MIRA INFORM REPORT

Report Date :

03.08.2011

IDENTIFICATION DETAILS

Name :	EMIRATES LUBE INDIA PRIVATE LIMITED
Registered Office :	315, B Wing, Shree Nand- Dham, Plot -59, Sector-11, CBD Belapur, Navi Mumbai-40614, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.06.2006
Com. Reg. No.:	11-162514
Capital Investment/ Paid-up Capital:	Rs. 1.750 Millions
CIN No.: [Company Identification No.]	U24296MH2006PTC162514
Legal Form :	Private Limited Liability Company
Line of Business :	Marketing of Lubricants such as Oil and Greece. They represent “Emirates Lube Oil Company Limited) (Sharjah) based company in India, They carry out manufacturing through “Balmer Lawrie and Company Limited” (A Government of India Enterprise)
No. of Employees:	Approximately 10 (In Office)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 82000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

NOTES :

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

INFORMATION PARTED BY

Name :	Mr. Gajanan Gurav
Designation :	Account Manager
Contact No.:	91-9930981309
Date :	02.08.2011

LOCATIONS

Registered Office :	315, B Wing, Shree Nand- Dham, Plot -59, Sector-11, CBD Belapur, Navi Mumbai-40614, Maharashtra, India
Tel. No.:	91-22-27565939
Mobile No.:	91-9930981309 (Mr. Gajanan)
Fax No.:	91-22-27565949
E-Mail :	nationallube@elco.india.com elco@lemirates.net
Area :	1000 sq.ft. (Rented)
Branch Office :	Located at: Gaziabad Pune Panipet

DIRECTORS

As on 22.02.2007

Name :	Mr. Mohamed Ali Alsari
Designation :	Chairman cum Managing Director
Address :	P.O. Box: 6700 Sharjah, United Arab Emirate
Date of Birth/Age :	13.09.1966
Date of Appointment :	02.06.2006
Name :	Mr. Siman Philip
Designation :	Director
Address :	P.O. Box: 6700 Sharjah, United Arab Emirate
Date of Birth/Age :	20.05.1960
Date of Appointment :	02.06.2006

KEY EXECUTIVES

Name :	Mr. Gajanan Gurav
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.02.2007

Names of Shareholders	No. of Shares
Emirates Lube Oil Company Limited, United Arab Emirates	10000
Crown Lubricants Company LLC, United Arab Emirates	10000
Total	20000

Equity Share Breakup (Percentage of Total Equity)

As on 30.06.2007

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Marketing of Lubricants such as Oil and Greece. They represent “Emirates Lube Oil Company Limited) (Sharjah) based company in India, They carry out manufacturing through “Balmer Lawrie and Company Limited” (A Government of India Enterprise)
Products :	Lubricant Oil Greases
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	Approximately 10 (In Office)
Bankers :	HSBC Bank, Chembur Branch

Banking Relations :	--
Auditors :
Name :	S Ramanand Iyer and Company Chartered Accountant
Holding Company :	As on 31.12.2007 Emirates Lube Oil Company Limited, Sharjah, UAE Crown Lubricants Company LLC, Sharjah, UAE

CAPITAL STRUCTURE

As on 24.02.2008

Authorised Capital : Rs. 2.000 Millions

Paid-up Capital : Rs. 1.750 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.750	1.000
2] Share Application Money		0.000	8.300
3] Reserves & Surplus		24.650	10.400
4] (Accumulated Losses)		[5.872]	[9.825]
NETWORTH		20.528	9.875
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		3.351	3.180
TOTAL BORROWING		3.351	3.180
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		23.879	13.055
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.735	0.862
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		2.859	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	19.407	6.252
	Cash & Bank Balances	9.175	9.961
	Other Current Assets	0.480	0.480
	Loans & Advances	5.428	3.395
Total Current Assets		34.490	20.088
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.919	7.646
	Other Current Liabilities
	Provisions	0.286	0.249
Total Current Liabilities		14.205	7.895
Net Current Assets		20.285	12.193
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		23.879	13.055

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	98.831	32.847
		Other Income	0.000	0.000
		TOTAL (A)	98.831	32.847
Less	EXPENSES
		Cost of Material	77.559	28.061
		Operating and Other Expenses	19.657	9.791
		TOTAL (B)	97.216	37.852
Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.615	[5.005]
Less	FINANCIAL EXPENSES (D)		0.195	0.195
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.420	[5.200]
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.290	0.305
	PROFIT/LOSS BEFORE TAX (E-F) (G)		1.130	[5.505]
Less	TAX (H)		[2.823]	0.102
	PROFIT/LOSS AFTER TAX (G-H) (I)		3.953	[5.607]
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		[9.825]	[4.218]
	BALANCE CARRIED TO THE B/S		[5.872]	[9.825]
	Earnings Per Share (Rs.)		22.59	[56.07]

Particulars	31.03.2011
Sales Turnover (Approximately)	100.000

The above information has been parted by Mr. Gajanan Gurav (Account Manager)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	3.99	[17.07]
Net Profit Margin (PBT/Sales)	(%)	1.14	[16.76]
Return on Total Assets (PBT/Total Assets}	(%)	3.21	[26.28]
Return on Investment (ROI) (PBT/Networth)		0.06	[0.56]
Debt Equity Ratio (Total Liability/Networth)		0.86	1.12
Current Ratio (Current Asset/Current Liability)		2.43	2.54

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS ARE NOT AVAILABLE

Trade References:

· Balmer Lawrie and company Limited

· Moltech

· Lubrizal

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.44.23
UK Pound	1	Rs.72.09
Euro	1	Rs.62.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		27

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.