MIRA INFORM REPORT

Report No. :	345147
Report Date :	15.10.2015

IDENTIFICATION DETAILS

Name :	L S R SPECIALITY OILS PRIVATE LIMITED
Registered Office :	D-302/03/04 Raikar Chambers, Govandi East, Taluka Kurla, Mumbai-400088, Maharashtra
Tel. No.:	91-22-66868507
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.04.1992
Com. Reg. No.:	11-066603
Capital Investment / Paid-up Capital :	Rs. 3.000 Million
CIN No.: [Company Identification No.]	U15140MH1992PTC066603
IEC No.:	0394040279
TAN No.: [Tax Deduction & Collection Account No.]	MUML01676D
PAN No.: [Permanent Account No.]	AAACL1017H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Lubricant Oils.
No. of Employees :	Not Divulged

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 1115900
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is an established company incorporated in the year 1992, engaged in manufacturing and supplying of lubricant oil. It has satisfactory track. For the financial year ended 2014, company possesses decent operational performance by reporting 29% growth in its net profit profile from its business activities. Further, rating also considers company’s sound financial risk profile backed by its healthy net worth base and strong debt protection activities, Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

NOT AVAILABLE

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 31-03-2015.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE

(Contact No: 91-22-66868507/ 91-9323799843)

LOCATIONS

Registered Office :	D-302/03/04 Raikar Chambers, Govandi East, Taluka Kurla, Mumbai-400088, Maharashtra, India
Tel. No.:	91-22-25286896/ 2861
Fax No.:	91-22-25282264
E-Mail :	kumarraju@lsrgroup.com admin@lsrgroup.com
Factory :	Plot Nos. G-13/5 to G-13/7/1, MIDC Area, Taloja, District Raigad - 410208, Maharashtra, India
Tel. No.:	91-22-67600200
Fax No.:	91-22-67600218/ 19

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Kumar Raju Nandimandalam

Designation :

Managing director

Address :

B-11,Dattaguru Society, Deonar Village Road, Deonar, Mumbai- 400088, Maharashtra, India

Date of Birth/Age :

25.06.1967

Date of Appointment :

30.04.1992

DIN No.:

00829724

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	U15140MH1992PTC066603	L S R SPECIALITY OILS PRIVATE LIMITED	Managing director	30/04/1992	30/04/1992	Active	NO
2	U24233MH1980PTC023229	LSR LUBRICANTS PRIVATE LIMITED	Managing director	01/04/2011	20/04/2010	Active	NO

Name :

Mr. Sreedhar Raju Nandimandalam

Designation :

Director

Address :

B-10, Dattaguru Society, Deonar Village Road, Deonar, Mumbai- 400088, Maharashtra, India

Date of Birth/Age :

18.04.1937

Date of Appointment :

01.04.1996

DIN No.:

00840905

Name :

Mr. Chengal Raju Nandimandalam

Designation :

Director

Address :

B-10, Dattaguru Society, Deonar Village Road, Deonar, Mumbai- 400088, Maharashtra, India

Date of Birth/Age :

18.04.1934

Date of Appointment :

01.04.1996

DIN No.:

01864938

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	U24233MH1980PTC023229	LSR LUBRICANTS PRIVATE LIMITED	Director	01/04/2011	03/10/1980	Active	NO
2	U15140MH1992PTC066603	L S R SPECIALITY OILS PRIVATE LIMITED	Director	01/04/1996	01/04/1996	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	No. of Shares
Chengal Raju Nandimandalam	2850	9.50
Kumar Raju Nandimandalam	12450	41.50
Sreedhar Raju Nandimandalam	7500	25.00
Madhuri Raju	3000	10.00
Sirish Raju	2700	9.00
Rohan Raju	1500	5.00
Total	30000	100.00

AS ON 30.09.2014

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Lubricant Oils.
Products :	--
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

· Afton Chemical India Private Limited

· Indian Additives Limited

· Pearson Drums and Barrels Private Limited

· Rupali Industies

· Ambuja Cements limited

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

· Castrol India Limited

· LSR Lubricants Private Limited

· Sagar Petroleums Limited

· Sun Oil Company Private Limited

· Nepal Petroleums Limited

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Kotak Mahindra Bank Limited
Branch:	36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai- 400021, Maharashtra, India
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· ICICI Bank Limited

· IDBI Bank Limited

· State Bank of India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Cash Credit from Kotak Mahindra Bank Limited	26.856	15.014
Overdraft facility from Kotak Mahindra Bank Limited	20.029	19.619
Buyers Credit from Kotak Mahindra Bank Limited	42.599	59.463
Car Loan from Valkswagen Finance Kotak Mahindra Bank Limited	3.133	3.803
Total	92.617	97.899

Banking Relations :	--
Auditors :
Name :	P. V. Ratnam Chartered Accountant
Address :	403,Privik Residency ,Street No.4, HMT Nagar, Nacharam, Hyderabad-500076, Andhra Pradesh, India
Income-tax PAN of auditor or auditor's firm :	AASPP6650R
Memberships :	--
Collaborators :	--
Enterprises controlled by key management personnel/ relatives of key management personnel :	· LSR Chemicals · LSR Lubricants Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
30,000	Equity Shares	Rs. 100/- each	Rs. 3.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30,000	Equity Shares	Rs. 100/- each	Rs. 3.000 Million

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	3.000	3.000	3.000
(b) Reserves & Surplus	387.570	321.460	271.077
(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)	390.570	324.460	274.077
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	4.127	4.788	4.777
(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)	4.127	4.788	4.777
(4) Current Liabilities
(a) Short term borrowings	92.617	97.899	67.093
(b) Trade payables	185.538	75.873	86.179
(c) Other current liabilities	2.495	0.828	1.223
(d) Short-term provisions	141.607	105.629	78.344
Total Current Liabilities (4)	422.257	280.229	232.839
TOTAL	816.954	609.477	511.693
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	143.237	145.459	127.249
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	4.871
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	140.961	136.650	131.410
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	284.198	282.109	263.530
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	52.046	56.710	34.379
(c) Trade receivables	198.167	75.525	69.383
(d) Cash and cash equivalents	33.298	0.726	0.483
(e) Short-term loans and advances	97.431	83.958	62.995
(f) Other current assets	151.814	110.449	80.923
Total Current Assets	532.756	327.368	248.163
TOTAL	816.954	609.477	511.693

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	TOTAL RECEIPTS			755.497	530.269	405.749
Less	EXPENSES
			TOTAL	NA	NA	NA
	PROFIT BEFORE TAX			106.715	82.910	82.351
Less	TAX			35.340	27.297	32.255
	PROFIT AFTER TAX			71.375	55.613	50.096
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	1.663	3.277	4.445
	TOTAL EARNINGS			1.663	3.277	4.445
	IMPORTS
		Raw Materials		239.543	99.127	116.981
		Stores & Spares		0.064	0.050	0.000
	TOTAL IMPORTS			239.607	99.177	116.981
	Earnings Per Share (Rs.)			2379.17	1853.77	1669.87

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	15.79	17.53	21.94
Return on Investment (ROI) (PBT/Networth)		0.27	0.26	0.30
Debt Equity Ratio (Total Debt/Networth)		0.24	0.30	0.24
Current Ratio (Current Asset/Current Liability)		1.26	1.17	1.07

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

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	3.000	3.000	3.000
Reserves & Surplus	271.077	321.460	387.570
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	274.077	324.460	390.570
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	67.093	97.899	92.617
Total borrowings	67.093	97.899	92.617
Debt/Equity ratio	0.245	0.302	0.237

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)
Total Receipts	405.749	530.269	755.497
		30.689	42.474

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Receipts	405.749	530.269	755.497
Profit	50.096	55.613	71.375
	12.35%	10.49%	9.45%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS:

HIGH COURT OF BOMBAY

Bench:- Bombay
Presentation Date:- 05/01/2015
Lodging No:-	STRL/46/2012	Filing Date:-	09/11/2012	Reg. No.:-	STR/65/2012	Reg. Date:-	03/12/2012
Petitioner:-	THE COMMISSIONER OF SALES TAX, M.S.		Respondent:-	L.S.R. SPECIALITY OIL PVT. LTD.-
Petn. Adv.:	GOVERN PLEADER HIGH COURT O.S. BOM
District:-	MUMBAI
Bench:-	DIVISION
Status:-	Pre-Admission		Category:-	SALES TAX REFERENCES.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10067010	01/10/2012 *	100,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI- 400021, MAHARASHTRA, INDIA	B59620781
2	90365871	05/04/2006	45,000,000.00	KOTAK MAHINDRA BANK LIMITED	NARIMAN POINT, MUMBAI, MAHARASHTRA, INDIA	-

* Date of charge modification

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture

· Vehicles

· Office Equipment

· Computer

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 records 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. 65.11
UK Pound	1	Rs. 99.50
Euro	1	Rs. 74.24

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	HNA
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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.