MIRA INFORM REPORT

Report Date :

23.11.2011

IDENTIFICATION DETAILS

Name :	ALKYL AMINES CHEMICALS LIMITED
Registered Office :	401-407, Nirman Vyapar Kendra, Plot No. 10, Sector 17, DBC, Vashi, Navi Mumbai – 400 703, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.10. 1979
Com. Reg. No.:	11-21796
Capital Investment / Paid-up Capital :	Rs. 102.062 Millions
CIN No.: [Company Identification No.]	L99999MH1979PLC021796
TAN No.: [Tax Deduction & Collection Account No.]	MUMA19115F
PAN No.: [Permanent Account No.]	AAACA9052B
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Manufacturing and Marketing of Various Aliphatic Amines like Ethyl Amines, Isopropyl Amines and Cyclohexyl Amines
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 3000000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations 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 – 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

LOCATIONS

Registered Office :	401-407, Nirman Vyapar Kendra, Plot No. 10, Sector 17, DBC, Vashi, Navi Mumbai – 400703, Maharashtra, India.
Tel. No.:	91-22-67946600/ 67946618
Fax No.:	91-22-67946666
E-Mail :	info@alkylamines.com investorinfo@alkylamines.com krajagopalan@alkylamines.com vsundaramfcs@gmail.com legal@alkylamines.com
Website :	http://www.alkylamines.com
Head Office :	17/ B Dena Bank Building, 2^nd Floor, Horniman Circle, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22702485/ 22641376
Fax No.:	91-22-22641349
E-Mail :	mailto:sharexindia@vsnl.com
Factory 1 :	Plot No. A-7 and A-25, MIDC Patalganga Industrial Area, District Raigad–410220, Maharashtra, India
Factory 2 :	Plot No. D-6/1, MIDC Kurkumbh Industrial Area. Taluka Daund, District Pune–413802, Maharashtra, India
Branches :	Unit No. 1, Luthra Industrial Premises, 1st Floor, 44-E, M. Vasanji Marg, Andheri Kurla Road, Safed Pool, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-28515606/ 28515644
Fax No.:	91-22-28512885
E-Mail :	sharexindia@vsnl.com
Website :	http://www.sharexindia.com
Corporate Office :	207 A, Kakad Chambers, 132, Dr. Annie Basant Road, Worli, Mumbai – 400018, Maharashtra, India
Tel No. :	91-22-24930699/ 24931385
Fax No.:	91-22-24930710

DIRECTORS

AS ON 31.03.2011

Name :	Mr. Yogesh M. Kothari
Designation :	Chairman and Managing Director
Name :	Mr. Kirat Patel
Designation :	Executive Director
Name :	Mr. Hemendra M. Kothari
Designation :	Non Executive Director
Name :	Mr. Dilip G. Piramal
Designation :	Non Executive Director
Name :	Mr. Shyam B. Ghia
Designation :	Non Executive Director
Name :	Mr. Shobhan M. Thakore
Designation :	Non Executive Director
Name :	Mr. Rima Marphatia
Designation :	Nominee Director
Name :	Mr. Premal N. Kapadia
Designation :	Non Executive Director
Name :	Mr. K. R. V. Subrahmanian
Designation :	Non Executive Director
Name :	Mr. Tarjani Vakil
Designation :	Director
Name :	Mr. Suneet Y Kothari
Designation :	Executive Director

KEY EXECUTIVES

Name :	Mr. K. P. Rajagopalan
Designation :	General Manager (Secretarial and Legal)
Name :	Mr. Sameer S. Katdare
Designation :	Vice President (Technical)
Name :	Mr. R. N. Iyer
Designation :	Vice President (Manufacturing)
Name :	Mr. S S Khade
Designation :	General Manager (P and A)
Name :	Mr. S Saimani
Designation :	General Manager (Technology Development)
Name :	Mr. Girish Naik
Designation :	General Manager (Marketing)
Name :	Dr. Prasanna Somalwar
Designation :	General Manager (Research and Development and Business Development)
Name :	Mr. S Giridhar
Designation :	General Manager (Finance and Accounts)
Name :	Mr. Milind Deshmukh
Designation :	General Manager (Works)
Name :	Mr. Sagar Bhongle
Designation :	General Manager (Works)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Category of Shareholder	No. of Shares	% of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	6,598,948	64.71
Sub Total	7,554,018	74.07
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	12,376	0.12
Sub Total	12,376	0.12
Total shareholding of Promoter and Promoter Group (A)	7,566,394	74.19
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	676	0.01
Financial Institutions / Banks	28	-
Venture Capital Funds	2,028	0.02
Sub Total	2,732	0.03
(2) Non-Institutions
Bodies Corporate	197,725	1.94
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	1,580,908	15.5
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	821,176	8.05
Any Others (Specify)	29,261	0.29
Clearing Members	333	-
Non Resident Indians	28,928	0.28
Sub Total	2,629,070	25.78
Total Public shareholding (B)	2,631,802	25.81
Total (A)+(B)	10,198,196	100
(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)	10,198,196	-

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of Various Aliphatic Amines like Ethyl Amines, Isopropyl Amines and Cyclohexyl Amines

Products :

Item Code No.	Product Description
2921	Aliphatic Amines and its derivatives

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Speciality Chemicals	MT	38115.00	36220.88
Industrial Gases	M^3	4800000	2277240

GENERAL INFORMATION

No. of Employees :

200 (Approximately)

Bankers :

· State Bank of India

· Bank of Baroda

· Axis Bank Limited

· Standard Chartered Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Financial Institutions
Term Loans	165.300	63.300
From Banks
Cash Credit Facilities / Working Capital Demand Loan	462.154	465.040
Buyers' Credits	53.265	30.113
Term Loans	157.025	251.945
Vehicle Loans	6.601	1.435
From Others
Vehicle Loans	1.021	1.048
Total	845.366	812.881
Notes: 1. Cash Credits/Working Capital Demand Loan, from State Bank of India, Bank of Baroda and Axis Bank are secured by hypothecation of stocks of raw materials, semi-finished goods, finished goods, consumable stores and book debts of the Company, both, present and future, as mentioned in the joint deed of hypothecation dated December 29, 1989 as amended, as well as by the second mortgage of the specified immovable properties of the Company. The process of creation of security for the working capital facility from Standard Chartered Bank is in progress. 2. Term loans from Financial Institutions/Banks are secured by: a. Mortgage of the Company’s immovable properties specified in the relevant loan agreements; b. Hypothecation of the Company’s movable properties, both, present and future, save and except Book Debts and subject to prior charge created/or to be created in favour of the Company’s Bankers, on stocks of raw materials, semi-finished goods, finished goods and consumables stores for working capital requirements. The mortgage and charges referred to above rank pari-passu inter se. 3. The Company has availed of a term Loan of Rs.80.000 millions from Bank of Baroda to part finance Company’s normal capital expenditure at Kurkumbh which is secured by creation of charges on properties listed at item 2(a) above and also a second charge by way of hypothecation of Raw Material inventory, Book Debts, movable Machinery etc. 4. Vehicle Loans are secured against specified assets. 5. Amounts due within one year Term Loans : Rs. 1,04.596 millions (Rs. 94.921 millions) Other Loans : Rs. 2.378 millions (Rs. 1.908 millions)
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Long Term Loans and Advances
From Directors	123.500	0.000
From Intercorporate Deposits	96.750	0.001
Short Term Loans and Advances	0	0
From Directors	25.903	118.500
From Intercorporate Deposits	10.052	103.250
Other Loans and Advances	0	0
From Directors	0.000	0.000
Sales Tax Deferral under the Package Scheme of Incentives, 1988 *	0.000	2.018
Sales Tax Deferral under the Package Scheme of Incentives, 1993 **	99.139	99.139
Total	355.344	322.908
* Is in respect of Patalganga Unit to be repayable in 5 equal installments beginning from April 30, 2003. The amount payable within the next twelve months is Rs. Nil. (Rs.2.018 millions) ** Is in respect of Kurkumbh Unit for which the Schedule of repayment has not yet been intimated.

Banking Relations :	--
Auditors :
Name :	Bansi S. Mehta and Company Chartered Accountants
Associates :	· Diamines and Chemicals Limited
Subsidiaries :	· Alkyl Speciality Chemicals Limited · Alkyl Amines Europe SPRL, Belgium
Entities on which Key Managerial Personnel has Control:	· Niyoko Trading and Consultancy Private Limited · YMK Trading and Consultancy Private Limited · Anjyko Investments Private Limited · SYK Trading and Consultancy Private Limited
Entities on which relatives of Key Managerial Personnel has control:	· Kamiko Investment and Trading Private Limited · DSP HMK Holdings Private Limited · ADIKO Investment Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Millions
1500000	Cumulative Redeemable Preference	Rs.100/- each	Rs. 150.000 Millions
	Total		Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10198196	Equity Shares	Rs.10/- each	Rs. 101.982 Millions
Add	Shares / Warrants Forfeited		Rs. 0.080 Million
	Total		Rs. 102.062 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		102.062	102.062	102.062
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		662.557	594.184	529.617
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		764.619	696.246	631.679
LOAN FUNDS
1] Secured Loans		845.366	812.881	1021.883
2] Unsecured Loans		355.344	322.908	310.855
TOTAL BORROWING		1200.710	1135.789	1332.738
DEFERRED TAX LIABILITIES		157.440	172.083	182.631
TOTAL		2122.769	2004.118	2147.048
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		979.207	984.957	1026.034
Capital work-in-progress		237.983	135.259	74.524
INVESTMENT		23.427	23.345	23.026
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	563.162	556.223	725.119
	Sundry Debtors	473.287	389.805	378.821
	Cash & Bank Balances	13.017	33.280	49.042
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	187.611	221.664	236.286
Total Current Assets		1237.077	1200.972	1389.268
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	222.651	222.957	225.809
	Other Current Liabilities	70.542	59.174	101.967
	Provisions	61.732	58.284	38.028
Total Current Liabilities		354.925	340.415	365.804
Net Current Assets		882.152	860.557	1023.464
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2122.769	2004.118	2147.048

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	2318.395	2137.999	1948.211
		Miscellaneous Sales	8.392	12.073	21.092
		Other Income	49.877	45.371	54.941
		TOTAL (A)	2376.664	2195.443	2024.244
Less	EXPENSES
		Cost of Materials	1231.631	1192.167	1086.853
		Manufacturing Expenses	557.119	431.505	405.740
		Employee Cost	117.333	106.783	84.868
		Selling and Administrative Expenses	115.270	90.653	171.296
		Research and Development Expenses	20.230	9.685	6.446
		TOTAL (B)	2041.583	1830.793	1755.203
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		335.081	364.650	269.041
Less	FINANCIAL EXPENSES (D)		103.226	120.392	117.109
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		231.855	244.258	151.932
Less/ Add	DEPRECIATION/ AMORTISATION (F)		90.148	85.272	69.653
	PROFIT BEFORE TAX (E-F) (G)		141.707	158.986	82.279
Less	TAX (H)		32.020	48.270	27.189
	PROFIT AFTER TAX (G-H) (I)		109.687	110.716	55.090
Less / Add	PRIOE PERIOD ITEMS		(5.638)	(10.348)	(14.870)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		229.339	174.866	NA
Less	APPROPRIATIONS
		Transfer to General Reserve	10.500	10.100	NA
		Dividend	30.595	30.595	NA
		Tax on Dividend	5.081	5.200	NA
	BALANCE CARRIED TO THE B/S		287.212	229.339	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	467.809	407.326	389.623
		Other Earnings	0.114	0.774	0.000
	TOTAL EARNINGS		467.923	408.100	389.623
	IMPORTS
		Raw Materials	247.764	180.623	405.133
		Stores & Spares	30.708	0.342	0.667
	TOTAL IMPORTS		278.472	180.965	405.800
	Earnings Per Share (Rs.)		10.20	9.84	3.94

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011
	1^st Quarter	2^nd Quarter
Net Sales	654.800	764.900
Total Expenditure	541.100	659.500
PBIDT (Excl OI)	113.700	105.400
Other Income	0.500	11.000
Operating Profit	114.200	116.400
Interest	27.400	26.700
Exceptional Items	0.000	0.000
PBDT	86.800	89.700
Depreciation	20.900	22.000
Profit Before Tax	65.900	67.700
Tax	19.800	17.500
Provisions and contingencies	0.000	0.000
Profit After Tax	46.100	50.200
Extraordinary Items	0.000	0.000
Prior Period Expenses	(0.100)	0.000
Other Adjustments	0.000	0.000
Net Profit	46.000	50.200

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.62	5.04	2.72
Net Profit Margin (PBT/Sales)	(%)	6.09	7.39	4.18
Return on Total Assets (PBT/Total Assets}	(%)	6.39	7.27	3.41
Return on Investment (ROI) (PBT/Networth)		0.19	0.23	0.13
Debt Equity Ratio (Total Liability/Networth)		2.24	2.37	2.98
Current Ratio (Current Asset/Current Liability)		3.49	3.53	3.80

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

Sales of chemicals registered a 9% increase in volume from 21152 MT of the previous year to 23171 MT and sales in value increased by 10% from Rs.2316.500 Millions to Rs.2547.500 Millions. Profit before tax (after interest and depreciation charges) declined to Rs.141.700 Millions compared to Rs.159.000 Millions of the previous year. During the year 2010-2011 they have achieved profit after tax of Rs.109.700 Millions compared to Rs. 110.700 Millions of the previous year. Margins were adversely affected by increased input costs which could not be passed on to the customers.

NEW PROJECTS:

They have mechanically completed construction of the new plant to produce ALKAN, a chemical, which has applications in pharma and agrochemical sectors. Trial runs are in progress.

ASSOCIATE/SUBSIDIARY COMPANIES

a. DIAMINES AND CHEMICALS LIMITED, VADODARA:

Diamines and Chemicals Limited, Vadodara, our associate company, has achieved gross income of Rs.912.000 Millions as against Rs. 588.300 Millions of the previous year and a profit after tax of Rs.147.099 Millions as against Rs. 93.542 Millions of the previous year. The Board of Directors has declared a Bonus Issue in the ratio of one equity share for every two equity shares. They have also recommended a final dividend of 45% for the year 2010-11 (making total dividend of 60%) compared to 20% of the last year.

b. ALKYL AMINES (EUROPE) SPRL:

In 2009 we had registered a wholly owned subsidiary company in the name of Alkyl Amines (Europe) SPRL in Belgium with an initial share capital of Euro 12400 with a view of expanding and consolidating the company’s export business in Europe. As on March 31, 2011 this company has an accumulated loss of Euro 15283.80 equivalent to Rs. 0.867 Million.

c. ALKYL SPECIALITY CHEMICALS LIMITED:

This company is engaged in marketing of new products of the Holding Company.

This company achieved a total income of Rs.0.634 Million (Previous Year: Rs. 1.181 Millions) and a loss of Rs. 0.568 Million (Previous Year; Profit of Rs. 0.228 Million).

Pursuant to Accounting Standard AS21 issued by the Institute of Chartered Accountants of India, Consolidated Financial Statements presented by the Company include the financial information of Diamines and Chemicals Limited, Alkyl Amines Europe SPRL and Alkyl Specialty Chemicals Limited.

The Annual Accounts of the Subsidiary companies Alkyl Amines Europe SPRL and Alkyl Specialty Chemicals Limited are available for inspection by any member at the registered office during business hours. The Company will send copies thereof to the shareholders who may, if required, write to the company.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENT

They are a global manufacturer and supplier of amines and amine-based chemicals. They have two manufacturing sites, one at Patalganga and the other at Kurkumbh. They have an R and D Centre located at Pune equipped with advanced equipments and analytical instruments. They have an excellent team of technical and commercial professionals with expertise in chemicals manufacture and marketing.

Their products have application in important industries like pharmaceuticals, agro-chemicals, water treatment chemicals, photography chemicals, rubber chemicals, etc. They cater to both domestic and international market. They have competition both from local producers and international producers.

PERFORMANCE

Total Income amounted to Rs. 2605.800 Millions compared to Rs. 2374.000 Millions of the previous year. Income from contract processing for 2010-11 was Rs. 25.800 Millions compared to Rs. 21.100 Millions of the previous year.

Production of specialty chemicals amounted to 36221 M.T. for the year 2010-2011 compared to 29331 M.T. for

the year 2009-2010.

FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

The operating profit before tax amounted to Rs. 141.700 Millions compared to Rs. 159.000 Millions reported last year.

During the year, their domestic sales amounted to Rs. 2063.200 Millions compared to Rs.1879.300 Millions of the previous year. Export sales increased to Rs. 467.800 Millions (FOB) compared to Rs. 407.300 Millions of the previous year.

STRATEGIC PLANS AND ORGANIZATIONAL DEVELOPMENT:

They are actively working towards setting up global scale manufacturing plants in specialty chemicals segment that provide economies of scale which would enable them to compete with manufacturers from other countries. They are in the process of de-bottlenecking capacities of some of their products with relatively small investments. This will significantly improve both their sales and profit in the years ahead. They are focusing on continuous improvement in production processes, effective cost management, diversification into more value added products, improved management practices and introduction of new systems and further growth in export markets. They recognize that growth requires, both organic and inorganic growth and hence, they continue to explore opportunities for leveraging their core strengths by tie-up with other global suppliers of chemicals and also acquisitions where they have synergies.

OUTLOOK

They are focused on increasing our market share of existing products, launching new products, creating footprints

in untapped growth market segments in Export market and forging strong relationship with customers, laying thereby a robust foundation for sustainable growth.

The year 2011-12 looks promising with it’s own sets of challenges and opportunities for us and it is expected

that there will be growth in chemical industry.

The Pharma Sector in India is poised for further growth and it is likely to improve the volume of sales of their company. On the export front also, exports look promising for their basic products as well as for their newly developed intermediates.

Their new product, ALDEGA, the plant for which was commissioned in the last quarter of 2009-10 and which has applications in oil refinery, is well received in the market. They are adding one more new product, ALKAN, which has applications in various pharma and agro sectors. The new plant for ALKAN is mechanically complete and trial runs are in progress. These products will add to our top and bottom line in the coming years.

They are focused on improvement in efficiencies, margins, profitability and sales while re-looking at business strategies and models, wherever necessary. The strategies which they have adopted and are adopting should lead to enhancement in intrinsic value not only to all shareholders, but also to all stakeholders in the Company.

UNAUDITED FINANCIAL RESULTS FOR THE YEAR ENDED ON SEPTEMBER 30,2011

(Rs. in Millions)

Particulars	Quarter ended September 30, 2011 (Reviewed)	Half Year ended September 30, 2011 (Reviewed)
Income :
1.(a) Gross Sales/Income from Operations	825.400	1525.100
Less Sales Tax and Excise Duty on Sales	79.600	140.700
Net Sales/Income from Operations	745.800	1384.400
(b) Other Operating Income	19.100	35.300
Total Income	764.900	1419.700
2. Expenditure:
a.(Increase)/Decrease in Stock in trade and work-in-progress	(40.500)	(51.300)
b. Consumption of Raw and Packing Materials	444.400	805.500
c. Manufacturing Expenses	152.600	271.500
d. Employees Cost	42.800	82.400
e. Depreciation	22.000	42.900
f. Other Expenditure	60.200	92.400
Total	681.500	1243.400
3.Profit from Operations before Other income, interest and Prior Period items (1-2)	83.400	176.300
4.Other Income	11.000	11.500
5.Profit before Interest and Prior Period items (3+4)	94.400	187.800
6.Interest and Finance charges	26.700	54.100
7.Profit after interest but before Prior Period items (5-6)	67.700	133.700
8. Prior Period Items :	(0.200)	(0.400)
9.Profit(+) / Loss(-) from Ordinary Activities before tax (7+8)	67.500	133.300
10.a. Current Tax	14.400	32.000
.b. Deferred Tax	2.900	5.000
c. Current Tax adjustments of earlier years	-	-
11.Net Profit (+) / Loss(-) from Ordinary Activities after tax (9-10)	50.200	96.300
12.Extraordinary item(net of tax expense)	-	-
13.Net Profit (+) / Loss(-) for the period(11-12)	50.200	96.300
14.Paid up equity share capital (Face Value of Rs. 10 per share)	102.000	102.000
15.Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16.Earnings per share (EPS)
a. Basic and diluted EPS before Extraoridinary items for the period (not annualized)	4.92	9.45
b. Basic and diluted EPS after Extraordinary items for the period (not annualized)	4.92	9.45
17.Public Shareholding
-No. of Shares	2,631,802	2,631,802
Percentage of shareholding	25.81%	25.81%
18. Promoters and promoter group shareholding	-	-
a. Pledging/ Encumbered
-number of shares
Percentage of shares (as a % of the total shareholding of the total shareholding of promoter and promoter group)
-percentage of shares (as a % of the total shareholding of the total share capital of the company)
b)Non-Encumbered
-number of shares	7,566,394	7,566,394
-percentage of shares (as a % of the total shareholding of the total shareholding of promoter and promoter group)	100.00%	100.00%
-percentage of shares (as a % of the total shareholding of the total share capital of the company)	74.19%	74.19%

NOTES:

1. Statement of Assets and Liabilities as at September 30, 2011.

(Rs. in Millions)

Particulars	As at September 30, 2011 (Reviewed)
SOURCES OF FUNDS
Shareholders' Funds
Capital	102.100
Reserves and Surplus	758.900
TOTAL	861.000
Loan Funds	1333.300
Deferred Tax Liability (Net)	162.500
TOTAL	2356.800
APPLICATION OF FUNDS
Fixed Assets (Net)	1241.300
Investments	23.400
Current Assets, Loans and Advances
Inventories	577.000
Sundry Debtors	535.700
Cash and Bank Balances	114.700
Loans and Advances	224.100
TOTAL	1451.500
Less : Current Liabilities and Provisions
Liabilities	332.000
Provisions	27.400
TOTAL	359.400
Net Current Assets	1092.100
TOTAL	2356.800

2. The above results have been subjected to limited review by the Statutory Auditors of the Company, reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on October 25, 2011.

3. Other expenditure includes Foreign Exchange Loss (Net) of Rs. 24.755 millions for quarter ended September 30, 2011 and Rs. 25.996 millions for half year ended September 30, 2011.

4. The Company is engaged in only one business segment i.e. "Speciality Chemicals".

5. Information on Investor complaints for the quarter ended September 30, 2011:

Opening Balance: NIL Received: Twelve

Resolved: Twelve Closing Balance: NIL

6. Figures for the previous periods have been regrouped, wherever necessary.

FIXED ASSETS

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Machinery and Equipments

· Furniture and Fixture

· Office Equipments

· Electrical Installations

· Vehicles

· Electrical Equipments

WEB SITE DETAILS

BUSINESS DESCRIPTION

Subject is an India-based company. The Company is a supplier of amines and amine-based chemicals to the pharmaceutical, agrochemical, rubber chemical, water treatment chemicals and photography chemicals. It has two manufacturing sites, one at Patalganga and the other at Kurkumbh. Subject products include aliphatic amines and its derivatives. Its wholly owned subsidiaries include Alkyl Amines (Europe) SPRL and Alkyl Specialty Chemicals Limited. For the fiscal year ended 31 March 2010, Subject revenues increased 9% to RS2.21B. Net income totaled Rs. 117.4 Millions, up from Rs. 41.3 Millions. Revenues reflect an increase in sales and higher share of profit of associate. Net income also reflects a decrease in selling and administrative expenses and an increase in operating profit margin. The company is engaged in manufacturing of Specialty Chemicals and Dyes.

MANAGEMENT

YOGESH M. KOTHARI

Shri. Yogesh M. Kothari is Executive Chairman of the Board, Managing Director of Alkyl Amines Chemicals Limited. He is a Chemical Engineer from Institute of Chemical Technology, Mumbai. He is also Master of Management Science and Master of Science-Chemical Engineering, from the University of Massachusetts, Lowell, U.S.A. He promoted this company in 1979. He has more than 34 years experience in chemical industry. He is Chairman of Diamines and Chemicals Limited and Alkyl Specialty Chemicals Limited and Alkyl Amines Europe SPRL (subsidiaries of this company) and a director of Anjyko Investment Private Limited. He is an Executive Committee Member of Indian Chemical Council and also a member of the Management Committee of Indian Merchants Chamber." In 1998 he was awarded the prestigious Lalit Doshi Memorial Award being promoter of the SICOM assisted company for the year 1996-97 in Chemicals and Plastics set up by a first generation entrepreneur.

Education

· M Management Science, University of Massachusetts Lowell

· MS Chemical Engineering, University of Massachusetts Lowell

· Chemical Engineering, Mumbai University Institute of Chemical Technology

SHYAM BHUPATIRAI GHIA

Mr. Shyam Bhupatirai Ghia is Non-Executive Independent Director of Alkyl Amines Chemicals Limited. He has been on Board since October 18, 1980. Mr. Ghia is a member of Audit Committee, Investors Grievance Committee and Remuneration Committee of Directors. He is the Chairman and Managing Director of Futura Polyesters Limited. He is also on the Board of the following Companies: Sonata Software Limited, AVT Natural Products Limited, Brahmasonic Sound Production Private Limited, Chika Private Limited, Chika Overseas Private Limited, Innovassynth Technologies (India) Limited. Innovassynth Investments Limited, Kika Investments and Finance Private Limited.

Education

· MBA, Bowling Green State University

· BS Chemistry, Bowling Green State University

PREMAL N. KAPADIA

Mr. Premal N. Kapadia is Non-Executive Independent Director of Alkyl Amines Chemicals Limited. He has been on the Board of the Company since July 28, 2000. He is a member of Audit Committee of Directors. He is on the Board of the following Companies. Technimont ICB Private Limited, Harshadray Private Limited, Farm Chemicals Private Limited, Dryden Private Limited, TUV India Private Limited, Harshadray Investment P.Limited, De Nora India Limited, The West Coast Paper Mills Limited, Kaira Can Company Limited, Silicon Interfaces Private Limited,. Silicon Interfaces America Inc, Protos Engg. Company Private Limited, Sortimat Protos Automation Private Limited, ThyssenKrupp Industries India Private Limited, Firste Service (India) Private Limited, Integrated Industrial Quality Management Consultants Private Limited, Rata Iron Ore and Materials Exports Private Limited, Sujata Resources Private Limited.

HEMENDRA M. KOTHARI

Mr. Hemendra M. Kothari is Non-Executive Director of Alkyl Amines Chemicals Limited. He has been on the Board since October 18, 1980. Mr. H.M. Kothari, Ex-Chairman of DSP Merril Lynch Limited, Investment Bankers in India, is Chairman of DSP Blackrock Investment Managers Limited He is also on the Board of the following companies., Kirloskar Oil Engines Ltd; Exide Industries Limited; Food World Super Markets Limited; Health and Glow Retailing Limited; Shuko Real Estate Private Limited; Arko Dealers Private Limited; Arko Enterprises Private Limited; Bestow Contractors and Developers Private Limited; DSP HMK Holdings Private Limited; DSP Investments Private Limited; DSP Adiko Holdings Private Limited; Hemko Patents Development Private Limited.

K. R.V. SUBRAHMANIAN

Mr. K. R.V. Subrahmanian is Non-Executive Independent Director of Alkyl Amines Chemicals Limited He has been on the Board of the Company since July 28, 2000. He is Chairman of the company's Audit Committee. Mr. K.R.V. Subrahmanian is on the Board of the following companies., Matrix Laboratories Limited; DSP Blackrock Fund Managers Limited; Bayer Polychem (India) Limited; Bayer Material Science Private Limited; Lanxess India Private Limited; New Consolidated Construction Company Limited; Printcare India Private Limited. He is also member of the following Committees, Matrix Laboratories Limited. (Chairman of Audit Committee and Compensation Committee), DSP Blackrock Fund Managers Limited. (Chairman of Audit Committee), New Consolidated Construction Company Limited (Chairman Share Allotment Committee).

SHOBHAN M. THAKORE

Mr. Shobhan M. Thakore is Non-Executive Independent Director of Alkyl Amines Chemicals Limited. He has been on the Board since April 19, 1988. He is Chairman of the Investors Grievances Committee and a member of Remuneration Committee and Audit Committee. Mr. Shobhan Thakore is on the Board of the following companies., Bharat Forge Limited; Carraro India Limited.; Morarjee Textiles Limited.; Carraro PNH Components (India) Private Limited.; Uni Deritend Limited; Uni Klinger Limited; Carborundum Universal Limited; DSP Blackrock Investment Fund Managers Limited (member, Advisory Board). Mr. S.M. Thakore is a well-known Solicitor and is a Partner of Talwar Thakore and Associates, a Solicitor Firm.

Education

· LLB, Bombay University

· BA Politics, Bombay University

TARJANI VAKIL

Ms. Tarjani Vakil is Non-Executive Independent Director of Alkyl Amines Chemicals Limited. She is ex-Chairman of Export-Import Bank of India. She is also on the Board of the following companies Asian Paints (India) Limited, Mahindra Intertrade Limited, DSP Merril Lynch Trustee Co. Private Limited, I-flex Solutions Limited., Aditya Birla Nuvo Limited., Idea Cellular Limited. Aditya Birla Trustee Company Private Limited. Birla Sun Life Insurance Company Limited. She is also Chairperson of Audit Committees of Asian Paints Limited, Aditya Birla Nuvo Limited and Mahindra Intertrade Limited and also Member of Audit Committees of Birla Sun Life Insurance Company Limited, Idea Cellular Limited and DSP Black Rock Trustee Company Private Limited and Member of Remuneration Committee of Asian Paints Limited and Member of Finance Committee of Birla Sun Life Insurance Company Limited.

Education

· MA, University of Mumbai

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. 52.70
UK Pound	1	Rs. 82.44
Euro	1	Rs. 71.07

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		51

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.