MIRA INFORM REPORT

Report Date :

20.12.2014

IDENTIFICATION DETAILS

Name :	TORRENT PETROCHEM LIMITED (w.e.f. 03.10.2013)
Formerly Known As :	TORRENT PETROCHEM PRIVATE LIMITED
Registered Office :	Unit No.1003, Cello Triumph, 10^th Floor, Opposite Laghu Udyog, Goregaon (East), Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.03.2013
Com. Reg. No.:	11-241062
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U51101MH2013PLC241062
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAECT5860G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader of Bitumen and Bitumen Fabric.
No. of Employees :	6 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track. Mr. Prakash Binani (CEO) has provided us with all information and he also confirmed that the company has sales turnover of Rs.180.000 Millions from first year of its operations which is not verified. Trade relation is improving. Business is active. Payment terms are reported to unknown. 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Not Available

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Prakash
Designation :	Chief Executive Officer
Contact No.:	91-9769990789
Date :	20.12.2014

LOCATIONS

Registered Office :	Unit No.1003, Cello Triumph, 10^th Floor, Opposite Laghu Udyog, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-67087288
Fax No.:	91-22-67087289
E-Mail :	info@bluecross.in
Area :	600 sq. ft.
Location :	Rented
Warehouse :	B-81, Ground Floor, L.I.G.-2, Sector No.1, Kalamboli, Navi Mumbai – 410218, Maharashtra, India
Location :	Rented

DIRECTORS

Name :	Mr. Siddharth Prakash Bihani
Designation :	Director
Address :	36, Queens Lawn, 967, S.V. Road, Juhu, Vile Parle (West), Mumbai - 400056, Maharashtra, India
Date of Birth/Age :	30.06.1984
Date of Appointment :	27.08.2013
DIN No.:	01662255
Name :	Mrs. Nikita Siddharth Bihani
Designation :	Director
Address :	36, Queen's Lawn, 967, S V Road, Vile Parle (West), Mumbai - 400056, Maharashtra, India
Date of Birth/Age :	27.12.1983
Date of Appointment :	12.12.2013
DIN No.:	05100789
Name :	Mr. Santosh Balwant Hutke
Designation :	Director
Address :	NX5-1, Sanjiva Chawl,, Tiranga Village, Opp IIT Main Gate, Powai, Mumbai - 400076, Maharashtra, India
Date of Birth/Age :	06.04.1972
Date of Appointment :	16.03.2013
DIN No.:	05106801

KEY EXECUTIVES

Name :	Mr. Prakash
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS

AS ON 13.12.2013

Names of Shareholders	No. of Shares
Santosh Balwant Hutke	5000
Umesh Govind Raut	5000
Siddharth Prakash Bihani	25000
Salome Apurva Vora	14997
Nikita Siddharth Bihani	1
Roshni S Jadhav	1
Vaishali N Solanki	1
Total	50000

BUSINESS DETAILS

Line of Business :	Trader of Bitumen and Bitumen Fabric.
Products :	Bitumen and Bitumen Fabric
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :
Products :	Bitumen
Countries :	Dubai
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :

Aakash Overseas Corporation – Ahmedabad

Name of the Person :

Mr. Sanjay (Partner)

Contact No.:

91-9227083183

Since How Long Known :

1 Year

Maximum Limit Dealt :

Rs.50.000 Millions

Experience :

Payment Behaviour :	Excellent
Market Goodwill :
Overall :

Remark :

We are very satisfied by operations and management of company.

Customers :

Wholesalers, Retailers

Reference :

Blue Cross Company Private Limited

Name of the Person :

Mr. Prakash Bihani (Chief Executive Officer)

Contact No.:

91-22-67087288

Since How Long Known :

1 Year

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality :	Excellent
Delivery Behaviour :
Overall :

Remark :

It’s a very good company, growing in business.

No. of Employees :

6 (Approximately)

Bankers :

Banker Name :	Dombivali Nagari Sahakari bank
Branch :	Fort, Mumbai, Maharashtra, India
Person Name (With Designation) :	Mr. Kulkarni
Contact Number :	91-22-22679131
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	They will reply by mail. Mail sent on “fort@dnsb.co.in”

Banking Relations :	--
Auditors :
Name :	Jain Ambavat and Company Chartered Accountants
Membership :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500
(b) Reserves & Surplus	0.339
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	29.500
Total Shareholders’ Funds (1) + (2)	30.339
(3) Non-Current Liabilities
(a) long-term borrowings	0.000
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	71.359
(d) long-term provisions	4.714
Total Non-current Liabilities (3)	76.073
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	0.000
(c) Other current liabilities	0.000
(d) Short-term provisions	0.000
Total Current Liabilities (4)	0.000
TOTAL	106.412
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.025
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	23.439
(e) Other Non-current assets	0.000
Total Non-Current Assets	23.464
(2) Current assets
(a) Current investments	0.000
(b) Inventories	23.431
(c) Trade receivables	57.469
(d) Cash and cash equivalents	1.353
(e) Short-term loans and advances	0.022
(f) Other current assets	0.673
Total Current Assets	82.948
TOTAL	106.412

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014
	SALES
		Income	182.831
		Other Income	0.662
		TOTAL (A)	183.493
Less	EXPENSES
		Cost of Goods Sold	167.063
		Duties and Taxes	10.678
		Employees benefits expense	3.358
		Travelling Expenses	0.018
		Conveyance Expenses	0.043
		Telephone Expenses	0.014
		Other Expenses	1.980
		TOTAL (B)	183.154
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.339
Less	FINANCIAL EXPENSES (D)		0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.339
Less	DEPRECIATION/ AMORTISATION (F)		0.000
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.339
Less	TAX (H)		0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.339
	Earnings Per Share (Rs.)		6.78

Expected Sales (2014-2015): Rs.500.000 Millions

The above information has been parted by Mr. Prakash Bihani (CEO)

KEY RATIOS

PARTICULARS		31.03.2014
Net Profit Margin PAT / Sales	(%)	0.19
Operating Profit Margin (PBDIT/Sales)	(%)	0.19
Return on Total Assets (PBT/Total Assets}	(%)	0.32
Return on Investment (ROI) (PBT/Networth)		0.01
Debt Equity Ratio (Total Debt /Networth)		0.00
Current Ratio (Current Asset/Current Liability)		0.00

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	Yes
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 one year	Yes
12]	Profitability for last one year	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	No
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

NO CHARGES EXIST FOR COMPANY.

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] 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.63.07
UK Pound	1	Rs.98.73
Euro	1	Rs.77.46

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	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	NO
--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		26

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 maj