Castrol India Ltd

BSE: 500870 | NSE: CASTROLIND | ISIN: INE172A01027 
Market Cap: [Rs.Cr.] 22,898.18 | Face Value: [Rs.] 5
Industry: Chemicals

Management Discussions
Management Discussion And Analysis Report

Pursuant to Clause 49 of the Listing Agreement, a Management Discussion & AnalysisReport covering segment-wise performance and outlook is given below:

(A) Industry structure and developments-2013

Your Company operates across all three major market sectors of the lubricantindustry-Automotive, Industrial and Marine & Energy.

The overall industry is led by your Company and Indian national oil companies, whocontribute to approximately 55% of the market in terms of volumes. Another 20% of themarket, by volume, is accounted for by private multinationals that are mostly integratedoil companies and the rest of the market is constituted by numerous smaller players,largely local in nature. There are over 30 established players in the Indian lubricantindustry, making it very competitive. The market for automotive applications, where yourCompany has earned a well-entrenched position over the years, is the predominant oneamongst the three sectors within the lubricant industry.

Demand drivers: India is an important market for the lubricant industry worldwide,contributing to over 5.5% of global automotive lubricant demand and over 4% of industriallubricant demand.

Demand for automotive lubricants is driven by the dual forces of growth in vehiclepopulation and the extent of use of these vehicles.

The demand for lubricants in the Industrial sector is primarily driven by industrialproduction. The Index of Industrial Production (IIP) has been observed to have a strongcorrelation to consumption demand for industrial lubricants in India.

In case of Marine applications, global and local ship movements are the drivers ofdemand. Large-scale global movement of goods happens predominantly by sea. This demand forshipping services drives fleet utilization and freight rates for shipping companies, inturn driving consumption of marine lubricants. With Energy lubricants, the installed baseof off-shore rigs along the coast-line of India and their up-time, drive demand for suchproducts.

Supply drivers: Lubricants are manufactured by blending base oils and additives, withbase oil being the main component. India is a net base oil deficit market and manyadditives used in lubricants are sourced from outside India. This necessitates large-scaleimport of raw materials and thus also exposes lubricant businesses to fluctuations inforeign exchange rates.

Major industry developments

The year 2013 was a challenging business environment due to the twin effects of aslower GDP growth rate of around 4.7% and relatively high inflation rates prevailingthrough the year. In addition, the lubricant industry faced many other strong headwindsfrom demand and supply drivers alike during the year.

Automotive sector

Vehicle sales in India grew by 1.7% in the year 2013 compared to the previous year.With respect to sales in the previous year, commercial vehicle sales declined by 15%,passenger car and utility vehicle sales declined by 8%, while two-wheeler sales grew by4%. In addition, the slowing down of the economic growth translated into weakening ofgoods movement across the country and also a slowing down of infrastructure projects. Thishas had a direct impact on lubricant consumption in the commercial vehicle sector andother business-to-business segments.

The choice of lubricant and its specification plays a key role in enabling OriginalEquipment Manufacturers (OEMs) to comply with tightening regulations on tail-pipeemissions and to meet demands for lower cost of operations. This places onus on thelubricant industry to respond with products that are able to cope with the increasingsophistication of these modern vehicles. These improved products, typically‘synthetic’ lubricants, are also able to maintain their physico-chemical andperformance properties for a longer period of usage than earlier generation lubricants,thus lengthening oil drain intervals.

This has had an impact on structural demand in the industry. Lubricant volumeconsumption for the same rate of use decreases while per unit cost and price realizationincreases. Therefore, other drivers remaining unchanged, the growth in demand forlubricants is expected to lag vehicle population growth rate in the foreseeable future.

Personal mobility

Two-wheelers: In the two-wheeler industry, gearless scooters seem to be finding favourwith the consumers over the past few years. Scooter sales have grown by 14% in 2013,helping the industry overcome the sluggish growth rate in motorcycles sales. This hastranslated into an increase of 7% growth in two-wheeler population in the country and asimilar growth in demand for two-wheeler oils.

With an increasing number of two-wheelers being sold into the smaller towns andvillages over the past decade, an estimated 50% of the two-wheeler population resides inrural India today.

Passenger cars: Passenger car sale continued its declining trend in the year 2013vis--vis the previous year. Utility Vehicles, which witnessed a growth in saleslast year, also experienced a decline in 2013, impacted by weakening consumer sentimentand hike in duties, lending rates and diesel prices. The year witnessed an addition ofcirca 10% to the car population which is estimated to have increased the demand forpassenger car oils. This was partly offset by the shift to higher quality, syntheticlubricants that provide longer oil drain intervals, resulting in a net increase of 5% indemand for passenger car oils during the year.

Commercial vehicles

Trucks: The medium and heavy commercial vehicle (M&HCV) population in India grew bycirca 2%, while the micro-light commercial vehicles grew by 22% during 2013. Continuingweak transporter sentiment due to higher interest rates, vehicle & fuel prices andweaker freight rates, continued to adversely impact M&HCV usage in 2013. Your Companyestimates that this has resulted in a circa 5% decline in consumption of truck engineoils.

Tractors: Tractor sales have experienced 15% growth in 2013 over previous year, on theback of a good monsoon and better price realization for the Rabi crop in largeagriculture-driven states. As a result, tractor population in India is estimated to haveincreased by 6% during the year.

Off-road vehicles: Off-road vehicle sales and utilization were also negatively impactedby the slowing down of many material infrastructure-related projects and due to thebottle-necks in the mining sector.

Non-automotive sectors Industrial lubricants

The year 2013 was one of unprecedented challenges for some of the key industrialsectors and for the Indian economy alike. Industrial activity remained subdued for most ofthe year, reflecting a flat growth in aggregate output. Industrial output measured by theIndex of Industrial Production (IIP), has grown by circa 0.6% in 2013. This was the lowestgrowth recorded for the index in more than a decade. This is believed to have beentriggered by sustained inflation, higher raw material prices and lower demand for consumerdurables and capital goods. All of the above has had a knock-on effect on sectors such asautomobile manufacturing, machinery manufacturing and fabricated metal goods (FMG)industries, causing a decline in their respective outputs.

This has impacted the overall demand for Industrial lubricants which remained flatduring the year.

Marine and Energy lubricants

Global shipping industry is still passing through one of its worst phases in severaldecades. The Indian shipping industry has followed the global pattern to a large extent,where global trade had grown 12.6% in 2010, before slowing down to 3.2% in 2012.

The ban on iron ore export from India, changes in tax structure of coal exportingcountries and high cost of funding have exacerbated the problems of the Indian shippingbusiness.

During 2013, many Indian shipping and ship management companies increased scrapping orsale of vessels, with several companies turning delinquent.

Impact of foreign exchange, crude oil and raw material prices

From a supply perspective, 2013 was challenging due to multiple unfavourable dynamicssuch as the global economic slowdown, high crude oil prices and significant rupeedevaluation. Crude oil stayed at an average of $108/bbl, causing continued pressure oninput raw materials throughout the year.

The Indian rupee witnessed its highest ever rate of devaluation in 2013, devaluing by13% between January and December 2013.

Higher crude prices coupled with the huge devaluation of currency had cascading effecton prices of base oil, downstream performance additives and chemicals during the year.This resulted in higher input cost across all commodity segments for the industry and yourCompany.

The overall economic slowdown across the globe since 2012 has impacted base oilconsumption and markets were oversupplied. Despite the subdued base oil market, priceswere soft to stable in first few months of the year before taking an upward trend due tothe twin effects of seasonal demand change from the April-June quarter and currencydevaluation. The following graph indicates the trend of crude prices and Rupee/USD for theyear 2013.

Prices of polymers continued to show an upward trend across the year, with an averageincrease of 14% over exit 2012. Since polymers form majority of packaging material used bythe industry, this contributed to an increase in cost of goods sold.

However, in a very challenging and unpredictable business environment, your Companycontinued generating value for its investors through strategic sourcing, value improvementinitiatives, extensive focus on service and continuous monitoring of costs.

Your Company worked determinedly on a cost effective purchase model and value-basedinventory management, keeping a close watch on cash costs and working capital, withtremendous improvement in service levels.

Market behaviour and outlook

GDP growth rate is expected to have bottomed out in 2013 and to average slightly higherin 2014 than it was for 2013. The Wholesale Price Index for inflation is expected toincrease marginally from the average of 5.5% in 2013 to about 6.3%. Consumer sentiment isexpected to be muted, especially in the first half of 2014.

Automotive sector

The outlook for the automotive sector has been examined closely by your Company throughthe three broad dimensions of demand drivers, distribution channels and competitiveactivity.

The outlook for each segment where your Company operates are explained below:

1. Outlook

Personal mobility

Two-wheelers: Fuelled by the growth in demand in rural markets, the two-wheelerpopulation is expected to grow by 7% on its high base in 2014 and to drive the demand fortwo-wheeler lubricants. Also, the surge in demand for gearless scooters is expected todrive the growth of a separate sub-category of scooter oils in the year 2014.

Passenger cars: Passenger car population is expected to grow by 8% in 2014 over theprevious year, while car sales are expected to remain sluggish. The strongtrend of increasing oil drain intervals and use of higher quality lubricants isexpected to mute growth in demand for passenger car oils to about 4% over 2013.

Commercial vehicles

Trucks: The demand for lubricants in old generation commercial vehicles is expected todecline more sharply than in 2013 due to continued low freight rates keeping fleetutilization levels unchanged from the previous year. At the same time, demand forlubricants in micro-light commercial vehicles (MLCVs) is expected to continue the increasein demand seen in the year 2013, on the back of a projected 20% increase in MLCVpopulation. Overall, commercial vehicle population is expected to grow by 2% in 2014.However, lubricants demand is expected to decline in 2014 compared to 2013 due to lowerutilization rates of vehicles and the longer oil drain intervals being driven by truckmanufacturers.

Tractors: Due to an estimated 7% increase in tractor population, increased area undersowing for the Kharif crop and improved price realization, helping the agriculture economyin 2014, the demand for tractor oils is expected to grow at a similar rate.

Off-road vehicles: The slowdown observed in the infrastructure sector is expected tocontinue and key projects being delayed during the year will keep equipment utilizationlevels low.

2. Channels of distribution

Customers in urban India continue to move towards premium synthetic lubricants drivenmostly by manufacturer specifications. Rural customers have also begun to make theirpresence felt with unprecedented levels of consumption demand for the category.

The composition of dealer types within the retail channel continues to evolve.Government investment in the rural economy has seen a rapid rise in the disposable incomesof rural households, leading to increasing economic activity for small towns and villages.

Your Company has, yet again, pioneered the development of effective and efficientdistribution networks to harness this opportunity. Over the last two years, innovations inthe route-to-market have led to exponential growth in business from small towns and ruralIndia, which today looks slated to reach one-eighth of all retail sales. In urban markets,your Company’s focus has been on improving customer service by providing increasinglevels of reliable service and more relevant customer oriented loyalty programmes.Your Company has, as in the past, stayed at the cutting edge of technology to servicecustomers better-like the usage of Personal Digital Assistants (PDAs) which enableour sales people to customize offers to dealers.

3. Competitive activity

The competitive situation remains largely unchanged with all major internationallubricant players having been present in the market for several years now. Televisionremains the most popular medium for reaching out to consumers with brand messages acrossthe automotive sectors. Your Company continues to be one of the leading brands in theretail automotive sector, followed by the public sector brands. However, the smallerplayers have been competing aggressively, with lower prices and higher sales promotion togain market share. In the urban retail automotive segment, against a backdrop of strongcompetitive action, your Company has held share overall compared to 2012, with significantgains in the motorcycle oils category.

Non-automotive sector

Industrial lubricants

The manufacturing activity is expected to gather momentum during 2014, owing to apick-up in the domestic demand and likely growth in exports. Improved rural income due togood agricultural output and an improvement in consumer sentiment in the urban areas areexpected to generate higher demand. Besides, the investment demand is also expected toshow a gradual improvement. Some of the key Industrial sectors like automobiles, metals,machinery manufacturing and cement are expected to capitalize on the higher demand andrecord better growth during 2014.

Marine and Energy lubricants

Decisions on policy changes are under discussion within the Oil & Gas Ministry andwith other key stakeholders. Policy decisions and investments in this sector would be asignificant stimulus to the Energy lubricants sub-sector.

(B) Opportunities and threats Automotive sector

(i) Opportunities

a. First time users (FTUs) of personal mobility: With higher disposable incomes,personal mobility through two-wheelers or four-wheelers is a phenomenon that has gained alot of momentum in the past decade. These first time users of personal mobility needreliable solutions to ensure the upkeep of their prized investment. Since the needs,socio-economic backgrounds and media consumption patterns of these new entrants into thecategory differ from the more mature consumers, they need specially tailored products andmarketing communication to enable your Company to tap into this new consumer segment.

Two-way engagement through media, prominently digital and social media, is emerging asa strong alternative to communicate with these first time users.

b. Two-wheelers in small towns and emergence of gearless scooters: More than 50% oftwo-wheelers sold in the last decade have been in the small towns and villages. Withlagging public transport infrastructure, these two-wheelers are the only reliable mode oftransport for many. Providing reliable supply of vehicle fluids to ensure the upkeep ofthese essential mobility solutions for two-wheeler owners in these markets is a materialopportunity.

The share of gearless scooters in domestic two-wheeler sales has also consistentlyrisen over the last six years. This provides a further opportunity for a new,differentiated product.

c. Partnerships with Original Equipment Manufacturers (OEMs): Partnerships with keyOEMs across vehicle types, especially those that are material or are growing market share,is a significant opportunity for lubricant players. In spite of relatively muted levels ofeconomic growth, there have been signs of activity and increased commitment to operate inIndia by almost all automotive OEMs.

Stronger emission norms and demand for fuel efficiency is driving OEMs to keepdeveloping new engine technologies rapidly. This is expected to translate into demand forlubricants with very specific physico-chemical and performance properties and will implyopportunities to introduce more advanced lubricants to cater to the needs of these newengines in the Indian market.

d. Diesel cars and sports utility vehicles (SUVs):

Population growth of diesel cars continues to outpace that of petrol cars. Since dieselcars are driven more than their petrol-powered variants, their demand for lubricants ishigher.

e. Micro-light commercial vehicles (MLCV): MLCV population is expected to grow at ahealthy pace. The MLCV segment remains least impacted by economic downturn as it is stillunderpenetrated as a customer segment.

(ii) Threats a. Input costs: Volatility in commodity prices is one of themost material risks to business stability. Crude oil prices are expected to remain firm in2014. An adverse foreign exchange situation and high inflation could put increasedpressure on input costs in 2014.

b. Competitive activity: The Indian lubricant market is highly competitive.Most international players have identified India as a focus market and competition acrossall categories and sub-categories, is likely to remain intense in the foreseeable future.The industry has also witnessed a trend of some OEMs introducing lubricants under theirown brand name, further impacting the competitive landscape.

c. Heavy-Duty Segment (transport fleets, building & construction andmining):

This segment is largely dependent on the recovery of the infrastructure sector. Whilethere has been a recent policy push to drive growth, the following factors may impact thissector in the near term:

i. Growth of the construction industry is directly linked to GDP growth. Any slowdownin the economy will have an adverse impact on growth in the construction sector.

ii. Interest cost has drastically increased in the recent past, impacting margins,availability of funds and liquidity of infrastructure companies.

iii. Impediments to mining activity due to policy review or environmental concerns. iv.Administrative hurdles in obtaining statutory clearances leading to implementation delays,cost overruns and profitability of major projects.

Non-automotive sector (i) Opportunities

Manufacturing sector is expected to post a moderate growth especially in some of ourfocus industrial sectors like automobiles, metals, machinery manufacturing and cement. Thegrowth will be driven by rise in both consumption demand and investment demand.

The automobile manufacturing sector is expected to return to growth during 2014 withhigher production of motor vehicles compared to the earlier year. Overall growth in thissector is also expected to generate good demand for automotive components. The pick-up inautomobile production and a gradual improvement in the construction activity in 2014 areexpected to augur well for both the Metal & the Fabricated Metal Goods (FMG) sectors.Higher exports mainly due to improved economic condition in United States will positivelyimpact the growth of machinery manufacturing and textile industries.

On the supply side, improvement in availability of key inputs such as mined productsand agricultural products is expected to help the manufacturing sector grow. Betteravailability of sugarcane is expected to result in healthy double digit growth in sugarproduction in the next crushing season.

(ii) Threats

Continuous increase in input cost of raw material and fuel prices is impacting theperformance and profitability of industrial companies. This may lead to increase in theselling prices of finished goods resulting in lower consumer demand of products.

Further rupee depreciation could adversely impact the input cost of lubricants. Thismay put pressure on our margins and market share.

Sustained inflation and higher interest costs have resulted in unrelenting increase incost of raising capital for the industries. This may result in delay of expansionplans of some of the industrial customers.

(C) Performance of segments and categories

I. Automotive lubricants Overview

Your Company delivered a strong performance across the personal mobility segments oftwo-wheelers and passenger car oils in the year 2013, driven by performance of its PowerBrands-Castrol Activ, Castrol Power1, Castrol GTX and Castrol Magnatec. The stronghead-winds in the commercial vehicle oils segment, impacted your Company’sperformance in this category. This was offset to some extent through new productintroductions and a play in the mid-price segment.

There were also significant challenges that your Company encountered in the Heavy Dutycategory which caters to large fleets, mining, and building and construction equipmentapplications. This is due to the twin effects of lowered economic activity in thiscategory and rising input costs for the industry.

The Castrol brand continued to pioneer and drive the movement towards synthetics inresponse to the demands from vehicle manufacturers (OEMs) for better performing andenvironment-friendly products, while also selectively making a play in the mid-pricesegment in certain categories. Your Company continued its close association with its OEMpartners, especially Maruti Suzuki, Jaguar Land Rover, BMW, Ford and the Volkswagen groupand introduced co-engineered products with Tata Motors during the year under review.

Your Company also further deepened relations with key retail channel partners throughthe highly successful Anmol Ratn programme. The Castrol Engine Experts Club was launchedduring the second half of 2013 to further endear brand Castrol to mechanics, who are keyinfluencers in the choice of oil and who are the primary handlers of lubricants in manycategories.

The following sub-sections of the report detail out the performance of each categorywithin automotive lubricants.

Personal mobility

Two-wheeler oils: Two-wheeler oils category consists of oils for four-stroke andtwo-stroke engines that power motorcycles and scooters. Oils for four-stroke motorcycleengines dominate the category currently, while the gearless scooters segment is witnessinga re-emergence. Castrol operates in this space through three principal productbrands-Castrol Activ, Castrol Power1 and Castrol GoI. Castrol Bike Points are exclusivestock-and-sell independent two-wheeler workshops and a key driver of growth for yourCompany in this category.

Two-wheeler oils category delivered strong growth in volumes during the year, poweredby some exciting brand activations for Castrol Activ and Castrol Power1 and bybroad-basing its play through the introduction of Castrol Go! in the mid-price segment.

With a majority of two-wheeler owners, especially first time users, being heavyconsumers of digital media, the two-wheeler oils category witnessed some strong activationcampaigns on this platform, especially on Facebook, Twitter and other popular social mediaplatforms.

Castrol Activ, the largest brand in volume terms for your Company, witnessed a stronggrowth on the back of exciting 360 consumer campaigns. Your Company leveraged itsrelationship with the International Cricket Council (ICC) as its official PerformancePartner at the ICC Champions Trophy in UK. This was dovetailed with an excitingTwitter-enabled digital activation targeted at cricket fans, a large proportion of whoride a motorcycle.

Castrol Power1 continued to build on one of the largest online marketing communitiesfor bikers-Castrol Biking-on Facebook and kept its over one million users engaged throughexciting content and promotions.

Through a mix of new account acquisitions and exciting promotions at Castrol BikePoints, this exclusive Castrol channel has delivered a growth of 14% in 2013.

Passenger car oils in the after-market (PCO Retail):

PCO Retail consists of engine oils for cars & utility vehicles and brake fluids. Itcaters to the market with principally three product brands-Castrol GTX, CastrolMagnatec and Castrol EDGE. Passenger car oils sell through two major channels in theafter-market-retail channel and the stock-and-sell independent workshops.

The year 2013 was a period of strong performance where the PCO Retail business grewsignificantly in volume terms over the previous year. Your Company also achievedsignificant progress on the syntheticisation agenda in the category, with strong growth inboth Castrol Magnatec and Castrol EDGE. In addition, two exciting programmes enabled thesegrowth stories:

a. Winning in big cities: With less than 2% of the Indian population owning cars, thereis a very high concentration of cars in the key metros. Your Company devised and executeda strategy to win in these big cities through a 360 approach, targeting the top metros.The PCO Retail business is now growing at more than twice the rate in these marketscompared to the rest of the country.

b. Winning with mechanics: Your Company launched a training-on-wheels programme in keycities to spread awareness about the special requirements of modern engines and to explainwhy the new generation Castrol Magnatec is the right solution for these sophisticatedmachines. A number of these units that are operational across the key cities were verywell appreciated by the ‘experts’ community. This unique programme wasrecognized and commended internally within the wider BP group as a best-in-class marketingprogramme.

Passenger car oils in OEM franchised workshops (PCO FWs): Products supplied to PCOfranchised workshops include engine oils and drive-line oils. OEM approvals for productsand strong relations with franchised workshops of the respective OEMs are the businessdrivers of this segment. Since the year 2011, your Company has embarked on a journey tocater to this specialized channel through a dedicated range of products called the CastrolProfessional series. Through a combination of variants of Castrol Magnatec Professional,Castrol GTX Professional and Castrol EDGE Professional, your Company caters to the engineoil requirement of franchised workshops of Maruti Suzuki, Ford, the Volkswagen group,Jaguar-Land Rover, Tata Motors, BMW and other OEMs.

The category delivered a strong performance for your Company in the year 2013 with asignificant growth in volumes. This was possible through new account acquisitions and thelaunch of a new service-advisor advocacy and capability-builder programme.

Commercial vehicle oils (CVOs)

Commercial vehicle oils category consists of lubricant applications for small and largetrucks, farm equipment and specialized products for the Heavy Duty segment. In productterms, it comprises engine oils for new and old generation commercial vehicles, and theSpecialty Products range. Specialty Products is an umbrella term representing essentialvehicle fluids other than engine oils; such as drive-line oils, greases and coolants.

Castrol CRB is the oldest and best known brand in the commercial vehicles segment,participating in the lubricants segment for agri-sector and old-generation MHCVs withCastrol CRB Plus and in the new generation commercial vehicles segment with Castrol CRBTurbo. Castrol RX Super brand leads the play for your Company in the mid-price segment inthe truck applications.

The year 2013 provided a very challenging environment for the category with almost alleconomic indicators showing an unfavourable trend and a resultant decline in lubricantconsumption in this category. While overall performance was impacted by the unfavourableeconomic conditions, mentioned below are some of the highlights of the business during theperiod under review:

a. Your Company broad-based its participation in the mid-tier price segments in truckswith the Castrol RX Super brand.

b. Fuel-saving engine oil co-engineered with Tata Motors-Castrol RX Super Max FuelSaver, launched in the second half of the year, was a first in the history of the segment.c. Tapping of the burgeoning micro light commercial vehicle segments in the urban andsemi-urban markets, through appropriately developed products packed in appropriatepack-sizes, was another driver of growth.

d. In the agri-sector, your Company launched two large-scale activations targeted atfarmers and tractor mechanics. In the Heavy Duty segment, in the face of a drasticslowdown in consumption, your Company focused on a mix of activities to maintain profits.Profitability was ensured by upgrading key customers to better performance products inhydraulics, transmission oils and performance lubricants.

II. Non-automotive lubricants Industrial lubricants

The year 2013 was very successful for your Company in this segment despite thechallenging environment. While the overall volume remains flat, your Company was able tosignificantly improve the gross margins due to acceleration in acquisition of Small andMedium Enterprise customers through the industrial distribution network, improved productmix and internal efficiency initiatives that yielded reduction in costs.

Your Company also improved its market share in its chosen segments of automotive andmachinery manufacturing and consolidated its position as the leading supplier ofmetal-working fluids and high performance lubricants-products which are technologicallysuperior and which deliver substantial value to the customers.

Marine and Energy lubricants

Your Company continues to focus on customer intimacy and provides products and servicesthat are best in class in this segment. However, there has been a drop in the volume ofmarine business due to lower utilization rates of fleets, higher lay-ups and the adoptionof slow-steaming.

Your Company has maintained its leadership position in the offshore drilling segmentduring the year under review, by focusing its efforts on value offers despite minimaldrilling activity by a leading player in the segment. We will maintain our focus on valueand specialist offers such as sub-sea solutions, as drilling moves into deeper seas, tofurther consolidate our market share in the off-sh

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Key Information

Key Executives:

S M Datta , Chairman

R Gopalakrishnan , Director

Sashi Mukundan , Nominee

Ravi Kirpalani , Managing Director

Company Head Office / Quarters:

Technopolis Knowledge Park,
Mahakali Caves Road Andheri(E),
Phone : Maharashtra-91-22-66984100/1 / Maharashtra-
Fax : Maharashtra-91-22-66984101 / Maharashtra-
E-mail :
Web :


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