MIRA INFORM REPORT

Report Date :

25.06.2012

IDENTIFICATION DETAILS

Name :	FPC PETRO ENERGY PRIVATE LIMITED (w.e.f. 07.12.2010)
Formerly Known As :	FORTREC PETROCHEM PRIVATE LIMITED (w.e.f. 02.11.2006) AHKIS SYSTEMS PRIVATE LIMITED
Registered Office :	A-302, Spartacus Apartments, 30^th Cross, 4^th T Block, Jayanagar, Bangalore – 560041, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.01.2002
Com. Reg. No.:	08-029996
Capital Investment / Paid-up Capital :	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U65999KA2002PTC029996
Legal Form :	Private Limited Liability Company
Line of Business :	Dealings in Petrochemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 33000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for small to mediocre 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	A-302, Spartacus Apartments, 30^th Cross, 4^th T Block, Jayanagar, Bangalore – 560041, Karnataka, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	sikha@fortrec.com
Website :	http://www.yogichem.com
Branch :	302, Marigold Pavani Estates, 196, Dwarakapuri Colony, Punjagutta, Hyderabad – 500082, Andhra Pradesh, India
Tel. No.:	91-40-66751001
Fax No.:	91-40-66755005

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Shanti Sikha

Designation :

Director

Address :

170/A, 1^st Floor, MLA Colony, Road No. 12, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

12.01.1969

Date of Appointment :

16.01.2002

DIN No.:

00780514

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U65999KA2002PTC029996	FPC PETRO ENERGY PRIVATE LIMITED	Director	16-01-02	16-01-02	Active	NO
2	U45400AP2005PTC046638	KRIYA INFRAPROJECTS PRIVATE LIMITED	Director	23-06-05	23-06-05	Active	NO

Name :

Mr. Rama Surya Kumar Sikha

Designation :

Director

Address :

170/A, 1^st Floor, MLA Colony, Road No. 12, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

27.12.1962

Date of Appointment :

16.01.2002

DIN No.:

00780543

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U65999KA2002PTC029996	FPC PETRO ENERGY PRIVATE LIMITED	Director	16-01-02	16-01-02	Active	NO
2	U45400AP2005PTC046638	KRIYA INFRAPROJECTS PRIVATE LIMITED	Director	23-06-05	23-06-05	Active	NO
3	U24230GJ2005PLC045642	KANDLA ENERGY AND CHEMICALS LIMITED	Additional director	30-03-12	30-03-12	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Rama Surya Kumar Sikha	38500
Shanti Sikha	38500
Sudha Sikha	3000
Fortec Chemicals and Petroleum Pte Limited, Singapore	20000
Total	100000

AS ON 09.03.2012

Names of Allottes	No. of Shares
Rama Surya Kumar Sikha	60000
Shanti Sikha	90000
Total	150000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	20.00
Directors or relatives of directors	80.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Dealings in Petrochemicals.
Products :	Ø Petro-Chemicals Ø Petro-Products Ø Bio-Chemicals etc

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø State Bank of Hyderabad, Overseas Branch, 6-3-652, “Kautilya’, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India

Ø Union Bank of India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Reliance Capital Limited-Car Loan	0.565	0.767
Total	0.565	0.767
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Shanti Sikha	0.014	0.000
Surya Kumar Sikha	0.011	0.000
Total	0.025	0.000

Banking Relations :	--
Auditors :
Name :	Yoganandh and Ram Chartered Accountants
Address :	“Pratiksha”, 4-1-6/B/4, Street No. 6, Tilak Road, Hyderabad – 500001, Andhra Pradesh, India
Tel. No.:	91-40-24753467
Mobile No.:	91-9246119182
E-Mail :	sharad@yandr.in
Website :	www.yandr.in
Income-tax PAN of auditor or auditor's firm :	ACXPT4824C

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs. 10/- each	Rs. 2.500 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs. 10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/- each	Rs. 1.000 Million

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		1.000	1.000	1.000
2] Share Application Money		0.250	0.000	0.000
3] Reserves & Surplus		7.230	5.610	5.023
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.480	6.610	6.023
LOAN FUNDS
1] Secured Loans		0.565	0.767	0.000
2] Unsecured Loans		0.025	0.000	0.084
TOTAL BORROWING		0.590	0.767	0.084
DEFERRED TAX LIABILITIES		0.000	0.061	0.029
TOTAL		9.070	7.438	6.136
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.579	1.420	0.333
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	4.620	6.249	6.885
	Cash & Bank Balances	1.789	1.006	1.985
	Other Current Assets	7.011	1.984	0.000
	Loans & Advances	1.540	0.000	0.711
Total Current Assets		14.960	9.239	9.581
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.680	1.853	2.668
	Other Current Liabilities	0.000	0.000	0.937
	Provisions	0.792	1.375	0.183
Total Current Liabilities		7.472	3.228	3.788
Net Current Assets		7.488	6.011	5.793
MISCELLANEOUS EXPENSES		0.003	0.007	0.010
TOTAL		9.070	7.438	6.136

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	176.554	6.531	0.000
		Other Income	0.526	0.169	6.666
		TOTAL	177.080	6.700	6.666
Less	TOTAL EXPENSES		174.905	5.837	4.059
	PROFIT BEFORE TAX		2.175	0.863	0.434
Less	TAX		0.555	0.276	0.182
	PROFIT AFTER TAX		1.620	0.587	0.252
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	5.747	6.664	6.645
	TOTAL EARNINGS		5.747	6.664	6.645
	Earnings Per Share (Rs.)		16.20	5.87	2.52

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.91	8.76	3.78
Net Profit Margin (PBT/Sales)	(%)	1.23	13.21	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	13.15	8.10	4.38
Return on Investment (ROI) (PBT/Networth)		0.26	0.13	0.07
Debt Equity Ratio (Total Liability/Networth)		0.95	0.60	0.64
Current Ratio (Current Asset/Current Liability)		2.00	2.86	2.53

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constitution of the firm	Yes
4. Premises details	No
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	Yes
8. No. of Employees	No
9. Name of person contacted	No
10. Designation of contact person	No
11. Turnover of firm for last three years	Yes
12. Profitability for last three years	Yes
13. Reasons for variation <> 20%	--
14. Estimation for coming financial year	No
15. Capital in the business	Yes
16. Details of sister concerns	No
17. Major suppliers	No
18. Major customers	No
19. Payments terms	No
20. Export / Import details	No
21. Market information	--
22. Litigations that the firm / promoter involved	--
23. Banking Details	Yes
24. Banking facility details	Yes
25. Conduct of the banking account	--
26. Buyer visit details	--
27. Financials, if provided	Yes
28. Incorporation details, if applicable	Yes
29. Last accounts filed at ROC	Yes
30. Major Shareholders, if available	Yes

Note: The registered address of the company has been shifted from No. 39, Egipura Road, 6^th Block, Koramangala, Bangalore, Karnataka, India to the present address w.e.f. 27.07.2009

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U65999KA2002PTC029996
Name of the company	FPC PETRO ENERGY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-302, Spartacus Apartments, 30th Cross, 4th T Block, Jayanagar, Bangalore – 560041, Karnataka, India E-mail: sikha@fortrec.com
This form is for	Modification of charge
Charge identification number of the modified	10253270
Type of charge	Book Debts Movable Property
Particular of charge holder	State Bank of Hyderabad, Overseas Branch, 6-3-652, "Kautilya", Somajiguda, Hyderabad – 500082, Andhra Pradesh, India E-mail: osbsbh@yahoo.com
Nature of description of the instrument creating or modifying the charge	1) Supplemental Agreement of loan for increase in the overall limit (Form C.1-A) 2) Supplemental Agreement of Hypothecation of Goods and Assets for increase in the overall limit (Form C.2-A) 3) Letter regarding the grant of individual limits within the overall limit (Form C.5) 4) Revival Letter (Form C.6) 5) Copy of Sanction Letter 6) Copy of Board Resolution
Date of instrument Creating the charge	28.02.2012
Amount secured by the charge	Rs. 37.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 1) Interest on CC (Hypothecation) /IUBD/IBP Limit at 5% above Base Rate currently 15.50% P.A (floating) 2) Commission on LC Limit : As per the Bank's Applicable rates. Terms of Repayment Repayable on demand, yearly renewable. Margin 1) Raw Materials, Stock in process and Finished goods at 25% 2) Book Debts/Receivables at 50%(cover period 90 days) 3) Letter of Credit at 25% Extent and Operation of the charge The charge operates as a first charge on current assets of the company until the repayment of the entire credit facilities sanctioned by the bank.
Short particulars of the property charged	1. Cash Credit/ IUBD/IBP Limit: Hypothecation of Stock and Book Debts of the Company. 2. Letter of Credit Limit: i) Bills under the credits will be accompanied by documents of title to goods, BL/RRs/MTRs/AW made out/ endorsed in favour of the bank for the purchase of equipment/machinery. MTRs to be of approved transport companies only and to be insured against prescribed risks. In the case of Usance Bills, documents may be delivered against acceptance. ii) Application-cum-indemnity from the borrower in respect of every LC iii) Charge over current assets to cover LC limits.
Particulars of the present modification	The existing limits of Rs.25.000 Millions increased to Rs.37.500 Millions. Nature of Facility Existing Limits Increased Limits CC(Hypothecation)/IUBD/IBP 7.500 Millions 7.500 Millions Letter of Credit 10.000 Millions 30.000 Millions L.C. Back Bill Discounting 7.500 Millions Nil TOTAL 25.000 Millions 37.500 Millions

FIXED ASSETS

Ø Car

Ø Cell Phones and Cameras

Ø Computers

Ø Furniture

Ø Office Equipments

Ø Printer

Ø Software

Ø Television

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. 56.99
UK Pound	1	Rs. 88.97
Euro	1	Rs. 71.57

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.