MIRA INFORM REPORT

Report Date :

13.12.2011

IDENTIFICATION DETAILS

Name :	IDL EXPLOSIVES LIMITED
Registered Office :	Kukatpalli, Post Bag No.1, Sanatnagar (IE), Hyderabad – 500018, Andhra Pradesh
Country :	India
Date of Incorporation :	22.09.2010
Com. Reg. No.:	01-070529
Capital Investment / Paid-up Capital :	Rs.25.400 Millions (As on 22.09.2011)
CIN No.: [Company Identification No.]	U28132AP2010PLC070529
TAN No.: [Tax Deduction & Collection Account No.]	HYDI03086G
PAN No.: [Permanent Account No.]	AACCI4429C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Industrial Explosives.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	New Company
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a subsidiary of Gulf Oil Corporation Limited, India Subject is a new company establishing itself gradually. Trade relations are reported as fair. Business is active. Payments are unknown. The company can be considered for business dealings 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION DECLINED BY

Management Non co-operative

LOCATIONS

Registered Office :	Kukatpalli, Post Bag No.1, Sanatnagar (IE), Hyderabad – 500018, Andhra Pradesh, India
Tel. No.:	91-40-23702830
Fax No.:	91-40-23813860
E-Mail :	secretarial@gulfoilcorp.com vksundaram@idlind.com

DIRECTORS

(AS ON 22.09.2011)

Name :

Mr. Venkata Subramanian Natarajan Kuthoore

Designation :

Director

Address :

D4/D5, Ashok Shwetha, 173 Avvai Shanmugam Road, Royapettah, Chennai – 600014, Tamilnadu, India

Date of Birth/Age :

14.04.1938

Date of Appointment :

29.03.2011

DIN No.:

00007392

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U23201MH1994PTC078824	GULF CAROSSERIS INDIA LIMITED	Director	26/09/1997	26/09/1997	-	Active	NO
2	L24292AP1961PLC000876	GULF OIL CORPORATION LIMITED	Director	27/11/1997	27/11/1997	-	Active	NO
3	L63090GJ1998PLC034182	MUNDRA PORT AND SPECIAL ECONOMIC ZONE LIMITED	Director	28/09/1999	28/09/1999	-	Active	NO
4	U67190MH1991PTC061315	IMPERIAL CORPORATE FINANCE AND SERVICES PRIVATE LIMITED	Director	22/10/1999	22/10/1999	-	Active	NO
5	U23209AP1994PTC017623	EAST INDIA PETROLEUM PRIVATE LIMITED	Director	1/4/2000	1/4/2000	30/09/2007	Active	NO
6	L11100GJ1989PLC032116	ESSAR OIL LIMITED	Director	31/10/2000	31/10/2000	-	Active	NO
7	L27203DD1989PLC003240	TIME TECHNOPLAST LIMITED	Director	14/12/2000	14/12/2000	-	Active	NO
8	U30000GJ2000PLC038530	E CUBE INDIA SOLUTIONS LIMITED	Director	29/01/2001	29/01/2001	27/09/2008	Active	NO
9	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Additional director	11/8/2006	11/8/2006	26/05/2009	Active	NO
10	U24110MH1971PLC207546	IDL SPECIALITY CHEMICALS LIMITED	Director	4/8/2009	4/8/2009	9/6/2010	Active	NO
11	U28132AP2010PLC070529	IDL EXPLOSIVES LIMITED	Additional director	29/03/2011	29/03/2011	-	Active	NO
12	U45200GJ1981PLC004437	M & B ENGINEERING LIMITED	Director	30/04/2011	1/4/2011	-	Active	NO

Name :

Mr. Subhas Pramanik

Designation :

Director

Address :

Plot No.14, Naturoville, Survey No.210, Near Kendriya Vidyalaya, Bolarum, Yapral, Secunderabad – 500087, Andhra Pradesh, India

Date of Birth/Age :

28.09.1949

Date of Appointment :

22.09.2010

DIN No.:

00020414

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L24292AP1961PLC000876	GULF OIL CORPORATION LIMITED	Managing director	8/7/2011	21/06/1994	-	Active	NO
2	U23201MH1994PTC078824	GULF CAROSSERIS INDIA LIMITED	Director	12/7/1994	12/7/1994	-	Active	NO
3	U70102AP1994PLC018453	IDL BUILDWARE LIMITED	Director	30/03/1996	30/03/1996	-	Active	NO
4	U24110MH1971PLC207546	IDL SPECIALITY CHEMICALS LIMITED	Director	28/11/1998	28/11/1998	9/6/2010	Active	NO
5	U52520AP1988PLC008189	APDL ESTATES LIMITED	Director	15/10/2001	15/10/2001	7/1/2009	Active	NO
6	U45200AP2008PLC060190	HINDUJA INFRASTRUCTURE LIMITED	Director	4/8/2009	17/07/2008	-	Active	NO
7	U28132AP2010PLC070529	IDL EXPLOSIVES LIMITED	Director	22/09/2010	22/09/2010	-	Active	NO

Name :

Mr. Hemraj Chaturbhu Asher

Designation :

Director

Address :

32, Mody Street, Fort, Mumbai – 400001, Maharashtra, India

Date of Birth/Age :

02.01.1934

Date of Appointment :

29.03.2011

DIN No.:

00024863

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L29261PN1955PLC009579	THE INDIAN CARD CLOTHING COMPANY LIMITED	Director	30/04/1973	30/04/1973	-	Active	NO
2	L74999MH1949PLC007912	MONSANTO INDIA LIMITED	Director	9/8/1973	9/8/1973	-	Active	NO
3	L17110MH1943PLC010052	ARI CONSOLIDATED INVESTMENTS LIMITED	Director	25/03/1974	25/03/1974	4/9/2008	Active	NO
4	U29100MH1977PTC019593	ELOF HANSSON (INDIA) PRIVATE LIMITED	Director	6/4/1977	6/4/1977	-	Active	YES
5	U29100MH1984PTC033494	BIMAG MACHINES PRIVATE LIMITED	Director	20/07/1984	20/07/1984	19/01/2009	Under liquidation	NO
6	U29197MH1973PLC016973	HIND FILTERS LIMITED	Director	11/2/1987	11/2/1987	-	Active	NO
7	U99999MH1977PLC019836	KELTECH ENERGIES LIMITED	Director	16/12/1987	16/12/1987	-	Not Available for eFiling	NO
8	U29261MH1994PTC076139	OERLIKON TEXTILE INDIA PRIVATE LIMITED	Director	19/01/1994	19/01/1994	-	Active	NO
9	U74140MH1995PTC094339	PRS TECHNOLOGIES PRIVATE LIMITED	Director	9/11/1995	9/11/1995	-	Active	NO
10	L51900MH1985PLC036896	HINDUJA VENTURES LIMITED	Director	21/08/1998	21/08/1998	-	Active	NO
11	U63000MH1998PTC117292	ALLIED PICKFORDS INDIA PRIVATE LIMITED	Director	1/12/1998	1/12/1998	-	Active	NO
12	U51900MH1999PTC122481	DIAMANT BOART MARKETING PRIVATE LIMITED	Director	1/11/1999	1/11/1999	-	Active	NO
13	L24292AP1961PLC000876	GULF OIL CORPORATION LIMITED	Director	19/08/2002	19/08/2002	-	Active	NO
14	L30007KA1977PLC031660	KELTECH ENERGIES LIMITED	Director	4/3/2003	4/3/2003	-	Active	NO
15	L05190KA1921PLC036321	INGERSOLL-RAND (INDIA) LIMITED	Director	20/07/2005	20/07/2005	-	Active	NO
16	U67120MH1997PLC106676	GRANT INVESTRADE LIMITED	Director	23/09/2006	22/12/2005	-	Active	NO
17	U74999MH1992PTC068790	BIJUR DELIMON INDIA PRIVATE LIMITED	Alternate director	16/10/2008	20/02/2006	16/10/2008	Active	NO
18	U60231TN2006PTC061597	C.H. ROBINSON WORLDWIDE FREIGHT INDIA PRIVATE LIMITED	Director	27/11/2006	27/11/2006	1/12/2006	Active	NO
19	U74140MH2008PTC183020	WACHOVIA ADVISORY SERVICES PRIVATE LIMITED	Director	2/6/2008	2/6/2008	5/11/2008	Active	NO
20	L29199GJ1981PLC028741	INTEGRA ENGINEERING INDIA LIMITED	Additional director	23/06/2010	23/06/2010	18/02/2011	Active	NO
21	U28132AP2010PLC070529	IDL EXPLOSIVES LIMITED	Additional director	29/03/2011	29/03/2011	-	Active	NO

Name :

Mr. Sukhendu Chakrabarti

Designation :

Whole Time Director

Address :

AACHOL, Plot No.49, Jawahar Rail Colony, Sikh Road, Secunderabad – 500009, Andhra Pradesh, India

Date of Birth/Age :

08.03.1950

Date of Appointment :

25.05.2011

DIN No.:

00332288

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24110MH1971PLC207546	IDL SPECIALITY CHEMICALS LIMITED	Director	28/01/2005	28/01/2005	9/6/2010	Active	NO
2	U52520AP1988PLC008189	APDL ESTATES LIMITED	Director	28/01/2005	28/01/2005	7/1/2009	Active	NO
3	U45200AP2008PLC060190	HINDUJA INFRASTRUCTURE LIMITED	Director	4/8/2009	17/07/2008	-	Active	NO
4	U28132AP2010PLC070529	IDL EXPLOSIVES LIMITED	Whole-time director	25/05/2011	22/09/2010	-	Active	NO

Name :

Mr. Tamal Tarun Das

Designation :

Director

Address :

H. No.1-19-71/A11/303, Kalyan Plaza, Rukmini Kapra, dr. A. S. Rao Nagar, Hyderabad – 500062, Andhra Pradesh, India

Date of Birth/Age :

09.01.1961

Date of Appointment :

22.09.2010

DIN No.:

01224431

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24110MH1971PLC207546	IDL SPECIALITY CHEMICALS LIMITED	Director	28/09/2007	22/12/2006	9/6/2010	Active	NO
2	U52520AP1988PLC008189	APDL ESTATES LIMITED	Director	28/09/2007	1/3/2007	7/1/2009	Active	NO
3	U45200AP2008PLC060190	HINDUJA INFRASTRUCTURE LIMITED	Director	4/8/2009	17/07/2008	-	Active	NO
4	U28132AP2010PLC070529	IDL EXPLOSIVES LIMITED	Director	22/09/2010	22/09/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. V. Kalyan Sundaram
Designation :	Secretary
Address :	Flat No.7, Raga Sriniketan Apartments, 41/51, R. K. Shanmugam Salai, K. K. Nagar, Chennai – 600078, Tamilnadu, India
Date of Birth/Age :	22.05.1963
Date of Appointment :	08.06.2011
PAN No.:	ABLPK8829M
Email :	vksundaram@idlind.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 22.09.2011)

Names of Shareholders	No. of Shares (Equity)
Gulf Oil Corporation Limited (GOCL), India	49994
Subhash Pramanik	1
Sukhendu Chakrabarti	1
Tamul Tarun Das	1
S. Subramanian	1
Raman Gopal	1
R. S. Deshmukh	1
Total	50000
Names of Shareholders	No. of Shares (Preference)
Gulf Oil Corporation Limited (GOCL), India	249000
Total	249000

(AS ON 31.12.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Industrial Explosives.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· State Bank of Hyderabad Overseas Branch, 6-3-652, “Kautilya”, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India

Banking Relations :	--
Auditors :	Not Available

CAPITAL STRUCTURE

(AS ON 22.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Share	Rs.10/- each	Rs.0.500 Million
249000	Preference Shares	Rs.100/- each	Rs.24.900 Millions
	Total		Rs.25.400 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Share	Rs.10/- each	Rs.0.500 Million
249000	Preference Shares	Rs.100/- each	Rs.24.900 Millions
	Total		Rs.25.400 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

NEW COMPANY

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company	U28132AP2010PLC070529
Name of the company	IDL EXPLOSIVES LIMITED
Address of the registered office or of the principal place of business in India of the company	Kukatpalli, P.B.No.1, Sanatnagar (IE), Hyderabad – 500018, Andhra Pradesh, India secretarial@gulfoilcorp.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge Others: 2nd pari passu charge on fixed assets
Particular of charge holder	State Bank of Hyderabad Overseas Branch, 6-3-652, "Kautilya", Somajiguda, Hyderabad – 500082, Andhra Pradesh, India osbsbh@yahoo.com
Nature of instrument creating charge	1) Agreement of Hypothecation of Goods and Assets 2) Letter regarding the grant of individual limits within the over limit 3) Copy of Sanction Letter
Date of instrument Creating the charge	15.09.2011
Amount secured by the charge	Rs.680.300 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: 1) C.C (Hypothecation) Limit at 3.75% above Base Rate, currently 14.25% p.a (floating) 2) STCL-II Limit: No change in the existing rate of interest. Terms of Repayment: 1) The working capital limits are repayable on demand. 2) STCL-II Term Loan is repayable in 20 equal monthly installments. Margin: 1) Raw Materials, Stock-in-process and Finished Goods at 25% 2) Book Debts/Receivable s (Cover period -PSU customers - 180 days, Non PSU customers -120 days) at 25% 3) LC and BG at 5% 4) For disputed BGs at 100% Extent and Operation of the charge: The charge operates as a continuing charge on the property charged until the repayment of the entire credit facilities sanctioned by the bank. Others: The Limits of Rs.680.300 Millions consisting of 1) Cash Credit (Hypothecation) Rs.100.000 Millions 2) EPC/PCFC(Sub limit of CC) (Rs.55.000 Millions) 3) FDB/EBR (sub limit of CC) (Rs.50.000 Millions) 4) STCL - II Rs. 83.300 Millions 5) LC Rs.390.000 Millions 6) B.G. Rs.100.000 Millions 7) Forward Cover (2% of limit Rs.350.000 Millions) Rs.7.000 Millions
Particulars of the property charged	Primary Security: Hypothecation of raw materials, finished goods, stocks in process, stores & spares and receivables of the company ranking paripassu with other working capital lenders. Collateral Security: 2nd Paripassu charge on the fixed assets of IDL Explosives Limited.

NEWS:

Gulf Oil Demerges its Industrial Explosives Business

04 Oct 2010 GULF OIL DEMERGES ITS INDUSTRIAL EXPLOSIVES BUSINESS

Hyderabad, October 4, 2010:

Gulf Oil Corporation Limited, a Hinduja Group Company, has announced a restructuring of the Explosives business of the Company.

Gulf Oil Corporation Limited (formerly known as IDL Industries Limited) has been in business for 50 years. Over these years it has diversified organically and inorganically.

Currently the Company has 4 autonomously managed Divisions namely Lubricants (53% of the revenue), Explosives (29% of the revenue) and Contract Mining (21% of the revenue) while the Real Estate segment is now being developed into a major revenue earner for the future.

Last year the Company had a total turnover of Rs.10660.000 Millions and it was felt that the business model of the Company needed to be reviewed to allow growth for the various business segments.

In the mining industry in India there is a definite transition towards operation of larger mines with more technological inputs and emphasis on safety. At the same time, the market for bulk and packaged explosives has also become extremely competitive and require highly customer centric, cost optimised supply chain. It was, therefore, decided that the Industrial Explosives comprising of packaged explosives, bulk explosives and metal cladding business be demerged into a wholly owned subsidiary of Gulf Oil Corporation Limited, named IDL Explosives Limited. The turnover of the planned demerged business areas last year was around Rs. 2200.000 Millions from 7 manufacturing plants located at Rourkela, Singrauli, Korba, Rajrappa, Ramagundam, Dhanbad and Udaipur.

Steps for the Scheme of Demerger of the business into a 100% wholly owned subsidiary along with necessary approvals are being taken and will be completed over the next few months. The subsidiarisation of the packaged and bulk explosives business will allow the Company to have a level playing field with majority of competition who are focused on the explosives business.

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.52.42
UK Pound	1	Rs.81.92
Euro	1	Rs.69.94

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.