MIRA INFORM REPORT

Report Date :

11.10.2012

IDENTIFICATION DETAILS

Name :	ADITYA BIRLA CHEMICALS (INDIA) LIMITED [w.e.f.14.01.2009]
Formerly Known As :	BIHAR CAUSITC AND CHEMICALS LIMITED
Registered Office :	“Ghanshyam Kunj” Garhwa Road, P.O. Rehla, District Palamau – 822124, Jharkhand
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.07.1976
Com. Reg. No.:	03-001255
Capital Investment / Paid-up Capital :	Rs. 233.865 Millions
CIN No.: [Company Identification No.]	L24100JH1976PLC001255
TAN No.: [Tax Deduction & Collection Account No.]	RCHB00299F
PAN No.: [Permanent Account No.]	AAACB7747A
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	Manufacturer of Bulk and Speciality Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (60)

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 14000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having good track record. But in the current year there appears drastic fall in the profitability. However, turnover increases tremendously. Fundamental seems strong. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered trustworthy for business dealing at usual trade terms and condition.

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	CARE
Rating	Long term bank facilities : (CARE) AA-
Rating Explanation	Having high degree of safety regarding timely servicing of financial obligation it carry low credit risk.
Date	October 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 / Factory :	“Ghanshyam Kunj” Garhwa Road, P.O. Rehla, District Palamau – 822124, Jharkhand, India
Tel. No.:	91-6584-262211 / 262221 / 262488
Fax No.:	91-6584-262491  / 262205
E-Mail :	akash.mishra@adityabirla.com abcil.investors@adityabirla.com bb.dixit@adityabirla.com iqbal.khan@adityabirla.com
Website :	www.adityabirlachemicalsindia.com
Corporate Office :	1A, Aditya Birla Centre, SK Ahire Marg, Worli, Mumbai – 400030, Maharashtra, India
Representative Office :	Shangai representative Office, Room 2011, ‘B’ Block, Far East International Plaza 317, Xianxia Road, Shangai – 200051
Tel. No.:	86-21-62351520/ 21
Fax No.:	86-21-62351522
Factory 2 :	Renukoot Chemical Division, P. O. Renukoot, District – Sonbhadra 231217, Uttar Pradesh, India.
Tel. No.:	91-5446-252044 / 55 / 75
Fax No.:	91-5446-252088
E-Mail :	vijaykumar.agrawal@adityabirla.com
Branch offices :	Located at Mumbai  Kolkata Delhi Ranchi

DIRECTORS

AS ON 30.03.2012

Name :

Mr. Vijaykumar Ramratan Agarwal

Designation :

Managing Director

Address :

MD Bungalow, Aditya Birla Chemicals (India) Limited, Renukoot Chemical Division, Renukoot, Sonebhadra – 231217, Uttar Pradesh, India

Date of Birth/Age :

25.06.1957

Qualification :

B.Com

Date of Appointment :

08.08.2012

DIN No.:

05100753

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	L24100JH1976PLC001255	ADITYA BIRLA CHEMICALS (INDIA) LIMITED	Managing director	08/08/2012	24/10/2011	Active	NO

Name :

Mr. Askaran Agarwala

Designation :

Director

Address :

Flat No. 3, Haveli LD Ruparel Marg, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

01.07.1933

Qualification :

B.Com, FCA, LLB

Date of Appointment :

09.05.2001

DIN No.:

00023684

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L24117TN1972PLC006271	TANFAC INDUSTRIES LIMITED	Director	12/11/1980	12/11/1980	-	Active	NO
2	U80300MH1987GAP042663	G.D.BIRLA MEDICAL RESEARCH AND EDUCATION FOUNDATION	Director	09/09/1987	09/09/1987	-	Active	NO
3	U74899DL1995PLC068395	INTERCONTINENTAL HOSPITALS LIMITED	Director	10/05/1995	10/05/1995	-	Active	NO
4	U74999MH1964PLC012924	UDYOG SERVICES LIMITED	Director	12/08/1998	12/08/1998	-	Active	NO
5	L27020MH1958PLC011238	HINDALCO INDUSTRIES LIMITED	Director	11/09/1998	11/09/1998	-	Active	NO
6	U27203WB1938PLC009515	INDIAN ALUMINIUM COMPANY LIMITED	Director	27/06/2000	27/06/2000	-	Amalgamated	NO
7	L24100JH1976PLC001255	ADITYA BIRLA CHEMICALS (INDIA) LIMITED	Director	09/05/2001	09/05/2001	-	Active	NO
8	U17110MH2000PLC127427	ADITYA BIRLA POWER COMPANY LIMITED	Director	29/03/2002	29/03/2002	-	Active	NO
9	U55100MH1988GAP046130	VAIBHAV MEDICAL AND EDUCATION FOUNDATION	Director	01/01/2004	01/01/2004	-	Active	NO
10	U99999HP1994PLC031518	BINA POWER SUPPLY COMPANY LIMITED	Director	21/09/2006	22/06/2006	15/05/2008	Amalgamated	NO
11	U99999GJ2001PLC062239	ADITYA BIRLA INSURANCE BROKERS LIMITED	Director	08/11/2006	08/11/2006	-	Active	NO
12	U85199PN2001PLC019881	ADITYA BIRLA HEALTH SERVICES LIMITED	Additional director	09/07/2012	09/07/2012	-	Active	NO

Name :

Mr. Biswajit Choudhuri

Designation :

Director

Address :

Rajani Kusumalay Nandlal Jiu Road, Off 119, Sarat Bose Road, Kolkata – 700026, West Bengal, India

Date of Birth/Age :

30.04.1942

Qualification :

B. Tech (Hons) FICWA, F.I.I.B, C. Engineering, M.I.E.E. (London)

Date of Appointment :

30.01.2002

DIN No.:

00149018

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L24100JH1976PLC001255	ADITYA BIRLA CHEMICALS (INDIA) LIMITED	Director	30/01/2002	30/01/2002	-	Active	NO
2	L63090GJ1998PLC034182	ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED	Nominee director	02/11/2002	02/11/2002	11/01/2007	Active	NO
3	U26994OR1992PLC003132	ORIND EXPORTS LIMITED	Director	22/01/2004	22/01/2004	09/02/2010	Active	NO
4	U30009WB1992PTC056637	ABADOO PROJECTS INDIA PRIVATE LIMITED	Director	22/11/2004	22/11/2004	09/02/2010	Active	NO
5	U45309WB2006PLC109285	BENGAL SUNNY ROCK ESTATES HOUSING DEVELOPMENT COMPANY LIMITED	Director	08/06/2006	08/06/2006	21/04/2011	Active	NO
6	U27109WB1998PLC086303	HINDUSTHAN ENGINEERING AND INDUSTRIES LIMITED	Director	29/06/2006	29/06/2006	-	Active	NO
7	U25209WB2006PLC111338	SHALZIP INDUSTRIES LIMITED	Director	07/09/2006	07/09/2006	23/06/2008	Strike off	NO
8	L65993WB1979PLC032394	LUDLOW JUTE AND SPECIALITIES LIMITED	Director	30/08/2007	28/06/2007	-	Active	NO
9	L27106CT1999PLC013756	GODAWARI POWER AND ISPAT LIMITED	Director	09/11/2011	25/09/2007	-	Active	NO
10	L24223WB1947PLC015202	DIC INDIA LIMITED	Director	12/06/2008	29/10/2007	29/04/2012	Active	NO
11	U65993WB1972PLC028595	R.V. INVESTMENT AND DEALERS LIMITED	Director	29/10/2007	29/10/2007	-	Active	NO
12	U65923WB2007PTC116670	ATIVIR FINANCIAL CONSULTANTS PRIVATE LIMITED	Director	30/09/2008	07/01/2008	-	Active	NO
13	U27106CT1999PLC013534	R.R.ISPAT LIMITED	Director	23/09/2008	28/07/2008	-	Amalgamated	NO
14	U51109WB1996PTC080341	SPACE MATRIX PRIVATE LIMITED	Additional director	11/08/2008	11/08/2008	10/02/2012	Active	NO
15	L27101WB1985PLC039503	MAITHAN ALLOYS LIMITED	Director	25/07/2009	27/10/2008	-	Active	NO
16	L31909AP1975PLC001949	KHAITAN ELECTRICALS LIMITED	Director	16/09/2010	31/12/2009	-	Active	NO
17	U74899DL1989PLC038371	NKG INFRASTRUCTURE LIMITED	Director	10/05/2010	19/04/2010	03/09/2012	Active	NO
18	L27101CT1984PLC005837	HIRA FERRO ALLOYS LIMITED	Director	29/09/2012	09/11/2011	-	Active	NO

Name :

Mr. Prem Prakash Sharma

Designation :

Director

Address :

410/B Road No. 5B, Ashok Nagar PS Argora Ranchi - 834002, Jharkhand, India

Date of Birth/Age :

18.07.1948

Qualification :

M.A. (Economics), L.L.B

Date of Appointment :

30.01.2002

DIN No.:

00788601

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L24100JH1976PLC001255	ADITYA BIRLA CHEMICALS (INDIA) LIMITED	Director	30/01/2002	30/01/2002	-	Active	NO
2	L27106JH1982PLC001633	BIHAR SPONGE IRON LIMITED	Director	07/03/2002	07/03/2002	28/11/2008	Active	NO
3	U45203JH2003SGC010045	GREATER RANCHI DEVELOPMENT AGENCY LIMITED	Director	14/12/2004	14/12/2004	18/01/2006	Active	NO
4	U12000JH1967GOI000806	URANIUM CORPORATION OF INDIA LIMITED	Director	29/08/2007	29/08/2007	19/03/2008	Active	NO
5	U02000JH2002SGC012158	JHARKHAND STATE FOREST DEVELOPMENT CORPORATION LIMITED	Director	01/01/2008	01/01/2008	25/02/2008	Active	NO
6	U01404JH1992PTC005122	RAJESHWARI AGRO INDUSTRY COMPANY PRIVATE LIMITED	Director	25/04/2008	25/04/2008	-	Under Process of Striking off	NO
7	U45203WB2006PLC111712	JAIN INFRAPROJECTS LIMITED	Director	30/09/2008	08/09/2008	01/10/2009	Active	NO
8	L27104WB1986PLC040831	BURNPUR CEMENT LIMITED	Director	16/09/2009	25/04/2009	-	Active	NO
9	U40103WB2002PLC145294	ABHIJEET POWER LIMITED	Director	25/11/2010	03/11/2010	-	Active	NO
10	U27106WB2006PLC150110	CORPORATE POWER LIMITED	Director	30/09/2011	24/12/2010	-	Active	NO
11	U63090WB2011PTC165284	C.D. AVIATION (INDIA) PRIVATE LIMITED	Director	23/07/2011	23/07/2011	-	Active	NO

Name :

Mr. Jagdish Chandar Chopra

Designation :

Director

Address :

Flat No. 4, Revills, 45 Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

04.03.1931

Qualification :

M.A. (Economics)

Date of Appointment :

17.10.2006

DIN No.:

00041143

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27109WB1931PLC007010	EUREKA FORBES LIMITED	Director	02/01/1994	02/01/1994	12/09/2012	Active	NO
2	U74899DL1991PTC044361	INFOGAIN INDIA PRIVATE LIMITED	Director	17/08/1998	17/08/1998	-	Active	NO
3	U72900DL2003PTC122115	INFOGAIN INDIA BPO PRIVATE LIMITED	Director	24/11/2005	24/11/2005	-	Active	NO
4	U74300MH1952GAP008859	THE INDIAN SOCIETY OF ADVERTISERS	Director	13/09/2006	13/09/2006	-	Active	NO
5	L24100JH1976PLC001255	ADITYA BIRLA CHEMICALS (INDIA) LIMITED	Director	11/08/2007	17/10/2006	-	Active	NO
6	L61100MH1976PLC019229	GLOBAL OFFSHORE SERVICES LIMITED	Additional director	15/05/2007	22/11/2006	-	Active	NO

Name :

Mr. Kailash Chandra Jhanwar

Designation :

Director

Address :

Bungalow No. 1, Chemical Staff Colony, Birlagram, Nagda, Ujjain – 456331, Madhya Pradesh, India

Date of Birth/Age :

30.06.1957

Qualification :

B.Com. F.C A, C.S (Inter)

Date of Appointment :

21.10.2008

DIN No.:

01743559

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899DL1994GAT056812	ALKALI MANUFACTURERS ASSOCIATION OF INDIA(TRANSFER COMPANY FROM MAHARASHTRA TO	Director	30/06/2007	30/06/2007	Active	NO
2	L24100JH1976PLC001255	ADITYA BIRLA CHEMICALS (INDIA) LIMITED	Director	29/06/2009	21/10/2008	Active	NO
3	U24132GJ2011FLC063644	ADITYA BIRLA EPOXY (INDIA) LIMITED	Director	12/01/2011	12/01/2011	Active	NO

Name :

Mr. Lalitkumar Shantaram Naik

Designation :

Director

Address :

2 Pujari Apartments Off Sion Trombay Road, Deonar, Mumbai – 400088, Maharashtra, India

Date of Birth/Age :

18.10.1961

Qualification :

Chemical Engineer (IIT) PG in Management (IIM Ahmedabad)

Date of Appointment :

01.04.2010

DIN No.:

02943588

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	L24117TN1972PLC006271	TANFAC INDUSTRIES LIMITED	Director	02/08/2010	22/01/2010	Active	NO
2	L24100JH1976PLC001255	ADITYA BIRLA CHEMICALS (INDIA) LIMITED	Director	06/08/2010	01/04/2010	Active	NO
3	U24132GJ2011FLC063644	ADITYA BIRLA EPOXY (INDIA) LIMITED	Director	12/01/2011	12/01/2011	Active	NO
4	U74200MH2006PLC158951	ADITYA BIRLA SCIENCE AND TECHNOLOGY COMPANY LIMITED	Additional director	07/06/2011	07/06/2011	Active	NO

Name :

Mr. Girish Mohanlal Dave

Designation :

Director

Address :

Sethna Building, 1^st Floor, 55 Maharshi Karva Road, Marine Lines, Mumbai – 400002, Maharashtra, India

Date of Birth/Age :

12.07.1938

Qualification :

M.Com, LLB, CAIIB

Date of Appointment :

16.04.2011

DIN No.:

00036455

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L24116MH1989PLC052224	VINATI ORGANICS LIMITED	Director	24/09/1990	24/09/1990	-	Active	NO
2	L74200MH1981PLC024279	PCS TECHNOLOGY LIMITED	Director	29/09/1995	29/09/1995	-	Active	NO
3	U67120MH1997PLC110386	HSBC INVESTDIRECT (INDIA) LIMITED	Director	19/02/2003	19/02/2003	26/09/2008	Active	NO
4	U72200KA1976PLC027564	ADITYA BIRLA MINACS IT SERVICES LIMITED	Director	18/04/2003	18/04/2003	15/07/2009	Amalgamated	NO
5	U67190MH1996PLC097473	INVESTSMART FINANCIAL SERVICES LIMITED	Director	29/09/2006	20/06/2006	26/09/2008	Active	NO
6	L26940MH2000PLC128420	ULTRATECH CEMENT LIMITED	Director	07/07/2006	07/07/2006	-	Active	NO
7	L92142MH2002PLC135964	CINEMAX PROPERTIES LIMITED	Director	07/09/2007	31/07/2007	-	Active	NO
8	U17120MH2007PLC173993	GRASIM BHIWANI TEXTILES LIMITED	Director	11/09/2007	11/09/2007	-	Active	NO
9	U67120KA1991PTC059126	VISTAAR FINANCIAL SERVICES PRIVATE LIMITED	Director	15/01/2008	15/01/2008	13/05/2009	Active	NO
10	U65990MH1988PLC048117	ADITYA BIRLA RETAIL LIMITED	Director	29/09/2008	22/04/2008	-	Active	NO
11	U15499AP2005PTC047082	TERRAFIRMA AGROPROCESSING (INDIA) PRIVATE LIMITED	Director	29/09/2008	22/04/2008	-	Active	NO
12	U64202AP1999PTC072731	H.A.S.TWO HOLDINGS PRIVATE LIMITED	Director	29/09/2008	22/04/2008	-	Active	NO
13	U18101AP2002PTC073589	FABMALL (INDIA) PRIVATE LIMITED	Director	29/09/2008	22/04/2008	-	Active	NO
14	U52520AP1990PTC011172	TRINETHRA SUPERRETAIL PRIVATE LIMITED	Director	29/09/2008	22/04/2008	-	Active	NO
15	L17299GJ1972PLC011626	CAMPHOR AND ALLIED PRODUCTS LTD	Director	30/09/2008	22/08/2008	-	Active	NO
16	U67190MH2007PTC171369	BIRLA FAMILY INVESTMENTS PRIVATE LIMITED	Director	30/05/2009	04/05/2009	-	Active	NO
17	L26959GJ2009PLC058011	SAMRUDDHI CEMENT LIMITED	Director	24/07/2010	18/05/2010	-	Amalgamated	NO
18	L24100JH1976PLC001255	ADITYA BIRLA CHEMICALS (INDIA) LIMITED	Director	08/08/2011	16/04/2011	-	Active	NO
19	U31900GJ2008PTC055471	ELECTROTHERM RENEWABLES PRIVATE LIMITED	Additional director	17/11/2011	17/11/2011	-	Active	NO
20	U40102MH2007PTC175289	PALACE SOLAR ENERGY PRIVATE LIMITED	Additional director	17/11/2011	17/11/2011	-	Active	NO
21	U93030MH2011PLC222613	CINEMAX INDIA LIMITED	Additional director	24/05/2012	24/05/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Akash Mishra
Designation :	Company Secretary
Address :	Qtr. No. A/101 BCCL Colony, Po and PS Rehla Palamau - 822124, Jharkhand, India
Date of Birth/Age :	24.09.1970
Date of Appointment :	01.09.2006
PAN No.:	AEZPM3803N
Name :	B. B. Dixit
Designation :	Unit Head (Rehla)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2012

Category of Shareholder	Total No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	13,169,987	56.31
Sub Total	13,169,987	56.31
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	13,169,987	56.31
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1,500	0.01
Financial Institutions / Banks	2,500	0.01
Central Government / State Government(s)	2,032,000	8.69
Foreign Institutional Investors	2,339,828	10.01
(2) Non-Institutions	4,375,828	18.71
Bodies Corporate	558,251	2.39
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	3,384,951	14.47
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	1,770,348	7.57
Any Others (Specify)	121,135	0.54
Non Resident Indians	111,643	0.48
Clearing Members	15,492	0.07
Sub Total	5,840,685	24.97
Total Public shareholding (B)	10,216,513	43.69
Total (A)+(B)	23,386,500	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	--	--
(2) Public	--	--
Sub Total	--	--
Total (A)+(B)+(C)	23,386,500	100.00

AS ON 08.08.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	10.48
Bodies corporate	58.76
Directors or relatives of directors	0.05
Other top fifty shareholders	7.89
Others	14.12
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Bulk and Speciality Chemicals. 

Products :

ITC Code	Product Descriptions
281510	Caustic Soda Lye
280110	Liquid Chlorine
280610	Hydrochloric Acid

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø IDBI Bank Limited, IDBI House, 44 Shakespeare Sarani, Kolkata – 700017, West Bengal, India

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

Ø Bank of Baroda

Ø State Bank of India

Ø AXIS Bank Limited

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term Loans
From Banks	6822.875	138.000
Loans repayable on demand	252.754	10.506
Total	7075.629	148.506
(i) Security and Terms of Term loan from Banks amounting to Rs. 6796.875 Millions (Previous Year Rs. Nil) (a) Nature of Securities Secured by way of first charge to the Bank on all the movable plant and machinery both present and future being movable properties, now stored at or being stored installed at Rehla, Jharkhand and Renukoot, Uttar Pradesh and second charge on all the stock in trade both present and future and all the book debts, outstanding money receivables, claims and bills due / to be due to the company. (b) Term of Repayment Repayable 32 (Previous year Nil) quarterly instalment of Rs. 234.375 Millions each from 31st August, 2012 alongwith interest of 11.5% p.a. (ii) Security & Terms of Term loan from Banks amounting to Rs. 26.000 Millions (Previous Year Rs. 138.000 Millions) (a) Nature of Securities Term loan way of first exclusive charge to the Bank all the stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and all the book debts, outstanding moneys receivable, claims and bills etc.& all the movable plant and machinery both present and future stored at or at present installed at Garhwa Road , Rehla, Distt: Palamau. (b) Term of Repayment Repayable 4 (Previous year 8) quarterly instalment of Rs. 28.000 Millions each from 1st April and ended with last instalment of Rs. 26.000 Millions on 01.04.2013 alongwith interest of 8% p.a. (i) Rs. 11.575 Millions Secured against pledge of Fixed Deposits of the Company. (ii) Rs. 241.179 Millions against exclusive first charge by way of hypothecation on all stock in trade both present & future consisting of raw materials, finished goods, goods in process and all book debts, outstanding money receivables, claims & bills due / to be due to the Company.

Banking Relations :	--
Financial Institution :	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India
Statutory Auditors :
Name :	Khimji Kunverji and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Cost Auditors :
Name :	Gupta and Company Cost Accountants
Address :	Kolkata, West Bengal, India
Holding Company :	Hindalco Industries Limited
Fellow Subsidiaries Company :	Ø Aditya Birla Minerals Limited Ø Al Dotcom Sdn. BHD. Ø Albrasilis - Aluminio do Brasil Industria Comercia Ltda Ø Alcom Nikkei Specialty Coatings Sdn Berhad Ø Aluminum Company of Malaysia Berhad Ø Aluminum Upstream Holdings LLC Ø Aluminium Norf GmbH Ø 4260848 Canada Inc. Ø AV Metals Inc, Canada Ø AV Minerals BV, Netherland Ø Birla Maroochydore Pty Limited Ø Birla Mt Gordon Pty Limited Ø Birla Nifty Pty Limited Ø Birla Resources Pty Limited Ø Consórcio Candonga (Unincorporated Joint Venture) Ø Dahej Harbour and Infrastructure Limited Ø Deutsche Aluminium Verpackung Recycling GmbH(J-V) Ø East Coast Bauxite Mining Company Private Limited Ø Eurofoil, Inc. Ø Evermore Recycling LLC Ø France Aluminium Recyclage SA Ø Hindalco - Almex Aerospace Limited Ø HAAL (USA) Inc Ø 4260856 Canada Inc. Ø Logan Aluminium Inc. Ø Lucknow Finance Company Limited Ø Mauda Energy Limited Ø Minerals and Minerals Limited Ø Mini MRF LLC (J-V) Ø Novelis Acquisitions LLC Ø Novelis North America Holdings Inc. Ø Novelis (India) Infotech Ltd. Ø Novelis AG Ø Novelis Aluminium Beteiligungsgesellschaft mbH Ø Novelis Aluminium Holding Company Ø 8018227 Canada Inc. Ø Novelis Brand LLC Ø 8018243 Canada Limited Ø Novelis Corporation (Texas) Ø Novelis Cast House Technology Limited Ø Novelis Deutschland GmbH Ø Novelis de Mexico SA de CV Ø Novelis Europe Holdings Limited Ø Novelis do Brasil Ltda Ø Novelis Inc. Ø Novelis Foil France SAS Ø Novelis Korea Limited Ø Novelis Italia SpA Ø Novelis Luxembourg SA Ø Novelis Lamines France SAS Ø Novelis No. 1 Limited Partnership Ø Novelis Madeira, Unipessoal, Lda Ø Novelis PAE SAS Ø Novelis PAE Corporation Ø Novelis South America Holdings LLC Ø Novelis Services Limited Ø Novelis Technology AG Ø Novelis Switzerland SA Ø Novelis UK Limited Ø Renuka Investments and Finance Limited Ø Renukeshwar Investments and Finance Limited Ø Suvas Holdings Limited Ø Tubed Coal Mines Limited Ø Utkal Alumina International Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
24500000	Equity Shares	Rs. 10/- each	Rs. 245.000 Millions
50000	11% Redeemable Cumulative Preference Shares	Rs.100/- each	Rs. 5.000 Millions
	Total		Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23386500	Equity Shares	Rs.10/- each	Rs. 233.865 Millions

Note:

12,004,987 Equity Shares (Previous year 12,004,987) of the Company are held by Hindalco Industries Limited, the holding Company 775,000 shares (Previous year 775,000) are held by Renuka Investment and Finance Limited (Subsidiary of Hindalco Industries Limited).

The Company has only one class of share referred as equity share having a par value of ` 10/-. Each holder of equity share is entitled to same right in all respect.

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		233.865	233.865	233.865
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3368.461	3286.611	2659.704
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3602.326	3520.476	2893.569
LOAN FUNDS
1] Secured Loans		7075.629	148.506	437.964
2] Unsecured Loans		0.000	0.000	2.580
TOTAL BORROWING		7075.629	148.506	440.544
DEFERRED TAX LIABILITIES		475.442	359.357	356.132
TOTAL		11153.397	4028.339	3690.245
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9524.041	2407.175	2536.156
Capital work-in-progress		362.067	87.941	27.247
INVESTMENT		188.396	460.236	309.374
DEFERREX TAX ASSETS		0.000	0.000	0.000
Other Non-Current Assets		511.461	307.635	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	664.111	195.556	208.111
	Sundry Debtors	754.405	253.638	249.541
	Cash & Bank Balances	357.561	466.239	452.467
	Other Current Assets	197.776	43.910	19.699
	Loans & Advances	350.953	147.487	222.394
Total Current Assets		2324.806	1106.830	1152.212
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	80.599	15.184	207.042
	Other Current Liabilities	1542.026	275.235	24.185
	Provisions	134.749	51.059	103.517
Total Current Liabilities		1757.374	341.478	334.744
Net Current Assets		567.432	765.352	817.468
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		11153.397	4028.339	3690.245

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	6145.408	2378.313	2243.251
		Other Income	112.307	151.959	191.591
		TOTAL	6257.715	2530.272	2434.842
Less	EXPENSES
		Cost of Raw Materials Consumed	3164.576	1015.436
		Purchases of Stock-in-Trade	11.345	1.027
		Changes in Inventories	(32.139)	(0.493)
		Employee Benefits Expenses	349.414	139.196
		Power and Fuel	373.446	195.037
		Other Expenses	650.023	235.711
		TOTAL	4516.665	1585.914	1486.536
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1741.050	944.358	948.306
Less	FINANCIAL EXPENSES		806.990	26.387	35.715
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		934.060	917.971	912.591
Less/ Add	DEPRECIATION/ AMORTISATION		540.194	203.626	200.357
	Profit before Exceptional and Extraordinary items and Tax		393.866	714.345	712.234
	Exceptional items : Loss on discarded assets		227.398	0.000	0.000
	PROFIT BEFORE TAX		166.468	714.345	712.234
Less	TAX		123.528	91.349	104.807
	PROFIT AFTER TAX		42.940	622.996	607.427
	Adjustment of Taxation for earlier years		0.000	0.000	(72.481)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2761.121	2151.725	1688.056
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	30.371
		Proposed Dividend	11.700	11.700	35.080
		Tax on Dividend	1.900	1.900	5.826
	BALANCE CARRIED TO THE B/S		2790.461	2761.121	2151.725
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	490.705	4.778	5.023
	IMPORTS
		Raw materials	80.114	0.000	0.000
		Capital Goods & Components	44.252	42.900	29.752
	TOTAL IMPORTS		124.366	42.900	29.752
	Earnings Per Share (Rs.)		1.84	26.81	25.97

QUARTERLY RESULTS

PARTICULARS	30.06.2012
	1^st Quarter
Sales Turnover	1794.740
Total Expenditure	1296.120
PBIDT (Excl OI)	498.620
Other Income	54.950
Operating Profit	553.570
Interest	233.680
Exceptional Items	0.000
PBDT	319.890
Depreciation	147.240
Profit Before Tax	172.650
Tax	95.000
Provisions and contingencies	0.000
Reported PAT	77.660
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	77.660

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.69	24.62	24.95
Net Profit Margin (PBT/Sales)	(%)	2.71	30.04	31.75
Return on Total Assets (PBT/Total Assets}	(%)	1.40	20.33	19.31
Return on Investment (ROI) (PBT/Networth)		0.05	0.20	0.25
Debt Equity Ratio (Total Liability/Networth)		2.45	0.14	0.27
Current Ratio (Current Asset/Current Liability)		1.32	3.24	3.44

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
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	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
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

BACKGROUND

Aditya Birla Chemicals Limited ('the Company') is subsidiary company of Hindalco Limited – a leading aluminium company of India having global operations. The company is engaged in the business of chloro chemicals having plant and registered office at Ghanshyam Kunj, Garhwa Road, Rehla, District Palamau, Jharkhand

During the year under report, the company acquired chloro chemical division and salt works of Kanoria Chemicals and Industries Limited situated respectively at Renukoot (Uttar Pradesh) and Jhangi (Gujarat) (articulated as 'Renukoot Chemical Division' or 'RCD') with effect from May 24, 2011 ('the effective date'). The assets, liabilities, revenue, expenses and other details in the financial statements for the year under report include numbers/details of RCD from the effective date. The corresponding figures and details of previous year, are therefore, not comparable with those for the year under report.

ACQUISITION AND EXPANSION

The Company successfully acquired the Chloro Chemicals Division of M/s. Kanoria Chemicals and Industries Limited for a cash consideration of Rs. 8300.000 Millions in the month of May 2011 and christened it as Renukoot Chemical Division. This acquisition was funded by internal accruals and term borrowings of Rs. 7500.000 Millions from a consortium comprising HDFC Bank and Bank of Baroda.

The Company is in the process of converting the mercury cell plant at the Caustic Soda plant of Renukoot Chemical Division, with the energy efficient and environment friendly membrane cell technology and this will entail a capital investment of Rs. 1500.000 Millions. The new plant will be commissioned in the third quarter of 2012-13.

There will also be a substantial increase in the capacity of the plant by 145 TPD after conversion. With the conversion of the Mercury Cell plant into membrane cell plant, the Company is poised for higher growth on account of higher production, lower power consumption and an eco-friendly environment.

AWARDS AND ACCOLADES

The recognition of its exemplary work in overall maintenance and plant process, the Company’s Rehla unit has bagged the “Chairman’s WCM Gold Award” of Aditya Birla Group in 2011-12. In recognition of their exemplary work in communities, your Company received the “Agrotech Award 2012” from the prestigious Birsa Agriculture University, Ranchi for excellence in Agriculture and Watershed Development.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY DEVELOPMENTS AND OUTLOOK AND SEGMENTWISE PERFORMANCE

Globally, the Caustic Soda Industry had a challenging year, with Global GDP growth declining. The Euro Zone Crisis continued to have an impact on global growth. The demand for chlorine and chlorine derivatives decreased considerably in Q3 and Q4 of F.Y. 2011-12. At the same time, caustic demand growth remained steady, leading to a global shortage of caustic. However, growth in caustic capacity in China had a negative impact on operating rates.

Global demand for caustic increased by 5.6% in 2012, reaching 62.2 Million Tons. Global capacity stood at 89 Million Tons with an average operating rate of around 71%. Caustic Soda production in India increased by 3.3% and touched 2.53 Million Tons in F.Y. 2011-12. Chlorine consumption growth in India was low, at 2.5% in F.Y. 2011-12. This impacted the production of Caustic soda, where the industry average operating rate has been around 85%. High raw material prices, rising energy costs and lack of environmental friendly technology affected chlorine growth. Caustic Soda consumption in India is expected to grow in line with growth of user industries such as Alumina and Textiles. Our Company is poised to capitalize on the growing caustic demand by expanding capacity at the Renukoot unit by 145 TPD. The expanded capacity would be commissioned in the third quarter of F.Y. 2012-13.

Management is hopeful the leadership position of your Company will be reinforced by the organic and inorganic measures under way.

FINANCIAL AND OPERATIONAL PERFORMANCE

Financial Performance Highlights

The financial data of the Company for the year under review is inclusive of the financial data of the Renukoot Chemical Division, hence is not comparable with previous year’s financial data. The gross turnover for the year under review was Rs. 6651.800 Millions as compared to Rs. 2610.700 Millions in the previous year, an increase of 155%. The profit before interest, depreciation and tax was Rs. 1513.700 Millions. After providing Rs. 807.000 Millions for interest, Rs. 540.200 Millions for depreciation and Rs. 123.500 Millions for taxes, net profit for the year was Rs. 42.900 Millions.

Earnings per share was Rs. 1.84 compared, with Rs. 26.64 in last year and return on shareholders’ funds was 1.19% vis-à-vis 17.70% last year.

Operational Performance Highlights

The average production of Caustic and Chlorine for the year 2011-12 was 467 TPD of Caustic Soda. During the year, average power generation was 62.43 MWH, with a Plant Load factor of 78.03%. The net turnover, at Rs. 6090.800 Millions as compared to Rs. 2362.500 Millions in the previous year, reflects a strong rise of 158%. The Company achieved various milestones including highest ever production of Aluminium Chloride at 38 TPD, highest ever production of Stable Bleaching Powder at 29 TPD and longest ever un-interrupted operation (294 days) of the Power Plant at the Rehla unit. The Company’s good performance is due to optimum utilization of plant capacity, optimization of process parameters and various cost reduction initiatives. Interest cost was high at Rs. 807.000 Millions, as compared to Rs. 26.400 Millions in the previous year, due to interest on term borrowings of Rs. 7500.000 Millions. The Company continues to pay MAT under Section 115 JB of the IT Act on account of the Tax incentive under Section 80-IA and higher depreciation under Income Tax Act.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	L24100JH1976PLC001255
Name of the company	ADITYA BIRLA CHEMICALS (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	Garhwa Road, P.O. Rehla, District Palamau – 822124, Jharkhand, India Email ID: abcil.investors@adityabirla.com
This form is for	Creation of charge
Type of charge	Uncalled share capital Immovable property Any interest in immovable property Book debts Movable property (not being pledge) Floating charge Calls made but not paid Goodwill Patent, license under a patent Trademark Copyright or license under a copyright
Particular of charge holder	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India Email ID: itsl@idbitrustee.co.in
Nature of description of the instrument creating or modifying the charge	Facility Agreement dated 30.06.2011 Memorandum of Entry pursuant to Deposit of Title Deeds dated 10.02.2012 Declaration pursuant to Deposit of Title Deeds dated 10.02.2012 Deed of Hypothecation dated 10.02.2012
Date of instrument Creating the charge	10.02.2012
Amount secured by the charge	Rs. 7500.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base rate of HDFC Bank+ 1.50% Terms of Repayment Repayment in 32 equal consecutive quarterly installments starting from quarter ended 31st August 2012 Margin Nil Extent and Operation of the charge First Charge on all immovable properties of the Company First Charge on all movable properties and assets of the Company, both present and future First Charge on all right, title, interest, benefit, claims and demands whatsoever of all of the Company’s bank Accounts and reserves Secound pari-passu charge on all the current assets of the Company, both present and future A first charge on the Debt Services reserve account and other reserves of the Company, wherever maintained.
Short particulars of the property charged	First charge on all immovable properties of the company situated at Rehla, District Palamau, Jharkhand and Renukoot, District Sonebhadra, Uttar Pradesh First charge on all movable properties of the Company including those situated at Rehla, District Palamau, Jharkhand and Renukoot, District Sonebhadra, Uttar Pradesh, both present and future First charge on all righr, title, interest, benefit, claims and demands whatsoever of all Company’s bank accounts and reservies Second pari-passu charge on all the current assets of the company, both present and future First charge on the Debt Services Reserve Account and other reserves of the borrower, wherever maintained.

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2012

(Rs. in millions)

Particulars	Three months Ended Unaudited
	30.06.2012
(a) Net Sales / Income from operations	1781.498
(b) Other Operating Income	13.244
Total Income	1794.742
Expenditure
a) Changes in Inventories of finished Goods, Work in Progress and stock in trade	(14.383)
b) Cost of Material consumed	896.428
c) Purchase of stock in trade	44.925
d) Employees benefits expenses	103.766
e) Depreciation and Amortization	147.241
f) Other expenditure
i) Power and Fuel	87.473
ii) Other expenditure	177.903
Total	1443.354
Profit from operations before other income, interest and exceptional Items	351.388
Other income	54.948
Profit before interest and exceptional Items	406.336
Finance charges	233.684
Profit after Interest but before Exceptional Items	172.652
Exceptional Items	0.000
Profit (+)/Loss(-) from Oridinary Activities before tax	172.652
Tax expense	94.997
Net Profit (+)/Loss(-) from Ordinary Activities after tax	77.655
Paid up equity share capital (Face value of Rs.10/- per share)	233.865
Reserves and reserves	--
Earnings per share (EPS)
(a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualised)	3.32
Public shareholding
Number of shares*	10216513
Percentage of shareholding	44%
Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	Nil
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	Nil
Percentage of shares (as a % of total share capital of the company)	Nil
b) Non Encumbered
Number of shares	13169987
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100%
Percentage of shares (as a % of total share capital of the company)	56%

B	Investor 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

Note:

1) The above unaudited results have been recommended by the Audit Committee and approved by the Board of Directors at their meeting held on August 13, 2012.

2) The unaudited financial results have been prepared on the basis of same accounting policies which were followed in preparation of financial results for the year ended March 31, 2012.

3) Provision for Wealth tax and MAT credit Entitlement, if any will be made at the close of the year.

4) Segment Reporting: The company is primarily engaged in the business of Chlor Alkali Chemicals. Since the inherent nature of these activities is governed by the same act of risks and returns, there is no reportable segment.

5) Net sales include sale of Power to State Electricity Board for the amount detailed below:

Particulars	Three months Ended Unaudited
	30.06.2012
UP State Electricity Board	3.657
Jharkhand State Electricity Board	0.649

6) Other income includes Grant of Rs. 33.439 Millions received towards relief of Sales Tax (VAT and CST) owing to expansion of the Caustic Soda plant capacity during FY 2005-06. As per terms of sanction of the grant, the plant has to continue its operations at least for a period of five years from last eligible year.

7) The Company has acquired Chloro Chemiclas Division and Slat Works of Kanoria Chemicals and Industries Limited situated respectively at Renukoot (Uttar Pradesh) and Jhangi, Gujarat w.e.f. 24.05.2011. The results for the period include results from operations of Chloro-Chemicals Division, Renukoot and therefore are not fully comparable with results of the corresponding period of the previous year.

8) In accordance with Clause 41 of the Listing Agreement the Statutory Auditors have carried out a limited review of the financial results of the first quarter ended June, 2012.

9) The results for the quarter ended March 31, 2012 have been arrived at by deducting the year-to-dateresults of earlier three quarters of the financial year from the total result for the financial year 2011-12.

10) Previous period\s Figures have regrouped / rearranged wherever necessary to conform to current period’s classification.

CONTINGENT LIABILITIES:

(Rs. in Millions)

A) Contingent Liabilities not provided for in respect of the following:	31.03.2012	31.03.2011
a) Outstanding Bank Guarantees (Against which Rs.40.600 Millions has been deposited as FDR with Banks, Previous year Rs. 46.500 Millions)	171.701	76.901
b) Claims/Disputed liabilities against the Company not acknowledged as debt
i) a) Annual Minimum Guarantee Electricity charges & delayed payment surcharge thereon against which Rs.10.000 Millions (previous year Rs.10.000 Millions) has been deposited (The order of Consumer Grievance Redressal Forum relating to Annual Minimum Guarantee case was challenged by JSEB before Ranchi High Court. On hearing, the Ranchi High Court directed JSEB to raise the bill in accordance with the Forum’s order subject to final adjudication of pending writ. Complying with Forum’s order, JSEB has raised bill which involved a refund of Rs 1.780 Millions to the Company. Since the writ is pending before the Court, contingent liability of Rs.651.125 Millions has been disclosed in the accounts).	651.125	645.965
b ) Delayed payment of surcharge on the amount of fuel surcharge arrears	48.212	48.063
ii) Amount claimed by the Kandla Port Trust not acknowledge by company, matter is pending before the Court.	38.260	Nil
iii) Income Tax
a) AY 1998–99, 2000–01, ITAT (Appeals) effect Pending with A.O. (Against which Rs. 0.932 Million paid)	1.315	1.315
b) AY 2007–08 for which the Company has filed appeal with CIT (Appeals) and Petition u/s 154 has been filed for considering correct amount of TDS & Advance Tax	19.702	19.702
c) AY 2008–09 for which the Company has filed appeal with CIT (Appeals) and Petition u/s 154 has been filed for considering correct amount of TDS	35.732	35.732
d) Various other cases for which the Company has filed appeal with CIT (Appeals)	0.844	0.227
iv) Liquidated damage and interest claimed by BSIDC not acknowledged by the Company	14.318	12.916
v) Compensation payable against various labour cases pending with various Courts	15.600	15.600
vi) Land revenue and Maintenance charges payable to Ranchi Industrial Area Development Authority (RIADA), Ranchi	1.050	1.050
Sales Tax	1.086	Nil
vii) AY 2003-04 for which the Company has filed writ no.1811/2007 before Allahabad High Court against Dy Commissioner (A), Sonebhadra Order (due to non submission of certificate of Trade tax check post at Nepal Border Rs.0.163 Million was deposited)	6.042	Nil
viii) Excise
a) For the Period (2000-01 to 2006-07): Demand of Excise duty on clearance of SBP to M/s UNICEF without payment of Excise duty under Notification No. 108/95 C.E. Case is pending before CESTAT, New Delhi	6.042	Nil
b) For the Period (June’03- March’ 07): Case against demand raised for excise duty is pending before CESTAT, New Delhi	53.346	Nil
c) Various other cases pending before excise department, high Court & CESTAT	1.476	Nil
ix) Service tax
a) Demand of Service Tax for the period April’ 05- June’ 06. Cases were pending before CESTAT, New Delhi	14.121	Nil
b) Demand of penalty on service tax on banking and other financial services availed by company for issue of FCCB. Cases were pending before CESTAT, New Delhi.	2.511	Nil

FIXED ASSETS

Ø Land-Freehold

Ø Land-Leasehold

Ø Buildings

Ø Plant and Machineries

Ø Chlorine Tonners

Ø Furniture and Fixtures

Ø Computers Office Equipments

Ø Railway siding

Ø Vehicles

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 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. 53.04
UK Pound	1	Rs. 84.83
Euro	1	Rs. 68.21

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		60

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

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.