MIRA INFORM REPORT

Report Date :

05.04.2011

Note : The correct name of company is “SAVITA OIL TECHNOLOGIES LIMITED”

IDENTIFICATION DETAILS

Name :	SAVITA OIL TECHNOLOGIES LIMITED (W.E.F. 30.06.2009)
Formerly Known As :	SAVITA CHEMICALS LIMITED
Registered Office :	66/67, Nariman Bhavan, Nariman Point, Mumbai – 400021
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.07.1961
Com. Reg. No.:	11-012066
CIN No.: [Company Identification No.]	L24100MH1961PLC012066
TAN No.: [Tax Deduction & Collection Account No.]	MUMS37352A
PAN No.: [Permanent Account No.]	AAACS7934A
Legal Form :	Public Limited Liability Company. Company's Shares are Listed on the Stocks Exchange
Line of Business :	Manufacturer and Exporter of Petroleum Specialty Products

RATING & COMMENTS

MIRA’s Rating :

A (66)

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 12790000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company with good track. Financials of the company appears to be strong and healthy. Directors are reported to be experienced, respectable businessman. Trade relations are reported as fair. Business is active. Payments are reported as regular and as per commitments. The company can be considered good for normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	66/67, Nariman Bhavan, Nariman Point, Mumbai – 400021, India
Tel. No.:	91-22-2288 3061 / 22883062 / 22883063 / 22883064
Fax No.:	91-22-22029364
E-Mail :	savitacorp@vsnl.com corporate@savita.com ucr@savita.com ucrege@savita.com
Website :	http://www.savita.com
Location :	Owned
Factory :	· 17-A, Thane Belapur Road, Turbhe, Navi Mumbai – 400 703, Maharashtra, India · Plot No. 10/2, Kharadpada, Post Naroli, Silvassa, Dadra and Nagar Haveli – 396 235, India · A-2/1, MIDC Industrial Estate Mahad, Dist Raigad – 402301, India · 54-A, Dhanudyog Industrial Estate, Piparia, Silvassa – 396230, India Tel. 91-260-2640756/2640696 Fax. 91-260-2640696
Lubricants Division :	74, Maker Chambers No.6, 7^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22027452/22850092
Fax No.:	91-22-22833968
Branches :	Located at :- Ø 1004, Akash Deep, 10^th Floor, Barakhamba Road, New Delhi – 110001, India o Tel. 91-11-23312447/23316577 o Fax. 91-11-23312447 Ø 209, Acharya Jagdish Chandra Bose Road, Karnani Estate, Flat No.144, 4^th Floor, Kolkata – 700 017, West Bengal, India o Tel. 91-33-22471872/22474956 o Fax. 91-33-22471872 Ø Plot No.7, P and T Colony, Trimulgherry Post, Hyderabad – 500 015, Andhra Pradesh, India o Tel. 91-40-27747880/27741246 Ø No.2A, 2^nd Floor, Block A-3, Mahalakshmi Apartments, Secretariat Colony, Adambakkam, Chennai – 600 088, Tamilnadu, India o Fax. 91-44-22583294 Ø 190, Bharat Nagar, J.K. Road, P.O. Poplani, Bhopal (MP) 462021 Fax No. 0755-757987

DIRECTORS

As on As on 22.07.2010

Name :	Mr. Gautam Nandkishore Mehra -
Designation :	Managing Director
Address :	12/1, Silver Arch, Napeansea Road, Mumbai – 400006, India
Qualification :	B.E.(Chem.), M.B.A.
Experience :	22 Years
Date of Birth :	05.08.1961
Date of Appointment :	29.07.2009
Other Directorship :	Marketing Executive – Mehra Trading & Investment Company Private Limited
DIN :	00296615
Name :	Mr. Ninad Bhalchandra Karpe
Designation :	Director
Address :	801, Jaywant Arts, 63, Tardeo Road, Mumbai – 400034, Maharashtra
Date of Birth :	04.03.1961
Date of Appointment :	07.08.2004
Qualification :	B.Com, LLB, FCA
Experience :	12 Years
Other Directorship :	* CA (India) Technologies Private Limited * ABN Amro Asset Management (India) Limited * CA Satyam ASP Private Limited * Aptech Limited * Cendura Software Private Limited
DIN :	00030971
Name :	Mr. Sanjeev Rajendra Pandit
Designation :	Director
Address :	MAdhav Vilas, Top Floor, 8, Setalwad Road, Mumabi – 400026, Maharashtra
Date of Birth :	07.09.1957
Date of Appointment :	07.08.2004
Qualification :	B.Com, FCA
Experience :	27 Years
Other Directorship :	Indusland Media and Communication Limited
DIN :	00131424
Name :	Mr. Chempalethu Varghese Alexander
Designation :	Whole-time Director
Address :	Flat No.16, Jasmine, Road No.4, Pestom Sagar, Chembur, Mumbai – 400089, Maharashtra
Date of Birth/Age :	29.5.1935
Date of Appointment :	01.10.2006
Qualification :	M.A., L.L.B
Experience :	Over 41 year in service
Other Directorship :	* Kurla Investment And Trading Company Private Limited * Savita Polymers Limited
DIN :	00253736
Name :	Mr. Harit A Nagpal
Designation :	Director
Address :	1101, Streling Sea Face, A.B. Road, Worli, Mumbai – 400018, Maharashtra
Date of Appointment :	26.07.2008
Date of Birth :	02.11.1961
Qualification :	BE, MBA
Other Directorship :	* Vodafone Essar Mobile Services Limited. * Vodafone Essar South Limited. * Vodafone Essar East Limited. * Vodafone Essar Digilink Limited. * Vodafone Essar Gujarat Limited. * Vodafone Essar Spacetel Limited. * Vodafone Essar Cellular Limited. * Vodafone Essar Infrastructrure Limited. * Vodafone Essar Towers Limited. * Mobile Commerce * Solutions Pvt. Limited. * Unique Intermediary Facilitators
DIN :	00481307

KEY EXECUTIVES

Name :	Mr. Uday Chandrakant Rege
Designation :	Company Secretary
Address :	C/8, Shara CHS. Limited, Parsiwada, Andheri, Sahar Road, Mumbai – 400099, Maharashtra
Date of Appointment :	01.01.2008
Date of Birth :	23.12.1965
DIN :	ACBPR9503L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2010

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of promoters and Promoter Group
1. Indian
Individuals / Hindu Undivided Family	9577613	65.59
Bodies Corporate	866943	5.94
Sub Total (A) (1)	10444556	71.53
(B) Public Shareholding
1. Institutions
Mutual Funds / UTI	1329732	9.11
Financial Institutions / Banks	821	0.01
Foreign Institutional Investors	378618	2.59
Sub Total (B) (1)	1709171	11.71
2. Non Institutions
Bodies Corporate	274941	1.88
Individual shareholders holding nominal share capital up to Rs. 0.100 million	1866428	12.78
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	304312	2.08
Trusts	2675	0.02
Sub Total (B) (2)	2448356	16.76
(B) = (B) (1) + (B) (2)	4157527	28.47
Shares held by custodians and against which depository receipts have been issued (C)	0	0.00
Total (A) + (B) +(C)	14602083	100.00

As on 22.07.2010

Category	Percentage
Mutual Fund	9.11
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	2.19
Bodies corporate	1.62
Directors or relatives of Directors	71.53
Others	15.55
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Petroleum Specialty Products
Products :	ITC Code No. Product Description 2710.95 Lubricanting Oils / Greases 2710.99 Transformer Oil 2710.99 Liquid Paraffins

PRODUCTION STATUS (as on 31.03.2010):-

Particulars	Unit	Licensed Capacity Per annum	Installed Capacity Per Annum *	Actual Production
Transformer Oil / Liquid Paraffin and White Oils/Lubricating Oils/ Greases and Other Specialties	KL/MT	NA	285000	205547
Others	MT	NA	5600	0
Wind Power (Electricity) ***	MW	NA	43.15	6.40

* Installed capacity is as certified by the Management of the Company on which the Auditors have relied.

** Licensing Not Applicable.

*** Installed Wind Power capacity indicates rated capacity. Actual Wind Power generation (Plant load factor) in India is in the range of 17% to 25% of the rated capacity.

Production excludes processing for outside parties: Transformer Oil 4800 KLs (Previous Year 3445 KLs)

GENERAL INFORMATION

Suppliers :

· Standard Greases (Silvassa)

· Sunbird Seals and Plastics Private. Limited .

· Tarapur Grease Industries Private Limited .

· Basant Lok Trading Company .

· Gautam and Company .

· Madhu Trust

· Savita Petro-Additives Limited .

· Siddharth Investments

· Chemi Pharmex Private Limited .

· Khatri Investments Private Limited .

· Mansukhmal Investment Private Limited .

· Savita Finance Corporation Limited .

· Devichand and Company .

· Kurla Investment and Trading Company Private Limited .

· Naved Investment and Trading Company Private Limited .

· Savita Polymers Limited .

Customers :

Manufacturer

No. of Employees :

300 (Approximately)

Bankers :

Ø State Bank of India, Fort

Ø Union Bank of India, Nariman Point

Ø Corporation Bank, Fort

Ø Standard Chartered Bank, Fort

Ø The Hongkong and Sanghai Banking Corporation Limited, 52/60, Mahatma Gandh Road, Fort, Mumbai – 400001, Maharashtra, India

Facilities :

Secured Loan (Rs.in million)	31.03.2010	31.03.2009
From banks
- Cash Credits *	48.289	1.109
-Foreign Currency Loans ** [Repayable within a year Rs. 30.206 millions, (Previous Year Rs. 34.106 millions)]	412.394	302.100
-Term Loan*** [Repayable within a year Rs. 23.500 millions, (Previous Year Rs. 23.500 millions)]	35.250	58.750
Total	495.933	361.959
Secured Loan : * Secured by charge on fixed assets (except fixed assets of Wind Power Segment) and hypothecation of inventories and receivables. ** Foreign Currency Loan amounting to Rs. 57.667 millions is secured by exclusive hypothecation of Wind Power Plants at i) Gudhe Panchagani, District Sangli, Maharashtra and ii) Panchapatta, District Ahmednagar, Maharashtra. Foreign Currency Loan amounting to Rs. 1,80.458 millions is secured by exclusive hypothecation of Wind Power Plants at i) Rangapura Kavalu, ii) Aidahalli Kavalu and iii) Narayanakera Kavalu village, Disctrict Hassan, Karnataka. Foreign Currency Loan amounting to Rs. 1,74.268 millions is secured by exclusive hypothecation of Wind Power Plants at i) Thadichery village and ii) Koduvilarpatti village, District Theni, Tamilnadu. Creation of charge is pending. *** Secured by exclusive hypothecation of Wind Power Plants at Bhirenwadi, District Sangli, Maharashtra.
Unsecured Loan (Rs.in million)
Fixed Deposits [Repayable within a year Rs. Nil (Previous Year Rs.10.25 lacs)] Sales Tax Deferment Loan	0.000	1.025
Sales Tax Deferment Loan	162.445	162.445
Total	162.445	163.470

Banking Relations :

--

Auditors :

Name :

G M Kapadia and Company

Chartered Accountants

Address :

1001, Raheja Chambers, 213, Nariman Point, Mumbai – 400021, Maharashtra, India

PAN No. :

AAAFG4713G

Associates/Subsidiaries :

Solaris International FZE (Sharjah, UAE)

Sarita Polumers Limited

CAPITAL STRUCTURE

As on 22.07.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
30,000,000	Equity Shares	Rs.10/-each	Rs.300.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14,609,183	Equity Shares	Rs.10/-each	Rs.146.092 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		146.056	146.056	146.056
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3051.621	2443.194	2356.273
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3197.677	2589.250	2502.329
LOAN FUNDS
1] Secured Loans		495.933	361.959	187.686
2] Unsecured Loans		162.445	163.470	170.200
TOTAL BORROWING		658.378	525.429	357.886
DEFERRED TAX LIABILITIES		346.715	298.715	216.215
TOTAL		4202.770	3413.394	3076.430
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1861.305	1447.585	1117.088
Capital work-in-progress		29.172	45.395	124.267
INVESTMENT		461.423	640.611	550.781
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2293.434	1774.965	1797.243
	Sundry Debtors	2797.488	2472.184	2102.650
	Cash & Bank Balances	203.128	263.241	246.983
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	532.942	427.731	356.323
Total Current Assets		5826.992	4938.121	4503.199
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3342.353	3334.477	2658.955
	Other Current Liabilities	321.922	237.602	298.399
	Provisions	311.847	86.239	261.551
Total Current Liabilities		3976.122	3658.318	3218.905
Net Current Assets		1850.870	1279.803	1284.294
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4202.770	3413.394	3076.430

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	11780.139	11507.583	9189.824
		Other Income	89.181	100.358	119.021
		TOTAL (A)	11869.320	11607.941	9308.845
Less	EXPENSES
		Material	8713.105	9901.085	7257.936
		Personnel	185.383	127.543	148.729
		Others	1436.046	1081.173	879.663
		TOTAL (B)	10334.534	11109.801	8286.328
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1534.786	498.140	1022.517
Less	FINANCIAL EXPENSES (D)		46.738	48.694	28.584
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1488.048	449.446	993.933
Less/ Add	DEPRECIATION/ AMORTISATION (F)		203.088	189.407	143.923
	PROFIT BEFORE TAX (E-F) (G)		1284.960	260.039	850.010
Less	TAX (I)		421.124	87.700	230.420
	PROFIT AFTER TAX (G-I) (J)		863.836	172.339	619.590
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1386.447	1317.026	958.899
Less	APPROPRIATIONS
		Transfer to General Reserve	90.000	17.500	65.000
		Dividend	219.031	73.010	167.924
		Tax on Dividend	36.378	12.408	28.539
	BALANCE CARRIED TO THE B/S		1904.874	1386.447	1317.026
	EARNINGS IN FOREIGN CURRENCY
		Export sales (FOB Value)	1676.298	1688.187	1352.147
		Freight and Insurance	61.985	59.896	18.427
	TOTAL EARNINGS		1738.283	1748.083	1370.574
	IMPORTS
		Raw Materials	7356.174	6815.657	5310.803
		Capital Goods	0.000	2.003	0.360
	TOTAL IMPORTS		7356.174	6817.66	5311.163
	Earnings Per Share (Rs.)		59.16	11.80	42.43

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	30.06.2010	30.09.2010	31.12.2010
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Sales Turnover	3287.500	3731.030	4128.680
Total Expenditure	2954.170	3247.020	3658.590
PBIDT (Excl OI)	333.330	484.010	470.090
Other Income	19.250	40.170	28.860
Operating Profit	352.580	524.180	498.940
Interest	21.880	16.970	15.210
Exceptional Items	0.000	0.000	0.000
PBDT	330.700	507.210	483.730
Depreciation	60.620	63.110	64.620
Profit Before Tax	270.080	444.100	419.110
Tax	90.000	144.000	132.650
Reported PAT	180.080	300.110	286.460
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	180.080	300.110	286.460

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	7.28	1.48	6.66
Net Profit Margin (PBT/Sales)	(%)	10.91	2.26	9.25
Return on Total Assets (PBT/Total Assets}	(%)	16.71	4.07	15.12
Return on Investment (ROI) (PBT/Networth)		0.40	0.10	0.34
Debt Equity Ratio (Total Liability/Networth)		1.45	1.62	1.43
Current Ratio (Current Asset/Current Liability)		1.47	1.35	1.40

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS :

The Company’s sales turnover touched a new high of Rs. 13120.000 millions during the year under review against Rs.12673.300 millions in the year 2008-09. The sales in volume terms during the year 2009-10 also touched a new high of 254,767 KLs/MTs, showing an increase of about 33%. The net profit of the Company jumped to Rs.863.900 millions as against Rs.172.300 millions for the previous year.

During the year, the Crude Oil prices crept up steadily, however the volatility was not as intense as in the previous year. As a consequence, Base Oil price movement also showed a reduced volatility. This coupled with the general improvement in the economy and the increased demand for the Company’s products resulted in the Company clocking record profits during the year.

The Indian Rupee which had jumped to 52 to a US Dollar in early March 2009 slowly and steadily appreciated to about 46 to a US Dollar during the year. This resulted in net gains on foreign exchange in the financial year 2009-10 against losses for the last year for the Company.

Last year, the global economies faced one of the worst recessionary periods in many decades. The remedial measures adopted by the Governments world over since then have resulted in stablising various economies. In fact, some of the economies have started showing positive signs of growth and India seems to be one of the first economies to recover from the recessionary trends.

The Company added 9.05 MW wind power projects in its portfolio, the highest ever capacity addition in a year. Of these, 3 of 1500 KW each were commissioned in the state of Tamil Nadu and 3 of 1250 KW each and 1 of 800 KW were commissioned in the state of Maharashtra. With this, the total installed capacity of Wind Power generation of the Company stands at 43.15 MW as against 34.10 MW in the previous year.

Unaudited Financial Results (Provisional) for the quarter ended 31.12.2010

Particulars	Quarter Ended 31.12.2010	Nine months Ended 31.12.2010
Net Sales	4075.131	11005.016
Other Operating Income	53.545	142.188
Total Income	4128.676	11147.204
Expenditure
a. (Increase)/Decrease in stock in trade and work in progress	(27.265)	(155.670)
b. Consumption of raw materials	3129.593	8429.870
c. Purchase of traded goods	45.519	118.841
f. Employee Cost	54.894	162.091
g. Depreciation / Amortisation	64.621	188.343
h. Other expenditure	455.851	1301.038
Total Expenditure	3723.213	10044.513
Profit from Operations before Other Income, Interest and Exceptional Items	405.463	1102.691
Other Income	28.859	84.670
Profit before Interest & Exceptional Items	434.322	1187.361
Interest (Net)	15.212	54.056
Profit/ (Loss) after interest but before Exceptional Items	419.110	1133.305
Exceptional Items – Gain / (Loss) (Refer note no. 2)	0.000	0.000
Profit /Loss from Ordinary Activities before tax	419.110	1133.305
Tax Expense :
Provision for Current Tax	134.000	359.000
Provision for Deferred tax	(1.350)	7.650
Net Profit /Loss from ordinary activities after tax	286.460	766.655
Paid-up equity share capital (Face Value of Rs.2/- each )	146.021	146.021
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year
Earnings Per Share (EPS)
-Basic (Rs.)	19.62	52.50
-Diluted (Rs.)	19.62	52.50
EPS for the quarter (not annualized)
Public shareholding
-Number of shares	4157527	4157527
-Percentage of shareholding	28.47	28.47
Promoters and promoter group shareholding
b. Non-encumbered
Number Of shares	10444556	10444556
Percentage Of Shares (as a % of the total shareholding of promoter and promoter group)	100.00	100.00
Percentage Of Shares (as a % of the total share capital of the company)	71.53	71.53

Notes :

• Previous quarters / years figures have been regrouped / rearranged whenever necessary to confirm to those of current quarter / year classification
• The statutory auditors have carried out a limited review of the financial results for the quarter ended 31.12.2010
• The above unaudited financial results (provisional) were reviewed by the audit committee and taken on record by the board of directors at their meetring held on Saturday 29.01.2011
• Number of investors complaints :

A) pending at the beginning of the quarter – nil

B) received during the quarter – 07

C) disposed off during the quarter – 07

D) pending unresolved at the end of the quarter – nil

Unaudited Segment wise revenue, Results and capital employed for the quarter ended 31.12.2010

Particulars	Quarter Ended 31.12.2010	Nine months Ended 31.12.2010
Segment Revenues
Petroleum Products	4098.833	10959.991
Wind Power	41.904	222.300
Other Unallocated	16.798	49.583
Net Sales / Income from Operations	4157.535	11231.874
Segment Results
Profit Before taxation and interest for each segment
Petroleum Products	472.471	1193.338
Wind Power	(22.210)	38.322
Total	450.261	1231.66
Less: Interest	15.212	54.056
Less: other unallocated expenditure	15.939	44.299
Net of unallocated revenue	31.151	98.355
Total profit before tax	419.110	1133.305
Capital Employed
(Sement Assets – Segment Liabilities )
Petroleum Products	3142.393	3142.393
Wind Power	772.271	772.271
Unallocated Capital Employed	49.668	49.668
Total	3964.332	3964.332

Note : Previous qurter’s / year’s figures have been regrouped / rearranged whenever necessary to confirm to those of current quarter/ year classification

CONTINGENT LIABILITIES :

(Rs. in millions)

Particulars	31.03.2010	31.03.2009
Letters of Credit	261.192	77.354
Guarantees/Bonds	148.604	126.126
Corporate guarantee	240.000	240.000
Bills discounted with bank	0.000	6.250
Disputed demands
i) Excise and Customs	127.041	130.216
ii) Sales Tax	60.693	51.085
iii) Income Tax	2.435	0.000
iv) Others	5.194	0.000

Bankers Charges Report as per Registry

Corporate identity number of the company	L24100MH1961PLC012066
Name of the company	SAVITA OIL TECHNOLOGIES LIMITED
Address of the registered office or of the principal place of business in India of the company	66/67, Nariman Bhavan, Nariman Point, Mumbai – 400021, Maharashtra, India
This form is for	Creation of Charge
Type of charge	Movable Property
Particular of charge holder	The Hongkong and Sanghai Banking Corporation Limited, 52/60, Mahatma Gandh Road, Fort, Mumbai – 400001, Maharashtra, India Email : pareshmehta@hsbc.co.in
Nature of instrument creating charge	Hypothecation deed for plant and machinery dated 19/05/2010 executed between savita oil technologies limited and the hongkong and shanghai banking corporation limited (hsbc bank)
Date of instrument Creating the charge	19.05.2010
Amount secured by the charge	Rs.173.090 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - as mutually agreed from time to time. Terms of Repayment - Tenor: 42 months with 18 months moratorium. Repayment: USD 1.3M after 1.5 years, USD 1.3M after 2.5years and USD 1.4M after 3.5years along with the interest will be charged on daily basis at mutually agreed rate and payable monthly in arrears or on due date whichever is earlier, to the debit of Borrower's current account. Margin - With an asset cover of 1.5x Extent and Operation of the charge - charge on plant and machinery as specificaly mentioned in schedule of hypothecation deed for plant and machinery dated 19/05/2010 executed between savita oil technologies limited and hsbc bank. In case the company fails to fulfill its obligation under the agreement the bank shall be entitled to take possession of hypothecated properties and sell them by public auction or private contract and utilize the proceeds in full or part settlement.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	As per part iii of schedule forming part of hypothecation deed for plant and machinery dated 19/05/2010 executed between savita oil technologies limited and hsbc bank

FIXED ASSETS :

· Freehold Land

· Leasehold Land

· Building

· Wind Power Plants

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· 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	Indian Rupees
US Dollar	1	Rs.44.65
UK Pound	1	Rs.71.92
Euro	1	Rs.63.24

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		66

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.