MIRA INFORM REPORT

Report Date :

12.04.2014

IDENTIFICATION DETAILS

Name :	TCP LIMITED

Formerly Known As :	TAMIL NADU CHEMICAL PRODUCTS LIMITED

Registered Office :	“TCP” Saptagiri Bhavan, New No.4 (Old No.10), Karpagambal Nagar, Luz Church Road, Mylapore, Chennai – 600004, Tamilnadu

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	08.06.1971

Com. Reg. No.:	18-005999

Capital Investment / Paid-up Capital :	Rs.50.319 Millions

CIN No.: [Company Identification No.]	L24200TN1971PLC005999

TAN No.: [Tax Deduction & Collection Account No.]	CHET00143D

PAN No.: [Permanent Account No.]	AAACT3615K

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Manufacturer and Seller of Sodium Hydrosulphite, Liquid Sulphur Dioxide and Generation and Sale of Power.

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 12100000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company is strong and healthy. Trade relations are reported as fair. Business is active. Payment are reported to be usually correct. The company can be considered for business dealing at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – December 1, 2013

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “BBB+”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	29.04.2013

Rating Agency Name	CRISIL
Rating	Short term rating: “A2”
Rating Explanation	Strong degree of safety and low credit risk.
Date	29.04.2013

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 DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-44-24994018)

LOCATIONS

Registered Office :	“TCP” Saptagiri Bhavan, New No.4 (Old No.10), Karpagambal Nagar, Luz Church Road, Mylapore, Chennai – 600004, Tamilnadu, India
Tel. No.:	91-44-24994018/ 24991518/ 24991289/ 24991777
Fax No.:	91-44-24992435
E-Mail :	tcpchem@eth.net chem.@tcpindia.com
Website :	www.tcpindia.com
Area :	7000 Sq ft
Location :	Owned

Factory 1:	Chemical, Windmills and Biomass Divisions Kalrai Kudai Village, Koviloor, Sivaganga District – 630307, Tamilnadu, India
Area :	25 Aq Sq ft
Location :	Owned

Factory 2:	Power Division Thandalacherry Road New Gummidipoondi ,Thiruvallore District – 601201, Tamilnadu, India

Factory 3:	Food Division Tondiarpet, Chennai – 600081, Tamilnadu, India

DIRECTORS

As on 31.03.2013

Name :	Mr. Masilamani Ethurajan
Designation :	Director
Address :	110, Radhakrishnan Salai, Mylapore, Chennai – 600004, Tamilnadu, India
Date of Birth/Age :	01.08.1934
Date of Appointment :	07.11.1986
DIN No.:	00041996

Name :	Mr. Venkatachalapat Ramasamy Venktaachalam
Designation :	Managing Director
Address :	25, Sir C. V. Raman Salai, Alwarrpet, Chennai – 600018, Tamilnadu, India
Date of Birth/Age :	09.04.1960
Qualification :	B.A.
Experience :	33 years experience in business of various industries such as Textiles, Chemicals, Granites, Vanaspati and Medical.
Date of Appointment :	07.11.1986
DIN No.:	00037524

Name :	Mr. Masilamani Ethurajan
Designation :	Director
Address :	110, Radhakrishnan Salai, Mylapore, Chennai – 600004, Tamilnadu, India
Date of Birth/Age :	01.08.1934
Date of Appointment :	07.11.1986
DIN No.:	00041996

Name :	Mr. Arunachalam Sellamuthu Thillainayagam
Designation :	Director
Address :	27th Street, Gopalapuram, Chennai – 600086, Tamilnadu, India
Date of Birth/Age :	17.02.1952
Date of Appointment :	30.12.1987
DIN No.:	00951729

Name :	Mr. Masilamani Shanmugam Ethirajan
Designation :	Director
Address :	110, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600004, Tamilnadu, India
Date of Birth/Age :	14.04.1967
Date of Appointment :	31.03.1988
DIN No.:	00041968

Name :	Mr. Vaithinathan Rajasekaran
Designation :	Whole-time Director
Address :	Plot 499, 4^th Sector, 18^th Street, K. K. Nagar, Chennai – 600078, Tamilnadu, India
Date of Birth/Age :	06.11.1952
Qualification :	B.E. (Chem), M.Tech, M.B.A.
Experience :	37 Years experience in Chemical, Power, Textile and Financing
Date of Appointment :	01.03.1992
DIN No.:	00037006

Name :	Mr. Aravind Nandagopal
Designation :	Director
Address :	6, Rutland Gate, 6th Street, Chennai – 600006, Tamilnadu, India
Date of Birth/Age :	06.04.1975
Date of Appointment:	14.06.1995
DIN No.:	00059009

Name :	Mr. Natrajan Nandagopal
Designation :	Director
Address:	6, Rutland Gate, 6th Street, Nungambakkam Chennai-600006, Tamilnadu, India
Date of Birth/Age :	21.12.1968
Date of Appointment:	14.08.1995
DIN No.:	00058969

Name :	Mr. Sengutuvan Venkataachalam
Designation :	Director
Address :	Old No. 25, New No.24, Sir C.V. Raman Road, Alwarpet, Chennai – 600018, Tamilnadu, India
Date of Birth/Age :	07.12.1986
Date of Appointment :	26.08.2009
DIN No.:	00053629

KEY EXECUTIVES

MANAGEMENT

CORPORATE OFFICE

Name :	V.R.Venkataachalam
Designation :	Managing Director

Name :	V. Rajasekaran
Designation :	Executive Director

Name :	Ravi Selvarajan
Designation :	Company Secretary and DGM- Finance

WORKS CHEMICAL DIVISION AND BIOMASS DIVISION

Name :	C. Dhanushkodi
Designation :	General Manager - Works

Name :	K. Subramanian
Designation :	General Manager - Technical

POWER DIVISION

Name :	P. Ramaprasad
Designation :	Works Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2012

Category	Number of Shares held	% of total Shareholding
Promoters	37,58,921	74.70
Mutual Funds	-	-
Banks	-	-
Financial Institutions	-	-
NRI/OCBs	-	-
Bodies Corporate	8,59,384	17.08
Resident individuals and others	4,13,604	8.22
TOTAL	50,31,909	100.00

Details of Demat shares as on 31st March 2013:

Particulars	No. of shareholders	No. of shares	% to capital
NSDL	63	30,56,603	61
CDSL	10	1,043
Physical form	106	19,74,263	39
Total	179	50,31,909	100

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Sodium Hydrosulphite, Liquid Sulphur Dioxide and Generation and Sale of Power.

Products :

Item Code No. (ITC Code)	Product Description
28321002.00	Sodium Hydrosulphite
28112300.00	Liquid Sulphur dioxide
28311002.00	Sodium Formal Dehyde Sulphoxylate
28319092.00	Zinc Formal Dehyde Sulphoxylate
271600.00	Generation of Power

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
CHEMICAL DIVISION:
Sodium Hydrosulphite (Enhanced)	Tonnes	10,000	10,000	11,484
Liquid Sulphur Di-oxide	Tonnes	4,950	4,950	11,217
Sulphoxilates (Enhanced)	Tonnes	2,000	2,000	163
Recovery Salts	Tonnes	--	--	4,099
Drum Plant Packing Drums in all sizes 500 drums per day #	Tonnes	--	--	1,45,317

POWER DIVISION: Generated units in lacs *	Tonnes	63.5 mw	63.5 mw	4,985

BIOMASS DIVISION: Generated	Tonnes	6 mw	6 mw	244

WINDMILLS: Generated units in lacs @	Tonnes	16.5 mw	16.5 mw	291

* The above production of units generated includes 474 lac units (2012-512) utilised for captive consumption

#The above production of drums includes 148816 drums (2012- 1,63,540) utilised for captive consumption

@ The above production of units generated includes 71 lac units (2012-60) utilised for captive consumption

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Indian Overseas Bank

· State Bank of India

· HDFC Bank Limited

· IDBI Bank Limited

44Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term loans - From banks
Indian Overseas Bank	0.000	200.000

SHORT TERM BORROWINGS
From banks
IOB - Cash Credit	137.753	290.994
SBI - Cash Credit	47.030	107.417
IDBI - Cash Credit	197.891	100.000
HDFC - Short Term Loan	200.000	100.000
IDBI - Short Term Loan	0.000	100.000
Total	582.674	898.411

Banking Relations :	--

Auditors :
Name :	T. Selvaraj and Company Chartered Accountants
Address :	32, Dewan Rama Road, Purasawalkam, Chennai – 600084, Tamilnadu, India
PAN.:	AAAFT0425E

Cost Auditor :	M. Kannan Cost Accountant

Legal Adviser :	T.K. Seshadri Advocate

Subsidiary :	TCP Hotels Private Limited

Associates :	· Tanchem Imports and Exports Private Limited · Thiruvalluvaar Textiles Private Limited · Binny Limited · Binny Mills Limited · S V Global Mill Limited · Binny Engineering Limited · Mohan Breweries and Distilleries Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

11750000	Equity Shares	Rs.10/- each	Rs.117.500 Millions
25000	Preference Shares	Rs.100/- each	Rs.2.500 Millions
	Total		Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

5031909	Equity Shares	Rs.10/- each	Rs.50.319 Millions

(i) There has been no movement in Equity Share Capital during the year:

The company has only one class of Equity Shares having a par value of Rs.10/-. Each Holder is entitled to one vote per equity share. Dividend proposed by the Board of Directors is subject to the approval of the Shareholders at the ensuing Annual General Meeting. The amount of dividend proposed to be distributed to Equity Shareholders is Rs.5.032 Millions and the related amount per Equity Share is Re.1/-.

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

Particulars	As at 31 March, 2013
Particulars	Number of shares	% of Holding
Equity shares with voting rights of Rs.10/- each
V R Venkataachalam	15,19,570	30.20
E Shanmugam	10,24,503	20.36
ICL Financial Services Limited	4,59,480	9.13
V Sengutuvan	3,61,764	7.19
R Rajeswari	3,00,000	5.96
ICL Securities Limited	2,70,272	5.37

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	50.319	50.319	50.319
(b) Reserves & Surplus	2976.167	2830.756	2670.551
(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)	3026.486	2881.075	2720.870

(3) Non-Current Liabilities
(a) long-term borrowings	262.294	393.492	223.422
(b) Deferred tax liabilities (Net)	23.281	58.549	79.927
(c) Other long term liabilities	33.323	56.154	55.446
(d) long-term provisions	8.251	6.735	4.745
Total Non-current Liabilities (3)	327.149	514.930	363.540

(4) Current Liabilities
(a) Short term borrowings	612.175	727.911	431.343
(b) Trade payables	1104.739	637.290	701.043
(c) Other current liabilities	623.583	509.151	475.376
(d) Short-term provisions	22.011	15.873	26.657
Total Current Liabilities (4)	2362.508	1890.225	1634.419

TOTAL	5716.143	5286.230	4718.829

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1139.818	1255.639	1406.746
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	82.440	68.385	56.415
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1418.025	1418.025	1418.025
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	57.079	55.714	54.761
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2697.362	2797.763	2935.947

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1013.304	734.652	750.933
(c) Trade receivables	1625.929	1275.060	590.809
(d) Cash and cash equivalents	22.382	96.262	5.227
(e) Short-term loans and advances	357.166	382.493	435.913
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	3018.781	2488.467	1782.882

TOTAL	5716.143	5286.230	4718.829

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	3363.638	2960.605	2129.637
		Other Income	11.178	9.930	206.328
		TOTAL (A)	3374.816	2970.535	2335.965

Less	EXPENSES
		Cost of materials consumed	2246.191	1821.955
		Employee benefits expense	182.517	150.117
		Other expenses	497.041	466.983
		Changes in inventories of finished goods and work-in-progress	(31.702)	8.821
		TOTAL (B)	2894.047	2447.876	1795.956

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		480.769	522.659	540.009

Less	FINANCIAL EXPENSES (D)		136.576	133.005	86.148

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		344.193	389.654	453.861

Less/ Add	DEPRECIATION/ AMORTISATION (F)		137.826	157.203	162.033

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		206.367	232.451	291.828

Less	TAX (H)		55.108	66.397	97.348

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		151.259	166.054	194.480

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1071.894	961.689	793.057

Less	APPROPRIATIONS
		Transfer to General Reserve	50.000	50.000	20.000
		Dividend	5.032	5.032	5.032
		Corporate dividend	0.816	0.816	0.816
	BALANCE CARRIED TO THE B/S		1167.305	1071.894	961.689

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	207.473	139.626	38.484
	TOTAL EARNINGS		207.473	139.626	38.484

	IMPORTS
		Raw Materials	701.707	368.004	482.510
		Stores and Components	1.073	1.902	0.071
	TOTAL IMPORTS		702.780	369.906	482.581

	Earnings / (Loss) Per Share (Rs.)		30.000	33.000	39.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.48	5.59	8.33

Net Profit Margin (PBT/Sales)	(%)	6.14	7.85	13.70

Return on Total Assets (PBT/Total Assets}	(%)	4.90	6.12	8.99

Return on Investment (ROI) (PBT/Networth)		0.07	0.08	0.11

Debt Equity Ratio (Total Debt/Networth)		0.29	0.39	0.24

Current Ratio (Current Asset/Current Liability)		1.28	1.32	1.09

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	50.319	50.319	50.319
Reserves & Surplus	2670.551	2830.756	2976.167
Net worth	2720.870	2881.075	3026.486

long-term borrowings	223.422	393.492	262.294
Short term borrowings	431.343	727.911	612.175
Total borrowings	654.765	1121.403	874.469
Debt/Equity ratio	0.241	0.389	0.289

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2129.637	2960.605	3363.638
		39.019	13.613

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2129.637	2960.605	3363.638
Profit	194.480	166.054	151.259
	9.13%	5.61%	4.50%

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	Yes
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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10408222	09/02/2013	200,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B69702850
2	10339720	04/03/2013 *	500,000,000.00	IDBI BANK LIMITED	115, ANNA SALAI, SAIDAPET, CHENNAI - 600015, TAMILNADU, INDIA	B69772127
3	10327959	04/01/2012	100,000,000.00	IDBI BANK LIMITED	115, ANNA SALAI, SAIDAPET, CHENNAI - 600015, TAMILNADU, INDIA	B29427549
4	10298396	28/05/2012 *	100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B40163602
5	90286973	31/03/2005	200,000,000.00	HDFC BANK LTD.	MARIAM CENTRE; FIRST FLOOR, 751 - B; ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA	-
6	90287871	05/02/2004	111,168,000.00	HDFC BANK	SENAPATI BUPAT MARG, LOWER PAREL WEST, MUMBAI - 600002 MAHARASHTRA, INDIA	-
7	90287703	25/07/2012 *	502,600,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 232, N.S.C.BOSE ROAD, CHENNAI - 600001, TAMIL NADU, INDIA	B55993455
8	90287521	30/05/2000 *	50,000,000.00	INDIAN OVERSEAS BANK	C & IC; DR. RADHAKRISHNAN SALAI, MYLAPOPORE, CHENNAI - 600004, TAMILNADU, INDIA	-
9	90287492	12/08/2013 *	874,200,000.00	INDIAN OVERSEAS BANK	COMMERCIAL AND INSTITUTIONAL CREDIT BRANCH, 98-A, D R. RADHAKRISHNAN SALAI, MYLAPORE,, CHENNAI - 600004, TAMILNADU, INDIA	B84522093
10	90287415	13/07/2005 *	49,200,000.00	INDIAN OVERSEAS BANK	COKMMERCIAL AND INSTITUTIONAL BRANCH, RADHKRISHNA SALAI, CHENNAI - 600004, TAMILNADU, INDIA	-
11	90288881	28/03/1996	82,000,000.00	ALLAHABAD BANK	41; ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA	-
12	90287200	06/07/1989 *	16,000,000.00	INDIAN BANK	ALWARPET BRANCH, CHENNAI - 600018, TAMILNADU, INDIA	-
13	90287193	28/03/1996 *	28,800,000.00	ALLAHABAD BANK	41; MOUNT ROAD, CHENNAI - 600002, TAMILNADU, INDIA	-
14	90287178	12/11/1988 *	8,000,000.00	INDIAN OVERSEAS BANK	COMMERCIAL AND INSTITUTIONAL CREDIT BRANCH; KHIVARAJ MANSION 1ST FLOOR 738 ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA	-
15	90287136	28/03/1996 *	34,500,000.00	INDION OVERSES BANK	COMMERCIAL AND INSTITUTIONAL CREADIT BRANCH, POST B AG NO. 351 98A RADHAKRISHNA SALAI MYLAPORE, CHENNAI - 600004, TAMIL NADU, INDIA	-
16	90286805	10/02/1983 *	4,000,000.00	I.D.B.I. BANK LTD.	BANK OF BARODA BUILDING, 16; SANAD MARG; P.B. NO - 363; NEW DELHI - 110001, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Other Loans
Key Management Personnel	26.687	25.167
Relatives of Key Management Personnel	48.968	48.311
Others	9.700	9.700
Deposits
Key Management Personnel	0.048	0.037
Others	176.892	110.277
SHORT TERM BORROWINGS
From Related parties	29.500	29.500
Total	291.795	222.992

CORPORATE INFORMATION:

The Company is a Public Limited Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on the Madras Stock Exchange, Ahmadabad Stock Exchange and the Delhi Stock Exchange. The Company is engaged in the business of manufacture and sale of Sodium Hydrosulphite, Liquid Sulphur Dioxide and generation and sale of power.

SEGMENTWISE / PRODUCTWISE PERFORMANCE

PRODUCTION

I. CHEMICALS

Sodium Hydrosulphite

During the year the company had produced 11,484 MT of Sodium Hydrosulphite as against 11,740 MT in the previous year, a marginal decrease by about 2%.

Liquid Sulphur Dioxide

During the year the Company had produced 11,217 MT of Liquid Sulphur Dioxide as against 11,660 MT in the previous year, an increase by about 4 %.

Sulphoxylate

The production of Sulphoxylates was 163 MT during the year as against 365 MT in the previous year.

II. RECOVERY SALTS

The trisalt production was 4,099 MT as against 3,427 MT in the previous year.

III. ELECTRIC POWER

Electric Power Generation

The company had generated 4,985 lakh units of electricity as against 4,995 lakh units last year. The average Plant Load Factor during the year was 89.29%. The Biomass based power plant had generated 244 lakh units of electricity as against 126 lakh units in the previous year. The Wind Mills had generated 291 lakh units of electricity as against 291 lakh units in the previous year.

SALES

I. CHEMICALS

Sodium Hydrosulphite

During the year the company had made sale of 11,269 MT of Sodium Hydrosulphite as against 11,963 MT in the previous year. The domestic sales decreased by about 10% during the year when compared with the previous year. The Company has increased its market share in the Pharma Sector during the year. The continuation of fixed anti-dumping duty against imports from China had greatly helped in protecting the market share.

Liquid Sulphur Dioxide

The sale of Liquid Sulphur Dioxide during the year was 1,242 MT as against 1, 296 MT in the previous year. The sales can be augmented in the coming years too, as they foresee a gooddemand for the product.

Sulphoxylates

The sale of Sulphoxylates was 153 MT as against 374 MT in the previous year.

Recovery salts

The sale of Recovery salts was 3,008 MT during the year as against 3,478 MT in the previous

year.

II. POWER

During the year the Company had exported to the Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) 4,546 lakh units of electricity as against 4,503 lakh units in the previous year. The Biomass Power plant had sold 209 lakh units of electricity as against 105 lakh units in the previous year. The Wind mills had exported 220 lakh units of electricity as against 228 lakh units in the previous year.

FUTURE PLANS

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

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

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC SCENARIO

The global economy continues to grapple with the fallout of the 2008-09 crisis. In 2012, the estimated global GDP growth hovered around 3% largely on account of decent performance by emerging and developing economies. For US economy, high unemployment levels coupled with expected spending cuts is expected to make the road to its recovery, a challenging one in the medium term. At the same time, the Euro Zone continues to struggle. While Germany and UK economies continued to perform modestly, the other big economies such as France, Spain and Italy are expected to register substantial contraction.

The Indian economy, being an economy that is largely driven by indigenous consumption, lower disposable income of large population had a direct bearing on its growth. In 2012-13, India continued to slide in terms of economic performance, registering an estimated GDP growth of around 5% - its lowest in the past decade. This was largely on account of sharp slowdown in investments, delays in policy decisions and weaker consumption from the burgeoning middle class owing to high inflation.

INDUSTRY STRUCTURE AND DEVELOPMENTS

INDIAN CHEMICAL SECTOR:

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

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

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

INDIAN POWER SECTOR:

Current domestic coal supply has been affected by environmental restrictions on coal mining because of which Coal India Limited has not been able to ramp up production to planned levels, and also a large quantity of coal has not been transported from the mines. This has impacted generation availability of domestic coal-based power plants in the country. Import of coal, is therefore, being resorted to during the last few years and utility-wise allocation is being made by the Ministry of Power. The import of coal is set to rise in the coming years.

The Electricity Act, 2003, recognised power trading as a new segment apart from generation, transmission and distribution. Power trading has since enabled the country as a whole to balance its power surpluses and deficits and has helped to optimally utilise its generation resources.

OUTLOOK

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

SUBSIDIARY COMPANY

The Company has one Subsidiary Company viz., TCP Hotels Private Limited. This Subsidiary Company is a non-material Indian unlisted subsidiary of the Company.

TCP HOTELS PRIVATE LIMITED:

TCP Hotels Private Limited derives rental income from letting out its property and this is the only source of income for the company for the year ended 31st March 2013. For the year ended 31st March 2013, the company has earned income of Rs.0.600 Million and had reported Net Loss of Rs.0.079 Million.

The Company has not attached in this Annual Report the Balance Sheet, the Profit and Loss Account, the Directors’ Report, the Auditors’ Report and the Statement showing holding company’s interest in its subsidiary company as required under section 212 of the Companies Act, 1956, in respect of the subsidiary company viz., TCP Hotels Private Limited for the year ended 31st March 2013, pursuant to the general exemption granted to the holding companies from the applicability of section 212 of the Companies Act, 1956, by the Ministry of Corporate Affairs vide its General Circular No.2/2011 dated 8th February 2011. The company has fulfilled the conditions laid down in the aforesaid Circular No.2/2011 dated 8th February 2011.

The Board of Directors of the company, at the Board Meeting held on 29th May 2013, has passed resolution, giving consent for not attaching the Balance sheet of the subsidiary company viz., TCP Hotels Private Limited to its Annual Report for the financial year ended 31st March 2013.

The holding company viz., TCP Limited hereby undertakes that annual accounts of the subsidiary company viz., TCP Hotels Private Limited for the financial year ended 31st March 2013 and the related detailed information shall be made available to shareholders of the holding and subsidiary company seeking such information at any point of time. The annual accounts of the subsidiary company shall also be kept for inspection by any shareholder in the Registered Office of the company.

CONTINGENT LIABILITIES (AS ON 31.03.2013):

a. Letter of Credit opened by banks for purchase of raw materials Rs. 988.392 Millions (2012 – Rs 246.595 Millions)

b. Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. 6.520 Millions (2012 – Rs 5.204 Millions)

c. Guarantee given by the bankers on behalf of Company Rs 45.520 Millions (2012- Rs 39.889 Millions)

d. Excise Duty Rs. 0.802 Million ( 2012 – Rs 0.802 Million) for which the Company has preferred an appeal before the appellate authorities and it is pending. Out of this, a sum of Rs. 0.240 Million (Rs 0.240 Million) has been paid under protest

e. Income Tax – Rs. 268.627 (Rs.193.034) for which the company has preferred a rectification petition before the Assessing Officer and Appeal before the Appellate Authority and the same are pending.

f. Claims against the Company not acknowledged as Debt Rs 34.150 Millions (2012- 34.150 Millions)

STATEMENT OF UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DEC, 2013

PART I

(Rs. In Million)

S.No

Particulars

3 Months Ended

9 Months Ended

31-Dec-2013

30-Sep-2013

31-Dec-2013

Un-audited

Income from Operations
(a)Net Sales( net of excise duty )

981.408

995.806

2749.786

(b)Other Operating Income

39.585

44.381

91.811

Total Income from Operations (Net)

1020.993

1040.187

2841.597

Expenses

(a)Cost of materials consumed

705.123

617.171

1823.102

(b)Changes in inventories of finished goods, work-in-progress

(23.187)

(5.732)

(34.143)

(c) Employee benefits expenses

48.989

50.949

144.603

(d) Depreciation

32.095

30.708

93.281

(e)Other Expenses

156.356

209.116

487.233

f) Total Expenses

919.378

902.212

2514.076

Profit / (Loss) from Operations before Other Income, finance costs and Exceptional Items(1-2)

101.615

137.974

327.521

Other Income

Profit / (Loss) from Ordinary activities before finance cost and exceptional items(3+_4)

101.615

137.974

327.521

Finance costs

20.253

19.675

69.810

Profit/ (Loss) from ordinary activities after finance costs and exceptional items(5+_6)

81.362

118.299

257.711

Exceptional Items

Profit (+) / (Loss ) from ordinary Activities before tax (7-8)

81.362

118.299

257.711

10.

Tax Expense

25.404

33.085

74.671

11.

Net Profit/ (Loss) from ordinary activities after tax (9-10)

55.959

85.214

183.040

12.

Extraordinary items (net of tax expense `in lakhs)

13.

Net Profit/ (Loss) for the period (11+_12)

55.959

85.214

183.040

14.

Paid up equity share capital
(Face value Rs 10/- share)

50.319

15.

Reserves excluding revaluation reserves
(as per balance sheet of previous acctg year)

Earnings per share before and after extraordinary items
(Face value of Rs 10/- each)(not annualised)

a)Basic & diluted

11.12

16.93

36.38

(See accompanying note to the financial results)

PART II

PARTICULARS OF SHAREHOLDING

Public Shareholding

- Number of Shares

12,72,988

- Percentage of Shareholding

25.30

Promoters and Promoter group Shareholding

a. Pledged / Encumbered

- Number of Shares

Nil

- Percentage of Shares

b. Non-encumbered

- Number of Shares

37,58,921

- Number of Shares

(as a % of the total Share holding of the Promoter and the Promoter Group)

100

- Percentage of Shares

(as a % of the total share Capital of the Company)

74.70

B	INVESTOR COMPLAINTS (Nos.)	Quarter Ended 31.12.2013
	Pending at the beginning of the Quarter	Nil
	Received during the Quarter	Nil
	Disposed off during the Quarter	Nil
	Remanining unresolved at the end of the Quarter	Nil

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

(Rs. In Millions)

S.No	Particulars	3 Months Ended		9 Months Ended
		31-Dec-2013	30-Sep-2013	31-Dec-2013
		Un-audited	Un-audited	Un-audited
1.	Segment Revenue
A.	Chemical Divison	328.582	324.645	930.539
B.	Power Divison	616.310	627.364	1706.173
C.	Biomass Division	57.800	32.878	137.614
D.	Windmill Division	26.310	71.343	125.341
E.	Others	2.700	2.700	6.104
	Total	1031.702	1058.930	2905.771
Less:	Inter Segment Revenue	10.709	18.743	64.174
	Net Sales/Income
	Total	1020.993	1040.187	2841.597
2.	Segment Results
A.	Chemical Divison	15.124	33.898	85.992
B.	Power Divison	100.488	65.670	216.156
C.	Biomass Divison	(19.520)	(7.743)	(34.460)
D.	Windmill Division	3.390	43.892	55.015
E.	Others	2.134	2.259	4.818
	Total	101.615	137.975	327.521
	Less: I : Interest	20.253	19.675	69.810
	Total Profit Before Tax	81.362	118.300	257.711
3.	Capital Employed
A.	Chemical Divison	2122.954	2061.043	2122.953
B.	Power Divison	385.213	351.618	385.213
C.	Biomass Divison	335.625	362.225	335.625
D.	Windmill Division	318.321	331.435	318.321
E.	Others	47.412	47.244	47.412
	Total	3209.525	3153.565	3209.525

NOTE:

1. The Net Profit for the present quarter shown above is inclusive of Profit derived from Generation of Power in Biomass plant which is eligible for deduction to the extent provided under Sec 80IA of the Income Tax, 1961

2. The above Un-Audited financial results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors, at their respective Meeting held on 31st January, 2014

3. The Segment report has been prepared in accordance with the Accounting Standard 17 "Segment Reporting"

4. The impact of the Accounting Standard 15 " Employee benefits " will be considered in the Accounts at the end of the year.

5. The Statutory Auditor have carried out a limited review of the above financial results.

FIXED ASSETS

· Land

· Leasehold Land

· Leasehold Buildings

· Buildings

· Plant and Machinery

· Water Supply Works

· Computers

· Office Equipments

· Miscellaneous Equipments

· Furniture and Fittings

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.27
UK Pound	1	Rs.101.10
Euro	1	Rs.83.74

INFORMATION DETAILS

Information Gathered by :	JML

Analysis Done by :	SUM

Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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

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

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

RATING EXPLANATIONS

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

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

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

MIRA INFORM REPORT

4.48

5.59

6.14

7.85

4.90

6.12

0.07

0.08

0.29

0.39

1.28

1.32

Unit