MIRA INFORM REPORT

Report Date :

12.11.2014

IDENTIFICATION DETAILS

Name :	GODREJ CONSUMER PRODUCTS LIMITED
Registered Office :	Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai – 400 079, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.11.2000
Com. Reg. No.:	11-129806
Capital Investment / Paid-up Capital :	Rs.340.300 Millions
CIN No.: [Company Identification No.]	L24246MH2000PLC129806
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the manufacture of Personal and Household Care Products.
No. of Employees :	Information declined by the Management

RATING & COMMENTS

MIRA’s Rating :

Aa (78)

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 86000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well – established and reputed company having an excellent track record. It is a major player in the Indian FMCG Market. Financial position of the company seems to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are trustworthy. Business is active. Payments terms are reported to be regular and as per commitments. The company can be considered excellent 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 – June 1, 2014

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

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

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	AA + [Non-Convertible Debenture
Rating Explanation	Have high degree of safety and carry low credit risk.
Date	September 2014

Rating Agency Name	ICRA
Rating	A1+ [short term debt and commercial paper]
Rating Explanation	Have very strong degree of safety and carry lowest credit risk
Date	September 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED BY

Management Non Co-operative (91-22-25188010)

LOCATIONS

Registered Office/ Branch Office 1 :	Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai – 400 079, Maharashtra, India
Tel. No.:	91-22-25188010, 25188020, 25188030
Fax No.:	91-22-25188040
E-Mail :	Investor.relations@godrejcp.com
Website :	http://www.godrejcp.com
Factory 1 :	U - 30, Industrial Area, Malanpur, District Bhind – 477 116, Madhya Pradesh, India
Tel. No.:	91-7539-83113/ 83419
Fax No.:	91-7539-283421
Factory 2 :	Shed No.9 - 12, Byelane #1, Bamunimaidan Industrial Estate, Guwahati – 781 021, Assam, India
Tel. No.:	91-361-2653437/ 2654186
Fax No.:	91-361-2653597
Factory 3 :	Plot Nos.85-88, EPIP, Phase-II, Village Thana, Tehsil Nalagarh, District Solan – 173 205, Himachal Pradesh, India
Tel. No.:	91-1795-274298/ 274235
Fax No.:	91-1795-274233
Factory 4 :	APDC Complex, CITI, Kalapahar, Guwahati – 781 016, Assam, India
Tel. No.:	91-361-2477174/ 2476765
Factory 5 :	Shed No. A3, A4 and A8 Part, Mini Industrial Estate, Kalapahar, Guwahati – 781 016, Assam, India
Tel. No.:	91-361-2491358
Factory 6 :	Shed No.A12 and B2, Mini Industrial Estate, Kalaphar, Guwahati – 781 016, Assam, India
Tel. No.:	91-361-2478294/ 2478261
Factory 7 :	15^th Mile, National Highway No.41, G.S. Road, Byrnihat, Rebhoi District, Meghalaya, India
Tel. No.:	91-3638-263706/ 263768
Factory 8 :	Lalunggaon, Lokhra, Guwahati – 781 034, Assam, India
Tel. No.:	91-361-2236729/ 2236730/ 2236750/ 2236752
Factory 9 :	C/o Filpak India Private Limited, 46/47 Pileme Industrial Estate, Pileme, Brdez, Goa – 403 511, India
Tel. No.:	91-832-2407090/ 2407193
Factory 10 :	Chak Pratap Sigh, National Highway - 1A, Hatli More, Kathua – 184 102, Jammu and Kashmir, India
Tel. No.:	91-1922-203425
Factory 11 :	R.S. No.74/4, 74/5 and 74/6, Nallur Village, Mannadipet Commune -- 605 107 Pondicherry, India
Tel. No.:	91-413-2640711/ 712
Factory 12 :	R.S. No.131, 131/1-4, Cuddalore Road, Kattukuppam Manpet Post – 607 402, Pondicherry, India
Tel. No.:	91-413-3291972/ 2611463/ 464
Fax No.:	91-413-2611260
Factory 13 :	Re-survey No.239/3, 239/4, 240/5, 240/6, Kurumbakaram Nedungadu  Commune, Karaikal – 609 603, Pondicherry, India
Tel. No.:	91-4368-262147/ 262148
Factory 14 :	Re-survey, No.245/1A, 245/3, 245/4 and 246/2a, Sethur Village, Thirunallar Commune, Karaikal – 609 601, Pondicherry, India
Tel. No.:	91-4368-236696/ 236697
Factory 15 :	E-5, Industrial Estate, Marai Malai Nagar - 603 209, Tamilnadu
Tel. No.:	91-44-67455533
Branch Office :	Also located at: · Chennai · Delhi · Kolkata
International Operations :	Located At: • Africa: South Africa, Nigeria, Mozambique • Asia: Indonesia, Bangladesh, Sri Lanka • Europe: United Kingdom • Latin America: Argentina, Uruguay, Brazil • Middle East: UAE

DIRECTORS

As on 28.07.2014

Name :	Mr. Adi Godrej
Designation :	Chairman
Qualification :	B.S, M.S, Massuchusetts Institute of Technology, U.S.A.
Name :	Mr. A. Mahendran
Designation :	Managing Director
Qualification :	ACA
Name :	Mr. Narendra Ambwani
Designation :	Director
Name :	Mr. D. Shivakumar
Designation :	Director
Name :	Mr. Bharat Doshi
Designation :	Director
Name :	Mr. Nadir Godrej
Designation :	Director
Name :	Ms. Tanya Dubash
Designation :	Director
Name :	Mr. Jamshyd Godrej
Designation :	Director
Name :	Ms. Nisaba Godrej
Designation :	Director
Name :	Mr. Bala Balachandran
Designation :	Director
Name :	Mr. Aman Mehta
Designation :	Director
Name :	Dr. Omkar Goswami
Designation :	Director
Name :	Mr. Vivek Gambhir
Designation :	Director
Name :	Ms. Ireena Vittal
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Rakesh Sinha
Designation :	COO (Global Supply Chain, Manufacturing and IT)
Qualification :	B. Tech (Mech) P.G.D.I.E. A I C W A, CFA
Name :	Mr. Shashank Sinha
Designation :	President (International Business)
Qualification :	BE, MBA
Name :	Mr. P. Ganesh
Designation :	Executive Vice President (Finance and Commercial) and Company Secretary
Qualification :	B.Com, ACA, ACS, Grad CWA
Name :	Mr. Rahul Gama
Designation :	Executive Vice President (HR)
Qualification :	MBA
Name :	Mr. Sundar Nurani Mahadevan
Designation :	Executive Vice President (R & D)
Qualification :	PHDM, MSC, BSC
Name :	Mr. Sunil Kataria
Designation :	Executive Vice President (Sales and Marketing)
Qualification :	MBA

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	16054647	4.72
Bodies Corporate	199441435	58.59
Sub Total	215496082	63.31
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	215496082	63.31
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	735660	0.22
Financial Institutions / Banks	1038523	0.31
Insurance Companies	4321599	1.27
Foreign Institutional Investors	98700054	29.00
Sub Total	104795836	30.79
(2) Non-Institutions
Bodies Corporate	2071098	0.63
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	11480710	5.08
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	661623	0.19
Sub Total	14213431	5.91
Total Public shareholding (B)	119009267	36.70
Total (A)+(B)	334505349	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)	334505349	0.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the manufacture of Personal and Household Care Products.
Products :	v Soaps v Cosmetics v Insecticides
Exports :	Not Divulged
Imports :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information declined by the Management

Bankers :

• Central Bank of India
• Citibank N.A.
• HDFC Bank Limited
• State Bank of India
• The Hong Kong and Shanghai Banking Corporation Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Deferred sales tax loan	0.000	0.500
SHORT TERM BORROWING
Loans Repayable on Demand
Cash Credit From Banks	8.800	6.000
Total	8.800	6.500

NOTES:

Long Term Borrowings:

a. Deferred sales tax loan was interest free and was secured by the Bank Guarantee in favour of sales tax authorities.

b. The company does not have any continuing default as on the Balance Sheet date in the repayment of loans and interest.

Short Term Borrowings:

1. Cash Credit from Bank is secured by Hypothecation of Inventories and Book debts.
2. The Company does not have any default as on the Balance Sheet date in the repayment of any loan and interest.

Auditor :
Name :	Kalyaniwalla and Mistry Chartered Accountant
Address :	Kalpataru Heritage, 127 Mahatma Gandhi Road, Mumbai – 400001, Maharashtra, India
Tel No.:	91-22-61587200
Fax No.:	91-22-22673964
Holding Company :	Godrej AND Boyce Manufacturing Company Limited
Subsidiaries :	i) Godrej Household Products Lanka (Private) Limited ii) Godrej Household Products (Bangladesh) Private Limited iii) Godrej Consumer Products Bangladesh Limited iv) Godrej South Africa (Proprietary) Limited (Earlier Rapidol (Proprietary) Limited) v) Godrej Global Mid East FZE vi) Godrej Hygiene Products Limited vii) Godrej Consumer Products Nepal Private Limited viii) Godrej Netherlands B.V. Godrej Consumer Products (UK) Limited Keyline Brands Limited Inecto Manufacturing Limited Godrej Consumer Investments (Chile) Spa Godrej Holdings (Chile) Limitada Cosmetica Nacional Plasticos Nacional ix) Godrej Consumer Products Mauritius Limited Godrej Kinky Holdings Limited Kinky Group (Proprietary) Limited Godrej Nigeria Holdings Limited (Merged with Godrej Consumer Products Mauritius Limited w.e.f. April 1, 2012) Godrej Nigeria Limited Godrej Argentina Dutch Cooperatief U.A Godrej Netherlands Argentina Holding B.V. Godrej Netherlands Argentina B.V. Laboratoria Cuenca S.A Deciral S.A Issue Group Uruguay S.A Issue Group Brazil Limited Consell S.A Argencos S.A Panamar Producciones S.A x) Godrej Consumer Products Holding (Mauritius) Limited Indovest Capital Limited Godrej Consumer Products Dutch Cooperatief U.A. Godrej Indonesia Netherlands Holding B.V. Godrej Consumer Products (Netherlands) B.V. Godrej Consumer Holdings (Netherlands) B.V. PT Simba Indosnack Makmur (upto March 21, 2013) PT Indomas Susemi Jaya PT Intrasari Raya PT Megasari Makmur PT Ekamas Sarijaya PT Sarico Indah xi) Godrej Mauritius Africa Holdings Limited Godrej Weave Holdings Limited DGH Mauritius Private Limited Weave Business Holding Mauritius Private Limited Subinite Pty Limited Lorna Nigeria Limited Weave IP Holding Mauritius Private Limited Weave Mozambique Limitada Weave Trading Mauritius Private Limited Hair Trading (Offshore) S.A.L. xii) Godrej East Africa Holdings Limited (w.e.f. July 20, 2012) DGH Phase Two Mauritius Private Limited Style Industries Limited xiii) Godrej Tanzania Holdings Limited (w.e.f. November 30, 2012) DGH Tanzania Limited Sigma Hair Ind Limited
Fellow Subsidiaries with whom transactions have taken place during the year	i) Godrej Industries Limited ii) Godrej Agrovet Limited iii) Godrej Tyson Foods Limited iv) Godrej Properties Limited v) Natures Basket Limited vi) Godrej Vikhroli Properties LLP vii) Godrej Oil Palm Limited (upto April 27, 2012)
Associates :	Bhabhani Blunt Hairdressing Private Limited (w.e.f. October 7, 2013)
Enterprise over which Key Management Personnel exercise significant influence:	i) Godrej Hershey Limited (upto September 27, 2012) ii) Godrej Investments Private Limited iii) Great Lakes Institute of Management

CAPITAL STRUCTURE

As on 31.03.2014

No. of Shares	Type	Value	Amount
410000000	Equity Shares	Re.1/- each	Rs.410.000 Millions
10000000	Preferences Shares	Re.1/- each	Rs.10.000 Millions
	TOTAL		Rs.420.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
340358049	Equity Shares	Re.1/- each	Rs.340.400 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
340326925	Equity Shares	Re.1/- each	Rs.340.300 Millions

As on 28.07.2014

Authorised Capital : Rs. 420.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 340.443 Millions

NOTES:

During the year, the Company has issued 51,385 equity shares (previous year 29,464) under the Employee Stock Grant Scheme.

31,124 Right Issue Shares (previous year 31,124 equity shares) are kept in abeyance due to various suits filed in courts / forums by third parties for which final order is awaited.

TERMS / RIGHTS ATTACHED TO EQUITY SHARES

The Company has issued only one class of equity shares having a par value of Rs. 1 each. Each equity shareholder is entitled to one vote per share.

During the year ended March 31, 2014 the amount of per share dividend recognized as distribution to equity shareholders was Rs. 5.25 (previous year: Rs. 5.00).

THE RECONCILIATION OF NUMBER OF EQUITY SHARES OUTSTANDING AND THE AMOUNT OF SHARE CAPITAL:

PARTICULAR	AS ON 31.03.2014
	NO. OF SHARES	RS. IN MILLIONS
Shares outstanding at the beginning of the year	340,326,925	340.300
Add: Shares Issued during the year*	51,385	0.001
Shares outstanding at the end of the year	340,378,310	340.400

*amount less than Rs. 0.100 Million.

SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY:

NAME OF THE SHAREHOLDER	AS ON 31.03.2013
	NO. OF SHARES	% HELD
Godrej & Boyce Manufacturing Company Limited	123561815	37.97
Godrej Industries Limited	73659620	22.63

SHARES RESERVED FOR ISSUE UNDER OPTIONS:

The Company has 134,364 (previous year 126,193) equity shares reserved for issue under Employee Stock Grant Scheme as at March 31, 2014.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	340.400	340.300	340.300
(b) Reserves & Surplus	29903.200	27270.700	24898.900
(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)	30243.600	27611.000	25239.200
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	2602.200	2353.200
(b) Deferred tax liabilities (Net)	16.400	45.900	108.600
(c) Other long term liabilities	37.900	44.200	62.900
(d) long-term provisions	42.400	49.000	69.000
Total Non-current Liabilities (3)	96.700	2741.300	2593.700
(4) Current Liabilities
(a) Short term borrowings	8.800	6.000	21.900
(b) Trade payables	7976.300	6665.300	5310.100
(c) Other current liabilities	6232.700	3584.900	2439.500
(d) Short-term provisions	302.400	275.300	188.800
Total Current Liabilities (4)	14520.200	10531.500	7960.300
TOTAL	44860.500	40883.800	35793.200
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2372.400	2256.900	2156.100
(ii) Intangible Assets	8678.500	9201.400	9658.000
(iii) Capital work-in-progress	1479.900	1211.000	121.900
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	20649.900	14500.500	11934.600
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1178.400	1675.000	2386.700
(e) Other Non-current assets	14.400	0.000	0.000
Total Non-Current Assets	34373.500	28844.800	26257.300
(2) Current assets
(a) Current investments	1020.000	0.000	0.000
(b) Inventories	4935.700	5363.700	4330.400
(c) Trade receivables	1392.600	1221.300	942.700
(d) Cash and cash equivalents	2052.600	4605.500	3696.300
(e) Short-term loans and advances	1076.300	820.500	530.700
(f) Other current assets	9.800	28.000	35.800
Total Current Assets	10487.000	12039.000	9535.900
TOTAL	44860.500	40883.800	35793.200

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	40798.400	35810.200	29800.800
	Other Income	400.000	506.500	630.500
	TOTAL (A)	41198.400	36316.700	30431.300
Less	EXPENSES
	Cost of Materials Consumed	16352.200	15170.100	13270.600
	Purchases of Stock-in-Trade	2424.800	2964.500	2357.200
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	620.900	(1169.100)	(867.400)
	Employees benefits expense	2004.100	1655.600	1567.400
	Other expenses	11926.100	10888.400	7930.200
	Exceptional Items	0.000	0.000	(1809.500)
	TOTAL (B)	33328.100	29509.500	22448.500
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	7870.300	6807.200	7982.800
Less	FINANCIAL EXPENSES (D)	385.200	154.900	133.900
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	7485.100	6652.300	7848.900
Less/ Add	DEPRECIATION/ AMORTISATION (F)	355.200	322.700	258.300
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	7129.900	6329.600	7590.600
Less	TAX (H)	1481.500	1220.200	1546.700
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	5648.400	5109.400	6043.900
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	10100.900	7698.200	4079.100
Add	ADDITION ON AMALGAMATION	155.000	0.000	0.000
Less	APPROPRIATIONS
	Transfer to General Reserve	565.000	511.300	604.400
	Interim Dividend	1787.000	1701.600	1566.300
	Tax on Distributed Profits	303.700	281.300	254.100
	Transfer to DRR	235.300	212.500	0.000
	Balance Carried to the B/S	2891.000	10100.900	7698.200
	EARNINGS IN FOREIGN CURRENCY
	Exports of Goods on FOB Basis	1226.800	1418.300	1477.700
	Royalty, Know-how and Technical Fees	462.300	484.200	390.500
	Interest and Dividends	1.900	134.100	193.800
	License Agreement Termination Compensation	0.000	0.000	1659.500
	Others	15.300	17.900	0.000
	TOTAL EARNINGS	1706.300	2054.500	3721.500
	IMPORTS
	Raw Materials	1915.400	2870.700	2789.900
	Components and Stores parts	0.200	1.000	0.300
	Capital Goods	4.400	3.400	12.100
	TOTAL IMPORTS	1920.000	2875.100	2802.300
	Earnings / (Loss) Per Share (Rs.)	16.59	15.01	18.58

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	13.84	14.27	20.28
Operating Profit Margin (PBITD/Sales)	(%)	19.29	19.01	26.79
Return on Total Assets (PBT/Total Assets}	(%)	31.37	25.15	31.98
Return on Investment (ROI) (PBT/Networth)		0.24	0.23	0.30
Debt Equity Ratio (Total Debt /Networth)		0.00	0.09	0.09
Current Ratio (Current Asset/Current Liability)		0.72	1.14	1.20

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	340.300	340.300	340.400
Reserves & Surplus	24898.900	27270.700	29903.200
Net worth	25239.200	27611.000	30243.600
long-term borrowings	2353.200	2602.200	0.000
Short term borrowings	21.900	6.000	8.800
Total borrowings	2375.100	2608.200	8.800
Debt/Equity ratio	0.094	0.094	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	29800.800	35810.200	40798.400
		20.165	13.930

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	29800.800	35810.200	40798.400
Profit	6043.900	5109.400	5648.400
	20.28%	14.27%	13.84%

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

Yes

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

No

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

Yes

CASE DETAILS

BENCH: BOMBAY

PRESENTATION DATE: 08/04/2014

LODGING NO.: ITXAL/791/2014 FILING DATE: 08/04//2014

PETITIONER : COMMISSIONER OF INCOME TAX 10 -	RESPONDENT : GODREJ CONSUMER PRODUCTS LIMITED
PENT. ADV.: ARVIND PINTO (I583)	Resp Adv.:- ATUL K. JAISANI (0)
DISTRICT: MUMBAI
BENCH: DIVISION
STATUS: PRE-ADMISSION	CATEGORY: TAX APPEALS
LAST DATE: 31/10/2014	STAGE: -- FOR REJECTION [ORIGINAL SIDE MATTERS]
LAST CORAM: ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST
ACT: INCOME TAX ACT, 1961	UNDER SECTION: 260A

INDEX OF CHARGES

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90143673	22/10/2008 *	2,000,000,000.00	CENTRAL BANK OF INDIA WITH 4 OTHER BANKS	CORPORATE FINANCE BRANCH,MMO BLD.,, 1ST FLOOR,M.G  .ROAD, MUMBAI, MAHARASHTRA - 400023, INDIA	A49069388
2	90300784	18/03/1998	400,000.00	CORPORATION BANK	R K MUTT ROAD, MYLAPORE, MADRAS, TAMIL NADU - 600  004, INDIA	-
3	90300373	31/03/1994	6,000,000.00	CORPORATION BANK	G T BRANCH, MADRAS, TAMIL NADU - 600001, INDIA	-
4	90301789	09/09/1991	6,000,000.00	CORPORATION BANK	49; ARMENAIN STREET, MADRAS, TAMIL NADU - 600001,  INDIA	-
5	90299327	30/09/1988 *	400,000.00	CORPORATION BANK	R K MUTT ROAD, MYLAPORE, MADRAS, TAMIL NADU - 600  004, INDIA	-
6	90301448	02/01/1979	300,000.00	CORPORATION BANK	160 RK MUTT ROAD MYLAPORE, MADRAS, TAMIL NADU - 60  0004, INDIA	-
7	90299096	01/06/1978	275,000.00	CORPORATION BANK	160 RK MUTT ROAD MYLAPORE, MADRAS, TAMIL NADU - 60  0004, INDIA	-

* Date of charge modification

UNSECURED LOAN

Particulars	As on 31.03.2014 [Rs. in Millions]	As on 31.03.2013 [Rs. in Millions]
Long Term Borrowings
Debenture
2500 Redeemable, Zero Coupon, Non-Convertible Debentures of Rs. 10 Each	0.000	2500.000
Premium on Redemption of Debentures	0.000	101.700
TOTAL	0.000	2601.700

COMPANY OVERVIEW

Godrej Consumer Products Limited (the Company) was incorporated on November 29, 2000, to take over as a going concern the consumer products business of Godrej Soaps Limited (subsequently renamed as Godrej Industries Limited), pursuant to a Scheme of Arrangement as approved by the High Court, Mumbai. The Company is a focused fast moving Consumer Goods Company, manufacturing and marketing Household and Personal Care products. The Company is domiciled in India and is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

STATE OF UNAUDITED RESULTS FOR THE QUARTER HALF YEAR ENDED

SEPTEMBER 30, 2014

Sr. No	Particulars		Standalone
			Quarter Ended		Half Year Ended
			30.09.2014	30.06.2014	30.09.2014
			Unaudited	Unaudited	Unaudited
1	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)		10912.100	9774.500	20686.600
	b. Other Operating Income		148.000	148.000	288.800
	Total Income from Operations (Net)		11060.100	9915.300	20975.400
2	Expenditure
	a. Cost of material Consumed		4581.200	4510.900	9092.100
	b. Purchase of Stock-in trade		557.000	556.700	1108.400
	c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade		131.200	(380.700)	(249.500)
	d. Employees Benefit Expenses		642.000	506.600	1148.600
	e. Depreciation and Amortisation Expenses		1039.400	1277.600	2317.000
	f. Other expenses		1940.300	1979.000	3919.300
	Total Expenses		8991.900	8552.700	17544.600
3	Profit from Operations before Other Income, Interest and Exceptional Items		2068.200	1362.600	3430.800
4	Other Income		226.900	152.900	379.800
5	Profit from ordinary activities before finance cost & exceptional items		2304.200	1518.400	3822.600
6	Finance Costs		97.100	97.700	194.800
7	Profit from ordinary activities after finance costs & exceptional items		2207.100	1420.700	3627.800
8	Exceptional items		--	86.000	86.000
9	Profit from ordinary activities before tax		2207.100	1506.700	3713.800
10	Tax Expense		469.400	298.800	377.900
11	Net Profit from ordinary activity after tax		1737.700	1207.900	2945.600
12	Extraordinary Items		--	--	--
13	Net Profit After Tax		1737.700	1207.900	2945.600
14	Paid-up equity share capital (face value of Rs.10 per share)		340.400	340.400	340.400
15	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year		--	--	3227.93
16	Earnings Per Share (of Rs.10 each) (not annualized)
	Basic EPS		5.10	3.55	8.65
	Diluted EPS		5.10	3.55	8.65
A		PARTICULARS OF SHAREHOLDING
17		Public Shareholding
		- No. of shares	124946885	124929832	124946885
		- Percentage of shareholding	36.70	36.70	36.70
18		Promoter & Promoter Group Shareholding
		a) Pledged/Encumbered
		- No. of shares	Nil	Nil	Nil
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	Nil	Nil	Nil
		- Percentage of shareholding (as a % of the total share capital of the company)	Nil	Nil	Nil
		b) Non-encumbered
		- No. of shares	215496082	215496082	215496082
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	100.00%	100.00%	100.00%
		- Percentage of shareholding (as a % of the total share capital of the company)	63.30%	63.30%	63.30%

B	INVESTOR COMPLAINTS	3 Months ended 30.09.2014
	Pending at the beginning of the quarter	0
	Received during the quarter	27
	Disposed of during the quarter	27
	Remaining unresolved at the end of the quarter	0

STATEMENT OF ASSETS AND LIABILITIES

SOURCES OF FUNDS	As on 30.09.2014 (Unaudited)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	340.400
(b) Reserves & Surplus	31674.800
	32015.200
(2) Minority Interest	--
(3) Non-Current Liabilities
(a) long-term borrowings	--
(b) Deferred tax liabilities (Net)	15.500
(c) Other long term liabilities	39.500
(d) long-term provisions	46.300
	101.300
(4) Current Liabilities
(a) Short term borrowings	--
(b) Trade payables	7465.700
(c) Other current liabilities	6700.800
(d) Short-term provisions	280.100
	14446.600
TOTAL	46563.100
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	12521.000
(b)Goodwill on Consolidation	--
(c) Non-current Investments	31266.000
(d) Deferred tax assets (net)	--
(e) Long-term Loan and Advances	1272.700
(f) Other Non-current assets	--
	35059.700
(2) Current assets
(a) Current investments	1970.00
(b) Inventories	5190.800
(c) Trade receivables	1502.500
(d) Cash and cash equivalents	1815.500
(e) Short-term loans and advances	990.700
(f) Other current assets	33.900
	11503.400
TOTAL	46563.100

FIXED ASSETS

Tangible Assets

v Freehold Land

v Leasehold Land

v Building

v Plant and Equipments

v Furniture, Fixture and Fittings

v Office Equipment

v Vehicles

v Computers

Intangible Assets

v Goodwill

v Trademarks and Brands

v Computer Software

v Technical Knowhow

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.61.55
UK Pound	1	Rs.97.52
Euro	1	Rs.76.48

INFORMATION DETAILS

Information Gathered by :	HEN
Analysis Done by :	RSM
Report Prepared by :	ANU

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	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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		78

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.