MIRA INFORM REPORT

Report Date :

29.07.2013

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) :	31.03.2013

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 :	2716 (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 30000000

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.

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.

INFORMATION DECLINED

Management Non – Cooperative (91-2635-230000)

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 nirali_solanki@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
E-Mail :	sec@atul.co.in

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
E-Mail :	mum@atul.co.in

Factory 1 :	297, GIDC Industrial Estate, Ankleshwar - 393 002, Gujarat, India

Factory 2 :	Atul, District Valsad, Gujarat, India

Factory 3 :	MIDC, Tarapur, Thane, Maharashtra, India

DIRECTORS

As on 31.03.2013

Name :	Mr. Sunil Lalbhai
Designation :	Chairman and Managing Director
Date of Birth:	15.03.1960

Name :	Mr. G. S. Patel
Designation :	Director

Name :	Dr. Satguru. Baijal
Designation :	Director
Date of Birth:	06.09.1929

Name :	Mr. Bansi S. Mehta
Designation :	Director
Date of Birth:	19.09.1935

Name :	Mr. Hasmukh Shah
Designation :	Director

Name :	Mr. Samveg Lalbhai
Designation :	Managing Director

Name :	Mr. Susim Datta
Designation :	Director
Date of Birth:	01.07.1936

Name :	Mr. Rajendra Shah
Designation :	Director (Alternate Director to Dr K Aparajithan)
Date of Birth:	07.07.1931

Name :	Mr. Bharathy Mohanan
Designation :	Whole time Director

Name :	Mr. Srinivasa Rangan
Designation :	Director
Date of Birth:	13.02.1960

KEY EXECUTIVES

Name :	Mr. Gopi Kanna Thirukonda
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2013

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	14119236	47.60
Sub Total	14973552	50.48
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	14973552	50.48
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1270551	4.28
Financial Institutions / Banks	64101	0.22
Central Government / State Government(s)	336	0.00
Insurance Companies	548767	1.85
Foreign Institutional Investors	318485	1.07
Any Others (Specify)	609	0.00
Trusts	609	0.00
Sub Total	2202849	7.43
(2) Non-Institutions
Bodies Corporate	3547856	11.96
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	5155641	17.38
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	3635604	12.26
Any Others (Specify)	146231	0.49
Non Resident Indians	127464	0.43
Foreign Nationals	200	0.00
Clearing Members	18567	0.06
Sub Total	12485332	42.09
Total Public shareholding (B)	14688181	49.52
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

SHAREHOLDING BELONGING TO THE CATEGORY "PROMOTER AND PROMOTER GROUP"

.No.	Name of the Shareholder	Details of Shares held
.No.	Name of the Shareholder	No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Aura Securities Private Limited	16,14,045	5.44
2	Anubhav Investments Private Limited	14,39,826	4.85
3	Aayojan Investments Private Limited	13,77,500	4.64
4	Active Investments Private Limited	12,09,769	4.08
5	Suvikas Trading Private Limited	11,17,500	3.77
6	Aeon Investments Private Limited	10,39,383	3.50
7	Osia Enterprise Private Limited	7,86,031	2.65
8	The Arvind Mills Limited	7,73,641	2.61
9	Aeon Investments Private Limited	7,25,000	2.44
10	Aayojan Resources Private Limited	5,84,440	1.97
11	Acropolis Investments Private Limited	5,11,916	1.73
12	Shalva Investments Private Limited	5,00,000	1.69
13	Akshita Holdings Private Limited	4,44,245	1.50
14	Adhinami Investments Private Limited	4,36,777	1.47
15	Arvind Brands Limited	4,30,000	1.45
16	Adhigam Investments Private Limited	4,29,500	1.45
17	Suvidha Dairy Private Limited	2,67,959	0.90
18	Agrimore Limited	2,19,879	0.74
19	Samvegbhai Arvindbhai Lalbhai	2,02,377	0.68
20	Ashini Investments Private Limited	2,00,000	0.67
21	Hansaben Niranjanbhai Lalbhai	91,375	0.31
22	Saumya Samvegbhai Lalbhai	82,695	0.28
23	Samvegbhai Arvindbhai	62,450	0.21
24	Swati S Lalbhai	59,593	0.20
25	Sheth Arvindbhai Narottambhai	52,493	0.18
26	Taral S Lalbhai	50,022	0.17
27	Anamikaben Samveghbhai Lalbhai	47,199	0.16
28	Sunil Siddharth Lalbhai	43,193	0.15
29	Sunil Siddharth	31,544	0.11
30	Shrenikbhai Kasturbhai Lalbhai	31,210	0.11
31	Vimla S Lalbhai	28,318	0.10
32	Vimlaben S Lalbhai	21,661	0.07
33	Astha Lalbhai	16,800	0.06
34	Anshuman Holdings Private Limited	11,825	0.04
35	Shrenikbhai Kasturbhai Lalbhai	8,641	0.03
36	Vimla Siddharthbhai	8,612	0.03
37	Hansa Niranjanbhai	5,437	0.02
38	Samvegbhai Arvindbhai Lalbhai	3,653	0.01
39	Shrenikbhai Kasturbhai Lalbhai	2,000	0.01
40	Shrenikbhai Kasturbhai Lalbhai	1,349	0.00
41	Shrenikbhai Kasturbhai Lalbhai	1,169	0.00
42	Hansaben Niranjanbhai	562	0.00
43	Sanjaybhai Shrenikbhai Lalbhai	500	0.00
44	Sheth Narottambhai Lalbhai	495	0.00
45	Shrenikbhai Kasturbhai Lalbhai	412	0.00
46	Sanjaybhai Shrenikbhai Lalbhai	100	0.00
47	Punit Sanjaybhai	100	0.00
48	Lalbhai Shrenikbhai Kasturbhai	100	0.00
49	Jayshreeben Sanjaybhai Lalbhai	100	0.00
50	Kulin Sanjaybhai	100	0.00
51	Shrenik Kasturbhai Lalbhai	56	0.00
	Total	1,49,73,552	50.48

SHAREHOLDING BELONGING TO THE CATEGORY "PUBLIC" AND HOLDING MORE THAN 1% OF THE TOTAL NO. OF SHARES

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Reliance Capital Trustee Company Limited -A/C Reliancesmall Cap	521822	1.76
2	The New India Assurance Company Limited	548347	1.85
3	Reliance Capital Trustee Company Limited -Reliance Longterm Equity	470232	1.59
4	Finquest Financial Solutions Private Limited	945000	3.19
5	Shaunak Jagdish Shah	342894	1.16
6	Ajax Investments	323924	1.09
7	Hardik B Patel	320800	1.08
	Total	3473019	11.71

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 :

2716 (Approximately)

Bankers :

Axis Bank
Bank of Baroda
Bank of India
Export Import Bank of India
State Bank of India

Facilities :

Secured Loan

31.03.2013

(Rs. in Millions)

31.03.2012

(Rs. in Millions)

Long-term Borrowings

Term loans

Rupee term loans from banks

0.000

101.400

Rupee term loans from financial institutions

416.600

520.800

Foreign currency term loans from banks

696.900

207.800

Foreign currency term loans from financial institutions

430.600

618.100

Short-term borrowings

Working capital loans repayable on demand from banks

1510.900

1457.900

Total

3055.000

2906.000

NOTE:

Type of loan [ Nature of security	Terms of repayment
Rupee term loan from banks amounting to Rs. Nil (Previous year: Rs. 263.700 Millions) was 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	Since repaid
Rupee term loan from financial institution amounting to Rs. 520.800 Millions (Previous year: Rs. 625.000 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.	15 equal half yearly installments beginning from January 14, 2011 along with interest ranging from 6.99% p.a. to 7.46% p.a. (balance installments payable-10).
Rupee term loan from financial institution amounting to Rs. Nil (Previous year : Rs. 27.100 Millions) was 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	Since repaid
Foreign currency term loan from banks amounting to Rs. 221.000 Millions (Previous year: Rs. 255.800 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.	16 equal quarterly installments beginning from July 31,2012 along with interest @ 3 Month LIBOR + 225 bps p.a. (balance installments payable 14).
Foreign currency term loan from banks amounting to Rs. 543.900 Millions (Previous year: Rs. Nil) is secured by first pari passu charge on the entire movable and immovable fixed assets of the Company, both present and future.	Repayable in 12 equal quarterly installments beginning from December 29, 2014 along with interest @ 3 Month LIBOR + 290 bps p.a.
Foreign currency loan from financial institution amounting to Rs. 657.200 Millions (Previous year Rs. 639.500 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.	7 half yearly installments beginning from: January 15, 2013 along with interest @ 6 Month LIBOR + 225 bps p.a. (balance installments payable 6).


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 Atul Deutschland GmbH Atul Europe Limited Atul Rajasthan Date Palms Limited Atul USA Inc DPD Limited

Joint Venture Company :	Rudolf Atul Chemicals Limited

Associate Companies :	Amal Limited Anchor Adhesives Private Limited Atul Crop Care Limited Atul Infotech Limited Atul Seeds Limited Gujarat Synthwood Limited M. Dohmen S.A.

Enterprises over which significant influence exercised :	Atul Bio Space Limited Atul Elkay Polymers Limited Lapox Pojymer Limited

CAPITAL STRUCTURE

As on 31.03.2013

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

Note:

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.

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

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

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.

56 Equity shares are held in abeyance due to disputes at the time of earlier rights issues.

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

Name of the Shareholder	As at March 31, 2013
	Holding %	No of shares
Aeon Investments Private Limited	5.95%	17,64,383
Aura Securities Private Limited	5.44%	16,14,045

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	296.800	296.800	296.800
(b) Reserves & Surplus	7264.100	6122.500	5374.100
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7560.900	6419.300	5670.900

(3) Non-Current Liabilities
(a) long-term borrowings	1544.300	1449.000	1103.600
(b) Deferred tax liabilities (Net)	271.600	223.100	230.600
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	50.400	33.300	26.000
Total Non-current Liabilities (3)	1866.300	1705.400	1360.200

(4) Current Liabilities
(a) Short term borrowings	1604.500	1935.700	1612.700
(b) Trade payables	2753.200	2778.400	2234.600
(c) Other current liabilities	1029.100	1049.700	1060.200
(d) Short-term provisions	459.900	511.400	520.100
Total Current Liabilities (4)	5846.700	6275.200	5427.600

TOTAL	15273.900	14399.900	12458.700

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4804.500	4175.500	3892.600
(ii) Intangible Assets	0.000	2.200	8.100
(iii) Capital work-in-progress	459.300	559.400	294.600
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1285.600	1250.000	833.200
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	315.800	281.100	266.600
(e) Other Non-current assets	409.900	347.400	244.600
Total Non-Current Assets	7275.100	6615.600	5539.700

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3075.300	2945.700	2613.900
(c) Trade receivables	3616.000	3682.200	2995.400
(d) Cash and cash equivalents	78.400	115.200	151.500
(e) Short-term loans and advances	1060.000	869.400	1028.200
(f) Other current assets	169.100	171.800	130.000
Total Current Assets	7998.800	7784.300	6919.000

TOTAL	15273.900	14399.900	12458.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	20014.800	17776.800	15344.000
		Other Income	185.100	143.800	187.100
		TOTAL (A)	20199.900	17920.600	15531.100

Less	EXPENSES
		Cost of materials consumed	11384.400	10551.300	8919.300
		Purchase of stock-in-trade	163.600	200.100	167.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(114.500)	(153.300)	-252.700
		Employee benefit expenses	1277.600	1172.000	1016.900
		Exchange rate difference	(34.600)	120.700	90.900
		Other expenses	4831.100	4002.600	3651.400
		Reversal of previous year finance costs	(53.800)	0.000	0.000
		Long-term investment in subsidiary company	0.000	(65.100)	0.000
		Gain on settlement of long – term export advance	0.000	0.000	-82.000
		Recovery of advance written off in earlier years	0.000	0.000	-19.000
		TOTAL (B)	17453.800	15828.300	13491.800

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2746.100	2092.300	2039.300

Less	FINANCIAL EXPENSES (D)		331.300	431.000	262.200

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2414.800	1661.300	1777.100

Less/ Add	DEPRECIATION/ AMORTISATION (F)		490.600	436.500	385.400

	PROFIT BEFORE TAX (E-F) (G)		1924.200	1224.800	1391.700

Less	TAX (H)		569.000	343.700	491.700

	PROFIT AFTER TAX (G-H) (I)		1355.200	881.100	900.000

	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3970.000	3340.000	2650.000

	APPROPRIATIONS
		Transfer to General Reserve	140.000	90.000	50.000
		Proposed Dividend	180.000	140.000	140.000
		Dividend distribution tax	30.000	20.000	20.000
	BALANCE CARRIED TO THE B/S		4980.000	3970.000	3340.000

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	9524.000	7775.500	6513.300
	TOTAL EARNINGS		9524.000	7775.500	6513.300

	IMPORTS
		Raw Materials	3139.100	3095.400	3328.800
		Trading finished goods	109.800	110.300	28.400
		Capital Goods	44.500	54.700	21.600
	TOTAL IMPORTS		3293.400	3260.400	3378.800

	Earnings Per Share (Rs.)		45.69	29.70	30.34

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	6.71	4.92	5.79

Net Profit Margin (PBT/Sales)	(%)	9.61	6.89	9.07

Return on Total Assets (PBT/Total Assets}	(%)	14.22	9.73	12.28

Return on Investment (ROI) (PBT/Networth)		0.25	0.19	0.25

Debt Equity Ratio (Total Debt /Networth)		0.42	0.53	0.48

Current Ratio (Current Asset/Current Liability)		1.37	1.24	1.27

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

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	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

CIVIL APPLICATION No. 298 of 2012

In TAX APPEAL/ 635/ 2012 ( PENDING )

Status : PENDING

CCIN No : 001073201200298

Next Listing Date:

29/07/2013

Coram

HONOURABLE MR.JUSTICE M.R. SHAH

HONOURABLE MS JUSTICE SONIA GOKANI

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		MR B S SOPARKAR for :Respondent(s) 1
Presented On		: 27/09/2012	Registered On	: 27/09/2012
Bench Category		: DIVISION BENCH	District	: AHMEDABAD
Case Originated From		: THROUGH ADVOCATE	Listed	: 18 times
Stage Name		: NOTICE RETURNABLE MATTERS

Classification	DB - CIVIL APPLICATION - CODE OF CIVIL PROCEDURE, 1908 - STAY / INTERIM RELIEF - IN SPECIAL CIVIL APPLICATION
Act	INCOME-TAX ACT, 1961

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	27/09/2012	MEMO OF APPEAL/PETITION/SUIT	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	20	MRS MAUNA M BHATT:1
2	20/10/2012	AFFIDAVIT OF DS	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	0	MRS MAUNA M BHATT:1
3	29/10/2012	VAKALATNAMA	MR B S SOPARKAR ADVOCATE for RESPONDENT(s) 1 , 1	5	MR B S SOPARKAR:1
Linked Matters

S. No.

Case Detail

Status Name

Disposal Date

Action/Coram

TAX APPEAL/635/2012

PENDING

HONOURABLE MR.JUSTICE M.R. SHAH

HONOURABLE MS JUSTICE SONIA GOKANI

Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	01/10/2012	8	22	NOTICE RETURNABLE MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS.JUSTICE HARSHA DEVANI
2	27/11/2012	9	33	NOTICE RETURNABLE MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI
3	11/12/2012	8	39	NOTICE RETURNABLE MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI
4	24/12/2012	8	57	NOTICE RETURNABLE MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI
5	28/01/2013	8	54	NOTICE RETURNABLE MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI
6	11/02/2013	8	69	NOTICE RETURNABLE MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI
7	05/03/2013	8	48	NOTICE RETURNABLE MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI
8	12/03/2013	7	48	NOTICE RETURNABLE MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI
9	19/03/2013	7	38	NOTICE RETURNABLE MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI
10	26/03/2013	7	59	NOTICE RETURNABLE MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI
11	02/04/2013	7	48	ADJOURNED MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI
12	16/04/2013	7	30	ADJOURNED MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI
13	30/04/2013	7	27	ADJOURNED MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI
14	08/05/2013	7	22	ADJOURNED MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI
15	17/06/2013	5	40	ADJOURNED MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE M.R. SHAH HONOURABLE MS JUSTICE SONIA GOKANI
16	01/07/2013	5	39	ADJOURNED MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE M.R. SHAH HONOURABLE MS JUSTICE SONIA GOKANI
17	15/07/2013	5	46	NOTICE RETURNABLE MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE M.R. SHAH HONOURABLE MS JUSTICE SONIA GOKANI
18	29/07/2013	5	46	NOTICE RETURNABLE MATTERS	undefined	HONOURABLE MR.JUSTICE M.R. SHAH HONOURABLE MS JUSTICE SONIA GOKANI
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement
1	CIVIL APPLICATION/298/2012	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI	24/12/2012	N	N
2	CIVIL APPLICATION/298/2012	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS.JUSTICE HARSHA DEVANI	01/10/2012	N	N
Certified Copy

S. No.

Applicant Name

Application

Type

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

MRS MAUNA M BHATT

ORDINARY

03/10/2012

O/33825/2012

01/10/2012

05/10/2012

08/10/2012

Delivered

FINANCIAL PERFORMANCE

Net sales increased by 12% to Rs. 19640.000 Millions. Net sales in India increased by 5% to Rs. 9860.000 Millions. Export sales increased by 21% to Rs. 9770.000 Millions. PBT increased by 57% from Rs. 1220.000 Millions to Rs. 1920.000 Millions. During the year, CARE upgraded credit rating to CARE AA-(from CARE A+ in the Previous year) for long-term debts, while maintaining top notch CARE A1 + for short-term debts.

In September 2012, the Company was directed by Gujarat Pollution Control Board to close down manufacturing at its Valsad Complex and take measures to dismantle the old pipelines used for carrying liquid effluents; accordingly, manufacturing activity at the complex remained closed for most of October 2012 with its consequential decrease in sales and profit in the second half of the year. However, the Company does not expect significant long-term adverse impact.

Moreover, the Company undertook 25 projects to further enhance its performance in the area of environment protection with an investment of Rs. 710.000 Millions and expects to emerge stronger to face the future.

CROP PROTECTION

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 14 products and 44 formulations. It is not into Seeds which is now becoming an important input for Agriculture industry.

During the year, sales increased by 14% to Rs. 3850.000 Millions. Sales in India decreased by 1% to Rs. 1410.0000 Millions; bulk sales in India decreased by 20% whereas brand sales which are currently only in India increased by 24% to Rs. 730.0000 Millions. Export sales increased by 24% to Rs. 2440.000 Millions and formed 63% of the total. Growth on account of volume was 17%. Sales from new products and formulations were Rs. 80.000 Millions. The Company completed 4 projects and undertook 1 project for implementation.

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$ 100 mn.

The main user industry, namely. Agriculture, is growing well 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) building a strong sales and marketing organisation and broadening and deepening its presence in other countries, particularly in Africa and South America, ii) promoting its brands, iii) increasing its manufacturing and working capital efficiencies, iv) generating and adding capacities and v) introducing new products and formulations.

Floods orfamines 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

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 about 38 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 23% to Rs. 3140.000 Millions. Sales in India increased by 27% to Rs. 1710.000 Millions. Export sales increased by 18% to Rs. 1430.000 Millions and formed 46% of the total. Growth on account of volume was 11%. Sales from new products were Rs. 80.000 Millions. Atul Bioscience, a 100% subsidiary company, focussed on production of advanced API intermediates, sales of which increased from Rs. 110.000 Millions to Rs. 270.000 Millions, almost wholly because of volume; it undertook capacity expansion in both of its plants.

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 increasing awareness about diseases and health. The Company along with Atul Bioscience will participate in this growth by i) widening its market reach, ii) increasing its manufacturing efficiencies, iii) generating and adding capacities and iv) introducing new products. 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.

AROMATICS

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 about 29 products.

During the year, sales increased by 55% to Rs. 3880.000 Millions. Sales in India increased by 43% to Rs. 1130.000 Millions. Export sales increased by 60% to Rs. 2750.000 Millions and formed 71% of the total. Growth on account of volume was 31%. Sales from new products were Rs. 70.000 Millions. The Company completed capacity expansion of p-Cresol and undertook 4 projects for implementation.

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. World market of flavour and fragrance chemicals is estimated at US$ 23 bn and is growing at about 5%.

The main user industries, namely. Flavour and Fragrance and Personal Care, are growing well 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) broadening its market reach, ii) increasing its manufacturing efficiencies, iii) adding capacities and iv) introducing new products.

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

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 about 22 products.

During the year, (external) sales increased by 12% to Rs. 770.000 Millions. Sales in India increased by 9% to Rs. 600.000 Millions. Export sales decreased by 21 % to Rs. 170.000 Millions and formed 22% of the total. Growth on account of volume was 1%. Sales from new products were Rs.30.000 Millions. The Company completed Anisole project and undertook RF Resins project for implementation.

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) widening its market reach, ii) increasing its manufacturing efficiencies, iii) modernising its bulk chemicals plant, iv) adding capacities and v) introducing new and downstream products.

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

COLORS

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 textiles to Automobile industry. Rudolf Atul Chemicals Limited, a JV company formed in 2011-12, provides a complete range of textile chemicals where the Business had made a beginning and has a minuscule presence in Indian market.

During the year, sales decreased by 4% to Rs. 3300.000 Millions. Sales in India increased by 3% to Rs. 1870.000 Millions. Export sales decreased by 11% to Rs. 1430.000 Millions and formed 43% of the total. Decline on account of volume was 11%. Sales from new products were Rs.360.000 Millions. Most of the plants operated partially during the second half of the year, significantly affecting sales and profit and neutralised the improvement in performance achieved during the first half of the year. M. Dohmen S. A. increased sales by 4% to Rs. 3880.000 Millions and Rudolf Atul Chemicals increased sales by 137% to Rs. 210.000 Millions, mainly because of volume growth.

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 showing signs of recovery in India and abroad. Automobile industry is growing well. The Company along with M. Dohmen and Atul Rudolf Chemicals will participate in this growth by i) broadening its market reach, ii) increasing its manufacturing and working capital efficiencies and iii) introducing new dyes, pigments and textile chemicals.

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

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 Business comprises about 60 products and 270 formulations.

During the year, sales decreased by 4% to Rs. 4680.000 Millions. Sales in India decreased by 10% to Rs. 3120.000 Millions. Brand sales which is currently only in India decreased by 5% to Rs. 720.000 Millions. Export sales increased by 11 % to Rs. 1560.000 Millions and formed 33% of the total. Decline on account of volume was 8%. Sales from new products were Rs. 120.000 Millions. Most of the plants operated partially during the second half of the year, significantly affecting sales and profit and neutralised the improvement in performance achieved during the first half of the year. The Company completed capacity expansion of BLRs. Atul Elkay Polymers, a JV company, commenced though in a very small way, introduction of stone care chemicals in India.

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) widening its market reach, ii) increasing its manufacturing and working capital efficiencies, iii) generating and adding new capacities of Epoxy Resins and Hardeners and iv) introducing new products and formulations.

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.

UNSECURED LOAN

PARTICULARS

31.03.2013

(Rs. in Millions)

31.03.2012

(Rs. in Millions)

Long-term Borrowings

Rupee term loans from banks

0.200

0.900

Short-term borrowings

Loans from banks

0.000

250.700

Buyers credit arrangement

93.600

227.100

Total

93.800

478.700

NOTE:

Type of loan [ Nature of security

Terms of repayment

Unsecured rupee term loan from bank amounting to Rs. 1.100 Millions (Previous year: Rs. 1.100 Millions)

20 equal quarterly installments beginning from November 30, 2011 along with interest @ Base

rate +2.5% p.a. (balance installments payable 4).

Unsecured rupee term loan from bank amounting to Rs. 2.500 Millions (Previous year: Rs. Nil)

Repayable in 20 equal quarterly installments beginning from October 1, 2013 along with interest @ Base rate +2.5% p.a

CONTINGENT LIABILITIES:

(Rs. in millions)

(i) Claims against the Company not acknowledged as debts	31.03.2013	31.03.2012
in respects of:
(a) Excise	58.400	62.500
(b) Income tax	350.300	277.000
(c) Sales tax	0.000	7.400
(d) Customs	27.800	27.800
(e) Water charges	719.200	686.300
(f) Others	135.400	132.600
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		-

(b) Corporate guarantee to a bank on behalf of subsidiary company for facilities availed by them	82.300	11.100

FIXED ASSETS:

Tangible assets

Land – Freehold
Buildings
Roads
Plant and Equipment
Railway Siding
Office Equipment and Furniture
Vehicles

Intangible assets

Computer software

PRESS RELEASES

Mumbai, July 26, 2012: July 26, 2012: July 26, 2012: Atul Limited, a diversified chemical company and a member of Lalbhai Group, announced its unaudited results for the first Quarter ended June 30, 2012. Net sales for the Quarter at Rs.4960.000 Millions recorded a growth of 23% compared to the same period in the previous year; Profit before tax and exceptional items for the Quarter increased from Rs.250.000 Millions to Rs.540.000 Millions. Profit after tax and EPS (not annualized) consequently increased to Rs.370.000 Millions and Rs.12.64 respectively. RoCE improved to 23% from the level of 17% achieved in 2011-12. On a sequential basis (compared to the fourth Quarter of 2011-12), net sales grew by 10% and Profit after tax by 35%.

About Atul Limited

Atul Limited is a member of Lalbhai Group, one of the oldest business houses of India. The Company provides innovative chemistry and manufacturing solutions to agriculture, automobile, construction, cosmetic, food and beverage, fragrance, marine, packaging, paper, pharmaceutical, textile and other industries.

Atul Limited, incorporated in 1947, is spread over 1400 acres of land. Its registered office is in Ahmadabad and its

corporate headquarters is located in Atul, Gujarat. It has seven businesses - Aromatics, Bulk Chemicals andIntermediates, Colors, Crop Protection, Floras, Pharmaceuticals & Intermediates, and Polymers.

The Company is listed on the bourses (NSE: ATUL, BSE Code: 500027) in India and has over 35,000 shareholders. It also has offices in the USA, the UK, Germany, and China that service its international customers.

The Group is also strongly committed to serving the society in the fields of education, health as wel las culture.

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.58.91
UK Pound	1	Rs.90.68
Euro	1	Rs.78.22

INFORMATION DETAILS

Information Gathered by :	SVA

Report Prepared by :	KVT

SCORE & 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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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 & 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.

MIRA INFORM REPORT

6.71

9.61

14.22

0.25

0.42

1.37

Unit