MIRA INFORM REPORT

Report Date :

05.12.2011

IDENTIFICATION DETAILS

Name :	INDO AMINES LIMITED
Registered Office :	W-44, MIDC, Phase II, Dombivli (East), District Thane-421203, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.12.1992
Com. Reg. No.:	11-70022
Capital Investment / Paid-up Capital :	Rs.88.119 Millions
CIN No.: [Company Identification No.]	L99999MH1992PLC070022
TAN No.: [Tax Deduction & Collection Account No.]	MUMI02235C
PAN No.: [Permanent Account No.]	AAACI1374A
Legal Form :	A Public Limited Liability Company. The company’s shares are listed on the stock exchanges.
Line of Business :	Manufacturer of Amines, Pharmaceuticals and Speciality Chemical.
No. of Employees :	200 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 770000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION DECLINED BY

Name :	Ms. Pradnya
Designation :	Key Executive
Contact No.:	91-251-2871354
Date :	30.11.2011

LOCATIONS

Registered Office :	W-44, MIDC, Phase II, Dombivli (East), District Thane-421203, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
Email:	ravbp@sancharnet.in ravbp@hotmail.com shares@indoaminsltd.com
Website:	http://www.technochemicals.com
Factory 1 :	W-37/38/39, Phase – II, MIDC, Dombivili (East), District Thane – 421204, Maharashtra, India
Tel. No.:	91-251-2871354/ 2870939
Fax No.:	91-251-2871635
Factory 2 :	Survey No. 1723, Tundav, Taluka Savli, Baroda, Gujarat, India
Factory 3 :	W-265, W-266A, T.T.C. Industrial Area, Rabale MIDC, Navi Mumbai-400701, Maharashtra, India

DIRECTORS

As on 29.08.2011

Name :

Mr. Vijay Bhalchandra Palkar

Designation :

Managing Director

Address :

73, Ranade Road, Laxmi Terrace, Dadar, Mumbai-400028, Maharashtra, India

Date of Birth/Age :

25.02.1953

Date of Appointment :

09.02.1994

Din No.:

00136027

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U67120MH1993PTC070687	TECHNO SECURITIES (INDIA) PRIVATE LIMITED	Director	05-02-93	05-02-93	Active	NO
2	U67120MH1993PTC070686	TECHNO HOLDINGS (INDIA) PRIVATE LIMITED	Director	05-02-93	05-02-93	Active	NO
3	U65944MH1993PTC072812	PALKAR FINANCE AND CONSULTANCY SERVICES PRIVATE LIMITED	Director	13-07-93	13-07-93	Active	NO
4	L99999MH1992PLC070022	INDO AMINES LIMITED	Managing director	01-04-08	19-02-94	Active	NO
5	U74210MH1985PLC037043	VERSATILE CHEMICALS LIMITED	Director	01-04-95	01-04-95	Active	NO
6	U93000MH2010PTC211364	BHARATI ARTS PRIVATE LIMITED	Director	25-12-10	25-12-10	Active	NO
7	U51101MH2011PTC222177	PALKAR COMMERCIALS PRIVATE LIMITED	Director	20-09-11	20-09-11	Active	NO

Name :

Mrs. Bharti Vijay Palkar

Designation :

Executive Director

Address :

73, Ranade Road, Laxmi Terrace, Dadar, Mumbai-400028, Maharashtra, India

Date of Birth/Age :

30.04.1954

Date of Appointment :

01.07.1997

Din No.:

00136185

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74210MH1985PLC037043	VERSATILE CHEMICALS LIMITED	Director	01-04-92	01-04-92	Active	NO
2	U24230MH1985PTC036077	OLEO FORMULATIONS PRIVATE LIMITED	Director	01-04-92	01-04-92	Amalgamated	NO
3	U65944MH1993PTC072812	PALKAR FINANCE AND CONSULTANCY SERVICES PRIVATE LIMITED	Director	01-04-97	01-04-97	Active	NO
4	U67120MH1993PTC070687	TECHNO SECURITIES (INDIA) PRIVATE LIMITED	Director	01-04-97	01-04-97	Active	NO
5	U67120MH1993PTC070686	TECHNO HOLDINGS (INDIA) PRIVATE LIMITED	Director	01-04-97	01-04-97	Active	NO
6	L99999MH1992PLC070022	INDO AMINES LIMITED	Whole-time director	01-07-09	01-07-97	Active	NO
7	U93000MH2010PTC211364	BHARATI ARTS PRIVATE LIMITED	Director	25-12-10	25-12-10	Active	NO
8	U51101MH2011PTC222177	PALKAR COMMERCIALS PRIVATE LIMITED	Director	20-09-11	20-09-11	Active	NO

Name :

Mr. Rahul Vijay Palkar

Designation :

Executive Director

Address :

73, Ranade Road, Laxmi Terrace, Dadar, Mumbai-400028, Maharashtra, India

Date of Birth/Age :

25.09.1979

Date of Appointment :

19.02.1994

Din No.:

00325590

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L99999MH1992PLC070022	INDO AMINES LIMITED	Whole-time director	01-04-08	19-02-94	Active	NO
2	U24230MH1985PTC036077	OLEO FORMULATIONS PRIVATE LIMITED	Director	01-11-97	01-11-97	Amalgamated	NO
3	U74210MH1985PLC037043	VERSATILE CHEMICALS LIMITED	Director	30-09-08	09-06-08	Active	NO

Name :

Mr. Narayan Ganpat Mane

Designation :

Whole Time Director

Address :

C-103, Sai Shrishti, CHS, RX-01, Sudarshan Nagar, Dombivali (East), Thane-421203, Maharashtra, India

Date of Birth/Age :

06.02.1967

Date of Appointment :

24.12.2002

Din No.:

00325647

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L99999MH1992PLC070022	INDO AMINES LIMITED	Director	24-12-02	24-12-02	Active	NO
2	U99999MH1994NPL082149	DOMBIVLI COMMON EFFLUENT TREATMENT PLANT	Director	24-12-02	24-12-02	Active	NO

Name :

Mr. Dhawal Jitendra Vora

Designation :

Director

Address :

2-11, Kawali Compound, Opposite Wrly Workshop, N.M. Joshi Marg, Lower Parel, Mumbai-400013, Maharashtra, India

Date of Birth/Age :

06.04.1972

Date of Appointment :

27.12.2005

Din No.:

00130115

Name :

Mr. Raghavendra Ravi

Designation :

Director

Address :

Flat No. 11, Kumaran Apartments, 43, 3^rd Main Road, Ghandi Nagar, Chennai-600020, Tamilnadu, India

Date of Birth/Age :

02.05.1956

Date of Appointment :

01.08.2004

Din No.:

00136289

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L99999MH1992PLC070022	INDO AMINES LIMITED	Director	01-08-04	01-08-04	Active	NO
2	U32202TN2006PTC059566	TAG HEAD SETS PRIVATE LIMITED	Director	30-09-09	05-03-09	Active	NO
3	U24294TN1990PTC019185	ESSEM TECHNOLIGIES PRIVATE LIMITED	Director	25-09-10	31-03-10	Active	NO
4	U51909WB1961PLC025027	C AND E LIMITED	Director	03-12-10	03-12-10	Active	NO
5	U74900TN2011PTC082140	IP DOME STRATEGY ADVISORS PRIVATE LIMITED	Director	30-08-11	30-08-11	Active	NO

Name :

Mr. Kirit Harilal Shah

Designation :

Whole Time Director

Address :

45, Sarvoday Society, Nizampura, Baroda, Gujarat, India

Date of Birth/Age :

18.03.1948

Date of Appointment :

19.02.1994

Din No.:

00175193

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U52100GJ1987PTC009321	UNIGROUP RESOURCES PRIVATE LIMITED	Managing director	13-01-87	13-01-87	Active	NO
2	U65910GJ1987PTC009320	MARVEL INDENTING PRIVATE LIMITED	Director	13-01-87	13-01-87	Active	NO
3	L99999MH1992PLC070022	INDO AMINES LIMITED	Whole-time director	01-04-08	19-02-94	Active	NO
4	U24110GJ1995PTC027142	UNIGROUP CHEMPRO PRIVATE LIMITED	Director	17-08-95	17-08-95	Active	NO
5	U93000GJ2008PTC053827	PREMIER SOLUTION PRIVATE LIMITED	Director	07-05-08	07-05-08	Active	NO
6	U65910GJ1983PTC006967	D J SHAH INVESTMENTS AND FINANCE PRIVATE LIMITED	Additional director	12-04-11	12-04-11	Active	NO

Name :

Mr. Suresh Rajamani Iyer

Designation :

Director

Address :

2A, 504, Riviera CHS, Lokhandwala Complex, Akurli Road, Kandivali (East), Mumbai-400101, Maharashtra, India

Date of Birth/Age :

06.07.1966

Date of Appointment :

24.12.2002

Din No.:

00289319

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L99999MH1992PLC070022	INDO AMINES LIMITED	Director	24-12-02	24-12-02	-	Active	NO
2	U24110MH2007PTC174244	ABN SYNTHESIS PRIVATE LIMITED	Director	18-09-07	18-09-07	25-07-11	Active	YES

Name :

Mr. Nishikant Sunder Sule

Designation :

Director

Address :

104, shubh Devi CHS, Opposite Sarita Ice Factory, Shivaji Udyog Nagar, Manpada Road, Dombivli (East), Thane-421201, Maharashtra, India

Date of Birth/Age :

23.03.1946

Date of Appointment :

12.02.2011

Din No.:

03480278

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L99999MH1992PLC070022	INDO AMINES LIMITED	Director	29-08-11	11-02-11	Active	NO

Name :

Mr. Changdeo Laxman Kadam

Designation :

Whole Time Director

Address :

H-22, Sector No. 4, Aeroli, Navi Mumbai-400708, Maharashtra, India

Date of Birth/Age :

01.04.1969

Date of Appointment :

29.12.2008

Name :

Mr. Vishwas Vasudev Mehendale

Designation :

Director

Address :

B-103, Makwana Building, 260, PM Road, Vile Parle (East), Mumbai-400057, Maharashtra, India

Date of Birth/Age :

17.09.1957

Date of Appointment :

09.02.2009

Name :

Mr. Deepak Shankar Kanekar

Designation :

Director

Address :

B-203, Utpal Park, Off Sitladevi Temple Road, Mahim, Mumbai-400018, Maharashtra, India

Date of Birth/Age :

26.06.1953

Date of Appointment :

31.03.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1,526,190	16.46
Bodies Corporate	3,441,814	37.12
Sub Total	4,968,004	53.58
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	4,968,004	53.58
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	180,408	1.95
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	2,615,128	28.20
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	1,093,749	11.80
Any Others (Specify)	414,601	4.47
Clearing Members	3,868	0.04
Non Resident Indians	410,733	4.43
Sub Total	4,303,886	46.42
Total Public shareholding (B)	4,303,886	46.42
Total (A)+(B)	9,271,890	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	9,271,890	-

BUSINESS DETAILS

Line of Business :

Manufacturer of Amines, Pharmaceuticals and Speciality Chemical.

Products :

Products	ITC Code No.:
Fatty Amines and Derivatives	292119
Organic, Surface Active Agents	340290
Artificial Waxes	340490

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity
Fatty Amines / Quaternary Ammonium Compounds	MT	6000
Organic Chemicals	MT	1860
Speciality Chemicals	MT	4000
Bulk Drugs	MT	1200

Note: Licensed and installed capacity are as certified by managing directors.

GENERAL INFORMATION

No. of Employees :

200 [Approximately]

Bankers :

Ø State Bank of India, Mumbai Branch, Mumbai-400019, Maharashtra , India

Ø HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Ø State Bank of India, Alkapuri, Baroda, Gujarat, India

Ø Union Bank of India, Sayajigunj Branch, Baroda, Gujarat, India

Ø Indus Ind Bank Limited

Ø Magma Fincorp Bank

Ø Shriram City Union Finance Limited

Ø IDBI, Cuffe Parade Branch, Mumbai

Ø ICICI Bank

Ø Dombivli Nagari Sahakari Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
SBI - Cash Credit	0.000	0.278
HDFC/TATA/Magma Fincorp Bank	1.586	2.393
SCU Finance Limited / SIDBI	0.000	0.701
IDBI Term Loan A/C	0.000	10.807
B/D (PKG BILL 46564500000958/967/1007)	74.358	64.287
DNSB Term Loan	24.935	15.810
Buyers Credit	29.772	0.000
IDBI Bank Limited –CC (Loan and working capital amounts are secured by Equitable Mortgage of P and M and L and B of Dombivli and Baroda, hypothecation of Stock and Receivables and personal guarantee of Directors.)	135.714	105.766
Total	266.365	200.042
Unsecured Loan
Alta Leasing and Finance	0.000	0.324
Companies	1.796	4.462
Others	1.000	1.500
Total	2.796	6.286

Banking Relations :	--
Auditors :
Name :	Kulkarni and Khanolkar Chartered Accountant
Address :	Mumbai, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8811890	Equity Shares	Rs.10/- each	Rs.88.119 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		88.119	83.789	79.619
2] Share Application Money		0.000	1.304	2.550
3] Reserves & Surplus		105.595	87.062	79.786
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		193.714	172.155	161.955
LOAN FUNDS
1] Secured Loans		266.365	200.042	174.003
2] Unsecured Loans		2.796	6.286	33.490
TOTAL BORROWING		269.161	206.328	207.493
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		462.875	378.483	369.448
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		130.938	114.951	99.348
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.004	0.004	0.004
DEFERREX TAX ASSETS		3.998	3.505	2.239
Shares of DNSB		0.225	0.089	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	185.381	115.312	91.347
	Sundry Debtors	308.086	305.519	161.017
	Cash & Bank Balances	19.153	6.667	29.635
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	132.068	129.372	117.791
Total Current Assets		644.688	556.870	399.790
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	212.835	203.004	73.953
	Other Current Liabilities	104.143	93.932	57.980
	Provisions	0.000	0.000	0.000
Total Current Liabilities		316.978	296.936	131.933
Net Current Assets		327.710	259.934	267.857
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		462.875	378.483	369.448

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1564.783	920.174	952.567
		Other Income	17.376	7.385	5.228
		TOTAL (A)	1582.159	927.560	957.795
Less	EXPENSES
		RM/PM/Fuel Consumed	759.210	451.695	622.478
		High Seas Purchase	1.067	0.000	0.000
		Purchase of Finished Goods	493.932	233.433	31.207
		Manufacturing Expenses	197.296	127.563	117.789
		Administrative, Selling and Distribution Expenses	74.503	62.954	73.955
		Increase / Decrease in Stocks	(33.026)	(13.427)	2.313
		TOTAL (B)	1492.982	862.218	847.742
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		89.177	65.343	110.053
Less	FINANCIAL EXPENSES (D)		22.623	19.821	31.856
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		66.554	45.522	78.197
Less/ Add	DEPRECIATION/ AMORTISATION (F)		24.242	25.484	24.829
	PROFIT BEFORE TAX (E-F) (G)		42.312	20.038	53.368
Less	TAX (H)		14.335	6.734	18.837
	PROFIT AFTER TAX (G-H) (I)		27.977	13.304	34.531
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		65.103	58.661	24.130
Less	APPROPRIATIONS
		Interim Dividend	6.168	5.865	0.000
		Proposed Final Dividend	2.644	0.000	0.000
		Dividend distribution Tax	1.498	0.997	0.000
	BALANCE CARRIED TO THE B/S		82.770	65.103	58.661
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	554.643	347.242	529.733
	TOTAL EARNINGS		554.643	347.242	529.733
	IMPORTS
		Raw Materials	267.185	147.539	223.033
	TOTAL IMPORTS		267.185	147.539	223.033
	Earnings Per Share (Rs.)		3.17	1.59	4.34

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011
Type	1^st Quarter	2^nd Quarter
Net Sales	515.930	454.450
Total Expenditure	486.590	427.100
PBIDT (Excl OI)	29.340	27.350
Operating Profit	29.340	27.350
Interest	7.680	8.880
PBDT	21.660	18.470
Depreciation	6.300	6.300
Profit Before Tax	15.360	12.170
Tax	5.000	4.000
Profit After Tax	10.360	8.170
Net Profit	10.360	8.170

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.77	1.43	3.60
Net Profit Margin (PBT/Sales)	(%)	2.70	2.16	5.60
Return on Total Assets (PBT/Total Assets}	(%)	5.45	2.98	10.69
Return on Investment (ROI) (PBT/Networth)		0.22	0.12	0.33
Debt Equity Ratio (Total Liability/Networth)		3.03	2.92	2.10
Current Ratio (Current Asset/Current Liability)		2.03	1.87	3.03

LOCAL AGENCY FURTHER INFORMATION

Note: The registered office of the company has been shifted from W-38/39, Phase II, MIDC, Dombivli (East), District Thane-400028, Maharashtra, India to the present address w.e.f. 28.05.2011.

OPERATIONS:

The turnover of the Company for the financial year 2010-11 was Rs.1564.783 millions compared to last year of Rs.920.174 millions increase of almost 70% in comparison to last year.

Company has made a profit before tax of Rs.42.312 millions almost a jump of 111% compare to last year Rs.20.038 millions. This substantial jump in profit is due to increase in sales better product mix and cost control methods adopted by the management.

During the year company has launched its new product in Formulation segment as “Benzo” which has its application as Toilet Cleaner.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

OVERVIEW OF THE ECONOMY:

The global chemical manufacturing sector grew by 11% in 2010 and it is expected to grew by 47% upto 2015. Basic chemicals is the largest segment of the global chemical manufacturing sector, accounting for 46.4% of the sector’s total value. Asia pacific accounts for 42.70 % of the global basic chemicals manufacturing sector value. The global specialty chemicals market grew by 7.60% in 2010 and it is forcasted to grew by 30.10% upto 2015. Fine Chemicals is the largest segment of the global specialty chemicals market, accounting for 28.9% of the market’s total value. Asia-Pacific accounts for 37.10% of the global specialty chemicals market value. Accordingly we expect that the overall growth for fine chemicals, specialty chemicals and basic chemicals will be in the range of 10% to 20% year on year basis.

OPPORTUNITIES, CONCERNS AND OUTLOOK:

The company is a manufacturer, developer and supplier of Fine chemicals, Oleo chemicals, specialty chemicals, Performance Chemicals, Perfumery Chemicals and Active Pharmaceutical Ingredients. Major growth opportunities will come from China, Far East and European countries like Germany, UK, Spain. Subject knows the importance of its products’ use in the production of intermediaries used in major industries like pharmaceuticals, Agro-chemicals, Petrochemicals, Fertilizer, Road construction chemicals and Pesticides industries. Some of the unusual industries include solvent and rubber processing industries. To contribute to all of this, their research team and technical team will stand still as a backbone of company’s growth and will provide ample number of opportunities to enlarge company’s market share.

Most of their raw materials prices are influenced by changing crude prices, exchange rates and volatile market conditions. Their major raw materials are subject to change in government policies, like government’s Alcohol price policies and its dynamic use in a Sugar Industry. Other oil and petroleum based raw materials are subject to international price deviations in oil market. A major threat for the company is highly changing demand-supply conditions of the market.

CONTINGENT LIABILITIES: [As on 31.03.2011]

a) Contingent Liability in respect of Central Sales tax for the financial year 2005-2006 is amounting to Rs.1.608 Millions.

b) Contingent Liability in respect of penalty on remission of duty on loss due to flood during the Financial year

2005-06 is amounting to Rs.0.282 Million.

c) Contingent Liability in respect of Penalty on nonpayment of excise Duty on Freight Income is Rs.0.075 Million.

d) Letter of Credit with SBI for Import Bills is amounting to Nil.

e) Bank Guarantees with SBI is amounting to Nil.

f) Bank Guarantee with IDBI is amounting to Rs.15.237 Millions.

g) Letter of Credit with IDBI for Import Bills is amounting to Rs.77.864 Millions.

h) Letter of Credit with IDBI for Local Bills is amounting to Nil.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	L99999MH1992PLC070022
Name of the company	INDO AMINES LIMITED
Address of the registered office or of the principal place of business in India of the company	W/44, Phase II, MIDC, Dombivli (East), Thane-421203, Maharashtra, India
Type of charge	Movable Property (not being pledge)
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
Email	cpu-retailassetoperations.rocefiling@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Agreement for Loan and Guarantee. (Contracts No.: 80239225)
Date of instrument Creating the charge	11.10.2011
Amount secured by the charge	Rs.0.800 Million
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @ 12.51 % p.a. Terms of Repayment The Loan is repayable in 35 EMIs of Rs.27397/- starting from 1st November, 2011 ending on 1st September, 2014. Margin As may be stipulated by bank from time to time. Extent and Operation of the charge The Company hypothecates to and charges in favour of the Bank by way of first and exclusive charge of the Vehicle/ equipment described in Item No. 15 as security for the repayment/payment by the company of the loan granted or to be granted to the company by the Bank together with all fees, interest, costs and expenses incurred/to be incurred by the Bank and all other monies payable or to become payable by the company to the Bank. Others The Bank shall be absolutely entitled and have full power and authority to sell, assign or transfer in any manner, in whole or in part, and in such manner and on such terms as the Bank may decide, including reserving a right to the Bank to retain its power to proceed against the company on behalf of the purchaser, assignee or transferee, any or all outstanding dues of the company, to any third party of the Bank's choice without reference to or without written intimation to the company.
Short particulars of the property charged	Hypothecation of Equipments namely : VOLTAS DVX 20 FORKLIFT (Year Of Manufacture: 2011)

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH JUNE, 2011 UNDER CLAUSE 41 OF THE LISTING AGREEMENT

Rs. in Millions

PARTICULAR	THREE MONTHS ENDED ON
	30.06.2011
(a) Net Sales / Income from operations	514.192
(b) Other Operating Income	1.741
Total Income	515.933
Expenditure
a) (Increase) / Decrease in stock in trade and work in progress	(1.358)
b) Consumption of raw materials	454.742
c) Purchase of traded goods	0.000
d) Employees cost	7.967
e) Depreciation	6.300
f) Other expenditure	25.239
Total	492.890
Profit from operations before other income, interest and exceptional Items	23.043
Other income	0.000
Profit before interest and exceptional Items	23.043
Interest	7.680
Profit after Interest but before Exceptional Items	15.363
Exceptional Items	0.000
Profit (+)/Loss(-) from Oridinary Activities before tax	15.363
Tax expense	5.000
Net Profit (+)/Loss(-) from Ordinary Activities after tax	10.363
Extra ordinary items (net of tax expenses)	0.000
Net Profit (+) / Loss (-) for the year period	10.363
Paid up equity share capital (Face value of Rs.10/- per share)	88.119
Reserves excluding revaluation reserves as per balance sheet of previous accounting year	115.958
Earning per share (EPS)
(a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualised)	1.18
(a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualised)	1.12
Public shareholding
Number of shares	4303886
Percentage of shareholding	48.84
Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	Nil
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	Nil
Percentage of shares (as a % of total share capital of the company)	Nil
b) Non Encumbered
Number of shares	4508004
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00
Percentage of shares (as a % of total share capital of the company)	51.16

NOTES:

1. The above results have been reviewed by the audit committee and approved by the board of directors as its meeting held on 22^nd July, 2011. The statutory auditor has carried out the limited review of the said results.

2. During the quarter company’s registered office was shifted from W/38, W/39, Phase II, MIDC, Dombivli (East), Thane-421204, to W/44, Phase II, MIDC, Dombivli (East), Thane421204.

3. During the quarter, the board has issued 460000 convertible warrants at a price of Rs.24/- per warrant in pursuance to (ICDR) Guidelines 2009 after obtaining In-principal approval from Bombay Stock Exchange, and the proceeds have been utilized towards the purpose as mentioned in the notice of Extra Ordinary General Meeting.

4. The company has received order from the Ahemedabad Stock Exchange Limited for voluntary delisting of securities under the SEBI (Delisting of equity shares) Regulation, 2009 dated 11^th July, 2011.

5. Status of investors complaints for the quarter ended 30^th June, 2011.

a) Complaints pending at the beginning of quarter : 0

b) Complaints received during the quarter : 5

c) Complaints disposed off during the quarter: 5

d) Complaints unresolved at the end of the quarter : 0

6. The figures for the previous year / period are regrouped / rearranged wherever necessary.

7. The company has 3 geographic segments and results are prepared accordingly.

UNAUDITED STANDALONE SEGMENTAL INFORMATION FOR THE QUARTER ENDED ON 30^TH JUNE, 2011 UNDER CLAUSE

PARTICULARS	THREE MONTHS ENDED ON
	30.06.2011
Segment Revenue
(Net Sales / Income)
Dombivli	342.666
Baroda	128.003
Rabale	43.523
Total Income	514.192
Less:
Inter Segment Sales
Dombivli	32.420
Baroda	27.265
Rabale	11.788
Total	71.473
Net Sales / Income from Operations	442.719
Segment Results Before Tax and Interest
Dombivli	22.187
Baroda	0.523
Rabale	0.333
Total	23.043
Less: Interest and Financial Charges
Dombivli	7.680
Baroda	0.000
Rabale	0.000
Total	7.680
Total Profit Before Tax
Dombivli	14.507
Baroda	0.523
Rabale	0.333
Total	15.363
Capital Employed
Unallocable Capital Employed	471.192
Total	471.192

FIXED ASSETS:

v Land and Sheds

v Factory Building

v Plant and Machinery

v Electrical Equipment

v Motor Vehicles

v Office Equipments

v Furniture and Fixtures

v Cylinder

v Computer

v Scooter

WEBSITE DETAILS:

PRESS RELEASES:

BOARD MEETING ON OCT 31, 2011

18 OCTOBER 2011

India, October 18 -- Indo Amines Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 31, 2011, inter alia, to consider the following items:1. To consider the proposal of preferential allotment of convertible warrants pursuant to section 81(1A) of the Companies Act, 1956 and Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.2. To consider the proposal of fixation of "Relevant Date".3. To constitute preferential allotment committee.4. To approve the draft notice of Extra-Ordinary General Meeting and fixing the date, time and venue.5. To approve scheme of arrangement between Versatile Chemicals Limited, Palkar Commercials Private Limited and the Company.6. To approve swap ratio in connection with scheme of arrangement between Versatile Chemicals Limited, Palkar Commercials Private Limited and the Company.7. To constitute restructuring committee.

OUTCOME OF COMMITTEE MEETING

07 SEPTEMBER 2011

India, September 07 -- Indo Amines Limited has informed BSE that in the preferential issue committee meeting held on September 05, 2011, the preferential issue committee allotted 4,60,000 convertible warrants be converted into equity shares of Rs. 10/- each at a price of Rs. 24/- including premium of Rs. 14/- per share at cash to following allottees:1. Name of allottees: Techno Holdings (India) Private Limited. Number of shares: 1,15,0002. Name of allottees: Techno Securities (India) Private Limited. Number of shares: 1,15,0003. Name of allottees: Palkar Finance and Consultancy Services Private Limited. Number of shares: 1,15,0004. Name of allottees: Unigroup Resources Private Limited. Number of shares: 58,0005. Name of allottees: Marvel Indenting Private Limited. Number of shares: 57,000.

INDO AMINES GETS NOD TO INCORPORATE A MALAYSIAN SUBSIDIARY

04 AUGUST 2011

India, August 04 -- Indo Amines has received an approval to incorporate a 100% wholly owned subsidiary in Malaysia with an investment in the share capital of the said company to be about Rs 2.500 Millions to 5.000 Millions. The company has received an approval at its board meeting held on July 22, 2011. Indo Amines had launched new products -- Benzo -- a formulation toilet cleaner in the last month and achieved sales of 4,704 bottles. Indo Amines is one of the India's largest independent manufacturers of fine, specialty and performance chemicals providing a comprehensive package of products and technical services for Indian global markets. The company manufactures various types of fatty amines, amine derivatives that are used by various industries for direct application. Its products also have specialized process application for various industries and their processes.

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 records 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.51.35
UK Pound	1	Rs.80.50
Euro	1	Rs.69.14

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.