MIRA INFORM REPORT

Report No. :	324479
Report Date :	29.05.2015

IDENTIFICATION DETAILS

Name :	GULF OIL CORPORATION LIMITED

Registered Office :	Kukatpalli P.B. No.1, Sanatnagar (IE), Hyderabad – 500018, Andhra Pradesh
Tel. No.:	91-40-23810671

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

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

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. The rating reflects company sound financial risk profile marked by healthy reserves position and fair profitability of the company. 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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	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 BY

Name :	Mr. Khanan
Designation :	Finance Department
Contact No.:	91-40-23810671
Date :	26.05.2015

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 EXECUTIVES

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

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Category of Shareholder	No. of Shares	% of Holdings
(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	1736524	3.50
Financial Institutions / Banks	963163	1.94
Central Government / State Government(s)	149490	0.30
Foreign Institutional Investors	6083847	12.27
Sub Total	8933024	18.02
(2) Non-Institutions
Bodies Corporate	1104510	2.23
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	6266643	12.64
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1870856	3.77
Any Others (Specify)	1679290	3.39
Trusts	1250	0.00
Clearing Members	99754	0.20
Non Resident Indians	244953	0.49
Overseas Corporate Bodies	1333333	2.69
Sub Total	10921299	22.03
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
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	49572490	0.00

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

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

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

No. of Employees :

Information declined by the 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

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).

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).

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

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

Memberships :	--

Collaborators :	--

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 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	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

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

Cash generated from operations

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
Net Profit Margin (PAT / Sales)	(%)	5.84	5.38	5.80

Operating Profit Margin (PBIDT/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 Million]

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	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	No
10	Date of Birth of Proprietor / Partners / Directors	No
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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
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	Yes
33	Market information	------
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

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 31^ST DECEMBER 2014

(Rs. In Millions)

Particulars	Quarter Ended (Unaudited)	Quarter Ended (Unaudited)	Nine Months Ended ( Unaudited)
	31.12.2014	30.09.2014	31.12.2014
1. Income from operations
a) Gross sales / Income from operations	324.226	268.914	837.241
Excise duty	18.292	17.156	51.606
Net sales / Income from operations (net of excise duty)	305.934	251.758	785.635
b) Other operating income	1.092	0.257	11.150
Total income from Operations(net)	307.026	252.015	796.785
2.Expenditure
a) Consumption of raw materials	68.085	62.532	187.465
b) Purchase of stock-in-trade	--	--	--
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(17.410)	(9.604)	(6.446)
d) Expenses on operation contracts	37.487	32.895	184.083
e) Employee benefits expense	75.260	57.443	184.083
f) Depreciation and amortisation expense	3.521	3.945	10.719
g) Distribution expenses	23.411	29.401	88.919
h) Other expenses	64.786	59.150	176.524
Total expenses	255.140	235.762	712.563
3. Profit from operations before other income and financial costs	51.886	16.253	84.222
4. Other income	78.021	91.743	200.484
5. Profit from ordinary activities before finance costs	129.907	107.996	284.706
6. Finance costs	10.724	2.968	18.529
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	119.183	105.028	266.177
8. Exceptional item	21.740	29.297	106.485
9. Profit from ordinary activities before tax Expense:	140.923	134.325	372.662
10.Tax expenses	46.400	33.000	95.900
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	94.523	101.325	276.762
12.Extraordinary Items (net of tax expense)	--	--	--
13.Net Profit / (Loss) for the period (11 -12)	94.523	101.325	276.762
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	99.145	101.325	99.145
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16. Earnings per share (not annualised) -
a) Basic (Rs.)	1.91	2.04	5.58
b) Diluted (Rs.)	1.91	2.04	5.58

Particulars	Quarter Ended ( Unaudited) 31.12.2014	Quarter Ended (Unaudited) 30.09.2014	Nine Months Ended (Unaudited) 31.12.2014

A. Particulars of shareholding
1. Public Shareholding
- Number of shares	19854323	19854323	19854323
- Percentage of shareholding	40.05	40.05	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	29718167	29718167
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100	100	100
Percentage of shares (as a % of total share capital of the company)	59.95	59.95	59.95

B. Investor Complaints
Pending at the beginning of the quarter	1
Receiving during the quarter	40
Disposed of during the quarter	41
Remaining unreserved at the end of the quarter	Nil

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Millions)

Particulars	Quarter Ended 31.12.2014	Quarter Ended 30.09.2014	Nine Months Ended 31.12.2014

1. Segment Revenue
a) Energetics (formerly Explosives)	168.846	204.084	602.475
b) Lubricants *	--	--	--
c) Mining and Infrastructure (formerly Consult)	61.984	57.768	132.009
d) Realty (formerly Property Development)	93.292	--	93.292
e) Others	--	--	--
f) Unallocable income	60.925	81.906	169.493
Total	385.047	343.758	997.269
Less: Inter segment revenue	--	--	--
Revenue from sales & other Income	385.047	343.758	997.269

2. Segment Result (Profit before Interest and Tax)
a) Energetics (formerly Explosives)	23.810	38.058	52.709
b) Lubricants *	--	--	--
c) Mining and Infrastructure (formerly Consult)	2.902	22.170	--
d) Realty (formerly Property Development)	92.252	--	92.252
e) Others	--	--	--
Total	118.964	60.228	217.239
Less : (i) Interest	10.724	2.968	18.529
(ii) Other un-allocable expenditure net off un-allocable income.	(32.683)	(77.065)	(173.952)
Profit before Tax	140.923	134.325	372.662

3. Capital Employed
a) Energetics (formerly Explosives)	415.560	375.553	415.560
b) Lubricants *	--	--	--
c) Mining and Infrastructure (formerly Consult)	2.340	0.269	2.340
d) Realty (formerly Property Development)	9863.491	9761.730	9863.491
e) Others	0.231	0.231	0.231
f) Unallocable - Corporate	(30.252)	(4.484)	(30.252)
Total	10251.370	10133.299	10251.370

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

PRESS RELEASE

HINDUJA POWER BUYS 24.75 LAKH SHARES OF GULF OIL CORP

On May 14, 2015 Afrin Dia sold 9,75,000 shares of Gulf Oil Corporation at Rs 150.75 and Bridge India Fund sold 15,00,000 shares at Rs 150.75 on the NSE.

However, the promoter of the company Hinduja Power Limited bought 24,75,000 shares (5 percent) at Rs 150.75.

On Thursday, the share closed up 0.27 percent or Rs 0.40 at Rs 149.70 on the BSE.

The share touched its 52-week high Rs 197 and 52-week low Rs 127.90 on 07 July, 2014 and 30 March, 2015, respectively.

GULF OIL TURNOVER INCREASES 21.5% OVER Q2

Q3 Profit Rs. 9.45 crores, in the third quarter after demerger of Lubricants business.

Gulf Oil Corporation Limited, a Hinduja Group Company, has reported a turnover of Rs. 324.200 Million in Q3. Profit after tax for Q3 was Rs. 94.500 Million. This is the third quarter of operations of the Company after the demerger of the Lubricants Division effective from 1st April 2014. The business segments of the Company now comprise the Energetics - Mining Detonators and Initiating Devices, Mining and Infrastructure Services and Realty.

Income from Realty Division has commenced with the compensation from transfer of TDRs for the portion of the land given for road widening at Hyderabad to Developers at Rs. 92.200 Million.

Division wise performance and highlights are as under:

ENERGETICS DIVISION AT HYDERABAD

During Q3, the Energetics Division, which manufactures detonators and accessories, for the mining and infrastructure sectors achieved a sale of Rs. 169.000 Million (as against Rs. 1650.000 Milion in Q3 of last year ).

The domestic trade market remains sluggish. However, demand from large mining projects was steady. Increase in export demand and sale of specialized electronic detonators assisted in the sales growth for the quarter. Sales of detonating fuses and special products for Defence purposes showed upward trend.

In view of the emphasis on Defence related products in the "Make in India" initiative of the Government of India, we expect further focus and growth in this segment

MINING AND INFRASTRUCTURE SERVICES

Mining and Infrastructure projects were earlier scaled down due to major projects being under temporary suspension for want of various government / regulatory clearances. However, mining activity in part of the Country picked up with the renewed business confidence and growing industrial activity. Regulatory approvals for mining projects are expected to be cleared on a fast track basis by the new Government.

The large equipment bank of excavators, heavy duty earth moving tippers, dozers, etc. which were impaired as on 31st March, 2014 in view of the bleak mining scenario have now been sorted and all the operating equipment are currently being put into use for various mining projects. Our focus is in the mining areas in eastern India with the large corporates.

In the meanwhile, the Division has taken up a few infrastructure projects, apart from a mining contract from a reputed Industrial House. All these resulted in the Division achieving an Income of Rs. 6.19 crores and a Profit of Rs. 2.900 Million in the quarter (Cumulatively Income of Rs. 132.000 Million and Profit of Rs. 40.500 Million).

PROPERTY DEVELOPMENT

The first building (stage-I) out of the Rs.18000.000 Million project 'Ecopolis' at Yelahanka, Bengaluru of 104.600 Million sft, 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 in the marketing stage. Stage-I of the project consisting of a building (G + 10 + 3 basements) of 1.046 Million sft and a multi level car park of 74,000 sft in the SEZ sector is ready to be let out. This building is planned to be ready by 31st March and as per the Development Agreement, 30% of the building in the SEZ area will be handed over to the Company.

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.

The Company has surrendered approximately 9 acres of land for development of new roads and widening of existing roads to improve the infrastructure in the vicinity of the Hyderabad factory.

The compensation for the land surrendered would be in the range of Rs. 850.000 – 900.000 Million. As of now, we have been able to finalise agreements for transfer of TDR for Rs. 92.200 Million in the quarter from the developers. The balance amounts would be received as the development work progresses.

The Telangana State Government has now started development work in right earnest and several activities which would energise the realty industry in the State, especially in Hyderabad, is on the cards. Accordingly, the planning for Phase 1 development of 76 acres with Hinduja Estate Private Limited is being finalised.

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. 63.90
UK Pound	1	Rs. 98.16
Euro	1	Rs. 69.74

INFORMATION DETAILS

Information Gathered by :	KMN

Analysis Done by :	DIV

Report Prepared by :	JYO

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
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--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.

MIRA INFORM REPORT

Unit