MIRA INFORM REPORT

Report Date :

01.04.2013

IDENTIFICATION DETAILS

Name :	CAMPHOR AND ALLIED PRODUCTS LIMITED
Registered Office :	Plot No. 3, GIDC Industrial Estate, Nandesari, Vadodara – 391340, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.04.1972
Com. Reg. No.:	04-011626
Capital Investment / Paid-up Capital :	Rs.51.337 Millions
CIN No.: [Company Identification No.]	L17299GJ1972PLC011626
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Fine Chemicals.
No. of Employees :	354 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 2900000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears continuous dip in the profitability. However, general financial position is good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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	ICRA
Rating	BBB- (Long Term Rating)
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation. It carry moderate credit risk.
Date	January 2013

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/ Branch Office 1/ Factory 1 :	Plot No. 3, GIDC Industrial Estate, Nandesari, Vadodara – 391340, Gujarat, India
Tel. No.:	91-265-2840251
Fax No.:	91-265-2840224
E-Mail :	vipul@camphor-allied.com
Website :	http://www.camphor-allied.com
Corporate Office :	Jehangir Building, 133 M.G. Road, Mumbai - 400001, Maharashtra, India
Tel. No.:	91-22-43214000
Fax No.:	91-22-43214099
E-Mail :	sales_bom@camphor-allied.com
Branch Office 2/ Factory 2 :	Clutterbuckganj, Bareilly - 243502, Uttar Pradesh, India
Tel. No.:	91-581-2561115/ 2561128
Fax No.:	91-581-2561112
E-Mail :	sales_cbj@camphor-allied.com

DIRECTORS

As on: 31.03.2012

Name :	Mr. Anil K. Bodani
Designation :	Executive Chairman
Name :	Mr. Dharmil A. Bodani
Designation :	Managing Director
Name :	Mr. Shyamal A. Bodani
Designation :	Executive Directo
Name :	Mr. D. S. Raghava
Designation :	Executive Director
Name :	Mr. Girish M. Dave
Designation :	Non-Executive Director
Name :	Mr. Harshvardhan Piramal
Designation :	Non-Executive Director
Name :	Mr. Ranjeet A. Puranik
Designation :	Non-Executive Director
Name :	Mr. Amitabh Himatsingka
Designation :	Non-Executive Director (upto 12th July, 2011)
Name :	Mr. Prakash Mehta
Designation :	Non-Executive Director (from 5th Aug, 2011)

KEY EXECUTIVES

Name :	Mr. Vishnu R. Murkar
Designation :	Company Secretary (upto 31st March, 2012)
Name :	Mr. Vipul Kumar Singh
Designation :	Company Secretary (from 18th April, 2012)
Name :	Mr. Girish Khandelwal
Designation :	G. M. Accounts and Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.12.2012

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	2960280	57.66
Sub Total	2960280	57.66
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2960280	57.66
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	2150	0.04
Financial Institutions / Banks	1154	0.02
Central Government / State Government(s)	5	0.00
Sub Total	3309	0.06
(2) Non-Institutions
Bodies Corporate	472102	9.20
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1537078	29.94
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	141194	2.75
Any Others (Specify)	19711	0.38
Non Resident Indians	17693	0.34
Clearing Members	2018	0.04
Sub Total	2170085	42.27
Total Public shareholding (B)	2173394	42.34
Total (A)+(B)	5133674	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)	5133674	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Fine Chemicals.

PRODUCTION STATUS (As on: 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Camphor / Isoborneol	M.T.	3500	2745.40
Pine Oil / Terpineols	M.T.	1500	1595.09
Poly – Terpene Resin	M.T.	1000	846.85
Perfumery Chemicals	M.T.	1350	1095.25
Speciality Chemicals	M.T.	1300	999.46
Intermediate Products	M.T.	--	3124.56

Note: The License Capacities are De-licensed.

** As Certified by the Management and accepted by the Auditors, without verification, being a technical Matter

*** Based on yield as verified and certified by the Management.

GENERAL INFORMATION

No. of Employees :

354 (Approximately)

Bankers :

· The Hongkong Shanghai Banking Corporation Limited

· Standard Chartered Bank

· Bank of Baroda

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term loans from Banks* (Secured By First Paripasu Charge on Movable and Immovable Fixed Assets of the Company situated at 3, GIDC Industrial Area, Nandesari, Gujarat and Personal Guarantee of a Director)	695.838	0.000
Working Capital Loan from Banks (Secured by First Pari pasu charge by way of Hypothecation of Current Assets both Present and Future and other movable assets and Second charge on Movable and Immovable Fixed Assets of the Company at 3, GIDC Industrial Area, Nandesari, Gujarat in favour of a Bank)	248.656	409.175
Total	944.494	409.175

Note:

* Term Loan Repayment Schedule

(Rs. In Millions)

Particulars	Range of interest	As at 31.03.2012
From Banks	6.20% to 6.69%
0 - 1 Years Disclosed as Current Maturities of Long Term Debts		67.887
Total….. A)		67.887
1 - 2 Years		203.660
2 - 3 Years		203.660
3 - 4 Years		203.660
4 - 5 Years		84.858
Total….. B)		695.838
Grand Total….. A)+B)		763.725

Banking Relations :	--
Auditors :
Name :	Lodha and Company Chartered Accountants
Holding Company :	Oriental Aromatics Limited
Fellow Subsidiary :	Oriental Aromatics Inc.

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5133674	Equity Shares	Rs.10/- each	Rs.51.337 Millions

a) Details of members holding equity shares more than 5%

Particulars	As at 31-03-2012
	No. of Shares held	% of Holding
Oriental Aromatics Limited (Holding Company)	2960280	57.66

b) Terms & Rights attached to equity shares

(i) The Company has only one class of equity shares having a par value of Rs.10 each. Each holder of equity shares is entitled to one vote per share. The Company declares and pay dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to approval of the Shareholders in the ensuing Annual General Meeting.

(ii) In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amount, in proportion to the shareholding. However, no such preferential amount exist currently.

c) Reconciliation of numbers of equity shares

Particulars	As at 31-03-2012
	No. of Shares	Rs. In Millions
Shares outstanding at the beginning of the year	5133674	51.337
Shares Issued during the year	-	-
Shares bought back during the year	-	-
Shares outstanding at the end of the year	5133674	51.337

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		51.337	51.337	51.337
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		681.580	660.374	592.811
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		732.917	711.711	644.148
LOAN FUNDS
1] Secured Loans		944.494	409.175	173.009
2] Unsecured Loans		0.000	0.000	14.754
TOTAL BORROWING		944.494	409.175	187.763
DEFERRED TAX LIABILITIES		55.134	56.763	64.957
TOTAL		1732.545	1177.649	896.868
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		328.005	342.076	323.789
Capital work-in-progress		199.631	2.881	21.522
INVESTMENT		0.767	0.744	0.744
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	444.495	571.897	387.165
	Sundry Debtors	297.346	316.904	200.115
	Cash & Bank Balances	554.310	30.792	34.375
	Other Current Assets	2.158	0.357	0.185
	Loans & Advances	182.328	138.021	75.687
Total Current Assets		1480.637	1057.971	697.527
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	133.229	112.102	105.744
	Other Current Liabilities	124.491	80.084	21.270
	Provisions	18.775	33.837	19.700
Total Current Liabilities		276.495	226.023	146.714
Net Current Assets		1204.142	831.948	550.813
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1732.545	1177.649	896.868

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2022.359	2168.331	1654.621
		Other Income	5.773	6.987	11.898
		TOTAL (A)	2028.132	2175.318	1666.519
Less	EXPENSES
		Cost of materials consumed	1422.683	1748.901
		Manufacturing and operating costs	210.186	214.443
		Changes in inventories of finished goods and Work-in-Progress	106.434	(90.542)
		Employee benefits expense	96.616	84.599
		Other expenses	76.306	77.738
		Exceptional items	31.603	(8.370)
		TOTAL (B)	1943.828	2026.769	1468.652
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		84.304	148.549	197.867
Less	FINANCIAL EXPENSES (D)		25.971	18.441	13.165
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		58.331	130.108	184.702
Less/ Add	DEPRECIATION/ AMORTISATION (F)		27.446	26.406	24.669
	PROFIT BEFORE TAX (E-F) (G)		30.887	103.702	160.033
Less	TAX (H)		9.653	27.189	57.609
	PROFIT AFTER TAX (G-H) (I)		21.234	76.513	102.424
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		195.110	137.547	47.603
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	10.000	3.500
		Proposed Dividend	0.000	7.701	7.701
		Corporate Tax on Proposed Dividend	0.028	1.249	1.279
	BALANCE CARRIED TO THE B/S		216.316	195.110	137.547
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	456.860	414.707	307.800
	TOTAL EARNINGS		456.860	414.707	307.800
	IMPORTS
		Raw Materials	944.525	1323.744	801.852
	TOTAL IMPORTS		944.525	1323.744	801.852
	Earnings Per Share (Rs.)		4.14	14.90	19.95

QUARTERLY RESULTS

PARTICULARS	30.06.2012 1st Quarter	30.09.2012 2^nd Quarter	31.12.2012 3^rd Quarter
Type	Unaudited	Unaudited	Unaudited
Net Sales	521.600	545.600	541.400
Total Expenditure	443.400	455.700	460.200
PBIDT (Excl OI)	78.200	89.900	81.200
Other Income	1.000	2.200	1.800
Operating Profit	79.100	92.100	83.000
Interest	4.500	2.700	3.000
Exceptional Items	(17.300)	126.400	(8.600)
PBDT	57.300	215.800	71.400
Depreciation	6.700	6.700	7.100
Profit Before Tax	50.600	209.100	64.300
Tax	16.400	60.100	19.300
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	34.200	149.000	45.100
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	34.200	149.000	45.100

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.05	3.52	6.15
Net Profit Margin (PBT/Sales)	(%)	1.53	4.78	9.67
Return on Total Assets (PBT/Total Assets}	(%)	1.71	7.41	15.67
Return on Investment (ROI) (PBT/Networth)		0.04	0.15	0.25
Debt Equity Ratio (Total Debt/Networth)		1.29	0.57	0.29
Current Ratio (Current Asset/Current Liability)		5.36	4.68	4.75

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	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	Yes
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

REVIEW OF OPERATIONS

The Company’s sales revenue has decreased marginally during the year due to reduction in sale prices, the Company has achieved turnover of Rs. 2022.359 Millions which is decreased by 6.73% as compared to last year turnover of Rs. 2168.331 Millions.

The Company’s Profit after tax has decreased during the year due to Foreign Exchange Loss of Rs. 31.603 Millions, the Company earned a Profit after tax of Rs. 21.234 Millions during the year which is decreased by 72.3% as compared to last years’ Profit after tax of Rs. 76.513 Millions.

During the year, there was suddenly steep hike in dollar prices and the rupees value has decreased unexpectedly aga0inst dollar and at the same time the sales prices has also been reduced, due to which the profitability has been affected drastically.

The Company has performed well during the year by efficiently managing the resources, despite the adverse conditions.

MANAGEMENT DISCUSSION AND ANALYSIS

OVERVIEW:

The Company has plants at Clutterbuckganj, Bareilly, UP and at Nandesari, Vadodara in Gujarat and is engaged in the manufacturing and selling of camphor, terpineols, resins, aromatic and other terpene chemicals, fragrance chemicals and fragrance chemical intermediaries.

ECONOMY AND BUSINESS OUTLOOK:

The overall economy of their county has faced slight slowdown during the year and was sluggish. High cost of imported raw material and energy has also been a cause of concern. Due to extremely competitive market it is difficult to pass on the increasing costs to full extent. However, efforts are made to increase productivity, reduce costs by controlling wastages with most efficient use of plant and machinery. The Company has focused on mainly to reduce the cost of production by using wooden cheap for boiling and heating instead of highly expensive sources.

The Company is striving hard to reduce/ control costs at all stages to improve the profitability.

NEW PROJECTS:

Last year the company proposed to expand the Capacity of Perfumery Chemicals at Vadodara facility. The Company has either obtained or in a process to obtain the necessary consents to set up and operate the new expansion. Approximately 80% of the construction/installation/development/establishment work of new project has been completed and production at the new unit is expected to be started in the current F.Y.

Contingent liabilities to the extent not provided for

i) Sales Tax:

Where Department is in appeal, Rs.1.275 Millions (Previous year Rs. 1.275 Millions)

ii) Income Tax:

Where Company is in appeal, Rs. 1.110 Millions (Previous year Rs. 0.497 Millions)

Where Department is in appeal, Rs. 1.610 Millions (Previous year Rs. 4.810 Millions)

iii) Excise Duty:

Where Department is in appeal, Rs. 6.620 Millions (Previous year Rs. 6.620 Millions)

iv) There are litigations and demands for re-instatement, recovery of wages and compensation, filed by certain ex-employees which are not acknowledged by the Company and not provided for, amount unascertainable. In the opinion of the management amount would not be material.

v) Penalties / Interest, if any as may be levied in respect of non-payment / late payment of certain statutory dues, amount unascertainable. In the opinion of the management liability, if any would not be material.

vi) Pine Chemicals Limited which was amalgamated with the Company (Camphor and Allied Products Limited) had earlier filed a Writ Petition challenging the retrospective rescission by the Government of Jammu and Kashmir, of the Backward Area Incentive Scheme in respect of Sales Tax paid on Gum Resin for the period five years ending 31st March, 1984. The High Court of

Jammu and Kashmir has passed an order directing the Sales Tax Department to review the Company’s claim in the light of Supreme Court decision on a similar issue. The Company had filed Writ Petition before the Hon. High Court at Jammu which is still pending disposal. Status whereof not yet known to the new management.

In the event of the claim being decided in favour of the Company, the Company would be entitled to refund of Rs. 5.903 Millions in respect of two years ended 31.03.1984 and in the event of it being decided against the Company, the company will be liable to repay Rs. 9.811 Millions in respect of three years ended 31st March, 1982, which Pine Chemicals Limited had accounted for as income in earlier years. The refund or payment as the case may be will be accounted for after the final outcome of the petition.

vii) The Company has during the year settled the Nagar Nigam, Bareilly house tax and water cess demands aggregating to Rs.5.053 Millions. However, interest of Rs.2.202 Millions on the above amount has been disputed by the company as not payable before Civil Court Bareilly. The management expects a favourable outcome.

FIXED ASSETS

Tangible Assets

· Land

· Assets under lease-Land

· Buildings-Non-Residential

· Buildings – Residential

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office equipment

· Computer

Intangible Assets

· Computer software

UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER, 2012.   

(Rs. In Millions)

	Quarter ended 31.12.2012	Quarter ended 30.09.2012	Year To Date 31.12.2012
	Unaudited	Unaudited	Unaudited
1. Income from Operations (a)  Net Sales/Income from Operation       (Net of Excise Duty)	536.386	544.243	1597.828
(b) Other Operating Income	5.007	1.401	10.802
Total Income from Operations(a+b)	541.393	545.644	1608.630
2. Expenses
(a) Changes in inventories of Finished Goods stock and work in process.	(0.284)	(27.392)	(36.488)
(b) Cost of Raw Material Consumed	338.642	363.500	1047.745
(c) Purchase of Stock in trade	---	---	---
(d) Power & Fuel	53.435	50.113	152.180
(e) Employees Benefit Expenses	25.820	25.588	74.899
(f)  Depreciation and amortization expenses	7.103	6.709	20.509
(g) Other Expenditure	42.583	43.915	121.037
Total Expenditure	467.299	462.433	1379.882
3. Profit From Operations before other Income  Financed Cost and exceptional items (1-2)	74.094	83.211	228.748
4. Other Income	1.804	2.146	4.934
5. Profit from Ordinary activities before finance cost and Exceptional Items(3+4)	75.898	85.357	233.682
6. Finance Cost (Net)	2.962	2.655	10.138
7. Profit from Ordinary activities before tax (5-6)	72.936	82.702	223.544
8. Exceptional Items / Exchange (Gain/Loss)	8.620	(126.388)	(100.430)
9. Profit from Ordinary Activities before Tax (7-8)	64.316	209.090	323.974
10.Tax Expenses	19.248	60.076	95.731
11.Net Profit after tax (9-10)	45.068	149.014	228.243
12.Extraordinary items (net of tax expenses)	---	---	---
13.Net Profit for the period (11-12)	45.068	149.014	228.243
14. Paid-up Equity share capital Face value of share of Rs.10/-	51.337	51.337	51.337
15. Reserve excluding revaluation Reserve as per balance sheet of previous year.	---	---	---
16. Earning per Share (basic & diluted)
Before Exceptional Item	10.46	4.41	64.02
After Exceptional Item	8.78	29.03	44.46

Part – II

A	Particulars of Shareholding	Quarter ended 31.12.2012	Quarter ended 30.09.2012	Year To Date 31.12.2012
1	Public Shareholding      Number of Shares      Percentage of shareholding	2173394 42.34%	2173394 42.34%	2173394 42.34%
2	Promoters & Promoters Group Shareholding.
	a) Pledged / Encumbered	---	---	---
	Number of Shares	---	---	---
	Percentage of Shares (As a % of Total Shareholding of Promoters and Promoters group	---	---	---
	Percentage of Shares (As a % of Total Share Capital of the Company)	---	---	---
	b) Non Encumbered	---	---	---
	Number of Shares	2960280	2960280	2960280
	Percentage of Shares (As a % of Total Shareholding of Promoters and Promoters group	100.00%	100.00%	100.00%
	Percentage of Shares (As a % of Total Share Capital of the Company)	57.66%	57.66%	57.66%

B	Information on Inventors Complaints for the Quarter ended 31.12.2012	Nos.
	Pending at the Beginning of the Quarter	Nil
	Received During the Quarter	35
	Disposed of during the Quarter	35
	Remaining unresolved at the at the end of the Quarter	Nil

Notes: (1)     The above financial results were reviewed by the Audit Committee and approved by the Board of the Directors at its meeting held on 11th February, 2013. (2) The statutory auditors of the company have carried out limited review of the above results. (3)     The Company is exclusively engaged in the business of manufacture of Fine Chemicals, which is considered to constitute only one business segment. (4)     Exceptional items includes:

(Rs. In Millions)

Sr. No.	Particulars	Quarter ended   31.12.2012	Quarter ended   30.09.2012	Year to date   31.12.2012
1	Profit on sale of surplus land at Bareilly	---	119.479	119.479
2	Foreign Exchange Gain / (Loss)	8.620	6.909	(19.049)
	Total	8.620	126.388	100.430

(5) Accounting Standard relating to derivative instruments are yet to be notified and accordingly the company has adopted the policy to provide the losses or gain on fair value measurement as and when they arise. Loss of Rs. 52.161 Millions as at 31st  December, 2012 (for the quarter gain of Rs. 4.598 Millions) arising out of fair value measurement on the interest rate swap derivative instruments as entered by the Company has not been recognized. (6) The Previous year’s/ periods figure have been regrouped and rearranged, wherever necessary to conform to current period’s / year’s presentation.

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.54.39
UK Pound	1	Rs.82.32
Euro	1	Rs.69.54

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.