MIRA INFORM REPORT

Report No. :	336839
Report Date :	14.08.2015

IDENTIFICATION DETAILS

Name :	CLARIANT CHEMICALS (INDIA) LIMITED
Formerly Known As :	COLOUR – CHEM LIMITED
Registered Office :	Reliable Tech Park, Gut No. 31, Village Elthan, Off Thane Belapur Road, Airoli, Navi Mumbai – 400708, Maharashtra
Tel. No.:	91-22-25315111/ 12 / 25315412
Country :	India
Financials (as on) :	31.12.2014
Date of Incorporation :	27.12.1956
Com. Reg. No.:	11-010806
Capital Investment / Paid-up Capital :	Rs.266.607 Million
CIN No.: [Company Identification No.]	L24110MH1956PLC010806
IEC No.:	0388029170
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACC5602P
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Company is engaged in the business of manufacture and marketing of Pigments and Colors and Dyes and Specialty Chemicals.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (81)

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

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established and reputed company having an excellent track record. Financial position of the company seems to be sound. Fundamentals are strong and healthy. The rating takes into consideration strength derive from the parentage of the Clariant group, established position of the company in the specialty chemicals segment, strong sales and marketing network. Trade relations are trustworthy. Business is active. Payments are reported to be regular and as per commitment. 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities – Fund based facilities = AAA
Rating Explanation	Have highest degree of safety and carry lowest credit risk
Date	June 30, 2015

Rating Agency Name	CARE
Rating	Short term bank facilities – Non fund based facilities = A1+
Rating Explanation	Have very strong degree of safety and carry lowest credit risk.
Date	June 30, 2015

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Pratik Sharoff
Designation :	General Manager of Finance
Contact No.:	91-22-71251089
Date :	13.08.2015

LOCATIONS

Registered Office :	Reliable Tech Park, Gut No. 31, Village Elthan, Off Thane Belapur Road, Airoli, Navi Mumbai – 400708, Maharashtra, India
Tel. No.:	91-22-25315111/ 12 / 25315412
Fax No.:	91-22-25315303
E-Mail :	info@clariantindia.com satish.bhattu@clariant.com pratik.shroff@clariant.com sunil.nayak@clariant.com bankatlal.gaggar@clariant.com vinod.mandke@clariant.com bankatlal.gaggar@clariant.com
Website :	http://www.clariantindia.com
Factory 1 :	113/114, MIDC Industrial Area, P O Dhatav, Roha, District Raigad – 402116, Maharashtra, India
Factory 2 :	Kudikada. SIPCOT, P.O. Cuddalore – 607005, Tamilnadu, India
Factory 3 :	Shed No 18, 19, 20, 21, 22, GIDC Kalol District Panchmahal – 389330, Gujarat, India
Factory 4 :	Survey No 344/ I-3, Sakarda Bhadarva Road Rania, Taluka Savli District Vadodara – 391780, Gujarat, India
Factory 5:	Rennaissance Industrial and W / Housing Complex, Unit No: B 07, Mumbai -Nashik Highway, Village: Vashere Post: Padgha Taluka: Bhiwandi, District - Thane 421101, Maharashtra, India
Factory 6:	A-1, 47/2 and 3, GIDC Estate, Nandesari District Vadodara – 391340, Gujarat, India

DIRECTORS

As on 31.12.2014

Name :	Mr. Bharat V. Patel
Designation :	Chairman
Name :	Mr. Deepak Parikh
Designation :	Vice Chairman and Managing Director
Name :	Mr. Alfred Muench
Designation :	Director
Name :	Mr. B. L. Gaggar
Designation :	Executive Director Finance and Company Secretary
Name :	Mr. Y. H. Malegam
Designation :	Director
Name :	Indu Shahani
Designation :	Director
Name :	Karl Holger Dierssen
Designation :	Director
Name :	Mr. Mario Brocchi
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Amee Bharat Joshi
Designation :	Company Secretary
Name :	Mr. Pratik Sharoff
Designation :	General Manager of Finance

SHAREHOLDING PATTERN

As on 30.06.2015

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
(2) Foreign
Bodies Corporate	16902080	63.40
Sub Total	16902080	63.40
Total shareholding of Promoter and Promoter Group (A)	16902080	63.40
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	776932	2.91
Financial Institutions / Banks	36947	0.14
Insurance Companies	358153	1.34
Foreign Institutional Investors	938084	3.52
Sub Total	2110116	7.91
(2) Non-Institutions
Bodies Corporate	943286	3.54
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	5946319	22.30
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	612204	2.30
Any Others (Specify)	146740	0.55
Non Resident Indians	130404	0.49
Trusts	16336	0.06
Sub Total	7648549	28.69
Total Public shareholding (B)	9758665	36.60
Total (A)+(B)	26660745	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)	26660745	100.00

BUSINESS DETAILS

Line of Business :	The Company is engaged in the business of manufacture and marketing of Pigments and Colors and Dyes and Specialty Chemicals.
Products :	Pigments Colors and Dyes Specialty Chemicals
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Speciality Chemicals
Countries :	Singapore
Imports :
Products :	Raw Material
Countries :	China Switzerland
Terms :
Selling :	Cash, Advance Payment, Cheque and Credit (60/90 Days)
Purchasing :	Cash, Advance Payment, Cheque and Credit (60/90 Days)

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

1000 (Approximately)

Bankers :

Banker Name	Standard Chartered Bank
Branch Address	Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-66014444 / 61157000
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Management Non-cooperative

• Citibank N.A.
• The Hong Kong and Shanghai Banking Corporation Limited

Auditors :
Name :	Price Waterhouse LLP Chartered Accountants
Solicitors and Advocates :
Name :	Crawford Bayley and Company
Memberships :	Not Available
Collaborators :	Not Available
Ultimate Holding Company :	Clariant AG, Switzerland
Principal Shareholders (subsidiaries of the ultimate holding Company) :	EBITO Chemiebeteiligungen AG Clariant Participations AG Clariant International AG
Fellow subsidiary companies :	Clariant (China) Limited Clariant (Japan) K.K. Clariant (Malaysia) Sdn Bhd Clariant (Mexico) S.A. de C.V. Clariant (Singapore) Pte. Limited Clariant (Thailand) Limited Clariant (Türkiye) Boya ve Kimyevi Maddeler Sanayi ve Ticaret A.S. Clariant Chemicals (China) Limited Clariant Chemicals (Huizhou) Company Limited Clariant Chemicals (Taiwan) Company Limited Clariant Chemicals Pakistan Private Limited( New Company wef 30.09.2013) Clariant Corporation Clariant Ibérica Producción S.A. Clariant Masterbatch Ibérica S.A. Clariant Masterbatches (Deutschland) GmbH Clariant Masterbatches (Italia) S.p.A. Clariant Masterbatches (Saudi Arabia) Limited Clariant Masterbatches (Shanghai) Limited Clariant Masterbatches (Thailand) Limited Clariant Masterbatches Benelux SA Clariant Masterbatches Norden AB Clariant Masterbatches (France) Clariant Prodotti (Italia) S.p.A. Clariant Produkte (Deutschland) GmbH Clariant Produkte (Schweiz) AG Clariant S.A. Italtinto S.r.l. PT Clariant Indonesia Clariant India Private Limited

CAPITAL STRUCTURE

As on 31.12.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
26660745	Equity Shares	Rs.10/- each	Rs.266.607 Million

Reconciliation of the number of equity shares outstanding as at the beginning and at the end of the year

Particulars	As on 31.12.2014
	Number	Rs. In Million
Equity shares :
Outstanding as at the beginning of the year	26660745	266.607
Add : Issued during the year	---	---
Outstanding as at the end of the year	26660745	266.607

Shares held by subsidiaries of the ultimate holding company Clariant AG, Switzerland:

Name of Shareholder	As on 31.12.2014
	Number	Percentage
EBITO Chemiebeteiligungen AG *	8167080	30.63%
Clariant International AG *	6075000	22.79%
Clariant Participations AG *	2660000	9.98%

* There are no shareholders holding more than 5% of the aggregate equity shares of the Company except those marked above.

Rights, preferences and restrictions attached to shares

The Company has one class of equity share having a par value of Rs.10/- 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 asset of the Company after distribution of all preferential amounts, in proportion to their shareholding.

LISTING DETAILS

Subject Stock Code :	BSE : CLNINDIA NSE : CLNINDIA
Stock Exchange Place :	· The Stock Exchange, Mumbai · National Stock Exchange of India Limited

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2014	31.12.2013	31.12.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	266.607	266.607	266.607
(b) Reserves & Surplus	13693.554	5476.877	4748.549
(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)	13960.161	5743.484	5015.156
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	104.021	72.383	53.786
(c) Other long term liabilities	6.767	35.869	29.450
(d) long-term provisions	237.844	243.009	257.227
Total Non-current Liabilities (3)	348.632	351.261	340.463
(4) Current Liabilities
(a) Short term borrowings	94.545	0.000	0.000
(b) Trade payables	1456.426	1719.113	1845.541
(c) Other current liabilities	479.234	649.397	382.407
(d) Short-term provisions	2085.029	652.264	630.471
Total Current Liabilities (4)	4115.234	3020.774	2858.419
TOTAL	18424.027	9115.519	8214.038
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2918.446	1659.935	1743.096
(ii) Intangible Assets	431.835	0.000	0.000
(iii) Capital work-in-progress	131.801	254.881	91.498
(iv) Intangible assets under development	0.000	14.390	0.000
(b) Non-current Investments	71.709	66.709	76.709
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	742.668	446.047	328.617
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4296.459	2441.962	2239.920
(2) Current assets
(a) Current investments	258.437	2607.277	2269.814
(b) Inventories	1633.470	1456.321	1623.251
(c) Trade receivables	1605.857	1692.25	1483.422
(d) Cash and cash equivalents	10114.534	225.957	142.739
(e) Short-term loans and advances	473.859	566.981	421.151
(f) Other current assets	41.411	124.771	33.741
Total Current Assets	14127.568	6673.557	5974.118
TOTAL	18424.027	9115.519	8214.038

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2014	31.12.2013	31.12.2012
	SALES
	Income	10460.034	12478.576	10962.821
	Other Income	136.530	179.159	191.42
	TOTAL	10596.564	12657.735	11154.241
Less	EXPENSES
	Cost of Materials Consumed	5946.567	5985.789	5472.388
	Purchases of Stock-in-Trade	1491.047	2353.398	1674.802
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(232.964)	(230.397)	(291.025)
	Employees benefits expense	979.065	1011.562	906.147
	Other expenses	2030.920	2149.603	1830.642
	Exceptional items	(11835.850)	(1122.463)	(92.047)
	TOTAL	(1621.215)	10147.492	9500.907
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	12217.779	2510.243	1653.334
Less	FINANCIAL EXPENSES	11.280	17.994	14.152
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	12206.499	2492.249	1639.182
Less/ Add	DEPRECIATION/ AMORTISATION	332.374	234.468	216.035
	PROFIT/ (LOSS) BEFORE TAX	11874.125	2257.781	1423.147
Less	TAX	2440.970	590.097	410.143
	PROFIT/ (LOSS) AFTER TAX	9433.155	1667.684	1013.004
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	1884.204	1322.644	1263.048
Less	APPROPRIATIONS
	Transfer to General Reserve	943.316	166.768	101.300
	Interim dividend	1039.769	266.607	266.607
	Proposed dividend (Final)	0.000	533.215	466.563
	Corporate tax on dividend (Interim and Final)	176.709	139.534	118.938
	Corporate tax on dividend of Previous period	0.000	0.000	0.000
	Total	2159.794	1106.124	953.408
	Balance Carried to the B/S	9157.565	1884.204	1322.644
	EARNINGS IN FOREIGN CURRENCY
	Export (F.O.B.)	2550.115	3215.775	2574.226
	Others (insurance, freight, commission, claims, exchange gain etc.)	226.362	329.904	324.479
	TOTAL EARNINGS	2776.477	3545.679	2898.705
	IMPORTS
	Raw Materials	2041.650	1865.357	1788.389
	Components and Stores parts	14.662	5.494	6.519
	Capital Goods	209.261	53.123	23.770
	TOTAL IMPORTS	2265.573	1923.974	1818.678
	Earnings / (Loss) Per Share (Rs.)	353.8218831	62.55204046	37.99608751

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2014	31.12.2013	31.12.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	(93.692)	299.353	1100.900
Net cash used in operating activities	(596.789)	(318.141)	765.768

QUARTERLY RESULTS

Particulars	30.06.2015	31.03.2015
Unaudited	1^st Quarter	2^nd Quarter
Net Sales	2347.400	2339.800
Total Expenditure	2238.100	2224.100
PBIDT (Excl OI)	109.300	115.700
Other Income	64.000	118.400
Operating Profit	173.300	234.100
Interest	0.900	2.200
Exceptional Items	0.000	0.000
PBDT	172.400	231.900
Depreciation	111.100	110.500
Profit Before Tax	61.300	121.400
Tax	16.500	14.900
Provisions and contingencies	0.000	0.000
Profit After Tax	44.800	106.500
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	44.800	106.500

KEY RATIOS

PARTICULARS		31.12.2014	31.12.2013	31.12.2012
Net Profit Margin (PAT/Sales)	(%)	90.18	13.36	9.24
Operating Profit Margin (PBDIT / Sales)	(%)	116.80	20.12	15.08
Return on Total Assets (PBT/Total Assets}	(%)	65.17	25.72	17.69
Return on Investment (ROI) (PBT/Networth)		0.85	0.39	0.28
Debt Equity Ratio (Total Debt/Networth)		0.01	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.43	2.21	2.09

STOCK PRICES

Face Value	Rs.10/- each
Market Value	Rs.795.65/- each

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	266.607	266.607	266.607
Reserves & Surplus	4748.549	5476.877	13693.554
Net worth	5015.156	5743.484	13960.161
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	94.545
Total borrowings	0.000	0.000	94.545
Debt/Equity ratio	0.000	0.000	0.007

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	10962.821	12478.576	10460.034
		13.826	(16.176)

NET PROFIT MARGIN

Net Profit Margin	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	10962.821	12478.576	10460.034
Profit	1013.004	1667.684	9433.155
	9.24%	13.36%	90.18%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----------------------
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	----------------------
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	----------------------
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

Note:

Registered address has been shifted from the P. O. Sandoz Baug, Kolshet Road, Thane – 400607, Maharashtra, India to the present address.

LITIGATION DETAILS:

HIGH COURT OF BOMBAY Bench:- Bombay
Presentation Date:- 08/08/2013
Lodging No:-	NMSL/1382/2012	Filing Date:-	24/04/2012	Reg. No.:-	NMS/1096/2012	Reg. Date:-	24/04/2012
Lodging No:-	SL/3187/2011					Reg. No.:-	S/3035/2011
Petitioner:-	HINDUSTAN ORGANICS CHEMICALS LIMITED		Respondent:-	CLARIANT CHEMICALS (INDIA) LIMITED
District:-	MUMBAI		Resp. Adv.:	CHITNIS AND COMPANY (0)
Bench:-	SINGLE
Status:-	Transferred		Category:-	Notice Of Motion
Transfer Date:	03/10/2012		Remark:	TRANSFERRED TO CITY CIVIL COURT
Act:-	Code of Civil Procedure 1908

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Pre-shipment credit in foreign currency from a bank (These borrowings were given under a running account at an interest rate of Libor plus spread of 1 % p.a )	94.545	0.000
Total	94.545	0.000

INDEX OF CHARGES

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90284813	20/12/1995	13,500,000.00	CITY BANK N A	766 SAKTHI TOWERS, MOUNT ROAD, MADRAS - 600002, TAMIL NADU , INDIA	-
2	90285064	11/10/1993	15,000,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LIMITED	163 BACKBAY RECLAMATION, BOMBAY - 400020, MAHARASHTRA, INDIA	-
3	90228508	06/03/1992	20,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, MUMBAOCALCUTTA - 400023, MAHARASHTRA, INDIA	-
4	90228354	17/06/1992 *	20,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICEE G.N. VAIDYA MARG, MUMBAI - 400023, MAHARASHTRA, INDIA	-
5	90228322	01/10/1990	950,000.00	STATE BANK OF INDIA	COMMERCILA BRANCH; JUSTICE G.N. VAIDYA MARG, MUMBAI - 400023, MAHARASHTRA, INDIA	-
6	90227859	07/02/1986	20,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, MUMBAI, MAHARASHTRA, INDIA	-
7	90230449	20/01/1986	7,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, MUMBAI, MAHARASHTRA, INDIA	-
8	90284711	04/12/1985 *	1,500,000.00	STATE IND. PROMOTION CORPORAION OF TAMILNADU LIMITED	NO 51-52 THOUSAND LIGHTS, MADRAS - 600006, TAMIL NADU, INDIA	-
9	90227592	08/08/1996 *	102,400,000.00	STATE BANK OF INDIA	COMMERCILA BRANCH; JUSTICE G.N. VAIDYA MARG, MUMBAI - 400023, MAHARASHTRA, INDIA	-
10	90227362	22/11/1974	22,500,000.00	UNITED BANK OF INDIA	UNITED BANK BLDG, SIR P. MEHTA RD, MUMBAI, MAHARASHTRA, INDIA	-

* Date of charge modification

COMPANY INFORMATION

Subject is a public limited company domiciled in India and is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The company is engaged interalia, in manufacturing and selling of Specialty Chemicals. The Company has its own manufacturing sites in the State of Maharashtra, Tamil Nadu and Gujarat.

REVIEW OF OPERATIONS

2014 was the year of transformation for the Company. The year witnessed major events in the form of sale of leather service business, acquisition of master batches business, shifting of registered office and sale of Kolshet site. In spite of revenue loss arising out of sale of textile, paper and emulsion business effective from October 1, 2013 and leather service business effective from May 1, 2014, the Company has been able to grow significantly in continued businesses. Despite negative business sentiments, high inflation and depreciation of Indian currency against major currencies during first half of the year, the Company has been able to minimize the revenue loss. Thanks to the acquisition of master batches business which provided support in recouping the revenue loss and improved Company’s market place for this business, sustained drive by marketing, resulted into record sales growth throughout the year. The performance in terms of net profit was affected by higher raw material prices and associated costs of restructuring the business.

The Company registered sales of Rs.10082.000 Million as compared to Rs.12132.000 Million, negative growth of 16.9% in sales. Out of the total sales revenue of the Company for the year, 26% is contributed by exports. After considering the impact of sale of Textile, Paper and Emulsion business (TPE business) effective from October 1, 2013, and sale of leather services business effective from May 1, 2014, the growth in sales on like to like basis was a record 43.6% over the previous year. The increased cost of raw materials and inflationary rise in other expenses resulted into lowering of PBDIT margin before exceptional items from 11.4% to 3.8%. Exceptional items for the current year mainly represent profit from sale of leather business (net of transfer of assets and other liabilities) Rs.1040.900 Million and profit from sale of Kolshet site Rs.10854.800 Million. Exceptional item for previous year mainly represents sale of TPE business. Considering the exceptional items, the net profit after provision for tax is significantly higher over the previous year. The Company remains focused to improve its core business and look for higher market share in the business segments in which it operates.

STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE THREE / SIX MONTHS ENDED

JUNE 30, 2015

Particulars			3 months ended	Preceding 3 Months Ended	6 months ended
PART I			30.06.2015 (Unaudited)	31.03.2015 (Unaudited)	30.06.2015 (Unaudited)
1.	Income from operations
	(a)	Net sales / Income from operations (Net of excise duty)	2270.600	2255.500	4526.100
	(b)	Other operating income	76.800	84.300	161.100
	Total Income from operations (net)		2347.400	2339.800	4687.200
2.	Expenses
	(a)	Cost of materials consumed	1232.400	1320.800	2553.200
	(b)	Purchase of stock-in-trade	205.900	243.000	448.900
	(c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	142.900	(28.000)	114.900
	(d)	Power and fuel	122.200	125.900	248.100
	(e)	Employee benefits expense	219.300	220.600	439.900
	(f)	Depreciation and amortisation expense	111.100	110.500	221.600
	(g)	Other expenses	315.400	341.800	657.200
	Total expenses		2349.200	2334.600	4683.800
3.	Profit from operations before other income, finance costs and exceptional items (1-2)		(1.800)	5.200	3.400
4.	Other income		64.000	118.400	182.400
5.	Profit from ordinary activities before finance costs and exceptional items (3+4)		62.200	123.600	185.800
6.	Finance Costs		0.900	2.200	3.100
7.	Profit from ordinary activities after finance costs but before exceptional items (5-6)		61.300	121.400	182.700
8.	Exceptional items (net)		0.000	0.000	0.000
9.	Profit from ordinary activities before tax (7+8)		61.300	121.400	182.700
10.	Tax expense (including tax on exceptional items)		16.500	14.900	31.400
11.	Net Profit from ordinary activities after tax (9-10)		44.800	106.500	151.300
12.	Paid up equity share capital (Face value of Rs.10/- each)		266.600	266.600	266.600
13.	Reserves excluding revaluation reserves as per Balance Sheet of previous accounting year		---	---	---
14.	Earnings per share (of Rs.10/- each)
	Basic & Diluted (in Rs.) (Not annualised)		1.68	3.99	5.68
PART II: Select Information for the Three/Six months ended June 30, 2015
A	PARTICULARS OF SHAREHOLDING
1.	Public shareholding
	-	Number of shares	9758665	9758665	9758665
	-	Percentage of shareholding	36.60	36.60	36.60
2.	Promoters and promoter group shareholding
	a)	Pledged / Encumbered	---	---	---
	b)	Non-encumbered
	-	Number of shares	16902080	16902080	16902080
	-	Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100.00	100.00	100.00
	-	Percentage of shares (as a % of the total share capital of the company)	63.40	63.40	63.40

	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	---
	Received during the quarter	---
	Disposed of during the quarter	---
	Remaining unresolved at the end of the quarter	---

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT FOR THE THREE MONTHS ENDED JUNE 30, 2015

PARTICULARS	3 months ended 30.06.2015	Preceding 3 months  ended 31.03.2015	6 months ended 30.06.2014
Segment revenue (Net sales / Income from operations)
Pigments and Colours	1925.200	1884.200	3809.400
Dyes and Specialty Chemicals	345.400	371.300	716.700
Total Net Sales / Income from operations	2270.600	2255.500	716.700
Segment results
Pigments and Colours	45.400	15.300	60.700
Dyes and Specialty Chemicals	21.500	20.200	41.700
Total Segment results	66.900	35.500	102.400
Less: Finance cost	0.900	2.200	3.100
Other unallocable expenditure net of unallocable income	4.700	(88.100)	(83.400)
Total Profit/(Loss) before exceptional items & tax	61.300	121.400	182.700
Exceptional items	0.000	0.000	0.000
Profit/(Loss) from ordinary activities before tax	61.300	121.400	182.700
Capital employed (Segment assets - Segment liabilities)
Pigments and Colours	5637.500	5164.200	5637.500
Dyes and Specialty Chemicals	356.100	349.700	356.100
Total capital employed in segments	5993.600	5513.900	5993.600
Add : Unallocable corporate assets less corporate liabilities	3622.500	4057.400	3622.500
Total capital employed	9616.100	9571.300	9616.100

STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT JUNE 30, 2015

SOURCES OF FUNDS	30.06.2015 [Unaudited]
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	266.600
(b) Reserves & Surplus	9349.500
Total Shareholders’ Funds	9616.100
(2) Non-Current Liabilities
(a) Deferred tax liabilities (Net)	151.600
(b) Other long term liabilities	6.800
(c) long-term provisions	239.200
Total Non-current Liabilities	397.600
(3) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	1201.100
(c) Other current liabilities	460.900
(d) Short-term provisions	27.000
Total Current Liabilities	1689.000
TOTAL	11702.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	3812.500
(b) Non-current Investments	71.700
(c) Long-term Loan and Advances	617.600
Total Non-Current Assets	4501.800
(2) Current assets
(a) Current investments	3091.400
(b) Inventories	1590.700
(c) Trade receivables	1670.200
(d) Cash and cash equivalents	281.900
(e) Short-term loans and advances	519.300
(f) Other current assets	47.400
Total Current Assets	7200.900
TOTAL	11702.700

Note:

1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings.

2. The Board of Directors at its meeting held on January 12, 2015 had recommended the payment of Interim dividend of Rs. 140 per equity share (Face value of T 10 each). The dividend was paid in January 2015 from the previous year's profits carried forward.

3. The Company has revised its estimate of useful life of tangible assets as prescribed in Part C of Schedule II of the Companies Act, 2013, w.e.f. January 01, 2015, except for certain assets for which different useful life has been considered based on a Technical Evaluation, which management believes best represents the period over which assets are expected to be used by the Company. As prescribed in said Schedule II, an amount of Rs. 16.700 Million (net of deferred tax) has been charged to the opening balance of retained earnings for the assets in respect of which the remaining useful life became NIL as on January 01, 2015 and in respect of other assets on that date, depreciation has been calculated based on the remaining useful life on a prospective basis. Had the Company continued with the useful life adopted in earlier years, charge for depreciation for the current quarter ended March 31, 2015 would have been lower by Rs. 7.600 Million and the net profit would have been higher by the same amount.

4. The company after obtaining necessary approvals from the Board of Directors, has vide an agreement dated March 31, 2015, acquired the "Carbon Black Business" from Lanxess India Private Limited effective close of business on March 31, 2015, comprising of the Carbon Black Dispersion plant located at Nagda, India together with its respective assets, liabilities and employees as going concern on a slump sale basis for a lump sum consideration of Rs. 135.000 Million (including non-compete fees) subject to working capital adjustment, as at March 31, 2015.

5. Exceptional items (net) comprise the following ( Rs. in Lakhs):

i) Profit on sale of Leather Services business (Refer note 3 above): three months ended 31.12.2014 : (213) and year ended 31.12.2014: 10409

ii) IT infrastructure set up cost: year ended 31.12.2014 : 385 Non-compete fees in relation to Masterbatches business acquisition : year ended 31.12.2014 : 74

iii) One time compensation paid to Consultants in relation to Master batches business acquisition : year ended 31.12.2014: 140

iv) Profit on sale of Kolshet site (Net of expenses incurred): three months and year ended 31.12.2014:108549

6. Pursuant to the sale of Leather services business referred to in Note 3 and acquisition of Master batches business, on April 10, 2014, relating to Pigments and Colors Segment, the figures for the three months ended March 31, 2015 are not directly comparable with those of the corresponding three months of the previous year. The figures for the previous periods have been regrouped/recasted wherever necessary, to conform to the current period's classification^

FIXED ASSETS

• Land leasehold
• Buildings
• Plant and equipment
• Furniture and fixtures
• Office equipment
• Vehicles

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.64.92
UK Pound	1	Rs.101.43
Euro	1	Rs.72.25

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	RAS
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--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	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		81

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.