MIRA INFORM REPORT

Report Date :

08.11.2012

IDENTIFICATION DETAILS

Name :	BALAJI AMINES LIMITED
Registered Office :	165 /A, Balaji Bhavan, Railway Lines, Solapur – 413001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.10.1988
Com. Reg. No.:	11-049387
Capital Investment / Paid-up Capital :	Rs.64.802 Millions
CIN No.: [Company Identification No.]	L24132MH1988PLC049387
TAN No.: [Tax Deduction & Collection Account No.]	PNEB02668B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Manufacturing of Speciality Chemicals, Aliphatic Amines and Derivatives.
No. of Employees :	700 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 5800000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Rating	Non Fund Based Working Capital Limits = A2+
Rating Explanation	Good intrinsic capacity for timely payment of financial commitments.
Date	07.06.2012

Rating Agency Name	FITCH
Rating	Term Loan = A-
Rating Explanation	High credit quality
Date	07.06.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	165 /A, Balaji Bhavan, Railway Lines, Solapur – 413001, Maharashtra, India
Tel. No.:	91-217-2620825 / 2721182 / 2620822/ 2310822/ 2310823/ 2310824/ 2310828
Mobile No.:	91-9822750421 (Mr. Arun Mashal)
Fax No.:	91-217-2620821/2310821/ 2310828
E-Mail :	amines@pn2.vsnl.net.in info@balajiamines.com spr_amines@sanchanet.in cs@balajiamines.com mktg@balajiamines.com
Website :	http://balajiamines.com
Area :	3000 sq. ft.
Location :	Rented
Administrative Office :	3^rd Floor, KPR House, Sardar Patel Road, Secunderabad – 500 003, Andhra Pradesh, India
Tel. No.:	91-40-27847122/ 27898206/ 27814490/ 66336121/ 66337121
Fax No. :	91-40-27816171
E-Mail :	amines@hd2.vsnl.net.in infohyd@balajiamines.com infohyd@balajiamines.com unit2mktg@balajiamines.com psmani@balajiamines.com
Factory 1 :	Tamalwadi Village, Tuljapur (TQ), Osmanabad District, Maharashtra – 413 623, India
Tel. No.:	91-2471-265013/265014/265015
Fax No.:	factoryoffice@balajiamines.com osd_aminefac@sancharnet.in works1@balajiamines.com
Factory 2 :	Plot No. 4 and 5, Beside Apseb Sub Station 2, IDA, Bollaram – 502325, Medak District, Andhra Pradesh, India
Tel. No.:	91-8458-279240
Fax No.:	91-8458-329660
Email :	works2@balajiamines.com
Factory 3 :	Plot No. E-7 and 8 MIDC, Chincholi, Solapur - 413255, Maharashtra, India
Email :	unit3works@balajiamines.com
Hotel Division :	Survey No.9/1A/1, Hotg Road, Solapur – 413003, Maharashtra, India

DIRECTORS

As on 31.03.2012

Name :	Mr. A. Prathap Reddy
Designation :	Chairman and Managing Director
Name :	Mr. N Rajeshwar Reddy
Designation :	Whole-time Director
Name :	Mr. D Ram Reddy
Designation :	Whole-time Director
Name :	Mr. G Hemanth Reddy
Designation :	Whole-time Director
Name :	Mr. T Naveena Chandra
Designation :	Independent Director
Name :	Mr. M Amarender Reddy
Designation :	Independent Director
Name :	Mr. SV Pattabhiraman
Designation :	Independent Director
Name :	Mr. CSN Murthy
Designation :	Independent Director

KEY EXECUTIVES

Name :	Ms Arati S Dudhawale
Designation :	Company Secretary
Audit Committee
Name :	Mr. T Naveena Chandra
Designation :	Chairmam
Address :
Date of Birth/Age :	Mr. M Amarender Reddy
Qualification :	Member
Experience :
Date of Appointment :	Mr. CSN Murthy
	Member
Name :
Designation :	Mr. SV Pattabhi Raman
Address :	Membe
Research And Development Committee:
Name :	Me. Prathap Reddy
Designation :	Chairman
Name :	Mr. N Rajeshwar Reddy
Designation :	Member
Name :	Mr. G Heamanth Reddy
Designation :	Member
Remuneration Committee:
Name :	Mr. M Amarender Reddy
Designation :	Chairman
Name :	Mr. CSN Murthy
Designation :	Member
Name :	Mr. T Naveena Chandra
Designation :	Member

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	12741553	39.32
Bodies Corporate	4712415	14.54
Sub Total	17453968	53.87
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	17453968	53.87
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	5	0.00
Sub Total	5	0.00
(2) Non-Institutions
Bodies Corporate	1409198	4.35
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	5947706	18.36
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	6727333	20.76
Any Others (Specify)	862790	2.66
Clearing Members	182584	0.56
Non Resident Indians	680206	2.10
Sub Total	14947027	46.13
Total Public shareholding (B)	14947032	46.13
Total (A)+(B)	32401000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	32401000	0.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Speciality Chemicals, Aliphatic Amines and Derivatives.

Products :

Product Description	Item Code
Methyl Amines	292111
Ethyl Amines	292111
Derivatives	292111

Amines

• Mono-Methylamine (MMA)

• Di-Methylamine (DMA)

• Tri-Methlylamine (TMA)

• Mono-Ethylamine (MEA)

• Di-Ethylamine (DEA)

• Tri-Ethylamine (TEA)

• Mono-Methyl Amino Ethanol (MMAE)

• Di-Methyl Amino Ethanol (DMAE)

• Di-Ethyl Amino Ethanol (DEAE)

Specialty Chemicals

• N-Methyl Pyrrolidone (NMP)

• Morpholine

• 2-Pyrrolidone (2-P)

• N-Ethyl-2-Pyrrolidone

• Gamma-Butyrolactone

• Poly-Vinylpyrrolidone K 30

Derivatives

• Di-Methyl Acetamide (DMAC)

• Di-Methyl Amine Hydrochloride (DMA-HCl))

• Tri-Methyl Amine Hydrochloride (TMA-HCl)

• Di-Ethyl Amine Hydrochloride (DEA-HCL)

• Tri-Ethyl Amine Hydrochloride (TEA-HCL)

• Di-Methyl Urea (DMU)

• Choline Chloride

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Unit	Actual Production
Aliphatic Amines and Derivatives of Amines	(MT)	60294.661
Electricity	(KWH)	309.72
Furnace Oil	(Liters)	--

GENERAL INFORMATION

No. of Employees :

700 (Approximately)

Bankers :

· State Bank of Hyderabad

· State Bank of India

· ING Vysya Bank

· Bank of Baroda

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2012

As on

31.03.2011

Term Loan

From Banks

State Bank of Hyderabad

683.389

525.357

State Bank of India

(Term Loans - secured by first charge on all fixed assets of the company, both present and future and mortgage by deposit of the land title deeds (except otherwise specifically excluded))

2.398

17.173

Bank of Baroda

(Secured specifically by first charge on Wind Electric Generator)

38.553

49.970

Bank of Baroda

(Secured specifically by first charge on Land and Building of Hotel Project)

137.134

48.975

Working Capital

State Bank of Hyderabad

499.596

420.925

State Bank of India

492.621

349.160

ING Vysya Bank Limited

(Towards working Capital limits, secured by way of hypothecation of stocks and book debts and second charge on all fixed assets of the company, (except Hotel Division) both present and future.))

118.307

65.890

Total

1971.998

1477.450

(The Directors of the company Viz., Mr. A. Prathap Reddy, Mr. N. Rajeshwar Reddy, Mr. D. Ram Reddy and Mr. G. Hemanth Reddy have provided personal guarantee in respect of the above loans to the extent mentioned hereunder).

Rs. In Millions

Sr. No.	Name of the Bank	Aggregate Amount of Guarantee as per Sanction letter	Repayment Terms
1	State Bank of Hyderabad	Rs.1360.000	7 Years
2	State Bank of India	Rs.100.000	7 Years
3	Bank of Baroda	Rs.59.500	7 Years
4	Bank of Baroda	Rs.240.000	7 Years

(The above borrowings are also supported by personal guarantee of Directors of the company, viz., Mr. A. Prathap Reddy, Mr. N. Rajeshwar Reddy, Mr. D. Ram Reddy and Mr. G. Hemanth Reddy).

Rs. In Millions

Sr. No.	Name of the Bank	Aggregate Amount of Guarantee as per Sanction letter	Repayment Terms
1	State Bank of Hyderabad	Rs.565.000	On Demand
2	State Bank of India	Rs.435.000	On Demand
3	ING Vysya Bank Limited	Rs.70.000	On Demand

Banking Relations :	--
Auditors :
Name :	V. Sridhar and Company Chartered Accountants
Address :	Hyderabad, Andhra Pradesh, India
Subsidiaries :	Bhagyanagar Chemicals Limited
Company in which the Enterprise is substantially interested, by holding 30% of shares in the total paid up share capital.	Balaji Sourcing Private Limited
Company in which the Enterprise is substantially interested, by holding 49% of shares in the total paid up share capital.	Balaji Greentech Products Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
45000000	Equity Shares	Rs.2/- each	Rs.90.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
32401000	Equity Shares	Rs.2/- each	Rs.64.802 Millions

Particular	No of Share
No. of Shares outstanding at beginning the year Changes during the year	3,24,01,000
No. of Shares outstanding at end of the year	3,24,01,000

Restriction on Disbursement of Dividend

As part of the general terms and conditions in respect of Working Capital borrowings from Banks, prior permission should be taken from the lending Banks before distribution of dividend. Similarly, the term lenders have imposed a condition that, no dividend shall be declared in the event of default in the scheduled repayment of instalment

Shareholders Holding More Than 5% Shares

Sr. No.	Name of the Share Holder	No. of Shares	Percentage
1.	Ande Prathap Reddy	55,38,050	17.09%
2.	APR Holdings Investment Private Limited	47,12,415	14.54%
3.	A. Shakunthala Devi	28,76,450	8.88%

The company has declared bonus shares @ 1:1 in financial 2006-07. i.e. one bonus share for every one share held. The capital prior to bonus issue was Rs. 3,24,01,000/- divided into 32,40,100 shares of Rs. 10/- each.

Post bonus issue the capital of the company became Rs.6,48,02,000/- divided into 64,80,200 shares of Rs. 10/- each. Subsequently vide resolution of the members passed under section 94 of the Companies Act 1956, at the Annual General Meeting held on 08.09.2010, the share of par value of Rs. 10/- each has been split-up into 5 shares of par value of Rs. 2/- each resulting in the present paid up capital of 3,24,01,000 equity shares of Rs. 2/- each agreegating to Rs. 6,48,02,000/-. During the five years immediately preceding the financial year 2011-12 the company has not allotted any shares without payment being received in cash nor bought back any shares.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		64.802	64.802	64.802
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1397.153	1070.663	827.196
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1461.955	1135.465	891.998
LOAN FUNDS
1] Secured Loans		1971.998	1477.450	996.874
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1971.998	1477.450	996.874
DEFERRED TAX LIABILITIES		366.088	336.597	268.496
TOTAL		3800.041	2949.512	2157.368
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1956.348	1596.719	1203.182
Capital work-in-progress		246.657	118.387	23.585
INVESTMENT		85.528	85.527	44.028
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1074.045	705.975	319.989
	Sundry Debtors	821.371	737.498	667.310
	Cash & Bank Balances	44.782	90.304	36.206
	Other Current Assets	0.000	0.000	9.650
	Other Non-Current Assets	10.460	7.218	0.000
	Loans & Advances	428.233	322.004	249.439
Total Current Assets		2378.891	1862.999	1282.594
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	347.111	334.538	317.760
	Other Current Liabilities	294.702	219.793	6.308
	Provisions	225.570	159.789	71.953
Total Current Liabilities		867.383	714.120	396.021
Net Current Assets		1511.508	1148.879	886.573
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3800.041	2949.512	2157.368

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	4495.236	3467.697	2618.958
		Other Income	28.451	17.426	14.563
		TOTAL (A)	4523.687	3485.123	2633.521
Less	EXPENSES
		Raw materials consumed	2810.880	2141.119
		Changes in inventories of finished goods & work-in-process.	(184.377)	(224.158)
		Other Manufacturing Expenses	9.429	13.411	2152.458
		Employee Benefit Expenses	118.963	90.049
		Other Expenses	933.789	816.731
		Exceptional Items	(7.912)	0.000
		TOTAL (B)	3680.772	2837.152	2152.458
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		842.915	647.971	481.063
Less	FINANCIAL EXPENSES (D)		212.057	135.583	97.059
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		630.858	512.388	384.004
Less/ Add	DEPRECIATION/ AMORTISATION (F)		103.451	82.610	68.360
	PROFIT BEFORE TAX (E-F) (G)		527.407	429.778	315.644
Less	TAX (H)		170.790	163.642	109.149
	PROFIT AFTER TAX (G-H) (I)		356.617	266.136	206.495
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	0.000	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	35.662	26.614	21.000
		Dividend	30.126	19.440	16.200
		Tax on Dividend		3.229	2.753
	BALANCE CARRIED TO THE B/S		290.829	216.853	166.542
	Earnings Per Share (Rs.)
	Basic		11.01	8.21	31.87
	Diluted		11.01	8.21	31.87

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012
Type	1^st Quarter	2^nd Quarter
Net Sales	1365.590	1260.110
Total Expenditure	1135.600	1029.440
PBIDT (Excl OI)	229.900	230.670
Other Income	12.830	15.430
Operating Profit	242.820	246.100
Interest	65.470	67.540
Exceptional Items	0.000	0.000
PBDT	177.350	178.560
Depreciation	31.430	31.640
Profit Before Tax	145.920	146.920
Tax	52.260	58.010
Provisions and contingencies	0.000	0.000
Profit After Tax	93.670	88.910
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	93.670	88.910

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.88	7.64	7.84
Net Profit Margin (PBT/Sales)	(%)	11.73	12.39	12.05
Return on Total Assets (PBT/Total Assets}	(%)	12.17	12.42	12.70
Return on Investment (ROI) (PBT/Networth)		0.36	0.38	0.35
Debt Equity Ratio (Total Liability/Networth)		1.94	1.93	1.56
Current Ratio (Current Asset/Current Liability)		2.74	2.61	3.24

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATING RESULTS AND BUSINESS

During the year, the company has achieved a Gross turnover of Rs.4859.500 Millions as compared to Rs. 3747.200 Millions during the previous year. The company registered an impressive `year on year’ growth of 29.68%. Profit After Tax achieved is Rs. 356.617 Millions in the current year as compared to Rs. 266.136 Millions recording a growth of 34 % during the current year.

The Company’s excellent performance is primarily attributed to the efficient usage of plants, product mix, increase in value chain and increase in plant efficiencies. These measures have optimised the consumption coefficients of materials compared to previous year. Stringent cost control measures were implemented by all the team members at all plants

EXPORTS

The net exports have increased by 39.83% over the previous year figures of Rs. 754.300 Millions to Rs. 1054.800 Millions. The Company’s products are well placed in the Global Market. During the year, the company has received Certificate of Suitability for PVP K 30 from EU regulatory authorities which go through stringent Quality checks before awarding the same. The company is the first company to register for this product from India. The Company is the only Company to register under REACH for manufacture and supply of NMP and them are also on schedule for registration of other selected products from their portfolio under REACH certification and expects to continue being able to Export to European markets after REACH deadlines.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE, DEVELOPMENT AND OUTLOOK

The company is a leading manufacturer of specialty chemicals and amines in India and the only manufacturer of specialty chemicals such as N-Methyl-2-Pyrrolidone (NMP), Morpholine, 2-Pyrrolidone (2-P) Gamma Butyrolactone (GBL), Poly Vinyl Pyrrolidone (PVP K 30) and N-Ethyl-2-Pyrrolidone (NEP), which are widely accepted by clients in India and the world over

The company caters to various Industries which are backbone of Indian economy and has market presence in the following growth oriented areas;

· Active Pharmaceutical Ingredients (APIs)

· Agro-chemicals and pesticide formulations

· Refineries

· Water treatment chemicals

· Rubber chemicals

· Electronics sector

· Leather processing chemicals

· Photographic chemicals

· Dye stuffs and paints industries

The Indian economy is going through major challenges of macro-economic policies. During the year 2011-12 Indian economy is estimated to grow @ 6.9% against all odds of global meltdown. More specifically due to Euro zone crisis. However looking at the prospects of the products the company manufactures, the future looks bright and the company is in consolidation phase for its core strengths in specialty chemicals, Amines and it’s derivatives.

CONTINGENT LIABILITIES: (As on 31.03.2012)

Disputed Income Tax Liability Rs.20.000 Millions for Assessment Year 2007-08 to 2009-10. The Company has preferred an appeal against the demand. The amounts paid against the disputed demand Rs. 10.000 Millions are included in Short term Loans and Advances.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2012

Rs. In Millions

Sr.. Particulars	3 Months Ended	Pending 3months ended	Year to date figures for current period ended
	(30.09.2012)	(30.06.2012)	(30.09.2012)
	(Unaudited)	(Unaudited)	(Unaudited)
1. Income from operations
(a) Net sales / income from operations (Net ' of excise duty)	1260.105	1365.588	2625.693
. (b) Other operating income	0.000	0.000	0.000
.Total income from operations (net)	1260.105	1365.588	2625.693
2.Expenses
. (a) Cost of materials consumed	786.470	749.887	1536.357
(b) Changes in inventories of finished goods & work-in-progress	(47.290)	92.421	45.131
. (c) Employee benefits expenses	42.992	45.820	88.812
. (d) Depreciation	31.642	31.434	63.076
. (e) Other expenses	247.268	247.460	494.728
. Total Expenses	1061.082	1167.022	2228.104
Profit / (Loss) from operations before other
3. income, finance costs and exceptional items(1-2)	199.023	198.566	397.589
4. Other Income	15.429	12.832	28.261
5. Profit / (Loss) from ordinary activities before ' finance costs and exceptional items (3+4)	214.452	211.398	425.850
6. Finance Costs	67.537	65.474	133.011
Profit / (Loss) from ordinary activities after
7. finance costs but before exceptional items (56)	146.915	145.924	292.839
8. Exceptional items	0.000		0.000
9.Profit / (Loss) from ordinary activities after tax (7 + 8)	146.915	145.924	292.839
10. Tax Expenses	58.007	52.255	110.262
11 Net Profit / (Loss) from ordinary activities aftertax (9-10)	88.908	93.669	182.577
12. Extraordinary items (net of expense)	0.000	0.000	0.000
13. Net Profit / (Loss) for the period (11 + 12)	88.908	93.669	182.577
14. Paid-up equity share capital (Face Value of ' each Share Rs. 2/-)	64.802	64.802	64.802
15.Reverse excluding Revaluation Reserves as ' per balance sheet of previous accounting year	1763.241	1763.241	1763.241
16 i. Earnings per share (before extraordinary ' items)
. (of Rs. 2/- each) (not annualised) :
. (a) Basic	2.74	2.89	5.63
. (b) Diluted	2.74	2.89	5.63
16 ii. Earnings per share (after extraordinary items)
. (of Rs. 2/- each) (not annualised) :
. (a) Basic	2.74	2.89	5.63
. (b) Diluted	2.74	2.89	5.63
Public shareholding
Number of Shares	14947032	14947032	14947032
Percentage of Shareholding	46.13%	46.13%	46.13%
Promoters and Promoters group shareholding
a) Pledged/ Encumbered*
Number of Shares	6732000	6732000	6732000
Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	38.57%	38.57%	38.57%
Percentage of Shares (as a % of the total share capital of the Company)	20.78%	20.78%	20.78%
b) Non- encumbered
Number of Shares	10721968	10721968	10721968
Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	61.43%	61.43%	61.43%
Percentage of Shares (as a % of the total share capital of the Company)	33.09%	33.09%	33.09%
B. INVESTORS COMPLAINTS.
Pending at the beginning of the quarter.	Nil
Received during the quarter.	Nil
Disposed of during the quarter	Nil
Remaining unresolved at the end of the ' quarter	Nil

STATEMENT OF ASSETS AND LIABILITIES

Rs. In Millions

. Particulars	As at current half year ended
	30.09.2012
A. EQUITY AND LIABILITIES
1. Shareholder's funds
. (a) Share capital	64.802
. (b) Reserves and surplus	1579.731
. (c) Money received against share warrants	0.000
. Sub-total - Shareholder's funds	1644.533
2. Share application money pending allotment
3. Non-current liabilites
. (a) Long-term borrowings	994.992
. (b) Deferred tax liabilities (net)	424.149
. (c) Other long-term liabilities	25.108
. (d) Long-term provisions	0.000
. Sub-total - Non-current liabilities	1444.249
4. Current liabilities
. (a) Short-term borrowings	963.088
. (b) Trade paybles	356.509
. (c) Other current liabilities	338.257
. (d) Short-term provisions	83.428
. Sub-total - Current liabilities	1741.282
. TOTAL - EQUITY AND LIABILITIES	4830.064
B.ASSETS
1. Non-current assets
. (a) Fixed assets	1901.866
. (b) Capital work in progress	517.598
. (c) Non-current investments	206.528
. (d) Deferred tax assets (net)	0.000
. (e) Long-term loans and advances	7.648
. (f) Other non-current assets	10.908
. Sub-total - Non-current assets	2644.548
2. Current assets
. (a) Current Investments	0.000
. (b) Inventories	899.301
. (c) Trade receivables	817.569
. (d) Cash and cash equivalents	64.363
. (e) Short term loan and advances	404.283
. (f) Other current assets	0.000
. Sub-total - Current assets	2185.516
. TOTAL - ASSETS	4830.064

Notes:

1. The above Un-audited results have been reviewed by Audit Committee and taken on record by the Board of Directors at their meeting held on 29.10.2012.

2. Corresponding figures in previous year have been regrouped wherever considered necessary.

3. Company has only single reportable segment, hence AS-17 “Segment reporting" is not applicable.

* The Shares are pledged in favour of Banks to secure various credit facilities to the company.

FIXED ASSETS:

· Land

· Building

· Wind Electric Generator

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Vehicles

WEBSITE DETAILS

PROFILE

Subject is one of the manufacturers of Aliphatic Amines in India was set up in the year 1988 to cater to the growing requirements of value based Specialty Chemicals. Subject commenced manufacture of Methyl Amines in the year 1989 and subsequently added facilities for manufacture of Ethyl Amines and other derivatives of Methyl Amines and Ethyl Amines.

Subject has been consistently adding capacities and fine tuning process to provide quality products at lowest cost to the customers. World over, Amine technology is a closely guarded process with only a few handful companies having access to such technology. Subject for the first time in India tested on an indigenously developed technology and developed it further over a period of time. Today, subject‘s products are accepted in international markets and have gained the distinct export quality status, which makes it one of the few companies in India having the potential to match the stringent international quality standards for which they have been awarded ISO-9001: 2000 Certification apart from appreciation and continuous orders from global majors for their product range.

Subject’s state-of-the-art manufacturing facility is located at Tamalwadi Village, near Solapur (Maharashtra State, India) The facility is fully equipped with latest technology like digital computerized controlled systems, which facilitates the control of operations from the control room in addition, subject possesses an excellent R and D facilities and laboratory, which helps in conducting basic research and also to fine tune the process.

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 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.54.25
UK Pound	1	Rs.87.00
Euro	1	Rs.69.83

INFORMATION DETAILS

Report Prepared by :

NTH

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	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.