MIRA INFORM REPORT

Report No. :	346321
Report Date :	26.10.2015

IDENTIFICATION DETAILS

Name :	SHINSUNG PETROCHEMICAL PRIVATE LIMITED
Registered Office :	No. F-24, SIPCOT Industrial Complex, Gummidipoondi, Thiruvallur - 601201, Tamil Nadu
Tel. No.:	91-44-42693382
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.03.2010
Com. Reg. No.:	18-074860
Capital Investment / Paid-up Capital :	Rs. 314.611 Million
CIN No.: [Company Identification No.]	U23200TN2010FTC074860
IEC No.:	0410022063
TAN No.: [Tax Deduction and Collection Account No.]	CHES34748A
PAN No.: [Permanent Account No.]	AANCS9450N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automobile Products and Refined Petroleum Products.
No. of Employees :	50 (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 :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of “Shinsung Petrochemicals Company Limited “Korea. The company had incurred continuous losses from its operations, which has eroded the networth of the company in FY14. Further, the company has taken additional external borrowings in the year under consideration. However, trade relations are fair. Business is active. Payment terms are reported reported to be slow. In view of limited track record along with the continuous losses, however due to foreign parent support, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Madhan Kumar
Designation :	Sales Manager
Contact No.:	91-9094061413
Date :	21.10.2015

LOCATIONS

Registered Office :	No. F-24, SIPCOT Industrial Complex, Gummidipoondi, Thiruvallur - 601201, Tamil Nadu, India
Tel. No.:	91-44-42693382
Mobile No.:	91-9094061413 (Mr. Madhan)
Fax No.:	91-44-42026453
E-Mail :	arkrishnanca@gmail.com finance@shinsungindia.com
Website :	www.shinsungindia.com
Location :	Owned
Locality :	Industrial

DIRECTORS

AS ON 31.03.2015

Name :``	Mr. Jin Woo Kim
Designation :	Director
Address :	Cheong Gu Villa, 202 -201 52, Bundangdong – Gu, Seongnam – Si, Gyeonggi DO – 463831, Korea Republic of
Date of Birth/Age :	09.08.1968
Date of Appointment :	26.08.2011
DIN No.:	03137732

Name :	Mr. Jin Sang Kim
Designation :	Director
Address :	World Merdian Villa, 101,138, Bundanf – Dong, Bundangdong – Gu, Seongnam – Si, Gyeonggi DO – 463832, Korea Republic of
Date of Birth/Age :	15.07.1972
Date of Appointment :	26.08.2011
DIN No.:	03137750

Name :	Mr. Weon Suk Choi
Designation :	Managing Director
Address :	Useong Apartment. 230-202, 54, Junganggongwon-Ro, Bundang-Gu, Seongnam-Si, Gyeonggi-Do, South Korea, 463823, Korea, Republic Of
Date of Birth/Age :	30.04.1965
Date of Appointment :	16.07.2014
DIN No.:	06934224

KEY EXECUTIVES

Name :	Mr. Madhan Kumar
Designation :	Sales Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 08.08.2014

Names of Shareholders	No. of Shares
Mr. Jin Sang Kim	1
Lee Sang Hee	1
Shinsung Petrochemical Company Limited	3146109
Total	3146111

Equity Share Break up (Percentage of Total Equity)

AS ON 08.08.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Automobile Products and Refined Petroleum Products.
Products :	Automobile Products Refined Petroleum Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Raw Materials
Countries :	Korea Japan Malaysia Taiwan
Terms :
Selling :	Cash and Credit (30/60/90 Days)
Purchasing :	Cash and Credit (30/60/90 Days)

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers, Retailers, End Users and OEM’s

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

No. of Employees :

50 (Approximately)

Bankers :

Bank Name	Citi Bank
Branch	Anna Salai, Chennai, Tamil Nadu, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

--

Auditors :
Name :	A.R.Krishnan and Associates Chartered Accountants
Address :	Flat No.SF-2, Lokesh Towers, No.37 (Old No.18), Kodambakkam High Road, Nungambakkam, Chennai-600034, Tamil Nadu, India.
PAN No. of Auditors Firm:	AAIFA4066G
Memberships :	Not Divulged
Collaborators :	Not Divulged
Subsidiaries :	Shinsung Petrochemicals Company Limited, Korea

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital : Rs. 200.000 Million

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.100/- each	Rs. 200.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 192.811 Million.

No. of Shares	Type	Value	Amount
1928111	Equity Shares	Rs.100/- each	Rs. 192.811 Million

AS ON 08.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3,200,000	Equity Shares	Rs.100/- each	Rs. 320.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,146,111	Equity Shares	Rs.100/- each	Rs. 314.611 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	192.811	192.811	84.811
(b) Reserves and Surplus	(194.828)	(173.187)	(81.035)
(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)	(2.017)	19.624	3.776
(3) Non-Current Liabilities
(a) long-term borrowings	175.950	175.950	175.950
(b) Deferred tax liabilities (Net)	2.817	1.453	1.453
(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)	178.767	177.403	177.403
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	266.631	198.001	145.082
(c) Other current liabilities	15.210	1.883	3.702
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	281.841	199.884	148.784
TOTAL	458.591	396.911	329.963
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	192.948	193.622	199.374
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	192.948	193.622	199.374
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	53.984	76.654	45.114
(c) Trade receivables	90.544	81.875	49.798
(d) Cash and cash equivalents	103.536	5.235	2.332
(e) Short-term loans and advances	17.579	39.525	33.345
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	265.643	203.289	130.589
TOTAL	458.591	396.911	329.963

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL SALES	NA	NA	NA
Less	TOTAL EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	NA	NA	NA
Less	TAX	NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX	(21.641)	(92.153)	(67.618)
	EARNINGS / (LOSS) PER SHARE (RS.)	(6.88)	(47.79)	(35.07)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Cash generated from (Used) operations	NA	NA	NA
Cash generated from Operating Activities	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(4.72)	(23.22)	(20.49)
Return on Investment (ROI) (PBT/Networth)		10.73	(4.70)	(17.91)
Debt Equity Ratio (Total Debt /Networth)		(87.23)	8.97	46.60
Current Ratio (Current Asset/Current Liability)		0.94	1.02	0.88

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	84.811	192.811	192.811
Reserves and Surplus	(81.035)	(173.187)	(194.828)
Net worth	3.776	19.624	(2.017)
long-term borrowings	175.950	175.950	175.950
Short term borrowings	0.000	0.000	0.000
Total borrowings	175.950	175.950	175.950
Debt/Equity ratio	46.597	8.966	(87.234)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	No
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from related parties	175.950	175.950
Total	175.950	175.950

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS

• Land and Building
• Furniture’s and Fixtures
• Office Equipment
• Computer
• 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. 64.88
UK Pound	1	Rs. 99.89
Euro	1	Rs. 72.06

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KIN
Report Prepared by :	SYL

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--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		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 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.