MIRA INFORM REPORT

Report Date :

20.09.2014

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) :	31.03.2014
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 :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Toothpaste and Tooth Powder, Tooth Brush and Mouth Wash.
No. of Employees :	1702 (Approximately)

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 24000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established and reputed company having excellent track record. Financial position of the company seems to be sound. There are no external borrowing recorded by the company during 2014. Fundamentals are strong and healthy. Trade relations are reported as trustworthy. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 1, 2014

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

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

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications: Apex court order may alter coal import dynamics. Traders go slowly 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.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED

Management Non Co-Operative (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 431136, Maharashtra, India
Factory 2 :	Plot No. 78, EPIP Phase I, Jharmajri, Baddi, District Solan – 174103, Himachal Pradesh, India
Factory 3 :	Plot No. 154, 158 and 160, Kundaim Industrial Estate, Kundaim – 403115, Goa, India
Factory 4 :	Premises No. 44-617/11, Road No.7, IDA, Nacharam, Hyderabad - 500076, Andhra Pradesh, India
Factory 5 :	Plot No. SM-02, Sanand – II, GIDC Industrial Area, Near BOI Village, Sanand - 382170, Gujarat, India
Factory 6 :	6000 Central Expressway, Sricity, Satyavedu (M), Chittoor District, Andhra Pradesh, India

DIRECTORS

As on 31.03.2014

Name :	Ms. V. Deoras
Designation :	Chairman
Name :	Ms. P. Parameshwaran
Designation :	Managing Director
DIN No.:	05159215
Name :	Mr. R.A. Shah
Designation :	Non-executive Independent Director (Vice-Chairman)
Name :	Mr. P.K. Ghosh
Designation :	Non-executive Independent Director (Deputy Chairman)
Name :	Mr. J.K. Setna
Designation :	Non-executive Independent Director
Name :	Mr. V.S. Mehta
Designation :	Non-executive Independent Director
Name :	Dr. I Shahani
Designation :	Non-executive Independent Director
Name :	Mr. G. Nthunzi
Designation :	Whole Time Director and Chief Executive Officer
Name :	Mr. N Ghate
Designation :	Whole-time Director and Company Secretary

KEY EXECUTIVES

Audit Committee :
Name :	Mr. R. A. Shah
Designation :	Chairperson of the Committee
Name :	Mr. P. K. Ghosh
Designation :	Chairperson of the Committee
Name :	Mr. J. K. Setna
Designation :	Chairperson of the Committee
Name :	Mr. V. S. Mehta
Designation :	Chairperson of the Committee
Name :	Dr. I. Shahani
Designation :	Chairperson of the Committee
Name :	Mr. N. Ghate
Designation :	Secretary of the Committee
Management Committee :
Name :	Ms. P. Parameshwaran
Designation :	Managing Director
Name :	Mr. G. Nthunzi
Designation :	Finance
Name :	Mr. N. Ghate
Designation :	Legal
Name :	Mr. A. Babu
Designation :	Marketing
Name :	Mr. M. Chandrasekar
Designation :	Customer Development
Name :	Dr. S. Potnis
Designation :	India Global Technology Centre
Name :	Mr. M. Yajid
Designation :	Supply Chain (Toothpaste)
Name :	Mr. A. Singh
Designation :	Human Resources
Name :	Ms. S. Menon
Designation :	Customer Services & Logistics
Name :	Mr. M. Mehrotra
Designation :	Supply Chain (Toothbrush)
Shareholders’/Investors’ Grievance Committee :
Name :	Mr. J. K. Setna
Designation :	Chairperson of the Committee
Name :	Ms. P. Parameshwaran
Designation :	Chairperson of the Committee
Name :	Mr. P. K. Ghosh
Designation :	Chairperson of the Committee
Name :	Mr. N. Ghate
Designation :	Chairperson of the Committee
Business Responsibility Reporting Committee :
Name :	Ms. P. Parameshwaran
Designation :	Chairperson of the Committee
Name :	Mr. N. Ghate
Designation :	Chairperson of the Committee
Name :	Mr. A. Singh
Designation :	Chairperson of the Committee
Name :	Mr. M. Mehrotra
Designation :	Chairperson of the Committee
Name :	Ms. H. Mehta
Designation :	Head, Communications
Corporate Social Responsibility Committee
Name :	Dr. I. Shahani (Ms.)
Designation :	Chairperson of the Committee
Name :	Ms. P. Parameshwaran
Designation :	Chairperson of the Committee
Name :	Mr. N. Ghate
Designation :	Chairperson of the Committee
Name :	Ms. H. Mehta
Designation :	Chairperson of the Committee
Nomination and Remuneration Committee [Constituted on 21.01.2014] :
Name :	Mr. R. A. Shah
Designation :	Chairperson of the Committee
Name :	Mr. V. S. Mehta
Designation :	Chairperson of the Committee
Name :	Mr. M. V. Deoras
Designation :	Chairperson of the Committee
Risk Management Committee [Constituted on 23.05.2014] :
Name :	Mr. P. K. Ghosh
Designation :	Chairperson of the Committee
Name :	Ms. P. Parameshwaran
Designation :	Chairperson of the Committee
Name :	Mr. N. Ghate
Designation :	Chairperson of the Committee
Name :	Mr. G. Nthunzi
Designation :	Chairperson of the Committee
Name :	Mr. A. Singh
Designation :	Chairperson of the Committee

SHAREHOLDING PATTERN

As on 30.06.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(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	1386261	1.02
Financial Institutions / Banks	131616	0.10
Central Government / State Government(s)	188644	0.14
Insurance Companies	7338282	5.40
Foreign Institutional Investors	28054194	20.63
Qualified Foreign Investor	3030	0.00
Sub Total	37102027	27.28
(2) Non-Institutions
Bodies Corporate	1429425	1.05
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	27212063	20.01
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	231501	0.17
Any Others (Specify)	661465	0.49
Non Resident Indians	493846	0.36
Trusts	164399	0.12
Foreign Nationals / OCB	3220	0.00
Sub Total	29534454	21.72
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	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Toothpaste and Tooth Powder, Tooth Brush and Mouth Wash.

Products :

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

Brand Name :

“COLGATE”

Exports :

Not Available

Imports :

Not Available

GENERAL INFORMATION

Suppliers :	Not Available
Customers :	Not Available
No. of Employees :	1702 (Approximately)
Bankers :	· The Hongkong And Shanghai Banking Corporation Limited · Anz Grindlys Bank Limited · Bank of America

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

CAPITAL STRUCTURE

As on 31.03.2014

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

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

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

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

(B) Reconciliation of the number of shares

Equity Shares	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

Name of Shareholder	Number of Shares	% holding
Colgate-Palmolive Company, U.S.A.	54476347	40.06
Colgate-Palmolive (Asia) Pte. Limited, Singapore	14879426	10.94
Oppenheimer Developing Market Fund	7361930	5.41

(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.

LISTING DETAILS:

Subject Stock Code :	BSE : 500830 NSE : COLPAL
Stock Exchange Place :	The Stock Exchange, Mumbai, National Stock Exchange of India Limited
Listed Date :	08.02.1995

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	135.993	135.993	135.993
(b) Reserves & Surplus	5,862.793	4,759.921	4,217.896
(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)	5,998.786	4,895.914	4,353.889
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	7.465	8.442	7.617
(d) long-term provisions	248.586	349.006	300.607
Total Non-current Liabilities (3)	256.051	357.448	308.224
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	5,099.667	4,666.198	3,690.133
(c) Other current liabilities	2,829.435	2,501.798	2,171.803
(d) Short-term provisions	703.560	646.414	771.925
Total Current Liabilities (4)	8,632.662	7,814.410	6,633.861
TOTAL	14,887.499	13,067.772	11,295.974
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5,559.080	2,806.632	2,544.229
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1,415.050	1,019.563	693.825
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	371.348	371.348	471.165
(c) Deferred tax assets (net)	177.836	224.447	120.997
(d) Long-term Loan and Advances	625.619	702.950	225.301
(e) Other Non-current assets	20.550	12.461	3.648
Total Non-Current Assets	8,169.483	5,137.401	4,059.165
(2) Current assets
(a) Current investments	0.000	99.817	0.000
(b) Inventories	2,257.427	1,852.983	2,176.799
(c) Trade receivables	547.342	812.114	872.657
(d) Cash and cash equivalents	2,869.538	4,287.963	3,098.054
(e) Short-term loans and advances	1,027.041	844.707	1,020.741
(f) Other current assets	16.668	32.787	68.558
Total Current Assets	6,718.016	7,930.371	7,236.809
TOTAL	14,887.499	13,067.772	11,295.974

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	35,788.063	31,638.056	26,932.267
		Other Income	503.206	499.232	506.851
		TOTAL (A)	36,291.269	32,137.288	27,439.118
Less	EXPENSES
		Cost of Materials Consumed	11,294.101	9,915.474	8,938.698
		Purchase of Stock-in-Trade	2,993.815	2,364.440	1,996.959
		Changes in inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	(267.680)	221.970	(433.440)
		Employee Benefits Expense	2,117.775	2,494.380	2,156.077
		Other Expenses	13,009.949	10,073.696	8,488.675
		Exceptional Items	(643.798)	0.000	0.000
		TOTAL (B)	28,504.162	25,069.960	21,146.969
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7,787.107	7,067.328	6,292.149
Less	FINANCIAL EXPENSES (D)		0.000	0.000	15.128
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7,787.107	7,067.328	6,277.021
Less/ Add	DEPRECIATION/ AMORTISATION (F)		507.545	436.989	393.112
	PROFIT BEFORE TAX (E-F) (G)		7,279.562	6,630.339	5,883.909
Less	TAX (H)		1,880.862	1,662.795	1,419.196
	PROFIT AFTER TAX (G-H) (I)		5,398.700	4,967.544	4,464.713
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1,192.092	1,146.821	1,079.94
Less	APPROPRIATIONS
		First Interim Dividend	1,223.935	1,767.907	1,087.94
		Second Interim Dividend	1,223.935	815.957	1,223.94
		Third Interim Dividend	1,223.935	1,223.935	1,087.94
		Dividend Tax	624.023	617.720	551.536
		Transfer to General Reserve	539.870	496.754	446.471
	BALANCE CARRIED TO THE B/S		1,755.094	1,192.092	1,146.826
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	481.907	351.789	314.390
		Services Rendered	321.246	782.906	679.519
	TOTAL EARNINGS		803.153	1134.695	993.909
	IMPORTS
		Raw Materials	1325.635	1126.475	855.125
		Stores & Spares	349.130	258.484	245.272
		Capital Goods	1261.274	251.256	60.899
		Others	88.076	42.825	294.035
	TOTAL IMPORTS		3024.115	1679.04	1455.331
	Earnings Per Share (Rs.)		39.70	36.53	32.83

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	14.88	15.46	16.27
Net Profit Margin (PBT/Sales)	(%)	20.34	20.96	21.85
Return on Total Assets (PBT/Total Assets}	(%)	56.33	57.89	58.78
Return on Investment (ROI) (PBT/Networth)		1.21	1.35	1.35
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.78	1.01	1.09

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	135.993	135.993	135.993
Reserves & Surplus	4217.896	4759.921	5862.793
Net worth	4353.889	4895.914	5998.786
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	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	26,932.267	31,638.056	35,788.063
		17.473	13.117

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	26,932.267	31,638.056	35,788.063
Profit	4,464.713	4,967.544	5,398.700
	16.58%	15.70%	15.09%

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	Yes
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	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

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

Their Country witnessed unprecedented challenges during Financial Year 2013-14. These challenges were high inflation, including food inflation, which rose to 13.2 per cent in the month of October 2013 and low GDP growth at 4.4 per cent along with unprecedented volatility in currency. The Reserve Bank of India kept a tight monetary policy in the Financial Year 2013-14 and interest rates at elevated level to bring down the inflation. As a result of these factors and weak sentiments, consumer confidence declined resulting in slowing down of consumption in most categories of FMCG sector.

According to Neilson, market researcher, FMCG growth in Urban Market was 8 per cent, while in Rural Market, the growth was 12 per cent. Overall, FMCG growth, as per the report, slowed down to 9 per cent in 2013, half of the previous year as the consumers cut down on the discretionary spend or down traded to cheaper products.

Despite such a challenging environment and increased competitive intensity, The Company delivered strong results.

The Company’s business continues to grow strongly in double digits. Sales for the year increased by 15 per cent at Rs.35448.800 Millions as against Rs.30841.100 Millions during the previous year. The toothpaste business registered a very strong volume growth of 9 per cent during the year.

The profit before tax (including exceptional item) during the year was Rs.7279.600 Millions, an increase of 10 per cent over the previous year. The profit after tax (including exceptional item) also increased, standing at Rs.5398.700 Millions an increase of 9 per cent over the previous year. The Company also invested in building new plants at Anand (Gujarat) and Sricity (Andhra Pradesh). The Company strengthened its leadership position in the toothpaste category to 57.1 per cent from 55.4 per cent. Similarly, market share in toothbrush category was strengthened to 42.3 per cent from 41.3 per cent. During the year, The Company also focused on bringing in consumer appealing innovation as well as adopting various innovative strategies to increase the distribution and penetration in rural markets.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH JUNE 2014

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)
	30.06.2014
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	9506.400
b) Other operating income	62.600
Total income from Operations(net)	9569.000
2.Expenditure
a) Cost of material consumed	2876.800
b) Purchases of stock in trade	701.400
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(5.900)
d) Employees benefit expenses	583.900
e) Depreciation and amortization expenses	165.500
f) Advertising and sales expenses	1805.500
g) Other expenditure	1670.700
Total expenses	7797.900
3. Profit from operations before other income and financial costs	1771.100
4. Other income	64.500
5. Profit from ordinary activities before finance costs	1835.600
6. Finance costs	0.000
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	1835.600
8. Exceptional item	0.000
9. Profit from ordinary activities before tax Expense:	1835.600
10.Tax expenses	486.500
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	1349.100
12.Extraordinary Items (net of tax expense)	0.000
13.Net Profit / (Loss) for the period (11 -12)	1349.100
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	136.000
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16. Basic and diluted Earnings per share (before extraordinary items) (not annualised):	9.92

Particulars	Quarter Ended ( Unaudited)
	30.06.2014
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	66636481
- Percentage of shareholding	49.00%
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	Nil
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	Nil
Percentage of shares (as a % of total share capital of the company)	Nil
b) Non Encumbered
Number of shares	69356336
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00%
Percentage of shares (as a % of total share capital of the company)	51.00%

Notes:

i. Net Sales for the quarter ended June 30, 2014 increased by 13% over the same period of the previous year.

ii. Net profit after tax (before exceptional item net of tax) for the quarter ended June 30, 2014 of Rs.1349.100 Millions is up by 4% over the same period of the previous year of Rs.1291.500 Millions.

iii. There are no 'Exceptional Items' for the current quarter ended June 30, 2014. 'Exceptional Items' for the quarters ended March 31, 2014 and June 30, 2013 and for the year ended March 31, 2014 represents total consideration after adjustments to relevant assets and liabilities, on the transfer of the whole of the Company's "Global Shared Service Organisation" (GSSO Division) as a going concern, 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 01, 2013.

iv. The Company had declared a third interim dividend of Rs.1223.900 Millions (Rs.9 per share) on March 27, 2014, which was paid on April 16, 2014.

The Company has identified 'Personal Care (including Oral Care)' as its only primary reportable segment in accordance with the requirements of Accounting Standard (AS) - 17, Segment Reporting. Accordingly, it is not considered necessary to provide separate segment information.

v. There are no extraordinary items.

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

vii. The Statutory Auditors have carried out a Limited Review of the financial results of the quarter ended June 30, 2014 as per Clause 41 of the Listing Agreement.

viii. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their Meeting held July 25, 2014.

INDEX OF CHARGE:

Sr. 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 and Shanghai Banking Corporation Limited	30, Rajaji Salai, Chennai, Tamil Nadu - 600001, India	-
2	90065019	30/03/2000 *	30,000,000.00	Anz Grindlys Bank Limited	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 Grindlys Bank Limited	90 ; M.G. Road Branch, Fort, Mumbai, Maharashtra - 400001, India	-
5	90114951	08/05/1992	7,000,000.00	Anz Grindlys Bank Limited	90 ; M.G. Road Branch, Fort, Mumbai, Maharashtra - 400001, India	-
6	90114915	30/07/1998 *	22,500,000.00	ANZ GRINDLYS BANKv LIMITED	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	-

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

NEWS:

COLGATE’S 1Q NET SALES UP 13%, NET PROFIT UP 4%

Mumbai, July 25, 2014

Financial Highlights

1Q 2014-15 : Colgate-Palmolive (India) Limited today reported net sales of Rs.9506.000 crore for the first quarter of the financial year 2014-15, a 13% increase over the same period of the previous year and Net Profit After Tax of Rs.1349.000 crore with Earnings Per Share of Rs.9.92, an increase of 4% over the same quarter of the previous year excluding exceptional item in the previous year relating to the slump sale of Global Shared Services Organisation to Colgate Global Business Services Private Limited, a 100% subsidiary of Colgate-Palmolive Company, USA.

Driving Growth

Colgate was ranked #1 Most Chosen Consumer Brand in India for the third consecutive year by Global Consumer Knowledge and Insights firm, Kantar Worldpanel’s Brand Footprint report.

Colgate has also been ranked India’s #1 Most Trusted Brand across all categories by Brand Equity’s Most Trusted Brand Survey for three years in a row and is the only brand to feature in the top three since the inception of the survey twelve years ago.

The Company posted a strong volume growth of 5% for the quarter and continued to enhance its leadership position in Toothpaste category by registering a volume market share of 57.0% for the period Jan’14-Jun’14, an increase of 110 basis points over the same period of the previous year. The flagship brands “Colgate Dental Cream”, “Active Salt”, “Max Fresh” and “Colgate Total” along with the recently launched “Visible White” have contributed to this growth.

The Company further strengthened its leadership position in the Toothbrush category by registering a volume market share of 42.6% for Jan’14-Jun’14, an increase of 140 basis points over the same period of the previous year.

Innovation

During the quarter, the company launched a new toothpaste, Colgate Maximum Cavity Protection plus Sugar Acid Neutralizer with a first of its kind technology to fight the no.1 cause of cavities – Sugar Acids. This technological breakthrough works in two ways- neutralizes harmful sugar acids, the main cause of cavity formation while making teeth stronger with calcium and fluoride.

Colgate also introduced a beauty-oral care breakthrough with the new Colgate Visible White teeth whitening treatment. Following the phenomenal success of the Colgate Visible White toothpaste which was voted product of the year 2014 in the toothpaste category by consumer research firm, Nielsen, a novel whitening regimen was created to include Colgate 360 Visible White toothbrush and mouthwash offering a holistic approach for visibly whiter teeth.

In the toothbrush category, after the successful launch last year of the Colgate Slim Soft toothbrush with its unique tapered bristle technology last year, the Company has launched another line extension of this variant, Colgate Slim Soft Charcoal toothbrush with 17 times slimmer tip bristles (versus ordinary toothbrushes) that help reach tight spaces in between teeth and along the gum line. This striking black colored toothbrush has unique charcoal coated bristles that help remove plaque bacteria. These features make it very differentiated and a one of a kind in the toothbrush category today.

The above stream of innovations reflects the Company’s continued commitment to growing the oral care category by creating new segments through innovation and technologically advanced products

Funding Growth

The Company’s strong focus on driving efficiencies and reducing costs and innovating to drive premiumisation coupled with  prudent price increases has led to significant Gross Margin expansion by 130 basis points.

About Colgate-Palmolive

Subject is India’s leading provider of scientifically proven oral care products with multiple benefits at various price points. The range includes toothpastes, toothpowder, toothbrushes and mouthwashes under the “Colgate” brand, as well as a specialized range of dental therapies under the banner of Colgate Oral Pharmaceuticals. These have become an essential part of daily oral hygiene and therapeutic oral care in India. The Company also provides a range of personal care products under the ‘Palmolive’ brand name.

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.60.81
UK Pound	1	Rs.100.06
Euro	1	Rs.78.47

INFORMATION DETAILS

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

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	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		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.