1. Summary Information

		Country	India
Company Name	AARTI INDUSTRIES LIMITED	Principal Name 1	Mr. Chandrakant V. Gogri
Status	Good	Principal Name 2	Mr. Rajendra V. Gogri
		Registration #	04-007301
Street Address	Plot No. 801/23, G.I.D.C. Estate, Phase III, Vapi – 396 195, Gujarat
Established Date	28.09.1984	SIC Code	--
Telephone#	91-2638-25690411/ 2/ 3	Business Style 1	Manufacturer
Fax #	91-2638-25904806	Business Style 2	Importer
Homepage	www.aartigroup.com	Product Name 1	Organic Chemicals
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.395, 600,000/-	Product Name 3	--
Shareholders	Total shareholding of Promoter and Promoter Group = 60.83% Total Public shareholding = 39.17%	Banking	Bank of Baroda
Public Limited Corp.	Yes	Business Period	30 Years
IPO	Yes	International Ins.	--
Public Enterprise	Yes	Rating	Ba (54)
Related Company
Relation	Country	Company Name	CEO
Subsidiary	--	Aarti Corporate Services Limited	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	8,659,289,000	Current Liabilities	2,798,127,000
Inventories	4,621,230,000	Long-term Liabilities	8,017,491,000
Fixed Assets	6,642,261,000	Other Liabilities	3,146,787,000
Deferred Assets	0,000	Total Liabilities	13,962,405,000
Invest& other Assets	806,035,000	Retained Earnings	6,323,452,000
		Net Worth	6,766,410,000
Total Assets	20,728,815,000	Total Liab. & Equity	20,728,815,000
Total Assets (Previous Year)	15,683,433,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	20,961,176,000	Net Profit	1,313,434,000
Sales(Previous yr)	16,733,107,000	Net Profit(Prev.yr)	871,861,000

MIRA INFORM REPORT

Report Date :

20.01.2014

IDENTIFICATION DETAILS

Name :	AARTI INDUSTRIES LIMITED (w.e.f. 24.02.1995)
Formerly Known As :	AARTI ORGANICS LIMITED
Registered Office :	Plot No. 801/23, G.I.D.C. Estate, Phase III, Vapi – 396195, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.09.1984
Com. Reg. No.:	04-007301
Capital Investment / Paid-up Capital :	Rs.395.600 Millions
CIN No.: [Company Identification No.]	L24110GJ1984PLC007301
TAN No.: [Tax Deduction & Collection Account No.]	SRTA02524E
PAN No.: [Permanent Account No.]	AABCA2787L
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Various Agrochemicals Intermediates.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 27000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a part of AARTI GROUP. It is a well-established company having fine track record. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. 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.

ECGC Country Risk Classification List – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “A+”
Rating Explanation	Adequate credit quality and average credit risk.
Date	16.08.2013

Rating Agency Name	CRISIL
Rating	Short term rating: “A1”
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	16.08.2013

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.

LOCATIONS

Registered Office/ Factory 1 :	Plot Nos. 801, 801/23, 802, 803, 804/1-2-3, 801/15 to 19, 21 & 22, GIDC Estate, Phase III, District Valsad, Vapi – 396195, , Gujarat, India
Tel. No.:	91-2638-25690411/ 2/ 3/ 25918195/ 55976666
Fax No.:	91-2638-25904806/ 25653186-87/ 25653185
E-Mail :	ail@bom2.vsnl.net.in secretarial@aartigroup.com info@aartigroup.com investorrelations@aartigroup.com
Website :	www.aartigroup.com
Corporate Office :	Udyog Kshetra, II Floor, L.B.S. Marg, Mulund – Goregaon Link Road, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel. No.:	91-22-67976666/ 67976697/ 25918195/ 55976666
Fax No.:	91-22-25653234/ 25653185
E-Mail :	info@aartigroup.com
Factory 2:	Plot No. 902, GIDC Estate, Phase II, District Valsad, Vapi – 396195, Gujarat, India
Factory 3:	Plot No. 286/1, 285, GIDC Estate, Phase II, District Valsad, Vapi – 396195, Gujarat, India
Factory 4:	Plot No. 22 / C / 1 & 2, GIDC Estate, Phase I, District Valsad, Vapi – 396195, Gujarat, India
Factory 5:	Shed No. A1-6&9, GIDC Estate, Phase I, District Valssad, Vapi – 396195, Gujarat, India
Factory 6 :	Plot No. 609 & 610, GIDC Estate, 100 Shed, District Valsad, Vapi – 396195, Gujarat, India
Factory 7:	Plot Nos. 750-754, Sarigam Industrial Area, Sarigam, Taluka Umargaon, District Valsad, Gujarat, India
Factory 8:	Plot Nos. 2701, 2703 Sarigam Industrial Area, Sarigam, Taluka Umargaon, District Valsad, Gujarat, India
Factory 9:	Plot Nos. 2604, 2605 Sarigam Industrial Area, Sarigam, Taluka Umargaon, District Valsad, Gujarat, India
Factory 10:	Plot Nos. 758/1, 2 & 3, Jhagadia Mega Estate, Village Kapalsadi, Taluka Jhagadia, District Bharuch, Gujarat, India
Factory 11:	Plot Nos. 756/2 A&B, 756/3 A&B, 756/4 A&B, 756/5 A&B, 756/6 A&B, 756/7, 779, Jhagadia Mega Estate, Village Kapalsadi, Taluka Jhagadia, District Bharuch, Gujarat, India
Factory 12:	Survey No. 1430/1, NH-8, Bhachau, Kutch, Gujarat, India
Factory 13:	Plot No. D-18, MIDC, Tarapur, District Thane, Maharashtra, India
Factory 14:	Plot No. E-50, MIDC, Tarapur, District Thane, Maharashtra, India
Factory 15:	Plot No. K - 17/18/19, MIDC, Tarapur, District Thane, Maharashtra, India
Factory 16:	Plot No. L – 5, MIDC, Tarapur, District Thane, Maharashtra, India
Factory 17:	Plot No. L – 8, MIDC, Tarapur, District Thane, Maharashtra, India
Factory 18:	Survey No. 193/1/4, 193/1/5, 193/1/6, Silvassa, Union Territory of Silvassa, India
Factory 19:	Plot No. D – 53/54/60, MIDC, Phase II, Dombivali (East), District Thane, Maharashtra, India
Factory 20:	Plot Nos. 62, 63 & 64, Sagore, Pithampur Industrial Area, Sector-3, Pithampur, DistrictDhar, Madhya Pradesh, India

DIRECTORS

As on 31.03.2013

Name :	Mr. Chandrakant V. Gogri
Designation :	Chairman
Name :	Mr. Rajendra V. Gogri
Designation :	Chairman and Managing Director
Date of Appointment :	16.08.2012
Name :	Mr. Shantilal T. Shah
Designation :	Vice Chairman
Date of Birth/Age :	28.12.1938
Qualification :	B.Com.
Date of Appointment :	25.04.1990
Name :	Mr. Rashesh C. Gogri
Designation :	Vice Chairman and Managing Director
Date of Birth/Age :	03.06.1974
Qualification :	Industrial Engineer and holds Diploma in Business Management
Date of Appointment :	16.08.2012
Name :	Mr. Ramdas M. Gandhi
Designation :	Independent Director
Date of Birth/Age :	14.03.1933
Qualification :	L.L.M, Solicitor.
Date of Appointment :	29.01.1990
Name :	Mr. Laxmichand K. Jain
Designation :	Independent Director
Date of Birth/Age :	02.03.1941
Qualification :	MS (Chem.) US
Date of Appointment :	29.01.1990
Name :	Mr. Vijay H. Patil
Designation :	Independent Director
Date of Birth/Age :	15.07.1937
Qualification :	L.L.M.
Date of Appointment :	29.01.1990
Name :	Mr. Haresh K. Chheda
Designation :	Independent Director
Name :	Mr. K. V. S. Shyam Sunder
Designation :	Independent Director
Date of Birth/Age :	29.07.1942
Name :	Mr. P A Sethi
Designation :	Independent Director
Name :	Mr. Bhavesh R Vora
Designation :	Independent Director
Date of Birth/Age :	13.09.1967
Name :	Mr. Sunil M Dedhia
Designation :	Independent Director
Date of Birth/Age :	20.06.1965
Qualification :	B. Com., A.C.A., F.C.S.
Date of Appointment :	30.07.2009
Name :	Mr. Parimal H. Desai
Designation :	Whole time Director
Date of Birth/Age :	29.05.1949
Name :	Mr. Manoj M. Chheda
Designation :	Whole Time Director
Date of Birth/Age :	23.10.1962
Qualification :	B. Com
Date of Appointment :	25.11.1993
Name :	Ms. Hetal Gogri Gala
Designation :	Whole Time Director
Date of Birth/Age :	10.07.1975
Qualification :	B. E (Electronics) and MEP degree from IIM Ahmedabad.
Date of Appointment :	01.11.2001
Name :	Mr. Kirit R. Mehta
Designation :	Whole Time Director
Date of Birth/Age :	02.08.1948
Qualification :	B. Com.
Date of Appointment :	18.09.2000
Name :	Renil R. Gogri
Designation :	Whole Time Director
Date of Birth/Age :	14.04.1987
Qualification :	B.E. (IIT MUMBAI), 2008
Date of Appointment :	16.08.2012

KEY EXECUTIVES

Name :	Ms. Mona Patel
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2013

Category of Shareholder	Total No. of Shares	As a %
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	31612885	35.68
Bodies Corporate	22189576	25.05
Sub Total	53802461	60.73
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	86148	0.10
Sub Total	86148	0.10
Total shareholding of Promoter and Promoter Group (A)	53888609	60.83
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	6906140	7.80
Foreign Institutional Investors	51087	0.06
Sub Total	6957227	7.85
(2) Non-Institutions
Bodies Corporate	1043390	1.18
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	11158141	12.60
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	15005655	16.94
Any Others (Specify)	538665	0.61
Non Resident Indians	136377	0.15
Trusts	300	0.00
Unclaimed Suspense A/c	401988	0.45
Sub Total	27745851	31.32
Total Public shareholding (B)	34703078	39.17
Total (A)+(B)	88591687	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)	88591687	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Various Agrochemicals Intermediates.

Products :

Item Code No. (ITC Code)	Product Description
29049005	Para Nitro Chloro Benzene
29049004	Ortho Nitro Chloro Benzene
28070001	Sulphuric Acid
38081021	Quinalphos

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Baroda

Union Bank of India

State Bank of India

DBS Bank Limited

Standard Chartered Bank

HDFC Bank Limited

Export-Import Bank of India

IDBI Bank Limited

Citi Bank N.A.

Axis Bank Limited

Vysya Bank Limited

ING Vysya Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWING
ECB/Term Loans from Banks/Financial Institutions	1157.993	1013.308
Vehicle Loans from Banks/Financial Institution	5.124	9.422
SHORT TERM BORROWING
Working Capital Loan From Bank	5872.914	3660.279
Total	7036.031	4683.009
NOTE LONG TERM BORROWING Out of the total ECB/Term Loans from Banks/Financial Institutions to Rs. 1588.777 Millions, outstanding Term Loan/ECB to the extent of Rs. 1040.916 Millions, are secured/to be secured by way of Pari Passu Joint Equitable Mortgage of the Company's immovable properties situated at Sarigam, Vapi and Jhagadia in the State of Gujarat and further by way of Pari Passu hypothecation of the moveable plant and machinery, machinery spares, tools and accessories and other movables, both present and future (except book debts, inventories and other current assets) wherever situated. Term Loan from Citibank to the extent of Rs. 271.500 Millions is secured by way of exclusive charge on the moveable plant and machinery, machinery spares, tools and accessories and other movables, both present and future (except book debts, inventories and other current assets) situated at the new hydrogenation unit at Jhagadia. ECB from DBS Bank to the extent of Rs. 203.625 Millions is secured by way of Joint Equitable Mortgage of the Company's immovable properties situated at Bhachau, in the State of Gujarat and further by way of Pari Passu hypothecation of the moveable plant and machinery, machinery spares, tools and accessories and other movables, both present and future (except book debts, inventories and other current assets) situated at the same unit. Term Loan from IndusInd Bank to the extent of Rs. 25.000 Millions is secured by way of Joint Equitable Mortgage of the one of Company's immovable properties situated at Tarapur, in the State of Maharashtra and further by way of Pari Passu hypothecation of the moveable plant and machinery, machinery spares, tools and accessories and other movables, both present and future (except book debts, inventories and other current assets) situated at the same unit. Term Loan of Rs. 47.736 Millions from Financial Institution is secured by way of exclusive charge on specific ISO-Tanks used for company's operations. Vehicle loans from banks/Financial Institutions are secured by way of hypothecation of respective vehicles. SHORT TERM BORROWING Working Capital Loans availed from Scheduled Banks, are secured/to be secured by way of Pari Passu first charge by hypothecation of Raw Materials, Stock-In-Process, Semi-Finished Goods, Finished Goods, Packing Materials and Stores and Spares, Bills Receivables and Book Debts and all other moveable, both present and future. Also by way of Joint Equitable Mortgage of the Company's immovable properties situated at Sarigam, Vapi, Jhagadia and Bhachau in the State of Gujarat and at Tarapur in the State of Maharashtra and further by way of hypothecation of all moveable plant and machinery, machinery spares, tools and accessories and other movables, both present and future (except book debts and inventories) wherever situated, ranking second to the charge held by ECB/Term Lenders.

Banking Relations :	--
Financial Institution :	· IDBI Trusteeship Services Limited Siemens Financial Services Private Limited
Auditors :
Name :	Parikh Joshi and Kothare Chartered Accountants
Address :	49/2341, M. H. B. Colony, Gandhi Nagar, Bandra (East), Mumbai – 400 051, Maharashtra, India
Subsidiaries :	· Aarti Corporate Services Limited Nascent Chemical Industries Limited(Through its holding Company: Aarti Corporate Services Limited) Shanti Intermediates Private Limited(Through its holding Company: Aarti Corporate Services Limited) Anushakti Specialties Limited Liability Partnership
Associates :	· Ganesh Polychem Limited Anushakti Chemicals and Drugs Limited Anushakti Holdings Limited Alchemie (Europe) Limited
Enterprises/Firms over which controlling individuals/Key Management Personnel, of the Company along with their relatives, have significant influence :	· Alchemie Pharma Chem Limited Alchemie Industries Gogri and Sons Investments Private Limited Alchemie Leasing and Financing Private Limited Alchemie Laboratories Aarti Drugs Limited Alchemie Dye Chem Private Limited

CAPITAL STRUCTURE

As on 23.09.2013

Authorised Capital : Rs. 625.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 442.958 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
125000000	Equity Shares	Rs.5/- each	Rs.625.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
79120073	Equity Shares	Rs.5/- each	Rs.395.600 Millions

Reconciliation of the number of shares outstanding as on 31st March, 2013:

Particulars	No. of Shares outstanding
	As at 31st March, 2013
Equity shares at the beginning of the year	79,120,073
Add: Shares Issued during the year	NIL
Less: Shares buy back during the year	NIL
Equity shares at the end of the year	79,120,073

Details of Shareholders holding more than 5% shares:

Name of Shareholder	As at 31st March, 2013
	No. of Shares held	% held
Anushakti Holdings Limited	6,198,600	7.83
HDFC Trustee Company Limited – HDFC Prudence Fund	6,132,810	7.75
Gogri and Sons Investments Private Limited	4,844,613	6.12
Alchemie Leasing and Financing Private Limited	4,341,655	5.49

The details of Equity shares outstanding during last 5 Years:

Particulars	Financial Year
	2012-13	2011-12	2010-11	2009-10	2008-09
No. of Equity Shares outstanding:	79,120,073	79,120,073	76,720,073	76,720,073	72,809,424

Note on issued, Subscribed and Paid up Equity Share Capital:

[a] 8,43,649 (previous year – 8,43,649) were issued to Shareholders of Surfactant Specialities Limited pursuant to its Merger with the Company.

[b] 42,000 (previous year – 42,000) were issued to Shareholders of Avinash Drugs Limited pursuant to its Merger with the Company.

[c] 30,25,000 (previous year – 30,25,000) were issued towards Preferential allotment at a premium of Rs. 30.65 paise to Warrantholders.

[d] 24,00,000 (previous year – 24,00,000) have been issued towards Preferential allotment at a premium of Rs. 53/- to Warrantholders.

SHARE CAPITAL PENDING ALLOTMENT UPON SCHEME OF ARRANGEMENT

(Rs. In Millions)

Particulars	As at 31st March, 2013
94,71,614 Shares are to be issued and allotted to shareholders of Anushakti Chemicals and Drugs Limited Pursuant to the terms of the Scheme of Arrangement approved by the Honorable High Courts at Ahmedabad and Bombay vide their order dated 8th March, 2013 and 8th February, 2013 respectively.	47.358
Total	47.358

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	395.600
(b) Reserves & Surplus	6323.452
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	47.358
Total Shareholders’ Funds (1) + (2)	6766.410
(3) Non-Current Liabilities
(a) long-term borrowings	1167.407
(b) Deferred tax liabilities (Net)	707.092
(c) Other long term liabilities	2.037
(d) long-term provisions	2171.661
Total Non-current Liabilities (3)	4048.197
(4) Current Liabilities
(a) Short term borrowings	6850.084
(b) Trade payables	2158.461
(c) Other current liabilities	637.629
(d) Short-term provisions	268.034
Total Current Liabilities (4)	9914.208
TOTAL	20728.815
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6640.988
(ii) Intangible Assets	1.273
(iii) Capital work-in-progress	620.083
(iv) Intangible assets under development	0.000
(b) Non-current Investments	185.952
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	3126.240
(e) Other Non-current assets	0.000
Total Non-Current Assets	10574.536
(2) Current assets
(a) Current investments	0.000
(b) Inventories	4621.230
(c) Trade receivables	4286.528
(d) Cash and cash equivalents	97.106
(e) Short-term loans and advances	896.438
(f) Other current assets	252.977
Total Current Assets	10154.279
TOTAL	20728.815

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		395.600	383.600
2] Share Application Money		0.000	0.000
3] Equity Share Warrants		0.000	34.800
4] Reserves & Surplus		4730.967	4046.696
5] (Accumulated Losses)		0.000	0.000
NETWORTH		5126.567	4465.096
LOAN FUNDS
1] Secured Loans		4683.009	4537.541
2] Unsecured Loans		1169.009	725.326
TOTAL BORROWING		5852.018	5262.867
DEFERRED TAX LIABILITIES		554.550	529.393
TOTAL		11533.135	10257.356
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4332.361	3919.807
Capital work-in-progress		544.223	184.461
INVESTMENT		210.711	187.621
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3258.477	2940.882
	Sundry Debtors	4069.481	3325.342
	Cash & Bank Balances	88.056	77.660
	Other Current Assets	182.409	2106.290
	Loans & Advances	2997.715	474.945
Total Current Assets		10596.138	8925.119
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1802.875	1363.339
	Other Current Liabilities	420.131	23.227
	Provisions	1927.292	1573.086
Total Current Liabilities		4150.298	2959.652
Net Current Assets		6445.840	5965.467
MISCELLANEOUS EXPENSES		0.000	0.000
DEFERRED REVENUE EXPENDITURE		0.000	0.000
TOTAL		11533.135	10257.356

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	20961.176	16733.107	14618.980
		Other Income	43.961	28.362	39.958
		TOTAL (A)	21005.137	16761.469	14658.938
Less	EXPENSES
		Manufacturing Expenses	--	--	10023.163
		Purchase of Goods Traded in	931.178	1404.861	1821.326
		Office and Administrative Expenses	--	--	186.493
		Selling and Distribution Expenses	--	--	808.324
		Non Operating Expenses and loss	--	--	8.086
		Increase/ Decrease in Stock	(710.689)	(235.417)	(163.328)
		Cost of Materials Consumed (Incl. Packing, Fuel, Stores and Spares)	12622.725	9787.576	0.000
		Employee Benefits Expense	636.137	455.227	0.000
		Other Expenses	3919.368	2874.431	0.000
		TOTAL (B)	17398.719	14286.678	12684.064
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3606.418	2474.791	1974.874
Less	FINANCIAL EXPENSES (D)		949.980	715.084	559.550
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2656.438	1759.707	1415.324
Less/ Add	DEPRECIATION/ AMORTISATION (F)		818.004	539.689	479.239
	PROFIT BEFORE TAX (E-F) (G)		1838.434	1220.018	936.085
Less	TAX (H)		525.000	348.157	268.320
	PROFIT AFTER TAX (G-H) (I)		1313.434	871.861	667.765
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3433.084	2964.013	2587.356
Less	PRIOR YEARS ADJUSTMENT FOR OTHERS		--	--	1.030
Less	APPROPRIATIONS
		Transfer to General Reserve	131.500	88.000	67.000
		Dividend	110.740	118.680	95.900
		Proposed Dividend (Final)	243.628	153.440	95.900
		Tax on Dividend	58.544	42.670	31.278
	BALANCE CARRIED TO THE B/S		4202.106	3433.084	2964.013
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	9923.781	6839.823	5272.061
	TOTAL EARNINGS		9923.781	6839.823	5272.061
	IMPORTS
		Raw Materials	129.759	1263.094	1175.113
		Stores & Spares	2.085	7.048	3.923
		Capital Goods	129.759	64.191	10.035
		Fuel	155.232	22.615	208.260
	TOTAL IMPORTS		416.835	1356.948	1397.331
	Earnings Per Share (Rs.)		14.83	11.36	8.70

QUARTERLY RESULTS

PARTICULARS	30.06.2013	30.09.2013
Type	1^stQuarter	2^nd Quarter
Net Sales	5936.400	6453.500
Total Expenditure	5174.000	5393.300
PBIDT (Excl OI)	762.400	1060.200
Other Income	23.600	35.400
Operating Profit	786.000	1095.600
Interest	263.600	276.100
Exceptional Items	0.000	0.000
PBDT	522.400	819.500
Depreciation	202.100	216.000
Profit Before Tax	320.300	603.500
Tax	95.000	180.000
Provisions and contingencies	0.000	0.000
Profit After Tax	225.300	423.500
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	225.300	423.500

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	6.25	5.20	4.56
Net Profit Margin (PBT/Sales)	(%)	8.77	7.29	6.40
Return on Total Assets (PBT/Total Assets}	(%)	9.23	8.17	7.29
Return on Investment (ROI) (PBT/Networth)		0.27	0.24	0.21
Debt Equity Ratio (Total Debt/Networth)		1.18	1.14	1.18
Current Ratio (Current Asset/Current Liability)		1.02	2.55	3.02

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	Yes
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

LITIGATION DETAILS

HIGH COURT OF GUJARAT TAX APPEAL No. 296 of 2013 To TAX APPEAL No. 299 of 2013
Status: PENDING (Converted from : ST/1513/2008) CCIN No : 001092201300296 Last Listing Date: 08/04/2013 Coram: HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI
S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF INCOME TAX (TDS)	MRS MAUNA M BHATT for: Appellant(s) 1
S.NO.	Name of the Respondant	Advocate On Record
1	AARTI INDUSTRIES LTD	MR B S SOPARKAR for :Opponent(s) 1

Presented On

: 02/04/2013

Registered On

: 04/04/2013

Bench Category

: DIVISION BENCH

District

: AHMEDABAD

Case Originated From

: THROUGH ADVOCATE

Listed

: 1 times

StageName

: FOR FINAL HEARING

Classification

DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA

Act

INCOME-TAX ACT, 1961

Office Details

S.No.

CASEDETAILS

TRIBUNAL REFERRENCE

ORDER PASSED BY

JUDGEMENT DATE

PLACE

1

ITA/3020/AHD/2010

INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH

JUDICIAL MEMBER AND ACCOUNTANT MEMBER

25/10/2012

AHMEDABAD

Office Details

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

02/04/2013

CERTIFIED COPY

MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1

6

MRS MAUNA M BHATT:1

2

02/04/2013

MEMO OF APPEAL/PETITION/SUIT

MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1

20

MRS MAUNA M BHATT:1

3

04/04/2013

DOCUMENT

RULE NOT RECD BACK for RESPONDENT(s) 1

-

RULE NOT RECD BACK:1

4

02/07/2013

VAKALATNAMA

MR B S SOPARKAR ADVOCATE for RESPONDENT(s) 1

5

MR B S SOPARKAR(6851), for R:1

Court Proceedings

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

08/04/2013

7

43

FOR FINAL HEARING

RULE/ADMIT

· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI

Available Orders

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

TAX APPEAL/296/2013

· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI

08/04/2013

N

ORDER

-

Y

Certified Copy

S. No.

ApplicantName

ApplicationType

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

1

MRS MAUNA M BHATT

ORDINARY

09/04/2013

O/11987/2013

08/04/2013

10/04/2013

12/04/2013

Delivered

ORDER

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10452990	18/09/2013	631,400,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	B86628591
2	10424578	26/04/2013	541,200,000.00	STANDARD CHARTERED BANK	ABHIJEET II, GROUND FLOOR, NEAR MITHAKALI SIX ROAD, AHMEDABAD - 380006, GUJARAT, INDIA	B74713702
3	10406918	23/01/2013	275,000,000.00	CITIBANK N. A.	KALAPURNAM, 1ST FLOOR, NEAR MUNICIPAL MARKET, C. G. ROAD, NAVRANGPURA, AHMEDABAD - 380009, GUJARAT, INDIA	B69134021
4	10356963	31/03/2012	75,000,000.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B40081291
5	10334511	12/12/2012 *	400,000,000.00	DBS BANK LIMITED	1ST FLOOR, FORT HOUSE, DR. DN ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B67020537
6	10330603	23/11/2011	280,800,000.00	ING VYSYA BANK LIMITED	MITTAL TOWERS,A-WING,GROUND FLOOR, 210 NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B30163976
7	10254542	30/11/2010	1,000,000,000.00	EXPORT IMPORT BANK OF INDIA	FLOOR 21, CENTRE ONE BUILDING, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B00914739
8	10242774	03/08/2010	509,300,000.00	STANDARD CHARTERED BANK	ABHIJEET II, GROUND FLOOR, NEAR MITHAKALI SIX ROAD, AHMEDABAD - 380006, GUJARAT, INDIA	A95199576
9	10156237	21/04/2009	6,450,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI TED	PLOT NO. 139-140, WESTERN EXPRESS HIGHWAY,, SAHAR ROAD JUNCTION, VILLE PARLE (EAST), MUMBAI - 400057, MAHARASHTRA, INDIA	A61626685
10	10119867	12/12/2012 *	600,000,000.00	UNION BANK OF INDIA	IND. FIN. BRANCH, 1ST FLOOR, UNION BANK BHAVAN, 239, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B66660002
11	10120202	12/12/2012 *	550,000,000.00	IDBI BANK LIMITED	47 OPUS CENTER, MIDC ANDHERI EAST, MUMBAI - 400093, MAHARASHTRA, INDIA	B66957358
12	10121960	12/12/2012 *	900,000,000.00	STATE BANK OF INDIA	CORPORATE CENTRE AT STATE BANK BHAVAN, MADAM CAMA ROAD, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B67300970
13	10121961	12/12/2012 *	450,000,000.00	AXIS BANK LIMITED	KONARK DARSHAN, NEXT TO JAIN MANDIR, ZAVER ROAD, MULUND (WEST), MUMBAI - 400080, MAHARASHTRA, INDIA	B66474404
14	10121962	12/12/2012 *	250,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B67424267
15	10122049	12/12/2012 *	700,000,000.00	CITI BANK N.A.	CITIBANK CENTRE, 2ND FLOOR, BANDRA KURLA COMPLEX, MUMBAI - 400051, MAHARASHTRA, INDIA	B66681263
16	10122387	12/12/2012 *	750,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B67412304
17	10108577	12/12/2012 *	700,000,000.00	STANDARD CHARTERED BANK	ABHIJEET II, GROUND FLOOR, NEAR MITHAKALI SIX ROAD, AHMEDABAD - 380006, GUJARAT, INDIA	B66915125
18	10029996	29/03/2007 *	400,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, NGN VIDYA MARG, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	A05217856
19	90102464	29/03/2007 *	300,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, NGN VIDYA MARG, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	A13630215
20	90236400	28/02/2005 *	220,000,000.00	UTI BANK LIMITED	UNIVERSAL INSURANCE BUILDING, MP ROAD, MUMBAI - 400001, MAHARASHTRA, INDIA	-
21	80001690	28/09/2006 *	420,000,000.00	UTI BANK LIMITED	UNIVERSAL INSURANCE BUILDING, SIR P M ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	-
22	90102384	29/07/2004	1,374,680.00	ICICI BANK LIMITED	ZENITH HOUSE; KESHAVRAO KHYADE MARG, MAHALAXMI, MUMBAI, MAHARASHTRA - 400034, INDIA	-
23	90102284	29/03/2007 *	700,000,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLR 21, WORLD TRADE CENTRE, COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	A15489933
24	80033012	12/12/2012 *	700,000,000.00	THE BANK OF BARODA LIMITED	FORESHORE BUILDING, GENERAL BHOSALE MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B67297523
25	80033010	28/12/2001 *	200,000,000.00	UTI BANK LIMITED	MAKER TOWER, "F" 11TH FLOOR, CUFF PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Deposits	4.290	5.984
SHORT TERM BORROWING
From Banks	947.345	1158.025
From Others	29.825	5.000
Total	981.460	1169.009

RESTRUCTURING UPDATE

During the year, the Company has merged the manufacturing operations of its Associate Company, Anushakti Chemicals and Drugs Limited (ACDL) into Aarti Industries Limited (AIL) with effect from 1st April, 2012 in terms of Scheme of Arrangement duly approved by the High Courts of Bombay and Gujarat at Ahmedabad. The Company has allotted 94,71,614 equity shares of Rs. 5/- each to the shareholders of ACDL in terms of the said Scheme of Arrangement, whereby the Paid up Share Capital of the Company has increased by about 12% to Rs. 44,29,58,435 divided into 8,85,91,687 equity shares of Rs. 5/- each fully paid up.

Upon the Scheme of Arrangement having become effective, the merged accounts have been drawn up for FY 2012-13 w.e.f. 1st April, 2012. Hence to this extent, the financials for FY 12-13 may not be comparable with previous year. ACDL had manufacturing units at Bhachau in the State of Gujarat, Tarapur and Dombivali in the State of Maharashtra which are now merged into the Company. Apart from synergies derived in respect of common products, the said restructuring has increased the volumes of existing range of products and would also facilitate addition of newer products with diverse end usages into Fuel Additives, etc. having high growth possibilities. Restructuring has also helped spread of overall products and markets specific risks and improve operating margin as well.

FINANCIALS

During the year, the Company has achieved multiple milestones. Standalone Net revenues of the Company crossed Rs. 20000.000 Millions mark and ended at Rs. 20960.000 Millions (previous year Rs. 16730.000 Millions). Similarly Exports had also crossed Rs. 10000.000 Millions and closed at Rs. 10600.000 Millions. Hence with these record breaking performance, their exports now constitute over 50% of the total revenues of the Company. The EBIDTA margins for the Company also improved from 14.6% for FY 11-12 to 17% in FY 12-13.

Operating profit before Interest, Depreciation and Tax for FY 12-13 was at Rs. 3560.000 Millions (Previous Year Rs. 2450.000 Millions) Profit before tax for FY12-13 was at Rs. 1840.000 Millions (Previous Year Rs. 1220.000 Millions) Profit after Tax and Deferred Tax grew to Rs. 1310.000 Millions for FY 12-13 from Rs. 870.000 Millions for FY 11-12.

Consolidated Income increased by 25% to Rs. 20960.000 Millions as compared to Rs. 16730.000 Millions for last year. Consolidated EBIDTA also grew by about 45% to Rs. 3650.000 Millions as against Rs. 2530.000 Millions last year. Net Profit after Consolidation also recorded a growth of 30% at Rs. 1340.000 Millions as against Rs. 1030.000 Millions for last year. Consolidated EPS for FY 2012-13 was at Rs. 15.17 as against Rs. 13.45 for FY 2011-12.

During last year, with introduction of various high growth and high margin export oriented products, the share of Exports Revenue to Total Revenue have crossed the 50% benchmark. The ability to provide products with required specifications at desired intervals have added to the increase in volumes from Global customers over longer term period. The Company has entered into various long term supply agreement with its key customers thereby further strengthening its Global market positions. Significant volume growth is coming from their customers in Europe and America and in few of the products the demand is more than the production capabilities of the Company. Exports now, accounts for 51% of the total revenue and have increased by over 46% to Rs. 10600.000 Millions for FY 12-13 from Rs. 7270.000 Millions for FY 11-12.

CHEMICAL INDUSTRY – STRUCTURE AND DEVELOPMENT

Chemical Industry is one of the fastest growing industries in the Indian Economy. At the same time it is also one of the oldest domestic industry of India which started working soon after India’s Independence in 1947. It accounts for 18% of the Indian manufacturing sector output and is expected to grow by about 12% annually. It constitutes for about 15% of India’s Exports and has around 8% share in India’s Imports. From those early years, the Chemical Industry in India continued to contribute to the Economic Growth of Indian Economy. At present, the Chemical Industry accounts for almost 13% of Indian GDP.

A network of over 200 national laboratories and 1300 R&D Centres provide a strong base for further innovations and growth of Indian Chemical Industry. Government Initiatives in the form of Port based Chemical Parks in SEZ, Improvement in Infrastructure, Tax concessions, reduction and rationalization of Duty Structure, FDI relaxation, etc. plough the road for further growth of the Indian Chemical Industry into a major Chemical hub. End user Industries like Agro-Chemicals, Automotives, Biotechnology, Electronics, Packaging, Pharmaceuticals, Pigments, Polymers, Surfactants, etc have been witnessing good demand and are poised for faster growth.

Thus, Indian Chemical Industry holds potential to produce quality chemicals for global consumers because of its diversified manufacturing base, strong IPRs, availability of qualified work force, proximity to ports, availability of feedstock, etc.

With concerns on environmental impact, the Indian Government has been working towards ensuring stricter compliance of effluent norms, categorizing alert zone, identifying and restricting the operation of the polluting units. This has made Indian companies to scale up their units in parity with international standards. In this process, while a lot of units have been closed down, they are also witnessing the emergence of Indian Global Chemical Companies capable of competing with the other Asian players, while also adopting safer and greener processes.

The Company is a leading manufacturer of Speciality Chemicals with diversified end-uses into Agrochemicals, Pharmaceuticals, High Performance Polymers, Paints, Pigments, Printing Inks, Rubber Chemicals, Additives, Surfactants, Dyes, Oil and Gas additives, Flavours and Fragrances, Home and Personal Care applications, etc. The Company’s derisking by diversification has helped it withstand the volatilities and downturns of a specific end-user segment and also helps to capitalize on the growth opportunities in other end-user segments.

The Company believes that the long term growth and profitability from the business cannot be sustained without a framework considering the elements of Safety, Health, Environment Impact and Energy Efficiency initiatives. With these principles, the Company have stepped up its efforts for the sustainable growth of its businesses. The Company is committed to increase the process safety and increasing the level of automation in its existing areas of operation. This will help in reducing the manual handling and shopfloor manpower. The Company has adopted the 3R Principle, i.e., Reduce – Recover – Reuse. Over last 18 months, the Company has made substantial Investments into upgrading the ETP setup and had upgraded two of its Manufacturing Units into Zero Discharge Unit and also has put in places various processes to control/limit of generation of effluents and improve on the treatment of the same. The Company plans to invest further in these areas to ensure providing greener and safer manufacturing

environment.

INTERCHANGEABLE PERFORMANCE AND AGROCHEMICALS MANUFACTURING OPERATIONS.

The Manufacturing units for these two segments are majorly interconnected/interlinked at the common manufacturing units located at Vapi, Sarigam, Jhagadia and Bhachau in the State of Gujarat and at Dombivali and Tarapur in the State of Maharashtra. A significant portion of the Company’s production capabilities are process driven and not based on a particular product. This gives the Company the flexibility to change its input mix and manufacture different products, thereby resulting into optimum utilization of production capabilities as well as provides flexibility to change the product mix amongst different end-user applications based on market dynamics.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Claims against the Company not acknowledged as Debts	387.011	219.828
Letters of Credit, Bank Guarantees and Bills Discounted	805.243	440.176

AUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2013

PART I

(Rs. In Millions)

Sr. No.	Particulars	3 Months Ended		6 Months Ended
		30th Sept, 2013	30th June, 2013	30th Sept, 2013
		Audited	Audited	Audited
1	Income from Operations a) Net Sales/Income from operation (Net of excise duty/VAT)	6377.000	5858.500	12235.500
	b) Other Operating Income	76.500	77.900	154.400
	Total Income from Operations (Net)	6453.500	5936.400	12389.900
2	Expenses a) Cost of Material Consumed	4010.000	3688.400	7698.400
	b) Purchases of Stock-in-trade	262.500	262.000	524.500
	c) Changes in inventories of Finished Goods, Work-in-progress and Stock-in-trade	(225.900)	(24.100)	(250.000)
	d) Employee Benefits Expenses	185.300	165.500	350.800
	e) Depreciation and Amortisation Expense	216.000	202100	418.100
	f) Other Expenses	1161.400	1082.200	2243.600
	Total Expenses	5609.300	5376.100	10985.400
3	Profit/(Loss) from Operations before Other Income, Finance Costs and Exceptional Items (1-2)	844.200	560.300	1404.500
4	Other Income	35.400	23.600	59.000
5	Profit/(Loss) from Ordinary Activities before Finance Costs and Exceptional Items (3+4)	879.600	583.900	1463.500
6	Finance Costs	276.100	263.600	539.700
7	Profit/(Loss) from Ordinary Activities after Finance Costs but before Exceptional Items (5-6)	603.500	320.300	923.800
8	Exceptional Items	-	-	-
9	Profit/(Loss) from Ordinary Activities before Tax (7-8)	603.500	320.300	923.800
10	Tax Expenses a) Provision for Taxation-Current	135.000	60.000	195.000
	b) Provision for Deferred Tax	45.000	35.000	80.000
	Total Tax Expenses	180.000	95.000	275.000
11	Net Profit/(Loss) from Ordinary Activities after Tax (9-10)	423.500	225.300	648.800
12	Extraordinary Items (Net of Tax Expense)	-	-	-
13	Net Profit/(loss) for the period (11-12)	423.500	225.300	648.800
14	Share of Profit/(Loss) of Associates	-	-	-
15	Minority Interest	-	-	-
16	Net Profit/(Loss) after Taxes, Minority Interest and Share of Profit/(Loss) of Associates (13+14+15)	4235	2,253	6488
17 18 19.i 19.ii	Paid-up Equity Share Capital (Face Value of Rs. 5/-each) Reserve excluding Revaluation Reserves as per Balance Sheet of previous Accounting Year Earnings Per Share (before Extraordinary Itmes) (of Rs. 5/- each) (not annualised) a) Basic b) Diluted Earnings Per Share (after Extraordinary Itmes) (of Rs. 5/- each) (not annualised) a) Basic b) Diluted	4430 - 4.78 4.78 4.78 4.78	4430 - 2.54 2.54 2.54 2.54	4430 - 7.32 7.32 7.32 7.32

A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding - Number of Shares	35,026,753	35,347,302	35,026,753
	- Percentage of Sharesholding	39.54	39.90	39.54
2	Promoters and Promoter Group Shareholding a) Pledged/Encumbered - Number of Shares	Nil	Nil	Nil
	- Percentage of Shares (as a % of total shareholding	Nil	Nil	Nil
	of promoter and promoter group) - Percentage of Shares (as a % of total share capital	Nil	Nil	Nil
	of the Company) b) Non-encumbered - Number of Shares	53,564,934	53,244,385	53,564,934
	- Percentage of Shares (as a % of total shareholding	100.00	100.00	100.00
	of promoter and promoter group) - Percentage of Shares (as a % of total share capital of the Company)	60.46	60.10	60.46

	PARTICULARS	30^th September, 2013
B	INVESTOR COMPLAINTS (Nos.)
	Pending at the beginning of the quarter	Nil
	Received during the quarter	11
	Disposed of during the quarter	11
	Remaining unresolved at the end of the quarter	Nil

SEGMENTWISE REVENUE AND RESULTS UNDER CLAUSE 41 OF LISTING AGREEMENT

(Rs. In Millions)

Particulars	3 Months Ended		6 Months Ended
	30^th September, 2013	30th June, 2013	30^th September, 2013
	Audited	Audited	Audited
Segment Revenue a) Performance Chemicals b) Agri-Intermediates and Fertiliser c) Pharmaceuticals d) Home and Personal Care Chemicals	4466.600 905.500 694.700 386.700	4026.700 901.500 633.200 375.000	8493.300 1807.000 1327.900 761.700
Total	6453.500	5936.400	12389.900
Segment Results Profit / (Loss) Before Tax and Interest from each Segment a) Performance Chemicals b) Agri-Intermediates and Fertiliser c) Pharmaceuticals d) Home and Personal Care Chemicals	650.100 175.100 117.900 19.300	478.600 161.700 72.900 (2.300)	1128.700 336.800 190.700 17.000
Total	962.400	710.900	1673.200
Less: Interest Other Unallocable Expenditure (Net)	276.100 82.800	263.600 127.000	539.700 209.700
TOTAL PROFIT BEFORE TAX	603.500	320.300	923.800

Segmental Capital Employed :

Fixed Assets used in the Company's business or liabilities contracted have not been identified to any of the reportable segments, as the Fixed Assets and services are used interchangeably between Segments. The Company believes that it is currently not practicable to provide segment disclosures relating to Capital Employed.

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

Particular	As at 30^th September, 2013
EQUITY AND LIABILITIES
Shareholders’ funds
(a) Share capital	443.000
(b) Share Capital pending allotment upon Scheme of arrangement	Nil
(c) Reserves and Surplus	6790.900
Sub-total - Shareholders' funds	7233.900
Non-current liabilities
(a) Long-term borrowings	2125.800
(b) Deferred Tax Liabilities (Net)	787.100
(c) Other Long-term Liabilites	2.400
(d) Long-term Provisions	2366.700
Sub-total - Non-current liabilities	5282.000
Current liabilities
(a) Short-term Borrowings	6270.200
(b) Trade Payables	2979.200
(c) Other Current Liabilities	546.800
(d) Short-term Provisions	300.200
Sub-total - Current liabilities	10096.400
TOTAL - EQUITY AND LIABILITIES	22612.300
ASSETS
Non-current assets
(a) Fixed assets	8175.900
(b) Non-current investments	322.000
(c) Long-term loans and advances	3480.200
Sub-total - Non-current assets Current assets	11978.100
Current assets
(a) Inventories	5356.800
(b) Trade receivables	669.300
(c) Cash and cash equivalents	148.500
(d) Short-term loans and advances	851.500
(e) Other current assets	308.100
Sub-total - Current assets	7334.200
TOTAL - ASSETS	22612.300

The above results for the quarter and half year ended 30th September, 2013 have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 14th November, 2013.

The Board of Directors have declared Interim Dividend of Rs. 1.75 paise per Equity Share of Rs. 5/- each (35 %) amounting to Rs. 15,50,35,452.25 paise and 20th November, 2013 has been fixed as record date for the payment of the said Interim Dividend.

Figures for the quarter and half year ended 30th September, 2012 does not include figures of demerged activities of Anushakti Chemicals and Drugs Limited (Manufacturing Division) merged with the Company w.e.f. 1st April, 2012. To that extent these figures are not comparable.

Figures for the previous period have been regrouped or rearranged wherever necessary.

FIXED ASSETS

v Tangible Assets

Free hold Land

Lease Hold Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

v Intangible Assets

Process Development

Technical Knowhow

Goodwill

Computer Software

Copyrights and Patents

PRESS RELEASE

Mumbai, July 14,2012:

The Board of Directors of Aarti Industries Limited, a leading manufacturer and exporter of Chemicals and Pharmaceuticals, has today inter-alia given in-principle approval to formulate the scheme for the merger of manufacturing division of Anushakti Chemicals and Drugs Limited into Aarti Industries Limited and to consider further steps to be taken in this regard.

Anushakti Chemicals and Drugs Limited is an associate company of Aarti Industries Limited, with Aarti Industries Limited holding 49.67o equity stake in Anushakti Chemicals and Drugs Limited.

Anushakti Chemicals and Drugs Limited is mainly engaged into manufacturing of various Speciality Chemicals with applications into end-user segments of Performance Chemicals, Agrochemicals and Pharmaceuticals. The Company has its manufacturing units at Bhachau in the' State of Gujarat, Tarapur and Dombivali in the State of Maharashtra.

For the financial year ended March 31, 2012, Anushakti Chemicals and Drugs Limited manufacturing division had posted a turnover of Rs. 3395.000 Millions, (of which exports were Rs. 992.000 Millions) and Prolit before tax for FY 2011-12 has been Rs. 392.000 Millions Gross Block and Net Block as at 31^st March, 2012 were Rs. 1650.000 Millions and Rs. 963.000 Millions respectively.

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.61.35
UK Pound	1	Rs.100.21
Euro	1	Rs.83.52

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		54

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.