MIRA INFORM REPORT

Report Date :

18.02.2013

IDENTIFICATION DETAILS

Name :	ATUL LIMITED (w.e.f. 31.07.1996)
Formerly Known As :	ATUL PRODUCTS LIMITED
Registered Office :	Ashoka Chambers, Rasala Marg, Eillsbridge, Ahmedabad - 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.12.1975
Com. Reg. No.:	04-002859
Capital Investment / Paid-up Capital :	Rs.296.800 Millions
CIN No.: [Company Identification No.]	L99999GJ1975PLC002859
TAN No.: [Tax Deduction & Collection Account No.]	AMMA00199D/ SRTA02006E/ SRTA02005D/ SRTA01637G
PAN No.: [Permanent Account No.]	AABCA2390M
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Dyestuff Chemicals, Drugs and Pharmaceuticals, Cresol, Sodium Sulphite, Sodium Sulphate, Soda Ash, Gypsum, Resorcinol, Aslurry, Spent Acid, Dinitro Diphenye, Sulfone, Metanilic Acid, Heavy Duty Break Fluid, Para Cand Panisaldehyde.
No. of Employees :	2737 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 25600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject is an established company having fine track record. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 30, 2012

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

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

INDIAN ECONOMIC OVERVIEW

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

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	A1+ (Commercial Paper)
Rating Explanation	Having very strong degree of safety regarding timely payment of financial obligation it carry lowest 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 :	Ashoka Chambers, Rasala Marg, Eillsbridge, Ahmedabad - 380006, Gujarat, India
Tel. No.:	91-79-26423706/ 26427520/ 26449294/ 26460520
Fax No.:	91-79-26404111
E-Mail :	wk.ag@atul.co.in wk.ar@atul.co.in wk.cl@atul.co.in fi@atul.co.in sec@atul.co.in ahd@atul.co.in jayesh_desai@atul.co.in
Website :	http://www.atul.co.in
Head Office :	Colours Division Post Atul, Valsad – 396020, Gujarat, India
Tel. No.:	91-2632-233261/ 5
Fax No.:	91-2632-233619 / 233375 / 233024 / 233619 / 233384
Mumbai Office:	310 B, Veer Savarkar Marg, Adjacent to Prabhadevi Telephone Exchange, Opposite India United Mills, Prabhadevi, Dadar (West), Mumbai-400028, Maharashtra, India
Tel. No.:	91-22-39876000
Fax No.:	91-22-24376061 / 24386065
Factory 1 :	297, GIDC Industrial Estate, Ankleshwar - 393 002, Gujarat, India
Factory 2 :	Atul, District Valsad, Gujarat
Factory 3 :	MIDC, Tarapur, Thane, Maharashtra

DIRECTORS

As on: 30.03.2012

Name :	Mr. S. S. Lalbhai
Designation :	Chairman and Managing Director
Name :	Mr. G. S. Patel
Designation :	Director
Name :	Dr. S. S. Baijal
Designation :	Director
Name :	Mr. Bansi S. Mehta
Designation :	Director
Date of Birth:	19.09.1935
Name :	Mr. H. S. Shah
Designation :	Director
Name :	Mr. S. A. Lalbhai
Designation :	Managing Director
Name :	Mr. S. M. Datta
Designation :	Director
Date of Birth/ Age:	01.07.2010
Name :	Mr. K Aparajithan
Designation :	Director
Name :	Mr. R. A. Shah
Designation :	Director (Alternate Director to Dr K Aparajithan)
Name :	Mr. B. N. Mohanan
Designation :	Whole time Director
Name :	Mr. V S Rangan
Designation :	Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.12.2012

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	854316	2.88
Bodies Corporate	14083032	47.48
Sub Total	14937348	50.36
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	14937348	50.36
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1296002	4.37
Financial Institutions / Banks	75512	0.25
Central Government / State Government(s)	336	0.00
Insurance Companies	548767	1.85
Foreign Institutional Investors	49122	0.17
Any Others (Specify)	1050	0.00
Trusts	1050	0.00
Sub Total	1970789	6.64
(2) Non-Institutions
Bodies Corporate	3841150	12.95
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	5221636	17.60
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	3565186	12.02
Any Others (Specify)	125624	0.42
Non Resident Indians	125624	0.42
Sub Total	12753596	43.00
Total Public shareholding (B)	14724385	49.64
Total (A)+(B)	29661733	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)	29661733	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Dyestuff Chemicals, Drugs and Pharmaceuticals, Cresol, Sodium Sulphite, Sodium Sulphate, Soda Ash, Gypsum, Resorcinol, Aslurry, Spent Acid, Dinitro Diphenye, Sulfone, Metanilic Acid, Heavy Duty Break Fluid, Para Cand Panisaldehyde.

Products :

Item Code No.	Product Description
3204	Synthetic Organic Colouring Matter
291200	Para Anisic Aldehyde
390730.09	Epoxy Resins

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Aroma Products	MT	10400	4150
Herbicides	MT	12190	13217
Pharma Intermediates	MT	707	361
Caustic, Sulphuric, Resorcinol, Formaldehyde and Carbamite	MT	123436	98204
Cresols	MT	14420	7659
Dyes	MT	16343	14977
Resins	MT	18850	19418
Sulphones and Intermediates	MT	1620	1443
By products and miscellaneous chemicals	MT	NA	28836

Note:

1. Licensed Capacity - Delicensed vide Gazette Notification No. S.O. 477( E ) dated July 25, 1991.

2. As certified by General Manager - Manufacturing and being a technical matter, accepted by the Auditors, as correct.

3. Previous year figures have been recast on reclassification.

4. Figures in bracket are in respect of the previous year.

5. Gross production includes production for captive consumption.

GENERAL INFORMATION

No. of Employees :

2737 (Approximately)

Bankers :

· Axis Bank

· Bank of Baroda

· Bank of India

· Export Import Bank of India

· State Bank of India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term loans
Rupee term loans from banks	101.400	2959.100
Rupee term loans from financial institutions	520.800
Foreign currency term loans from banks	207.800
Foreign currency term loans from financial institutions	618.100
Loans repayable on demand from banks	1518.500
Total	2966.600	2959.100

Notes:

(a) (i) 1. Rupee term loan from a bank amounting to Rs. 62.300 Millions (Previous year: Rs. 125.100 Millions) is secured by first pari passu charge on the fixed assets of the Company as a whole, both present and future, excluding specific assets with specific charge.

Terms of repayment

Repayable in 16 equal quarterly installments beginning from June 30, 2009 along with interest @ PLR -2% p.a.

2. Rupee term loan from a bank amounting to Rs. 12.64 Millions (Previous year: Rs. 17.60 Millions) is secured by first pari passu charge on the fixed assets of the Company as a whole, both present and future, excluding specific assets with specific charge.

Terms of repayment

Repayable in 20 equal quarterly installments beginning from October 30, 2009 along with interest @ Base rate +3.50% p.a.

3. Rupee term loan from a bank amounting to Rs. 75.000 Millions (Previous year: Rs. 125.000 Millions) is secured by first pari passu charge on the fixed assets of the Company as a whole, both present and future, excluding specific assets with specific charge.

Terms of repayment

Repayable in 16 equal quarterly installments beginning from October 28, 2009 along with interest @ Base rate +1.50% p.a.

(a) (ii) 1. Rupee term loan from a financial institution amounting to Rs. NIL (Previous year: Rs. 62.100 Millions) is secured by first pari passu charge on the fixed assets of the Company as a whole, both present and future, excluding specific assets with specific charge.

Terms of repayment

Repayable in 20 equal quarterly installments beginning from April 10, 2007 along with interest @ 10.75% p.a.

2. Rupee term loan from a financial institution amounting to Rs. 625.000 Millions (Previous year: Rs. 729.100 Millions) is secured by first pari passu charge by way of hypothecation of all movable fixed assets and mortgage of immovable properties of the Company, both present and future, excluding specific assets with exclusive charge and second charge on entire current assets of the Company, both present and future.

Terms of repayment

Repayable in 15 equal half yearly installments beginning from January 14, 2011 along with interest ranging from 6.99% p.a. to 7.46% p.a.

3. Rupee term loan from a financial institution amounting to Rs. 27.100 Millions (Previous year: Rs. 63.400 Millions) is secured by first pari passu charge on the fixed assets of the Company as a whole, both present and future, excluding specific assets with specific charge.

Terms of repayment

Repayable in 16 equal quarterly installments beginning from February 19, 2009 along with interest LTMLR + 180 bps p.a.

(a) (iii) 1. Foreign currency term loan from a bank amounting to Rs. NIL (Previous year: Rs. 37.500 Millions) is secured by first pari passu charge on the fixed assets of the

Company as a whole, both present and future, excluding specific assets with specific charge.

Terms of repayment

Repayable in 16 equal quarterly installments beginning from December 31, 2007 along with interest @ 6 Month LIBOR +500 bps p.a.

2. Foreign currency term loan from a bank amounting to Rs. NIL (Previous year: Rs. 60.900 Millions) is secured by first pari passu charge on the fixed assets of the Company as a whole, both present and future, excluding specific assets with specific charge.

Terms of repayment

Repayable in 16 equal quarterly installments beginning from May 05, 2008 along with interest @ 6 Month LIBOR +450 bps p.a.

3. Foreign currency term loan from a bank amounting to Rs. NIL (Previous year: Rs. 55.800 Millions) is secured by first pari passu charge on the fixed assets of the Company as a whole, both present and future, excluding specific assets with specific charge.

Terms of repayment

Repayable in 16 equal quarterly installments beginning from June 30, 2008 along with interest @ 6 Month LIBOR +425 bps p.a.

4. Foreign currency term loan from a bank amounting to Rs. 255.800 Millions (Previous year: Rs. NIL) is to be secured by first pari passu charge on the fixed assets of the Company as a whole, both present and future, excluding specific assets with specific charge.

Terms of repayment

Repayable in 16 equal quarterly installments beginning from July 31, 2012 along with interest @ 3 Month LIBOR +225 bps p.a.

(a) (iv) 1. Foreign currency loan from a financial institution amounting to Rs. 639.500 Millions (Previous year: Rs. 11.16 Millions) is secured by first pari passu charge by way of hypothecation of all movable fixed assets and mortgage of immovable properties of the Company, present and future, excluding specific assets with exclusive charge and second charge on entire current assets of the Company, present and future.

Terms of repayment

Repayable in 7 half yearly installments beginning from July 15, 2012 along with interest @ 6 Month LIBOR +225 bps p.a.

(a) (v) 1. Unsecured rupee term loan from a bank amounting to Rs. 0.11 Millions (Previous year: Rs. NIL)

Terms of repayment

Repayable in 20 equal quarterly installments beginning from November 30, 2011 along with interest @ Base rate +2.5% p.a.

Secured by hypothecation of tangible current assets (other than movable plant and equipment), namely, inventories and book debts of the Company as a whole and also secured by second and subservient charge on immovable and movable assets of the Company to the extent of individual bank limit as mentioned in joint consortium documents. This also extends to guarantees given by the bankers.

Banking Relations :	--
Auditors :
Name :	Dalal and Shah Chartered Accountants
Cost Auditors
Name :	R. Nanabhoy and Company Chartered Accountants
Subsidiary Companies :	· Ameer Trading Corporation Limited · Atul Bioscience Limited · Atul Brasil Quimicos Ltda · Atul China Limited {formerly known as Atul International · Trading (Shanghai) Company Limited} · Atul Deutschland GmbH · Atul Europe Limited · Atul Rajasthan Date Palms Limited · Atul USA Inc (formerly known as Atul Americas Inc) · DPD Limited
Joint Venture Company :	· Rudolf Atul Chemicals Limited
Associate Companies :	· Amal Limited · Anchor Adhesives Private Limited · AtRo Limited · Atul Ayurveda Limited · Atul Crop Care Limited · Atul Entertainment Limited · Atul Hospitality Limited · Atul Infotech Limited · Atul Medical Care Limited · Atul Seeds Limited · Gujarat Synthwood Limited · Jayati Infrastructure Limited · M. Dohmen S.A. · Osia Dairy Limited
Enterprises over which control exercised by :	· Aasthan Dates Limited · Atul Bio Space Limited · Atul Clean Energy Limited · Biyaban Agri Limited · Raja Dates Limited
Enterprises over which significant influence exercised :	· Atul Elkay Polymers Limited · Atul (Retail) Brands Limited · LAPOX Polymers Limited · Osia Infrastructure Limited
Key management personnel and employees are Trustees :	· Welfare funds · Atul Club · Atul Foundation Trust · Atul Kelvani Mandal · Atul Rural Development Fund · Atul Vidyalaya

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs. 10/- each	Rs.800.000 Millions
8000000	Cumulative Redeemable Preference Shares	Rs. 100/- each	Rs.800.000 Millions
	Total		Rs. 1600.000 Millions

Issued :

No. of Shares	Type	Value	Amount
29691780	Equity Shares	Rs. 10/- each	Rs. 296.900 Millions

Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
29661733	Equity Shares	Rs. 10/- each	Rs. 296.600 Millions
	Add: Forfeited Shares (amount paid up)		Rs. 0.200 Millions
	Total		Rs. 296.800 Millions

Notes:

1. The Company has two classes of shares referred to as Equity Shares having a par value of Rs.10 and Cumulative Redeemable Preference Shares having a par value of Rs.100.

2. In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the Shareholders.

3. Each holder of Equity Shares is entitled to one vote per share.

4. The Company declares and pays dividends 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.

5. Details of Shareholders holding more than 5% of Equity Shares:

Sr. No.	Name of the Shareholder	As at March 31, 2012
		Holding %	No of shares
1	Aeon Investments Private Limited	5.9%	1764382
2	Aura Securities Private Limited	5.4%	1614045

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		296.800	296.800	296.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6122.500	5374.100	4549.300
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6419.300	5670.900	4846.100
LOAN FUNDS
1] Secured Loans		2966.600	2959.100	2590.100
2] Unsecured Loans		478.700	323.200	357.700
TOTAL BORROWING		3445.300	3282.300	2947.800
DEFERRED TAX LIABILITIES		223.100	230.600	225.800
TOTAL		10087.700	9183.800	8019.700
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4177.700	3900.700	4122.400
Capital work-in-progress		559.500	294.700	72.300
Advance Against Capital Exp.		0.000	66.500	41.800
INVESTMENT		1250.000	833.200	650.200
DEFERREX TAX ASSETS		0.000	0.000	0.000
Other non-current assets		275.600	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2929.900	2613.900	2112.900
	Sundry Debtors	3682.200	3016.200	2706.100
	Cash & Bank Balances	174.600	163.500	148.400
	Other Current Assets	175.100	0.000	0.000
	Loans & Advances	1236.000	1580.500	1298.100
Total Current Assets		8197.800	7374.100	6265.500
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2756.400	2714.000	2476.900
	Current Liabilities	1049.700	185.600	156.700
	Provisions	566.800	385.800	498.900
Total Current Liabilities		4372.900	3285.400	3132.500
Net Current Assets		3824.900	4088.700	3133.000
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		10087.700	9183.800	8019.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Income	17955.700
		Other Income	116.400
		TOTAL (A)	18072.100
Less	EXPENSES
		Cost of materials consumed	10551.300
		Purchase of stock-in-trade	200.100
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(153.300)
		Employee benefit expenses	1172.000
		Exchange rate difference	120.700
		Other expenses	4154.100
		Long-term investment in subsidiary company	(65.100)
		TOTAL (B)	15979.800
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2092.300
Less	FINANCIAL EXPENSES (D)		431.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1661.300
Less/ Add	DEPRECIATION/ AMORTISATION (F)		436.500
	PROFIT BEFORE TAX (E-F) (G)		1224.800
Less	TAX (H)		343.700
	PROFIT AFTER TAX (G-H) (I)		881.100
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3340.000
	APPROPRIATIONS
		Transfer to General Reserve	90.000
		Proposed Dividend	140.000
		Dividend distribution tax	20.000
	BALANCE CARRIED TO THE B/S		3970.000
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	7775.500
	TOTAL EARNINGS		7775.500
	IMPORTS
		Raw Materials	3095.400
		Trading finished goods	110.300
		Capital Goods	54.700
	TOTAL IMPORTS		3260.400
	Earnings Per Share (Rs.)		29.70

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	15076.900	11681.200
		Operating Income	400.200	302.100
		Other Income	57.900	53.500
		TOTAL (A)	15535.000	12036.800
Less	EXPENSES
		Cost of Goods sold material consumed	8784.300	6567.700
		Manufacturing expenditure	2259.600	1818.500
		Employee’s Emoluments	1055.600	1032.200
		Others	1412.800	1101.600
		Exchange Rate Difference	90.900	90.700
		Exceptional Items	(101.000)	0.000
		TOTAL (B)	13502.200	10610.700
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2032.800	1426.100
Less	FINANCIAL EXPENSES (D)		254.600	255.600
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1778.200	1170.500
Less/ Add	DEPRECIATION/ AMORTISATION (F)		385.400	373.000
	PROFIT BEFORE TAX (E-F) (G)		1392.800	797.500
Less	TAX (I)		431.700	269.600
	PROFIT AFTER TAX (G-I) (J)		961.100	527.900
Add:	Tax Adjustments relating to earlier years Income tax and wealth tax		(61.100)	1.300
	Additional MAT Entitlement for the earlier years		0.000	38.900
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2647.100	2274.200
Less	APPROPRIATIONS
		Transfer to General Reserve	56.800	56.800
		Proposed Dividend	133.500	118.700
		Corporate Dividend tax on above	21.600	19.700
	BALANCE CARRIED TO THE B/S		3335.200	2647.100
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	6513.300	4912.500
	TOTAL EARNINGS		6513.300	4912.500
	IMPORTS
		Raw Materials	3328.800	1542.500
		Finished goods – for trading	28.400	40.500
		Capital Goods	21.600	8.000
	TOTAL IMPORTS		3378.800	1591.000
	Earnings Per Share (Rs.)		30.34	19.15

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	5019.800	5434.600	4508.200
Total Expenditure	4343.800	4694.900	4028.300
PBIDT (Excl OI)	676.000	739.700	479.900
Other Income	87.600	56.800	121.400
Operating Profit	763.600	796.500	601.300
Interest	111.700	59.600	78.100
Exceptional Items	0.000	53.800	0.000
PBDT	651.900	790.700	523.200
Depreciation	110.800	121.000	128.600
Profit Before Tax	541.100	669.700	394.600
Tax	166.300	182.700	115.600
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	374.800	487.000	279.000
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	374.800	487.000	279.000

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.86	6.19	4.39
Net Profit Margin (PBT/Sales)	(%)	6.82	9.24	6.83
Return on Total Assets (PBT/Total Assets}	(%)	9.91	12.36	7.68
Return on Investment (ROI) (PBT/Networth)		0.19	0.25	0.16
Debt Equity Ratio (Total Debt/Networth)		0.54	0.58	0.61
Current Ratio (Current Asset/Current Liability)		1.87	2.24	2.00

LOCAL AGENCY FURTHER INFORMATION

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

LITIGATION DETAILS

HIGH COURT OF GUJARAT

TAX APPEAL No. 1368 of 2007

Status :

PENDING

(Converted from : ST/2519/2012 )

CCIN No : 001076201200203

Last Listing Date: 11/01/2013

Coram

HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI

HONOURABLE MR.JUSTICE N.V.ANJARIA

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER OF INCOME TAX-I

MRS MAUNA M BHATT for: Applicant(s) 1

S.NO.

Name of the Respondant

Advocate On Record

1

ATUL LIMITED

--

Presented On

12/12/2012

Registered On

13/12/2012

Bench Category

DIVISION BENCH

District

AHMEDABAD

Case Originated From

THROUGH ADVOCATE

Listed

3 times

Stage Name

: FOR HEARING - AT 2:30 P.M.

Classification

DB - CIVIL MISC. APPLICATION - CODE OF CIVIL PROCEDURE, 1908 - REVIEW / MODIFICATION / DIRECTION / EXTENSION OF TIME / CLARIFICATION

Act

INCOME-TAX ACT, 1961

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

12/12/2012

APPLICATION

MRS MAUNA M BHATT ADVOCATE for PETITIONER(s)

20

MRS MAUNA M BHATT:1

Court Proceedings

S. No.

Notified Date

Court Code

Board Sr. No.

Stage

Action

Coram

1

28/12/2012

51

-

FOR HEARING - AT 2:30 P.M.

NEXT DATE

· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE N.V.ANJARIA

Available Orders

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

1

MISC. CIVIL APPLICATION/203/2012

· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE N.V.ANJARIA

11/01/2013

N

N

Certified Copy
S. No.	Applicant Name	Application Type	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status
1	MRS MAUNA M BHATT	ORDINARY	16/01/2013	O/1291/2013	11/01/2013	07/02/2013	08/02/2013	Delivered

UNSECURED LOAN

(Rs. In Millions)

	As on 31.03.2012	As on 31.03.2011
Loans from banks	250.700	323.200
Rupee term loans from banks	0.900
Buyers’ credit arrangement	227.100
Total	478.700	323.200

FINANCIAL PERFORMANCE

Net sales grew by 17% to Rs17610.000 Millions including a growth of 21% in exports and 14% in domestic market. However, the margins were under pressure and reduced slightly; the PBT before exceptional items reduced from Rs.1290.000 Millions to Rs.1160.000 Millions. The reduction in profitability was mainly on account of increase in input prices, fixed costs, exchange loss and interest. During the year, CARE assigned CARE A1+ rating to the proposed CP issue. CARE also upgraded credit rating to CARE A+ (from CARE A in the Previous year) for long-term debts, while maintaining top notch CARE A1+ for short-term debts.

MANAGEMENT DISCUSSION AND ANALYSIS

SEGMENT: LIFE SCIENCE CHEMICALS

	2011-12	2010-11	% change
Sales (Rs. In Millions)	6040.000	4920.000	230.000
Share in total revenues (%)	34	33	1

CROP PROTECTION

Products

Fungicides, Herbicides, Insecticides, Others Crop Protection Business mainly comprises Fungicides, Herbicides and Insecticides. The products are used by customers belonging to Agriculture industry for the protection of crops. The Business comprises about 13 products and 54 formulations. It is not into Seeds which is now becoming an important input for Agriculture industry.

During the year, sales increased by 16% to Rs. 358 Millions. Sales in India increased by 4% to Rs.1620.000 Millions; bulk sales in India increased by 10% whereas brand sales which are currently only in India decreased by 4% to Rs.660.000 Millions. Export sales increased by 29% to Rs. 1960.000 Millions and formed 55% of the total. Growth on account of volume was 2%.

World market for crop protection chemicals is estimated at US$ 51 bn and is growing at about 3%. Indian market for such chemicals is estimated at US$ 1 bn and is growing at about 5%. There are about 60 major companies which dominate the world marketplace, and there are about 10 companies in India having sales of more than US$ 110 mn.

The main user industry, namely, Agriculture, is growing well because of the increasing population on the one hand and improving standard of living on the other. The Company will participate in this growth by i) debottlenecking capacities, ii) introducing new products and new formulations, iii) significantly improving efficiencies, iv) promoting own brands and v) enhancing the presence in other countries, particularly in Africa and South America. It will also form long-term alliances with other companies.

Floods or famines will adversely affect the demand. Registration costs are high in certain countries. Fluctuations in foreign exchange will impact sales realisations. Given that some of these chemicals can be toxic, it is essential to take utmost care in their manufacture and use.

PHARMACEUTICALS

Products

APIs, API intermediates, Others

Pharmaceuticals Business mainly comprises API intermediates and a few APIs. The products are used by customers belonging to Pharmaceutical industry, under five broad therapeutic categories, namely, cardiovascular, anti-depressant, antidiabetic, anti-infective and anti-retroviral. The Business comprises 28 products, relatively new to the portfolio (of products) of the Company. It is not currently engaged in formulations of APIs.

During the year, sales increased by 34% to Rs. 2460.000 Millions. Sales in India increased by 40% to Rs. 1250.000 Millions. Export sales increased by 27% to Rs. 121 Millions and formed 49% of the total. Growth on account of volume was 13%. Atul Bioscience, a 100% subsidiary company, focussed on production of advanced API intermediates and now has two multi-purpose plants manufacturing a range of products, sales of which increased from Rs. 4Millions to Rs. 11 Millions, almost wholly because of volume.

World market for pharmaceuticals is estimated at US$ 730 bn (comprising US$ 680 bn prescription drugs and US$ 50 bn generic drugs) and is growing at about 5%. Indian Pharmaceuticals market is estimated at US$ 22 bn (including sales out of India) and is growing at about 8%. There are around 20 major companies which dominate the world marketplace in prescription drugs space with share of about 67% and around 8 companies in generic drugs space with share of about 70%.

The main user industry, namely, Healthcare, is growing well because of the increasing awareness about diseases and health. The Company along with Atul Bioscience will participate in this growth by i) debottlenecking | adding capacities, ii) introducing new products, iii) significantly improving efficiencies and iv) widening its market reach. It will also form long-term alliances with other companies.

Prices of many products come down significantly in a short time. Fluctuations in foreign exchange will impact sales realisations.

Segment: Performance and Other Chemicals

	2011-12	2010-11	% change
Sales (Rs Millions)	11570.000	10160.000	140.000
Share in total revenues (%)	66	67	(1)

AROMATICS

Products

p-Cresol, Others

Aromatics Business mainly comprises p-Cresol and its downstream products. The products are mainly used by customers belonging to Flavour and Fragrance and Personal Care industries. The Business comprises 29 products.

During the year, sales increased by 34% to Rs. 2520.000 Millions. Sales in India increased by 38% to Rs. 800.000 Millions. Export sales increased by 32% to Rs. 172 Millions and formed 68% of the total. Growth on accounted of volume was 14%. The Company undertook capacity expansion of p-Cresol.

World market of p-Cresol is estimated at 55,000 mt and is growing at about 3%. Though earlier the product used to be manufactured in the UK and the USA, China and India are now the major suppliers of the product.

The main user industries, namely, Flavour and Fragrance and Personal Care, are growing well because of the increasing population on the one hand and improving standard of living on the other. The Company will participate in this growth by i) expanding capacities, ii) introducing new products, iii) improving efficiencies and iv) widening its market reach.

The prices of key raw materials which are derived from crude oil fluctuate almost monthly whereas the customers in the user industries expect the prices of the finished products to remain firm for a quarter or even more; on such occasions, it is possible to get affected adversely. Fluctuations in foreign exchange will impact sales realisations.

BULK CHEMICALS

Products

Sodium Hydroxide, Chlorine, Sulphuric Acid, Oleum, Sulphur Trioxide, Chlorosulphonic Acid, Resorcinol, Others

Bulk Chemicals Business mainly comprises Sodium Hydroxide, Chlorine, Sulphuric Acid, Oleum, Sulphur Trioxide, Chlorosulphonic Acid and Resorcinol. Barring Chlorosulphonic Acid and Resorcinol, the rest of the products are used for captive consumption. Resorcinol is mainly used by customers belonging to Tyre industry. The Business comprises 22 products.

During the year, (external) sales increased by 11% to Rs. 720.000 Millions. Sales in India increased by 26% to Rs. 580.000 Millions. Export sales decreased by 26% to Rs. 140.000 Millions and formed 19% of the total. Growth on account of volume was 2%.

World market for bulk chemicals is growing at about 0.5% and Indian market is growing at about 2%. World market for Resorcinol is estimated at US$ 295 mn and is growing at about 3%; Indian market for the product is estimated at US$ 13 mn and is growing at about 5%.

The captive consumption of bulk chemicals is expected to grow as the Company expands manufacturing capacities of its various products. Tyre industry is expected to grow further because of increasing population on the one hand and improving standard of living on the other. The Company will participate in this growth by i) increasing and modernising capacities of the bulk chemicals, ii) increasing efficiency and capacity of Resorcinol, iii) introducing new and downstream products and widening its market reach.

The demand and prices of bulk chemicals are cyclical in nature. Fluctuations in foreign exchange will impact sales realisations.

COLORS

Products

Textile dyes, Textile chemicals, Pigments, Paper dyes, Inks, Others

Colors Business mainly comprises dyes for natural fibres such as Vat, Sulphur Black and Reactive and in a small way high performance pigments. The products are used by customers belonging to Textile and Paint and Coatings industries. The Business comprises about 500 products. M. Dohmen S. A., a JV company, manufactures dyes for synthetic fibres such as speciality Disperse. The products made by M. Dohmen are mainly used by customers (belonging to Textile industry) supplying automotive textiles to Automobile industry. Rudolf Atul Chemicals Limited, a JV company formed during the year, will provide a complete range of textile chemicals where the Business had made a beginning and had a minuscule presence in Indian market

During the year, sales increased by 6% to Rs. 3460.00 Millions. Sales in India increased by 2% to Rs. 1850.000 Millions. Export sales increased by 12% to Rs. 1610.000 Millions and formed 47% of the total. Degrowth on account of volume was 5%.

World market for dyes and textile chemicals is estimated at US$ 11 bn and is growing at about 2% and Indian market is estimated at US$ 800 mn and is growing at about 3%.

China is the largest manufacturer of dyes followed by India. World market for high performance pigments is estimated at US$ 3.5 bn and is growing at about 4%.

The main user industry, namely, Textile, is heavily dependent on the markets of the USA and Europe; due to difficult economic situation in some of these countries, the industry has shown considerably sluggish growth. The growth of domestic Textile industry has been impacted by the closure of textile units in Tirupur and the volatility in cotton prices. Automobile industry is growing well, particularly in India. The Company is trying to overcome downward pressure on prices by i) debottlenecking capacities and thus reducing the cost per unit, ii) introducing new dyes, pigments and textile chemicals, iii) improving efficiencies and iv) widening its market reach, particularly in selected countries in South America, Asia and Africa, with the cooperation of M. Dohmen and Rudolf.

Fluctuations in foreign exchange will impact sales realisations. Treatment costs are expected to remain high given that the manufacture of dyes generates significant pollutants.

POLYMERS

Products

Epoxy Resins and Hardeners, Reactive diluents, Sulphones, Others

Polymers Business mainly comprises Epoxy Resins and Hardeners and formulations thereof, other components such as air release agents, reactive diluents, rheological modifiers, wetting agents, etc and Sulphones. These products are used by Aerospace, Automobile, Construction, Defence, Electronics, Footwear, Handicraft, Marine, Paint and Coatings, Paper and Wind Energy industries. The group comprises of about 90 products and 240 formulations.

During the year, sales increased by 11% to Rs. 4870.000 Millions. Sales in India increased by 11% to Rs. 3450.000 Millions. Brand sales which is currently only in India increased by 43% to Rs. 76 Millions. Export sales increased by 11% to Rs. 1420.000 Millions and formed 29% of the total. Growth on account of volume was 5%. The Company signed a joint venture Agreement with Elkay Kimyasal Maddeler San. Ve Tic. A.S., a reputed manufacturer of stone care chemicals; these will have an excellent fitment with the product portfolio of the Company. Two debottlenecking projects already under implementation will be completed during 2012-13.

World market for Epoxy Resins and Hardeners is estimated at US$ 6 bn and is growing at about 2% and Indian market is estimated at US$ 210 mn and is growing at about 10%. There are about 7 major companies which dominate the world marketplace. The two key raw materials, namely Bisphenol-A and Epichlorohydrin, are imported into India. World market for Sulphones is estimated at US$ 300 mn and is growing at about 4%.

The user industries, Automobile, Construction and Paint and Coatings, are growing well, particularly in India. The Company will participate in this growth by i) significantly debottlenecking capacities of Epoxy Resins and Hardeners, ii) introducing new products and formulations, iii) improving efficiencies and iv) widening its market reach.

Cheaper imports of Epoxy Resins and Hardeners will keep the contribution margins under pressure. Since the two main raw materials are imported, fluctuations in foreign exchange will impact margins.

CONTINGENT LIABILITIES

(Rs. In Millions)

(i) Claims against the Company not acknowledged as debts	31.03.2012	31.03.2011
in respects of:
(a) Excise	62.500	57.300
(b) Income tax	277.000	255.000
(c) Sales tax	7.400	7.400
(d) Customs	27.800	-
(e) Water charges	686.300	655.000
(f) Others	132.600	110.000
Note: Future cash outflows in respect of (a) to (f) above are determinable on receipt of judgements | decisions pending with various forums | authorities.
(ii) Guarantees given by bankers of the Company:
(a) Guarantees have been given by the bankers of the Company in the normal course of business and are not expected to result in any liability on the Company	-	95.000
(b) Corporate guarantee to a bank on behalf of subsidiary company for facilities availed by them	11.100	12.100

FIXED ASSETS:

Tangible assets

· Land – Freehold

· Buildings

· Roads

· Plant and Equipment

· Railway Siding

· Office Equipment and Furniture

· Vehicles

Intangible assets

· Computer software

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2012

(Rs. In Millions)

Particulars		For the quarter ended on		Nine months ended on
		December 31, 2012	September 30, 2012	December 31, 2012
		Unaudited	Unaudited	Unaudited
1	Income from operations
	a Net sales | income from operations (Net of excise duty)	4401.500	5371.300	14728.700
	b Other operating income	106.700	63.300	233.900
	Total income from operations (net)	4508.200	5434.600	14962.600
2	Expenses
	a Cost of materials consumed	2466.600	3150.900	8806.600
	b Purchases of stock-in-trade	26.600	77.700	152.900
	c Changes in inventories of finished goods, work-in-progress and stock-in-trade	212.700	(134.200)	(287.900)
	d Employee benefit expenses	308.400	311.500	940.700
	e Depreciation and amortisation expenses	128.600	121.000	360.400
	f Power, fuel and water	480.600	582.800	1576.400
	g Other expenses	533.400	622.800	1794.900
	Total expenses	4156.900	4732.500	13344.000
3	Profit from operations before other income, finance costs and exceptional items (1-2)	351.300	702.100	1618.600
4	Other income	48.900	56.800	137.100
5	Profit from ordinary activities before finance costs and exceptional items (3+4)	400.200	758.900	1755.700
6	Finance costs (see note 2)	78.100	59.600	249.400
7	Profit from ordinary activities after finance costs but before exchange rate difference and exceptional items (5-6)	322.100	699.300	1506.300
8	Exchange rate difference: gain | (loss)	72.500	(83.400)	45.300
9	Profit after finance costs and exchange rate difference but before exceptional items (7+8)	394.600	615.900	1551.600
10	Exceptional items
	Reversal of provision for diminution in value of long term investment in a subsidiary company	-	-	-
	Reversal of previous year finance costs (see note 2)	-	53.800	53.800
	Total	-	53.800	53.800
11	Profit from ordinary activities before tax (9+10)	394.600	669.700	1605.400
12	Tax expense
	a Current tax	115.400	178.600	460.500
	b Deferred tax	0.200	4.100	4.100
	Total tax (a+b)	115.600	182.700	464.600
13	Net Profit from ordinary activities after tax (11-12)	279.000	487.000	1140.800
14	Tax adjustment in respect of earlier years	-	-	-
15	Net Profit for the period (13+14)	279.000	487.000	1140.800
16	Paid-up equity share capital (face value r 10 per share)	296.600	296.600	296.600
17	Reserves excluding revaluation reserves
18	Earnings per share (EPS)
	Basic and diluted EPS (r per share)	9.41	16.41	38.46

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2012

Particulars		For the quarter ended on		Nine months ended on
		December 31, 2012	September 30, 2012	December 31, 2012
		Unaudited	Unaudited	Unaudited
A	Particulars of shareholding
1	Public shareholding
	Number of shares	14724385	14735798	14724385
	Percentage of shareholding	49.64%	49.68%	49.64%
2	Promoters and promoter group shareholding
	a) Pledged | encumbered:
	Number of shares	-	-	-
	Percentage of shares (as a % of the total shareholding of promoters and promoter group)	-	-	-
	Percentage of shares (as a % of the total share capital of the Company)	-	-	-
	b) Non-encumbered:
	Number of shares	14937348	14925935	14937348
	Percentage of shares (as a % of the total shareholding of promoters and promoter group)	100.00%	100.00%	100.00%
	Percentage of shares (as a % of the total share capital of the Company)	50.36%	50.32%	50.36%
B	Investor complaints	For the quarter ended December 31, 2012
	Pending at the beginning of the quarter	-
	Received during the quarter	8
	Disposed of during the quarter	8
	Remaining unresolved at the end of the quarter	-

Notes:

1. The above results have been reviewed and recommended for adoption by the Audit Committee and have been approved by the Board of Directors at its meeting held on January 18, 2013. The report of the Statutory Auditors contains no qualification.

2. As mentioned in Note 3 of the published results for the quarter ended September 30, 2012, Gujarat Pollution Control Board had issued a notice to shut-down manufacturing operations at Valsad Site and subsequently, vide its letter dated October 17, 2012, permitted to restart manufacturing operations. This event did affect the performance of the quarter ended December 31, 2012 and may affect the performance for some time more in the near term, but the Company believes that there will not be any significant long-term impact on its operations; based on the initiatives taken, the performance for 2013-14 is expected to be normal.

3. Figures of the earlier periods have been regrouped | recast | reclassified wherever necessary including in the segment result.

4. The unaudited Segment revenue, results and capital employed are annexed.

SEGMENT REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Millions)

Particulars		For the quarter ended on		Nine months ended on
		December 31, 2012	September 30, 2012	December 31, 2012
		Unaudited	Unaudited	Unaudited
1	Segment revenue
	Life Science Chemicals	1787.000	1818.900	5138.900
	Performance & Other Chemicals	3002.500	3992.000	10777.000
	Total	4789.500	5810.900	15915.900
	Less:
	Inter segment revenue	388.000	439.600	1187.200
	Sales	4401.500	5371.300	14728.700
2	Segment results
	Life Science Chemicals	283.000	461.900	1090.500
	Performance & Other Chemicals	147.000	317.200	721.800
	Total	430.000	779.100	1812.300
	Less:
	Interest	78.100	59.600	249.400
	Other unallocable expenditure	67.100	39.400	160.100
	Add:
	Exchange rate difference - gain | ( loss)	72.500	(83.400)	45.300
	Unallocable income	37.300	73.000	157.300
	Total Profit Before Tax	394.600	669.700	1605.400
3	Capital employed (Segment assets - Segment liabilities)
	Life Science Chemicals	2960.900	3001.800	2960.900
	Performance & Other Chemicals	5439.100	5579.000	5439.100
	Unallocable	2705.700	2572.900	2705.700
	Total	11105.700	11153.700	11105.700

AS PER WEBSITE DETAILS:

Press Release

ATUL LIMITED RESTARTS MANUFACTURING OPERATIONS

Ahmedabad October 18, 2012

Atul limited posted revenues worth Rs 17955.700 Millions in 2011-12, and a net profit of Rs 881.100 Millions

Ahmedabad based Rs 17950.000 Millions agrochemicals company Atul Limited today informed the Bombay Stock Exchange (BSE) that it has restarted manufacturing operations at its Valsad site after the Gujarat Pollution Control Board (GPCB) permitted the same.

The GPCB had issued a notice directing the company to take remedial measures and meanwhile shutdown of manufacturing operations at Valsad on the grounds that some of the old pipelines that were installed at the site many years back to carry effluents have to be dismantled now. Post this, the company had informed the BSE on October 11 that it is working on achieving the mandate of the pollution control board and has shut down manufacturing operations at the site.

Atul today said that based on the steps taken by the company, GPCB has issued an order permitting the firm to restart operations. It, however, added that the incident is expected to affect the company's short-term performance.

Atul limited posted revenues worth Rs 17955.700 Millions in 2011-12, and a net profit of Rs 881.100 Millions.

ATUL AND MDOHMEN COLLABORATE TO OFFER A COMPLETE SOLUTION TO VALUED CUSTOMERS

February 1, 2011

A part of US$1.5 billion Lalbhai Group, one of the oldest business houses of India, Atul Limited (Atul) is engaged in the manufacture and marketing of chemicals, with current sales of US$350 million, serving diversified industries such as aerospace, agriculture, construction, flavours and fragrance, paint and coatings, paper, pharmaceuticals and textile. In 1952, Atul became the first Indian company to have manufactured synthetic dye stuffs on a large-scale, and its current range comprises cellulosic dyes such as vat dyes, sulphur dyes and reactive dyes for cotton textile and paper, and has current sales of US$75 million. Atul Colors has an excellent reputation for the highest order of quality of its products in the international markets.

M Dohmen SA (MD) is acknowledged as an innovative synthetic dyes company, providing integrated solutions especially for automotive and polyamide / wool applications apart from its recent foray into other industrial dye applications such as paper, wood and plastic. It has a turnover of around US$75 million and is headquartered in Switzerland with manufacturing facilities in Germany, South Korea, and Switzerland and having subsidiary companies in major textile markets of China, Germany, Italy, South Korea, Turkey and the USA. MD is a global market leader and is strong in the automotive supply chain where it is considered as an integral partner for development of automotive interior textiles.

MD has now become a 50:50 JV between M Dohmen GmbH 8b Co KG and Atul. Thus MD is now strong in both cellulosic and synthetic dyes and will offer a complete range of dyes and hence can provide a total solution to the customers. While Atul will offer to its customers in India and certain other markets not reached by MD currently the entire range of MD products comprising automotive, wool, polyamide and other dyes and textile chemicals, MD will be able to service its customers with the vat, sulphur, reactive and other dyes of Atul Colors. This partnership also brings a significant increase in synthesis and research capacity to the fore and is expected to substantially strengthen the competitive advantage of the company and significantly enhance its customer focus, relationships and servicing.

CMT REPORT (Corruption, Money Laundering and 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.53.99
UK Pound	1	Rs.83.00
Euro	1	Rs.72.09

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		63

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 and 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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.