MIRA INFORM REPORT

Report Date :

18.01.2013

IDENTIFICATION DETAILS

Name :	AMINES AND PLASTICIZERS LIMITED
Registered Office :	C/o Pranati Builders Private Limited, Paul Enclave, Principal J. B. Road, Chenikuthi, Guwahati – 781003, Assam
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.09.1973
Com. Reg. No.:	02-001446
Capital Investment / Paid-up Capital :	Rs.55.020 Millions
CIN No.: [Company Identification No.]	L24229AS1973PLC001446
TAN No.: [Tax Deduction & Collection Account No.]	MUMA18981E
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Manufactures of Ethanolamines, Alkyl Alkanolamines, Plasticizers, Morpholine, Alkyl Morpholines and Gas Treating Solvents.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 1020000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The sales turnover of the company remained almost same. The financial strength of the company appears to be moderate. However, trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

NOTES:

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

ECGC Country Risk Classification List – June 30, 2012

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

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

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	CRISIL
Rating	Bank Guarantee: A4+ (Placed on notice of withdrawal)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	26.03.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	C/o Pranati Builders Private Limited, Paul Enclave, Principal J. B. Road, Chenikuthi, Guwahati – 781003, Assam, India
Tel. No.:	91-361-2666772/ 2630464/
Fax No.:	91-361-2669108/ 2550313
E-Mail :	amines@vsnl.com (Corporate Information and Export Sales) legal@amines.com (Corporate Secretarial) marketing@amines.com (Marketing-Domestic) purchase@amines.com (Purchase Department) acconts@amines.com (Accounts Department) pharmaprodcucts@amines.com (Pharma Products) intlmarketing@amines.com (international Business Development)
Website :	http://www.amines.com
Corporate/ Head Office :	D Building, Shivsagar Estate, Dr. A B Road, Worli, Mumbai-400018, Maharashtra, India
Tel. No.:	91-22-24935282/ 87/ 88
Fax No.:	91-22-24938162
Plant 1 :	Chemical Plant (Unit No.1) D-21/21-A, TTC Industrial Area, Thane-Belapur Road, Turbhe, Navi Mumbai-400705, Maharashtra, India
Tel. No.:	91-2192-278178/9
Fax No.:	91-2192-278179
Plant 2 :	APL Industrial Gases Plant (Unit No.2) D 21/21A, TTC Industrial Area, Turbhe, Thane Belapur Road, Navi Mumbai-400075, Maharashtra, India
Tel. No.:	91-22-27681350 / 27681321 / 27681342 / 27687367
Fax No.:	91-22-27681332
E-Mail :	amines@mtnl.net.in
Branches :	Located at : · New Delhi · Kolkata

DIRECTORS

(AS ON 31.03.2012)

Name :	Mr. Hemant Kumar Ruia
Designation :	Chairman and Managing Director
Address :	Minraj Building 405, Kalbadevi Road, Mumbai – 400002, Maharashtra, India
Date of Birth :	24.02.1958
Date of Appointment :	01.04.2005
Election Commission Identity Card :	MT04021087663
DIN No.:	00029410
Name :	Mr. Kailashchandra K. Seksaria
Designation :	Director
Address :	74, Mari Ne Drive, Mumbai – 400002, Maharashtra, India
Date of Birth :	03.04.1939
Date of Appointment :	27.09.2007
DIN No.:	00115565
Name :	Dr. Mothiliesh Kumar Sinha
Designation :	Director
Address :	1604 Orchid Filmcity, Malad East, Mumbai – 400097, Maharashtra, India
Date of Birth :	02.09.1935
Date of Appointment :	29.09.2006
DIN No.:	00073988
Name :	Dr. Pandurang Hari Vaidya
Designation :	Director
Address :	27 C, Prachi Shahaji, Raje Road, Vileparle, Mumbai – 400057, Maharashtra, India
Date of Birth :	25.05.1939
Date of Appointment :	29.09.2006
DIN No.:	00939149
Name :	Mr. Arun Shanker Nagar
Designation :	Director
Address :	Jayashree Flat 45, 75 Worli Sea Face, Mumbai – 400025, Maharashtra, India
Date of Birth :	09.10.1946
Date of Appointment :	30.09.2009
DIN No.:	00523905
Name :	Mr. Brijmohan Shrikrishna Jindel
Designation :	Director
Address :	B-51, Grain Merchant Soc., Sector No. 17, Vashi, Navi Mumbai – 400705, Maharashtra, India
Date of Birth :	13.06.1945
Date of Appointment :	20.09.2010
DIN No.:	00071417

KEY EXECUTIVES

Name :	Mr. Ajay Puranik
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2012)

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	2310998	42.00
Bodies Corporate	1714477	31.16
Sub Total	4025475	73.16
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	4025475	73.16
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	1000	0.02
Insurance Companies	200	0.00
Sub Total	1200	0.02
(2) Non-Institutions
Bodies Corporate	785709	14.28
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	582284	10.58
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	106401	1.93
Any Others (Specify)	931	0.02
Non Resident Indians	931	0.02
Sub Total	1475325	26.81
Total Public shareholding (B)	1476525	26.84
Total (A)+(B)	5502000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	5502000	100.00

BUSINESS DETAILS

Line of Business :

Manufactures of Ethanolamines, Alkyl Alkanolamines, Plasticizers, Morpholine, Alkyl Morpholines and Gas Treating Solvents.

Products :

Products Description	Item Code No.
Ethanolamines	292211 to 292213
Plasticizers	291739
Morpholin	293400

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Unit	Actual Production
Alkyl Alknolamines (Average Consumption):
Furnance Oil	MT	24
L.D.O.	MT	50
Electricity	MT	163
Briquette	KG	839

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term Loans - From Bank (Secured against hypothecation of Fixed Assets created out of Term Loan as continuing /collateral security and is also personally guaranteed by Managing Director of the Company.)	23.077	0.000
Vehicle Loans - From Bank (Secured against hypothecation of Vehicles purchased there-against and is also personally guaranteed by Managing Director of the Company.)	3.464	0.237
Working Capital Facilities – From Banks Secured against hypothecation of stock-in-trade (except stock of trading shares and securities) and stores and against Security of Trade Bills and by way of mortgage of the immovable properties (both present and future) of the Company, situated at Turbhe and Vadval as continuing /collateral security and is also personally guaranteed by Managing Director of the Company.	364.290	285.485
Total	390.831	285.722

Banking Relations :	--
Auditors :
Name :	· Lodha and Company Chartered Accountants
Address :	6, Karim Chambers, 40 A, Doshi Marg, Mumbai – 400023, Maharashtra, India
Auditors :
Name :	· D. Basu and Company Chartered Accountants
Address :	10, Old Post Office Street, Kolkata – 700001, West Bengal, India
Associates :	· Multiwyn Investments and Holdings Private Limited · APL Holdings and Investments Limited · APL Investments Limited · Chefair Investment Private Limited
Subsidiaries :	· APL Infotech Limited CIN No.: U99999MH2001PLC134291 · APL Engineering Services Private Limited (wholly owned subsidiary) CIN No.: U28910MH2008PTC179777

CAPITAL STRUCTURE

(AS ON 31.03.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
9500000	Equity Share	Rs.10/- Each	Rs. 95.000 Millions
50000	Preference Shares	Rs.100/- Each	Rs. 5.000 Millions
	Total		Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5502000	Equity Share	Rs.10/- Each	Rs. 55.020 Millions

Right, Preference and Restrictions attached to Equity Shares

The Company has only one class of equity shares having par value of Rs.10/- per share. Each Shareholder is entitled to one vote per share. In the event of liquidation of the Company the holder of equity shares will be entitled to receive any of the remaining assets of the Company after distribution of all preferential payments. However, no such preferential amount exists currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

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		55.020	55.020	56.959
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		198.759	171.601	151.078
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		253.779	226.621	208.037
LOAN FUNDS
1] Secured Loans		390.831	285.722	285.652
2] Unsecured Loans		8.697	1.051	9.270
TOTAL BORROWING		399.528	286.773	294.922
DEFERRED TAX LIABILITIES		22.903	15.987	10.051
TOTAL		676.210	529.381	513.010
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		219.987	173.197	94.483
Capital work-in-progress		4.432	6.130	6.407
INVESTMENT		17.193	17.195	10.628
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	321.762	274.019	222.457
	Sundry Debtors	343.849	265.088	260.152
	Cash & Bank Balances	15.971	12.550	63.670
	Other Current Assets	57.809	26.711	8.528
	Loans & Advances	186.559	153.158	167.778
Total Current Assets		925.950	731.526	722.585
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	426.588	376.555	300.107
	Other Current Liabilities	49.985	13.844
	Provisions	14.779	8.268	20.986
Total Current Liabilities		491.352	398.667	321.093
Net Current Assets		434.598	332.859	401.492
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		676.210	529.381	513.010

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	1886.953	1890.715	1685.343
		Other Income	9.918	7.259	8.773
		TOTAL (A)	1896.871	1897.974	1694.116
Less	EXPENSES
		Cost of materials consumed	1379.638	790.483
		Purchases of Stock-in-Trade	8.880	714.333
		Manufacturing and Operating Costs	165.184	100.007
		Changes in inventories of finished goods work-in-progress and Stock-in-Trade	(37.643)	8.983	1585.136
		Employee benefits expense	58.192	55.175
		Other Expenses	186.943	128.985
		TOTAL (B)	1761.194	1797.966	1585.136
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		135.677	100.008	108.980
Less	FINANCIAL EXPENSES (D)		80.536	62.583	51.970
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		55.141	37.425	57.010
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.240	7.305	6.884
	PROFIT BEFORE TAX (E-F) (G)		42.901	30.120	50.126
Less	TAX (H)		12.217	8.867	19.935
	PROFIT AFTER TAX (G-H) (I)		30.684	21.253	30.191
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		155.742	136.578	113.141
	APPROPRIATIONS
		Transferred to Capital Redemption Reserve	0.000	1.939	0.000
		Proposed Dividend – Preference Shares	0.000	0.129	0.271
		Proposed Dividend – Equity Shares	2.751	0.000	5.502
		Corporate Dividend Tax	0.446	0.021	0.981
	BALANCE CARRIED TO THE B/S		183.229	155.742	136.578
	EARNINGS IN FOREIGN CURRENCY		933.566	445.869	510.436
	IMPORTS
		Raw Materials	66.400	15.234	27.588
		Material for Resale and Repacking	329.550	353.888	200.395
	TOTAL IMPORTS		395.950	369.122	227.983
	Earnings Per Share (Rs.)		5.58	3.84	5.44

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012
Type	1^st Quarter	2^nd Quarter
Net Sales	520.690	483.690
Total Expenditure	478.160	447.870
PBIDT (Excl OI)	42.530	35.820
Other Income	1.350	1.340
Operating Profit	43.880	37.160
Interest	23.240	22.350
Exceptional Items	0.000	0.000
PBDT	20.640	14.810
Depreciation	3.620	3.790
Profit Before Tax	17.020	11.020
Tax	5.150	2.400
Provisions and contingencies	0.000	0.000
Profit After Tax	11.870	8.620
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	11.870	8.620

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.62	1.12	1.78
Net Profit Margin (PBT/Sales)	(%)	2.27	1.59	2.97
Return on Total Assets (PBT/Total Assets}	(%)	3.74	3.33	6.14
Return on Investment (ROI) (PBT/Networth)		0.17	0.13	0.24
Debt Equity Ratio (Total Liability/Networth)		3.51	3.02	2.96
Current Ratio (Current Asset/Current Liability)		1.88	1.83	2.25

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]	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	Yes
34]	External Agency Rating, if available	Yes

NOTE

The Registered office of the company has been shifted from, Noonmati, Guwahati-781020, Assam, India to the present address w.e.f. 01.11.2008.

UNSECURED LOANS

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
Term Loans
From Banks	5.057	0.000
From other Bodies Corporates	3.640	0.000
Loans repayable on demand to Bodies Corporate	0.000	1.051
Total	8.697	1.051

OPERATIONS AND FUTURE PROSPECTS

During the year, the Company had a total income of Rs.1896.871 Millions as against Rs.1897.974 Millions in the previous year. The profit before tax was Rs.42.901 Millions from Rs.30.120 Millions, which shows a jump of more than 42% as compared to the previous year. The profit after tax was Rs.30.684 Millions as compared to last year of Rs.21.253 Millions grown at the rate of more than 44%.

The Company's profitability improved due to the various expansions carried out in the last year and also in the current year. The Company has concentrated more on its manufacturing activities and revenue from trade activities were minimal. With the increase in production range and expansion in capacities there was an overall improvement in the revenue from manufacturing activities.

During the year, in spite of the market pressure, stiff competition and other operational challenges, there was greater demand for the Company's products. However, due to steep increase in the prices of raw materials consumed and ever increasing interest cost had put a lot of pressure on the bottom line of the Company. The following chart depicts the comparative sales figures for last three years.

EXPORTS

The Company's Export Turnover has risen phenomenally in the current year to Rs.933.566 Millions as compared to the previous year of Rs.445.869 Millions. The Company could achieve such a remarkable performance due to its concerted efforts in tapping overseas clients through aggressive Marketing Worldwide.

_{MANAGEMENT DISCUSSION AND ANALYSIS}

BUSINESS OVERVIEW

Company is a pioneer and one of the largest Producers of Ethanolamines, Speciality Chemicals, Gas treating solvents in India. Company is a global supplier of organic and speciality chemicals which find utility in Oil Refineries, Industrial Plants, Pharmaceuticals, Agrochemicals Industry and Electronics Industry.

The year 2011-2012 continued with a high degree of uncertainty and volatility in the Indian as well as in the global economy due to Euro Zone Crisis. During the year inflation remained above 7.5% level compelling the Reserve Bank of India (RBI) to tighten the liquidity running in the system. This has adversely affected the borrowing costs of the Corporates since Banks did not cut lending rates. Despite of all these challenges, recession and exemplary high costs in the business, the company had withstood the pressure and reported better earnings.

The Company's expansion project for Propoxylation facilities was completed during the year and has become operational, thereby making the Ethoxylation plant more versatile. Certain Ethoxylated/ Propoxylated products were developed in the R&D and the Company has started exporting the same. The Company continues to explore the possibilities of developing more Ethoxylated and Propoxylated products for the Oil and Gas Industry. One high value product has been developed and plant trials have been done successfully. The Company is exploring the possibility of marketing of the same in the International markets.

The Company has further added 20% to its Ethoxylation facility and in the current year the Company intends to double its Ethoxylation/ Propoxylation capacity further. Necessary applications have been made to the Bank for the required Term Loan.

The Company continues to exports its MDEA and specialty blends which are well accepted Worldwide and are exploring at the possibility of installing certain additional equipments and modifications in the existing MDEA plant to increase the capacity.

SUBSIDIARY COMPANIES PROGRESS:

As on 31st March, 2012, the Company has a 100% Wholly Owned Subsidiary, viz. APL Engineering Services Private Limited and another Subsidiary, viz. APL Infotech Limited, where it is holding 51% equity.

The fabrication unit of APL Engineering Services Private Limited, which was set up at Khopoli has become fully operational as on date. During the year under review, a major order from a local engineering company has been completed and delivered satisfactorily. Further, during the current year, the Company has received a reasonable amount of orders and its order book position is satisfactory. The Company has also tied up with a large Industrial House for doing Fabrication work and is receiving regular orders for fabrication job work from them. APL Engineering Services Private Limited is also undertaking various fabrication for its parent company to assist in timely completion of its expansion activities, thus saving costs.

APL Infotech Limited, a subsidiary of the company received an order for a Chilled Water Pipeline system from overseas market and the customization of the software is under progress. Demonstration of the trial runs is being carried out for the same. The customization of the software is expected to be completed and the software will be delivered/ installed at the Customer's site by the end of the current Financial Year. This will be Company's 1st Show-Case Project in the Middle East.

APL Infotech Limited has also tied up with one of the largest Software Company in India for marketing of the software in Domestic and International markets and expects results from them. The Company is also in talks with the largest Gas Transportation Company in India for installation of the software on their cross country gas transportation. Since this type of software is being developed for the 1st time in India, marketing of the same is time consuming and we expect good result in future as gas transportation will be in great demand in the country in future.

INDUSTRY STRUCTURE AND DEVELOPMENT

The Company focuses on enhancing shareholder value and looks beyond immediate opportunities by nurturing the business for long term growth. During the year under review, the aggregate revenue of the Company was Rs.1896.871 Millions and profit before tax stood at Rs.42.901 Millions. The Company has achieved a better turnover and also higher profit as compared to previous year.

The Company's products are mainly exported to Middle East, Europe, USA, Korea and China. The acceptability of the Company's products has enabled the Company to put up an improved performance.

In the domestic market, the Company's major clients continue to be Public Sector Undertakings engaged in the Refinery and Natural Gas business, besides the Private Sectors, where the Company sells its products in various Industries such as Lubricants, Cosmetics, Dyestuff etc.

PRODUCTWISE PERFORMANCE

The Company results show that its existing range as well as the new range of products have been well accepted in the International market, as a result of which the export turnover has doubled. The Company has developed certain new Ethoxylated and Propoxylated products for the Automobile Industry (Rubber-hose). The Company has also developed a new product for the Cosmetic industry and the product has unique advantage and expects this product to pick up sales in the international market. The product is under trial with various cosmetic users world over and once the trials are completed large volumes are expected.

FINANCIAL PERFORMANC

The Company has sustained its growth in the current year. The efficient utilization of existing capacities, introduction of new products has helped the Company to sustain turnover during the year.

The total income was Rs.1896.871 Millions as compared to Rs.1897.974 Millions. The Company was able to hold on to a series of good performance of last few years inspite of higher input cost and severe competition.

With the growing Income, the Company has managed to reduce the total expenditure to Rs.1760.865 Millions in the year as compared to Rs.1797.630 Millions in the previous year.

RESULTS OF OPERATION

The revenue from sales includes export revenue of Rs.933.566 Millions and domestic sales of Rs.1088.615 Millions i.e. 46.17% of export sales and 53.83% of domestic sales during the year under report.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF

PARTICULARS	31.03.2012	31.03.2011
	(Rs. In Millions)
Disputed Sales Tax Dues	1.004	1.004
Disputed Excise Duty matters	0.275	0.275
Claims against the Company not acknowledged as debts	0.514	0.514
Corporate Guarantee to the extent of loan taken by subsidiaries	21.935	29.187
Disputed Income tax Matters (including interest upto date of Demand)	2.936	--
	2.132	1.479

FIXED ASSETS

· Freehold Land

· Leasehold Land

· Development of Leasehold Land

· Buildings

· Plant and Machineries

· R and D Equipment

· Effluent Treatment Plant

· Furniture and Fittings

· Office and Computer Equipment

· Vehicles

WEBSITE DETAILS:

CORPORATE PROFILE

Subject was incorporated in 1973 as a Public Limited Company, registered under the Indian Companies Act of 1956 and is the pioneer and largest producer of Ethanolamines, Alkyl Alkanolamines, Plasticizers, Morpholine, Alkyl Morpholines and Gas Treating Solvents in India.

Company was set up in Technical Collaboration with the erstwhile Napthachemie, France (now a part of British Petroleum) and Plant Engineering was done by Ralph M. Parsons, USA. Company is an ISO-9001:2008 certified company and is a global supplier of organic chemicals used in Oil Refineries, Natural Gas Plants, Ammonia Plants, Petrochemical Plants, Pharmaceuticals, Agrochemicals etc. meeting customers’ demands to their utmost satisfaction in keeping with company’s Quality Policy.

In the field of Ethanolamines and Alkyl Alkanolamines company is serving approximately 75-80% of the total demand of the Indian Market and is regularly exporting material to over 35 countries globally including USA, Canada, Germany, Korea, Japan, Australia, New Zealand, the Middle East, etc.

It has also pioneered the manufacture of the Methyl Diethanolamine (MDEA), an Ethylene Oxide derivative and is constantly striving to develop new products through its R&D efforts so as to expand its current product range to meet customer requirements.

Company has been awarded the highest award by the Government of India for "Import Substitution and Technical Development" for pioneering the manufacture of Methyl Diethanolamine in 1991.

Company through its Specialty Amines Group caters to the total sour gas treatment requirements of Refineries, Ammonia Plants etc. and has offered the technology for the first time in India. Company has a dedicated team of engineers / chemists providing a range of Gas Treating Technologies / Services to Refineries, Natural Gas Plants, Ammonia Plants etc in India and overseas.

Company is committed to Total Customer Satisfaction by delivering quality products and services worldwide and this has helped us to become one of the world’s manufacturers of Amines.

In the field of Plasticizers, Company manufactures a wide range of products which include Phthalates, Sebacates, Trimellitates, Acetates, Maleates, etc. Companies can also custom manufacture a range of Esters / Plasticizers to cater to specific customers’ needs.

Company has also pioneered the manufacture of Morpholine and Alkyl Morpholines in India. It is the world’s third largest producer of N-Methyl Morpholine Oxide, which is the preferred solvent used for the manufacture of Viscose Staple Fibre by the Solvent Spun Process. Company range of Alkyl Morpholines include Lauryl, Methyl, Ethyl, Hydroxy Ethyl Morpholines etc.

Company diversified into the manufacture of the Industrial Gases, namely, Oxygen, Nitrogen and Acetylene in the year 1984 at its facilities in Khopoli, 80 Kms. from Mumbai.

Company also offers consultancy services for setting up plants for the manufacture of the Ethanolamines and Plasticizers on a case to case basis and its range of services extend for technology transfer, designing, procurement of equipment, erection, testing and commissioning of plant and training of plant personnel.

Company has also set-up Plasticizer plants in India and in Pakistan and is currently executing a turnkey project for a Viscose Rayon manufacturer for the recovery, regeneration and purification of solvent in the new "Solvent Spun Process".

Company where growth maintaining service and quality are a way of life, we constantly look forward to expanding their operations, both within India and abroad with suitable two way transfer of technology and product.

Company firmly believes that it is people who are responsible for making a Company what it is, and it's team of young enthusiastic professionals - experience rich in all the functional areas of the management, is a living proof of this.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.64
UK Pound	1	Rs.87.46
Euro	1	Rs.72.65

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		36

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.