MIRA INFORM REPORT

Report Date :

03.09.2013

IDENTIFICATION DETAILS

Name :	SOLARIS CHEMTECH INDUSTRIES LIMITED (w.e.f.24.07.2007)
Formerly Known As :	SOLARIS BIOCHEMICALS LIMITED
Registered Office :	Thapar House, 124, Janpath, New Delhi-110001
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.06.2001
Com. Reg. No.:	55-111100
Capital Investment / Paid-up Capital :	Rs.2862.500 Millions
CIN No.: [Company Identification No.]	U24119DL2001PLC111100
TAN No.: [Tax Deduction & Collection Account No.]	DELS23860E
PAN No.: [Permanent Account No.]	AABCB7121R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Seller of Bromine, Bromides Chloro - Alkali and Phosphoric Acid.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 9800000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company has performed well during 2012 and slowly wiping out its accumulated loss. The capital base of the company seems to be strong. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with slight caution.

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Cash Credit = BB+
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	August, 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 (91-11-23368332)

LOCATIONS

Registered Office :	Thapar House, 124, Janpath, New Delhi-110001, India
Tel. No.:	91-11-23368332/23368811
Fax No.:	91-11-23368729
E-Mail :	sonu.chadha@solarischemtech.com
Website :	http://www.solarischemtech.com
Corporate Office :	First India Place, Tower C, Mehrauli Gurgaon Road, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-2804242/43
Fax No.:	91-124-2804263
E-Mail :	www.solarischemtech.com
Factory :	Located at New Delhi Bhuj Jamnagar Vadodara Mumbai Karwar
Sales Office 1 :	No. 628, First Floor, 17th “A”, Main Road, 6th Block, Koramangla, Bangalore - 560095, Karnataka, India
Tel. No.:	91-80-25530472
Fax No.:	91-80-25536133
Sales Office 2 :	C/o Crompton Greaves Limited, Kanjur Marg (East), Mumbai – 400042, Maharashtra, India
Tel. No.:	91-22-42010600
Fax No.:	91-22-42010610

DIRECTORS

As on 24.08.2012

Name :

Mr. Rajeev R Vederah

Designation :

Director

Address :

47 Paschim Marg, Vasant Vihar, New Delhi-110057, India

Date of Birth/Age :

30.08.1949

Date of Appointment :

19.08.2009

DIN No.:

00012252

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1995PLC066734	T H E PAPERBASE COMPANY LIMITED	Director	29-10-97	29-10-97	-	Amalgamated	NO
2	U29195DL1984PLC215106	BILT INDUSTRIAL PACKAGING COMPANY LIMITED	Director	14-01-00	14-01-00	-	Active	NO
3	U36999DL1989PLC034942	BILT TREE TECH LIMITED	Director	17-08-00	17-08-00	-	Active	NO
4	L21010MH1945PLC010337	BALLARPUR INDUSTRIES LIMITED	Managing director	01-07-12	16-10-00	-	Active	NO
5	U24297PN2003PTC018363	IMERYS NEWQUEST (INDIA) PRIVATE LIMITED	Director	15-09-03	15-09-03	-	Active	NO
6	U21000MH2007PLC172382	BILT GRAPHIC PAPER PRODUCTS LIMITED	Director	16-07-07	16-07-07	-	Active	NO
7	U24119DL2001PLC111100	SOLARIS CHEMTECH INDUSTRIES LIMITED	Director	19-08-09	02-04-09	-	Active	NO
8	U67120DL1998PLC198627	AVANTHA HOLDINGS LIMITED	Additional director	03-11-09	03-11-09	11-06-10	Active	NO
9	U85110KA1998PLC023512	PREMIER TISSUES (INDIA) LIMITED	Director	13-12-11	09-03-11	-	Active	NO
10	L29199HR1956PLC033107	TALBROS AUTOMOTIVE COMPONENTS LIMITED	Additional director	13-02-13	13-02-13	-	Active	NO

Name :

Mr. Suriyanarayanan Hariharan

Designation :

Managing Director

Address :

LTH -02/14B the Laburnum, Sushant Lok –I, Block A, Sectror -28, Gurgaon -120009, Haryana, India

Date of Birth/Age :

20.04.1958

Qualification :

PH.D in Sythetic Chemistry I.I.T, Limited

Experience :

30 Years

Date of Appointment :

19.02.2013

DIN No.:

02980802

Name :

Mr. Bhuthalingam Hariharan

Designation :

Director

Address :

D-2/3, Paschim Marg, Vasant Vihar, New Delhi-110057, Delhi, India

Date of Birth/Age :

18.04.1957

Date of Appointment :

31.12.2008

DIN No.:

00012432

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51102DL1997PLC112862	SOLARIS CHEMTECH LIMITED	Director	29-12-97	29-12-97	-	Amalgamated	NO
2	U02001DL1992PLC047666	GLOBAL GREEN COMPANY LIMITED	Nominee director	18-11-11	25-05-99	-	Active	NO
3	U36999DL1989PLC034942	BILT TREE TECH LIMITED	Director	17-08-00	17-08-00	05-11-12	Active	NO
4	L21010MH1945PLC010337	BALLARPUR INDUSTRIES LIMITED	Whole-time director	21-06-01	21-06-01	-	Active	NO
5	U67120DL1998PLC198627	AVANTHA HOLDINGS LIMITED	Director	26-03-11	06-03-02	-	Active	NO
6	U65999DL2003PLC119508	NEWQUEST INSURANCE BROKING SERVICES LIMITED	Director	24-03-03	24-03-03	-	Active	NO
7	U67120DL2003PLC198253	SOLARIS HOLDINGS LIMITED	Director	04-04-03	04-04-03	-	Amalgamated	NO
8	U74140DL2005PLC135984	SALIENT BUSINESS SOLUTIONS LIMITED	Director	07-10-05	07-10-05	-	Active	NO
9	U22121DL2005PTC138214	CONTENT SERVICES AND PUBLISHING PRIVATE LIMITED	Director	08-03-06	08-03-06	12-03-10	Active	NO
10	U40101DL2005PLC138906	AVANTHA POWER AND INFRASTRUCTURE LIMITED	Director	13-12-06	12-06-06	-	Active	NO
11	U21000MH2007PLC172382	BILT GRAPHIC PAPER PRODUCTS LIMITED	Director	16-07-07	16-07-07	-	Active	NO
12	U24119DL2001PLC111100	SOLARIS CHEMTECH INDUSTRIES LIMITED	Director	31-12-08	26-09-08	-	Active	NO
13	U67120DL2003PTC121919	TOPSCORE TRADEVARIETY PRIVATE LIMITED	Director	30-09-10	21-07-09	-	Amalgamated	NO
14	U24296DL2004PLC129497	KCT CHEMICALS AND ELECTRICALS LIMITED	Director	08-09-09	21-07-09	-	Amalgamated	NO
15	U70102DL1981PLC198595	AVANTHA REALTY LIMITED	Director	30-09-10	04-11-09	-	Active	NO
16	U72900DL2001PLC109058	BILTECH BUILDING ELEMENTS LIMITED	Director	21-09-11	16-11-10	-	Active	NO
17	U85110KA1998PLC023512	PREMIER TISSUES (INDIA) LIMITED	Director	13-12-11	09-03-11	-	Active	NO
18	U26942CT2007PTC020227	K.P. CEMENT MFG. CO. PRIVATE LIMITED	Director	27-09-12	29-12-11	-	Active	NO
19	U40300MH2012PLC228170	CG POWER SOLUTIONS LIMITED	Director	14-03-12	14-03-12	-	Active	NO
20	L99999MH1937PLC002641	CROMPTON GREAVES LIMITED	Director	06-08-13	01-11-12	-	Active	NO
21	U66000HR2013PLC048992	AVANTHA ERGO LIFE INSURANCE COMPANY LIMITED	Director	02-05-13	02-05-13	-	Active	NO

Name :

Ashwani Gupta

Designation :

Director

Address :

C-27, Chirag Enclave, New Delhi-110048, India

Date of Birth/Age :

09.01.1958

Date of Appointment :

31.12.2008

DIN No.:

00122889

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1995PTC071592	HONEYWELL INTERNATIONAL (INDIA) PRIVATE LIMITED	Managing director	10-12-02	10-12-02	30-06-08	Active	NO
2	U72200KA1994FTC016379	HONEYWELL TECHNOLOGY SOLUTIONS LAB PRIVATE LIMITED	Director	17-09-03	17-09-03	30-06-08	Active	NO
3	U29299PN2004PTC019904	HONEYWELL TURBO TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	03-11-04	03-11-04	23-06-08	Active	NO
4	U24119DL2001PLC111100	SOLARIS CHEMTECH INDUSTRIES LIMITED	Director	31-12-08	26-09-08	-	Active	NO
5	U02001DL1992PLC047666	GLOBAL GREEN COMPANY LIMITED	Director	17-09-09	16-02-09	-	Active	NO
6	U74140KA2007PTC042034	FOOTPRINT VENTURES TRUSTEE COMPANY PRIVATE LIMITED	Director	13-09-11	31-07-10	-	Active	NO
7	U67190KA2006PTC038579	FOOTPRINT VENTURES CONSULTANCY PRIVATE LIMITED	Director	13-09-11	31-07-10	-	Active	NO
8	U74140DL2005PLC135984	SALIENT BUSINESS SOLUTIONS LIMITED	Director	26-09-11	18-03-11	-	Active	NO

Name :

Mr. Karam Singh Bedi

Designation :

Director

Address :

Flat No. 6, Sahar Apts, N-118 Panchsheel Park, New Delhi-110017, India

Date of Birth/Age :

15.01.1937

Date of Appointment :

02.04.2009

DIN No.:

00015483

KEY EXECUTIVES

Name :	Mr. Sonu Chadha
Designation :	Secretary
Address :	B-13/4 Ramesh Nagar, New Delhi-110015, India
Date of Birth/Age :	28.05.1970
Date of Appointment :	01.10.2008
Pan No.:	AEMPD5720N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.08.2012

Names of Shareholders (Equity Share)	No. of Shares
Avantha Holdings Limited, India	177988936
Atul Mehrotra	1
Deepak Bansal	1
NSN Prasad	1
Akhil Mahajan	1
Gayatri Pathak	1
Harsh Gupta	1
Avantha Realty Limited, India	38875000
Total	216863942

Names of Shareholders (Preference Share)	No. of Shares
Avantha Holdings Limited, India	6938669
Total	6938669

As on 24.08.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Bromine, Bromides Chloro - Alkali and Phosphoric Acid.

Products :

Item Code No (ITC Code)	Production Description
2815.11.00	Caustic Soda
2809.20.10	Phosphoric Acid (Technical Grade)
2801.30.20	Bromine

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

• Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-100018, Maharashtra, India

• The Ratnakar Bank Limited, Shahupuri, Kolhapur, Kolhapur - 416001, Maharashtra, India

• IDBI Bank Limited, Indian Red Cross Society Building, 3rd Floor, 1, Red Cross Road, New Delhi - 110001, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Rupee term loans from banks	2703.500	165.800
Foreign currency term loans from banks	127.900	223.400
Rupee term loans from others	600.000	0.000
Short-term borrowings
Rupee term loans from banks (Term Loans from Banks secured against Receivables of the company from a single customer. Repayable in monthly instalments)	137.000	150.000
Working capital loans from banks	516.400	527.500
Total	4084.800	1066.700

Banking Relations :	---
Financial Institutions :	Tata Capital Financial Services Limited, One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	Lovelock And Lewes Chartered Accountants
Address :	8-2-293/82/A/1131A, Road No. 36, Jubilee Hills, Hyderabad-500034, Andhra Pradesh, India
PAN No.:	AABFL5878L
Holding company :	Avantha Holdings Limited (AHL)
Associate companies with whom the Company had transactions :	Avantha Holdings Limited Ballarpur Industries Limited (BILT) Crompton Greaves Limited (CGL) Avantha Realty Limited (ARL) Global Green Company Limited (GGCL) Bilttech Building Elements Limited (BBEL) Solaris Industrial Chemicals Limited (SICL) Bilt Graphic Paper Limited (BGPL) Avantha Technologies Limited ( ATL ) APR Sacks Limited ( ASL) NQC Internationl ( Mauritius) Limited(NQL)

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
336276600	Equity Shares	Rs.10/- each	Rs.3362.766 Millions
13877340	Preference Shares	Rs.100/- each	Rs.1387.734 Millions
	Total		Rs.4750.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
216863942	Equity Shares	Rs.10/- each	Rs.2168.639 Millions
6938669	Preference Shares	Rs.100/- each	Rs.693.867 Millions
	Total		Rs.2862.506 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2862.500	2862.500
(b) Reserves & Surplus	(408.100)	(428.800)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2454.400	2433.700
(3) Non-Current Liabilities
(a) long-term borrowings	3689.700	853.500
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	5.400	10.200
(d) long-term provisions	79.700	71.200
Total Non-current Liabilities (3)	3774.800	934.900
(4) Current Liabilities
(a) Short term borrowings	792.700	839.800
(b) Trade payables	660.700	615.200
(c) Other current liabilities	886.200	2616.200
(d) Short-term provisions	13.200	23.100
Total Current Liabilities (4)	2352.800	4094.300
TOTAL	8582.000	7462.900
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5103.300	5295.500
(ii) Intangible Assets	28.500	36.100
(iii) Capital work-in-progress	100.200	12.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	6.500	6.800
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	180.500	47.900
(e) Other Non-current assets	169.900	83.900
Total Non-Current Assets	5588.900	5482.200
(2) Current assets
(a) Current investments	0.300	0.000
(b) Inventories	659.500	564.000
(c) Trade receivables	369.400	261.700
(d) Cash and cash equivalents	854.400	328.600
(e) Short-term loans and advances	1106.400	823.300
(f) Other current assets	3.100	3.100
Total Current Assets	2993.100	1980.700
TOTAL	8582.000	7462.900

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2862.507
2] Share Application Money		0.000
3] Reserves & Surplus		87.225
4] (Accumulated Losses)		0.000
NETWORTH		2949.732
LOAN FUNDS
1] Secured Loans		2976.807
2] Unsecured Loans		543.730
TOTAL BORROWING		3520.537
DEFERRED TAX LIABILITIES		0.000
TOTAL		6470.269
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5445.778
Capital work-in-progress		102.762
INVESTMENT		6.829
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	479.409
	Sundry Debtors	294.292
	Cash & Bank Balances	170.479
	Other Current Assets	2.620
	Loans & Advances	814.286
Total Current Assets		1761.086
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	487.495
	Other Current Liabilities	269.416
	Provisions	89.275
Total Current Liabilities		846.186
Net Current Assets		914.900
MISCELLANEOUS EXPENSES		0.000
TOTAL		6470.269

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3980.500	2674.600	3100.385
		Other Income	3.500	0.800	110.862
		TOTAL (A)	3984.000	2675.400	3211.247
Less	EXPENSES
		Cost of materials consumed	1161.800	856.300
		Purchases of stock-in-trade	0.000	8.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	0.900	(4.700)	2572.432
		Employee benefit expense	308.400	291.400
		Other expenses	1723.300	1299.000
		TOTAL (B)	3194.400	2450.000	2572.432
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		789.600	225.400	638.815
Less	FINANCIAL EXPENSES (D)		500.300	481.300	374.108
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		289.300	(255.900)	264.707
Less/ Add	DEPRECIATION/ AMORTISATION (F)		268.600	260.200	233.222
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		20.700	(516.100)	31.485
Less	TAX (H)		0.000	0.000	122.284
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		20.700	(516.100)	(90.799)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(477.709)	38.391	129.190
	BALANCE CARRIED TO THE B/S		(457.009)	(477.709)	38.391
	EARNINGS IN FOREIGN CURRENCY		272.200	561.789	461.998
	IMPORTS
		Raw Materials	NA	NA	407.665
		Stores & Spares	NA	NA	23.261
		Capital Goods	NA	NA	7.252
	TOTAL IMPORTS		NA	NA	438.178
	Earnings / (Loss) Per Share (Rs.)		0.29	(0.56)	(4.28)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.52	(19.29)	(2.88)
Net Profit Margin (PBT/Sales)	(%)	0.52	(19.30)	(1.02)
Return on Total Assets (PBT/Total Assets}	(%)	0.24	(6.93)	(0.44)
Return on Investment (ROI) (PBT/Networth)		0.01	(0.21)	(0.01)
Debt Equity Ratio (Total Debt /Networth)		1.83	0.70	1.19
Current Ratio (Current Asset/Current Liability)		1.27	0.48	2.08

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	No
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

PARTICULAR	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Deposits	258.300	464.300
Short-term borrowings
Intercorporate borrowings	139.300	162.300
Total	397.600	626.600

GENERAL INFORMATION:

The Company is engaged in the business of manufacture and sale of Bromine, Bromides Chloro - Alkali and Phosphoric Acid. The Company has Manufacturing plants in India and customers in India and overseas.

FINANCIAL RESULTS

The Company achieved its highest EBITDA of Rs 789.500 Millions recovering from its earlier year EBITDA of Rs.225.500 Millions.

The year though was another difficult year for the Bromine and Bromine Chemicals Business in terms of its operating conditions caused due to heavy rainfall and floods in Khavda in the month of September. Moreover flood water gushed in from the Indus River, Pakistan, in to Greater Rann of Kutch, diluting their Rann Brines even further.

However, buoyed by the strong market demand, price realizations in Bromine were at its peak and by effecting prudent product mix changes, They managed to substantially improve their EBITDA margins.

Their Chlor Alkali Business was steady and they managed to quickly gain back their market share despite the plant facing closure in the previous year due to labour unrest and strike.

Anti-dumping duty was introduced by the Govt. on cheap Phosphoric Acid imports from Korea, which helped us in improving their prices and gaining back the market share.

The Company recorded Sales and Other Income of Rs.3984.0000 Millions for the year ended 31.03.2012 as compared to Rs.2675.400 Millions for the year ended 31.03.2011.

OPERATION AND CORPORATE OVERVIEW

Bromine and Bromides

During the period the total Bromine production was 8,142 MT Vis-à-vis 10,918 MT in the previous year and the sales were 5,440 MT as against 6,516 MT in the previous year whereas the overall Bromine Recovery remained constant in spite of lower feed GPL. The overall Bromine production was affected mainly due to low feed GPL to all Bromine plants which is mainly due to heavy rain and flood waters entering Greater Rann of Kutch from Pakistan - @ 4,000 MT loss.

In addition to the above, the company produced 1,723 MT Tetra Bromo Bisphenol A (TBBA) production during the year Vs 4,384 MT in the previous year.

TBBA sales during the year were at 1,755 MT as against 4,431 MT in the previous year.

The Production of NPBR was 1,136 MT during the year Vs 1,747 MT in the previous year.

NPBR sales were at 1,139 MT as against 1,750 MT in the previous year.

Hydrobromic Acid (HBr) production was at 897 MT during the year Vs 1,405 MT during the previous year. HBr sales were at 872 MT as against 1,347 MT in the previous year.

The Production quanta of TBBA, NPBR and HBR are governed by Bromine Production which is the key raw material for these bromides.

Chlor Alkali and Phosphoric Acid

During the period, the Caustic Soda production was 41,318 MT Vs 19,763 MT in the previous year and Caustic Soda sales were at 41,422 MT as against 19,590 MT in the previous year.

Phosphoric Acid production was at 22,077 MT Vs 11,104 MT in the previous year and Phos acid sales were at 22,610 MT as against 10,869 MT in previous year.

The production was higher during the year compared to previous year, as the previous year was severely impacted by the stoppage of manufacturing operations for over five months due to workers strike at their Karwar unit.

Salt

The Salt production for the year was 71,030 MT Vs 107,169 MT in the previous year and Salt sales for the year were at 77,391 MT Vs 140,969 MT in the previous year.

The year continued to remain under the adverse impact of the highest rainfall of 1,815 mm during the last two monsoon seasons on account of severe dilution in brine circuit, affecting Salt pan operations and overall Salt yield per acre.

Even though the average negative impact of 35% as shortfall in the overall Salt production in the State of Gujarat, the salt production shortfall was kept restricted to 18% at their Salt Works in Singach by better management of Salt pans. Buoyed by this and with the aid of higher open market price for Salt, their Salt operations were successful in ensuring total Salt supplies to Karwar as well as to external customers and thus could maintain budgeted profit margins.

AMALGAMATION

The Scheme of Amalgamation under Section 391 / 394 of the Companies Act, 1956 between erstwhile M/s. Solaris Chemtech Limited (SCL) and M/s. Solaris Chemtech Industries Limited (The Company) was approved by the Honble High Court of Delhi on 25th July, 2008. As a result SCL was amalgamated with the Company w.e.f. the appointed date of 1st July, 2007 and all the properties, assets and liabilities of erstwhile SCL stand transferred and vested in the Company from that date. The Company has initiated the relevant documentation process to complete all the statutory formalities for transfer of properties in its name, as applicable.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10418360	06/05/2013 *	1,100,000,000.00	BARCLAYS BANK PLC	801-808, CEEJAY HOUSE, SHIVSAGAR ESTATE, DR. A. BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B75674069
2	10396086	29/12/2012	1,600,000,000.00	ICICI BANK LIMITED	NBCC PLACE, PRAGATI VIHAR, NEW DELHI, DELHI - 110 003, INDIA	B65555328
3	10384178	06/05/2013 *	655,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, JAWAHAR VAYAPAR BHAWAN,  14TH FLOOR, 1 -TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	B76347715
4	10382089	06/05/2013 *	600,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B75944199
5	10359541	06/06/2012	350,000,000.00	DBS BANK LIMITED	UPPER GROUND FLOOR, BIRLA TOWER 25, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B41168915
6	10359715	06/06/2012	1,250,000,000.00	DBS BANK LIMITED.	UPPER GROUND FLOOR,, BIRLA TOWER 25,BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B41244195
7	10353351	29/07/2013 *	120,000,000.00	STATE BANK OF HYDERABAD	COMMERCIAL BRANCH, 74, JANPATH, NEW DELHI, DELHI - 110001, INDIA	B83065581
8	10347422	06/05/2013 *	300,000,000.00	THE FEDERAL BANK LIMITED.	CORPORATE BANKING BRANCH, E-13-29, HARSHA BHAWAN,  CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B75659615
9	10338368	17/07/2013 *	200,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI,KOLHAPUR,, KOLHAPUR, MAHARASHTRA - 416001, INDIA	B80268105
10	10338447	18/04/2013 *	250,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI,KOLHAPUR,, KOLHAPUR, MAHARASHTRA - 416001, INDIA	B74403213
11	10310804	06/05/2013 *	1,250,000,000.00	INDUSIND BANK LIMITED	FIRST INDIA PLACE, TOWER B, BLOCK A, SUSHANT LOK,  PHASE I, MEHRAULI GURGAON ROAD, GURGAON, HARYANA  - 122002, INDIA	B75304527
12	10302411	08/08/2011	1,000,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA -  400018, INDIA	B18882977
13	10239770	18/04/2013 *	200,000,000.00	THE CATHOLIC SYRIAN BANK LIMITED	INDUSTRIAL FINANCE BRANCH, 53, EAST AND WEST BUILDING, B.S. MARG, FORT, MUMBAI, MAHARASHTRA - 400023,  INDIA	B74906462
14	10209367	08/08/2011 *	200,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA -  400018, INDIA	B18884411
15	10166407	24/06/2009	175,000,000.00	STATE BANK OF INDORE	COMMERCIAL BRANCH, M-47, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA	A65639809
16	10165073	18/05/2009	240,000,000.00	INDIAN OVERSEAS BANK	ASHRAM ROAD BRANCH, CHINUBHAI TOWER, OPP. HANDLOOM HOUSE, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA	A65171761
17	10162132	29/04/2009	630,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 14TH FLOOR, 1-TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	A63805212
18	10139386	08/08/2011 *	170,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA -  400018, INDIA	B18883975
19	10120493	08/08/2011 *	150,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORL, MUMBAI, MAHARASHTRA - 400018, INDIA	B18974709
20	10056772	18/06/2007	35,700,000.00	STATE BANK OF INDORE	COMMERCIAL BRANCH, M-47, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA	A17356106
21	90050681	16/06/2004	100,000,000.00	HDFC BANK LIMITED.	2 ND FLOOR; TRADE WORLD, SENAPATI BAPAT MARG; LOWER PAREL, MUMBAI, MAHARASHTRA, INDIA	-
22	90050184	04/02/2008 *	75,000,000.00	STATE BANK OF INDORE	COMMERCIAL BRANCH, M-47, CONNAUGHT CIRCUS,, NEW DELHI, DELHI - 110001, INDIA	A34023838
23	90050117	06/05/2013 *	187,500,000.00	STATE BANK OF BIKANER AND JAIPUR	16/67-68, FAIZ ROAD, KAROL BAGH,, NEW DELHI, DELHI - 110005, INDIA	B76348317
24	90385796	04/07/2003 *	175,000,000.00	UTI BANK LIMITED	RACE COURSE CIRCLE, VADODARA, GUJARAT, INDIA	-
25	90368511	04/07/2003 *	175,000,000.00	UTI BANK LIMITED	RACE COURSE CIRCLE, VADODARA, GUJARAT, INDIA	-
26	90049887	04/02/2008 *	320,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, JAWAHAR VAYAPAR BHAWAN,  14TH FLOOR, 1 - TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	A32699688
27	90369405	06/11/2002 *	170,000,000.00	ORIENTAL BANK OF COMMERCE	E- BLOCK HARSH BHAWAN, CONNAUGHT PLACE, NEW DELHI  , DELHI, INDIA	-
28	90049294	07/09/2002	75,000,000.00	STANDARD CHARTERED BANK	PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	-
29	90385754	06/11/2002 *	170,000,000.00	ORIENTAL BANK OF COMMERCE	E- BLOCK, HARSH BHAVAN CONNAUGHT PLACE, NEW DELHI, DELHI, INDIA	-

* Date of charge modification

FIXED ASSETS

• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments

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.65.86
UK Pound	1	Rs.102.52
Euro	1	Rs.87.06

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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

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

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

RATING EXPLANATIONS

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

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.