MIRA INFORM REPORT

Report Date :

18.06.2014

IDENTIFICATION DETAILS

Name :	SOLARIS CHEMTECH INDUSTRIES LIMITED (w.e.f. 24.07.2007)
Formerly Known As :	SOLARIS BIOCHEMICALS LIMITED (w.e.f. 10.01.2003) BILT BIO-CHEMICALS LIMITED
Registered Office :	Thapar House, 124, Janpath, New Delhi – 110 001
Country :	India
Financials (as on) :	30.06.2013
Date of Incorporation :	01.06.2001
Com. Reg. No.:	55-111100
Capital Investment / Paid-up Capital :	Rs.2862.506 millions
CIN No.: [Company Identification No.]	U24119DL2001PLC111100
TAN No.: [Tax Deduction & Collection Account No.]	DELS23860E
PAN No.: [Permanent Account No.]	AABCB7121R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacture and sale of Bromine, Bromides Chloro - Alkali and Phosphoric Acid.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile marked by continuous accumulated losses incurred over a year and below average financial performance of the company. However, trade relations are fair. Business is active. Payment terms are slow. The company can be considered for business dealing with some caution.

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

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

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

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

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

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

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

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

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

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: BB+
Rating Explanation	Inadequate degree of safety and high credit risk.
Date	September 27, 2013

Rating Agency Name	CRISIL
Rating	Short Term Rating: A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	September 27, 2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. Suresh
Designation :	Office Executive
Contact No.:	91-124-4099279
Date :	17.06.2014

LOCATIONS

Registered Office :	Thapar House, 124, Janpath, New Delhi – 110 001, India
Tel. No.:	91-11-23368332/ 23368811
Fax No.:	91-11-23368729
E-Mail :	sonu.chadha@solarischemtech.com
Website :	http://www.solarischemtech.com
Corporate Office :	First India Place, Tower C, Mehrauli Gurgaon Road, Gurgaon – 122 002, Haryana, India
Tel. No.:	91-124-2804242/ 43
Fax No.:	91-124-2804263
Factory 1 :	Khavda Marine Chemical Complex, Taluka Bhuj, District Kutch – 370 510, Gujarat, India
Tel. No.:	91-2803-288255/ 288216
Fax No.:	91-2803-288388
Factory 2 :	P.O. Karakhadi, Off Padra Jambusar Road, Taluka Padra, District Vadodara – 391 450, Gujarat, India
Tel. No.:	91-2662-273329
Fax No.:	91-2662-273331
Sales Office :	Located at: · Navi Mumbai · Secunderabad · New Delhi

DIRECTORS

AS ON 22.11.2013

Name :

Mr. Rajeev Ranjan Vederah

Designation :

Director

Address :

47, Paschim Marg, Vasant Vihar, New Delhi – 110 057, India

Date of Birth/Age :

30.08.1949

Qualification :

Bachelor of Technology (Chemical) from the Indian Institute of Technology, New Delhi and a Master of Science from the University of Ashton (UK)

Date of Appointment :

19.08.2009

DIN No.:

00012252

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1995PLC066734	T H E PAPERBASE COMPANY LIMITED	Director	29-10-1997	29-10-1997	-	Amalgamated	NO
2	U29195DL1984PLC215106	BILT INDUSTRIAL PACKAGING COMPANY LIMITED	Director	14-01-2000	14-01-2000	-	Active	NO
3	U36999DL1989PLC034942	BILT TREE TECH LIMITED	Director	17-08-2000	17-08-2000	19-02-2014	Active	NO
4	L21010MH1945PLC010337	BALLARPUR INDUSTRIES LIMITED	Managing director	01-07-2012	16-10-2000	-	Active	NO
5	U24297PN2003PTC018363	IMERYS NEWQUEST (INDIA) PRIVATE LIMITED	Director	15-09-2003	15-09-2003	-	Active	NO
6	U21000MH2007PLC172382	BILT GRAPHIC PAPER PRODUCTS LIMITED	Director	16-07-2007	16-07-2007	-	Active	NO
7	U24119DL2001PLC111100	SOLARIS CHEMTECH INDUSTRIES LIMITED	Director	19-08-2009	02-04-2009	-	Active	NO
8	U67120DL1998PLC198627	AVANTHA HOLDINGS LIMITED	Additional director	03-11-2009	03-11-2009	11-06-2010	Active	NO
9	U85110KA1998PLC023512	PREMIER TISSUES (INDIA) LIMITED	Director	13-12-2011	09-03-2011	-	Active	NO
10	L29199HR1956PLC033107	TALBROS AUTOMOTIVE COMPONENTS LIMITED	Director	16-09-2013	13-02-2013	-	Active	NO

Name :

Dr. Suriyanarayanan Hariharan

Designation :

Managing Director

Address :

LTH-02/14B, The Laburnum, Sushant Lok-I, Block A, Sector-28, Gurgaon – 120 009, Haryana, India

Date of Birth/Age :

20.04.1958

Qualification :

PH.D in Synthetic Chemistry I.I.T., Mumbai

Experience :

32 Years

Date of Appointment :

19.02.2014

DIN No.:

02980802

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24119DL2001PLC111100	SOLARIS CHEMTECH INDUSTRIES LIMITED	Managing director	19-02-2014	19-02-2010	-	Active	NO

Name :

Mr. Bhuthalingam Hariharan

Designation :

Director

Address :

D-2/3, Paschim Marg, Vasant Vihar, New Delhi – 110 057, India

Date of Birth/Age :

18.04.1957

Qualification :

Member of the Institute of Chartered Accountants of India, the Institute of company secretaries of India and the Institute of Costs and Works Accountants of India.

Date of Appointment :

31.12.2008

DIN No.:

00012432

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51102DL1997PLC112862	SOLARIS CHEMTECH LIMITED	Director	29-12-1997	29-12-1997	-	Amalgamated	NO
2	U02001DL1992PLC047666	GLOBAL GREEN COMPANY LIMITED	Nominee director	18-11-2011	25-05-1999	-	Active	NO
3	U36999DL1989PLC034942	BILT TREE TECH LIMITED	Director	17-08-2000	17-08-2000	05-11-2012	Active	NO
4	L21010MH1945PLC010337	BALLARPUR INDUSTRIES LIMITED	Whole-time director	21-06-2001	21-06-2001	-	Active	NO
5	U67120DL1998PLC198627	AVANTHA HOLDINGS LIMITED	Director	26-03-2011	06-03-2002	-	Active	NO
6	U65999DL2003PLC119508	NEWQUEST INSURANCE BROKING SERVICES LIMITED	Director	24-03-2003	24-03-2003	-	Active	NO
7	U67120DL2003PLC198253	SOLARIS HOLDINGS LIMITED	Director	04-04-2003	04-04-2003	-	Amalgamated	NO
8	U74140DL2005PLC135984	SALIENT BUSINESS SOLUTIONS LIMITED	Director	07-10-2005	07-10-2005	-	Active	NO
9	U22121DL2005PTC138214	CONTENT SERVICES AND PUBLISHING PRIVATE LIMITED	Director	08-03-2006	08-03-2006	12-03-2010	Active	NO
10	U40101DL2005PLC138906	AVANTHA POWER AND INFRASTRUCTURE LIMITED	Director	13-12-2006	12-06-2006	-	Active	NO
11	U21000MH2007PLC172382	BILT GRAPHIC PAPER PRODUCTS LIMITED	Director	16-07-2007	16-07-2007	-	Active	NO
12	U24119DL2001PLC111100	SOLARIS CHEMTECH INDUSTRIES LIMITED	Director	31-12-2008	26-09-2008	-	Active	NO
13	U67120DL2003PTC121919	TOPSCORE TRADEVARIETY PRIVATE LIMITED	Director	30-09-2010	21-07-2009	-	Amalgamated	NO
14	U24296DL2004PLC129497	KCT CHEMICALS AND ELECTRICALS LIMITED	Director	08-09-2009	21-07-2009	-	Amalgamated	NO
15	U70102DL1981PLC198595	AVANTHA REALTY LIMITED	Director	30-09-2010	04-11-2009	-	Active	NO
16	U72900DL2001PLC109058	BILTECH BUILDING ELEMENTS LIMITED	Director	21-09-2011	16-11-2010	-	Active	NO
17	U85110KA1998PLC023512	PREMIER TISSUES (INDIA) LIMITED	Director	13-12-2011	09-03-2011	-	Active	NO
18	U26942CT2007PTC020227	K.P. CEMENT MFG. CO. PRIVATE LIMITED	Director	27-09-2012	29-12-2011	-	Active	NO
19	U40300MH2012PLC228170	CG POWER SOLUTIONS LIMITED	Director	14-03-2012	14-03-2012	-	Active	NO
20	L99999MH1937PLC002641	CROMPTON GREAVES LIMITED	Director	06-08-2013	01-11-2012	-	Active	NO
21	U66000HR2013PLC048992	AVANTHA ERGO LIFE INSURANCE COMPANY LIMITED	Director	02-05-2013	02-05-2013	-	Active	NO

Name :

Ashwani Gupta

Designation :

Director

Address :

C-27, Chirag Enclave, New Delhi – 110 048, India

Date of Birth/Age :

09.01.1958

Qualification :

MBA, Bachelor of Science in Electric Engineering from Delhi University.

Date of Appointment :

31.12.2008

DIN No.:

00122889

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1995PTC071592	HONEYWELL INTERNATIONAL (INDIA) PRIVATE LIMITED	Managing director	10-12-2002	10-12-2002	30-06-2008	Active	NO
2	U72200KA1994FTC016379	HONEYWELL TECHNOLOGY SOLUTIONS LAB PRIVATE LIMITED	Director	17-09-2003	17-09-2003	30-06-2008	Active	NO
3	U29299PN2004PTC019904	HONEYWELL TURBO TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	03-11-2004	03-11-2004	23-06-2008	Active	NO
4	U24119DL2001PLC111100	SOLARIS CHEMTECH INDUSTRIES LIMITED	Director	31-12-2008	26-09-2008	-	Active	NO
5	U02001DL1992PLC047666	GLOBAL GREEN COMPANY LIMITED	Director	17-09-2009	16-02-2009	-	Active	NO
6	U74140KA2007PTC042034	FOOTPRINT VENTURES TRUSTEE COMPANY PRIVATE LIMITED	Director	13-09-2011	31-07-2010	-	Active	NO
7	U67190KA2006PTC038579	FOOTPRINT VENTURES CONSULTANCY PRIVATE LIMITED	Director	13-09-2011	31-07-2010	-	Active	NO
8	U74140DL2005PLC135984	SALIENT BUSINESS SOLUTIONS LIMITED	Director	26-09-2011	18-03-2011	-	Active	NO

Name :

Mr. Karamjit Singh Bedi

Designation :

Director

Address :

Flat No.6, Sahar Apartments, N-118, Panchsheel Park, New Delhi – 110 017, India

Date of Birth/Age :

15.01.1937

Qualification :

BA (Hons.) History

Date of Appointment :

19.08.2009

DIN No.:

00015483

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U02001DL1992PLC047666	GLOBAL GREEN COMPANY LIMITED	Director	07-01-2004	07-01-2004	04-03-2009	Active	NO
2	U91990DL1901PLC001746	DELHI GOLF CLUB LIMITED	Managing director	30-09-2006	30-09-2006	19-09-2009	Active	NO
3	U24119DL2001PLC111100	SOLARIS CHEMTECH INDUSTRIES LIMITED	Director	19-08-2009	02-04-2009	-	Active	NO
4	U93000DL1901NPL000024	DELHI GYMKHANA CLUB LIMITED	Director	28-09-2013	28-09-2013	-	Active	NO

KEY EXECUTIVES

Name :	Sonu Chadha
Designation :	Secretary
Address :	B-13/4, Ramesh Nagar, New Delhi – 110 015, India
Date of Birth/Age :	28.05.1970
Date of Appointment :	01.10.2008
PAN No.:	AEMPD5720N
Name :	Mr. Suresh
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.11.2013

Names of Shareholders (Equity Shares)	No. of Shares
Avantha Holdings Limited, India	177988936
Atul Mehrotra (Nominee of Avantha Holdings Limited)	1
Deepak Bansal (Nominee of Avantha Holdings Limited)	1
N.S.N. Prasad (Nominee of Avantha Holdings Limited)	1
Akhil Mahajan (Nominee of Avantha Holdings Limited)	1
Gayatri Pathak (Nominee of Avantha Holdings Limited)	1
Harsh Gupta (Nominee of Avantha Holdings Limited)	1
Avantha Realty Limited, India	38875000
Total	216863942

Names of Shareholders (Preference Shares)	No. of Shares
Avantha Holdings Limited, India	6938669
Total	6938669

AS ON 22.11.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacture and sale of Bromine, Bromides Chloro - Alkali and Phosphoric Acid.

Products :

Item Code No (ITC Code)	Production Description
28151100	Caustic Lye
28092010	Phosphoric Acid
28013020	Bromine

GENERAL INFORMATION

No. of Employees :

Information declined by the Management.

Bankers :

• Barclays Bank PLC, 801-808, Ceejay House, Shivsagar Estate, Dr. A. Besant Road, Worli, Mumbai – 400 018, Maharashtra, India
• State Bank of Hyderabad, Commercial Branch, 74, Janpath, New Delhi – 110 001, India
• State Bank of Bikaner and Jaipur, 16/67-68, Faiz Road, Karol Bagh, New Delhi – 110 005, India
• Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India
• The Ratnakar Bank Limited, Shahupuri, Kolhapur, Kolhapur – 416 001, Maharashtra, India
• IDBI Bank Limited, Red Cross Building, 1, Red Cross Road, Post Bag No.231, New Delhi – 110 001, India

Facilities :

Secured Loans	30.06.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	2966.500	2703.500
Foreign currency term loans from banks [Term Loan in Foreign Currency secured by charge on project specific assets with (minimum asset coverage of 1.25 times)] (Repayable in quarterly instalments in 6 years starting from quarter ended January 2007 along with interest of LIBOR+1.60%.)	0.000	127.900
Rupee term loans from others (Repayable in 16 equal quarterly instalments starting from quarter ended Feb 2013 along with interest of 13.60%.)	562.500	600.000
SHORT-TERM BORROWINGS
Rupee term loans from banks	200.000	137.000
Working capital loans from banks (Secured by a first pari-passu charge on the Company's entire current assets wherever situated and secured by second charge on the fixed immovable and movable assets of the Company)	1185.000	516.400
Total	4914.000	4084.800

Banking Relations :	---
Financial Institutions :	Tata Capital Financial Services Limited, One Forbes, Dr. V.B. Gandhi Marg, Fort, Mumbai – 400 001, Maharashtra, India
Auditors :
Name :	D B M S and Associates Chartered Accountants
Address :	B-383, Sarita Vihar, New Delhi – 110 076, India
PAN No.:	AAJFD6567G
Holding Company :	Avantha Holdings Limited, India (AHL) (CIN No.: U67120DL1998PLC198627)
Associate companies with whom the Company had transactions :	Ballarpur Industries Limited (BILT) Crompton Greaves Limited (CGL) Avantha Realty Limited (ARL) Global Green Company Limited (GGCL) Biltech Building Elements Limited (BBEL) Solaris Industrial Chemicals Limited (SICL) Bilt Graphic Paper Limited (BGPL) Avantha Technologies Limited (ATL) APR Sacks Limited (ASL) NQC International (Mauritius) Limited (NQL) Salient Business Solutions Limited (SBSL)

CAPITAL STRUCTURE

AS ON 22.11.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
336276600	Equity Shares	Rs.10/- each	Rs.3362.766 millions
13877340	Preference Shares	Rs.100/- each	Rs.1387.734 millions
	Total		Rs.4750.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
216863942	Equity Shares	Rs.10/- each	Rs.2168.639 millions
6938669	Preference Shares	Rs.100/- each	Rs.693.867 millions
	Total		Rs.2862.506 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	01.04.2012 to 30.06.2013 (15 Months)	01.04.2011 to 31.03.2012 (12 Months)	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	2862.500	2862.500	2862.500
(b) Reserves & Surplus	(1311.700)	(408.100)	(428.800)
(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)	1550.800	2454.400	2433.700
(3) Non-Current Liabilities
(a) Long-term borrowings	3599.900	3689.700	853.500
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	5.700	5.400	10.200
(d) Long-term provisions	81.000	79.700	71.200
Total Non-current Liabilities (3)	3686.600	3774.800	934.900
(4) Current Liabilities
(a) Short term borrowings	1423.700	792.700	839.800
(b) Trade payables	727.500	660.700	615.200
(c) Other current liabilities	3731.200	886.200	2616.200
(d) Short-term provisions	21.700	13.200	23.100
Total Current Liabilities (4)	5904.100	2352.800	4094.300
TOTAL	11141.500	8582.000	7462.900
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4908.900	5103.300	5295.500
(ii) Intangible Assets	19.000	28.500	36.100
(iii) Capital work-in-progress	69.200	100.200	12.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1566.500	6.500	6.800
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	147.200	180.500	47.900
(e) Other Non-current assets	225.200	169.900	83.900
Total Non-Current Assets	6936.000	5588.900	5482.200
(2) Current assets
(a) Current investments	0.000	0.300	0.000
(b) Inventories	803.600	659.500	564.000
(c) Trade receivables	486.900	369.400	261.700
(d) Cash and cash equivalents	74.400	854.400	328.600
(e) Short-term loans and advances	2829.100	1106.400	823.300
(f) Other current assets	11.500	3.100	3.100
Total Current Assets	4205.500	2993.100	1980.700
TOTAL	11141.500	8582.000	7462.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		01.04.2012 to 30.06.2013 (15 Months)	01.04.2011 to 31.03.2012 (12 Months)	31.03.2011
	SALES
		Revenue from Operations	4345.700	3974.600	2674.600
		Other Income	1.500	9.400	0.800
		TOTAL (A)	4347.200	3984.000	2675.400
Less	EXPENSES
		Cost of materials consumed	1482.700	1161.800	856.300
		Purchases of stock-in-trade	0.000	0.000	8.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(49.400)	0.900	(4.700)
		Employee benefit expense	419.800	308.400	291.400
		Other expenses	2001.200	1723.300	1299.000
		TOTAL (B)	3854.300	3194.400	2450.000
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		492.900	789.600	225.400
Less	FINANCIAL EXPENSES (D)		1054.000	500.300	481.300
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(561.100)	289.300	(255.900)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		342.500	268.600	260.200
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(903.600)	20.700	(516.100)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(903.600)	20.700	(516.100)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(456.900)	(477.600)	38.500
	BALANCE CARRIED TO THE B/S		(1360.500)	(456.900)	(477.600)
	EARNINGS IN FOREIGN CURRENCY
		FOB value of manufactured goods exported	85.600	272.200	561.800
	TOTAL EARNINGS		85.600	272.200	561.800
	IMPORTS
		Raw Materials	1101.200	597.500	521.900
		Components and Spare Parts	6.600	12.000	6.500
		Capital Goods	0.000	1.500	1.600
	TOTAL IMPORTS		1107.800	611.000	530.000
	Earnings / (Loss) Per Share (Rs.)		(4.63)	0.29	(0.56)

KEY RATIOS

PARTICULARS		01.04.2012 to 30.06.2013 (15 Months)	01.04.2011 to 31.03.2012 (12 Months)	31.03.2011
PAT / Total Income	(%)	(20.79)	0.52	(19.29)
Net Profit Margin (PBT/Sales)	(%)	(20.79)	0.52	(19.30)
Return on Total Assets (PBT/Total Assets}	(%)	(9.51)	0.24	(6.93)
Return on Investment (ROI) (PBT/Networth)		(0.58)	0.01	(0.21)
Debt Equity Ratio (Total Debt /Networth)		3.24	1.83	0.70
Current Ratio (Current Asset/Current Liability)		0.71	1.27	0.48

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	30.06.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	2862.500	2862.500	2862.500
Reserves & Surplus	(428.800)	(408.100)	(1311.700)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	2433.700	2454.400	1550.800
Long-term borrowings	853.500	3689.700	3599.900
Short term borrowings	839.800	792.700	1423.700
Total borrowings	1693.300	4482.400	5023.600
Debt/Equity ratio	0.696	1.826	3.239

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	30.06.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	2674.600	3974.600	4345.700
		48.605	9.337

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	30.06.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	2,674.600	3,974.600	4,345.700
Profit	(516.100)	20.700	(903.600)
	(19.30%)	0.52%	(20.79%)

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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10472723	09/01/2014	2,250,000,000.00	IDBI BANK LIMITED	RED CROSS BUILDING , 1 RED CROSS ROAD, POST BAG NO.231, NEW DELHI, DELHI - 110001, INDIA	B94418951
2	10396086	20/11/2013 *	1,600,000,000.00	ICICI BANK LIMITED	NBCC PLACE, PRAGATI VIHAR, NEW DELHI, DELHI - 110003, INDIA	B89736706
3	10384178	06/05/2013 *	655,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, JAWAHAR VAYAPAR BHAWAN, 14TH FLOOR, 1 - TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	B76347715
4	10382089	06/05/2013 *	600,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	ONE FORBES, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B75944199
5	10359541	06/06/2012	350,000,000.00	DBS BANK LIMITED	UPPER GROUND FLOOR, BIRLA TOWER, 25, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B41168915
6	10359715	06/06/2012	1,250,000,000.00	DBS BANK LIMITED	UPPER GROUND FLOOR, BIRLA TOWER 25,BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B41244195
7	10353351	26/11/2013 *	87,500,000.00	STATE BANK OF HYDERABAD	COMMERCIAL BRANCH, 74, JANPATH, NEW DELHI, DELHI - 110001, INDIA	B91993014
8	10347422	06/05/2013 *	300,000,000.00	THE FEDERAL BANK LIMITED	CORPORATE BANKING BRANCH, E-13-29, HARSHA BHAWAN, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B75659615
9	10338368	21/11/2013 *	200,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI,KOLHAPUR, KOLHAPUR, MAHARASHTRA - 416001, INDIA	B89720775
10	10338447	21/11/2013 *	250,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI, KOLHAPUR, KOLHAPUR, MAHARASHTRA - 416001, INDIA	B89791255
11	10310804	16/09/2013 *	1,250,000,000.00	INDUSIND BANK LIMITED	FIRST INDIA PLACE, TOWER B, BLOCK A, SUSHANT LOK, PHASE I, MEHRAULI GURGAON ROAD, GURGAON, HARYANA - 122002, INDIA	B85230670
12	10302411	13/11/2013 *	1,000,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B93406478
13	10209367	13/11/2013 *	200,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA - 400018, INDIA	B93410637
14	10166407	24/06/2009	175,000,000.00	STATE BANK OF INDORE	COMMERCIAL BRANCH, M-47, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA	A65639809
15	10165073	18/05/2009	240,000,000.00	INDIAN OVERSEAS BANK	ASHRAM ROAD BRANCH, CHINUBHAI TOWER, OPPOSITE HANDLOOM HOUSE, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA	A65171761
16	10162132	29/04/2009	630,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 14TH FLOOR, 1-TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	A63805212
17	10139386	13/11/2013 *	170,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B93405348
18	10120493	08/08/2011 *	150,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA - 400018, INDIA	B18974709
19	10056772	18/06/2007	35,700,000.00	STATE BANK OF INDORE	COMMERCIAL BRANCH, M-47, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA	A17356106
20	90050681	16/06/2004	100,000,000.00	HDFC BANK LIMITED	2ND FLOOR; TRADE WORLD, SENAPATI BAPAT MARG; LOWER PAREL, MUMBAI, MAHARASHTRA, INDIA	-
21	90050184	04/02/2008 *	75,000,000.00	STATE BANK OF INDORE	COMMERCIAL BRANCH, M-47, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA	A34023838
22	90050117	06/05/2013 *	187,500,000.00	STATE BANK OF BIKANER AND JAIPUR	16/67-68, FAIZ ROAD, KAROL BAGH, NEW DELHI, DELHI - 110005, INDIA	B76348317
23	90385796	04/07/2003 *	175,000,000.00	UTI BANK LIMITED	RACE COURSE CIRCLE, VADODARA, GUJARAT, INDIA	-
24	90368511	04/07/2003 *	175,000,000.00	UTI BANK LIMITED	RACE COURSE CIRCLE, VADODARA, GUJARAT, INDIA	-
25	90049887	04/02/2008 *	320,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, JAWAHAR VAYAPAR BHAWAN, 14TH FLOOR, 1 - TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	A32699688
26	90369405	06/11/2002 *	170,000,000.00	ORIENTAL BANK OF COMMERCE	E- BLOCK HARSH BHAWAN, CONNAUGHT PLACE, NEW DELHI, DELHI, INDIA	-
27	90049294	07/09/2002	75,000,000.00	STANDARD CHARTERED BANK	PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	-
28	90385754	06/11/2002 *	170,000,000.00	ORIENTAL BANK OF COMMERCE	E- BLOCK, HARSH BHAVAN CONNAUGHT PLACE, NEW DELHI, DELHI, INDIA	-

Unsecured Loans	30.06.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Public deposits (Fixed deposit from public are repayable between 12-36 months from the date of issue.)	70.900	258.300
SHORT-TERM BORROWINGS
Inter-corporate deposits	38.700	139.300
Total	109.600	397.600

GENERAL INFORMATION

The Company is engaged in the business of manufacture and sale of Bromine, Bromides Chloro - Alkali and Phosphoric Acid. The Company has Manufacturing plants in India and customers in India and overseas.

FINANCIAL RESULTS

The Company achieved an EBITDA of Rs.492.900 millions for the Fifteen months period (April 2012 to June 2013), declining from its earlier year (April 2011 to March 2012) EBITDA of Rs.789.500 millions.

The year was another difficult year for the Bromine and Bromine Chemicals Business in terms of its operating conditions caused due to continuing trend of heavy monsoon rainfall towards the fag end of monsoon season and the resultant dilution of maturing bitterns in Khavda brine-field. This was compounded by continued demand weakness due to slowdown in key customer segments in Pharma and Flame Retardants.

Their Chlor Alkali Business was impacted due to suspension and closure of their Caustic Soda plant from end December 2012 as a result of non-change of Mercury Cell technology to Membrane Cell, as required by CREP guidelines governing Indian Chlor Alkali industry.

The Phosphoric acid plant operations were continued and sustained with purchased hydrochloric acid.

Imposition of Anti-dumping duty was continued by the Govt. on cheap Phosphoric Acid imports from Korea, which helped them in improving their prices and retaining their market share.

The Company recorded Sales and Other Income of Rs.4347.200 millions for the 15 months period ending 30.06.2013 as compared to Rs.3984.000 millions for the 12 month period of the previous year 2011-12.

OPERATION AND CORPORATE OVERVIEW

Bromine and Bromides

During the 15 months period the total Bromine production was 9,777 MT Vis-à-vis 8,142 MT in the previous financial year (2011-12; 12 months period) and the sales were at 5,998 MT as against 5,440 MT in the previous year. The overall Bromine production was affected mainly due to various reasons like

a) Scaling in Plate Heat Exchangers and Chocking of Column Internals of all plants (High Downtime for cleaning and also plants run at low feed brine flow) - @ 2020 MT loss

b) Low feed gpl to all Bromine plants which is mainly due to heavy rain and Rann brine dilution due flood water from Pakistan as happened during previous year - @ 1830 MT loss

c) Low feed gpl has affected recovery of the plant and which resulted in production loss of @ 1315 MT

In addition to the above the company has produced 563 MT Tetra Bromo Bisphenol - A (TBBA) during the year in review vis a vis 1,723 MT in the previous year and the sales were 572 MT as against 1,755 MT in the previous year.

The Production of NPBR was 1,441 MT during this year vis a vis 1136 MT in the previous year, and the sales were 1457 MT as against 1139 MT in the previous year.

Also Hydrobromic Acid production was 2119 MT during this year vis a vis 897 MT during previous year and the sales were 1962 MT as against 872 MT in the previous year.

The Production of TBBA, HBR and NPBR were governed by Bromine Production which is one of the important raw material of these bromides.

Chlor - Alkali and Phosphoric Acid

During the 15 months period the Caustic Soda production was 33139 MT Vis-à-vis 41318 MT in the previous year (2011-12: 12 month period) and the sales were 33369 MT as against 41422 MT in previous year and the Phosphoric Acid and Food Phosphates production was 26969 MT Vis-à-vis 22077 MT in the previous year and the sales were 26871 MT as against 22610 MT in previous year.

The production is lower mainly due to closure of Caustic Soda plant from December 31, 2012 onwards as a result of non-change of Mercury Cell technology to Membrane Cell, as required by CREP guidelines governing Indian Chlor Alkali industry.

Salt

The Salt production for the 15 months period was 209000 MT vis-à-vis 71030 MT in the previous year (2011-12:12 months period) and the sales for the year were 211203 MT vis-à-vis 77391 MT in the previous year. During this 15 months period the performance for their Salt Works was good. Production and Despatches for the period reflected an increase of 13.10% and 16.60% over the budget respectively. Due to less than average rains during the period, the fields fully recovered from the adverse situation of severe dilution in brine circuits effect during last two monsoons. This is evident from the quantitative performance with positive margins. With average Net Sales Realisation of Rs.51.288 millions for Salt achieved during the period, net profits of 62.372 millions were earned, reflecting 42.90% rise over the budgeted profits for the period.

AMALGAMATION

The Scheme of Amalgamation under Section 391-394 of the Companies Act, 1956 between erstwhile Solaris Chemtech Limited (SCL) and Solaris Chemtech Industries Limited (The Company) was approved by the Hon’ble High Court of Delhi on 25^th July, 2008. As a result SCL was amalgamated with the Company w.e.f. the appointed date of 1^st July, 2007 and all the properties, assets and liabilities of erstwhile SCL stand transferred and vested in the Company from that date. The Company has initiated the relevant documentation process to complete all the statutory formalities for transfer of properties in its name, as applicable.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

intangible Assets

· Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.37
UK Pound	1	Rs.102.48
Euro	1	Rs.81.87

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.