MIRA INFORM REPORT

Report No. :	498348
Report Date :	17.03.2018

IDENTIFICATION DETAILS

Name :	CONTRACT RESOURCES PETROCHEM SERVICES (INDIA) PRIVATE LIMITED
Registered Office :	802, Windfall, Sahar Plaza, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra
Tel. No.:	91-22-65701556/ 8-57
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	17.12.1999
Com. Reg. No.:	11-123166
Capital Investment / Paid-up Capital :	INR 17.500 Million
CIN No.: [Company Identification No.]	U23200MH1999PTC123166
IEC No.: [Import-Export Code No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
PAN No.: [Permanent Account No.]	AABCC2454Q
Legal Form :	Private Limited Liability Company
Line of Business :	The Subject is engaged in the business of providing specialized contracting and technical services, know-how and expertise related to the maintenance of Refining, Petrochemical and other Heavy Industries in India. (Registered activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

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

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 1100000
Status :	Good
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1999. It is a wholly owned subsidiary of CR Asia Pte. Limited. As per the financial records of 2017, the company has achieved a fair profitability margin of 6.10% but has reported a decline in its revenue as compared to the previous year. The company possesses sound financial position marked by healthy net worth base along with favourable liquidity position. Business is active. Payment seems to be usually correct. In view of aforesaid, 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
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

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 31-03-2016.

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 17.03.2018.

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.

INFORMATION DENIED BY

Name :	Mr. Rohit Shetty
Designation :	Admin Executive
Contact No.:	91-9819040144
Date :	16.03.2018

Name :	Mr. Mukesh Jasani
Designation :	Finance Controller
Contact No.:	91-9167833841
Date :	16.03.2018

LOCATIONS

Registered Office :	802, Windfall, Sahar Plaza, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-65701556/ 8-57
Mobile No.:	91-9819040144 (Mr. Rohit Shetty) 91-9167833841 (Mr. Mukesh Jasani)
Fax No.:	91-22-28393049
E-Mail :	mjasani@crasia.net crai@crasia.net gshah@crasia.net crindia@crasia.net
Website :	http://www.crasia.net

DIRECTORS

As on 31.03.2017

Name :

Mr. Mark Stansfield

Designation :

Director

Address :

65 Morgan Street, Carnegie, Victoria, 3113, Australia

Date of Birth/Age :

15.11.1960

Date of Appointment :

29.09.2009

DIN No.:

02573531

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74900MH2016PTC273799	CRAN MANPOWER SOLUTIONS PRIVATE LIMITED	30/09/2016	-

Name :

Mr. Rathina Gunavel Rathinam

Designation :

Director

Address :

C-106, Oberoi Springs, off. Link road, Opposite Monginis Cake Factory, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

25.06.1965

Qualification :

MBA

Date of Appointment :

30.09.2013

DIN No.:

01688069

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74900MH2016PTC273799	CRAN MANPOWER SOLUTIONS PRIVATE LIMITED	02/03/2016	-

Name :

Mr. Jacobus Cornelis Smits

Designation :

Director

Address :

Alpen-5, 7007 L V, Doetinchem, 7007, Netherlands

Date of Birth/Age :

05.05.1959

Date of Appointment :

25.09.2014

DIN No.:

06721821

KEY EXECUTIVES

Name :	Mr. Rohit Shetty
Designation :	Admin Executive
Name :	Mr. Mukesh Jasani
Designation :	Finance Controller

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares
C R Asia Pte. Limited, Singapore	1749999
C R Asia (Singapore) Pte, Limited, Singapore	1
Total	1750000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2017

Category	Percentage
Promoter - Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Subject is engaged in the business of providing specialized contracting and technical services, know-how and expertise related to the maintenance of Refining, Petrochemical and other Heavy Industries in India. (Registered activity)

Products :

Item Code No.	Product Description
09	Mining support service aclivilies

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Not Divulged
Branch	--
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term borrowings
Term loan from Rabo Bank	20.000	0.000
Bank overdraft	63.185	0.000
Total	83.185	0.000

Note:

Term Loan has been taken from Cooperative Centrale Raiffeisen boerenleenbank, Mumbai (Rabo Bank) at rate of interest of 9.21% p.a, repayable on 1 year from date of first withdrawal or 26 June 2017, whichever is earlier.

Bank overdraft's carries interest in the range of 9% p.a. to 10% p.a.

Auditors :
Name :	Suresh Surana and Associates LLP Chartered Accountants
Address :	310, Ahura Centre, 82, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	ACLFS1562L
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	CR Asia PTE limited CIN No.: 199102026K
Enterprise in which Key management personnel has significant influence:	CRAN Manpower Solutions Private Limited
Fellow Subsidiaries :	CR Asia (Singapore) Pte. Limited CR Asia (Thailand) Co. Limited Contract Resources Petrochem (Malaysia) 3dn Bhd CR Asia Group ROH Limited

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	INR 10/- each	INR 25.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1750000	Equity Shares	INR 10/- each	INR 17.500 Million

FINANCIAL DATA

[all figures are in 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	17.500	17.500	17.500
(b) Reserves & Surplus	373.660	334.209	262.656
(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)	391.160	351.709	280.156
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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	6.035	1.109	0.791
Total Non-current Liabilities (3)	6.035	1.109	0.791
(4) Current Liabilities
(a) Short term borrowings	83.185	0.000	0.000
(b) Trade payables	156.739	45.039	118.710
(c) Other current liabilities	41.565	11.400	22.029
(d) Short-term provisions	9.678	12.053	2.276
Total Current Liabilities (4)	291.167	68.492	143.015
TOTAL	688.362	421.310	423.962
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	268.754	155.168	153.403
(ii) Intangible Assets	1.047	0.526	1.034
(iii) Capital work-in-progress	21.825	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)	6.728	4.299	8.293
(d) Long-term Loan and Advances	19.461	44.749	63.177
(e) Other Non-current assets	5.707	24.995	28.253
Total Non-Current Assets	323.522	229.737	254.160
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	13.405	0.000	0.000
(c) Trade receivables	146.950	77.834	35.549
(d) Cash and cash equivalents	38.184	30.029	37.810
(e) Short-term loans and advances	40.095	44.187	34.301
(f) Other current assets	126.206	39.523	62.142
Total Current Assets	364.840	191.573	169.802
TOTAL	688.362	421.310	423.962

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	646.223	656.794	421.310
	Other Income	9.067	7.826	13.764
	TOTAL	655.290	664.620	435.074
Less	EXPENSES
	Employees benefits expense	129.680	83.212	53.159
	Other expenses	425.679	440.254	294.437
	TOTAL	555.359	523.466	347.596
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	99.931	141.154	87.478
Less	FINANCIAL EXPENSES	4.083	1.178	0.160
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	95.848	139.976	87.318
Less/ Add	DEPRECIATION/ AMORTISATION	36.058	32.782	24.540
	PROFIT/ (LOSS) BEFORE TAX	59.790	107.194	62.778
Less	TAX	20.339	35.641	-8.293
	PROFIT/ (LOSS) AFTER TAX	39.451	71.553	71.071
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	210.398	138.845	67.774
	Balance Carried to the B/S	249.849	210.398	138.845
	EARNINGS IN FOREIGN CURRENCY
	Manpower supply services	2.213	5.941	0.506
	Equipment hiring	0.000	2.356	0.000
	Catalyst Services	0.000	0.000	5.353
	TOTAL EARNINGS	2.213	8.297	5.859
	IMPORTS
	Components and Stores parts	16.289	12.108	10.598
	Capital Goods	58.604	13.921	33.617
	TOTAL IMPORTS	74.893	26.029	44.215
	Earnings / (Loss) Per Share (INR)	22.54	40.89	42.24

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	51.964	30.024	26.440
Net cash flow from operating activity	69.654	28.053	9.953

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	83.00	43.25	30.80
Account Receivables Turnover (Income / Sundry Debtors)	4.40	8.44	11.85
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	0.00	0.00	0.00
Inventory Turnover (Operating Income / Inventories)	7.45	0.00	0.00
Asset Turnover (Operating Income / Net Fixed Assets)	0.34	0.91	0.57

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.42	0.16	0.34
Debt Equity Ratio (Total Liability / Networth)	0.21	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.74	0.19	0.51
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.75	0.44	0.55
Interest Coverage Ratio (PBIT / Financial Charges)	24.47	119.83	546.74

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	6.10	10.89	16.87
Return on Total Assets ((PAT / Total Assets) * 100)	%	5.73	16.98	16.76
Return on Investment (ROI) ((PAT / Networth) * 100)	%	10.09	20.34	25.37

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.25	2.80	1.19
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.21	2.80	1.19
G-Score Ratio Financial (Networth / Total Assets)	0.57	0.83	0.66
G-Score Ratio Debt (Debts / Equity Capital)	4.75	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.25	2.80	1.19

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

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	17.500	17.500	17.500
Reserves & Surplus	262.656	334.209	373.660
Share Application money pending allotment	0.000	0.000	0.000
Net worth	280.156	351.709	391.160
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	0.000	0.000	83.185
Total borrowings	0.000	0.000	83.185
Debt/Equity ratio	0.000	0.000	0.213

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	421.310	656.794	646.223
		55.893	(1.609)

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	421.310	656.794	646.223
Profit	71.071	71.553	39.451
	16.87%	10.89%	6.10%

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	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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
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	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

GENERAL INFORMATION

Subject ("the company") was incorporated on 17 December 1999 under the Companies Act, 1956 and has its registered office at 802, Windfall, Sahar Plaza, J B Nagar, Andheri (East), Mumbai - 400 059. The Company is engaged in the business of providing specialized contracting and technical services, know-how and expertise related to the maintenance of Refining, Petrochemical and other Heavy Industries in India.

STATE OF AFFAIRS

The Company is engaged in the business of providing specialized contracting and technical services, knowhow and expertise related to the maintenance of the Refining, Petrochemical and other Heavy Industries in India and Overseas. There has been no change in the business of the Company during the financial year ended 31st March, 2017

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Capital commitments (net of advances)	6.342	0.388
Disputed service tax liability	26.623	26.623

FIXED ASSETS

• Freehold Land
• Leasehold Improvement
• Buildings
• Plant and Equipment
• Furniture and Fixture and Fittings
• Computers
• Lased 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 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 64.93
UK Pound	1	INR 90.72
Euro	1	INR 80.32

INFORMATION DETAILS

Information Gathered by :	PNM
Analysis Done by :	NYT
Report Prepared by :	SUJ

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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

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.