MIRA INFORM REPORT

Report Date :

31.12.2014

IDENTIFICATION DETAILS

Name :	HARESH PETROCHEM PRIVATE LIMITED
Registered Office :	510 ACME Plaza, Andheri Kurla Road, Andheri (East), Mumbai-400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
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
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCH4107K
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Petrochemicals.
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile marked by low reserve and thin profitability margins of the company. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings 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 – 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

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BB
Rating Explanation	Inadequate credit quality and high credit risk
Date	21.01.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	21.01.2014

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 DENIED BY

Name :	Mr. Shambunath
Designation :	Accounts Manager
Contact No.:	91-9819318830
Date :	29.12.2014

LOCATIONS

Registered Office :	510 ACME Plaza, Andheri Kurla Road, Andheri (East), Mumbai-400059, Maharashtra, India
Tel. No.:	91-22-42226400
Mobile No.:	91-9819318830 (Mr. Shambunath)
Fax No.:	91-22-28254417
E-Mail :	hppl@hareshgroup.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Kanayalal Kashiram Kasat

Designation :

Director

Address :

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

Date of Birth/Age :

31.07.1951

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	03-11-83	03-11-83	26-06-13	Active	NO
2	U24100MH2004PTC145264	HARESH PETROCHEM PRIVATE LIMITED	Director	23-03-04	23-03-04	-	Active	NO
3	U28122KL1998PTC012280	HHA TANK TERMINAL PRIVATE LIMITED	Director	16-09-10	17-05-10	-	Active	NO
4	U74120MH2012PTC234114	KKP PETCHEM PRIVATE LIMITED	Director	20-08-12	20-08-12	05-12-12	Active	NO

Name :

Mrs. 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	Date of cessation	Company/ LLP Status	Defaulting status
1	U24100MH2004PTC145264	HARESH PETROCHEM PRIVATE LIMITED	Director	20-04-10	20-04-10	-	Active	NO
2	U74120MH2012PTC234114	KKP PETCHEM PRIVATE LIMITED	Director	03-08-12	03-08-12	-	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	Date of cessation	Company/ LLP Status	Defaulting status
1	U24100MH2004PTC145264	HARESH PETROCHEM PRIVATE LIMITED	Director	20-04-10	20-04-10	-	Active	NO
2	U74120MH2012PTC234114	KKP PETCHEM PRIVATE LIMITED	Director	20-08-12	20-08-12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shambunath
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on 30.09.2014

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

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Petrochemicals.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers, Retailers, End Users, OEM’s, Others and Manufacturer

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by management

Bankers :

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

Facilities :

SECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWINGS
Working Capital loans from banks	55.589	0.000
Total	55.589	0.000

Banking Relations :	---
Auditors :
Name :	D. M. Damle and Company Chartered Accountants
Address :	G2/106, Kalpita Enclaves, Sahar Road, Andheri (East), Mumbai-400069, Maharashtra, India
PAN No.:	AACPD5615L
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Company :	Haresh Petrochem Singapore Private Limited, Singapore

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs.100/- each	Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs.100/- each	Rs. 120.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	120.000	120.000	120.000
(b) Reserves & Surplus	65.032	55.291	38.529
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	185.032	175.291	158.529
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.075	0.000	0.102
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	22.666	17.589	31.785
Total Non-current Liabilities (3)	22.741	17.589	31.887
(4) Current Liabilities
(a) Short term borrowings	55.589	0.350	24.227
(b) Trade payables	841.755	827.753	535.851
(c) Other current liabilities	18.982	11.006	7.015
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	916.326	839.109	567.093
TOTAL	1124.099	1031.989	757.509
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.080	4.256	4.143
(ii) Intangible Assets	0.098	0.163	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	19.494	19.494	19.494
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	22.587	20.728	38.017
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	57.259	44.641	61.654
(2) Current assets
(a) Current investments	6.270	14.610	3.649
(b) Inventories	423.794	311.282	163.221
(c) Trade receivables	503.717	498.054	386.249
(d) Cash and cash equivalents	131.744	161.315	136.004
(e) Short-term loans and advances	1.315	2.087	6.732
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1066.840	987.348	695.855
TOTAL	1124.099	1031.989	757.509

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES AND OTHER INCOME
		TOTAL	2360.593	2212.356	1971.202
Less	EXPENSES
		TOTAL	2332.068	2188.086	1953.728
	PROFIT BEFORE TAX		28.525	24.270	17.474
Less	TAX		9.725	7.509	5.514
	PROFIT AFTER TAX		18.800	16.761	11.960
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		52.752	35.992	24.032
	BALANCE CARRIED TO THE B/S		62.493	52.752	35.992
	Earnings Per Share (Rs.)		156.67	139.68	99.67

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.80	0.76	0.61
Operating Profit Margin (PBIDT/Sales)	(%)	1.21	1.10	0.89
Return on Total Assets (PBT/Total Assets}	(%)	2.58	2.40	2.37
Return on Investment (ROI) (PBT/Networth)		0.15	0.14	0.11
Debt Equity Ratio (Total Debt /Networth)		0.30	0.00	0.15
Current Ratio (Current Asset/Current Liability)		1.16	1.18	1.23

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	120.000	120.000	120.000
Reserves & Surplus	38.529	55.291	65.032
Net worth	158.529	175.291	185.032
long-term borrowings	0.000	0.000	0.000
Short term borrowings	24.227	0.350	55.589
Total borrowings	24.227	0.350	55.589
Debt/Equity ratio	0.153	0.002	0.300

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1971.202	2212.356	2360.593
		12.234	6.700

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Sales	1971.202	2212.356	2360.593
Profit	11.960	16.761	18.800
	0.61%	0.76%	0.80%

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	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	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWINGS
Deposit from directors	0.000	0.350
Total	0.000	0.350

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10526606	26/09/2014	100,000,000.00	DBS BANK LIMITED	CAPITOL POINT, BABA KHARAK SINGH MARG, CONNAUGHT  PLACE, NEW DELHI, DELHI - 110001, INDIA	C30230965
2	10458745	28/01/2014 *	10,000,000.00	DBS BANK LIMITED	221, FORT HOUSE, 3RD FLOOR, D.N.ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B95057253
3	10142229	31/01/2009	1,000,000.00	UNION BANK OF INDIA	KHAND BAZAR BRANCH,, 109, KAZI SYED STREET, KHAND  BAZAR, MUMBAI, MAHARASHTRA - 400003, INDIA	A56602105
4	10106810	31/01/2009 *	62,000,000.00	UNION BANK OF INDIA	KHAND BAZAR BRANCH, 109, KAZI SYED STREET, KHAND BAZAR, MUMBAI, MAHARASHTRA - 400003, INDIA	A56602188
5	90148853	19/11/2013 *	80,000,000.00	UNION BANK OF INDIA	KHAND BAZAR BRANCH, 109, KAZI SAYED STREET, MUMBAI, MAHARASHTRA - 400003, INDIA	B90260076
6	80031029	13/08/2014 *	750,000,000.00	UNION BANK OF INDIA	KHAND BAZAR BRANCH, 109, KAZI SAYED STREET, MUMBAI, MAHARASHTRA - 400003, INDIA	C18987065

* Date of charge modification

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. 63.74
UK Pound	1	Rs. 98.87
Euro	1	Rs. 77.32

INFORMATION DETAILS

Information Gathered by :	HEN
Analysis Done by :	KAR
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
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		30

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.