MIRA INFORM REPORT

Report Date :

07.04.2014

IDENTIFICATION DETAILS

Name :	KESRI OIL PRIVATE LIMITED
Registered Office :	8790, Roshanarar Road, Delhi - 110007
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.04.1994
Com. Reg. No.:	55-058478
Capital Investment / Paid-up Capital :	Rs. 109.435 Millions
CIN No.: [Company Identification No.]	U74899DL1994PTC058478
TAN No.: [Tax Deduction & Collection Account No.]	DELK03531D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Transformer Oil, HLP, LLP, White Oil, etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 450000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Reserves of the company seems to be low during 2013. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “BB”
Rating Explanation	Have moderate risk of default
Date	11.09.2013

Rating Agency Name	CRISIL
Rating	Short term rating: “A4+”
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	11.09.2013

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.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-11-23829578)

LOCATIONS

Registered Office :	8790, Roshanarar Road, Delhi – 110007, India
Tel. No. :	91-11-23829578/ 23829574
Fax No. :	91-11-23827601
E-Mail :	aumadvisors@gmail.com jaink_rajiv@yahoo.co.in
Website :	www.kopl.in
Factory 1:	13/4, Mathura Road, Plot No.6, Sector 27-C, Faridabad – 121003, Haryana, India
Factory 2:	Survey No. 32, Plot No. 7 & 8, Moghpar Borichi, Anjar Galpadar Road, Taluka Anjar, District Kutch, Gujarat, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Ashok Kumar Vig

Designation :

Director

Address :

E-95, Saket, New Delhi – 110017, India

Date of Birth/Age :

16.08.1957

Date of Appointment :

19.04.1994

DIN No. :

01109931

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	U74899DL1994PTC058478	KESRI OIL PRIVATE LIMITED	Director	19/04/1994	19/04/1994	-	Active	NO
2	U70109DL2009PTC194631	AMJ DEVELOPERS PRIVATE LIMITED	Director	24/09/2009	24/09/2009	-	Active	NO
3	U51900HR2013PTC048605	BASE OIL TRADING COMPANY PRIVATE LIMITED	Director	21/03/2013	21/03/2013	-	Active	NO

Name :

Vanita Vig

Designation :

Additional Director

Address :

E-95, Saket, New Delhi – 110017, India

Date of Birth/Age :

17.08.1960

Date of Appointment :

10.12.2009

PAN No. :

AAHPV0114D

DIN No. :

02891585

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Ashok Kumar Vig	3074700	28.10
Vanita Vig	3377000	30.86
Anmol Vig	4386262	40.08
Babushka Vig	26375	0.24
Esha Vig	32125	0.29
Paras Bansal	46875	0.43
Sudarshan Sahgal	125	0.00
Total	10943462	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Transformer Oil, HLP, LLP, White Oil, etc.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Indian Overseas Bank, 2/7, Roop Nagar, Delhi - 110007, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from others	0.952	1.593
SHORT TERM BORROWINGS
Rupee term loans from banks	0.904	0.000
Total	1.856	1.593

Banking Relations :	--
Auditors :
Name :	Rajiv K. Jain and Associates Chartered Accountants
Address :	4852/24, Ansari Road, Daryaganj, New Delhi – 110002, India
Income-tax PAN of auditor or auditor's firm :	AAGPJ2737F

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
12,000,000	Equity Shares	Rs.10/- each	Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,943,462	Equity Shares	Rs.10/- each	Rs. 109.435 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	109.435	109.435	87.548
(b) Reserves & Surplus	3.129	2.286	22.546
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	8.700
Total Shareholders’ Funds (1) + (2)	112.564	111.721	118.794
(3) Non-Current Liabilities
(a) long-term borrowings	0.952	11.696	29.369
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.952	11.696	29.369
(4) Current Liabilities
(a) Short term borrowings	2.715	1.180	27.727
(b) Trade payables	159.317	462.365	309.270
(c) Other current liabilities	0.927	1.743	1.428
(d) Short-term provisions	0.425	0.650	1.675
Total Current Liabilities (4)	163.384	465.938	340.100
TOTAL	276.900	589.355	488.263
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	26.350	27.881	29.626
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.989	1.269	1.643
(d) Long-term Loan and Advances	0.947	0.591	0.934
(e) Other Non-current assets	0.000	0.000	0.078
Total Non-Current Assets	28.286	29.741	32.281
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	48.901	241.992	194.008
(c) Trade receivables	114.626	182.386	191.899
(d) Cash and cash equivalents	38.908	92.514	35.430
(e) Short-term loans and advances	42.056	37.117	30.654
(f) Other current assets	4.123	5.605	3.991
Total Current Assets	248.614	559.614	455.982
TOTAL	276.900	589.355	488.263

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		1.248	2.277	5.755
Less	TAX		0.425	0.650	1.675
	PROFIT/ (LOSS) AFTER TAX		0.823	1.627	4.080
Add/ Less	EARLIER YEAR INCOME TAX ADJUSTMENTS		0.020	0.000	0.384
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.286	0.659	18.082
	BALANCE CARRIED TO THE B/S		3.129	2.286	22.546
	EARNINGS IN FOREIGN CURRENCY
		Export on FOB Value	157.475	0.000	NA
	TOTAL EARNINGS		157.475	0.000	NA
	IMPORTS
		Raw Materials	298.417	511.201	NA
	TOTAL IMPORTS		298.417	809.618	NA
	Earnings / (Loss) Per Share (Rs.)		0.08	0.15	0.47

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	0.45	0.39	0.00
Return on Investment (ROI) (PBT/Networth)		0.01	0.02	0.00
Debt Equity Ratio (Total Debt/Networth)		0.03	0.12	0.48
Current Ratio (Current Asset/Current Liability)		1.52	1.20	1.34

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	87.548	109.435	109.435
Reserves & Surplus	22.546	2.286	3.129
Share Application money pending allotment	8.700	0.000	0.000
Net worth	118.794	111.721	112.564
long-term borrowings	29.369	11.696	0.952
Short term borrowings	27.727	1.180	2.715
Total borrowings	57.096	12.876	3.667
Debt/Equity ratio	0.481	0.115	0.033

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	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	No
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 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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90039254	21/01/2011 *	410,000,000.00	INDIAN OVERSEAS BANK	2/7, ROOP NAGAR, DELHI - 110007, INDIA	B05983226

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from others	0.000	10.103
SHORT TERM BORROWINGS
Loans repayable on demand from others	1.811	1.180
Total	1.811	11.283

REVIEW OF OPERATION:

The performance during the year is satisfactory and progressive in comparison to the performance of the last year.

FIXED ASSETS

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Other Equipment’s

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.60.32
UK Pound	1	Rs.100.04
Euro	1	Rs.82.65

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.