MIRA INFORM REPORT

Report Date :

22.10.2013

IDENTIFICATION DETAILS

Name :	SEYA INDUSTRIES LIMITED (w.e.f 06.06.2011)
Formerly Known As :	SRIMAN ORGANIC CHEMICAL INDUSTRIES LIMITED
Registered Office :	T-14, M.I.D.C., Tarapur, Boisar, District – Thane – 401506, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.10.1990
Com. Reg. No.:	11- 058499
Capital Investment / Paid-up Capital :	Rs.110.000 Millions
CIN No.: [Company Identification No.]	L99999MH1990PLC058499
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and Exporting of Pigment, Pharmaceuticals, Agrochemicals and Rubber chemicals intermediates.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 8000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions. NOTE: The Company has not traded on BSE from last 30 days.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 PARTED BY

Name :	Ms. Manisha Solanki
Designation :	Company Secretary
Contact No.:	91-22-26732894
Date :	18.10.2013

LOCATIONS

Registered Office/ Factory :	T-14, M.I.D.C., Tarapur, Boisar, District – Thane – 401506, Maharashtra
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	srimanorganic@gmail.com sales@seya.in corporate@seya.in purchase@seya.in info@seya.in
Website :	www.seya.in
Location:	Owned
Corporate Office :	B-12, Ghanshyam Chambers, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-26732894
Fax No.:	91-22-66779569
E-Mail :	corporate@seya.in

DIRECTORS

As on: 31.03.2013

Name :	Mr. Ashok G. Rajani
Designation :	Chairman and Managing Director
Name :	Mr. Virendra Singh Khurana
Designation :	Non-Executive Independent Director
Name :	Mr. Ram Nath Arora
Designation :	Non-Executive Independent Director
Name :	Mr. Asitkumar Bhowmik (Appointed w.e.f. from 2nd April 2011)
Designation :	Executive Director

KEY EXECUTIVES

Name :	Ms. Manisha Solanki
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	7817300	71.07
Bodies Corporate	50000	0.45
Sub Total	7867300	71.52
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	7867300	71.52
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	2000	0.02
Sub Total	2000	0.02
(2) Non-Institutions
Bodies Corporate	302900	2.75
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2030500	18.46
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	380600	3.46
Any Others (Specify)	416700	3.79
Non Resident Indians	416700	3.79
Sub Total	3130700	28.46
Total Public shareholding (B)	3132700	28.48
Total (A)+(B)	11000000	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)	11000000	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Ashok G Rajani	23,04,214	20.95
2	Shalini G Rajani	27,61,930	25.11
3	Ghanshyamdas Rajani	13,90,370	12.64
4	Gopi G Rajani	9,78,486	8.90
5	Prakash M Jaisingh	1,40,100	1.27
6	Deepa P Jaisingh	1,25,500	1.14
7	C M Jaisingh	3,000	0.03
8	Heena C Jaisingh	6,700	0.06
9	Parmanand M Jaisingh	12,600	0.11
10	Mangala P Jaisingh	3,300	0.03
11	Lalchand M Jaisingh	300	0.00
12	Shyam M Jaisingh	11,700	0.11
13	Vrinda S Jaisingh	11,700	0.11
14	Savitri M Jaisingh	10,100	0.09
15	Deepak M Jaisingh	100	0.00
16	Heera I Ahuja	9,000	0.08
17	Inder K Ahuja	1,600	0.01
18	Aarti G Ahuja	1,200	0.01
19	Gopal Ahuja	2,300	0.02
20	Aarti Jumani	2,500	0.02
21	Avinash Jumani	4,300	0.04
22	Rita Jumani	5,000	0.05
23	Ramesh Jumani	600	0.01
24	Kishore Khatri	1,100	0.01
25	Mohini Khatri	19,900	0.18
26	Manish Khatri	600	0.01
27	Mithoomal Khatri	1,100	0.01
28	Nitin Khatri	500	0.00
29	Premkumar Khatri	5,000	0.05
30	Sushila Khatri	2,500	0.02
31	Big Apple Exports	50,000	0.45
	Total	78,67,300	71.52

(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Veena M Khatri	283800	2.58
	Total	283800	2.58

BUSINESS DETAILS

Line of Business :	Manufacturing and Exporting of Pigment, Pharmaceuticals, Agrochemicals and Rubber chemicals intermediates.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

50 (Approximately)

Bankers :

· IDBI Bank

· HDFC Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Car Loan from Bank*	0.585	0.000
SHORT TERM BORROWINGS
From Banks	30.612	0.000
Total	31.197	0.000
NOTES: * Car loan taken from the Bank is secured against hypothecation of motor car.

Banking Relations :	--
Auditors :
Name :	Jagiwala and Associates Chartered Accountants
Address :	Shanta Bhuvan, 28C, Vallabhbhai Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Tel. No.:	91-22-26143204
E-Mail :	yogesh_jagiwala@yahoo.com

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
110,000,000	Equity Shares	Rs.10/- each	Rs.110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
110,000,000	Equity Shares	Rs.10/- each	Rs.110.000 Millions

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	110.000	110.000	110.000
(b) Reserves & Surplus	377.574	359.401	350.642
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	1512.617	1512.617	1512.617
Total Shareholders’ Funds (1) + (2)	2000.191	1982.018	1973.259
(3) Non-Current Liabilities
(a) long-term borrowings	847.199	688.467	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	1324.832	1324.832	117.219
(d) long-term provisions	53.718	53.292	55.873
Total Non-current Liabilities (3)	2225.749	2066.591	173.092
(4) Current Liabilities
(a) Short term borrowings	30.612	0.000	0.000
(b) Trade payables	30.782	67.703	63.182
(c) Other current liabilities	89.870	112.590	9.439
(d) Short-term provisions	4.834	7.095	6.343
Total Current Liabilities (4)	156.098	187.388	78.964
TOTAL	4382.038	4235.997	2225.315
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2911.370	2833.081	932.923
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1163.792	1049.148	963.261
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	17.841	27.556	25.349
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4093.003	3909.785	1921.533
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	144.359	136.260	103.131
(c) Trade receivables	101.023	146.893	183.818
(d) Cash and cash equivalents	38.490	34.134	2.347
(e) Short-term loans and advances	5.163	8.925	14.486
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	289.035	326.212	303.782
TOTAL	4382.038	4235.997	2225.315

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	542.166	283.914	206.871
		Other Income	4.837	3.357	0.179
		TOTAL (A)	547.003	287.271	207.050
Less	EXPENSES
		Cost of Materials Consumed	419.862	252.414	153.408
		Change in Inventories of Finished Goods, Stock in Process and Stock in Trade	(16.124)	(33.935)
		Employee Benefits Expenses	11.894	8.014
		Other Expenses	72.950	35.247
		TOTAL (B)	488.582	261.740	153.408
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		58.421	25.531	53.642
Less	FINANCIAL EXPENSES (D)		0.558	0.300	0.019
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		57.863	25.231	53.623
Less/ Add	DEPRECIATION/ AMORTISATION (F)		35.409	14.469	48.096
	PROFIT BEFORE TAX (E-F) (G)		22.454	10.762	5.527
Less	TAX (H)		4.281	2.003	1.025
	PROFIT AFTER TAX (G-H) (I)		18.173	8.759	4.502
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		158.048	149.289	144.787
	BALANCE CARRIED TO THE B/S		176.221	158.048	149.289
	IMPORTS
		Raw Materials	42.231	0.000	0.000
	TOTAL IMPORTS		42.231	0.000	0.000
	Earnings Per Share (Rs.)		1.65	0.80	0.41

QUARTERLY RESULTS

PARTICULARS	30.06.2013
Net Sales	157.300
Total Expenditure	136.900
PBIDT (Excl OI)	20.400
Other Income	0.400
Operating Profit	20.700
Interest	0.300
Exceptional Items	0.000
PBDT	20.400
Depreciation	13.100
Profit Before Tax	7.400
Tax	1.500
Provisions and contingencies	0.000
Profit After Tax	5.900
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	5.900

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.32	3.05	2.17
Net Profit Margin (PBT/Sales)	(%)	4.14	3.79	2.67
Return on Total Assets (PBT/Total Assets}	(%)	0.70	0.34	0.44
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.00
Debt Equity Ratio (Total Debt /Networth)		0.44	0.35	0.00
Current Ratio (Current Asset/Current Liability)		1.85	1.74	3.85

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF CURRENT MATURITIES OF LONG-TERM DEBT: 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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	No
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	No

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Loans from Related Party	11.410	2.555
Loans from Others	835.204	685.912
Total	846.614	688.466

FINANCIAL PERFORMANCE

The net revenue for the period was increased to Rs. 542.166 Millions as compared to last year of Rs. 283.914 Millions showing a growth of 90.96%. Profit before Depreciation, Amortization and Tax stood at Rs. 57.863 Millions.

Profit before Tax stood at Rs. 22.454 Millions as compared to Rs. 10.762 Millions of last year and Profit after Tax was Rs. 18.173 Millions as compared to Rs. 8.759 Millions of last year showing a growth of 107.48%

MANAGEMENT DISCUSSION AND ANALYSIS

GLOBAL ECONOMIC OVERVIEW

The fiscal 2012-13 has generally remained a difficult one for the global economy. The global economic recovery proved harder to come by than originally anticipated. A number of challenges stood in the path to more widespread economic growth, including a protracted Eurozone crisis, waning demand for Chinese products, reduced reliance on commodities in the Asia/Pacific region and economic sensitivity in emerging economies. Cyprus avoided a financial meltdown by securing a 10 billion euro bailout. Euro zone has reported negative growth of 0.4%. The USA, world's largest economy has posted better numbers at 2.3% in 2012 against 1.8% in 2011. However the growth in emerging and developing markets is expected to be worse than 5.5% in 2013.

INDIAN ECONOMY

India's current account deficit is widening to a record high 5.4% in FY13. Eight core sector industries (crude oil, petroleum refinery products, fertilizers, coal, electricity, natural gas, cement and steel sectors) contracted due to steep drop in natural gas output. The slowdown of the Indian economy worsened as the country posted a growth of 5% in F.Y. 2012-13 against 6.2% in F.Y. 2011-12. The decelerated growth was primarily attributable to the weakness in the industrial sector at 3.1% while the manufacturing sector grew by 1.9% and an erratic monsoon and drought-like situation in many parts affected the growth of the country's agriculture sector. The growth of the services sector was lower at 6.6% in 2012-13 against 8.2% in 2011-12. This was mainly due to political and regulatory uncertainty, which affected the sentiment of foreign investors in India. Inflation has being steadily on a rise. Key chemical raw materials like aniline, benzene, methanol, etc. witnessed price increases. The Government's attempt to attract FDI in multi-brand retail, aviation and broadcasting has mitigated the ill effects to some extent. With the US recovery and China and India growth record the demand is expected to grow and one can say that the worst is over.

CHEMICAL INDUSTRY - STRUCTURE AND DEVELOPMENT

The chemical industry forms the backbone of the Indian manufacturing base. Some key strengths of the sector that can drive growth for the industry include large domestic market, strong forward and backward integration and conducive policy environment. Diversified in structure, the Indian chemical industry caters largely to broad manufacturing bases and markets like fertilisers, petrochemicals, pharmaceuticals, dyes and intermediates, textiles, paper and food processing. Having emerged as a net earner of foreign exchange, the chemical industry is contributing significantly to the country's industrial and economic growth. The Indian chemical industry today is emerging from a protected environment into highly competitive global market, and at the same time, the domestic market is already reaching a mature level where demand potential for Fine and Speciality chemicals and knowledge-based chemicals are, in particular, playing a significant role in driving the growth of India's chemical industry. In these changing circumstances, the industry faces some key challenges. However, with Asia's growing contribution to the global chemical industry, Global chemical sales have increased by about 14% p.a. in Asia from 1999 to 2009, and this trend is expected to be further augmented. India emerges as one of the focus destination for Chemical Companies worldwide. The Indian Chemical Industry accounts for approximately 7% of Indian GDP. Individual segmental performance of organic, inorganic and speciality chemicals is expected to grow. The Indian chemical industry is responding suitably to the global trend. India is the Eighth largest producer of Chemicals in the World and Third largest producer in Asia, after China and Japan.

The Company manufactures products that are having broad spectrum end-usage in Agrochemicals, Pharmaceuticals, High Performance Polymers, Paints, Pigments, Printing inks, Dyestuff and its Intermediates, Rubber Chemicals, Home and personal Care products, etc. This broad spectrum end-usage base helps the company to reduce the risk of market fluctuations and also to take advantage of individual segmental opportunities of end-user segments.

NITRO AROMATICS INDUSTRY

The Company's current business activity is manufacturing of nitro aromatics. Despite global economic recession the cost raw materials were on the rise. The weakening of the Indian rupee has improved the realization of prices of the end products. Overall demand for the Company's products had been better than previous year. The demand for Organic Chemicals in India has been increasing at nearly 6.5% during this period and has reached the level of 2.8 million tones. The domestic supply has however grown at a slower pace resulting in gradual widening of demand supply gap, which is primarily bridged through imports.

STATEMENT OF STAND-ALONE AUDITED RESULTS FOR THE YEAR ENDED 31st MARCH 2013 AND UNAUDITED RESULTS FOR THE QUARTER ENDED 30.06.2013

(Rs. in Millions)

	PARTICULARS	30/06/2013
Sl. No.		(Unaudited)
1	Income from Operations
	(a) Net Sales/Income from Operations	156.729
	(Net of Excise Duty)
	(b) Other Operating Income	0.527
	Total Income from Operations (net)	157.256
2	Expenses
	(a) Cost of Materials consumed	134.453
	(b) Purchases of stock-in-trade	-
	(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(12.951)
	(d) Employee benefit expense	3.019
	(e) Depreciation and amortisation expense	13.093
	(f) Other expenses	12.389
	Total Expenses	150.003
3	Profit/(Loss) from Operations before Other	7.253
	Income, Finance Costs and Exceptional Items (1-2)
4	Other Income	0.381
5	Profit/fLoss) from ordinary activities before	7.634
	finance costs and exceptional Items (3+4)
6	Finance Costs	0.289
7	Profit/(Loss) from ordinary activities after	7.345
	finance costs but before exceptional Items (5+6)
8	Exceptional items	-
9	Profit / (Loss) from Ordinary Activities before tax (7+8)	7.345
10	Tax Expense	1.468
11	Net Profit / (Loss) from Ordinary Activities after tax (9±10)	5.877
12	Extraordinary Items (net of tax expense)	-
13	Net Profit / Loss for the period (11+12)	5.877
14	Paid-up equity share capital	110.000
	(Face Value of Share)	1.000
15	Reserves excluding Revaluation Reserves as per	383.451
	balance sheet of previous accounting year
16	Earnings Per Share (EPS) Basic and diluted
	(a) before Extraordinary items (not annualized)
	(b) after Extraordinary items (not annualized)

INFORMATION OF SHAREHOLDING FOR THE QUARTER AND YEAR ENDED 31st MARCH 2013

Sr. No.	PARTICULARS	30.06.2013
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	- Number of shares	3,132,700
	- Percentage of shareholding	28.48
2	Promoters and Promoter Group Shareholding
	(a) Pledged/Encumbered	-
	(b) Non-encumbered	-
	- Number of Shares	7,867,300
	- Percentage of shares (as a% of the total shareholding of Promoter and Promoter Group)	100.00
	of the Co.)	71.52
	capital of the Co.)

B	INVESTOR COMPLAINTS	Quarter Ended 30.06.2013
	- Pending at the beginning of the quarter	1
	- Received during the quarter	0
	- Disposed of during the quarter	1
	- Remaining unresloved at the end of the quarter	0

SEGMENT-WISE REVENUE AND RESULTS

	PARTICULARS	30.06.2013
		(Unaudited)
1	Segment Revenue:
	(a) Inorganic Intermediates	1.586
	(b) Organic Intermediates	36.643
	(c) Fine and Specialty Chemical Intermediates	98.303
	(d) Pharmaceutical Intermediates	19.780
	(e) Agrochemicals Intermediates	0.417
	(f) Others	0.527
	Total Net Sales / Income from Operations	157.256
2	Segment Results before Tax and Interest:
	(a) Inorganic Intermediates	0.361
	(b) Organic Intermediates	8.331
	(c) Fine and Specialty Chemical Intermediates	22.350
	(d) Pharmaceutical Intermediates	4.497
	(e) Agrochemicals Intermediates	0.095
	(f) Others	0.120
	Total	35.754
	Less: (i) Interest	0.289
	(ii) Other un-allocable expenditure	28.120
	Net of un-allocable Income
	Total Profit Before Tax	7.345

NOTES:

· The statement of unaudited financial results for the Quarter ending on June 30, 2013 has been prepared following the same accounting policies as were followed in the financial statements for the previous and Last year Quarter ended in confirmity with accounting Standard -10 (AS-10).

· The unaudited financial results for the quarter ended June 30, 2013 were reveiwed by the Audit Committee, and approved by the Board of Directors at their Meeting held on August 14, 2013 after undergoing a “Limited Review" by the Statutory Auditors of the Company.

· For better understanding of Compny's business, the Company has classified its business segments based on the respective end use of its products into Inorganic, Organic, Fine and Specialty, Pharmaceuticals and Agrochemical intermediates, which does not have any financial impact and for which necessary Segment wise statement has been shown as per Accounting Standard - 17 (AS - 17)

· Equity of the Company is employed partly in pre-commercial production activity and partly in commercial production activity which cannot be ascertained in exact sums. In the circumstances EPS cannot be calculated and Stated.

· Previous period/year figures have been regrouped/ rearranged wherever necessary.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10435629	27/06/2013	940,000,000.00	BANK OF BARODA (LEAD BANK)	SIR P. M. ROAD BRANCH, LAXMI INSURANCE BUILDING, GROUND FLOOR, SIR P. M. ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	B79096699
2	10435634	27/06/2013	940,000,000.00	BANK OF BARODA (LEAD BANK)	SIR P. M. ROAD BRANCH, LAXMI INSURANCE BUILDING, GROUND FLOOR, SIR P. M. ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	B79098893

* Date of charge modification

FIXED ASSETS:

• Leasehold Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Vehicle

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 records 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.61.49
UK Pound	1	Rs.99.41
Euro	1	Rs.84.12

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

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

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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