MIRA INFORM REPORT

Report Date :

03.02.2011

IDENTIFICATION DETAILS

Name :	IOT INFRASTRUCTURE AND ENERGY SERVICES LIMITED (w.e.f. 01.12.2008)
Formerly Known As :	INDIAN OILTANKING LIMITED
Registered Office :	103, Spectra, hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	28.08.1996
Com. Reg. No.:	102222
CIN No.: [Company Identification No.]	U23200MH1996PLC02222
TAN No.: [Tax Deduction & Collection Account No.]	MUMI02683C
PAN No.: [Permanent Account No.]	AAACI6794E
Legal Form :	A closely held Public Limited Liability Company
Line of Business :	The company engaged into storage of oil and other liquids in terminals.

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 18883972
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a joint venture between Indian Oil Corporation Limited, and Oiltanking GmbH. It is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal 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 – 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 :	103, Spectra, hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra, India
Tel. No.:	91-22-66772700
Fax No.:	91-22-66919599
E-Mail :	girish.shrivastava@oiltanking.com
Website :	www.oiltalking.com

DIRECTORS

AS ON 21.09.2010

Name :	Mr. Brij Mohan Bansal
Designation :	Director
Address :	837, Asias Village Complex, New Delhi - 110049
Date of Birth/Age :	04.01.1951
Date of Appointment :	11.03.2010
Name :	Mr. S V Narasimhan
Designation :	Director
Address :	B835, Dhyachand Marg, Asias Village Complex, New Delhi - 110049
Date of Birth/Age :	07.04.1951
Date of Appointment :	27.07.2010
Name :	Mr. TC Venkat Subramaniam
Designation :	Director
Address :	804, Wailace App. Steater Road, Grant Road West, Mumbai - 400007
Date of Birth/Age :	30.10.1949
Date of Appointment :	01.09.2010
Name :	Mr. Vinod Kumar Sharma
Designation :	Director
Address :	506, Suraj, New Vasudhara Co-Operative Housing Society, Thakur Village, Kandivali West
Date of Birth/Age :	31.05.1944
Date of Appointment :	01.09.2010
Name :	Mr. Arun Balkrishanan
Designation :	Director
Address :	A-12, Mayfair Gardens, little Gibbs Road, Malabar hill, Mumbai - 400006
Date of Birth/Age :	25.07.1950
Date of Appointment :	01.09.2010
Name :	Mr. Samir Kumar Barua
Designation :	Director
Address :	House No.421, Indian Institute of Management, Ahmedabad - 380015
Date of Birth/Age :	23.09.1951
Date of Appointment :	01.09.2010
Name :	Mr. Shyam Sundar Suri
Designation :	Director
Address :	601/602, Oyster Shel, Juhu Tara Road, Juhu, Mumbai - 400049
Date of Birth/Age :	13.10.1949
Date of Appointment :	01.09.2010
Name :	Mr. Ruthger Cornelis Van Thiel
Designation :	Director
Address :	Neuter Wall 48, 20354, Hamburg, Germany
Date of Birth/Age :	31.01.1964
Date of Appointment :	01.09.2010
Name :	Mr. Padamanbhai Sugavanam
Designation :	Director
Address :	119, block A, Vijay Cascades, thimmarayappa Garden, 3^rd main, 11^th Cross, Bangalore
Date of Birth/Age :	03.01.1964
Date of Appointment :	01.09.2010
Name :	Mr. Jatin Jamndas Mavani
Designation :	Director
Address :	B-602, Cottage Land, Sector -19A, Nerul, Navi Mumbai, Maharashtra, India
Date of Birth/Age :	22.09.1958
Date of Appointment :	11.04.1997

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 21.09.2010

Names of Shareholders	No. of Shares
Indian Oil Corporation Limited, Mumbai	116142853
Oiltanking India GmbH, Germany	116142851
Jayanta Bhuyan	1
Jatin Mavani	1
G C Daga	1
B M Bansal	1
Girjesh Srivastava	1
C R Kalyanasudarshan	1
Sarthak Behuria	19400
Arvind Uplenchwar	19500
Gyan daga	11400
Parveen Goyal	12300
Dinendra Biswas	7740
Suresh Prakash	10380
Sunil Dongare	5760
Poonam Burman	11000
Rentala Ravi Kumar	34500
Jayanta Bhuyan	110000
Jatin Mavani	46800
G S K Masud	85125
M Aishswamy	35100
Shambhu Nath Jha	25750
Sanjay Dawar	23700
Jathavedan Nampoothiri	8940
Sankar Prasad Saha	6000
Prakash Kumar Sinha	13250
Sunil Kumar Mital	8400
Laxman Kumar Sharma	8400
Total	232789155

AS ON 21.09.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	49.89
Directors or relatives of Directors	0.05
Other top fifty shareholders	0.17
Total	100.00

BUSINESS DETAILS

Line of Business :

The company engaged into storage of oil and other liquids in terminals.

GENERAL INFORMATION

Bankers :

State Bank of India, Nariman Point, Mumbai – 400021, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Banks : Term loans In Indian Currency In Foreign Currency Working capital facility	1924.487 55.219 1100.002 3079.709
Total
a) Term loans from banks of Rs.1110.000 Millions (2009: Rs.1114.000 Millions) repayable in eight half yearly installments commencing from Feb 2011, are secured by a first charge by way of equitable mortgage of the immovable property and by way of hypothecation of the movable assets relating to the Company's Navghar Terminal in Navi Mumbai. b) Term loan from a bank of Rs.98.071 Millions (2009 : Rs.134.582 Millions) repayable in thirty six equal quarterly installments commencing from June 04, is secured by a first charge by way of hypothecation of the movable assets relating to the Company's LPG Terminal at Chennai, both present and future. c) Term loan from a bank of Rs.114.519 Millions (2009 : Rs.131.983 Millions) repayable in thirty six equal quarterly installments commencing from August 2008, is secured by a first charge by way of hypothecation of plant & machinery and assignment of project receivables relating to the Company's LPG Bottling plant, Chennai. d) Term loan from a bank of Rs.596.200 Millions (2009 : Rs.596.200 Millions) repayable in three annual installments after a initial moratorium of 15 months commencing from November 2008, is secured by a first charge by way of mortgage of specific Land and Buildings and second charge on the current assets of the company. e) Buyers Credit from a bank of Rs.55.218 Millions (2009 : Rs.80.118 Millions) repayable within a period of three years commencing from July 2008, is secured by a first charge by way of hypothecation of machinery/equipments acquired under the loan. f) Working capital and non-fund based facilities to the tune of Rs. 5477.013 Millions (2009: Rs. 4189.293 Millions)from a bank is secured by way of hypothecation of all present and future inventories, book debts and all other current assets of the Company and second charge on the movable fixed assets
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Banks: In Indian Currency In Foreign Currency Repayable within one year Rs. 550.000 Millions (Previous Year: 500.000 Millions)	550.000 367.025	500.000 458.113
Total	917.025	958.113

Banking Relations :	--
Auditors :
Name :	Lodha and Company Chartered Accountant
Address :	6, Karim Chambers, 40 A Doshi Marg, Mumbai – 400023, Maharashtra, India
Associates :	Indian Oil Corporation Limited(IOCL) Oiltanking GmbH (OT)
Joint Venture:	Zuari Indian Oiltanking Limited (ZIOTL) Indian Oil Skytanking Limited, (IOSL)
Subsidiaries :	Stewarts and Lloyds of India Limited CIN NO.: L28999WB1937PLC009099 IOT Engineering Projects Limited CIN NO.: U74200MH2007PLC170617 IOT Design and Engineering Limited CIN NO.: U74200MH2007PLC173770 IOT Anwesha Engineering and Construction Limited CIN NO.: U29199GJ1998PLC034128 IOT Mabagas Limited CIN NO.: U40107TN2007PLC06571 IOT Engineering and Construction Private Limited, Singapore Indian Oil Tanking Engineering and Construction Services LLC Oman IOT Mabagas Limited (Formerly known as IOT Cuddalore Construction and Terminals Limited) PT IOT Energy Services Indonesia Limited IOT Canada Limited Newsco Directional and Horizontal Drilling Services (Asia) Inc, (step down Subsidiary) IOT Utkal Energy Services Limited CIN NO.: U45208OR2009PLC011389 IOT Infrastructure Private Limited CIN NO.: U45204MH2010PTC200970 IOT Anwesha Engineering and Construction LLC

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
300000000	Equity Shares	Rs.10/- each	Rs.3000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
232383190	Equity Shares	Rs.10/- each	Rs.2323.832 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		2323.832	2323.832	2322.857
2] Share Application Money		0.000	0.000	1.211
3] Reserves & Surplus		2397.161	1921.614	1467.399
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4720.993	4245.446	3791.467
LOAN FUNDS
1] Secured Loans		3079.709	3104.067	1711.225
2] Unsecured Loans		917.025	958.113	157.030
TOTAL BORROWING		3996.734	4062.180	1868.255
DEFERRED TAX LIABILITIES		371.002	374.229	387.491
TOTAL		9088.729	8681.855	6047.213
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2946.667	2952.283	2623.601
Capital work-in-progress		274.583	242.703	115.755
INVESTMENT		1464.389	1434.449	508.784
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	89.859	47.727	8.631
	Sundry Debtors	936.017	1005.122	884.593
	Cash & Bank Balances	10.878	19.574	31.697
	Other Current Assets	7312.497	5637.837	4109.282
	Loans & Advances	477.482	720.560	924.029
Total Current Assets		8826.733	7430.820	5958.232
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3744.264	2893.017	2638.742
	Other Current Liabilities	561.908	389.217	433.670
	Provisions	117.471	96.166	86.747
Total Current Liabilities		4423.643	3378.400	3159.159
Net Current Assets		4403.090	4052.420	2799.073
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9088.729	8681.855	6047.213

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	9700.416	9997.232	8361.318
		Other Income	493.476	408.748	72.099
		TOTAL (A)	10193.892	10405.980	8433.417
Less	EXPENSES
		Personal	210.396	180.789	97.237
		Cost of construction and engineering services	8332.962	8624.778	7237.065
		Operating and other expenses	364.882	338.989	211.669
		TOTAL (B)	8908.240	9144.556	7545.971
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1285.652	1261.424	887.446
Less	FINANCIAL EXPENSES (D)		345.553	342.380	191.066
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		940.099	919.044	696.380
Less/ Add	DEPRECIATION/ AMORTISATION (F)		227.179	212.316	180.703
Add	TRANSFERRED TO CAPITAL WORK- IN -PROGRESS		3.301	0.000	3.219
	PROFIT BEFORE TAX (E-F) (G)		716.221	706.728	518.896
Less	TAX (I)		240.674	253.001	176.027
	PROFIT AFTER TAX (G-I) (J)		475.547	453.727	342.869
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1243.983	830.256	527.387
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	40.000	40.000
	BALANCE CARRIED TO THE B/S		1719.530	1243.983	830.256
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	177.771	261.399	102.225
	TOTAL EARNINGS		177.771	261.399	102.225
	IMPORTS
		Capital Goods	4.551	200.436	45.524
		Constructions Materials and Related Expenses	874.458	863.423	348.202
	TOTAL IMPORTS		879.009	1063.859	393.726
	Earnings Per Share (Rs.)		2.05	1.95	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.67	4.36	4.06
Net Profit Margin (PBT/Sales)	(%)	7.38	7.07	6.21
Return on Total Assets (PBT/Total Assets}	(%)	6.09	6.81	6.05
Return on Investment (ROI) (PBT/Networth)		0.15	0.17	0.14
Debt Equity Ratio (Total Liability/Networth)		1.78	1.75	1.33
Current Ratio (Current Asset/Current Liability)		1.99	2.19	1.89

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office address of the company has been shifted from Navghar Dronagirinode NH-4B, Navi Mumbai – 400707, Maharashtra, India to present w.e.f. 31.10.2007

OVERVIEW OF THE ECONOMY

During 2008-09 the world had witnessed a severe downturn which left developed economies in a very uncertain economic environment, and the rate of growth in developing economies too was very modest. At the start of this fiscal, world leaders met at the G-20 Summit at London and pledged more than a trillion dollars of stimulus and support packages. Stimulus Packages from various governments arrested negative sentiments. While the overall recovery looks fragile, developing countries have delivered a significant rise in growth rates. India’s growth bettered 7%, and this is among the highest in the world. The Indian economy exhibited broad based recovery particularly in the second half of 2009-10. This was despite a deficient monsoon and the fragile global recovery.

Investment in India remained relatively stable despite the global slowdown and has been growing at a rate higher than that of GDP. There has been an upward trend in the growth of private investment. The recovery was broad based with mining and quarrying, manufacturing, and electricity, gas and water supply recording impressive growth rates. Given the outlook for the global economy at present and the expected accrual of benefits from the various monetary and fiscal stimulus packages of the Government, the Indian economy is expected to grow at 8.5% - 9% in 2010-11. This growth would be aided by the increased availability of finance in the form of foreign capital inflows following reduced risk averseness across the globe.

Oil prices, that had collapsed to $42 per barrel in early 2009 have since steadied and were consistently above the $70 mark since October 2009. Globally, many refining projects that were delayed during the downturn are yet to be revived. India’s strong internal demand for fuel, growth in the chemical and petrochemical industries, and the desire to emerge as a global refining hub have ensured that capital expenditure in the oil and gas sector is maintained. Over the next few years, the oil and gas industry in India is likely to see significant capital expenditure in upstream and downstream sectors. While the PSUs which currently dominate the market in India will continue to grow, the private sector players are also planning and implementing capacity additions.

Such growth will be consistent with the strides of progress that India is projected to make. Infrastructure spending is expected to rise significantly, not only in oil and gas, but also in power, roads, housing and ports. In addition to the country’s thrust on infrastructure development in general, India is particularly looking to create strategic reserves of petroleum. The Company is well positioned to benefit from the prevailing economic conditions and public policy.

BUSINESS

In addition to the Terminalling business, the Engineering, Procurement and Construction Services (EPC) business and the Upstream Services business, the Company has taken steps to enter into the Renewable Energy business.

The unique combination of EPC skills and operating capabilities allow us to offer flexible ownership and operation models to their customers. They are in the process of constructing a 1.4 million kl terminal for IOC’s upcoming Paradip refinery on a BOOT basis. While this is the largest contract to date for their EPC business, it would also be a major milestone for their Terminalling business in terms of size and criticality of operations.

Their total consolidated revenue and Profit Before Tax achieved a CAGR of 44.6% and 51.5% over the five year period from 2006 to 2010.

ENGINEERING PROCUREMENT AND CONSTRUCTION (EPC)

Their EPC Business provides integrated engineering, procurement and construction services primarily to the oil and gas sector, as well as the power, infrastructure, steel, cement and food and beverage sectors. Their portfolio of completed EPC projects includes petroleum product storage projects providing over three million kiloliters of storage, 243 kilometres of cross-country petroleum product pipelines, utilities and offsites for refineries, aviation fuel handling systems, LPG storage and bottling facilities, heavy erection work in the petrochemical and cement industries, as well as crude oil treatment facilities.

They have developed core competencies in project management, design optimisation and large scale procurement and seek to capture a significant portion of the EPC value chain through their execution expertise in construction services.

As of March 2010, their EPC Order Book was close to Rs. 30000.000 Millions. Their EPC Order Book has grown from Rs. 3000.000 Millions as of March 31, 2006 to Rs. 29160.000 Millions as of March 31, 2010, which represents a CAGR of 76.6%. For the year ended March 31, 2006 to the year ended March 31, 2010, revenues and EBIT from their EPC Business grew at a CAGR of 47.1% and 62.4% respectively.

TERMINALLING

The Company is one of the leading independent terminalling companies in India providing services to major oil companies in India such as Indian Oil, ONGC, OIL, Essar and Shell. Their Terminalling Business provides independent tank terminalling services for the receipt, storage, dispatch and handling of crude oil and petroleum products. They are also engaged in bottling of LPG and dewatering of crude oil and provide into-plane services at the Bangalore International Airport. They have also received a contract to provide similar services at Delhi International Airport Terminal 3.

Their ability to offer their customers a variety of ownership and operational business models such as BOOT, BOO, BO and OandM by combining their competencies in terminal operation and EPC services has enabled us to grow their operations to 17 terminals with 1.10 million kiloliters of storage capacity. They currently own and operate three of these terminals on an open access basis. The Paradip Refinery Storage Terminal is also expected to commence operations by January 2012.

For the five year period from 2006 to 2010, the revenues and EBIT from the Terminalling Business grew at a CAGR of 20.3% and 13.2% respectively.

UPSTREAM SERVICES

Their Upstream Services Business, provides integrated directional drilling services and seismic services. Through acquisition of Newsco Asia, we have access to directional and horizontal drilling technology, as well as research and development and a strong presence in directional drilling services in India.

The seismic services business developed organically, is undertaking their first contract for providing seismic services in difficult terrain at Karbi Anglong, Assam for OIL. For the years ended March 31, 2009 and 2010, their Upstream Services Business generated revenue constituted 1.2% and 2.8% of their total consolidated revenue respectively.

RENEWABLE ENERGY

To commence their Renewable Energy Business, we have formed a joint venture with Mabagas, which has expertise in biogas plants, in order to identify, develop, build, own and operate biogas and biogas-based power plants in India.

SUBSIDIARY COMPANIES AND JOINT VENTURES

The company has applied for exemption under Section 212 of the Companies Act, 1956, to the Central Government, Ministry of Corporate Affairs (MCA) from the attaching the Balance Sheet, Profit and Loss Account, Directors Report and Auditors report of its subsidiaries to this Annual Report.

Accordingly the Annual report contains the Consolidated Annual financials of the Company and its subsidiaries based on the exemption application. The Annual Accounts together with reports of Directors and the Auditor's Report of the Company's subsidiaries will be made available to the investors upon their request to the Company. The Annual Accounts of the subsidiary companies will also be kept open for inspection during business hours at the registered office of the Company.

IOT's subsidiaries and joint ventures have successfully evolved into an integrated whole and contributed to the success of IOT as a diversified player in the Terminalling, EPC and Upstream Services segments. The performance of IOT group companies is summarized below:

IOT Engineering Projects Limited (IOTEP)

During the year IOTEP was awarded its first direct contract from IOC in view of the excellent construction / erection works done as sub-contractor for IOT. The order book position reached around Rs. 4300.000 Millions with orders both from private and public sectors. During the year the Company achieved Revenue and PBT of Rs. 2498.600 Millions and Rs. 205.800 Millions respectively.

IOT Anwesha Engineering and Construction Limited (IOTAEC)

IOTAEC achieved excellent all round profitable growth in India and Oman. During 2009-10 IOTAEC achieved Turnover and PBT of Rs. 1011.300 Millions and Rs. 206.900 Millions respectively and continues its strong growth with an Order Book of around Rs. 2800.000 Millions.

IOT Utkal Energy Services Limited (IOT Utkal)

IOT holds 52.2% stake in IOT Utkal with Oiltanking GmbH and IVRCL Assets and Holding Limited Holding 10% and 37.5% respectively. IOT Utkal has successfully achieved financial closure and tied up the debt funding of Rs. 23528.500 Millions for the Paradip BOOT Project and will own the assets created under the contract.

Stewarts and Lloyds of India Limited (SandL)

During the year SandL registered Revenue and PBT of Rs. 625.800 Millions and Rs. (20.900) Millions respectively. With the new management team taking charge, improvement in business prospects is anticipated.

IOT Design and Engineering Limited (IOTDE)

IOTDE continued to efficiently support the IOT EPC group's pre-bid and post-bid design and engineering activities and also successfully crossed the pre-qualification barriers to get outside business in India and abroad (Qatar and Mozambique). IOTDE will also participate in the Paradip BOOT Project which will further enhance its pre-qualification competencies. During the year IOTDE achieved Revenue and PBT of Rs. 261.100 Millions and Rs. 20.700 Millions respectively.

IOT Engineering and Construction Services LLC, Oman (IOTECS)

After completing the first phase of the project for construction of storage tanks and terminal facilities at Sohar, Oman ahead of schedule, IOTECS, Oman is now executing the EPCC services contract for Phases IV and V of the Sohar Terminal. During 2009-10 IOTECS Oman registered Revenue and PBT of Rs. 2216.700 Millions and Rs. 1158.100 Millions respectively.

IOT Engineering and Construction Services Private Limited, Singapore (IOTECS, Singapore)

IOTECS, Singapore is complementing IOT's overseas ventures. During the year IOTECS supported IOT's entry into the upstream and EPC sectors in Indonesia through the acquisition of 49% stake in PT IOT Energy Services Indonesia.

PT IOT Energy Services Indonesia (PT IOT Indonesia)

During the year IOT alongwith IOTECS Singapore acquired controlling stake in PT IOT Indonesia, established as IOT's vehicle to develop EPC Business in Indonesia and also to tap the sizeable potential in Upstream Services. PT IOT Indonesia would be able to bid directly for projects in Indonesia thereby clearing the entry barriers otherwise faced by foreign companies.

Newsco Directional and Horizontal Drilling (Asia) Inc. (Newsco Asia)

During the year Newsco Asia registered Revenue and PBT of USD 6.62 million (Rs. 297.700 Millions) and USD 1.87 million (Rs. 84.100) Millions respectively. The phased acquisition of Newsco Asia is progressing as per plans with IOT set to acquire further 25 % stake in Newsco Asia through IOT Canada, the 100% subsidiary of IOT incorporated in Canada and would consequently hold 75% stake in Newsco Asia.

Joint Ventures

Zuari Indian Oiltanking Limited (ZIOTL)

The 50:50 JV Company of IOT and Zuari Industries is operating the 64,000 KL capacity independent storage terminal at Goa to meet the emerging market demands in the west coast of India. During the year 2009-10, ZIOTL achieved a turnover of Rs. 154.000 Millions and profit before tax (PBT) of Rs. 57.000 Millions.

Indian Oil Skytanking Limited, (IOSL)

After successful commencement of operations and achieving landmark entry of “open access” system in Aviation refuelling business in India, IOSL secured the business of fuel farm operations and into plane services at India's largest airport at Delhi gaining excellent reputation in a very short span of time. During the year 2009-10, IOSL achieved a turnover of Rs. 652.700 Millions and profit before tax (PBT) of Rs. 30.600 Millions.

IOT Mabagas Limited

In addition to the business development initiatives in the states of Punjab, Haryana, Maharashtra, Gujarat, Karnataka and Tamil Nadu, IOT Mabagas will focus on projects which can be registered as Clean Development Mechanism (CDM) Projects allowing the Projects to earn tradeable Certified Emission Reduction (CER) credits.

IOT Mabagas has plans to work closely with IOT EPC SBU for cost effective and speedy design and construction of Biogas Plants and also developing Operations and Maintenance capabilities in association with the IOT Terminalling SBU.

FINANCIAL RESULTS

During the year IOT on Standalone basis achieved Revenues of Rs. 10190.000 Millions and Profit Before Tax (PBT) of Rs. 720.000 Millions as against Revenues and Profit Before Tax (PBT) of Rs. 10410.000 Millions and Rs.710.000 Millions respectively achieved during the last financial year.

The Company has opted to present Consolidated Financial Statements to reflect the consolidated strength and growth as a group. These statements are prepared in line with the Accounting Standards AS-21 and AS-27 of Institute of Chartered Accountants of India, and are based on financial statements of the Company, its subsidiaries and joint ventures.

On a consolidated basis, IOT achieved Revenues of Rs.15290.000 Millions and Profit Before Tax (PBT) of Rs.1820.000 Millions as against Revenues and Profit Before Tax (PBT) of Rs.15890.000 Millions and Rs.1800.000 Millions respectively achieved during the last financial year.

Form 8:

Corporate identity number of the company	U23200MH1996PLC102222
Name of the company	IOT INFRASTRUCTURE ANS ENERGY SERVICES LIMITED
Address of the registered office or of the principal place of business in India of the company	103, Spectra, Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book Debts Immovable Property Movable Property
Particular of charge holder	STATE BANK OF INDIA
Nature of instrument creating charge	Sixth Supplemental Agreement of hypothecation of goods and assets for increase in the overall limit.
Date of instrument Creating the charge	10/02/2010
Amount secured by the charge	Rs.11175.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash credit/working capital demand loan - SBAR, effective rate 11.75% p.a with monthly rests Letters of credit/Bank guarantee - As per arrangement Terms of Repayment Working capital facilities subject to annual renewal. Margin Raw materials/WIP/Finished goods - 25% Receivable (upto 180 days) 25% Extent and Operation of the charge First charge on the current assets and second charge over the fixed assets for the working capital facility of Rs. 10525.000 Millions and second charge on the current assets for the Corporate loan facility of Rs. 650.000 Millions.
Short particulars of the property charged	Entire current assets of the Company including inventories, book debts, WIP and second charge on the fixed assets of the Company situated at various projects.
Date of instrument modifying the charge	07/01/2009
Particulars of the present modification	Enhancement of the Working Capital Facility from Rs. 7500.000 Millions to Rs. 10525.000 Millions and continuation of existing Corporate Loan of Rs. 650.000 Millions.

CMT REPORT (Corruption, Money Laundering and 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.45.63
UK Pound	1	Rs.73.72
Euro	1	Rs.63.16

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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 and 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.