MIRA INFORM REPORT

Report No. :	303063
Report Date :	16.01.2015

IDENTIFICATION DETAILS

Name :	CHEMOIL ADANI PRIVATE LIMITED
Registered Office :	Adani House, Near. Mithakhali Circle, Navrangpura, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.05.2008
Com. Reg. No.:	04-054045
Capital Investment / Paid-up Capital :	Rs. 16.880 Millions
CIN No.: [Company Identification No.]	U40200GJ2008PTC054045
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	AHMC02747D
PAN No.: [Permanent Account No.]	AADCC3765G
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Manufacturer of marine fuel products
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 3100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Chemoil Adani Pte Limited. It is an established company having satisfactory track record. Profit margin of the company is low. However, reserves position of the company is sound. General financial position of the company is good. The company also receive strong operational and financial support from its holding company. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. In view of experienced management and operational synergies derived from the group companies, 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	CARE
Rating	Long Term Bank Facilities = BBB+
Rating Explanation	Moderate degree of safety. It carry moderate credit risk
Date	06.08.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A2
Rating Explanation	Strong degree of safety. It carry low credit risk.
Date	06.08.2014

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 DECLINED

Management non co-operative (91-79-25555765)

LOCATIONS

Registered Office :	Adani House, Near Mithakhali Circle, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-25556171/25555765
Fax No.:	91-79-25555611
E-Mail :	jaladhi.shukla@adani.com indmarketing@chemoiladani.com
Website :	www.chemoiladani.com
Head Office:	12 Titanium Near Prahalad Nagar, Garden V E Jalpur, Ahmedabad – 380015, Gujarat, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Pranav v Adani

Designation :

Director

Address :

Param Shanti Bunglow, Survey No. 100/1, B/H Rajpath Club, Ahmedabad – 380059, Gujarat, India

Date of Birth/Age :

09.08.1978

Date of Appointment :

25.08.2009

DIN No. :

00008457

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	U17110GJ1993PTC020968	VISHAKHA POLYFAB PRIVATE LIMITED	Director	06/10/2001	06/10/2001	31/03/2008	Active	NO
2	U72200GJ2000PTC050919	NETVANTAGE INTERNATIONAL Private LIMITED	Director	10/09/2003	10/09/2003	25/09/2008	Active	NO
3	U45300GJ1999PTC036797	ADANI PORT INFRASTRUCTURE PRIVATE LIMITED	Managing director	22/03/2004	22/03/2004	-	Amalgamated	NO
4	U52190GJ2000PTC038315	ADANI RETAIL Private LIMITED	Director	25/06/2004	25/06/2004	19/08/2008	Amalgamated	NO
5	U63022GJ2004PLC045143	ADANI AGRI FRESH LIMITED	Director	22/11/2014	15/06/2005	-	Active	NO
6	U51109GJ2007PLC049968	RELIANCE VANTAGE RETAIL LIMITED	Additional director	13/02/2007	13/02/2007	27/12/2007	Active	NO
7	U45201GJ2006PTC066449	ADANI INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED	Director	30/09/2014	26/03/2007	-	Active	NO
8	U45200GJ2006PTC049220	ADANI HABITATS PRIVATE LIMITED	Director	29/09/2007	26/03/2007	29/07/2008	Strike off	NO
9	U45201GJ2007PTC051837	Adani Landscapes Private Limited	Director	27/09/2007	27/09/2007	22/09/2008	Active	NO
10	U45208GJ2006PTC048538	ADANI MUNDRA SEZ INFRASTRUCTURE PRIVATE LIMITED	Director	17/10/2007	17/10/2007	22/09/2008	Active	NO
11	U45209GJ2008PTC052722	RAJASTHAN SEZ PRIVATE LIMITED	Director	28/07/2008	24/01/2008	23/08/2008	Strike off	NO
12	U63090GJ2005PLC045356	ADANI AGRI LOGISTICS LIMITED	Managing director	24/11/2014	04/03/2008	-	Active	NO
13	U45200GJ2005PTC047086	SHANTIGRAM ESTATE MANAGEMENT PRIVATE LIMITED	Director	04/03/2008	04/03/2008	13/09/2010	Active	NO
14	U51109GJ1997PTC032088	MIRAJ IMPEX PRIVATE LIMITED	Additional director	04/03/2008	04/03/2008	29/07/2008	Active	NO
15	U15146GJ1999PLC035320	ADANI WILMAR LIMITED	Managing director	01/04/2013	01/04/2008	-	Active	NO
16	U14200GJ2007PTC051634	ADANI MINING PRIVATE LIMITED	Director	25/08/2009	29/09/2008	-	Active	NO
17	U40100GJ2008PTC055265	BARAMATI POWER PRIVATE LIMITED	Director	21/10/2008	21/10/2008	-	Under Process of Striking off	NO
18	U40108GJ2008PLC055342	MUNDRA POWER SEZ LIMITED	Director	20/06/2009	27/10/2008	01/03/2011	Strike off	NO
19	U40200GJ2008PTC054045	CHEMOIL ADANI PRIVATE LIMITED	Director	25/08/2009	03/12/2008	-	Active	NO
20	U45400MH1999PTC120892	AALOKA REAL ESTATE PRIVATE LIMITED	Director	25/08/2009	29/01/2009	13/09/2010	Active	NO
21	U92410GJ1989GAP012192	KARNAVATI CLUB LIMITED	Director	29/12/2011	03/04/2009	-	Active	NO
22	U45201GJ1995PTC026067	ADANI PROPERTIES PRIVATE LIMITED	Director	14/09/2009	31/05/2009	-	Active	NO
23	U45201GJ1999PTC036798	ADANI INFRASTRUCTURE SERVICES PRIVATE LIMITED	Director	29/09/2009	31/05/2009	-	Amalgamated	NO
24	U51100GJ2000PTC038408	B 2 B INDIA PRIVATE LIMITED	Director	31/08/2009	31/05/2009	-	Amalgamated	NO
25	U01110GJ1995PTC024627	ADANI AGRO PRIVATE LIMITED	Director	29/09/2009	31/05/2009	25/09/2013	Amalgamated	NO
26	U40100GJ2005PLC046553	ADANI GAS LIMITED	Director	20/08/2010	08/08/2009	-	Active	NO
27	U26943GJ2009PLC058955	ADANI CEMENTS LIMITED	Director	21/12/2009	21/12/2009	-	Strike off	NO
28	U40100GJ2010PLC059653	MAHAGUJ POWER LIMITED	Director	20/02/2010	20/02/2010	-	Active	NO
29	U51900GJ2010PTC059763	ADANI TRADELINKS PRIVATE LIMITED	Director	03/03/2010	03/03/2010	-	Amalgamated	NO
30	U40100GJ2006PLC047672	ADANI POWER DAHEJ LIMITED	Director	20/08/2010	16/03/2010	01/03/2011	Active	NO
31	U40100GJ2009PLC057562	KUTCHH POWER GENERATION LIMITED	Director	20/08/2010	16/03/2010	01/03/2011	Active	NO
32	U51909GJ2010PTC060309	ADVANCE TRADEX PRIVATE LIMITED	Director	19/04/2010	19/04/2010	-	Amalgamated	NO
33	U40100GJ2005PLC046554	Adani Welspun Exploration Limited	Director	09/08/2011	22/11/2010	-	Active	NO
34	U23203GJ2007SGC050115	GSPC LNG LIMITED	Nominee director	17/09/2013	14/08/2013	-	Active	NO
35	U40106GJ2014PLC078744	ADANI SYNENERGY LIMITED	Director	14/02/2014	14/02/2014	-	Active	NO
36	U45400DL2008PTC175331	BRAHMA CITY PRIVATE LIMITED	Additional director	08/10/2014	08/10/2014	-	Active	NO
37	AAA-5204	ADANI ADVISORY LLP	Designated Partner	15/06/2011	15/06/2011	-	Active	NO

Name :

Mr. Frederick D Bendle

Designation :

Director

Address :

31 Westcoastrark #01 – 26, Botannia – 127649, Singapore

Date of Birth/Age :

06.04.1956

Date of Appointment :

08.08.2014

DIN No.:

03156399

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	U40200GJ2008PTC054045	CHEMOIL ADANI PRIVATE LIMITED	Director	08/08/2014	01/09/2010	-	Active	NO
2	L72300TN1992PLC022135	CALIFORNIA SOFTWARE COMPANY LIMITED	Additional director	23/09/2014	13/02/2012	-	Active	NO
3	U72200KA2003PTC031831	INATECH INFOSOLUTIONS PRIVATE LIMITED	Director	26/09/2012	13/02/2012	-	Active	NO
4	U64201KA2001PTC029221	ASPIRE COMMUNICATIONS PRIVATE LIMITED	Director	26/09/2012	13/02/2012	-	Active	NO
5	U72900KA2002PTC030927	ASPIRE PERIPHERALS PRIVATE LIMITED	Director	26/09/2012	13/02/2012	-	Active	NO
6	U72200TN1999PTC041799	CHEMOIL ADVANCED MANAGEMENT SERVICES PRIVATE LIMITED	Director	28/09/2012	28/06/2012	-	Active	NO
7	U72900TN2012FTC087025	Chemoil Information Services Private Limited	Director	31/07/2012	31/07/2012	-	Active	NO

Name :

Mr. Jatinkumar R. Jalaundhwala

Designation :

Director

Address :

602 Satkrut, Parth Sarthi, Avenue, 132 Ring Road, Near Shyamal Raw House, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

29.01.1960

Date of Appointment :

07.08.2013

DIN No. :

00137888

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	U85110GJ2002NPL040355	INDIA RENAL FOUNDATION	Director	15/01/2002	15/01/2002	05/07/2008	Active	NO
2	L85110GJ1994PLC022543	CLARIS LIFESCIENCES LIMITED	Director	31/03/2003	31/03/2003	10/11/2006	Active	NO
3	U74999GJ2000PTC038407	ADANI TRUSTEE COMPANY PRIVATE LIMITED	Director	28/08/2009	31/05/2009	-	Amalgamated	NO
4	U72900GJ2001PTC039192	ASCENDUM KPS PRIVATE LIMITED	Director	30/09/2009	31/05/2009	01/01/2011	Active	NO
5	U72200GJ2000PTC050919	NETVANTAGE INTERNATIONAL Private LIMITED	Director	29/09/2009	31/05/2009	09/03/2011	Active	NO
6	U45204GJ2010PLC059226	ADANI INFRA (INDIA) LIMITED	Director	05/08/2010	08/03/2010	-	Active	NO
7	U15400MH2008PTC185729	JADE FOOD AND PROPERTIES PRIVATE LIMITED	Additional director	17/08/2010	17/08/2010	27/08/2010	Active	NO
8	U01403MH2008PTC185727	JADE AGRICULTURAL COMPANY PRIVATE LIMITED	Director	05/08/2011	17/08/2010	16/10/2012	Active	NO
9	U01403MH2008PTC185743	JADE AGRI LAND PRIVATE LIMITED	Director	05/08/2011	17/08/2010	16/10/2012	Active	NO
10	U70102MH2008PTC185730	LUSHGREEN LANDSCAPES PRIVATE LIMITED	Director	05/08/2011	17/08/2010	16/10/2012	Active	NO
11	U63090MH2010PTC207152	ADANI SHIPPING (INDIA) PRIVATE LIMITED	Director	27/08/2010	27/08/2010	-	Active	NO
12	U11200GJ2010PLC062148	MUNDRA LNG LIMITED	Director	28/08/2010	28/08/2010	-	Active	NO
13	U51219MH2006PTC163007	ROHIT AGRI-TRADE PRIVATE LIMITED	Director	08/08/2011	13/09/2010	16/10/2012	Active	NO
14	U51109GJ1997PTC032088	MIRAJ IMPEX PRIVATE LIMITED	Director	09/08/2011	13/09/2010	16/10/2012	Active	NO
15	U74999GJ2008PTC055618	SHANTIGRAM UTILITY SERVICES PRIVATE LIMITED	Director	05/08/2011	13/09/2010	16/10/2012	Active	NO
16	U92412GJ2008PTC055617	BELVEDERE GOLF AND COUNTRY CLUB PRIVATE LIMITED	Director	05/08/2011	13/09/2010	16/10/2012	Active	NO
17	U45400MH1999PTC120892	AALOKA REAL ESTATE PRIVATE LIMITED	Director	06/08/2011	13/09/2010	16/10/2012	Active	NO
18	U45208GJ2006PTC048538	ADANI MUNDRA SEZ INFRASTRUCTURE PRIVATE LIMITED	Director	06/08/2011	13/09/2010	16/10/2012	Active	NO
19	U45201GJ2007PTC051837	Adani Landscapes Private Limited	Director	09/08/2011	13/09/2010	16/10/2012	Active	NO
20	U51219MH2006PTC163005	RAJENDRA AGRI- TRADE PRIVATE LIMITED	Director	09/08/2011	13/09/2010	16/10/2012	Active	NO
21	U45200GJ2006PTC049047	ADANI LAND DEVELOPERS PRIVATE LIMITED	Director	09/08/2011	13/09/2010	16/10/2012	Active	NO
22	U40200GJ2008PTC054045	CHEMOIL ADANI PRIVATE LIMITED	Director	07/08/2013	24/08/2012	-	Active	NO
23	U40106GJ2014PLC078744	ADANI SYNENERGY LIMITED	Additional director	16/05/2014	16/05/2014	14/06/2014	Active	NO

Name :

Mr. Surishkumar N Sharma

Designation :

Director

Address :

5^th Floor Sanskruti CTS No. 1602/A, 5^th Road, chembur Near Diamound Garden, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

22.01.1950

Date of Appointment :

08.08.2014

DIN No.:

06914313

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Chemoil Adani Pte Limited, Singapore	1687958
Samir S. Vora	1
Devang S. Desai	1
Pranav Adani	1
Jatin Jalunohwala	1
Manoj Tondon	1
Praveen Jaiswal	1
Total	1687964

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Manufacturer of marine fuel products

Products :

Item Code No. (ITC Code)	Product Description
27101950	Fuel Oil
27101930	High Speed Diesel

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

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 :

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 :

No. of Employees :

Information declined by the management.

Bankers :

• Axis Bank Limited, Trishul, 3^rd floor, Opposite Samatheshwar Mahadev, Law Garden, Ahmedabad – 380006, Gujarat, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Working capital loans from banks	3779.850	1722.539
Total	3779.850	1722.539

Auditors :
Name :	Mrunal N. Shah and Company Chartered Accountants
Address :	43, 5th Floor, Shree Krishna Centre , Near Mithakhali Circle, Navrangpura, Ahmedabad- 380009, Gujarat, India
PAN No.:	ANJPS4336D
Memberships :	Not Available
Collaborators :	Not Available
Holding Company	Chemoil Adani Pte. Limited, Singapore
Joint Venture Partner	Adani Global Ltd, Mauritius Chemoil Energy Ltd, Hongkong
Enterprises over which the key management personnel and/or their relatives have significant influence	Aanya Maritime Inc Aashna Maritime Inc Adani Enterprises Limited Adani Gas Limited Adani Logistics Limited Adani Murmugao Port Terminal Private Limited Adani Petronet (Dahej) Port Private Limited Adani Port and Special Ecomonic Zone Limited Adani Power Limited Adani Properties Private Limited Andromedia Management Limited. Chemoil International Pte Limited Chemoil Middle East DMCC Link Marine Pte Limited Ocean Connect Marine Pte Limited Vanshi Shipping Pte Limited

CAPITAL STRUCTURE

As on 08.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1687964	Equity Shares	Rs.10/- each	Rs. 16.880 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	16.880	16.880	16.880
(b) Reserves & Surplus	1072.092	935.804	1223.034
(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)	1088.972	952.684	1239.914
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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	1.194	0.774	0.536
Total Non-current Liabilities (3)	1.194	0.774	0.536
(4) Current Liabilities
(a) Short term borrowings	5706.549	1722.539	1696.743
(b) Trade payables	25.145	956.839	1082.345
(c) Other current liabilities	126.332	13.249	25.727
(d) Short-term provisions	0.525	0.144	0.018
Total Current Liabilities (4)	5858.551	2692.771	2804.833
TOTAL	6948.717	3646.229	4045.283
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.295	9.354	10.694
(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	0.010	0.010	0.010
(c) Deferred tax assets (net)	1.095	0.312	2.166
(d) Long-term Loan and Advances	100.030	72.897	68.503
(e) Other Non-current assets	0.012	0.048	1.046
Total Non-Current Assets	108.442	82.621	82.419
(2) Current assets
(a) Current investments	150.000	0.000	0.000
(b) Inventories	1536.187	1420.954	2068.811
(c) Trade receivables	2025.508	1207.342	1154.468
(d) Cash and cash equivalents	780.194	832.627	499.440
(e) Short-term loans and advances	2346.748	102.678	240.096
(f) Other current assets	1.638	0.007	0.049
Total Current Assets	6840.275	3563.608	3962.864
TOTAL	6948.717	3646.229	4045.283

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	15535.600	15178.500
	Other Income	274.900	82.200
	TOTAL	15810.500	15260.700	19723.189
Less	EXPENSES
	TOTAL	15674.700	15553.000	19200.461
	PROFIT/ (LOSS) BEFORE TAX	135.800	(292.300)	522.728
Less	TAX	(0.500)	(5.100)	40.045
	PROFIT/ (LOSS) AFTER TAX	136.300	(287.200)	482.683
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	15069.400	14311.500	19030.000
	TOTAL EARNINGS	15069.400	14311.500	19030.000
	Earnings / (Loss) Per Share (Rs.)	80.748	(170.160)	285.950

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.88	(1.89)	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.95	(8.02)	12.93
Return on Investment (ROI) (PBT/Networth)		0.12	(0.31)	0.42
Debt Equity Ratio (Total Debt /Networth)		5.24	1.81	1.37
Current Ratio (Current Asset/Current Liability)		1.17	1.32	1.41

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	16.880	16.880	16.880
Reserves & Surplus	1223.034	935.804	1072.092
Net worth	1239.914	952.684	1088.972
long-term borrowings	0.000	0.000	0.000
Short term borrowings	1696.743	1722.539	5706.549
Total borrowings	1696.743	1722.539	5706.549
Debt/Equity ratio	1.368	1.808	5.240

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	15178.500	15535.600
		2.353

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	15178.500	15535.600
Profit	-287.200	136.300
	-1.89%	0.88%

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 two 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

Nature of Operation:

Subject is a subsidiary of Chemoil Adani Pte. Limited (the Joint Venture Company of Chemoil Energy Limited and Adani Global Limited). Chemoil Group is a global trader and manufacturer of marine fuel products. The Adani Group is one of India's most dynamic conglomerates with diversified businesses.

Company is a physical bunker supplier at Gujarat ports where supply is arranged from world class bunkering terminal at Mundra.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loan and advances from related parties	1926.699	0.000
Total	1926.699	0.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10168398	27/08/2012 *	8,000,000,000.00	AXIS BANK LIMITED	Trishul, 3rd Floor, Opp. Samatheshwar Mahadev, Law Garden, Ahmedabad, Gujarat - 380006, INDIA	B57847980
2	10138557	09/05/2009 *	3,000,000,000.00	AXIS BANK LIMITED	MAKER TOWERS, "F", 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, Maharashtra - 400005, INDIA	A62601992

* Date of charge modification

FIXED ASSETS

• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer Equipments

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.61.76
UK Pound	1	Rs.94.01
Euro	1	Rs.72.63

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.