MIRA INFORM REPORT

Report No. :	318753
Report Date :	22.04.2015

IDENTIFICATION DETAILS

Name :	SAH PETROLEUMS LIMITED
Registered Office :	406/407, Embassy Centre, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.07.1983
Com. Reg. No.:	11-030372
Capital Investment / Paid-up Capital :	Rs. 254.922 Million
CIN No.: [Company Identification No.]	L23201MH1983PLC030372
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMS35820B
PAN No.: [Permanent Account No.]	AABCS5295B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing of Industrial and Automotive Lubricants, Process Oils, Transformers oil, Greases and other Specialities
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is part of the Gulf Petrochem Group. It is an established company having satisfactory track record. Profitability of the company seems to be low during 2014. However, the company is operating on its owned funds. The rating also takes into consideration operational and managerial support it receives from the Gulf Group Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB+
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	April 10, 2015

Rating Agency Name	CRISIL
Rating	Short Term Rating = A2
Rating Explanation	Have strong degree of safety and carry low credit risk.
Date	April 10, 2015

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Dheeraj Sharma
Designation :	Head of Finance
Contact No.:	91-22-66301911
Date :	20.04.2015

LOCATIONS

Registered/ Regional Office 1 :	406/407, Embassy Centre, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-66301911/ 22873097
Fax No.:	91-22-22875751
E-Mail :	dheeraj@sahpetroleums.com ipol@sahpetroleums.com
Website :	http://www.ipolubes.com
Factory 1 :	Plot No. 5 to 14, Behind Dewan and Shah Industrial Estate, Village: Valiv, Vasai (East), District Thane, Maharashtra, India
Factory 2 :	Survey No. 97 / 2, Daman Industrial Estate, Kadaiya, Daman Pataliya Road, Nani Daman – 396210, Daman and Diu, India
Regional Office 2 :	BF-173, Sector 1, Near Baisakhi, Saltlake City, Kolkata – 700064, West Bengal, India
Tel. No.:	91-33-40046564/ 21062001
Fax No.:	91-33-40046566
Regional Office 3 :	428/2, Rani Khera Road, Opposite Dhana Builders, Mundka, New Delhi – 110041, India
Fax No.:	91-11-28342998
Regional Office 4 :	M2, Prince Centre, 709 – 710, Pathari Road, Anna Salai, Chennai – 600006, Tamilnadu, India
Tel. No.:	91-44-28297056
Fax No.:	91-44-28297057
Branch Offices :	Located at: · Bangalore  · Chandigarh  · Chennai · Hyderabad · Indore  · Kolkata  · New Delhi  · Pune  · Vadodara

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Thangapandian Srinivasalu
Designation :	Director
Date of Birth/Age :	03.06.1961
Qualification :	B. Sc
Expertise in Functional Area :	Marketing Professional
Date of Appointment :	31.07.2014
List of Directorships held in other Companies :	Secure Source Tech Private Limited
Name :	Mr. Ayush Goel
Designation :	Director
Date of Birth/Age :	27.09.1990
Qualification :	B.Com (Hon) and (MBA)
Expertise in Functional Area :	Business Professional
Date of Appointment :	31.07.2014
Name :	Mr. Brij Mohan Bansal
Designation :	Director
Date of Birth/Age :	04.01.1951
Qualification :	B. Tech-Chem-Engg
Expertise in Functional Area :	Professional
Date of Appointment :	14.08.2014
Name :	Mr. Narotamkumar Girdharilal Puri
Designation :	Independent, Non-Executive Director
Date of Birth/Age :	04.04.1944
Qualification :	Mechanical Engineer
Expertise in Functional Area :	Retired Professional
Date of Appointment :	14.08.2014
Name :	Mr. Pradip C. Shah
Designation :	Independent, Non-Executive Director
Date of Birth/Age :	19.05.1956
Qualification :	B.Com: FCS and LLB
Expertise in Functional Area :	Practicing Company Secretary
Date of Appointment :	05-04-2004
Name :	Mr. Ramesh Chander Razdan
Designation :	Independent, Non-Executive Director
Date of Birth/Age :	15.04.1951
Qualification :	Master Marketing Management
Expertise in Functional Area :	Professional
Date of Appointment :	28.03.2013

KEY EXECUTIVES

Name :	Mr. D. Malla Reddy
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	9529260	18.69
Sub Total	9529260	18.69
(2) Foreign
Bodies Corporate	27300000	53.55
Sub Total	27300000	53.55
Total shareholding of Promoter and Promoter Group (A)	36829260	72.24
(B) Public Shareholding
(1) Institutions
Venture Capital Funds	4631	0.01
Sub Total	4631	0.01
(2) Non-Institutions
Bodies Corporate	1993365	3.91
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	6826565	13.39
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	4372739	8.58
Any Others (Specify)	957823	1.88
Clearing Members	293924	0.58
Non Resident Indians	663899	1.30
Sub Total	14150492	27.75
Total Public shareholding (B)	14155123	27.76
Total (A)+(B)	50984383	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1)	0	0.00
(2)	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	50984383	100.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Gulf Petrochem Energy Private Limited	95,29,260	18.69
2	Gulf Petrochem Pte Limited	2,73,00,000	53.55
	Total	3,68,29,260	72.24

BUSINESS DETAILS

Line of Business :	Manufacturing of Industrial and Automotive Lubricants, Process Oils, Transformers oil, Greases and other Specialities
Brand Names :	“IPOL®TM”
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	UAE Vietnam Sri Lanka
Imports :
Products :	Raw Material
Countries :	UAE USA
Terms :
Selling :	Cash and Credit (30/60/90 Days)
Purchasing :	Cash and Credit (30/60/90 Days)

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

End Users and OEMs

Reference :	Kailash Vahan Udyog Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

• Force Motors
• Korea (India) Limited
• Crompton Greaves Limited
• Universal Construction Machinery
• Sterling Tools Limited
• Echjay Forgings Limited

No. of Employees :

1000 (Approximately)

Bankers :

· Axis Bank Limited

Nariman Point, Mumbai – 400021, Maharashtra, India

· Dena Bank

Sachivalaya Corner, Mumbai – 400021, Maharashtra, India

· IDBI Bank Limited

Mumbai, Maharashtra, India

Facilities :

--

Banking Relations :	--
Auditors :
Name :	N.D. Daga and Company Chartered Accountants
Address :	5/2, Tardeo AC Market Building, Tardeo Road, Mumbai – 400034, Maharashtra, India
Investor Company-Controlled Interest :	NAF India Holdings Limited
Enterprises over which Key management personnel exercise significant influence :	Sah Agrotechs

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
52000000	Equity Shares	Rs. 5/- each	Rs. 260.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50984383	Equity Shares	Rs. 5/- each	Rs. 254.922 Million

Reconciliation of the shares outstanding at the beginning and at the end of the year

PARTICULARS	NO. OF SHARES
Shares outstanding at the beginning of the year	44000000
Shares issued during the year	6984383
Shares outstanding at the end of the year	50984383

The details of Shareholders holding more than 5% shares

PARTICULARS	NO. OF SHARES	% OF SHARES
NAF India Holdings Limited	27300000	53.546%
Shobha Sah	2704000	5.304%

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	254.922	220.000	220.000
(b) Reserves & Surplus	971.549	996.725	1009.877
(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)	1226.471	1216.725	1229.877
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	5.216	2.690	24.789
(c) Other long term liabilities	2.335	5.385	10.885
(d) long-term provisions	4.566	5.060	4.537
Total Non-current Liabilities (3)	12.117	13.135	40.211
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1670.084	1614.619	2105.447
(c) Other current liabilities	150.798	127.530	160.528
(d) Short-term provisions	1.092	1.036	0.991
Total Current Liabilities (4)	1821.974	1743.185	2266.966
TOTAL	3060.562	2973.045	3537.054
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	294.825	321.460	344.736
(ii) Intangible Assets	7.685	6.973	6.763
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.797
(v) Revaluation Reserve	(29.917)	(30.902)	(31.886)
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	66.149	82.273	67.307
(e) Other Non-current assets	41.202	49.109	62.049
Total Non-Current Assets	379.944	428.913	449.766
(2) Current assets
(a) Current investments	200.114	350.621	455.225
(b) Inventories	966.942	888.234	873.556
(c) Trade receivables	1113.176	926.281	1312.406
(d) Cash and cash equivalents	252.806	243.666	293.770
(e) Short-term loans and advances	147.580	135.330	152.331
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	2680.618	2544.132	3087.288
TOTAL	3060.562	2973.045	3537.054

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	4035.869	4173.695	4800.695
		Other Income	33.658	43.495	45.402
		TOTAL (A)	4069.527	4217.190	4846.097
Less	EXPENSES
		Cost of Materials Consumed	3265.746	3380.813	3737.385
		Purchases of Stock-in-Trade	4.170	0.000	127.691
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	22.147	(12.509)	(14.726)
		Employees benefits expense	162.588	161.777	150.116
		Other expenses	428.190	504.539	531.392
		TOTAL (B)	3882.841	4034.620	4531.858
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		186.686	182.570	314.239
Less	FINANCIAL EXPENSES (D)		140.612	181.194	287.685
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		46.074	1.376	26.554
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.783	21.962	22.260
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		26.291	(20.586)	4.294
Less	TAX (H)		15.866	(7.951)	3.707
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		10.425	(12.635)	0.587
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods [FOB Basis]	258.972	298.427	209.991
	IMPORTS
		Raw Materials	1978.575	2406.266	2860.845
		Capital Goods	0.352	0.000	1.289
	TOTAL IMPORTS		1978.927	2406.266	2862.134
	Earnings/ (Loss) Per Share (Rs.)		0.20	(0.25)	0.01

Expected Sales (2014-2015) : Rs. 4500.000 Million

The above information has been parted by Mr. Dheeraj Sharma

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.26	(0.30)	0.01
Operating Profit Margin (PBDIT/Sales)	(%)	4.63	4.37	6.55
Return on Total Assets (PBT/Total Assets}	(%)	0.85	(0.69)	0.12
Return on Investment (ROI) (PBT/Networth)		0.02	(0.02)	0.00
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.47	1.46	1.36

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	220.000	220.000	254.922
Reserves & Surplus	1009.877	996.725	971.549
Net worth	1229.877	1216.725	1226.471
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	4800.695	4173.695	4035.869
		(13.061)	(3.302)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	4800.695	4173.695	4035.869
Profit/ (Loss)	0.587	(12.635)	10.425
	0.01%	(0.30%)	0.26%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBTS IS NOT AVAILABLE

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
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	90184077	30/06/2011 *	2,280,000,000.00	DENA BANK	SACHIVALAYA CORNER BRANCH, "THE BEACON", MADAM CAMA ROAD, SACHIVALAYA CORNER, MUMBAI, MAHARASHTRA - 400021, INDIA	B17633363
2	90188514	30/06/2011 *	2,280,000,000.00	DENA BANK	SACHIVALAYA CORNER BRANCH, "THE BEACON", MADAM CAMA ROAD, SACHIVALAYA CORNER, MUMBAI, MAHARASHTRA - 400021, INDIA	B17626284

* Date of charge modification

BUSINESS RESULTS:

Net Sales/Income from operations for the year ended 31st March, 2014 amounted to Rs.4035.869 Million against Rs.4173.695 Million in the previous year. The profit for the year stood at Rs.10.425 Million against the loss of Rs.12.635 Million in the previous year.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENT:

Sah Petroleums Limited (SPL) is one of the leading manufacturer of industrial lubricants in India and manufacturing wide range of industrial and automotive lubricants, specialties and process oils etc. under the brand name of “IPOL®TM” at Vasai and Daman plants. This industry has much growth potential and is growing globally.

OVERVIEW:

The financial statements have been prepared in compliance with the requirements of the Companies Act, 1956/2013 and made on a prudent and reasonable basis in order that the financial statements reflects a true and fair manner the form and substance of transactions and reasonably present their state of affairs and profit for the year.

The Company’s Net Sales/Income from operations for the year ended 31st March, 2014 amounted to Rs.4035.869 Million as compared to Rs.4173.695 Million in the previous year. The profit for the year stood at Rs.10.425 Million against the loss of Rs.12.635 Million in the previous year.

Considering the performance of the company, the Board of Directors recommended dividend Re.0.01 per share (0.2%) on the equity shares of Rs.5/- each for the financial year 2013-14.

INDUSTRY OUTLOOK:

The public sector undertakings have dominated the Indian lubes market upto 1993 and they had a collective market share of approximately 89%, but after 1993, the Government has liberalized and decentralised the norms of import of key raw material, determination of pricing regulations and reduction in the custom duties on import of base oil. Due to liberalization policy, the fair competition took place between the private players and public sector undertakings. In today’s position, around more than 20 companies are operating in the Indian lubricants market. Until the 1980, lubricants produced in the country were basically simple blends based on low and medium level technologies. More sophisticated lubricants were imported and these amounted for a very small market. The entry of multinationals has led to complex and premium brands being introduced into the Indian market. The Indian lubricants market is the fourth largest in the world.

Market Segments: There are two major segments of the lubricants industry. The automotive lubricants segment which has an approximate market share of 65% and the industrial lubricants segment accounting for the rest.

Import Threat: Lubricants are usually made according to the nature of use, climatic conditions, type of road, nature of automobiles and so on. Therefore, it would not be logical to import the same in the country. But at the same time, there is not much difference and the same can be imported if one prefers to do so. In fact, premium products, even as on today, are imported. However, in the general outlook of things, import of lubricants in India would not be competitive due to the prevailing import duty structure as well as high freight costs.

In consideration of above, it could be safely noted that the key factors to success for any company in the Lubricant industry would be:

v Good brand image.

v An extensive marketing network.

v Strong financial resources.

v Technological innovations and R and D backup.

v Strategically located manufacturing facilities.

MARKETING STRATEGY:

Company has been in the market for more than three decades under the brand name IPOL. The strategy is to cater to the specific need of the company by way of customising their products, offering the right price at right time. The Company has a marketing network setup all over India. IPOL brand is registered in the name of the Company. The company presently markets its products through its sales offices / depots located at Pune, Delhi, Faridabad, Chandigarh, Chennai, Bangalore, Hyderabad, Baroda, Kolkata, Jamshedpur, Jaipur, Indore, Mehsana, Jabalpur, Patiala, Ghaziabad and many Clearing and Forwarding Agents at different locations in India.

In addition to the direct marketing efforts, the company also appoints distributors/agents for both domestic and overseas markets.

BUSINESS STRATEGY:

The Company would continue to focus on the current segments of business considering the market potential, its own inherent strength in terms of its quality, price and timely delivery. The Company has requisite infrastructure and manufacturing facilities due to its constant upgradation/modernization and phased expansion programme.

The Company is constantly introducing new products on account of its strong in-house R and D and will continue to do the same in the near future and will also direct efforts for increasing its presence in the export markets.

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Claims against the Company not acknowledged as debts :
Sales Tax	72.176	72.176
Custom Duty	72.971	0.000
Guarantees given by Banks	5.593	8.773
Total	150.740	80.949

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30^TH JUNE, 2014

Particulars		Quarter ended
		30.06.2014
		Unaudited
1	Income from Operations
	(a) Net sates/income from operations (Net of excise duty)	1089.678
	(b) Other Operating Income	3.730
	Total income from operations (net)	1093.408
2	Expenses
	(a) Cost of materials consumed	926.434
	(b) Purchases of stock-in trade	0.000
	(c) Changes in inventories of finished goods. work-in-progress and stock in trade	(34.899)
	(d) Employee benefits expense	40.149
	(e) Depreciation and Anmortisation Expenses	4.785
	(f) Other Expenses	138.085
	Total expenses	1074.554
3	Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	18.854
4	Other Income	5.116
5	Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	23.969
6	Finance Costs	15.079
7	Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	8.890
8	Exceptional items	0.000
9	Profit/ (Loss) from ordinary activities before tax (7+8)	8.890
10	Tax expenses	0.000
11	Net Profit / (Loss) from ordinary activities after tax (9-10)	8.890
12	Extraordinary item (net of tax expense)	0.000
13	Net Profit / (Loss) for the period (11-12)	8.890
14	Paid up equity share capital (Face Value of Rs10/- each)	254.922
15	Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year	0.000
16	Earnings per share Basic and Diluted	0.17
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	- Number of shares	12754091
	- Percentage of shareholding	25.02%
2	Promoters and Promoter group shareholding
	a) Pledged / Encumbered	Nil
	b) Non Encumbered
	- Number of shares	38230292
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	100%
	- Percentage of shares (as a % of the total Share Capital of the Company)	74.98%
B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	Nil
	Received during the quarter	Nil
	Disposed of during the quarter	Nil
	Unresolved at the end of the quarter	Nil

Note:

• The above Unaudited Financial results were reviewed by the Audit committee and approved by the Board of Directors at their respective meetings held on August 14, 2014.

• The Statutory Auditors have carried out limited review of the above results for the Quarter ended June 30, 2014.
  
  
• Figures for the previous year/ quarter have been regrouped/rearranged, wherever necessary.

• Provision for Deferred Tax Liability will be made at the end of the financial year.

• Figures of the quarter ended March 31, 2014 are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the 3rd quarter of the relevant financial year.

• The Company is manufacturing in only one segment 'Lubricants".

• The Company is in the process of technically evaluating useful lives of the Fixed Assets 'vis-a-vis the useful lives stated under Schedule II to the Companies Act, 2013. Pending such evaluation the company has provided depreciation for the quarter by applying the rates that were, applicable for the previous financial year. Its Impact is uncertainable at this stage and adjustment shall be carried out in the subsequent quarters after finalisaion of technical evaluation.

FIXED ASSETS:

· Land

· Buildings

· Furniture and Fixture

· Plant and Machinery

· Office Equipments

· Vehicles

· 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. 62.92
UK Pound	1	Rs. 93.57
Euro	1	Rs. 67.34

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	RAS
Report Prepared by :	TRU

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	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.