1. Summary Information

		Country	India
Company Name	THE DHARAMSI MORARJI CHEMICALS COMPANY LIMITED	Principal Name 1	Mr. Laxmikumar Narottam Goculdas
Status	Moderate	Principal Name 2	Mr. Haridas Tricumdas Kapadia
		Registration #	11-000564
Street Address	Prospect Chambers, 317/21, D N Road, Fort, Mumbai-400001, Maharashtra
Established Date	12.09.1919	SIC Code	--
Telephone#	91-22-22048881-2-3	Business Style 1	Manufacturer
Fax #	91-22-22813657	Business Style 2	--
Homepage	http://www.dmcc.com	Product Name 1	Chemicals
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.300,578,000/-	Product Name 3	--
Shareholders	Shareholding of Promoter and Promoter Group 48.45%, Public Shareholding 51.55%	Banking	State Bank of India
Public Limited Corp.	Yes	Business Period	94 Years
IPO	Yes	International Ins.	-
Public Enterprise	Yes	Rating	B (28)
Related Company
Relation	Country	Company Name	CEO
Associates	--	Borax Morarji Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	422,413,000	Current Liabilities	798,250,000
Inventories	62,121,000	Long-term Liabilities	256,705,000
Fixed Assets	344,455,000	Other Liabilities	34,735,000
Deferred Assets	265,415,000	Total Liabilities	1,089,690,000
Invest& other Assets	5,691,000	Retained Earnings	(290,173,000)
		Net Worth	10,405,000
Total Assets	1,100,095,000	Total Liab. & Equity	1,100,095,000
Total Assets (Previous Year)	1,092,475,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales/ Total Income	855,915,000	Net Profit	332,538,000
Sales(Previous yr)/ Total Income	813,275,000	Net Profit(Prev.yr)	(39,833,000)

MIRA INFORM REPORT

Report Date :

20.12.2013

IDENTIFICATION DETAILS

Name :	THE DHARAMSI MORARJI CHEMICALS COMPANY LIMITED
Registered Office :	Prospect Chambers, 317/21, D N Road, Fort, Mumbai-400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.09.1919
Com. Reg. No.:	11-000564
Capital Investment / Paid-up Capital :	Rs.300.578 Millions
CIN No.: [Company Identification No.]	L24110MH1919PLC000564
TAN No.: [Tax Deduction & Collection Account No.]	PNET04390B
PAN No.: [Permanent Account No.]	AAACTS000E
Legal Form :	Public Limited Liability Company. Company's Shares are Listed on the Stock Exchange.
Line of Business :	Manufacturers of Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 41600
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an old and established company having a moderate track record. There appears huge accumulated loss recorded by the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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 :

Prospect Chambers, 317/21, D N Road, Fort, Mumbai-400001, Maharashtra, India

Tel. No.:

91-22-22048881-2-3

Fax No.:

91-22-22813657

E-Mail :

dgokhale@dmcc.com

export@dmcc.com

mukund.mane@dmcc.com

Website :

www.dmcc.com

Corporate / Marketing Office :

M G Road, Ambernath (West), Thane-421501, Maharashtra, India

Tel. No.:

91-251-2682241/2/3/4/5

Fax No.:

91-251-2682769

Factory 1 :

Ambernath: M.G. Road, Ambernath, District Thane - 421 501, Maharashtra, India

Factory 2 :

Roha: 105, MIDC Industrial Area, Audyogik Vasahat Post Office, Dhatav, Roha, District Raigad - 402 116, Maharashtra, India

Factory 3 :

Jhar: Jhar Village, Taluka - Dhari, District Amreli – 365 630, Gujarat, India

Factory 4 :

Khemli: Khemli Village, Tehsil - Mavli, District Udaipur, Rajasthan, India

DIVISION	Email	Telephones	Fax No.
Administration
Corporate	corpdmcc@dmcc.com	91-251-2682241-5	91-251-2682769
Secretarial	secretarial@dmcc.com	91-251-2687738	91-251-2684523
Compliance Officer – Mr. D T Gokhale	dgokhale@dmcc.com	91-251-2687738	91-251-2684523
Investor Complaints	investor@dmcc.com	91-251-2682245	91-251-2684523
Fertilizer and Agro-Business	fertsales@dmcc.com	91-251-2688449/50	91-251-2684523
Chemicals
International Sales	intlsales@dmcc.com	91-251-2684526/27	91-251-2684525
Domestic India - Bulk Chemicals	domcomchem@dmcc.com	91-251-2688441/8442	91-251-2684525
Domestic India – Specialty Chemicals	domsplchem@dmcc.com	91-251-268444/45	91-251-2688443
Purchase	purdmcc@dmcc.com	91-251-2684154	91-251-2684573

DIRECTORS

AS ON 31.03.2013

Name :	Mr. Laxmikumar Narottam Goculdas
Designation :	Chairman/Director
Address :	53/57, Laxmi Insurance Building, S I R P.M. Road, Fort, Mumbai – 400001, Maharashtra, India
Date of Birth/Age :	19.09.1943
Date of Appointment :	06.03.1992
DIN No.:	00459347

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51900MH1982PTC026518	JASRAJ TRADING COMPANY PRIVATE LIMITED	Director	27-04-89	27-04-89	-	Active	NO
2	L24110MH1919PLC000564	THE DHARAMSI MORARJI CHEMICAL COMPANY LIMITED	Director	06-03-92	06-03-92	-	Active	NO
3	U23200MH1937PTC002629	NATURAL GAS COMPANY PRIVATE LIMITED	Director	15-01-93	15-01-93	-	Active	NO
4	L24100MH1963PLC012706	BORAX MORARJI LIMITED	Director	19-02-97	19-02-97	-	Active	NO
5	U23200MH1997PLC105710	DMCC OIL TERMINALS (NAVLAKHI) LIMITED	Director	01-04-00	01-04-00	16-06-09	Active	NO
6	U92419MH1946PTC004912	B S AND SERVICE PRIVATE LIMITED	Director	01-06-00	01-06-00	-	Active	NO
7	U51100MH1948PTC006525	PHOENIX DISTRIBUTORS PRIVATE LIMITED	Director	06-10-03	06-10-03	-	Active	NO
8	U24110MH1962PTC023819	KOSAN INDUSTRIES PRIVATE LIMITED	Director	06-09-04	06-09-04	-	Active	NO
9	U23200MH1977PTC019516	GOCUL GAS PRIVATE LIMITED	Director	08-09-05	08-09-05	-	Active	NO
10	U23201MH1970PTC014549	L P GAS TRANSPORT AND BOTTLEING COMPANY PRIVATE LIMITED	Director	03-03-09	03-03-09	-	Active	NO
11	U15110MH1942PTC003603	BOMBAY FOODS PRIVATE LIMITED	Director	24-11-09	24-11-09	-	Active	NO
12	U40200MH1993PTC074915	AUTOGAS CONVERSION (INDIA) PRIVATE LIMITED	Director	24-11-09	24-11-09	-	Active	NO
13	U29198MH1979PTC021361	L P GAS EQUIPMENTS PRIVATE LIMITED	Director	24-11-09	24-11-09	-	Active	NO
14	U55101MH2008PTC186772	CONSERVATION CORPORATION OF INDIA PRIVATE LIMITED	Director	23-08-10	12-12-09	-	Active	NO

Name :	Mr. Haridas Tricumdas Kapadia
Designation :	Director
Address :	Shree Satyam Co op, Hsg Society, Plot No. 65, Sai Section Ambernath, Thane – 421501, Maharashtra, India
Date of Birth/Age :	17.02.1935
Date of Appointment :	06.10.1978
DIN No.:	00125090

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L24110MH1919PLC000564	THE DHARAMSI MORARJI CHEMICAL COMPANY LIMITED	Director	06-10-78	06-10-78	-	Active	NO
2	U23200MH1997PLC105710	DMCC OIL TERMINALS (NAVLAKHI) LIMITED	Director	06-02-97	06-02-97	16-06-09	Active	NO
3	L24100MH1963PLC012706	BORAX MORARJI LIMITED	Managing director	01-04-00	01-04-00	01-04-09	Active	NO
4	U29198MH1979PTC021361	L P GAS EQUIPMENTS PRIVATE LIMITED	Director	06-09-04	06-09-04	-	Active	NO

Name :	Ms. Madhu Thakorlal Ankleshwaria
Designation :	Director
Address :	7, Gokul Niwas, Bajaj Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	23.08.1949
Date of Appointment :	31.07.2009
DIN No.:	02753794

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L24110MH1919PLC000564	THE DHARAMSI MORARJI CHEMICAL COMPANY LIMITED	Director	30-07-09	30-07-09	Active	NO

Name :	Mr. Arvind. W. Ketkar
Designation :	Director
Address :	4, Soukhya, Opp BMC Hosipal, V N Purav Marg, Chunabhatti, Mumbai – 400042, Maharashtra, India
Date of Birth/Age :	14.05.1940
Date of Appointment :	22.01.2010
DIN No.:	02863429

Name :	Mr. Shantilal Tejshi Shah
Designation :	Director
Address :	Mayur, 2^nd Floor, 8^th N S Road, Juhu Scheme, Vile Parle (West), Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	28.12.1938
Date of Appointment :	27.07.2010
DIN No.:	00004850

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L24110GJ1984PLC007301	AARTI INDUSTRIES LIMITED	Director	25-04-90	25-04-90	Active	NO
2	U67120MH1995PTC084963	AARTI CORPORATE SERVICES LIMITED	Director	25-01-95	25-01-95	Active	NO
3	U24116MH1988PLC046048	SURFACTANT SPECIALITIES LIMITED	Director	15-04-04	15-04-04	Amalgamated	NO
4	U24100MH1966PLC013490	NASCENT CHEMICAL INDUSTRIES LIMITED	Director	05-09-11	01-04-05	Active	NO
5	U70109MH2002PTC135736	CRYSTAL MILLENNIUM REALTORS PRIVATE LIMITED	Director	20-05-05	20-05-05	Active	NO
6	U45201MH2001PTC133804	DHAVAL REALTORS (INDIA ) PRIVATE LIMITED	Director	10-10-05	10-10-05	Active	NO
7	U92110MH2004PTC144283	RADIANT ENTERTAINMENTS PRIVATE LIMITED	Additional director	24-12-09	24-12-09	Active	NO
8	U24297MH2010PLC202582	AARTI VENTURES LIMITED	Director	30-04-10	30-04-10	Active	NO
9	L24110MH1919PLC000564	THE DHARAMSI MORARJI CHEMICAL COMPANY LIMITED	Director	27-07-10	27-07-10	Active	NO
10	U45400MH2008PTC183209	UNIDUS DEVELOPERS & LOGISTICS PRIVATE LIMITED	Director	30-09-11	15-02-11	Active	NO

Name :	Mitika Laxmikumar Goculdas
Designation :	Director
Address :	53/57, Laxmi Insurance Building, Sir P.M. Road, Fort, Mumbai-400001, Maharashtra, India
Date of Birth/Age :	11.08.1972
Date of Appointment :	04.11.2011
DIN No.:	02879174

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	U51900MH1982PTC026518	JASRAJ TRADING COMPANY PRIVATE LIMITED	Director	24/11/2009	24/11/2009	Active	NO
2	U92419MH1946PTC004912	B S AND SERVICE PRIVATE LIMITED	Director	24/11/2009	24/11/2009	Active	NO
3	U29198MH1979PTC021361	L P GAS EQUIPMENTS PRIVATE LIMITED	Director	24/11/2009	24/11/2009	Active	NO
4	U24110MH1962PTC023819	KOSAN INDUSTRIES PRIVATE LIMITED	Director	24/11/2009	24/11/2009	Active	NO
5	U23200MH1937PTC002629	NATURAL GAS COMPANY PRIVATE LIMITED	Director	24/11/2009	24/11/2009	Active	NO
6	U15110MH1942PTC003603	BOMBAY FOODS PVT LTD	Director	24/11/2009	24/11/2009	Active	NO
7	U23200MH1977PTC019516	GOCUL GAS PRIVATE LIMITED	Director	24/11/2009	24/11/2009	Active	NO
8	U23201MH1970PTC014549	L P GAS TRANSPORT AND BOTTLEING COMPANY PRIVATE LIMITED	Director	24/11/2009	24/11/2009	Active	NO
9	U51100MH1948PTC006525	PHOENIX DISTRIBUTORS PRIVATE LIMITED	Director	24/11/2009	24/11/2009	Active	NO
10	U40200MH1993PTC074915	AUTOGAS CONVERSION (INDIA) PRIVATE LIMITED	Director	24/11/2009	24/11/2009	Active	NO
11	L24100MH1963PLC012706	BORAX MORARJI LIMITED	Director	03/09/2010	02/12/2009	Active	NO
12	L24110MH1919PLC000564	THE DHARAMSI MORARJI CHEMICAL COMPANY LIMITED	Additional director	04/11/2011	04/11/2011	Active	NO
13	U40300MH2013PTC242992	PHOENIX DISTRIBUTORS GAS AGENCIES BHOPAL PRIVATE LIMITED	Director	06/05/2013	06/05/2013	Active	NO
14	U40200MH2013PTC243112	B S AND SERVICES GAS AGENCIES BHOPAL PRIVATE LIMITED	Director	08/05/2013	08/05/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Bimal Lalitsingh Goculdas
Designation :	Manager and Chief Executive Officer
Address :	Mathradas Goculdas Bungalow, 12Frenchbridge, Mumbai – 400007, Maharashtra, India
Date of Birth/Age :	08.11.1968
Qualification :	B. Chem Engg. M. S. (USA)
Date of Appointment :	01.04.2009
Pan No.:	AAFPG3673G
Name :	Mr. Dilip Trimbak Gokhale
Designation :	Secretary
Address :	53/57, Laxmi Insurance Building, SIR P.M. Road, Fort, Mumbai – 400001, Maharashtra, India
Date of Birth/Age :	10.03.1959
Date of Appointment :	01.04.2009
Pan No.:	AASPG1811B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	438881	2.06
Bodies Corporate	2020795	9.51
Sub Total	2459676	11.57
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	7839377	36.88
Sub Total	7839377	36.88
Total shareholding of Promoter and Promoter Group (A)	10299053	48.45
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	4304	0.02
Financial Institutions / Banks	851825	4.01
Insurance Companies	200	0.00
Sub Total	856329	4.03
(2) Non-Institutions
Bodies Corporate	1422807	6.69
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	4434440	20.86
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	3624033	17.05
Any Others (Specify)	621159	2.92
Non Resident Indians	443949	2.09
Trusts	105661	0.50
Clearing Members	71549	0.34
Sub Total	10102439	47.52
Total Public shareholding (B)	10958768	51.55
Total (A)+(B)	21257821	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)	21257821	0.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Chemicals.

Products :

ITC CODE NO	PRODUCTION DESCRIPTION
310310.00	Single Super Phosphate
280700.0	Sulphuric Acid
280620.00	Chlorosulphonic Acid

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of India, Stressed Assets Management Branch, “ The Arcade” , 2^nd Floor, World Trade Center, Cuffe Parade, Mumbai – 400005, Maharashtra, India
• Dena Bank
• SBI Commercial and International Bank Limited
• ICICI Bank Limited
• Industrial Development Bank of India
• The Federal Bank Limited, 32, Mumbai Samachar Marg, Fort, Mumbai – 400 001, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Rupee term loan from banks Repayable in 60 EMI's commencing from 31-01-2011. Rate of interest is 4.75% above the Base rate of the Bank, as fixed by the Bank, from time to time (Varying between 12.50 % p.a. to 15.50 % p.a. up to 31-03-2013). 27 EMIs have been paid in time, up to 31st March, 2013 and 33 are remaining to be paid as on that date. Secured against mortgage of all the fixed assets of the Company, both present and future, situated at Roha and mortgage of office premises of the Company, situated at Mumbai. Out of total outstanding term loan as on 31st March, 2013 of Rs.31.991 Millions, amount due in next twelve months is Rs.10.149 Millions. Hence this amount of Rs.10.149 Millions is shown as 'Current maturities of Long Term Debts' under 'Other Current Liabilities' and the balance Term Loan of Rs.21.842 Millions is shown above as Term Loan from a Bank. Out of total outstanding loan as on 31st March, 2012 of Rs. 40.696 Millions, amount due in next twelve months was Rs. 8.672 Millions. Hence this amount of Rs.8.672 Millions is shown as 'Current maturities of Long Term Debts' under 'Other Current Liabilities', and the balance Term Loan of Rs.32.024 Millions is shown above as "Term Loan from a Bank.	21.842	32.024
Car loan from bank Repayable in 36 EMI's commencing from 31-12-2012. Rate of interest is1.25% above the Base rate of the Bank, as fixed by the Bank, from time to time.4 EMIs have been paid in time, up to 31st March, 2013 and 32 are remaining to be paid as on that date. Secured against hypothecation of vehicles. Out of total outstanding car loan as on 31st March, 2013 of Rs. 2.504 Millions, amount due in next twelve months is Rs. 0.864 Millions. Hence this amount of Rs. 0.864 Millions is shown as 'Current maturities of Long Term Debts (Car Loan) under 'Other Current Liabilities' and the balance Car Loan of Rs. 1.640 Millions is shown above as Car Loan from a Bank.	1.640	0.000
TOTAL	23.482	32.024
Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Intercorporate deposits	61.680	71.680
Loans and advances from related parties These inter corporate deposits and loans from a Director / estate of a late Director are unsecured, interest free and terms of repayment are not decided.	171.543	171.543
TOTAL	233.223	243.223

Banking Relations :	--
Auditors :
Name :	K.S. Aiyar and Company Chartered Accountants
Address :	F-7, Laxmi Mills Shakti Mills Lane, Mahalaxmi, Mumbai – 400011, Maharashtra, India
PAN No:	AAAFK6843P
Associates :	Borax Morarji Limited
Other Related Parties :	· The Natural Gas Company Private Limited · L.P .Gas Transport and Bottling Company Private Limited · Phoenix Distributors Private Limited · Jasraj Trading Company · Kosan Industries Private Limited · Bombay Foods Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions
1000000	Preferences Shares	Rs.100/- each	Rs.100.000 Millions
	TOTAL		Rs.400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21257821	Equity Shares	Rs.10/- each	Rs.212.578 Millions
880000	Preferences Shares	Rs.100/- each	Rs.88.000 Millions
	TOTAL		Rs.300.578 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	300.578	300.578
(b) Reserves & Surplus	(290.173)	(622.711)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	10.405	(322.133)
(3) Non-Current Liabilities
(a) long-term borrowings	256.705	275.247
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	371.445	541.045
(d) long-term provisions	24.013	24.823
Total Non-current Liabilities (3)	652.163	841.115
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	185.435	353.954
(c) Other current liabilities	241.370	208.789
(d) Short-term provisions	10.722	10.750
Total Current Liabilities (4)	437.527	573.493
TOTAL	1100.095	1092.475
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	344.455	458.202
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	5.529	2.128
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.162	0.162
(c) Deferred tax assets (net)	265.415	265.415
(d) Long-term Loan and Advances	20.791	32.691
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	636.352	758.598
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	62.121	63.972
(c) Trade receivables	116.198	205.323
(d) Cash and cash equivalents	16.971	12.916
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	268.453	51.666
Total Current Assets	463.743	333.877
TOTAL	1100.095	1092.475

SOURCES OF FUNDS		01.07.2010 to 31.03.2011 (9 Months)
SHAREHOLDERS FUNDS
1] Share Capital		300.578
2] Share Application Money		0.000
3] Reserves & Surplus		352.864
4] (Accumulated Losses)		(935.743)
NETWORTH		(282.301)
LOAN FUNDS
1] Secured Loans		584.712
2] Unsecured Loans		283.413
TOTAL BORROWING		868.125
DEFERRED TAX LIABILITIES		0.000
TOTAL		585.824
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		484.436
Capital work-in-progress		0.114
INVESTMENT		0.162
DEFERREX TAX ASSETS		265.415
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	75.022
	Sundry Debtors	197.039
	Cash & Bank Balances	19.508
	Other Current Assets	0.000
	Loans & Advances	64.947
Total Current Assets		356.516
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	395.244
	Other Current Liabilities	94.329
	Provisions	31.246
Total Current Liabilities		520.819
Net Current Assets		(164.303)
MISCELLANEOUS EXPENSES		0.000
TOTAL		585.824

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013 (12 Months)	31.03.2012 (12 Months)
	SALES
		Income	855.915	813.275
		Other Income	6.603	12.414
		TOTAL (A)	862.518	825.689
Less	EXPENSES
		Cost of materials consumed	560.452	569.612
		Employee benefits expense	55.430	56.311
		Other expenses	197.149	166.796
		Non-recurring items	(359.107)	0.000
		TOTAL (B)	453.924	792.719
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		408.594	32.970
Less	FINANCIAL EXPENSES (D)		25.060	24.197
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		383.534	8.773
Less/ Add	DEPRECIATION/ AMORTISATION (F)		50.996	48.606
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		332.538	(39.833)
Less	TAX (H)		0.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		332.538	(39.833)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(622.711)	(582.878)
	BALANCE CARRIED TO THE B/S		(290.173)	(622.711)
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods Calculated on FOB Basis	297.251	189.154
	TOTAL EARNINGS		297.251	189.154
	IMPORTS
		Raw Materials & Boughtouts	0.000	0.000
	TOTAL IMPORTS		0.000	0.000
	Earnings / (Loss) Per Share (Rs.)		15.34	(2.17)

	PARTICULARS		01.07.2010 to 31.03.2011 (9 Months)
	SALES
		Operating Revenue (Net)	429.580
		Other Income	4.953
		TOTAL (A)	434.533
Less	EXPENSES
		Consumption Materials changes inventories	257.977
		Manufacturing service costs	78.337
		Employee related expenses	44.842
		Administrative selling other expenses	37.425
		TOTAL (B)	418.581
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.952
Less	INTEREST (D)		15.236
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.716
Less/ Add	DEPRECIATION/ AMORTISATION (F)		48.668
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(47.952)
Less	TAX (H)		0.002
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(47.954)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(887.789)
	BALANCE (LOSS)CARRIED TO THE B/S		(935.743)
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on FOB basis	91.745
		Turnkey Projects Sales	1.212
	TOTAL EARNINGS		92.957
	IMPORTS
		Raw Materials & Boughtouts	7.924
	TOTAL IMPORTS		7.924
	Earnings/ (Loss) Per Share (Rs.)		(2.48)

QUARTERLY RESULTS

PARTICULARS	30.06.2013	30.09.2013
Type	1^st Quarter	2^nd Quarter
Net Sales	270.500	262.300
Total Expenditure	224.100	212.200
PBIDT (Excl OI)	46.400	50.100
Other Income	0.000	0.000
Operating Profit	46.400	50.100
Interest	06.300	06.700
Exceptional Items	59.200	02.100
PBDT	99.200	45.500
Depreciation	07.500	07.500
Profit Before Tax	91.700	37.900
Tax	0.000	0.000
Profit After Tax	91.700	37.900
Extraordinary Items	0.000	0.000
Net Profit	91.700	37.900

KEY RATIOS

PARTICULARS		31.03.2013 (12 Months)	31.03.2012 (12 Months)	01.07.2010 to 31.03.2011 (9 Months)
PAT / Total Income	(%)	38.55	(4.82)	(11.04)
Net Profit Margin (PBT/Sales)	(%)	38.85	(4.90)	(11.16)
Return on Total Assets (PBT/Total Assets}	(%)	40.11	(4.83)	(5.70)
Return on Investment (ROI) (PBT/Networth)		31.95	0.12	(0.17)
Debt Equity Ratio (Total Debt/Networth)		24.67	0.85	(4.92)
Current Ratio (Current Asset/Current Liability)		1.05	1.04	0.68

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	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)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10395305	30/11/2012	2,800,000.00	THE FEDERAL BANK LIMITED	BR FORT,MUMBAI,32,BOMBAY SAMACHAR MARG, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B65272544
2	10384704	05/10/2012	30,000,000.00	FEDERAL BANK	32, BOMBAY SAMACHAR MARG, FORT BRANCH, MUMBAI - 400001, MAHARASHTRA, INDIA	B61461828
3	10264158	05/10/2012 *	80,000,000.00	THE FEDERAL BANK LIMITED	32, BOMBAY SAMACHAR MARG, FORT BRANCH, MUMBAI - 400001, MAHARASHTRA, INDIA	B61460846
4	90244439	28/12/2010 *	50,000,000.00	THE FEDERAL BANK LIMITED	32, BOMBAY SAMACHAR MARG, FORT BRANCH, MUMBAI - 400001, MAHARASHTRA, INDIA	B04012910
5	90240747	15/05/2010 *	375,365,000.00	AARTI VENTURES LIMITED	MAYUR, 2ND FLOOR, 8TH N.S. ROAD, JUHU SCHEME, VILE PARLE (WEST), MUMBAI - 400049, MAHARASHTRA, INDI A	A88281522
6	90240665	01/07/2004 *	10,000,000.00	AARTI UDYOG	UDYOG KSHETRA, 2ND FLOOR, MULUND GOREGAON LINK ROAD, MULUND (WEST), MUMBAI - 400080, MAHARASHTRA, INDIA	-
7	90240590	13/07/2005 *	12,000,000.00	AARTI UDYOG	UDYOG KSHETRA, 2ND FLOOR, MULUND GOREGAON LINK ROAD, MULUND (WEST), MUMBAI - 400080, MAHARASHTRA, INDIA	-
8	90240506	10/06/2004 *	100,000,000.00	AARTI UDYOG	UDYOG KSHETRA, 2ND FLOOR, MULUND GOREGAON LINK ROAD, MULUND (WEST), MUMBAI - 400080, MAHARASHTRA, INDIA	-
* Date of charge modification

OVERVIEW OF OPERATIONS:

The Company’s fertilizer business viz. Single Superphosphate (SSP) continued to be adversely affected, inter-alia, due to strained liquidity and shortage of Working Capital. This has forced the Company to discontinue the production of SSP. Consequently, there is no turnover of SSP fertilizers during the current financial year ended 31st March, 2013 and previous financial year ended 31st March, 2012. The Company doesn’t intend to restart manufacture of SSP on its own, due to the huge Working Capital requirements and uncertain Government Policies. The Company will continue to operate our SSP plant at Khemli under a toll manufacturing agreement.

The turnover of Commodity Chemicals during the current Financial Year ended 31st March, 2013 was lower at Rs. 297.300 Millions as compared to the turnover of Rs. 413.900 Millions during the previous Financial Year, mainly due to decline in the selling price of Sulphuric Acid during the current Financial Year. The turnover of Specialty Chemicals during the current Financial Year ended 31st March, 2013 was Rs. 447.800 Millions as compared to Rs.317.700 Millions in the previous year. The Export turnover of the Company during the current Financial Year ended 31st March, 2013 was Rs. 317.000 Millions compared to Rs.199.000 Millions for the previous Financial Year. The Company continues to make efforts to develop new markets and customers.

PROSPECTS IN THE INDUSTRY:

The Working Capital needs of the Company’s Chemical business have increased due to the better capacity utilization. The Management of the Company is actively exploring various options including approaching the Banks to meet the working capital requirements of the Company. The Company continues to manufacture SSP at its Khemli, Udaipur Unit, on conversion basis. The Company is also looking at options to make use of its popular “SHIP” Brand by permitting its use by other manufacturers and marketers of SSP Fertilizer. In view of the changed scenario as regards the SSP Fertilizer business, Strategic Investor may not bring in additional funds and eventually may opt out its Association with the Company. The Company has utilized major part of the amount given by the Strategic Investor for settlement of secured lenders, settlement of workers dues and payment of other old statutory and non-statutory outstanding amounts. The Company is in the final stage of completing the transaction of the sale/transfer of land at Ambernath as also sale /transfer of the plant and machinery at Ambernath.

With the near exit from fertilizer business, the Company has increased the capacity utilization of its Chemical Plants at Roha. The Research and Development (R&D) Team of the Company at Roha is in the process of developing new Specialty Chemicals and improved processes for existing Specialty Chemicals with high margins. The R and D Team of the Company continues its efforts for improvement in processes to achive cost reduction in the existing products of the Company.

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Machinery (Owned)

· Plant and Machinery (Leased)

· Furniture And Equipments

· Vehicles

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30-06-2013

Rs. In Millions

Sr. No.	Particular	Quarter Ended
		30.06.2013
		Unaudited
1.	Net Sales/Income from Operations	266.274
	Other Operating Income	4.200
	Total Income From Operations (Net)	270.474
2.	Expenditure
	Cost of materials consumed	157.856
	Purchase of stock in trade	1.601
	Power & Fuels	13.619
	Repairs to Plant & Machinery and Buildings	10.840
	Employee benefits expenses	16.575
	Depreciation and amortization expenses	7.533
	Other expenses	30.455
	Changes in inventories of finished goods, work in progress and stock in trade	(6.824)
	Total Expenses	231.655
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	38.819
4.	Other Income	0.006
5.	Profit Before Interest and Exceptional Items (3+4)	38.825
6.	Interest	6.300
7.	Profit After Interest but before Exceptional Items (5-6)	32.525
8.	Exceptional Items	59.182
9.	Profit from Ordinary Activities before Tax (7+8)	91.707
10.	Tax Expense	--
11.	Net Profit from Ordinary Activities after Tax (9-10)	91.707
12.	Extraordinary Item (net of expense)	--
13.	Net Profit for the period (11-12)	91.707
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)
	Equity	212.578
	Preferences	88.000
15.	Reserves Excluding Revaluation Reserve	--
16.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised
	a) Basic and diluted EPS before extraordinary items	4.24
	b) Basic and diluted EPS after extraordinary items	4.24
17.	Public Shareholding
	-Number of Shares	11192964
	- Percentage of Shareholding	52.65
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	Nil
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	Nil
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	Nil
	b) Non Encumbered
	- Number of Shares	10064857
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	47.35

Particulars	3 Months ended on March 31, 2012
Pending at the beginning of the quarter	Nil
Received during the quarter	3
Disposed of during the quarter	3
Remaining unresolved at the end of the quarter	Nil

NOTES:

1. Sales Turnover include processing charges, and freight on sale of finished goods, wherever applicable.

2. The Earning per Equity Share (EPS) indicated in the Financial Results is calculated after considering the applicable dividend in respect of the Cumulative Non-Convertible Redeemable Preference Shares (including the applicable Corporate Dividend Tax thereon), in accordance with the Accounting Standard on Earning Per Share (AS-20).

3. The Company had obtained the requisite approval of the shareholders under section 293(1) (a) of the Companies Act, 1956 for sale / transfer / disposal of its Land, Factory Buildings and Plant & machinery at its Ambernath factory. (Written Down Value of the fixed assets of the Company at its Ambarnath factory as on 30-06-2013 is Rs. 0.417 Million). Therefore, while reporting "Segment Results", depreciation of Ambarnath factory has been shown separately. Also Profit on sale of Fixed Assets of Ambarnath factory along with Current Assets and Current Liabilities relating to the Ambarnath factory of the Company have been excluded for segment-wise reporting of "Capital Employed".

4. The Exceptional Item of Rs. 59.182 Millions represents profit on sale of Fixed Assets of Ambernath Factory during the quarter ended 30^th June 2013.and Rs.359.107 Millions represents the Net profit on sale of Fixed Assets during the quarter ended 31^st March 2013 and year ended 31^st March 2013 (i.e. Profit of Rs.378.965 Millions less Written Down Value of certain Fixed Assets scrapped of Rs.19.858 Millions in respect of Ambarnath factory).

5. As regards the Auditors' observation in their report on the Audited Accounts of the Company for the Financial Year ended 31st March 2013 regarding recognition of "Deferred Tax Asset" amounting to Rs.265.415 Millions (considering Unabsorbed Business Losses upto 31.03.2008 and Unabsorbed Depreciation upto 31.03.2009), the Company expects significant profits based on the enhanced future earnings. This will result in utilization of Deferred Tax Asset.

6. The Company has prepared the above Financial Results for the quarter ended 30.06.2013 on a "Going Concern Basis" since the Company is confident that its profitability will improve in future in view of the following :

The Company’s export business over the last three years has been growing at an impressive rate of 55%. This has been possible due to appropriate marketing efforts coupled with quality consciousness on the part of the company. The focused R and D activity to identify and develop relevant product meeting high quality standards has always remained vital to the company’s business, and efforts are undertaken to spread this message across the customer base both abroad as well as domestic. The company is confident of improving the current growth rate substantially in overseas business in addition to consolidating the domestic market both in Speciality and Bulk chemicals. In the near term, the company expects to achieve this objective by making use of the available unutilized capacity as well as building up additional capacity. The marketing team is also being strengthened.

7. Previous quarter's / year's figures have been re-grouped/rearranged, wherever necessary.

8. The above Unaudited Financial Results were reviewed by the Audit Committee and have been approved by the Board of Directors of the Company at their meeting held on 7^th August, 2013.

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.62.38
UK Pound	1	Rs.102.15
Euro	1	Rs.85.29

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.