MIRA INFORM REPORT

Report Date :

07.11.2011

IDENTIFICATION DETAILS

Name :	COLUMBIA PETRO CHEM PRIVATE LIMITED
Registered Office :	D-101, Triveni, 32^nd Road, Near National College, Bandra (West), Mumbai – 400050, Maharashtra
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	03.12.1987
Com. Reg. No.:	11-045493
Capital Investment / Paid-up Capital :	Rs. 10.000 Millions
CIN No.: [Company Identification No.]	U99999MH1987PTC045493
PAN No.: [Permanent Account No.]	AAACC4865C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Petroleum Specialty Products.
No. of Employees :	350 Approximately (In office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1700000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well 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. However, the company can be considered for business dealings with slight caution in view of non- availability of latest financials.

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. Umesh Phatean
Designation :	Account Department
Contact No.:	91-22-26462313
Date :	02.11.2011

LOCATIONS

Registered Office/ Head Office :	D-101, Triveni, 32^nd Road, Near National College, Bandra (West), Mumbai – 400050, Maharasahtra, India
Tel. No.:	91-22-26462313/2915/3032
Fax No.:	91-22-26460760
E-Mail :	cpcindia@vsnl.net
Website :	www.columbiapetro.com
Location :	Owned
Corporate Office :	P-34, India Exchange Place, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22253807/8/9
Fax No.:	91-33-22253080
Sales Office :	Bangalore S-404, Manipal Centre, Dickenson Road, Bangalore – 560042, Karnataka, India Tele Fax : 91-080-25550288 Chennai 715B, Spencer Plaza, Phase – ll, 7^th Floor, Anna Salai, Chennai – 600002, Tamilnadu, India Tele Fax : 91-44-28490400/28490401 Email : columbiapetro@eth.net Hyderabad 312, Prajay Corporate House, 3^rd Floor, D.No. 1-10-63 and 64, Chikoti Gardens, Lane Opposite Shoppers Stop, Begumpet, Hyderabad – 500016, Andhra Pradesh, India Tel No. : 91-40-27766482 Fax : 91-40-27766483 Email : cpcpl@sify.com Indore 312, Anmol Sagar Darshan , 3^rd Floor, Scheme No.2c, 9/1 New Palasia Road, Indore – 452001, Madhya Pradesh, India Tel No. : 91-731-23950767 Jaipur 37, Kishan Nagar, Shyamnagar, Janpath, Jaipur – 302019, Rajasthan, India Kolkata 5C, Siddha Park, 99A, Park Street, Kolkata – 700016, West Bengal, India Tel No. : 91-33-22275415/6 Fax: 91-33-22275417 Delhi 1006, Navarang House, 10^th Floor, K.G. Marg, New Delhi – 110001, India Ph : 91-11-23351147/48 Fax : 91-11-23351149 Email : cpc_1006@sify.com Baroda 406, Opel Square, 4^th Floor, Anand Society, Behind Express Hotel, R C Dutt Road, Alkapuri, Vadodara – 390007, Gujarat, India Ph : 91-265-3057175
Refineries Taloja :	Plot No J-14, MIDC, Taloja – 410208, District Raigad, Maharashtra, India
Tel. No.:	91-22-27410816/2735
Fax No.:	91-22-27410276
Refineries Silvassa :	Survey No. 144/1/1, Plot No.12,13 and 14, Athal Silvassa, Silvassa – 396230, Dadra Nagar Haveli (U.T.)
Tel. No.:	91-260-2632793/2645643
Fax No.:	91-260-2632792

DIRECTORS

As on 30.09.2009

Name :

Mr. Kuldeep Halwasiya

Designation :

Director

Address :

D-101, Triveni, 32^nd Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

24.10.1963

Date of Appointment :

03.12.1987

DIN No.:

00284972

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U63090WB1971PLC027993	Universal Petro-Chemicals Limited	Director	30-01-86	30-01-86	-	Active	NO
2	U99999MH1987PTC045493	Columbia Petro Chem Private Limited	Director	03-12-87	03-12-87	-	Active	YES
3	U51102MH1997PTC111664	Aral Lubricants (India) Private Limited	Nominee director	03-11-97	03-11-97	-	Under Process of Striking off	NO
4	U92100MH2002PTC137396	Columbia Entertainment Company Private Limited	Director	30-09-02	30-09-02	-	Active	NO
5	U24230MH2002PTC137409	Essence Jewellery and Personal Care Products Private Limited	Director	01-10-02	01-10-02	-	Active	NO
6	U63000DN2004PTC000293	Hari Om Bulk Carriers Private Limited	Director	10-06-04	10-06-04	-	Active	NO
7	U70101WB2005PTC104945	KJ Enclave Private Limited	Director	25-08-05	25-08-05	-	Active	NO
8	U74999WB2005PTC105229	Columbia Bio Fuels Private Limited	Director	07-09-05	07-09-05	05-03-08	Active	NO
9	U45208MH2007PTC166764	Blue Estate Private Limited	Director	05-01-07	05-01-07	-	Active	NO
10	U74999MH2007PTC168833	Columbia Infrastructure Private Limited	Nominee director	16-03-07	16-03-07	-	Active	NO
11	U55200MH1983PTC031178	Adar Hotels Private Limited	Additional director	18-01-10	18-01-10	-	Active	YES
12	U45400MH2008PTC187553	L T Space Solutions Private Limited	Director	26-05-11	26-05-11	-	Active	NO
13	U45200MH1974PTC017381	Atul Estate Development Company Private Limited	Director	14-10-11	14-10-11	-	Active	NO

Name :

Mr. Rajdeep Halwasiya

Designation :

Director

Address :

Niharika Flat 701, 17/1C, Alipore Road, Kolkata – 700001, West Bengal, India

Date of Birth/Age :

22.12.1968

Date of Appointment :

03.12.1987

DIN No.:

01726698

KEY EXECUTIVES

Name :	Mr. Umesh Phatean
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2009

Names of Shareholders	No. of Shares
Kuldeep Madanmohan Halwasiya	29100
Pradeep Madanmohan Halwasiya	19500
Jaideep Madanmohan Halwasiya	34000
Rajdeep Madanmohan Halwasiya	15100
Madanmohan Bhagwati Prasad Halwasiya	500
Madanmohan Bhagwati Prasad Halwasiya	250
Bimladevi Madanmohan Halwasiya	1550
TOTAL	100000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Petroleum Specialty Products.
Products :	Columbia Transformer Oil Columbia White Oil Columbia Liquid Paraffin Oil
Exports :
Products :	BIS – Approved Transformer Oil
Countries :	USA Europe Middle East
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

350 Approximately (In office + In Factory)

Bankers :

Allahabad Bank, Industrial Finance Branch, Allahabad Bank Building, Second Floor, 37, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2009 (Rs. in Millions)	As on 31.03.2008 (Rs. in Millions)
Allahabad Bank IFB Mumbai Against Hypothecation of Stock/ Books Debts and all other Current Assets	291.275	252.564
Total	291.275	252.564
Unsecured Loan	As on 31.03.2009 (Rs. in Millions)	As on 31.03.2008 (Rs. in Millions)
From Director and Shareholder	0.234	0.234
Total	0.234	0.234

Banking Relations :	--
Auditors :
Name :	J D Thacker and Company Chartered Accountants
Address :	216 Anantdeep Chembers, N N Street, Mumbai – 400009, Maharashtra, India
PAN.:	AACPT0729P
Wholly Owned Subsidiary :	Columbia Infrastructure Private Limited Cin No.: U74999MH2007PTC168833
Key Management Personnel :	Universal Petro Chemicals Limited Blue Estate Private Limited Hariom Bulk Carriers Private Limited

CAPITAL STRUCTURE

As on 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares (out of this amount 6075 equity shares are issued towards consideration other wise than in cash for leasehold land)	Rs.100/- each	Rs. 10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		415.351	384.418	322.067
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		425.351	394.418	332.067
LOAN FUNDS
1] Secured Loans		291.275	252.564	22.717
2] Unsecured Loans		0.234	0.234	11.330
TOTAL BORROWING		291.509	252.798	34.047
DEFERRED TAX LIABILITIES		2.132	1.511	0.326
TOTAL		718.992	648.727	366.440
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		61.300	86.146	87.558
Capital work-in-progress		38.680	0.000	0.000
INVESTMENT		84.788	84.827	56.077
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	103.217	377.766	275.438
	Sundry Debtors	667.917	399.093	369.614
	Cash & Bank Balances	160.912	222.868	78.665
	Other Current Assets	51.360	48.757	88.787
	Loans Advances & Deposits	459.299	181.974	107.580
Total Current Assets		1442.705	1230.458	920.084
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	850.717	707.483	671.356
	Other Current Liabilities	1.574	6.281	2.165
	Provisions	56.190	38.940	23.758
Total Current Liabilities		908.481	752.704	697.279
Net Current Assets		534.224	477.754	222.805
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		718.992	648.727	366.440

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008	31.03.2007
	SALES
		Income	3003.694	2060.790	2266.035
		Other Income	0.824	1.283	4.281
		TOTAL (A)	3004.518	2062.073	2270.316
Less	EXPENSES
		Cost of Goods Consumed or Sold	2643.885	1903.794	2044.367
		Manufacturing Expenses	19.744	22.411	18.140
		Remuneration to Workers Employees	22.284	17.597	17.299
		Administration and Selling Expenses	121.717	98.538	77.056
		Auditor Remuneration	0.185	0.151	0.118
		Increase/ Decrease in Stock	125.414	(122.037)	43.018
		TOTAL (B)	2933.229	1920.454	2199.998
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		71.289	141.619	70.318
Less	INTEREST PAID (D)		2.058	45.788	19.079
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		69.231	95.831	51.239
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.378	9.946	11.053
	PROFIT BEFORE TAX (E-F) (G)		59.853	85.885	40.186
Less	TAX (H)		17.221	10.834	3.164
	PROFIT AFTER TAX (G-H) (I)		42.632	74.051	37.023
Less	APPROPRIATIONS
		Proposed Dividend	10.000	10.000	1.000
		Tax on Dividend	1.700	1.700	0.170
		Transfer to General Reserve	4.265	7.405	0.000
		Excess/Short Provision of I.T of Earlier Year	0.000	(0.354)	1.115
	BALANCE CARRIED TO THE B/S		26.667	54.946	36.968
	EARNINGS IN FOREIGN CURRENCY		484.939	278.119	96.279
	Earnings Per Share (Rs.)		426.32	740.51	370.23

Particulars	31.03.2011	31.03.2010
Sales Turnover (Approximately)	6095.600	3801.300

The above information has been parted by Mr. Umesh Phatean (Account Department)

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	1.42	3.59	1.63
Net Profit Margin (PBT/Sales)	(%)	1.99	4.17	1.77
Return on Total Assets (PBT/Total Assets}	(%)	3.98	6.52	3.05
Return on Investment (ROI) (PBT/Networth)		0.14	0.22	0.12
Debt Equity Ratio (Total Liability/Networth)		2.82	2.55	2.20
Current Ratio (Current Asset/Current Liability)		1.59	1.63	1.32

LOCAL AGENCY FURTHER INFORMATION

OPERATION

During the year company has achieved total turnover of Rs. 3353.650 Millions including Export Turnover of Rs. 493.280 Millions. The export Turnover of the company has increased by about 76.22% as compared toi last year. The Profit of the company has been slashed down heavily as compared to last year mainly due to global slowdown, fluctuation in foreign exchange rate as well as volatile crude prices internationally. Inspite of that the company has achieved PAT of Rs. 42.630 Millions as against 74.050 Millions compared to last year.

FORM 8:

Corporate identity number of the company	U99999MH1987PTC045493
Name of the company	COLUMBIA PETRO CHEM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D-101, Triveni, 32^nd Road, Near National College, Bandra (West), Mumbai – 400050, Maharasahtra, India Email : cpcindia@vsnl.net
This form is for	Creation of Charge
Type of charge	Immovable Property
Particular of charge holder	Allahabad Bank, Industrial Finance Branch, Allahabad Bank Building, Second Floor, 37, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India Email : br.mumifb@allahabadbank.in
Nature of instrument creating charge	Registered joint deed of mortgage cum charge
Date of instrument Creating the charge	15.01.2011
Amount secured by the charge	Rs. 3965.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : - Terms of Repayment : CC -on demand and other as per banks guidelines, Term Loan repayment in 11 quarterly installments of Rs. 850.000 millions each except last installment which will be Rs. 650.000 millions commencing after 6 months from 1st disbursement. Margin : CC (Stocks) - 25% CC (BD) - 40% Extent and operation of charge : -
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Joint mortgage on Company's immovable property at Taloja-Maharashtra and Athal-Silvassa in pari passu with Axis Bank Limited and Citi Bank. Exclusive charge to Allahabad Bank on Company's property at Kolkata, Bandra, Vadodara, Bangalore, Hyderabad and Chennai

FIXEDASSETS

• Lease Hold Land
• Freehold Land
• Factory Roads, Shed and Building
• Office Flat
• Equipments/ Plant
• Plant and Machinery
• Vehicles
• Computer

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.49.08
UK Pound	1	Rs.78.65
Euro	1	Rs.67.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.