MIRA INFORM REPORT

Report Date :

26.06.2014

IDENTIFICATION DETAILS

Name :	GAIL (INDIA) LIMITED
Registered Office :	16, Bhikaji Cama Place, R. K. Puram, Ring Road, New Delhi – 110 066
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.08.1984
Com. Reg. No.:	55-018976
Capital Investment / Paid-up Capital :	Rs.12684.800 Millions
CIN No.: [Company Identification No.]	L40200DL1984GOI018976
TAN No.: [Tax Deduction & Collection Account No.]	DELG00179E
PAN No.: [Permanent Account No.]	AAACG1209J
Legal Form :	Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	Processor and Distributors of Natural Gas.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Aa (73)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 969112000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well established and reputed company of Government of India having excellent track record. It has been awarded a Maharatna Status. There appears increase in the sales turnover during 2012. Financial position of the company appears to be sound. Liquidity position is strong. Trade relations are fair. Business is active. Payment terms are regular and as per commitments. The company can be considered good 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

NEWS

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Rating = AAA
Rating Explanation	Highest degree of safety and carry lowest credit risk.
Date	February 2014

Rating Agency Name	ICRA
Rating	Short Term Rating = A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	February 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED

MANAGEMENT NON-COOPERATIVE

CONTACT NO.: 91-11-26182955

LOCATIONS

Registered Office / Corporate Office :	16, Bhikaji Cama Place, R. K. Puram, Ring Road, New Delhi – 110 066, India
Tel. No.:	91-11-26182955 / 26172580
Fax No.:	91-11-26185941
E-Mail :	info@gail.nic.in vivek@gail.co.in hrm@gail.co.in nknagpal@gail.co.in
Website :	http://www.gail.nic.in http://www.gailonline.com
Factory :	· U P Petrochemical Complex, Pata, P.O. Pata – 206 241, District Auraiya, Uttar Pradesh, India · LPG Recovery Plant, Usar, P.O. Malyan – 402 203 Taluka Alibagh District Raigad, Maharashtra, India · LPG Recovery Plant, Vijaipur, GAIL Complex Vijaipur – 473 112, District Guna, Madhya Pradesh, India · LPG Recovery Plant, Vaghodia, GIDC Industrial Estate Vaghodia – 391 760 District Baroda, Gujarat, India · LPG Recovery Project, Gandhar, Village Rozantankaria, Taluka AMOD District Bharuch – 392 140, Gujarat, India
Zonal Office:	Located at: · Delhi · Chandigarh · Jaipur · Mumbai · Bhopal · Hyderabad · Bangalore · Kochi · Chennai · Kolkata · Lucknow

DIRECTORS

AS ON 31.03.2013

Name :	Mr. R. D. Goyal
Designation :	Director (Projects)
Name :	Mr. S. L. Raina
Designation :	Director (HR) (upto 31.05.2013)
Name :	Mr. Prabhat Singh
Designation :	Director (Marketing)
Name :	Mr. S. Venkatraman
Designation :	Director (Business Development)
Name :	Mr. P. K. Jain
Designation :	Director (Finance)
Name :	Mr. Sudhir Bhargava
Designation :	Director (upto 08.05.2013)
Name :	Dr. Neeraj Mittal
Designation :	Director (upto 10.04.2013)
Name :	Mrs. Shyamala Gopinath
Designation :	Director
Name :	Dr. A K Khandelwal
Designation :	Director
Name :	Mr. Rajive Kumar
Designation :	Director (w.e.f. 26.06.2013)
Name :	Mr. P.K. Singh
Designation :	Director (w.e.f. 10.04.2013)
Name :	Mr. M. Ravindran
Designation :	Director (Human Resources) (w.e.f. 01.06.2013)

KEY EXECUTIVES

Name :	Mr. N.K. Nagpal
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Central Government / State Government(s)	711733651	56.90
Sub Total	711733651	56.90
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	711733651	56.90
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	31366617	2.51
Financial Institutions / Banks	25856561	2.07
Central Government / State Government(s)	91888984	7.35
Insurance Companies	139382059	11.14
Foreign Institutional Investors	220070235	17.60
Sub Total	508564456	40.66
(2) Non-Institutions
Bodies Corporate	6819055	0.55
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	20594618	1.65
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	991761	0.08
Any Others (Specify)	2047939	0.16
Trust & Foundation	1118185	0.09
Non Resident Indians	929754	0.07
Sub Total	30453373	2.43
Total Public shareholding (B)	539017829	43.10
Total (A)+(B)	1250751480	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	17725920	0.00
Sub Total	17725920	0.00
Total (A)+(B)+(C)	1268477400	100.00

BUSINESS DETAILS

Line of Business :

Processor and Distributors of Natural Gas.

Products :

ITC Code	Product Description
27112100	Natural Gas
27111900	LPG
390120	Polyethelene
2711200	Propane

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Licensed Capacity	Installed Capacity	Gas Throughput	Actual Production
i) Natural Gas including RLNG (MMSCMD)
a) HVJ, DVPL, SG and DUPL-DPPL	77.20	77.20	57.32	--
b) Others	74.65	74.65	20.83	--
c)RLNG Shipper	--	--	39.76	--
ii) LPG (M /T)	1112376	1112376	--	1068156
iii) Propane (M/T)	201085	201085	--	155152
iv) Ethylene (M/T)	400000	400000	--	428444
v) HDPE/LLDPE (M/T)	410000	410000	--	416396
vi) Pentane	82454	82454	--	34523
vii) SBP Solvent/Naptha	110743	110743	--	111140
viii)CNG (000’KG)	--	--	--	6334
ix) C2/C3**	--	400000	--	594372
x) Butene-1***	10000	10000	--	8432

Notes:

· * As Certified by the company and relied upon by auditors

· ** Internally consumed

· *** Internally consumed

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· State Bank of India, Corporate Accounts Group, Branch Jawahar Vyapar Bhavan, 11th and 12th Floors, Tolstoy Marg, New Delhi – 110 001, India

· ICICI Bank Limited, 9A, Phelps Building, Connaught Place, New Delhi - 110 001, India

· HDFC Bank Limited, 1st Floor, Kailash Building, 26, Kasturba Gandhi Marg, New Delhi - 110 001, India

· Union Bank of India

Facilities :

Secured Loan	Rs. In Millions 31.03.2013	Rs. In Millions 31.03.2012
Long Term Borrowings
a) Bonds
Bonds Series – I (6.10% Secured Non-convertible redeemable Bonds - Series - I are redeemable in 5 equal installment commencing from the end of the 8th year up to the end of the 12th year from the deemed date of allotment August 22, 2003.) (Bonds are secured on pari pasu basis, by charge on freehold non agricultural land at village Tandalja, Vadodra together with the entire building constructed thereon both present and future and whole of plant and machinery, spares, tools and accessories and other movables of the company pertaining to its projects at LPG Vaghodia Plant, Hazira Plant, Grep Vaghodia Plant, Gandhar Plant and Vadodara plant both present and future and whether installed or not and lying or in store)	2000.000	3000.000
Bonds Series – II (5.85% Secured Non-convertible redeemable Bonds - Series - II are redeemable in 5 equal installment commencing from the end of the 6th year up to the end of the 10th year from the deemed date of allotment March 25, 2004). (Bonds are secured on pari pasu basis, by charge on freehold non agricultural land at village Tandalja, Vadodra together with the entire building constructed thereon both present and future and whole of plant and machinery, spares, tools and accessories and other movables of the company pertaining to its projects at LPG LPG Vaghodia Plant, Hazira Plant, Grep Vaghodia Plant, Gandhar Plant, DUPL projects and Vadodra plant both present and future and whether installed or not and lying or in store)	0.000	1200.000
Bonds 2010 Series – I (8.80% Secured Non-convertible redeemable Bonds 2010 -Series - I are redeemable in 4 equal installment commencing from the end of the 7th year up to the end of the 10th year from the deemed date of allotment December 13, 2010 with a call option at the end of the 7^th year). (Bonds are secured on pari pasu basis, by charge on freehold non agricultural land at village Tandalja, Vadodra together with the entire building constructed thereon both present and future and whole of plant and machinery, spares, tools and accessories and other movables of the company pertaining to its projects at Vijaipur Dadri Pipeline Projects excluding compressor stations at Vijaipur both present and future and whether installed or not and lying or in store )	5000.000	5000.000
Bond series 2012 (9.14% Secured Non-convertible redeemable Bonds 2012 -Series - I are redeemable in 4 equal installment commencing from the end of the 5th year upto the end of the 8th year from the deemed date of allotment June 11, 2012 with a call option at the end of the 5th year). (Bonds are secured on pari pasu basis, by charge on freehold nonagricultural land at village Tandalja, Vadodra together with the entire building constructed thereon both present and future and whole of plant and machinery , spares, tools and accessories and other movables of the company pertaining to its projects at Vijaipur Dadri Pipeline Projects excluding compressor stations at Vijaipur both present and future and whether installed or not and lying or in store )	7500.000	0.000
b) Term Loans
From Banks
Loan From HDFC Bank (Secured by way of first pari-passu charge on all the movable fixed assets, including whole pipeline, spur lines, plant and machinery, spares, equipments, tools and accessories and other movables both present and future, whether now lying loose or in cases or which are now lying or stored in or whether in the course of transit or on high seas, of the Dahej - Vijaypur Phase-II Pipeline project of the Borrower) excluding the plant and Machinery of compressor station at Jhabua and Vijaipur ) Repayable in half yearly equal installments over a period of 12 years starting from 6 months after the completion of 2 years moratorium from the date of last disbursement.	6750.000	3750.000
From Other Parties :
Oil Industry Development Board (Secured by way of first charge on whole pipeline, spur lines, plant and machinery, spares, equipments, tools and accessories and other movables both present and Future, whether installed or not and whether now lying loose or in cases or which are now lying or stored in or about or shall hereinafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about the Borrower’s project of Chainsa-Jhajjar-Hissar Pipeline including spur lines or wherever else the same may be or be held by any party to the order or disposition of the borrower or in the course of transit or on high seas or on order or delivery, howsoever or where so ever in the possion of borrower and either by way of substitution or addition). Repayable in four equal installments after expiry of moratorium of one year from the date of disbursement. Loan disbursed in installment from July 2009 to March 2011 with rate of interest from 6.74% to 8.31% p.a. depending on date of disbursement	3585.000	5960.000
Oil Industry Development Board Secured by way of first charge on whole pipeline, spur lines, plant and machinery, spares, equipments, tools and accessories and other movables both present and Future, whether installed or not and whether now lying loose or in cases or which are now lying or stored in or about or shall hereinafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about the Borrower’s project of Dadri– Bawana—Nangal Pipeline including spur lines or wherever else the same may be or be held by any party to the order or disposition of the borrower or in the course of transit or on high seas or on order or delivery, howsoever or where so ever in the possession of borrower and either by way of substitution or addition) Repayable in four equal installments after expiry of moratorium of one year from the date of disbursement. Loan disbursed in installment from July 2011 to March 2012 with rate of interest from 8.68% to 8.89% p.a. depending on date of disbursement	9962.500	6750.000
TOTAL	34797.500	25660.000

Banking Relations :	--
Statutory Auditors :
Name :	· Rasool Singhal and Company Chartered Accountants, Aligarh · M. L. Puri and Company Chartered Accountant, New Delhi
Cost Auditors :	· Rohit and Associates Cost Accountant, Vadodara · R. Nanabhoy and Company Cost Accountants, Mumbai · M. Goyal and Company Cost Accountant, Jaipur · Chandra Wadhwa and Company Cost Accountants, New Delhi · Dhananjay V. Joshi and Associates Cost Accountant, Pune · DGM and Associates Cost Accountants, Guwahati · Mani and Company Cost Accountants, Kolkata · K. L. Jaisingh and Company Cost Accountants, Noida
Subsidiaries :	· GAIL Global (Singapore) Pte. Limited Wangz Business Centre, #44-01, Suntec Tower One, 7, Temasek Boulevard, Singapore-038987 · Brahmaputra Cracker and Polymer Limited Hotel Brahmaputra Ashok, M. G. Road, Guwahati – 781 001, Assam, India · GAIL Gas Limited 16, Bhikaji Cama Place, R. K. Puram, New Delhi – 110 066, India · GAIL Global (USA) Inc. 333 Clay Street, Suite-3300, Houston, Texas 77002 · GAIL Global (USA) LNG LLC 1675 South State Street, Suite - B, Dover Delaware - 19901, USA
Joint Venture Companies / Associates :	· Mahanagar Gas Limited · Indraprastha Gas Limited · Petronet LNG Limited · Bhagyanagar Gas Limited · Tripura Natural Gas Corporation Limited · Central UP Gas Limited · Green Gas Limited · Maharashtra Natural Gas Limited · Avantika Gas Limited · GAIL China Gas Global Energy Holding Limited · ONGC Petro Additions Ltd (OPAL) · Gujrat State Energy Generation Limited · National Gas Company "Nat Gas" · Fayum Gas Company · China Gas Holdings Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000000	Equity Shares	Rs.10/- each	Rs. 20000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1268477400	Equity Shares	Rs.10/- each	Rs. 12684.800 Millions

Details of Shareholders holding more than 5% shares in the company

Particulars	No. of Shares	% Holding
Equity shares of Rs.10/- each fully Paid Up
President of India (Promoter)	727,405,675	57.35%
Life Insurance Corporation of India	95,124,727	7.49%

The Company has only one class of equity shares having a par value Rs.10/- per share. The holders of the equity shares are entitled to receive dividends as declared from time to time and are entitled to voting rights proportionate to their share holding at the shareholders meetings.

1,32,98,622 shares are held in the form of Global Depository Receipts.

During the year 2008-09, the company had issued 42,28,25,800 Bonus Equity shares of Rs. 10/- each out of General Reserve.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12,684.800	12,684.800	12684.800
(b) Reserves & Surplus	229,593.200	203,573.500	179848.600
(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)	242,278.000	216,258.300	192,533.400
(3) Non-Current Liabilities
(a) long-term borrowings	81,407.800	48,893.500	19,730.000
(b) Deferred tax liabilities (Net)	23,000.600	17,686.400	16,332.400
(c) Other long term liabilities	6,850.700	2,766.300	149.400
(d) long-term provisions	3,595.800	3,377.700	2,892.500
Total Non-current Liabilities (3)	114,854.900	72,723.900	39,104.300
(4) Current Liabilities
(a) Short term borrowings	2,237.400	0.000	0.000
(b) Trade payables	31,037.600	25,099.300	20,898.100
(c) Other current liabilities	42,081.200	36,547.900	29,866.200
(d) Short-term provisions	14,352.800	10,882.400	37,712.500
Total Current Liabilities (4)	89,709.000	72,529.600	88,476.800
TOTAL	446,841.900	361,511.800	320,114.500
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	189,875.500	155,612.800	121,907.200
(ii) Intangible Assets	7,199.000	2,963.400	2,128.500
(iii) Capital work-in-progress	89,778.200	79,424.500	58,461.500
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	36,800.500	26,719.000	25,813.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	25,914.900	31,745.100	16,871.000
(e) Other Non-current assets	6,731.900	2,721.100	730.900
Total Non-Current Assets	356,300.000	299,185.900	225,912.600
(2) Current assets
(a) Current investments	389.500	95.900	11.700
(b) Inventories	15,353.300	14,197.400	8,551.100
(c) Trade receivables	25,513.400	19,044.800	18,330.000
(d) Cash and cash equivalents	23,579.400	9,313.300	21,313.500
(e) Short-term loans and advances	25,558.600	19,662.300	45,959.700
(f) Other current assets	147.700	12.200	35.900
Total Current Assets	90,541.900	62,325.900	94,201.900
TOTAL	446,841.900	361,511.800	320,114.500

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenue from operations	475,226.900	404,407.600	325,365.200
	Other Income	7,645.100	6,483.800	4,407.000
	TOTAL (A)	482,872.000	410,891.400	329,772.200
Less	EXPENSES
	Cost of Materials Consumed	29,686.800	24,941.000	21,787.800
	Purchases of Stock-in-Trade	333,968.900	284,404.600	215,769.700
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(569.800)	(4,977.500)	(1,324.900)
	Employees benefits expense	7,854.500	6,502.900	7,212.300
	Other expenses	39,594.300	37,548.600	26,596.300
	TOTAL (B)	410,534.700	348,419.600	270,041.200
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	72,337.300	62,471.800	59,731.000
Less	FINANCIAL EXPENSES (D)	1,950.200	1,164.600	828.600
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	70,387.100	61,307.200	58,902.400
Less/ Add	DEPRECIATION/ AMORTISATION (F)	9,809.400	7,907.100	6,502.500
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	60,577.700	53,400.100	52,399.900
Less	TAX (H)	20,355.700	16,861.700	16,788.600
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	40,222.000	36,538.400	35,611.300
Less	APPROPRIATIONS
	Interim Dividend	5,070.000	3,810.000	2537.000
	Proposed Final Dividend	7,100.000	7,230.000	6976.600
	Corporate Dividend Tax	2,030.000	1,790.000	1553.200
	Transfer from Bond Redemption Reserve	(4.300)	(240.000)	(300.000)
	Transfer to CSR Reserve	131.300	0.000	378.100
	General Reserve	4,020.000	3,650.000	3560.000
	Total (M)	18,347.000	16,240.000	14,704.900
	Balance Carried to the B/S (J+K+L-M)	21,875.000	20,298.400	20,906.400
	EARNINGS IN FOREIGN CURRENCY
	Other Earnings	320.200	88.500	47.200
	TOTAL EARNINGS	320.200	88.500	47.200
	IMPORTS
	Raw Materials	27,338.600	32,390.300	5,957.400
	Components and Stores parts	1,530.400	1,779.700	1,108.700
	Capital Goods	10,994.700	5,551.800	9,716.700
	TOTAL IMPORTS	39,863.700	39,721.800	16,782.800
	Earnings / (Loss) Per Share (Rs.)	31.710	28.800	28.070

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	8.33	8.89	10.80
Net Profit Margin (PBT/Sales)	(%)	12.75	13.20	16.10
Return on Total Assets (PBT/Total Assets}	(%)	18.91	20.91	22.22
Return on Investment (ROI) (PBT/Networth)		0.25	0.24	0.27
Debt Equity Ratio (Total Debt /Networth)		0.34	0.23	0.10
Current Ratio (Current Asset/Current Liability)		1.01	0.86	1.06

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	12,684.800	12,684.800	12,684.800
Reserves & Surplus	179,848.600	203,573.500	229,593.200
Net worth	192,533.400	216,258.300	242,278.000
long-term borrowings	19,730.000	48,893.500	81,407.800
Short term borrowings	0.000	0.000	2,237.400
Total borrowings	19,730.000	48,893.500	83,645.200
Debt/Equity ratio	0.102	0.226	0.345

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	325,365.200	404,407.600	475,226.900
		24.293	17.512

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	325,365.200	404,407.600	475,226.900
Profit/(Loss) After Tax	35,611.300	36,538.400	40,222.000
	10.95%	9.04%	8.46%

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	No
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	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	Yes
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	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

LITIGATION DETAILS

COURT CASE

IN THE HIGH COURT OF DELHI AT NEW DELHI

O.M.P.85/2014

  M/S MAN INDUSTRIES INDIA LIMITED

.....Petitioner 

Versus

 GAIL INDIA LIMITED

  ..... Respondent

Through: Mr. Ghanshyam Joshi, Advocate.

CORAM:

HON'BLE MR. JUSTICE VIPIN SANGHI

O R D E R

23.04.2014

An adjournment application has been moved by the petitioner with the consent of the respondent.

At request, adjourned to 08.07.2014.

VIPIN SANGHI, J

  APRIL 23, 2014

  B.S. Rohella

  $ 40.

UNSECURED LOAN

Particulars	Rs. In Millions 31.03.2013	Rs. In Millions 31.03.2012
Long Term Borrowings
Term Loans
From Banks
- Bank of Tokyo Mitsubishi UFJ Limited (1/3 rd repayment at the end of the 4th, 5th and 6th year from the last date of drawl i.e December 2015, Dec 2016 and December 2017) Loan carries floating rate of interest linked to 6 Months LIBOR plus spread.	5499.000	5163.000
- Bank of Tokyo Mitsubishi UFJ Limited (Bullet repayment at the end of the 5th year from the last date of ‘drawl i.e Aug’2016. Loan carries floating rate of interest linked to 6 Months LIBOR. plus spread)	8248.500	7744.500
- Mizuho Corporate Bank (1/3 rd repayment at the end of the 4th, 5th and 6th year from the last date of drawl i.e Jan 2016, Jan 2017 and January 2018) Loan carries floating rate of interest linked to 6 Months LIBOR plus spread).	5499.000	5163.000
- Sumitomo Mitsui Banking Corporations (1/3 rd repayment at the end of the 4th, 5th and 6th year from the last date of drawl i.e Feb 2016, Feb 2017 and February 2018) Loan carries floating rate of interest linked to 6 Months LIBOR plus spread).	5499.000	5163.000
Japan bank for International Co-operation(JBIC) Repayable in 20 half yearly equal Instalments starting from June'2013	1893.400	0.000
- Sumitomo Mitsui Banking Corporations (1/2 repayment at the end of the 5th and 6th year from the last date of drawl i.e Nov 2017, Nov 2018) Loan carries floating rate of interest linked to 6 Months LIBOR plus spread).	16497.000	0.000
- Society General (Repayment in 20 half yearly equal Instalments starting from 22^nd October 2012)	3474.400	0.000
Short Term Borrowings
Other Loans and Advances
Loan from Royal Bank of Scotland (RBS) (repayment at the end of 6 month from date of first drwal ie 14.06.2013) Loan carries floating rate of interest linked to 3 Months EURIBOR plus spread.	2237.400	0.000
TOTAL	48847.700	23233.500

BUSINESS STRATEGY

To pursue a high growth trajectory, the Company has developed strategy for the period from 2011- 2020. This strategy is currently under execution and the Company is closely monitoring progress on various strategic initiatives as well as keeping track of changes in external environment that have potential impact on its business. The top management of the Company has been playing a key role in driving it towards becoming an integrated hydrocarbon major with significant upstream, midstream and downstream interests by 2020.

In the upstream segment, the Company aspires to import substantial LNG through conventional route as well as through terminal capacity booking and also acquire equity in producing assets/liquefaction facilities to source equity-linked LNG. Having acquired the Maharatna status, the Company would be able to pursue M&A opportunities vigorously. The Company has made remarkable progress in sourcing LNG by finalizing several short/ medium term and long-term deals with suppliers, like GDF (France), GNF (Spain), Sabine Pass Liquefaction LLC (US) and Gazprom (Russia). Further, a US subsidiary of the Company has booked LNG capacity in Dominion Cove Point's LNG liquefaction terminal in US. Besides, the Company is in discussion with other potential suppliers to tie-up more volumes. In addition, your Company is pursuing multiple trading plays in LNG through its wholly owned subsidiary, GAIL Global Singapore Pte Limited .

To support higher LNG volumes, the Company plans to set up LNG terminals/floating storage and regasification units and also tie-up additional regasification capacities in existing and new terminals being set up by other companies. The Company has successfully commissioned LNG terminal at Dabhol, as owner's engineer and also tied-up additional regasification capacities at this LNG terminal with RGPPL. Further, the Company also tied-up additional regasification capacities at Dahej LNG terminal with Petronet LNG Limited (PLL).

Considering the growing natural gas demand and India's energy security, the Company is actively participating in the transnational pipeline project, Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline project. GSPA has been signed to import 38 MMSCMD gas into the country through this pipeline.

In the midstream segment, the Company aspires to retain in leadership position through continuous pan-India expansion of pipeline network. The Company recently commissioned the Dhabol-Bengaluru pipeline to bring gas to Bengaluru, the IT hub of India, and other potential demand centres along this pipeline. With this, the Company now has a total network of over 10,700 km pipeline in the country. Various other pipeline projects at different phases of execution will take the network size to 15,000 km by 2015.

On the retail side, the Company is targeting additional 40-50 cities/Geographical Areas (GAs) through its subsidiary and JVs for City Gas Distribution (CGD) in the coming few years. The Company's wholly owned subsidiary, GAIL Gas Limited, is progressing on track with respect to the city gas projects in the cities of Kota, Dewas, Meerut and Sonepat. In the downstream segment, your Company aspires to be among the top petrochemical players in the country by expanding existing capacities, setting up new plants, acquiring equity stakes in upcoming projects, along with product off-take rights for marketing. The Company is currently doubling existing capacity at Pata and the project is expected to be completed on schedule. A Greenfield petrochemical plant is also being set up in Assam through the Company's subsidiary, Brahmaputra Cracker and Polymer Limited (BCPL). Another plant at Dahej is being set up through a JV, ONGC Petro-additions Limited (OPaL). By 2015, the Company is expected to market 1.7 MMTPA of polymers. For handling such a large product portfolio, the Company is strengthening its petrochemical trading capability as well as scaling up its distribution network.

As a responsible corporate citizen, the Company aims to reduce carbon footprint in a phased manner and contribute towards low carbon economy. For this, the Company has set targets for renewable energy projects and significant progress has been made so far. On the wind energy front, the Company plans to set up 500 MW wind power capacity in the next 3-4 years and against this, about 118 MW capacity has already been set up. Further, the Company has also established a 5 MW solar project in Rajasthan and plans to set up additional capacities in the coming years.

In order to achieve all the strategic goals efficiently and in a time bound manner, the Company is giving significant thrust on strengthening and developing its human resource. The Company's training and development policies are being suitably aligned with strategic objectives to enable the organization to implement strategic plans by 2020.

BUSINESS SEGMENT ANALYSIS

BUSINESS SEGMENT PERFORMANCE

During the year, the segment wise business performance of the Company is as under:

Natural Gas Marketing

Natural gas continues to constitute your Company's core business. During 2012-13, gas sales clocked 81.44 MMSCMD, compared to 84.17 MMSCMD in the previous financial year. Major supplies of natural gas include fuel to power plants, feedstock for gas-based fertilizer plants and LPG extraction. The Company holds around 60% market share in India's gas marketing.

Natural Gas Transmission

The Company owns and operates a network of about 10,700 kms of natural gas high pressure trunk pipeline with a pan-India capacity of around 210 MMSCMD of natural gas. Average gas transmission during the year was 104.9 MMSCMD, compared to 117.62 MMSCMD in the previous financial year.

LPG Transmission

The Company is the only one in India, which owns and operates exclusive pipelines for LPG transmission for third-party usage. The Company owns and operates two LPG Pipeline transmission systems with a total length of 2,038 kms. Out of this, 1,415 km of pipeline network transports LPG from western to northern parts of India (Jamnagar – Loni pipeline) and the balance 623 kms of pipeline network transports LPG in the country's southern part (Vizag-Secunderabad pipeline). The LPG transmission system has a capacity to transport up to 3.8 MMTPA of LPG. In 2012-13, the LPG transmission throughput achieved was about 3.136 Million MT.

Petrochemicals

During 2012-13, the Company has produced 437 Thousand MT of polymers and sold 427 Thousand MT of polymers.

LPG and Other Liquid Hydrocarbon Production

The Company has seven LPG plants in the country. In 2012-13, total liquid hydrocarbon production was about 1.376 Million MT, which mainly included 1.078 Million MT of LPG, 0.130 Million MT of Propane, 0.02 Million MT of Pentane and 0.148 Million MT of Naphtha.

Exploration and Production (E&P)

The E&P portfolio of the Company is as follows:

	India	Overseas
Onshore blocks	10	--
Shallow water blocks	3	2
Deep water blocks	15	--

Hydrocarbon discoveries are in place in seven E&P blocks (five domestic blocks and two overseas blocks). Crude oil production is in progress from one of the onland blocks in Cambay basin and during 2012-13, revenue of Rs.780.000 millions have been generated. Development activities are in progress in blocks A-1 and A 3 at Myanmar offshore since November, 2009. Four development wells have been drilled in Myanmar's Mya field. Drilling of additional development well in Myanmar's Shwe field is in progress. Further, Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) work is in progress for drilling and production platforms. Gas production is expected to start during 2013-14. Field Development Plan for one oil discovery in the block CB-ONN- 2003/2 (Ankleshwar onland) has been approved. Declaration of commerciality has been submitted to the Government for approval in the Tripura onland block (AA-ONN-2002/1).

The Company is operating three onland blocks (in Rajasthan, Cambay and Cauvery onland block) and is the joint operator in one Cambay onland block. During 2012-13, two exploratory wells were drilled in the Rajasthan onland block (RJ-ONN-2004/1). Seismic data acquisition has been completed in the Cauvery onland block (CY-ONN-2005/1) and interpretation of the data is in progress. The Government has granted the petroleum exploration license for Cambay onland block (CB-ONN- 2010/11). Seismic data acquisition in this block is planned during 2013-14. In addition to four E&P blocks that were awarded during 2011-12, the Company was awarded one more E&P block CB-ONN-2010/8 in Cambay onland basin (where BPRL is the operator) during 2012-13 under NELP-IX bidding round.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC OVERVIEW

Global economic growth largely remained subdued across major countries during 2012-13. The US showed signs of slow recovery, on account of improvements in housing sector and employment. Recessionary conditions in the Euro Zone continued due to deteriorating industrial production, weak exports and low domestic demand. Emerging economies grew marginally from moderation in 2012, as domestic demand rose and investments picked-up. Among the BRICS countries, Brazil and South Africa experienced acceleration in growth. Whereas, other member countries like Russia, China and India grew at a slower rate year on year.

As per advance estimate of Central Statistics Office (CSO), India's GDP growth for 2012-13 is pegged at 5 % from 6.6 % a year ago. The decline is mainly due to weakness in industrial production aggravated by domestic supply bottlenecks and slowdown in the services sector reflecting weak external demand.

Countering this slowdown, RBI relaxed its monetary policy by reducing the Repo rate, SLR and CRR by 100 bps, 100 bps and 75 bps respectively on a cumulative basis. Inflation has moderated in recent months; but it still remains close to or above the tolerance level. This is coupled with concerns over the fiscal deficit and the current account deficit. In this context, RBI faces the challenge to maintain a balance between regulating inflation and promoting growth On the back of a pessimistic demand outlook, crude oil prices eased in March-April 2013 from the elevated levels prevailing through 2012.

Various reform measures were taken up by the Government of India such as postponement of GAAR (General Anti Avoidance Rules) by two years, partial deregulation of diesel prices, liberalised FDI limits for certain sectors, rise in FII limits in corporate debt and government securities market and announcement of fiscal consolidation measures.

OUTLOOK

As per the World Economic Outlook for April 2013, the annual growth forecast for advanced economies in 2013 is a modest 1.25%. For Asia as a whole, growth will pick up modestly to about 5.75% in 2013, largely due to recovering external demand and continued domestic demand. On a long term perspective, developing countries like India and China would play a key role in shaping the world economy.

Government of India has taken measures to bring fiscal deficit to acceptable levels through various reforms and policies but many of the steps like fuel price hike come along with the anticipated price inflation. In the short term, uncertainty for Indian economy still persists, but in the long term, Indian government is confident of bringing economy to previous levels of over 8% GDP growth.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10457703	22/10/2013	4,750,000,000.00	OIL INDUSTRY DEVELOPMENT BOARD	301, WORLD TRADE CENTER, BABAR ROAD, NEW DELHI, DELHI - 110001, INDIA	B88582291
2	10406394	12/02/2013	1,750,000,000.00	OIL INDUSTRY DEVELOPMENT BOARD	301, WORLD TRADE CENTER, BABAR ROAD, NEW DELHI, DELHI - 110001, INDIA	B68957372
3	10374616	30/08/2012	7,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B57295172
4	10369540	18/06/2012	9,500,000,000.00	OIL INDUSTRY DEVELOPMENT BOARD	301, WORLD TRADE CENTER, BABAR ROAD, NEW DELHI, DELHI - 110001, INDIA	B45314325
5	10279675	25/03/2011	8,000,000,000.00	OIL INDUSTRY DEVELOPMENT BOARD	301, WORLD TRADE CENTER, BABAR ROAD, NEW DELHI, DELHI - 110001, INDIA	B10414316
6	10271002	21/07/2011 *	5,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B16719494
7	10249942	15/07/2011 *	12,500,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	B16748477
8	10167220	30/06/2009	7,000,000,000.00	OIL INDUSTRY DEVELOPMENT BOARD	301, WORLD TRADE CENTER, BABAR ROAD, NEW DELHI, DELHI - 110001, INDIA	A66109562
9	80020522	22/06/2004	5,000,000,000.00	STATE BANK OF INDIA	PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	-

* Date of charge modification

FIXED ASSETS

· Land: Freehold / Leasehold

· Building: Office/Others/ Residential

· Bunk Houses

· Plant and Machinery

· Railway Lines and Sidings

· Electrical Equipments

· Furniture, Fixtures and Other Equipments

· Transport Equipments

FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED ON 31^st MARCH, 2014

(Rs. in millions)

Sr. No.	Particular	Quarter Ended		Year Ended
		31.03.2014 (Unaudited)	31.12.2013 (Unaudited)	31.03.2014 (Audited)
1.	Income from Operations
	Net Sales	144642.900	159806.200	572451.000
	Other Operating Income	1028.700	579.000	2628.300
	Net Sales/Income from Operations	145671.600	160385.200	575079.300
2.	Expenditure
	Consumption of Raw Materials	11111.400	13013.500	4843.4.300
	Purchase of Stock In Trade	109904.300	110827.200	412344.200
	Change in Inventories of Finished Goods, Work-In-Progress and Stock In Trade	(4022.200)	(2458.800)	(6268.600)
	Employee Benefits Expenses	2258.400	2183.800	8477.300
	Depreciation and Amortization Expenses	3057.000	3008.000	11761.500
	Other Expenses	12020.900	13923.600	45080.200
	f) Total	134329.800	140497.300	519828.900
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	11341.800	19887.900	55250.400
4.	Other Income	4107.300	2081.900	8985.200
5.	Profit Before Interest and Exceptional Items (3+4)	15449.100	21969.800	64235.600
6.	Interest / Finance	1055.800	912.500	3661.900
7.	Profit After Interest but before Exceptional Items (5-6)	14393.300	21057.300	60573.700
8.	Exceptional Items	--	3449.500	3449.500
9.	Profit from Ordinary Activities before Tax (7+8)	14393.300	24506.800	64023.200
10.	Tax Expense
	Current tax	4125.300	7045.200	18077.400
	Earlier tax	10.700	266.200	(470.000)
	Deferred tax	537.000	401.400	2663.100
11.	Net Profit from Ordinary Activities after Tax (9-10)	9720.300	16794.000	43752.700
12.	Extraordinary Item (net of expense)	--	--	--
13.	Net Profit for the period (11-12)	9720.300	16794.000	43752.700
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	12684.800	12684.800	12684.800
15.	Reserves Excluding Revaluation Reserve	--	--	258038.500
16.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised
	a) Basic and diluted EPS before extraordinary items	7.66	13.24	34.49
	b) Basic and diluted EPS after extraordinary items	7.66	13.24	34.49
	Debt service coverage ratio			4.17
	Interest service coverage ratio			9.90
17.	Public Shareholding
	-Number of Shares	556743749	541071725	556743749
	- Percentage of Shareholding	43.88	42.65	43.89
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	Nil	Nil	Nil
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	Nil	Nil	Nil
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	Nil	Nil	Nil
	b) Non Encumbered
	- Number of Shares	771733651	727405675	771733651
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100.00	100.00	100.00
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	56.11	57.35	56.11

Particulars	Quarter ended on March 31, 2014
Pending at the beginning of the quarter	Nil
Received during the quarter	6
Disposed of during the quarter	6
Remaining unresolved at the end of the quarter	Nil

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Millions)

Sl. No.	Particulars	Quarter Ended		Year Ended
		31.03.2014	31.12.2013	31.03.2014
		(Unaudited)	(Unaudited)	(Audited)
1	Segment Revenue
	Transmission Services
	Natural Gas	8491.400	11888.700	41041.800
	LPG	1148.600	1137.900	4180.700
	Natural Gas Trading	121980.100	132867.000	489216.700
	Petrochemicals	11802.400	11644.900	45816.900
	LPG and Liquid Hydrocarbons	14857.600	19336.100	54619.100
	Other Segment	1456.600	1138.100	3925.500
	Total	159736.700	178012.700	638800.700
	Less : Inter Segment Revenue (Net of Excise)	15093.800	18206.500	66349.700
	Sales / Income from Operations	144642.900	159806.200	572451.000
2	Segment Results
	Transmission Services
	Natural Gas	2604.300	4111.800	18016.100
	LPG	579.000	597.200	2152.600
	Natural Gas Trading	2854.200	5053.600	15802.900
	Petrochemicals	1964.700	3356.200	13612.200
	LPG and Liquid Hydrocarbons	4978.800	7624.300	10214.400
	Other Segment	(2.500)	291.900	51.600
	Total	12978.500	21035.000	59849.800
	Less :Interest	1055.800	912.500	3661.900
	Less : Other Un-allocable Expenditure	1843.600	1123.300	5134.800
	Less : Other Un-allocable Income	(4314.200)	(5507.600)	(12970.100)
	Total Profit Before Tax	14393.300	24506.800	64023.200
3	Capital Employed
	Natural Gas Transmission / Trading	191830.600	188622.000	191830.600
	LPG Transmission	7549.700	7484.800	7549.700
	Petrochemicals	13856.100	14698.800	13856.100
	LPG and Liquid Hydrocarbons	6817.300	13008.800	6817.300
	Other Segment	14868.600	9609.000	14868.600
	Un-allocable	164145.900	174242.600	164145.900
	Total	399068.200	407666.000	399068.200

STATEMENT OF ASSETS AND LIABILITIES

(Rs. In Millions)

PARTICULARS	31.03.2014 AUDITED
Equity and liabilities
Shareholders' fund
Share capital	12684.800
Reserve & surplus	258038.500
Sub-total - Shareholders' funds	270723.300
Non - current liabilities
Long term borrowings	95260.900
Deferred tax liability (net)	25663.700
Other long term liabilities	7711.700
Long term provisions	4040.400
Sub-total - Non-current liabilities	132676.700
Current liabilities
Short term borrowings	0.000
Trade payables	39748.300
Other current liabilities	40475.400
Short term provisions	14489.600
Sub-total - Current liabilities	94713.300
Total - Equity & Liabilities	498113.300
Assets
Non-current assets
Fixed assets	312044.800
Non-current investment	41030.000
Long term loans & advances	25351.200
Other non-current assets	7184.100
Sub-total - Non-current Assets	385610.100
Current assets
Current investments	0.000
Inventories	22547.600
Trade receivables	28119.900
Cash & bank balances	26509.800
Short term loans & advances	35143.600
Other current assets	182.300
Sub-total - Current Assets	112503.200
Total – Assets	498113.300

NOTES

1. The audited financial results were reviewed by the Audit Committee and approved by the Board of Directors at its meetings held on 26th May 2014.

2. In terms of the decision of the Government of India to share the under recoveries on LPG, the company has provided discount of Rs. 5000.000 Millions for the quarter ended 31^st March, 2014 (Previous year corresponding quarter : Rs. 5871.800 Millions) and Rs. 19000.000 Millions for the year ended 31^st March, 2014 (Previous year : Rs.26871.800 Millions).

3. Final Dividend @ Rs. 5.90- per Equity Share of Rs. 10/- each amounting to Rs. 7484.000 Millions (excluding dividend Tax) during 2013-14 has been recommended subject to approval by shareholders in the Annual General Meeting. In addition, the Interim Dividend @ Rs. 4.50- per Equity Share amounting to Rs. 5708.100 Millions has already been paid. The total of Interim and recommended final dividend for the year is Rs. 10.40 /- per Equity share amounting to Rs. 13192.100 Millions (excluding dividend tax).

4. The statement of assets and liabilities has been disclosed along with audited financial results as per requirement of Listing Agreement.

5. Figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year.

6. Previous period / year figures have been regrouped / reclassified, wherever required.

7. The Audited results for the year ended 31st March 2013 are subject to review by the Comptroller and Auditor General of India u/s 619 (4) of the Companies Act,1956.

WEBSITE DETAILS

NEWS / ARTICLE

GAIL (India) extends gains on buzz of foreign brokerage upgrade

Capital Market  June 17, 2014

GAIL (India) rose 1.44% to Rs 439.50 at 12:31 IST on BSE, with the stock extending Monday's 3.95% gains triggered by buzz that a foreign brokerage has raised the price target on the stock to Rs 525 from Rs 450 earlier.

Meanwhile, the S&P BSE Sensex was down 56.54 points or 0.22% at 25,133.94.

On BSE, so far 95,000 shares were traded in the counter as against average daily volume of 1.28 lakh shares in the past one quarter.

The stock hit a high of Rs 440.75 and a low of Rs 433.90 so during the day. The stock hit a 52-week high of Rs 440.95 on 11 June 2014. The stock hit a 52-week low of Rs 273 on 28 August 2013.

The stock had outperformed the market over the past one month till 16 June 2014, surging 5.83% compared with the Sensex's 4.43% rise. The scrip had also outperformed the market in past one quarter, jumping 16.5% as against Sensex's 15.5% rise.

The large-cap company has equity capital of Rs 12684.800 Millions. Face value per share is Rs 10.

Shares of GAIL (India) have risen 5.44% in two trading sessions from a recent low of Rs 416.80 on 13 June 2014 on buzz that a foreign brokerage has raised the price target on the stock to Rs 525 from Rs 450 earlier. The stock had risen 3.95% to settle at Rs 433.25 on Monday, 16 June 2014.

The brokerage remains optimistic about the performance of the company's key business segments barring the petrochemicals business, as per reports. According to the brokerage house, with the new reform-oriented government at the helm, the macro outlook is fast improving. GAIL's gas transmission volumes should start to improve, and trading earnings can rebound after the weak Q4 March 2014. The brokerage did not factor any tariff increase by the company, and highlighted that a 15% tariff increase can boost GAIL's target price by a further 10%.

GAIL (India)'s net profit rose 57.2% to Rs 9720.300 Millions on 16.6% growth in net sales to Rs 144642.900 Millions in Q4 March 2014 over Q4 March 2013.

GAIL (India) is India's flagship gas transmission and marketing company with global footprints. The Government of India (GoI) holds 56.11% stake in GAIL (India) (as per the shareholding pattern as on 31 March 2014).

GAIL (India) drops after announcing Q4 result

Capital Market  May 27, 2014

Key benchmark indices slipped into the negative terrain after opening higher as weakness in Asian stocks weighed on sentiment adversely. The barometer index, the S&P BSE Sensex, was down 61.30 points or 0.25%, off close to 120 points from the day's high and up close to 100 points from the day's low. The market breadth, indicating the overall health of the market, was negative.

GAIL (India) dropped on profit booking after reporting strong Q4 result. Jubilant Life Sciences (JLL) rose after company reported a turnaround in Q4 results.

Foreign institutional investors (FIIs) sold shares worth a net Rs 841.300 Millions on Monday, 26 May 2014, as per provisional data from the stock exchanges.

The market may remain volatile in the near future as traders roll over positions in the futures and options (F&O) segment from the near month May 2014 series to June 2014 series. The near month May 2014 derivatives contract expire on Thursday, 29 May 2014.

At 9:35 IST, the S&P BSE Sensex was down 61.30 points or 0.25% to 24,655.58. The index declined 164.89 points at the day's low of 24,551.99 in early trade. The index rose 60.43 points at the day's high of 24,777.31 in early trade.

The CNX Nifty was down 21.15 points or 0.29% to 7,337.90. The index hit a low of 7,304.85 in intraday trade. The index hit a high of 7,372.95 in intraday trade.

The BSE Mid-Cap index was down 35.49 points or 0.42% to 8,449.57. The BSE Small-Cap index was down 26.69 points or 0.3% to 8,896.96. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 748 shares fell and 519 shares rose. A total of 22 shares were unchanged.

Among the 30-share Sensex pack, 20 stocks fell and rest of them rose. NTPC (down 2.37%), Sesa Sterlite (down 2.27%) and ONGC (down 2.21%) edged lower from the Sensex pack.

Kotak Mahindra Bank declined 1.09%. With reference to earlier announcement dated 27 June 2012 intimating Reserve Bank of India (RBI)'s requirement to bring down bank's promoter shareholding, Kotak Mahindra Bank has informed before market hours that the bank has received a communication from the RBI to bring down its promoter shareholding to 40% by 30 September 2014, as per estimates provided by the bank. The next estimate is 30% by 31 December 2016. The current promoter shareholding is 43.58%.

GAIL (India) dropped 5.04% on profit booking after reporting strong Q4 result. The company's net profit rose 57.24% to Rs 9720.300 Millions on 17.56% rise in total income to Rs 149778.900 Millions in Q4 March 2014 over Q4 March 2013. The result was announced after market hours on Monday, 26 May 2014. The company said that the Board of Directors of the company at its meeting held on 26 May 2014, inter alia, have recommended the payment of final dividend @59% (Rs 5.9 per share) on the paid-up equity share capital of the company for the FY 2014, subject to approval of shareholders in the ensuing Annual General Meeting.

Net profit rose 8.78% to Rs 43752.700 Millions on 20.94% rise in net sales to Rs 572451.000 Millions in the year ended March 2014 over the year ended March 2013.

In terms of the decision of the Government of India to share the under recoveries on LPG, the company has provided provisional discount of Rs 500 crore in Q4 March 2014 (Q4 March 2013: Rs 5871.800 Millions) and Rs 19000.000 Millions in the year ended March 2014 (previous year: Rs 26871.800 Millions), GAIL said in a statement.

Jubilant Life Sciences (JLL) rose 4.76% after company reported a turnaround in Q4 results. The company reported a consolidated net profit of Rs 988.100 Millions in Q4 March 2014 as against net loss of Rs 309.700 Millions in Q4 March 2013. The result was announced after market hours on Monday, 26 May 2014.

JLL's consolidated total income from operations rose 12.13% to Rs 15623.300 Millions in Q4 March 2014 over Q4 March 2013.

JLL's consolidated net profit declined 28.6% to Rs 1090.400 Millions on 12.33% growth in total income from operations to Rs 58033.600 Millions in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).

Commenting on the company's financial performance, Mr. Shyam S Bhartia, Chairman and Managing Director and Mr. Hari S Bhartia, Co-Chairman & Managing Director, Jubilant Life Sciences said, "We have implemented the management consolidation of Pharmaceutical and Life Science Ingredients businesses to enable faster and focussed growth going forward. In pharmaceutical business we have strengthened our Quality System for better compliance. We are happy to report that warning letter issue in Montreal have been resolved and in Spokane, we have responded to all FDA observations. We are confident of bringing back our growth in CMO of Sterile injectibles business on the back of strong order book and better compliance. Our financial arrangement with IFC enable us to de-couple our pharmaceutical business from Life Science Ingredient and enhance shareholder value."

Going forward, JLL said it expects strong growth momentum in both the segments of its businesses. The Pharmaceuticals business is expected to deliver on account of resolution of warning letter in Montreal, focussed attention to resolve USFDA issues in Spokane, consolidation of global quality system for compliance, new product launches in Generics business and better price realizations and expected launch of Ruby-fill in Radiopharmaceuticals business. Growth in Life Science Ingredients business is to be led by higher capacity utilization, better pricing and entry into new geographies, JLL said in a statement.

Jubilant Life Sciences' board of directors at its meeting held on Monday, 26 May 2014, inter alia, has recommended a dividend of Rs 3 per equity shares for FY 2014.

Meanwhile, JLL and IFC on Monday, 26 May 2014 said in a combined statement that IFC, a member of the World Bank Group, is lending $147.5 million to Jubilant Pharma to enable better access to quality and affordable pharmaceuticals in underserved markets in India and across the world. Jubilant Pharma, a wholly owned subsidiary of JLL, is incorporated in Singapore, with manufacturing operations in India, USA, and Canada.

Of the total financing package, $110 million is from IFC's own account. The remaining $37.5 million is from IFC's Managed Co-Lending Portfolio Program, which provides additional long-term financing through co-financing partners, JLL and IFC said in a statement. The loan will help JLL increase focus on the pharmaceutical sector and strengthen its generic drug manufacturing facilities in India, the statement said.

Shyam S. Bhartia, Chairman and Managing Director, Jubilant Life Sciences said, "We consider IFC a long-term partner with significant healthcare expertise across emerging markets. IFC's contribution goes beyond financing. IFC will also help us strengthen our quality assurance and risk mitigation mechanisms and make the company systems more robust. IFC's long-term financing package will consolidate our entire pharmaceuticals business under Jubilant Pharma and build global competitiveness."

Vipul Prakash, Director - Manufacturing, Agribusiness and Services, Asia Pacific, IFC said, "Health is a priority sector for IFC in India. There is an need to expand access to affordable and quality healthcare, especially among low-income communities. This investment will contribute towards making the Indian pharmaceuticals sector globally competitive, and improve access to affordable medicines to a wider population."

IFC is the world's largest multilateral investor in the private health care sector in emerging markets, having provided financing of over $2.2 billion to 164 private health care and life sciences projects in 53 countries. IFC-supported health projects treat about 12 million patients annually.

The President of India Mr Pranab Mukherjee has appointed Shri Narendra Damodardas Modi as the Prime Minister of India. Further, as advised by the Prime Minister, the President has also appointed the members of the Council of Ministers. The President administered the oaths of office and secrecy to the members of the Council of Ministers at a ceremony held in the Rashtrapati Bhavan, late evening on Monday, 26 May 2014.

Cabinet ministers are; Shri Raj Nath Singh, Smt. Sushma Swaraj, Shri Arun Jaitley, Shri M. Venkaiah Naidu, Shri Nitin Jairam Gadkari, Shri D.V. Sadananda Gowda, Sushri Uma Bharati, Dr. Najma A. Heptulla, Shri Gopinathrao Munde, Shri Ramvilas Paswan, Shri Kalraj Mishra, Smt. Maneka Sanjay Gandhi, Shri Ananthkumar, Shri Ravi Shankar Prasad, Shri Ashok Gajapathi Raju Pusapati, Shri Anant Geete, Smt. Harsimrat Kaur Badal, Shri Narendra Singh Tomar, Shri Jual Oram, Shri Radha Mohan Singh, Shri Thaawar Chand Gehlot, Smt. Smriti Zubin Irani and Dr. Harsh Vardhan.

Ministers of state (independent charge) are; General V.K. Singh, Shri Inderjit Singh Rao, Shri Santosh Kumar Gangwar, Shri Shripad Yesso Naik, Shri Dharmendra Pradhan, Shri Sarbananda Sonowal, Shri Prakash Javadekar, Shri Piyush Goyal, Dr. Jitendra Singh andSmt. Nirmala Sitharaman.

Ministers of state are; Shri G.M. Siddeshwara, Shri Manoj Sinha, Shri Nihalchand, Shri Upendra Kushwaha, Shri Radhakrishnan P, Shri Kiren Rijiju, Shri Krishan Pal, Dr. Sanjeev Kumar Balyan, Shri Mansukhbhai Dhanjibhai Vasava, Shri Raosaheb Dadarao Danve, Shri Vishnu Deo Sai and Shri Sudarshan Bhagat.

Mr Rajnath Singh will be Mr Modi's number 2 in government as Home Minister and took oath immediately after him. He was followed by senior BJP leaders Sushma Swaraj and Arun Jaitley. Mr Jaitley will be Finance Minister and will also have additional charge of Defence. Ms Swaraj will be Minister for External Affairs.Nitin Gadkari was awarded surface transport and shipping ministry, Ravi Shankar Prasad will take charge of telecom ministry and law and justice ministry, Venkaiah Naidu is given urban development ministry portfolio, Smriti Irani will head human resource development ministry, Ram Vilas Paswan was awarded with food and civil supplies ministry and Sadanand Gowda will be a Railway Minister.

After Bharatiya Janata Party (BJP) led National Democratic Alliance's (NDA) landslide victory in the Lok Sabha election, investors are expecting measures from the incoming government to revive the Indian economy. India's GDP growth slowed sharply at 4.7% in Q3 December 2013. Investors hope that the BJP-led government would be able to accelerate policy reforms and overhaul the country's poor infrastructure.

Modi is favored by business leaders because of his record in Gujarat, which he's led since 2001. With Modi at the helm of affairs, Gujarat's economy expanded by 10.1% a year, on average and adjusting for inflation, from 2001 and 2012, compared with 7.7% growth a year for India's economy as a whole.

Modi has pledged to fight inflation by cracking down on food hoarders, creating a national agriculture market and improving rural infrastructure.

The first budget of the new government is expected by July 2014. An interim budget was presented by P. Chidambaram in February this year. Essentially, in the nature of a vote on account, the interim budget was intended to get Parliament approval for expenditure to be incurred during the first few months of fiscal year 2014-15 due to Lok Sabha elections.

The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on 1 April 2014, as consumer-price inflation eased to a two-year low and as the rupee firmed up against the dollar.

Asian stocks edged lower in choppy trade on Tuesday. Key benchmark indices in China, Singapore, Hong Kong and South Korea were off 0.1% to 0.79%. Key benchmark indices in and Taiwan and Japan were up 0.14% to 0.87%.

US stock markets remained closed on Monday, 26 May 2014, on account of Memorial Day.

The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 17-18 June 2014. The Fed on 30 April 2014 said after a monetary policy review that it will keep the benchmark interest-rate target at almost zero for a "considerable time" after its bond-buying program ends. The FOMC also reduced monthly debt purchases to $45 billion, its fourth straight $10 billion cut, and said further reductions are likely in "measured steps" if the economy continues to improve.

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. 60.16
UK Pound	1	Rs. 102.23
Euro	1	Rs. 82.04

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	SUB
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		73

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.