MIRA INFORM REPORT

Report Date :

12.09.2013

IDENTIFICATION DETAILS

Name :	TATA CHEMICALS LIMITED
Registered Office :	Bombay House, 24, Homi Modi Street, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.01.1939
Com. Reg. No.:	11-002893
Capital Investment / Paid-up Capital :	Rs.2548.200 Millions
CIN No.: [Company Identification No.]	L24239MH1939PLC002893
TAN No.: [Tax Deduction & Collection Account No.]	MUMT00053E MRTT00425F
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Inorganic Chemicals and Fertilizers.
No. of Employees :	5985 (Approximately) (In India: 4429, In Overseas: 1556)

RATING & COMMENTS

MIRA’s Rating :

A (67)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 212200000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a Tata Group Company. It is a well established and a reputed company having a fine track record. Financial position of the company appears to be sound. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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.

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	CARE
Rating	AA+ (Long Term bank Facilities)
Rating Explanation	High degree of safety and very low credit risk.
Date	22.04.2013

Rating Agency Name	CARE
Rating	A1+ (Short Term bank Facilities)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	22.04.2013

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 DENIED

Management Non Co-operative (91-22-22049131)

LOCATIONS

Registered/ Corporate Office :	Bombay House, 24, Homi Modi Street, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22049131/ 1529 / 4359/ 22867407/ 66658282
Fax No.:	91-22-22042947/ 5359 / 66658143 / 44
E-Mail :	rchandan@tatachemicals.com tatachem@giasbm01.vsnl.net.in rajiv.chandan@tatachemicals.com
Website :	http://www.tata.com http://www.tatachemicals.net http://www.tatachemicals.com
Chemicals Division :	Mithapur - 361345, Okhamandal, Gujarat, India
Tel. No.:	91-2892-665 991 / 665 992
Fax No.:	91-2892-223 471
Fertiliser Division :	Indira Dham, P.O. Box No.1, Babrala - 202 521, District Budaun, Uttar Pradesh, India
Tel. No.:	91-5836-664990 / 664777/ 664888 / 664999
Fax No.:	91-5836-664218
Haldia Works :	P.O. Durgachak, Haldia, District Purba, East Midnapore - 721602, West Bengal, India
Tel. No.:	91-3224-251001
Fax No.:	91-3224-252220 / 252223
Overseas Office :	Located at: · USA · UK · Kenya

DIRECTORS

As on: 31.03.2013

Name :	Mr. Ratan N. Tata
Designation :	Chairman
Date of Birth/Age :	28.12.1937
Qualification :	B.Sc., (Architecture) from Cornell University, U.S.A Completed the Advanced Management Program conducted by Harvard University.
Date of Appointment :	11.04.1983
Name :	Mr. Cyrus P. Mistry
Designation :	Chairman
Date of Birth/Age :	04.07.1968
Date of Appointment :	28.12.2012
Qualification :	B.E. (Civil) - Imperial College, UK, M.Sc. (Management - London Business School
Name :	Mr. R. Gopalakrishnan
Designation :	Vice-Chairman
Date of Birth/Age :	25.12.1945
Qualification :	B.Sc., (Hons), B.Tech (Hons) in Electronic from IIT Khargpur
Date of Appointment :	30.10.1998
Name :	Mr. Nusil N. Wadia
Designation :	Director
Date of Birth/Age :	15.02.1944
Qualification :	Educated in UK
Date of Appointment :	26.06.1981
Name :	Mr. Prasad R. Menon
Designation :	Managing Director
Qualification :	B.E. (Chem) IIT Kharagpur
Date of Birth/Age :	23.01.1946
Date of Appointment :	30.10.2006
Expertise in specific functional areas :	Wide experience in Chemicals, Agro- Chemicals, Paints and Fertiliser Industry
Name :	Mr. Nasser Munjee
Designation :	Director
Date of Birth/ Age :	18.11.1952
Qualification :	Masters in Economics from London School of Economics, UK
Date of Appointment :	25.09.2006
Expertise in specific functional areas :	Eminent Economist, Banker and Consultant on infrastructure
Name :	Dr. Yoginder K. Alagh
Designation :	Director
Date of Birth/ Age :	14.02.1939
Qualification :	Ph. D in Economics
Date of Appointment :	25.09.2006
Name :	Mr. Eknath A. Kshirsagar
Designation :	Director
Date of Birth/Age :	11.09.1941
Date of Appointment :	26.11.2008
Qualification :	Fellow Member of the Institute of Chartered Accountants in England and Wales
Name :	Dr. Y.S.P. Thorat
Designation :	Director
Date of Birth/Age :	11.11.1947
Qualification :	Ph. D-Shivaji University, Degree in Political Science, Degree in Law
Date of Appointment :	08.01.2010
Expertise in specific functional areas :	Wide experience in banking, rural credit co-operatives, micro finance
Name :	Mr. Vijay Kelkar
Designation :	Director
Date of Birth/Age :	15.05.1942
Date of Appointment :	30.05.2012
Qualification :	Ph. D from University of California
Name :	Mr. R. Mukundan
Designation :	Managing Director
Name :	Mr. P.K. Ghose
Designation :	Executive Director and Chief Finance Officer

KEY EXECUTIVES

Name :	Mr. Rajiv Chandan
Designation :	Company Secretary and General Counsel
CORPORATE
	· Mr. R. Mukundan - Managing Director · P. K. Ghose - Executive Director and CFO · DeLyle Bloomquist - President. Global Chemicals Business · Dr. Amp Basu - President. New Businesses and Innovation Centre · Mr. R. Nanda - Vice President. Human Resources and Corporate Communications · Mr. Sanjiv Lai - Vice President. Corporate Projects · Mr. S. G. Choudhary - Chief Technolo and Sustainability Officer · Mr. Ranjeev Lodha - Vice President and Group Corporate Controller · Mr. Rajiv Chandan - General Counsel and Company Secretary · Mr. Sudhir Dalvi - Head. Internal Audit and Risk Management
INDIA OPERATIONS
	· Zarir Langrana - Chief Operating Officer. Chemicals (India) · Ashvini Hiran - Chief Operating Officer. Consumer Products Busine · Vrnay K. Bhatia - Chief Operating Officer. Crop Nutrition and Agri Business · D. K. Sundar - Senior Vice President Marketing and Commercial (Fertilisers) · M. Ravindtanath - Vice President, Manufacturing (Mithapur Plant) · S. Bhaslter Kumar - Vice Preside Manufacturing (Babrala Plant) · Sabaleel Nandy - Vice President. Manufacturing (Haldia Plant)
INTERNATIONAL OPERATIONS
	· Martin Keighley - Managing Director (Designate). Tata Chemicals North America · Dr. Martin Ashcroft - Managing Director, Tata Chemicals Europe · Jackson Mbui - Managing Director. Tata Chemicals Magadi Limited · John Mulhall - CFO. Tata Chemicals International Pte. Limited · Paul Peterson - Plant Manager. Tata Chemicals North America · Peter Houghton - Operations Director, Tata Chemicals Europe · M. Jacob - Chief Operating Officer. Tata Chemicals Magadi Limited

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.06.2013

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	78751692	30.91
Any Others (Specify)	374165	0.15
Trusts	374165	0.15
Sub Total	79125857	31.06
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	79125857	31.06
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	14469642	5.68
Financial Institutions / Banks	765755	0.30
Central Government / State Government(s)	73598	0.03
Insurance Companies	46737536	18.35
Foreign Institutional Investors	51394358	20.17
Any Others (Specify)	385128	0.15
Foreign Companies	384572	0.15
Foreign Nationals - DR	556	0.00
Sub Total	113826017	44.68
(2) Non-Institutions
Bodies Corporate	7190069	2.82
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	48424713	19.01
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	5640479	2.21
Any Others (Specify)	549143	0.22
Trusts	549143	0.22
Sub Total	61804404	24.26
Total Public shareholding (B)	175630421	68.94
Total (A)+(B)	254756278	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)	254756278	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

Sl.No.	Name of the Shareholder	Details of Shares held		Encumbered shares (*)			Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)	No	As a percentage	As a % of grand total (A)+(B)+(C) of sub-clause (I)(a)
1	Tata Sons Limited	49306423	19.35	0	0.00	0.00	0.00
2	Tata Investment Corporation Limited	15753501	6.18	0	0.00	0.00	0.00
3	Tata Global Beverage Limited	11185522	4.39	769276	6.88	0.30	0.00
4	Ewart Investment Limited	1369290	0.54	0	0.00	0.00	0.00
5	Simto Investment Corporation Limited	618000	0.24	0	0.00	0.00	0.00
6	Sir Dorabji Tata Trust Limited	259425	0.10	0	0.00	0.00	0.00
7	Voltas Limited	200440	0.08	0	0.00	0.00	0.00
8	Tata Coffee Limited	160000	0.06	0	0.00	0.00	0.00
9	Tata Industries Limited	77647	0.03	0	0.00	0.00	0.00
10	Tata Motors Limited	70249	0.03	0	0.00	0.00	0.00
11	Ratan Naval Tata Trust	68041	0.03	0	0.00	0.00	0.00
12	JRD Tata Trust	46699	0.02	0	0.00	0.00	0.00
13	Sheba Properties Limited	10060	0.00	0	0.00	0.00	0.00
14	Titan Industries Limited	560	0.00	0	0.00	0.00	0.00
	Total	79125,857	31.06	769276	0.97	0.30	0.00

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

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Life Insurance Corporation of India	16233195	6.37
2	ICICI Prudential Life Insurance Company Limited	10982420	4.31
3	Franklin Templeton Investment Funds	11696664	4.59
4	Government Pension Fund Global	11466536	4.50
5	General Insurance Corporation of India	4400005	1.73
6	New India Assurance Company Limited	3534286	1.39
7	Hindustan Unilever Limited	3833619	1.50
8	Templeton India Equity Income Fund	2732129	1.07
9	SBI Life Insurance Co Limited	3111976	1.22
10	HDFC Standard Life Insurance Company Limited	4686626	1.84
	Total	72677456	28.53

Shareholding belonging to the category "Public" and holding more than 5% of the Total No. of Shares

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares
1	Life Insurance Corporation of India	16233195	6.37
	Total	16233195	6.37

Details of Locked-in Shares

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	Tata Sons Limited	11500000	4.51
	Total	11500000	4.51

BUSINESS DETAILS

Line of Business :

Manufacturer of Inorganic Chemicals and Fertilizers.

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Licensed Capacity (Tonnes )	Installed Capacity (Tonnes $)
Soda Ash	1000000	917700
Sodium Bicarbonate	75600	100000
Caustic Soda	36000	36000
Liquid Chlorine	31950	31950
Hydrochloric Acid	N.A.	64800
Bromine	2520	2400
Hydrobomic Acid	50	50
Vacuum Salt	N.A.	647500
Chemicals and other Industrial Machinery	5000	5000
Clinker	N.R.	825000
Cement	440000	440000
Ammonia	N.R.	445500
Urea @@	N.R.	742500
Sulphuric acid #	221500	221500
Phosphoric acid #	52700	52700
Sulphonic Acid #	N.A.	12000
Sodium Tripolyphosphate (STPP) #	40000	50000
Diammonium Phosphate (DAP) #	670000	670000
Single Super Phosphate (SSP) #	165000	165000

$ As certified by the Management and accepted by the Auditors.

# Licensed capacity includes capacity under the Industrial Entrepreneurs Memorandum filed with the Government and duly acknowledged by them under the scheme of delicensing notified by the Government.

@@ After debottlenecking expected per day production is likely to be around 3500 mtpd

N.A. Not Applicable

N.R. Not Required

N.R. Not Required

Particulars	Production/ Purchase (Tonnes)
Soda Ash	696746
Sodium Bicarbonate	78278
Caustic Soda	10979
Liquid Chlorine	2068
Hydrochloric Acid	18188
Bromine	1177
Vacuum Salt #	597077
Pure Salt	2886
Solar Salt	--
Gypsum	143819
Cement	418866
Clinker	385178
Ammonia	636305
Urea **	1117153
Sodium Tripoly phosphate (STPP)	10575
Diammonium Phosphate (DAP)	208464
NPK **	361419
Single Super Phosphate **	140496
Sulphuric Acid	176423
Phosphoric Acid	11388
Others	--

# Sales of Vacuum Salt includes free issues under sales promotion schemes.

** Production figures include Bulk Production

GENERAL INFORMATION

No. of Employees :

5985 (Approximately) (In India: 4429, In Overseas: 1556)

Bankers :

· Bank of Baroda

· State Bank of India

· State Bank of Bikaner and Jaipur

· Citibank N.A.

· Bank of America

· HDFC Bank Limited

· Deutsche Bank

· Punjab National Bank

· Standard Chartered Bank

· The Hongkong and Shanghai Banking Corporation Limited

· ICICI Bank Limited

· Bank of America

· Axis Bank Limited

· Kotak Mahindra Bank Limited

· DBS Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long-Term Borrowings
Debentures	0.000	2400.000
Short-Term Borrowings
Loans repayable on demand
From banks: Cash credits	84.100	89.300
From banks: Loans against subsidy receivables	1796.300	0.000
Total	1880.400	2489.300
Notes: (a) Loans from banks on cash credit are secured by hypothecation of stocks of raw materials, finished goods, stores and work-in-process as well as book debts. (b) The Department of Fertilizers, Government of India, has notified “Special Banking Arrangement” scheme to address the concern of delay in subsidy disbursement. This arrangement has been made by the Government with State Bank of India Consortium (SBI Consortium). Loans under this scheme are secured by hypothecation of subsidy receivables.

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Solicitors :	· AZB and Partners, Mumbai · Mulla and Mulla and Craigie · Blunt and Caroe, Mumbai · Amarchand and Mangaldas · Suresh A. Shroff and company
Associate :	EPM Mining Venture Inc, Canada
Joint Ventures :	Direct · Indo Maroc Phosphore S. A., Morocco · Khet-se Agriproduce India Private Limited Indirect · Alcad, United State of America · Kemex B.V., Netherlands · JOil (S) Pte. Limited, Singapore · The Block Salt Company Limited, United Kingdom · Natronx Technologies LLC, United States of America
Subsidiaries :	Direct · Homefield International Private Limited, Mauritius · Rallis India Limited, (Rallis) India · Bio Energy Venture - 1 (Mauritius) Private Limited, Mauritius Indirect · Homefield Private UK Limited, United Kingdom · Tata Chemicals Africa Holdings Limited, United Kingdom · Tata Chemicals South Africa (Proprietary) Limited, South Africa · Tata Chemicals Magadi Limited, United Kingdom · Magadi Railway Company Limited, Kenya · Homefield 2 UK Limited, United Kingdom · Tata Chemicals Europe Holdings Limited, United Kingdom · Cheshire Salt Holdings Limited, United Kingdom · Cheshire Salt Limited, United Kingdom · British Salt Limited, United Kingdom · Brinefi eld Storage Limited, United Kingdom · Cheshire Cavity Storage 2 Limited, United Kingdom · Cheshire Compressor Limited, United Kingdom · Irish Feeds Limited, United Kingdom · New Cheshire Salt Works Limited, United Kingdom · Brunner Mond Group Limited, United Kingdom · Tata Chemicals Europe Limited, United Kingdom · Brunner Mond B.V., Netherland · Brunner Mond Generation Company Limited, United Kingdom · Brunner Mond Limited, United Kingdom · Northwich Resource Management Limited, United Kingdom · GUSIUTE Holdings (UK) Limited, United Kingdom · Valley Holdings Inc., United States of America · Tata Chemicals North America Inc., United States of America · General Chemical International Inc, United States of America · General Chemical Great Britain Limited, United Kingdom · NHO Canada Holdings Inc, United States of America · General Chemical Canada Holding Inc, Canada · Tata Chemicals (Soda Ash) Partners Holdings** · TCSAP LLC, United State of America · Tata Chemicals (Soda Ash) partners (TCSAP), United State of America · GCSAP Canada Inc, Canada · Tata Chemicals International Pte. Limited, Singapore (formerly known as Tata Chemicals Asia Pacific Pte. Limited) · Grown Energy Zambeze Holdings Private Limited, Mauritius · Grown Energy (Pty) Limited, South Africa · Grown Energy Zambeze Limitada, Mozambique · Rallis Chemistry Exports Limited, India · Metahelix Life Sciences Limited, India · Dhaanya Seeds Limited, India · Zero Waste Agro Organics Private Limited (ZWAOPL), India

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
270000000	Equity Shares	Rs.10/- each	Rs.2700.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
254842598	Equity Shares	Rs.10/- each	Rs.2548.400 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
254756278	Equity Shares	Rs.10/- each	Rs.2547.600 Millions
86320	Forfeited Shares		Rs.0.600 Million
	Total		Rs.2548.200 Millions

Notes:

(a) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

Issued share capital:	Number of shares	Rs. In Millions
Ordinary shares:
At the beginning of the year	254842598	2548.400
Outstanding at the end of the year	254842598	2548.400
Subscribed and paid up: Ordinary shares:
At the beginning of the year	254756278	2547.600
Outstanding at the end of the year	254756278	2547.600

(b) The equity shares of the Company have voting rights and are subject to the preferential rights as prescribed under law or those of the preference shareholders, if any. The equity shares are also subject to restrictions as prescribed under the Companies Act, 1956.

(c) Details of shares held by each shareholder more than 5 % of shares:

Ordinary shares with voting rights	Number of shares	%
(i) Tata Sons Limited	49306423	19.35
(ii) Tata Investment Corporation Limited	15753501	6.18
(iii) Life Insurance Corporation of India	15676405	6.15

(d) Aggregate number and class of shares allotted as fully paid up pursuant to contract(s) without payment being received in cash, bonus shares and pursuant to schemes of amalgamation #

	Number of shares
Ordinary shares with voting rights
(i) Scheme of amalgamation
Hind Lever Chemicals Limited	34464000
Tata Fertilisers Limited	4249864
(ii) Contract without payment being received in cash	37000
(iii) Bonus Shares by way of capitalisation of Securities premium account	92970000
General reserve	12432144

# No such shares have been issued during the previous five years.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2548.200	2548.200	2548.200
(b) Reserves & Surplus	50525.000	46806.900	44858.600
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	53073.200	49355.100	47406.800
(3) Non-Current Liabilities
(a) long-term borrowings	10729.200	22025.700	25864.500
(b) Deferred tax liabilities (Net)	1247.500	886.700	1597.100
(c) Other long term liabilities	849.100	823.500	217.700
(d) long-term provisions	1113.200	928.600	951.100
Total Non-current Liabilities (3)	13939.000	24664.500	28630.400
(4) Current Liabilities
(a) Short term borrowings	13841.400	2568.600	1227.400
(b) Trade payables	12170.700	17197.300	9880.400
(c) Other current liabilities	14923.900	10900.800	4746.600
(d) Short-term provisions	3037.300	3242.300	3063.800
Total Current Liabilities (4)	43973.300	33909.000	18918.200
TOTAL	110985.500	107928.600	94955.400
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19116.700	18100.300	15875.800
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1373.000	2653.800	2995.300
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	39620.800	46136.200	49014.400
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2671.500	1943.100	1892.300
(e) Other Non-current assets	27.800	63.100	167.700
Total Non-Current Assets	62809.800	68896.500	69945.500
(2) Current assets
(a) Current investments	2.500	2.500	2.500
(b) Inventories	9274.700	12532.200	6963.000
(c) Trade receivables	24848.800	14904.500	7244.800
(d) Cash and cash equivalents	10919.800	8918.500	7987.600
(e) Short-term loans and advances	2931.700	2293.100	2185.900
(f) Other current assets	198.200	381.300	626.100
Total Current Assets	48175.700	39032.100	25009.900
TOTAL	110985.500	107928.600	94955.400

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	85298.700	79962.500	63328.600
		Other Income	3656.000	3085.700	1080.300
		TOTAL (A)	88954.700	83048.200	64408.900
Less	EXPENSES
		Cost of Materials Consumed	29887.900	28649.100	21988.700
		Purchases of Stock-in-Trade	14043.900	21676.600	13089.200
		Changes in Inventories of Work-In-Progress Finished Goods and Stock-in-trade	2737.800	(4093.600)	(100.700)
		Employee Benefits Expense	2735.600	2397.500	2073.800
		Other Expenses	25429.800	21095.400	17445.000
		Expenditure Transferred to Capital Account	0.000	0.000	(102.200)
		Compensation on Voluntary Retirement	0.900	23.800	267.500
		Loss on Sale/Provision for Diminution in the Value of Long-term Investments	17.200	123.800	0.000
		Impairment of Assets	0.000	340.000	100.800
		Exchange Loss (net) on Foreign Currency Long-term Borrowings including Revaluation thereof	1672.500	843.400	0.300
		TOTAL (B)	76525.600	71056.000	54762.400
Less	PROFIT BEFORE INTEREST TAX DEPRECIATION AND AMORTISATION (A-B) (C)		12429.100	11992.200	9646.500
Less	FINANCIAL EXPENSES (D)		2032.500	2101.900	2014.900
	PROFIT BEFORE TAX DEPRECIATION AND AMORTISATION (C-D) (E)		10396.600	9890.300	7631.600
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2142.900	2246.800	2044.600
	PROFIT BEFORE TAX (E-F) (G)		8253.700	7643.500	5587.000
Less	TAX (H)		1820.500	1777.500	1502.100
	PROFIT AFTER TAX (G-H) (I)		6433.200	5866.000	4084.900
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		21789.900	19434.200	18693.300
Add	Other Adjustments		0.000	4.000	0.000
Less	APPROPRIATIONS
		Proposed Dividend	2547.600	2547.600	2547.600
		Tax on Dividend	397.000	380.100	387.900
		General Reserve	643.300	586.600	408.500
	BALANCE CARRIED TO THE B/S		24635.200	21789.900	19434.200
	EARNINGS IN FOREIGN CURRENCY
		Export of goods on F.O.B. basis	285.700	560.300	417.300
		Miscellaneous Income	180.600	17.700	0.000
		Interest	0.000	0.000	4.700
		Dividend	0.000	1002.800	109.800
	TOTAL EARNINGS		466.300	1580.800	531.800
	IMPORTS
		Raw materials, fuel and traded products	28555.500	38014.900	25296.100
		Stores, components and spare parts	137.600	141.600	93.100
		Capital goods	273.100	874.600	401.100
	TOTAL IMPORTS		28966.200	39031.100	25790.3000
	Earnings Per Share (Rs.)		25.25	23.03	16.32

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	7.23	7.06	6.34
Net Profit Margin (PBT/Sales)	(%)	9.68	9.56	8.82
Return on Total Assets (PBT/Total Assets}	(%)	11.79	12.92	13.01
Return on Investment (ROI) (PBT/Networth)		0.16	0.15	0.12
Debt Equity Ratio (Total Debt/Networth)		0.46	0.49	0.57
Current Ratio (Current Asset/Current Liability)		1.10	1.15	1.32

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBTS

(Rs. In Millions)

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Current maturities of long-term debts
Debentures	2400.00	0.000	1500.000
Other loans and advances
External commercial borrowings	10192.600	9076.600	0.000
Foreign currency non resident (banking) loan	0.000	0.000	1167.500
Total	12592.600	9076.600	2667.500

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	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	No

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
Long-Term Borrowings
Debentures	2500.000	2500.000
Unsecured from banks
External commercial borrowing	8229.200	17125.700
Short-Term Borrowings
From banks: Buyer’s credit	11961.000	2479.300
Total	22690.200	22105.000

Notes:

(a) 10% Unsecured Redeemable Non-convertible Debentures of a face value Rs.1.000 Million each redeemable at par on 2nd July, 2019.

(b) The external commercial borrowing is due for repayments on 4th June, 2014 of net Rs. 5157.100 Millions (USD 95 million) and on 21st October, 2016 of net Rs. 3072.100 Millions (USD 60 million).

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10145875	16/03/2009 *	2,400,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BA LLARD ESTATE, MUMBAI- 400 001., MAHARASHTRA - 400001, INDIA	A59259523
2	10007993	25/05/2006	400,000,000.00	STANDARD CHARTERED BANK	90, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A01569474
3	10006692	25/05/2006	500,000,000.00	ICICI BANK LIMITED	FREE PRESS HOUSE, 215, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A01568773
4	10006693	25/05/2006	500,000,000.00	BANK OF AMERICA	EXPRESS TOWERS, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A01569151
5	10008799	25/05/2006	500,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	52/60, MAHATMA GANDHI ROAD, MUMBAI, MAHARASHTRA -  400001, INDIA	A01569813
6	10006975	25/05/2006	600,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A01583483
7	10007999	25/05/2006	750,000,000.00	CITI BANK N.A	293 D N ROAD, FORT, MUMBAI, MAHARASHTRA - 400001,  INDIA	A01570696
8	10016030	25/05/2006	1,250,000,000.00	BANK OF BARODA	CORPORATE FINANCE BRANCH, MUMBAI, MAHARASHTRA - 400001, INDIA	A01571082
9	10006694	25/05/2006	3,150,000,000.00	STATE BANK OF INDIA	VOLTAS HOUSE, 23, J.N. HEREDIA MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	A01570167
10	90232274	17/03/2004	76,664,296.00	THE PRADESHIYA INDUSTRIAL AND INVESTMENT COMPANY LIMITED	GOMTI NAGAR, LUCKNOW, UTTAR PRADESH, INDIA	-
11	90232273	16/03/2004	10,000,000.00	CENTRAL BANK OF INDIA	66 FLOOR ;M.G. ROAD, PAREL, MUMBAI, UTTAR PRADESH  , INDIA	-
12	90232246	24/03/2003 *	129,689,525.00	THE PRADESHIYA INDUSTRIA AND INVESTMENT CORPORATION  OF U.P. LIMITED	"PICUP BHAWAN"' , GOMTI NAGAR,, LUCKNOW, UTTAR PR  ADESH - 226010, INDIA	-
13	90232186	18/04/2001	1,000,000,000.00	BANK OF BARODA	BOMBAY SAMACHAR MARG, MUMBAI, MAHARASHTRA, INDIA	-
14	90232185	22/03/2001 *	150,621,200.79	THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORPORATION  OF U.P.LIMITED	"PICUP BHAWAN", , GOMTI NAGAR,, LACKNOW, UTTAR PR  ADESH - 226010, INDIA	-
15	90232183	26/02/2002 *	295,320,000.00	UTI BANK LIMITED	CENTRAL OFFICE, MAKER CHAMNBER, BOMBAY, MADHYA PR  ADESH, INDIA	-
16	80056746	27/03/2000	137,514,399.27	THE PARDESHIYA INDUSTRIAL AND INVESTMENT CORP. OF U.  P. LIMITED	'PICUP BHAWAN', GOMTI NAGAR, LUCKNOW, UTTAR PRADES  H - 226010, INDIA	-
17	90232136	18/08/1999	500,000,000.00	STTAE BANK OF INDIA	CAG BRRANCHKILLICK HOUSE, CHARANJIT RAO MARG, MUM  BAI, UTTAR PRADESH, INDIA	-
18	80056747	24/03/1999	37,743,962.70	THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORP. OF U.  P. LTD.	'PICUP BHAWAN', GOMTI NAGAR, LUCKNOW, UTTAR PRADES  H - 226010, INDIA	-
19	90232107	21/12/1998 *	69,766,127.07	THE PRADESHIYA INDUSTIRAL AND INVESTMENT CORPORATION  OF U.P. LIMITED	"PICUP BHAWAN"', GOMTI NAGAR, LUCKNOW, UTTAR PRADESH - 226010, INDIA	-
20	90232105	02/11/1998 *	2,000,000,000.00	STTAE BANK OF INDIA	COMMERCIAL BRANCH, G;N. VAIDYA MARG, MUMBAI, MAHA  RASHTRA, INDIA	-
21	90232091	12/08/1998 *	500,000,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF  INDIA LIMITED	163;BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDI  A	-
22	90232075	20/03/1998	144,194,033.00	THE PREDISHYA INDUSTRIAL AND INVESTMENT COMPANY OF U.P.  LIMITED	PICK UP BHAWAN, GOMTI NAGAR, LUCKNOW, UTTAR PRADE  SH, INDIA	-
23	90232071	12/03/1998 *	4,140,000,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATIN OF  INDIA LIMITED	163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA	-
24	90232062	27/12/1997	16,900,000.00	BSNK OF BARODA	BOMBAY MAIN HOUSE, PATEL STREET ; BARODA HOUSE, M  UMBAI, UTTAR PRADESH, INDIA	-
25	90232041	26/07/2001 *	1,400,000,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF  INDIA AND	163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA	-
26	90232027	08/07/1997	2,868,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF  INDIA LIMITED	163;BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA	-
27	80056745	05/03/1997	134,250,715.31	THE PRADESHIYA INDUSTRIAL AND CORP. OF U.P. LIMITED	'PICUP BHAWAN', GOMTI NAGAR, LUCKNOW, UTTAR PRADES  H - 226010, INDIA	-
28	90231984	18/07/1996	60,000,000.00	CENTRAL BANK OF INDIA	66 FLOOR ;M.G. ROAD, PAREL, MUMBAI, UTTAR PRADESH  , INDIA	-
29	90231946	03/07/1997 *	977,500,000.00	STATE BANK OF INDIA	CORPORATE ACC.;GROUP BRANCH, KLICK HOUSE, MUMBAI,  UTTAR PRADESH, INDIA	-
30	90231943	08/09/1995	300,000,000.00	CITIBANK N.A.	SAKHAR BHAWAN, NARIMAN POINT, BOMBAY, MAHARASHTRA  , INDIA	-
31	90231942	28/08/1995	300,000,000.00	BANK OF AMERICA	EXPRESS TOWER, NARIMAN POINT, BOMBAY, MAHARASHTRA  , INDIA	-
32	90231895	08/08/1994	2,640,000.00	CITIBANK N.A	SAHKAR BHAWAN, NARIMAN POINT, MUMBAI, MAHARASHTRA, INDIA	-
33	90231892	11/07/1994	300,000,000.00	INDUSTRIAL DEVELOPMET BANK OF INDIA	IDBI TOWER, CUFFE PARADE, MUMBAI, MAHARASHTRA, INDIA	-
34	90231858	29/12/1993	300,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE V.N. VAIDYA MARG, MUMBAI, MAHARASHTRA, INDIA	-
35	90231847	02/11/1993	300,000,000.00	STTAE BANK OF INDIA	COMMERCIAL BRANCH, G;N. VAIDYA MARG, MUMBAI, MAHA  RASHTRA, INDIA	-
36	90231826	17/05/1993 *	30,000,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF  INDIA LIMITED	163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA	-
37	90231816	01/02/1993	290,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	163; BACKBAY RECLAMATION, 16; SANSAD MARG; P.B. N  O; 163, MUMBAI, MAHARASHTRA, INDIA	-
38	90231805	21/10/1992	200,000,000.00	THE INDUSTRIAL CREDIT & INVESTMENT CORPORATION OF  INDIA LIMITED	163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA	-
39	90231790	21/10/1992 *	271,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER, CUFFE PARADE, MUMBAI, MAHARASHTRA, IN  DIA	-
40	90231787	17/05/1998 *	290,000,000.00	LIFE INSURANCE CORPORATION OF INDIA	CHURCHE GATE, 25-27; ASAF ALI ROAD, MUMBAI, MAHARASHTRA, INDIA	-
41	90231781	17/05/1993 *	230,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER, CUFFE PARADE, MUMBAI, MAHARASHTRA, INDIA	-
42	90231764	30/12/1991	290,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	163; BACKBAY RECLAMATION, 16; SANSAD MARG; P.B. N  O; 163, MUMBAI, MAHARASHTRA, INDIA	-
43	90231745	21/10/1992 *	50,000,000.00	THE PRADESHIYA INDUSTRIAL AND INVESTMENT CO. LTD.	GOMTI NAGAR, LUCKNOW, UTTAR PRADESH, INDIA	-
44	90231735	12/03/1998 *	15,000,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATIN OF  INDIA LIMITED	163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA	-
45	90231728	21/10/1992 *	1,230,000,000.00	THE PRADESHIYA INDUSTRIAL AND INVESTMENT COMPANY LIMITED	GOMTI NAGAR, LUCKNOW, UTTAR PRADESH, INDIA	-
46	90231629	22/06/1990 *	628,900,000.00	BANK OF BARODA	INDUSTRIAL FINANCE BRANCH, BARODA HOUSE,CPSTRE  ET FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	-
47	90231547	08/11/1985	465,812.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF  INDIA LIMITED	163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA	-
48	90231459	06/05/1981	10,331.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF  INDIA LIMITED	163;BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA	-
49	90231455	29/01/1981	15,000,000.00	BANK OF BARODA	BOMBAY SAMACHAR MARG, MUMBAI, MAHARASHTRA, INDIA	-
50	90231435	19/10/1979	5,900,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF  INDIA LIMITED	163; BACKBAY RECLAMATION, NARIMAN POINT, BOMBAY,  MAHARASHTRA, INDIA	-

Note: * Date of charge modification

PERFORMANCE REVIEW

The net revenue from operations of the Company increased from Rs. 79962.500 Millions to Rs. 85298.700 Millions registering a growth of 6.7% over the previous year. Profit before tax was Rs. 8253.700 Millions whereas the Profit after tax was at Rs. 6433.200 Millions an increase of 8.0% and 9.7% respectively over the previous year.

The consolidated net revenue from operations increased from Rs. 138150.300 Millions to Rs. 148588.300 Millions an increase of 7.6% over the previous year. On consolidated basis the Profit before tax was Rs. 9130.300 Millions whereas the Prof t after tax before Minority Interest and share of Loss in Associates was at Rs. 6105.100 Millions a decrease of 34% and 41.3% respectively over the previous year. Profit attributable to the Group after deducting the minority interest and share of loss in Associate was at Rs. 4004.000 Millions a decrease of 52.2% over the previous year.

Tata Chemicals Limited’s (TCL or the Company) operation is organised under four segments i.e. (1) Inorganic Chemicals comprising Soda Ash Salt Sodium Bicarbonate Marine Chemicals Caustic Soda and Cement (2) Fertilisers comprising Fertilisers and other traded fertilisers (3) Other Agri-inputs including Rallis India Limited’s operations and (4) Others - comprising Water Purifi er Nutritional Solutions and Pulses. Performance review of these businesses are as under:

INORGANIC CHEMICALS SEGMENT

INDIA OPERATIONS:

During the year the Company’s Industrial Chemicals operation achieved sales of Rs. 17790.000 Millions compared to sales of Rs. 14980.000 Millions in the previous year.

The domestic Soda Ash market witnessed a mixed year with strong growth greatly buoyed by increase in imports. The first half of the year witnessed a surge of imports and robust support from detergent and glass industries. However the second half of the year saw sluggish growth with downstream sectors reeling under market overcapacity. Pricing pressure continued to prevail in the market with macro-economic pressures due to slower growth and tightening market dynamics.

The sodium bicarbonate market demand exhibited strong growth of around 16% after a fl at market demand in the previous year. Even though domestic sales remained strong the market absorbed very high bicarbonate imports.

In order to open up new markets and explore further growth avenues the Company has engaged in trading operations in the Inorganic Chemicals space. The existing competencies of product quality customer-connect and wide distribution network will be leveraged for new and related product establishment.

Soda Ash

The Indian soda ash demand grew substantially by 12% over the previous year with record-level of imports. In spite of trade measures coming into force this year around 690000 tons primarily from Kenya Bulgaria China and Turkey entered the market. Whereas the first half of the year witnessed strong demand support the second half was affected by market overcapacity. The Company’s production of soda ash at Mithapur during the year was 693396 tons as against the previous year’s figure of 690181 tons. The Company also achieved its highest ever sales in the Indian market of 691372 tons of soda ash during the year. The Company continues to support customer specific requirements and service market growth through material sourced from its subsidiaries and growing domestic sales volume reflect this.

Apart from operational streamlining and maintenance improvement practices as part of its continuous improvement initiative using Lean Six Sigma framework the Company looked at newer ways of partnering with customers around the themes of sustainability and growth. Focus was laid on creation of sustainable supply chain solutions by adopting bulk movement of finished goods. Initiatives around site attractiveness and employee engagement are showing positive results evidenced by reduced attrition at the site.

Sodium Bicarbonate

During the year the Company achieved the highest ever production of 86724 tons of sodium bicarbonate as compared to the previous year’s production of 80285 tons. While this year saw record level of imports at around 20000 tons the Company maintained its market share of almost 50% with sales of 84148 tons as compared to 81381 tons in the previous year. During the year the Company not only established the branded bicarbonate offerings in the domestic market but also forayed into exports of these products. This is in line with the Company’s strategy to offer value added branded variants as the domestic market matures and grows over a period of time and is consistent with its global portfolio for this product. The overall Indian sodium bicarbonate market grew by around 16% during the year as compared to flat growth in the previous year.

Cement

The Gujarat cement market grew by 7% to 19.4 million tons during FY 2012-13. During the year the Company achieved production and sales of Ordinary Portland Cement (OPC) at 440750 tons and 435108 tons respectively. In addition it also produced 81699 tons and sold 82150 tons of masonry cement during the year. Exploratory work is also being evaluated for niche cement variants and down-stream products.

Consumer Products - Salt and related products

During FY 2012-13 the consumer products demonstrated strong performance by leveraging its distribution system and brand equity. During the year sales turnover of the consumer products grew by 25% to Rs. 11940.000 Millions from Rs. 9580.000 Millions in the previous year.

Iodised salt production in Mithapur was 800121 tons up 28.6% from 621933 tons in the previous year. Overall branded salt sales grew by 7.7% from 868525 tons in FY 2011-12 to 935579 tons in FY 2012-13. Sales of Tata Salt grew by 11.4% in volume from 654468 tons in FY 2011-12 to 728829 tons in FY 2012-13. Tata Salt continues to be the largest distributed brand with a reach of 14.3 lacs retail outlets across India.

Sales of I-Shakti during the year was 187686 tons. I-Shakti salt continues to meet the iodisation movement complimenting Tata Salt. The Company’s market share of its salt portfolio has increased to 66.8% in the National Branded Salt segment up from 64.3% in FY 2011-12. Sales of Tata Salt Lite grew by 30.5% in volume from 8338 tons in FY 2011-12 to 10883 tons in FY 2012-13. Sales of I-Shakti cooking soda showed an encouraging growth of 48.6% with sales of 1908 tons during the year as compared to 1284 tons in the previous year.

The business continues to work towards new product introduction through salt variants and development of other categories.

OVERSEAS OPERATIONS

Tata Chemicals North America Inc.

Tata Chemicals North America Inc. (TCNA) achieved gross sales of USD 479 million (Rs. 26046.400 Millions) and EBITDA of USD 115 million (Rs. 6252.300 Millions) for the year. These were lower by 0.4% and 6.5% respectively as against the previous year.

Soda Ash sales volume during the year were 2343055 tons as against the previous year volume of 2376161 tons as a result of improved operating equipment efficiencies. Global soda ash sales prices declined during the year primarily due to lower realised sales prices into the Asian and Latin American markets due to increased competition reduced demand in Europe and lower capacity utilisation in China.

Tata Chemicals Europe

Tata Chemicals Europe achieved sales turnover of GBP 186 million (Rs.16017.300 Millions) similar to the previous year. EBITDA decreased by 10% to GBP 35 million (Rs. 3008.800 Millions) reflecting lower soda ash sales and production volumes (which resulted in lower production efficiencies) primarily as a result of weaker soda ash market conditions and demand.

Soda Ash

Soda ash production was 734581 tons a decrease of 8.7% compared to the previous year reflecting weaker soda ash market conditions and demand. Production at both the soda ash facilities was adversely impacted by equipment unreliability and technical problems.

Sodium Bicarbonate

Sodium bicarbonate production was 93952 tons a decrease of 7.7% over the previous year was due to the weaker soda ash production volumes.

Salt

Salt (Purified Dried Vacuum) sales at 375414 tons (down 12.1%) and associated other salt sales collectively generated an EBITDA of GBP 16.4 million (Rs. 1410.100 Millions) with lower domestic winter demand due to unseasonably warm weather being the principal factor for the reduced sales volume.

Tata Chemicals Magadi Limited

During the year Tata Chemicals Magadi Limited (TCML) achieved a sales turnover of USD 104.3 million (Rs. 5674.600 Millions) as compared to USD 116.8 million (Rs. 5599.500 Millions) in the previous year and posted a negative EBITDA of USD 2.03 million (Rs. 110.400 Millions) as against USD 20.65 million (Rs. 990.000 Millions) in the previous year. In the fi rst quarter of FY 2012-13 unusually heavy rains flooded lake Magadi severely affecting access to the raw material and ultimately affecting the soda ash production. In the second quarter of FY 2012-13 the Governments of India and Pakistan imposed an anti-dumping duty of approximately USD 20 / tons on all imported soda ash from Kenya. This action led to a delay in confirmation of orders by customers a temporary disruption of TCML sales to these markets and a reduction in the sales price realisation. EBITDA for the year was also affected by one-time fixed costs of USD 2.4 million (Rs. 130.600 Millions).

Despite the prevailing adverse conditions described above production performance of the Premium Ash (PAM) plant stabilised and significant improvements were achieved in efficiencies for fuel and power usage. In addition TCML continued to focus on operating effectiveness and efficiencies with initiatives such as Lean Six Sigma. Conversion to coal gasification in lieu of heavy fuel oil is on course with the primary aim to achieve long-term sustainable competitive advantage.

AMALGAMATION OF WYOMING-1 (MAURITIUS) PRIVATE LIMITED WITH THE COMPANY

During the year, the Scheme of Amalgamation of Wyoming-1 (Mauritius) Private Limited (Wyoming-1), a wholly owned subsidiary, with the Company (‘the Scheme’) was filed before the High Court of Judicature at Bombay for its sanction pursuant to Section 391-394 of the Companies Act, 1956 (‘the Act’).

The Hon’ble High Court of Judicature at Bombay sanctioned the Scheme vide its Order dated 4th May, 2012. The

Scheme became effective on 23rd May, 2012 with the Appointed Date of the Scheme as 1st January, 2012. No shares of the Company were issued and allotted in lieu or exchange of the equity shares of Wyoming 1 under the Scheme.

AWARDS AND RECOGNITIONS

The Company during the year has won many awards some of which are listed below:

Corporate Sustainability and Safety Health and Environment

• Prestigious FE-EVI Green Business Leaders Award 2012

• FICCI Water Awards 2012

• CNBC Asia’s India CSR Award

• Awarded ‘Sustainability Plus’- the world’s first corporate sustainability label by CII

• CII - ITC Sustainability Award

• Recognised in the Carbon Disclosure Leadership Index in Carbon Disclosure Project in 2012

Communications

• 5 Awards at the Annual ABCI Awards

Product

• CII Design Excellence Award 2012 for Tata Swach

• Tata I Shakti Pulses voted as the Product of the Year 2012.

MANAGEMENT DISCUSSION AND ANALYSIS

BUSINESS ENVIRONMENT

Global

The world economy is expected to grow by 3.1% in 2013 the same as in 2012 as indicated by the International Monetary Fund (IMF). The IMF expects advanced economies to grow by 1.2% while emerging economies are expected to grow by 5% in 2013.

Growth in the advanced economies is not expected to pick up with growth in US projected lower at 1.7% (2.2% in

2012) and the Euro Area expected to remain stagnant at -0.6%. On the other hand Japan is likely to show a slight improvement in growth to 2% from 1.9% in 2012.

While downside risks to global growth may have waned the Emerging Market Economies (EMEs) are experiencing signs of a longer growth slowdown. Growth prospects in these economies are expected to be tenuous in 2013. Even though some of the major economies show better growth they would still be below the potential which was reached in the pre-crisis period. The biggest economy amongst EMEs i.e. China is estimated to grow by a steady 7.8% in 2013 the same as 2012. Looking ahead it will be difficult to sustain the high growth rate should domestic consumption not expand.

Domestic

India’s economy is estimated to have grown 5% during Financial Year (FY) 2012-13 down from 6.2% in FY 2011-12. It is expected to pick-up to around 5.6% in FY 2013-14 on the back of expected good monsoons expected improvement in the savings-investment scenario furthering of fiscal reforms along with supportive monetary policy support to consumption from rural demand in a pre-election year and a slightly more supportive external economic environment. A normal monsoon in terms of both its timing and geographic dispersion is critical for agriculture sector output and demand. Despite the increase growth is expected to remain below the potential of the economy especially compared to the pre-crisis high-growth phase.

A major factor behind the downturn in the Indian economy has been a decline in the corporate investment and the household financial savings rate. High cost of capital weak demand expectations of firms problems in securing essential raw materials (especially coal and iron ore) and fuel linkages problems in acquiring necessary clearances and land acquisition have collectively contributed to the weak investment scenario.

The decline in the savings rate is largely a result of lower corporate profits and government savings combined with a decline in household financial savings due to high inflation. Liquidity remained tight almost throughout the year. This coupled with large government borrowings deterred banks’ ability to provide credit to the private sector. Interest rates also remained elevated. So far the Reserve Bank of India has been conservative in reducing policy rates.

India’s Current Account Deficit (CAD) was higher at 4.8% of GDP during FY 2012-13 compared to 4.2% of GDP during FY 2011-12 fuelled by rising imports of oil and gold. Large CAD which rose to a record high of 6.7% in Q3

2012 contributed to the weakness of the Rupee which has averaged at 54.32/USD in FY 2012-13 as against 47.87/ USD in FY 2011-12a depreciation of 13.4%.

INORGANIC CHEMICALS

The key products under the segment of Inorganic Chemicals are soda ash sodium bicarbonate cement and salt.

Soda Ash

With a capacity of over 5 million tons the Company is the second largest soda ash manufacturer in the World with

8% global capacity share. About two-thirds of this capacity is based on natural soda ash. This unique feature helps the Company to have a low energy intensity and low environmental footprint. The Company’s natural soda ash (derived from trona) operations are located at Lake Magadi in Kenya and at the Green River Basin of Wyoming in the USA where the world’s largest deposits of trona occur. Synthetic soda ash and sodium bicarbonate are manufactured at Mithapur India and Northwich UK. This process uses brine (salt water) and limestone as key raw materials.

With manufacturing facilities located across the four continents of North America Europe Africa and Asia the Company has the ability to optimally serve customers across the globe. Additionally distributed sourcing of raw

materials increases the reliability of supplies and mitigates the risks associated with potential regional disruptions that can adversely impact the global supply chain.

Emerging economies have been the primary growth driver for soda ash over the past decade. With rapidly increasing GDP and urbanisation these economies have experienced an increased per capita consumption of products using soda ash including fl at glass (automobiles housing) container glass (beverages) detergents baked goods clean water and sodium based chemicals. The global soda ash demand grew at 1.8% to 54 million tons in 2012. While majority of this growth was still in China Chinese domestic demand growth did see a slowdown compared to previous years. Overall world demand is forecast to grow at 4% p.a. through 2017 with fl at glass line additions in developing regions fuelling this demand growth.

Global soda ash production capacity increased approximately 6% to 65 Million tons with most of the capacity addition happening in China. Some synthetic manufacturers like Penrice (Australia) and Solvay (WEP) have announced capacity closures this year. Overcapacity in the market continues to be region specific. China and Europe have more capacity than demand while the producers in US Turkey and India are operating at high rates. World operating rates dropped from 86% in the previous year to about 83% during the year. World supply is forecast to grow at 3.7% p.a. through 2017 with China and Turkey leading this capacity addition.

Global soda ash prices increased in 2012 in the USA India and Europe reflecting increased input costs across the world as well as tight soda ash supply in some of these regions. However soda ash prices decreased in the major trading regions of Southeast Asia and Latin America as the U.S. producers gained market share primarily against the Chinese producers. By early 2013 pricing in these regions has largely stabilised as the U.S. producers find themselves near 100% capacity utilisation. Prices are expected to remain at current levels in the short term or see marginal upward revision in the second half of FY 2013-14.

In FY 2012-13 the Indian soda ash market witnessed two contrasting halves. The first half saw unprecedented growth of imports inspite of trade measures becoming effective in April 2012. The imports for FY 2012-13 were at a historical high of around 690000 tons. Low monsoon resulted in the detergent production not dipping during

that period. Overall detergent growth was robust and most fl oat and container glass units were operating at nearly full capacity. However towards the latter part of the year container glass units were operating at sub-optimal rates due to overcapacity and detergent end-use demand slowed down marginally. The domestic market witnessed an impressive overall growth of 12% for FY 2012-13 however accompanied by reports of higher inventory levels with customers and in trade markets.

While another fl oat glass line is expected to be commissioned in Rajasthan in FY 2013-14 it is estimated that the

overall soda ash consumption in fl at glass will not see an increase. It is expected that some fl oat glass units and container glass units will continue production at reduced operating rates to counter market overcapacity pressures.

Detergent demand is expected to improve on the back of end-use demand leading to an overall 4-5% p.a. growth in the Indian soda ash market over the next 5 years.

Sodium Bicarbonate

Sodium bicarbonate is commonly used as an ingredient in pharmaceuticals food additives animal feed and air pollution control. The Company is the world’s fourth largest producer of sodium bicarbonate with about 6% capacity share (FY 2012-13) and is the market leader in India and UK.

In Europe Tata Chemicals Europe’s (TCE) sodium bicarbonate brands Briskarb® and Alkakarb® have wide market acceptance and an established position. In 2012 demand for sodium bicarbonate in the UK was 60000 tons a marginal decrease compared to 2011 as some pharmaceutical production moved overseas although they required TCE product. The UK market continues to be driven by treatment of flue gas from waste incineration activities. TCE’s reputation for quality and differentiated grades continues to be its strength in the development of niche value sectors such as foam blowing soda blasting and other more graded product applications.

In India sales were marginally higher during the year helping the Company achieve a market share of over 50% in the domestic market. Sodium bicarbonate demand continues to demonstrate healthy growth across all consuming sectors particularly in food related applications. Growth rates of 8-10% p.a. are anticipated for the next 5 years. Growth drivers are reagent demand in alkali leaching of uranium ore and sustained incremental demand in the food and feed sectors.

Cement

The Company’s cement plant was setup in the year 1993 to convert solid wastes generated as by-products of soda ash manufacture to value-added products. The Company uses technology to separate solid effl uents and process them into Ordinary Portland Cement (OPC) and Masonry cement. Masonry cement enables the Company to convert its fly ash (generated in the power plant) into useful binding material. While the upward trend in raw material and freight costs is likely to be a key challenge for the business the Company will continue to focus on catering to the nearby markets for maximising realisations.

Cement sales crossed 500000 tons for the second time in 5 years in FY 2012-13 building upon the good performance in the previous year. This will continue to be supported by high regional growth rates of 9% estimated for FY 2013-14 up from 7% for FY 2012-13.

Salt

In India the estimated current annual consumption of edible salt is approximately 5.7 million tons. The demand for edible salt is expected to grow at around 1.5% p.a. The private sector contributes over 88% of the salt production the public sector has a share of about 2% while the cooperative sector contributes the balance 10%.

The salt portfolio of the Company continued to grow in FY 2012-13 leveraging its brand equity and a strong distribution network. While continuing its leadership position in the packaged salt market ’Tata Salt’ was ranked second in the Most Trusted Food brands as per the Economic Times Brand Equity Survey.

Tata Salt has shown growth in southern India with the Brand Equity Index (BEI) at 6.3 its highest ever level. This is also corroborated through growing sales in the southern market. ’Tata Salt Lite’ continues to lead in the premium low-sodium salt segment with a growing awareness and consumption driven by North Indian markets. All the salt brands continued to grow and together have achieved a market share of 66.8% amongst the national salt brands.

In the UK white (or Purified Dried Vacuum or PDV) salt has two major markets i.e. food and water softening. While historically these two demand sectors have been boosted by road treatment for winter weather conditions the market is less likely to require white salt for this purpose in today’s more sensitised environment therefore these spot sales opportunities are becoming more limited.

UK sales volume remained fl at as against the previous year with TCE holding market share of just over 50%. TCE has a key focus on providing high level of customer service to both the key sectors.

CONTINGENT LIABILITIES:

(a) Guarantees:

(i) Bank Guarantees issued by Banks on behalf of the Company Rs. 2679.600 Millions (previous year Rs. 1633.900 Millions). These are covered by the charge created in favour of the Company's bankers by way of hypothecation of stocks and debtors.

(ii) Guarantees provided to third parties on behalf of subsidiaries USD 388.30 million (Rs. 21078.900 Millions) (previous year USD 138.30 million (Rs. 7036.000 Millions))

(b) Claims not acknowledged by the Company relating to cases contested by the Company and which, in the opinion of the Management, are not likely to devolve on the Company relating to the following areas:

(Rs. In Millions)

Particular	31.03.2013	31.03.2012
Excise and Customs	32.600	42.100
Sales Tax	114.000	891.100
Demand for utility charges	566.900	568.600
Labour and other claims against the Company not acknowledged as debt	23.900	18.900
Income Tax (Pending before Appellate authorities in respect of which the Company is in appeal)	1889.800	1867.000
Income Tax (Decided in Company's favour by Appellate authorities and Department is in further appeal)	373.300	373.000

(c) Various claims pending before Industrial Tribunals and Labour Courts of which amounts are indeterminate.

STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2013

(Rs. In Millions)

	Particulars	Quarter ended 30th June 2013
1	Income from operations
	a) Sales / income from operations	17365.700
	Less : Excise duty	535.700
	Net sales/ income from operations	16830.000
	b) Other operating income	94.800
	Total income from operations	16924.800
2	Expenses
	a) Cost of materials consumed	5329.200
	b) Purchase of stock-in-trade	5942.400
	c) Changes in inventories of finished goods work-in-
	progress and stock-in-trade	(3155.100)
	d) Employee benefits expense	706.300
	e) Power and fuel	1849.300
	f) Freight and forwarding charges	1376.800
	g) Depreciation and amortisation expense	410.400
	h) Other expenses	2746.100
	Total expenses (2a to 2h)	15205.400
3	Profit from operations before other income finance costs and exceptional Items (1-2)	1719.400
4	Other income
	a) Profit on sale/redemption of long term investments (note 2)	-
	b) Others	461.600
5	Profit from ordinary activities before finance costs and exceptional Items (3+4)	2181.000
6	Finance costs	441.500
7	Profit from ordinary activities after finance costs but before exceptional Items (5-6)	1739.500
8	Exceptional items :
	a) Exchange loss (net) on foreign currency long term borrowings including revaluation thereof (note 3)	434.200
	b) Compensation on voluntary retirement	-
	c) Loss on sale/provision for diminution in the value of long term investments	-
9	Profit from ordinary activities before Tax (7-8)	1305.300
10	Tax expense	301.000
11	Net profit after Tax (9-10)	1004.300
12	Paid-up equity share capital
	(Face value : ? 10 per share)	2548.200
13	Reserves excluding revaluation reserves
14	Earnings per share (in ?)
	- Basic	3.94*
	- Diluted	3.94*
*	Not annualised
See accompanying notes to the financial results

Select Information for the Quarter ended 30th June 2013

	Particulars	Quarter ended 30th June 2013
A	Particulars of Shareholding
1.	Public Shareholding
	- Number of Shares	175630421
	- Percentage of shareholding	68.94%
2.	Promoters and promoter group Shareholding a) Pledged/Encumbered
	- Number of Shares	769276
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	0.97%
	- Percentage of shares (as a % of the total share capital of the Company)	0.30%
	b) Non-encumbered
	- Number of Shares	78356581
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	99.03%
	- Percentage of shares (as a % of the total share capital of the Company)	30.76%

	Particulars	Quarter ended 30th June 2013
B	Investor Complaints
	Pending at the beginning of the quarter	3
	Received during the quarter	3
	Disposed of during the quarter	4
	Remaining unresolved at the end of the quarter	2

Standalone Audited Segment wise Revenue Results and Capital Employed

(Rs. In Millions)

Particulars	Quarter ended 30th June 2013
1 Segment revenue
a. Inorganic chemicals	7026.100
b. Fertilisers (note 5)	7852.800
c. Other agri inputs	1698.600
d. Others	401.300
Less: Inter segment	148.800
Total segment revenue	16830.000
2 Segment result
a. Inorganic chemicals	1444.200
b. Fertilisers (note 5)	519.700
c. Other agri inputs	151.800
d. Others	(49.600)
Total	2066.100
Less :
(i) Finance costs	441.500
(ii) Net unallocated expenditure /(income)	319.300
Profit before Tax	1305.300
3 Capital employed
a. Inorganic chemicals	15352.100
b. Fertilisers (note 5)	17926.400
c. Other agri inputs	816.700
d. Others	908.700
e. Unallocated	19113.400
Total	54117.300

NOTES TO STANDALONE AUDITED FINANCIAL RESULTS:

1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 5th August 2013 and the same have been audited by the Statutory Auditors

2. Profit on sale/redemption of long term investments represents profit on redemption of the fluctuation.

(Rs. In Millions)

Sr. No.	Name of the Company	Quarter ended 30th June 2013	Quarter ended 31st March 2013	Quarter ended 30th June 2012	Year ended 31st March 2013
1	Bio Energy Venture -1 (Mauritius) Private Limited*		992.300		2296.600
2	Homefield International Private Limited	-	154.800	-	154.800
	Total	-	1147.100	-	2451.400

*Acquired on merger of Wyoming 1 (Mauritius) Private Limited with Tata Chemicals Limited.

3. The Company had exercised the option granted vide notification F.No.17/133/2008/CL-V dated 29th December 2011 issued by the Ministry of Corporate Affairs and accordingly the exchange differences arising on revaluation of long term foreign currency monetary items have been recognised over the shorter of the loan repayment period and 31st March 2020. The unamortised "Foreign Currency Monetary item Translation Difference Account" (FCMTDA) balance (net of tax) is as follows:

(Rs. In Millions)

Sr. No.	Particulars	Quarter ended 30th June 2013	Quarter ended 31st March 2013	Quarter ended 30th June 2012	Year ended 31st March 2013
1.	FCMTDA	547.900	587.700	1504.600	587.700

4. The Company at its Board meeting held on 8th February 2013 approved the Scheme of Amalgamation ('the Scheme') of Homefield International Private Limited ('Homefield') with the Company. Homefield is a wholly owned subsidiary of the Company with its registered office in Mauritius. No shares of the Company will be issued and allotted in lieu or exchange of the equity shares of Homefield under the Scheme. The rights of members of the Company will not be affected since there would be no change in the equity share capital of the Company. The appointed date of the Scheme is 1st April 2013. The Company has filed Company Summons for Directions under Sections 391-394 of the Companies Act 1956 with the Hon'ble High Court of Judicature at Bombay.

5. For the quarter ended 30th June 2013 operations at two units of Haldia Plant of the Company were suspended due to disruption in supplies of Phos Acid which subsequently resumed in mid-June 2013.

6. The figures of the quarter ended 31st March 2013 are the balancing figures between audited figures in respect of the year ended 31st March 2013 and the year to date figures upto the nine months ended 31st December 2012.

7. The previous period figures have been regrouped / rearranged wherever necessary.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Machinery

· Furniture and Fittings

· Vehicles

· Office Equipment

· Saltworks, Reservoirs and Pans

· Traction Lines, Railway Sidings and Wagons

· Water Works

AS PER WEBSITE DETAIL

Press Release

TATA CHEMICALS BABRALA PLANT WINS THE PRESTIGIOUS CII ENERGY EFFICIENT UNIT AWARD

August 28 2013

Babrala plant which produces urea in Uttar Pradesh is amongst the most energy-efficient fertiliser plants in India

Mumbai: Tata Chemicals (TCL) bagged the CII award for Excellence in Energy Management 2013 for the company’s Babrala plant in Uttar Pradesh.TCL won the ‘Energy Efficient Unit’ award in the general category. The company was felicitated at the14th National Awards for Excellence in Energy Management 2013 at a gala function in Hyderabad. The award strengthens the company’s commitment to environmental stewardship and its constant endeavour of meeting sustainability goals.

The Tata Chemicals Babrala plant was amongst 76 selected companies from around 232 applicants from across India. The company was selected based on its rigorous efforts for energy conservation during the last three years.

Speaking on the achievement R Mukundan MD TCL said “All Tata Chemicals manufacturing plants have demonstrated sustainable performance in achieving targets on their energy water and inclusivity dimensions and are becoming benchmarks on their environmental and safety performance. Our Babrala plant is amongst the most energy-efficient fertiliser plant in India. These prestigious awards and recognitions help us calibrate our approach to raise the bar and meet the emerging expectations around sustainable performance.”

The companies were evaluated based on criteria such as continuous improvements for energy conservation recycling of waste focus on renewable energy resources latest energy management systems (ISO-50001) etc. Categories for the award include cement power building and general.

The objective of the awards was to recognise and award excellence in energy management in industries and to facilitate sharing of information by the best energy-efficient companies. The entire focus of the evaluation was to assess the trend of reduction in specific energy consumption proximity to global best in energy consumption innovation in identifying and implementing energy-saving projects savings achieved methodology adopted during the implementation proven efforts taken by the company to sustain the savings and utilisation of renewable energy and waste materials.

The Tata Chemicals Babrala plant has also been awarded the Sword of Honour four times by the British Safety Council.

TATA CHEMICALS INVITES NOMINATIONS FOR THE 3RD EDITION OF THE BEST CHEMISTRY TEACHER AWARD (BCTA)

August 13 2013

Mumbai: In line with its mission of serving society through science Tata Chemicals is organising its 3rd edition of the annual Best Chemistry Teacher Award (BCTA) 2013 along with the Association of Chemistry Teachers (ACT) and CII. These awards recognise exceptional contribution of individuals from the chemistry teaching fraternity and inspire a whole new generation to actively pursue chemistry and its allied subjects.

Nominations to apply for the awards will be open until September 30 2013 wherein the applicant should be a full-time teacher engaged in teaching chemistry to class XI and XII or at the graduate or post graduate level. The applicants of BCTA 2011 and 2012 (excluding the winners) are also eligible to participate in BCTA 2013. The nominations for the entries are classified in five distinct award categories: Best Chemistry Teacher (Class XI/XII and equivalent) Best Chemistry Teacher (Bachelor's degree and equivalent) Best Chemistry Teacher (Master's degree and above) Best Chemistry Teacher for promotion of Chemistry as a subject and Best Young Chemistry Teacher.

Commenting on this initiative R Mukundan managing director Tata Chemicals stated "With the tremendous nationwide response received in the past we are excited to launch the third series of the award. The BCTA awards recognise the efforts of teachers who are responsible in creating awareness and educating the younger generation about the intrinsic presence of chemistry in everyday life and its role in meeting modern day challenges. We at Tata Chemicals believe that chemistry is fundamental to the sustainable development of human society and this is in line with our mission of Serving Society through Science."

Tata Chemicals has created an interactive website called the Human Touch of Chemistry (www.humantouchofchemistry.com) wherein interested and eligible teachers can send in their nominations online for awards in the above-mentioned categories.

The winners for the awards will be selected by eminent panelists comprising renowned Indian scientists professionals and academia. The winner teachers will be felicitated at a formal award ceremony which will be announced in November 2013.

TATA CHEMICALS CONSOLIDATED INCOME FROM OPERATIONS FOR Q1 FY13-14 AT RS.33120.000 MILLIONS UP BY 8 PERCENT

August 05 2013

PAT at Rs.750.000 Millions

Q1 FY13-14 consolidated financial highlights

o Income from operations at Rs. 33120.000 Millions

o Profit from operations at Rs.4110.000 Millions

o PBT at Rs.1610.000 Millions

o PAT at Rs.75 0.000Millions

o EPS at Rs.2.95 (not annualised)

Q1 FY13-14 standalone financial highlights

o Income from operations at Rs.16920.000 Millions

o Profit from operations at Rs.2130.000 Millions

o PBT at Rs.1310.000 Millions

o PAT at Rs.1000.000 Millions

o EPS at Rs.3.94 (not annualised)

Q4 FY13 standalone financial highlights

o Domestic chemicals business registers. healthy sales volumes in most products realisations stable

o Consumer products business performance on expected lines

o Global chemicals performance impacted due to softening demand lower realisations and plant stoppages

o Haldia production suffers. due to non-availability of phos acid in Q1

o Agri and trading fertiliser business volumes impacted due to volatile exchange rates

o Rallis EBITDA up at 12 percent due to improved performance of Metahelix

Financial performance highlights

o Subsidy receivable at Rs.11600.000 Millions as on June 30 2013 compared to Rs.17530.000 Millions on March 31 2013

o Subsidy collections likely to face pressure in the coming quarters

o ECB USD 475 million: the third instalment of USD 95 million repaid in June 2013

Commenting on the company's Q1 FY13-14 performance R Mukundan managing director said:"Overall for the quarter domestic businesses showed decent performance with the chemicals and consumer business portfolio registering satisfactory numbers. Fertilisers and agri-business had an adverse impact of foreign exchange volatility and raw material shortages. International entities are challenged with issues of softening demand lower realisations plant stoppages and increasing energy prices.

Consumer-facing business continued its progressive journey with i-Shakti pulses registering 79 percent growth in sales compared with the same period last year. Tata Swach sales picked up during the quarter impressively.

We remain cautious on the global demand scenario going forward domestically as well as internationally and while prices may remain at the same levels margins remain under pressure. Subsidy outstanding has come down as compared to March 2013 levels but will continue to remain challenged in the balance portion of the year.

The implementation of the nutritional solutions plant in Chennai is on schedule. On the strategic front we continue to focus on building the specialty chemicals and consumer business portfolio."

Business-wise performance

Living essentials

o Tata Salt sales up by 3.4 percent

o TCL salt franchisee market leader with 65.2 percent market share in the national branded salt segment

o Launched operation 'Vistaar' to enhance retail penetration for i-Shakti pulses

Industry essentials

o Global soda ash demand as well as realisations stable

o Domestic soda ash demand stable and prices improving

o Soda ash production in Europe impacted due to delayed turn-down

o Magadi production marginally impacted due to power interruption

o Production at Tata Chemicals North America on expected lines

Farm essentials

o Urea production in line with expectation. Q1 experienced higher urea imports. Global urea prices down. Will have to watch the next few quarters

o Neem-coated urea accounted for 35.7 percent of total urea production. SSP production higher than expectation

o DAP/NPK production impacted due to clarity on subsidies and raw material stoppages

o In Q1 FY14 Rallis registered 20 percent growth in revenue — net sales at Rs.4090.000 Millions — a new milestone. Net profit at Rs.270.000 Millions up by 14 percent

o IMACID resumed production in May 2013 post shut down. Production on expected lines

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.63.90
UK Pound	1	Rs.100.47
Euro	1	Rs.84.65

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		67

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.