AL JALLAF OPENS NEW ABU DHABI JEEP® SHOWROOM

January 14, 2002

Kochi Refineries Limited, a Stand alone South Indian Refinery

Kerala Monitor.com

Kochi: The credit rating assigned to KRL's Short Term Debt Programme reflects the company's business position as one of the stand alone refiners in South India, with a relatively favourable product slate consisting of a good proportion of ligher distillates. The company's business profile also benefits from its majority ownership by Bharat Petroleum Corporation Ltd.(BPCL) (rated "AAA" by CRISIL).

The rating also factors in the high import tariff protection which cushions Indian refiners to a significant extent from the inherent price driven volatility in the refining business affecting the stability of Gross Refining Margins (GRMs). Despite a decline in profitability margins, KRL's financial profile continues to be favourable being characterised by a high networth, comfortable gearing and high interest coverage ratios. However, the funding plan for the proposed capital expenditure programme and the satisfactory resolution of the issues pertaining to the possible imposition of turnover tax by the Govt. of Kerala (GoK) would have a critical bearing on the future financial profile of the company.

KRL, in which BPCL is the majority shareholder, is a "stand-alone" refinery with an installed capacity of 7.5 mmtpa. As on March.31,2001 the net sales of the company were Rs.72 billion and Profit After Tax was Rs.1 billion.

Crisil Rating;

Rs.1 Billion Short Term Debt (STD) Programme P1+ Reaffirmed

The "P1+" (pronounced 'P one plus') rating assigned to the Rs.1 Billion STD programme of KRL has been re-affirmed.

AL JALLAF OPENS NEW ABU DHABI JEEP® SHOWROOM

Dubai: Over a thousand visitors enjoyed an 'Open House" at Abu Dhabi Jeep® dealer Al Jallaf Trading's new Dhs I.2 million showroom in Khalidia on Tuesday night (January 15, 2002).

"This was a night to remember for the Jeep brand in Abu Dhabi and for the public who won hundreds of surprise gifts ranging from coffee mugs to televisions in our special scratch and win promotion," said Al Jallaf Trading General Manager, Allan Hardie. "Visitors also swung to the beat of Emirates FM2's Steve Mendl who broadcast live from the showroom."

The new 500 sq. m. showroom houses the complete award-winning range of Jeep models including the Wrangler, all-new Cherokee and Grand Cherokee models and strongly reflects the 'do anything, go anywhere' nature of the Jeep brand.

"This new facility is the flagship of our Jeep outlets in the Abu Dhabi emirate and is a massive investment in customer satisfaction," added Hardie.

David Glorius. Vice President, Sales and Marketing Director for the Chrysler, Dodge and Jeep brands in the Middle East, said the new facility is proof of a strong commitment to the future by Al Jallaf Trading.