MIRA INFORM REPORT

Report Date :

19.10.2012

IDENTIFICATION DETAILS

Name :	SHELL INDIA MARKETS PRIVATE LIMITED (w.e.f. 25.11.2008)

Formerly Known As :	SHELL INDIA MARKETING PRIVATE LIMITED

Registered Office :	2^nd Floor, Campus 4A, RMZ Millenia, No. 143, Dr. M.G.R. Road, Kandanchavady, Perungudi, Chennai – 600 096, Tamilnadu

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	06.05.2004

Com. Reg. No.:	18-53147

Capital Investment/ Paid-up Capital:	Ra.19737.039 Millions

CIN No.: [Company Identification No.]	U23201TN2004PTC053147

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Marketer of Oil Products.

No. of Employees:	More than 500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 48847000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is a part of Shell Group, having multinational operations. It is a well established company having satisfactory track. There appears some accumulated losses recorded by the company, However, trade relations are reported as fair. Business is active. Payment are reported to be usually correct and as per commitments In view of strong holding, the company can be considered normal for 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 – 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

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 :	2^nd Floor, Campus 4A, RMZ Millenia, No. 143, Dr. M.G.R. Road, Kandanchavady, Perungudi, Chennai – 600 096, Tamilnadu, India
Tel. No.:	91-44-43450000
Fax No.:	91-44-43451500
E-Mail :	Abraham.mammen@shell.com

Corporate Office / Bitumen :	9^th Floor, Building 9A, DLF Cyber City, DLF Phase III, Gurgaon – 122 002, Haryana, India
Tel. No.:	91-124-4771500
Fax No.:	91-124-4771600

Factory 1 :	Plot No. 54, WBIIDC, Uluberia Industrial growth Centre, Birshibpur, Howrah-711 316, West Bengal, India
Tel. No. :	91-33-64509267 / 26611463
Fax No. :	91-33-26611600

Factory 2 :	Plot 745, GIDC, Manjusar, Tal Savli, Dist Vadodara-391775, Gujarat, India
Tel. No. :	91-2667-264151 / 152
Fax No. :	91-2667-264153

Lubricants :	Powai Plaza, 401-403, 4th Floor, Hiranandani Business Park, Powai, Mumbai – 400 076, Maharashtra, India
Tel. No.:	91-22-40363888
Fax No.:	91-22-40363847

Retail :	3rd Floor, RMZ Centennial, Campus B, 8B, Kundanahalli Main Road, Bangalore – 560 048, Karnataka, India
Tel. No.:	91-80-40217070
Fax No.:	91-80 -40217067

Project and Technology :	4th Floor, RMZ Centennial Building No. 8-B, Kundalahalli Main Road, Mahadevapura P.O., Bangalore - 560 048, Karnataka, India
Tel. No.:	91-80-40217137
Fax No.:	91-80-40217160
E-Mail :	indiacareers@shell.com

DIRECTORS

As on 29.09.2011

Name :

Mr. Vikram Singh Mehta

Designation :

Chairman cum Managing Director

Address :

18, Friends Colony West, New Delhi – 110 065, India

Date of Birth/Age :

30.10.1952

Date of Appointment :

06.05.2004

Din No.:

00041197

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	U23209DL1996PTC083423	SHELL INDIA PRIVATE LIMITED	Director	21/11/1996	21/11/1996	-	Amalgamated	NO
2	U40106WB1999PTC140439	ENVIRON ENERGY CORPORATION INDIA PRIVATE LIMITED	Director	07/06/1999	07/06/1999	26/10/2007	Active	NO
3	U23201MH1993PLC142782	BHARAT SHELL LIMITED	Director	29/09/1999	29/09/1999	-	Amalgamated	NO
4	U63010GJ2000PTC038781	HAZIRA PORT PRIVATE LIMITED	Director	11/10/2000	11/10/2000	-	Active	NO
5	U40100GJ2000PTC038780	HAZIRA LNG PRIVATE LIMITED	Director	11/10/2000	11/10/2000	-	Active	NO
6	L24200MH1937PLC002700	COLGATE-PALMOLIVE (INDIA) LIMITED	Director	25/10/2001	25/10/2001	-	Active	NO
7	U23209MH2001PTC134329	Aegis Gas (LPG) Private Limited	Director	26/12/2001	26/12/2001	02/04/2010	Active	NO
8	U40200GJ2002PTC044028	HAZIRA GAS PRIVATE LIMITED	Director	18/03/2002	18/03/2002	-	Active	NO
9	U24119DL2004PTC124373	SHELL BITUMEN INDIA PRIVATE LIMITED	Director	30/01/2004	30/01/2004	-	Amalgamated	NO
10	U23201TN2004PTC053147	SHELL INDIA MARKETS PRIVATE LIMITED	Director	06/05/2004	06/05/2004	-	Active	NO
11	U99999UR1928NPL002455	INDIAN PUBLIC SCHOOLS SOCIETY	Director	08/10/2005	08/10/2005	29/10/2011	Active	NO
12	U73100KA2006PTC038778	SHELL TECHNOLOGY INDIA PRIVATE LIMITED	Director	20/03/2006	20/03/2006	-	Amalgamated	NO
13	U51909KA2008PTC045558	Shell MRPL Aviation Fuels and Services Private Limited	Director	11/03/2008	11/03/2008	-	Active	NO
14	L65990MH1945PLC004558	MAHINDRA AND MAHINDRA LIMITED	Director	08/08/2012	30/05/2012	-	Active	NO
15	U93000DL2012NPL236338	Brookings India	Director	26/07/2012	26/07/2012	-	Active	NO
16	U74140MH2004PTC146033	N V ADVISORY SERVICES PRIVATE LIMITED	Additional director	01/10/2012	01/10/2012	-	Active	NO
17	AAA-2238	TMA ESTATES LLP	Designated Partner	10/09/2010	10/09/2010	-	Active	NO

Name :

Mr. Rajan M. Sivaraj

Designation :

Director

Address :

1203/ 1204, Callalily Y Wing, Nahars Amrit Shakti Chandivali Farm Road, Mumbai – 400 072, Maharashtra, India

Date of Birth/Age :

27.09.1966

Date of Appointment :

29.09.2009

DIN No.:

02047653

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	U23201MH1993PLC142782	BHARAT SHELL LIMITED	Nominee director	13/12/2007	13/12/2007	-	Amalgamated	NO
2	U51909KA2008PTC045558	Shell MRPL Aviation Fuels and Services Private Limited	Director	11/03/2008	11/03/2008	26/03/2008	Active	NO
3	U23201TN2004PTC053147	SHELL INDIA MARKETS PRIVATE LIMITED	Director	29/09/2009	17/12/2008	-	Active	NO

Name :

Mr. Ravi Sundararajan

Designation :

Director

Address :

502, Life is Beautiful Apartments, 76/21, 30^th Cross, Jayanagar, 4^th Block, Bangalore – 560 041, Karnataka, India

Date of Birth/Age :

02.10.1959

Date of Appointment :

06.05.2004

Din No.:

02075190

Name :

Mr. Russell Lloyd Williams

Designation :

Director

Address :

No. C-16, Epsilion, Yemalur Main Road, Off Air Port Road, Bangalore – 560 037, Karnataka, India

Date of Birth/Age :

02.10.1957

Date of Appointment :

10.03.2010

Din No.:

02258920

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	U73100KA2006PTC038778	SHELL TECHNOLOGY INDIA PRIVATE LIMITED	Additional director	19/06/2008	19/06/2008	-	Amalgamated	NO
2	U23201TN2004PTC053147	SHELL INDIA MARKETS PRIVATE LIMITED	Director	22/09/2010	10/03/2010	-	Active	NO

Name :

Mr. Rajagopal Suryanarayana

Designation :

Director

Address :

Villa No. 127, Prestige Ozone, Behind Forum Value Mall, Whitefield, Bangalore – 560 066, Karnataka, India

Date of Birth/Age :

17.02.1964

Date of Appointment :

29.09.2011

Din No.:

00117620

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	U23201TN2004PTC053147	SHELL INDIA MARKETS PRIVATE LIMITED	Director	29/09/2011	30/08/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. K. Abraham Mammen
Designation :	Secretary
Address :	A 203, Mahaveer Tuscan, 188/189 Basavanna Nagar Hoodi, Bangalore – 560 048, Karnataka, India
Date of Birth/Age :	17.07.1974
Date of Appointment :	19.07.2010
PAN No.:	AMGPM1943E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders		No. of Shares
Shell Gas B.V., Netherlands		1393983882
B.V. Petroleum Assurantie Maatschappij, Netherlands		1
Total		1393983883

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2011

Category		Percentage

Bodies corporate		100.00

Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Marketer of Oil Products.

Products :

Item Code No. (ITC Code)	2710
Product Description	Lubricating Oil
Item Code No. (ITC Code)	2710 1119
Product Description	Motor Spirit – Others
Item Code No. (ITC Code)	2710 1930
Product Description	High Speed Diesel

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Lubricants	Kiloliters (KL)	64600	85.498
Emulsions and Modified Bitumen	Metric Tons (MT)	76000	31919

· * Installed capacity is as certified by the management and relied upon by the auditors, being a technical matter. The Installed capacity is per annum on a single shift basis.

· # Actual Production is for extended shift.

· Licenced capacity, Not Applicable.

GENERAL INFORMATION

No. of Employees :

More than 500 (Approximately)

Bankers :

The Hong Kong and Shanghai Banking Corporation Limited

M. G. Road, Bangalore, Karnataka, India

Facilities :

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Foreign currency loans others unsecured	0.000	(A)649.000
Working capital loans banks unsecured	(B)1718.063	©2050.000

Total	1718.063	2699.000

Note:

(A) (from Others - Foreign currency term Loan from HoldingCompany)

(B) Repayable within one year.


Banking Relations :	--

Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400 021, Maharashtra, India
Pan No.:	AAEFP3641G

Holding Company :	Shell Gas B.V.

Ultimate Holding Company :	Royal Dutch Shell Plc * (* No transaction during the year)

Associates/Subsidiaries :

01 B V. Petroleum Assurantie Maatschappij

02 Shell International Limited*

03 Shell Deutschland Oil GmbH *

04 Pennzoil - Quaker State India Limited

05 Shell European Export Centre

06 SGS International BV*

07 Shell Australia Limited*

08 Shell Aviation Limited

09 Shell Canada Products*

10 Shell Chemicals Limited*

11 The Shell Company of Australia

12 Shell Eastern Petroleum Limited*

13 Shell Eastern Trading Petroleum Limited*

14 Shell Foundation*

15 Shell Brand Internationa! AG*

16 Shell Gas & Power International B V*

17 Shell Global Services Limited*

Shell Global Solutions*

19 Shell Global Solutions (France) SA

20 Shell Global Solutions (Malaysia)

21 Shell Global Solutions (US) Inc

22 Shell Global Solutions Deutschland*

23 Shell Global Solutions International BV

24 Shell Global Solutions UK

25 Belgian Shell -EU*

26 Shell 1 lydrogen BV

27 Shell Information Technology International BV*

28 Shell international Gas Limited*

29 Shell International BV*

30 Shell International Chemicals B.V.*

31 Shell MRPL Aviation Fueis & Services Private Limited*

32 Hazira LNG Private Limited*

33 Shell International Petroleum Company*

34 Shell International Trading Company (SITCO)*

35 Shell International Trading & Shipping Company Limited*

36 Shell Lubricants Supply Company B.V.*

37 Shell Macron Gmbh

38 Shell Malaysia Trading SDN BUD*

39 Shell Marine Products Limited*

40 Shell Marine Products (US) Company*

41 Shell Markets Middle East Private Limited*

42 Shell Oil Products US*

43 Shell Trading Middle East Limited*

44 Shell Trading Services Company*

45 Shell Treasury Centre (West) Inc.

46 Shell Treasury Centre Limited

47 Shell UK Oil Products*

48 Shell Wind Energy BV*

49 Shell Indonesia PT*

50 Shell People Services Asia Sdn Bhd*

51 SIPC SEOP DIV*

52 SINOL, Italy*

53 Hankook Shell Oil Company Limited*

54 Shell Oman Marketing Company SAOG*

55 Pit ip in as Shell Petroleum Corporation

56 Shell Nederland Raffinaderji*

57 Shell International Renewables*

58 Shell Information International Technology BV (RTP Project)

59 SociY des Ptroles Shell*

60 Shell Trust Bermuda Limited*

61 Zhejiang Shell Oil & Petrochemical Co Ltd *

62 US Shell Trading service Company

63 Shell Overseas Investments B.V.*

64 Shell Deutschland Oil GmbH*

65 Shell Canada Energy*

66 Shell Oil Company. US

67 Shell Shared Services (Asia) B. V.. Netherlands

68 Hazira Gas Private Limited*

69 Shell China Holding BV

70 Shell International Markets Dubai*

71 Shell Expatriate Employment US Inc*

72 Shell Pensioenbureau Nederland B.V

73 Shell Czech Rep AS

74 Shell Canada Oil Products*

75 Shell Brunei Petroleum Company Sendrian Berhad*

76 Petroleum Development Oman LLC*

77 Pennzoil Quaker State International

78 Shell UK Ltd*

79 Shell International Exploration and Production BV*

80 A/S Dansk Shell*

81 A/S Norske Shell*

82 AB Svenska Shell*

83 OY Shell AB*

84 Shell Hongkong Ltd*

85 Stichting Shell Pension Fund

86 Cri / Criterion Marketing Asia Pacific*

87 Cri Cataly st Company Belgium N.V*

88 Cri Catalyst Company Lp*

89 Cri Technology Services B.V.*

90 Cri U.S. Lp*

91 Cri/Criterion Catalyst Company Ltd*

92 Cri/Criterion Inc.*

93 Cri/Criterion Marketing Asia Pacifi*

94 Criterion Catalyst Company*

95 Criterion Catalysts*

96 Criterion Catalysts & Technologies*

97 Equilon Enterprises Lie*

98 Euroshell Deutschland Gmbh*

99 Fusus Comercio E Participacoes*

100 Icolub - Industria De Lubrificantes*

101 Janari Importadora De Combustiveis*

102 Kataieuna Gmbh Catalysts*

103 Motiva Enterprises Lie*

104 Nederlandse Aardolte*

105 Chemical Research & Licensing Compa*

106 Qatar Shell Service Co. Wll*

107 Qatar Shell Service Company*

108 Sepl - Chemicals*

109 Sep! - Oil Products*

110 Shell (Petroleum Mining) Company Li*

111 Shell (Switzerland)*

112 Shell (Us) Gas & Power Lie*

113 Shell Adria D.O.O*

114 Shell Chemicals Americas Inc*

115 Shell Chemicals Company Lp Houston*

116 Shell Chemicals Europe B.V.*

117 Shell Chemicals Japan Ltd*

118 Shell Chemicals Support Services*

119 Shell Company Of Australia Ltd*

120 Shell Company Of Thailand Ltd*

121 Shell Czech Republic Akciova*

122 Shell Deepwater Borneo Limited*

123 Shell Deutschland Oil Gmbh*

124 Shell Downstream Inc.*

125 Shell Eastern Trading (Pie) Ltd*

126 Shell Egypt N.V.*

127 Shell Energy Europe B.V*

128 Shell Energy North America (Canada)*

129 Shell Espana S.A.*

130 Shell Hungary Kereskedelmi Cltd.*

131 Shell Hungary Zrt*

132 Shell Luxembourgeoisc S.A.*

133 Shell Luxembourgeoisc Sarl*

134 Shell Marine Products (Us) Company*

135 Shell Marine Products As*

136 Shell Marine Products Billing*

137 Shell Marine Products Limited*

138 Shell Marine Products Ltd. Oim Fno*

139 Shell Marine Products Singapore*

140 Shell South Africa Marketing (Pty)*

141 Shell Switzerland*

142 Shell Taiwan Limited*

143 Shell Trademark Management B.V.*

144 Shell Trading Rotterdam B.V.*

145 Shell Trading Services Company*

146 Shell Treasury Center (West) Inc.*

147 Shell Treasury Centre Limited*

148 Shell Windenergy Services Inc.*

149 Sipc Seop Div*

150 Shell India Employees Providend Trust Fund*

151 Shell India Employees Group Gratuity Scheme

152 Shell India Employees Superannuation Scheme

153 Societe Des Lubrifiants De Nanterre*

*Related Parties with whom the company had transactions during the year.

CAPITAL STRUCTURE

As on 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

3150000000	Equity Shares	Rs.10/- each	Rs.31500.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1393983883	Equity Shares	Rs.10/- each	Rs.13939.839 millions

After 29.09.2011

Authorised Capital : Rs. 31500.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 19737.039 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

315,00,00,000	Equity Shares	Rs.10/- each	31500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

135,60,33,500	Equity Shares	Rs.10/- each	135603.335 Millions

Note: Actual issued shares are 1356033508,which has been rounded off to 1356033500

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		13560.335	23028.788	18413.840
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(1348.811)	(8914.366)	(6485.316)
NETWORTH		12211.524	14114.422	11928.524
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		1718.063	2699.000	2322.879
TOTAL BORROWING		1718.063	2699.000	2322.879
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		13929.587	16813.422	14251.403

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		9088.997	12428.147	10400.857
Capital work-in-progress		1594.648	886.031	965.746

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2957.548	2961.377	2698.706
	Sundry Debtors	3125.060	2963.844	1711.506
	Cash & Bank Balances	1578.438	1156.319	459.102
	Other Current Assets	89.274	93.085	93.085
	Loans & Advances	1751.458	1602.938	940.179
Total Current Assets		9501.778	8777.563	5902.578
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3886.412	3698.887	2342.847
	Other Current Liabilities	1262.896	937.828	463.601
	Provisions	1106.528	641.604	211.330
Total Current Liabilities		6255.836	5278.319	3017.778
Net Current Assets		3245.942	3499.244	2884.800

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		13929.587	16813.422	14251.403

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income			11520.940
		Other Income			554.660
		TOTAL (A)	24327.670	24854.598	12075.6

Less	EXPENSES
		Materials Consumed			8521.997
		Employees Remuneration and Benefits			1391.344
		Other Operating and Administration Expenses			4229.218
		Provision for Impairment			118.869
		TOTAL (B)	24632.506	25518.745	14261.428

Less	PROFIT (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		Including Financial expense	(664.147)	(2185.828)

Less	FINANCIAL EXPENSES (D)			148.199	192.352

	PROFIT(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(304.836)	(812.346)	(2378.180)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		764.452	1619.626	695.376

	PROFIT(LOSS) BEFORE TAX (E-F) (G)		(1069.288)	(2431.972)	(3073.556)

Less	TAX (H)		279.524	(2.922)	67.549

	PROFIT(LOSS) AFTER TAX (G-H) (I)		(1348.812)	(2429.050)	(3141.105)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	(3344.211)

	BALANCE CARRIED TO THE B/S		NA	NA	(6485.316)

	EARNINGS IN FOREIGN CURRENCY
		Gross Income from Services Rendered	8633.340	7968.563	1213.094
		FOB Value of Exports	195.340	585.456	7.173
		Others	108.454	149.600	10.375
	TOTAL EARNINGS		8937.134	8703.619	1230.642

	IMPORTS
		Raw Materials	2157.098	1890.344	2635.637
		Traded Goods (Additives)	700.940	1001.437	363.048
		Capital Goods	288.129	704.378	160.290
	TOTAL IMPORTS		3146.167	3596.159	3158.975

	Earnings Per Share (Rs.)		0.99	NA	(3.22)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.54	9.77	26.01

Net Profit Margin (PBT/Sales)	(%)	NA	NA	(26.68)

Return on Total Assets (PBT/Total Assets}	(%)	(5.75)	(11.47)	(18.85)

Return on Investment (ROI) (PBT/Networth)		(0.09)	(0.17)	(0.26)

Debt Equity Ratio (Total Liability/Networth)		(0.65)	0.57	0.45

Current Ratio (Current Asset/Current Liability)		1.52	1.66	1.96

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	Yes
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	Yes
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

NOTE

The Registered Office of the company has been shifted from 8^th Floor, Westminster, No.70, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600 004, Tamilnadu, India to the present address w.e.f. 15.07.2009

OPERATIONS

Year 20010-2011 was a challenging year for the downstream businesses, with the Indian economy stabilising from the after effects of Global recession.

The Downstream business has embarked on an ambitious journey of implementing standard business models, supported by a global IT platform (GSAP) in India. This journey is expected to culminate with the implementation of GSAP by 01st October 2011. This is expected to deliver significant efficiencies as well as enhanced customer experience, and is expected to be a key pillar for the growth of India downstream business.

Lubricants:, The Lubricants business has implemented various initiatives to achieve the growth aspiration such as Portfolio rationalization and upgrade, Delivery Promise to customers, depot rationalization, automation of ordering processes and operationalisation of a customer service centre in order to significantly grow its market share.

They continue to be optimistic about the Retail business prospects with the decision of Government of India to deregulate petrol prices from mid 2010. During the year retail business further optimised its network to enable profitable growth.. The management continues to have strict controls on cost to improve on profitability.

The Bitumen business witnessed significant increase in the volumes compared to last year with the opening of the new plant in Savli, Gujarat. Sales from the Uluberia plant were also at all time high during the year. The business also commenced its foray into the pen grade bitumen business and marked some early successes

Their Business Service Centre in Chennai continued to absorb more complicated accounting processes from Shell companies across the globe with its head count more than doubling and passing the landmark 1,500 staff in February 2011. The Centre continued to achieve precision and hold itself as a Centre of Excellence.

The Shell Bangalore Technology centre division of SIMPL provides IT/IT Enabled services in the field of engineering, consultancy and technical support to Shell Group and Third party customers. Shell Technology Centre Bangalore (STCB), the 3rd major Technology hub after USA (Houston) and Netherlands (Amsterdam) delivers Advanced Technical Studies, Projects and Services for Shell around the world as well as supporting Shell activities in India. The services span Upstream Exploration and Production activities as well as Downstream Chemical, Gas and Refinery Operations. Centre has now been established as a hub of well qualified and experienced resources and is well established to provide high end technical services.

P&T business has now established Wet Research Laboratory in South Bangalore where in 13 User groups are conducting research in areas such as Polymers, Fuels, Catalysts Bitumen and analytical fields.

As part of the Winning Innovation strategy and consolidation of global technology footprint, an integrated facility spanning technical consultancy, design, subsurface studies, pilot plants and Research and Development would be developed into a world class technology centre.

An MOU for this project has been signed with the Government of Karnataka and the company has also received support in the form of allotment of 40 acres of land.

CONTINGENT LIABILITIES

Particulars	31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
In respect of Sales Tax / VAT and custom matters	87.144	75.886
In respect of Service tax matters	29.342	37.002
In respect to Entry tax	0.376	0.376
Bank Guarantee	107.126	84.784
Withholding Tax on Business Support Services	116.826	63.815
Others	0.130	0.130
Total	340.944	261.993

FIXED ASSETS

· Leasehold Land

· Freehold Land

· Buildings

· Office Furniture, Fittings and Equipments

· Computer Hardware

AS PER WEB SITE DETAILS

NEWS AND MEDIA RELEASES

SHELL INDIA ANNOUNCES “SHELL JUNIOR NATIONAL SCIENCE SCHOLARS” PROGRAMME.

19/09/2012

Inviting schools to register for a unique science scholarship programme

The “Shell Junior National Science Scholars” programme, implemented by the British Council in India comprises a three-hour test based scholarship for Class IX and X students in the field of Physics, Chemistry and Mathematics. The test which will be held in December this year aims at encouraging high-school students to look at a career in engineering. The National Council of Science Museums is the knowledge partner for the programme.

Deepak Mukarji, Country Head -Corporate Affairs, Shell Companies in India said, “This programme creates a linkage between India’s fascination with technical education and the fact that Shell is the world leader in innovation and technology in the energy sector.”

Rob Lynes, Director, British Council India said,” We are delighted to partner a world leader like Shell that is keen to nurture young technical and scientific talent in the country. It takes further the objectives of the British Council in India which has had a long and enduring connection with India’s youth”.

Programme highlights:

· The test will be held in six cities i.e. Delhi, Ahmedabad, Mumbai, Kolkata, Bangalore and Chennai

· Apart from English, the test will be conducted in six regional languages i.e. Hindi, Tamil, Bangla, Marathi, Kannada and Gujarati

· Subjects will include Physics, Chemistry, Maths and General Knowledge

· The test will mainly be objective type with only one subjective question to determine the student's aptitude and motivation for science

· Three top scorers from each of the six locations (18 in all) will receive the Regional Level Award. The three toppers (basis marks scored) from amongst these regional winners will receive the National Level Awards.
A student could win two prizes: the Shell Junior Regional Science Scholar Award as well as the Shell Junior National Science Scholar Award

· As part of the scholarship programme, science teacher(s) from participating schools will be required to submit a question bank of 5 questions each.

Prizes:

· 18 regional winners will get a scholarship of Rs. 0.050 Millions each and the 3 national winners will get Rs. 0.075 Millions each

· 12 teachers will be selected from the mentor teachers of the regional and national winners and will receive the “Science Excellence Award” which includes an opportunity to visit the National Science Centre, UK for a one week workshop/training.

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 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.52.97
UK Pound	1	Rs.85.45
Euro	1	Rs.69.46

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	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		45

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.

2957.548

2961.377

2698.706

3125.060

2963.844

1711.506

1578.438

1156.319

459.102

89.274

93.085

93.085

1751.458

1602.938

940.179

9501.778

3886.412

3698.887

2342.847

1262.896

937.828

463.601

1106.528

641.604

211.330

6255.836

5278.319

3017.778

3245.942

3499.244

2884.800

(11.47)

(18.85)

(0.17)

(0.26)

0.57

0.45

1.66

1.96

Unit