1. Summary Information

		Country	INDIA
Company Name	HINDUSTAN COLAS LIMITED	Principal Name 1	MR. JACQUES PASTOR
Status	GOOD	Principal Name 2	MR. HERVE LE BOUC
		Registration #	11-090671
Street Address	PLOT NO.D-500, OFF HPCL, VASHI TERMINAL, MIDC, ITC AREA, TURBHE, NEW MUMBAI – 400 705, MAHARASHTRA
Established Date	17.07.1995	SIC Code	--
Telephone#	91-22-41553100	Business Style 1	MANUFACTURING
Fax #	91-22-27631942	Business Style 2	--
Homepage	http://www.hincol.com	Product Name 1	BITUMEN SUBSTANCES
# of employees	240 (APPROXIMATELY)	Product Name 2	BITUMEN EMULSIONS
Paid up capital	RS.94,500,000/-	Product Name 3	--
Shareholders	GOVERNMENT COMPANIES – 50.00% FOREIGN HOLDINGS - 50%	Banking	KOTAK MAHINDRA BANK LIMITED
Public Limited Corp.	NO	Business Period	17 YEARS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	A (60)
Related Company
Relation	Country	Company Name	CEO
RELATED PARTIES	HINDUSTAN PETROLEUM CORPORATION LIMITED	INDIA	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,010,398,000	Current Liabilities	465,541,000
Inventories	195,128,000	Long-term Liabilities	25,326,000
Fixed Assets	652,368,000	Other Liabilities	265,883,000
Deferred Assets	0,000	Total Liabilities	756,750,000
Invest& other Assets	105,457,000	Retained Earnings	1,112,101,000
		Net Worth	1,206,601,000
Total Assets	1,963,351,000	Total Liab. & Equity	1,963,351,000
Total Assets (Previous Year)	1,667,928,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	3,467,491,000	Net Profit	283,834,000
Sales(Previous yr)	3,489,328,000	Net Profit(Prev.yr)	382,495,000

MIRA INFORM REPORT

Report Date :

05.10.2012

IDENTIFICATION DETAILS

Name :	HINDUSTAN COLAS LIMITED
Registered Office :	Plot No.D-500, Off HPCL, Vashi Terminal, MIDC, ITC Area, Turbhe, New Mumbai – 400 705, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.07.1995
Com. Reg. No.:	11-090671
Capital Investment / Paid-up Capital :	Rs.94.500 millions
CIN No.: [Company Identification No.]	U23200MH1995PLC090671
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Bitumen Substances and Bitumen Emulsions of all types for all purposes.
No. of Employees :	240 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 4826000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having good track. There appears slight dip in profitability and financial detail is not yet available. However, trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. In view of experienced director and strong holding company can be considered for normal 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

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/ Mumbai Plant :	Plot No.D-500, Off HPCL, Vashi Terminal, MIDC, ITC Area, Turbhe, New Mumbai – 400 705, Maharashtra, India
Tel. No.:	91-22-41553100/ 27613127/ 65165255/ 65165256
Fax No.:	91-22-27631942
E-Mail :	corporate@hincol.com customerconnect@hincol.com hr@hincol.com vendor_relations@hincol.com corporate@hincol.com
Website :	http://www.hincol.com
Corporate Office :	R and C Building, 5^th Floor, Sir J.J. Road, Byculla, Mumbai – 400 008, Maharashtra, India
Tel. No.:	91-22-23713138/ 61501000
Fax No.:	91-22-23741711
E-Mail :	hincol@bom2.vsnl.net.in
Bahadurgarh Plant :	Near HPCL LPG Plant, Village Asauda, Bahadurgarh, District Jajjhar – 124 507, Haryana, India
Tel. No.:	91-1276-280015/ 280016/ 395863
Fax No.:	91-1276-280016
Mangalore Plant and Office	Adjacent HPCL POL Terminal, Village Bala, Via Katipalla, Mangalore - 575 030, Karnataka, India
Tel. No.:	91-824-5558484/ 2271745
Fax No.:	91-824-2271745
Irungattukottai Plant and Office :	A-9, SIPCOT Industrial Park, Irungattukottai, Tq- Sriperambudur, District – Kancheepuram - 602 105, Tamilnadu, India
Tel. No.:	91-44-27156097/ 27156098/ 27156691
Fax No.:	91-44-27156097/ 27156098/ 27156691
Visakapatnam Plant and Office :	Near HPCL Terminal B, Malkapuram, Visakhapatnam, Andhra Pradesh - 530 011
Tel. No.:	91-891-2752576/ 2752580
Fax No.:	91-891-2752576
Jhansi Plant and Office :	Adjacent to HPCL Karari Depot, Gwalior Road, Jhansi – 284 419, Uttar Pradesh, India
Vizag Plant and Office :	Near HPCL Terminal ‘B1’, Malkapuram, Visakhapatnam – 530 011, Andhra Pradesh, India
Baroda Plant and Office :	Plot No.426-430, GIDC Industrial Area, Village Manjusar, Savli, Baroda – 381 770, Gujarat, India
Tel. No.:	91-2667-264641/ 264642
Fax No.:	91-2667-264642
Plant :	Also located at: v Haldia (Under Construction)
Delhi Office :	C/o HPCL UCO Bank Building, 3^rd Floor, Sansad Marg, New Delhi – 110 001, India
Regional Office :	Located at : v Vashi v Delhi v Kolkata v Irungattukottai
Depots :	Located at: v Coimbatore v Bangalore v Bhilai v Cuttack v Ranchi v Behrampur v Patna v Hoshiarpur
Sales Office :	Located at: v Hyderabad v Bhopal v Jaipur v Raipur v Guwahati
Proposed Depots :	Located at: v Hyderabad v Angul v Kolkata v Guwahati v Roorkee

DIRECTORS

As on 31.03.2011

Name :

Mr. Jacques Pastor

Designation :

Director

Address :

Salintra Condominium, 376/126-127, Rama 3^rd Bangklo, Bangkorlaey, Bangkok, Thailand-10120

Date of Birth/Age :

26.06.1954

Qualification :

Master Degree in Civil Engineering

Date of Appointment :

21.12.1995

DIN No :

00152436

Name :

Mr. Herve Le Bouc

Designation :

Director

Address :

17, Avenue De Lamballe, Paris- 75016, France

Date of Birth/Age :

07.01.1952

Qualification :

Master Degree in Civil Engineering

Date of Appointment :

14.08.2008

DIN No :

02107707

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	U23200MH1995PLC090671	HINDUSTAN COLAS LIMITED	Director	14/08/2008	09/03/2008	-	Active	NO

Name :

Mr. Subir Roy Chaoudhury

Designation :

Director

Address :

B-25, Mayfair Garden, Malabar Hill, Mumbai - 400 026, Maharashtra, India

Date of Birth/Age :

01.03.1954

Qualification :

Bachelor of Engineering (Mechanical)

Date of Appointment :

25.05.2004

DIN No :

00130803

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	L23201MH1952GOI008858	HINDUSTAN PETROLEUM CORPORATION LIMITED	Managing director	01/08/2010	10/05/2004	-	Active	NO
2	U23200MH1995PLC090671	HINDUSTAN COLAS LIMITED	Director	25/05/2004	25/05/2004	-	Active	NO
3	U40200AP2003PLC041566	BHAGYANAGAR GAS LIMITED	Nominee director	28/05/2004	28/05/2004	18/05/2007	Active	NO
4	U85110KA1998PLC024020	PETRONET MHB LIMITED	Director	25/06/2004	25/06/2004	03/12/2008	Active	NO
5	L85110KA1988GOI008959	MANGALORE REFINERY AND PETROCHEMICALS LIMITED	Director	01/09/2005	01/09/2005	19/01/2010	Active	NO
6	U40107MP2006PLC018684	AAVANTIKA GAS LIMITED	Nominee director	30/09/2009	06/07/2006	15/09/2010	Active	NO
7	U60101PB2008PLC031563	HPCL-MITTAL PIPELINES LIMITED	Director	07/01/2008	07/01/2008	01/08/2012	Active	NO
8	U23201PB2000PLC024126	HPCL-MITTAL ENERGY LIMITED	Director	30/03/2011	01/02/2008	-	Active	NO
9	U01119CT2008GOI020900	CREDA - HPCL BIO FUEL LIMITED	Director	14/10/2008	14/10/2008	01/09/2010	Active	NO
10	U11101AP1999PTC032851	SOUTH ASIA LPG COMPANY PRIVATE LIMITED	Director	15/09/2009	08/04/2009	-	Active	NO
11	U24290BR2009GOI014927	HPCL BIOFUELS LIMITED	Director	16/10/2009	16/10/2009	07/09/2012	Active	NO
12	U74899DL1998PLC096845	PRIZE PETROLEUM COMPANY LIMITED	Director	26/08/2010	03/08/2010	-	Active	NO

Name :

Mr. Somchit Sertthin

Designation :

Director

Address :

55/36, Muangthong Thani Chaengwattana Road, Pakkred, Northaburi-11120 Thailand

Date of Birth/Age :

22.09.1952

Qualification :

Bachelor Degree in Business Administration

Date of Appointment :

17.07.1995

DIN No :

00231058

Name :

Mr. Bhaswar Mukherjee

Designation :

Additional Director

Date of Birth/Age :

58 Years

Qualification :

Chartered Accountant

Date of Appointment :

03.08.2011

Name :

Mr. Chaiwat Srivalwat

Designation :

Alternate Director to Mr. Somchit Sertthin

Date of Birth/Age :

51 Years

Qualification :

Bachelor of Engineering

Date of Appointment :

19.03.2011

Name :

Mr. Jacques Leost

Designation :

Alternate Director to Mr. Hervé Le Bouc

Date of Birth/Age :

59 Years

Qualification :

Master Degree in Civil Engineering

Date of Appointment :

07.01.2011

Name :

Ms. Nishi Vasudeva

Designation :

Director (w.e.f. 1^st July, 2012)

KEY EXECUTIVES

Name :	Mr. Sanjay Grover
Designation :	Chief Executive Officer and Manager
Address :	4201, Planet Godrej Tower 1, Mahalaxmi, Mumbai – 400 011, Maharashtra, India.
Date of Birth/Age :	03.08.1964
Qualification :	B.E. (Chemical)
Experience :	26 Years
Date of Appointment :	01.05.2008
Name :	Mr. Sitaram Taparia
Designation :	Chief Financial Officer and Company Secretary
Address :	33/604, HP Nagag East, Mahul Road, Chembur, Mumbai - 400 074, Maharashtra, India
Date of Birth/Age :	02.01.1975
Date of Appointment :	21.03.2007
Name :	Mr. A.S. Prabhakar
Designation :	Chief Operating Officer
Name :	Mr. T. Saravanan
Designation :	Head - IT and ERP
Name :	Mr. Nihar Mohapatra
Designation :	Head - Engineering and Projects
Name :	Mr. Bharat Kaneri
Designation :	Head - Commercial (from May 2011)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.07.2010

Names of Shareholders	No. of Shares
Colasie SA, France	4724600
Hindustan Petroleum Corporation Limited, India	4724600
Somchit Sertthin	100
Alain Dupont	100
Jacues Pastor	100
Subir Roy Chaoudhury	100
Arun Balakrishna	100
K Shivram Prasad	100
K V Rao	100
Thierry Defrene	100
Total	9450000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Government Companies	50.00
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Bitumen Substances and Bitumen Emulsions of all types for all purposes.

Products :

Product Description	ITC Code
Bituminous Mixtures based on Petroleum Bitumen	27150000

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Year ended 31.03.2011 Unit (MT)
Product: Bitumen Mixtures (Emulsion / Cutback Bitumen / Modified Bitumen)
Licensed capacity	*
Installed capacity	175,000

*The Company does not require a licence to produce above products. The Company however, has the necessary acknowledgements from The Secretariat of Industrial Approvals for the Industrial Entrepreneurs Memorandum filed.

Particulars	Unit	Actual Production
Emulsions / Cutback / Cold Mix	MT	103,822.759
Modified Bitumen/Modifier/Bitugrip	MT	26,875.435
		130,698.194

Production does not include goods processed for others 28,686.634 MT

GENERAL INFORMATION

Customers :

•  Larson and Toubro Limited (ECC division)

•  GMR Infrastructure Limited

•  HCC Infrastructure

•  IRB Infrastructure Developers Limited

•  SOMA Enterprise Limited

•  Punj Lloyd Limited

•  D.S. Construction Limited

•  Sadbhav Engineering Limited

•  Valecha Engineering Limited

•  AFCONS Infrastructure Limited

•  Gayatri Projects Limited

•  IJM (India) Infrastructure Limited

•  BSCPL Infrastructure Limited

•  Hyderabad International Airport Limited

•  Mumbai International Airport Limited

•  Delhi International Airport Limited

•  KMC constructions

•  Supreme Infrastructure India Limited

•  Nagarjuna Constructions Company Limited

•  ITD Cementation India Limited

•  Reliance Infrastructure Limited

•  Navayuga Engineering Company Limited

•  Oriental Structural Engineers Limited

•  Lanco Infratech Limited

•  Patel Engineering Limited

•  IVRCL infrastructure and Projects Limited

•  Simplex Infrastructure Limited

No. of Employees :

240 (Approximately)

Bankers :

v Kotak Mahindra Bank Limited, 36-38A, Nariman Point, Mumbai-400021, Maharashtra, India

v Standard Chartered Bank

v Corporation Bank

v IDBI Bank

v State Bank of India

Facilities :

Secured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Amount payable to Haryana Sales Tax Authorities towards Interest Free Sales Tax Deferral facility availed (Secured by charge on all fixed and movable assets other than stocks) [Amount payable within one year Rs.4.498 millions (Previous year : Rs.0.127 million)]	25.326	25.385
Total	25.326	25.385

Banking Relations :	--
Statutory Auditors :
Name :	Ford, Rhodes, Parks and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Internal Auditors :
Name :	G.P. Kapadia and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Related Parties :	v Hindustan Petroleum Corporation Limited, India (Holds 50% of the share capital of the Company) v COLASIE SA, France (Holds 50% of the share capital of the Company) v COLAS SA, France (Holding Company of COLASIE SA, France)

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9450000	Equity Shares	Rs.10/- each	Rs.94.500 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		94.500	94.500	94.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1112.101	965.555	627.137
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1206.601	1060.055	721.637
LOAN FUNDS
1] Secured Loans		25.326	25.385	26.987
2] Unsecured Loans		0.000	0.000	37.606
TOTAL BORROWING		25.326	25.385	64.593
DEFERRED TAX LIABILITIES		56.364	50.081	47.516
TOTAL		1288.291	1135.521	833.746
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		652.368	563.884	530.209
Capital work-in-progress		105.457	50.121	9.028
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	195.128	177.439	147.308
	Sundry Debtors	164.057	167.618	336.757
	Cash & Bank Balances	710.005	599.250	371.246
	Other Current Assets	0.000	0.000	0.000
	Loans, Advances & Other Receivables	136.336	109.616	95.361
Total Current Assets		1205.526	1053.923	950.672
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	197.940	175.544	299.153
	Other Current Liabilities	267.601	296.198	309.947
	Provisions	209.519	60.665	47.063
Total Current Liabilities		675.060	532.407	656.163
Net Current Assets		530.466	521.516	294.509
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1288.291	1135.521	833.746

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales / Income from operations	3467.491	3489.328	3523.774
		Other Income	112.188	71.629	40.804
		TOTAL (A)	3579.679	3560.957	3564.578
Less	EXPENSES
		Raw Materials Consumed	2589.933	2432.835	2646.267
		Packing Materials Consumed	232.151	245.021	218.400
		(Increase) / Decrease in stock of finished goods	(18.444)	(5.208)	(20.654)
		Increase / (Decrease) in Excise duty on stock of finished goods	3.292	0.818	3.230
		Inventories’ Variation & Write Down /(Write Back)	(4.277)	5.252	0.000
		Loss by Fire Accident	8.375	0.000	0.000
		Operating Expenses	112.148	76.637	71.264
		Employee Costs	90.980	79.521	68.049
		Administrative Expenses	50.631	54.969	59.642
		Selling and Distribution Expenses	39.741	40.966	47.297
		Technical Fees	10.470	9.878	8.122
		TOTAL (B)	3115.000	2940.689	3101.617
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		464.679	620.268	462.961
Less	INTEREST & FINANCIAL EXPENSES (D)		1.416	0.606	6.069
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		463.263	619.662	456.892
Less/ Add	DEPRECIATION/ AMORTISATION (F)		45.636	39.359	31.512
	PROFIT BEFORE TAX (E-F) (G)		417.627	580.303	425.380
Less	TAX (H)		133.793	197.808	146.671
	PROFIT AFTER TAX (G-H) (I)		283.834	382.495	278.709
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		851.099	550.931	302.741
Less	APPROPRIATIONS
	Proposed Dividend		118.125	37.800	14.175
	Tax on Proposed Dividend		19.163	6.278	2.409
	Transfer to General Reserve		28.383	38.249	13.935
	BALANCE CARRIED TO THE B/S		969.262	851.099	550.931
	EARNINGS IN FOREIGN CURRENCY		NA	0.000	1.920
	IMPORTS
		Spares	1.657	0.559	1.849
		Capital Goods	23.589	15.528	22.307
		Raw Material	96.528	101.235	99.300
	TOTAL IMPORTS		121.774	117.322	123.456
	Earnings Per Share (Rs.)		30.04	40.48	29.49

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.93	10.74	7.82
Net Profit Margin (PBT/Sales)	(%)	12.04	16.63	12.07
Return on Total Assets (PBT/Total Assets}	(%)	22.48	35.87	28.72
Return on Investment (ROI) (PBT/Networth)		0.35	0.55	0.59
Debt Equity Ratio (Total Liability/Networth)		0.58	0.53	1.00
Current Ratio (Current Asset/Current Liability)		1.79	1.98	1.45

LOCAL AGENCY FURTHER INFORMATION

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	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	Yes
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	No

PHYSICAL PERFORMANCE:-

The company now has 7 plants under operation at Navi Mumbai, Bahadurgarh (Haryana), Irungattukottai (near Chennai, Tamilnadu), Savli (near Vadodara, Gujarat), Visakhapattinam (Andhra Pradesh), Mangalore (Karnataka) and Jhansi (Uttar Pradesh). The 8^th Plant at Haldia is under construction and would be commissioned in early part of 2011-12. The details of performance of the company are as under:

Products	Sales in MT		Production in MT
	2010-11	2009-10	2010-11	2009-10
Emulsions, Cutback and cold-mix	103,425	109,224	103,823	108,873
MB, Bitumen, Modifier and Bitugrip*	55,448	75,442	55,562	75,425
Total	158,873	184,666	159,385	184,298

* Includes production and clearances for others

The company has made best efforts to utilise the capacity by pursuing manufacturing products for others on job work basis. During the year, the company manufactured 28,686 MT for others as against 52,487 MT in the previous year.

MANAGEMENT DISCUSSION AND ANALYSIS

SECTOR REVIEW:-

The Indian road construction sector witnessed a sluggish phase during the year, largely on account of delays in award of new projects, slow execution of ongoing projects, tight money supply to the sector and rapid fluctuation in raw material prices. A more than abundant and prolonged monsoon also adversely affected progress in almost all regions of the country. In the period between April 2010 and February 2011, less than 3 km per day of roads were constructed in comparison to the previous year where the construction was at the rate of 5 km per day. The awarding of projects in Phase III of the National Highways development Program (NHDP) is presently happening at a steady pace while awarding of Phase IV and Phase V is yet to pick up.

It is expected that the investments on roads and highways shall more than double during the period 2010-11 to 2014-15 as compared to the period 2005-06 to 2009-10, led by the Government's impetus to the roads and highways sector. Expenditure on National Highways is expected to primarily drive investments, followed by state roads and rural roads. Government focus has also led to greater private sector participation and is expected to result in faster implementation of projects. The revised model concession agreement (MCA) for national highways has given higher comfort to the bidders.

Road projects in India have largely been financed through public funds and this trend is expected to continue in the coming years as well. Of the Rs.6.3 trillion funding required in the road sector over the next 5 years, around Rs.4.4 trillion is expected to be contributed by the public sector and the remaining Rs.1.9 trillion by the private sector. Over the years, the private sector has been gaining prominence through the emergence of BOT projects. Private sector funding would be a mix of debt, cash accruals and fresh equity. According to CRISIL Research, the private sector will require around Rs.0.3 trillion of equity and Rs.1.6 trillion of debt to fund road projects in India and the availability of these funds will have a great influence on future progress in this sector.

Implementation of rural road projects under the Pradhan Mantri Gram Sadak Yojana (PMGSY) has increased in the last five years. Over the next 5 years (2010-11 to 2014-15), It is expected that the Government's push to rural roads would continue, with a projected investment of Rs.1.7 trillion during the period.

PERFORMANCE ANALYSIS:-

The year 2010-11, as mentioned above, has seen sluggish activity in the road construction sector due a variety of reasons. The performance of the company during the year has been in line with the performance of the road construction industry. Since road construction activity can be highly region specific, depending upon the status of projects in the various States, the year 2010-11 witnessed a considerable slow-down in construction activity in the southern States which have been a traditional stronghold of the company as also for the CRMB business of HPCL.

This slowdown, though, is perceived to be only of a temporary nature and work is expected to speed up in these States towards the middle of the new Financial Year.

The company has a total installed capacity of 175 TMT/annum and since the market trend was negative, capacity utilisation has shown a similar trend during the year. The accident at the Irrungattukottai Plant also affected production at the Plant for about three weeks. Despite all odds they have utilized around 91% of the installed capacity, with the latest Plant of Jhansi showing extremely good improvement in performance.

The emulsions market in India has remained largely unorganised. With the exception of Hincol and a couple of other organised competitors, all the other participants constitute mainly of small players and even some road construction companies engaged in the manufacture of these products. With no organised body or federation to collate industry data, the market size is estimated on the basis of market information available. Accordingly, the emulsion market in India is estimated to have presently stabilised at a level around 200 TMT which is likely to grow in the next few years with continuous investment envisaged in road sector by the Central as well as the State Governments. The contribution of Hincol to this steadily growing market is about 104 TMT.

The size of Modified Bitumen market is about 400-450 TMT which is also showing an upward trend in demand as the need for materials that can give longer lasting pavements and can also withstand the extreme conditions and heavy axial load, is growing. Modified Bitumen is steady replacing conventional bitumen in many of the prestigious projects. Hincol's contribution to this market during the year 2010-11 was a little over 55 TMT, including the CRMB volumes produced for HPCL on jobwork basis.

The company has undertaken various capital projects to expand their existing infrastructure and renovate/upgrade the Plants to align the production capability with the emerging market demands. An investment of Rs.191.400 millions, reflecting an increase of over 60% as compared to last year, was made on capital projects during 2010-11. This investment addressed the need for new capacity as well as replacement of old/obsolete plant and machinery to not only enhance operational efficiency but also improve safety in operations and quality control. Appropriate investments were also made towards augmenting the IT infrastructure. Some of the important projects executed by the company during the year were,

• Commissioning of modular PMB production unit with allied facilities and storage Tanks at Savli Plant

• Complete revamp of Bahadurgarh Plant and addition of micronizer mill based PMB facility

• Construction of a new Bitumen Emulsion and Modified Bitumen Manufacturing Plant at Haldia. This project is in final stages of completion and is expected to commence operations soon

• Commissioning of Bulk Bitumen Storage and Handling facility at Haldia Port

• Commissioning of a Disaster Recovery set-up as part of the IT infrastructure to support the ERP system

FUTURE OUTLOOK:-

Some of the important projects that the company proposes to undertake during the coming months are,

• Commissioning of an Emulsions and Modified Bitumen production Plant at Haldia, which is already nearing completion.

• Commissioning of Bitumen packing facilities at Haldia, to cater to the demand for packed Bitumen in the Eastern and North-eastern States.

• Complete revamp of the Vashi Plant and creation of a high-shear mill based PMB production facility along with a central warehouse for spares and imported raw materials.

• Commissioning of new high-shear mill based PMB production Facility at Irrungattukottai Plant near Chennai.

• Construction of a new Bitumen receipt and despatch facility at Savli to handle the increasing hospitality volumes.

• Commissioning of a new coastal Bitumen receipt and storage terminal on the west coast.

The company will also aim to improve its expertise in shipping and coastal movement of bulk Bitumen during the year so as to achieve self-reliance in this activity in the time to come. Their endeavour shall continue to be to identify other opportunities to expand the business activities within and outside India so as to realise the best possible returns on investment.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
i) Service Tax	--	1.527
ii) Sales Tax/Vat (including penalty)	55.744	14.718
iii) Navi Mumbai Municipal Corporation Cess	0.378	0.378
iv) Excise Duty	1.011	1.011
v) Income Tax	7.037	2.539
vi) Claims from neighbouring units affected by fire accident	0.336	--

Notes:

I. Future cash outflow in respect of above are determinable only on receipt of judgements/decisions pending with various forums / authorities.

II. Show cause notices issued by tax authorities are not considered for liability or contingent liability until they are converted in demand.

III. Liability towards pending collection of concessional sales tax forms is not considered for the purpose of contingent liability disclosures.

FIXED ASSETS

Tangible Assets:

· Leasehold Land

· Residential Buildings

· Other Buildings

· Plant and Machinery

· IT and Office Equipments

· Furniture and Fixtures

· Motor Vehicles

Intangible Assets:

· Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.51.97
UK Pound	1	Rs.83.67
Euro	1	Rs.67.20

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		60

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.