MIRA INFORM REPORT

Report Date :

27.06.2008

IDENTIFICATION DETAILS

Name :	OILCO SERVICES INDIA LIMITED
Registered Office :	112/113, Udyog Bhuvan, Sonawala Lane, Goregaon [East], Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	30.08.1999
Com. Reg. No.:	121514
CIN No.: [Company Identification No.]	L74999MH1999PLC121514
TAN No.: [Tax Deduction & Collection Account No.]	MUMO01947B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Construction of Petrol Pumps

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 370000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. General financial position is satisfactory. Trade relations are fair. Business is active. Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

INFORMATION PARTED BY

Name :	Mr. Amog Deshpande
Designation :	Accounts Managers
Date :	08.05.2008
Name :	Mr. Heman Jhavery
Designation :	Accounts Managers in Services Department
Date :	08.05.2008

LOCATIONS

Registered Office :

112/113, Udyog Bhuvan, Sonawala Lane, Goregaon [East], Mumbai – 400063, Maharashtra, India

Tel. No.:

91-22-24017569 / 24093358

Fax No.:

91-22-24093572

E-Mail :

headoffice@oilco-services.com

sales@oilcoservices.com

h_jhavery@oilco-services.com

Website :

http://www.oilco-services.com

Location :

Rented

Head Office :

8, Suleman Chambers, 1st Floor, 4 Battery Street, Colaba, Mumbai – 400039, Maharashtra, India

Tel. No.:

91-22-2202-8037

Fax No.:

91-22-2202-8591

Regional Office – North :

A-2, Phase-II, 1st & 2nd Floor, DDA Shed Complex, Okhla, Industrial Area, New Delhi – 110020

Tel. No.:

91-11-2638-5026 / 2638-5023

Fax No.:

91-11-4109-9990

E-Mail :

delhi@oilco-services.com

Regional Office – West :

39/44, Scheme 6, Road 2, Sion (E), Mumbai – 400022

Tel. No.:

91-22-2404-2645

Fax No.:

91-22-2404-5886

E-Mail :

mumbai@oilco-services.com

Regional Office – South :

No. 298/3, First Floor, Jawaharlal Nehru Salai, Next to BSNL Telephone exchange, Ashok Nagar, Chennai - 600 083

Tel. No.:

91-44-2371-4055

Fax No.:

91-44-2371-4056

E-Mail :

chennai@oilco-services.com

Regional Office – East

4/5, Russa Road (South), 1^st Lane, 1st Floor, Kolkata - 700033

Tel. No.:

91-33-2472-4304

Fax No.:

91-33-2422-3638

E-Mail :

kolkata@oilco-services.com

Branches :

Located at :

State	Service Center
Delhi :	Delhi
J&K :	Jammu
Punjab :	Chandigarh
	Jalandhar
Haryana :	Hisar
Rajasthan :	Jaipur
	Udaipur
	Jodhpur
	Kota
Uttar Pradesh :	Lucknow
	Agra
	Bareilly
	Kanpur
	Allahabad
	Jhansi
Maharashtra :	Mumbai
	Pune
	Solapur
	Akola
	Nagpur
	Nasik
	Aurangabad
Gujarat :	Ahmedabad
	Surat
	Rajkot
Madhaya Pradesh :	Bhopal
	Indore
	Jabalpur
Chattisgarh :	Bhilai
Goa :	Panjim
Tamil Nadu :	Chennai
	Salem
	Madurai
	Coimbatore
Andhra Pradesh :	Hyderabad
	Vishakhapatnam
	Vijaywada
	Cuddapah
	Warangal
	Kurnool
Karnataka :	Bangalore
	Mangalore
	Davangere
	Belgaum
Kerala :	Kochi
West Bengal :	Kolkata
	Siliguri
	Asansol
Bihar :	Patna
Jharkhand :	Jamshedpur
	Hazaribagh
	Daltonganj
Orissa :	Cuttack
	Behrampur
	Balasore
	Sambalpur
North East :	Guwahati

DIRECTORS

Name :	Mrs. Jagruti Rasik Shah
Designation :	Director
Address :	6-b, Brighton No. 2, Off Napeansea Road, Rungta Lane, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	19.09.1943
Date of Appointment :	30.08.1999
Name :	Mrs. Priya Sanjiv Kothari
Designation :	Director
Address :	11, Ocean Crreast, 85 Warden Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	27.02.1967
Date of Appointment :	30.08.1999
Name :	Mrs. Mana Arup Chatterjee
Designation :	Director
Address :	Ben Nevis Flat No. 5, 100, Warden Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	28.06.1971
Date of Appointment :	30.08.1999
Name :	Mr. Arup Chatterjee
Designation :	Director
Address :	Ben Nevis Flat No. 5, 100, Warden Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	22.06.1966
Date of Appointment :	15.09.1999

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 30.09.2005)

Names of Shareholders	No. of Shares
Jagruti Rasik Shah	12520
Priya Sanjiv Kothari	12520
Mana Arup Chatterjee	12520
Falguni Rasik Shah	20
Arup Chatterjee	12510
Amin Sadanand	5
Rana Ratan Singh	2635
Tatsund Corporation	6000
Total	58730

(As on 30.09.2007)

Category	Percentage
Directors or relatives of directors	95.51
Other top fifty shareholders	4.49
Total	100.00

BUSINESS DETAILS

Line of Business :	Construction of Petrol Pumps
Products :	Gasoline pumps, suction and pressure type (Midco, L & T, Avery, Tatsuno Gilbarco, Wayne) Non –space (overhead ) pumps (Tatsuno) Tank gauging systems ( Veeder-Root, OPW) Submersible turbine pumps (Red Jacket, FE-Petro) Non metallic pipelines ( Petro Technik – UPP) Retail Visual Identity Signages (Hexagon) Vapor recovery systems (OPW) Retail outlet automation equipment (Crossecom) Digital tyre inflators (Clipsal)
Imports :
Products :	Spares Parts Pipes
Countries :	Japan UK

GENERAL INFORMATION

Customers :	Bharat Petroleum Corporation Limited Indian Oil Corporation Limited Assam Oil Division Essar Oil Limited Hindustan Petroleum Corporation Limited IBP Company Limited Indian Oil Corporation Limited Reliance Industries Limited Shell India Private Limited
No of Employees:	400
Bankers :	ICICI Bank Limited 215, Free Press House, Nariman Point, Mumbai – 400021, Maharashtra, India HDFC Bank, Fort Branch

Banking Relations :	Satisfactory
Auditors :
Name :	A F Ferguson Associates Chartered Accountant
Address :	Maker Towers, E Cuffe Parade, Mumbai – 400005, Maharashtra, India
Financial Institution :	Sundaram Finance Limited 21 Patullos Road, Chennai – 600002, Tamilnadu, India

CAPITAL STRUCTURE

(AS ON 30.09.2007)

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
58730	Equity Shares	Rs.10/- each	Rs.0.587 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		0.587	0.587	0.587
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		74.285	55.505	32.647
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		74.872	56.092	33.234
LOAN FUNDS
1] Secured Loans		48.839	0.338	0.583
2] Unsecured Loans		2.310	0.522	0.619
TOTAL BORROWING		51.149	0.860	1.202
DEFERRED TAX LIABILITIES		0.717	0.000	0.048
TOTAL		126.738	56.952	34.484
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.402	10.922	5.389
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.279	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.814	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	48.565	28.366	21.855
	Sundry Debtors	126.663	49.972	36.268
	Cash & Bank Balances	6.455	34.721	19.615
	Other Current Assets	5.692	0.000	0.000
	Loans & Advances	21.594	12.976	5.838
Total Current Assets		208.969	126.035	83.576
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	101.593	75.027	49.496
	Provisions	11.319	5.792	4.985
Total Current Liabilities		112.912	80.819	54.481
Net Current Assets		96.057	45.216	29.095
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		126.738	56.952	34.484

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		314.883	157.354	115.222
Other Income		5.047	1.519	0.486
Total Income		319.930	158.873	115.708
Profit/(Loss) Before Tax		32.320	38.397	43.580
Provision for Taxation		13.540	15.537	17.005
Profit/(Loss) After Tax		18.780	22.860	26.575
Expenditures :
	Purchases made for re-sale	0.000	36.295	17.057
	Salaries, Wages, Bonus, etc.	64.074	33.480	20.708
	Payment to Auditors	0.085	0.020	0.020
	Interest	2.799	0.041	0.011
	Insurance Expenses	2.677	0.287	0.397
	Power & Fuel	1.111	0.359	0.410
	Depreciation & Amortization	3.372	5.629	0.680
	Other Expenditure	213.492	44.365	32.845
Total Expenditure		287.610	120.476	72.128

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	5.87	14.39	22.97
Net Profit Margin (PBT/Sales)	(%)	10.26	24.40	37.82
Return on Total Assets (PBT/Total Assets}	(%)	13.50	28.04	48.99
Return on Investment (ROI) (PBT/Networth)		0.43	0.68	1.31
Debt Equity Ratio (Total Liability/Networth)		2.19	1.46	1.68
Current Ratio (Current Asset/Current Liability)		1.85	1.56	1.53

LOCAL AGENCY FURTHER INFORMATION

Trade Reference

• Shell India Private Limited, Bangalore
• BPCL, Mumbai
• Hindustan Aromatics Limited, Bangalore

Form 8: Bankers Charges Report as per Registry

Corporate identity number of the company	L74999MH1999PLC121514
Name of the company	OILCO SERVICES INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	112/113, Udyog Bhuvan, Sonawala Lane, Goregaon [East], Mumbai – 400063, Maharashtra, India
This form is for	Creation of Charge
Type of charge	Hypothecation
Particular of charge holder	ICICI Bank Limited 215, Free Press House, Nariman Point, Mumbai – 400021, Maharashtra, India corporatecare@icicibank.com
Nature of instrument creating charge	Deed of Hypothecation
Date of instrument Creating the charge	07.04.2006
Amount secured by the charge	Rs.7000.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Term Loan @ IBAR + CC Premia – 2% p.a. CC Facility @ IBAR + CC Premia – 2.5% p.a.
Description of the property charged indicating whether it is a charged on	Plant and Machinery Stock in trade Book debts

AS PER WEBSITE

Profile

Oilco provides services to the Indian petroleum industry in India, for maintaining their equipment at retail stations.

Subject was incorporated in 1999 and commenced its operational activities in the year 2000. Oilco has its headquarters in Mumbai with four Regional Offices in Mumbai, Delhi, Chennai and Kolkata. Oilco has a network of more than 50 service centers throughout the country including multiple service-centers in each state. Each of these service-centers is manned by skilled service-engineers. Oilco is poised for further expansion in the near future.

The organizational objective is to supply, install, and commission and maintain all such equipments that are utilized in a petroleum retail station environment. In that, Oilco aims at becoming the largest service provider to the petroleum companies in India for their requirement of retail outlet equipment.

Business Partner

• Single, double and multi-product dispensing units
• Single, double and multi-product dispensing units
• Dispensing and environmental management system
• Submersible pumping systems
• Retail automation systems
• Digital tyre inflators
• Tank gauging systems
• Submersible turbine pumps
• Petro Technik UPP Pipe-lines
• Retail Visual Identity Signages

All major public sector oil companies in India

• Indian Oil Corporation Limited (IOCL)
• Indian Oil Mauritius Limited (IOML)
• Indian Oil Corporation Limited – Assam Oil Division
• Bharat Petroleum Corporation Limited (BPCL)
• Hindustan Petroleum Corporation Limited (HPCL)
• IBP Company Limited
• Mangalore Refineries Private Limited (MRPL)
• Reliance Industries Limited (RIL)
• Essar Oil Limited (EOL)
• Shell India Private Limited

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	Indian Rupees
US Dollar	1	Rs.42.73
UK Pound	1	Rs.84.38
Euro	1	Rs.66.97

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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
TOTAL		65

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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