MIRA INFORM REPORT

Report Date :

31.01.2012

IDENTIFICATION DETAILS

Name :	TCP LIMITED
Registered Office :	“TCP” Saptagiri Bhavan, New No.4 (Old No.10), Karpagambal Nagar, Luz Church Road, Mylapore, Chennai – 600 004, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.06.1971
Com. Reg. No.:	18- 005999
Capital Investment / Paid-up Capital :	Rs. 50.319 Millions
CIN No.: [Company Identification No.]	L24200TN1971PLC005999
TAN No.: [Tax Deduction & Collection Account No.]	CHET00143D
PAN No.: [Permanent Account No.]	AAACT3615K
Legal Form :	Public Limited Liability Company. Company’s Shares are listed on the Stock Exchanges.
Line of Business :	Manufacturer of Chemical Plants and Power Plants.
No. of Employees :	100(Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (67)

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 10000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company appears to be sound. 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 :	“TCP” Saptagiri Bhavan, New No.4 (Old No.10), Karpagambal Nagar, Luz Church Road, Mylapore, Chennai – 600 004, Tamilnadu, India
Tel. No.:	91-44-24994018/ 24991518/ 24991289/24991777
Fax No.:	91-44-24992435
E-Mail :	tcpchem@eth.net chem.@tcpindia.com
Website :	www.tcpindia.com
Area :	7000 Sq ft
Location :	Owned
Factory :	Kalrai Kudai Village, Koviloor, Sivaganga, District TN – 630 307, Tamilnadu, India
Area :	25 Sq ft
Location :	Owned
Power Plant:	Chennai Gupum, Pondi, Tamilnadu, India

DIRECTORS

AS ON 23.09.2011

Name :	Mr. Masilamani Ethurajan
Designation :	Director
Address :	110, Radhakrishnan Salai, Mylapore, Chennai – 600 004, Tamilnadu, India
Date of Birth/Age :	01.08.1934
Date of Appointment :	06.11.1986
DIN No.:	00041996

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	U17111TN1937PLC002992	The Thirumagal Mills Limited	Whole-time director	01-01-09	01-06-83	Active	NO
2	L24200TN1971PLC005999	TCP Limited	Director	07-11-86	07-11-86	Active	NO
3	L17111TN1969PLC005736	Binny Limited	Whole-time director	09-01-08	08-07-87	Active	NO
4	U15531TN1982PLC009285	Mohan Breweries and Distilleries Limited	Director	20-02-88	20-02-88	Active	NO
5	U15421OR1990PLC002449	Orissa Sugars Limited	Director	06-03-90	06-03-90	Active	NO
6	U28920TN1995PLC029734	Binny Engineering Limited	Director	04-01-95	04-01-95	Active	NO
7	U18102TN1995PLC029737	Binny Lorze Limited	Director	04-01-95	04-01-95	Active	NO
8	U15421TN1995PLC029913	S.V. Sugar Mills Limited	Director	23-01-95	23-01-95	Active	NO
9	U15421AP1994PLC019013	Sagar Sugars and Allied Products Limited	Director	27-05-97	27-05-97	Active	NO
10	U51909TN1993PTC025126	Solan Minerals And Metals Private Limited	Director	05-06-03	05-06-03	Active	NO
11	U55101TN1987PTC014840	Artha Hotel Private Limited	Director	05-06-03	05-06-03	Active	NO
12	U72900TN2006PTC061654	S V Technology Solutions Private Limited	Director	05-12-06	05-12-06	Active	NO
13	U01115TN2007PTC062319	Tiger Farms Private Limited	Director	09-02-07	09-02-07	Active	NO
14	U17111TN1984PTC010920	Sriraj Mills Private Limited	Director	14-09-07	14-09-07	Active	NO
15	U17100TN2007PLC065226	S V Global Mill Limited	Director	30-10-07	30-10-07	Active	NO
16	U65191TN1983PTC009937	Srinidhi Finance Private Limited	Director	30-09-10	21-10-09	Active	NO

Name :	Mr. Venkatachalapat Ramasamy Venktaachalam
Designation :	Managing Director
Address :	25, Sir C. V. Raman Salai, Alwarrpet, Chennai – 600 018, Tamilnadu, India
Date of Birth/Age :	09.04.1960
Qualification :	Graduation
Date of Appointment :	06.11.1986
DIN No.:	00037524

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	U17111TN1937PLC002992	The Thirumagal Mills Limited	Director	10-06-83	10-06-83	-	Active	NO
2	L24200TN1971PLC005999	TCP Limited	Managing director	01-09-08	07-11-86	-	Active	NO
3	L17111TN1969PLC005736	Binny Limited	Director	11-01-88	11-01-88	-	Active	NO
4	U65991TN1990PLC019721	Indian Members Benefit Fund Limited	Director	09-12-90	09-12-90	29-09-07	Active	NO
5	U15531TN1982PLC009285	Mohan Breweries and Distilleries Limited	Director	28-12-90	28-12-90	-	Active	NO
6	L93090TN1969PLC040213	Arthos Breweries Limited	Director	25-05-91	25-05-91	-	Active	NO
7	U65929TN1886PLC000672	Egmore Benefit Society Limited	Director	11-08-93	11-08-93	-	Active	NO
8	U28920TN1995PLC029734	Binny Engineering Limited	Director	04-01-95	04-01-95	-	Active	NO
9	U18102TN1995PLC029737	Binny Lorze Limited	Director	04-01-95	04-01-95	-	Active	NO
10	U15421TN1995PLC029913	S.V. Sugar Mills Limited	Director	23-01-95	23-01-95	-	Active	NO
11	U33112TN1997PTC037396	Trivitron Medical Systems Private Limited	Director	06-06-00	06-06-00	-	Active	NO
12	U55101TN2001PTC046673	TCP Hotels Private Limited	Director	28-01-04	28-01-04	-	Active	NO
13	U70101TN2006PTC061539	Thirumalai Realtors Private Limited	Director	20-11-06	20-11-06	-	Active	NO
14	U70109TN2006PTC061540	Thirubalaa Realtors Private Limited	Director	20-11-06	20-11-06	-	Active	NO
15	U74999TN1995PLC029916	Golden Eagle Communications Limited	Director	23-01-07	23-01-07	-	Active	NO
16	U70101TN2007PTC062458	Mookambika Realtors Private Limited	Director	21-02-07	21-02-07	-	Active	NO
17	U45200TN2007PTC062457	Matrix Foundations Private Limited	Director	21-02-07	21-02-07	-	Active	NO
18	U70101TN2007PTC062459	Sea Breeze Realtors Private Limited	Director	21-02-07	21-02-07	-	Strike off	NO
19	U70101TN2007PTC062467	Cosy Realtors Private Limited	Director	22-02-07	22-02-07	-	Active	NO
20	U70101TN2007PTC062506	Four Square Realtors Private Limited	Director	23-02-07	23-02-07	-	Strike off	NO
21	U70101TN2007PTC063171	Bayview Realtors Private Limited	Director	19-04-07	19-04-07	-	Strike off	NO
22	U70101TN2007PTC063173	Coromandel Realtors Private Limited	Director	19-04-07	19-04-07	-	Strike off	NO
23	U70100TN2007PTC063172	Mettur Realtors Private Limited	Director	19-04-07	19-04-07	-	Strike off	NO
24	U70101TN2007PTC063180	Seapearl Realtors Private Limited	Director	19-04-07	19-04-07	-	Strike off	NO
25	U70101TN2007PTC063181	Vaigai Realtors Private Limited	Director	19-04-07	19-04-07	-	Strike off	NO
26	U85100TN2007PTC063975	Tri Cell Therapeutics Private Limited	Director	30-09-08	03-12-07	-	Active	NO
27	U17120TN2007PLC065807	Binny Mills Limited	Director	20-12-07	20-12-07	-	Active	NO

Name :	Mr. Masilamani Nandagopal
Designation :	Director
Address :	6, Rutland Gate, 6^th Street, Nungambakkam, Chennai – 600 006, Tamilnadu, India
Date of Birth/Age :	09.06.1939
Date of Appointment :	06.11.1986
DIN No.:	00058710

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	L93090TN1969PLC040213	Arthos Breweries Limited	Director	17-01-79	17-01-79	-	Active	NO
2	U15531TN1982PLC009285	Mohan Breweries And Distilleries Limited	Managing director	01-04-11	08-10-82	-	Active	NO
3	U17111TN1937PLC002992	The Thirumagal Mills Limited	Director	01-06-83	01-06-83	-	Active	NO
4	L24200TN1971PLC005999	TCP Limited	Director	07-11-86	07-11-86	-	Active	NO
5	U29299DL1987PLC029949	RRB Energy Limited	Director	14-08-89	14-08-89	-	Active	NO
6	U15421OR1990PLC002449	Orissa Sugars Limited	Director	06-03-90	06-03-90	31-01-09	Active	NO
7	U15500MH1970PLC014512	Mohan Rocky Spring Water Breweries Limited	Director	20-03-90	20-03-90	-	Active	NO
8	U22121TN1982PLC009530	Mira Textiles and Industries (India) Limited	Director	19-01-93	19-01-93	-	Active	NO
9	U28920TN1995PLC029734	Binny Engineering Limited	Director	22-01-95	22-01-95	-	Active	NO
10	U15421TN1995PLC029913	S.V. Sugar Mills Limited	Director	23-01-95	23-01-95	-	Active	NO
11	U74999TN1995PLC029916	Golden Eagle Communications Limited	Director	23-01-95	23-01-95	01-09-08	Active	NO
12	L17111TN1969PLC005736	Binny Limited	Director	23-03-96	23-03-96	-	Active	NO
13	U15421AP1994PLC019013	Sagar Sugars and Allied Products Limited	Director	29-06-07	27-05-97	18-10-11	Active	NO
14	U15512DL2002PTC116353	Prudent Breweries and Distilleries Private Limited	Director	29-07-02	29-07-02	-	Active	NO
15	U15520TN2003PLC051263	Meakin Alco Beverages Limited	Director	23-07-03	23-07-03	23-08-07	Active	NO
16	U15510DL1998PLC097537	Bhankerpur Distilleries Limited	Director	21-05-04	21-05-04	-	Active	NO
17	L15520HP1934PLC000135	Mohan Meakin Limited	Director	30-10-04	30-10-04	-	Active	NO
18	U74999TN2005PLC055668	D1 Mohan Bio Oils Limited	Director	28-09-07	15-03-05	-	Active	YES
19	U70101TN2006PLC060776	Doric Real Estate Limited	Director	28-07-06	28-07-06	01-09-08	Active	NO
20	U45201DL2005PTC134382	Renaissance Buildcon Company Private Limited	Director	22-09-06	17-08-06	22-02-07	Active	NO
21	U72900DL2007PTC171787	Udaan Infotech Private Limited	Director	26-12-07	26-12-07	11-10-08	Strike off	NO
22	U60230TN2009PLC071689	Binny CFS Limited	Director	21-05-09	21-05-09	-	Active	NO

Name :	Mr. Arunachalam Sellamuthu Thillainayagam
Designation :	Director
Address :	27^th Street, Gopalapuram, Chennai – 600 086, Tamilnadu, India
Date of Birth/Age :	17.02.1952
Date of Appointment :	30.12.1987
DIN No.:	00951729

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	U15531TN1982PLC009285	Mohan Breweries and Distilleries Limited	Director	19-03-82	19-03-82	-	Active	NO
2	L24200TN1971PLC005999	TCP Limited	Director	30-12-87	30-12-87	-	Active	NO
3	U65991TN1990PLC019721	Indian Members Benefit Fund Limited	Director	09-12-90	09-12-90	29-09-07	Active	NO
4	U65929TN1886PLC000672	Egmore Benefit Society Limited	Director	30-09-03	30-09-03	-	Active	NO
5	U24231TN2005PTC056197	Photon Enterprises Private Limited	Director	06-05-05	06-05-05	-	Active	NO
6	U70100TN2007PTC062526	Axon Property Developers Private Limited	Director	27-02-07	27-02-07	-	Active	YES
7	U45200TN2007PTC062527	Axon Constructions Private Limited	Director	27-02-07	27-02-07	21-09-09	Active	NO

Name :	Mr. Masilamani Shanmugam Ethirajan
Designation :	Director
Address :	110, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600 004, Tamilnadu, India
Date of Birth/Age :	14.04.1967
Date of Appointment :	31.03.1988
DIN No.:	00041968

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	U17111TN1984PTC010920	Sriraj Mills Private Limited	Director	30-09-87	30-09-87	Active	NO
2	L24200TN1971PLC005999	TCP Limited	Director	31-03-88	31-03-88	Active	NO
3	U17111TN1937PLC002992	The Thirumagal Mills Limited	Managing director	06-04-11	27-05-88	Active	NO
4	U15531TN1982PLC009285	Mohan Breweries and Distilleries Limited	Director	28-12-90	28-12-90	Active	NO
5	L17111TN1969PLC005736	Binny Limited	Director	31-03-93	31-03-93	Active	NO
6	U51909TN1993PTC025126	Solan Minerals And Metals Private Limited	Director	27-05-93	27-05-93	Active	NO
7	U55101TN1987PTC014840	Artha Hotel Private Limited	Director	05-06-93	05-06-93	Active	NO
8	U15421TN1995PLC029913	S.V. Sugar Mills Limited	Managing director	01-10-09	23-01-95	Active	NO
9	U28920TN1995PLC029734	Binny Engineering Limited	Director	29-09-98	29-09-98	Active	NO
10	U72900TN2006PTC061654	S V Technology Solutions Private Limited	Director	05-12-06	05-12-06	Active	NO
11	U01115TN2007PTC062319	Tiger Farms Private Limited	Director	09-02-07	09-02-07	Active	NO
12	U17100TN2007PLC065226	S V Global Mill Limited	Director	30-10-07	30-10-07	Active	NO
13	U18102TN1995PLC029737	Binny Lorze Limited	Additional director	30-08-08	30-08-08	Active	NO
14	U65191TN1983PTC009937	Srinidhi Finance Private Limited	Director	30-09-10	21-10-09	Active	NO
15	U45201TN1950PTC000038	Adyar Property Holding Company Private Limited	Director	28-03-11	28-03-11	Active	NO

Name :	Mr. Vaithinathan Rajasekaran
Designation :	Director
Address :	Plot 499, 4^th Sector, 18^th Street, K. K. Nagar, Chennai – 600 078, Tamilnadu, India
Date of Birth/Age :	06.11.1952
Qualification :	M.Tech, MBA
Date of Appointment :	01.03.1992
DIN No.:	00037006

Other Directorship:

Sr. 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	L24200TN1971PLC005999	TCP Limited	Whole-time director	01-03-92	01-03-92	-	Active	NO
2	U52321TN1987PTC014326	Tanchem Imports and Exports Private Limited	Director	01-03-02	01-03-02	-	Active	NO
3	U65929TN1886PLC000672	Egmore Benefit Society Limited	Director	07-03-03	07-03-03	-	Active	NO
4	U55101TN2001PTC046673	Tcp Hotels Private Limited	Director	28-01-04	28-01-04	-	Active	NO
5	L17111TN1969PLC005736	Binny Limited	Director	25-03-05	25-03-05	30-04-09	Active	NO
6	U01111TN2006PTC060513	Radi Enterprises Private Limited	Director	01-11-06	01-11-06	-	Active	NO
7	U17120TN2007PLC065807	Binny Mills Limited	Managing director	12-05-10	20-12-07	-	Active	NO

Name :	Mr. Aravind Nandagopal
Designation :	Director
Address :	6, Rutland Gate, 6^th Street, Chennai – 600 006, Tamilnadu, India
Date of Birth/Age :	06.04.1975
Date of Appointment :	14.06.1995
DIN No.:	00059009

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	U15421TN1995PLC029913	S.V. Sugar Mills Limited	Director	23-01-95	23-01-95	-	Active	NO
2	U74999TN1995PLC029916	Golden Eagle Communications Limited	Director	23-01-95	23-01-95	31-01-09	Active	NO
3	L24200TN1971PLC005999	TCP Limited	Director	14-06-95	14-06-95	-	Active	NO
4	U15531TN1982PLC009285	Mohan Breweries and Distilleries Limited	Whole-time director	06-05-07	12-07-95	-	Active	NO
5	U17111TN1937PLC002992	The Thirumagal Mills Limited	Director	05-08-95	05-08-95	-	Active	NO
6	U15421AP1994PLC019013	Sagar Sugars and Allied Products Limited	Managing director	25-07-07	27-05-97	-	Active	NO
7	U15520TN2003PLC051263	Meakin Alco Beverages Limited	Director	23-07-03	23-07-03	31-01-09	Active	NO
8	L17111TN1969PLC005736	Binny Limited	Director	25-03-05	25-03-05	-	Active	NO
9	U15421OR1990PLC002449	Orissa Sugars Limited	Director	18-04-05	18-04-05	-	Active	NO
10	L65993TN1994PLC026665	Mother Mira Industries Limited	Director	01-07-05	01-07-05	-	Active	NO
11	U15510DL1998PLC097537	Bhankerpur Distilleries Limited	Director	30-09-06	13-06-06	-	Active	NO
12	U70101TN2006PLC060776	Doric Real Estate Limited	Director	28-07-06	28-07-06	31-01-09	Active	NO
13	U01402TN2007PLC065441	Mohan Microbes Limited	Director	20-11-07	20-11-07	-	Strike off	NO
14	U15424DL2007PTC171096	Magnum Sugars and Allied Products Private Limited	Director	05-12-07	05-12-07	01-09-10	Active	NO
15	U72200DL2005PTC133250	SM IT Services Private Limited	Director	01-10-08	01-10-08	-	Active	NO
16	U40104TN2008PLC069987	Nandha Energy Limited	Director	25-11-08	25-11-08	-	Active	NO
17	U70102TN2009PLC071385	Nandha Developers Limited	Director	21-04-09	21-04-09	-	Active	NO
18	U60200TN2009PLC071388	Nandha Logistics Limited	Director	21-04-09	21-04-09	-	Active	NO
19	U26100TN2009PLC071453	Nandha Glass Limited	Director	24-04-09	24-04-09	-	Active	NO
20	U60230TN2009PLC071689	Binny CFS Limited	Director	21-05-09	21-05-09	-	Active	NO

Name :	Mr. Natrajan Nandagopal
Designation :	Director
Address :	6, Rutland Gate, 6^th Street, Nungambakkam Chennai-600006, Tamilnadu, India
Date of Birth/Age :	21.12.1968
Date of Appointment :	14.08.1995
DIN No.:	00058969

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	U17111TN1937PLC002992	The Thirumagal Mills Limited	Director	04-08-93	04-08-93	-	Active	NO
2	U15531TN1982PLC009285	Mohan Breweries and Distilleries Limited	Director	01-04-11	15-09-93	-	Active	NO
3	L24200TN1971PLC005999	TCP Limited	Director	14-08-95	14-08-95	-	Active	NO
4	U15421AP1994PLC019013	Sagar Sugars and Allied Products Limited	Director	27-05-97	27-05-97	18-10-11	Active	NO
5	U15520TN2003PLC051263	Meakin Alco Beverages Limited	Director	23-07-03	23-07-03	15-03-09	Active	NO
6	L93090TN1969PLC040213	Arthos Breweries Limited	Director	01-04-11	30-10-04	-	Active	NO
7	U74999TN2005PLC055668	D1 Mohan Bio Oils Limited	Director	15-03-05	15-03-05	31-01-09	Active	YES
8	L17111TN1969PLC005736	Binny Limited	Director	25-03-05	25-03-05	30-04-09	Active	NO
9	L65993TN1994PLC026665	Mother Mira Industries Limited	Director	01-07-05	01-07-05	06-08-09	Active	NO
10	U15510DL1998PLC097537	Bhankerpur Distilleries Limited	Director	30-09-06	13-06-06	-	Active	NO
11	U70101TN2006PLC060776	Doric Real Estate Limited	Director	28-07-06	28-07-06	-	Active	NO
12	U01402TN2007PLC065441	Mohan Microbes Limited	Director	20-11-07	20-11-07	-	Strike off	NO
13	U40104TN2008PLC069987	Nandha Energy Limited	Director	25-11-08	25-11-08	-	Active	NO
14	U70102TN2009PLC071385	Nandha Developers Limited	Director	21-04-09	21-04-09	-	Active	NO
15	U60200TN2009PLC071388	Nandha Logistics Limited	Director	21-04-09	21-04-09	-	Active	NO
16	U26100TN2009PLC071453	Nandha Glass Limited	Director	24-04-09	24-04-09	-	Active	NO
17	U60230TN2009PLC071689	Binny CFS Limited	Director	21-05-09	21-05-09	-	Active	NO

Name :	Mr. Sengutuvan Venkataachalam
Designation :	Director
Address :	Old No. 25, New No.24, Sir C.V. Raman Road, Alwarpet, Chennai – 600018, Tamilnadu, India
Date of Birth/Age :	07.12.1986
Date of Appointment :	26.08.2009
DIN No.:	00053629

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	U17111TZ1980PTC000953	Thiruvalluvar Textiles Private Limited	Managing director	01-06-09	01-12-05	Active	NO
2	U65991TN1990PLC019721	Indian Members Benefit Fund Limited	Director	29-09-07	29-09-07	Active	NO
3	U70101TN2007PTC062467	Cosy Realtors Private Limited	Director	01-06-09	01-06-09	Active	NO
4	U70101TN2007PTC062506	Four Square Realtors Private Limited	Director	01-06-09	01-06-09	Strike off	NO
5	U45200TN2007PTC062457	Matrix Foundations Private Limited	Director	01-06-09	01-06-09	Active	NO
6	U70101TN2007PTC063171	Bayview Realtors Private Limited	Director	01-06-09	01-06-09	Strike off	NO
7	U70101TN2007PTC063180	Seapearl Realtors Private Limited	Director	01-06-09	01-06-09	Strike off	NO
8	U17120TN2007PLC065807	Binny Mills Limited	Director	01-06-09	01-06-09	Active	NO
9	U70101TN2007PTC063173	Coromandel Realtors Private Limited	Director	01-06-09	01-06-09	Strike off	NO
10	U70101TN2007PTC062458	Mookambika Realtors Private Limited	Director	01-06-09	01-06-09	Active	NO
11	U70101TN2007PTC062459	Sea Breeze Realtors Private Limited	Director	01-06-09	01-06-09	Strike off	NO
12	U70101TN2007PTC063181	Vaigai Realtors Private Limited	Director	01-06-09	01-06-09	Strike off	NO
13	U70101TN2006PTC061539	Thirumalai Realtors Private Limited	Director	01-06-09	01-06-09	Active	NO
14	U55101TN2001PTC046673	TCP Hotels Private Limited	Director	01-06-09	01-06-09	Active	NO
15	U70109TN2006PTC061540	Thirubalaa Realtors Private Limited	Director	01-06-09	01-06-09	Active	NO
16	U70100TN2007PTC063172	Mettur Realtors Private Limited	Director	01-06-09	01-06-09	Strike off	NO
17	U52321TN1987PTC014326	Tanchem Imports and Exports Private Limited	Director	01-06-09	01-06-09	Active	NO
18	L24200TN1971PLC005999	TCP Limited	Director	26-08-09	26-08-09	Active	NO
19	U17111TZ1955PTC000122	The Narasimha Mills Private Limited	Managing director	16-03-10	16-03-10	Active In Progress	NO

KEY EXECUTIVES

Name :	Mr. Aravamuthan Sampath
Designation :	Secretary and General Manager (P and A)
Address :	B-8, Bharani Apartments, 3/5, Sheela Nagar, first Street, Madipakkam, Chennai – 600091, Tamilnadu, India
Date of Birth/Age :	15.03.1938
Date of Appointment :	19.07.1976
Pan No.:	ASGPS8698J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.09.2011

Names of Shareholders	No. of Shares
Vaithinathan Rajasekaran	2,250
Venkatachalapathy Ramasamy Venkataachalam	1,519,570
Masilamani Shanmugam Ethirajan	1,024,503
Masilamani Ethurajan	25,000
Sengutuvan Venkataachalam	361,764

AS ON 23.09.2011

Equity Shares Break Up	Percentage
Bodies corporate	2.00
Directors or relatives of Directors	75.00
Other top fifty shareholders	23.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Chemicals and Power Plants.

Products :

Product Description	ITC Code
Sodium Hydrosulphite	28321002.00
Liquid Sulphur Dioxide	28112300.00
Sodium Formal Dehyde Sulphoxylate	28311002.00
Zinc Formal Dehyde Sulphoxylate	28319092.00
Generation of Power	271600.00

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Chemical Division
Sodium Hydrosulphite	Tonnes	10000	10000	56
Liquid Sulphur Di- oxide	Tonnes	4950	4950	24
Sulphox Ilates	Tonnes	2000	2000	14
Recovery Salts	Tonnes	--	--	940
Drum Plant	Tonnes	--	--	6619

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

• IDBI Bank Limited, 115, anna Salai, Saidapet, Chennai-600015, Tamilnadu, India
• Indian Overseas Bank, Commercial and Institutional Credit Branch, 98-A, Dr. Radhakrishnan Salai, Mylapore, Chennai-600 004, Tamilnadu, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans secured
Rupee term loans banks secured	485.015	856.326
Total	485.015	856.326
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans unsecured
Rupee term loans banks unsecured	100.000	100.000
Fixed debt unsecured	129.090	103.436
Other debt unsecured	133.456	120.718
Total	362.546	324.154

Banking Relations :	--
Auditors :
Name :	T. Selvaraj and Company   Chartered Accountants
Address :	32, Dewan Rama Road, Purasawalkam, Chennai – 600084, Tamilnadu, India
PAN.:	AAAFT0425E
Associates :	· Tanchem Imports and Exports Private Limited · Thiruvalluvaar Textiles Private Limited · Binny Limited · Binny Mills Limited · S V Global Mill Limited · Binny Engineering Limited · Mohan Breweries and Distilleries Limited
Subsidiaries :	· TCP Hotels Private Limited CIN No.: U55101TN2001PTC046673

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
11750000	Equity Shares	Rs.10/- each	Rs. 117.500 Millions
25000	11% Cumulative Redeemable Preference Shares	Rs.100/- each	Rs. 2.500 Millions
	Total		Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5031909	Equity Shares	Rs.10/- each	Rs. 50.319 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		50.319	50.319	50.319
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2670.551	2481.919	2255.988
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2720.870	2532.238	2306.307
LOAN FUNDS
1] Secured Loans		485.015	856.326	797.004
2] Unsecured Loans		362.546	324.154	221.137
TOTAL BORROWING		847.561	1180.480	1018.141
DEFERRED TAX LIABILITIES		79.927	56.385	0.000
TOTAL		3648.358	3769.103	3324.448
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1406.746	1211.394	999.629
Capital work-in-progress		56.415	26.644	6.665
INVESTMENT		1418.026	1181.634	1181.635
DEFERREX TAX ASSETS		0.000	0.000	8.129
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	750.933	539.473	348.778
	Sundry Debtors	590.809	821.017	1052.866
	Cash & Bank Balances	5.227	52.753	4.699
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	653.317	913.265	709.058
Total Current Assets		2000.286	2326.508	2115.401
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	767.391	614.883	558.903
	Other Current Liabilities	241.041	180.797	247.002
	Provisions	224.683	181.397	181.106
Total Current Liabilities		1233.115	977.077	987.011
Net Current Assets		767.171	1349.431	1128.390
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3648.358	3769.103	3324.448

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2070.046	2528.384	2926.060
		Other Income	265.918	47.720	29.300
		TOTAL (A)	2335.964	2576.104	2955.360
Less	EXPENSES
		Raw Material Consumed	1309.062	1473.882	1722.313
		Manufacturing Service Costs	272.810	0.000	0.000
		Manufacturing, Administrative and Selling Expenses	95.132	521.064	392.121
		Employee Related Expenses	118.893	0.000	0.000
		Increase/ Decrease in Closing Stock	0.000	24.443	(6.327)
		TOTAL (B)	1795.897	2019.389	2108.107
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		540.067	556.715	847.253
Less	FINANCIAL EXPENSES (D)		86.148	86.306	124.096
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		453.919	470.409	723.157
Less/ Add	DEPRECIATION/ AMORTISATION (F)		162.033	121.971	117.824
	PROFIT BEFORE TAX (E-F) (G)		291.886	348.438	605.333
Less	TAX (H)		97.406	105.146	1.033
	PROFIT AFTER TAX (G-H) (I)		194.480	243.292	604.300
Less	MAT Credit Entitlement related to earlier year		0.000	(0.287)	4.574
	Tax Related to Earlier Year		0.000	(0.014)	0.012
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		793.057	667.126	145.074
Less	APPROPRIATIONS
		Transfer to General Reserve	20.000	100.000	60.000
		Proposed Dividend	5.032	15.096	15.096
		Tax on Dividend	0.816	2.566	2.566
	BALANCE CARRIED TO THE B/S		961.689	793.057	667.126
	EXPORT VALUE		38.485	64.210	148.153
	IMPORTS
		Raw Materials	482.510	675.582	145.152
		Stores & Spares	0.071	5.979	6.136
	TOTAL IMPORTS		482.581	681.561	151.288
	Earnings Per Share (Rs.)		39.00	48.00	119.00

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011
	1^st Quarter	2^nd Quarter
Net Sales	740.970	787.090
Total Expenditure	542.070	587.930
PBIDT (Excl OI)	198.900	199.160
Other Income	0.000	0.000
Operating Profit	198.900	199.160
Interest	25.640	34.990
Exceptional Items	0.000	0.000
PBDT	173.260	164.170
Depreciation	39.670	38.810
Profit Before Tax	133.590	125.370
Tax	20.500	18.750
Provisions and contingencies	0.000	0.000
Profit After Tax	113.090	106.620
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	113.090	160.620

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.33	9.44	20.49
Net Profit Margin (PBT/Sales)	(%)	14.10	13.78	20.69
Return on Total Assets (PBT/Total Assets}	(%)	8.57	9.85	19.43
Return on Investment (ROI) (PBT/Networth)		0.11	0.14	0..26
Debt Equity Ratio (Total Liability/Networth)		0.79	0.85	0.86
Current Ratio (Current Asset/Current Liability)		1.62	2.38	2.14

LOCAL AGENCY FURTHER INFORMATION

PRODUCTION

CHEMICALS

Sodium Hydrosulphite

During the year the company had produced 9,852 MT of Sodium Hydrosulphite as against 9,806 MT in the previous year. The production was pruned to meet the demand.

Liquid Sulphur Dioxide

During the year the Company had produced 9,489 MT of Liquid Sulphur Dioxide as against 8,923 MT in the previous year, an increase by about 6%. The company would have achieved a higher production had it not been for the delay in commencing production in the 3rd Sulphur Di Oxide Plant.

The production was also affected due to maintenance activities carried out for the Waste Heat Boiler and due to the maintenance problems in the Compressor of the Ist and IInd Liquid Sulphur Di Oxide Plant.

Sulphoxylates

The production of Sulphoxylates was 110 MT during the year as against 132 MT in the previous year.

RECOVERY SALTS

The trisalt production was 3,489 MT as against 3,537 MT in the previous year, in tune with the production of Sodium Hydrosulphite.

ELECTRIC POWER

Electric Power Generation

The company had generated 3,664 lakh units of electricity as against 4,922 lakh units last year, a decline of about 25%. There was lower generation during the year as the Plant was not operated for the period from 3rd August 2010 to 10th November 2010, due to major breakdown problem in the Plant Generator Rotor. Due to this the Plant had to be stopped from generation. The Plant was restarted after carrying out the repairs. The average Plant Load Factor during the year was 65.62%. The Biomass based power plant had generated 291 lakh units of electricity as against 348 lakh units in the previous year. The Wind Mills had generated 307 lakh units of electricity as against 190 lakh units in the previous year, an increase by about 61%.

During the year 3 Wind Mills of 600 KW each aggregating to 1.8 MW, set up in Palladam in Tirupur District, were commissioned.

FUTURE PLANS

The company will focus on the domestic market sales in the current year in respect of the products of the Chemical division. With the textile industry showing signs of recovery, due to the measures adopted / proposed to be adopted by the Textile Ministry, it is expected that the sale of Sodium Hydrosulphite to the textile industry will improve in the current year. Since the company has expanded the sale of its recovery salts to the pharma and paper industries, it is expected that the sale of trisalt, during the current year, will improve. Since an increased demand is expected in the current year for the Liquid Sulphur Di Oxide, its sales also would improve in the current year.

The company’s exports are expected to show an upward trend with focus being made on the USA market. The Company is hopeful that the exchange rate in the year would be advantageous to exports and with increased production the Company would be in a position to regain its presence in the European markets which has been, traditionally, their major markets. The Company is also taking all efforts to identify and develop new markets and at the same time continuing to focus on the existing markets, where price realisation is relatively higher. In the global market, their Sodium Hydrosulphite has built up a good brand image for its quality and delivery.

To meet the increased requirement of Sulphur Dioxide for Sodium Hydrosulphite production and sale, the company has put up a new Sulphur Dioxide Plant of 15 TPD capacity and it was commissioned on 19th August 2010.

The Company’s 6 MW Bio Mass Power Plant at Karaikudi will be generating more revenue this year. Further, they are increasing the capacity by 3 MW and the implementation is progressing.

MANAGEMENT DISCUSSION AND ANALYSIS

Economic Scenario

The economic meltdown originated in the United States of America in the year 2008 seems to have enforced a major shift in the global economic power hierarchy. The timely support through a series of economic measures and by active governmental monitoring of the financial health, the Indian economy registered speedy recovery. Weathering the turbulent global slowdown, the Indian economy managed commendable expansion of 8% in 2009-10 and 6.80% in 2008-09. During the financial year ended 31st March 2011, the growth has been reported as over 8.60%.

It is now widely believed that India could well be on course to be the third largest economy in the world in a couple of years, overtaking Japan. Besides, it is expected that, after 2020, India’s growth would be faster than that of even China.

The Indian economy has benefited immensely from robust domestic demand and a revival in investor and consumer sentiment. This has resulted in stronger capital inflows into the country. The agricultural sector, which was lagging behind, has also performed well assisted by favourable monsoon, which in tune, gave a major thrust to the rural demand.

The Indian economy is projected to grow 8.50% to 9% in 2011-12. A good south-west monsoon season is forecasted for the year, which in turn, would give a fillip to our growth dynamics. A 9% GDP growth, then could be well within the reach. The 12th Five Year Plan could probably set a target growth of 9% to 9.50%.

However, managing the inflationary pressures and the balance of payment situation would be a challenge. Besides, the volatile interest rates could also prove to be a dampener.

Industry Structure and Developments

Indian chemical sector:

The Indian Chemical Industry is characterized by

a) High domestic potential due to market development and increase in per capita consumption level

b) High degree of fragmentation and small scale operations

c) Limited emphasis on exports due to domestic market focus

d) Low cost competitiveness as compared to other countries due to high cost of power, import duties, tax and duties and cost of capital; and

e) Low focus on R and D efforts.

Despite these disadvantageous conditions, certain companies, including the company, have sizable international operations by way of exports and have become significant players in certain global market.

The Indian Chemical Industry’s contribution to India’s GDP is expected to grow from the current 6.7% to 12.1% and its share in the global industry will increase from 1.9% to 3.9%. The Indian Chemical Industry is expected to make a substantial impact on the national economy. The Industry has evolved from being a producer of Basic Chemicals in a highly regulated environment to becoming a mature industry, free to choose its product portfolio in their open economy.

Indian Power sector:

The total power generation in the country during the year 2010-11 was 811.10 Billion Units (BUs) which comprised primarily 664.91 BUs from thermal, followed by 114.29 Bus from hydro, 26.28 BUs from nuclear and import of 5.61 BUs from Bhutan. The average thermal load factor was 75.07%. The installed generating capacity in the country as on 31st March 2011 was 173.626 GW.

Current domestic coal supply has been affected by environmental restrictions on coal mining because of which Coal India Limited has not been able to ramp up production to planned levels, and also a large quantity of coal has not been transported from the mines. This has impacted generation availability of domestic coal-based power plants in the country. Import of coal, is therefore, being resorted to during the last few years and utility-wise allocation is being made by the Ministry of Power. The import of coal is set to rise in the coming years.

The Electricity Act, 2003, recognized power trading as a new segment apart from generation, transmission and distribution. Power trading has since enabled the country as a whole to balance its power surpluses and deficits and has helped to optimally utilise its generation resources.

Outlook

The Chemical Industry is poised for appreciable growth both in exports and in domestic markets, in view of appreciation of rupee value and also in view of the Government’s move to extend the DEPB Scheme, increasing the DEPB rates for many products, levying of anti dumping duty, granting pre/post shipment credits at concessional interest rates and identification of new customers. The growth of the user industries would indirectly contribute to increased demand for the products and its profitability.

SUBSIDIARY COMPANY

The Company has one Subsidiary Company viz., TCP Hotels Private Limited. This Subsidiary Company is a non-material Indian unlisted subsidiary of the Company.

TCP Hotels Private Limited:

TCP Hotels Private Limited derives rental income from letting out its property and this is the only source of income for the company for the year ended 31^st March 2011. For the year ended 31st March 2011, the company has earned income of Rs. 0.600 million and had reported Net Loss of Rs. 0.375 million.

The company has fulfilled the conditions laid down in the aforesaid Circular No.2/2011 dated 8th February 201

The holding company viz., Subject hereby undertakes that annual accounts of the subsidiary company viz., TCP Hotels Private Limited for the financial year ended 31st March 2011 and the related detailed information shall be made available to shareholders of the holding and subsidiary company seeking such information at any point of time. The annual accounts of the subsidiary company shall also be kept for inspection by any shareholder in the Registered Office of the company.

CONTINGENT LIABILITIES (AS ON 31.03.2011):

a. Letter of Credit opened by banks for purchase of raw materials Rs. 471.659 Millions (2010–Rs 413.279 Millions)

b. Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. 6.409 Millions (2010– Rs 139.155 Millions)

c. Guarantee given by the bankers on behalf of Company Rs 29.526 Millions (2010–Rs 19.021 Millions)

d. Excise Duty Rs. 0.802 Million (2010 – Rs 0.808 Million) for which the Company has preferred an appeal before the appellate authorities and it is pending. Out of this, a sum of Rs 0.340 Million (Rs 0.240 Million) has been paid under protest

e. Claims against the Company not acknowledged as Debt Rs 34.150 Millions (2010– Rs Nil)

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2011

(Rs. In Millions)

Particulars	Quarter Ended 30.09.2011 (Unaudited)	Half Year Ended 30.09.2011 (Unaudited)
a)Net Sales / Income from Operations	775.619	1494.869
b)Operating Income (Net)	11.474	33.192
Total Income(1+2)	787.093	1528.061
Expenditure
A (Increase)/Decrease in stock in trade	18.577	12.802
B Consumption of Raw materials	447.168	880.150
C Employees cost	29.945	58.977
D Depreciation	38.810	78.483
E Other expenditure	92.237	178.067
F Total	626.737	1208.479
Profit from Operations before Other Income,Interest & Exceptional Items(1-2)	160.355	319.582
Other Income	--	--
Profit before Interest & Exceptional Items(3+4)	160.355	319.582
Interest	34.989	60.627
Profit after Interest but before Exceptional Items(5-6)	125.366	258.955
Exceptional Items	--	--
Profit (+) / Loss (-) from ordinary Activities before tax (7 +8)	125.366	258.955
Tax Expense	18.748	39.244
Net Profit (+) / Loss (-) from ordinary activities after tax (9-10)	106.618	219.710
Extraordinary Items (Net of tax expense Rs.)	--	--
Net Profit (+) / Loss (-) for the period (11-12)	106.618	219.710
Paid up equity share capital (Face value Rs 10/- per share)	50.319	50.319
Reserves excluding revaluation reserves (as per balance sheet of previous acctg year)	--	--
Earnings Per Share (E P S)
a. Basic and diluted EPS before Extra Ordinary Items for the period, for the year to date and for the previous year ( Not Annualised)	21.19	43.66
b. Basic and diluted EPS after Extra Ordinary Items for the period, for the year to date and for the previous year ( Not Annualised)	21.19	43.66
Public Shareholding
- Number of Shares	1272988	1272988
- Percentage of Shareholding	25.30	25.30
Promoters and Promoter group Shareholding
a. Pledged / Encumbered
- Number of Shares	--	--
- Percentage of Shares	--	--
b. Non-encumbered
- Number of Shares	3758921	3758921
- Percentage of Shares	74.70	74.70

Notes:

1. The net profit for the present quarter shown above is inclusive of Profit derived Generation of Power in Biomass plant which is eligible for deduction to the extent provided under Sec 80IA of the Income Tax, 1961.

2. The above statement was approved at the meeting of the Board of Directors held on 31^st October, 2011.

3. The segment report has been prepared in accordance with the Accounting Standard 17 “Segment Reporting”.

4. During the quarter, no complaints were received from shareholders are there are no complaints pending as of date.

5. The Audit committee has reviewed the results and recommended for board approval.

6. The impact of the Accounting Standard 15 “Employee benefits” will be considered in the Accounts at the end of the year.

7. The above financial statements are subject to Limited review by the Statutory Auditors of the company.

8. None of the Shares of the Promoters have been pledged.

STATEMENT OF SEGMENT WISE QUARTERLY RESULTS

(Rs in Millions)

Particulars	Quarter Ended 30.09.2011 (Unaudited)	Half Year Ended 30.09.2011 (Unaudited)
1 Segment Revenue
Chemical Division	199.013	366.495
Power Division	535.499	1053.597
Biomass Division	3.920	51.626
Windmill Division	60.607	83.818
Others	1.308	2.838
Total	800.347	1558.374
Less : Inter Segment Revenue Net Sales/Income From Operations	13.254	30.313
Total	787.093	1528.061
2 Segment Results
Chemical Division	1.523	(5.740)
Power Division	136.550	299.727
Biomass Division	(9.702)	(8.105)
Windmill Division	31.761	32.839
Others	0.223	0.861
Total	160.355	319.582
Less : I : Interest	34.989	60.627
II : Other Unallocable Expenditure W/off	--	--
III: Unallocable Income	--	--
Total Profit Before Tax	125.366	258.955
3 Capital Employed
Chemical Divison	1850.372	1850.372
Power Divison	255.445	255.445
Biomass Division	317.992	317.992
Windmill Division	480.766	480.766
Others	36.037	36.037
Total	2940.610	2940.610

FIXED ASSETS:

• Land
• Leasehold Land
• Leasehold Building
• Building
• Plant and Machinery
• Water Supply Works
• Computers
• Office Equipments
• Miscellaneous Equipments
• Furniture and Fittings
• Vehicles

WEBSITE DETAILS:

PROMOTERS OF THE COMPANY

Subject was incorporated on 8th June 1971, as a Joint Sector Unit, with the Tamilnadu Industrial Development Corporation Limited (TIDCO).

In pursuance to the decision of the State Government to disinvest the shares of the Joint Sector Unit held by TIDCO, in favour of private promoters, the shares of the company were disinvested by TIDCO Limited, in favour of the Udayar Group, with effect from 7th November 1986.

PRODUCTS, CAPACITY AND TECHNICAL KNOW HOW

The company has set up its Plant for the manufacture of 4600 MT’s (re endorsed from 3300 tonnes) of Sodium Hydrosulphite (SHS), with the technical Know-how from the Mitsubishi Corporation of Japan, through the unique Sodium Formate Route, adopted for the first time in India. The plant is located at Karaikudi, a notified backward area, in Tamil Nadu state.

The product, Viz., Sodium Hydrosulphite, has a very wide application in the industries like Textiles, Jaggery, Pharmaceuticals and Ceramics.

The Company has also set up a Plant for the manufacture of 4950 MT’s of Liquid Sulphur Dioxide, as a captive plant, for the supply of Liquid Sulphur Dioxide for the manufacture of Sodium Hydrosulphite (SHS), with the technical Know-how from M/s Garbato Implanti Chimici s.r.l. Milano, Italy.

The company has also put up an additional Sulphur Dioxide Plant for the supply of Sulphur Dioxide to Refineries and also to augment the supplies for the production of Sodium Hydrosulphite.

The company has consistently achieved higher capacity utilization, which is unique in any chemical industry.

PROJECT COST AND FINANCING

The project was implemented at a project cost of about Rs.80.000 Millions. The commercial production commenced on 1st October 1978.

The project was initially financed by the All India Central Financial Institutions by way of Equity participation, private placement of debentures, and a Term Loan assistance of Rs.52.000 Millions, with a share capital of Rs.19.272 Millions, which included Cumulative Redeemable Preference Shares of Rs.2.500 Millions. The Company has fully repaid the institutional Term loan assistance of Rs.52.000 Millions and has also redeemed the Cumulative

Redeemable Preference Shares of Rs.2.500 Millions, within the time limit prescribed for redemption. The company has obtained the central subsidy for setting up the Plant in a notified backward area.

PRODUCT APPLICATIONS

The product has got application in the following industries:

a) Textile: As reducing agent or Dyeing Auxiliary in Vat Dyeing.

b) Food: As a preservative

c) Sugar/Jaggery: For purification as a Bleaching Agent in the removal of organic and other impurities.

d) Pharmaceutical: As a Bleaching Agent in the manufacture of certain Antibiotics and Analgesics.

e) Paper: Used as a Bleaching Agent in paper and pulp industry.

f) Clay: Bleaching of clay for removing iron impurities.

g) VAT: Manufacture of Vat Dyes.

h) Soap: Bleaching of Crude Soap.

i) Tanning of Leather: Used as a “Reducing Agent” in the preparation of Chrome Tanned Leather.

MARKET

The Sodium Hydrosulphite manufactured by the company is being marketed throughout the country. In view of the unique manufacturing process adopted by the company, as compared to the process adopted by the competitors, the quality of the product manufactured by the company is superior when compared to the products of the competitors. Thus, the product manufactured by the company is widely acclaimed as the best and is readily accepted in both the Indigenous and the International markets.

ISO 9002

The company has been granted ISO 9002 Quality System Certificate by DET NORSKE VERITAS, Netherlands. The company has also been given ISO 14001 (Environment Management System) for its Power Plant.

EXPORT

The company is exporting its products to France, Spain, Italy, Germany, U.K., Netherlands, U.S.A., and Indonesia and is earning valuable foreign exchange. Considering the presence of multinational giants in the aforesaid countries, marketing similar products, the consistent export performance by the company is a significant achievement by the company and is a testimony to the quality of its product

NEW PROJECTS COMMISSIONED

SODIUM FORMALDEHYDE SULF OXYLATE PLANT (TANGOLITE)

The company has set up a Plant for manufacture of Sodium Formaldehyde Sulf Oxylate, each of 500 tonnes capacity, per annum. The Sodium Formaldehyde Sulf Oxylate Plant was commissioned in March 1991.

The plant was set up at a cost of Rs.20.000 millions by availing finance from the Industrial Credit and Investment Corporation of India Limited (ICICI) through Buyers Line of Credit. This was duly repaid in full by March ’96.

The product has been well received in the market and is comparable to similar products available in the market. It is being marketed, throughout the country, under the brand name of ‘Tangolite’.

WIND MILL PROJECT

The company has set up 12 Wind Electric Generators of 225 KW each, at Kayathar, in Thirunelveli District, in Tamil Nadu, with the financial assistance of Rs.20.000 Millions from the Industrial Development Bank of India (IDBI) and Rs.68.000 millions from the Indian Renewable Energy Development Agency Limited (IREDA). All the 12 windmills have been duly installed and commissioned and the energy generated has been drawn for our factory at Karaikudi.

The company has also set up 7 Wind Electric Generators of 500 KW each, at Palladam Taluk, in Coimbatore District, in Tamil Nadu, at a cost of about Rs.200.000 Millions, with the financial assistance of Rs. 144.500 millions from the IndusInd Bank Limited and Rs.55.000 millions from internal accrual.

The company has also set up 6 Wind Electric Generators of 500 KW each, at Thenkasi Taluk, in Thirunelveli District, in Tamil Nadu, at a cost of Rs.200.000 millions, financed from internal accrual.

EXPANSION OF SODIUM HYDROSULPHITE PLANT CAPACITY

The company has expanded the capacity of the Hydrosulphite Plant (SHS) from 4600 tonnes (re-endorsed) to 8500 tonnes per annum by adding filter dryer and other balancing equipments. The company has, out of its own internal accruals, successfully expanded the existing capacity. Due to consistent R and D efforts carried out by the company, the company was able to increase the yield per batch and consequently was able to achieve higher production.

ZINC FORMALDEHYDE SULPHOXYLATE (TANGOLIN)

The company has, by its R and D efforts, successfully commissioned the Zinc Formaldehyde Sulphoxylate Plant out of the funds from its internal generation and has been marketing its new product under the brand name ‘Tangolin’. The licensed capacity of the Plant is 500 tonnes per annum.

EXPANSION OF THE SODIUM FORMALDEHYDE SULPHOXYLATE PLANT (TANGOLITE)

The company has also expanded the production capacity of the existing Sodium Formaldehyde Sulphoxylate plant from 500 tonnes and has been marketing the same.

TRISALT AND DRUM PLANT

As a part of backward integration, the company, by its R and D efforts, has been successful in identifying three salts, viz., Sodium Formate, Sodium Sulphate and Sodium Thio Sulphate out of the company’s effluent discharge thereby reducing the effluent almost to a zero level. These trisalts are being marketed and has value addition and is being used in leather, paper and photographic industries.

DRUM PLANT

The company has set up a Drum Plant to meet its own packing requirements of Hydrosulphite, Tangolin and Tangolite, which has, to a certain extent, reduced the cost of packing.

63.5 MW COAL BASED POWER PLANT

Background

The company had identified a 63.5 MW new, but unused, Coal Fired Power Plant in South Africa. This plant was supplied and erected in South Africa by an Italian company GIE, presently known as the Ansaldo Group. The plant, which was nearly fully erected at

Boputhatswana, in South Africa, could not be run, due to political reasons. It was decided by the Government of South Africa to sell the Power Plant.

TCP had deputed a team of its Power Plant specialists to inspect and examine the condition of the Power Plant. It was found that M/s Merz and Mclellan in South Africa and M/s Dryden Combustion Company, South Africa, had preserved the Power Plant in an excellent condition, as per the preservation procedure of the Original Equipment Manufacturers.

Based on the technical information and Plant condition, Subject purchased the Power Plant through Redington India Private Limited, Singapore, under, as is where condition is, and was brought to India for up gradation and reerection and commission at Gummidipoondi, in Thiruvallur District, Tamil Nadu.

Erection and commissioning

The plant was erected and successfully commissioned during September 1999. It has been operating at its targeted capacity without any hindrance. The company has entered into a Power Purchase Agreement with the TNEB for the supply of the power generated at its Plant to the TNEB Grid. The Power Plant has been successfully generating and supplying the Power to the TNEB Grid.

Project Cost and Means of Financing

The project cost of the plant for re-erection, after dismantling the same from South Africa, was estimated and appraised at Rs.1098.400 millions by Industrial Credit and Investment Corporation of India Limited (ICICI) a leading Financial Institution. ICICI along with Indian Overseas Bank (IOB), C and IC Branch, sanctioned a Term Loan assistance of Rs.714.000 millions and the balance of Rs.384.400 millions was brought in by the Promoters by way of interest free unsecured loan and by issue of 33,54, 606 Equity Shares of Rs.10/- each, by way of Rights offer, in the ratio of 2 Equity Shares for every 1 Equity share, at par, at Rs.10/- each, to the existing shareholders, on the record date of 7th July 2000.

FOOD DIVISION

The company, as part of further diversification, has identified wheat products manufacturing unit. The unit has been purchased and is given on lease.

6 MW BIOMASS BASED POWER PROJECT

The company is presently implementing a 6 MW Biomass based Power Plant at a cost of around Rs.220.000 millions duly financed partly by the Bankers and partly out of internal generation.

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. 49.50
UK Pound	1	Rs. 77.73
Euro	1	Rs. 65.18

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
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		67

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.