MIRA INFORM REPORT

Report Date :

25.03.2014

IDENTIFICATION DETAILS

Name :	COLGATE – PALMOLIVE (INDIA) LIMITED
Registered Office :	Colgate Research Centre, Main Street, Hiranandani Gardens Powai, Mumbai-400076, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.09.1937
Com. Reg. No.:	11-002700
Capital Investment / Paid-up Capital :	Rs. 135.993 Millions
CIN No.: [Company Identification No.]	L24200MH1937PLC002700
TAN No.: [Tax Deduction & Collection Account No.]	MUMC00390F
Legal Form :	Public Limited Liability Company. Company’s Shares are listed on the Stock Exchange.
Line of Business :	Manufacturing and selling of cosmetics and toilet preparations, distilled fatty acid, toilet soap, glycerine, toothbrushes and shave brushes and dicalcium phosphate.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Aa (74)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 19580000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject is a well-established and reputed company having excellent track record. Financial position of the company seems to be sound. There terms no external borrowings recorded by the company during 2013. Fundamentals are strong and healthy. Trade relations are reported as trustworthy. Business is active. Payments terms are reported to be regular and as per commitments. The company can be considered good for any business dealings at usual trade terms and conditions.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

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

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

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

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 DENIED

MANAGEMENT NON – COOPERATIVE (91-22-67095050)

LOCATIONS

Registered Office :	Colgate Research Centre, Main Street, Hiranandani Gardens Powai, Mumbai-400076, Maharashtra, India
Tel. No.:	91-22-25705050 / 25705060
Fax No.:	91-22-25705088
E-Mail :	info@colgate.com aarun_pande@colpal.com
Website :	http://www.colgate.com http://www.colpal.com
Factory 1 :	Plot No. B 14/10 MIDC, Waluj Industrial Area, Aurangabad 431 136 , Maharashtra, India
Factory 2 :	Plot No. 78, EPIP Phase I, Jharmajri, Baddi, District Solan – 174103, Himachal Pradesh, India
Factory 3 :	Plot Nos. 154, 158 and 160, Kundaim Industrial Estate, Kundaim – 403 115, Goa, India
Factory 4 :	Premises No. 44-617/11, Road No.7, IDA, Nacharam, Hyderabad-500076, Andhra Pradesh, India

DIRECTORS

As on: 31.03.2013

Name :	Ms. V. Deoras
Designation :	Chairman
Name :	Mr. R.A. Shah
Designation :	Vice Chairman
Name :	Mr. P.K. Ghosh
Designation :	Deputy Chairman
Name :	Ms. P. Parameshwaran
Designation :	Managing Director
Name :	Mr. G. Nthunzi
Designation :	Whole Time Director and CEO
Name :	Mr. N Ghate
Designation :	Whole Time Director
Name :	Dr. I Shahani
Designation :	Director
Name :	Mr. J.K. Setna
Designation :	Director
Name :	Mr. V.S. Mehta
Designation :	Director

KEY EXECUTIVES

Management Committee:
Name :	Ms. P. Parameshwaran
Designation :	Managing Director
Name :	Mr. G. Nthunzi
Designation :	Finance
Name :	Mr. N Ghate
Designation :	Legal
Name :	Ms. A Babu
Designation :	Marketing
Name :	Mr. M. Chandrasekar
Designation :	Customer Development
Name :	Mr. S Potnis
Designation :	Research and Development
Name :	Mr. L Wheeler
Designation :	Manufacturing and Supply Chain
Name :	Mr. A Singh
Designation :	Human Resources
Name :	Ms. S Menon
Designation :	Customer Services and Logistics
Name :	Mr. M Mehrotra
Designation :	Supply Chain Director-Global Toothbrush
Audit Committee:
Name :	Mr. R.A. Shah
Designation :	Chairperson
Name :	Mr. P.K. Ghosh
Designation :	Chairperson
Name :	Mr. J.K. Setna
Designation :	Chairperson
Name :	Mr. V.S. Mehta
Designation :	Chairperson
Name :	Dr. I Shahani
Designation :	Director
Name :	Mr. N Ghate
Designation :	Company Secretary
Shareholders / Investors Grievance Committee:
Name :	Mr. P.K. Ghosh
Designation :	Chairperson
Name :	Ms. P Parameshwaran
Designation :	Chairperson
Name :	Mr. J.K. Setna
Designation :	Chairperson
Name :	Mr. N Ghate
Designation :	Company Secretary
Name :	Crawford Bayley And Company Solicitors

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.12.2013

Category of Shareholder	Total No. of Shares	% of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	69356336	51.00
Sub Total	69356336	51.00
Total shareholding of Promoter and Promoter Group (A)	69356336	51.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1733450	1.27
Financial Institutions / Banks	239905	0.18
Central Government / State Government(s)	126065	0.09
Insurance Companies	6797863	5.00
Foreign Institutional Investors	27212451	20.01
Qualified Foreign Investor	3030	0.00
Sub Total	36112764	26.55
(2) Non-Institutions
Bodies Corporate	1977046	1.45
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	27707439	20.37
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	231501	0.17
Any Others (Specify)	607731	0.45
Non Resident Indians	452445	0.33
Trusts	152066	0.11
Foreign Nationals / OCB	3220	0.00
Sub Total	30523717	22.45
Total Public shareholding (B)	66636481	49.00
Total (A)+(B)	135992817	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	135992817	0.00

BUSINESS DETAILS

Line of Business :

Manufacturing and selling of cosmetics and toilet preparations, distilled fatty acid, toilet soap, glycerine, toothbrushes and shave brushes and dicalcium phosphate.

Products :

Item Code (ITC CODE)	Product Description
330610.02	Toothpaste
330610.01	Tooth Powder
960321.00	Toothbrush

Brand Name :

COLGATE

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	œ The Hongkong And Shanghai Banking Corporation Limited œ Anz Grindlys Bank Limited œ Bank of America

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountant
Ultimate Holding Company:	œ Colgate-Palmolive Company, U.S.A.
Group Companies where common control exists :	œ Colgate-Palmolive (Malaysia) Mktg. SDN BHD, Malaysia œ Colgate-Palmolive East Africa Ltd., Kenya œ Colgate-Palmolive Marocco Limited œ Colgate-Palmolive Pty. Limited, South Africa œ Colgate-Palmolive (Thailand) Limited œ Colgate-Palmolive (H.K.) Ltd., Hongkong œ Colgate-Palmolive Management Services (H.K.) Limited œ Colgate-Palmolive (China) Company Limited, China œ Colgate-Palmolive Son Hai Ltd., Vietnam œ Colgate Sanxiao (Consumer Products) Company Limited œ Colgate-Palmolive Temizlik, Urunleri, Turkey œ Colgate-Palmolive Cameroun S.A., Cameroun œ Colgate-Palmolive Romania srl. œ Colgate-Palmolive (Eastern) Pte. Limited, Singapore œ Colgate-Palmolive Industria E Commercio Ldta, Brazil œ Colgate-Palmolive (Asia) Pte. Limited, Singapore œ Norwood International Incorporated, U.S.A. œ Colgate-Palmolive Tanzania Limited œ CP Hawley and Hazel Chemical Company, (ZS) Limited œ Colgate-Palmolive Zambia Inc. œ Colgate-Palmolive Europe SARL œ Colgate Palmolive Bt. Limited., Blantyre, Malawi œ Colgate Oral Pharmaceuticals Inc. Carrollton, U.S.A. œ Colgate-Palmolive Senegal œ Colgate-Palmolive Gabon œ Colgate-Palmolive Italia S.r.l., Italy œ Colgate Philippines Inc. œ Colgate-Palmolive Canada Inc. œ Colgate-Palmolive Pty. Limited, Australia
	œ

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1370000000	Equity Shares	Rs.1/- each	Rs.1370.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
135992817	Equity Shares	Rs.1/- each	Rs. 135.993 Millions

(A) Shares held by Ultimate Holding Company and its Subsidiaries

1. 54476347 (Previous Year: 54476347) Equity Shares are held by Colgate-Palmolive Company, U.S.A., the Ultimate Holding Company.

2. 14879426 (Previous Year: 14879426) Equity Shares are held by Colgate-Palmolive (Asia) Pte. Limited, Singapore, Subsidiary of the Ultimate Holding Company.

3. 563 (Previous Year: 563) Equity Shares are held by Norwood International, Incorporated, U.S.A., Subsidiary of the Ultimate Holding Company.

(B) Reconciliation of Shares Outstanding

Particulars	As at March 31, 2013
	Number of Shares	Rs. In Millions
Balance at the beginning of the year	13,59,92,817	135.993
Issued during the year	--	--
Balance at the end of the year	13,59,92,817	135.993

(C) Details of Shareholders holding more than 5% of the aggregate Shares in the Company

Particulars	As at March 31, 2012
	Number of Shares	% of holding
Colgate-Palmolive Company, U.S.A.	5,44,76,347	40.06
Colgate-Palmolive (Asia) Pte. Limited, Singapore	1,48,79,426	10.94
Oppenheimer Developing Market Fund	73,20,782	5.38

(D) Rights, Preference and Restriction attached to Shares

The Company has one class of Equity Shares having par value of Rs.1 per share. Each Shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the Equity Shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	135.993	135.993	135.993
(b) Reserves & Surplus	4759.921	4217.896	3704.540
(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)	4895.914	4353.889	3840.533
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.500
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	8.442	7.617	8.662
(d) long-term provisions	349.006	300.607	268.798
Total Non-current Liabilities (3)	357.448	308.224	277.960
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	4666.198	3690.133	3785.524
(c) Other current liabilities	2501.798	2171.803	2121.920
(d) Short-term provisions	646.414	771.925	314.232
Total Current Liabilities (4)	7814.410	6633.861	6221.676
TOTAL	13067.772	11295.974	10340.169
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2806.632	2544.229	2550.449
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1019.563	693.825	82.143
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	371.348	471.165	291.490
(c) Deferred tax assets (net)	224.447	120.997	168.434
(d) Long-term Loan and Advances	702.950	225.301	182.762
(e) Other Non-current assets	12.461	3.648	4.609
Total Non-Current Assets	5137.401	4059.165	3279.887
(2) Current assets
(a) Current investments	99.817	0.000	95.900
(b) Inventories	1852.983	2176.799	1536.992
(c) Trade receivables	812.114	872.657	753.045
(d) Cash and cash equivalents	4287.963	3098.054	3951.477
(e) Short-term loans and advances	844.707	1020.741	646.450
(f) Other current assets	32.787	68.558	76.418
Total Current Assets	7930.371	7236.809	7060.282
TOTAL	13067.772	11295.974	10340.169

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	31638.056	26932.267	22861.155
		Other Income	499.232	506.851	412.432
		TOTAL	32137.288	27439.118	23273.587
Less	EXPENSES
		Cost of Materials Consumed	9915.474	8938.698	7395.188
		Purchase of Stock-in-Trade	2364.440	1996.959	1622.976
		Changes in inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	221.970	(433.440)	(298.506)
		Employee Benefits Expense	2494.380	2156.077	1932.233
		Other Expenses	10073.696	8488.675	7063.604
		TOTAL	25069.960	21146.969	17715.495
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		7067.328	6292.149	5558.092
Less	FINANCIAL EXPENSES		0.000	15.128	16.112
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		7067.328	6277.021	5541.980
Less/ Add	DEPRECIATION/ AMORTISATION		436.989	393.112	342.495
	PROFIT BEFORE TAX		6630.339	5883.909	5199.485
Less	TAX		1662.795	1419.196	1173.652
	PROFIT AFTER TAX		4967.544	4464.713	4025.833
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1146.800	1079.900	919.500
	APPROPRIATIONS
		Transfer to General Reserve	496.700	446.500	402.600
		Dividend	3807.800	3399.800	2991.800
		Tax on Dividend	617.700	551.500	496.900
	BALANCE CARRIED TO THE B/S		1192.100	1146.800	1079.900
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	351.789	314.390	199.618
		Services Rendered	782.906	679.519	513.879
	TOTAL EARNINGS		1134.695	993.909	713.497
	IMPORTS
		Raw Materials	1126.475	855.125	491.100
		Stores & Spares	258.484	245.272	122.449
		Capital Goods	251.256	60.899	43.918
		Others	42.825	294.035	77.058
	TOTAL IMPORTS		1679.040	1455.331	734.525
	Earnings Per Share (Rs.)		36.53	32.83	29.60

QUARTERLY / SUMMARISED RESULTS

Particulars	30.06.2013	30.09.2013	31.12.2013
Audited / UnAudited	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	8596.900	9007.300	8911.100
Total Expenditure	6944.100	7544.000	7405.800
PBIDT (Excl OI)	1652.800	1463.300	1505.300
Other Income	171.200	130.200	162.400
Operating Profit	1824.000	1593.500	1667.700
Interest	0.000	0.000	0.000
Exceptional Items	706.400	0.000	(1.100)
PBDT	2530.400	1593.500	1666.600
Depreciation	117.400	116.600	120.500
Profit Before Tax	2413.000	1476.900	1546.100
Tax	560.800	381.700	417.800
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	1852.200	1095.200	1128.300
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	1852.200	1095.200	1128.300

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	15.46	16.27	17.30
Net Profit Margin (PBT/Sales)	(%)	20.96	21.84	22.74
Return on Total Assets (PBT/Total Assets}	(%)	57.89	58.78	53.07
Return on Investment (ROI) (PBT/Networth)		1.35	1.35	1.35
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.01	1.09	1.13

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	135.993	135.993	135.993
Reserves & Surplus	3704.540	4217.896	4759.921
Net worth	3840.533	4353.889	4895.914
long-term borrowings	0.500	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.500	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	22861.155	26932.267	31638.056
		17.808	17.473

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	22861.155	26932.267	31638.056
Profit	4025.833	4464.713	4967.544
	17.61%	16.58%	15.70%

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	No
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	No

LITIGATION DETAILS

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

Lodging No: ITRL/60/2009 Filing Date: 05.05.2009

Petitioner: THE COMMISSIONER OF INCOME TAX MUMBAI Respondent: COLGATE PAMOLIVE (INDIA)

LIMITED

Petn. Adv : INCOME TAX TRIBUNAL (0)

District: BOMBAY

Bench: SINGLE

Status: Pre-Admission Category: INCOME TAX REFERENCES.

Last Date: 01.12.2009 Stage: INCOME TAX REFERENCE FOR REJECTION U/R

986 OF THE H.C. (O.S) RULES 1980

Last Coram: REGISTRAR(OS)/PROTHONOTARY & SR. MASTER

BUSINESS PERFORMANCE

Despite an inflationary environment and increasingly fierce competition, the Company delivered very strong results. The Company’s business continues to grow strongly in double digits. Sales for the year increased by 18 per cent to Rs. 30840.000 millions as against Rs. 26240.000 millions during the previous year. The toothpaste and toothbrush businesses registered a very strong volume growth of 10 and 20 per cent respectively during the year.

The profit before tax during the year was Rs. 6630.000 millions as against Rs. 5880.000 millions during the previous year, an increase of 13 per cent. The profit after tax also increased, standing at Rs. 4970.000 millions, an increase of 11 per cent over the previous year.

The Company continued to lay emphasis on cash generation driven by strong business performance, focus on efficiencies, cost management and continued efficient collection system. The Company managed investments prudently by deploying surplus funds after ensuring that such investments satisfy the Company’s criteria of safety and security.

During the financial year, the Company strengthened its leadership position in the toothpaste category to 54.6 per cent from 52.9 per cent in the previous year. Similarly, market share in toothbrush category was strengthened to 40.5 per cent and market share in mouthwash category has been growing consistently.

The Company achieved its goals by focusing on strategic initiatives which are: engaging to build own brands, innovation for growth, being effective and efficient and leading to win.

MOST TRUSTED BRAND

‘Colgate’ has been ranked as “Most Trusted Brand” by Brand Equity’s Annual Survey. In the year 2011 as well, BColgate was voted as #1 Most Trusted Brand of the year. Colgate had also been rated as India’s #1 Most Trusted Brand across all categories for four consecutive years from 2003 to 2007. It is the only Brand to be ranked in the top 3 from the inception of the survey in 2001.

The Company was also ranked as the 3rd most admired Company in India by the Global Business Magazine Fortune and Management Consultancy Hay Group.

INDEX CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90119029	29/12/2000	60,000,000.00	THE HONGKONG & SHANGHAI BANKING CORPORATION LTD.	30, RAJAJI SALAI, CHENNAI, Tamil Nadu - 600001, INDIA	-
2	90065019	30/03/2000 *	30,000,000.00	ANZ GRINDLYS BANK LTD.	90 ; M.G. ROAD BRANCH, FORT, MUMBAI, Maharashtra - 400001, INDIA	-
3	90118834	29/08/1998	35,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	52/60; HAHATMA GANDHI ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	-
4	90065440	31/12/1992	9,000,000.00	ANZ GRINDYAS BANK	P.L.C.; 90; M.G. ROAD, BOMBAY, Maharashtra - 400001, INDIA	-
5	90114951	08/05/1992	7,000,000.00	ANZ GRINDLAYS BANK	M G ROAD, ABIDS, HYDERABAD, Andhra Pradesh, INDIA	-
6	90114915	30/07/1998 *	22,500,000.00	ANZ GRINDLYS BANK LTD	6-3-1090; RAJBAHAWAN ROAD, SOMAJI GUDA, HYDERABAD, Andhra Pradesh - 500082, INDIA	-
7	90114788	20/07/1990	7,500,000.00	BANK OF AMERICA	P.O. NO-10080, MUMBAI, Maharashtra - 400001, INDIA	-
8	90114725	08/03/1990	8,650,000.00	BANK OF AMERICA	P.O. NO-10080, MUMBAI, Maharashtra - 400001, INDIA	-

* Date of charge modification

FIXED ASSETS

Intangible Assets

• Goodwill and Trademarks
• Copyrights and Design
• Technical Know-how

Tangible Assets

• Land-Leasehold
• Buildings
• Plant and Machinery
• Furniture and Equipment
• Vehicle

STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED

DECEMBER 31, 2013

Sr No.	Particulars (PART I)	Quarter Ended		Nine Months Ended
		31.12.2013	30.09.2013	31.12.2013
1	Income from operations
	(a) Net sales/income from operations (Net of excise duty)	8839.800	8956.900	26242.900
	(b) Other operating income	71.300	50.400	272.400
	Total income from operations (net)	8911.100	9007.300	26515.300
2	Expenses
	(a) Cost of materials consumed	2591.600	2643.200	7782.100
	(b) Purchases of stock-in-trade	901.400	1106.000	2898.300
	(c) Changes in inventories of finished goods and work-in-progress	(35.500)	(128.000)	(319.100)
	(d) Employee benefits expense	529.500	534.600	1684.000
	(e) Depreciation and amortisation expense	120.500	116.600	354.500
	(f) Other expenses	2204.200	2193.500	6425.400
	Total expenses	7526.300	7660.600	22248.400
3	Profit (Loss) from operations before other income, finance costs and exceptional items (1-2)	1384.800	1346.700	4266.900
4	Other income	162.400	130.200	463.800
5	Profit/(Loss) from ordinary activities before finance costs and exceptional items (3*4)	1547.200	1476.900	4730.700
6	Finance costs	--	--	--
7	Profit (Loss) from ordinary activities after finance costs but before exceptional items (5-6)	1547.200	1476.900	4730.700
8	Exceptional items	(1.100)	--	705.300
9	Profit / (Loss) from ordinary activities before tax (7-8)	1546.100	1476.900	5436.000
10	Tax expense	417.800	381.700	1360.300
11	Net Profit/[Loss after tax (9-10)	1128.300	1095.200	4075.700
12	Paid-up equity share capital (Face Value Rs. 10/-)	136.000	136.000	136.000
13	Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year
14	Basic and Diluted Earning per share (Rs.)	8.30	8.05	29.97

SELECT INFORMATION FOR THE QUARTER ENDED DECEMBER 31, 2013

PART II
PARTICULARS OF SHAREHOLDING
Public Shareholding
- Number of Shares	66636481	6663648	6663648
- Percentage of Shareholding	49%	49%	49%
Promoters and Promoter Group Shareholding
a) Pledged / Encumbered
- Number of Shares	Nil	Nil	Nil
- Percentage of shares (as a percentage of the total shareholding of Promoters and Promoter Group)	Nil	Nil	Nil
- Percentage of shares (as a percentage of the total capital of the Company)	Nil	Nil	Nil
b) Non-encumbered
- Number of Shares	69356336	69356336	69356336
- Percentage of shares (as a percentage of the total shareholding of Promoters and Promoter Group)	100.00%	100.00%	100.00%
- Percentage of shares (as a percentage of the total capital of the Company)	51%	51%	51%

Information on investor complaints pursuant to Clause 41 of the Listing Agreement for the quarter ended December 31, 2013

Nature of complaints *	Opening Balance	Received during the quarter	Resolved during the quarter	Closing Balance
Non receipt of dividend warrants	-	1	1	-
Non receipt of share certificates lodged for transfer or capital reduction	-	-	-	-
Others	-	1	1	-

* Excludes disputed cases and sub-judice matters.

NOTE:

1. Net Sales for the quarter ended and nine months ended December 31, 2013 increased by 16% and 15% respectively, over the same period of the previous year.

2. Net Profit before Tax for the quarter ended and nine months ended December 31, 2013 is Rs. 1546.100 millions as against Rs. 5436.000 millions respectively, as against Rs. 1503.500 millions and Rs. 4935.600 millions for the similar period of the previous year.

3. The Company had paid a first interim Dividend of Rs. 1223.900 millions (Rs. 9 Per Shares) in November 2013 and second Interim Dividend of Rs. 1223.900 Millions (Rs. 9 Per Shares) in December, 2011.

4. In accordance with the requirements of Accounting Standard -17, Segment Reporting, the Company's business segment is 'Personal Care' (including Oral Care) and hence it has no other primary reportable segments.

5. The company after obtaining necessary approvals from the Board of Directors and Shareholders, sold and transferred the whole of the Company's "Global Shared Services Organization" (GSSO Division) by way of a slump sale to Colgate Global Business Services Private Limited (CGBSPL), a 100% subsidiary of the ultimate holding company, Colgate-Palmolive Company, U.S.A. with effect from June 1, 2013, on a going concern basis for a total consideration of Rs. 598.900 millions. This amount, after necessary adjustments to the relevant assets and liabilities of the erstwhile division is shown under "Exceptional Items". The Capital Gain tax arising from the transaction is included in "Tax Expense".

6. Previous period / year figures have been reclassified to conform with current period / year presentation, where applicable.

The Statutory Auditors have carried out a Limited Review of the financial results of the quarter ended December 31, 2013 as per Clause 41 of the Listing Agreement.

The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their Meeting held today.

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.61.69
UK Pound	1	Rs.99.20
Euro	1	Rs.83.69

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		74

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.