MIRA INFORM REPORT

Report Date :

23.09.2011

IDENTIFICATION DETAILS

Name :	WAAREE OILS PRIVATE LIMITED
Registered Office :	36, Damji Shamji Industrial Complex, Mahakali Caves, Andheri (East), Mumbai-400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	06.06.2008
Com. Reg. No.:	11-183254
Capital Investment / Paid-up Capital :	Rs. 1.902 Millions
CIN No.: [Company Identification No.]	U11100MH2008PTC183254
TAN No.: [Tax Deduction & Collection Account No.]	MUMW03320C
Legal Form :	Private Limited Liability Company
Line of Business :	To Carry on the business in all kinds of Petroleum Products like oils, Gas and Lubricants.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track. There appear huge 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 on a secured 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

LOCATIONS

Registered Office :	36, Damji Shamji Industrial Complex, Mahakali Caves, Andheri (East), Mumbai-400093, Maharashtra, India
Tel. No.:	91-22-66963030/ 26874778
Fax No.:	91-22-26873613
E-Mail :	pratikshaha@waree.com lubricants@waaree.com
Website :	http://www.waaree.com
Head Office :	602, Western Edge-I, Off Western Highway Express, Borivali (East), Mumbai-400066, Maharashtra, India
Tel. No.:	91-22-66444444 (Board Line)
Fax No.:	91-22-66444400
E-Mail :	waaree@waaree.com

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Hitesh Chimanlal Doshi

Designation :

Director

Address :

93/94, Mahagiri Co-Operative Housing Society, Ashok Chakvaraty Road, Kandivali (East), Mumbai-400101, Maharashtra, India

Date of Birth/Age :

22.02.1967

Date of Appointment :

06.06.2008

DIN No.:

00293668

Other Directorship:

.	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	U29299MH1989PLC050808	WAAREE INSTRUMENTS LIMITED	Additional director	01/04/2011	27/02/1989	-	Active	NO
2	U32109MH1998PTC116358	WAAREE INFRASTRUCTURE & AGRITECH PRIVATE LIMITED	Director	02/03/2000	02/03/2000	-	Active	NO
3	U29199MH2006PTC165999	NESSTECH INSTRUMENTS PRIVATE LIMITED	Director	05/12/2006	05/12/2006	30/01/2011	Active	NO
4	U29199MH2006PTC166106	Nivelco Instruments India Private Limited	Director	11/12/2006	11/12/2006	24/03/2011	Active	NO
5	U29253MH2007PTC166988	OMNTEC Waaree ATG Private LIMITED	Director	24/01/2007	24/01/2007	-	Active	NO
6	U29248MH1990PTC059463	WAAREE ENERGIES PRIVATE LIMITED	Director	16/02/2007	16/02/2007	-	Active	NO
7	U11201MH2007PTC171054	WAAREE MM PETRO TECH PRIVATE LIMITED	Director	22/05/2007	22/05/2007	-	Active	NO
8	U31900MH2007PTC171987	Waaree Retails Private Limited	Director	25/06/2007	25/06/2007	-	Active	NO
9	U11100MH2008PTC183254	WAAREE OILS PRIVATE LIMITED	Director	06/06/2008	06/06/2008	-	Active	NO
10	U51109MH2009PTC189836	BONETTI WAAREE INDIA PRIVATE LIMITED	Director	23/01/2009	23/01/2009	-	Active	NO
11	U74990MH2009PTC196654	VEER TECHNO SOLUTIONS PRIVATE LIMITED	Director	23/10/2009	23/10/2009	28/02/2010	Active	NO
12	U40106MH2009PTC196934	WAA SOLAR PRIVATE LIMITED	Director	09/11/2009	09/11/2009	-	Active	NO
13	U40106MH2010PTC205911	ARIES WAAREE SOLAR PRIVATE LIMITED	Director	24/07/2010	24/07/2010	-	Active	NO
14	U40102MH2010PTC206704	Patan Solar Private Limited	Director	17/08/2010	17/08/2010	-	Active	NO
15	U40106MH2010PTC208323	WAAREE INDUSTRIES PRIVATE LIMITED	Director	27/09/2010	27/09/2010	-	Active	NO
16	U40106MH2010PTC208561	BLUE RAYS SOLAR PRIVATE LIMITED	Director	03/10/2010	03/10/2010	-	Active	NO
17	U40101MH2010PTC208636	EVERSHINE SOLAR PRIVATE LIMITED	Director	05/10/2010	05/10/2010	-	Active	NO
18	U29268MH2010PTC208770	WAAREE VALVES PRIVATE LIMITED	Director	07/10/2010	07/10/2010	-	Active	NO
19	U40300MH2010PTC208944	SAURASTRA SOLAR PRIVATE LIMITED	Director	13/10/2010	13/10/2010	-	Active	NO
20	U40100GJ2010PTC061748	WAAREE SOLAR PRIVATE LIMITED	Director	20/12/2010	20/12/2010	-	Active	NO

Name :

Mr. Kiritkumar Chimanlal Doshi

Designation :

Director

Address :

94, 9^th Floor, Mahagiri CHS, Ashok Chakvaraty Road, Kandivali, Mumbai-400101, Maharashtra, India

Date of Birth/Age :

15.12.1964

Date of Appointment :

06.06.2008

DIN No.:

00211972

Other Directorship:

.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	U29299MH1989PLC050808	WAAREE INSTRUMENTS LIMITED	Whole-time director	01/04/2010	01/07/1995	21/03/2011	Active	NO
2	U74899DL1985PTC022322	ANELEC ENGINEERING PRIVATE LIMITED	Director	10/06/2004	10/06/2004	-	Active	YES
3	U29219MH2006PTC163370	WAAREV SENSORS PRIVATE LIMITED	Director	28/07/2006	28/07/2006	-	Active	NO
4	U29199MH2006PTC165999	NESSTECH INSTRUMENTS PRIVATE LIMITED	Director	05/12/2006	05/12/2006	30/01/2011	Active	NO
5	U29199MH2006PTC166106	Nivelco Instruments India Private Limited	Director	11/12/2006	11/12/2006	24/03/2011	Active	NO
6	U11100MH2008PTC183254	WAAREE OILS PRIVATE LIMITED	Director	06/06/2008	06/06/2008	-	Active	NO
7	U40106MH2010PTC205911	ARIES WAAREE SOLAR PRIVATE LIMITED	Director	24/07/2010	24/07/2010	-	Active	NO
8	U40102MH2010PTC206704	Patan Solar Private Limited	Director	13/12/2010	13/12/2010	-	Active	NO
9	U40106MH2010PTC208323	WAAREE INDUSTRIES PRIVATE LIMITED	Additional director	18/08/2011	18/08/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Kirit Chimanlal Doshi	56100
Hitesh Chimanlal Doshi	39100
Keezhedath Rajendra Nair	95000
Total	190200

Equity Share Breakup (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 :

To Carry on the business in all kinds of Petroleum Products like oils, Gas and Lubricants.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Corporates	0.000	0.000
From Others	2.657	0.000
Total	2.657	0.000

Banking Relations :	--
Auditors :
Name :	M. N. Sheth and Associates Chartered Accountant
Address :	28, 2^nd Floor, M.B. Velkar Lane, Kalbadevi Road, Mumbai-400002, Maharashtra, India
Tel. No.:	91-22-22091709
Mobile No.:	91-9322284509
Fax No.:	91-22-22091709
E-Mail :	Casheth92@gmail.com
PAN No.:	AALPS0461J

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Share	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
190200	Equity Share	Rs. 10/- each	Rs. 1.902 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		1.902	0.526
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		[3.523]	[0.897]
NETWORTH		[1.621]	[0.371]
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		2.657	0.000
TOTAL BORROWING		2.657	0.000
DEFERRED TAX LIABILITIES		0.014	0.004
TOTAL		1.050	[0.367]
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.096	0.054
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.125	0.000
	Sundry Debtors	2.782	0.000
	Cash & Bank Balances	0.308	0.037
	Other Current Assets	0.000	0.000
	Loans & Advances	0.230	0.034
Total Current Assets		4.445	0.071
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.427	0.533
	Other Current Liabilities	0.007	0.000
	Provisions	0.094	0.000
Total Current Liabilities		3.528	0.533
Net Current Assets		0.917	[0.462]
MISCELLANEOUS EXPENSES		0.037	0.041
TOTAL		1.050	[0.367]

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Sales/ Income from operations	11.293	0.000
		Other Income	0.000	0.000
		TOTAL	11.293	0.000
	EXPENSES
		Office Expenses
		Administrative Expenses	13.925	0.886
		Advertising Expenses
		TOTAL	13.925	0.886
	PROFIT/ LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION		[2.632]	[0.886]
	DEPRECIATION/ AMORTISATION		0.016	0.001
	PROFIT/ LOSS BEFORE TAX		[2.616]	[0.885]
Less	TAX		0.010	0.012
	PROFIT/ LOSS AFTER TAX		[2.626]	[0.897]
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		[0.897]	0.000
	BALANCE CARRIED TO THE B/S
			[3.523]	[0.897]
	IMPORTS
		Trading goods	1.433	0.000
	TOTAL IMPORTS		1.433	0.000
	Earnings Per Share (Rs.)		[4.72]	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	[23.25]	[0.00]
Net Profit Margin (PBT/Sales)	(%)	[23.16]	[0.00]
Return on Total Assets (PBT/Total Assets}	(%)	[57.61]	[708.00]
Return on Investment (ROI) (PBT/Networth)		[1.61]	[2.39]
Debt Equity Ratio (Total Liability/Networth)		[3.82]	[1.44]
Current Ratio (Current Asset/Current Liability)		1.26	0.13

LOCAL AGENCY FURTHER INFORMATION

Operations:

The company is formed with the object of carrying business in all kinds of petroleum products like oils, gas and lubricants. During the period the company achieved Rs. 11.293 Millions sales turnover and incurred a loss of Rs. 2.626 Millions after tax. The prospects of the company are bright and it expects to achieve a healthy turnover in the current year. The company has made allotments of 180200 Equity Shares of Rs. 10/- each and return of the allotment is filed with the Registrar of Company.

Fixed Assets:

· Computer and printer

o Laptop

· Software

· Office Equipments

o LG Mobile

o Samsung W 299

o KX-TS500MX

Website details:

Group Profile:

Waaree Group started it's business journey with the formation of WAAREE Instruments Limited, founded in 1989. Since then, there has been no looking back. The group has progressively advanced and diversified into other business areas apart from Instrumentation. Waaree Group is youthful, vibrant with balanced combination of Maturity, Innovation and Creativity.

The major business verticals for WAAREE group are:

Solar Photovoltaic Modules and Solutions :

This group company is one of the leading manufacturers of Solar PV Modules in India.

· With an annual production capacity of 75 MW, extendable up to 100 MW, this company manufactures a complete range (3wp to 300wp) of off-grid as well as on-grid PV Modules

· State-of-the-art manufacturing facility is located in Special Economic Zone(SurSEZ) in Surat, Gujarat

· Waaree PV Modules are certified by all major global accreditation bodies around the world like:
TUV, Intercert, ETL, ISO 9000, CEC (California Energy Commission), Clean Energy Council (Australia) etc.

· They provide complete EPC services to developers and promoters of Solar Power Generation Systems, Solar Power Plants and Solar Off Grid Power Plants

· They have recently bagged the first contract for engineering, construction and supervision of 40MW Solar PV plant for ADANI Power Limited in Gujarat

· Telecom Applications is a major market segment for Waaree

Industrial Valves:

This company has joint ventured with the 105 year old Italian valve manufacturer CESARE BONETTI S.p.A to cater to the Indian Valve Market.

· The mission is to concentrate on Customer Service in every market sector, and in every geographical area, by offering each customer not only Quality, but On-time Delivery and a fair price. But, above all, they offer the customers the time-honored ability to assist them with products and unique solutions that are “made to measure”.

· The modern facilities, with up-to-date production and testing equipment, enable the staff to carry out any necessary work required by the customers. The Italian main plant houses the latest production machinery and testing equipment.

· The Product range includes Gate, Globe, Check valves for Super critical power plant (4500#), Glass Level Gauge, Blowdown Valve, Bicolor Level Gauge, Forged Valve, Piston Valve, Ball Valve etc.

Automatic Tank Level Monitoring Solution:

This group company is an Indo-American joint venture between Waaree Group and Omntec ATG, USA to provide solutions for monitoring level of material in the storage compartment.

· Provides storage management system to the accuracy that can make or mar the sensitive business of fuel retailing. Rigid level probes are available up to 7 meters and flexible probes up to 12 meter or longer.

· Automatic Tank Gauging solution can not only measure, indicate and communicate the level of liquid to high accuracy of the linearity but can also be programmed to raise alarms at various levels to automatically initiate actions like turn off unloading, call next parcel, raise low level alarm.

· The accuracies can be utilized to detect leakage and reconciliation of stock with each delivery/dispensing. These records can be transmitted to any location in the world for setting and communicated designated triggers through FAX, EMAIL, GSM etc. or analyzing data for future stock strategies.

Petrol Station Equipments:

This group company offers total solutions for fuel retail.

· Pumps and Dispensers for liquid fuels (Petrol, Diesel and Auto LPG) and gaseous fuel (CNG) including CNG compressors.

· Spares and Maintenance services for reliable upkeep of fuel retail outlets.

· Retail station automation solution through wired/wireless communication amongst forecourt equipment, tank gauging, sales room computer and petroleum company office anywhere in the world.

· They represent MM Petro (Poland), Ebsray Pumps (Australia), Elaflex (Germany), MEPSAN (Turkey), SMG (Argentina) for major fueling station equipments.

Industrial Retail

India’s first industrial e-commerce website, is an initiation to serve all the industrial requirements on a click.

· Wide range of products from renowned brands across the globe with the assurance of timely delivery and value added services

· Brings all the requirements under one roof giving you assured quality of the brands you trust, reliable delivery and best pricing

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.75.48
Euro	1	Rs.66.10

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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		11

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.