MIRA INFORM REPORT

Report No. :	329604
Report Date :	27.06.2015

IDENTIFICATION DETAILS

Name :	GANDHAR OIL REFINERY (INDIA) LIMITED (w.e.f 22.08.2005)
Formerly Known As :	GANDHAR OIL REFINERY (INDIA) PRIVATE LIMITED
Registered Office :	DLF Park, 18^th Floor, S.V.Road, Goregaon (West), Mumbai – 400062, Maharashtra
Tel. No.:	91-22-24113667
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.10.1992
Com. Reg. No.:	11-068905
Capital Investment / Paid-up Capital :	Rs.140.000 Million
CIN No.: [Company Identification No.]	U23200MH1992PLC068905
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMG09470G MUMG08489F
PAN No.: [Permanent Account No.]	AAACG3996J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Trading of Petroleum Products and Specialty Oils.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 50000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has reported decent operational performance with sales turnover growth of 26.68% and it has profitability margins of 1.95% during 2014. Rating also takes into consideration company wide experience of promoters and established position in specialty oil and coal trading segment supported by adequate financial base and decent net worth profile of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of healthy operational base backed by adequate financial profile, the company can be considered for business dealings at usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	February 10, 2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	February 10, 2015

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 31-03-2013.

INFORMATION PARTED BY

Name :	Ms. Jayashree Soni
Designation :	Company Secretary
Contact No.:	91-22-40635600

LOCATIONS

Registered Office :	DLF Park, 18^th Floor, S.V.Road, Goregaon (West), Mumbai – 400062, Maharashtra, India
Tel. No.:	91-22-24113667/40635600
Fax No.:	Not Available
E-Mail :	cs@qandharoil.com vijayp@gndharoil.com
Website :	http://www.gandharoil.com
Factory 1 :	T-10, MIDC Taloja Main Road, Taluka Panvel, District Raigad, Maharashtra, India
Tel. No.:	91-22-27412047/27401209
Fax No.:	91-22-27410408
Factory 2 :	Unit No.2, Plot No.2, Survey 678/1/3, Village Naroli, Near Naroli Cheack Post, Dadra and Nagar Haveli, Silvassa, India
Tel. No.:	91-260-3293702
Fax No.:	91-260-2651120
Branch Office :	29/3, Sewree Premises Co-Operative Society, Sewree (East) Mumbai - 400015 Maharashtra India Also Located at: Indore Baroda Haridwar Pune
Depots:	Located at: Hyderabad Baroda Indore

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Ramesh Babulal Parekh

Designation :

Whole Time Director

Address :

A-802, Adarsh Classic, Adarsh Dugdhalay Road, Off. Marve Road, Malad (West), Mumbai - 400064, Maharashtra, India

Date of Birth/Age :

12.06.1954

Qualification :

B.com

Date of Appointment :

30.09.2013

PAN No.:

AAFPP6795C

DIN No.:

01108443

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U23200MH1992PLC068905	GANDHAR OIL REFINERY (INDIA) LIMITED	Director	03-09-2013	07-10-1992	-	Active	NO
2	U70102MH2008PTC181615	BHOOMI GALAXY CREATORS AND REALTORS PRIVATE LIMITED.	Director	25-04-2008	25-04-2008	02-06-2008	Active	YES
3	U45202MH2010PTC200276	GANDHAR INFRASTRUCTURE PROJECT PRIVATE LIMITED	Director	19-02-2010	19-02-2010	-	Active	NO
4	U61100MH2010PTC203142	GANDHAR SHIPPING AND LOGISTICS PRIVATE LIMITED	Director	30-09-2014	01-10-2013	-	Active	NO
5	U74900MH2014NPL256436	MANUFACTURERS OF PETROLEUM SPECIALTIES ASSOCIATION	Additional director	08-12-2014	08-12-2014	-	Active	NO

Name :

Mr. Jitendra Babulal Parekh

Designation :

Whole Time Director

Address :

A-701, Adarsh Classic, Adarsh Dugdhalay Road, Off. Marve Road, Malad (West), Mumbai - 400064, Maharashtra, India

Date of Birth/Age :

26.11.1952

Qualification :

B.com

Date of Appointment :

03.09.2013

PAN No.:

AAGPP4510L

DIN No.:

01108480

Name :

Mr. Samir Ramesh Parekh

Designation :

Managing Director

Address :

A-802, Adarsh Classic, Adarsh Dugdhalay Road, Off. Marve Road, Malad (West), Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

12.04.1980

Qualification :

B.Com

Date of Appointment :

01.04.2011

PAN No.:

AAFPP6795C

DIN No.:

02225839

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U23200MH1992PLC068905	GANDHAR OIL REFINERY (INDIA) LIMITED	Managing director	01-04-2011	01-04-2008	-	Active	NO
2	U61100MH2010PTC203142	GANDHAR SHIPPING AND LOGISTICS PRIVATE LIMITED	Director	13-05-2010	13-05-2010	-	Active	NO

Name :

Mr. Aslesh Rameshkumar Parekh

Designation :

Managing Director

Address :

A – 802, Adarsh Classic, Adarsh Dugdhalay Road, Off Marve Road, Malad (West), Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

01.03.1982

Qualification :

M.B.A

Date of Appointment :

01.04.2011

PAN No.:

AGCPP5065E

DIN No.:

02225795

Name :

Mr. Rajiv Makhanlal Mattoo

Designation :

Whole Time Director

Address :

B-6, Vasundhara Tilak Road, Ghatkopar East, Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

21.12.1958

Qualification :

B.com

Date of Appointment :

03.09.2013

PAN No.:

AAJPM7942A

DIN No.:

01062384

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1992PTC066719	ANNA BULK CARRIERS PRIVATELIMITED	Director	12-05-1992	12-05-1992	-	Active	NO
2	U23200MH1992PLC068905	GANDHAR OIL REFINERY (INDIA) LIMITED	Director	03-09-2013	13-08-2010	-	Active	NO

Name :

Mr. Devanshu Pravinbhai Desai

Designation :

Additional Director

Address :

42, Dharam Prem, Nehru Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

26.02.1963

Qualification:

Advocate

Date of Appointment :

30.09.2014

DIN No. :

00493980

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65990MH1992PTC065638	NIDHI EQUITY PRIVATE LIMITED	Director	01-07-1995	01-07-1995	31-10-2007	Active	NO
2	L65910MH1980PLC022765	SAM LEASECO LIMITED	Director	05-10-1996	05-10-1996	-	Active	NO
3	U67120MH1998PLC114103	FIRST OVERSEAS CAPITAL LIMITED	Director	28-05-2003	28-05-2003	-	Active	NO
4	L74999MH1905PLC000223	BOMBAY SWADESHI STORES LIMITED	Director	30-09-2004	30-09-2004	-	Active	NO
5	L27203MH1994PLC080732	PAREKH ALUMINEX LIMITED	Director	30-06-2006	30-06-2006	-	Active	NO
6	U23200MH1992PLC068905	GANDHAR OIL REFINERY (INDIA) LIMITED	Director	30-09-2014	01-04-2010	-	Active	NO
7	U99999MH1986PLC041793	CFL SECURITIES LIMITED	Additional director	22-10-2013	22-10-2013	-	Active	NO
8	U18101MH1994PLC082837	GINI & JONY LIMITED	Additional director	15-01-2014	15-01-2014	22-12-2014	Active	NO
9	U74120MH2013PTC247360	QUANT CAPITAL HOLDINGS PRIVATE LIMITED	Director	27-03-2015	27-03-2015	-	Active	NO

Name :

Mr. Rajiv Jitendra Parekh

Designation :

Whole-time director

Address :

A-701, Adarsh Classic, Adarsh Dugdhalay Compound, Off. Marve Road, Malad (West), Mumbai-400 064, Maharashtra, India

Date of Birth/Age :

28.06.1976

Date of Appointment :

30.09.2011

DIN No.:

02868122

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U61100MH2010PTC203142	GANDHAR SHIPPING AND LOGISTICS PRIVATE LIMITED	Director	13-05-2010	13-05-2010	-	Active	NO
2	U23200MH1992PLC068905	GANDHAR OIL REFINERY (INDIA) LIMITED	Whole-time director	30-09-2011	01-01-2011	-	Active	NO

Name :

Mr. Sarthak Behuria

Designation :

Director

Address :

K-99, Hauz Khas, New Delhi -110016, India

Date of Birth/Age :

02.03.1952

Date of Appointment :

30.09.2014

DIN No.:

03290288

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L40106DL1981PLC012228	SPML INFRA LIMITED	Director	26-09-2014	12-08-2010	-	Active	NO
2	U29110MH1990PLC055506	SKIL INFRASTRUCTURE LIMITED	Director	08-12-2010	29-11-2010	01-03-2011	Amalgamated	NO
3	U72300UP1994PLC017271	SJP REAL ESTATE LIMITED	Additional director	01-01-2011	01-01-2011	01-10-2011	Amalgamated	NO
4	U24233GJ2011PTC065293	INDO BAIJIN CHEMICALS PRIVATE LIMITED	Additional director	30-05-2011	30-05-2011	-	Active	NO
5	U80302DL2001PTC113471	MODI APOLLO INTERNATIONAL GROUP PRIVATE LIMITED	Additional director	30-05-2011	30-05-2011	-	Active	NO
6	U34102PN1989PLC014807	RSB TRANSMISSIONS (I) LIMITED	Director	16-09-2014	04-08-2011	-	Active	NO
7	U74999DL1996PTC080090	KKM MANAGEMENT CENTRE PRIVATE LIMITED	Director	18-08-2011	18-08-2011	-	Active	NO
8	U23200MH1992PLC068905	GANDHAR OIL REFINERY (INDIA) LIMITED	Director	30-09-2014	01-09-2012	-	Active	NO
9	U11200MH2009PLC191426	L&T HYDROCARBON ENGINEERING LIMITED	Director	12-08-2014	06-02-2014	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Jayashree Soni
Designation :	Company Secretary
Address :	3/A/16, Baj Apartment, Saibaba Nagar,, Borivali (West),, Mumbai, 400092, Maharashtra, India
Date of Appointment :	03.12.2014
PAN No.:	BCGPS7311M
Name :	Punil Lalit Shah
Designation :	Chief Financial Officer
Address :	101, Adarsh Harmony, Adarsh Vihar Complex,, Malad (West),, Mumbai, 400064, Maharashtra, India
Date of Appointment :	01/12/2014
PAN No.:	BBWPS2094C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

NOTE: SHAREHOLDING FILE ATACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	12.50
Directors or relatives of Directors	87.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Petroleum Products and Specialty Oils.

Products :

Item Code No.	Product Description
27090000	Petroleum Oils and Oils Obtained from Bituminous Minerals Crude

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

Not Divulged

Imports :

Products :

Raw Material

Countries :

• Indonesia
• Gulf Country

Terms :

Selling :

Cash, L\C and Credit

Purchasing :

Cash, L\C and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

Wholesalers and Retailers

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

No. of Employees :

100 (Approximately) )

Bankers :

• State Bank of India, Andheri, Mumbai, Maharashtra, India
• Bank of Baroda, Fort, Mumbai, Maharashtra, India
• Union Bank of India, Corporate and SME Branch, Technology Centre, Powai, Adi Sankarcharya Marg, Opposite Pawai Lake, Powai, Mumbai – 4000072, Maharashtra, India
• State Bank of Saurashtra - Rajkiran Building, M.G.Road, Kandivali (West), Mumbai – 400007, Maharashtra, India
• Axis Bank Limited - Silvasa Branch, Jigar Complex,, Naroli Rd.,, Silvassa - 396230, Dadar Nagar Haveli, India
• Indusind Bank Limited. -Indusind House 425,, Dadasaheb Bhadkamkar Marg,, Mumbai - 400004, Maharashtra, India
• Barclays Bank Plc - 601/603, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India
• Oriental Bank Of Commerce - Fort Branch , Jash Chambers, Ground Floor,Sir P.M. Road , Fort, Mumbai - 400001, Maharashtra, India
• HDFC Bank Limited - Hdfc Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India

Facilities :

(Rs. In Million)

SECURED LOAN	31.03.2014 (RS. IN MILLION)	31.03.2013 (RS. IN MILLION)
LONG-TERM BORROWINGS
Term loans from banks	41.032	12.484
Term loans from others	4.579	4.579
SHORT-TERM BORROWINGS
Loans repayable on demand from banks	575.937	450.893
Total	621.548	467.956

Auditors :
Name :	B. L. Sarda and Associates Chartered Accountants
Address :	61, Rajgir Chambers, 7^th Floor, Opposite Old Custom House, 12/14, Shahid Bhagat Singh Road, Mumbai - 400 023, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFB1454H
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Company:	Gandhar Shipping And Logistics Private Limited, India (U61100MH2010PTC203142) Gandhar Global Singapore Private Limited, Singapore
Enterprises which are Owned, or have significant Influence of or are partners With key management personnel and their relatives:	Gandhar Infrastructure Project Private Limited, India Kamlaben Babulal Charitable Trust, India

CAPITAL STRUCTURE

As ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.100/- each	Rs.200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1600000	Equity Shares	Rs.100/- each	Rs. 160.000 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.100/- each	Rs.150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1400000	Equity Shares	Rs.100/- each	Rs. 140.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	140.000	115.000	115.000
(b) Reserves & Surplus	1466.252	1086.982	751.025
(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)	1606.252	1201.982	866.025
(3) Non-Current Liabilities
(a) long-term borrowings	45.611	17.063	37.926
(b) Deferred tax liabilities (Net)	18.977	14.558	13.421
(c) Other long term liabilities	9.794	10.043	5.968
(d) long-term provisions	6.013	3.788	1.957
Total Non-current Liabilities (3)	80.395	45.452	59.272
(4) Current Liabilities
(a) Short term borrowings	3024.408	2678.263	1454.372
(b) Trade payables	2468.785	1574.462	1355.797
(c) Other current liabilities	240.724	344.189	163.005
(d) Short-term provisions	146.486	184.336	62.736
Total Current Liabilities (4)	5880.404	4781.250	3035.910
TOTAL	7567.051	6028.684	3961.207
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	792.024	629.871	497.211
(ii) Intangible Assets	0.840	0.525	0.502
(iii) Capital work-in-progress	28.495	6.424	64.378
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	8.296	7.276	0.020
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	27.626	4.571	4.547
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	857.281	648.667	566.658
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1878.170	1330.875	1415.083
(c) Trade receivables	3716.666	2742.647	1408.822
(d) Cash and cash equivalents	457.750	797.876	211.139
(e) Short-term loans and advances	635.803	488.329	340.898
(f) Other current assets	21.381	20.290	18.607
Total Current Assets	6709.770	5380.017	3394.549
TOTAL	7567.051	6028.684	3961.207

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	15645.255	12165.618	5843.254
	Other Income	56.184	35.648	24.503
	TOTAL (A)	15701.439	12201.266	5867.757
Less	EXPENSES
	Cost of Materials Consumed	7120.121	5851.549	4169.212
	Purchases of Stock-in-Trade	7288.255	4464.384	1461.854
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(450.519)	199.992	(613.922)
	Employees benefits expense	117.770	108.493	40.756
	Other expenses	825.765	788.035	389.650
	TOTAL (B)	14901.392	11412.453	5447.550
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	800.047	788.813	420.207
Less	FINANCIAL EXPENSES (D)	295.683	164.278	174.605
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	504.364	624.535	245.602
Less/ Add	DEPRECIATION/ AMORTISATION (F)	34.764	18.440	16.420
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	469.600	606.095	229.182
Less	TAX (H)	163.142	229.775	77.842
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	306.458	376.320	151.340
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	265.683	229.726	100.069
Add	Earlier year excess proposed dividend and dividend distribution tax (L)	0.000	0.000	0.000
Less	APPROPRIATIONS
	Transfer to General Reserve	100.000	300.000	15.000
	Dividend	23.238	34.500	5.750
	Tax on Dividend	3.949	5.863	0.933
	Total (M)	127.187	340.363	21.683
	Balance Carried to the B/S (J+K+L-M)	444.954	265.683	229.726
	Earnings / (Loss) Per Share (Rs.)	264	327	131.6

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	15.034	34.960	35.978
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.96	3.09	2.59
Operating Profit Margin (PBIDT/Sales)	(%)	5.11	6.48	7.19
Return on Total Assets (PBT/Total Assets}	(%)	6.24	10.08	5.88
Return on Investment (ROI) (PBT/Networth)		0.29	0.50	0.26
Debt Equity Ratio (Total Debt /Networth)		1.92	2.27	1.76
Current Ratio (Current Asset/Current Liability)		1.14	1.13	1.12

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	115.000	115.000	140.000
Reserves & Surplus	751.025	1086.982	1466.252
Net worth	866.025	1201.982	1606.252
long-term borrowings	37.926	17.063	45.611
Short term borrowings	1454.372	2678.263	3024.409
Current maturities of long-term debts	35.978	34.960	15.034
Total borrowings	1528.276	2730.286	3085.054
Debt/Equity ratio	1.765	2.271	1.921

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5843.254	12165.618	15645.255
		108.199	28.602

NET PROFIT MARGIN

	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5843.254	12165.618	15645.255
Profit	151.340	376.320	306.458
	2.59%	3.09%	1.96%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

MANAGEMENT DISCUSSION AND ANALYIS:

Introduction:

Subject was incorporated in the year 1992 by Mr. Ramesh B. Parekh who is currently also our Chairman. The Company, started with a small oil refinery in Maharashtra, is today a multi-product, multi-location, multi-billion company.

Our manufacturing units have capacity in excess of 170000 MT and are strategically located at MIDC Taloja, Maharashtra and Silvassa(U.T.), catering to the Domestic as well as Export markets.

The Company provides a comprehensive service offering products like Industrial/Automotive Lubricants, Mineral Oils, Transformer Oils, Petroleum Jelly & variety of Specialty Lubricants in Local and International markets.

The Company serves wide range of industries including Pharmaceutical, Cosmetics & Healthcare, Steel, Tyre, Automotive, Rubber, Textile, Polymer, Electric & Power Generation Industries, Railways, Paper, Chemical, Cement, Sugar industry, Engineering Units etc.

The Company has also expanded its branch offices & depots at Pune, Baroda, Kandla, Indore, Udaipur, Jaipur, Faridabad, Haridwar, Patna, Haldia, Paradeep, Hyderabad, Vishakhapatnam , and Mangalore.

The Company has also set up an excellent dealer-based network for its sales of specialty lubricants across India and new dealers are appointed on regular basis. The Company’s manufacturing and exports activities are increasing at a rapid pace.

The Company is also engaged into Coal business by importing various grades of coal from overseas markets such as Indonesia and South Africa and selling it locally to consumer Industries across the country like Refineries, Power Plants, Paper Mills, Sugar Industries, Metals and Alloys,

Cement Industries, Distilleries, Textile, etc.

PERFORMANCE:

In spite of slowing Indian economy and extreme volatility in forex market coupled with fall in the value of rupee, your Company has been able to demonstrate an excellent performance with a growth of 28.69% in overall revenue of the company from Rs. 12201.267 Million to Rs.1501.439 Million.

The directors are pleased to inform that Company’s products continues to get encouraging response from overseas market resulting into jump in exports from Rs.3108.162 Million to Rs.3422.684 Million registering growth of 10.12% in export revenue. Further in coal segment, the sales substantially jumped from Rs. 5436.769 Million to Rs.7683.554 Million registering growth of 41.33%

The Company earned Profit before Tax & Foreign Exchange Fluctuation Loss of Rs 751.200 Million as against Rs 749.300 Million in the previous year. The Forex loss is much higher this year at Rs 2816 Lacs (PY Rs 143.200 Million). The Profit before Tax is lower at Rs 4690 Lacs as against Rs 606.100 Million. The Profit after Tax is at Rs 306.500 Million as against Rs 376.300 Million in the previous year.

FUTURE OUTLOOK:

PETROLEUM PRODUCTS:

The increasing demand in the power sector augurs well for the demand for Transformer Oil which should continue to show good growth in the financial year 2014-15.

The growth in the automotive and Industrial sectors would decide the growth momentum for the Lubricant products. The overall demand increase for the Tubes & Tyre Industry would drive by large the market demand for process Oils.

With the disposable income increasing in the hands of the general masses, there would be increase in the spending capacity and this is good sign for the market for Liquid Paraffins, Petroleum jelly and White Oils, being essential ingredient for all personal care products and Pharmaceutical Companies. New markets and better product coverage would be essential growth driver for exports business.

NON-COOKING COAL:

India is a power deficit country. Further, presently and in foreseeable future its power generating capacity shall primarily depend on coal. Though the country has large coal reserves but for several reasons including regulatory hurdles it is unable to tap them and hence it is expected to increasingly remain dependent on imported coal to bridge demand supply gap. Barring unforeseen circumstances, coal demand is expected to increase substantially in coming years. All these augurs well for company’s coal trading business.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT-TERM BORROWINGS
Loans repayable on demand from others	200.657	342.588
Other loans and advances	2247.790	1884.752
Loans repayable on demand from banks	0.024	0.030
Total	2448.471	2227.370

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10551527	30/08/2014	720,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C44764942
2	10386687	16/11/2012	700,000,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICE FORT BRANCH, 4TH FLOOR, 10/12, MUMBAI SAMACHAR MARG, FORT,, MUMBAI, MAHARASHTRA - 400001, INDIA	B62138995
3	10363115	25/06/2012	320,000,000.00	ICICI BANK LIMITED	CORPORATE HEAD OFFICE, ICICI BANK TOWERS,, BANDRA  -KURLA COMPLEX, BANDRA (EAST),, MUMBAI, MAHARASHTRA - 400051, INDIA	B42680025
4	10359678	11/05/2012	325,000,000.00	BANK OF INDIA	ANDHERI MID CORPORATE BRANCH, 28, MDI BLDG., 1ST  FLOOR, S.V.ROAD, ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400058, INDIA	B41230780
5	10346000	13/03/2012	317,500,000.00	INDUSIND BANK LTD.	INDUSIND HOUSE 425,, DADASAHEB BHADKAMKAR MARG,,  MUMBAI, MAHARASHTRA - 400004, INDIA	B36472017
6	10310916	05/06/2012 *	500,000,000.00	AXIS BANK LIMITED	SILVASA BRANCH, JIGAR COMPLEX,, NAROLI ROAD. SILV  ASSA, DADAR NAGAR HAVELI - 396230, INDIA	B43742360
7	10302761	20/07/2011	50,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B19016500
8	10234011	07/05/2015 *	6,162,100,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND,  PANDURANG BUDHKAR MARG, WORLI,, MUMBAI, MAHARASHTRA - 400025, INDIA	C52629045
9	10181019	08/10/2009	245,000,000.00	ORIENTAL BANK OF COMMERCE LIMITED	FORT BRANCH, JASH CHAMBERS, SIR P. M ROAD, MUMBAI  ,MAHARASHTRA - 400001, INDIA	A71105456
10	10110310	29/11/2010 *	315,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B02331106

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

Intangible assets

• Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No 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.63.60
UK Pound	1	Rs.100.09
Euro	1	Rs.71.23

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	KAR
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.