MIRA INFORM REPORT

Report Date :

07.06.2012

IDENTIFICATION DETAILS

Name :	ASAP FLUIDS PRIVATE LIMITED
Registered Office :	D/103, G. E. Garden, LBS Road, Kanjur Marg (West), Mumbai – 400042, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.02.2010
Com. Reg. No.:	11-200102
Capital Investment / Paid-up Capital :	Rs.18.040 Millions
CIN No.: [Company Identification No.]	U74990MH2010PTC200102
TAN No.: [Tax Deduction & Collection Account No.]	MUMA37213B
PAN No.: [Permanent Account No.]	AAICA2436P
Legal Form :	Private Limited Liability Company
Line of Business :	Drilling Fluids Services.
No. of Employees :	15 (Approximately)

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 60000
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. Profitability of the company is under pressure. 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 cautions.

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. Banedict Noronha
Designation :	Finance Manager
Contact No.:	91-22-25789930
Date :	05.06.2012

LOCATIONS

Registered Office :	D/103, G. E. Garden, LBS Road, Kanjur Marg (West), Mumbai – 400042, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	anandgupta@gumprodf.com bennoronha@asapfluids.com sunilshitole@asapfluids.com
Website :	http://www.asapfluids.com
Location :	Owned
Operation Office :	Unit 203-204, Kailash Commercial Complex, L.B.S. Marg, Vikhroli (West), Mumbai – 400083, Maharashtra, India
Tel. No.:	91-22-25789930/ 26465147
Fax No.:	91-22-25789934
Email :	info@asapfluids.com

DIRECTORS

(AS ON 14.09.2011)

Name :	Mr. Vivek Anand Gupta
Designation :	Managing Director
Address :	Shiv-Krupa, 18/20 St. Mary’s Road, Mazagaon, Mumbai – 400010, Maharashtra, India
Date of Birth/Age :	15.07.1985
Date of Appointment :	15.02.2010
DIN No.:	02233629
Name :	Mr. Robert Wayne Pantermuehl
Designation :	Director
Address :	401 Montley TRL, Georgetown Texas - 78628
Date of Birth/Age :	04.02.1959
Date of Appointment :	15.02.2010
DIN No.:	02595656
Name :	Mr. Dipakkumar Khimjibhai Parmar
Designation :	Director
Address :	802, Glory, C Wing, Vasant Marvel WE Highway, Borivali (East), Mumbai, Maharashtra, India
Date of Birth/Age :	03.12.1965
Date of Appointment :	01.10.2010
DIN No.:	00158285
Name :	Mr. Sunil Bandopant Shitole
Designation :	Director
Address :	Flat No.701, 7^th Floor, Varsova Shivkutir CHS, Plot No.23, Behind Janakidevi School, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	01.06.1955
Date of Appointment :	01.01.2011
DIN No.:	01632275
Name :	Mr. Yogesh Ratilal Jagiwala
Designation :	Director
Address :	Shanta Bhuvan, 28C (55), Vallabhbhai Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	16.03.1952
Date of Appointment :	16.03.2011
DIN No.:	03496530
Name :	Mrs. Chetna Anand Gupta
Designation :	Director
Address :	Shiv-Krupa, 18/20 St. Mary’s Road, Mazagaon, Mumbai – 400010, Maharashtra, India
Date of Birth/Age :	08.04.1962
Date of Appointment :	01.04.2011
DIN No.:	03570494

KEY EXECUTIVES

Name :	Mr. Banedict Noronha
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 14.09.2011)

Names of Shareholders	No. of Shares
Robert Wayne Pantermuehl	4000
Gumpro Drilling Fluids Private Limited, India	1800000
Total	1804000

(AS ON 22.09.2011)

Names of Allottes	No. of Shares Allotted
Gumpro Drilling Fluids Private Limited, India	1196000
Total	1196000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	99.78
Directors or relatives of directors	0.22
Total	100.00

BUSINESS DETAILS

Line of Business :	Drilling Fluids Services.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Deepa Store

Customers :

End Users

· Cairn Energy India (Private) Limited

No. of Employees :

15 (Approximately)

Bankers :

· State Bank of India

Kanjur Marg Branch, Mumbai, Maharashtra, India

· State Bank of India

Industrial Finance Branch, S. V. Road, Malad (West), Mumbai – 400064, Maharashtra, India

Facilities :

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Director
Mr. Robert Pantermuehl	0.004	0.000
From Others
Gumpro Drilling Fluids Private Limited	45.839	0.870
Total	45.843	0.870

Banking Relations :	--
Auditors :
Name :	Pankaj R. Shah and Associates Chartered Accountant
Address :	701-702, Regency Plaza, Opposite Rahul Tower, Near Madhur Hall, Anandnagar Cross Road, Ahmedabad – 380015, Gujarat, India
PAN No.:	AAAFP8923D
Holding Company :	· Gumpro Drilling Fluids Private Limited, India CIN No.: U74999MH2008PTC185433
Enterprises that directly, or indirectly through one or more intermediaries, control with the reporting enterprise.	· Gumpro Drilling Fluids Private Limited · Dione Oilfields private Limited

CAPITAL STRUCTURE

(AS ON 14.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million
2990000	Equity Shares Add: Increase in Authorised equity Shares Capital during the year	Rs.10/- each	Rs.29.900 Million
	Total		Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1804000	Equity Shares	Rs.10/- each	Rs.18.040 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		18.040	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(2.344)	(0.570)
NETWORTH		15.696	(0.470)
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		45.843	0.870
TOTAL BORROWING		45.843	0.870
DEFERRED TAX LIABILITIES		0.286	0.000
TOTAL		61.825	0.400
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.360	0.000
Capital work-in-progress		0.020	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.065	0.000
	Sundry Debtors	38.761	0.000
	Cash & Bank Balances	7.798	0.300
	Other Current Assets	0.000	0.000
	Loans & Advances	22.969	0.100
Total Current Assets		77.593	0.400
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	22.447	0.000
	Other Current Liabilities	4.848	0.000
	Provisions	3.853	0.000
Total Current Liabilities		31.148	0.000
Net Current Assets		46.445	0.400
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		61.825	0.400

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	51.396	0.000
		Other Income	0.599	0.000
		TOTAL (A)	51.995	0.000
Less	EXPENSES
		Increase in Closing Stock	(8.065)	0.000
		Purchases and Other Operations Expenses	46.977	0.000
		Payments to Provision for Employees	2.847	0.000
		Administrative and Other Expenses	9.319	0.570
		Selling and Distribution Expenses	0.410	0.000
		TOTAL (B)	51.488	0.570
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.507	(0.570)
Less	FINANCIAL EXPENSES (D)		1.237	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.730)	(0.570)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.740	0.000
	PROFIT BEFORE TAX (E-F) (G)		(1.470)	(0.570)
Less	TAX (H)		0.285	0.000
	PROFIT AFTER TAX (G-H) (I)		(1.755)	(0.570)
Less	Prior Period Items		0.018	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.570)	0.000
	BALANCE CARRIED TO THE B/S		(2.343)	(0.570)
	Earnings Per Share (Rs.)		(5.55)	(57.05)

Particulars	31.03.2012
Sales Turnover (Approximately)	126.000

Expected Sales (2012-13): Rs.140.000 Millions

The above information has been parted by Mr. Banedict Noronha

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	(3.38)	0.00
Net Profit Margin (PBT/Sales)	(%)	(2.86)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(1.58)	(142.50)
Return on Investment (ROI) (PBT/Networth)		(0.09)	1.21
Debt Equity Ratio (Total Liability/Networth)		4.91	(1.85)
Current Ratio (Current Asset/Current Liability)		2.49	0.00

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditors
- For Expenses and Services	8.759	0.000
- For Goods	13.688	0.000
Total	22.447	0.000

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
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last two years	Yes
Profitability for last two years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	No
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

CONTINGENT LIABILITIES

Particulars	31.03.2011 (Rs. In Millions)
Estimate amount of contract remaining to be executed on capital account and not provided for	--
Guarantee and Counter Guarantees given by Company	21.231
Disputed Central Sales Tax Dues	--

TRADE REFERENCE:

· Cairn Energy India (Private) Limited

· Deepa Store

Corporate identity number of the company	U74990MH2010PTC200102
Name of the company	ASAP FLUIDS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D/103, G E Garden, LBS Road, Kanjur Marg (West), Mumbai – 400042, Maharashtra, India anandgupta@gumprodf.com
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	State Bank of India Industrial Finance Branch, S.V. Road, Malad West, Mumbai – 400064, Maharashtra, India sbi.04760@sbi.co.in
Nature of description of the instrument creating or modifying the charge	No instrument was executed. Charge created by way of equitable mortgage by deposit of title deeds.
Date of instrument Creating the charge	19/05/2011
Amount secured by the charge	Rs.109.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Not Applicable Terms of Repayment Not Applicable Margin Not Applicable Extent and Operation of the charge Security to cover the principal amount plus interest, fees, commission, charges, costs and expenses including the legal costs.
Short particulars of the property charged	Immovable property being residential Flat D-103 admeasuring about 64.59 sq. mtrs. equiv. to 937 sq. ft., on 1st Floor of the Building D, Great Eastern Gardens, L.B.S. Marg, Kanjurmarg West, Mumbai 400076, Maharashtra, India

FIXED ASSETS:

· Plant and Machinery

· Office Equipment

· Furniture and Fixture

· Computer and 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.55.50
UK Pound	1	Rs.85.58
Euro	1	Rs.69.30

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	0
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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.