MIRA INFORM REPORT

Report Date :

26.02.2014

IDENTIFICATION DETAILS

Name :	SUN OIL COMPANY PRIVATE LIMITED
Registered Office :	10 B, British Indian Street, Kolkata-700069, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.11.1979
Com. Reg. No.:	032385
Capital Investment / Paid-up Capital :	Rs.4.635 Millions
CIN No.: [Company Identification No.]	U15142WB1979PTC032385
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Petroleum Products.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 138100
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Profitability of the company seems to be low during 2013. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

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 co-operative [91-33-22436192]

LOCATIONS

Registered Office :	10 B, British Indian Street, Kolkata-700069, West Bengal, India
Tel. No.:	91-33-22436192/ 7935/ 22488813
Fax No.:	91-33-22480850
E-Mail :	info@sunoil.co.in sunoil@cal3.vsnl.net.in

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Hari Shankar Halwasiya

Designation :

Director

Address :

P-79, Block E, New Alipore, Kolkata-700053, West Bengal, India

Date of Birth/Age :

21.02.1948

Date of Appointment :

28.11.1979

Election Commission Identity Card No.:

WB/23/150/012288

Din No.:

00645116

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	Company/ LLP Status	Defaulting status
1	U24299WB1978PTC031318	CALCUTTA PRINTING INKS PRIVATE LIMITED	Managing director	31/01/1978	31/01/1978	Active	NO
2	U15142WB1979PTC032385	SUN OIL CO PRIVATE LIMITED	Director	28/11/1979	28/11/1979	Active	NO
3	U67120WB1992PTC056044	AARPEE HOLDINGS PRIVATE LIMITED	Director	05/11/2004	05/11/2004	Active	NO
4	U17113WB1983PLC036068	JAISHREE BAJRANGBALI HOLDINGS LIMITED	Director	24/12/2007	24/12/2007	Strike off	NO
5	U24117WB1992PTC055950	SHEW ENTERPRISES PRIVATE LIMITED	Director	29/09/2008	29/09/2008	Active	NO

Name :

Ms. Usha Halwasiya

Designation :

Director

Address :

P-79, Block E, New Alipore, Kolkata-700053, West Bengal, India

Date of Birth/Age :

26.01.1953

Date of Appointment :

28.11.1979

Election Commission Identity Card No.:

WB/23/150/012289

Din No.:

00645147

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	Company/ LLP Status	Defaulting status
1	U15142WB1979PTC032385	SUN OIL CO PRIVATE LIMITED	Director	28/11/1979	28/11/1979	Active	NO
2	U24299WB1978PTC031318	CALCUTTA PRINTING INKS PRIVATE LIMITED	Director	24/04/1986	24/04/1986	Active	NO
3	U23209WB1987PTC042596	USHA MERCANTILE PRIVATE LIMITED	Director	12/12/2013	12/12/2013	Active	NO

Name :

Mr. Aditya Halwasiya

Designation :

Director

Address :

P-79, Block E, New Alipore, Kolkata-700053, West Bengal, India

Date of Birth/Age :

13.01.1983

Date of Appointment :

01.09.2005

Election Commission Identity Card No.:

LFB3407517

Din No.:

00645193

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	Company/ LLP Status	Defaulting status
1	U23209WB1987PTC042596	USHA MERCANTILE PRIVATE LIMITED	Director	25/02/2004	25/02/2004	Active	NO
2	U15142WB1979PTC032385	SUN OIL CO PRIVATE LIMITED	Director	01/09/2005	01/09/2005	Active	NO
3	U24299WB1978PTC031318	CALCUTTA PRINTING INKS PRIVATE LIMITED	Director	01/12/2010	01/12/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
S.N. Halwasiya	213000	45.95
Aditya Halwasiya	162500	35.06
Hari Shankar Halwasiya	88000	18.99
TOTAL	463500	100.00

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Petroleum Products.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

State Bank of India, Industrial Finance Branch, Shivsagar Estate, Worli, Mumbai – 400 018, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
HDFC Bank Limited [Secured against the property of a trust settle by the directors]	3.741	4.745
HDFC Bank Limited [Secured against hypothecation of motor car]	1.414	1.883
Volkswagan Finance Private Limited [Secured against hypothecation of motor car]	0.606	0.000
Short Term Borrowings
HDFC Bank Limited [Secured against hypothecation of motor car]	0.000	0.058
Yes Bank Limited [Secured against exclusive charge on current assets and movable fixed assets both present and future and exclusive charge by way of equitable mortgage in respect of property own by the owner and unconditional and irrecoverable personal guarantee of the directors]	12.907	11.939
TOTAL	18.668	18.625

Banking Relations :	--
Auditors :
Name :	S P Ghose and Company Chartered Accountants
Address :	406, Bentinck Chamber, 37A, Bentinck Street, Kolkata-700069, West Bengal, India
Tel. No.:	91-33-22485540 [Office] 91-33-23770919 [Residential]
E-Mail :	spghoseco@gmail.com
PAN No:	AAMFS4685F

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
463500	Equity Shares	Rs.10/- each	Rs.4.635 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	4.635	4.635	2.085
(b) Reserves & Surplus	29.912	27.600	27.161
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	34.547	32.235	29.246
(3) Non-Current Liabilities
(a) Long-term borrowings	7.920	8.802	8.851
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	1.719	2.047	1.635
(d) Long-term provisions	4.375	3.125	4.463
Total Non-current Liabilities (3)	14.014	13.974	14.949
(4) Current Liabilities
(a) Short term borrowings	12.907	11.997	12.807
(b) Trade payables	25.185	29.979	22.133
(c) Other current liabilities	0.872	1.547	2.392
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	38.964	43.523	37.332
TOTAL	87.525	89.732	81.527
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	16.456	11.635	6.854
(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	0.166	0.166	0.166
(c) Deferred tax assets (net)	0.519	0.493	0.404
(d) Long-term Loan and Advances	6.743	5.455	6.087
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	23.884	17.749	13.511
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	13.824	19.677	18.897
(c) Trade receivables	37.732	46.023	42.613
(d) Cash and cash equivalents	2.527	2.396	2.284
(e) Short-term loans and advances	9.558	3.887	4.222
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	63.641	71.983	68.016
TOTAL	87.525	89.832	81.527

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
SALES
	Net Sales	223.486	197.567	197.987
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
EXPENSES
	TOTAL	NA	NA	NA
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		5.012	2.077	5.543
DEPRECIATION/ AMORTISATION		1.477	1.551	1.402
PROFIT / (LOSS) BEFORE TAX		3.535	0.526	4.141
ADJUSTMENT OF DEFERRED TAX ASSETS		0.026	0.088	0.025
ADJUSTMENT OF INCOME TAX		1.250	0.200	1.444
ADJUSTMENT IN RESPECT OF EARLIER YEAR		0.000	0.026	0.000
TRANSFER TO GENERAL RESERVE		2.500	0.000	2.300
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.355	1.915	1.858
BALANCE CARRIED TO THE B/S		2.166	2.355	1.915

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	1.58	0.27	2.09
Return on Total Assets (PBT/Total Assets}	(%)	4.07	0.59	5.12
Return on Investment (ROI) (PBT/Networth)		0.10	0.02	0.14
Debt Equity Ratio (Total Debt/Networth)		0.60	0.65	0.74
Current Ratio (Current Asset/Current Liability)		1.63	1.65	1.82

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	2.085	4.635	4.635
Reserves & Surplus	27.161	27.600	29.912
Net worth	29.246	32.235	34.547
long-term borrowings	8.851	8.802	7.920
Short term borrowings	12.807	11.997	12.907
Total borrowings	21.658	20.799	20.827
Debt/Equity ratio	0.741	0.645	0.603

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Net Sales	197.987	197.567	223.486
		(0.212)	13.119

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Net Sales	197.987	197.567	223.486
Profit Before Tax	4.141	0.526	3.535
	2.09%	0.27%	1.58%

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	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 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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10236382	10/09/2012 *	35,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI -  400018, MAHARASHTRA, INDIA	B58962663
* Date of charge modification

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
From Directors	1.300	1.300
From Related Parties	0.859	0.874
TOTAL	2.159	2.174

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.61.97
UK Pound	1	Rs.103.31
Euro	1	Rs.85.14

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	TPT

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	1
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.