MIRA INFORM REPORT

Report Date :

13.12.2012

IDENTIFICATION DETAILS

Name :	GANDHAR OIL REFINERY (INDIA) LIMITED
Formerly Known As :	SUNOCO INDUSTRIES PRIVATE LIMITED GANDHAR OIL REFINERY (INDIA) PRIVATE LIMITED
Registered Office :	29/3, Sewree Premises Co-Operative Society, Sewree (East), Mumbai- 400 015, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.10.1992
Com. Reg. No.:	11-068905
Capital Investment / Paid-up Capital :	Rs. 115.000 millions
CIN No.: [Company Identification No.]	U23200MH1992PLC068905
TAN No.: [Tax Deduction & Collection Account No.]	MUMG09470G MUMG08489F
PAN No.: [Permanent Account No.]	AAACG3996J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Grade Mineral Oils and Petrolatums.
No. of Employees :	310 [Approximately] (In Office 110 and In Factory 200)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 2880000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of Gandhar Group. It is a well established company having satisfactory track. The latest financials of the company are not made available. However, as per previous year’s record, the company is found to be performing well. Trade relations are reported as decent. Business is active. Payment terms are usually correct and as per commitment. 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB+ (Long term rating)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	25.06.2012

Rating Agency Name	CRISIL
Rating	A2 (Short term rating)
Rating Explanation	Strong degree of safety and low credit risk
Date	25.06.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	29/3, Sewree Premises Co. Operative Society, Sewree (East), Mumbai-400015, Maharashtra, India
Tel. No.:	91-22-24113667/24132804/24146105
Fax No.:	Not Available
E-Mail :	pur@gandharoil.com sales@gandharoil.com punils@gandharoil.com sandeepl@gandharoil.com
Website :	www.gandharoil.com
Corporate Office :	10^th Floor, 1001 Unique Towers, S. V. Road, Goregaon (West), Mumbai-400062, Maharashtra, India
Tel. No.:	91-22-40635600
Fax No.:	91-22-40635601
E-Mail :	sales@gandharoil.com
Factory 1 :	T-10, MIDC Taloja Main Road, Taluka Panvel, District Raigad, Maharashtra, India
Tel. No.:	91-22-27412047/27401209
Fax No.:	91-22-27410408
Factory 2 :	Unit No.2, Plot No.2, Survey 678/1/3, Village Naroli,Near Naroli Cheack Post, Dadra and Nagar Haveli, Silvassa, India
Tel. No.:	91-260-3293702
Fax No.:	91-260-2651120
Branch Office :	Located At: v Indore v Udaipur

DIRECTORS

As on 29.09.2012

Name :

Mr. Devanshu Pravinbhai Desai

Designation :

Additional Director

Address :

42, Dharam Prem, Nehru Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

26.02.1963

Date of Appointment :

08.11.2010

DIN No. :

00493980

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	U65990MH1992PTC065638	NIDHI EQUITY PRIVATE LIMITED	Director	01/07/1995	01/07/1995	31/10/2007	Active	NO
2	L65910MH1980PLC022765	SAM LEASECO LIMITED	Director	05/10/1996	05/10/1996	-	Active	NO
3	U67120MH1998PLC114103	FIRST OVERSEAS CAPITAL LIMITED	Director	28/05/2003	28/05/2003	-	Active	NO
4	L74999MH1905PLC000223	BOMBAY SWADESHI STORES LIMITED	Director	30/09/2004	30/09/2004	-	Active	NO
5	L27203MH1994PLC080732	PAREKH ALUMINEX LIMITED	Director	30/06/2006	30/06/2006	-	Active	NO
6	U23200MH1992PLC068905	GANDHAR OIL REFINERY (INDIA) LIMITED	Director	08/11/2010	01/04/2010	-	Active	NO

Name :

Mr. Rajiv Makhanlal Mattoo

Designation :

Whole Time Director

Address :

B-6, Vasundhara Tilak Road, Ghatkopar East, Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

21.12.1958

Date of Appointment :

08.11.2010

DIN No. :

01062384

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	U99999MH1992PTC066719	ANNA BULK CARRIERS PVT LTD	Director	12/05/1992	12/05/1992	-	Active	NO
2	U23200MH1992PLC068905	GANDHAR OIL REFINERY (INDIA) LIMITED	Whole-time director	08/11/2010	13/08/2010	-	Active	NO

Name :

Mr. Ramesh Babulal Parekh

Designation :

Whole Time Director

Address :

A-802, Adarsh Classic, Adarsh Dugdhalay Road, Off. Marve Road, Malad (West), Mumbai-400 064, Maharashtra, India

Date of Birth/Age :

12.06.1954

Date of Appointment :

29.01.2009

DIN No. :

01108443

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	U23200MH1992PLC068905	GANDHAR OIL REFINERY (INDIA) LIMITED	Whole-time director	29/10/2009	07/10/1992	-	Active	NO
2	U70102MH2008PTC181615	BHOOMI GALAXY CREATORS AND REALTORS PRIVATE LIMITED.	Director	25/04/2008	25/04/2008	02/06/2008	Active	YES
3	U45202MH2010PTC200276	GANDHAR INFRASTRUCTURE PROJECT PRIVATE LIMITED	Director	19/02/2010	19/02/2010	-	Active	NO

Name :

Mr. Jitendra Babulal Parekh

Designation :

Whole Time Director

Address :

A-701, Adarsh Classic, Adarsh Dugdhalay Road, Off. Marve Road, Malad (West), Mumbai-400 064, Maharashtra, India

Date of Birth/Age :

26.11.1952

Date of Appointment :

01.04.2010

DIN No. :

01108480

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	U23200MH1992PLC068905	GANDHAR OIL REFINERY (INDIA) LIMITED	Whole-time director	01/04/2010	19/01/1995	-	Active	NO

Name :

Mr. Aslesh Rameshkumar Parekh

Designation :

Managing Director

Address :

A – 802, Adarsh Classic, Adarsh Dugdhalay Road, Off Marve Road, Malad (West), Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

01.03.1982

Qualification :

M.B.A

Date of Appointment :

28.09.2010

DIN No. :

02225795

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	U23200MH1992PLC068905	GANDHAR OIL REFINERY (INDIA) LIMITED	Managing director	28/09/2010	01/04/2008	-	Active	NO

Name :

Mr. Samir Ramesh Parekh

Designation :

Managing Director

Address :

A-802, Adarsh Classic, Adarsh Dugdhalay Road, Off. Marve Road, Malad (West), Mumbai-400 064, Maharashtra, India

Date of Birth/Age :

12.04.1980

Qualification :

B.Com

Date of Appointment :

28.09.2010

DIN No. :

02225839

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	U23200MH1992PLC068905	GANDHAR OIL REFINERY (INDIA) LIMITED	Managing director	28/09/2010	01/04/2008	-	Active	NO
2	U61100MH2010PTC203142	GANDHAR SHIPPING AND LOGISTICS PRIVATE LIMITED	Director	13/05/2010	13/05/2010	-	Active	NO

Name :

Mr. Rajiv Jitendra Parekh

Designation :

Whole-time director

Address :

A-701, Adarsh Classic, Adarsh Dugdhalay Compound, Off. Marve Road, Malad (West), Mumbai-400 064, Maharashtra, India

Date of Birth/Age :

28.06.1976

Date of Appointment :

30.09.2011

DIN No.:

02868122

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	U61100MH2010PTC203142	GANDHAR SHIPPING AND LOGISTICS PRIVATE LIMITED	Director	13/05/2010	13/05/2010	-	Active	NO
2	U23200MH1992PLC068905	GANDHAR OIL REFINERY (INDIA) LIMITED	Whole-time director	30/09/2011	01/01/2011	-	Active	NO

Name :

Mr. Kailash Babulal Parekh

Designation :

Additional Director

Address :

703/A, Adarsh Classic Off, Marve Road, Malad West, Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

15.04.1956

Date of Appointment :

08.11.2010

DIN No. :

02868124

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	U23200MH1992PLC068905	GANDHAR OIL REFINERY (INDIA) LIMITED	Director	08/11/2010	19/01/2010	-	Active	NO

Name :

Mr. Sitaram Ramgopal Choudhary

Designation :

Additional Director

Address :

C/55, Benher Apartment, Chanoavarkar lane, Borivali (West), Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

09.07.1974

Date of Appointment :

08.11.2010

DIN No. :

02873497

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	U23200MH1992PLC068905	GANDHAR OIL REFINERY (INDIA) LIMITED	Director	08/11/2010	19/01/2010	-	Active	NO
2	U61100MH2010PTC203142	GANDHAR SHIPPING AND LOGISTICS PRIVATE LIMITED	Director	13/05/2010	13/05/2010	-	Active	NO

Name :

Mr. Sarthak Behuria

Designation :

Director

Address :

K-99, Hauz Khas, New Delhi-110016, India

Date of Birth/Age :

02.03.1952

Date of Appointment :

29.09.2012

DIN No.:

03290288

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	L40106DL1981PLC012228	SPML INFRA LIMITED	Director	30/09/2010	12/08/2010	-	Active	NO
2	U29110MH1990PLC055506	SKIL Infrastructure Limited	Director	08/12/2010	29/11/2010	01/03/2011	Active	NO
3	U72300UP1994PLC017271	SJP REAL ESTATE LIMITED	Additional director	01/01/2011	01/01/2011	01/10/2011	Amalgamated	NO
4	U24233GJ2011PTC065293	INDO BAIJIN CHEMICALS PRIVATE LIMITED	Additional director	30/05/2011	30/05/2011	-	Active	NO
5	U80302DL2001PTC113471	MODI APOLLO INTERNATIONAL GROUP PRIVATE LIMITED	Additional director	30/05/2011	30/05/2011	-	Active	NO
6	U34102PN1989PLC014807	RSB TRANSMISSIONS (I) LTD	Director	27/09/2012	04/08/2011	-	Active	NO
7	U74999DL1996PTC080090	KKM MANAGEMENT CENTRE PRIVATE LIMITED	Director	18/08/2011	18/08/2011	-	Active	NO
8	U23200MH1992PLC068905	GANDHAR OIL REFINERY (INDIA) LIMITED	Director	29/09/2012	01/09/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Ramesh B. Parekh	200000
Jitendra B. Parekh Jointly with Mrs. Gulab J Parekh	156000
Kailash B Parekh Jointly with Mrs. Padmini Parekh	156000
Gulab J. Parekh Jointly with Jitendra B Parekh	20000
Pooja K. Parekh Jointly with Kailash B. Parekh	16000
Kunal K. Parekh Jointly with Kailash B. Parekh	16000
Samir R. Parekh Jointly with Ramesh B. Parekh	16000
Aslesh R. Parekh Jointly with Ramesh B Parekh	16000
Saurabh R. Parekh Jointly with Ramesh B Parekh	16000
Diya Parekh Jointly with Ramesh Parekh	16000
Ramesh Parekh Jointly with Sunita Parekh	103000
Sunita Parekh Jointly with Ramesh Parekh	44000
Rajiv Parekh Jointly with Jitendra B. Parekh	20000
Padmini K Parekh Jointly with Kailash B Parekh	20000
Vithaldas G. Parekh Jointly with Prabhavati Parekh	140000
Manish V Parekh Jointly with Neha M Parekh	20000
Neha M Parekh Jointly with Manish V Parekh	20000
Prabhavati V Parekh Jointly with Vithaldas G. Parekh	20000
Sharda Creation Private Limited, India	50000
Rajiv Jitendra Parekh Jointly with Alka Rajiv Parekh	10000
Kunal Kailash Parekh Jointly with Padmini Kunal Parekh	10000
Sameer Ramesh Parekh Jointly with Sharmishtha Sameer Parekh	10000
Ashlesh Ramesh Parekh Jointly with Sunita Ramesh Parekh	10000
Saurabh Ramesh Parekh Jointly with Sunitha Ramesh Parekh	10000
Pooja Kailash Parekh Jointly with Padmini Kailash Parekh	5000
Alka Rajiv Parekh Jointly with Rajiv Jitendra Parekh	5000
Sharmishtha S Parekh Sameer Ramesh Parekh	5000
Gangaram K Ingle	15000
Divya R Parekh Jointly with Sunitha Ramesh Parekh	5000
Total	1150000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	4.35
Directors or relatives of Directors	76.96
Other top fifty shareholders	18.69
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Grade Mineral Oils and Petrolatums.

Products :

Item Code No.	Product Description
271000 19	Petroleum Products and Industrial Oils

• White Oil and Paraffin Oils
• Petroleum Jellies
• Rubber Process Oils
• Transformer Oil
• Industrial Oils
• Industrial Fuels and Solvents

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Petroleum Products	KL	Not applicable	167814	89823 641*
Specialty Oils	MT	Not applicable	(93654)	(93654)
Petroleum Jelly	--	--	8208	2275 408**

* Excludes 71 531 KL (P Y NIL) produced for Other on Job work Basis

** Includes 104 422 MT (P Y NIL) produced by others on job work basis

Installed capacity has been worked out on three shifts basis and as certified by a managing Director and relied upon by the auditors

without verification being a technical matter

GENERAL INFORMATION

No. of Employees :

310 [Approximately] (In Office 110 and In Factory 200)

Bankers :

• State Bank of Saurashtra

Rajkiran Building, M.G. Road; Kandivali (West), Mumbai - 400007, Maharashtra, India

• Bank of Baroda

Corporate Financial Service Fort Branch, 4^th Floor, 10/12, Mumbai Samachar Marg, For, Mumbai-400001, Maharashtra, India

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	^(A)90.770	8.045
Foreign currency loans banks secured	^(B)42.532	0.000
Working capital loans banks secured	^(C)135.644	0.000
Total	268.945	8.045

Note

(A) Rupee Term Loan- Rs.71.770 millions Short Term Loan - Rs.19.000 millions Total - Rs.90.770 millions Note: a) i) Rupee Term loans of Rs.64.307 millions (P Y Rs.NIL) secured by exclusive first pari passu charge on fixed assets funded. ii) Rupee Term loans of Rs.7.463 millions (P Y Rs.8.045 millions) by exclusive first charge on vehicles funded.

(B) Short Term FCCB Loan - Rs.25.105 millions Working Capital FCCB Loan- Rs.17.427 millions Total - Rs.42.532 millions

(C) Note: b) Rupee Working Capital Loans of Rs. 0.907 millions (P Y Rs.Nil) Secured by fixed Deposits with bank. c) Balances Loans secured by first pari passu charge on all (present and future) movable fixed assets and current assets of the company. d) Loans at note no.(a) (i) and ( c ) also collaterally secured by :- i) Equitable mortgage of Land and Building of the Company, ii)Equitable mortgage of certain premises belonging to the directors and their relatives, and iii) Personal guarantee of certain directors and their relatives.

Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Foreign currency loans banks unsecured	^(A)776.806	^(B)707.236
Loans directors unsecured	87.581	138.217
Total	864.387	845.453

Note

(A) Buyer's Credit (Import) repayable in Foreign Currency

(B) Buyer's Credit (Import) repayable in Foreign Currency

Banking Relations :	--
Auditors :
Name :	B. L. Sarda and Associates Chartered Accountants
Address :	61, Rajgir Chambers, 7^th Floor, Opposite Old Custom House, 12/14, Shahid Bhagat Singh Road, Mumbai-400 023, Maharashtra, India
Tel. No.:	91-22-22664618/22662752
Fax No.:	91-22-22665136
E-Mail :	bisassociates@yahoo.co.in
Pan No.:	AAASP1454H
Enterprises owned/ controlled by key management personnel or their relatives:	Parekh Brothers Parekh Bulk Carriers Parekh Petroleum Products Gandhar Coals and Mines

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs.100/- each	Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1150000	Equity Shares	Rs.100/- each	Rs. 115.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		115.000	115.000	28.750
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		606.368	504.255	455.770
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		721.368	619.255	484.520
LOAN FUNDS
1] Secured Loans		268.946	8.045	25.425
2] Unsecured Loans		864.387	845.453	380.228
TOTAL BORROWING		1133.333	853.498	405.653
DEFERRED TAX LIABILITIES		11.137	9.550	6.290
TOTAL		1865.838	1482.303	896.463
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		468.610	354.060	324.588
Capital work-in-progress		40.134	25.732	7.597
INVESTMENT		0.020	0.020	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	587.883	376.099	125.054
	Sundry Debtors	873.149	501.457	307.795
	Cash & Bank Balances	141.803	265.017	81.822
	Other Current Assets	12.677	50.788	21.629
	Loans & Advances	357.586	186.900	134.042
Total Current Assets		1973.098	1380.261	670.342
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	375.025	118.824	51.273
	Other Current Liabilities	216.409	101.440	24.900
	Provisions	24.590	57.506	29.891
Total Current Liabilities		616.024	277.770	106.064
Net Current Assets		1357.074	1102.491	564.278
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1865.838	1482.303	896.463

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	4462.319	3069.833	2102.520
		Other Income	51.766	119.578	17.142
		TOTAL (A)	4514.085	3189.411	2119.662
Less	EXPENSES
		Consumption materials changes inventories	3992.230	2735.068	1977.863
		Manufacturing service costs	139.759	88.379
		Employee related expenses	36.663	29.552
		Administrative selling other expenses	128.448	83.071
		Research development expenditure	0.491	0.299
		TOTAL (B)	4297.591	2936.369	1977.863
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		216.494	253.042	141.799
Less	FINANCIAL EXPENSES (D)		33.388	27.923	22.318
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		183.106	225.119	119.481
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.163	9.007	5.786
	PROFIT BEFORE TAX (E-F) (G)		170.943	216.112	113.695
Less	TAX (I)		48.782	68.114	38.241
	PROFIT AFTER TAX (G-I) (J)		122.161	147.998	75.454
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.183	5.448	15.039
Less	APPROPRIATIONS
		Transfer to General Reserve		130.000	80.000
		Dividend	32.275	11.374	4.312
		Tax on Dividend		1.889	0.733
	BALANCE CARRIED TO THE B/S		100.069	10.183	5.448
	EARNINGS IN FOREIGN CURRENCY
		Sales	1292.636	866.019	503.965
	TOTAL EARNINGS		1292.636	866.019	503.965
	IMPORTS
		Raw Materials	1649.321	1104.384	NA
		Materials (Trading)	143.481	121.219
		Capital Goods (Plant and machinery and Lab equipment)	3.749	2.466
		Fuel	0.249	4.902
	TOTAL IMPORTS		1796.800	1232.971	NA
	Earnings Per Share (Rs.)		106.23	260.24	262.45

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.71	4.64	3.56
Net Profit Margin (PBT/Sales)	(%)	3.83	7.04	5.41
Return on Total Assets (PBT/Total Assets}	(%)	7.00	12.47	11.43
Return on Investment (ROI) (PBT/Networth)		0.24	0.35	0.23
Debt Equity Ratio (Total Liability/Networth)		2.43	1.83	1.06
Current Ratio (Current Asset/Current Liability)		3.20	4.97	6.32

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	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
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	No
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

PERFORMANCE

During the year, the Company achieved sales of Rs 4462.319 millions and earned profit after tax of Rs 122.161 millions. Company’s products are getting encouraging response from overseas market which is evident from substantial jump in exports from Rs 919.094 millions to Rs 1370.639 millions

FUTURE OUTLOOK

Having withstood successfully the global crisis, the emerging trend has given rise to the optimism that the Indian economy will continue to show steady performance despite inflationary pressures The increasing demand in the power sector augurs well for the demand for Transformer Oil which should continue to show food growth in the year 2011-12

The growth in the automotive and Industrial sectors would decide the growth momentum for the Lubricant products The overall demand increase for the Tubes and Tyre Industry would drive by large the market demand for process Oils

With the disposable income increasing in the hands of the general masses, there would be increase in the spending capacity and this is good sign for the market for Liquid Paraffins, Petroleum jelly and White Oils, being essential ingredient for all personal care products and Pharmaceutical Companies With new markets and better product coverage, would be essential growth driver for exports business

.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U23200MH1992PLC068905
Name of the company	GANDHAR OIL REFINERY (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	29/3, Sewree Premises Co. Operative Society, Sewree (East), Mumbai-400015, Maharashtra, India Email: punils@gandharoil.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Others (stocks)
Particular of charge holder	Bank of Baroda Corporate Financial Service Fort Branch, 4^th Floor, 10/12, Mumbai Samachar Marg, For, Mumbai-400001, Maharashtra, India Email: emailroc@rediffmail.com
Nature of instrument creating charge	Composite Hypothecation Agreement (for Stocks/Book debts/ Vehicles/Movable Machinery)
Date of instrument Creating the charge	16.11.2012
Amount secured by the charge	Rs. 700.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest and other charges as agreed by the Borrower Company with the Bank from time to time. Penal Interest of 2.00 % p.a. in addition to the agreed rate in case of default Terms of Repayment As agreed the Borrower Company with the Bank Margin As agreed the Borrower Company with the Bank Extent and Operation of the charge At the request of the Borrower Company the Bank has sanction aggregate limits of Rs. 700.000 millions. To secure the due repayment of the aforesaid facilities and for all costs, interest and other charges thereon first charge by way of primary security on current assets of the Company by way of Hypothecation on the stocks and book debts, both present and future.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge by way of primary security on current assets of the Company by way of Hypothecation on the stocks and book debts, both present and future.

CONTINGENT LIABILITIES:

Contingent liabilities not provided for

(Rs. in millions)

PARTICULARS	31.03.2012
Letter of Credit opened outstanding with banks	135.474
Guarantees issued by Bank	27.454
Export obligation against Advance authorization licences issued by Director General of Foreign Trade	176.611
Demand raised by Income Tax Authorities contested by Company	0.818
Demand raised by Central Excise Authorities contested by Company	3.062

FIXED ASSETS:

v Tangible Assets

• Lease hold Land
• Free hold Land
• Factory Building
• Building
• Plant and Machinery
• Electrical Installation
• Office and Laboratory Equipments
• Air Conditioner
• Computer

v Intangible Assets

• 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 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.54.27
UK Pound	1	Rs.87.43
Euro	1	Rs.70.55

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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
TOTAL		48

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.