MIRA INFORM REPORT

Report Date :

10.09.2011

IDENTIFICATION DETAILS

Name :	SABARMATI GAS LIMITED
Registered Office :	Plot No.907, Sector – 21, Gandhinagar – 382016, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	06.06.2006
Com. Reg. No.:	048397
Capital Investment / Paid-up Capital :	Rs.200.000 Millions
CIN No.: [Company Identification No.]	U40200GJ2006PLC048397
TAN No.: [Tax Deduction & Collection Account No.]	AAKCS0110N
PAN No.: [Permanent Account No.]	AHMS12987C
Legal Form :	A closely held Public Limited Liability Company
Line of Business :	Manufacturer of Gas.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 6480024
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be correct and as per commitments. The company can be considered good for 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.

INFORMATION PARTED BY

Name :	Mr. Pulin Patel
Designation :	Finance Manager
Contact No.:	91-79-66737645
Date :	07.09.2011

LOCATIONS

Registered Office/Factory :	Plot No.907, Sector – 21, Gandhinagar – 382016, Gujarat, India
Tel. No.:	91-79-66737641
E-Mail :	patelpn@sabarmatigas.com devangk@gspc.in
Website :	www.sabarmatigas.com
Location :	Owned

DIRECTORS

AS ON 29.09.2010

Name :

Mr. D Jagatheesa Pandian

Designation :

Director

Address :

KH-214, Sector – 19, Gandhinagar – 382019, Gujarat, India

Date of Birth/Age :

11.05.1955

Date of Appointment :

06.06.2006

Date of Ceasing:

09.11.2009

Directorship in other Company:

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	U23209GJ1979SGC003281	GUJARAT STATE PETROLEUM CORPORATION LIMITED	Director	09/11/2009	30/10/2001	-	Active	NO
2	L40200GJ1998SGC035188	GUJARAT STATE PETRONET LIMITED	Director	09/11/2009	18/12/2001	-	Active	NO
3	U23100GJ1999SGC035573	GSPC GAS COMPANY LIMITED	Nominee director	09/11/2009	18/12/2001	-	Active	NO
4	U72900GJ2001PLC039162	GUJ INFO PETRO LIMITED	Nominee director	19/12/2001	19/12/2001	18/12/2009	Active	NO
5	U40100GJ1998SGC035212	GUJARAT STATE ENERGY GENERATION LIMITED	Nominee director	23/12/2009	18/12/2002	-	Active	NO
6	U73100GJ2001PLC040037	GUJRAT SCIENCE AT ACTION LIMITED	Nominee director	23/09/2003	23/09/2003	19/01/2010	Active	YES
7	U40100GJ2006SGC047783	GSPC PIPAVAV POWER COMPANY LIMITED	Nominee director	01/12/2009	22/02/2006	-	Active	NO
8	U40200GJ2006PLC048397	SABARMATI GAS LIMITED	Nominee director	06/06/2006	06/06/2006	09/11/2009	Active	NO
9	L74899DL1998PLC093073	PETRONET LNG LIMITED	Nominee director	03/10/2006	03/10/2006	09/11/2010	Active	NO
10	U23201GJ2006SGC049229	GSPC (JPDA) LIMITED	Nominee director	13/10/2006	13/10/2006	09/11/2009	Active	NO
11	U23209GJ2006PLC060282	ONGC Petro additions Limited	Nominee director	29/11/2006	29/11/2006	09/11/2009	Active	NO
12	U23203GJ2007SGC050115	GSPC LNG LIMITED	Director	28/09/2010	27/02/2007	-	Active	NO
13	U40100GJ1990SGC013961	GUJARAT POWER CORPORATION LIMTED	Managing director	20/11/2009	20/11/2009	-	Active	NO
14	L99999GJ1985PLC007868	GUJARAT INDUSTRIES POWER COMPANY LTD.	Director	18/09/2010	03/12/2009	-	Active	NO
15	U40100GJ1993SGC019988	GUJARAT STATE ELECTRICITY CORPORATION LIMITED	Director	23/12/2009	08/12/2009	-	Active	NO
16	U40109GJ2004SGC045195	GUJARAT URJA VIKAS NIGAM LIMITED	Director	10/12/2009	10/12/2009	-	Active	NO
17	U40100GJ1999SGC036018	GUJARAT ENERGY TRANSMISSION CORPORATION LIMITED	Director	23/12/2009	10/12/2009	-	Active	NO
18	L24110GJ1976PLC002903	GUJARAT NARMADA VALLEY FERTILIZERS CO LTD	Nominee director	11/12/2009	11/12/2009	-	Active	NO
19	L24110GJ1973PLC002247	GUJARAT ALKALIES AND CHEMICALS LIMITED	Director	28/09/2010	18/12/2009	-	Active	NO
20	U10102MH2006SGC165327	MAHAGUJ COLLIERIES LIMITED	Additional director	31/12/2009	31/12/2009	-	Active	NO
21	L99999GJ1962PLC001121	GUJARAT STATE FERTILIZERS & CHEMICALS LIMITED	Director	21/01/2010	21/01/2010	-	Active	NO
22	L31200GJ2004PLC044068	TORRENT POWER LIMITED	Additional director	29/07/2011	29/07/2011	-	Active	NO

Name :

Mr. Radhakrishnan Sreedharan

Designation :

Director

Address :

Flat 24, 1A, Altamount Road, Cumballa Hill, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

18.02.1951

Date of Appointment :

06.06.2006

Directorship in other Company:

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	L23220MH1952GOI008931	BHARAT PETROLEUM CORPORATION LIMITED	Whole-time director	09/12/2010	01/11/2002	01/03/2011	Active	NO
2	U11202AS1993GOI003893	NUMALIGARH REFINERY LIMITED	Director	14/12/2010	11/12/2002	01/03/2011	Active	NO
3	U40200GJ2006PLC048397	SABARMATI GAS LIMITED	Nominee director	06/06/2006	06/06/2006	01/03/2011	Active	NO
4	L23201DL1998PLC097614	INDRAPRASTHA GAS LIMITED	Director	14/01/2007	14/01/2007	01/03/2011	Active	NO
5	U23201MH1993PLC142782	BHARAT SHELL LIMITED	Nominee director	05/02/2007	05/02/2007	24/12/2007	Active	YES
6	U11100DL2007PTC168158	BHARAT STARS Services Private Limited	Nominee director	13/09/2007	13/09/2007	01/03/2011	Active	NO
7	U74140DL2010PTC204275	BHARAT STARS SERVICES(DELHI) PRIVATE LIMITED	Director	18/06/2010	18/06/2010	01/03/2011	Active	NO
8	U23209MH2006GOI165152	BHARAT PETRORESOURCES LIMITED	Additional director	19/08/2010	19/08/2010	01/03/2011	Active	NO
9	L74899DL1998PLC093073	PETRONET LNG LIMITED	Nominee director	31/08/2010	31/08/2010	06/01/2011	Active	NO

Name :

Mr. Subir Chatterjee

Designation :

Director

Address :

4, BPCL Staff Colony, Aziz Baug, Chembur, Mumbai – 400074, Maharashtra, India

Date of Birth/Age :

02.09.1948

Date of Appointment :

06.06.2006

Date of Ceasing:

30.09.2008

Name :

Mr. Subhash Dave

Designation :

Director

Address :

41, Sakan Twins, Opposite

Date of Birth/Age :

01.02.1956

Date of Appointment :

06.06.2006

Date of Ceasing:

20.05.2006

Directorship in other Company:

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	U40200GJ2006PLC048397	SABARMATI GAS LIMITED	Nominee director	20/06/2006	20/06/2006	-	Active	NO
2	U11101AP2006PLC051191	Krishna Godavari Gas Network Limited	Director	18/09/2006	18/09/2006	-	Active	NO
3	U23201GJ2006SGC049229	GSPC (JPDA) LIMITED	Nominee director	13/10/2006	13/10/2006	-	Active	NO
4	U23203GJ2007SGC050115	GSPC LNG LIMITED	Nominee director	27/02/2007	27/02/2007	-	Active	NO

Name :

Mr. Ravindra Agarwal

Designation :

Director

Address :

302-B, Sukerti Enclave, Opp. Amra Kadamb Bunglows, Satellite, Ahmedabad – 380015, Ahmedabad, India

Date of Birth/Age :

28.10.1971

Date of Appointment :

06.06.2006

Directorship in other Company:

.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	U40200GJ2006PLC048397	SABARMATI GAS LIMITED	Nominee director	06/06/2006	06/06/2006	-	Active	NO

Name :

Mr. Sudarshan Paul

Designation :

Managing Director

Address :

BPCL Staff Quarters, 9/62, Mistry Manor, Nepean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

28.01.1948

Date of Appointment :

06.06.2006

Date of Ceasing:

01.02.2008

Name :

Mr. Sheelendra Kishore Kudaisya

Designation :

Managing Director

Address :

Flat No.114 bcpl Staff Society Azia Baugh Chembur, Mumbai – 400074, Maharashtra, India

Date of Birth/Age :

25.01.1954

Date of Appointment :

01.02.2008

Directorship in other Company:

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	U40200GJ2006PLC048397	SABARMATI GAS LIMITED	Managing director	01/02/2008	01/02/2008	-	Active	NO

Name :

Mr. Srinivas Rao Indumukhi

Designation :

Director

Address :

Anchorage, 4^th Floor, Ramchandani Marg, Near Taj Mahal hotel, Colaba, Mumbai – 400039, Maharashtra, India

Date of Birth/Age :

10.10.1959

Date of Appointment :

01.10.2008

Directorship in other Company:

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	U40200GJ2006PLC048397	SABARMATI GAS LIMITED	Nominee director	22/09/2009	01/10/2008	-	Active	NO

Name :

Mr. K Mukundan

Designation :

Director

Address :

1202, F Building, Raheja Height, A K Vaidya Marg, Dindoshi, Malad (E), Mumbai – 400097, Maharashtra, India

Date of Birth/Age :

13.04.1969

Date of Appointment :

25.08.2009

Directorship in other Company:

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	U40200GJ2006PLC048397	SABARMATI GAS LIMITED	Nominee director	22/09/2009	25/08/2009	-	Active	NO

Name :

Mr. Milind Joshi

Designation :

Director

Address :

35B Belvedere Court, Sane Guruji Marg, Mahalaxmi, Mumbai – 400001, Maharashtra, India

Date of Birth/Age :

09.03.1969

Date of Appointment :

25.08.2009

Directorship in other Company:

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	U90000MH2003PTC141342	HANJER BIOTECH ENERGIES PRIVATE LIMITED	Nominee director	09/06/2009	09/06/2009	-	Active	NO
2	U45203MH2007PLC168773	ASHOKA HIGHWAYS (BHANDARA) LIMITED	Nominee director	04/06/2010	07/07/2009	-	Active	NO
3	U74999MH2007PLC168772	ASHOKA HIGHWAYS (DURG) LIMITED	Nominee director	04/06/2010	22/07/2009	-	Active	NO
4	U40200GJ2006PLC048397	SABARMATI GAS LIMITED	Nominee director	22/09/2009	25/08/2009	-	Active	NO
5	U45203PY2006PTC001945	KARAIKAL PORT PRIVATE LIMITED	Alternate director	01/04/2010	01/04/2010	-	Active	NO
6	U40101WB2005PLC102935	ADHUNIK POWER & NATURAL RESOURCES LIMITED	Director	06/09/2010	22/05/2010	-	Active	NO
7	U40108AP2009PLC065804	CAPARO ENERGY (INDIA) LIMITED	Alternate director	22/07/2011	22/07/2011	-	Active	NO

Name :

Mr. Rajiv Mukhijia

Designation :

Director

Address :

C-573, Savita Vihar, New Delhi – 110076, Delhi, India

Date of Birth/Age :

10.04.1968

Date of Appointment :

25.08.2009

Directorship in other Company:

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	U29309AP1985PLC005246	SPECK SYSTEMS LTD	Nominee director	05/12/2005	05/12/2005	08/12/2007	Active	YES
2	U29130TN1959PLC003951	GUINDY MACHINE TOOLS LIMITED	Nominee director	25/11/2006	25/11/2006	14/11/2007	Active	NO
3	L74899DL1995PLC064215	MOHINDRA FASTENERS LIMITED	Nominee director	23/04/2007	23/04/2007	17/02/2009	Active	NO
4	U24139GJ1994PLC023944	MARCK BIOSCIENCES LIMITED	Nominee director	30/11/2007	30/11/2007	09/03/2011	Active	NO
5	U32204DL2008PLC177383	LUMINOUS TELEINFRA LIMITED.	Nominee director	05/02/2009	05/02/2009	27/04/2010	Active	NO
6	U40200GJ2006PLC048397	SABARMATI GAS LIMITED	Nominee director	22/09/2009	25/08/2009	08/03/2011	Active	NO
7	U31506UP2001PLC043372	DE CORE SCIENCE AND TECHNOLOGIES LIMITED	Nominee director	30/03/2010	30/03/2010	08/03/2011	Active	NO

Name :

Mr. Tapan Ray

Designation :

Director

Address :

K-16, Sector – 20, Gandhinagar – 382020, Gujarat, India

Date of Birth/Age :

09.09.1957

Date of Appointment :

12.01.2010

Directorship in other Company:

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	U40109GJ2004SGC045195	GUJARAT URJA VIKAS NIGAM LIMITED	Nominee director	25/07/2006	25/07/2006	16/12/2009	Active	NO
2	U74999GJ1999SGC035459	GUJARAT INFORMATICS LIMITED	Director	11/10/2006	11/10/2006	30/12/2009	Active	NO
3	U64990GJ1988SGC010307	GUJARAT STATE INVESTMENT LIMITED	Director	19/10/2006	19/10/2006	24/12/2009	Active	NO
4	U23209GJ1979SGC003281	GUJARAT STATE PETROLEUM CORPORATION LIMITED	Managing director	09/11/2009	27/10/2006	-	Active	NO
5	U65990GJ1968SGC001524	GUJARAT INDUSTRIAL INVESTMENT CORPORATION LIMITED	Director	01/11/2006	01/11/2006	13/01/2010	Active	NO
6	L14100GJ1963SGC001206	GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED	Director	01/11/2006	01/11/2006	09/11/2009	Active	NO
7	U65910GJ1992SGC018602	GUJARAT STATE FINANCIAL SERVICES LIMITED	Director	02/11/2006	02/11/2006	24/12/2009	Active	NO
8	U67120GJ1998SGC033768	GSFS CAPITAL AND SECURITIES LIMITED	Managing director	02/11/2006	02/11/2006	24/12/2009	Active	NO
9	U67120GJ2000SGC037295	INFRASTRUCTURE FINANCE COMPANY GUJARAT LIMITED	Director	29/12/2006	29/12/2006	02/02/2010	Active	YES
10	L40200GJ1998SGC035188	GUJARAT STATE PETRONET LIMITED	Managing director	09/11/2009	31/01/2007	-	Active	NO
11	U24230GJ1982SGC005422	GUJARAT PORTS INFRASTRUCTURE AND DEVELOPMENT COMPANY LIMITED	Director	30/06/2007	30/06/2007	23/12/2009	Active	NO
12	U40102GJ2007SGC051396	BHAVNAGAR ENERGY COMPANY LIMITED	Nominee director	26/07/2007	26/07/2007	09/11/2009	Active	NO
13	U45209GJ2009SGC056466	GUJARAT INDUSTRIAL CORRIDOR CORPORATION LIMITED	Director	30/03/2009	30/03/2009	04/01/2010	Active	NO
14	U23203GJ2007SGC050115	GSPC LNG LIMITED	Nominee director	12/12/2009	31/07/2009	-	Active	NO
15	U23201GJ2006SGC049229	GSPC (JPDA) LIMITED	Nominee director	29/12/2009	09/11/2009	-	Active	NO
16	U40100GJ2006SGC047783	GSPC PIPAVAV POWER COMPANY LIMITED	Nominee director	30/12/2009	09/11/2009	-	Active	NO
17	U23100GJ1999SGC035573	GSPC GAS COMPANY LIMITED	Nominee director	09/11/2009	09/11/2009	-	Active	NO
18	U72900GJ2001PLC039162	GUJ INFO PETRO LIMITED	Director	30/09/2010	18/12/2009	-	Active	NO
19	U40100GJ1998SGC035212	GUJARAT STATE ENERGY GENERATION LIMITED	Nominee director	31/12/2009	23/12/2009	-	Active	NO
20	U40200GJ2006PLC048397	SABARMATI GAS LIMITED	Director	20/09/2010	12/01/2010	-	Active	NO
21	U23209GJ2006PLC060282	ONGC PETRO ADDITIONS LIMITED	Director	03/09/2010	15/01/2010	-	Active	NO
22	L74899DL1998PLC093073	PETRONET LNG LIMITED	Nominee director	30/06/2011	21/11/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pulin Patel
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2010

Names of Shareholders	No. of Shares
Gujarat State Petroleum Corporation Limited, Gujarat, India	2250000
Ravindra Agarwal	2100
Sandeep Dave	2100
Mahesh Goswami	2100
Chintankumar Vyas	2100
Bharat Petroleum Corporation Limited, Gujarat, India	5000000*
Sudarsan Paul	2100
Sudhir Joshi	2100
Dayanand Naik Bengre	2100
Rajendra D Natekar	2100
Yogesh Tripathy	2100
P Balsubrmaniam	2100
Subhash Dave	2100
K Prakash	2100
India Infrastructure Development Fund, Mumbai, India	1662467
Indian Infrastructure Development Seed Asset Limited, Ebene of Mauritius	1662467
Gujarat State Petronet Limited, Gujarat, India	2750000
IDFC Trustee Company Limited – India Infrastructure Fund, Mumbai, India	3324933
India Automotive Component Manufacturers Private Equity Fund 1-D, New Delhi, India	3324933
Total	20000000

AS ON 29.09.2010

Names of Debentures	No. of Debentures
Gujarat State Petroleum Corporation Limited, Gujarat, India	2000
Ravindra Agarwal	2000
Total	4000

AS ON 29.09.2010

Category	Percentage
Government Companies	50.00
Public Financial Companies	16.62
Mutual Funds	16.62
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	8.31
Bodies corporate	8.3.1
Other top fifty shareholders	0.14
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Gas.
Terms :
Selling :	Cash
Purchasing :	Cash

GENERAL INFORMATION

Customers :

· End Users

· Corporate

· Industries

No. of Employees :

1000 (Approximately)

Bankers :

State Bank of India As Security Trustee For Itself Together With Other Four

Lenders As Per Annex-A), Corporate Finance Branch, 58, Shrimali Society, Navrangpura, Ahmedabad - 380009, Gujarat, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Banks
Long Term Loan	500.000	420.000
TOTAL	500.000	420.000

Notes :

1. The above loans are secured by -

a) first ranking pari passu mortgage and charge over all immovable and movable properties and assets, both present and future, except current assets;

b) second charge on the current assets, both present and future, and

c) assignment of all rights, title and interest of project assets, all licenses, permits, approvals, etc. in connection with the project and insurance policies relating to the related projects.

2. Amount repayable within one year Rs. Nil (As at 31st March, 2009 - Rs. Nil)

UNSECURED LOAN	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Optionally Convertible Debentures	400.000	0.000
TOTAL	400.000	0.000

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	Heritage, 3^rd Floor, Near Gujarat Vidhyapith, Off Ashram Road, Ahmedabad – 380014, Gujarat, India
Tel No.:	91-79-2758542/27582543/66073100/27582551
Significant Influence:	· Bharat Petroleum Corporation Limited (BPCL) · Gujarat State Petroleum Corporation Limited (GSPC) · Gujarat State Petronet Limited (GSPL)
Enterprise controlled by Promoters:	GSPC Gas Company Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

1. Of the above 20,000,000 (As at 31st March, 2009 - 50,200) issued, subscribed and paid-up equity shares, 7,737,500 (As at 31st March, 2009 - Nil) equity shares have been Issued and allotted as fully paid-up pursuant to transfer of Gas pipe lines, CNG Station, Land etc. by the Promoter Companies, namely Bharat Petroleum Corporation Limited and Gujarat State Petronet Limited.

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		200.000	0.502	0.502
2] Share Application Money		0.000	862.652	774.729
3] Reserves & Surplus		1420.006	234.226	53.053
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1620.006	1097.380	828.284
LOAN FUNDS
1] Secured Loans		500.000	420.000	320.000
2] Unsecured Loans		400.000	0.000	0.000
TOTAL BORROWING		900.000	420.000	320.000
OTHER FUNDS
Security Deposits from Domestic Customers		99.453	57.103	0.000
DEFERRED TAX LIABILITIES		112.118	56.903	17.197
TOTAL		2731.577	1631.386	1165.481
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1887.531	1148.701	778.024
Capital work-in-progress		365.788	390.742	237.863
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.662	13.310	2.860
	Sundry Debtors	252.240	260.356	121.688
	Cash & Bank Balances	221.565	66.638	113.931
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	357.224	63.639	66.729
Total Current Assets		840.691	403.943	305.208
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	246.241	261.147	130.699
	Other Current Liabilities	90.108	50.137	28.167
	Provisions	26.084	0.716	0.135
Total Current Liabilities		362.433	312.000	159.001
Net Current Assets		478.258	91.943	146.207
MISCELLANEOUS EXPENSES		0.000	0.000	3.387
TOTAL		2731.577	1631.386	1165.481

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	2927.059	2575.454	968.004
		Other Income	31.107	5.786	3.665
		TOTAL (A)	2958.166	2581.240	971.669
Less	EXPENSES
		Cost of Natural Gas purchased	2365.158	2075.264	769.984
		(Increase)/Decrease in Inventories	5.408	(5.858)	0.000
		Personnel Costs	24.479	19.294	9.281
		Operating and other expenses	89.629	72.505	64.875
		TOTAL (B)	2484.674	2161.205	844.140
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		473.492	420.035	127.529
Less	FINANCIAL EXPENSES (D)		77.813	72.448	29.371
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		395.679	347.587	98.158
Less/ Add	DEPRECIATION/ AMORTISATION (F)		63.966	42.938	13.963
	PROFIT BEFORE TAX (E-F) (G)		331.713	304.649	84.195
Less	TAX (I)		118.666	123.388	36.627
	PROFIT AFTER TAX (G-I) (J)		213.047	181.261	47.568
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		222.785	50.675	5.573
Less	APPROPRIATIONS
		Proposed Dividend	21.227	0.075	0.025
		Interim Dividend	0.000	0.000	0.050
		Corporate Dividend Tax	3.525	0.013	0.013
		Transfer to General Reserve	10.652	9.063	2.378
	BALANCE CARRIED TO THE B/S		400.426	222.785	2.466
	IMPORTS
		Capital Goods	0.706	4.218	2.474
	TOTAL IMPORTS		0.706	4.218	2.474
	Earnings Per Share (Rs.)		15.00	3610.78	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	7.20	7.02	4.89
Net Profit Margin (PBT/Sales)	(%)	11.33	11.83	8.70
Return on Total Assets (PBT/Total Assets}	(%)	12.16	19.62	7.77
Return on Investment (ROI) (PBT/Networth)		0.20	0.28	0.10
Debt Equity Ratio (Total Liability/Networth)		0.78	0.67	0.58
Current Ratio (Current Asset/Current Liability)		2.32	1.29	1.92

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	246.241	261.147	130.699

NOTE:

The registered office address of the company has been shifted from GSPC Bhavan Behind Udhyog Bhavan, Gandhinagar – 382011, Gujarat, India to present w.e.f. 29.12.2009

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U40200GJ2006PLC048397
Name of the company	SABARMATI GAS LIMITED
Address of the registered office or of the principal place of business in India of the company	GSPC Bhavan Behind Udhyog Bhavan Sector 11, Gandhinagar – 382011, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	STATE BANK OF INDIA
Nature of description of the instrument creating or modifying the charge	Indenture of Mortgage executed on 29th July, 2008 between the Sabarmati Gas Limited and State Bank Of India as Security Trustee.
Date of instrument Creating the charge	29/07/2008
Amount secured by the charge	Rs.2734.400 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge The Rupee Loan facility together with all interest, additional interest, default interest, upfront fee,commitment fee, remuneration payable to the security trustee, premia on prepayments, costs, charges and other expenses payable and other monies whatsoever stipulated in or payable under the financing documents. Further the security created by this indenture shall have ranking as per clause 7 of the indenture of mortgage dated 29.07.2008.

FIXED ASSETS:

· Free Hold Land

· Buildings

· Plant and Machinery

· Electric Installation

· Computers

· Vehicles

· Office Equipment

· Furniture and Fixtures

· Line Pack Gas

· Computer Software

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.46.38
UK Pound	1	Rs.74.00
Euro	1	Rs.64.48

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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.