MIRA INFORM REPORT

Report Date :

05.05.2012

IDENTIFICATION DETAILS

Name :	RELIANCE GAS TRANSPORTATION INFRASTRUCTURE LIMITED
Registered Office :	101, Shivam Apartments, 9, Patel Colony, Bedi Bunder Road, Jamnagar – 361008, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.06.1999
Com. Reg. No.:	04-040064
Capital Investment / Paid-up Capital :	Rs.17628.900 Millions
CIN No.: [Company Identification No.]	U60300GJ1999PLC040064
TAN No.: [Tax Deduction & Collection Account No.]	RKTG00568B MUMG079996G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is engaged in development of cross-country pipe lines for transportation of Gas/ Hydrocarbon.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (55)

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

Maximum Credit Limit :	USD 230000000
Status :	Good
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Reliance Industries Limited an established and diversified company of Mr. Mukesh Ambani Group. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. In view of strong holding 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.

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 :	101, Shivam Apartments, 9, Patel Colony, Bedi Bunder Road, Jamnagar – 361008, Gujarat, India
Tel. No.:	91-288-3091732
Fax No.:	91-288-3031003
E-Mail :	kalpana_srinivasan@ril.com geeta.fulwadaya@ril.com
Corporate Office :	Building No. 7, “A” / “B” Wing, Second Floor, Thane-Belapur Road, Ghansoli, Navi Mumbai – 400701, Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Rajindra Kumar Dhadda

Designation :

Director

Address :

805 B, Raheja Residency, Sector 14, Vashi, Navi Mumbai-400703, Maharashtra, India

Date of Birth/Age :

11.02.1952

Date of Appointment :

15.05.2006

DIN No.:

00353849

Other Directorship :

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	U60300GJ1999PLC040064	RELIANCE GAS TRANSPORTATION INFRASTRUCTURE LIMITED	Managing director	1/01/2008	15/05/2006	-	Active	NO
2	U74140MH2000PLC128405	RELOGISTICS INFRASTRUCTURE LIMITED	Managing director	1/10/2008	22/01/2008	-	Active	NO
3	U36911RJ2008PTC027477	SPECTRUM JEWELMART PRIVATE LIMITED	Director	15/01/2009	15/01/2009	-	Active	NO

Name :

Mr. Raja Ramachandran Kolumum

Designation :

Director

Address :

1703/ 1704 Building No. 1, Raheja Clasique, New Link Road, Andheri (West), Mumbai-400053, Maharashtra, India

Date of Birth/Age :

19.12.1956

Date of Appointment :

15.05.2006

DIN No.:

00006673

Other Directorship :

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	U65990GJ1996PLC030537	LUXOR INVESTMENTS LIMITED	Director	31/12/2001	31/12/2001	-	Amalgamated	NO
2	U60300GJ1999PLC040064	RELIANCE GAS TRANSPORTATION INFRASTRUCTURE LIMITED	Director	29/09/2006	15/05/2006	-	Active	NO
3	U22130DL2006PTC150563	ALPHA BROADCASTING CORPORATION PRIVATE LIMITED	Director	5/07/2006	5/07/2006	-	Active	NO
4	U67200MH2006PLC165651	RELIANCE RETAIL INSURANCE BROKING LIMITED	Director	20/11/2006	20/11/2006	-	Active	NO
5	U74999MH2007PTC167376	DHANISHTA COMMERCIALS PRIVATE LIMITED	Director	25/09/2007	22/03/2007	-	Active	NO
6	U45102GJ1997PLC031906	RELIANCE PORTS AND TERMINALS LIMITED	Director	29/12/2007	9/06/2007	-	Active	NO
7	U24232MH2007PTC168160	RELIANCE PHARMACEUTICALS PRIVATE LIMITED	Director	21/08/2008	12/06/2007	-	Active	NO
8	U99999GJ2000PTC050444	RELIANCE UTILITIES PRIVATE LIMITED	Director	29/09/2008	10/08/2007	18/12/2009	Active	NO
9	U74140MH2000PLC128405	RELOGISTICS INFRASTRUCTURE LIMITED	Director	27/09/2008	26/11/2007	-	Active	NO
10	U45400MH2007PLC171344	RELIANCE CONVENTION AND EXHIBITION CENTRE LIMITED	Director	29/09/2008	31/07/2008	-	Active	NO
11	U45400MH2007PLC171342	RELIANCE CORPORATE CENTRE LIMITED	Director	29/09/2008	31/07/2008	-	Active	NO
12	U45300GJ1999PLC036347	RELIANCE JAMNAGAR INFRASTRUCTURE LIMITED	Director	30/06/2010	14/12/2009	-	Active	NO
13	U52599MH2007PLC176409	RELIANCE HOME PRODUCTS LIMITED	Director	6/09/2010	15/12/2009	-	Active	NO
14	U74990MH2010PTC202009	SUPRITA COMMERCIALS PRIVATE LIMITED	Director	24/09/2011	21/04/2010	-	Active	NO
15	U74990MH2010PTC202010	PINAKIN COMMERCIALS PRIVATE LIMITED	Director	26/09/2011	21/04/2010	-	Active	NO
16	U74990MH2010PTC202008	PUSHKARA COMMERCIALS PRIVATE LIMITED	Director	26/09/2011	21/04/2010	-	Active	NO
17	U52399MH2010PTC201011	ELAKSHI COMMERCIALS PRIVATE LIMITED	Director	12/09/2011	24/05/2010	-	Active	NO
18	U51109MH2008PLC185389	RELIANCE COMMERCIAL LAND AND INFRASTRUCTURE LIMITED	Director	7/08/2010	1/07/2010	-	Active	NO
19	U74900MH2007PTC171234	VANISHREE COMMERCIALS PRIVATE LIMITED	Director	26/09/2011	31/01/2011	-	Active	NO
20	U52390MH2008PTC177456	EQUATOR TRADING ENTERPRISES PRIVATE LIMITED	Additional director	20/01/2012	20/01/2012	-	Active	NO
21	U51109MH2008PTC177458	ALTITUDE MERCANTILE PRIVATE LIMITED	Additional director	20/01/2012	20/01/2012	-	Active	NO
22	U51109MH2008PTC177479	LONGITUDE MERCANTILE PRIVATE LIMITED	Additional director	20/01/2012	20/01/2012	-	Active	NO
23	U51900MP2007PTC020084	ANU TRADING PRIVATE LIMITED	Additional director	28/02/2012	28/02/2012	-	Active	NO

Name :

Mr. Mahesh Kalidas Kamdar

Designation :

Director

Address :

2201, Chaitanya Towers, C Wing Apartment, Saheb Marathe Marg, Prabhadevi, Mumbai-400025, Maharashtra, India

Date of Birth/Age :

27.09.1951

Date of Appointment :

15.05.2006

DIN No.:

00013915

Other Directorship :

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	L60300MH1988PLC049019	RELIANCE INDUSTRIAL INFRASTRUCTURE LIMITED	Director	23/07/1990	23/07/1990	-	Active	NO
2	U27200MH1991PTC061411	PARIDHI TRADECOM PRIVATE LIMITED	Director	26/04/1991	26/04/1991	-	Converted to LLP and dissolved	NO
3	U51900MH1992PTC064975	SYMPHONY IMPEX (INDIA) PRIVATE LIMITED	Director	21/01/1992	21/01/1992	30/04/2011	Active	NO
4	U51900MH1965PTC014453	RELIANCE EXPORTS PRIVATE LIMITED	Director	2/09/1993	2/09/1993	2/06/2009	Active	NO
5	U51909MH2005PTC153369	SANA TRADECOM PRIVATE LIMITED	Director	17/05/2005	17/05/2005	30/09/2011	Active	NO
6	U92100MH1942PTC003702	THE INDIAN FILM COMBINE PRIVATE LIMITED	Nominee director	29/10/2005	29/10/2005	-	Active	NO
7	U45200MH2006PTC159144	BECREL ENGINEERING PRIVATE LIMITED	Director	20/01/2006	20/01/2006	29/12/2006	Amalgamated	NO
8	U60300GJ1999PLC040064	RELIANCE GAS TRANSPORTATION INFRASTRUCTURE LIMITED	Director	29/09/2006	15/05/2006	-	Active	NO
9	U85100MH1998PTC114935	RELIANCE HOSPITAL MANAGEMENT SERVICES PRIVATE LIMITED	Director	26/09/2007	15/09/2006	5/02/2011	Active	NO
10	U70100MH2006PTC159049	WESTWARD REALTY PRIVATE LIMITED	Nominee director	26/06/2007	26/06/2007	-	Active	NO
11	U45400MH2007PLC171344	RELIANCE CONVENTION AND EXHIBITION CENTRE LIMITED	Director	29/09/2008	31/07/2008	19/08/2009	Active	NO
12	U45400MH2007PLC171342	RELIANCE CORPORATE CENTRE LIMITED	Director	29/09/2008	31/07/2008	19/08/2009	Active	NO

Name :

Mr. Raj Pal Sharma

Designation :

Director

Address :

B-301, Ansal Apartments, No. 6, Aurangazeb Road, New Delhi-110011, India

Date of Birth/Age :

09.10.1940

Date of Appointment :

24.05.2006

DIN No.:

00030711

Other Directorship :

Top of Form S.No.Bottom of Form	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	U60300GJ1999PLC040064	RELIANCE GAS TRANSPORTATION INFRASTRUCTURE LIMITED	Director	29/09/2006	24/05/2006	-	Active	NO
2	U40200MH2007PTC168455	RELIANCE GAS PRIVATE LIMITED	Additional director	13/12/2007	13/12/2007	10/09/2008	Active	NO

Name :

Mr. Sridhar Ragagopala Vaidyanadhan

Designation :

Director

Address :

4:1, Lenyadri Tower, Plot 49/2, Sector 19A, Nerul (East), Navi Mumbai – 400706, Maharashtra, India

Date of Birth/Age :

26.01.1960

Date of Appointment :

26.10.2010

DIN No.:

03303448

Other Directorship :

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	U60300GJ1999PLC040064	RELIANCE GAS TRANSPORTATION INFRASTRUCTURE LIMITED	Director	30/09/2011	26/10/2010	-	Active	NO
2	U45300GJ1999PLC036347	RELIANCE JAMNAGAR INFRASTRUCTURE LIMITED	Director	25/07/2011	26/10/2010	-	Active	NO
3	U51900MH2007PLC171071	RELIANCE GAS CORPORATION LIMITED	Director	16/06/2011	26/10/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bijay Agrawal
Designation :	Secretary
Address :	A 503, Harbour View, Plot 49/3, Sector 19A, Nerul, Navi Mumbai – 400706, Maharashtra, India
Date of Birth/Age :	24.03.1967
Date of Appointment :	28.05.2010
PAN No.:	ACIPA8664L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders (Equity Shares)	No. of Shares
Reliance Utilities Private Limited, India	15751125494
Saraswatula Sudhakar Jointly with Reliance Utilities Private Limited, India	1
Bansal J.S.P. Jointly with Reliance Utilities Private Limited, India	1
Gandhi K. V. Jointly with Reliance Utilities Private Limited, India	1
Malhotra C. S. Jointly with Reliance Utilities Private Limited, India	1
Mukherjee Subhasish Jointly with Reliance Utilities Private Limited, India	1
Shah B. Ashish Jointly with Reliance Utilities Private Limited, India	1
Reliance Utilities Private Limited, India	7000499500
Total	22751625000

Names of Shareholders (Preference Shares)	No. of Shares
Reliance Industries Limited, India	500000000
Reliance Ports and Terminals Limited, India	250000000
Reliance Ports and Terminals Limited, India	71693451
Biometrix Marketing Private Limited, India	96880000
Reliance Ports and Terminals Limited, India	7401383
Biometrix Marketing Private Limited, Singapore	136869315
Total	1062844149

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in development of cross-country pipe lines for transportation of Gas/ Hydrocarbon.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Axis Bank Limited, Trishul, 3^rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad-380006, Gujarat, India

· State Bank of India, State Bank Bhavan, Madame Cama Road,Mumbai-400021, Maharashtra, India

· Bank of India, Malad (West) Branch, Bank of India Building, S. V. Road Malad (West), Mumbai – 400064, Maharashtra, India

· Axis Bank Limited, Axis House, C-2, Wadia International Centre, P B Marg, Worli, Mumbai-400025, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Non-convertible debentures secured	20000.000	20000.000
Rupee term loans banks secured	84684.400	86631.100
Rupee term loans financial institutions secured	6871.700	7315.000
Total	111556.100	113946.100

Notes:

1.) The Term Loans from Banks and Financial Institution and Non-Convertible Debentures referred to above are secured/ to be secured on first ranking pari passu basis by way of mortgage / hypothecation / charge of all the immovable properties, all tangible and intangible moveable assets excluding specified investments and loans and advances, all bank accounts excluding specified bank accounts, all revenues and receivables excluding receivables representing CENVAT credit, assignment of the company's rights / title / interest / benefits / claims / demands in each letter of credit / guarantee or performance bond and insurance contracts relating to the cross-country pipeline network for transportation of natural gas set up by the Company between Kakinada in Andhra Pradesh and Bharuch in Gujarat. The security created for the Non-Convertible Debentures excludes Debt Service Reserve Account.

2.) Debentures referred to in A above, aggregating to Rs.10000.000 Millions are redeemable at par on 6th January, 2014 and the balance Rs.10000.000 Millions are redeemable at par on 6th January, 2019.

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Long Term Buyers Credit from Banks	0.000	1222.300
Short Term Buyers Credit from Banks	0.000	19398.000
Total	0.000	20620.300

Note:

Maximum amount of Commercial Paper outstanding at any time during the year is Rs. Nil (Previous year Rs.3000.000 Millions)

Banking Relations :	--
Auditors :
Name :	Chaturvedi and Shah Chartered Accountants
Address :	714-715, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, Maharashtra, India
PAN.:	AAAFC0662N
Auditors :
Name :	Lodha and Company Chartered Accountants
Address :	14, Government Place East, Kolkata -700069, West Bengal, India
PAN.:	AABFL1894Q
Holding Company :	Reliance Utilities Private Limited CIN No.: U99999GJ2000PTC050444
Subsidiary Company :	Relogistics Infrastructure Limited CIN No.: U74140MH2000PLC128405
Associate Company :	Reliance Industries Limited CIN No.: L17110MH1973PLC019786
Fellow Subsidiary :	Reliance Ports and Terminals Limited
Ultimate Holding Company :	Priyash Commercial Private Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
70000000000	Equity Shares	Re.1/- each	Rs.70000.000 Millions
3000000000	Preference Shares	Rs.10/- each	Rs.30000.000 Millions
	TOTAL		Rs.100000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22751625000	Equity Shares	Re.1/- each	Rs.22751.625 Millions
1062844149	Preference Shares	Rs.10/- each	Rs.10628.441 Millions
	TOTAL		Rs.33380.066 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
70000000000	Equity Shares	Re.1/- each	Rs.70000.000 Millions
3000000000	Preference Shares	Rs.10/- each	Rs.30000.000 Millions
	TOTAL		Rs.100000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7000500000	Equity Shares	Re.1/- each	Rs.7000.500 Millions
750000000	9% Non-cumulative Redeemable Preference Shares	Rs.10/- each	Rs.7500.000 Millions
71693451	10% Non-cumulative Compulsorily Convertible Preference Shares (CCPS)- Series 'A'	Rs.10/- each	Rs.716.900 Millions
104281383	10% Non-cumulative Compulsorily Convertible Preference Shares(CCPS) - Series 'B'	Rs.10/- each	Rs.1042.800 Millions
136869315	10% Non-cumulative Compulsorily Convertible Preference Shares (CCPS)- Series 'C'	Rs.10/- each	Rs.1368.700 Millions
	TOTAL		Rs.17628.900 Millions

Note:

1 All the Equity Shares of the Company are held by Reliance Utilities Private Limited - the Holding Company, along with its nominees

2 The 9% Non-cumulative Redeemable Preference Shares shall be redeemed at Rs.125 per Preference Share (including premium of Rs.115 per Preference Share), in five equal installments of Rs. 25 each per Preference Share on 31st March, 2025, 31st March, 2026, 31st March, 2027,31st March, 2028 and 31st March, 2029. At the option of the Company, the above Redeemable Preference Shares are redeemable at any time earlier than those dated mentioned above by giving 30 days notice to the Preference shareholders at a price calculated to give a yield of 8% p.a to the Preference shareholders after taking into account redemption made and dividends already distributed.

3(a) The holders of Series 'A', Series 'B', and Series 'C' 10% Non-cumulative Compulsorily Convertible Preference Share (CCPS) of Rs.10 each issued at a premium of Rs.90 each have the right to convert into Equity Shares during the respective Conversion Period as given below:

Series	Conversion Period	Details
A	Between October 1, 2015 to September 30, 2016	Each CCPS is convertible into 20 Equity Shares of Re. 1 each fully paid up
B	Between October 1, 2017 to September 30, 2018
C	Between October 1, 2019 to September 30, 2020

If the holders do not convert within the time period given above, CCPS shall be automatically converted into Equity Shares at the same ratio as given above at the end of the relevant period.

(b) In addition to the 10% dividend, in the event of the Company declaring / paying any dividend or distribution to equity shareholders or any other class of shareholders, the Company shall also declare / pay to holders of CCPS, a proportionate dividend / distribution on fully diluted basis ( assuming full conversion into Equiry Shares.)

4 During the year the Company has issued and allotted 1575 11 25 000 Share Warrants on right basis to the existing equity shareholder which give them a right to apply for equivalent number of equity shares of Re.1 each at a price of Re.1 each within 36 months of allotment of warrants (Date of allotment: 31st March, 2011).

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		17628.900	17628.900	17628.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		50698.900	50656.000	50656.000
4] (Accumulated Losses)		(11741.900)	(11741.900)	(9611.400)
NETWORTH		56585.900	56543.000	58673.500
LOAN FUNDS
1] Secured Loans		111556.100	113946.100	105000.000
2] Unsecured Loans		0.000	20620.300	20025.100
TOTAL BORROWING		111556.100	134566.400	125025.100
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		168142.000	191109.400	183698.600
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		138870.900	156304.900	105501.400
Capital work-in-progress		3120.500	3265.800	65162.100
INVESTMENT		19142.300	28629.700	2421.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2966.400	2971.800	2493.700
	Sundry Debtors	1665.200	2064.300	93.600
	Cash & Bank Balances	51.300	79.300	12051.700
	Other Current Assets	501.600	598.200	822.200
	Loans & Advances	11738.800	3490.200	13393.200
Total Current Assets		16923.300	9203.800	28854.400
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	932.500	2975.900	5890.200
	Other Current Liabilities	8399.500	3303.400	12313.400
	Provisions	583.000	15.500	36.700
Total Current Liabilities		9915.000	6294.800	18240.300
Net Current Assets		7008.300	2909.000	10614.100
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		168142.000	191109.400	183698.600

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	38373.600	25656.500	83.400
		Other Income	905.700	3106.700	75.800
		TOTAL (A)	39279.300	28763.200	159.200
Less	EXPENSES
		Consumption materials changes inventories	567.400	656.400
		Manufacturing service costs	3251.300	2259.600	5772.100
		Employee related costs	351.600	262.300
		Administrative selling other expenses	7038.200	1000.500
		TOTAL (B)	11208.500	4178.800	5772.100
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		28070.800	24584.400	(5612.900)
Less	FINANCIAL EXPENSES (D)		10071.900	10938.100	3315.500
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17998.900	13646.300	(8928.400)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17690.300	15776.800	1644.800
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		308.600	(2130.500)	(10573.200)
Less	TAX (H)		265.700	0.000	5.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		42.900	(2130.500)	(10578.200)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(11741.900)	(9611.400)	823.200
Add	EXCHANGE DIFFERENCE RELATING TO PREVIOUS YEAR REVERSED		0.000	0.000	(143.600)
Less	APPROPRIATIONS		42.900	0.000	0.000
	BALANCE CARRIED TO THE B/S		(11741.900)	(11741.900)	(9611.400)
	IMPORTS
		Stores & Spares	323.500	31.600	0.000
		Capital Goods	60.600	240.200	11577.700
	TOTAL IMPORTS		384.100	271.800	11577.700
	Earnings/(Loss) Per Share (Rs.)		0.06	(3.04)	(1.51)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.11	(7.40)	(6644.59)
Net Profit Margin (PBT/Sales)	(%)	0.80	(8.30)	(12677.69)
Return on Total Assets (PBT/Total Assets}	(%)	0.20	(1.29)	(7.87)
Return on Investment (ROI) (PBT/Networth)		0.01	(0.04)	(0.18)
Debt Equity Ratio (Total Liability/Networth)		2.15	2.49	2.44
Current Ratio (Current Asset/Current Liability)		1.71	1.46	1.58

LOCAL AGENCY FURTHER INFORMATION

THE RELIANCE EAST-WEST GAS PIPELINE PROJECT IN INDIA

RIVER CROSSINGS WITH VARIOUS TRENCHLESS TECHNOLOGIES

The Reliance Gas Transport and Infrastructure Company Limited is building the East-West Gas Pipeline from Kakinada to the Western state of Gujarat in India. The pipeline has a length of 1300 km and a diameter of 48 “. 11 numbers of major river crossings have to be constructed. The longest and most critical is the Gautami Godavari River Crossing with a lengths of 2400 m. Due to the lengths, the large diameter and the variable ground conditions traditional construction methods could not be applied.

The pipe jacking method has been selected. A jacking shaft has been constructed on each bank and a receiving shaft in the center of the river. Two tunnel sections each with a lengths of approximately 1200 m and a internal diameter of 2400 mm have been constructed by using the pipe jacking method. Due to the variable ground conditions and high water pressure Dual Mode Pipe Jacking Machines were choosen. The steel gas pipeline will be prepared and pushed into the tunnel by using a newly developed pipe thruster. The annulus between the gas pipe and the tunnel will be filled with a specially developed free flowing material.

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions 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 (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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

Operational Review:

During the year, the Company has successfully completed third year of commercial operation of Kakinada – Hyderabad – Ahmedabad Gas Pipeline [East West Pipeline (“EWPL”)].

EWPL transported over 20 Billion SCM of gas and also crossed milestone of 35 Billion SCM of transportation volume on cumulative basis since commencement of commercial operations. The average volumes transported during the year is ~57MMSCMD.

Petroleum and Natural Gas Regulatory Board (PNGRB) has approved provisional initial unit natural gas pipeline tariff for EWPL vide Tariff Order dated 19 th April 2010 and subsequent provisional tariff order for zonal tariff dated 9th June 2010. The Company has commenced laying of additional dedicated pipeline from EWPL for Lanco Kondapalli Power Private Limited in Andhra Pradesh.

The Company has been certified under ISO 9001:2008, ISO 14001:2004 and OHSAS 18001:2007 (Integrated Management system) which is a testimony to it’s commitment to the best industry practices in all facets of operations and maintenance.

The Company continues to have the highest domestic ratings both from CARE and CRISIL for Long Term Bank facilities, NCD, Short Term Bank facilities and CP / STD Programme.

Bankers Charges Report as per Registry

Corporate identity number of the company	U60300GJ1999PLC040064
Name of the company	RELIANCE GAS TRANSPORTATION INFRASTRUCTURE LIMITED
Address of the registered office or of the principal place of business in India of the company	101, Shivam Appartments, 9, Patel Colony, Bedi Bunder Road, Jamnagar-361008, Gujarat, India Email : geeta.fulwadaya@ril.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10088348
Type of charge	Uncalled share capital Immovable property Calls made but not paid Goodwill Patent, license under a patent Trademark Copyright or license under a copyright Book Debts Movable Property Floating Charge Security in 6(a) relates to EWPL Project only
Particular of charge holder	Axis Bank Limited, Axis House, C-2, Wadia International Centre, P B Marg, Worli, Mumbai-400025, Maharashtra, India Email : kulkarni.makarand@axisbank.com
Nature of instrument creating charge	No instrument was executed but on March 16, 2012, a mortgage was created by the Company by deposit of title deeds relating to its additional immovable properties [pertaining to East West Natural Gas Pipeline (EWPL) Project] in certain villages in the State of Gujarat, India
Date of instrument Creating the charge	16.03.2012
Amount secured by the charge	Rs.2437.200 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Margin 25% (Debt Equity Ratio of 3:1)
Date of instrument modifying the charge	04.08.2011
Particulars of the present modification	The Company has now created charge on its additional immovable properties (pertaining to EWPL Project) situated in certain villages in the State of Gujarat by deposit of title deeds on March 16, 2012

Contingent Liabilities (As on 31.03.2011):

(a) Guarantee issued by Bank 1.600 Millions

(b) Electricity duty under dispute not acknowledged as debt 7.500 Millions

(c) Income tax demand under dispute not acknowledged as debt 265.500 Millions

(d) Refund of Special Additional Duty under dispute 26.400 Millions

FIXED ASSETS

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Machinery

· Line pack gas

· Electrical Fittings

· Vehicles

· Furniture and Fixtures

· 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.53.72
UK Pound	1	Rs.86.98
Euro	1	Rs.70.64

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		55

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.