MIRA INFORM REPORT

Report Date :

07.12.2011

IDENTIFICATION DETAILS

Name :	KOTAK PETRO-CHEM PRIVATE LIMITED
Registered Office :	Grain Market, Jamnagar-361001, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.08.1999
Com. Reg. No.:	04-036387
Capital Investment / Paid-up Capital :	Rs. 2.491 Millions
CIN No.: [Company Identification No.]	U23209GJ1999PTC036387
TAN No.: [Tax Deduction & Collection Account No.]	RKTK00304D
PAN No.: [Permanent Account No.]	AABCK6289R
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer and Trader of all types of petroleum products
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 170000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. Profit and loss account for the year 2010 and 2009 is not available.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Hemalkumar
Designation :	Director
Contact No.:	91-9824277277
Date :	05.12.2011

LOCATIONS

Registered Office :	Grain Market, Jamnagar-361001, Gujarat, India
Tel. No.:	91-288-2553648 / 3297714
Mobile No.:	91-9824277277 (Ms. Hemal)
Fax No.:	91-288-2553873
E-Mail :	kmkotak@satyam.net.in
Area :	6000 sq. ft.
Location :	Owned

DIRECTORS

AS ON 25.09.2010

Name :	Mr. Kanaiyalal Mohanlal Kotak
Designation :	Director
Address :	Krishna Kunj, Padit Nehru Road, Jamnagar-361001, Gujarat, India
Date of Birth/Age :	22.04.1942
Date of Appointment :	04.08.1999
DIN No.:	01013704
Name :	Mr. Vipulkumar Kanaiyalal Kotak
Designation :	Director
Address :	Krishna Kunj, Padit Nehru Road, Jamnagar-361001, Gujarat, India
Date of Birth/Age :	15.12.1967
Date of Appointment :	04.08.1999
DIN No.:	01013728

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U23209GJ1999PTC036387	KOTAK PETRO-CHEM PRIVATE LIMITED	Director	04-08-99	04-08-99	Active	NO
2	U22212GJ2010PTC063122	KHABAR COMMUNICATION PRIVATE LIMITED	Director	02-12-10	02-12-10	Active	NO

Name :	Mr. Hemalkumar Kanaiyalal Kotak
Designation :	Director
Address :	Krishna Kunj, Padit Nehru Road, Jamnagar-361001, Gujarat, India
Date of Birth/Age :	03.02.1977
Date of Appointment :	04.08.1999
DIN No.:	01013682

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U23209GJ1999PTC036387	KOTAK PETRO-CHEM PRIVATE LIMITED	Director	04-08-99	04-08-99	Active	NO
2	U22212GJ2010PTC063122	KHABAR COMMUNICATION PRIVATE LIMITED	Director	02-12-10	02-12-10	Active	NO

Name :	Mr. Ketan Kanaiyalal Kotak
Designation :	Director
Address :	Krishna Kunj, Padit Nehru Road, Jamnagar-361001, Gujarat, India
Date of Birth/Age :	05.05.1973
Date of Appointment :	04.08.1999
DIN No.:	01013579

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U23209GJ1999PTC036387	KOTAK PETRO-CHEM PRIVATE LIMITED	Director	04-08-99	04-08-99	Active	NO
2	U22212GJ2010PTC063122	KHABAR COMMUNICATION PRIVATE LIMITED	Director	01-01-11	01-01-11	Active	NO

Name :	Ms. Jyotiben Kanaiyalal Kotak
Designation :	Director
Address :	Krishna Kunj, Padit Nehru Road, Jamnagar-361001, Gujarat, India
Date of Birth/Age :	08.06.1947
Date of Appointment :	01.11.2001
DIN No.:	01013614
Name :	Ms. Preetiben Vipul Kotak
Designation :	Director
Address :	Krishna Kunj, Padit Nehru Road, Jamnagar-361001, Gujarat, India
Date of Birth/Age :	18.07.1971
Date of Appointment :	01.11.2001
DIN No.:	01013767
Name :	Ms. Shital Ketanbhai Kotak
Designation :	Director
Address :	Krishna Kunj, Padit Nehru Road, Jamnagar-361001, Gujarat, India
Date of Birth/Age :	12.07.1979
Date of Appointment :	01.10.2007
DIN No.:	01013645

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2010

Names of Shareholders	No. of Shares
Kanaiyalal M Kotak	67510
Vipul K Kotak	66010
Ketan K Kotak	58510
Hemal K Kotak	57010
Jyotiben K Kotak	10
Preetiben V Kotak	10
Lalitbhai M Kanani	5
Navinbhai M Kanani	5
Total	249070

AS ON 25.09.2010

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Dealer and Trader of all types of petroleum products
Terms :
Selling :	Credit (30 days, 60 days) and Advance Cheque
Purchasing :	Credit (30 days, 60 days) and Advance Cheque

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· End Users

· S. R. Oil

· Indian Oil

No. of Employees :

25 (Approximately)

Bankers :

· Bank of India, Ranjit Road, Jamnagar-361001, Gujarat, India

· ICICI Bank

· HDFC Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Secured Against Hypothecation of Vehicles:
New Car GJ 10AC 9877 Loan (BOI) A/c. 9	0.287	0.346
Reliance Capital	0.000	4.603
Bank of India - Truck Loan	4.231	4.808
ICICI Bank - Car Loan	0.811	0.000
ICICI Bank - Truck Loan	4.762	0.000
Secured Against Book Debts:
Bank of India C/C A/c No. 8042 (Secured against book debts)	82.776	35.198
Total	92.867	44.955
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Directors:
Kanaiyalal M. Kotak	4.889	5.687
Ketan K. Kotak	2.891	3.780
Hemal K. Kotak	4.673	3.934
V.K. Kotak	3.377	1.390
Pritiben V. Kotak	2.349	1.913
Shital Kotak	1.045	0.583
Jyotiben K. Kotak	0.927	0.465
From Others
Kotak Corporation - Jamnagar	1.855	3.805
Kotak Corporation - Phalla	6.198	2.690
Total	28.204	24.247

Banking Relations :	--
Auditors :
Name :	Sarda and Sarda Chartered Accountant
Address :	102, Ridhi Siddhi, Opposite Axis Bank, Park Colony Main Road, Jamnagar-361002, Gujarat, India
Tel. No.:	91-288-2558952 / 953 / 954
Pan No.:	ABSPS7240M
Associates :	· Kotak Corporation, Phalla · Kotak Corporation, Jamnagar

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
249070	Equity Shares	Rs.10/- each	Rs. 2.491 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		2.491	2.491	0.491
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		40.235	22.132	10.531
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		42.726	24.623	11.022
LOAN FUNDS
1] Secured Loans		92.867	44.955	29.200
2] Unsecured Loans		28.204	24.247	12.721
TOTAL BORROWING		121.071	69.202	41.921
DEFERRED TAX LIABILITIES		0.410	0.148	0.331
TOTAL		164.207	93.973	53.274
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.064	19.301	12.581
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.421	0.000	0.000
	Sundry Debtors	174.769	100.974	55.575
	Cash & Bank Balances	2.975	9.822	3.310
	Other Current Assets	1.359	1.319	1.207
	Loans & Advances	54.707	43.448	7.859
Total Current Assets		234.231	155.563	67.951
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	41.450	38.338	3.247
	Other Current Liabilities	36.629	35.898	19.912
	Provisions	10.042	6.694	4.104
Total Current Liabilities		88.121	80.930	27.263
Net Current Assets		146.110	74.633	40.688
MISCELLANEOUS EXPENSES		0.033	0.039	0.005
TOTAL		164.207	93.973	53.274

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2008
	SALES
		Income	1582.077
		Other Income
		TOTAL	1582.077
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1570.700
		Advertising Expenses
		TOTAL	1570.700
	PROFIT BEFORE TAX		11.377
Less	TAX		3.770
	PROFIT AFTER TAX		7.607
	Earnings Per Share (Rs.)		155.03

Particulars	31.03.2011	31.03.2010	31.03.2009
Sales Turnover (Approximately)	5250.000	4750.000	4000.000

Expected Sales (2011-2012): Rs. 6000.000 Millions

The above information has been parted by Mr. Hemalkumar.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	NA	0.48
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	14.13
Return on Investment (ROI) (PBT/Networth)		NA	NA	1.03
Debt Equity Ratio (Total Liability/Networth)		4.91	6.10	6.31
Current Ratio (Current Asset/Current Liability)		2.66	1.92	2.49

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	------
8. No. of Employees	Yes
9. Name of person contacted	Yes
10. Designation of contact person	Yes
11. Turnover of firm for last three years	Yes
12. Profitability for last three years	Yes
13. Reasons for variation <> 20%	-----
14. Estimation for coming financial year	Yes
15. Capital in the business	Yes
16. Details of sister concerns	Yes
17. Major suppliers	-----
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	------
21. Market information	------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	Yes
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	No
28. Incorporation details, if applicable	------
29. Last accounts filed at ROC	------
30. Major Shareholders, if available	------

FORM 8

Corporate identity number of the company	U23209GJ1999PTC036387
Name of the company	KOTAK PETRO-CHEM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Grain Market, Jamnagar-361001, Gujarat, India
This form is for	Modification of charge
Type of charge	Book debts Others
Particular of charge holder	Bank of India, Ranjit Road, Jamnagar-361001, Gujarat, India Email: jamnagar.rajkot@bankofindia.co.in
Nature of instrument creating charge	Supplemental Deed of Hypothecation Agreement of book debts
Date of instrument Creating the charge	07.06.2010
Amount secured by the charge	Rs. 160.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Cash Credit limit of Rs. 70.000 millions at the rate 1% below BPLR - Presently 11% and Bill Purchase limit of Rs. 90.000 millions at the rate 11.75% or as agreed by mutual consent Terms of repayment Cash Credit Limit of Rs. 70.000 millions as well as Bill Purchase Limit of Rs. 90.000 millions will be payable on demand Margin Cash Credit Limit of Rs. 70.000 millions - 40% margin on Book Debt and 15% margin on Bank Guarantee Bill Purchase Limit of Rs. 90.000 millions - Margin is Nil Extent and operation of the charge Supplemental Hypothecation of Book Debt Collateral Securities : Equitable mortgage on residential Flats No. 501,502,503 and 504 Swagat Apartment, P N Marg, Jamnagar, and plot at Jampuri Estate, in the name of K M Kotak (value of Rs. 78.94. and 7.878 millions) Charge on vehicle (Trucks/Tankers) in the name of M/s Kotak Petro-Chem Private Limited, M/s Kotak Corporation, M/s Kotak Corporation (Phalla), K M Kotak, VK Kotak, H K Kotak and K K Kotak having value in total not less than Rs.12.500 millions at any point of time) Other Cash Credit Limit of Rs. 70.000 millions has been registered with ROC on 29/12/2009. Now Additional Bill Purchase limit of Rs. 90.000 millions has been Granted on 07/06/2010 (Vide Supplement Deed of Hypothecation). Hence, Total Charge on Assets is increased from Rs. 70.000 millions to 160.000 millions.
Short particulars of the property charged (Including location of the property)	Equitable mortgage on residential Flats No. 501,502,503 and 504, Swagat Apartment, P. N. Marg, Jamnagar, in the name of Kanaiyalal M. Kotak having value of Rs. 7.894 millions Equitable Mortgage on plot at Jampuri Estate, Jamnagar in the name of Kanaiyalal M. Kotak having value of Rs. 7.878 millions Charge on vehicle (Trucks/Tankers) in the name of M/s. Kotak Petro-Chem Private Limited, M/s Kotak Corporation, M/s Kotak Corporation (Phalla), Mr K.M. Kotak, Mr V.K. Kotak, Mr H.K. Kotak and Mr K.K. Kotak
Charge identification number of the charge to be modified	90105122
Date of instrument modifying the charge	29.12.2009
Particulars of the present modification	Cash Credit Limit of Rs. 70.000 millions has been registered with ROC on 29/12/2009. Now Additional Bill Purchase limit of Rs. 90.000 millions has been Granted on 07.06.2010. Hence, Total Charge limit on Assets is increased from Rs. 70.000 millions to 160.000 millions.

TRADE REFERENCES:

· S. R. Oil

· Indian Oil

· Asha Pura World

· Vacha Engineering

· Anchar Electronics

FIXED ASSETS

· Air Condition

· Computer

· Currency Counting

· Machine

· Cycle

· Furniture

· Generator Set

· Mobile Phone

· Inverter

· Motor Car

· Sony LCD TV

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. 51.39
UK Pound	1	Rs. 80.20
Euro	1	Rs. 68.92

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.