MIRA INFORM REPORT

Report No. :	319202
Report Date :	25.04.2015

IDENTIFICATION DETAILS

Name :	HARISH PROCESSORS PRIVATE LIMITED (w.e.f. 29.04.2002)
Formerly Known As :	HARISH SCRAP PROCESSORS PRIVATE LIMITED
Registered Office :	Shed No. A-304-305, Marshalling Yard, Kandla Special Economic Zone, Gandhidham (Kutch) - 370201, Gujarat
Tel. No.:	91-2836-252436/ 252437/ 650888
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.05.1995
Com. Reg. No.:	04-025824
Capital Investment / Paid-up Capital :	Rs. 3.380 Million
CIN No.: [Company Identification No.]	U37100GJ1995PTC025824
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Calcium Carbonate and Master Batches.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payment terms are reported as slow but 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 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 DENIED BY

Name :	Mr. Bhikhalal
Designation :	Not Divulged
Contact No.:	91-2836-252436
Date :	24.04.2015

LOCATIONS

Registered Office/ Factory :	Shed No. A-304-305, Marshalling Yard, Kandla Special Economic Zone, Gandhidham (Kutch) - 370201, Gujarat, India
Tel. No.:	91-2836-252436/ 252437/ 650888
Fax No.:	91-2836-252438
E-Mail :	harishscrap@yahoo.com account@harishgroup.com info@harishgroup.com
Website :	http://www.harishgroup.com

DIRECTORS

As on: 30.09.2014

Name :

Mr. Harish Chandanbhai Chaturani

Designation :

Director

Address :

Plot No:92, Sector:1, Gandhidham-370201, Gujarat, India

Date of Birth/Age :

20.11.1959

Date of Appointment :

10.05.1995

DIN No.:

00626899

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	U37100GJ1995PTC025824	HARISH PROCESSORS PRIVATE LIMITED	Director	10/05/1995	10/05/1995	-	Active	NO
2	U35117GJ2007PTC050930	COASTAL SHIPPING AND MARINE SERVICES PRIVATE LIMITED	Director	24/05/2007	24/05/2007	-	Strike off	NO

Name :

Mr. Babulal Multanmal Nahta

Designation :

Director

Address :

Plot No.201, Ward-12B, Gandhidham - 370201, Gujarat, India

Date of Birth/Age :

10.10.1952

Date of Appointment :

10.05.1995

DIN No.:

01577957

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	U37100GJ1995PTC025824	HARISH PROCESSORS PRIVATE LIMITED	Director	10/05/1995	10/05/1995	-	Active	NO
2	U63022GJ1999PTC036927	JAYAMBE COLD STORAGE AND FOOD PROCESSING PRIVATE LIMITED	Whole-time director	25/11/1999	25/11/1999	15/11/2007	Active	NO
3	U14220GJ2000PTC038170	ASSOCIATED COMMODITIES PRIVATE LIMITED	Whole-time director	01/01/2002	01/01/2002	-	Strike off	NO
4	U24298GJ2010PTC059350	NAKODA FOODS PRIVATE LIMITED	Director	28/01/2010	28/01/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares	Percentage
Harish Chandanbhai Chaturani	150500	44.53
Babulal Multanmal Nahta	187500	55.47
Total	338000	100.00

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 :	Manufacturer and Exporter of Calcium Carbonate and Master Batches.
Products :	Calcium Carbonate Master Batches
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

• C.H. Wire Netting Works
• Dugar Plymers
• Uday Microns Private Limited
• A B Online
• Arihant Electrical
• Baba Enterprises
• Harish Khona and Company
• Mehta and Padamsey Private Limited
• Metro Security Services

Customers :

• Adinath International
• Aman Bijoux
• Al Watania Plastics
• D.S.m. International
• Mansa Creation
• Unique Implex

No. of Employees :

Not Divulged

Bankers :

• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India
• Corporation Bank, Gandhidham Branch, Mehta Chambers, Gandhidham, Gujarat, India
• Axis Bank
• State Bank of India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
HDFC Term Loan	0.047	0.614
Short-term borrowings
HDFC Bank limited Cash Credit	3.878	2.268
HDFC Bank Term Loan	0.567	0.453
Total	4.492	3.335

Short-term borrowings:

Cash credit loan secured by charge over present and future current assets of the company and personal guarantee of director shri chaturani and Shri Babulal nahate term loan is personality guaranteed by director harish chaturani. Total installments 36. Paid during the year 12 installments balance 14 installment payables.

Auditors :
Name :	Harish Khona and Company Chartered Accountants
Address :	Plot No,130, Sector – 3, Gandhidham – 370201, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABXPK4603R
Memberships :	Not Available
Collaborators :	Not Available
Entities over which there is a significant control:	Adinath International

CAPITAL STRUCTURE

As on 30.09.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs.10/- each	Rs. 5.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
338,000	Equity Shares	Rs.10/- each	Rs. 3.380 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	3.380	3.380	3.380
(b) Reserves & Surplus	12.668	12.033	11.479
(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)	16.048	15.413	14.859
(3) Non-Current Liabilities
(a) long-term borrowings	20.204	21.974	11.237
(b) Deferred tax liabilities (Net)	0.359	0.400	0.437
(c) Other long term liabilities	14.541	8.746	10.899
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	35.104	31.120	22.573
(4) Current Liabilities
(a) Short term borrowings	4.445	2.721	11.049
(b) Trade payables	2.400	1.954	10.978
(c) Other current liabilities	0.714	0.986	1.023
(d) Short-term provisions	1.900	0.000	0.527
Total Current Liabilities (4)	9.459	5.661	23.577
TOTAL	60.611	52.194	61.009
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.777	12.879	11.579
(ii) Intangible Assets	0.000	0.000	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	0.032	0.032	0.032
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.399	1.284	2.125
(e) Other Non-current assets	2.543	7.701	18.360
Total Non-Current Assets	16.751	21.896	32.096
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	17.020	9.375	19.295
(c) Trade receivables	12.692	13.778	1.969
(d) Cash and cash equivalents	5.846	3.853	2.985
(e) Short-term loans and advances	8.173	2.903	4.151
(f) Other current assets	0.129	0.389	0.513
Total Current Assets	43.860	30.298	28.913
TOTAL	60.611	52.194	61.009

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	202.880	191.744	111.480
Less	EXPENSES		195.670	189.236	107.373
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		7.210	2.508	4.107
Less/ Add	DEPRECIATION/ AMORTISATION		1.754	1.802	0.813
	PROFIT BEFORE TAX		5.456	0.705	3.294
Less	TAX		4.821	0.151	0.705
	PROFIT AFTER TAX		0.635	0.554	2.589
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	14.816	42.320	16.959
		Sales of Goods	125.571	83.339	80.187
	TOTAL EARNINGS		140.387	125.659	97.146
	IMPORTS
		Raw Materials	169.536	113.801	83.940
	TOTAL IMPORTS		169.536	113.801	83.940
	Earnings Per Share (Rs.)		1.88	1.64	8.00

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	9.01	1.35	5.40
Return on Investment (ROI) (PBT/Networth)		0.34	0.05	0.22
Debt Equity Ratio (Total Debt /Networth)		1.54	1.60	1.50
Current Ratio (Current Asset/Current Liability)		4.64	5.35	1.23

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	3.380	3.380	3.380
Reserves & Surplus	11.479	12.033	12.668
Net worth	14.859	15.413	16.048
long-term borrowings	11.237	21.974	20.204
Short term borrowings	11.049	2.721	4.445
Total borrowings	22.286	24.695	24.649
Debt/Equity ratio	1.500	1.602	1.536

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	111.480	191.744	202.880
		71.999	5.808

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	111.480	191.744	202.880
Profit	2.589	0.554	0.635
	2.32%	0.29%	0.31%

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	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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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

COMPANY OVERVIEW:

The company is engaged in the processing of plastic scrap for manufacturing of plastic agglomerates and also manufactures filler compound. The products of the company are sold in domestic and international market.

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loan and advance from related parties	20.157	21.360
Total	20.157	21.360

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10371271	30/06/2012	35,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, Maharashtra, INDIA	B55926141

* Date of charge modification

FIXED ASSETS:

• Land
• Building
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Computer
• Office Equipment

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.63.40
UK Pound	1	Rs.95.42
Euro	1	Rs.68.49

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	SUB
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.