MIRA INFORM REPORT

Report Date :

20.03.2013

IDENTIFICATION DETAILS

Name :	TCP LIMITED
Formerly Known As :	TAMIL NADU CHEMICAL PRODUCTS LIMITED
Registered Office :	“TCP” Saptagiri Bhavan, New No.4 (Old No.10), Karpagambal Nagar, Luz Church Road, Mylapore, Chennai – 600 004, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.06.1971
Com. Reg. No.:	18-005999
Capital Investment / Paid-up Capital :	Rs.50.319 Millions
CIN No.: [Company Identification No.]	L24200TN1971PLC005999
TAN No.: [Tax Deduction & Collection Account No.]	CHET00143D
PAN No.: [Permanent Account No.]	AAACT3615K
Legal Form :	Public Limited Liability Company. Company’s Shares are listed on the Stock Exchange.
Line of Business :	Manufacturer of Chemical Plants and Power Plants.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 11000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears some dip in the profitability of the company. However, networth appears to be satisfactory. Trade relations are reported as fair. Business is active. Payment 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	CRISIL
Rating	BBB+ (Cash Credit)
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	09.01.2012

Rating Agency Name	CRISIL
Rating	A2 (Bank Guarantee)
Rating Explanation	Strong degree of safety it carry low credit risk.
Date	09.01.2012

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 :	“TCP” Saptagiri Bhavan, New No.4 (Old No.10), Karpagambal Nagar, Luz Church Road, Mylapore, Chennai – 600 004, Tamilnadu, India
Tel. No.:	91-44-24994018/ 24991518/ 24991289/24991777
Fax No.:	91-44-24992435
E-Mail :	tcpchem@eth.net chem.@tcpindia.com
Website :	www.tcpindia.com
Area :	7000 Sq ft
Location :	Owned
Factory :	Kalrai Kudai Village, Koviloor, Sivaganga, District TN – 630 307, Tamilnadu, India
Area :	25 Aq Sq ft
Location :	Owned
Power Plant:	Chennai Gupum, Pondi, Tamilnadu, India

DIRECTORS

As on: 28.09.2012

Name :	Mr. Vaithinathan Rajasekaran
Designation :	Whole-time Director
Address :	Plot 499, 4^th Sector, 18^th Street, K. K. Nagar, Chennai – 600 078, Tamil Nadu, India
Date of Birth/Age :	06.11.1952
Qualification :	M.Tech, MBA
Experience :	36 Years
Date of Appointment :	01.03.1992
DIN No.:	00037006
Name :	Mr. Venkatachalapat Ramasamy Venktaachalam
Designation :	Managing Director
Address :	25, Sir C. V. Raman Salai, Alwarrpet, Chennai – 600 018, Tamil Nadu, India
Date of Birth/Age :	09.04.1960
Qualification :	Graduation
Experience :	32 Years
Date of Appointment :	07.11.1986
DIN No.:	00037524
Name :	Mr. Masilamani Shanmugam Ethirajan
Designation :	Director
Address :	110, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600 004, Tamil Nadu, India
Date of Birth/Age :	14.04.1967
Date of Appointment :	31.03.1988
DIN No.:	00041968
Name :	Mr. Masilamani Ethurajan
Designation :	Director
Address :	110, Radhakrishnan Salai, Mylapore, Chennai – 600 004, Tamil Nadu, India
Date of Birth/Age :	01.08.1934
Date of Appointment :	07.11.1986
DIN No.:	00041996
Name :	Mr. Sengutuvan Venkataachalam
Designation :	Director
Address :	Old No. 25, New No.24, Sir C.V. Raman Road, Alwarpet, Chennai – 600018, Tamilnadu, India
Date of Birth/Age :	07.12.1986
Date of Appointment :	26.08.2009
DIN No.:	00053629
Name :	Mr. Masilamani Nandagopal
Designation :	Director
Address:	6, Rutland Gate, 6^th Street, Nungambakkam, Chennai – 600 006, Tamil Nadu, India
Date of Birth/Age :	09.06.1939
Date of Appointment:	07.11.1986
DIN No.:	00058710
Name :	Mr. Natrajan Nandagopal
Designation :	Director
Address:	6, Rutland Gate, 6th Street, Nungambakkam Chennai-600006, Tamilnadu, India
Date of Birth/Age :	21.12.1968
Date of Appointment:	14.08.1995
DIN No.:	00058969
Name :	Mr. Aravind Nandagopal
Designation :	Director
Address :	6, Rutland Gate, 6th Street, Chennai – 600 006, Tamil Nadu, India
Date of Birth/Age :	06.04.1975
Date of Appointment:	14.06.1995
DIN No.:	00059009
Name :	Mr. Arunachalam Sellamuthu Thillainayagam
Designation :	Director
Address :	27th Street, Gopalapuram, Chennai – 600 086, Tamil Nadu, India
Date of Birth/Age :	17.02.1952
Date of Appointment :	30.12.1987
DIN No.:	00951729

KEY EXECUTIVES

Name :	Mr. Ravi Selvarajan
Designation :	Secretary
Date of Appointment :	01.09.2012
PAN No.:	AAFPR4745Q

MAJOR SHAREHOLDERS

As on: 28.09.2012

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Bodies corporate	17.00
Directors or relatives of Directors	75.00
Other top fifty shareholders	8.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Chemicals and Power Plants.

Products :

Products	ITC Code
Sodium Hydrosulphite	2832
Liquid Sulphur dioxide	2811
Generation of Power	2716
Sodium Hydrosulphite	28321002
Liquid Sulphur dioxide	28112300
Generation of Power	27160000

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• IDBI Bank Limited, 115, Anna Salai, Saidapet,, Chennai - 600015, Tamil Nadu, India
• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWING
Rupee term loans from banks	200.000	63.172
SHORT TERM BORROWING
Loans repayable on demand	698.410	401.843
Total	898.410	465.015

Banking Relations :	--
Auditors :
Name :	T. Selvaraj and Company   Chartered Accountants
Address :	32, Dewan Rama Road, Purasawalkam, Chennai – 600084, Tamilnadu, India
PAN.:	AAAFT0425E
Subsidiary Company :	TCP Hotels Private Limited CIN No.: U55101TN2001PTC046673
Associates :	Thiruvalluvar Textiles Private Limited CIN No.: U17111TZ1980PTC000953 Binny Limited CIN No.: L17111TN1969PLC00573 Tanchem Imports and Exports Private Limited CIN No.: U52321TN1987PTC014326 Binny Mills Limited CIN No.: U17120TN2007PLC065807 S V Global Mill Limited CIN No.: U17100TN2007PLC065226 Binny Engineering Limited CIN No.: U28920TN1995PLC029734 Mohan Breweries and Distilleries Limited CIN No.: U15531TN1982PLC009285

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
11750000	Equity Shares	Rs.10/- each	Rs.117.500 Millions
25000	Preference Shares	Rs.100/- each	Rs.2.500 Millions
	Total		Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5031909	Equity Shares	Rs.10/- each	Rs.50.319 Millions

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		50.319	50.319	50.319
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2830.756	2670.551	2481.919
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2881.075	2720.870	2532.238
LOAN FUNDS
1] Secured Loans		898.410	465.015	856.326
2] Unsecured Loans		222.992	189.750	324.154
TOTAL BORROWING		1121.402	654.765	1180.480
DEFERRED TAX LIABILITIES		58.549	79.926	56.385
TOTAL		4061.026	3455.561	3769.103
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1255.638	1406.746	1211.394
Capital work-in-progress		68.385	56.415	26.644
INVESTMENT		1418.025	1418.025	1181.634
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	734.651	750.933	539.473
	Sundry Debtors	1275.060	590.808	821.017
	Cash & Bank Balances	96.262	5.226	52.753
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	438.207	490.675	913.265
Total Current Assets		2544.180	1837.642	2326.508
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	637.289	701.043	614.883
	Other Current Liabilities	565.305	530.822	180.797
	Provisions	22.608	31.402	181.397
Total Current Liabilities		1225.202	1263.267	977.077
Net Current Assets		1318.978	574.375	1349.431
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4061.026	3455.561	3769.103

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2960.045	2129.637	2528.384
		Other Income	10.620	206.328	47.720
		TOTAL (A)	2970.665	2335.965	2576.104
Less	EXPENSES
		Cost of materials consumed	1821.955	1281.639	2019.389
		Purchases of stock-in-trade	0.000	32.072
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	8.821	(23.794)
		Employee benefit expense	120.190	115.879
		Other expenses	497.040	390.160
		TOTAL (B)	2448.006	1795.956	2019.389
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		522.659	540.009	556.715
Less	FINANCIAL EXPENSES (D)		133.005	86.148	86.306
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		389.654	453.861	470.409
Less/ Add	DEPRECIATION/ AMORTISATION (F)		157.203	162.033	121.971
	PROFIT BEFORE TAX (E-F) (G)		232.451	291.828	348.438
Less	TAX (H)		66.398	97.348	105.146
	PROFIT AFTER TAX (G-H) (I)		166.053	194.480	243.292
Less	MAT Credit Entitlement related to earlier year		0.000	0.000	(0.287)
	Tax Related to Earlier Year		0.000	0.000	(0.014)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		961.689	793.057	667.126
Less	APPROPRIATIONS
		Transfer to General Reserve	50.000	20.000	100.000
		Proposed Dividend	--	--	15.096
		Dividend	5.032	5.032	--
		Tax on Dividend	--	--	2.566
		Corporate dividend	0.816	0.816	--
	BALANCE CARRIED TO THE B/S		1071.894	961.689	793.057
	EARNINGS IN FOREIGN CURRENCY
		Export of Sodium Hydrosulphite (FOB Value)	139.626	38.484	64.210
	TOTAL EARNINGS		139.626	38.484	64.210
	IMPORTS
		Raw Materials	368.003	482.510	675.582
		Stores and Components	1.902	0.071	5.979
	TOTAL IMPORTS		369.905	482.581	681.561
	Earnings Per Share (Rs.)		33.00	39.00	48.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.59	8.33	9.44
Net Profit Margin (PBT/Sales)	(%)	7.85	13.70	13.78
Return on Total Assets (PBT/Total Assets}	(%)	6.12	8.99	9.85
Return on Investment (ROI) (PBT/Networth)		0.08	0.11	0.14
Debt Equity Ratio (Total Debt/Networth)		0.39	0.24	0.47
Current Ratio (Current Asset/Current Liability)		2.08	1.48	2.38

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	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

UNSECURED LOAN:

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWING
Deposits from directors	1.392	1.392
Deposits from others	108.922	77.857
Loans and advances from related parties	73.478	71.301
Other loans and advances	9.700	9.700
SHORT TERM BORROWING	0	0
Loans and advances from related parties	29.500	29.500
Total	222.992	189.750

FUTURE PLANS:

The company will focus on the domestic market sales in the current year in respect of the products of the Chemical division. With the textile industry showing signs of recovery, due to the measures adopted / proposed to be adopted by the Textile Ministry, it is expected that the sale of Sodium Hydrosulphite to the textile industry will improve in the current year. Since the company has expanded the sale of its recovery salts to the pharma and paper industries, it is expected that the sale of trisalt, during the current year, will improve. Since an increased demand is expected in the current year for the Liquid Sulphur Di Oxide, its sales also would improve in the current year.

The company’s exports are expected to show an upward trend with focus being made on the USA market. The Company is hopeful that the exchange rate in the year would be advantageous to exports and with increased production the Company would be in a position to regain its presence in the European markets which has been, traditionally, their major markets. The Company is also taking all efforts to identify and develop new markets and at the same time continuing to focus on the existing markets, where price realisation is relatively higher. In the global market, their Sodium Hydrosulphite has built up a good brand image for its quality and delivery.

MANAGEMENT DISCUSSION AND ANALYSIS

Economic Scenario:

The economic meltdown originated in the United States of America in the year 2008 seems to have enforced a major shift in the global economic power hierarchy. The timely support through a series of economic measures and by active governmental monitoring of the financial health, the Indian economy registered speedy recovery.

It is now widely believed that India could well be on course to be the third largest economy in the world in a couple of years, overtaking Japan. Besides, it is expected that, after 2020, India’s growth would be faster than that of even China.

The Indian economy has benefited immensely from robust domestic demand and a revival in investor and consumer sentiment. This has resulted in stronger capital inflows into the country. The agricultural sector, which was lagging behind, has also performed well assisted by favourable monsoon, which in tune, gave a major thrust to the rural demand.

The Indian economy is projected to grow 8.50% to 9% in 2012-13. A good south-west monsoon season is forecasted for the year, which in turn, would give a fillip to their growth dynamics. A 9% GDP growth, then could be well within the reach. The 12th Five Year Plan could probably set a target growth of 9% to 9.50%.

However, managing the inflationary pressures and the balance of payment situation would be a challenge. Besides, the volatile interest rates could also prove to be a dampener.

Industry Structure and Developments

Indian chemical sector:

The Indian Chemical Industry is characterized by a) high domestic potential due to market development and increase in per capita consumption level; b) high degree of fragmentation and small scale operations; c) limited emphasis on exports due to domestic market focus; d) low cost competitiveness as compared to other countries due to high cost of power, import duties, tax and duties and cost of capital; and e) low focus on R and D efforts.

Despite these disadvantageous conditions, certain companies, including the company, have sizable international operations by way of exports and have become significant players in certain global market.

The Indian Chemical Industry’s contribution to India’s GDP is expected to grow from the current 6.7% to 12.1% and its share in the global industry will increase from 1.9% to 3.9%. The Indian Chemical Industry is expected to make a substantial impact on the national economy. The Industry has evolved from being a producer of Basic Chemicals in a highly regulated environment to becoming a mature industry, free to choose its product portfolio in their open economy.

Indian Power sector:

Current domestic coal supply has been affected by environmental restrictions on coal mining because of which Coal India Limited has not been able to ramp up production to planned levels, and also a large quantity of coal has not been transported from the mines. This has impacted generation availability of domestic coal-based power plants in the country. Import of coal, is therefore, being resorted to during the last few years and utility-wise allocation is being made by the Ministry of Power. The import of coal is set to rise in the coming years. The Electricity Act, 2003, recognised power trading as a new segment apart from generation, transmission and distribution. Power trading has since enabled the country as a whole to balance its power surpluses and deficits and has helped to optimally utilise its generation resources.

Opportunities and threats

Chemical business:

There is good demand for Sodium Hydrosulphite both in the domestic and export market. It is expected that many new overseas buyers, who had bought from the company in the current year, would continue to do so in the subsequent years due to the quality of the products and the delivery schedule maintained by the company apart from supplying at a competitive price. It is expected that once the recessionary effect in the domestic markets ease, the domestic demand would also pick up. Once the domestic demand picks-up, the domestic sale of the product would substantially improve.

The threat from the Chinese products will continue to be there. The overseas market has transformed into a price-sensitive market. So, price will continue to be the major determining factor in firming up export orders. The exchange rate is another factor which contributes to fixing competitive price. Their products have good brand image in the overseas market for quality and delivery standards. Their focus would continue to be the United States market. They are also diversifying their product range. The export of Sodium Formaldehyde Sulphoxylate, which was made this year, seems to be a promising product for future.

Power business:

There is a vital need for power capacity addition. The Central Electricity Authority has projected that the country will have an energy shortage of 10.3% and a peak demand shortage of 12.9%. The purchase of power on a temporary and daily basis will not yield a permanent solution. Additional capacity has to be created in a sustained and rapid manner. There is no short-cut to this option.

The Wind power industry has witnessed phenomenal growth in India over the past few years. India ranks fifth in the world in terms of installed wind power capacity and it is expected to become a global investment destination for this energy sector. Currently, the cumulative generation of wind power in India is the highest in Tamil Nadu with around 41,100 million units.

Electricity demand is outstripping production and the country is experiencing peak power shortage. It is therefore necessary to look for renewable energy option, including wind power, to meet the national electricity policy target.

Opportunities exist in the Green Energy sector viz, wind, biomass and solar. Tamil Nadu is a leader in wind energy and this has to be replicated in sectors such as solar and biomass.

Outlook:

The Chemical Industry is poised for appreciable growth both in exports and in domestic markets, in view of appreciation of rupee value and also in view of the Government’s move to extend the DEPB Scheme, increasing the DEPB rates for many products, levying of anti dumping duty, granting pre/post shipment credits at concessional interest rates and identification of new customers. The growth of the user industries would indirectly contribute to increased demand for the products and its profitability.

BANKERS CHARGES REPORT AS PER REGISTRY:

Corporate identity number of the company	L24200TN1971PLC005999
Name of the company	TCP LIMITED
Address of the registered office or of the principal place of business in India of the company	TCP Saptagiri Bhavan, No.4(Old No.10) Karpagambal Nagar Mylapore, Chennai - 600004, Tamil Nadu, India chem@tcpindia.com
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India satish.ramanathan@hdfcbank.com CIN No.: L65920MH1994PLC080618
Nature of instrument creating charge	Memorandum of Equitable Mortgage By Deposit of Title Deeds By way of Constructive Delivery for the repayment of additional credit facility Rs 200.000 Millions
Date of instrument Creating the charge	09.02.2013
Amount secured by the charge	Rs.200.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Any such rate as may be advised to the Company from time to time in respect of the credit facilities. Terms of Repayment Repayable as per terms and conditions. Margin As may be prescribed by the Bank from time to time for the credit facilities. Extent and Operation of the charge The Company has extended mortgage by deposit of title deeds by way of constructive delivery in respect of immovable properties as described in the attachment as security for repayment of additional credit facilities of Rs.200.000 Millions by way of STL granted to the company aggregating to Rs 200.000 Millions together with interest, costs, charges and other dues any time hereafter may become due and owing to the bank in the respect of and under the credit facilities and interest and all the other cost thereto.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Property 1:Door no. 4, Karpagambal Nagar All that piece and parcel of land of an extent of 3200 Sq.Ft., situate in Old Survey No.2097,Resurvey No.1673/12(Part),1673/B (Part), 1673/1 (Part),as per Patta I.S.Nos.1673/61, 1673/60 and 1673/59,Mylapore Village,bearing Old Door No.60-B, New Door No.10, Present Door No.4, Karpagambal Nagar, Luz Church Road, Mylapore, Chennai 600004, together with building/ structure standing thereon, and bounded on the - North by:Property belonging to Nathan, South by:Property belonging to Balammal, East by: 5 Feet Wide and 82 Feet Long Strip of Land set aside by Smt.Parvathammal for road extension and Karpagambal Nagar Road, West by: Property belonging to Ramasami, and situated within the Registration District of Chennai and Sub-Registration District of Mylapore. Property :2 -Bawa Rowther Street, Alwarpet, Chennai-600018 All that piece and parcel of land measuring 724.643 Sq.Mts. or 7800 sq.ft.,bearing Old No.23, New Door No.20, Bawa Rowther Street, Alwarpet, Chennai-600018, comprised in R.S.No.3646/16,Old S.No.3646/2 in CC No.2403, situate in Mylapore Division, Mylapore-Triplicane Taluk, Chennai District,Being bounded on the:North by :Plot No.5, S.No.3646/12, South by:Plot No.7,So.No.3646/20,East by:Bawa Rowther Street and West by :Corporation of Chennai School, S.No.3646/1 Measuring: East to West on the Northern side :155' Southern side:157' North to south on the Eastern side:50' Western side:50' And situate within the Sub Registration District of Mylapore in the Registration District of Chennai- Central.

STATEMENT OF STANDALONE UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2012

(Rs. In Millions)

S. No	Particulars	3 Months Ended		9 Months Ended
		31-12-2012	30-09-2012	31-12-2012
		Un-audited
1.	Income from Operations  (a)Net Sales( net of excise duty )	889242	892.047	24610.63
	(b)Other Operating Income	229.87	14.364	525.49
	Total Income from Operations (Net)	9122.29	906.411	25136.12
2.	Expenses
	(a) Cost of materials consumed	594.382	568.406	1580.375
	(b) Changes in inventories of finished goods, work-in-progress	(12.512)	2.953	(5.945)
	(c) Employee benefits expenses	36.240	34.852	105.979
	(d) Depreciation	34.692	34.154	103.040
	(e)Other Expenses	127.474	117.213	363.292
	f) Total Expenses	780.276	757.578	2146.741
3.	Profit / (Loss) from Operations before Other Income, finance costs and Exceptional Items(1-2)	131.953	148.833	366.871
4.	Other Income	-	-	-
5.	Profit / (Loss) from Ordinary activities before finance cost and exceptional items(3+_4)	131.953	148.833	366.871
6.	Finance costs	31.423	30.501	99.991
7.	Profit/ (Loss) from ordinary activities after finance costs and exceptional items(5+_6)	100.530	118.332	266.880
8.	Exceptional Items
9.	Profit (+) / (Loss ) from ordinary Activities before tax (7-8)	100.530	118.332	266.880
10.	Tax Expense	30.466	38.122	75.092
11.	Net Profit/ (Loss) from ordinary activities after tax (9-10)	70.064	80.211	191.788
12.	Extraordinary items (net of tax expense `in lakhs)
13.	Net Profit/ (Loss) for the period (11+_12)	70.064	80.211	191.788
14.	Paid up equity share capital (Face value Rs 10/- share)	50.319	50.319	50.319
15.	Reserves excluding revaluation reserves (as per balance sheet of previous acctg year)
16.i	Earnings per share (Face value of Rs 10/- each)(not annualised)
	a)Basic EPS before and after extraordinary items	13.92	15.94	38.11
	b)Diluted EPS before and after extraordinary items	13.92	15.94	38.11
16.ii	Earnings per share(after extraordinary items) (of Rs 10/- each)(not annualised)
	a)Basic	13.92	15.94	38.11
	b)Diluted  (see accomanying note of the financial results)	13.92	15.94	38.11
	PART II
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	- Number of Shares	12,72,988	12,72,988	12,72,988
	- Percentage of Shareholding	25.30	25.30	25.30
2	Promoters and Promoter group Shareholding
	a. Pledged / Encumbered
	- Number of Shares	Nil	Nil	Nil
	- Percentage of Shares
	b. Non-encumbered
	- Number of Shares	37,58,921	37,58,921	37,58,921
	-Number of Shares (as a % of the total Share holding of the Promoter and the Promoter Group)	100	100	100
	- Percentage of Shares (as a % of the total share Capital of the Company	74.70	74.70	74.70
b	Investor Complaints	Quarter ended 31st December, 2012
	Pending at the beginning of the Quarter	Nil
	Received during the Quarter	Nil
	Disposed off during the Quarter	Nil
	Remaining unresolved at the end of the Quarter	Nil

STATEMENT OF SEGMENT WISE RESULTS (REVENUE, RESULTS AND CAPITAL EMPLOYED)

S. No	Particulars		3 Months Ended
			31.12.2012	30.09.2012
1.	SEGMENT REVENUE
	A.	CHEMICAL DIVISON	293.275	277.603
	B.	POWER DIVISON	575.760	529.528
	C.	BIOMASS DIVISION	39.156	53.685
	D.	WINDMILL DIVISION	18.766	59.544
	E.	Others	1.204	1.356
	TOTAL		928.161	921.716
	Less:	Inter Segment Revenue	15.932	15.305
		Net Sales
	TOTAL		912.229	906.411
2.	SEGMENT RESULTS
	A.	CHEMICAL DIVISON	64.500	63.103
	B.	POWER DIVISON	69.605	67.495
	C.	BIOMASS DIVISON	(0.364)	(13.670)
	D.	WINDMILL DIVISION	(2.400)	30.955
	E.	OTHERS	0.612	0.950
	TOTAL		131.953	148.833
	Less:	I : Interest	31.423	30.501
		II : Other Unallocable Expenditure W/off
		III: Unallocable Income
	TOTAL PROFIT BEFORE TAX		100.530	118.332
3.	CAPITAL EMPLOYED
	A.	CHEMICAL DIVISON	1739.906	1722.568
	B.	POWER DIVISON	548.112	460.754
	C.	BIOMASS DIVISON	324.520	328.286
	D.	WINDMILL DIVISION	424.542	455.091
	E.	OTHERS	35.784	36.099
	TOTAL		3072.864	3002.798

CODE OF CONDUCT:

Members of the Board and the Senior Management, shall

a) Always act in the best interest of the Company and its stakeholders.

b) Adopt the highest standards of personal ethics, integrity, confidentiality and discipline in dealing with all matters relating to the Company.

c) Apply themselves diligently and objectively in discharging their responsibilities and contribute to the conduct of the business and the progress of     the Company, and not be associated simultaneously with competing organizations either as a Director or in any managerial or advisory capacity,     without the prior approval of the Board.

d) Always adhere and conform to the various statutory and mandatory regulations/guidelines applicable to the operations of the Company avoiding     violations or non-conformities.

e) Not derive personal benefit or undue advantages (financial or otherwise) by virtue of their position or relationship with the Company, and for this     purpose

i) Shall adopt total transparency in their dealings with the Company.

ii) Shall disclose full details of any direct or indirect personal interest in dealings/transactions with the Company.

iii) Shall not be party to transactions or decisions involving conflict between their personal interest and the Company's interest.

f) Conduct themselves and their activities outside the Company in such manner as not to adversely affect the image or reputation of the Company.

g) Inform the Company immediately if there is any personal development (relating to his/her business/professional activities) which could be     incompatible with the level and stature of his position and responsibility with the Company.

h) Bring to the attention of the Board, Chairman or the Managing Director as appropriate, any information or development either within the Company     (relating to its employees or other stakeholders) or external, which could impact the Company's operations, and which in the normal course may     not have come to the knowledge the Board/Chairman or Managing Director.

i) Always abide by the above Code of Conduct, and shall be accountable to the Board for their actions/violations/defaults.

FIXED ASSETS:

• Land
• Leasehold Land
• Leasehold Building
• Building
• Plant and Machinery
• Water Supply Works
• Computers
• Office Equipments
• Miscellaneous Equipments
• Furniture and Fittings
• Vehicles

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.54.26
UK Pound	1	Rs.81.94
Euro	1	Rs.70.21

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.