MIRA INFORM REPORT

Report Date :

18.04.2013

IDENTIFICATION DETAILS

Name :	DIAMINES AND CHEMICALS LIMITED
Registered Office :	Plot No. 13, PCC Area, Popetrochemicals, Vadodara-391346, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.05.1976
Com. Reg. No.:	04-002905
Capital Investment / Paid-up Capital :	Rs. 97.832 Millions
CIN No.: [Company Identification No.]	L24110GJ1976PLC002905
TAN No.: [Tax Deduction & Collection Account No.]	BRDD00734G
Legal Form :	A Public Limited Liability Company. The company’s shares are listed on stock exchange.
Line of Business :	Manufacturer of a range of Ethyleneamines.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1300000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears some dip in the turnover and profitability of the company during the year. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A4+ (Bank Guarantee) (Downgraded from A3+)
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	18.12.2012

Rating Agency Name	CRISIL
Rating	BB+ (Cash Credit) (Downgraded from BBB)
Rating Explanation	Moderate risk of default
Date	18.12.2012

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 :	Plot No. 13, PCC Area, Popetrochemicals, Vadodara-391346, Gujarat, India
Tel. No.:	91-265-2230305/2230406/2230929/ 2230762/ 2250708
Fax No.:	91-265-2230218/2230708
E-Mail :	info@dacl.co.in
Website :	http://www.dacl.co.in

DIRECTORS

AS ON 31.03.2012

Name :	Mr. Yogesh Kothari
Designation :	Chairman Cum Managing Director
Name :	Mr. Shreyas Mehta
Designation :	Independent Director
Name :	Mr. Girish R Satarkar
Designation :	Executive Director
Name :	Mr. Amit Mehta
Designation :	Vice Chairman
Name :	Mr. G. G. Chendwankar
Designation :	Director
Name :	Mr. Kirat Patel
Designation :	Director
Name :	Mr. Rajendra Chhabra
Designation :	Director
Name :	Mr. Dhruv Kaji
Designation :	Director
Name :	Mr. G. S. Venkatachalam
Designation :	Director
Name :	Dr. Ambrish Dalal
Designation :	Director

KEY EXECUTIVES

Name :	Ms. Chesta Vasavada
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2012

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2374714	24.27
Bodies Corporate	4004063	40.93
Sub Total	6378777	65.2
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	6378777	65.2
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	5064	0.05
Financial Institutions / Banks	511	0.01
Insurance Companies	300	0
Sub Total	5875	0.06
(2) Non-Institutions
Bodies Corporate	134782	1.38
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2052909	20.98
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1117610	11.42
Any Others (Specify)	93287	0.95
Non Resident Indians	93287	0.95
Sub Total	3398588	34.74
Total Public shareholding (B)	3404463	34.8
Total (A)+(B)	9783240	100
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0
(1) Promoter and Promoter Group	0	0
(2) Public	0	0
Sub Total	0	0
Total (A)+(B)+(C)	9783240	0

BUSINESS DETAILS

Line of Business :

Manufacturer of a range of Ethyleneamines.

Products :

ITC CODE	PRODUCTS
292121	Speciality Chemicals
2716	Electrical Energy

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Installed Capacity*	Actual Production**
Ethylene diamines / amines and derivatives *
Through EDC Plant	MT	2600**	584.036
Through CPA Plant	MT	2900	1970.176

* As certified by the management

** Presently EDC Plant has commenced its commercial production in September, 2009. However, at any given point of time, either EDC or CPA route can be operated.

** Includes production of NIL (Previous Year 182.390 MT) on account of tolling arrangement entered with third party

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Vadodara

· Axis Bank Limited, Vadodara

Facilities :

Secured Loan

Rs. In Millions

31.03.2012

Rs. In Millions

31.03.2011

Long-term borrowings

Term Loans

From Banks

49.381

61.779

From Other Party

0.737

1.999

Short-term Borrowings

Loans repayable on demand

From Banks

179.436

183.717

TOTAL

229.554

247.495

NOTES

LONG-TERM BORROWINGS

Nature of Securities	Term of repayment
Term loans from bank amounting to Rs. 68.041 Millions (March 31, 2011: Rs. 68.597 Millions) are secured by way of first charge over the entire fixed assets, both, present and future, which are acquired out of bank finance, including equitable mortgage over Land (Windmill) at Nandurbar, Maharashtra	Of this Term Loan a. Rs. 10.133 Millions (March 31, 2011: Rs. 17.400 Millions) is repayable in 24 equal quarterly installments from August 30, 2006 along with the interest of 15.15% b. Rs. 40.521 Millions (March 31, 2011: Rs. 50.579 Millions) is repayable 24 in equal quarterly installments from May 1, 2009 along with the interest of 15.75% c. Rs. 17.387 Millions (March 31, 2011: Rs. 0.617 Million) is repayable in 19 equal quarterly installments from January 30, 2012 along with the interest of 15.15%
Term loans from bank amounting to Rs. 7.328 Millions (March 31, 2011: Rs. 14.698 Millions) are secured by way of exclusive equitable mortgage of the Land and Windmill financed and exclusive first hypothecation charge on the receivables arising out of the operation of the windmill. Second equitable mortgage charge on remaining fixed assets of the Company, both, present and future, and second hypothecation charge on all movable fixed assets of the Company, both, present and future.	Repayable in 24 quarterly installments from December 28, 2005 along with the interest of 15.15%
Vehicle loan amounting to Rs. 0.166 Million (March 31, 2011: Rs. 0.370 Million) are secured against hypothecation of specified vehicles	Repayable in 36 monthly installments from November 27, 2009 along with the interest of 9.12%
Vehicle loan amounting to Rs. 2.811 Millions (March 31, 2011: Rs. 35.133 Millions) are secured against hypothecation of specified vehicles	Repayable in 60 monthly installments from June 26, 2010 along with the interest of 8.35%
Vehicle loan amounting to Rs. 1.966 Millions (March 31, 2011: Rs. 3.120 Millions) are secured against hypothecation of specified vehicles	Repayable in 35 monthly installments from November 24, 2010 along with the interest of 9.14%

SHORT-TERM BORROWINGS

Working Capital facilities from the bank secured by hypothecation of the entire current assets including stock of raw materials, stock-in-process, finished goods, stores and spares etc. bills/book-debts/ receivables and other current assets.

Banking Relations :	--
Auditors :
Name :	Bansi S Mehta and Company Chartered Accountant
Address :	11-13, Botawala Building, 2^nd Floor, Horniman Circle, Fort, Mumbai-400001, Maharashtra, India
Associates :	· Alkyl Amines and Chemicals Limited
Subsidiaries :	· Alkyl Speciality Chemicals Limited · Alkyl Amines Europe SPRL

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
17500000	Equity Shares	Rs.10/- each	Rs. 175.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9783240	Equity Shares	Rs.10/- each	Rs. 97.832 Millions

NOTES

RECONCILIATION OF THE NUMBER OF SHARES OUTSTANDING AND AMOUNT OF SHARE CAPITAL

	As At 31.03.2012
Equity shares, of Rs. 10 par value	No. of shares	Rs. In Millions
At the beginning	6,522,160	65.222
Add: Issued during the year - by way of Bonus Shares	3,261,080	32.610
At the end	9,783,240	97.832

RIGHTS, PREFERENCES AND RESTRICTIONS

i. The Company has only one class of share referred to as equity shares having a par value of Rs. 10. Each holder of equity shares is entitled to one vote per share.

ii. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. The Board of Directors, in their meeting on May 17, 2012, proposed a final dividend of Rs. 1 per equity share. The proposal is subject to the approval of shareholders at the Annual General Meeting. The total dividend appropriation for the year ended amounted to Rs. 11,370,326 including corporate dividend tax of Rs. 1,587,086.

During the year ended March 31, 2011, the amount of per share dividend recognised as distribution to equity shareholders was Rs. 6 per share. The said includes dividend Rs. 4.50 per share as final dividend and Rs. 1.50 per share as interim dividend. The total dividend appropriation for the year ended amounted to Rs. 45,519,092 including corporate dividend tax of Rs. 6,386,132.

iii. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

DETAILS OF SHAREHOLDERS HOLDING MORE THAN 5% OF THE AGGREGATE EQUITY SHARES IN THE COMPANY

	As At 31.03.2012
Name of the Shareholder	No. of shares	%
Alkyl Amines Chemicals Limited	2,977,996	30.44
Mr. Amit Mehta	862,099	8.81
Perfochem (India) Private Limited	840,000	8.59
Mrs. Cherry Amit Mehta	695,178	7.11
	5,375,273	54.95

SHARES ALLOTTED AS FULLY PAID UP BY WAY OF BONUS SHARES (DURING 5 YEARS IMMEDIATELY PRECEEDING MARCH 31, 2012)

	No of Shares
Equity Shares allotted as fully paid up Bonus	3,261,080
Shares by capitalisation of the following amounts:	Rs. In Millions
Capital Reserve	3.442
Capital Redemption Reserve	1.407
Securities Premium	18.857
General Reserve	8.905

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		97.832	65.222	65.222
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		236.505	245.430	144.915
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		334.337	310.652	210.137
LOAN FUNDS
1] Secured Loans		229.554	247.495	184.256
2] Unsecured Loans		4.800	4.800	2.300
TOTAL BORROWING		234.354	252.295	186.556
DEFERRED TAX LIABILITIES		34.922	33.128	38.343
TOTAL		603.613	596.075	435.036
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		345.015	312.412	300.276
Capital work-in-progress		9.299	18.437	3.986
INVESTMENT		1.067	0.967	0.967
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	190.555	138.456	132.732
	Sundry Debtors	103.474	171.100	54.595
	Cash & Bank Balances	20.485	88.745	35.277
	Other Current Assets	0.505	1.249	0.000
	Loans & Advances	74.654	29.449	23.668
Total Current Assets		389.673	428.999	246.272
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	77.343	69.083	68.614
	Other Current Liabilities	48.683	46.157	17.019
	Provisions	15.415	49.500	30.832
Total Current Liabilities		141.441	164.740	116.465
Net Current Assets		248.232	264.259	129.807
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		603.613	596.075	435.036

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	671.124	828.995	453.420
		Other Income	3.770	8.111	100.428
		TOTAL (A)	674.894	837.106	553.848
Less	EXPENSES
		Cost of Materials Consumed	423.292	429.625	367.930
		Employee Benefits Expenses	33.075	29.026
		Other Expenses	142.396	148.716
		Changes in Inventories of Finished Goods and Work-in-progress	(31.661)	(21.805)
		TOTAL (B)	567.102	585.562	367.930
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		107.792	251.544	185.918
Less	FINANCIAL EXPENSES (D)		35.867	29.803	24.942
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		71.925	221.741	160.976
Less/ Add	DEPRECIATION/ AMORTISATION (F)		21.580	18.897	16.283
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		50.345	202.844	144.693
Less	TAX (H)		14.303	55.744	51.151
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		36.042	147.100	93.542
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		128.148	41.275	(30.041)
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	14.709	7.016
		Dividend	11.370	34.111	13.044
		Interim Dividend	0.000	11.407	0.000
		Tax on Dividend	0.000	0.000	2.166
	BALANCE CARRIED TO THE B/S		152.820	128.148	41.275
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	94.453	33.559	22.923
	TOTAL EARNINGS		94.453	33.559	22.923
	IMPORTS
		Raw Materials	277.463	259.955	134.041
	TOTAL IMPORTS		277.463	259.955	134.041
	Earnings Per Share (Rs.)		3.68	15.04	14.34

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	132.600	160.100	150.000
Total Expenditure	124.900	144.800	126.600
PBIDT (Excl OI)	7.600	15.300	23.400
Other Income	0.400	9.000	0.300
Operating Profit	8.100	16.300	23.700
Interest	9.700	8.100	8.900
Exceptional Items	0.000	0.000	0.000
PBDT	(1.600)	8.700	14.800
Depreciation	5.500	6.400	6.000
Profit Before Tax	(7.100)	1.700	8.800
Tax	(0.900)	0.700	1.200
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	(6.200)	1.000	7.700
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	(6.200)	1.000	7.700

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.34	17.57	16.89
Net Profit Margin (PBT/Sales)	(%)	7.50	24.47	31.91
Return on Total Assets (PBT/Total Assets}	(%)	6.85	27.36	26.47
Return on Investment (ROI) (PBT/Networth)		0.15	0.65	0.69
Debt Equity Ratio (Total Debt /Networth)		0.70	0.81	0.89
Current Ratio (Current Asset/Current Liability)		2.76	2.60	2.11

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	No
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)	Yes
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

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Short-term Borrowings
Deposits - Inter Corporate
From a Related Party	2.300	2.300
Other loans and advances
Loan from a Director	2.500	2.500
TOTAL	4.800	4.800

OPERATIONS

The Company’s total revenue for the year 2011-12 (net of excise) amounted to Rs. 674.894 Millions as compared to Rs. 837.105 Millions of last year. The result for the year shows net profit after tax of Rs. 36.042 Millions as compared to the net profit of Rs. 147.099 Millions in the previous year.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENT

The Company is a leading producer of Ethylene amines in India having a plant at PCC Area, P.O. Petrochemicals, Vadodara. Their products find application in important industry segments like pharmaceuticals, agro-chemicals, dyes and pigments, etc. The day-to-day management of the Company is looked by the Executive

Director assisted by a team of competent technical and commercial professionals.

PERFORMANCE

Total revenue (net of excise) for the year 2011–2012 amounted to Rs. 674.894 Millions compared to Rs. 837.105 Millions of the previous year. Sales in quantity terms amounted to 1876.915 MT compared to 2556.350 MT for the year 2010–11. During the year, the Company has made exports of its products amounting to Rs. 94.453 Millions.

FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

The operating profit for the current year before depreciation, interest and tax stands at Rs. 107.791 Millions as compared to Rs. 251.540 Millions, last year.

BUSINESS OUTLOOK

The year 2012- 2013 offers a mixed picture in terms of the growth in all segments in comparison with previous years due to upheavals witnessed in the economy especially in the Chemical Industry. The Company is preparing for the scenario in an adequate manner. The Company has also identified and is focusing on some of new specialty products that would add to increase in turnover.

STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2012

(Rs. In Millions)

Particulars	Quarter ended December 31, 2012 (Unaudited)	Quarter ended September 30, 2012 (Unaudited)	Nine Months ended December 31, 2012 (Unaudited)
1. Income from operations
a) Net Sales/Income from Operations(net of excise duty)	149.029	159.760	440.399
b) Other Operating income	0.966	0.344	2.247
Total Income from opeartions(net)	149.995	160.104	442.646
2. Expenses
a) Cost of Materials Consumed	85.950	111.195	255.165
a) Change in inventories of finished goods, Work-in-Progress and stock-in-trade	7.836	(9.078)	27.421
c) Employee Benefit Expenses	8.106	8.164	24.489
d) Depreciation and Amortisaion Expenses	5.991	6.411	17.876
e) Power and Fuel	12.886	15.793	42.533
f) Other Expenses	11.816	18.700	46.679
Total Expenses	132.585	151.185	414.163
3. Profit/(Loss) from operations before other income, finance cost and exceptional items (1-2)	17.41	8.919	28.483
4. Other Income	0.281	0.906	1.624
5. Profit/(Loss) from operations before finance cost and exceptional items (3+4)	17.691	9.825	30.107
6. Finance Cost	8.881	8.134	26.721
7. Profit/(Loss) before exceptional items (5-6)	8.810	1.691	3.386
8. Exceptioanl items	-	-	-
9. Profit from Ordinary Activities before Tax (7+8)	8.810	1.691	3.386
10. Tax Expense	1.162	0.678	0.901
a. Current tax	0.677	-	0.677
b. Deferred tax	0.485	0.678	0.224
c. Adjustments relating to Prior years	-	-	-
11. Net Profit/(Loss) after Tax (9-10)	7.648	1.013	2.485
12. Paid up Equity Share Capital (Equity Share of Rs.10/- each)	97.832	97.832	97.832
13. Reserve excluding revaluation reserves as per balance sheet of previous accounting year	-	-	-
14. Earning per share (EPS) (in )
(a) Basic and diluted EPS before before Extraordinary items for the period [Not Annualised]	(0.78)	(0.63)	0.25
(b)Basic and diluted EPS before after Extraordinary items for the period [Not Annualised]	(0.78)	(0.63)	0.25
PART II
A. PARTICULARS OF SHAREHOLDING	-	-	-
1. Public Shareholding	-	-	-
~ Number of Shares	3,404,463	3,404,463	3,404,463
~ Percentage of Shareholding	34.80%	34.80%	34.80%
2. Promoters and Promoters Group Shareholding	-	-	-
a. Pledged /Encumbered	-	-	-
-Number of Shares	300,000	300,000	300,000
-Percentage of Shares % (as a % of total shareholding of promoters and promoter group)	4.70%	4.70%	4.70%
-Percentage of Shares % (as a % of total share capital of the company)	3.07%	3.07%	3.07%
b. Non-encumbered	-	-	-
-Number of Shares	6,078,777	6,078,777	6,078,777
-Percentage of Shares % (as a % of total shareholding of promoters and promoter group)	95.30%	95.30%	95.30%
-Percentage of Shares % (as a % of total share capital of the company)	62.13%	62.13%	62.13%

B. INVESTOR COMPLAINTS	Quarter ended December 31, 2012
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

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Millions)

Particulars	Quarter ended December 31, 2012 (Unaudited)	Quarter ended September 30, 2012 (Unaudited)	Nine Months ended December 31, 2012 (Unaudited)
Segment Revenue
(a) Speciality Chemicals	149.206	153.716	426.878
(b) Power Generation
Total Power Generated	1.408	9.096	21.545
Less: Captive Power used for Speciality Chemicals	0.338	1.872	4.223
Net as per Accounts	1.070	7.224	17.322
(c) Others Non Allocated	-	0.070	0.070
Total (a+b+c)	150.276	163.010	444.270
Segment Results
Profit (+) / Loss (-) before Tax & Interest
(a) Speciality Chemicals	19.370	5.048	20.954
(b) Power Generation
Total	(1.743)	5.654	11.464
Less: Of Captive Power	(0.237)	1.211	2.363
	(1.506)	4.443	9.101
(c) Others Non Allocated	-	0.071	0.070
Total	17.864	9.561	30.125
Add: (a) Interest Income	0.268	0.552	1.107
Less: a. Interest Expenses	8.881	8.134	26.721
(b) Other Unallocable Expenses	0.441	0.288	1.125
	9.322	8.422	27.846
Total Profit before tax	8.810	1.691	3.386
Capital Employed
(a) Speciality Chemicals	320.580	520.993	320.580
(b) Power Generation
Other than Captive	86.278	90.659	86.278
Captive	17.721	18.529	17.721
	103.999	109.189	103.999
(c) Others Non Allocated	1.467	1.067	1.467
Total	426.046	631.249	426.046

NOTES:

1. The above results have been subjected to limited review by the Statutory Auditors of the Company, reviewed and recommended by the Audit Committee and approved by the Board of Directors at its meeting held on February 1, 2013.

2. The Company is engaged mainly in production of Speciality Chemicals and Power Generation.

3. Figures for the previous periods have been regrouped, recast and reclassified, wherever necessary.

FIXED ASSETS

· Land

· Freehold Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Vehicles

WEBSITE DETAILS

CORPORATE PROFILE

Subject has been the pioneer and the only one in manufacturing of a range of Ethyleneamines (EAs) in India. Subject has evolved products manufactured 'first time' in India and also pioneered to 'develop' a market for the same. Over the years, the company has established its own presence in the market and is successfully catering to the needs of Industries.

Total customer satisfaction has been the company's motto. Subject commitment to customer satisfaction lies in delivering quality products and services, which has helped the company to emerge as a major supplier of Ethyleneamines. The customer's convenience is our comfort and hence we offer a range of packaging, starting from 25 kg fiber drums to customized packing to bulk packing in ISO containers.

Subject is located at Vadodara, one of the leading chemical business centers in western part of India, having a large presence of diverse chemical industries, including a large integrated petrochemical complex as well as numerous ancillaries, spread their wings to consume basic inputs from neighboring giants. India's commercial capital, Mumbai is just 400 kms away from Vadodara, while the Inland Container Depot (ICD) facility is located in the vicinity of the manufacturing site of Subject.

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. 53.92
UK Pound	1	Rs. 82.76
Euro	1	Rs. 71.04

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.