MIRA INFORM REPORT

Report Date :

04.09.2014

IDENTIFICATION DETAILS

Name :	GULF OIL CORPORATION LIMITED
Registered Office :	Kukatpalli P.B. No.1, Sanatnagar (IE), Hyderabad – 500018, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.04.1961
Com. Reg. No.:	01-000876
Capital Investment / Paid-up Capital :	Rs.198.290 Millions
CIN No.: [Company Identification No.]	L24292AP1961PLC000876
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Company is in the business of Lubricants, Industrial Explosives, Mining and Infrastructure Services and Property Development.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 45400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a part of Hinduja Group. It is a well-established and reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 %! Equities came in second with annualized return of 15.5 %! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loans = BBB
Rating Explanation	Moderate degree of safety. It carry moderate credit risk
Date	August 2013

Rating Agency Name	ICRA
Rating	Non Fund Based Limits = A3+
Rating Explanation	Moderate degree of safety. It carry higher credit risk
Date	August 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 DENIED

Management Non Co-Operative (Tel No.: 91-40-23810671)

LOCATIONS

Registered / Corporate Office :	Kukatpalli P.B. No.1, Sanatnagar (IE), Hyderabad – 500018, Andhra Pradesh, India
Tel. No.:	91-40-23810671 – 79
Fax No.:	91-40-23813860
E-Mail :	secretarial@gulfoilcorp.com
Website :	www.gulfoilcorp.com
Factory 1 :	Explosives Division/Mining and Infrastructure Division Kukatpally Post Bag No.1, Sanatnagar (I.E) P.O, Hyderabad - 500018, Andhra Pradesh, India
Tel. No.:	91-40-23810671/79/23707472
E-Mail :	explosives@idlind.com contracts@idlind.com
Factory 2 :	Explosives Division, Rourkela, Orissa, India
Factory 3 :	Bulk Plants Located At: Singrauli Korba Rajrappa Ramagundam Dhanbad Udaipur
Factory 4 :	Lubes Division, Silvassa, Dadra and Nagar Haveli, India
Factory 5 :	IN Centre, 49/50 MIDC 12^th Road, Marol, Andheri East, Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-28248240
E-mail :	lubes@gulfoilcorp.com

DIRECTORS

As on 31.03.2014

Name :	Mr. Ramkrishan P Hinduja
Designation :	Vice Chairman
Date of Birth :	30.01.1971
Qualification :	Graduate in Science and Economics from the University of Pennsylvania, Philadelphia, USA
Date of Appointment :	19.08.2002
Name :	Mr. S. G. Hinduja
Designation :	Chairman
Name :	Mr. S. Pramanik
Designation :	Managing Director
Date of Birth :	28.09.1949
Qualification :	Bachelor of Chemical Engineering (Hons), Master’s Degree in Financial Management (Jamnalal Bajaj), Fellow Member of the ICSI and the Institute of Cost Accountants of India (ICoAI), Certified Associate - Indian Institute of Bankers.
Date of Appointment :	21.06.1994
Name :	Mr. K. N. Venkata Subramanian
Designation :	Director
Date of Birth :	14.04.1938
Qualification :	M. Tech. Chemical Engineering from the Indian Institute of Technology, Kharagpur
Date of Appointment :	27.11.1997
Name :	Mr. M. S. Ramachandran
Designation :	Director
Date of Birth :	28.02.1945
Qualification :	Bachelor in Mechanical Engineering
Date of Appointment :	25.10.2005
Name :	Mr. Ashok Kini
Designation :	Director
Date of Birth :	12.12.1945
Qualification :	Bachelor’s degree in Science from Mysore University and Master’s degree in English Literature from Madras Christian College, Chennai
Date of Appointment :	27.09.2006
Name :	Mr. Prakash Shah
Designation :	Director
Date of Birth :	04.07.1939
Qualification :	B.A. (Hons) from St.Xavier’s College Mumbai, M.Com. L.L.B, I.F.S. (Retd.)
Date of Appointment :	25.09.2008
Name :	Ms. Kanchan Chitale
Designation :	Director
Date of Birth :	19.12.1952
Qualification :	Fellow member of the Institute of Chartered Accountants of India
Date of Appointment :	05.10.2009
Name :	Mr. Vinoo S Hinduja
Designation :	Director
Name :	Mr. K.C. Samdani
Designation :	Director (Alternate to Vinoo S. Hinduja)
Name :	Mr. Ajay P. Hinduja
Designation :	Director (upto 11th August, 2014)
Name :	Mr. V. Ramesh Rao
Designation :	Director (upto 11th August, 2014)
Name :	Mr. H C Asher
Designation :	Director (upto 11th August, 2014)

KEY EXECUTIVE

Audit Committees :	· Ms. Kanchan Chitale, Chairperson · K.N. Venkatasubramanian · Ashok Kini
Stakeholders Relationship Committees :	· Ashok Kini, Chairman · S. Pramanik · V. Ramesh Rao (upto 11th August, 2014)
Nomination and Remuneration Committees:	· Prakash Shah, Chairman · Sanjay G. Hinduja · M.S. Ramachandran · Ms. Kanchan Chitale
Safety Review Committees:	· V. Ramesh Rao, Chairman · K.N. Venkatasubramanian · Ashok Kini (upto 11th August, 2014)
Investment Appraisal and Project Review :	· M.S. Ramachandran, Chairman · Ms. Vinoo S. Hinduja · Ashok Kini
Corporate Social Responsibility :	· Prakash Shah, Chairman · Sanjay G. Hinduja · K.N. Venkatasubramanian
Name :	Mr. A. Satyanarayana
Designation :	Company Secretary
EXECUTIVE TEAM :
Name :	Mr. Manish Gangwal
Designation :	Chief Financial Officer
Name :	Mr. V. Satish Kumar
Designation :	Vice President (Internal Audit)
Name :	Mr. P. Divakaran
Designation :	General Manager (Finance)
Name :	Mr. Ravi Chawla
Designation :	President and CEO- Lubricants Division
Name :	Mr. Amrish Kathane
Designation :	Sr. General Manager -Technical Services (B2B and QC)
LUBRICANTS DIVISION :
Name :	Mr. Sunil S. Jambavdekar
Designation :	Vice President - Supply Chain & New
Name :	Mr. Somesh Sabhani
Designation :	Head - Industrial Sales
Name :	Mr. Satyabrata Das
Designation :	Vice President-OEM Business Operations
Name :	Mr. M.P. Sajeev
Designation :	General Manager-Technical Services
Name :	Mr. Cletus Colaco
Designation :	General Manager-Channel Sales - West
Name :	Mr. Ranjit Kumar
Designation :	General Manager-Channel sales –North
Name :	Mr. Anand Sathaye
Designation :	General Manager- HR & Administration
Name :	Mr. Dipnarayan K. Tiwari
Designation :	General Manager - Infrastructure, Mining and Feet
Name :	Mr. C. Jaykumar
Designation :	General Manager - Channel Sales - Central and East
ENERGETICS DIVISION :
Name :	Mr. A.M. Kazmi
Designation :	Chief Operating Officer
Name :	Mr. Ch. V.Murali Krishna
Designation :	General Manager (Hyderabad works)
MINING AND INFRASTRUCTURE :
Name :	Mr. T.T. Das
Designation :	Associate Vice President

SHAREHOLDING PATTERN

As on 30.06.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	29718167	59.95
Sub Total	29718167	59.95
Total shareholding of Promoter and Promoter Group (A)	29718167	59.95
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	2339424	4.72
Financial Institutions / Banks	938744	1.89
Central Government / State Government(s)	149490	0.30
Insurance Companies	2566550	5.18
Sub Total	5994208	12.09
(2) Non-Institutions
Bodies Corporate	1165521	2.35
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	6664464	13.44
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	4396781	8.87
Any Others (Specify)	1633349	3.29
Trusts	6416	0.01
Directors & their Relatives & Friends	10752	0.02
Clearing Members	51436	0.10
Non Resident Indians	226912	0.46
Overseas Corporate Bodies	1333333	2.69
Foreign Nationals	4500	0.01
Sub Total	13860115	27.96
Total Public shareholding (B)	19854323	40.05
Total (A)+(B)	49572490	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)	49572490	100.00

BUSINESS DETAILS

Line of Business :

The Company is in the business of Lubricants, Industrial Explosives, Mining and Infrastructure Services and Property Development.

Products :

Product Description	Item Code No.
IDL Divisions
Industrial Explosives Permitted Types	360200.01
Other	360200.09
Detonating Fuse	360300.01
Detonatros Containing and Explosives Electricity Ignited, Not-ordinance	360300.11
Detonators, Plain Not-ordinance	360300.12
Fresh (Cut Flowers)	060313.11
Lubricants Divisions
Lubricating Oils	2710.95
Brake Fluids	3811.00
Coolant	3819.00
2T Oils	3824.90

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

· State Bank of India

· State Bank of Mauritius Limited

· State Bank of Hyderabad

· IDBI Bank Limited

· ICICI Bank Limited

· Karur Vysya Bank Limited

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Karur Vysya Bank	0.000	150.000
Short Term Borrowings
Cash Credit	233.727	513.037
Working Capital Demand Loan (Foreign Currency)	119.830	0.000
Working Capital Demand Loan (Yes Bank Limited)	0.000	100.000
Working Capital Demand Loan (IDBI Bank Limited)	0.000	50.000
Total	353.557	813.037

Notes:

Security / Terms and Conditions of Repayment

i. Term Loan from State Bank of Hyderabad was taken during the year 2009-10 and carries floating rate of interest (14.25% p.a. as on 31st March 2014) with reset after 2 years from the date of 1st disbursement. The loan is repayable in 36 monthly installments of Rs.6.945 Millions after a moratorium of 12 months from the date of first disbursement. The loan is secured by a primary charge by way of hypothecation of raw material, finished goods, stocks in process, stores and spares and receivables of the Company ranking pari-passu with other working capital lenders under consortium arrangement and collateral security by way of (a) first pari passu charge along with consortium working capital bankers and term lenders on land admeasuring acres 115.25 at Kukatpally, Hyderabad belonging to the Company and (b) second charge on building, plant and machinery charged to term lenders. The outstanding amount as at 31st March 2014 is Nil (31st March 2013 – 6 installments of Rs.6.945 Millions each).

ii. Term Loan from State Bank of Mauritius was taken during the year 2009-10 and carries floating rate of interest of 2.50% above base rate of the bank (13.25% p.a. as on 31st March 2014) and interest will be reset annually. The loan is repayable in 42 installments after a moratorium period of 6 months. Installments for first 12 months are of Rs.4.000 Millions and Rs.5.067 Millions for subsequent 30 months. The loan is secured by a primary charge by way of first charge along with other consortium lenders by way of equitable mortgage on land admeasuring acres 115.25 at Kukatpally, Hyderabad belonging to the Company, except the building, plant and machinery charged to the term lenders and first charge along with other consortium lenders on the current assets of the Company. The outstanding amount as at 31st March 2014 is nil (31st March 2013-5 installments of Rs.5.067 Millions each).

iii. Term Loan from Karur Vysya Bank was taken during 2012-13 and carries floating rate of interest of 1.50% over and above the base rate of the bank (12.50% p.a. as on 31st March 2014) with an option to reset after one year from the date of disbursement. The loan tenor is for 3 years including initial moratorium period of one year. Repayment of loan will be in two installments, Rs.100.000 Millions to be paid at end of 24th month (i.e., 29th March 2014) and balance at the end of 36th month (i.e., 29th March 2015) from the date of disbursement. The loan is secured by an exclusive charge on the industrial land admeasuring 4.29 acres located at Kukatpally, Hyderabad owned by the Company. The amount outstanding as at 31^st March 2014 is Rs.150.000 Millions to be paid in one instalment in March 2015 (31^st March 2013 - Rs.250.000 Millions in 2 instalments as mentioned above).

iv. Public Deposits outstanding as on 31st March 2013 are repayable within 3 years. The rate of interest per annum on deposits for one year 9.75% (up to 31st August 2012 - 9.50%) and more than one year and below two years 10% (upto 31^st August 2012 - 9.75%) above two years 10.25% (upto 7th August 2013 - 10.50%). During the current year, the public deposits have been repaid.

Short Term Borrowings

Security / Terms and Conditions of Repayment

(a) Cash Credit facilities including Foreign Currency Demand Loan from State Bank of Mauritius and Working Capital Loan from consortium banks is secured by hypothecation of all current assets of the Company including raw materials, finished goods, stock-in-process, stores and spares (not relating to plant and machinery) and present and future book debts of the Company ranking pari-passu and collateral security by

(i) first pari passu charge by way of equitable mortgage on the land owned by the Company admeasuring acres 115.25 situated at Kukatpally, Hyderabad and

(ii) second pari passu charge on buildings, plant and machinery charged to other term lenders

(b) Working Capital Demand Loan from Yes Bank is secured by way of subservient charge on the movable fixed assets and current assets of the Company.

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Secunderabad, Hyderabad, Telangana, India
Branch Auditors :
Name :	Shah and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Cost Auditors :
Name :	Dhananjay V. Joshi and Associates Chartered Accountants
Address :	Pune, Maharashtra, India
Subsidiaries :	· IDL Buildware Limited · Gulf Carosserie India Limited · Gulf Oil Lubricants India Limited (formerly Hinduja Infrastructure Limited) · IDL Explosives Limited · HGHL Holdings Limited (From 21st November, 2012) · Gulf Oil Bangladesh Limited (Till 31st December 2013) · PT Gulf Oil Lubricants Indonesia (Till 31st December 2013) · Gulf Oil (Yantai) Limited, China (Till 31st December 2013)
Entity holding more than 20% of the shareholding in the Company :	· Gulf Oil International (Mauritius) Inc.

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
125000000	Equity Shares	Rs.2/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99144980	Equity Shares	Rs.2/- each	Rs.198.290 Millions

Reconciliation of the Equity Shares outstanding at the beginning and at the end of the reporting year:

Equity Shares	Number of Shares	Rs. In Millions
At the beginning of the year	99144980	198.290
Issued during the year	-	-
Outstanding at the end of the year	99144980	198.290

Terms / Rights attached to Equity Shares:

The Company has one class of equity shares having a par value of Rs.2 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution shall be according to the member’s right and interest in the Company.

Details of shareholders holding more than 5% Equity Shares in the Company:

Name of Shareholder	Number of Shares	% holding
Gulf Oil International (Mauritius) Inc.*	49536335	49.96%
Bridge India Fund (formerly Credo India Thematic Fund Limited)	7680657	7.75%

*Does not include additional 4950000 shares (4.99%) acquired on March 27, 2014 as credit to demat received on April 2, 2014

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	198.290	198.290	198.290
(b) Reserves & Surplus	11,139.638	10,846.262	4,229.779
(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)	11,337.928	11,044.552	4,428.069
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	165.832	264.847
(b) Deferred tax liabilities (Net)	0.000	9.231	11.821
(c) Other long term liabilities	8.916	10.347	67.269
(d) long-term provisions	935.545	952.971	949.414
Total Non-current Liabilities (3)	944.461	1,138.381	1,293.351
(4) Current Liabilities
(a) Short term borrowings	1,642.738	2,465.962	1,242.873
(b) Trade payables	1,151.267	1,013.961	1,168.995
(c) Other current liabilities	640.167	488.359	646.734
(d) Short-term provisions	15.457	300.159	240.424
Total Current Liabilities (4)	3,449.629	4,268.441	3,299.026
TOTAL	15,732.018	16,451.374	9,020.446
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9,652.467	9,991.915	4,165.888
(ii) Intangible Assets	9.835	10.014	15.749
(iii) Capital work-in-progress	359.654	119.420	116.743
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	273.102	315.149	639.647
(c) Deferred tax assets (net)	64.869	0.000	0.000
(d) Long-term Loan and Advances	152.353	142.261	113.647
(e) Other Non-current assets	0.042	15.374	114.738
Total Non-Current Assets	10,512.322	10,594.133	5,166.412
(2) Current assets
(a) Current investments	0.000	249.000	249.000
(b) Inventories	1,990.837	1,760.028	1,615.524
(c) Trade receivables	1,479.889	1,353.447	976.838
(d) Cash and cash equivalents	923.510	1,748.967	643.104
(e) Short-term loans and advances	796.749	653.581	361.971
(f) Other current assets	28.711	92.218	7.597
Total Current Assets	5,219.696	5,857.241	3,854.034
TOTAL	15,732.018	16,451.374	9,020.446

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	9,531.283	9455.435	9029.303
		Other Income	457.472	395.851	313.299
		TOTAL (A)	9,988.755	9,851.286	9342.602
Less	EXPENSES
		Cost of Materials Consumed	4,839.932	4860.773	3799.533
		Purchase of Stock in trade	269.151	214.141	348.600
		Increase in Inventories of Finished Goods, Work-in-progress and Traded Goods	(217.971)	(133.624)	(201.174)
		Employee Benefits Expenses	637.768	682.600	749.045
		Other Expenses	3,102.635	3041.252	3855.705
		Exceptional Items	86.552	(43.088)	(259.026)
		TOTAL (B)	8,718.067	8,622.054	8292.683
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1,270.688	1,229.232	1049.919
Less	FINANCIAL EXPENSES (D)		338.118	352.247	219.194
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		932.570	876.985	830.725
Less/ Add	DEPRECIATION/ AMORTISATION (F)		144.308	144.813	160.522
	PROFIT BEFORE TAX (E-F) (G)		788.262	732.172	670.203
Less	TAX (H)		204.900	202.31	128.300
	PROFIT AFTER TAX (G-H) (I)		583.362	529.862	541.903
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1609.126	1389.452	1086.832
Less	APPROPRIATIONS
		Interim Dividend distributed	247.862	0.000	0.000
		Transfer to General Reserve	60.000	55.000	65.000
		Proposed Dividend	0.000	218.119	218.119
		Provision For Tax on Proposed Dividend	41.124	37.069	35.384
	BALANCE CARRIED TO THE B/S		8143.502	1609.126	1389.452
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on F O B Basis	169.064	279.144	375.576
		Commission Received	63.771	0.000	0.000
		Advisory and Consultancy fee	123.794	0.000	0.000
	TOTAL EARNINGS		356.629	279.144	375.576
	IMPORTS
		Raw Materials	2415.526	2030.217	1877.287
		Capital Goods	218.373	8.973	13.129
		Stores and Spares	0.114	0.000	1.248
		Traded Goods	56.868	44.925	12.742
	TOTAL IMPORTS		2690.881	2084.115	1904.406
	Earnings Per Share (Rs.)		5.88	5.34	6.26

QUARTERLY RESULTS

Particulars	30.06.2014 (Unaudited)
	1st Quarter
Net Sales	237.700
Total Expenditure	219600
PBIDT (Excl OI)	18.100
Other Income	31.900
Operating Profit	50..100
Interest	04.800
Exceptional Items	55.500
PBDT	100.700
Depreciation	3.300
Profit Before Tax	97.400
Tax	16.500
Provisions and contingencies	0.000
Profit After Tax	80.900
Extraordinary Items	0000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	80.900

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	5.84	5.38	5.80
Net Profit Margin (PBT/Sales)	(%)	8.27	7.74	7.42
Return on Total Assets (PBT/Total Assets}	(%)	5.24	4.57	8.11
Return on Investment (ROI) (PBT/Networth)		0.07	0.07	0.15
Debt Equity Ratio (Total Debt /Networth)		0.14	0.24	0.34
Current Ratio (Current Asset/Current Liability)		1.51	1.37	1.17

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	198.290	198.290	198.290
Reserves & Surplus	4229.779	10846.262	11139.638
Net worth	4428.069	11044.552	11337.928
long-term borrowings	264.847	165.832	0.000
Short term borrowings	1242.873	2465.962	1642.738
Total borrowings	1507.720	2631.794	1642.738
Debt/Equity ratio	0.340	0.238	0.145

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	9,029.303	9,455.435	9,531.283
		4.719	0.802

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	9,029.303	9,455.435	9,531.283
Profit	541.903	529.862	583.362
	6.00%	5.60%	6.12%

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	No
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	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

LITIGATION DETAILS

CASE STATUS INFORMATION SYSTEM

ITTA 590 / 2014

ITTASR 1991 / 2008

CASE IS:PENDING

PETITIONER		RESPONDENT
COMMISSIONER OF INCOME TAX-II	VS	M/S GULF OIL CORPORATION LIMITED
PET.ADV. : ASHOK		RESP.ADV. : RATNAKAR
SUBJECT: U/Sec. 143 Assessment		DISTRICT:  HYDERABAD

FILING DATE:  02-07-2008	POSTING STAGE :  FOR ADMISSION & HEARING
REG. DATE    :   20-08-2014	LISTING DATE :  02-09-2014	STATUS   :  ---------

HON'BLE JUDGE(S):

HON'BLE THE CHIEF JUSTICE

SANJAY KUMAR

UNSECURED LOAN:

Particulars	31.03.2014 Rs. In Millions	31.03.2014 Rs. In Millions
Long Term Borrowings
Long-term maturities of Hire Purchase Obligations	0.000	15.272
Public Deposits	0.000	0.560
Short Term Borrowings
Buyers Credit	1289.181	1802.925
Total	1289.181	1818.757

CORPORATE INFORMATION

The Company is in the business of Lubricants, Industrial Explosives, Mining and Infrastructure Services and Property Development.

OPERATIONS

The total turnover of the Company was Rs.10983.900 Millions (previous year Rs.10819.500 Millions). The profit before exceptional items and taxation was Rs.874.800 Millions (Rs.689.000 Millions). The profit before tax was Rs.788.300 Millions (Rs.732.200 Millions). The profit after provision for current tax of Rs.279.000 Millions and deferred tax write back of Rs.74.100 Millions was Rs.583.400 Millions (Rs.529.900 Millions) resulting in an EPS of Rs.5.88 for the year (Rs.5.34).

OUTLOOK FOR THE CURRENT YEAR, OPPORTUNITIES AND THREATS

Lubricants

Based on the economic and automotive slowdown and consumer sentiments the first two quarters of financial year 2014-15 are expected to pose challenges in terms of volume growths. The positive areas where demand conditions should pick-up will be light commercial vehicles, tractors and motor cycles (scooters). The Division has plans to grow ahead of the market in these segments and also establish new OEM tie-ups. The strategic levers of segment wise focus, distribution reach increase initiatives and brand building will be utilised to retain and grow market shares in the core segments. Competition levels will continue to be high.

The Lubricants Division has already acquired land for its second plant in Southern India and is expected to commence construction during the year. The new plant, once operational, will add to the Division’s strategic presence in South India. The Lubricants Division has been demerged into a separate listed company – Gulf Oil Lubricants India Limited from the Financial Year 2014-15 and will continue to focus on strengthening its position in domestic lubricant market. The new Company has been listed on the BSE Limited and the National Stock Exchange of India Limited with effect from 31st July, 2014.

Detonators and Accessories (Energetics)

The outlook for F 15 is one of the cautious optimism. Though the demand for conventional detonators is likely to remain depressed, it will get compensated to some extent by increase in demand for value-added products – particularly Electronic Detonators. The economic growth of the Country is long overdue for a turnaround that should bring commensurate growth in demand from the coal, metals and construction sectors. The Division is prepared to take aggressive advantage of this up-swing.

Mining and Infrastructure (IDL consult)

The mining scenario in the country is changing after nearly 3 years after the downturn started. The growth of the economy is also dependent on the mining activity in the country and the manufacturing indices are to a great extent dependent on to the mining activity in major industries such as iron and steel, cement, aluminium and copper. All these basic industries are expected to grow in the coming year. The new Government which will be taking over the reins from May 2014 is expected to address all these issues. The Division is therefore expecting inflow of orders, resumption of pending contract which were held up due to regulatory clearances being suspended in several mines in the Orissa / Jharkhand sector where orders were in hand in 2012.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH JUNE 2014

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)
	30.06.2014
1. Income from operations
a) Gross sales / Income from operations	2441.101
Excise duty	16.158
Net sales / Income from operations (net of excise duty)	227.943
b) Other operating income	9.801
Total income from Operations(net)	237.744
2.Expenditure
a) Consumption of raw materials	56.848
b) Purchase of stock-in-trade	0.000
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	20.568
d) Expenses on operation contracts	0.917
e) Employee benefits expense	51.380
f) Depreciation and amortisation expense	3.253
g) Other expenses	89.895
Total expenses	222.861
3. Profit from operations before other income and financial costs	14.883
4. Other income	31.920
5. Profit from ordinary activities before finance costs	46.803
6. Finance costs	4.837
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	41.966
8. Exceptional item	55.448
9. Profit from ordinary activities before tax Expense:	97.414
10.Tax expenses	16.500
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	80.914
12.Extraordinary Items (net of tax expense)	0.000
13.Net Profit / (Loss) for the period (11 -12)	80.914
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	99.145
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16. Earnings per share (not annualised) -
a) Basic (Rs.)	1.63
b) Diluted (Rs	1.63

Particulars	Quarter Ended ( Unaudited)
	30.06.2014
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	19854323
- Percentage of shareholding	40.05
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	29718167
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)	59.95
B. Investor Complaints
Pending at the beginning of the quarter	Nil
Receiving during the quarter	49
Disposed of during the quarter	49
Remaining unreserved at the end of the quarter	Nil

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)
	30.06.2014
1. Segment Revenue
a) Energetics (formerly Explosives)	229.545
b) Lubricants *	-
c) Mining and Infrastructure (formerly Consult)	12.257
d) Realty (formerly Property Development)	-
e) Others	-
f) Unallocable income	27.862
Total	269.664
Less: Inter segment revenue	-
Revenue from sales & other Income	269.664
2. Segment Result (Profit before Interest and Tax)
a) Energetics (formerly Explosives)	22.588
b) Lubricants *	-
c) Mining and Infrastructure (formerly Consult)	15.459
d) Realty (formerly Property Development)	-
e) Others	-
Total	38.047
Less : (i) Interest	4.837
(ii) Other un-allocable expenditure net off un-allocable income.	(64.204)
Profit before Tax	97.414
3. Capital Employed
a) Energetics (formerly Explosives)	349.924
b) Lubricants *	-
c) Mining and Infrastructure (formerly Consult)	(44.056)
d) Realty (formerly Property Development)	9761.730
e) Others	0.231
f) Unallocable - Corporate	(11.410)
Total	10056.419

* Refer Note 2

** Includes Revaluation surplus of Rs.9269.734 Millions, arising on account of Revaluation of the Land meant for Property development at Hyderabad, carried out as on March 31, 2012 by an approved value.

Notes:

1. The above results were reviewed by the Audit Committee and approved at the meeting of the Board of Directors of the Company held on August 11, 2014. The statutory auditors have carried out a limited review of these results.

2. Pursuant to the Scheme of Arrangement ("the Scheme") between the Company and Gulf Oil Lubricants India Limited (formerly Hinduja Infrastructure Limited) (GOLIL), as sanctioned by the Hon’ble High Court of Judicature of Andhra Pradesh at Hyderabad vide Order dated April 16, 2014, which was thereafter filed with Registrar of Companies, the assets and liabilities relating to the Lubricants Undertaking were transferred to and vested in GOLIL with effect from April 1, 2014. In terms of the Scheme, the difference between the value of assets and value of liabilities amounting to Rs.1436.265 Millions has been appropriated first against the paid-up value of the Share Capital cancelled pursuant to the Scheme and the balance has been appropriated against Securities Premium Account and then the remaining difference appropriated to General Reserve of the Company.

In consideration for the above and in terms of the Scheme, one fully-paid up equity share of face value of Rs.2 each of GOLIL was allotted to the shareholders of the Company, in lieu of every two equity shares of face value of Rs.2 each held in the Company, prior to giving effect to reduction of Share Capital (i.e., from Rs.198.290 Millions to Rs.99.145 Millions). The paid-up Share Capital of the Company, consequent to the implementation of the Scheme, comprises of 49572490 equity shares of Rs.2 each.

In view of the aforesaid implementation of the Scheme with effect from April 1, 2014, the figures for the current quarter are strictly not comparable with those of corresponding/previous periods.

3. Consequent to the acquisition of additional equity shares of the Company by Gulf Oil International (Mauritius) Inc. (GOIMI) on March 27, 2014, which were credited to the Demat account of GOIMI on April 2, 2014, the Company has become a subsidiary of GOIMI.

4. Pursuant to the enactment of the Companies Act, 2013 ("the Act"), the Company has, effective April 1, 2014, reviewed and revised the estimated useful lives of its fixed assets, in accordance with the provisions of Schedule II to the Act. The consequential impact (after considering the transition provision specified in Schedule II) on depreciation charged and on the results for the quarter is not material.

5. Exceptional Item:

i) For the current quarter is net of (a) write-back of provisions no longer required aggregating Rs.49.373 Millions which were created towards advances given in the earlier years, wherein these provisions were made by adjusting Revaluation Reserve in pursuance of Scheme of Arrangement approved by the Hon'ble High Court of Andhra Pradesh (b) write-back of the provision towards capital gain tax on sale of investments held in a foreign subsidiary – Rs.6.575 Millions and (c) writeoff of Rs.0.500 Million, the cost of investments in GOLIL on cancellation of the Company's shareholding (also refer Note 2).

ii) For the previous year ended March 31, 2014 represents the net of (a) profit on sale of long term investments in certain subsidiaries aggregating Rs.231.678 Millions and (b) Impairment loss on fixed assets of Rs.215.951 Millions and (c) Bad trade receivables and advances written off Rs.102.280 Millions.

6. The figures for the quarter ended March 31, 2014 are the balancing figures between audited figures in respect of full financial year and the published year to date figures up to the third quarter ended December 31, 2013.

7. The figures for the previous quarters / periods have been reclassified / restated / re-grouped, wherever considered necessary to correspond with current quarter presentation.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10446425	19/11/2013 *	19,406,400,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, Maker Tower "E", Cuffe Parade, Mumbai, Maharashtra - 400005, India	B90764481
2	10421030	22/03/2013	110,000,000.00	STATE BANK OF MAURITIUS LIMITED	101, Raheja Centre, Free Press Journal Marg,, Nariman Point, Mumbai, Maharashtra - 400021, India	B73556714
3	10417699	21/03/2013	8,500,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, Maker Tower "E", Cuffe Parade, Mumbai, Maharashtra - 400005, India	B72585615
4	10346900	28/03/2012	250,000,000.00	THE KARUR VYSYA BANK LIMITED	Central Processing Cell (Loans), 5-8-363 To 365,, CPC (Loans), Chirag Ali Lane, Abids, Hyderabad, Andhra Pradesh - 500001, India	B36749315
5	10343951	30/01/2012	300,000,000.00	YES BANK LIMITED	9th Floor, Nehru Centre, Discovery Of India,, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India	B35723956
6	10330579	23/11/2011	311,000,000.00	STATE BANK OF INDIA	Industrial Finance Branch, Rajbhavan Road, Somaji Guda, Hyderabad, Andhra Pradesh - 500082, India	B30156798
7	10315974	15/09/2011	680,300,000.00	STATE BANK OF HYDERABAD	Overseas Branch, 6-3-652, " Kautilya', Somajiguda, Hyderabad, Andhra Pradesh - 500082, India	B24671042
8	10235133	08/07/2010	1,150,000,000.00	IDBI Bank Limited	Idbi Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India	A92141670
9	10175641	03/06/2013 *	4,216,900,000.00	State Bank of India (Lead Bank)	Cag Branch, Panjagutta Main Road, Hyderabad, Andhra Pradesh - 500082, India	B78514288
10	80066239	25/07/2003 *	140,000,000.00	THE JAMMU & KASHMIR BANK LIMITED	Homi Mode Cross, Lane-Ii, Fort Chambers, Block ' B', Fort,, Mumbai, Maharashtra - 400023, India	-
11	80049519	15/09/1998	10,000,000.00	STATE BANK OF TRANVACORE	S.D. Road , Secunderabad , Hyderabad, Andhra Pradesh - 500003, India	-

FIXED ASSETS:

· Land-Freehold

· Land-Leasehold

· Buildings

· Leasehold Improvements

· Plant and Machinery Equipments etc.

· Furniture, Fixtures and Office appliances

· Vehicles

NEWS:

GULF OIL CORPORATION STANDALONE Q1 PROFIT AT RS. 80.000 Millions

11-Aug-2014

Highlights

Gulf Oil Corporation Standalone Q1 Profit at Rs.80.000 Millions, in the first quarter after demerger of Lubricants.

Mumbai, August 11, 2014.

The Lubricants Division of the Company was demerged with effect from April 1, 2014, into a separate Company, Gulf Oil Lubricants India Limited (GOLIL). GOLIL was listed after completion of all formalities on the BSE and NSE on the July 31, 2014.

This is the first quarter of operations of the Company after the demerger of the Lubricants Division.

The business segments of the Company now comprise of the Energetics, Mining & Infrastructure and Realty.

Gulf Oil Corporation Limited, a Hinduja Group Company, has reported a turnover of Rs.244.100 Millions in Q1. PBT was Rs.97.400 Millions and Profit after tax for Q1, Rs.80.900 Millions.

Division wise performance and highlights are as under:

ENERGETICS DIVISION AT HYDERABAD

During Q1, the Energetics Division, which manufactures mainly mining detonators, initiators and accessories, achieved sales of Rs.230.000 Millions ( as against Rs.170.000 Millions last year ), recording a growth of 36%. The new Detonating Fuse plant has restarted production mainly for exports.

The growth was achieved through increase of export sales and the production of value added products. Production of Electronic Detonators was increased substantially.

MINING AND INFRASTRUCTURE DIVISION

Operations of the Mining and Infrastructure Division were earlier scaled down due to major projects being under temporary suspension for want of various government / regulatory clearances by clients since end of 2012. With the new Union Government at the Centre, renewed business confidence and accelerated industrial activity has taken place since June. Regulatory approvals for mining projects are expected to be cleared on a fast track basis. Already, the Division has obtained, during the quarter, contracts from major corporates for iron ore mining and an infrastructural related contract, results of which will be reflected in the coming quarters.

REALTY DIVISION

Work on the Rs.18000.000 Millions project ‘Ecopolis’ at Yelahanka, Bengaluru, consisting of a 30 acre IT / ITES SEZ park and a 10 acre Hotel / Hospitality / Retail being developed in association with Hinduja Realty Ventures Limited is progressing satisfactorily.

Stage-I of the project consisting of a building (G + 10 + 3 basements) of 10.46 lakh sft and a multi level car park of 74,000 sft in the SEZ sector is in the finishing stages. 10 slabs of the building have been completed. These buildings with external façade, MEP services and related infrastructure will be completed by October 2014. And the revenue streams are expected to commence from Q3 /Q4 of 2014-15. Ground work on the second block has also started.

For the Hyderabad property, where the Company has entered into a Development Agreement with Hinduja Estates Private Limited, the 100 feet road passing through the Company’s property, is witnessing substantial traffic. Several residential projects have also come up in the vicinity of the Company’s property lending good visibility to the project site.

The new Telangana State Government has announced major initiatives for the economic development of the State. Planning work relating to the project will now be taken up keeping the expected demand pattern in view.

In the meantime, the Company is planning augmenting its land banks and focusing on this business segment.

RESTRUCTURING OF THE BUSINESSES

After the divestment of the three overseas subsidiaries, the Company retains the UK subsidiary, which holds 10% stake in the Houghton International Inc., USA. The Company is actively considering various proposals for maximizing its value.

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.60.61
UK Pound	1	Rs.100.49
Euro	1	Rs.79.56

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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.