MIRA INFORM REPORT

Report Date :

11.03.2014

IDENTIFICATION DETAILS

Name :	MANGALI PETROCHEM LIMITED (w.e.f. 16.09.2009)
Formally Known As :	MANGALI CEMENTS LIMITED
Registered Office :	904, 9th Floor, Krishna Apartment, Business Square, Netaji Subhash Pl. Pitampura, Delhi - 110034
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.02.1993
Com. Reg. No.:	55-219546
Capital Investment / Paid-up Capital :	Rs.12.929 Millions
CIN No.: [Company Identification No.]	U26959DL1993PLC219546
TAN No.: [Tax Deduction & Collection Account No.]	DELM19689F
PAN No.: [Permanent Account No.]	AABCM0054E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trading and Manufacturing of Organic and Inorganic chemicals.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 396000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has achieved fair profitability from its operation during the financial year 2013. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

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 DENIED

Management Non-Cooperative (Tel No.: 91-11-27355575)

LOCATIONS

Registered Office / Corporate Office :	904, 9th Floor, Krishna Apartment, Business Square, Netaji Subhash Pl. Pitampura, Delhi – 110034, India
Tel. No.:	91-11-27355575
Fax No.:	91-11-47069255
E-Mail :	rohit.goyal@mpcl.in info@mpcl.co.in
Website :	http://www.mpcl.co.in
Offices and Warehouses :	Located At: 605, Sai Samarth Business Park, Next to Wasan Motor Service Centre, Deonar Village Road, Mumbai – 400088, Maharashtra, India 601, A Wing, Shrikant Chamber, Near R.K Studio, Chembur (East), Mumbai – 400071, Maharashtra, India Tel. No.: 91-22-25202303 Fax No.: 91-22 25202304 47-48,Industrial Development Colony, Delhi Road, Hissar-125005, Haryana, India Tel. No.: 91-166-2220313 Fax No.: 91-166-2222390 New Delhi Bangalore Hamariya (Sharjah)
Overseas Office :	Located At : Hong Kong

DIRECTORS

As on 28.09.2013

Name :

Mr. Satpal Goyal

Designation :

Director

Address :

House No. 1919-P, Sector – 13 P, Hissar – 125005, Haryana, India

Date of Birth/Age :

26.11.1949

Date of Appointment :

15.02.1993

PAN No.:

ABCPG8257E

DIN No.:

00867556

Name :

Mr. Rohit Goyal

Designation :

Director

Address :

House No. 1919-P, Sector – 13 P, Hissar – 125005, Haryana, India

Date of Birth/Age :

17.06.1980

Date of Appointment :

25.03.2004

PAN No.:

AFPPG6512H

DIN No.:

01074848

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	U26959DL1993PLC219546	MANGALI PETROCHEM LIMITED	Director	25/03/2004	25/03/2004	-	Active	NO
2	U24100DL2011PLC214948	PACIFIC REFRIGERANTS LIMITED	Director	28/02/2011	28/02/2011	-	Active	NO

Name :

Mrs. Renu Goyal

Designation :

Director

Address :

House No. 1919-P, Sector – 13 P, Hissar – 125005, Haryana, India

Date of Birth/Age :

01.05.1964

Date of Appointment :

15.09.2005

PAN No.:

AAUPG0715G

DIN No.:

01074799

MAJOR SHAREHOLDERS

As on 28.09.2013

Names of Shareholders	No. of Shares
Satya Pal Goyal	667100
Rohit Goyal	145500
Shikha Goyal	80000
Vivek Goyal	25000
Renu Goyal	11100
Shaker Lal Goyal	1600
Somesh Chander Duggle	3950
Ratan Lal Jindal	100
Krishan Murari Goyal	100
Kusum Goyal	10000
Anil Kumar	4000
Bharat Bhushan	4000
Harish Chander	100
Manju Sharma	5850
Satya Prakash	100
Som Prakash	100
Omprakash Jindal	5100
Suresh Bansal	100
Sumesh Goyal	100
Laxmi Garg	100
Kishori Lal	100
J. C. Bansal	200
Naresh Bansal	500
Kailash Narain	100
Jawahar Lal and Sons, India	28000
Gulf Oil Tanking Private Limited, India	300000
Total	1292900

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2013

Category	Percentage
Bodies corporate	23.20
Directors or relatives of Directors	74.63
Other top fifty shareholders	2.17
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading and Manufacturing of Organic and Inorganic chemicals.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

• ING Vysya Bank Limited, Shop Nos G-57 and G-59, B-57, Agarwal City Plaza, Plot No.17, Dist. Centre, Sector 3, Rohini, Delhi - 110085, India
• HDFC Bank Limited
• Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr.
  Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	0.000	0.645
Short Term Borrowings
Loans repayable on demand from others	160.628	136.325
Total	160.628	136.970

Banking Relations :	--
Auditors :
Name :	PNG and Company Chartered Accountants
Address :	309, S-524, Aggarwal Complex, Main Vikash Marg, Shakarpur, New Delhi, India
PAN No.:	AAKFP0537F

CAPITAL STRUCTURE

As on 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1292900	Equity Shares	Rs.10/- each	Rs.12.929 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12.929	12.929	12.929
(b) Reserves & Surplus	67.842	53.739	41.715
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	18.300	10.000	0.000
Total Shareholders’ Funds (1) + (2)	99.071	76.668	54.644
(3) Non-Current Liabilities
(a) long-term borrowings	10.076	4.581	13.060
(b) Deferred tax liabilities (Net)	3.485	2.370	1.462
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	13.561	6.951	14.522
(4) Current Liabilities
(a) Short term borrowings	160.628	136.325	37.845
(b) Trade payables	87.265	69.573	68.148
(c) Other current liabilities	27.375	16.223	16.702
(d) Short-term provisions	1.415	2.750	1.097
Total Current Liabilities (4)	276.683	224.871	123.792
TOTAL	389.315	308.490	192.958
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	45.429	44.787	30.045
(ii) Intangible Assets	0.040	0.048	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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.985	1.710	0.654
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	47.454	46.545	30.699
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	118.477	101.143	60.024
(c) Trade receivables	175.965	123.934	88.433
(d) Cash and cash equivalents	24.499	14.475	4.192
(e) Short-term loans and advances	22.920	22.393	9.610
(f) Other current assets	0.00	0.000	0.000
Total Current Assets	341.861	261.945	162.259
TOTAL	389.315	308.490	192.958

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	1080.844	1003.677	1132.579
Less	EXPENSES		1056.030	981.773	1113.365
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		24.814	21.904	19.214
Less	DEPRECIATION/ AMORTISATION		4.050	3.103	2.378
	PROFIT/(LOSS) BEFORE TAX		20.764	18.801	16.836
Less	TAX		6.661	6.778	5.619
	PROFIT/(LOSS) AFTER TAX		14.103	12.023	11.217
	Earnings Per Share (Rs.)		10.91	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.30	1.20	0.99
Return on Total Assets (PBT/Total Assets}	(%)	5.24	6.09	8.73
Return on Investment (ROI) (PBT/Networth)		0.21	0.25	0.31
Debt Equity Ratio (Total Debt /Networth)		1.72	1.84	0.93
Current Ratio (Current Asset/Current Liability)		1.24	1.16	1.31

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	12.929	12.929	12.929
Reserves & Surplus	41.715	53.739	67.842
Net worth	0.000	10.000	18.300
	54.644	76.668	99.071
long-term borrowings
Short term borrowings	13.060	4.581	10.076
Total borrowings	37.845	136.325	160.628
Debt/Equity ratio	50.905	140.906	170.704

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	1,132.579	1,003.677	1,080.844
		(11.381)	7.688

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	1,132.579	1,003.677	1,080.844
Profit	11.217	12.023	14.103
	0.99%	1.20%	1.30%

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
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	10.076	3.936
Total	10.076	3.936

CORPORATE INFORMATION

The company was incorporated on 12th February 1993 vide certificate of incorporated dated 12th February 1993 issued by Registrar of Companies, NCT of Delhi to carry on the business of trading and manufacturing of Organic and inorganic chemicals.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10326148	02/04/2013 *	45,000,000.00	Yes Bank Limited	9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India	B73468126
2	10307439	10/12/2012 *	210,000,000.00	ING VYSYA BANK LIMITED	Shop Nos G-57 and G-59, B-57, Agarwal City Plaza, Plot No.17, Dist. Centre, Sector 3, Rohini, Delhi - 110085, India	B67386706
3	10307433	10/12/2012 *	210,000,000.00	ING VYSYA BANK LIMITED	Shop Nos G-57 and G-59, B-57, Agarwal City Plaza, Plot No.17, Dist. Centre, Sector 3, Rohini, Delhi - 110085, India	B67338020
4	10224092	23/04/2010	105,000,000.00	STANDARD CHARTERED BANK	10, Parliament Street, New Delhi, Delhi - 110001, India	A87172557

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.17
UK Pound	1	Rs.102.35
Euro	1	Rs.84.95

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		44

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.