Report Date :

11.08.2014

IDENTIFICATION DETAILS

Name :	NOCIL LIMITED (w.e.f 29.11.2007)
Formerly Known As :	NATIONAL ORGANIC CHEMICAL INDUSTRIES LIMITED
Registered Office :	Mafatlal House, H T Parekh Marg, Backbay Reclamation, Churchgate, Mumbai – 400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.05.1961
Com. Reg. No.:	11-012003
Capital Investment / Paid-up Capital :	Rs.1607.870 Millions
CIN No.: [Company Identification No.]	L99999MH1961PLC012003
TAN No.: [Tax Deduction & Collection Account No.]	MUMN00133A mumn10739b
PAN No.: [Permanent Account No.]	AAACN4912E
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and Trading of Rubber Chemicals.
No. of Employees :	266 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (58)

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 15000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track. Fundamentals of the company is decent. Financial position of the company is strong and healthy. Trade relations are reported to be fair. Business is active. Payment terns are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = AA-
Rating Explanation	High degree of safety and low credit risk.
Date	31.03.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	31.03.2014

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 31-03-2014.

INFORMATION DENIED

Management Non Co-Operative (Tel No.: 91-22-66364062)

LOCATIONS

Registered/ Head Office/ Export Department ::	Mafatlal House, H T Parekh Marg, Backbay Reclamation, Churchgate, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-66364062
Fax No.:	91-22-66364060 / 56364056
E-Mail :	vikas.gupte@nocilindia.com investorcare@nocilindia.com karnik.um@nocilindia.com rcdmktg@nocilindia.com gadgilrm@nocilindia.com rakesh@nocilindia.com
Website :	www.nocilrubberchemicals.com http://www.nocil.com
Factory 1/ Marketing Technical Service :	C-37, T.T.C. Industrial Area, Off Thane-Belapur Road, Pawne Village, Post Turbhe, Navi Mumbai - 400705, Maharashtra, India
Tel. No.:	91-22-66730551
Fax No.:	91-22-27671862
Email :	deo@nocilindia.com
Factory 2 :	12/A/1 and 13/B/1, Dahej Indl. Estate, Village Ambheta, Talulka Vagra, District Bharuch– 392130, Gujarat, India

DIRECTORS

As on 31.03.2014

Name :	Mr. Hrishikesh A. Mafatlal
Designation :	Chairman
Name :	Mr. Rohit Arora
Designation :	Director
Name :	Mr. V. R. Gupte
Designation :	Director
Name :	Mr. C. L. Jain
Designation :	Director - (GIC Nominee)
Name :	Mr. Vishad P. Mafatlal
Designation :	Director
Name :	Mr. D.N. Mungale
Designation :	Director
Name :	Mr. N. Sankar
Designation :	Director
Name :	Mr. P. V. Bhide
Designation :	Director (w.e.f 26.10.2010)
Name :	Mr. C.R. Gupte
Designation :	Managing Director
Name :	Mr. S. R. Deo
Designation :	Executive Directors

KEY EXECUTIVES

Name :	Mr. V. K. Gupte
Designation :	Company Secretary
Name :	Mr. S. R. Deo
Designation :	President – Technical (w.e.f. – 1, January, 2014)

SHAREHOLDING PATTERN

As on 30.06.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	727040	0.45
Bodies Corporate	58224739	36.21
Sub Total	58951779	36.66
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	58951779	36.66
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	44480	0.03
Financial Institutions / Banks	1012551	0.63
Central Government / State Government(s)	880	0.00
Insurance Companies	4897570	3.05
Foreign Institutional Investors	39518	0.02
Sub Total	5994999	3.73
(2) Non-Institutions
Bodies Corporate	19506247	12.13
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	55681502	34.63
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	19388449	12.06
Any Others (Specify)	1264004	0.79
Overseas Corporate Bodies	5000	0.00
Non Resident Indians	1259004	0.78
Sub Total	95840202	59.61
Total Public shareholding (B)	101835201	63.34
Total (A)+(B)	160786980	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	160786980	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Rubber Chemicals.

Products :

Products Description	Item Code No.
Amine Function Compounds	29215190
Sulphonamides	29350090
Heterocyclic Compounds with Nitrogen Heteroatom(s)	29334900

GENERAL INFORMATION

No. of Employees :

266 (Approximately)

Bankers :

· HDFC Bank Limited

· Export-Import Bank of India

· AXIS Bank Limited

· IDBI Bank Limited

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Term loans from Banks	718.333	931.667
Short-Term Borrowings
Working Capital Loans	335.591	343.363
Packing credit loan	255.000	30.000
Total	1308.924	1305.030

Note:

Long-Term Borrowings

Details of Security

a) First pari passu charge on all moveable and immoveable fixed assets of the company at Dahej, both present and future.

b) Second pari passu charge on entire current assets of the company, both present and future.

Terms of Repayment and maturity with respect to the Balance Sheet date Repayable in 20 / 21 equal quarterly instalments commencing from Financial Year 2013-14

Short-Term Borrowings

Details of Security

First pari passu charge on stock and book debts both present and future by way of hypothecation over company's entire current assets including stock of raw materials, semi-finished and finished goods, consumable stores and spares and other movables, book debts, bills, outstanding monies, receivables, both present and future.

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells LLP Chartered Accountants
Solicitors and Advocates :	· Vigil Juris · PDS Legal
Subsidiaries :	· PIL Chemicals Private Limited (PIL)
Enterprises over which Directors and Relatives of such personnel exercise significant influence :	· Navin Fluorine International Limited · Mafatlal Industries Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000000	Equity Shares	Rs.10/- each	Rs.12000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
160786980	Equity Shares	Rs.10/- each	Rs.1607.870 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1607.870	1607.870	1607.870
(b) Reserves & Surplus	2155.847	2032.538	1720.503
(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)	3763.717	3640.408	3328.373
(3) Non-Current Liabilities
(a) long-term borrowings	718.333	931.667	750.000
(b) Deferred tax liabilities (Net)	389.732	268.877	219.016
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	114.965	117.956	182.300
Total Non-current Liabilities (3)	1223.030	1318.500	1151.316
(4) Current Liabilities
(a) Short term borrowings	590.591	373.363	54.588
(b) Trade payables	1240.993	714.574	627.746
(c) Other current liabilities	408.113	435.574	169.343
(d) Short-term provisions	138.107	137.258	128.351
Total Current Liabilities (4)	2377.804	1660.769	980.028
TOTAL	7364.551	6619.677	5459.717
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2970.315	2955.947	702.170
(ii) Intangible Assets	50.500	54.554	38.685
(iii) Capital work-in-progress	28.222	34.408	1265.532
(iv) Intangible assets under development	0.000	0.000	12.330
(b) Non-current Investments	473.058	473.058	250.558
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	457.579	518.624	533.146
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3979.674	4036.591	2802.421
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1598.828	1154.395	1139.151
(c) Trade receivables	1477.186	1108.661	995.779
(d) Cash and cash equivalents	149.991	117.644	350.676
(e) Short-term loans and advances	156.146	198.288	170.683
(f) Other current assets	2.726	4.098	1.007
Total Current Assets	3384.877	2583.086	2657.296
TOTAL	7364.551	6619.677	5459.717

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	5961.439	4881.779	4814.910
		Other Income	107.570	138.737	232.455
		TOTAL (A)	6069.009	5020.516	5047.365
Less	EXPENSES
		Cost of Materials Consumed	3534.295	3033.771	2992.983
		Purchases of stock-in-trade	40.835	27.996	26.489
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(84.915)	95.186	(70.868)
		Employee benefits expense	410.133	356.422	345.479
		Other expenses	1451.839	1172.288	1192.154
		Exceptional item	20.345	(222.500)	(2.245)
		TOTAL (B)	5372.532	4463.163	4483.992
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		696.477	557.353	563.373
Less	FINANCIAL EXPENSES (D)		173.877	37.549	4.316
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		522.600	519.804	559.057
Less/ Add	DEPRECIATION/ AMORTISATION (F)		175.584	78.457	89.934
	PROFIT BEFORE TAX (E-F) (G)		347.016	441.347	469.123
Less	TAX (H)		110.840	16.445	129.217
	PROFIT AFTER TAX (G-H) (I)		236.176	424.902	339.906
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1499.446	1187.411	659.628
	TRANSFER FROM RESERVE FOR CONTINGENCY		0.000	0.000	300.000
Less	APPROPRIATIONS
		Proposed Dividend on Equity Shares	96.500	96.472	96.472
		Corporate tax on dividend	16.400	16.395	15.651
	BALANCE CARRIED TO THE B/S		1622.722	1499.446	1187.411
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2220.780	1896.045	1943.973
	TOTAL EARNINGS		2220.780	1896.045	1943.973
	IMPORTS
		Raw Materials	1923.982	1230.291	1284.759
		Stores & Spares	0.815	1.334	1.470
		Capital Goods	2.519	129.025	7.794
	TOTAL IMPORTS		1927.316	1360.650	1294.023
	Earnings Per Share (Rs.)		1.47	2.64	2.11

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	3.89	8.46	6.73
Net Profit Margin (PBT/Sales)	(%)	5.82	9.04	9.74
Return on Total Assets (PBT/Total Assets}	(%)	5.06	7.22	11.93
Return on Investment (ROI) (PBT/Networth)		0.09	0.12	0.14
Debt Equity Ratio (Total Debt /Networth)		0.35	0.36	0.24
Current Ratio (Current Asset/Current Liability)		1.42	1.56	2.71

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	1607.870	1607.870	1607.870
Reserves & Surplus	1720.503	2032.538	2155.847
Net worth	3328.373	3640.408	3763.717
long-term borrowings	750.000	931.667	718.333
Short term borrowings	54.588	373.363	590.591
Total borrowings	804.588	1305.030	1308.924
Debt/Equity ratio	0.242	0.358	0.348

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	4,814.910	4,881.779	5,961.439
		1.389	22.116

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	4,814.910	4,881.779	5,961.439
Profit	339.906	424.902	236.176
	7.06%	8.70%	3.96%

LOCAL AGENCY FURTHER INFORMATION

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

CORPORATE INFORMATION

The Company was incorporated on 11 May 1961, and is engaged in manufacture of rubber chemicals. The Company has manufacturing facilities at Navi Mumbai (Maharashtra) and at Dahej (Gujarat). The products manufactured by the Company are used by the tyre industry and other rubber processing industries.

PERFORMANCE OF THE COMPANY

The year continued to experience challenging business conditions with the slowing down of GDP growth in India and increased competition from foreign suppliers. The operating performance consequently, got impacted particularly in the first half of financial year 2013-14.

In line with the depressed automobile sector demand, majority of the company’s customers both in the domestic as well as in the international market, undertook production cuts at periodical intervals to align their production with demand. As a result there was negligible growth in demand for Rubber Chemicals in the country. The silver lining is that, at least some of the large economies like the US in the western world are now showing healthy trends. The Indian economy too is expected to do better in the coming year in the hope of a stable government at the centre, which should augur well for their business.

The company achieved a growth of 6.5% in its sales volumes as compared to the previous year through sustained marketing efforts and also due to some exits/closures of a few local and international Rubber Chemical players.

The gross turnover of the company, for the year, touched Rs.6430.000 Millions as compared to Rs.5270.000 Millions in the previous year, representing an increase of about 22%. This increase was possible due to a combination of Rupee depreciation, a change in the product mix along with some price corrections which were done to offset some rising input costs. While their efforts to improve their realisations continue, they are severely constrained in this regard on account of the aggressive dumping resorted to by their competitors, especially from China and Korea. This in turn has also forced the European competitors to offer similar aggressive pricing.

The production of rubber chemicals and their intermediates, for the year was 37,333 MT as against 33,341 MT, representing an increase of about 12% as compared to the previous year. Unfortunately, the main product (Px-13) continues to suffer due to the unrealistically low prices offered by international competitors. On the whole, their selling prices continue to be unfavourably influenced and impacted by the artificially low pricing adopted by competitors.

The Input costs, in sync with the high crude oil and benzene prices, continued to show rising trend. While their did manage to pass on some of these increases to their customers, they were not commensurate with the increases they had to absorb.

EXPORTS

With some of the important international markets showing some signs of improvement in the second half of the current year, they registered a marginal growth in export volumes by 3%. Due to a significant proportion of high value/speciality products in their export basket as well as due to the weaker Rupee, the company managed to achieve a substantially higher export turnover of Rs.2250.000 Millions as compared to Rs.1880.000 Millions in the previous year. It would be worthwhile mentioning that the company has over a period successfully developed and markets a few speciality products, specifically tailored for its major international customers, due to which it enjoys a niche position. As far as the other generic products are concerned, the company enters the export segment, only out of a compulsion to optimally utilise its own capacities in the absence of sufficient orders from the domestic customers and not out of choice, since pricing in the exports market is also vitiated by the aggressive dumping resorted by the Chinese, Korean and other competitors.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC REVIEW

The economic activity in the country was at a low key during the year, as GDP growth slowed down to around 5% for the year. However some signs of improvements though minor are visible since the last quarter. The outlook, particularly post elections, seems more promising than the year.

Crude oil prices as in the past few years, continue to remain at high levels. India being dependant on large imports of crude oil, experienced an adverse impact in case of both, economic growth as well as currency management. Rupee experienced huge depreciation vis-a-vis US Dollar and other major currencies in the first half of the financial year, which continued till the third quarter of the year. During these volatile times, Rupee dipped close to Rs.70 per US$. Some correction did take place in the last quarter on account of high forex inflows into the country on the back of the upswing in the equity markets.

The uncertain political scenario also compounded the problems further. This not only resulted in hampering the Industrial growth in India for the second consecutive year but also ensured that there were no major capital investments. Needless to mention, this had a direct impact on the consumer demand. Automobile sector being one of the key sectors of the economy, was badly affected. The company being a second stage supplier to the Auto sector faced all these challenges in substantial measure.

On the positive side, some of the major economies like the US and Japan have started showing some encouraging trends during the last few quarters. It is expected that the formation of the new Indian Government post elections, at the centre, is expected to give some boost to the manufacturing sector which in turn would show some improvement in overall demand pattern.

OPERATING PERFORMANCE AND FINANCIAL PERFORMANCE FOR THE YEAR

The prices of practically all the major inputs of the company continued to be at high levels. Due to the aggressive dumping resorted to by the Chinese/Korean/European Manufacturers, the company too had to occasionally cut down the production of certain key products

During the year, the Company achieved a profit before tax of 347.000 Millions as compared to 441.300 Millions in 2012-13. The performance for the year should be viewed in the context of higher depreciation, interest and establishment costs consequent on setting up of Dahej operations site.

CONTINGENT LIABILITIES IN RESPECT OF:

Particulars	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Claims against the Company not acknowledged as debts - Legal cases against the company	6.227	14.058	20.288
Central excise duty and Customs duty demands dispute	6.578	13.900	15.342
Income tax demands disputed	107.430	86.583	281.688
Sales tax demands disputed	39.381	36.436	79.487

UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 30^TH JUNE 2014

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)
	30.06.2014
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	1757.400
b) Other operating income	94.000
Total income from Operations(net)	1766.800
2.Expenditure
a) Cost of material consumed	1158.000
b) Purchases of stock in trade	9.600
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(131.500)
d) Employees benefit expenses	118.100
e) Depreciation and amortization expenses	34.500
f) utilities	151.100
g) other expense	243.900
Total expenses	1583.700
3. Profit from operations before other income and financial costs	183.100
4. Other income	10.100
5. Profit from ordinary activities before finance costs	193.200
6. Finance costs	41.700
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	151.500
8. Exceptional item	0.000
9. Profit from ordinary activities before tax Expense:	151.500
10.Tax expenses	50.800
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	100.700
12.Extraordinary Items (net of tax expense)	0.000
13.Net Profit / (Loss) for the period (11 -12)	100.700
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	1607.900
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic	0.63
(a) Diluted	0.63

Particulars	Quarter Ended ( Unaudited)
	30.06.2014
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	101835201
- Percentage of shareholding	63.34
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	-
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	-
Percentage of shares (as a % of total share capital of the company)	-
b) Non Encumbered
Number of shares	58951779
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00
Percentage of shares (as a % of total share capital of the company)	36.66
B. Investor Complaints
Pending at the beginning of the quarter	-
Receiving during the quarter	3
Disposed of during the quarter	3
Remaining unreserved at the end of the quarter	-

Notes:

1. Depreciation for the quarter ended 30 June 2014 has been provided in accordance with Schedule II of the Companies Act, 2013.

2. The Company is primarily engaged in the business of manufacture of Rubber Chemicals, which in the context of Accounting Standard (AS 17) on 'Segment Reporting', constitutes a single reportable segment.

3. During the previous year ended 31 March 2014, the Company implemented a voluntary retirement scheme at its Navi Mumbai Plant. The compensation paid during the previous quarter ended 30 June 2013 under the said scheme of Rs.20.300 Millions has been debited to the Statement of Profit and Loss and disclosed as an exceptional item.

4. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 31 July 2014 and have been subjected to limited review by the statutory auditors of the Company.

5. The figures for the corresponding periods year have been regrouped, wherever necessary.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10435314	14/06/2013	350,000,000.00	IDBI BANK LIMITED	IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India	B78953569
2	10315780	03/09/2012 *	500,000,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	B58723214
3	10274532	03/09/2012 *	750,000,000.00	Export Import Bank Of India	Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India	B58865171
4	10006868	10/04/2013 *	650,000,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	B74190315
5	90230121	31/01/2006	270,000,000.00	UTI BANK LIMITED	Nariman Point Branch, Atlanta Point Branch; Atlanta; Nariman Point, Mumbai, Maharashtra - 400021, India	-
6	90241373	21/03/2005	152,289,030.00	State Bank Of India	Branch, Mumbai, Maharashtra, India	-
7	90223229	21/03/2001	120,000,000.00	ICICI Limited	Icici Towers; Bandra - Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, India	-
8	90222774	16/05/2000 *	300,000,000.00	ICICI Limited	163, Backbay Reclamation, Mumbai, Maharashtra - 400020, India	-
9	90222640	04/06/1996	220,000,000.00	Infrastructure Leasing And Financial Services Limited	Mahindra Towers; 4th Floor, Dr. G. M. Bhosale Marg, Bombay, Maharashtra - 400018, India	-
10	90222510	19/06/1995	20,000,000.00	ABN AMRO BANK N.V.	14; Veer Nariman Road, Fort, Bombay, Maharashtra  - 400023, India	-
11	90222443	16/02/1995	30,000,000.00	State Bank Of India	Commercial Branch, Justice G. N. Vaidya Marg, Bombay, Maharashtra - 400023, India	-
12	90222425	26/12/1994	300,000,000.00	SCICI LIMITED	141, Marker Towers F; Cuffe Parade, Bombay, Maharashtra - 400005, India	-
13	90222318	19/04/1994	175,000,000.00	STATE BANK OF INDIA	Commercial Branch, Justice G.N. Vaidya Marg, Mumbai, Maharashtra - 400021, India	-
14	90222269	21/12/1993	37,800,000.00	ABN AMRO BANK N.A	14; Veer Nariman Roar, Fort, Bombay, Maharashtra  - 400023, India	-
15	90222254	24/11/1993	31,200,000.00	STATE BANK OF INDIA	Commercial Branch, ]Justice G. N. Vaidya Marg, Bombay, Maharashtra - 400023, India	-
16	90225933	24/11/1993 *	265,000,000.00	State Bank Of India	Commercial Branch, ]Justice G. N. Vaidya Marg, Bombay, Maharashtra - 400023, India	-
17	90222226	13/09/1993	50,000,000.00	State Bank Of India	Industrial Finance Branch, Fort, Bombay, Maharashtra - 400001, India	-
18	90222218	31/12/1994 *	70,000,000.00	CORPORATION BANK	Industrial Finance Branch; Bharat House, Ground Floor; No 104; B. S. Marg, Bombay, Maharashtra - 400001, India	-
19	90222213	07/04/1994 *	150,000,000.00	UNION BANK OF INDIA	Industrial Finance Branch, 1st Floor; Union Bank Bhavan; 239; Vidhan Bhavan M, Bombay, Maharashtra - 400021, India	-
20	90222172	09/04/1993	30,000,000.00	CREDIT LYONNAIS	Scindia House, Ballard Piar, Bombay, Maharashtra  - 400038, India	-
21	90224353	14/07/1992	1,500,000.00	BARCLAYS BANK OLC	54; Lombard Street, London, United Kingdom	-
22	90222065	17/06/1992	40,000,000.00	UNION BANK OF INDIA	Industrial Finance Branch; 1st Floor, 239; Vidhan  Bhavan Marg, Bombay, Maharashtra - 400021, India	-
23	90225864	17/06/1992	40,000,000.00	UNION BANK OF INDIA	Industrial Finance Branch; 1st Floor, 239; Vidhan  Bhavan Marg, Bombay, Maharashtra - 400021, India	-
24	90222031	06/03/1992	30,000,000.00	ABN AMRO BANK N.V.	14; VEER NARIMAN ROAD, BOMBAY, MAHARASHTRA - 40002  3, INDIA	-
25	90221979	07/11/1991	150,000,000.00	UNION BANK OF INDIA	Industrial Finance Branch; 1st Floor, 239; Vidhan  Bhavan Marg, Bombay, Maharashtra - 400021, India	-
26	90221948	08/09/1995 *	100,000,000.00	The Industrial Credit And Investment Corporation Of  India Limited	163, Backbay Reclamation, Bombay, Maharashtra - 400020, India	-
27	90221722	15/12/1993 *	30,000,000.00	BANK OF INDIA	Nariman Point Branch, Air India Building; Nariman  Point, Bombay, Maharashtra - 400021, India	-
28	90225729	15/12/1993 *	30,000,000.00	BANK OF INDIA	Nariman Point Branch, Air India Build; Nariman Point, Bombay, Maharashtra - 400021, India	-
29	90221488	30/03/1989 *	12,000,000.00	Industrial Reconstruction Bank Of India	19, Netaji Subash Road, Calcutta, West Bengal - 700001, India	-
30	90221211	26/08/1985	4,500,000.00	The Industrial Credit And Investment Corp. Of India	163, Backbay Reclamation, Bombay, Maharashtra - 400020, India	-
31	90225542	23/08/1985	15,000,000.00	BANK OF INDIA	Commercial Branch; Banks Street, Fort, Bombay, Maharashtra - 400023, India	-
32	90221097	30/07/1984 *	22,300,000.00	Industrial Development Bank Of India	Nariman Bhavan; 227, Vinay K. Shah Marg; Nariman  Point, Bombay, Maharashtra - 400021, India	-
33	90221093	27/02/1984	20,000,000.00	The Hongkong And Shanghai Banking Corporation	50/60, Mahatma Gandhi Road, Bombay, Maharashtra -  400023, India	-
34	90221055	23/08/1985 *	13,786,824.00	STATE BANK OF INDIA	Commercial Branch, Bombay, Maharashtra - 400023, India	-
35	90221053	30/07/1984 *	30,000,000.00	Industrial Development Bank Of India	Nariman Bhavan; 227, Vinay K. Shah Marg; Nariman  Point, Bombay, Maharashtra - 400021, India	-
36	90221025	19/04/1983	30,000,000.00	State Bank Of India	Commercial Branch, Bombay, Maharashtra - 400023, India	-
37	90220999	04/08/1988 *	25,500,000.00	The Industrial Credit And Investment Corporation Of  India Limited	163, Backbay Reclamation, Bombay, Maharashtra - 400020, India	-
38	90226533	19/01/1983	14,000,000.00	The Industrial Finance Corporation Of India	Bankof Baroda Building, 16; Parliament Street, New Delhi, Delhi - 110001, India	-
39	90220994	22/12/1982	20,000,000.00	The Industrial Credit And Investment Corporation Of  India Limited	163, Backbay Reclamation, Bombay, Maharashtra - 400020, India	-
40	90220954	31/03/1982	1,500,000.00	The Industrial Credit And Investment Corporation Of  India Limited	163, Backbay Reclamation, Bombay, Maharashtra - 400020, India	-
41	90225479	05/03/1982	20,000,000.00	Mercantile Bank Limited	52/60, Mahatma Gandhi Road, Bombay, Maharashtra - 400023, India	-
42	90220909	26/06/1981	10,900,000.00	The Industrial Credit And Inve. Corpo. Of India	163, Backbay Reclamation, Bombay, Maharashtra - 400020, India	-
43	90220872	01/12/1982 *	25,000,000.00	Syndicate Bank	Nariman Point Branch, Bombay, Maharashtra - 400021, India	-
44	90225461	15/12/1980	25,000,000.00	Syndicate Bank	Nariman Point Branch, Bombay, Maharashtra - 400021, India	-
45	90220819	16/01/1980	5,000,000.00	Life Insurace Corporation Of India	Yogakshema, Jeevan Bima Marg, Bombay, Maharashtra - 400021, India	-
46	90220801	20/06/1979	7,252,000.00	The Industrial Credit And Inve. Corpo. Of India	163, Backbay Reclamation, Bombay, Maharashtra - 400020, India	-
47	90220642	06/07/1972	10,200,000.00	The Industrial Credit And Inve. Corpo. Of India	163, Backbay Reclamation, Bombay, Maharashtra - 400020, India	-

FIXED ASSETS:

· Land Leasehold

· Building

· Plant and Machinery

· Office Equipments including computers

· Furniture, Fixtures and Equipment

· Vehicle

· Patents

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.56
UK Pound	1	Rs.103.50
Euro	1	Rs.82.42

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUM
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--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		58

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.