MIRA INFORM REPORT

Report Date :

13.06.2011

IDENTIFICATION DETAILS

Name :	MEHTA PETRO REFINERIES LIMITED
Registered Office :	101 / A, “Shreyans”, Kesar Baug Chs Ltd, L T Road, Borivali (West), Mumbai - 400092, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.07.1993
Com. Reg. No.:	11-73022
Capital Investment / Paid-up Capital :	Rs. 42.995 Millions
CIN No.: [Company Identification No.]	U24110MH1993PLC073022
TAN No.: [Tax Deduction & Collection Account No.]	MUMM2093C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Petroleum Refining Solvents, etc
No. of Employees :	100 (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 324000
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.

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

INFORMATION PARTED BY

Name :	Mr. Vinod Ishwarlal Mehta
Designation :	Chairman

LOCATIONS

Registered Office :	101 / A, “Shreyans”, Kesar Baug Chs Ltd, L T ROAD, Borivali (West), Mumbai – 400092, Maharashtra, India
Tel. No.:	91-22-40899444 / 40899414 / 28998554
Fax No.:	91-22-28980360
E-Mail :	dilipmehta@mehtapetro.com vinod.mehta@mehtapetro.com info@mehtapetro.com
Website :	www.mehtapetro.com
Area :	5000 sq.fts
Location :	Owned
Branch Office :	50, Rajabahadur Building, 128/132, Kazi Sayed Street, Mumbai - 400003, Maharashtra, India
Tel. No.:	91-22-66313046
Factory :	Survey No. 437, Dewan and Sons Udyog, Village Mahim, Taluka Palghar, District Thane - 401404, Maharashtra, India
Tel. No.:	91-2525-254155
Fax No.:	91-2525-254502
AGENT :	Prabhas Petro Chemical 311, Tirupati Complex, Paradise Circle, Secunderabad - 500 003. Maharashtra, India.
Tel. No.:	91-40-66311050
E-Mail :	shajahanpatta@hotmail.com

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Vinod Ishwarlal Mehta
Designation :	Chairman
Address :	L-401, Ashok Nagar, L.T. Road, Off. Vaziranaka, Borivali (West), Mumbai - 400092, Maharashtra, India
Date of Birth/Age :	13.07.1958
Date of Appointment :	20.07.1993
Name :	Mr. Dilip Ishwarlal Mehta
Designation :	Director
Address :	201, Building - 5 Ashok Nagar, L.T. Road, Off. Vaziranaka, Borivali (West), Mumbai - 400092, Maharashtra, India
Date of Birth/Age :	20.01.1961
Date of Appointment :	20.07.1993
Name :	Mr. Paresh Ishwarlal Mehta
Designation :	Director
Address :	204/B, Bathia Apartment, S.V. Road, Borivali (West), Mumbai - 400092, Maharashtra, India
Date of Birth/Age :	01.03.1972
Date of Appointment :	20.07.1993

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Nitin I Mehta	56600
Nitin I Mehta (HUF)	329600
Meena N Mehta	158500
Vinod I Mehta	1059700
Vinod I Mehta (HUF)	375500
Bhavna V Mehta	186700
Dilip I Mehta	628900
Arti D Mehta	104500
Dilip I Mehta (HUF)	284000
Paresh I Mehta	240600
Paresh I Mehta (HUF)	272500
Jigna P Mehta	145300
Rajesh J Damania	17500
Sheetal N Mehta	35000
Jignesh V Mehta	87600
Jatin N Mehta	52000
Bhavin D Mehta	125000
Tora Marketing Private Limited	60000
D R Patel Investment Private Limited	5000
Remo Engineering Works Private Limited	7000
Pallavi Multi Trade Private Limited	10000
Fedder Tie Up Private Limited	3000
Benco Finance and Investments Private Limited	5000
Deepak kamlendra Bassi	50000
TOTAL	4299500

As on 30.09.2010

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	0.00
Bodies corporate	2.09
Directors or relatives of Directors	96.34
Other top fifty shareholders	1.57
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Petroleum Refining Solvents, etc

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

• Citi Bank N.A, Citi Tower, Dr. S. S. Rao Road, Parel, Mumbai - 400012, Maharashtra, India
• State Bank of India, MID Corporate Admin Unit, Shri Hari Building, RTO Lane, Four Bungalows, Andheri (W), Mumbai - 400053, Maharashtra, India
• HDFC Bank Limited

Facilities :

Secured Loans

Particulars	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Secured Loan From Bank
State Bank of India (Cash Credit Facility) (secured against hypothecation of stock, Plant and Machinery and Book Debts)	85.557	32.650
SBI Buyers Credit (ECB)	--	8.477
HDFC Bank Limited (Secured against Motor Car)	0.211	0.443
Standard Chartered Bank Loan A/C	1.443	2.414
Barclays Bank Loan A/C	1.652	2.745
India Bulls Financial Loan A/C	0.503	2.300
Citi Bank (Secured against office Premises)	0.670	2.786
SBI Mumbai	--	(0.003)
Total	90.038	51.812

Unsecured Loans

Particulars	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Others	31.357	36.059
Sales Tax Deferred Loans	21.424	21.423
Total	52.781	57.482

Banking Relations :

-----

Auditors :

Name :

V.J. Shah and Company

Designation :

Chartered Accountant

Address :

1st Floor, Hira Niwas, 46, Modi Street, Fort, Mumbai - 400001, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5500000	Equity Shares	Rs. 10/- each	Rs. 55.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4299500	Equity Shares	Rs. 10/- each	Rs. 42.995 Millions

As on 30.09.2010

Authorised Capital : Rs. 55.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 43.095 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		42.995	42.995	42.495
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		71.788	48.353	35.520
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		114.783	91.348	78.015
LOAN FUNDS
1] Secured Loans		90.038	51.812	83.338
2] Unsecured Loans		52.781	57.482	55.344
TOTAL BORROWING		142.819	109.294	138.682
DEFERRED TAX LIABILITIES		0.000	0.021	1.763
TOTAL		257.602	200.663	218.460
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.145	26.088	28.864
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		10.094	0.391	0.592
DEFERREX TAX ASSETS		0.219	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	146.752	88.556	89.428
	Sundry Debtors	161.575	150.290	144.650
	Cash & Bank Balances	3.148	2.185	4.190
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	108.328	53.073	44.329
Total Current Assets		419.803	294.104	282.597
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	182.959	112.898	90.822
	Provisions	12.700	7.025	2.771
Total Current Liabilities		195.659	119.923	93.593
Net Current Assets		224.144	174.184	189.004
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		257.602	200.663	218.460

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	796.987	775.593	556.039
		Other Income	13.486	15.256	10.594
		TOTAL (A)	810.473	790.849	566.633
Less	EXPENSES
		Administrative Expenses	575.951	154.692	132.445
		Raw material Consumed	181.928	600.153	407.821
		Increase/ Decrease in stock	0.128	0.737	(0.735)
		TOTAL (B)	758.007	755.582	539.531
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		52.466	35.267	27.102
Less	FINANCIAL EXPENSES (D)		13.362	11.328	10.350
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		39.104	23.939	16.752
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.205	3.839	3.552
	PROFIT BEFORE TAX (E-F) (G)		35.899	20.100	13.200
Less	TAX (I)		12.464	5.282	4.962
	PROFIT AFTER TAX (G-I) (J)		23.435	14.818	8.238
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		21.328	12.994	5.305
	BALANCE CARRIED TO THE B/S		44.763	21.328	12.994
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	50.316	0.055	Nil
	TOTAL EARNINGS		50.316	0.055	Nil
	IMPORTS
		C.I.F. Value of Import	341.344	81.321	42.637
	TOTAL IMPORTS		341.344	81.321	42.
	Earnings Per Share (Rs.)		5.45	3.45	1.94

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.89	1.87	1.45
Net Profit Margin (PBT/Sales)	(%)	4.50	2.59	2.37
Return on Total Assets (PBT/Total Assets}	(%)	8.10	6.27	4.24
Return on Investment (ROI) (PBT/Networth)		0.31	0.22	0.17
Debt Equity Ratio (Total Liability/Networth)		2.94	2.51	2.98
Current Ratio (Current Asset/Current Liability)		2.14	2.45	3.02

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

During the year the company Turnover has gone up to Rs. 796.987 millions as compared to previous year Turnover of Rs. 775.593 millions. The company has made Net profit of Rs. 23.435 millions after providing Depreciation of Rs. 3.205 millions and provision for Taxation Rs. 12.461 millions. The Directors are of the view that the coming year would be better 5.281 millions.

Change of Address:

The Registered Address of the Company has been changed from “2 Vishal Apartment 56^th Road, TPS III, Borivali West, Mumbai – 400092, Maharashtra, India” to the Presrnt Address i.e. 101/A, Shreyans Kesar Baug CHS Ltd, L.T. Road, Borivali – West, Mumbai – 400092, Maharashtra, India with effect from 01.09.2007.

Fixed Assets:

• Land
• Building
• Flat at Palghar
• Plant and Machinery
• Electrical Fittings
• EPABX Systems
• Furniture and Fixtures
• Office Equipments
• Scooter
• Tanker
• Motor Car
• Air Conditioner
• Mobile and Telephone
• Computer
• Fax Machine
• Office Premises
• Capital WIP
• Motor Bike
• Cycle
• Laboratory Instruments

Form 8

Corporate identity number of the company	U24110MH1993PLC073022
Name of the company	MEHTA PETRO-REFINERIES LIMITED
Address of the registered office or of the principal place of business in India of the company	101/A, 'Shreyans', Kesar Baug Chs Ltd, L. T. Road, Borivali (West), Mumbai - 400092, Maharashtra, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	State Bank of India, Backbay Reclamation Branch, Mumbai – 400021, Maharashtra, India
Nature of instrument creating charge	No Instrument Memorandum For Recording Extension of Mortgage By Deposit of Title Deeds Covering Enhanced Limits and/or Creation of Equitable Mortgage on Additional Properties For Existing Limits and Enhanced Limits And Additional Facilities (Sme-7)
Date of instrument Creating the charge	19/01/2010
Amount secured by the charge	Rs. 280.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : As Per Sanction Terms Terms of repayment : As Per Sanction Terms Margin : As Per Sanction Terms Extent and operation of the charge : As Per Sanction Terms Other : As Per Sanction Terms
Short particulars of the property charged (Including location of the property)	1. All Present And Future Goods, Bookdebts, Movables And Other Assets of The Borrower Including Documents of Title To Goods And Other Assets Such As Outstandings Moneys, Receivables, Claims, Bills, 2. Invoices, Documents, Contracts, Engagements, Securities, Investments And Rights And The Present And All Future Machinery And Raw Materials, Semi Finished And Finished Goods, Bookdebts.
Date of instrument modifying the charge	19/01/2010
Particulars of the present modification	Now By The Present Modfn. Dt. 19.1.2010 The Company Created An Extension of Charge By Way of An Equitable Mortgage By Deposit of Title Deeds Over The Immovable Properties Created Earlier On 13.1.2009 To Secure The Credit Facilities of Rs. 28,00,00,000/-. The Details of The Immovable Properties

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. 44.72
UK Pound	1	Rs. 72.93
Euro	1	Rs. 64.72

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	YES
--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.