MIRA INFORM REPORT

Report Date :

28.07.2011

IDENTIFICATION DETAILS

Name :	DIC INDIA LIMITED (with effect from August 6, 2004)
Formerly Known As :	COATES OF INDIA LIMITED
Registered Office :	Transport Depot Road, Kolkata - 700 088, West Bengal
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	02.04.1947
Com. Reg. No.:	21-15202
Capital Investment / Paid-up Capital :	Rs.91.789 millions
CIN No.: [Company Identification No.]	L24223WB1947PLC015202
TAN No.: [Tax Deduction & Collection Account No.]	CALC00179E
PAN No.: [Permanent Account No.]	AABCC0703C
Legal Form :	Public Limited liability company. The company’s shares are listed on Stock Exchanges
Line of Business :	Manufacturer of Printing Inks, Surface Coatings and Allied Products.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (68)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 9749000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financials of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported as fair. Business is active. Payments are reported to be regular 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

LOCATIONS

Registered/Corporate Office /factory 1 :	Transport Depot Road, Kolkata - 700 088, West Bengal, India
Tel. No.:	91-33-24496591-6, 24493984/ 85, 24492345/ 46
Fax No.:	91-33-24495267 / 2311 / 0433
E-Mail :	tb.chatterjee@cal.coates.companyin coi@dic.co.in
Factory 2 :	Chandivali Farm, Off Saki Vihar Road, Mumbai - 400 072, Maharashtra, India
Factory 3 :	7, D.L.F. Industrial Area, Shivaji Marg, New Delhi - 110 015, India
Factory 4 :	C - 55 A and B, Phase II, Dist. Gautam Budh Nagar, Noida - 201 305, Uttar Pradesh, India
Factory 5 :	Plot No.633 and 634, G.I.D.C. Industrial Estate, Phase IV, Vatva, Ahmedabad - 382 445, Gujarat, India
Factory 6 :	92, Sheik Maistry Street, Royapuram, Chennai - 600 013, Tamilnadu, India
Factory 7 :	66A, Bommasandra Industrial Area, Hosur Road, Anekal Taluk, Bangalore - 562 158, Karnataka, India
Factory 8 :	66B, Bommasandra Industrial Area, Hosur Road, Anekal Taluk, Bangalore - 562 158, Karnataka, India
Sales Office and Depots :	Chennai 11, Arathonon Road, Royapuram, Chennai – 600013, Tamilnadu, India Tel No.: 91-44-5960775 New Delhi 25, Community Centre, Phase I, Mayapuri, New Delhi – 110064, India Tel No.: 91-11-5138970 / 5132533 Mumbai Off. Dr. E Moses Road, Worli., Mumbai – 400018, Maharashtra, India Tel No.: 91-22-4922251 / 4949529 / 30 / 31 / 4948450 / 43 Located at: Bangalore Hyderabad Madurai Vadodara Kanpur

DIRECTORS

AS ON 28.04.2011

Name :	Dr. Prabir Kumar Dutt
Designation :	Chairman and Chief Executive Officer
Address:	Flat No.2A, 2^nd Floor, P-384/B, Kevatala Lane, Kolkata – 700029, West Bengal, India
Date of Birth/Age :	14.02.1942
Qualification :	M. Tech, Ph.D
Date of Appointment :	02.05.1984
Name :	Mr. Amir Baran Chatterjee
Designation :	Whole-time Director
Address:	Flat 3, Poulami Apartment, 1/1 Currie Road, Howrah – 711104, West Bengal, India
Date of Birth/Age :	03.01.1955
Qualification :	M.Sc, MBA
Date of Appointment :	02.09.1996
Name :	Mr. Dipak Banerjee
Designation :	Director
Address:	57A, Garcha Road, Kolkata – 700019, West Bengal, India
Date of Birth/Age :	19.02.1946
Date of Appointment :	08.03.2001
Name :	Mr. Samir Bhaumik
Designation :	Whole-time Director
Address:	Flat No.302, Pearl Court, III Essel Towers, Main Mehrauli, Gurgaon Road, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	21.11.1953
Qualification :	B.Com(Hons), LLb, FCA
Date of Appointment :	29.10.2007
Name :	Mr. Subir Bose
Designation :	Director
Address:	37, Abhiripukur Road, Kolkata, West Bengal, India
Date of Birth/Age :	10.12.1949
Date of Appointment :	27.07.2007
Name :	Mr. Purushottam Lal Agarwal
Designation :	Director
Address:	Udayachal 1^st Floor, 9 Sarojini Naidu Sarani, Kolkata – 700017, West Bengal, India
Date of Birth/Age :	02.01.1942
Date of Appointment :	30.10.2008
Name :	Mr. Biswajit Choudhuri
Designation :	Director
Address:	Rajani Kusumalav Nandalal Jiu Road, Off 119 Sarat Bose Road, Kolkata – 700026, India
Date of Birth/Age :	30.04.1942
Date of Appointment :	29.10.2007
Name :	Mr. Paul Koek
Designation :	Director
Address:	76, Bayshore Road, #04-17, Costa Del Sol, Singapore
Date of Birth/Age :	14.06.1960
Date of Appointment :	29.06.2004
Name :	Mr. Bhaskar Nath Ghosh
Designation :	Director
Address:	Flat no5E, 11 Broad Street, Kolkata – 700019, West Bengal, India
Date of Birth/Age :	31.01.1946
Date of Appointment :	25.07.2009
Name :	Mr. Kazuo Kudo
Designation :	Director
Address:	2 Marina Boulevard, The Sail Marina Bay Singapore
Date of Birth/Age :	03.01.1954
Date of Appointment :	02.06.2010

KEY EXECUTIVES

Audit Committee:	Mr. Dipak Banerjee - Chairman
	Mr. Subir Bose
	Mr. Biswajit Choudhuri
	Mr. Paul Koek
Shareholders’/ Investors’ Grievance Committee :	Prof Ranjan Das – Chairman
	Dr Prabir Kumar Dutt
	Mr. B S Kampani
	Mr. Paul Koek
Remuneration Committee:	Mr. Dipak Banerjee – Chairman
	Mr. Mitsunobu Miyasaka
	Mr. Paul Koek
Name :	Mr. Timir Baran Chatterjee
Designation :	Senior Executive Vice President (Corporate Affairs and Legal) and Company Secretary
Date of Birth/Age :	53 Years
Qualification :	B.Com (Hons), M.Com, FCS, MIIA (USA)
Experience :	32 Years
Date of Appointment :	21.08.1996

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.06.2011

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	6,586,077	71.75
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	9	-
Financial Institutions / Banks	6,734	0.07
Central Government / State Government(s)	240	-
Foreign Institutional Investors	50	-
(2) Non-Institutions
Bodies Corporate	265,935	2.90
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	1,632,587	17.79
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	618,364	6.74
Any Others (Specify)	68,981	0.75
NRIs/OCBs	53,801	0.59
Clearing Members	12,338	0.13
Trusts	2,842	0.03
Total	9,178,977	-

BUSINESS DETAILS

Line of Business :

Manufacturer of Printing Inks, Surface Coatings and Allied Products.

Products :

Product Description	ITC code
Printing Inks	32151100
Lamination Adhesive	35069190

PRODUCTION STATUS (AS ON 31.12.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Printing Inks	Tonnes	N.A.	60288	38371
Synthetic Resins (+)	Tonnes	N.A.	--	--
Press Room Chemicals	Tonnes	N.A.	360	69
Rubber Blankets	Sq. Yards	N.A.	--	11736

* Under the Industrial Policy statement dated 24th July, 1991 and the Notification issued thereunder, no licensing is required for the Company's products.

** As certified by the Management.

(+) During the year, production of 2,632 tonnes (2009 - 1670 tonnes) for own consumption. Figures within brackets relate to previous year.

GENERAL INFORMATION

No. of Employees:

Not Available

Bankers :

v Bank of Baroda

v Standard Chartered Bank

v State Bank of India

v The Hongkong and Shanghai Banking Corporation Limited

v ANZ Grindlays Bank PLC, Vereinigtes Konigreich

Facilities :

SECURED LOANS	31.12.2010 Rs. in Millions	31.12.2009 Rs. in Millions
Overdrafts/Working Capital Loans
From Banks	114.800	166.750
Total	114.800	166.750
Unsecured Loans	31.12.2010 Rs. in Millions	31.12.2009 Rs. in Millions
Short Term Loan from Banks	0.000	100.000
Short Term Loan from others	0.000	160.000
Total	0.000	260.000

Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Holding Company :	DIC Asia Pacific Pte Limited, Singapore
Ultimate Holding Company :	DIC Corporation, Japan
Subsidiaries :	DIC Coatings India Limited Rohit (Printing Inks and Paints) Industries Private Limited (till 31st March, 2007)
Fellow Subsidiaries :	Aekyung Chemical Company Limited Allmake Rollers Limited Bridgestone REI Komposit Sdn. Bhd. Camus Water Technologies LLC Changzhou Huari New Material Company, Limited Chia Lung Chemical Industrial Corp. Coates Brothers (Caribbean) Limited Coates Brothers (East Africa) Limited Coates Brothers (South Africa) Limited. Coates Brothers (West Africa) Limited Coates Brothers (Zambia) Limited (formerly: Coates Zambia Limited) Coates Brothers (Zimbabwe) Private Limited Coates Lorilleux Murekkep Ve Kimya San.Tic.A.S. Coates Screen Inks GmbH. Coates Thailand Limited CST Grafiska AB Dainichi Building Materials, Inc. Dainippon Ink and Chemicals (HK) Limited Dainippon Ink and Chemicals (Philippines) Inc. Ink and Chemicals (Thailand) Company Limited Dainippon Ink Eco-Engineering Company Limited Deqing DIC Synthetic Resins Limited DH Material Inc. DIC Logistics China Company Limited DIC (MALAYSIA) Sdn. Bhd. DIC (Taiwan) Limited DIC (Vietnam) Company Limited DIC Alkylphenol Singapore Pte. Limited DIC Americas Inc. DIC Australia Pty. Limited DIC Bayer Polymer Limited DIC Berlin GmbH R and D Laboratory DIC Capital Corp. DIC Career Company Limited DIC Coatings S.L. DIC Color (Thailand) Company Limited DIC Color Coating, Inc. DIC Colorants Inc. DIC Colorants Taiwan Company Limited DIC Colour and Design Company Limited DIC Compounds (Malaysia) Sdn. Bhd. DIC EP Inc. DIC Epoxy (Malaysia) Sdn. Bhd. DIC Europe GmbH DIC Express Company Limited DIC Filtec Inc. DIC Fine Chemicals Private Limited DIC Global Logistics Company Limited DIC Graphics (Guangzhou) Limited DIC Graphics (Hong Kong) Limited DIC Graphics (Shenzhen) Limited DIC Holdings Austria GmbH DIC Holdings B.V. DIC Imaging Products U.S.A., LLC DIC India Limited DIC Information Service Inc. DIC Interior Company Limited DIC International (Thailand) Company Limited DIC International (USA) LLC DIC International Chemicals(S) Pte. Limited DIC Investments Japan Inc. DIC Korea Corp. DIC Lanka (Private) Limited DIC Lifetec Company Limited DIC Machinery and Printer's Supplies Inc. DIC New Zealand Limited DIC Pakistan Limited DIC Performance Resins GmbH DIC Plapallet Pte., Limited DIC Plastics Inc. DIC Precision Corp. DIC Space Amenity Company Limited DIC Synthetic Resins (Zhongshan) Company Limited DIC Technologies Limited DIC Technology Corp. DIC Zhangjiagang Chemicals Company Limited DIC (China) Company Limited Earthrise Nutritionals LLC ECG Holdings Limited Eques Coatings B.V. Eques Coatings C.V. European Manufacturers Insurance Company Limited Fuji Label Company Limited General Printing Ink Corp. Gibbon Finecal Limited Glenside Properties Limited Guangzhou DIC International Company Limited Gunma Kosoku Offset Inc. Hainan DIC Microalgae Company Limited Hamamatsu Dainippon Ink Hanbai Inc. Hartman d.o.o. Hartmann Druckfarben GmbH Hartmann-Sun Chemical EOOD IMS Concepts S.A./N.V. Inmobiliaria Sunchem S.A. de C.V. Interbak Ambalaj Sanayii Ve Ticaret Anonim Sirketi (Interbak AS) Japan Fine Coatings Inc. Japan Formalin Company Inc. Japan Vilene Company Limited Kangam Chemical Company Limited Kitanihon DIC Company Limited Kyodo Printing Comapny (S'pore) Pte. Limited Kyushu Polymer Company Limited Lidye Chemical Company Limited Lorilleux Maroc S.A. Mizushima Kasozai Inc. Mondis Manufacturers Insurance Company N.V. Nantong DIC Color Company Limited New England Manufacturers Insurance Corp. Nichiei Development Company Limited Nichiei Plastics Inc. Nihon Packaging Material Company Limited Nippon Decor Inc. Nippon Epoxy Resin Manufacturing Company Limited Nippon Plapallet Company Nishinihon Butylphenol Inc. Oxirane Chemical Corp. P.T. DIC Astra Chemicals P.T. Pardic Jaya Chemicals Parker Williams Design Limited PT. DIC Graphics Qingdao DIC Finechemicals Company Limited Qingdao DIC Liquid Crystal Company Limited Renaissance Inc. Rycoline Products LLC Samling Housing Products Sdn. Bhd. SC Funding LLC Seiko PMC (Shanghai) Commerce and Trading Corp. Seiko PMC (Zhangjiagang) Corp. Seiko PMC Corp. Shanghai DIC Ink Company Limited Shanghai DIC International Trading Company Limited Shanghai DIC Pressure-sensitive Adhesive Materials Company Limited Shanghai Long Feng Food Additives Company Limited Shanghai Showa Highpolymer Company Limited Shenzhen Coates Lorilleux Chemicals Limited Shenzhen-DIC Company Limited Shin DIC Kako Company Limited Shin Nihon Kasei Inc. Siam Algae Company Limited Siam Chemical Industry Company Limited Sinclair del Centro America S.A. Sinclair S.A. Societe Fonciere de la Manche Sun Chemical (Chile) S.A. Sun Chemical (Colores) S.A. de C.V. Sun Chemical A/S (Denmark) Sun Chemical A/S (formerly:Coates Lorilleux A/S) (Norway) Sun Chemical AB Sun Chemical AG Sun Chemical AG (S.A., Limited) Sun Chemical B.V. Sun Chemical Central Europe Beteiligungs GmbH Sun Chemical Central Europe Holding and Company KG Sun Chemical Corp. Sun Chemical de Centro America S.A. de C.V. Sun Chemical de Panama S.A. Sun Chemical do Brasil Ltda. Sun Chemical Group B.V. Sun Chemical Group S.p.A. Sun Chemical Holding B.V. Sun Chemical Holding GmbH Sun Chemical Ink Ireland Sun Chemical Inks A/S Sun Chemical Inks S.A. Sun Chemical Investments LLC Sun Chemical Lasfelde GmbH Sun Chemical Limited (Canada) Sun Chemical Limited (U.K.) Sun Chemical Management L.L.C. Sun Chemical Murekkep ve Kimya Sanayi ve Ticaret A.S. Sun Chemical N.V./S.A. Sun Chemical Nyomdafestek Kereskedelmi Es Gyatro KFT (Sun Chemical KFT) Sun Chemical of Michigan LLC, Sun Chemical Osterode Druckfarben GmbH Sun Chemical Oy Sun Chemical Pigments S.L. (formerly:Coates Lorilleux S.A.) Sun Chemical Portugal-Tintas Graficas Ltda. Sun Chemical Printing Ink d.o.o. Sun Chemical S.A. Sun Chemical S.A. de C.V. Sun Chemical S.A.S Sun Chemical s.r.l. Sun Chemical Sp (z.o.o) (formerly:Sun Chemical Sp (z.o.o) Limited) Sun Chemical Ukraine Limited Sun Chemical Zagreb d.o.o. Sun Chemical ZAO Sun Chemical, d.o.o.e.l. Sun Chemical, S.r.o. (Czech Republic) Sun Chemical, S.r.o. (Slovakia) SUNDIC Incorporated Suzhou Lintong Dyestuff Chemical Company Limited Taiyuan Coates Lorilleux Chemicals Limited Techno Science Inc. TFE Company Limited Tien Lee Hong Company Limited Tintas S.A. TOA-DIC Zhangjiagang Chemicals Company Limited TOPIC. Company Limited Tsuruga Chemicals Service Company Tsuruga Terminals Company Watt Gilchrist Limited Weesp Finance C.V. Weesp Unlimited Wuxi DIC Epoxy Company Limited YD Plastics Company Limited Yunnan DIC Ink Company Limited Zhaoqing DIC Gum Rosins Limited Zhongshan DIC Colour Company Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 millions

Issued, Subscribed andPaid-up Capital :

No. of Shares	Type	Value	Amount
9178977	Equity Shares	Rs.10/- each	Rs.91.789 millions

Of the above shares:

1) 35,013 Shares were allotted as fully paid up pursuant to contracts without payment being received in cash

2) 1 Share was allotted partly for cash amounting to Rs.6.67 and balance Rs.3.33 for other consideration pursuant to contracts,

3) 4,044,351 Shares were allotted as fully paid up Bonus Shares by capitalisation of Share Premium and General Reserve,

4) 6,586,077 (2007: 4,527,888) Shares are currently held by the holding Company, DIC Asia Pacific Pte Limited,

Singapore.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		91.790	91.790	91.790
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2345.460	1891.570	1711.580
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2437.250	1983.360	1803.370
LOAN FUNDS
1] Secured Loans		114.800	166.750	88.730
2] Unsecured Loans		0.000	260.000	408.230
TOTAL BORROWING		114.800	426.75	496.960
DEFERRED TAX LIABILITIES		68.820	64.120	59.990
TOTAL		2620.870	2480.230	2360.320
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		714.580	669.990	687.350
Capital work-in-progress		57.640	86.750	57.710
INVESTMENT		0.000	107.530	107.530
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	854.370	592.310	647.610
	Sundry Debtors	1491.420	1269.240	1319.100
	Cash & Bank Balances	176.440	251.030	173.450
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	330.330	245.400	237.830
Total Current Assets		2852.560	2357.980	2377.990
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	865.930	643.750	817.180
	Other Current Liabilities	44.880	40.030
	Provisions	93.100	64.240	53.080
Total Current Liabilities		1003.910	748.020	870.260
Net Current Assets		1848.650	1609.960	1507.730
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2620.870	2480.230	2360.320

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.12.2010	31.12.2009	31.12.2008
	SALES
		Income		5533.610	4592.520	4719.290
		Other Income		119.070	103.900	40.640
		TOTAL (A)		5652.680	4696.420	4759.930
Less	EXPENSES
		Material Consumed		4135.570	3354.290	3545.210
		Expenses		1035.080	892.280	848.720
		Discount on Issue of Commercial Paper		0.000	9.840	5.320
		Power and Fuel Cost		0.000	0.000	0.000
		Employee Cost		0.000	0.000	0.000
		Other Manufacturing Expenses		0.000	0.000	0.000
		Selling and Administration Expenses		0.000	0.000	0.000
		Miscellaneous Expenses		0.000	0.000	0.000
		Stock Adjustment		0.000	0.000	0.000
		TOTAL (B)		5170.650	4256.410	4399.250
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			482.030	440.010	360.680
Less	INTEREST EXPENSES (D)			23.250	38.160	57.240
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			458.780	401.850	303.440
Less/ Add	DEPRECIATION/ AMORTISATION (F)			85.970	82.320	71.960
	PROFIT BEFORE TAX (E-F) (G)			372.810	319.530	231.480
Add	EXTRAORDINARY ITEMS			275.690	NA	NA
Less	TAX (H)			(134.590)	96.580	80.540
	PROFIT AFTER TAX (G-H) (I)			507.400	222.950	150.940
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			693.790	536.300	--
Less	APPROPRIATIONS
		Transfer to General Reserve		51.000	65.500	--
		Proposed Dividend		53.510	42.960
	BALANCE CARRIED TO THE B/S			1096.680	693.790	--
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	243.517	208.735	NA
	TOTAL EARNINGS			243.517	208.735	NA
	IMPORTS
			Raw Materials	1290.369	931.272	NA
			Spares Parts	12.981	13.941	AN
			Capital Goods	43.506	4.357	NA
			Goods traded in	200.283	108.951	NA
	TOTAL IMPORTS			1547.139	1058.521	NA
	Earnings Per Share (Rs.)			28.92	23.61	16.56

QUARTERLY RESULTS

PARTICULARS	30.06.2010	30.09.2010	31.12.2010	31.03.2011
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	1380.220	1479.630	1474.540	1479.470
Total Expenditure	1277.930	1378.740	1361.120	1360.130
PBIDT (Excl OI)	102.290	100.890	113.420	119.340
Other Income	9.720	3.630	3.510	1.790
Operating Profit	112.010	104.520	116.930	121.130
Interest	5.910	3.890	6.060	6.380
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	106.100	100.630	110.870	114.750
Depreciation	21.070	21.760	22.840	21.320
Profit Before Tax	85.030	78.870	88.030	93.430
Tax	33.150	25.760	23.810	30.840
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	51.880	53.110	64.220	62.590
Extraordinary Items	251.180	4.390	(13.590)	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.00
Net Profit	303.060	57.490	50.640	62.590

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	8.97	4.75	3.17
Net Profit Margin (PBT/Sales)	(%)	6.74	6.96	4.90
Return on Total Assets (PBT/Total Assets}	(%)	10.45	10.55	7.55
Return on Investment (ROI) (PBT/Networth)		0.15	0.16	0.13
Debt Equity Ratio (Total Liability/Networth)		0.46	0.59	1.11
Current Ratio (Current Asset/Current Liability)		2.84	3.15	2.73

LOCAL AGENCY FURTHER INFORMATION

BUSINESS DESCRIPTION:

Subject is an India-based company engaged in printing ink business. The Company also operates in graphic arts business, and offers printers’ supplies, machinery, pigments and reprographic products. The Company’s wholly owned subsidiary is DIG Coatings India Limited. The Company’s fellow subsidiary companies include Aekyung Chemical Co. Limited, Allmake Rollers Limited, Bridgestone REI Komposit Sdn. Bhd, Camus Water Technologies LLC, Changzhou Huari New Material Company Limited, Chia Lung Chemical Industrial Corp, Coates Brothers (Caribbean) Limited, Coates Brothers (East Africa) Limited, Coates Brothers (South Africa) Limited, Coates Brothers (West Africa) Limited, Coates Brothers (Zimbabwe) Private Limited, Coates Lorilleux Murekkep Ve Kimya San. Tic. A.S. and Coates Screen Inks GmbH. For the fiscal year ended 31^st December 2009, subject revenues decreased 2% to RS5.1B. Net income increased 22% to RS220.7M. Revenues reflect decreased income from Printing Ink segment. Net income was offset by a decrease in consumption of raw materials and lower interest expenses. DIC India Limited is engaged in the manufacture of printing ink, lamination adhesives and can coatings.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

OVERVIEW OF THE ECONOMY

The global economy during the year went through a lot of uncertainty with the sovereign debt crisis in Euro zone, unemployment and low customers spending in the advanced economies. It was only towards the end of the year the advanced economies started recovering, albeit, slowly.

It is the emerging market economies, which had the growth momentum going backed by strong domestic demand. However, inflation remains a serious concern.

The Indian economy grew by 8.9% during first half of 2010-11 and the recovery was broad based. However, the second half of 2010 witnessed a drop in industrial growth and also the core infrastructure sector has grown slower than both overall GDP and industrial sector. The other major worry for the growth remains to be high trade deficit, the high inflation due to demand - supply gap and the continuous increase in fuel prices. It is believed that the various monetary and fiscal measures taken by the Government and the Reserve Bank of India will be able to control the inflation, interest rate and put the industrial growth back to attain the projected level of GDP at 8.6%.

INDUSTRY OVERVIEW (PRINTING INK)

The Printing Ink consumption is directly related to GDP growth. The market for Printing Ink Industry is currently estimated around Rs.25,000.000 millions and is expected to maintain 10 - 12 % annual growth by volume led by strong growth in FMCG and Publication space.

PERFORMANCE REVIEW

During the year the Company's overall net sales increased from Rs.4,592.520 millions to Rs.5,533.610 millions registering an increase of 20.50% in terms of value and 17.2% in terms of volume. During the year, the Company witnessed a significant increase in raw material cost. The Company could pass on the increase in input cost partially to customers, however, due to better product mix and strong cost control, the Company was able to increase its overall operating profit from Rs.316.370 Millions to Rs.344.590 Millions. During the year, the Company sold its entire holding of shares in the wholly owned subsidiary of the Company, M/s DIC Coatings India Limited at a consideration of Rs.400.680 millions with a profit of Rs.275.690 Millions resulting in a higher pre-tax profit of Rs.648.500 millions compared to Rs.319.530 millions earned in the previous year registering an increase of 102.9%. The post tax profit also accordingly increased to Rs.507.400 million compared to Rs.222.950 millions in the previous year, an increase of 127.50%.

ACCOUNTS OF SUBSIDIARY COMPANY

During the year, the Company sold its entire shareholding in the only wholly owned subsidiary, DIC Coatings India Limited, to The Valspar (Singapore) Corporation Pte Limited and as on 31^st December, 2010, there are no other subsidiary of the Company.

DIC COATINGS INDIA LIMITED

As had been informed to the Members in the past, the Management was evaluating various options to divest its shareholding held in DIC Coatings India Limited.

Accordingly, after exploring all avenues, the Board in its meeting held on 26th March, 2010, had approved the execution of a Share Purchase Agreement defining the terms of sale of the Company's entire shareholding in its wholly owned unlisted subsidiary, DIC Coatings India Limited, to The Valspar (Singapore) Corporation Pte Limited, a company incorporated and validly existing under the laws of Singapore. Thereafter the Board of Directors of DIC India Limited in its meeting held on 26th May, 2010 approved the sale of the entire shareholding in its wholly owned unlisted subsidiary, DIC Coatings India Limited, to The Valspar (Singapore) Corporation Pte Limited for an aggregate consideration of Rs.400,680,362.000 Millions. With effect from 1st June, 2010, DIC Coatings Limited ceased to be a subsidiary of the Company.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2010

(Rs. in millions except EPS figure)

Sl. No.	Particulars	Quarter ended 30th September	Nine months ended 30th September
		2010 (Unaudited)	2010 (Unaudited)
1.	a) Net Sales/Income from Operations	1459.019	4075.299
	b) Other Operating Income	20.606	39.196
2.	Expenditure a) (Increase)/Decrease in Stock in Trade & W.I.P. b) Consumption of Raw Materials c) Purchase of Traded Goods d) Employee Cost e) Depreciation f) Other Expenditure g) Total	(67.960) 1091.769 68.065 104.149 21.764 182.720 1400.507	(122.558) 2948.817 204.145 302.931 63.133 476.142 3872.610
3.	Profit from Operations before Other Income, Interest & Exceptional Items (1-2)	79.118	241.885
4.	Other Income	3.631	60.093
5.	Profit before Interest & Exceptional Items (3+4)	82.749	301.978
6.	Interest	3.894	17.204
7.	Profit after Interest but before Exceptional Items (5-6)	78.855	284.774
8.	Exceptional Item	-	-
9.	Profit (+)/Loss (-) from Ordinary Activities before Tax (7+8)	78.855	284.774
10.	Tax Expense –Current Fringe Benefit Tax Deferred	28.935 0.000 (3.183)	82.452 0.000 1.123
11.	Net Profit (+) / Loss (-) from Ordinary Activities after Tax (9-10)	53.103	201.198
12.	Extraordinary Item (Net of Tax Expense)	4.388	255.569
13.	Net Profit (+)/Loss (-) for the period (11+12)	57.491	456.767
14.	Paid up Equity Share Capital (Face Value of Rs. 10 each)	91.790	91.790
15.	Reserves excluding Revaluation Reserves as per the Balance Sheet of previous accounting year	-	-
16.	a) Earning per Share (EPS) before Extraordinary Items for the period, for the year to date and for the previous year - Basic - Diluted	5.79 5.79	21.92 21.92
	b) Earning per Share (EPS) after Extra-ordinary Items for the period, for the year to date and for the previous year - Basic - Diluted	6.26 6.26	49.76 49.76
17.	Public Shareholding - Number of Shares - Percentage of Shareholding	2,592,900 28.25%	2,592,900 28.25%
18.	Promoters and Promoter Group Shareholding a) Pledged/Encumbered --- Number of Shares --- Percentage of Shares (as a % of the total Shareholding of Promoter and Promoter Group) --- Percentage of Shares (as a % of the total Share Capital of the Company) b) Non-encumbered --- Number of Shares --- Percentage of Shares (as a % of the total Shareholding of Promoter and Promoter Group) --- Percentage of Shares (as a % of the total Share Capital of the Company)	- - - 6,586,077 100.00% 71.75%	- - - 6,586,077 100.00% 71.75%

SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30TH SEPTEMBER 2010

(Rs. in millions)

Sl. No.	Particulars		Quarter ended 30th September	Nine months ended 30th September
			2010 (Unaudited)	2010 (Unaudited)
			(Rs. in Lakhs)	(Rs. in Lakhs)
1. 2. 3.	Segment Revenue Segment Results (Profit/(Loss) before Tax and Interest) Capital Employed (Segment Assets - Segment Liabilities)	Inks Lamination Adhesive Net Sales Inks Lamination Adhesive Total Add : Extra-ordinary Item Less: Unallocable Expenses Less : Interest Add : Unallocable Income Total Profit Before Tax Inks Lamination Adhesive Total	1387.279 71.740 1459.019 79.156 8.612 87.768 - 5.160 3.894 0.141 78.855 2482.732 156.219 2638.951	3891.112 184.187 4075.299 246.562 19.097 265.659 293.148 14.759 17.204 51.078 577.922 2482.732 156.219 2638.951

Notes:

1. No investor complaints were received during the quarter ended 30th September, 2010 and no complaints were pending at the beginning and end of the quarter.

2. The above results for the quarter ended 30th September, 2010 duly reviewed by the Audit Committee, were taken on record by the Board of Directors at its meeting held on 21st October, 2010. As required under the Listing Agreement, the same have been subjected to Limited Review by the Statutory Auditors.

3. Figures have been regrouped/rearranged wherever considered necessary.

FORM 8:

Corporate identity number of the company	L24223WB1947PLC015202
Name of the company	DIC INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	Transport Depot Road, Kolkata - 700088, West Bengal, India
This form is for	Modification of charge
Type of charge	Book Debts
Particular of charge holder	The Hongkong and Shanghai Banking Corporation Limited
Nature of instrument creating charge	By this Supplemental Hypothecation Agreement dated 2Nov10, the Company has hypothecated the revolving stocks of raw materials, semi finished goods, finished goods, and entire Book Debts both present and future to the Bank by way of pari passu first charge to secure the various credit facilities with the charges created/ to be created by the Company in favour of other banks.
Date of instrument Creating the charge	02/11/2010
Amount secured by the charge	Rs.201.700 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per mutually agreed rate. Terms of Repayment Repayable on demand.
Date of instrument modifying the charge	11/10/2006
Particulars of the present modification	By this Supplemental Agreement dated 02 Nov 2010 (agreement attached), the Bank has increased the limit from Rs.181.700 Millions to Rs.201.700 Millions and in consideration thereof, the Company extended the first pari passu charge over entire current assets (Stocks and Book Debts) both present and future together with interest, additional and/or compound interest if any, in the form of liquidated damages, costs, charges and expenses payable or to become payable by the Company to the Bank

FIXED ASSETS:

• Computer Software
• Land – Freehold
• Land – Leasehold
• Buildings
• Plant and Machinery
• Furniture and Equipments
• Transport Vehicles
• Computers

PRESS REALEASE

Accord Fintech (India)

15 February 2011

India, Feb. 15 -- Dic India Limited has informed the Exchange that the Annual General Meeting of the Company for the year ended December 31, 2010 will be held on April 28, 2011 and the Register of Members and the Share Transfer Books will remain closed from April 19, 2011 to April 28, 2011, both days inclusive, for payment of dividend. Published by HT Syndication with permission from Accord Fintech.

Accord Fintech (India)

15 February 2011

India, Feb. 15 -- DIC India has informed that the board of directors of the company at its meeting held on February 09, 2011, has recommended normal payment of dividend of Rs. 4 per share and a special dividend of Re. 1 per share for the financial year ended December 31, 2010 (2009 - Rs. 4 per share) on the capital of 9,178,977 equity shares of Rs. 10.00 each.The above information is part of the company's filing submitted to the BSE. Published by HT Syndication with permission from Accord Fintech.

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.43.94
UK Pound	1	Rs.72.12
Euro	1	Rs.63.66

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		68

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.