MIRA INFORM REPORT

Report Date :

26.06.2013

IDENTIFICATION DETAILS

Name :	RAJ PETRO SPECIALITIES PRIVATE LIMITED (w.e.f. 14.05.2007)
Formerly Known As :	SURYODAY BLENDING PRIVATE LIMITED
Registered Office :	1^st Floor, 124, G. D. Ambekar Marg, Ambawadi, Cotton Green (West), Mumbai – 400033, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.05.1997
Com. Reg. No.:	11-107800
Capital Investment / Paid-up Capital :	Rs. 183.876 Millions
CIN No.: [Company Identification No.]	U23201MH1997PTC107800
TAN No.: [Tax Deduction & Collection Account No.]	MUMS29702B
PAN No.: [Permanent Account No.]	AACCS4923P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Blender of Various Specialty Petroleum Products, Industrial Oils and Lubricants.
No. of Employees :	700 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 8980000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having a fine track record. The performance and the financial position appears to e strong and healthy. Liquidity position is good. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments In view of experienced promoters and Directors, 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based facilities : A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	March 2013

Rating Agency Name	ICRA
Rating	Short term non fund based bank facilities : A2+
Rating Explanation	Short degree of safety and low credit risk.
Date	March 2013

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 :	1^st Floor, 124, G D Ambekar Marg, Ambawadi, Cotton Green (West), Mumbai – 400 033, Maharashtra, India
Tel. No.:	91-22-24714961/ 62/64/ 24721000
Mobile No.:	91-9892895425 (Mr. Abhay Andhare)
Fax No.:	91-22-24710898
E-Mail :	pamumbai@rajgrp.com dilip@rajgrp.com exports@rajgrp.com abhay@rajgrp.com
Website :	http://www.rajgrp.com
Area :	4500 sq. ft.
Location :	Owned
Corporation Office :	2A-D, Doshi Tower, 156, Poonamallee High Road, Kilauk, Chennai – 600010, Tamilnadu, India
Tel No.:	91-44-42288900
Fax No.:	91-44-42288912
Email :	marketing_rl@rajgrp.com exports@rajgrp.com
Area :	4000 sq. ft
Location :	Rented
Branch :	Located at: · Bangalore · New Delhi · Hyderabad · Kolkata · Pune · Jamshedpur · Gurgaon · Aurangabad
Factory 1 :	Survey No. 146/2/3, Madhuban Dam Road, Village Karad, Silvassa – 396230, Dadra and Nagar Haveli, India
Tel. No.:	91-260-3091881
Fax No.:	91-260-2644396
Factory 2 :	Plot No. 1811, GIDC Industrial Area, Panoli – 394 115, Gujarat, India
Tel. No.:	91-2646-272287/ 153
Fax No.:	91-2646-272561
Factory 3 :	73/1B, Vaikkadu Manali, Chennai – 600103, Tamilnadu, India

DIRECTORS

As on : 29.09.2012

Name :

Mr. Bipin Jaswantsinh Nanavati

Designation :

Managing Director

Address :

8, Letangs Road, Vepery, Chennai – 600 007, Tamilnadu, India

Date of Birth/Age :

03.11.1944

Date of Appointment :

01.12.2009

DIN No.:

00207759

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	U51496TN2004PTC053597	ONEWORLD IMPEX PRIVATE LIMITED	Director	30-06-04	30-06-04	-	Active	NO
2	U23201MH1997PTC107800	RAJ PETRO SPECIALITIES PRIVATE LIMITED	Managing director	01-12-09	01-04-06	-	Active	NO

Name :

Mr. Uday Jaswantsinh Nanavati

Designation :

Managing Director

Address :

Prerna, 6 F, Ormes Road, 3^rd Cross Street, Kilpauk, Chennai – 600 010, Tamilnadu, India

Date of Birth/Age :

14.12.1948

Date of Appointment :

01.07.2009

DIN No.:

00209391

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	U23200MH1996PLC098745	RAJ PETROLEUM PRODUCTS LIMITED	Director	10-04-96	10-04-96	-	Active	NO
2	U23201MH1997PTC107800	RAJ PETRO SPECIALITIES PRIVATE LIMITED	Managing director	01-07-09	19-05-07	-	Active	NO

Name :

Mr. Surendra Ajitsingh Asher

Designation :

Director

Address :

5, Amrut Dhara, Joshi Lane, Tilak Road, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

30.04.1943

Date of Appointment :

29.09.2007

DIN No.:

00208068

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	U23200MH1996PLC098745	RAJ PETROLEUM PRODUCTS LIMITED	Director	01-07-09	10-04-96	-	Active	NO
2	U23201MH1997PTC107800	RAJ PETRO SPECIALITIES PRIVATE LIMITED	Director	29-09-07	19-05-07	-	Active	NO

Name :

Mr. Yogin Laxmidas Porecha

Designation :

Director

Address :

34, Laxmi Villa, Tagore Road, Santacruz (West), Mumbai – 400 054, Maharashtra, India

Date of Birth/Age :

30.07.1955

Date of Appointment :

29.09.2007

DIN No.:

00208155

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	U23200MH1996PLC098745	RAJ PETROLEUM PRODUCTS LIMITED	Director	01-07-09	10-04-96	-	Active	NO
2	U23201MH1997PTC107800	RAJ PETRO SPECIALITIES PRIVATE LIMITED	Director	29-09-07	19-05-07	-	Active	NO

Name :

Mr. Atul Chandrakant Anjaria

Designation :

Whole Time Director

Address :

303, Odyssey 1, Orchard Avenue, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

28.08.1953

Date of Appointment :

01.09.2003

DIN No.:

00208237

Name :

Mr. Rajesh Chandrakant Anjaria

Designation :

Director

Address :

B/2301, Eldoram 23^rd Floor, Hiranandani Gardens, A.S. Marg, Powai, Mumbai-400076, Maharashtra, India

Date of Birth/Age :

01.11.1956

Date of Appointment :

29.09.2007

DIN No.:

00208296

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	U23200MH1996PLC098745	RAJ PETROLEUM PRODUCTS LIMITED	Director	01-07-09	01-12-97	-	Active	NO
2	U23201MH1997PTC107800	RAJ PETRO SPECIALITIES PRIVATE LIMITED	Director	29-09-07	19-05-07	-	Active	NO

Name :

Mr. Ajay Jaysinh Anjaria

Designation :

Whole Time Director

Address :

401, Odyssey 1, Orchard Avenue, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

19.08.1965

Date of Appointment :

27.01.2003

DIN No.:

00208385

Name :

Mr. Amit Bipin Nanavati

Designation :

Director

Address :

N. No.10, O No.13, Ormes Road, Kilpauk, Chennai – 600010, Tamilnadu, India

Date of Birth/Age :

16.08.1968

Date of Appointment :

30.09.2010

DIN No.:

00208446

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	U23200MH1996PLC098745	RAJ PETROLEUM PRODUCTS LIMITED	Director	01-12-97	01-12-97	01-07-09	Active	NO
2	U51496TN2004PTC053597	ONEWORLD IMPEX PRIVATE LIMITED	Director	01-04-08	01-04-08	-	Active	NO
3	U23201MH1997PTC107800	RAJ PETRO SPECIALITIES PRIVATE LIMITED	Director	30-09-10	01-04-10	-	Active	NO

Name :

Mr. Samir Bharat Nanavati

Designation :

Director

Address :

332, Vaibhav Apartment, 62, E V K Sampath Road, Veprey, Chennai – 600007, Tamilnadu, India

Date of Birth/Age :

09.12.1975

Date of Appointment :

30.09.2011

DIN No.:

00209029

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	U23201MH1997PTC107800	RAJ PETRO SPECIALITIES PRIVATE LIMITED	Director	30-09-11	07-10-02	-	Active	NO
2	U51496TN2004PTC053597	ONEWORLD IMPEX PRIVATE LIMITED	Director	01-04-08	01-04-08	-	Active	NO
3	U15549TN2013PTC090302	CRUMBS & CAKES GOURMET PRIVATE LIMITED	Director	27-03-13	27-03-13	-	Active	NO

Name :

Mr. Viren Bipin Nanavati

Designation :

Director

Address :

8, Letanga Road, Vepery, Chennai – 600 007, Tamilnadu, India

Date of Birth/Age :

08.10.1971

Date of Appointment :

29.09.2007

DIN No.:

00209110

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	U23200MH1996PLC098745	RAJ PETROLEUM PRODUCTS LIMITED	Director	01-12-97	01-12-97	-	Active	NO
2	U23201MH1997PTC107800	RAJ PETRO SPECIALITIES PRIVATE LIMITED	Director	29-09-07	19-05-07	-	Active	NO

Name :

Mr. Vinit Surendra Asher

Designation :

Director

Address :

5, Amrut Dhara, Joshi Lane, Tilak Road, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

23.10.1975

Date of Appointment :

07.10.2002

DIN No.:

00209230

Name :

Mr. Mehul Uday Nanavati

Designation :

Director

Address :

Prerna, 6 F, Ormes Road, 3^rd Cross Street, Kilpauk, Chennai – 600 010, Tamilnadu, India

Date of Birth/Age :

14.09.1974

Date of Appointment :

29.09.2007

DIN No.:

00209491

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	U23200MH1996PLC098745	RAJ PETROLEUM PRODUCTS LIMITED	Whole-time director	01-12-97	01-12-97	01-07-09	Active	NO
2	U23201MH1997PTC107800	RAJ PETRO SPECIALITIES PRIVATE LIMITED	Director	29-09-07	19-05-07	-	Active	NO

Name :

Mr. Nalin Jaswantsinh Nanavati

Designation :

Director

Address :

Old No. 11, Ormes Road, 3^rd Cross Street, Kilpauk, Chennai – 600 010, Tamilnadu, India

Date of Birth/Age :

02.09.1957

Date of Appointment :

29.09.2007

DIN No.:

00211279

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	U23200MH1996PLC098745	RAJ PETROLEUM PRODUCTS LIMITED	Director	01-12-97	01-12-97	-	Active	NO
2	U23201MH1997PTC107800	RAJ PETRO SPECIALITIES PRIVATE LIMITED	Director	29-09-07	19-05-07	-	Active	NO

Name :

Mr. Jaysingh Vasanji Anjaria

Designation :

Director

Address :

401, Odyssey 1, Orchard Avenue, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

14.04.1933

Date of Appointment :

07.10.2002

DIN No.:

00211746

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	U23201MH1997PTC107800	RAJ PETRO SPECIALITIES PRIVATE LIMITED	Director	07-10-02	07-10-02	-	Active	NO
2	U51496TN2004PTC053597	ONEWORLD IMPEX PRIVATE LIMITED	Director	30-06-04	30-06-04	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dilip Vishnubhai Darji
Designation :	Company Secretary
Address :	G-401, Shiv Shakti Complex, S. V. Road, Dahisar (East), Mumbai – 400068, Maharashtra, India
Date of Birth/Age :	21.10.1982
Date of Appointment :	01.12.2008
PAN No.:	AJIPD4129Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2012

Category	Percentage
Directors or relatives of Directors	99.06
Other top fifty shareholders	0.94
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Blender of Various Specialty Petroleum Products, Industrial Oils and Lubricants.

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
(as certified by the directors and which the auditor have relied)	KLS	NA	206000	82708
Specialty oil	MTS	NA	78200	NA
Includes Goods Reprocess	MTS	NA	NA	56715

GENERAL INFORMATION

No. of Employees :

700 (Approximately)

Bankers :

· State bank of India, MID Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara - 390007, Gujarat, India

· State Bank of India, Industrial Estate Branch, GIDC Industrial Estate, Ankhleshwar – 393002, Gujarat, India

Facilities :

(Rs in Millions)

SECURED LOANS	31.03.2012	31.03.2011
Other Loan and Advances
Long term loan	9.696	12.245
Short term loan	519.155	574.486
Loans repayable on demand	407.659	173.027
Total	936.510	759.758

Auditors :
Name :	N P Redij and Company Chartered Accountants
Address :	Suite No. 1, Ground Floor, 190, Dr. Ambedkar Road, Dadar (East), Mumbai – 400014, Maharashtra, India
Tel. No.:	91-22-24184985/ 1206
Fax No.:	91-22-24173403
PAN No.:	AAAFN1783D
Subsidiaries :	· Raj Petro Specialities (Europe) B. V Netherlands · Raj Petro Specialities DMCC, United Arab Emirates
Other Related Party :	One World Impex Private Limited, India

CAPITAL STRUCTURE

As on : 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5825000	Equity Shares	Rs.10/- each	Rs. 58.250 Millions
1312500	Equity Shares	Rs.100/- each	Rs. 131.250 Millions
	Total		Rs. 189.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5520080	Equity Shares	Rs.10/- each	Rs. 55.200 Millions
1286750	Equity Shares	Rs.100/- each	Rs. 128.676 Millions
	Total		Rs. 183.876 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	183.876	183.876
(b) Reserves & Surplus	2063.575	1692.147
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2247.451	1876.023
(3) Non-Current Liabilities
(a) long-term borrowings	251.167	208.464
(b) Deferred tax liabilities (Net)	38.174	39.710
(c) Other long term liabilities	2.749	0.233
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	292.090	248.407
(4) Current Liabilities
(a) Short term borrowings	926.814	747.513
(b) Trade payables	3600.919	2612.872
(c) Other current liabilities	95.306	57.967
(d) Short-term provisions	181.648	254.649
Total Current Liabilities (4)	4804.687	3673.001
TOTAL	7344.228	5797.431
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	574.392	567.199
(ii) Intangible Assets	3.765	3.197
(iii) Capital work-in-progress	11.523	9.819
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	4.414	1.853
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	94.821	40.242
(e) Other Non-current assets	0.958	1.128
Total Non-Current Assets	689.873	623.438
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1871.998	1399.558
(c) Trade receivables	3803.947	2823.440
(d) Cash and cash equivalents	489.665	609.270
(e) Short-term loans and advances	444.117	299.014
(f) Other current assets	44.628	42.711
Total Current Assets	6654.355	5173.993
TOTAL	7344.228	5797.431

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		176.326
2] Share Application Money		7.550
3] Reserves & Surplus		1077.696
4] (Accumulated Losses)		0.000
NETWORTH		1261.572
LOAN FUNDS
1] Secured Loans		581.953
2] Unsecured Loans		184.659
TOTAL BORROWING		766.612
DEFERRED TAX LIABILITIES		37.423
TOTAL		2065.607
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		525.734
Capital work-in-progress		12.108
INVESTMENT		1.804
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1040.752
	Sundry Debtors	2135.160
	Cash & Bank Balances	313.352
	Other Current Assets	0.000
	Loans & Advances	728.573
Total Current Assets		4217.837
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2127.049
	Other Current Liabilities	143.068
	Provisions	429.860
Total Current Liabilities		2699.977
Net Current Assets		1517.860
MISCELLANEOUS EXPENSES		8.101
TOTAL		2065.607

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	12826.165	9853.793	7568.864
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		489.870	750.990	689.031
Less/ Add	DEPRECIATION/ AMORTISATION		69.171	65.581	73.113
	PROFIT BEFORE TAX		420.699	685.409	615.918
Less	TAX		198.016	263.084	191.915
	PROFIT AFTER TAX		222.683	422.325	424.003
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	2050.440	1832.601
		Other Earnings	0.000	0.000	0.006
	TOTAL EARNINGS		0.000	2050.440	1832.607
	IMPORTS
		Raw Materials	0.000	6639.504	5665.021
		Capital Goods	0.000	23.054	13.490
	TOTAL IMPORTS		0.000	6662.558	5678.511
	Earnings Per Share (Rs.)		40.34	62.04	73.32

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	3.28	6.96	8.14
Return on Total Assets (PBT/Total Assets}	(%)	5.74	11.85	12.98
Return on Investment (ROI) (PBT/Networth)		0.19	0.37	0.49
Debt Equity Ratio (Total Debt /Networth)		0.52	0.51	0.61
Current Ratio (Current Asset/Current Liability)		1.53	1.58	1.56

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
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	Yes
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 involved in	--------
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FINANCIAL RESULTS :

During the financial year, the Company has achieved the turnover of Rs. 12826.164 Millions (net off excise) and earned a net profit of Rs. 420.699 Millions after providing provisions for depreciation of Rs. 69.170 Millions and Provisions for Taxation (including Deferred Tax) of Rs. 198.015 Millions.

UNSECURED LOANS :

(Rs in Millions)

PARTICULARS	31.03.2012	31.03.2011
Loans and advances from directors	59.174	49.207
Loans and advances from Others	182.297	147.012
Total	241.471	196.219

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U23201MH1997PTC107800
Name of the company	RAJ PETRO SPECIALITIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1^st Floor, 124, G D Ambekar Marg, Ambawadi, Cotton Green (West), Mumbai – 400033, Maharashtra, India Email: dilip@rajgrp.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10047963
Type of charge	Immovable property
Particular of charge holder	State bank of India, MID Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara - 390007, Gujarat, India Email: vikash_kumar@sbi.co.in
Nature of instrument creating charge	Memorandum relating to Deposit of Title Deeds for creation of further charge for securing overall credit limit where the initial charge is created by way of Mortgage by Deposit of Title Deeds and / or creation of fresh charge by Deposit of Title Deeds for securing the overall credit limit.
Date of instrument Creating the charge	11.09.2012
Amount secured by the charge	Rs. 7080.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge (Though the total consortium facility of Rs.7080.000 Millions is secured by movable property (hypothecation agreement and working capital Consortium agreement) dated 05.07.2012 and immovable property (memorandum of entry) separate charge created for both i.e. Movable property and immovable property) Others SBI -CC -Rs. 500.000 Millions + NFBWC L/C Rs.2500.000 Millions + NFBWC BG Rs.200.000 Millions + Credit exposure Rs. 50.000 Millions. + TL - Rs. 180.000 Millions (outside consortium) Total Rs. 3430.000 Millions Corp Bank- CC Rs.340.000 Millions + Inland/Import L/C -Rs.1410.000 Millions + BG - Rs. 200.000 Millions + FPC - Rs.50.000 Millions Total Rs. 2000.000 Millions, Axis Bank - CC - Rs. 5.000 Millions + LC Rs. 995.000 Millions + LER - Rs. 50.000 Millions Total Rs. 1050.000 Millions and SCB L/C Rs. 600.000 Millions aggregating to Rs. 7080.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	(A) All those piece and parcel of Non-agricultural land for industrial purpose bearing survey no.146/2/3 situated at Village Karad of UT of Dadra and Nagar Haveli. (B) All those piece and parcel of Non-agricultural land for industrial purpose bearing survey no.146/2/3 situated at Village Karad of UT of Dadra and Nagar Haveli. (C) All those property situated at Gat No.531, located at Village Biranwadi (Previous Savlaj), Taluka Tasgaon, District Sangli, Maharashtra. (D) All those property situated at Gat No.531, located at Village Biranwadi (Previous Savlaj), Taluka Tasgaon, District Sangli, Maharashtra. (D-ii) All the piece or parcel of land known as plot no.627 in the Panoli Industrial Area / Estate consisting of R.S.No.464/p, adm.1944 sq. mtrs. Village. Umarwada,Taluka Ankleshwar, District Bharuch. (E) Flat No. A-12 on Plot no.52 to 57, 60 to 66 consisting of RS No.189/1p, 189/3p,190/p,200p and 201/p situated in the village Bhadkodra, Taluka Ankleshwar, District Bharuch (Jaldarshan Co-operative Housing Society, Gujarat (F) All that piece and parcel of land situated at Vaikkadu village, Tal. Saidapet, within the Registration District of Chengalput, State - Tamilnadu comprised in S. No. 73/1B, 178/4, 178/5 (G) 4TH SCH- A) Resi Flat adm. 2055 and 3645 Sq ft flat no. 101 on the 1st Floor in the building known as Madhuvan Bearing C.T.S No. 1123/1 to 10 situated at village Kandivali, Taluka Borivali, Maharashtra (H) 6TH SCH- A) All that piece and parcel of NA land S No.187/4/2 adm. 0H. 13 Are S No.177/2 adm. 0 H. 04 Are, S No.187/1 adm. 0 H. 05 Are, S No.187/3 adm. 0 H. 05 Are, S. No.176/3 adm. 0H 46 Are, (I) S. No.187/2 adm. 0 H. 08 Are totalling adm. about 0 H. 81 Are of village Surangi of UT of D and NH for ind. purpose along with factory building adm. 956.69 Sq. Mtrs constructed thereon with
Whether any of the property or interest therein under reference is not registered in the name of the company	Yes
If yes, in whose name it is registered	Property No. E as above registered in the name of Mr. Atul C Anjaria (For details refer to Sch I to VI of the Agmt. attached)
Date of instrument modifying the charge	08.07.2011
Particulars of the present modification	By this execution the Consortium charge extended to cover revised credit facilities from Rs. 4786.000 Millions to Rs. 7080.000 Millions (Credit Limits = SBI - Total Rs. 3430.000 Millions, Corp Bank - Total Rs. 2000.000 Millions, Axis Bank – Total -Rs.1050.000 Millions and SCB - Total Rs. 600.000 Millions = aggregating to Rs. 7080.000 Millions)

FIXED ASSETS:

· Air Conditioner

· Computers

· Electrical Installation and Fittings

· Motor Car

· Plant and Machinery

· Furniture and Fixtures

· Computer 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 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 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. 59.70
UK Pound	1	Rs. 92.25
Euro	1	Rs. 78.38

INFORMATION DETAILS

Report Prepared by :

NIS

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	6
--CREDIT LINES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.