MIRA INFORM REPORT

Report Date :

08.12.2012

IDENTIFICATION DETAILS

Name :	RAGHUVAR (INDIA) LIMITED

Registered Office :	C/O Mukesh Sethi 1/57, Bober Place, Kolkata – 700019, West Bengal

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	19.03.1983

Com. Reg. No.:	21- 036069

Capital Investment/ Paid-up Capital:	Rs.34.860 Millions

CIN No.: [Company Identification No.]	U99999WB1983PLC036069

Pan No.:	CALR00013G

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacture and Exporter of Vanaspati, Refined Oil, Solvent Extracted Oil etc.

No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 919000

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is an established company having moderate track. The latest financials of the company are not made available. As per previous year’s, there appears huge external borrowings recorded by the company. The profitability also appears to be low. However, trade relations are reported as fair. Business is active. Payment terms are unknown in absence of latest financials. The company can be considered for business dealing 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB –(Cash Credit) (Long Term Rating) (Suspended)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	28.09.2012

Rating Agency Name	CRISIL
Rating	A 3 (Suspended) (Letter of Credit) (Short Term Rating)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	28.09.2012

Reason for suspension: Non – Co – operation by subject with crisil’s efforts to undertake a review of the rating outstanding

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	C/O Mukesh Sethi 1/57, Bober Place, Kolkata – 700019, West Bengal
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	verma@dataoils.com

Factory:	Station Road, Durgapura, Tonk Road, 302018 Jaipur (Rajasthan) India
Tell No.:	91-141-2704612
Fax No.:	91-141-2704182

DIRECTORS

AS ON 29.09.2011

Name :

Mr. Niranjan Lal Data

Designation :

Director

Address :

Bhagwati Sadan, S D Marg, Alwar – 301001, Rajasthan, India

Date of Birth/Age :

14.04.1934

Date of Appointment :

09.02.2004

Qualification:

Senior Secondary

Din No.:

00286337

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24232RJ1979PTC001933	INDO CAPS PRIVATE LIMITED	Director	12/01/1980	12/01/1980	-	Active	NO
2	U15142RJ1986PTC003676	VIJAY AGRO MILLS PVT LTD	Director	01/07/1986	01/07/1986	-	Active	NO
3	L15142RJ1987PLC004232	VIJAY SOLVEX LIMITED	Whole-time director	30/09/2010	29/12/1987	-	Active	NO
4	U85195RJ1993PLC007176	DATA INFOCOM LIMITED	Director	21/01/1993	21/01/1993	24/09/2008	Active	NO
5	U18101RJ1993PLC007186	VIJAY INTERNATIONAL LIMITED	Director	22/01/1993	22/01/1993	-	Active	NO
6	U72200RJ1995PLC010248	DATA INFOSYS LIMITED	Director	21/06/1995	21/06/1995	24/09/2008	Active	NO
7	U45201RJ1995PLC011298	DATA DEVELOPERS LIMITED	Director	27/12/1995	27/12/1995	-	Active	NO
8	U55101RJ1991PTC006330	JHANKAR MOTELS PRIVATE LIMITED	Director	01/08/1999	01/08/1999	-	Active	NO
9	U72200RJ2000PLC016309	DATA DOT COM LIMITED	Director	11/04/2000	11/04/2000	24/09/2008	Active	NO
10	U99999WB1983PLC036069	RAGHUVAR (INDIA) LTD	Director	09/02/2004	09/02/2004	-	Active	NO
11	U15134RJ1994PTC008689	DEEPAK VEGPRO PRIVATE LIMITED	Director	11/03/2004	11/03/2004	-	Active	NO
12	U02001RJ1988PLC004643	BHAGWATI AGRO PRODUCTS LIMITED	Director	27/09/2010	01/03/2010	-	Active	NO
13	U15142RJ2010PTC032598	GAURAV VEGPRO PRIVATE LIMITED	Director	12/08/2010	12/08/2010	-	Active	NO

Name :

Mr. Vijay Kumar Data

Designation :

Director

Address :

Bhagwati Sadan, S D Marg, Alwar – 301001, Rajasthan, India

Date of Birth/Age :

01.01.1955

Qualification :

M.SC. Physics

Date of Appointment :

09.02.2004

Din No.:

00286492

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15142RJ1986PTC003676	VIJAY AGRO MILLS PVT LTD	Director	01/07/1986	01/07/1986	-	Active	NO
2	L15142RJ1987PLC004232	VIJAY SOLVEX LIMITED	Managing director	26/09/2009	29/12/1987	-	Active	NO
3	U70101RJ1983PTC002862	JAY COMPLEX PRIVATE LIMITED	Director	15/02/1988	15/02/1988	-	Active	NO
4	U85195RJ1993PLC007176	DATA INFOCOM LIMITED	Director	21/01/1993	21/01/1993	29/05/2009	Active	NO
5	U18101RJ1993PLC007186	VIJAY INTERNATIONAL LIMITED	Director	22/01/1993	22/01/1993	-	Active	NO
6	U72200RJ1995PLC010248	DATA INFOSYS LIMITED	Director	21/06/1995	21/06/1995	30/01/2009	Active	NO
7	U45201RJ1995PLC011298	DATA DEVELOPERS LIMITED	Director	27/12/1995	27/12/1995	-	Active	NO
8	U72200RJ2000PLC016309	DATA DOT COM LIMITED	Director	11/04/2000	11/04/2000	-	Active	NO
9	U15134RJ1994PTC008689	DEEPAK VEGPRO PRIVATE LIMITED	Director	01/11/2001	01/11/2001	-	Active	NO
10	U99999WB1983PLC036069	RAGHUVAR (INDIA) LTD	Director	09/02/2004	09/02/2004	-	Active	NO
11	U91110MH1971NPL015233	THE SOLVENT EXTRACTORS ASSOCIATION OF INDIA	Director	22/09/2006	22/09/2006	-	Active	NO
12	U45201RJ2006PTC023235	GAURAV ENCLAVE PRIVATE LIMITED	Director	17/10/2006	17/10/2006	-	Active	NO
13	U45201RJ2006PTC023236	DHRUVA ENCLAVE PRIVATE LIMITED	Director	17/10/2006	17/10/2006	-	Active	NO
14	U26933RJ2007PTC024245	GAURAV CERAMICS PRIVATE LIMITED	Director	18/04/2007	18/04/2007	-	Active	NO
15	U02001RJ1988PLC004643	BHAGWATI AGRO PRODUCTS LIMITED	Director	27/09/2010	01/03/2010	-	Active	NO
16	U45201RJ2010PTC032066	DATA ENCLAVE PRIVATE LIMITED	Director	09/06/2010	09/06/2010	-	Active	NO
17	U15142RJ2010PTC032598	GAURAV VEGPRO PRIVATE LIMITED	Director	12/08/2010	12/08/2010	-	Active	NO

Name :

Mr. Daya Kishan Data

Designation :

Director

Address :

Bhagwati Sadan, S D Marg, Alwar – 301001, Rajasthan, India

Date of Birth/Age :

04.09.1962

Qualification :

Mechanical Engineer

Date of Appointment :

13.02.2004

Din No.:

01504570

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15142RJ1986PTC003676	VIJAY AGRO MILLS PVT LTD	Director	01/07/1986	01/07/1986	-	Active	NO
2	L15142RJ1987PLC004232	VIJAY SOLVEX LIMITED	Whole-time director	29/09/2009	29/12/1987	-	Active	NO
3	U85195RJ1993PLC007176	DATA INFOCOM LIMITED	Director	21/01/1993	21/01/1993	29/05/2009	Active	NO
4	U18101RJ1993PLC007186	VIJAY INTERNATIONAL LIMITED	Director	22/01/1993	22/01/1993	-	Active	NO
5	U72200RJ1995PLC010248	DATA INFOSYS LIMITED	Director	21/06/1995	21/06/1995	24/09/2008	Active	NO
6	U55101RJ1991PTC006330	JHANKAR MOTELS PRIVATE LIMITED	Director	01/08/1999	01/08/1999	-	Active	NO
7	U99999WB1983PLC036069	RAGHUVAR (INDIA) LTD	Director	13/02/2004	13/02/2004	-	Active	NO
8	U45201RJ2006PTC023236	DHRUVA ENCLAVE PRIVATE LIMITED	Director	17/10/2006	17/10/2006	-	Active	NO
9	U45201RJ2006PTC023235	GAURAV ENCLAVE PRIVATE LIMITED	Director	17/10/2006	17/10/2006	-	Active	NO
10	U26933RJ2007PTC024245	GAURAV CERAMICS PRIVATE LIMITED	Director	18/04/2007	18/04/2007	-	Active	NO
11	U15134RJ1994PTC008689	DEEPAK VEGPRO PRIVATE LIMITED	Director	30/09/2010	16/08/2010	-	Active	NO
12	U45201RJ1995PLC011298	DATA DEVELOPERS LIMITED	Director	25/09/2012	11/02/2012	-	Active	NO

Name :

Mr. Deen Jain Dayal

Designation :

Director

Address :

7-8 Ganesh Colony, Jaipur – 302012, Rajasthan, India

Date of Birth/Age :

11.04.1944

Qualification :

Matric

Date of Appointment :

28.01.2008

Din No.:

02294715

KEY EXECUTIVES

Name :	Mr. Dharam Veer Verma
Designation :	Secretary
Address :	8/260, Malviya Nagar, Jaipur – 302017, Rajasthan, India
Date of Birth/Age :	15.07.1946
Date of Appointment :	03.03.2005
Pan No.:	AAUPV4409J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders		No. of Shares
Niranjan Lal Data		7500
Vijay Kumar Data		7500
Daya Kishan Data		7500
Vijay Solvex limited, India		940000
Deepak Vegrpro Private Limited, India		959000
Vijay International Limited, India		555000
Vijay Agro Mills Private Limited, India		540000
Saurabh Agrotech Private Limited, India		460000
Babul Lal Data		5000
Ajay Data		4500

Total		3486000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2011

Category		Percentage

Bodies corporate		99.08
Directors or relatives of directors		0.92

Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacture and Exporter of Vanaspati, Refined Oil, Solvent Extracted Oil etc.

Product:

ITEM CODE NUMBER	PRODUCT DESCRIPTION
1516	Vanaspati

PRODUCTION STATUS As On 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Vanaspati	M.T./Day	100	118*	2783
Refind Oil/DMR	M.T./Day	NA	50	6820
Solvent Extracted Oil	NA	NA	NA	7662
De-Oiled Cake	M.T./Day	NA	NA	103772
Kachi Ghani Mustard Oil	NA	NA	NA	8750

*Higher installed capacity is due to enhanced utilization permitted by the Government.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of Bikaner and Jaipur, Tilak Marg Branch, Jaipur - 302005, Rajasthan, India

· Vinaya Bank, 74-D, Regal Building, Connaught Carouse. P. Estate, New Delhi – 110001, India

Facilities :

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Working capital loans banks secured	223.944	143.768

Total	223.944	143.768

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Other debt unsecured	206.243	139.067

Total	206.243	139.067


Banking Relations :	--

Auditors :
Name :	K. L. Datta and Company Chartered Accountant
Address :	Clock Tower, Alwar-301001 Rajasthan, India
Tel. No.:	91-144 2337865/ 2337230
E-Mail :	www.kld.co.in
Pan No.:	AAEFK0682Q

Associates :	· Vijay Solvex Limited CIN NO.: L15142RJ1987PLC004232 · Deepak Vegpro Private Limited CIN NO.:U15134RJ1994PTC008689 · Dhruva Enclave Private Limited CIN NO.:U45201RJ2006PTC023236 · Indo Caps Private Limited CIN NO.:U24232RJ1979PTC001933 · Data Foods Private Limited · Data Infosys Limited CIN NO.:U72200RJ1995PLC010248

Related Party	· Vijay Industries · Pyare Lal Niranjan Lal and Company · Pyare Lal Niranjan Lal · Vijay Oil mill

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3486000	Equity Shares	Rs.10/- each	Rs.34.860 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		34.860	34.860	23.305
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		194.812	191.536	83.356
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		229.672	226.396	106.661
LOAN FUNDS
1] Secured Loans		223.944	143.768	172.420
2] Unsecured Loans		206.243	139.067	130.697
TOTAL BORROWING		430.187	282.835	303.117
DEFERRED TAX LIABILITIES		4.926	4.742	6.062

TOTAL		664.785	513.973	415.840

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		160.113	88.791	36.183
Capital work-in-progress		42.481	71.977	43.389

INVESTMENT		107.184	86.880	70.920
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	145.131	114.987	143.538
	Sundry Debtors	74.067	38.325	35.827
	Cash & Bank Balances	2.557	1.142	2.972
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	185.210	186.316	183.518
Total Current Assets		406.965	340.770	365.855
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	45.178	57.141	82.441
	Other Current Liabilities	3.343	3.934	5.296
	Provisions	3.437	13.370	12.770
Total Current Liabilities		51.958	74.445	100.507
Net Current Assets		355.007	266.325	265.348

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		664.785	513.973	415.840

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2678.177	1714.977	1727.120
		Other Income	4.756	3.730	25.568
		TOTAL (A)	2682.933	1718.707	1752.688

Less	EXPENSES
		Consumption materials changes inventories	2489.880	1582.989
		Manufacturing service costs	35.529	22.748
		Employee related expenses	12.920	14.421
		Administrative selling other expenses	115.820	73.623
		Exceptional Items	0.332	0.223
		TOTAL (B)	2654.481	1694.004	1726.414

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		28.452	24.703	26.274

Less	FINANCIAL EXPENSES (D)		17.284	15.076	16.937

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.168	9.627	9.337

Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.908	6.162	6.771

	PROFIT BEFORE TAX (E-F) (G)		4.260	3.465	2.566

Less	TAX (H)		0.984	(0.720)	(0.217)

	PROFIT AFTER TAX (G-H) (I)		3.276	4.185	2.783

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		87.541	83.356	80.573

	BALANCE CARRIED TO THE B/S		90.817	87.541	83.356

	IMPORTS		14.198	-	-

	Earnings Per Share (Rs.)		0.94	-	-

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.12	0.24	0.16

Net Profit Margin (PBT/Sales)	(%)	0.16	0.20	0.15

Return on Total Assets (PBT/Total Assets}	(%)	0.75	0.81	0.64

Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.02

Debt Equity Ratio (Total Liability/Networth)		2.09	1.58	3.78

Current Ratio (Current Asset/Current Liability)		7.83	4.58	3.64

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	No
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	No

FORM 8

Corporate identity number of the company	U99999WB1983PLC036069
Name of the company	RAGHUVAR (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	C/O Mukesh Sethi 1/57, Bober Palce, Kolkata – 700019, West Bengal Email: ril@dataoils.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90255257
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	State Bank of Bikaner and Jaipur, Tilak Marg Branch, Jaipur - 302005, Rajasthan, India Email: sbbj10510@sbbj.co.in
Nature of instrument creating charge	1. Letter Regarding The Grant of Individual Limits within The Overall Limit.
Date of instrument Creating the charge	07.04.2011
Amount secured by the charge	Rs. 250.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest CC: 2.25 % p.a. above Base rate i.e.11.0% p.a. CC (BD): 2.25 % p.a. above Base rate i.e.11.0% p.a WCDL: 2.50 % p.a. above Base rate i.e.11.25 % p.a BG: Com. 2.75% subject to change from time to time Term of Payment: Repayable on Demand Margin 25% on raw material, stock in process, finished goods and book debts Extent and operation of the charge he charge will operate as a first charge to the extent of Rs. 455.000 Millions to secure the overall limit details as under: CC (Hypo.) Rs. 247.500 Millions CC aganist BD (within CC Limit) (Rs. 45.000 Millions) WCDL (within CC Limit) (Rs. 160.000 Millions) BG Rs. 2.500 Millions ----------------------------- Total Rs. 250.000 Millions
Short particulars of the property charged (Including location of the property)	First charge by way of Hypothecation of stock of raw material,stock in process,semi finished & finished goods all present & future book debts, outstanding monies, receivables, claims, bills, counter indemnity and all other current and fixed assets of Company. Equitable mortgage is extended on immovable property of the Company comprising factory land, building, constructed or to be constructed fixed plant and machinery installed or to be installed situated at Village Jhalana Chour and Durgapura,having Khasra No.115 to 123 and 127 to 129,Sanganer,Jaipur.
Particulars of the present modification	By this modification Overall limit remains as follows: CC (Hypo.) Rs. 247.500 Millions CC aganist BD (within CC Limit) (Rs. 45.000 Millions) WCDL (within CC Limit) (Rs. 160.000 Millions) BG Rs. 2.500 Millions ----------------------------- Total Rs. 250.000 Millions

NOTE:

The Registered office of the company has been shifted from Turner Morrison Buildings1st Floor 6 Lyons Range

Kolkata – 700001, West Bengal India

OPERATIONS

During the year the company produced 2783 MT of Vanaspati, 6820 MT of Refind oil, 7662 MT of Solvent Extracted oil, 103772 MT of Extractions and 8750 MT of Kachi Ghani Mustard oil against 4686 MT of Vanaspati, 595 MT of Refind oil, 5671 MT of Solvent Extracted oil, 79764 MT of Extractions and 4575 MT of Kachi Ghani Mustard oil during the previous year. The margins in Refind Oil and Oil were comparatively better. The Directors have positive view regarding prospects for the current year. Inspite of being buffeted by adverse conditions, the company turned out excellent performance by taking timely and prudent business decisions and cost cutting measures.

CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF:

(Rs. In Millions )

	31.03.2011	31.03.2010
Claims against the Company not acknowledged as debts	0.106	0.106
Tax demands under dispute Muncipal Tax	1.424	1.348
Outstanding guarantees and Letter of credit furnished by Bankers (Margin money there against Rs. 0.581 Millions previous year Rs. 0.783 Millions)	0.733	00930

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.54.20
UK Pound	1	Rs.86.99
Euro	1	Rs.70.22

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		32

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.

MIRA INFORM REPORT

145.131

74.067

2.557

0.000

185.210

406.965

45.178

3.343

3.437

51.958

355.007

Unit