MIRA INFORM REPORT

Report No. :	301480
Report Date :	06.01.2015

IDENTIFICATION DETAILS

Name :	BHARAT PETROLEUM CORPORATION LIMITED
Registered Office :	Bharat Bhawan, 4 and 6, Currimbhoy Road, Ballard Estate, Mumbai – 400 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.11.1952
Com. Reg. No.:	11-008931
Capital Investment / Paid-up Capital :	Rs.7230.800 Millions
CIN No.: [Company Identification No.]	L23220MH1952GOI008931
TAN No.: [Tax Deduction & Collection Account No.]	MUMB00573G MUMB12464E
PAN No.: [Permanent Account No.]	AAACB2902M
Legal Form :	A Public Limited Liability company. The Company’s shares are listed on the Stock Exchanges.
Line of Business :	Subject is engaged refining crude oil and markets petroleum products, as well as explores and produces hydrocarbons.
No. of Employees :	13214 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (81)

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established and a reputed company of the Government of India. It is having a fine track. Financial position of the company seems to be sound. Trade relations are reported as trustworthy. Business is active .Payment terms are reported to be regular and as per commitments. The company can be considered excellent 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Non-convertible debenture-I=AAA
Rating Explanation	Have the highest degree of safety and carry lowest credit risk.
Date	10.12.2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED

Management Non Co-operative (91-22-22713000)

LOCATIONS

Registered Office / LPG Business Head Quarters / Industrial and Commercial Business Head Quarters :	Bharat Bhawan, 4 and 6, Currimbhoy Road, Ballard Estate, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22642112/ 22713000/ 004/ 22714000
Fax No.:	91-22-22642112/ 22616793/ 22713874 / 22832646
E-Mail :	okesy@bharatpetroleum.com dixitns@bharatpetroleum.in balasubramanian@bharatpetroleum.in
Website :	http://www.bharatpetroleum.com www.bharatpetroleum.co.in http://www.bharatpetroleum.in
Factory :	Lubricant Plant Wadilube Installation, Mallet Road, Mumbai – 400009, Maharashtra, India 24, Parganas, Budge-Budge 743319
Refinery :	Bharat Petroleum Refinery, Mahul, Chembur, Mumbai - 400074, Maharashtra, India
Tel. No.:	91-22-25543151
Fax No.:	91-22-25542970
Delhi Co-ordination Office:	ECE House, Post Box No.7, Connaught Circus, New Delhi 110001, India
Tel. No.:	91-11-23316891
Fax No.:	91-11-23316894
Retail Business Head Quarters :	Maker Towers E and F, 12th Floor, Cuffe Parade, Mumbai 400005, Maharashtra, India
Tel. No.:	91-22-22189172
Fax No.:	91-22-22182304
Lubricants Business Head Quarters :	Bharat Bhavan-II, Ballard Estate, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22713000/ 22714000
Fax No.:	91-22-22713801/ 25542970
Aviation Business Head Quarters :	Plot Nos. A 5 and 6, Sector 1, Noida 201301, District Gautam Budh Nagar, Uttar Pradesh, India
Tel. No.:	91-120-24539155/ 24744820

DIRECTORS

AS ON 31.03.2014

Name:	Mr. S. Varadarajan
Designation:	Director (Finance)
Name :	Mr. R. K. Singh
Designation :	Chairman and Managing Director
Name :	Mr. K. K. Gupta
Designation :	Director (Marketing)
Name :	Mr. B. K. Datta
Designation :	Director (Refineries)
Name:	S. P. Gathoo
Designation:	Director (Human Resources)
Name:	P. Balasubramanian
Designation:	Director (Finance)
Name :	R. N. Choubey
Designation :	Director General DGH, MOP & NG (up to 09.04.2013)
Name :	T. Jose
Designation :	MD KSIDC
Name:	J. R. Varma
Designation:	Director (w.e.f. 10.8.2012)
Name:	B. Chakrabarti
Designation:	Director (w.e.f. 10.8.2012)
Name:	Mr. N. Mittal
Designation:	Joint Secretory, MOP&NG (w.e.f. 11.04.2013)
Name:	P. Kurian
Designation:	Principal Secretary
Name:	J R Verma
Designation:	Director
Name:	B. Chakrabarti
Designation:	Director
Name:	S V. Kulkarni
Designation:	Company Secretary

KEY EXECUTIVES

Name :	Mr. Manoj Pant
Designation :	Chief Vigilance Officer
Name :	Mr. Anurag Deepak
Designation :	Executive Director (Pipelines)
Name :	Mr. Arjun Hira
Designation :	Executive Director (Marketing Corporate)
Name:	Ms. Dipti Sanzgiri
Designation:	Executive Director (Human Resources Development)
Name:	Mr. George Paul
Designation:	Executive Director (LPG)
Name:	Mr. G.S. Wankhede
Designation:	Executive Director (Logistics) Retail
Name:	Mr. I. Srinivas Rao
Designation:	Executive Director (Gas)
Name :	Mr. J. Dinaker
Designation :	Executive Director (Corporate Treasury)
Name :	Mr. K. B. Narayanan
Designation :	Executive Director (IIS)
Name :	Mr. K. P. Chandy
Designation :	Executive Director (Lubes)
Name :	Mr. K. V. Shenoy
Designation :	Executive Director (Engineering Services), Marketing
Name :	Mr. Manmohan Singh
Designation :	Executive Director (Engineering Services), Marketing
Name :	Mr. M. M. Chawla
Designation :	Executive Director (Engineering & Projects)
Name :	Ms. Monica Widhan
Designation :	Executive Director (Coordination)
Name :	Mr. P. Balasubramanian
Designation :	Executive Director (Corporate Finance)
Name :	Mr. P. C. Srivastava
Designation :	Executive Director (Lubes)
Name :	Mr. P.S. Bhargava
Designation :	Executive Director (Planning)
Name :	Mr. P. Padmanabhan
Designation :	Executive Director (Refineries Coordination)
Name :	Mr. Pramod Sharma
Designation :	Executive Director (Aviation)
Name :	Mr. Prasad K. Panicker
Designation :	Executive Director (Kochi Refinery)
Name :	Mr. R.K. Mehra
Designation :	Executive Director (International Trade)
Name :	Mr. R P Natkar
Designation :	Executive Director (I and C)
Name :	Ms. Carmen D’ Costa
Designation :	Executive Director
Name :	Mr. S.B. Bhattacharya
Designation :	General Manager (Brand & ARB) Retail HQ
Name :	Mr. C J Iyer
Designation :	Executive Director ( (Technical) Mumbai Refinery
Name :	Mr. C. K. Soman
Designation :	Executive Director (Engineering and Projects)
Name :	Mr. S. Ramesh
Designation :	Executive Director (Lubes)
Name :	Ms. Sumita Bose Roy
Designation :	Executive Director (Audit)
Name :	Mr. C K Soman
Designation :	General Manager (Operation), KochiRefinery
Name :	Mr. H S Pranjape
Designation :	General Manager (Finance), Mumbai Refinery
Name :	Mr. K Padmakar
Designation :	General Manager
Name :	Mr. A.K. Kaushik
Designation :	General Manager (Corporate HRS)
Name :	Mr. B.C. Roy
Designation :	General Manager (Audit)
Name :	Mr. Brij Pal Singh
Designation :	General Manager (Marketing Corporate)
Name :	Mr. G. Kalaiselvan
Designation :	General Manager (Internal Coaching)
Name :	Mr. Gautam Mukerji
Designation :	General Manager (Coordination)
Name :	Mr. E.A. Vimalnathan
Designation :	General Manager (Supplies & Distribution) Retail HQ
Name :	Mr. P. Anandasundaresan
Designation :	General Manager (Quality Control Cell)
Name :	Mr. J.R. Akut
Designation :	General Manager (IIS Technology)
Name :	Mr. K. H. Subramanian
Designation :	General Manager (Retail) West
Name :	Mr. P. S. Ramachandran
Designation :	General Manager (Projects-Units), Kochi Refinery
Name :	Mr. R. R. Nair
Designation :	(HR), Mumbai Refinery
Name :	Mr. S. Rath
Designation :	Marketing Manager (Lubes), HQ
Name :	Mr. K. Sivakumar
Designation :	General Manager (Corporate Finance)
Name :	Mr. S. Banerjee
Designation :	General Manager (Retail) East
Name :	Mr. M.D. Agrawal
Designation :	General Manager (IS), Mumbai Refinery
Name :	Mr. M.M. Somaya
Designation :	General Manager (Brand and Public Relations)
Name :	Mr. M.P. Govindarajan
Designation :	General Manager (Human Resources), Kochi Refinery
Name :	Mr. M. Prasanna Kumar
Designation :	General Manager (Planning & Project Coordination)
Name :	Ms. Madhu Sagar
Designation :	General Manager (Employee Satisfaction Enhancement)
Name :	Mr. N Manohar Rao
Designation :	General Manager (Retail Operation), HQ
Name :	Mr. P. Anandasundaresan
Designation :	General Manager (Sales) I and C, Mumbai
Name :	Mr. P.K. Bhatnagar
Designation :	General Manager (Finance) LPG HQ
Name :	Mr. M. N. Neelakanton
Designation :	General Manger (Advisoring Engineering) Kochi Refinery
Name :	Mr. S. K. Kudaisya
Designation :	General Manager (Gas)
Name :	Mr. P.V. Kumar
Designation :	General Manager (International Trade)
Name :	Mr. R. Chaturvedi
Designation :	General Manager (Retail) East
Name :	Mr. R. Rajamani
Designation :	Executive Assistant to C&MD
Name :	Mr. S.K. Agrawal
Designation :	General Manager (Legal)
Name :	Mr. S.K. Goel
Designation :	General Manager (Technical), Mumbai Refinery
Name :	Mr. Sharad K. Sharma
Designation :	General Manager Sales (Retail) HQ
Name :	Mr. Sudhir K. Malik
Designation :	General Manager (Sales) I&C, Mumbai
Name :	Ms. Sujata N. Chogle
Designation :	General Manager (Human Resources) Retail
Name :	Mr. S.S. Sunderajan
Designation :	General Manager (Operations), Mumbai Refinery
Name :	Mr. Suresh P. K.
Designation :	General Manger (Finance) Kochi Refinery
Name :	Mr. S. Vijayakumar
Designation :	General Manager (Human Resources), Mumbai Refinery
Name :	Mr. S.V. Kulkarni
Designation :	Company Secretary
Name :	Mr. Tapan Datta
Designation :	General Manager (Vigilance), CO
Name :	Mr. Thomas Chacko
Designation :	General Manger (Engineering and Advisor Services) Kochi Refinery
Name :	Mr. Thomas Zachariah
Designation :	General Manger (Engineering and Advisor Services) Kochi Refinery
Name :	Mr. Tomy Mathews
Designation :	General Manager (Pertochemicals), Kochi Refinery
Name :	Dr. U.V. Girish Kumar
Designation :	General Manager (IT and BI), Retail HQ
Name :	Mr. V. Anand
Designation :	General Manager (Sales Strategy), Retail HQ

Name :	Mr. A. Krishnaswamy
Designation :	General Manager (Strategy

Name :	Mr. A. K. Gupta
Designation :	General Manager (HSSE)

Name :	Mr. P Kumarswamy
Designation :	General Manager I/C (Project), Kochi Refinery

Name :	Mr. S Banerjee
Designation :	General Manager (Retail), East

Name :	Mr. Sudip Mallick
Designation :	General Manager Logistic (LPG), HQ

SHAREHOLDING PATTERN

AS ON 30.09.2014

Category of Shareholder	Total No. of Shares	% of holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Central Government / State Government(s)	397200120	54.93
Sub Total	397200120	54.93
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	397200120	54.93
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	61816040	8.55
Financial Institutions / Banks	1125006	0.16
Central Government / State Government(s)	6222222	0.86
Insurance Companies	44915462	6.21
Foreign Institutional Investors	90913776	12.57
Sub Total	204992506	28.35
(2) Non-Institutions
Bodies Corporate	33362315	4.61
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	16268888	2.25
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	2276276	0.31
Any Others (Specify)	68984143	9.54
Non Resident Indians	655982	0.09
Clearing Members	870687	0.12
Trusts	67457474	9.33
Sub Total	120891622	16.72
Total Public shareholding (B)	325884128	45.07
Total (A)+(B)	723084248	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)	723084248	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Category of Shareholder	Total No. of Shares	% of holding
Govt. of India	39,72,00,120	54.93
Total	39,72,00,120	54.93

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Category of Shareholder	Total No. of Shares	% of holding
BPCL Trust For Investment In Shares	67457474	9.33
Life Insurance Corporation Of India	34862692	4.82
HDFC Trustee Company Limited-HDFC Equity Fund	10780397	1.49
ICICI Prudential Life Insurance Company Ltd	9938576	1.37
HDFC Standard Life Insurance Company Ltd	7660963	1.06
Total	130700102	18.08

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Category of Shareholder	Total No. of Shares	% of holding
BPCL Trust For Investment in Shares	67457474	9.33
Total	67457474	9.33

BUSINESS DETAILS

Line of Business :

Subject is engaged refining crude oil and markets petroleum products, as well as explores and produces hydrocarbons.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO.
Petroleum Products	2710
Benzene	2902
Lubricants	2710

Exports :

--

Imports :

--

Terms :

--

GENERAL INFORMATION

Suppliers :

--

Customers :

--

No. of Employees :

13214 (Approximately)

Bankers :

• State Bank of India
• Union Bank of India
• Corporation Bank
• Bank of India
• State Bank of Patiala
• Central Bank of India
• Deutsche Bank
• Standard Chartered Bank
• Royal Bank of Scotland
• ICICI Bank Limited
• HDFC Bank Limited
• State Bank of Travancore
• IDBI Bank Limited
• BNP Paribas
• Calyon Bank

Facilities :

Secured Loan	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long term Borrowing
Debentures
8.65% Secured Non-Convertible Debentures	7000.000	7000.000
Short term Borrowing
Loans repayable on demand Form Bank
Working Capital Loans / Cash Credit	17239.100	6604.700
Collateralized Borrowing and Lending Obligation	11012.500	6220.000
Total	35251.600	19824.700

Banking Relations :	--
Financial Institutions :	SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India
Auditor 1 :
Name :	B. K. Khare and Company Chartered Accountants
Auditor 2 :
Name :	K. Varghese and Company Chartered Accountants
Joint Venture Companies :	· Indraprastha Gas Limited · Petronet India Limited · Petronet CCK Limited · Petronet CI Limited · Petronet LNG Limited · Bharat Oman Refineries Limited · Maharashtra Natural Gas Limited · Central UP Gas Limited · Sabarmati Gas Limited · Bharat Stars Services Private Limited · Bharat Renewable Energy Limited · Matrix Bharat Private Limited. · Delhi Aviation Fuel Facility Private Limited · Kannur International Airport Limited · GSPC India Gasnet Limited · GSPC India Transco Limited · IBV (Brazil) Petroleo Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2,50,00,00,000	Equity Shares	Rs.10/- each	Rs.25000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72,30,84,248	Equity Shares	Rs.10/- each	Rs.7230.800 Millions

Notes:

The Corporation has only one class of shares namely equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Corporation, the holders of equity shares will be entitled to receive the remaining assets of the Corporation in proportion to the number of equity shares held.

The Corporation declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March 2014, the amount of dividend per share is Rs. 17. The total dividend appropriation for the year ended 31st March 2014 amounted to Rs. 14258.200 millions (previous year Rs. 9228.600 millions) including Corporate Dividend Tax of Rs. 1965.800 millions (previous year Rs. 1274.700 Millions).

During the period, the Corporation has issued Bonus Shares in the ratio of 1:1 by capitalisation of General Reserve. The total number of Bonus Shares issued is 36,15,42,124 equity shares having face value of Rs.10 each.

Reconciliation of No. of Equity Shares

Particulars	31.03.2014
Opening Balance	723084248
Shares Issued
--Bonus Shares	---
Shares Bought Back	--
Closing Balance	423084248

Name of shareholders	31.03.2014
	% Holding	No. of shares
Government of India	54.93	397200120
BPCL Trust for Investment in shares	9.33	67457474
Life Insurance Corporation of India	5.42	39162846

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	7230.800	7230.800	3615.400
(b) Reserves & Surplus	187356.800	159109.400	145523.200
(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)	194587.600	166340.200	149138.600
(3) Non-Current Liabilities
(a) long-term borrowings	118083.600	55083.700	21590.900
(b) Deferred tax liabilities (Net)	13609.000	16557.200	14005.600
(c) Other long term liabilities	607.400	608.200	559.600
(d) long-term provisions	11573.100	4350.600	4099.600
Total Non-current Liabilities (3)	143873.100	76599.700	40255.700
(4) Current Liabilities
(a) Short term borrowings	81837.000	180584.200	190873.500
(b) Trade payables	120349.600	87831.100	128664.000
(c) Other current liabilities	156940.900	135336.200	133661.000
(d) Short-term provisions	26685.900	23182.500	13477.000
Total Current Liabilities (4)	385813.400	426934.000	466675.500
TOTAL	724274.100	669873.900	656069.800
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	189688.300	166240.300	165362.400
(ii) Intangible Assets	706.800	663.800	761.400
(iii) Capital work-in-progress	30651.000	25.300	25.300
(iv) Intangible assets under development	0.000	24172.100	11165.300
(b) Non-current Investments	72381.000	69421.000	49702.900
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	32666.600	25284.000	34589.700
(e) Other Non-current assets	1661.400	169.300	9.500
Total Non-Current Assets	327755.100	285975.800	261616.500
(2) Current assets
(a) Current investments	46087.900	51609.000	59471.300
(b) Inventories	190711.300	166903.700	159480.600
(c) Trade receivables	40801.600	40251.300	63783.400
(d) Cash and cash equivalents	2037.600	23288.600	9788.500
(e) Short-term loans and advances	9413.500	12449.800	7925.800
(f) Other current assets	107467.100	89395.700	94003.700
Total Current Assets	396519.000	383898.100	394453.300
TOTAL	724274.100	669873.900	656069.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue From Operations	2600605.300	2401157.500	2119729.700
		Other Income	14686.600	16802.300	17017.800
		TOTAL (A)	2615291.900	2417959.800	2136747.500
Less	EXPENSES
		Cost of Materials Consumed	1091974.300	974894.900	855629.700
		Purchases of Stock-in-Trade	1308978.700	1258196.000	1121591.500
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(20303.000)	(14717.900)	(6016.000)
		Employees benefits expense	28963.500	27688.700	22610.700
		Other expenses	110129.600	94027.800	87245.300
		TOTAL (B)	2519743.100	2340089.500	2081061.200
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		95548.800	77870.300	55686.300
Less	INTEREST (D)		13590.800	18252.400	17995.900
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		81958.000	59617.900	37690.400
Less	DEPRECIATION/ AMORTISATION (F)		22468.200	19261.000	18848.700
	PROFIT BEFORE TAX (E-F) (G)		59489.800	40356.900	18841.700
Less	TAX (H)		18881.000	13927.900	5729.000
	PROFIT AFTER TAX (G-H) (I)		40608.800	26429.000	13112.700
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5000.000	5000.000	5000.000
Less	APPROPRIATIONS
		Proposed dividend	12292.400	7953.900	3977.000
		Corporate Dividend Tax on proposed dividend	1965.800	1274.700	571.600
		Transfer to Debenture Redemption Reserve	1968.400	0.000	0.000
		Transfer to General Reserve	24382.200	17200.400	8564.100
	BALANCE CARRIED TO THE B/S		5000.000	5000.000	5000.000
	EARNINGS IN FOREIGN CURRENCY
		Exports on FOB basis	191220.600	184556.100	193156.100
	TOTAL EARNINGS		191220.600	184556.100	193156.100
	IMPORTS
		Raw Materials (including Crude Oil)	852219.600	763913.300	687842.900
		Capital goods	852219.600	2667.200	1482.900
		Components and spare parts (including packages, chemicals and catalysts)	124.8.300	1523.500	539.500
	TOTAL IMPORTS		1704564.300	768104.000	689865.300
	Earnings Per Share (Rs.)		56.16	36.55	36.27

QUARTERLY RESULTS

(Rs. In Millions)

Particulars	30.06.2014 (Unaudited)	30.09.2014 (Unaudited)
	1^st Quarter	2^nd Quarter
Net sales	667902.200	620251.600
Total Expenditure	652700.800	609075.900
PBIDT (Excluding Other Income)	15201.400	11175.700
Other income	10232.400	2551.200
Operating Profit	25433.800	13726.900
Interest	1948.100	1291.600
Exceptional Items	0.000	0.000
PBDT	23485.700	12435.300
Depreciation	5572.200	6332.900
Profit Before Tax	17913.500	6102.400
Tax	5750.900	1460.400
Profit after tax	12162.600	4642.000

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	1.56	1.10	0.62
Operating Profit Margin (PBDIT/Sales)	(%)	3.67	3.24	2.63
Return on Total Assets (PBT/Total Assets}	(%)	9.58	7.00	3.17
Return on Investment (ROI) (PBT/Networth)		0.31	0.24	0.13
Debt Equity Ratio (Total Debt /Networth)		1.03	1.42	1.42
Current Ratio (Current Asset/Current Liability)		1.03	0.90	0.85

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	3615.400	7230.800	7230.800
Reserves & Surplus	145523.200	159109.400	187356.800
Net worth	149138.600	166340.200	194587.600
long-term borrowings	21590.900	55083.700	118083.600
Short term borrowings	190873.500	180584.200	81837.000
Total borrowings	212464.400	235667.900	199920.600
Debt/Equity ratio	1.425	1.417	1.027

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	2119729.700	2401157.500	2600605.300
		13.277	8.306

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	2119729.700	2401157.500	2600605.300
Profit	13112.700	26429.000	40608.800
	0.62%	1.10%	1.56%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Rs. In Millions

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Current maturities of long term debt	3295.000	2722.500	17472.500

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

MERGER OF KRL WITH BPCL

As informed in the last year’s Report, merger of the erstwhile Kochi Refineries Limited (KRL) with BPCL under Sections 391 to 394 of the Companies Act 1956 had been completed, following receipt of the Order dated 18th August 2006 issued by the Ministry of Company Affairs, New Delhi. One of the Shareholders of the erstwhile KRL had filed a Writ Petition in the Delhi High Court challenging the merger. The Court had vide its order dated 3rd October, 2013 dismissed the writ petitions and pending applications in default and on account of non-prosecution.

MANAGEMENT DISCUSSION & ANALYSIS

ECONOMIC DEVELOPMENTS

The world economy is in the process of transformation.

The global financial crisis and the resulting changes have highlighted the role of emerging economies in the global context. While advanced economies continue to explore ways to sustain their economic performance, it is the emerging and developing countries that have played a significant part in global economic recovery. This has reshaped the perception of their contribution to accelerating the growth of the global economy.

The moderate growth expected in the United States, Canada and Japan and the ambiguous prospects in the Eurozone have considerably altered the very distinction between advanced and emerging economies. Though some progress in rebuilding global confidence has been witnessed, the process is unfolding a paradigm shift in defining the parameters of growth and competitiveness.

However, the ongoing tapering of quantitative easing in the US, the continuing deflation concerns in the Euro region, the inflationary pressures in the emerging and developing economies and the weakening growth and financial fragilities in China, have clouded the optimism to some extent. Back home in India, the economy continues to struggle with inflation and growth.

Food prices drove the build-up of inflation during April to November 2013 and were also instrumental in the subsequent fall in inflation during December 2013 to February 2014. Further, cost push pressures created due to pass through of the exchange rates during July-September 2013 in the non-food items have also impacted inflation rates adversely.

A large part of the suppressed inflation in the energy segment has been transferred to the customer, though some more adjustment will be necessary in 2014-15, especially in Diesel, Gas and electricity, that can still keep fuel inflation high. Even though the pressure from movements in global crude oil prices has been moderate, Wholesale Price Index (WPI) inflation in the fuel group continued to be high on account of staggered administered price revisions in the fuel segment. However, over the long term, a 100% transfer of fuel price to the consumer may as well result in lower inflation, as demand is not artificially supported. The release of suppressed inflation also provided some respite to the under-recoveries of Oil Marketing Companies (OMCs).

Despite this, the under-recovery bill to be borne by the Government of India for 2013-14 is ` 140,000 crores. RBI has intervened by hiking the repo rate by 25 bps to 8% to manage inflation. This move was intended to set the economy securely on the disinflationary path as recommended by the Urjit Patel Committee.

Further, growth concerns remain significant with Gross Domestic Product (GDP) growth staying sub-5% for seven successive quarters and index of industrial production (IIP) growth stagnating for two successive quarters. Growth in India has been declining from 9.6% in Q4 of 2010-11. For most parts of 2012-13 and up to Q1 of 2013-14 it hovered around 4.4%. Though there was marginal improvement of 4.8% and 4.7% in Q2 and Q3 of 2013-14 respectively, this improvement has been feeble and clear signs of recovery are yet to emerge, even as the economy seems to be gearing for a modest recovery during 2014-15. The financial year 2013-14 witnessed a satisfactory monsoon and the absence of extreme climatic events until lately, portended well for agricultural production and rural demand.

During April 2013-January 2014, the industrial growth remained sluggish at 2.4%, as compared to 6.9% in the previous year. This directly reflects the subdued investment and consumption demand that has resulted in contraction in production of capital goods and consumer durables.

As regards the Current Account Deficit (CAD), 2013-14 witnessed a narrowing CAD due to higher exports and lower imports. The decline in imports was mainly due to sharp moderation in gold imports since July 2013. India’s oil import bill also remained largely controlled, depicting stable international crude prices and marginal increase in the quantum of oil imports. While a decline in imports augurs well for a CAD reduction, the narrowing of CAD on this account may not sustain with the anticipated revival of domestic aggregate demand.

The Indian rupee was among the worst performing currencies during 2013-14, hitting a record low of ` 68.85 against the dollar due to the weak domestic economy and speculation over scaling back of stimulus, or extra printing of notes, by the US.

The rupee lost 27% of its value between June and August 2013, largely due to a pull-out of money by Foreign Institutional Investors (FIIs), after the US Federal Reserve said it will consider reducing its USD 85 billion monthly bond-buying program, introduced after the 2008 global economic crisis to pump prime the economy.The rupee vulnerability can be traced to structural problems of the Indian economy like slow growth, high inflation and widening current account and fiscal deficits.

Intervention by RBI and the announcement by the US Federal Reserve in mid-September, that its quantitative easing program would be kept intact, helped the rupee recover to some extent and the rupee gained over 10% between September and December 2013.

UNSECURED LOANS:

(Rs. In Millions)

Particulars	31.03.2014	31.03.2013
Long term borrowing
Foreign currency loans	66109.800	17676.500
From others – Bonds
4.625% US Dollar International Bonds 2022	30049.900	27194.700
3% Swiss Franc International Bonds 2019	13503.900	0.000
Loan from Oil Industry Development Board	1420.000	3212.500
From banks
Rupee Loans	0.000	700.000
Foreign Currency Loans	53585.400	162759.500
Commercial Papers	0.000	4300.000
Total	164669.000	215843.200

LITIGATION DETAILS:

LITIGATION DETAILS
Bench:- Bombay Presentation Date :- 24.09.2013
Lodging No:-	ITXAL/1554/2013	Failing Date:-	24.09.2013		Reg. No.:-	ITXA/353/2014		Reg. Date:-	20.02.2014
Petitioner:-	COMMISSIONER OF INCOME TAX - 2		Respondent:-		BHARAT PETROLEUM CORPORATION LIMITED
Petn.Adv:-	SURESH KUMAR
District:-	MUMBAI
Bench:-	DIVISION		Category:-		TAX APPEALS
Status:-	Pre – Admission		Stage:-		FOR REJECTION [ ORIGINAL SIDE MATTERS
Next Date:-	25.06.2014
Coram:-	ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST
Act:-	Income Tax Act, 1961			Under Section:-			260 A

STANDALONE UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER 2014

(Rs. In Millions)

Particulars		3 Months Ended	3 Months Ended	Half Year Ended
		30.09.2014	30.06.2014	30.09.2014
		UNAUDITED
A.	Physical Performance
1.	Crude Throughput (MMT)	0.609	0.534	1.143
2.	Market Sales (MMT)	0.803	0.910	1.713
3.	Sales Growth (%)	0.308	0.594	0.458
4.	Export Sales (MMT)	0.074	0.033	0.107
B.	Financial Performance
1.	Income from Operations
a) Net Sales/Income from Operations (Net of excise duty)		6197.851	6674.965	12872.816
b) Other Operating Income		4.665	4.057	8.722
Total income from operations (net)		6202.516	6679.022	12881.536
2.	Expenses
a) Cost of materials consumed		2930.920	2530.870	5461.790
b) Purchase of stock-in-trade		2973.780	3473.023	6446.803
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade		(159.563)	192.895	33.332
d) Employee benefits expenses		57.830	79.027	136.857
e) Depreciation and amortisation expenses		63.329	55.722	119.051
f) Other expenses		287.792	251.193	538.985
Total expenses		6154.088	6582.230	12736.818
3.	Profit / (Loss)from Operations before other income, finance cost & Exceptional Items (1-2)	48.428	96.792	144.720
4.	Other Income	25.512	102.324	127.836
5.	Profit/ (Loss) from ordinary activities before finance cost & Exceptional Items (3+4)	73.941	198.616	272.556
6.	Finance Cost	12.916	19.481	32.397
7.	Profit / (Loss) from ordinary activities after finance cost but before Exceptional Items (5-6)	61.024	179.135	240.199
8.	Exceptional Items	--	--	--
9.	Profit / (Loss) from ordinary activities before tax (7+8)	61.024	179.135	240.199
10.	Tax expense	14.604	57.509	72.113
11.	Net Profit /(Loss) from Ordinary Activities after tax (9-10)	46.420	121.626	168.046
12.	Extraordinary Items (net of tax expense)	--	--	--
13.	Net Profit / (Loss) for the period (11-12)	46.420	121.626	168.046
14.	Paid-up equity share capital (face value of ? 10 per share)	72.308	72.309	72.308
15.	Reserve excluding Revaluation Reserves as per balance sheet
16.	Earnings Per Share (EPS)
a) Basic and diluted EPS before Extraordinary items – Rs.		6.42	16.82	23.24
b) Basic and diluted EPS after Extraordinary items - Rs.		6.42	16.82	23.24
17.	Debt Service Coverage Ratio			3.14
18.	Interest Service Coverage Ratio			4.05
A.	PARTICULARS OF SHAREHOLDING
1.	Public shareholding
- Number of shares *		325884128	325884128	325884128
- Percentage of shareholding		45.07	45.07	45.07
* includes shares held by BPCL trust
2.	Promoters and Promoter group Shareholding
a) Pledged/Encumbered		--	--	--
b) Non-encumbered
- Number of shares		397200120	397200120	397200120
- Percentage of shares (as a % of total shareholding of Promoter and Promoters group)		100.00	100.00	100.00
- Percentage of shares (as a % of total share capital of the company)		54.93	54.93	54.93
B. Investor Complaints
Pending at the beginning of the quarter		Nil
Receiving during the quarter		1
Disposed of during the quarter		1
Remaining unreserved at the end of the quarter		Nil

STANDALONE STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2014

Rs. In Millions

SOURCES OF FUNDS	30.09.2014 (Unaudited)
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	72.308
(b) Reserves & Surplus	2033.623
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	2105.931
(3) Non-Current Liabilities
(a) long-term borrowings	1283.916
(b) Deferred tax liabilities (Net)	138.656
(c) Other long term liabilities	6.087
(d) long-term provisions	117.388
Total Non-current Liabilities (3)	1546.047
(4) Current Liabilities
(a) Short term borrowings	99.902
(b) Trade payables	1335.930
(c) Other current liabilities	1677.313
(d) Short-term provisions	22.166
Total Current Liabilities (4)	3135.311
TOTAL	6787.289
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets	2428.280
(b) Non-current Investments	724.360
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	341.855
(e) Other Non-current assets	13.575
Total Non-Current Assets	3508.070
(2) Current assets
(a) Current investments	478.979
(b) Inventories	2150.484
(c) Trade receivables	295.665
(d) Cash and cash equivalents	23.444
(e) Short-term loans and advances	85.090
(f) Other current assets	245.557
Total Current Assets	3279.219
TOTAL	6787.289

NOTES:

1. The market sales for the half year ended September 30, 2014 was higher at 17.13 MMT when compared to 16.38 MMT achieved during the corresponding period of the previous year. The increase is mainly in MS - Retail (10.34%), LPG (12.03%) and HSD - Retail (1.92%).

2. The Average Gross Refining Margin (GRM) during the half year ended September 30, 2014 is USD 2.36 per barrel (April - September 2013: USD 4.38 per barrel).

3. As advised by the Ministry of Petroleum & Natural Gas, the Corporation has accounted compensation towards sharing of under-recoveries on sale of sensitive petroleum products as follows:

a. Rs. 7,36,135 lakhs for the current half year (April - September 2013 : Rs. 7,85,299 lakhs) as discount on crude oil/ products purchased from ONGC / GAIL / NRL which has been adjusted under Cost of Materials Consumed and Purchases of Stock-in-trade.

b. Rs. 3,91,976 lakhs compensation advised by the Government of India by way of subsidy for the current half year (April - September 2013 : Rs. 6,31,797 lakhs) under Net Sales from Operations.

Consequent to non-revision in Retail Selling Prices corresponding to the international prices and applicable foreign exchange rates prevailing during the half year ended September 30, 2014, the Corporation has absorbed net under recovery of Rs. 50,342 lakhs during April - September 2014 (April - September 2013 : Rs. 76,033 lakhs) on sale of sensitive petroleum products.

4. Other income for the half year ended September 30, 2014 includes Rs. 28,814 lakhs towards gain on account of foreign currency transactions and translations. During the half year ended September 30, 2013, Other Expenses includes Rs. 1,42,998 lakhs towards loss on account of foreign currency transactions and translations.

5. Depreciation for the half year ended September 30, 2014 includes Rs. 49,174 lakhs (April - September 2013 : Rs. 35,461 lakhs) on account of LPG cylinders depreciated at 100%.

6. MCA vide it's circular dated August 29, 2014 has amended Schedule II of the Companies Act, 2013 prescribing that componentisation of tangible assets and determination of the useful life of components of these tangible assets shall be voluntary for Financial Year 2014-15 and mandatory from Financial Year 2015-16. The Corporation is in the process of reviewing the useful life of tangible fixed assets and identification of their major components, to enable it to provide depreciation on such assets in accordance with Schedule II to the Companies Act, 2013. Pending this, the depreciation on such assets has been provided for in accordance with Schedule XIV of the Companies Act, 1956. The effect of this is not quantifiable.

The auditors have brought out the above in their Limited Review Report for the Corporation for the quarter ended September 30, 2014.

7. Formula for coverage ratios: Debt-Service Coverage Ratio = Profit before Depreciation, Finance Cost and Tax divided by sum of Finance Cost and Long Term Loan repayments during the period. Interest-Service Coverage Ratio = Profit before Depreciation, Finance Cost and Tax divided by Finance Cost for the period.

8. The Corporation operates in a single segment viz. Downstream petroleum sector. As such reporting is done on single segment basis.

9. Figures relating to corresponding periods of the previous year have been regrouped wherever necessary.

10. The Auditors have completed limited review of the financial results of the Corporation for the quarter ended September 30, 2014. Further, the above results have been reviewed and recommended by the Audit Committee at its meeting held on November 11, 2014 before submission to the Board.

The above un-audited results of Bharat Petroleum Corporation Limited for the quarter and half year ended September 30, 2014 have been approved by the Board at its meeting held on November 12, 2014.

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10493295	11/04/2014	8,880,000,000.00	OIL INDUSTRY DEVELOPMENT BOARD	301, WORLD TRADE CENTRE, BABAR ROAD, NEW DELHI- 110001, INDIA	C04233615
2	10400513	05/01/2013	7,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B67010710
3	10079177	03/08/2009 *	100,000,000.00	STATE BANK OF INDIA	STATE BANK BHAVAN, MADAM CAMA ROAD, MUMBAI 400021, MAHARASHTRA , INDIA	A66875428
4	90164106	30/01/2001	4,000,000,000.00	STATE BANK OF INDIA	VOLTAS HOUSE; 23; J.N. HEREDIA MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	-
5	90165239	03/10/1997	2,468,000,000.00	STATE BANK OF INDIA	SERCURITIES AND SERVICES DIVISION, MUMBAI MAIN BRANCH; STATE BANK BUILDING; M.S. MARG, MUMBAI - 400023, MAHARASHTRA, INDIA	-
6	90162015	27/02/2009 *	100,000,000,000.00	STATE BANK OF INDIA	STATE BANK BHAVAN, MADAM CAMA ROAD, MUMBAI - 400021, MAHARASHTRA, INDIA	A58670241

* Date of charge modification

FIXED ASSETS

· Freehold Land

· Leasehold Land

· Building

· Railway Sidings

· Plant and Machinery

· Tanks and Pipelines

· Furniture and Fittings

· Vehicles

· Dispensing Pumps

· LPG Cylinders and Allied Equipment

· Sundries

· Intangible Assets

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.63.28
UK Pound	1	Rs.98.39
Euro	1	Rs.76.31

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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		81

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.