MIRA INFORM REPORT

Report Date :

17.04.2014

IDENTIFICATION DETAILS

Name :	NAVIN FLUORINE INTERNATIONAL LIMITED
Registered Office :	2^nd Floor, Sunteck Centre, 37-40 Subhash Road, Vile Parle (East), Mumbai – 400057, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.06.1998
Com. Reg. No.:	11-115499
Capital Investment / Paid-up Capital :	Rs. 97.572 Millions
CIN No.: [Company Identification No.]	L24110MH1998PLC115499
TAN No.: [Tax Deduction & Collection Account No.]	MUMP14428B
PAN No.: [Permanent Account No.]	AABCP0464B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and Selling of Chemicals.
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

A (60)

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 20380000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. There appears sharp dip in profitability of the company during the financial year 2013. However, the rating reflects well-established position of the company in the fluorochemicals industry supported by comfortable financial risk profile and adequate liquidity position. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: “AA”
Rating Explanation	High degree of safety and very low credit risk.
Date	10.09.2013

Rating Agency Name	CARE
Rating	Short term bank facilities: “A1+”
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	10.09.2013

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.: 91-22-66509999)

LOCATIONS

Registered Office :	2nd Floor, Sunteck Centre, 37-40 Subhash Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-66509999/ 24043300
Fax No.:	91-22-66509800
E-Mail :	info@navinfluorine.com info@nfil.in crams@nfil.in bulkfluoride@nfil.in speciality@nfil.in refrigerants@nfil.in partha.roychowdhury@navinflurine.com
Website :	http://www.nfil.in
Factory 1 :	P. O. Bhestan, Udhana – Navsari Road, Surat – 395023, Gujarat, India
Tel. No.:	91-261-2890325
Fax No.:	91-261-2890288
E-Mail :	surat@navinfluorine.com
Factory 2 :	New Industrial Area, Agra Bombay Road, Dewas – 455002, Madhya Pradesh, India
Tel. No.:	91-727-2403015
Fax No.:	91-727-2259362
E-Mail :	dewas@navinfluorine.com
International Office :	Global Head of Business Development – Crams
Tel. No.:	1908-243-0159
Fax No.:	1908-704-9150
E-mail :	jeffery.hinkle@nfil.in
Sales Office :	Located At: · Mumbai · Kolkata · Chennai · New Delhi · Surat · Hyderabad · New Jersey

DIRECTORS

As on 31.03.2013

Name :	Mr. Hrishikesh A. Mafatlal
Designation :	Chairman
Date of Birth/ Age:	58 Years
Expertise in functional areas :	He is an Industrialist having diversified experience of more than 35 years in the areas of Textiles, Chemicals, Petrochemicals, Financial Services etc
Date of Appointment :	25.06.1998
Name :	Mr. T. M.M. Nambiar
Designation :	Director
Name :	Mr. Pradip N. Kapadia
Designation :	Director
Qualification :	B.A, LLB
Date of Appointment :	21.01.2003
Name :	Mr. Sunil S. Lalbhai
Designation :	Director
Qualification	Masters in Chemistry, Economy, Planning and Policy
Name :	Mr. S.M. Kulkarni
Designation :	Director
Date of Birth/ Age:	74 years
Qualification :	B.E.
Expertise in functional areas :	Corporate and Business Advisor
Date of Appointment :	19.10.2006
Name :	Mr. R. Sankaran
Designation :	Director
Qualification :	Masters in Economics
Date of Appointment :	30.03.2007
Date of Cessation:	28.02.2013
Name :	Mr. V. P. Mafatlal
Designation :	Director
Name :	Mr. S.G. Mankad
Designation :	Director
Date of Birth/ Age:	65 Years
Expertise in functional areas :	He is a retired IAS Officer. He was the Chief Secretary to Government of Gujarat from 2005 to 2007 and has also held important positions in Government of India (Ministries of Finance, Agriculture and Human Resource Development) and Government of Gujarat.
Date of Appointment :	29.04.2011
Name :	Mr. Atul Kumar Srivastava
Designation :	Finance Director
Date of Birth/ Age:	61 Years
Expertise in functional areas :	Finance Accounting, Taxation and Commerce
Date of Appointment :	21.01.2003
Other Directorship :	· Mafatlal Industries Limited · Mafatlal Denim Limited
Name :	Mr. S.S. Khanolkar
Designation :	Managing Director
Date of Appointment :	01.01.2011

KEY EXECUTIVES

Name :	Mr. N.B. Mankad
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2013

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	484841	4.97
Bodies Corporate	3240508	33.20
Any Others (Specify)	65145	0.67
Trusts	65145	0.67
Sub Total	3790494	38.83
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	3790494	38.83
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	292279	2.99
Financial Institutions / Banks	5076	0.05
Foreign Institutional Investors	681761	6.98
Sub Total	979116	10.03
(2) Non-Institutions
Bodies Corporate	588669	6.03
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	3577483	36.65
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	728115	7.46
Any Others (Specify)	97220	1.00
Non Resident Indians	57228	0.59
Trusts	1206	0.01
NRN	38786	0.40
Sub Total	4991487	51.14
Total Public shareholding (B)	5970603	61.17
Total (A)+(B)	9761097	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	9761097	100.00

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

Sl.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a %
1	Mafatlal Impex Private Limited	10,85,193	11.12
2	Suremi Trading Private Limited	6,46,081	6.62
3	Nocil Limited	5,66,340	5.80
4	Suremi Trading Private Limited	3,37,879	3.46
5	Mafatlal Exim Private Limited	3,24,484	3.32
6	Mafatlal Industries Limited	1,89,964	1.95
7	Gayatri Pestichem Mfg Private Limited	44,610	0.46
8	Arvi Associates Private Limited	25,672	0.26
9	Mafatlal Impex Private Limited	10,255	0.11
10	Pamil Investments Private Limited	6,486	0.07
11	Sushripada Investments Private Limited	3,414	0.03
12	Sumil Holding Private Limited	20	0.00
13	Milap Texchem Private Limited	20	0.00
14	Milekha Texchem Company Private Limited	20	0.00
15	Shamir Texchem Texchem Private Limited	20	0.00
16	Shripad Associates Private Limited	50	0.00
17	Hrishikesh Arvind Mafatlal	1,83,937	1.88
18	Vishad Padmanabh Mafatlal	1,11,433	1.14
19	Vishad P.Mafatlal Pam Huf1 P Mafatlal	910	0.01
20	Sheth Mafatlal Gagalbhai Foundation Trustno 2	786	0.01
21	Sheth Mafatlal Gagalbhai Foundation Trustno.3	786	0.01
22	Sheth Mafatlal Gagalbhai Foundation Trust No 10	786	0.01
23	Sheth Mafatlal Gagalbhai Foundation Trust No 9	786	0.01
24	Sheth Mafatlal Gagalbhai Foundation Trust No22	786	0.01
25	Sheth Mafatlal Gagalbhai Foundation Trust No 20	786	0.01
26	Sheth Mafatlal Gagalbhai Foundation Trust No 5	786	0.01
27	Sheth Mafatlal Gagalbhai Foundation Trust No 7	786	0.01
28	Shri Hrishikesh Arvind Mafatlal Public Charitable Trust No.1	786	0.01
29	Shri Arvind N Mafatlal Public Charitable Trust	786	0.01
30	Shri Arvind N Mafatlal Public Charitable Trust No.2	786	0.01
31	Shri Padmanabh Arvind Mafatlal Public Charitable Trust No.1	786	0.01
32	Shri Padmanabh Arvind Mafatlal Public Charitable Trust No.2	786	0.01
33	Shri Padmanabh Arvind Mafatlal Public Charitable Trust No.3	786	0.01
34	Navinchandra Mafatlal Charity Trust No 11	786	0.01
35	Navinchandra Mafatlal Charity Trust No 2	786	0.01
36	Navinchandra Mafatlal Charity Trust No 3	786	0.01
37	Navinchandra Mafatlal Charity Trust No 6	786	0.01
38	Navinchandra Mafatlal Charity Trust No 12	786	0.01
39	Navinchandra Mafatlal Charity Trust No 13	786	0.01
40	Navinchandra Mafatlal Charity Trust No 15	786	0.01
41	Shri Pransukhlal Charity Trust No 3	786	0.01
42	Shri Pransukhlal Charity Trust No 2	786	0.01
43	Navinchandra Mafatlal Charity Trust No 4	786	0.01
44	Navinchandra Mafatlal Charity Trust No 7	786	0.01
45	Navinchandra Mafatlal Charity Trust No 14	786	0.01
46	Navinchandra Mafatlal Charity Trust No 5	786	0.01
47	Shri Arvind N Mafatlal Public Charitable Trust No.3	786	0.01
48	Shri Padmanabh Arvind Mafatlal Public Charitable Trust No.4	786	0.01
49	Shri Padmanabh Arvind Mafatlal Public Charitable Trust No.5	786	0.01
50	Navinchandra Mafatlal Charity Trust No 9	786	0.01
51	Sheth Mafatlal Gagalbhai Foundation Trust No 12	786	0.01
52	Sheth Mafatlal Gagalbhai Foundation Trust No 13	786	0.01
53	Sheth Mafatlal Gagalbhai Foundation Trust No 6	786	0.01
54	Shri Hrishikesh Arvind Mafatlal Public Charitable No.2	786	0.01
55	Sheth Mafatlal Gagalbhai Foundation Trust No 8	786	0.01
56	Shri Hrishikesh Arvind Mafatlal Public Charitable Trust No.3	786	0.01
57	Shri Hrishikesh Arvind Mafatlal Public Charitable Trust No.4	786	0.01
58	Shri Hrishikesh Arvind Mafatlal Public Charitable Trust No.5	786	0.01
59	Seth Mafatlal Gagalbhai Foundation Trust No 11	786	0.01
60	Shri Arvind N Mafatlal Public Charitable Trust No.4	786	0.01
61	Shri Arvind N Mafatlal Public Charitable Trust No.5	786	0.01
62	Shri Arvind N Mafatlal Public Charitable Trust No.6	786	0.01
63	Shri Pransukhlal Charity Trust No 5	786	0.01
64	Shri Pransukhlal Charity Trust No 4	786	0.01
65	Shri Hrishikesh Arvind Mafatlal Public Charitable Trust No.6	786	0.01
66	Seth Mafatlal Gagalbhai Foundation Trust N0.4	786	0.01
67	Navinchandra Mafatlal Charity Trust N0 8	786	0.01
68	Navinchandra Mafatlal Charity Trust N0 10	786	0.01
69	Shri Arvind N Mafatlal Public Charitable Trust No.7	786	0.01
70	Seth Mafatlal Gagalbhai Foundation Trust N0 14	786	0.01
71	Seth Mafatlal Gagalbhai Foundation Trust N0 17	786	0.01
72	Seth Mafatlal Gagalbhai Foundation Trust N0 16	786	0.01
73	Shri Arvind N Mafatlal Public Charitable Trust No.8	786	0.01
74	Sheth Mafatlal Gagalbhai Foundation Trust No.19	786	0.01
75	Shri Pransukhlal Charity Trust No 6	786	0.01
76	Sheth Mafatlal Gagalbhai Foundation Trust No 21	786	0.01
77	Sheth Mafatlal Gagalbhai Foundation Trust No 15	786	0.01
78	Shri Pransukhlal Charity Trust	786	0.01
79	Shri Padmanabh Arvind Mafatlal Public Chartiable Trust No.6	786	0.01
80	Sheth Mafatlal Gagalbhai Foundation Trust No 18	786	0.01
81	Mrs Sushila Arvind Mafatlal Public Charitable Trust No.1	624	0.01
82	Mrs Sushila Arvind Mafatlal Public Charitable Trust No.2	624	0.01
83	Mrs Sushila Arvind Mafatlal Public Charitable Trust No.3	624	0.01
84	Vishad Padmanabh Mafatlal Public Charitable Trust No.1	624	0.01
85	Mrs Rekha Hrishikesh Mafatlal Public Charitable Trust No.1	624	0.01
86	Mrs Rekha Hrishikesh Mafatlal Public Charitable Trust No.2	624	0.01
87	Mrs Rekha Hrishikesh Mafatlal Public Charitable Trust No.3	624	0.01
88	Mrs Rekha Hrishikesh Mafatlal Public Charitable Trust No.4	624	0.01
89	Mrs Rekha Hrishikesh Mafatlal Public Charitable Trust No.5	624	0.01
90	Mrs Sushila Arvind Mafatlal Public Charitable Trust No.4	624	0.01
91	Mrs.Sushila Arvind Mafatlal Public Charitable Trust No.5	624	0.01
92	Mrs Miloni Padmanabh Mafatlal Public Charitable Trust No.1	624	0.01
93	Mrs Miloni Padmanabh Mafatlal Public Charitable Trust No.2	624	0.01
94	Mrs Miloni Padmanabh Mafatlal Public Charitable Trust No.3	624	0.01
95	Vishad P Mafatlal Public Charitable Trust N0.4	624	0.01
96	Mrs Miloni Padmanabh Mafatlal Public Charitable Trust No.4	624	0.01
97	Vishad Padmanbh Mafatlal Public Charitable Trust N0.3	624	0.01
98	Vishad Padmanbh Mafatlal Public Charitable Trust N0.2	624	0.01
99	Shri Padmakesh Public Charity Trust No 4	542	0.01
100	Shri Padmakesh Public Charity Trust No 3	542	0.01
101	Shri Padmakesh Public Charity Trust No 2	542	0.01
102	Shri Padmakesh Public Charity Trust No 1	542	0.01
103	Shri Rishipad Public Charity Trust N0 3	542	0.01
104	Shri Rishipad Public Charity Trust N0 2	542	0.01
105	Shri Rishipad Public Charity Trust N0 4	542	0.01
106	Shri Rishipad Public Charity Trust N0.1	542	0.01
107	Mrs.Vijayalaxmi Navinchandra Mafatlal Public Charit Trust No.16	393	0.00
108	Mrs Vijayalaxmi Navinchandra Mafatlal Public Charity Trust No.19	393	0.00
109	Mrs Vijayalaxmi Navinchandra Mafatlal Public Charitable Trust No.20	393	0.00
110	Maithiliben N Desai	256	0.00
111	Mrs Miloni Padmanabh Mafatlal Public Charitable Trust No.5	196	0.00
112	Arvind N Mafatlal	1,49,420	1.53
113	A.N. Mafatlal Karta Of A.N.M. Huf 4 Mafatlal	11,170	0.11
114	Aarti Hrishikesh Mafatlal	5,024	0.05
115	Hrishikesh Arvind Mafatlal	4,490	0.05
116	Rekha Hrishikesh Mafatlal	3,772	0.04
117	Maithili N Desai	3,303	0.03
118	P.A.Mafatlal As Karta Of P.A.M. Huf 1 Mafatlal	2,910	0.03
119	Anjali Hrishikesh Mafatlal	1,998	0.02
120	Aarti Manish Chadha	1,830	0.02
121	Anjali Kunal Agarwal	1,830	0.02
122	Priyavrat Hrishikesh Mafatlal	1,829	0.02
123	Sushilaben Arvind Prasad Mafatlal	594	0.01
124	Chetna Padmanabh Mafatlal	203	0.00
125	Priyavrat Hrishikesh Mafatlal	188	0.00
	Total	37,90,494	38.83

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

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as %
1	Atyant Capital Management Limited A/ Atyant	405751	4.16
2	Reliance Capital Trustee Company -A/C	279651	2.86
3	Ajay Shivnarain Upadhyaya	200000	2.05
4	Bluebell Clothing Pvt Ltd	154070	1.58
5	Ghi Ltp Ltd	127370	1.30
	Total	1166842	11.95

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Chemicals.

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Actual Production
Synthetic Cryolite, Aluminium Flooride and Fluorocarbon Gases	MT	8823
Miscellaneous Fluorides	MT	20244
Total		29067

GENERAL INFORMATION

No. of Employees :

Information declined by management

Bankers :

· State Bank of Hyderabad

· AXIS Bank Limited

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Cash Credit from Banks	470.416	124.253
Buyer’s credit from Banks	163.647	809.186
Total	634.063	933.439

NOTE

Cash credit and buyers’ credit from banks are secured by hypothecation of certain stocks and book debts of the Company, both present and future and second charge created / to be created on all the fixed assets of the company situated at Bhestan and certain fixed assets at Dewas.

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Mumbai, Maharashtra, India
Solicitors:	Vigil Juris
Enterprises over which key management personnel and their relatives are able to exercise significant influence:	· Mafatlal Industries Limited · Mafatlal Fabrics Private Limited · NOCIL Limited · Seth Navinchandra Mafatlal Foundation Trust · Sri Sadguru Seva Sangh Trust
Associate:	Mafatlal Denim Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
35,000,000	Equity Shares	Rs.10/- each	Rs. 350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9,761,097	Equity Shares	Rs.10/- each	Rs. 97.611 Millions
	Less: Call in arrears		Rs. 0.039 Million
	TOTAL		Rs. 97.572 Millions

NOTE

a. Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

Particulars	Opening Balance	Buy Back	Closing Balance
Equity shares with voting rights
Year ended 31st March, 2013
– Number of shares	9761097	--	9761097
– Amount (Rs. in Millions)	97.611	--	97.611

b. Terms / rights attached to equity shares:

The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each equity shareholder is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31 March, 2013, the amount of dividend, per share, recognized as distributions to equity shareholders is Rs. 15/- (year ended 31 March, 2012, Rs. 75/-)

c. Details of shareholders holding more than 5% shares in the company:

Equity shares of Rs. 10/- each fully paid	31^st March, 2013
Name	Nos.	% Holding
Mafatlal Impex Private Limited	1,085,193	11.12
Suremi Trading Private Limited	646,081	6.62
NOCIL Limited	566,340	5.80

d. For details of shares reserved for issue under the employee stock option (ESOP) plan of the company

e. During the period of five years immediately preceding the reporting date:

Particulars	As at 31 March, 2013	As at 31 March, 2012	As at 31 March, 2011	As at 31 March, 2010	As at 31 March, 2009
Equity shares bought back by the company	--	--	338,792	--	--

Pursuant to the decision of the Board of Directors of the Company taken in its meeting dated 24 September, 2010, the Company bought back 338,792 equity shares of nominal value of Rs. 10/- each at a price of Rs. 400/- per share for an aggregate value of Rs. 135.517 Millions during 2010-11 under Section 77A of the Companies Act, 1956 through tender offer by utilising the Share premium account to the extent of Rs. 1,321.29 lacs. The Capital redemption reserve was created out of General reserve for Rs. 3.388 Millions being the nominal value of shares thus bought back. All the equity shares bought back were extinguished by 5 March, 2011.

f. Calls unpaid (by other than officers and directors)

Particulars	As at 31 March, 2013
7,891 (previous year 8,307) equity shares of Rs. 10/- each, Rs. 5/- called up but unpaid	0.039

g. Out of the rights issue made in 2004-05, 109 equity shares could not be offered on rights basis due to the non-availability of details of beneficial holders from depositories. The same are kept in abeyance.

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	97.572	97.569	97.568
(b) Reserves & Surplus	4,997.060	4,736.151	3,220.468
(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)	5,094.632	4,833.720	3,318.036
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	325.646	286.392	191.397
(c) Other long term liabilities	204.959	201.405	276.785
(d) long-term provisions	33.958	28.351	22.425
Total Non-current Liabilities (3)	564.563	516.148	490.607
(4) Current Liabilities
(a) Short term borrowings	832.392	933.439	490.740
(b) Trade payables	501.488	451.537	552.364
(c) Other current liabilities	123.886	101.832	130.040
(d) Short-term provisions	97.294	765.329	154.915
Total Current Liabilities (4)	1,555.060	2,252.137	1,328.059
TOTAL	7,214.255	7,602.005	5,136.702
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2,295.665	2,354.598	1,717.754
(ii) Intangible Assets	9.076	9.913	8.998
(iii) Capital work-in-progress	87.064	52.304	322.369
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1,651.789	1,859.420	477.606
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	518.109	459.168	1,029.863
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4,561.703	4,735.403	3,556.590
(2) Current assets
(a) Current investments	814.618	190.000	0.000
(b) Inventories	719.322	840.161	551.020
(c) Trade receivables	708.455	623.935	577.950
(d) Cash and cash equivalents	274.656	1,050.218	174.117
(e) Short-term loans and advances	124.117	112.140	261.374
(f) Other current assets	11.384	50.148	15.651
Total Current Assets	2,652.552	2,866.602	1,580.112
TOTAL	7,214.255	7,602.005	5,136.702

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	5,246.937	7,038.585	4,307.404
		Other Income	138.525	910.053	103.874
		TOTAL (A)	5,385.462	7,948.638	4,411.278
Less	EXPENSES
		Cost of Materials Consumed	2,478.866	2,519.651	1,703.284
		Purchases of Stock-in-Trade	61.986	55.709	32.182
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1.476)	(107.379)	(19.326)
		Employees benefits expense	441.619	408.757	297.891
		Other expenses	1,461.599	1,664.788	1,165.992
		TOTAL (B)	4,442.594	4,541.526	3,180.023
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		942.868	3,407.112	1,231.255
Less	FINANCIAL EXPENSES (D)		60.974	35.419	35.958
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		881.894	3,371.693	1,195.297
Less/ Add	DEPRECIATION/ AMORTISATION (F)		196.117	177.342	135.445
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		685.777	3,194.351	1,059.852
Less	TAX (H)		254.144	881.995	343.414
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		431.633	2,312.356	716.438
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2551.820	1322.309	850.210
Less	APPROPRIATIONS
		Transfer to General Reserve	43.200	232.000	71.650
		Interim Dividend	73.208	82.969	65.649
		Proposed Final Dividend	73.208	63.447	82.969
		Proposed Special Dividend	0.000	585.666	0.000
		Corporate Dividend Tax	24.318	118.763	24.071
	BALANCE CARRIED TO THE B/S		2769.519	2551.820	1322.309
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1357.110	1616.231	1305.103
		Carbon Credits	571.054	2519.001	783.289
		Contract Research Income	136.834	18.647	2.128
	TOTAL EARNINGS		2064.998	4153.879	2090.520
	IMPORTS
		Raw Materials	1459.903	1879.698	1072.059
		Stores & Spares	7.203	7.788	1.530
		Capital Goods	3.690	31.698	9.466
	TOTAL IMPORTS		1470.796	1919.184	1083.055
	Earnings / (Loss) Per Share (Rs.)		44.22	236.90	71.11

QUARTERLY RESULTS

PARTICULARS	30.06.2013	30.09.2013	31.12.2013
Type	1^stQuarter	2^nd Quarter	3^rd Quarter
Net Sales	1148.500	998.700	1100.500
Total Expenditure	969.800	835.200	969.800
PBIDT (Excl OI)	178.700	163.600	130.700
Other Income	63.400	68.000	30.300
Operating Profit	242.000	231.600	161.000
Interest	12.000	11.000	14.100
Exceptional Items	0.000	0.000	0.000
PBDT	230.100	220.500	146.900
Depreciation	50.600	52.400	50.900
Profit Before Tax	179.500	168.200	95.900
Tax	45.500	45.300	27.500
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	134.000	122.900	68.400
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	134.000	122.900	68.400

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	8.01	29.09	16.24
Net Profit Margin (PBT/Sales)	(%)	13.07	45.38	24.61
Return on Total Assets (PBT/Total Assets}	(%)	12.52	56.14	24.44
Return on Investment (ROI) (PBT/Networth)		0.13	0.66	0.32
Debt Equity Ratio (Total Debt/Networth)		0.16	0.19	0.15
Current Ratio (Current Asset/Current Liability)		1.71	1.27	1.19

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	97.568	97.569	97.572
Reserves & Surplus	3220.468	4736.151	4997.060
Net worth	3318.036	4833.720	5094.632
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	490.740	933.439	832.392
Total borrowings	490.740	933.439	832.392
Debt/Equity ratio	0.148	0.193	0.163

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	4307.404	7038.585	5246.937
		63.407	-25.455

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	4307.404	7038.585	5246.937
Profit	716.438	2312.356	431.633
	16.63%	32.85%	8.23%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBTS

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Debentures *		0.000	14.000
Redeemable at par Non-Convertible Debentures of Rs. 100/- each
Unpaid dividend		9.698	7.251
Unpaid money on buy-back of shares		0.447	0.447
Other payables
Statutory dues payable		17.498	15.891
Trade / security deposits		51.547	45.769
Advance from customers		17.732	16.168
Provision for gratuity		4.910	11.347
Other liabilities (secured by pledge of investments of a group company)		0.000	19.167
Total	NA	101.832	130.040

NOTE

* Zero Coupon Non-Convertible Debentures have been redeemed on 6th August 2011. (They were secured by first mortgage on the Company's immovable property at first floor of Kalpataru Point, Sion, Mumbai.)

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10085926	09/05/2012 *	750,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	B39932413
2	10029585	14/06/2012 *	750,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	B45328804
3	80016822	13/02/2013 *	500,000,000.00	AXIS BANK LIMITED	UNIVERSAL INSURANCE BUILDING, GRD. FLOOR., SIR P M ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B69781938
4	90145649	09/05/2012 *	900,000,000.00	STATE BANK OF HYDERABAD	OVERSEAS BRANCH,1204, ASHOK MAHAL, TULLOCH ROAD, COLABA, MUMBAI - 400039, MAHARASHTRA, INDIA	B39872213

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Commercial paper	198.329	0.000
Total	198.329	0.000

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 Bombay, Ahmedabad and National stock exchanges. The Company belongs to the reputed Arvind Mafatlal Group in India. Established in 1967, it has the largest integrated fluorochemicals complex in India. The Company primarily focuses on fluorine chemistry, producing refrigeration gases, some basic building block fluorides and specialty organofluorines. Its manufacturing facilities are located at Surat, Gujarat and Dewas, Madhya Pradesh.

YEAR IN RETROSPECT

Revenue from operations declined by 25% from Rs. 7038.600 Millions to Rs. 5246.900 Millions during the year. Though the Specialty business grew by 13% over the previous year and the Contract Research and Manufacturing (CRAMS) business grew by six times over the previous year, they were not enough to offset the decline in income from carbon credits from Rs. 2519.000 Millions to Rs. 571.100 Millions. Due to lower income from carbon credit and reversal of provision with regard to non-current investment in the previous year of Rs. 749.300 Millions, profit before tax declined by 79% from Rs. 3194.400 Millions to Rs. 685.800 Millions and profit after tax declined by 81% from Rs. 2312.400 Millions to Rs. 431.600 Millions as compared to the previous year.

During the year there has been a dramatic change in the economic and regulatory environment within the European Union which was the primary market for the carbon credits generated by the company. Henceforth, carbon credits generated from destruction of Hydro fluorocarbons are not allowed to be used as a carbon offset instrument within the European Union. Further, as a consequence of lower economic activity within the European Union, the demand for carbon credits sharply declined bringing the value down to a near zero. The weakening of the rupee against the US Dollar continued to put inflationary pressures on the economy for the second consecutive year. From a level of Rs. 49 to a US dollar in 2012, it weakened to a level of Rs. 54/55 during the last half of the current fiscal year. Inflation also remained at a fairly high level during the year. The compounded effect resulted in stagnation of govt. spends, low capex and the depressed consumer demand resulting into weakening of overall demand pull for the products of the Company.

As you are aware, the company decided to get into the global Contract Research and Manufacturing Services (CRAMS) space three years back and some initial investments were made to that end. During the year these investments have started bearing their first fruits and the revenues from this business has come along the lines of the business plan. The Contract Research Organisation (CRO) built in Surat has supported the contract manufacturing operations at Dewas as per the business plan. Manchester Organics Limited (MOL), their subsidiary in the U.K. has been an integral part of the overall CRAMS strategy of the Company. The CRO at Surat, the Contract Manufacturing Operations (CMO) at Dewas and MOL has been able to work in a well co-ordinated manner to deliver the desired objectives. During the year the company partnered with several global pharma majors in their respective R&D initiatives. In the coming years a significant growth is expected from this vertical both by improving capacity utilization and through additional capex spends.

Five new products have been introduced in the Bulk and Specialty businesses during the year for seeding the markets. They expect good potential upsides from these products in the coming years.

The Refrigerant Gases business has been under severe price pressures. This has been further accentuated by the mismatch in the movement of inputs cost and prevailing market prices of the finished products. The Bulk Fluorides business retained a steady performance along with the lines of the previous year.

As you are aware, the prices of some of the major raw materials of the Company e.g. fluorspar and chloroform increased substantially during the second half of the last fiscal and part of the inventories were carried forward into the current fiscal. This, along with weakening of the Rupee against the USD for the second consecutive year, impacted the margins of the Company adversely. As a matter of procurement strategy, now the Company has decided to reduce the inventory levels and move on to contracting smaller parcel sizes with its major suppliers.

The Rupee depreciation also resulted into higher fuel cost. There has been a more than 20% rise in the price of natural gas which travelled farther to depress the margins. Part of this negative has been made up by reducing the overall cost of power by participation in power trading, thereby moving on to sources which are cheaper than the local grid power.

The company maintained a good financial health with a sizeable treasury income. The Basel II rating of the Company is maintained at ‘CARE AA-’ (indicating high degree of safety regarding timely servicing of financial obligations and very low credit risk) for borrowings with a tenure of more than one year and fund-based facilities. The rating for short-term facilities (less than one year) has been maintained at ‘CARE A1+’ (indicating very strong degree of safety regarding timely servicing of financial obligations and lowest credit risk) for its non-fund based facilities.

The Company is fully committed to its responsibilities in health, safety and environmental (HSE) management and has continued to make sizable investments in HSE during the year.

During the year, the Company embarked on the “Responsible Care” an internationally acclaimed comprehensive Health, Safety and Environment (HSE) initiative which once implemented will take the Company to an elite club of community, climate and nature conscious organizations.

The Company is conscious about its social responsibilities and during the year, it started a mobile medical facility for the neighbouring areas in Surat. During the year, it also participated in supporting and upgrading a school for physically challenged children in Surat.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC OVERVIEW

The growth in the Indian economy slowed for the second year in succession to 5% in 2012-13 against 6.2% in 2011-12, the lowest in the last decade as a result of policy uncertainty resulting into weak growth in manufacturing, agriculture and service sectors. The Central Statistics Organisation’s advance estimate lowered growth in agriculture and allied activities to 1.8% in 2012-13 against 3.6% in 2011-12; manufacturing growth dropped to an estimated 1.9% in 2012-13 from 2.7% in 2011-12 while the services sector grew at 8.6% in 2012-13 against 11.7% in the previous fiscal.

In 2012-13, the industrial sector was plagued by a slowdown in investment and consumption, driven by policy slowdown. The manufacturing sector was impacted by declining private consumption, corporate investment and export demand. Overall, India’s GDP growth is expected to climb to 6-6.5% in 2013-14 (CRISIL estimates) due to a consumption revival. With advanced economies expected to record only a slight improvement in growth and depleted domestic investment pipeline, India’s GDP growth in 2013-14 will be largely dependent on the revival of

private consumption growth. Other factors expected to shape India’s growth prospects in 2013-14 could comprise a pick-up in agriculture, normal monsoon, lower interest rates, higher government spending and increased private consumption.

INDUSTRY OVERVIEW

The global fluorochemicals market remained volatile on account of various international agreements, including the Kyoto and Montreal Protocols, as well as uncertainties around newer generation climate friendly alternatives. Internationally the HCFC 22 market also remained depressed due to demandsupply and capacity imbalances. Even feed-stock demand was at an all time low.

The HFCs, which replaced HCFCs in the developing world and grew at a considerable pace until FY2011 is suffering from a policy limbo as there is no clear scientific and regulatory direction in terms of deciding on a basket of newer generation climate friendly alternatives.

OUTLOOK

The global demand for fluoro-chemicals is forecast to rise 3.9% per year to 3.5 million metric tons by 2016, valued at USD 19.7 billion. Gains will be fuelled by increasing production of refrigeration and cooling equipment worldwide, as well as by acceleration in primary aluminium output. Among other fluorochemicals products, fluoropolymers are expected to witness the most rapid gains in demand, driven by expanding opportunities for high-performance materials in motor vehicles, chemical processing, electronics and coatings markets. Demand for inorganic and specialty fluorochemicals will rise at a pace close to the overall average through 2016.

However, fluoro-chemicals suppliers will face a number of challenges including fluorspar availability as exports from China (world’s leading producer) have increasingly come under restrictions. The other challenge will be to deal with the evershifting regulatory environment for fluorocarbons benefitting from strong growth in global aluminium production.

GROWTH DRIVERS

Pharmaceuticals and healthcare: Potentially the Indian pharmaceutical industry is poised to grow rapidly. Currently, it ranks third in the world by drug volume (10% of global share) and fourteenth by value (about 3% of global sales). The top ten Indian pharma companies cater to 1.1% of the global spending (about USD 11 billion) on health care. The Indian pharma industry grew 16% year-on-year in 2012 to Rs 629 billion, representing one of the fastest growth rates in the world. Global spending on medicines is estimated to grow at 4.5% CAGR during the period driven by higher generic spending. In terms of geographies, pharmerging (emerging pharmaceutical markets) countries will be the key drivers with market share estimated to increase to 30% by CY16.

Automobiles, air-conditioners and refrigerators market: Though the Indian automotive industry faced one of its slowest growth rates in a decade, the long-term prospects for the sector remain optimistic, considering India’s low car penetration. According to estimates by JD Power and Ernst and Young, the Indian automobile market is tipped to become the third largest by 2020. India’s share of the global passenger vehicle market could jump from 4% in 2010-11 to 8% in 2020.

As per a study titled Demand of AC Industry: An Analysis, released by The Associated Chambers of Commerce and Industry in India, about 4.2 million units of room air-conditioners were sold in India in 2011. According to a TechSci Research report, the country’s air-conditioner market is forecast to grow at 13.6% CAGR for five years fuelled by a rapid increase in middle-class households from 31.4 million to 53.4 million by 2015 (NCAER report) and a deeper penetration of room air-conditioners in the middle class Indian households.

The Indian refrigerator market is estimated in excess of 8 mn units per year, with the market growing at almost twice the rate of the overall growth of the country’s consumer durables sector.

Agrochemicals: India is the fourth largest producer of agrochemicals, after United States, Japan and China whereas, India’s agrochemicals consumption is one of the lowest with per hectare consumption of just 0.58 Kg compared to US (4.5 Kg/ ha) and Japan (11 Kg/ha). Given the thin base, the consumption in this sector can also be expected to grow rapidly.

CRAM / CRO: A business conceived two years back, is now coming of age. By leveraging its existing relationships with global pharma and agro majors and presence in Europe through Manchester Organics, this vertical is slated to double its revenues over the near future.

PRODUCT

REFRIGERANTS

SEGMENT REVENUE IN 2012-13: Rs. 1760.000 MILLIONS

Navin Fluorine pioneered the manufacture of refrigerant gases in India in 1967. Its Mafron brand is a generic name for refrigerant gases in the country, a preferred choice for original equipment manufacturers, service technicians and equipment owners. The product facilitates safe, reliable and efficient refrigeration and air-conditioning solutions. The product is distributed through a strong distribution network of over 120 dealers in India and overseas. The Company’s refrigerant products are exported to South Asia, Southeast Asia, the Middle East and Turkey.

In 2012-13, the Company derived 32% of its refrigerant revenues from international markets (40% in 2011-12) while the rest was marketed within India. Though volumes for HCFC22 declined over the previous year, the segment derived higher contributions mostly on account of raw material and packaging value engineering. The division also engaged in HFC134A trading, whose prices remained stable through most of the year.

As informed earlier the division’s CER income ceased with effect from 31 December, 2012.

PRODUCT

SPECIALTY CHEMICALS

SEGMENT REVENUE IN 2012-13: Rs. 1780.000 MILLIONS

The Company’s specialty segment manufactures fluorine-based molecules with niche applications in the pharmaceutical and agrochemical segments.

The division has a rich fluorine chemistry competence backed by a robust research set-up. Almost 46% of sales have come from international business.

During the year the division introduced six new fluorinated compounds with growing applications in the pharmaceutical and agrochemical sectors. The Company expects to work closely with customers, creating cost-efficient processes to widen its customer base.

PRODUCT

BULK FLUORIDES

SEGMENT REVENUE IN 2012-13: Rs. 990.000 MILLIONS

Bulk fluorides cater mainly to the steel sector with dominant applications in the glass, pharmaceutical and agrochemical industries. The division launched two new products during the year with sizable potential upside to be harnessed in the coming years.

The division plans to introduce specific compounds for the glass industry and increase its export reach on the back of efficient cost levers.

STATEMENT OF UNAUDITED STANDALONE RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2013

PART I

(Rs. in Millions)

Sr. No.	Particulars	Three months ended 31.12.2013	Three months ended 30.09.2013	Year to Date figures for current period ended 31.12.2013
		(Unaudited)	(Unaudited)	(Unaudited)
1	Income from Operations Net sales/ Income from operations (Net of excise duty) Other operating income	1096.964 3.552	992.299 6.438	3233.661 14.044
	Total Income from Operations (Net)	1100.516	998.737	3247.705
2	Expenses (a) Cost of materials consumed (b) Purchase of stock-in-trade (c) Changes in inventories of finished Goods, work-in-progress and stock-in- (d) Employee benefits expense (e) Depreciation and amortisation expense (f) Net loss on foreign currency transactions and translations (g) Other expenses	526.230 8.664 (28.326) 119.674 50.933 1.706 341.882	474.755 3.401 (38.362) 115.611 52.385 (0.818) 279.738	1520.192 32.439 (41.541) 367.062 153.909 0.982 894.779
	Total expenses	1020.763	886.710	2927.822
3	Profit from Operations before Other Income and Finance costs (1 - 2)	79.753	112.027	319.883
4	Other Income	30.265	67.167	160.779
5	Profit from ordinary activities before Finance costs (3 + 4)	110.018	179.194	480.662
6	Finance costs	14.079	11.044	37.094
7	Profit from ordinary activities before tax (5 - 6)	95.939	168.150	443.568
8	Tax expense	27.495	45.275	118.235
9	Net Profit after taxes (7 - 8)	68.444	122.875	325.333
10 11 12	Paid-up equity share capital (Face value of Rs. 10/- per share) Reserve excluding revaluation reserves as per balance sheet at year end Earning per share (of Rs. 10/- each) (not annualised) * - Basic and diluted EPS for the period/ year	97.572 7.01	97.572 12.59	97.572 33.33

*Stock options issued to certain executives, not being dilutive have not been considered for the purpose of computing earnings per share.

PART II

SELECT INFORMATION FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2013

Sr. No.	Particulars	Three months ended 31.12.2013	Three months ended 30.09.2013	Year to Date figures for current period ended 31.12.2013
		(Unaudited)	(Unaudited)	(Unaudited)
(A) 1 2	PARTICULARS OF SHAREHOLDING Public Shareholding - Number of shares - Percentage of shareholding Promoters and promoter Group Shareholding a) Pledged / Encumbered - Number of shares - Percentage of shares (as a % of the total shareholding of promoter and promoter group) - Percentage of shares (as a % of the total share capital of the company) b) Non - encumbered - Number of shares - Percentage of shares (as a % of the total shareholding of promoter and promoter group) - Percentage of shares (as a % of the total share capital of the company)	5,970,603 61.17% 588,728 15.53% 6.03% 3,201,766 84.47% 32.80%	5,970,603 61.17% 588,728 15.53% 6.03% 3,201,766 84.47% 32.80%	5,970,603 61.17% 947,728 25.00% 9.71% 2,842,766 75.00% 29.12%

	Particulars	Three months ended 31.12.2013
(B)	INVESTOR COMPLAINTS (Nos.) Pending at the beginning of the quarter Received during the quarter Disposed of during the quarter Remaining unresolved at the end of the quarter	- - - -

NOTES

1) The results of the quarter/ period ended 31st December, 2013 were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 27th January, 2014. They have been subjected to limited review by the statutory auditors.

2) There has been no income from sale of Certified Emission Reductions (Carbon Credits) during the quarter/period. The corresponding figures for the quarter and period ended 31st December, 2012 were Rs. 112.722 Millions and Rs. 541.739 Millions respectively.

3) The Company paid interim dividend of Rs. 7.50 per share on 97,61,097 equity shares of nominal value of Rs.10/- each, aggregating Rs. 73.208 Millions (corresponding quarter previous year; Rs 73.208 Millions on 97,61,097 equity shares of nominal value of Rs.10/- each) during the quarter ended 31st December, 2013.

4) The Company operates solely in the chemical business segment.

5) Previous period’s/ year’s figures have been regrouped, wherever necessary, to correspond with those of the current period.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
a) Excise matters disputed in appeal
These relate to MODVAT on capital purchases (pending before the Assistant Commissioner) and permit fee on purchase of alcohol (pending before the High Court)	15.820	15.820
b) Claims against the Company not acknowledged as debts
Labour matters involving issues like regularization of employment, termination of employment, compensation against severance, etc.	2.265	2.265
c) Sales-tax matters disputed in appeal
These relate to classification of goods and consequent dispute on the rates of sales-tax (pending at various stages from Assistant Commissioner to High Court)	19.949	20.196
d) Income tax matters disputed in appeal	80.561	62.917

Note

In all the above matters, the Company is hopeful of succeeding and as such does not expect any significant liability to crystallize.

FIXED ASSETS

v Tangible Assets

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Office Equipment

v Intangible Assets

· Computer Software

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.60.23
UK Pound	1	Rs.100.79
Euro	1	Rs.83.29

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	MRI

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	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--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		60

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.