1. Summary Information

		Country	India
Company Name	HINDUSTAN COLAS LIMITED	Principal Name 1	Mr. Jacques Pastor
Status	Fairly Large	Principal Name 2	Mr. Somchit Sertthin
		Registration #	11-090671
Street Address	Plot No. D-500, Off HPCL, Vashi Terminal, MIDC, ITC Area, Turbhe, New Mumbai – 400703, Maharashtra, India
Established Date	17.07.1995	SIC Code	--
Telephone#	91-22-65165255	Business Style 1	Manufacturer
Fax #	91-22-27631942	Business Style 2	--
Homepage	http://www.hpcl.co.in	Product Name 1	Bitumen Substances
# of employees	240 Approximately	Product Name 2	Bitumen Emulsions
Paid up capital	Rs. 94,500,000/-	Product Name 3	--
Shareholders	Government Companies (50.00%) Foreign Holdings (50.00%)	Banking	Kotak Mahindra Bank Limited
Public Limited Corp.	NO	Business Period	16 years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	A (65)
Related Company
Relation	Country	Company Name	CEO
Associate	India	Hindustan Petroleum Corporation Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	876,484,000	Current Liabilities	471,742,000
Inventories	177,439,000	Long-term Liabilities	25,385,000
Fixed Assets	563,883,000	Other Liabilities	110,746,000
Deferred Assets	000	Total Liabilities	607,873,000
Invest& other Assets	50,121,000	Retained Earnings	965,554,000
		Net Worth	1,060,054,000
Total Assets	1,667,927,000	Total Liab. & Equity	1,667,927,000
Total Assets (Previous Year)	1,489,910,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	3,489,328,000	Net Profit	382,495,000
Sales(Previous yr)	3,523,774,000	Net Profit(Prev.yr)	278,709,000

MIRA INFORM REPORT

Report Date :

29.10.2011

IDENTIFICATION DETAILS

Name :	HINDUSTAN COLAS LIMITED
Registered Office :	Plot No. D 500, Off HPCL Vashi Terminal, MIDC, TTC Industrial Area, Turbhe, New Mumbai-400703, Maharashtra.
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.07.1995
Com. Reg. No.:	11-090671
Capital Investment / Paid-up Capital :	Rs.94.500 millions
CIN No.: [Company Identification No.]	U23200MH1995PLC090671
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Bitumen Substances and Bitumen Emulsions of all types for all purposes.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 4000000
Status :	Fairly Large
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having good track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessman. Trade relations are reported as fair. Business is active. Payments are reported to be regular as per commitments. The company can be considered good for any normal business dealings at usual trade terms and conditions

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

LOCATIONS

Registered Office :	Plot No. D-500, Off HPCL, Vashi Terminal, MIDC, ITC Area, Turbhe, New Mumbai – 400703, Maharashtra, India
Tel. No.:	91-22-65165255
Fax No.:	91-22-27631942
E-Mail :	corporate@hincol.com customerconnect@hincol.com hr@hincol.com vendor_relations@hincol.com corporate@hincol.com
Website :	http://www.hpcl.co.in
Administrative Office :	R and C Building, 5^th Floor, Sir J. J. Road, Byculla, Mumbai - 400008, Maharashtra
Tel. No.:	91-22-23713138
Fax No.:	91-22-23741711
E-Mail :	hincol@bom2.vsnl.net.in
Plants :	Mumbai Plant D-500, TTC Industrial Area, MIDC, Opposite HPCL Terminal, Turbhe, Navi Mumbai - 400703, Maharashtra, India Tel No.: 91-22-27613127/ 65165255/ 65165256 Fax No.: 91-22-27631942 Bahadurgarh Plant Near HPCL LPG Plant, Village Asauda, Bahadurgarh, District Jajjhar, Haryana, India Phone 91 - 1276 -280015/ 280016/ 395863 Fax 91 - 1276 -280016 Chennai Plant and Office A-9,SIPCOT Industrial Park, Irungattukottai, Tq- Sriperambudur, Dist. - Kancheepuram, Tamil Nadu - 602 105, India Telefax: 91-44-27156097 / 27156098 /27156691 Visakapatnam Plant and Office Near HPCL Terminal B, Malkapuram, Visakhapatnam, Andhra Pradesh - 530 011. Phone : 91-891-2752576 /2752580 Fax: 91-891-2752576 Mangalore Plant and Office Near HPCL POL Terminal, Village Bala, Via Katipalla, Mangalore, Karnataka - 575 030 Phone : 91-824-5558484/ 2271745 Fax : 91-824-2271745 Savli Plant and Office Plot No.426-430, GIDC Industrial Area, Manjusar5, Savli, Baroda, Gujarat, India Tel No.:91-2667-264641/ 264642 Fax No.:91-2667-264642 And Jhasi (Uttar Pradesh)
Branches :	Located at : Delhi Mumbai

DIRECTORS

(AS ON 28.07.2010)

Name :

Mr. Jacques Pastor

Designation :

Chairman

Address :

Salintra Condominium, 376/126-127, Rama 3^rd Bangklo, Bangkorlaey, Bangkok, Thailand-10120

Date of Birth/Age :

26.06.1954

Date of Appointment :

21.12.1995

DIN No :

00152436

Name :

Mr. Somchit Sertthin

Designation :

Director

Address :

55/36, Muangthong Thani Chaengwattana Road, Pakkred, Northaburi-11120 Thailand

Date of Birth/Age :

22.09.1952

Date of Appointment :

17.08.1995

DIN No :

00231058

Name :

Mr. Arun Balakrishna

Designation :

Director

Address :

A 12, Mayfair Gardens, Malabar, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

25.07.1950

Date of Appointment :

03.04.2007

DIN No :

00130241

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	L23201MH1952GOI008858	Hindustan Petroleum Corporation Limited	Director	25/01/2002	25/01/2002	31/07/2010	Active	NO
2	U45203MH1997PLC108251	Petronet India Limited	Director	23/06/2004	23/06/2004	27/07/2007	Active	NO
3	U23200MH1995PLC090671	Hindustan Colas Limited	Director	10/7/2007	3/4/2007	31/07/2010	Active	NO
4	U74899DL1998PLC096845	Prize Petroleum Company Limited	Director	3/9/2007	3/4/2007	1/8/2010	Active	NO
5	U23201PB2000PLC024126	Hpcl-Mittal Energy Limited	Director	30/03/2011	3/4/2007	-	Active	NO
6	U11101AP1999PTC032851	South Asia Lpg Company Private Limited	Director	20/04/2007	20/04/2007	8/4/2009	Active	NO
7	U74990PB2008PLC031715	Hpcl-Mittal Services Limited	Director	28/02/2008	28/02/2008	-	Strike off	NO
8	U23200MH1996PLC102222	Iot Infrastructure & Energy Services Limited	Director	21/09/2010	1/9/2010	-	Active	NO
9	U93090MH2006PLC165172	Ncdex Spot Exchange Limited	Director	16/06/2011	23/09/2010	-	Active	NO
10	U10100MH1975GOI018626	Western Coalfields Limited	Director	24/02/2011	24/02/2011	-	Active	NO
11	L51909DL1963GOI004033	Mmtc Limited	Director	16/07/2011	16/07/2011	-	Active	NO
12	U40200MH1995PLC088133	Mahanagar Gas Limited	Director	26/08/2011	21/07/2011	-	Active	NO
13	U15100MH1950GOI008187	Indian Rare Earths Limited	Director	23/09/2011	23/09/2011	-	Active	NO
14	L40200WB1935PLC008184	Boc India Limited	Additional director	18/10/2011	18/10/2011	-	Active	NO

Name :

Mr. Subir Roy Chaoudhury

Designation :

Director

Address :

B – 25, Mayfair Garden, Malabar Hill, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

01.03.1954

Date of Appointment :

25.05.2004

DIN No :

00130803

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	L23201MH1952GOI008858	Hindustan Petroleum Corporation Limited	Managing director	1/8/2010	10/5/2004	-	Active	NO
2	U23200MH1995PLC090671	Hindustan Colas Limited	Director	25/05/2004	25/05/2004	-	Active	NO
3	U40200AP2003PLC041566	Bhagyanagar Gas Limited	Nominee director	28/05/2004	28/05/2004	18/05/2007	Active	NO
4	U85110KA1998PLC024020	Petronet Mhb Limited	Director	25/06/2004	25/06/2004	3/12/2008	Active	NO
5	L85110KA1988GOI008959	Mangalore Refinery And Petrochemicals Limited	Director	1/9/2005	1/9/2005	19/01/2010	Active	NO
6	U40107MP2006PLC018684	Aavantika Gas Limited	Nominee director	30/09/2009	6/7/2006	15/09/2010	Active	NO
7	U60101PB2008PLC031563	Hpcl-Mittal Pipelines Limited	Director	7/1/2008	7/1/2008	-	Active	NO
8	U23201PB2000PLC024126	Hpcl-Mittal Energy Limited	Director	30/03/2011	1/2/2008	-	Active	NO
9	U01119CT2008GOI020900	Creda - Hpcl Bio Fuel Limited	Director	14/10/2008	14/10/2008	1/9/2010	Active	NO
10	U11101AP1999PTC032851	South Asia Lpg Company Private Limited	Director	15/09/2009	8/4/2009	-	Active	NO
11	U24290BR2009GOI014927	Hpcl Biofuels Limited	Director	16/10/2009	16/10/2009	-	Active	NO
12	U74899DL1998PLC096845	Prize Petroleum Company Limited	Director	26/08/2010	3/8/2010	-	Active	NO

Name :

Mr. Thierry Defrene

Designation :

Director

Address :

Rajanakaran A3, 6/3 SOI Uthairat, Samsen Nai, Phyathai, Bangkok, Thailand-010400

Date of Birth/Age :

29.05.1970

Date of Appointment :

07.01.2009

DIN No :

00231462

Name :

Mr. K Sivaram Prasad

Designation :

Director

Address :

D-2004, Runwal Centre, Station Road, Mumbai- 400088, Maharashtra, India

Date of Birth/Age :

01.07.1952

Date of Appointment :

14.08.2008

DIN No :

02054997

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	U60101PB2008PLC031563	Hpcl-Mittal Pipelines Limited	Director	23/09/2008	1/2/2008	-	Active	NO
2	U74899DL1998PLC096845	Prize Petroleum Company Limited	Director	27/06/2008	6/2/2008	-	Active	NO
3	U23200MH1995PLC090671	Hindustan Colas Limited	Director	14/08/2008	9/3/2008	-	Active	NO
4	U11101AP1999PTC032851	South Asia Lpg Company Private Limited	Director	30/09/2008	26/03/2008	-	Active	NO
5	U85110KA1998PLC024020	Petronet Mhb Limited	Director	23/09/2011	18/11/2010	-	Active	NO

Name :

Mr. Herve Le Bouc

Designation :

Director

33/Address :

17, Avenue De Lamballe, Paris- 75016, France

Date of Birth/Age :

07.01.1952

Date of Appointment :

14.08.2008

DIN No :

02107707

KEY EXECUTIVES

Name :	Mr. Sanjay Grover
Designation :	Manager
Address :	4201, Planet Godrej Tower 1, Mahalaxmi, Mumbai-400011, Maharashtra, India.
Date of Birth/Age :	03.08.1964
Date of Appointment :	01.05.2008
Name :	Mr. Sitaram Taparia
Designation :	Secretary
33/Address :	33/604, HP Nagag East, Mahul Road, Chembur, Mumbai- 400074, Maharashtra, India
Date of Birth/Age :	02.01.1975
Date of Appointment :	21.03.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 28.07.2010)

Names of Shareholders	No. of Shares
Colasia SA, France	4724600
Hindustan Petroleum Corporation Limited, India.	4724600
Somchit Sertthin	100
Alain Dupont	100
Jacues Pastor	100
Subir Roy Chaoudhury	100
Arun Balakrishna	100
K Shivram Prasad	100
K V Rao	100
Thierry Defrene	100
Total	9450000

Equity Share Breakeup

(AS ON 30.09.2010)

Category	Percentage
Govt. Companies	50.00
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Bitumen Substances and Bitumen Emulsions of all types for all purposes.

Products :

Product Description	ITC Code
Bituminous Mixtures based on Petroleum Bitumen	27150000

PRODUCTION STATUS

(AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Emulsion and cutback	MT	175000*	108872.504
Modifies bitumen	MT		22938.135

GENERAL INFORMATION

Customers :

· L and T

· HCC

· NHAI

· Government

No. of Employees :

240 Approximately

Bankers :

· Kotak Mahindra Bank Limited, 36-38A, Nariman Point, Mumbai-400021, Maharashtra, India

Facilities :

Secured Loans	As on 31.03.2010 (Rs. In Millions)	As on 31.03.2009 (Rs. In Millions)
Amount payable to Haryana Sales Tax Authorities towards Interest Free Sales Tax Deferral facility availed (Secured by charge on all fixed and movable assets other than stocks) [Amount payable within one year Rs.1.126 Millions] (Previous year : Rs.1.964 millions	25.385	26.987
Total	25.385	26.987

Unsecured Loans	As on 31.03.2010 (Rs. In Millions	As on 31.03.2009 (Rs. In Millions)
Amount payable to Tamil Nadu Sales Tax Authorities towards Interest Free Sales Tax Deferral facility availed [Amount payable within one year Rs.Nil] (Previous year : Rs.2.598 millions)	0.000	37.606
Total	0.000	37.606

Banking Relations :	--
Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028, Maharashtra, India
Income-tax PAN of auditor or auditor’s firm :	AABFL5878L
Associates/Subsidiaries :	· Hindustan Petroleum Corporation Limited, India · Colasie S.A., France

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Share	Rs.10/- each	Rs.300.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9450000	Equity Share	Rs.10/- each	Rs.94.500 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		94.500	94.500	94.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		965.554	627.137	365.012
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1060.054	721.637	459.512
LOAN FUNDS
1] Secured Loans		25.385	26.987	31.786
2] Unsecured Loans		0.000	37.606	37.606
TOTAL BORROWING		25.385	64.593	69.392
DEFERRED TAX LIABILITIES		50.081	47.516	42.845
TOTAL		1135.520	833.746	571.749
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		563.883	530.209	366.893
Capital work-in-progress		50.121	9.029	20.188
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	177.439	147.308	101.133
	Sundry Debtors	167.618	336.757	242.213
	Cash & Bank Balances	599.250	371.246	317.484
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	109.616	95.361	87.153
Total Current Assets		1053.923	950.672	747.983
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	175.544	299.153	368.377
	Other Current Liabilities	296.198	309.947	164.122
	Provisions	60.665	47.063	30.815
Total Current Liabilities		532.407	656.164	563.315
Net Current Assets		521.516	294.508	184.668
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1135.520	833.746	571.749

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	3489.328	3523.774	2511.725
		Other Income	71.629	40.804	29.284
		TOTAL (A)	3560.957	3564.578	2541.009
Less	EXPENSES
		Raw Material Consumed	2432.835	2646.267	1912.306
		Increase/(Decrease) in Finished Goods	(5.208)	(20.654)	(16.102)
		Increase / (Decrease) in Excise duty on stock of finished goods	0.818	3.230	2.027
		Write Down / Loss Inventories	5.252	0.000	0.000
		Packing Materials Consumed	245.021	218.400	144.047
		Operating Expenses	76.637	71.264	55.408
		Employee costs	79.521	68.049	46.016
		Administrative Expenses	54.969	59.642	27.557
		Selling and Distribution Expenses	40.966	47.297	45.716
		Technical fees and other expenses	9.878	8.122	6.596
		TOTAL (B)	2940.689	3101.617	2223.571
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		620.268	462.961	317.438
Less	FINANCIAL EXPENSES (D)		0.606	6.069	2.265
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		619.662	456.892	315.173
Less/ Add	DEPRECIATION/ AMORTISATION (F)		39.359	31.512	23.272
	PROFIT BEFORE TAX (E-F) (G)		580.303	425.380	291.901
Less	TAX (I)		197.808	146.671	100.729
	PROFIT AFTER TAX (G-I) (J)		382.495	278.709	191.172
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		550.930	302.741	158.326
Less	APPROPRIATIONS
	Transfer to General Reserve		38.249	13.935	19.117
	Dividend		37.800	14.175	23.625
	Tax on Dividend		6.278	2.409	4.015
	BALANCE CARRIED TO THE B/S		851.098	550.931	302.741
	EARNINGS IN FOREIGN CURRENCY		0.000	1.920	3.280
	IMPORTS
		Raw Materials	101.235	99.300	58.344
		Stores & Spares	0.559	1.849	1.386
		Capital Goods	15.528	22.307	26.591
	TOTAL IMPORTS		117.322	123.456	86.321
	Earnings Per Share (Rs.)		40.48	29.49	20.23

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	10.74	7.82	7.52
Net Profit Margin (PBT/Sales)	(%)	16.63	12.07	7.61
Return on Total Assets (PBT/Total Assets}	(%)	35.87	28.72	26.18
Return on Investment (ROI) (PBT/Networth)		0.55	0.59	0.64
Debt Equity Ratio (Total Liability/Networth)		0.53	1.00	1.23
Current Ratio (Current Asset/Current Liability)		1.98	1.45	1.33

LOCAL AGENCY FURTHER INFORMATION

Contingent Liabilities not provided for in respect of:

(Rs. In Millions)

	As On 31.03.2010	As On 31.03.2009
Service Tax	1.527	1.527
Sales Tax/ Vat (including penalty)	14.718	14.273
Navi Mumbai Municipal Corporation Cees	0.378	0.378
Excise Duty	1.011	0.000
Income Tax	2.538	0.000

Note:

Future cash outflow in respect of above are determinable only on receipt of judjments/decisions pending with various forums / authorities.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	10021641
Corporate identity number of the company	U23200MH1995PLC090671
Name of the company	HINDUSTAN COLAS LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. D 500, Off HPCLVashi Terminal, MIDC, ITC Area, Turbhe, New Mumbai, Maharshtra, India.
Type of charge	Book Debts Others
Particular of charge holder	CIN : L65110MH1985PLC038137 Name : Kotak Mahindra Bank Limited Address: 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai-400021, Maharashtra, India. Email Id : raghu.bangalorekar@kotak.com
Nature of description of the instrument creating or modifying the charge	Supplemental Deed of Hypothecation
Date of instrument Creating the charge	28.01.2008
Amount secured by the charge	Rs.65.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest : Cash Credit / WCDL / Purchase Bill Discounting: Floating over the tenure of the facility. The interest rate is linked to Kotak Mahindra Bank’s Benchmark Prime Lending Rate (PLR) as mentioned in the Schedule I of original Deed of Hypothecation dated 22.09.2006 Terms of Repayment : Cash Credit : On Demand WCDL: WCDL tranche shall be repaid by debit to current / cash credit account of the Borrower. Purchase Bill Discounting: The liquidation of the bills shall be way of debit to current / cash credit account of Borrower. Bank Guarantee : Maximum 2 years Margin Cash Credit / WCDL : 25% on stock 25% on book debts. Bank Guarantee: To be decided at the time of issuance. Letter of Credit: To be decided at the time of utilization. Extent and Operation of the charge First and Exclusive Charge by way of hypothecation over the Assets, both present and future, as mentioned in the supplemental Deed of Hypothecation in favour of Kotak Mahindra Bank Limited as security for repayment of financial facilities granted by the Bank to the Borrower.
Short particulars of the property charged	Borrower’s present and future Assets both present and future more particularly described in Schedule III to the Supplemental Deed of Hypothecation.
Particulars of the present modification	Exclusive charge was created in favour of the Bank over the Company’s present and future assets by way of Hypothecation vide Deed of Hypothecation dated 22.09.2006 to secure Facilities of Rs.60.000 millions granted by the Bank to the Company. Additional facility has been granted and the said charge is now extended to the revised facility of Rs.65.000 millions as per Supplemental Deed of Hypothecation stated above.

FIXED ASSETS

Tangible Assets:

· Leasehold Land

· Residential Building

· Other Building

· Plant and Machinery

· IT and Office Equipments

· Furniture and Fixture

· Motor Vehicles

Intangible Assets:

· Computer Software

WEBSITE DETAILS:

CORPORATE

Subject is a Joint Venture Company of Hindustan Petroleum Corporation Limited, With Colas S.A., France.

They are engaged in the business of manufacturing and marketing of various Value Added Bitumenous Products.

Established with one plant in Navi Mumbai, in the year 1996.

Today they have six manufacturing plants at various cities located across the country.

RESOURCES

State-of-art manufacturing plants, all imported from COLAS SA, France (World leaders in road construction and manufacture of bituminous products) at the following locations

1. Vashi, Navi Mumbai
2. Bahadurgarh, near Delhi
3. Irungattukottai, near Chennai
4. Baroda, Gujarat
5. Visakapatnam, A.P.
6. Mangalore, Karnataka

Technology support from COLAS SA and marketing support from Hindustan Petroleum Corporation Limited provides for high quality products, backed up by efficient customer service.

Well equipped laboratories at all subject plants supported by Central Research Laboratory of COLAS SA at Paris, facilitates ensuring strict quality control and to continuously carrying out improvements to quality, in line with latest international developments.

SERVICES

Subject ensures supply of their products conforming to the highest quality standards.

Plants in all regions and the strong marketing network of Hindustan Petroleum Corporation Limited ensure easy availability of subject products across India.

Efficient technical support for use of subject products.

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.48.82
UK Pound	1	Rs.78.57
Euro	1	Rs.69.28

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		65

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.