

* Date of charge modification

FIXED ASSETS

· Land

· Building

· Machinery

· Office Equipment

· Air Conditioners

· Furniture and Fixtures

· Data Processing Machine

· 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 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 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.63.90
UK Pound	1	Rs.100.47
Euro	1	Rs.84.65

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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

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.