MIRA INFORM REPORT

Report Date :

29.11.2014

IDENTIFICATION DETAILS

Name :	LINDE INDIA LIMITED (w.e.f. 18.02.2013)
Formerly Known As :	BOC INDIA LIMITED
Registered Office :	Oxygen House, P-43, Taratala Road, Kolkata – 700 088, West Bengal
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	24.01.1935
Com. Reg. No.:	21-008184
Capital Investment / Paid-up Capital :	Rs. 852.842 Millions
CIN No.: [Company Identification No.]	L40200WB1935PLC008184
TAN No.: [Tax Deduction & Collection Account No.]	CALB05091C / CALB05706B
PAN No.: [Permanent Account No.]	AAACB2528H
Legal Form :	Public Limited Liability company. The Company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturing of air separation plants and related projects including air/gas storage and distribution system.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (70)

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 57000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “THE BOC GROUP LIMITED”, UNITED KINGDOM. It is a well – established company having fine track record. The rating reflect Linde India’s established market position in the industrial gases segment marked by healthy financial risk profile and decent profitability levels of the company. Further rating also reflects financial and managerial support the company receives from its parent company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. In view of strong holding support, the company can be considered good 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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : AA-
Rating Explanation	High degree of safety and very low credit risk.
Date	10.05.2013

Rating Agency Name	CRISIL
Rating	Short term rating : A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	10.05.2013

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 31-03-2014.

INFORMATION DECLINED

MANAGEMENT NON – COOPERATIVE (91-33-66021600)

LOCATIONS

Registered Office / Corporate :	Oxygen House, P-43, Taratala Road, Kolkata – 700 088, West Bengal, India
Tel. No.:	91-33-24014708/ 4710-16/ 24015172/ 31411500
Mobile No.:	91-9831070992 (Mr. Pankaj Sharma)
Fax No.:	91-33-24014974/ 4206/ 24018471/ 24014342/ 24011424
E-Mail :	pawan.marda@boci.co.in partha.sinhe@linde.in pankay.sharma@linde.com hrd@boci.co.in
Website :	www.linde.in http://www.boci.com http://www.boc.co.in www.boc-india.com
Factory :	· Ahmedabad Rakhial Road, Ahmedabad - 380 023, Gujarat, India · Asansol G T Road (West) Gopalpur, Asansol 713 304, District Burdwan, West Bengal, India · Bangalore Plot No. 1 and 2 (Part) , Survey Nos 59/1 and 60 Sompura Industrial Area Dobaspet, 1st Stage, Bangalore-562111, Karnataka, India · Bellary Tonnage Plant (1800 TPD) Torunagallu, Sandur Taluk District Bellary - 583 123, Karnataka, India · Bhiwadi Plot No. B-821, RIICO Industrial Area Bhiwadi 301 019, District Alwar, Rajasthan, India · Chennai Plot No. G-21, SIPCOT Industrial Park Irungattukottai, District Kancheepuram 602 105, Tamilnadu, India · Howrah Village: Pakuria, P.O. Lakhenpur P.S. Domjur, Howrah 711 114, West Bengal, India · Hyderabad Tonnage Plant (65 tpd) and Packaged Gases and Products Plant Plot No. 178 and 179 IDA Pashamylaram, Phase III District Medak 502 307, Hyderabad, India · Jamshedpur Tonnage Plant (2550 tpd) Tonnage Plant (1290 tpd) Industrial Gases Plants (500 tpd, 275 tpd x 2) Long Tom Area, (Behind NML) Burma Mines, Jamshedpur - 831 007, Jharkhand, India Tonnage Plant (225 tpd) Near “L” Town Gate Opposite Bari Maidan Sakchi, Jamshedpur Mona Road, Burma Mines Jamshedpur - 831 007, Jharkhand, India · Jajpur Tonnage Plant (418 tpd) Jindal Stainless Limited. Kalinganagar Industrial Complex, Duburi, District Jajpur-755026, Orissa, India · Kolkata Plant Manufacturing Works P-41 Taratala Road Kolkata 700 088, West Bengal, India 48/1 Diamond Harbour Road Kolkata 700 02, West Bengal, India · Taloja Tonnage Plant T-8 MIDC Industrial Area Taloja, Navi Mumbai 410 208 District Raigad, India · Taloja PGP Plant T-25, MIDC Industrial Area Taloja, Navi Mumbai 410 208 District Raigad, India · Pune B 16/2, MIDC Industrial Area Chakan, Village – Mahalunge, Tal – Khed, District Pune 410 501 Selaqui Tonnage Plant (221 tpd) Khasara No. 122, MI Behind Pharma City Selaqui, Dehradun 248 197, India · Trichy Plot no. 30, 31 and 32 Sidco Industrial Estate, Mathur District Pudukkottai 622 515, India · Visakhapatnam Plot No. 62, J N Pharma City Thanam Village, Parwada Mandal Visakhapatnam, 531 021, India

DIRECTORS

As on: 31.12.2013

Name :	Mr. Sanjiv Lamba
Designation :	Chairman
Date of Birth/Age :	48 years
Qualification:	B. Com. (Hons.), ACA
Date of Appointment:	15.11.1989
Name :	Mr. Arun Balakrishnan
Designation :	Non-Executive Director
Date of Birth/Age :	63 Years
Qualification:	BE (Chemical)
Date of Appointment:	01.04.2007
Name :	Mr. Jyotin Mehta
Designation :	Non-Executive Director
Date of Birth/Age :	55 Years
Qualification:	B.com , FCA, FCS and FICWA
Experience :	30 Years
Name :	Mr. Aditya Narayan
Designation :	Non-Executive Director
Date of Birth/Age :	61 Years
Qualification:	B. Tech, LLB
Date of Appointment:	1996
Name :	Mr. Binod Patwari
Designation :	Non-Executive Director
Date of Birth/Age :	41 Years
Qualification:	B.com, CFA, MBA (Finance)
Date of Appointment:	1997
Name :	Mr. Srikumar Menon
Designation :	Managing Director
Date of Birth/Age :	61 Years
Qualification:	B. Com. (Hons), ACA
Date of Appointment:	23.10.2008
Name :	Mr. Moloy Banerjee
Designation :	Director
Date of Birth/Age :	11.08.1966
Qualification:	B Tech
Experience :	25 Years

KEY EXECUTIVES

Name :	Mr. Pawan Marda
Designation :	Company Secretary
Audit Committee	· Jyotin Mehta, Chairman · Arun Balakrishnan · Sanjiv Lamba · Aditya Narayan
Shareholders‘ / Investors‘ Grievance Committee :	· Aditya Narayan, Chairman · Jyotin Mehta · Srikumar Menon
Remuneration Committee :	· Arun Balakrishnan, Chairman · Sanjiv Lamba · Jyotin Mehta

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Category of Shareholder	Total No. of Shares	As a %
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	63963167	75.00
Sub Total	63963167	75.00
Total shareholding of Promoter and Promoter Group (A)	63963167	75.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	6096007	7.15
Financial Institutions / Banks	14942	0.02
Central Government / State Government(s)	29	0.00
Insurance Companies	765692	0.90
Foreign Institutional Investors	7222755	8.47
Sub Total	14099425	16.53
(2) Non-Institutions
Bodies Corporate	699361	0.82
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	4501883	5.28
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1878279	2.20
Any Others (Specify)	142108	0.17
Trusts	8690	0.01
Clearing Members	14040	0.02
Directors & their Relatives & Friends	600	0.00
Non Resident Indians	118778	0.14
Sub Total	7221631	8.47
Total Public shareholding (B)	21321056	25.00
Total (A)+(B)	85284223	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	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	85284223	0.00

BUSINESS DETAILS

Line of Business :

Manufacturing of air separation plants and related projects including air/gas storage and distribution system.

Products :

Product Description	Item Code No. (ITC Code)
Oxygen	28044000
Nitrogen	28043000
Argon	28042100

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

· ABN AMRO Bank N.V.

· Citibank N.A.

· ICICI Bank Limited.

· Punjab National Bank

· Standard Chartered Bank

· State Bank of India

· United Bank of India

Facilities :

--

Auditors :
Name :	BSR and Company Chartered Accountants
Address 1 :	Building No. 10, 8th Floor, Tower-B DLF Cyber City, Phase-II Gurgaon - 122002, Haryana, India
Tel No.:	91-124-2549191
Fax No.:	91-124-2549101
Address 2 :	Infinity Benchmark, Plot No. G-1, 10^th Floor, Blook EP and GP, Sector V, Salt Lake City, Kolkata – 700091, West Bengal, India
Tel No.:	91-33-44034000
Fax No.:	91-33-44034199
Email ID:	jshyamsukha@kpmg.com
Ultimate Holding Company :	Linde AG, Germany
Holding Company :	The BOC Group Limited, United Kingdom (Wholly owned Subsidiary of Linde AG)
Joint Venture	Bellary Oxygen Company Private Limited
Fellow Subsidiaries :	· Linde Bangladesh Limited, Bangladesh · BOC (China) Holdings Company Limited, China · Linde Electronics and Speciality Gases (Suzhou) · Company Limited, China · Hangzhou Linde International Trading Company Limited, China · Cryostar SAS France · Linde HKO Limited Hong Kong · The BOC Group Limited, (Hong Kong) Hong Kong · Linde Gáz Magyarország Zrt. Hungary · PT. Linde Indonesia Indonesia · Linde Japan Limited, Japan · Linde Korea Company Limited, Korea · Linde Malaysia Holdings Berhad, Malaysia · Linde Malaysia Sdn. Bhd. Malaysia · Linde Philippines Inc. Philippines · Linde Gas Singapore Pte Limited, Singapore · Linde Gas Asia Pte Limited Singapore · African Oxygen Limited (Afrox) South Africa · Ceylon Oxygen Limited Sri Lanka · Cryo Aktiebolag Sweden · AGA Aktiebolag Sweden · BOC Lienhwa Industrial Gases Company Limited, Taiwan · Linde (Thailand) Public Company Limited, Thailand · Linde CryoPlants Limited United Kingdom · BOC Limited United Kingdom · Linde North America, Inc. United States of America · Linde Gas North America LLC United States of America · Linde Process Plants, Inc. United States of America · Linde RSS LLC United States of America · Linde LLC United States of America · Selas Fluid Processing Corporation United States of America · Linde Global Support Services Private Limited, India · Linde Engineering India Private Limited, India

CAPITAL STRUCTURE

As on: 31.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
86000000	Equity Shares	Rs.10/- each	Rs. 860.000 Millions

Issued Capital,:

No. of Shares	Type	Value	Amount
85286209	Equity Shares	Rs.10/- each	Rs.852.862 Millions

Subscribed & Paid-up Capital

No. of Shares	Type	Value	Amount
85284223	Equity Shares	Rs.10/- each	Rs. 852.840 Millions

Reconciliation of shares outstanding at the beginning and at the end of the reporting period

(Rs in Millions)

Particular	No. of Shares	Rs in Millions
At the commencement and at the end of the period	85286209	852.860

Rights, preferences and restrictions attached to equity shares The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company’s residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paidup equity capital of the Company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.

On winding up of the company, the holders of equity shares will be entitled to receive the residual assets of the company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.

*Consequent upon the offer for sale through the stock exchange mechanism on 16 May 2013 made by The BOC Group Limited, a member of The Linde Group, the promoter shareholding in the Company was reduced from 89.48% to 75% in compliance with minimum public shareholding requirement under the Listing Agreement.

Shares held by holding / ultimate holding company and / or their subsidiaries / association

(Rs in Millions)

Particular	No. of Shares	Rs in Millions
Equity shares of Rs. 10 each fully paid up held by
The BOC Group Limited, U.K., holding company	63963167	639.630

Particulars of shareholders holding more than 5 % shares of a class of shares

Particular	No. of Shares	% of Holding
Equity shares of Rs. 10 each fully paid up held by
The BOC Group Limited, U.K., holding company	63963167	75.00

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	852.840	852.840	852.840
(b) Reserves & Surplus	13420.430	12486.280	11767.010
(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)	14273.270	13339.120	12619.850
(3) Non-Current Liabilities
(a) long-term borrowings	11156.870	8504.170	7940.680
(b) Deferred tax liabilities (Net)	1992.050	1439.520	1135.670
(c) Other long term liabilities	253.490	228.130	197.660
(d) long-term provisions	2657.780	2409.650	1382.630
Total Non-current Liabilities (3)	16060.190	12581.470	10656.640
(4) Current Liabilities
(a) Short term borrowings	1320.000	1600.000	0.000
(b) Trade payables	3104.840	2577.770	2507.030
(c) Other current liabilities	4178.720	3059.470	2819.220
(d) Short-term provisions	722.910	982.860	1201.910
Total Current Liabilities (4)	9326.470	8220.100	6528.160
TOTAL	39659.930	34140.690	29804.650
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	16492.460	16782.710	9861.520
(ii) Intangible Assets	156.210	58.420	66.320
(iii) Capital work-in-progress	7437.320	5761.750	4990.500
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	150.070	150.000	150.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5159.780	3219.300	7705.330
(e) Other Non-current assets	2929.890	1409.990	876.350
Total Non-Current Assets	32325.730	27382.170	23650.020
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	762.890	714.900	739.530
(c) Trade receivables	2908.340	3095.640	3240.290
(d) Cash and cash equivalents	583.430	462.950	231.180
(e) Short-term loans and advances	1532.290	2098.470	1706.630
(f) Other current assets	1547.250	386.560	237.000
Total Current Assets	7334.200	6758.520	6154.630
TOTAL	39659.930	34140.690	29804.650

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2013	31.12.2012	31.12.2011
	SALES
		Income	14284.600	13244.400	11530.780
		Other Income	83.350	34.260	132.270
		TOTAL	14367.950	13278.660	11663.050
Less	EXPENSES
		Cost of Materials Consumed	2310.970	2339.770	1190.540
		Purchase of Stock in Trade	394.530	663.920	746.470
		Changes in Inventories of Finished Goods	(33.730)	31.250	(10.010)
		Employees Benefits Expenses	815.190	822.860	621.730
		Other expenses	8182.680	7355.100	6652.270
		TOTAL	11669.640	11212.900	9201.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		2698.310	2065.760	2462.050
Less	FINANCIAL EXPENSES		744.500	404.170	5.340
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1953.810	1661.590	2456.710
Less/ Add	DEPRECIATION/ AMORTISATION		1290.430	1125.210	708.210
Add	EXCEPTIONAL ITEMS		502.700	718.620	0.000
	PROFIT BEFORE TAX		1166.080	1255.000	1748.500
Less	TAX		392.800	360.200	531.930
	PROFIT AFTER TAX		773.280	894.800	1216.570
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4564.780	3863.400	2856.340
Less	APPROPRIATIONS
		Proposed Dividend	127.930	127.930	127.930
		Dividend Tax	21.740	20.750	20.750
		Transfer to general Reserve	38.660	44.740	60.830
	BALANCE CARRIED TO THE B/S		5149.730	4564.780	3863.400
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings (FOB Basis)	771.140	1425.770	104.500
		Recovery of Expenses	93.210	44.610	38.790
	TOTAL EARNINGS		864.350	1470.380	143.290
	IMPORTS
		Components Stores & Spares	410.400	853.040	295.370
		Capital Goods	247.120	5741.770	1103.010
	TOTAL IMPORTS		657.520	6594.810	1398.380
	Earnings Per Share (Rs.)		9.07	10.49	14.26

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
Net Profit Margin (PAT / Sales)	(%)	5.41	6.76	10.55
Operating Profit Margin (PBIDT/Sales)	(%)	18.89	15.60	21.35
Return on Total Assets (PBT/Total Assets}	(%)	3.64	4.45	7.09
Return on Investment (ROI) (PBT/Networth)		0.08	0.09	0.14
Debt Equity Ratio (Total Debt /Networth)		0.87	0.76	0.63
Current Ratio (Current Asset/Current Liability)		0.79	0.82	0.94

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	852.840	852.840	852.840
Reserves & Surplus	11767.010	12486.280	13420.430
Net worth	12619.850	13339.120	14273.270
long-term borrowings	7940.680	8504.170	11156.870
Short term borrowings	0.000	1600.000	1320.000
Total borrowings	7940.680	10104.170	12476.870
Debt/Equity ratio	0.629	0.757	0.874

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	11530.780	13244.400	14284.600
		14.861	7.854

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	11530.780	13244.400	14284.600
Profit	1216.570	894.800	773.280
	10.55%	6.76%	5.41%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	----------------------
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	Yes

UNSECURED LOANS:

(Rs in Millions)

Particular	As on 31.12.2013	As on 31.12.2012
Long-term borrowings
Foreign currency loan from Linde AG, ultimate holding company	6984.04	7504.170
Rupee loan from Linde AG, ultimate holding company	3132.26	0.000
Foreign currency term loan from bank	1040.57	0.000
Term loan from bank	0.000	1000.000
Short-term borrowings
Short term loan from bank	1320.00	1600.000
Total	12476.870	10104.170

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80023584	30/12/2006 *	661,800,000.00	UNITED BANK OF INDIA	OLD COURT HOUSE STREET BRANCH, 11,HEMANTA BASUSA  RANI, KOLKATA, WEST BENGAL - 700001, INDIA	-

* Date of charge modification

Financial performance

The Company recorded another year of modest performance during 2013 amidst continuing weak economic conditions, inflationary trends, contraction in manufacturing output and resulting sluggish demand faced by most of the end user industry segments throughout the year. Some of the headwinds faced by the Company in the previous year in the form of delay in major projects, rising cost of power and other inputs, etc were felt during 2013 as well. Revenue from operations for the year 2013 at Rs. 0.015 Million showed an increase of about 8% over the previous year. Gases business grew by about 13% driven by growth in large pipeline supply and healthcare business. Full year revenue from 2550 tpd Air Separation Unit (ASU) for Tata Steel at Jamshedpur has been the major contributor to the growth. Healthcare business also recorded good growth due to increase in medical engineering business. Merchant and packaged gases business remained flat on account of subdued customer demand. However, the company’s performance showed improvement in specialty gases business on the back of higher sales of special gases including helium. The Project Engineering Division, which had recorded its highest ever turnover of Rs. 3888.550 million in 2012, achieved total revenues of Rs. 3676.660 million during the year under review amidst difficult market conditions impacting capex cycle across industry segments. The Division’s revenues were impacted on account of lower third party billings as a result of industrial slowdown and delay in large projects in public sector. Against this backdrop, the Division managed to retain and improve on the overall profit margin through project management and efficiency improvement.

The operating profit amounted to Rs. 2698.310 millions as compared to Rs. 2065.760 millions in the previous year recording a growth of about 31%. This includes a profit of Rs. 43.000 millions shown as other income arising from disposal of right to use an apartment at Kolkata. This has become possible due to ramp up of new tonnage plants, optimization of costs and focus on more profitable segments like specialty gases and healthcare business. The profit before exceptional items and tax for the year under review amounted to Rs. 663.380 millions as against Rs. 536.380 millions achieved during the previous year recording an increase of about 24%. This increase is despite significantly higher finance cost of Rs. 744.500 millions on long term borrowings and working capital demand loans as compared to Rs. 404.170 millions in the year 2012 as well as higher depreciation charge of Rs. 1290.430 millions as compared to Rs. 1125.210 millions in the year 2012 on account of capitalization of new plants.

During the year, the Company has also accounted for an income of Rs. 502.700 millions arising from disposal of surplus factory land at Ahmedabad, which has been disclosed as an exceptional item for the year 2013 as compared to an exceptional income from land sale of Rs. 718.620 millions in the previous year. Net profit after tax for the year stood at Rs. 773.280 millions as compared to Rs. 894.800 millions in 2012, which is largely due to lower exceptional income recognized in 2013 as compared to 2012.

Industry developments

The gases business is capital intensive by nature as it requires large investments in setting up of air separation units as well new packaged gases sites. The supply chain in the gases business also requires significant investments in the form of distribution assets and storage networks to service bulk volumes as well as in the form of cylinders to service relatively smaller volumes in packaged gases business. The industry comprises of major users in steel, chemicals and refinery sectors and a large number of merchant liquid customers primarily in metal,

glass, automobile, petrochemicals and pharmaceutical sectors, besides customers for medical gases. New applications continue to provide growth opportunities. This growth is also supported by the increasing outsourcing of gases requirement under a ‘Build Own Operate’ (BOO) type of supply scheme opportunities mainly in steel and refinery sectors.

Gases and related products

The Gases and Related Products segment comprises of pipeline gas supplies to very large industrial customers (tonnage), liquefied gases in bulk and packaged gases in compressed form for industrial segments. The tonnage customers are supplied gaseous oxygen, nitrogen and argon by pipelines directly from the tonnage plants. Gases in bulk consist of liquid oxygen, nitrogen and argon and packaged gases consist of compressed industrial, electronic and special gases. The strategy of the tonnage and bulk business continues to be building and sustaining market leadership through application led gas sales and enhanced service levels.

The Healthcare business provides high quality gases for pharmaceutical use such as medical oxygen, synthetic air, nitrous oxide in addition to providing state of the art medical gas distribution systems to major hospitals. The Company also provides total gas management solutions to private hospital chains across the country and has ambitious plans to expand beyond its current footprint in metro cities.

The turnover of the Company’s gases business for the year 2013 recorded a growth of about 13% over that achieved in 2012. This growth has been mainly driven by ramping up of production at the new plants viz. the 2550

tpd Air Separation Unit for Tata Steel works at Jamshedpur, merchant Air Separation Unit at Taloja, and a new steam methane reformed hydrogen plant for Sterlite Technologies at Aurangabad, which were commissioned in the previous year. Improved operational efficiencies at the 1800 tpd plant at JSW Steel Works at Bellary also contributed to higher operating profits. While the tonnage business grew at nearly 17%, the revenue from bulk products namely liquid oxygen, nitrogen and argon grew by a modest 7%. The other major driver for increased turnover has been the Healthcare business, which grew nearly 33% over the previous year on the back of higher volumes of liquid and compressed medical oxygen. The Healthcare business also gained from higher revenues generated by the medical engineering services for execution of large medical gas pipeline projects at super speciality hospitals. The Company also maintained its focus on total gas management solutions at private hospitals including medical gas pipeline projects. During the year, the Company completed the acquisition of assets and gases business of Uttam Air Products Limited. And Uttam Special Gases Private. Limited. in Northern India which helped Healthcare business to consolidate its position in these markets.

Demand for industrial gases continued to remain sluggish during the year on account of slowdown in major end user industry segments as well as overall economic downturn in the Country on the back of disappointing GDP growth of about 4.5% during the FY 012-13. The demand pattern from some of the end user segments continued to make some of our tonnage plants operate at lower than full capacity or in turndown mode at times during the year under review. Their primary markets, viz. steel, glass, automobile, pharmaceuticals, construction and infrastructure did not show signs of any improvement over the previous year. The delay in commissioning of the Company’s twin ASUs, which was mainly attributable to the customer, further impacted the gases business during the year. The Company finally commissioned one of the twin ASUs during December 2013 and subsequently commenced commercial production in January 2014. The Company has also commissioned a 700 nm3/hour Vacuum Pressure Swing Adsorption Unit at J. K. Paper works.

The year 2013 saw rising input costs especially power and diesel across several states in India. While the power cost increase in West India was about 20%, the steep hike in diesel prices led to increase in distribution costs. Despite competitive pressures ,the Gases business took actions to recover increase in cost of inputs, although the sluggish markets made it difficult to fully recover such increased costs, thereby putting margins under pressure. While their major customers in steel sector such as Tata Steel and JSW Steel sustained almost uninterrupted operations albeit at lower capacity, other customers among smaller non integrated steel mills reeled under sluggish demand and input cost pressures. The continuing slowdown in the automobile sector impacted argon sales adversely.

The Company has made efforts to maximize value by focusing on retail end of packaged gases. During the year, the Company brought a sharp focus on its packaged gases operations by setting up new generation filling sites at Uluberia, Bangalore, Pune, etc. These sites incorporate latest designs and include facilities for debulking of CO2 and nitrous oxide, 230 bar industrial oxygen filling, bar coding of cylinders, etc.

Despite a challenging business climate in India, the Company’s Application Technology based sales organisation was successful in pursuing Linde’s patented technologies and solutions in Indian markets. Increasing number of Linde’s patented solutions now have a reference installation in India. A second REBOX® installation was commissioned at Kalyani Carpenter Special Steels in Pune. This installation resulted in significant decrease in customer’s fuel consumption making their furnace one of the most energy efficient in the country. Other success stories of the Application Technology Sales Organisation include installation of REBOX® at Mahindra Sanyo in Khopoli, awarding of contract for installation of its CGM® burner technology at Goa Glass Fibre, engagement with several cement producing plants to support an improved production performance in their kilns, applying Linde’s HIGHJET® solutions in cupola furnaces for mineral wool and foundry iron production. Additionally, Linde India is pursuing gas applications in welding, plastic & rubber, pharmaceuticals, chemicals, water treatment and food & beverage sectors.

The Company sees several opportunities in the gases business in the medium to long term. Projection of estimated steel demand of 110 million metric tonnes is expected to drive continuous investments for additions to steel making capacity in the country. This presents an opportunity in the tonnage business, as steel is a major driver for demand in this business. Besides, decaptivation and outsourcing of gases demand by refineries may also offer opportunities for the tonnage business by expanding the market for air gases to hydrogen, etc. The Company’s planned diversification in hydrogen, helium and CO2 businesses is expected to widen its product portfolio in the bulk and packaged gases business.

On the other hand, the Company also sees some risks which are related to increasing power costs in West India and unreliable power supply faced at some of the tonnage plants such as Selaqui and Hyderabad, over capacity in the markets resulting in pricing pressures in the merchant business, project delays, etc. Some of the threats and concerns such as slowdown in the Indian economy are completely external, over which the Company does not have any control.

Project Engineering

The Project Engineering segment comprises the business of designing and engineering, supply, installation and commissioning of tonnage Air Separation Units (ASU) of medium to large size, apart from projects relating to setting up of nitrogen plants, hydrogen Pressure Swing Adsorption (PSA) plants, compressed air systems and gas distribution systems. The Project Engineering Division (PED) also manufactures cryogenic vessels for in-house use as well as for sale to third party customers.

The year 2013 was somewhat of a challenging year for the project engineering segment particularly with regard to new project wins due to difficult market conditions prevailing in project business throughout the year. However, despite severe downturn of the economy and sluggish market conditions in the capital goods sector, PED achieved revenue of Rs. 3676.660 million from third party projects as compared to Rs. 3888.550 million recorded in 2012. During the year, the Division executed several projects involving air separation plants, nitrogen plants, Pressure Reducing Stations (PRS), Compressor Air Stations in steel industry both in public and private sectors, including in overseas markets. The highlights of the Division’s overseas performance was the successful supply of a 2000 tpd ASU to PT Linde Indonesia at Cilegon, Indonesia which was commissioned during the year for supply of gases to POSCO Steel works. This project was the Division’s first large export order, which was executed in a seamless manner along with Linde Engineering, Munich. Besides, PED has also commissioned a 64 tpd Air Separation Unit for Ceylon Oxygen Limited. At Colombo in Sri Lanka.

In the Indian markets, PED commissioned a Compressed Air System Project at SAIL – Bokaro, Nitrogen Plant Augmentation Projects at HPCL, Vizag, HPCL, Mumbai. Other than these projects, the Division has also completed execution of nitrogen plant at MRPL, Mangalore and BPCL, Dibrugarh. Besides, several nitrogen plant projects like ONGC Petro, Dahej and GAIL Pata, etc are at different stages of execution. The Division has thus maintained its leadership in cryogenic nitrogen plants as well as hydrogen PSA plants. Commissioning activities have also started for 600 tpd Air Separation Plant at Bhushan Power and Steel, Rengali, Odisha. Besides, the Division is also constructing 2 x 1250 tpd ASU for NMDC, a 220 tpd oxygen plant for Abul Khair Steel Melting Limited, Bangladesh, a 1000 tpd ASU for Bhushan Steel at Meramandali in Odisha. The execution of these and several other projects is progressing well.

In addition to the third party projects, PED has had a significant engagement with several large in house projects for the Gases business of the Company. The Division has been engaged in construction of 2 x 853 tpd Air Separation Plants at Rourkela Steel Plant of SAIL. After protracted delays faced in this project, which were largely attributable to the customer, the pre-commissioning of 2 X 853 tpd Air Separation Units at SAIL’s Rourkela Steel Plant started towards the end of the year under review and the performance tests were completed for the entire facility as per contractual terms. The first ASU has commenced commercial production in January 2014. PED is currently also executing another large in house project for the Gases Division, viz. 2 x 1000 scale plants at Tata Steel’s greenfield site at Kalinanagar in Odisha, which is expected to be completed during the year 2015.

While the Project Engineering Division provides greater focus in execution of in-house ASU projects for the Gases business, it also continues to remain focused to make its business more competitive through several initiatives to increase the indigenous component through use of special machines and with support of skilled team.

The Division’s total third party orders in hand stood at Rs. 4560.000 million as on 31 December 2013.

The Company’s business faces various risks such as strategic as well as operational risks in both of its segments viz. Gases and Project Engineering, which arises form both internal and external sources. As explained

in the report on Corporate Governance, the Company has an adequate risk management system which takes care of identification, assessment and review of risks as well as their mitigation plans put in place by the respective risk owners. The risks which were identified and were being addressed by the Company during the year under review included risks relating to execution model of the Company for tonnage projects, over dependence of business on steel sector, continuing increase in inflation, increase in power costs, delay in customer projects, competitive risks, etc. Since the Project Engineering Division of the Company is engaged in execution of various in house and third party projects, it has an inherent risk of time and cost overruns due to various reasons. The Board of Directors provides oversight of the risk management process in the Company and reviews the progress of the action plans for each of the identified key risks on a quarterly basis.

Finance

As on 31 December 2013, the Company had three loan facilities by way of External Commercial Borrowing (ECB) aggregating EURO 199.60 million from Linde AG. The first two of these facilities were executed for funding

of large air separation units (ASU) viz. 2550 tpd ASU at Tata Steel works at Jamshedpur and 2x853 tpd ASUs for SAIL’s Rourkela Steel Plant. The third facility has been availed for financing construction of 2 nos. scale 1000 plants at Tata Steel’s new site at Kalinganagar and steam methane reformed hydrogen plant at Asian Peroxide’s works at Sullurpet.

Out of the three facilities, two facilities aggregating EURO 122.000 million are fully drawn down. The third facility is a fixed rate INR facility equivalent to EURO 77.600 million and is partly drawn. During the course of the year, INR equivalent of EURO 43.800 million was drawn down and EURO 12.200 million was repaid leaving a net outstanding position of EURO 147.200 million as at the end of the year. The EURO ECBs are fully hedged both with regard to the principal and interest payments.

During the year, the Company has also negotiated and fully drawn down a two-year floating rate term loan facility of USD 16.800 million equivalent of Rs. 1000.000 million from Citibank. This term loan facility was availed for funding ongoing capital expenditure program in the Gases business. This facility is in addition to Rs. 1000.000 million term loan executed in 2012. Both the facilities are fully hedged with regard to the principal and interest payments.

During the year, the overall Working Capital Demand Loan (WCDL) reduced from Rs. 1600.000 million as on 31 December 2012 to Rs. 1320.000 million as on 31 December 2013.

Outlook

The global economic landscape faced challenges during 2013. While Europe continued to witness recessionary trends, the US economy has shown initial signs of expansion and recovery. The manufacturing growth in China was slower than expected. During 2014, the Euro economies are expected to turn the corner from recession to recovery. Growth is also expected to strengthen in advanced economies though the recovery is expected to be uneven. Against this backdrop, the Indian economy suffered the consequences of high fiscal and current account deficit during 2013, inflationary trends in food and industrial inputs, contraction of demand, falling rupee, deepening growth concerns and weak policy action from the Government. As a result, slowdown hit almost all sectors of the Indian economy with the GDP growth rate falling to a decade low level of around 4.5%. The inflation has shown signs of some improvement following reasonably good monsoon during 2013. The hope of a stable government at the centre after the upcoming general elections in India is expected to speed up policy reforms and improve the investment climate and business sentiment.

The country is slated to become the second-largest steel producer by 2015 as large public and private sector players strengthen steel production capacity in view of rising demand. Huge scope for growth is offered by India’s comparatively low per capita steel consumption and the expected rise in consumption due to increased infrastructure construction and the thriving automobile and railways sectors. Notwithstanding this, the steel majors in India, both in public and private sector are in advanced stages of adding new capacities. The demand landscape for steel is expected to change in the medium to long term as the new Governmnent is expected to increase spend on the infrastructure sector. Besides, outsourcing by the refinery sector is expected to expand the market beyond air gases to hydrogen, syngas, liquefied natural gas and carbon dioxide capture. Industry specific solution with focus on newer segments like pharma, fine chemicals, heat treatment, food & beverage, cement, etc. also open new window of opportunity. Linde is positioning itself in a unique position to provide solutions to these industries and to grow its tonnage business in a profitable manner.

The presence of a large middle class population, along with increase in its per capita income on the back of sustained economic growth in the years ahead is expected to provide enough of a demand stimulus to ensure continued economic growth for India. Since long term macro economic fundamentals for the Indian economy remain good, the Board looks to the future with optimism.

Company overview

Linde India Limited is a public company. It is incorporated under the Companies Act, 1956 and its shares are listed on the National Stock Exchange of India Limited (NSE), Bombay Stock Exchange Limited (BSE) and Calcutta Stock Exchange Limited (CSE). The Company is primarily engaged in manufacture of industrial and medical gases and construction of cryogenic and non cryogenic air separation plants.

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31 March 2014

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)
	30.03.2014
Gross income"	3749.220
Gross Sales	3726.000
Excise duties	276.050
Income from operations
Net sales (Net of excise duty)	3446.950
Other operating Income	22.020
Total Income From Operations (Net)	3468.970
2.Expenditure
a) Cost of material consumed	314.230
b) Purchases of stock in trade	202.250
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(63.340)
d) Employees benefit expenses	205.540
e) Depreciation and amortization expenses	393.570
e) Power and Fuel	1400.330
f) Contract Job Expenses	80.500
g) Contract Job Expenses	307.140
f) Other expenditure	458.520
Total expenses	3298.740
3. Profit from operations before other income and financial costs	170.230
4. Other income	4.200
5. Profit from ordinary activities before finance costs	174.430
6. Finance costs (net)	252.830
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	(78.400)
8. Exceptional item	-
9. Profit from ordinary activities before tax Expense:	(78.400)
10.Tax expenses
--Current tax	(20.570)
--MAT Credit entitlement	20.570
--Deferred tax	(73.410)
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	(4.990)
12.Extraordinary Items (net of tax expense)	-
13.Net Profit / (Loss) for the period (11 -12)	(4.990)
14.Paid-up equity share capital (Nominal value Rs. 10 per share)	852.860
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16.Earnings per share (before extraordinary items) of Rs. 10/- each) (not annualised):
(a) Basic and diluted	(0.05)
ii) Earnings per share (after extraordinary items)
(a) Basic and diluted	(0.06)

Notes:

· This statement was placed before the Board of Directors at their meeting held on May 02, 2014 and has been approved for release.

· The quarterly results have been subjected to a "Limited Review" by the auditors of the Company.

· During the quarter, the Company commissioned its 853 tonnes per day Air Separation Unit (ASU) at Rourkela Steel Plant works of SAIL.

· Deferred tax (release) of Rs. 73.410 million during the quarter includes Rs. 55.980 million arising from tax benefit on investment allowance availed as per Section 32AC of the Income Tax Act 1961.

· Pursuant to the ICAI Announcement in March 2008, the Company had opted for early adoption of Accounting Standard 30 " Financial instruments Recognition and Measurement" (AS30) issued by ICAI in the year ended December 31,2009 . Accordingly the Company during the quarter ended March 31, 2014 has recognized loss of Rs 27.280 million (previous quarter gain of Rs 3.580 million) under ' Translation and hedging reserves', representing net exchange gain on borrowings aggregating to Rs 390.150 million (Previous quarter loss of Rs 4.540 million) and mark to market loss Rs. 417.430 million (previous quarter gain of Rs 8.120 million)arising from changes in fair value of principal and interest rate swaps, forward contracts against firm commitments which qualify for hedge accounting being effective hedges.

· Figures for the previous period / year has been regrouped/rearranged where necessary.

ELECT INFORMATION FOR THE QUARTER ENDED 31 MARCH 2014

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)
	31.03.2014
PART-II
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	21321026
- Percentage of shareholding	25.00
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	-
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	-
Percentage of shares (as a % of total share capital of the company)	-
b) Non Encumbered
Number of shares	63936167
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100
Percentage of shares (as a % of total share capital of the company)	75.00
B. Investor Complaints	Quarter Ended 30 June 2013
Pending at the beginning of the quarter	0
Receiving during the quarter	3
Disposed of during the quarter	3
Remaining unreserved at the end of the quarter	0

SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT

Particulars	Quarter Ended ( Unaudited)
	31.03.2014
1. Segment revenue
a. Gases and related products	2959.970
b. Project engineering	843.450
Total	3803.420
Less: Intersegment revenue	335.580
Add : Other unallocable income	5.330
Total income	3473.170
2. Segment results
a. Gases and related products	222.740
b. Project engineering	55.380
Total segment profit before interest, tax and exceptional item	278.120
Less: i) Interest Expense	252.830
ii) Exceptional items iii) Other unallocable expenditure (net of unallocable income)	103.690
Total Profit before tax	(78.400)
3. Capital employed (Segment assets - Segment liabilities )
a. Gases and related products	28500.140
b. Project engineering	65.030
c. Unallocated	(14314.800)
Total	14250.370

Note:

The primary segment for the Company is the Business Segment and it has two such segments as follows:

a. Gases and Related Products: Comprises manufacture and sale of industrial, medical and special gases as well as related products.

b. Project Engineering: Comprises manufacture and sale of cryogenic and non-cryogenic vessels as well as designing, supplying, testing, ejecting and commissioning of projects.

c. C. Figures for the previous period/year have been regrouped/rearranged, where necessary.

Contingent liabilities

Particulars	Year ended 31 Dec. 2013	Year ended 31 Dec. 2012
Excise duty and service tax matters	38.03	38.03
Other excise matters	-	-
Sales tax matters	107.41	54.14
Guarantee given by the Company	64.60	184.81
Sales tax liability transferred to a beneficiary	27.60	27.60
Bills discounted	34.20	56.41
Other claims	15.39	21.69

· Excludes disputed matters in view of favourable appellate decisions on similar issues.

· Cryogenic vessels for gases were cleared from one factory for captive installation to the other factory of the Company. The Company is contesting the Department’s allegation that the assessable value of such inter unit transfer was not calculated as per the principles of Cost Accounting Standards-4 (CAS-4). As per the view of the management based on the facts of the case and document available, the liability would not devolve on the Company.

· Pursuant to an approved scheme of Government of Maharashtra, certain Sales Tax Liabilities of the Company had been transferred to an eligible beneficiary, at a discount, for which a bank guarantee had been provided by the beneficiary to ensure timely payment to the concerned authorities.

Fixed assets

· Land - Freehold

· Leasehold

· Buildings

· Plant and Machinery

· Motor Vehicles

· Office Equipment and Furniture

PRESS RELEASE

Linde India Q1 gross turnover increases by 8%

Mumbai, India – 2 May, 2014:  Linde India Limited, (formerly knows as BOC India Limited) a member of The Linde Group, announced its unaudited financial results for the quarter ended 31st March 2014, which were approved by the Company’s Board of Directors at its meeting held earlier today. For Q1 2014 the Company reported a gross turnover of Rs. 3723.000 million, an increase of 8 percent as against Rs. 3449.000 million recorded in the same quarter last year. The gases business recorded a growth of 16 percent; however, the turnover of the engineering business net of inter-segment revenue is lower by 32 percent compared to same quarter last year on account of delay in new projects. The Company recorded a loss of Rs. 78.000 million before taxes compared to a profit of Rs. 195.000 million in same quarter last year. The decrease was mainly due to higher depreciation for the newly capitalized plants and higher finance costs.

About Linde India Limited: Linde India Limited, formerly known as BOC India Limited, is the leader in gases business in India since 1935, providing a one-stop solution to all businesses for gas supply and related equipment and services. We manufacture cryogenic and non-cryogenic vessels and also design and commission projects. The company has excelled through successfully blending local innovation and adaptation with international expertise from The Linde Group. Be it for food processing, medical, domestic or industrial use, Linde India provides tailor-made solutions for its customers, conforming to the strictest international standards of production and safety.

About The Linde Group: The Linde Group is a world-leading gases and engineering company with around 62,000 employees in more than 100 countries worldwide. In the 2012 financial year, Linde generated revenue of EUR 15.28 bn. The strategy of the Group is geared towards long-term profitable growth and focuses on the expansion of its international business with forward-looking products and services. Linde acts responsibly towards its shareholders, business partners, employees, society and the environment – in every one of its business areas, regions and locations across the globe. The company is committed to technologies and products that unite the goals of customer value and sustainable development.

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 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.61.97
UK Pound	1	Rs.97.37
Euro	1	Rs.77.16

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		70

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.