MIRA INFORM REPORT

Report No. :	486288
Report Date :	15.01.2018

IDENTIFICATION DETAILS

Name :	GANESH BENZOPLAST LIMITED
Registered Office :	Dina Building, 1^st Floor, M.K. Road, Marine Lines (East), Mumbai – 400002, Maharashtra
Tel. No.:	91-22-22001928/ 28390694
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	15.05.1986
Com. Reg. No.:	11- 039836
Capital Investment / Paid-up Capital :	INR 57.060 Million
CIN No.: [Company Identification No.]	L24200MH1986PLC039836
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacture, export and import of premium range of specialty chemicals, food preservatives and Industrial lubricants. [Registered Activity]
No. of Employees :	154 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

D

Credit Rating	Explanation	Rating Comments
D	High Risk	Business dealing not recommended or on secured terms only

Status :	Sick company
Payment Behaviour :	Slow and delayed
Litigation :	Exists
Comments :	Subject was incorporated in the year 1986 and is engaged in the manufacture, export and import of premium range of specialty chemicals, food preservatives and Industrial lubricants. For the financial year 2017, the company has reported 1.10% dip in its revenue as compared to the previous year but has managed to maintain a fair profit margin of 10.80%. However, due to accumulated losses recorded in the past the net worth of the company has been fully eroded. Subject has been found under RBI defaulter’s list, the name of credit grantor is UTI Mutual Fund and the amount charged is INR 60.680 million dated 31-12-2007 but the current update of the same is not known. The management has registered case (Case No. 42/2009) with Board for Industrial and Financial Reconstruction (BIFR) under Sick Industrial Companies Act, 1985 and status for the order of rehabilitation proposal is shown as Declared Sick/ DRS Awaited. The Hon’ High Court of Delhi, vide judgment dated 4th December 2015, sanctioned the D.R.S. and the sanctioned scheme is under implementation. The company is in second year of implementation phase of sanctioned scheme. However, as per status in the Registrar of Companies, business appears to be active. Payments are reported to be slow and delayed. In view of aforesaid, dealings are recommended on fully safe and secured 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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name has been found enlisted as a defaulter in the publicly available RBI Defaulters’ list and the details of the same are as under :

Suit-filed accounts (Willful Defaulters) of INR 2.500 Million and above as on 15-Jan-2018

Borrowers details

Borrowers’ Name :	GANESH BENZOPLAST LIMITED
Address :	Ganesh House,Marol Naka, Off Andheri Kurla Road, Andheri East, Mumbai-400059, Maharashtra, India
Name of Individual :	D P S Jindani Kirti H Desai Manju Jain Ramakant Pilani Ramesh Pilani
Name of Credit Grantors / Bank & Branch:	UTI Mutual Fund, Mumbai, Maharashtra, India
Amount (INR In Million) :	INR 60.680 Million

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 15.01.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

LOCATIONS

Registered Office :	Dina Building, 1^st Floor, M.K. Road, Marine Lines (East), Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22001928/ 28390694
Mobile No.:	91-9321211403 (Mr. Arun Pandey)
Fax No.:	91-22-22001928
E-Mail :	mlgblml@gmail.com gbljbn@yahoo.com info@ganeshgroup.com shaileshpradhan2@yahoo.com anupdhav@ganeshgroup.com gbl@ganeshgroup.com info@gblinfra.com scp.office@gblinfra.com belapur.office@gblinfra.com jnpt@gblinfra.com
Website :	http://www.ganeshgroup.com http://www.ganeshbenzoplast.com http://www.gblinfra.com
Corporate Office 1:	Ganesh House, A-1/A-2, Grudutt Co-operative Housing Society Limited, Ajitnagar, Near Jankalyan Bank, J B Nagar, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-28390694
Corporate Office 1:	912 /B, Building No. 9, Solitaire Corporate Park, Andheri – Ghatkopar Link Road, Chakala, Andheri (East), Mumbai - 400 093, Maharashtra, India
Tel. No.:	91-22-61406000
Fax. No.:	91-22-28395612
Factory 1 :	Chemical Division: D-5/2 and D-21/2/2, M.I.D.C. Industrial Area, Tarapur, District Thane, Maharashtra, India
Factory 2 :	Infrastructure Division: Jawaharlal Nehru Port (JNPT), Bulk Road, Nhava Sheva, Navi Mumbai – 400 707, Maharashtra, India
Tel. No.:	91-22-27241011
Factory 3 :	Infrastructure Division: Terminal at Marmuga Port
Factory 4 :	Infrastructure Division: Plot No. A-1, A-2, A-3, South End, Willington Island, Near IOCL Petrol Pump, Cochin - 682029, Kerala, India
Tel. No.:	91-484-2669222
Fax No.:	91-484-2669222
E-Mail :	cochin@gblinfra.com

DIRECTORS

AS ON 31.03.2017

Name :	Rishi Ramesh Pilani
Designation :	Managing Director
Address :	Shanti Sadan, 10, JB Nagar, Andheri East Mumbai - 400059, Maharashtra, India
Date of Appointment :	18.10.2006
DIN No.:	00901627
Name :	Nalinakshan Sukumaran Kolangaradath
Designation :	Director
Address :	602, Charle Ville, A, Road, Churchgate, Mumbai - 400020, Maharashtra, India
Date of Appointment :	29.09.2015
DIN No.:	00006570
Name :	Raunak Ramakant Pilani
Designation :	Director
Address :	Shanti Sadan, 10, JB Nagar, Andheri East Mumbai - 400059, Maharashtra, India
Date of Appointment :	28.06.2008
DIN No.:	00932269
Name :	Rameshkumar Dhanraj Punjabi
Designation :	Director
Address :	5/3,Kondivita Chs, Mukund Nagar, Marol Pipe Lane, Mumbai 400059, Maharashtra, India
Date of Appointment :	13.02.2014
DIN No.:	03244442
Name :	Jagruti Chetan Gaikwad
Designation :	Director
Address :	Nagaon Uran Raigarh Raigarh - 400702, Maharashtra, India
Date of Appointment :	31.03.2015
DIN No.:	07177542

KEY EXECUTIVES

Name :	Ekta Dhanda
Designation :	Company Secretary
Address :	T-4, 74, Link Garden Towers, Near Millat Nagar, Yamuna Nagar, Andheri West, Mumbai- 400053, Maharashtra, India
Date of Appointment :	16.03.2015
PAN No.:	AGIPD8232F
Name :	Ramakant Shankarmal Pilani
Designation :	Chief Executive Officer
Address :	Shanti Sadan, 10, JB Nagar, Andheri East Mumbai - 400059, Maharashtra, India
Date of Appointment :	26.09.2015
PAN No.:	AABPP3390F
Name :	Ramesh Shankarmal Pilani
Designation :	Chief Finance Officer
Address :	Shanti Sadan, 10, JB Nagar, Andheri East Mumbai - 400059, Maharashtra, India
Date of Appointment :	30.05.2015
PAN No.:	AAYPP4034H

SHAREHOLDING PATTERN

AS ON DECEMBER 2017

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Promoter & Promoter Group	22276435	43.02
(B) Public	29507858	56.98
Grand Total	51784293	100.00

Statement showing shareholding pattern of the Promoter and Promoter Group

Category of Shareholder	No. of Shares	Percentage of Holding
A1) Indian		0.00
Individuals/Hindu undivided Family	4584667	8.85
Ramesh Shankarmal Pilani	1300000	2.51
Rishi Ramesh Pilani	753604	1.46
Sushila Ramesh Pilani	333333	0.64
Shankar Bijlani	500000	0.97
Ashok Goel	1000000	1.93
Sukesh Gupta	100000	0.19
Krishan K.Gupta	100000	0.19
Gul Kewalram Bijlani	117114	0.23
Dinesh P Thapar	380616	0.74
Any Other (specify)	17691768	34.16
Ganesh Risk Management Pvt.Ltd	4969546	9.60
Susram Financial Services & Realty Pvt.Ltd	10555555	20.38
Tarang Advisory Pvt. Ltd.	2166667	4.18
Sub Total A1	22276435	43.02
A2) Foreign		0.00
A=A1+A2	22276435	43.02

Statement showing shareholding pattern of the Public shareholder

Category of Shareholder	No. of Shares	Percentage of Holding
B1) Institutions		0.00
Alternate Investment Funds	171705	0.33
Foreign Portfolio Investors	224463	0.43
Financial Institutions/ Banks	108300	0.21
Sub Total B1	504468	0.97
B2) Central Government/ State Government(s)/ President of India		0.00
B3) Non-Institutions		0.00
Individual share capital upto INR 0.200 Million	19082956	36.85
Vishanji Shamji Dedhia	846360	1.63
Dalapatraj P Jain	827293	1.60
Individual share capital in excess of INR 0.200 Million	4803616	9.28
NBFCs registered with RBI	100	0.00
Any Other (specify)	5116718	9.88
Bodies Corporate	2810244	5.43
Clearing Members	947136	1.83
NRI – Non- Repat	916631	1.77
Kailash Agarwal	864900	1.67
NRI	227476	0.44
NRI – Repat	211631	0.41
Trusts	3600	0.01
Sub Total B3	29003390	56.01
B=B1+B2+B3	29507858	56.98

BUSINESS DETAILS

Line of Business :

Manufacture, export and import of premium range of specialty chemicals, food preservatives and Industrial lubricants. [Registered Activity]

Products / Services :

Name and Description of main products / services	NIC Code
Storage facilities and Cargo Handling	52241
Manufacturing of Organic and Inorganic chemicals	20119

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

154 (Approximately)

Bankers :

• Kotak Mahindra Bank Limited
• Central Bank of India
• HDFC Bank Limited
• ICICI Bank Limited
• IDBI Bank Limited

Banker Name :	Oriental Bank of Commerce
Branch :	--
Person Name (With Designation) :	--
Contact Number :	--
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 :	--

Facilities :

PARTICULARS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Bonds a) 0.49 Millions (Previous Year 0.74 Million) Zero Coupon Bond(ZCB) having face value of INR 100/- each	24.890	49.780
Term loans from Banks and Financial Institutions
From Banks	1347.540	1432.500
From Others	96.320	104.800
Other loans and advances
from Shareholders	189.700	190.300
from others	15.700	(1.660)
SHORT TERM BORROWINGS
Bank Overdraft	0.000	0.060
Other loans & advances	2.230	2.430
Total	1676.380	1778.210
NOTE: a) Company had issued 746,630 nos. of Zero coupon Bond (ZCB) having face value of INR 100 each for an aggregate of INR 74.66 Million to IFCI. The said ZCB are redeemable at par in remaining two equal installments of INR 24.88 Million each out of three equal annual installments on September 30, 2017 and September 30, 2018. These ZCB are interest free and non transferable. b) Term Loans from financial institutions include secured loan from Orinental Bank of Commerce and are secured by a first charge/ mortgage of all immovable properties both present and future and by a first charge by way of hypothecation of all movables (save and except book debts) including movable machinery spares, tools and accessories present and future and shall rank pari passu between one another. c) Secured loan availed from M/s Golden Agri Resources India Private Limited and M/s Resources Private Limited Against the construction of new storage tanks on the available land with Company to meet increasing demand of stoarge tanks at JNPT port. d) Unsecured borrowings also inculdes unsecured loan from Kotak Mahindra Bank Limited. Loans and advances from shareholders is from M/s Susram Financial Services & Realty Private Limited, as unsecured long term interest free loan.

Auditors :
Name :	Samaria and Company Chartered Accountants
Address :	2/E, Court Chambers, 35, New Marine Lines, Mumbai – 400020, Maharashtra, India
Tel No.:	91-22-22018158
Fax No.:	91-22-22066982
Email :	samriaco@gmail.com
Cost Auditor :	S K Agarwal and Associates Chartered Accountants
Solicitors :	Ashwani Dhatwalia and Company Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Enterprises owned or significantly influenced by key management personnel or their relatives:	Futuristic Offshore Services and Chemical Limited (Rockford Structures P Private Limited) Agarwal Chemicals Ganesh Investment and Financial Technics Private Limited Ganesh Vishal Infra Engineering Private Limited Stolt Rail Logistic Systems Limited (Formerly Infrastructure Logistic Systems Limited) Susram Financial Services and Realty Private Limited Agarwal Bulkactives Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
400 Million	Equity Shares	INR 1/- each	INR 400.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
51.78 Million	Equity Shares	INR 1/- each	INR 51.780 Million
	Share Forfeiture Account (1.05 Million Shares @ INR 5/- paid up)	INR 5/- each	INR 5.270 Million
	Total		INR 57.0600 Million

Reconciliation of the Equity shares outstanding at the beginning and at the end of the reporting period

Equity Shares	Number of Shares	Amount
At the beginning of the year	51.78	51.780
Issued during the period – Bonus issue	--	--
Issued during the period – ESOP	--	--
Outstanding at the end of the year	51.78	51.780

Terms/Rights attached to Equity shares

The Company has only one class of equity shares having par value of INR 1/- per share. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders

Details of equity shares held by shareholders holding more than 5% shares:

Name of Shareholder	Number of Shares	% holding
Equity shares of INR 1/- each fully paid
Susram Financial Services and Realty Private Limited	10.56	20.38%
Ganesh Risk Management Private Limited	4.97	9.60%

As per the of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and benefecial ownership of shares

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	57.060	57.060	57.060
(b) Reserves & Surplus	(290.820)	(418.370)	(899.970)
(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)	(233.760)	(361.310)	(842.910)
(3) Non-Current Liabilities
(a) long-term borrowings	1674.150	1775.720	2301.620
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	19.220	18.020	15.730
Total Non-current Liabilities (3)	1693.370	1793.740	2317.350
(4) Current Liabilities
(a) Short term borrowings	2.230	2.490	64.740
(b) Trade payables	526.320	433.320	405.010
(c) Other current liabilities	255.460	249.340	315.020
(d) Short-term provisions	5.320	4.080	3.140
Total Current Liabilities (4)	789.330	689.230	787.910
TOTAL	2248.940	2121.660	2262.350
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1501.680	1372.400	1401.540
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	28.050	150.920	21.360
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.240	0.220	0.220
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	178.990	139.200	237.850
(e) Other Non-current assets	29.420	5.300	0.000
Total Non-Current Assets	1738.380	1668.040	1660.970
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	55.790	26.760	50.540
(c) Trade receivables	212.730	181.350	171.860
(d) Cash and cash equivalents	15.950	27.710	56.640
(e) Short-term loans and advances	224.700	216.240	308.660
(f) Other current assets	1.390	1.560	13.680
Total Current Assets	510.560	453.620	601.380
TOTAL	2248.940	2121.660	2262.350

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	1181.150	1194.310	1222.660
	Other Income	35.310	11.780	3.360
	TOTAL	1216.460	1206.090	1226.020
Less	EXPENSES
	Cost of Materials Consumed	349.220	349.320	475.330
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(9.970)	10.110	7.630
	Employees benefits expense	84.910	74.770	65.260
	Other expenses	380.170	385.900	443.380
	Exceptional items	21.340	(359.050)	(103.740)
	TOTAL	825.670	461.050	887.860
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	390.790	745.040	338.160
Less	FINANCIAL EXPENSES	153.080	156.240	147.210
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	237.710	588.800	190.950
Less/ Add	DEPRECIATION/ AMORTISATION	110.170	107.190	190.160
	PROFIT/ (LOSS) BEFORE TAX	127.540	481.610	0.790
Less	TAX	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	127.540	481.610	0.790
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(1233.140)	(1714.740)	(1711.960)
	Write Off of Fixed Assets	0.000	0.000	(3.570)
	Balance Carried to the B/S	(1105.590)	(1233.140)	(1714.740)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	31.500	49.630	48.800
	TOTAL EARNINGS	31.500	49.630	48.800
	IMPORTS
	Capital goods	0.000	2.320	3.720
	TOTAL IMPORTS	0.000	2.320	3.720
	Earnings / (Loss) Per Share (INR)	2.88	2.37	0.02

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	131.270	163.080	172.730
Cash generated from operations	(6.930)	183.350	11.800
Net cash flow from/ (used in) operating activities	388.150	417.190	26.970

QUARTERLY RESULTS

Particulars	30.06.2017 (Unaudited)	30.09.2017 (Unaudited)
	1^st Quarter	2nd Quarter
Net sales	360.460	387.640
Total Expenditure	240.620	259.860
PBIDT (Excluding Other Income)	119.840	127.780
Other income	0.620	1.330
Operating Profit	120.460	129.110
Interest	23.480	22.650
Exceptional Items	(1.180)	(0.590)
PBDT	95.800	105.860
Depreciation	28.120	28.400
Profit Before Tax	67.680	77.460
Tax	NA	NA
Provisions and contingencies	NA	NA
Profit after tax	67.680	77.460
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	67.680	77.460

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	65.74	55.42	51.31
Account Receivables Turnover (Income / Sundry Debtors)	5.55	6.59	7.11
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	550.10	452.77	311.00
Inventory Turnover (Operating Income / Inventories)	7.00	27.84	6.69
Asset Turnover (Operating Income / Net Fixed Assets)	0.26	0.49	0.24

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	1.15	1.24	1.44
Debt Equity Ratio (Total Liability / Networth)	(7.73)	(5.37)	(3.01)
Current Liabilities to Networth (Current Liabilities / Net Worth)	(3.38)	(1.91)	(0.93)
Fixed Assets to Networth (Net Fixed Assets / Networth)	(6.54)	(4.22)	(1.69)
Interest Coverage Ratio (PBIT / Financial Charges)	2.55	4.77	2.30

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	10.80	40.33	0.06
Return on Total Assets ((PAT / Total Assets) * 100)	%	5.67	22.70	0.03
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(54.56)	(133.30)	(0.09)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.65	0.66	0.76
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.58	0.62	0.70
G-Score Ratio Financial (Networth / Total Assets)	(0.10)	(0.17)	(0.37)
G-Score Ratio Debt (Debts / Equity Capital)	31.68	34.02	44.50
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.65	0.66	0.76

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 1/-
Market Value	INR 99.20/-

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	57.060	57.060	57.060
Reserves & Surplus	(899.970)	(418.370)	(290.820)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(842.910)	(361.310)	(233.760)
Long-Term Borrowings	2301.620	1775.720	1674.150
Short Term Borrowings	64.740	2.490	2.230
Current Maturities of Long term debt	172.730	163.080	131.270
Total borrowings	2539.090	1941.290	1807.650
Debt/Equity ratio	(3.012)	(5.373)	(7.733)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	1222.660	1194.310	1181.150
		(2.319)	(1.102)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	1222.660	1194.310	1181.150
Profit	0.790	481.610	127.540
	0.06%	40.33%	10.80%

LEGAL CASES

CASE DETAILS

BENCH:-BOMBAY

Presentation Date:-				17/03/2017
	Lodging No.:-	NMCDL/124/2017	Filing Date:-	17/03/2017	Reg. No.:-	NMCD/368/2017	Reg. Date:-	18/07/2017

Main Matter

Lodging No.:-

CARBPL/148/2017

Petitioner:-

BHARAT PETROLEUM CORPORATION LIMITED AND ANR

Respondent:-

M/S. GANESH BENZOPLAST LIMITED

Petn.Adv.:-

VIDHI PARTNERS (I755)

District:-

MUMBAI

Bench:-	SINGLE
Status:-	Pre-Admission	Category:-	NOTICE OF MOTIONS IN COMMERCIAL DIVISION MATTERS

Last Date:-

06/12/2017

Stage:-

FOR PRODUCTION

Last Coram:-

HON'BLE SHRI JUSTICE M.S. SANKLECHA

Act :-

Arbitration and Conciliation Act 1996

CASE DETAILS

BENCH:-BOMBAY

Presentation Date:-				17/03/2017
	Lodging No.:-	NMCDL/125/2017	Filing Date:-	17/03/2017

Lodging No.:-

CARBPL/148/2017

Petitioner:-

BHARAT PETROLEUM CORPORATION LIMITED AND ANR

Respondent:-

M/S. GANESH BENZOPLAST LIMITED

Petn.Adv.:-

VIDHI PARTNERS (I755)

District:-

MUMBAI

Bench:-	SINGLE
Status:-	Pre-Admission	Category:-	NOTICE OF MOTIONS IN COMMERCIAL DIVISION MATTERS

Act :-

Arbitration and Conciliation Act 1996

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	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
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)	No
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	Yes
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	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION

The Company is in business of providing conditioned storage facilities for bulk liquids and chemicals at various ports in India and in the business of manufacture, export and import of premium range of specialty chemicals, food preservatives and Industrial lubricants.

BUSINESS OVERVIEW

The Revenue for the year is INR 1181.150 Million (previous year INR 1,194.310 Million). The Profit before Tax for the year rose to INR 148.890 Million. (Previous year INR 122.560 Millions) excluding exceptional items, with an increase of 21.48%. The total net profit during the year recorded to INR 127.540 Million.

Basic and diluted Earning per share (EPS) computed in accordance with the accounting Standard was INR 2.88 per shares as against INR 2.37 per share for the previous year (before Exceptional Items).

BUSINESS OUTLOOK AND EXPANSION

The oil, gas and chemical logistics business will continues to show good potential in India due to increase in import and export of oil products, chemicals and LPG.

The Company will take advantage of this growth by maximum Capacity utilization at all the three terminals and operating its newly expanded capacity at JNPT in the Current Financial year 2017-18.

The Company has also received certain Statutory approvals for setting up of LPG storage tanks at its

Goa terminal and the Company would actively pursue for the development of LPG storage tanks at its Goa facility in the coming years.

The Company is also getting job contracts or Turnkey contracts for specific projects and presently, the

Company is handling job contract at Kandla. Under Chemical division also the Company is taking various steps to improve the sales along with cost conservation measures to improve profitability.

MANAGEMENT DISCUSSION AND ANALYSIS

OVERVIEW

The financial year 2016-17 was another challenging and a difficult period for the world economy owing to change in leadership in some of the leading global economies, US presidential elections, missile and nuclear testing by North Korea, tension at Indo-Pak Border resulting in serious impact on Global economy. Global economy growth was 3.1% in 2016 and is expected to grow to 3.4% in 2017 and 3.6% in 2018 as per IMF forecast The Indian Economy has sustained a macro-economic environment of relatively lower inflation, fiscal discipline and moderate current account deficit coupled with broadly stable rupee-dollar exchange rate. The Demonetization of Indian Currency in November 2016 had an impact in the market and created slump in GDP but the situation has started reversing. The GDP of India is expected to be 7.2%in 2016-17 as against 7.6% in 2015-16. The economic growth is expected

to be in the range of 6.75% to 7.25% in the financial year 2017-18 with implementation of GST reforms,

growing digitization, the post-demonetization year, good monsoons and other structural reforms.

INDUSTRY STRUCTURE AND DEVELOPMENTS

The Company operates in two divisions namely, Liquid Storage Terminal and Chemical manufacturing division.

LIQUID STORAGE TERMINAL DIVISION

Liquid Storage Terminal division provides storage tanks which are leased on rent for storing liquid chemicals, acids, phenol, oil products, petrochemicals, molasses, edible oils etc. The Company provides complete storage and handling solutions at 3 terminals namely JNPT (Nhava Sheva), GOA AND COCHIN, which require specialized infrastructure at terminals such as specialized berths, firefighting equipment, pipelines, transit storage and handling facilities and above all, safe and environmentally responsible handling practices. In LST division, the Company has a combined storage capacity of more than 3,00,000 KL, for storage of all types of Liquid Products such as ‘A’, ‘B’, and ‘C’ class liquids. Future growth in LST division will come from the new capacity being built at Cochin terminal. The LST Division of the Company has recently received the approvals for commercial utilisation of newly expanded capacity at JNPT and as per the Management view the impact of this on the revenue generation will be fully reflected from the second quarter of the current financial year.

The Company has also received certain statutory approvals for setting up a LPG terminal at its Goa facility and the Company will pursue for setting up LPG storage tanks in the next two years time.

The Company is continuously upgrading its storage facilities by regular refurbishment of tanks and pipelines.

CHEMICAL MANUFACTURING DIVISION

Under Chemical Division, the Company is engaged in manufacturing and exporting wide range of food preservatives, lubricant additives, specialty Chemicals. GBL products are used in food and beverage, paints, automobile, pharmaceutical, lubricants industries etc. The Company markets its products through distributors in Africa, North America, North Europe, India, Australia, and the Middle East. GBL is headquartered in Mumbai, Maharashtra, India.

The Company is the only manufacturer of pure Benzoic Acid and its Derivatives like Sodium Benzoate well known food preservative and Benzoplast a Specialty plasticizer which is a superior plasticizer as compared with other plasticizers. Sodium Benzoate and Benzoic Acid have huge demand in International Markets. They have been able to achieve nearly 65% share in the Taiwanese market for their Petroleum Sulfonates. This financial year, the Company will be able to capturethe 100% of the Taiwanese market for their Sulfonates range. Couple of trail shipments has been done to Puerto Rico, where they are awaiting for Good business. They have also explored the Chinese market and this year they will be able to make roads and start sizeable Business. They have been continuously working on the profitability. During the year, they have been able to improve the purchase prices, which has resulted in substantial cost reduction, in turn improved the profitability.

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED

(INR IN MILLION)

Particulars	Quarter ended		Half year
	30.09.2017 (Unaudited)	30.06.2017 (Unaudited)	30.09.2017 (Unaudited)
Income from Operations
Net sates/income from operations (Net of excise duty)	387.640	360.460	748.100
Other Operating Income	1.300	0.620	1.940
Total income from operations (net)	388.970	361.080	750.050
Expenses
Cost of materials consumed	142.96	109.730	252.690
Purchases of stock-in trade	0.000	0.000	0.000
Changes in inventories of finished goods. work-in-progress and stock in trade	(8.810)	4.950	(3.850)
Employee benefits expense	26.160	21.610	47.760
Finance Cost	22.650	23.480	46.130
Depreciation and Amortization Expenses	28.400	28.120	56.52
Other Expenses	99.550	104.340	203.890
Total expenses	310.920	292.230	603.140
Profit/ (Loss) from ordinary activities after finance cost but before exceptional items	78.050	68.850	146.900
Exceptional items	(0.590)	(1.180)	(1.770)
Profit/ (Loss) from ordinary activities before tax	77.460	67.670	145.130
Tax expenses	(0.890)	0.000	0.000
Net Profit / (Loss) for the period	76.570	67.670	145.130
Other comprehensive income /(expenses) net of taxes
Re-measurement gains / (Losses)	(0.890)	0.000	(0.890)
Total comprehensive income for the year net of tax	76.570	67.670	144.240
Paid up equity share capital (Face Value of INR 1/-each)	51.780	51.780	51.780
Earnings per share
(a) Basic	1.48	1.31	2.79
(b) Diluted	1.48	1.31	2.79

NOTE:

1. The above statements has been prepared in accordance with the Companies(Indian Accounting Standards)Rules, 2015(Ind AS) prescribed under Section 133 of the Companies act, 2013 and other recognised accounting practices and policies to the extent applicable.

2. Figures for the previous periods have been regrouped wherever required to make them comparable with those of current period.

3. The results of the quarter and six months ended September 30, 2017 are reviewd and recommended by Audit Committee and approved by the Board of Directors at their respective meetings held on October 17, 2017 and subjected to limited Review by the statutory Auditor.

SEGMENT WISE REVENUE, RESULT AND CAPITAL EMPLOYED

Particulars	Quarter ended		Half year
	30.09.2017 (Unaudited)	30.06.2017 (Unaudited)	30.09.2017 (Unaudited)
1. Segment Revenue
Cement Division	172.090	150.120	322.200
LST Division	215.560	210.340	425.900
Total Segment Revenue	387.640	360.460	748.100
Less : Inter Segment Revenue	0.000	0.000	0.000
Net Sales/ Income from Operations	387.640	360.460	748.100
2. Segment Result (Profit before Interest and Tax)
Cement Division	(18.690)	(18.720)	(37.410)
LST Division	118.070	110.430	228.500
Total	99.380	91.710	191.090
Less : Finance Cost	(22.650)	(23.480)	(46.130)
Add: Un- allocable Income	1.33	0.620	1.940
Exceptional Income/ (Expenses)/ Prior Period Expenditure	78.050	68.850	146.900
Exceptional Income/ (Expenses)	(0.590)	(1.180)	(1.770)
Total Profit before Tax	77.460	67.670	145.130
Less : Tax Expenses	0.000	0.000	0.000
Total Profit After Tax	77.460	67.670	145.130
3. Capital Employed
Cement Division	(47.700)	(9.060)	(47.700)
LST Division	1376.840	1291.870	1376.840
Total Capital Employed in Segment	1329.150	1282.810	1329.150
Add : Unallocable corporate Assets less Liability	236.010	220.610	236.010
Total Capital Employed in the Company	1565.160	1503.420	1565.1600

STATEMENT OF ASSETS OF LIABILITIES

SOURCES OF FUNDS	30.09.2016 (Unaudited)
ASSETS
Non-current assets
Tangible assets	1465.710
Capital work in progress	67.530
Non-current investment	7.740
Deferred tax assets	0.000
Loans terms loans and advances	263.680
Other non-current assets	32.470
	1837.120
Current assets
Inventories	54.210
Trade receivables	282.390
Cash and bank balances	13.100
Short term loans and advances	252.940
Other current assets	1.300
Total Current Assets	603.940
TOTAL	2441.060
EQUITY AND LIABILITIES
Shareholders' Funds
Share Capital	57.060
Reserves and Surplus	(146.730)
Total Shareholders’ Funds	(89.670)
Non-Current Liabilities
long-term borrowings	1620.080
long-term provisions	12.270
Total Non-current Liabilities	1632.350
Current Liabilities
Short term borrowings	2.230
Trade payables	579.080
Other current liabilities	304.800
Short-term provisions	12.270
Total Current Liabilities	898.380
TOTAL	2441.060

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G47001276	100086945	ORIENTAL BANK OF COMMERCE	01/03/2017	12/05/2017	-	450000000.0	LARGE CORPORATE BRANCH, 14TH FLOORMAKER TOWER, CUFFE PARADEMUMBAIMH400005IN
2	C82500166	10627988	K.N.RESOURCES PRIVATE LIMITED	23/02/2016	-	-	40000000.0	K.N.BUILDING,SUBHASH ROAD,RAMSAGARPARA,RAIPUR.CT492001IN
3	C81456154	10625382	GOLDEN AGRI RESOURCES (INDIA) PRIVATE LIMITED	12/02/2016	-	-	40000000.0	C/O. KJ & ASSOCIATES, 211-A, 2ND FLOOR, TRIVENICOMPLEX, E-10-12, JAWAHAR PARK, LAXMI NAGAR,DELHIDL110092IN
4	C81370942	10625245	K.N.RESOURCES PRIVATE LIMITED	12/02/2016	-	-	40000000.0	K.N.BUILDING,SUBHASH ROAD,RAMSAGARPARA,RAIPUR.CT492001IN
5	G31697568	10402341	CENTRAL BANK OF INDIA	04/01/2013	28/12/2016	-	41000000.0	FIRST FLOOR, DINA BUILDING53, M K ROAD, MARINE LINESMUMBAIMH400002IN
6	G03406220	10310946	CENTRAL BANK OF INDIA	17/08/2011	04/04/2016	-	15000000.0	DINA BUILDING, FIRST FLOORM K ROAD, MARINE LINES,MUMBAIMH400002IN
7	Y10329736	90226945	STATE BANK OF INDIA	23/05/1997	08/02/1999	-	25560000.0	SACURITIES AND SERVICES DIVISIN;MUMBAI MAIN BUILDING; MUMBAI SAMACHAR MARGMUMBAIMH400023IN
8	Z00580070	80047477	IFCI	12/02/1992	06/01/1999	-	10000000.0	IFCI TOWER, 61 , NEHRU PLACE,NEW DELHIDL110019IN
9	G41977984	80047480	KOTAK MAHINDRA BANK LIMITED	07/11/1997	05/06/2015	21/04/2017	2135463572.0	27BKC, C 27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (E),MUMBAIMH400051IN
10	G41978933	80047476	KOTAK MAHINDRA BANK LIMITED	06/07/1998	05/06/2015	21/04/2017	2135463572.0	27BKC, C 27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (E),MUMBAIMH400051IN

CONTINGENT LIABILITIES AND LEGAL CASES

PARTICULARS	31.03.2017 INR In Million	31.03.2016 INR In Million
Claims filed by Sixteen parties before different courts against company not acknowledge as Debt including the claim partly acknowledged.	91.820	94.880
Claim for delayed interest (disputed) made by three parties	9.440	9.440
Claim by one co-op bank by filing recovery suits in respect of guarantees alleged to have been issued by company	11.010	22.320
Claim of The State Trading Corporation Ltd in respect of unrealized exports bills of The State Trading Corporation Ltd	113.500	113.500
Claim of Jawaharlal Nehru Port Trust (Under Arbitration) & Marmugao Port Trust in legal dispute	Amount Indeterminate	Amount Indeterminate
Income Tax demand (Pertains to interest charged u/s 234A/B/C and 220(2) of I.T. Act 1961) in respect of Assessment Year 1999-00 and 2000-01. In this respect the company has approached to BIFR for waiver of overall interest and looking in to company’s financial crisis our requestwill likely to be accepted	28.210	28.210
Sales tax contingent demand is in appeal before Joint Commissioner of Sales tax	50.000	50.000

FIXED ASSETS:

• Freehold Land
• Leasehold Land
• Buildings
• Plant and Machinery
• Storage Tanks
• Residential Flats
• Office Premises
• Furniture And Fixtures
• Office Equipments
• Vehicles
• Computer

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 records 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	INR
US Dollar	1	INR 63.53
UK Pound	1	INR 86.05
Euro	1	INR 76.53

INFORMATION DETAILS

Analysis Done by :	PRY
Report Prepared by :	KVT

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.