MIRA INFORM REPORT

Report No. :	336931
Report Date :	14.08.2015

IDENTIFICATION DETAILS

Name :	GALAXY SURFACTANTS LIMITED (w.e.f 13.03.2005)
Formerly Known As :	GALAXY SURFACTANTA PRIVATE LIMITED
Registered Office :	C-49/2, TTC Industrial Area, Pawane, Navi Mumbai - 400 703, Maharashtra
Tel. No.:	91-22-65134444 / 27616666
Country :	India
Financials (as on) :	31.03.2014 (Profit and Loss A/c)
Date of Incorporation :	20.05.1986
Com. Reg. No.:	11-039877
Capital Investment / Paid-up Capital :	Rs. 354.547 Million
CIN No.: [Company Identification No.]	U39877MH1986PLC039877
IEC No.:	0388162040
TAN No.: [Tax Deduction & Collection Account No.]	MUMG00044C MUMG00440G
PAN No.: [Permanent Account No.]	AAACG1539PFT001
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture and Importer of Surfactants and Specialty chemicals
No. of Employees :	1500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	--
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Galaxy Surfactants Limited was incorporated on 20^th May, 1986 and it is an established company having a satisfactory track. The company’s products are well received in the market. The rating reflects company’s established position in the home and personal care intermediates market. The company has achieved significant increase in its profit margin during FY 2014. As per available balance sheet of 2013, the company has fair liquidity position backed by favorable gap between trade receivables and payables. However, this rating is partly offset by vulnerability of its operating margin to volatility in raw material prices and customer concentration in its revenue. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In the view of experienced promoters and management, subject can be considered normal 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 – 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	CRISIL
Rating	Long Term Rating A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	23.12.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	23.12.2014

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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAIL)

Name :	Mr. Anand Gurav
Designation :	Finance Head
Contact No.:	91-22-65134444

LOCATIONS

Registered Office :	C-49/2, TTC Industrial Area, Pawane, Navi Mumbai - 400 703, Maharashtra, India
Tel. No.:	91-22-27616666 / 65134444
Fax No.:	91-22-27615883 / 27615886 /27686523
E-Mail :	galaxy@giasbm01.vsnl.net.in info@galaxysurfactants.com husain.nisanwala@galaxysurfactants.com galaxy@galaxysurfactants.com
Website :	http://www.galaxysurfactants.com
Factory 1 :	W-67 (B), MIDC, Tarapur, Post Boisar – 401 506, Thane, Maharashtra, India
Factory 2 :	M-3, MIDC, Tarapur, Post Boisar – 401 506, Thane, Maharashtra, India
Factory 3 :	W-44(C), MIDC, Tarapur, Post Boisar – 401 506, Thane, Maharashtra, India
Factory 4 :	G - 59, MIDC, Tarapur, Post Boisar – 401 506, Thane, Maharashtra, India
Factory 5 :	N-46/1 and 2, MIDC, Tarapur, Post Boisar – 401 506, Thane, Maharashtra, India
Factory 6 :	V-23, MIDC, Taloja, Panvel - 410 208, District Raigad, Maharashtra, India.
Factory 7 :	Plot No. 1, Village Chal, CIBCO, Near M.I.D.C. Taloja, Panvel, District Raigad-410 208, Maharashtra, India
Branch Office :	Gate No. 6, C-40, Phase –11, Okhla Industrial Area, New Delhi – 110 020, India
Tel. No.:	91-11-26914581 / 26916632 / 26916636
Fax No.:	91-11-26914581
E-mail :	delhi@galaxysurfactants.com

DIRECTORS

As on : 19.09.2014

Name :

Mr. Shekhar Unnathan Vaidyanathan

Designation :

Managing Director

Address :

Saradha Niwas, Plot No 53, Sector 28, Vashi, Navi Mumbai – 400703, Maharashtra, India

Date of Birth/Age :

18.02.1954

Qualification :

B. Chemical Engineer

Date of Appointment :

01.04.2013

DIN No.:

00265017

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U39877MH1986PLC039877	GALAXY SURFACTANTS LTD	Managing director	01/04/2013	20/05/1986	-	Active	NO
2	U40856MH1986PTC040856	GALAXY EMULSIFIERS PRIVATE LIMITED	Director	08/09/1986	08/09/1986	-	Active	NO
3	U72501TZ2000PTC009494	META CONCEPTS PRIVATE LIMITED	Director	22/09/2000	22/09/2000	28/03/2008	Active	NO
4	U66990MH2004PTC106372	GALAXY FINSEC PRIVATE LIMITED	Director	29/09/2004	29/09/2004	-	Active	NO
5	U51900MH1993PTC073182	OSMANIA TRADERS PRIVATE LIMITED	Director	07/02/2005	07/02/2005	-	Active	NO

Name :

Mr. Gopalkrishnan Ramakrishnan

Designation :

Whole Time Director

Address :

Raaj, Plot No. 51, Sector 28, Vashi, Navi Mumbai – 400703, Maharashtra, India

Date of Birth/Age :

26.05.1954

Qualification :

M. Com, FCA, F.I.C.W.A., A.C.S.

Date of Appointment :

01.04.2013

PAN No.:

AADPG0514G

DIN No.:

00264760

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U39877MH1986PLC039877	GALAXY SURFACTANTS LTD	Whole-time director	01/04/2013	20/05/1986	-	Active	NO
2	U40856MH1986PTC040856	GALAXY EMULSIFIERS PRIVATE LIMITED	Director	08/09/1986	08/09/1986	-	Active	NO
3	U72501TZ2000PTC009494	META CONCEPTS PRIVATE LIMITED	Director	22/09/2000	22/09/2000	28/03/2008	Active	NO
4	U66990MH2004PTC106372	GALAXY FINSEC PRIVATE LIMITED	Director	29/09/2004	29/09/2004	-	Active	NO
5	U51900MH1993PTC073182	OSMANIA TRADERS PRIVATE LIMITED	Director	29/06/2007	29/06/2007	-	Active	NO

Name :

Mr. Shashikant Rayappa Shanbhag

Designation :

Whole Time Director

Address :

501, Tirupati, Plot No. 32, Sector 19, Nerul, Navi Mumbai – 400706, Maharashtra, India

Date of Birth/Age :

25.01.1954

Qualification :

B. Com, A.C.A, C.W.A.

Date of Appointment :

01.04.2013

PAN No.:

AAFPS8326N

DIN No.:

00265103

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U39877MH1986PLC039877	GALAXY SURFACTANTS LTD	Whole-time director	01/04/2013	20/05/1986	-	Active	NO
2	U40856MH1986PTC040856	GALAXY EMULSIFIERS PRIVATE LIMITED	Director	08/09/1986	08/09/1986	-	Active	NO
3	U72501TZ2000PTC009494	META CONCEPTS PRIVATE LIMITED	Director	22/09/2000	22/09/2000	28/03/2008	Active	NO
4	U66990MH2004PTC106372	GALAXY FINSEC PRIVATE LIMITED	Director	29/09/2004	29/09/2004	-	Active	NO

Name :

Mr. Sudhir Dattaram Patil

Designation :

Director

Address :

Sumati, Plot No. 4-B, Nandeep Co-op Hsg Society, Goregaon East, Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

05.09.1954

Qualification :

B. Chemical Engineer

Date of Appointment :

29.07.2007

DIN No.:

00264933

PAN No.:

AACPP2054M

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U40856MH1986PTC040856	GALAXY EMULSIFIERS PRIVATE LIMITED	Director	08/09/1986	08/09/1986	-	Active	NO
2	U66990MH2004PTC106372	GALAXY FINSEC PRIVATE LIMITED	Director	29/09/2004	29/09/2004	-	Active	NO
3	U39877MH1986PLC039877	GALAXY SURFACTANTS LTD	Director	29/07/2007	01/10/2006	-	Active	NO
4	U24100MH2011PTC214713	AEON CHEMICALS PRIVATE LIMITED	Director	12/03/2011	12/03/2011	-	Active	NO
5	U01403MH2011PTC214831	DATTA-SUMAN FARMS AND RESORTS PRIVATE LIMITED	Director	16/03/2011	16/03/2011	-	Active	NO

Name :

Mr. Uday Krishna Kamat

Designation :

Whole Time Director

Address :

Flat No. 133, Building No. 1B Godavari, Kalpataru Riverside, Oppo Panchmukhi Mandir, Panvel, Navi Mumbai – 410206, Maharashtra, India

Date of Birth/Age :

14.05.1954

Date of Appointment :

19.09.2014

DIN No.:

00226886

PAN No.:

AABPK5654P

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24116MH1997PTC106693	THURS ORGANICS PRIVATE LIMITED	Director	19/03/1997	19/03/1997	01/12/2009	Active	NO
2	L29220KA1985PLC007036	MIVEN MACHINE TOOLS LIMITED	Director	30/03/2002	30/03/2002	15/07/2008	Active	NO
3	U29195MH1999PTC207807	APTAR PHARMA INDIA PRIVATE LIMITED	Alternate director	16/08/2002	16/08/2002	13/10/2005	Active	NO
4	U39877MH1986PLC039877	GALAXY SURFACTANTS LTD	Whole-time director	19/09/2014	31/03/2003	-	Active	NO

Name :

Mr. Subodh Satchitanand Nadkarni

Designation :

Director

Address :

D-32, Mangireesh, 520, L J Road, Mahim, Mumbai – 400016, Maharashtra, India

Date of Birth/Age :

02.04.1956

Date of Appointment :

19.09.2014

DIN No.:

00145999

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65923TN1994FLC070723	SULZER FRICTION SYSTEMS (INDIA) LIMITED	Director	29/04/1994	29/04/1994	27/03/2008	Active	NO
2	U29297PN1988PTC046977	SULZER INDIA Private Limited	Director	25/12/1999	25/12/1999	06/02/2011	Active	NO
3	U39877MH1986PLC039877	GALAXY SURFACTANTS LTD	Director	19/09/2014	16/08/2002	-	Active	NO

Name :

Mr. Venkatesh Kasturirangan

Designation :

Director

Address :

359, Frogtown Road, New Canaan, Connecticut U.S.A 068404409, Foreign

Date of Birth/Age :

18.04.1947

Date of Appointment :

24.09.2005

DIN No.:

00804869

Name :

Mr. Melarkode Gganesan Parameswaran

Designation :

Director

Address :

62-A, Technocrat Co-Operative Housing Society, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

18.06.1955

Date of Appointment :

19.09.2014

DIN No.:

00792123

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U39877MH1986PLC039877	GALAXY SURFACTANTS LTD	Director	19/09/2014	24/09/2005	-	Active	NO
2	U74300MH1991GAP062428	INDIA CHAPTER OF INTERNATIONAL ADVERTISING ASSOCIATION.	Director	14/10/2005	14/10/2005	26/09/2014	Active	NO
3	U92490TN1986PTC012536	REAL IMAGE MEDIA TECHNOLOGIES PRIVATE LIMITED	Director	14/07/2011	16/10/2010	-	Active	NO
4	U74300MH1970PTC014617	FCBUlka Advertising Private Limited	Director	29/09/2011	18/11/2010	14/08/2013	Active	NO
5	U74300HR1985PTC043225	INTERFACE COMMUNICATIONS PRIVATE LIMITED	Director	28/09/2011	18/11/2010	14/08/2013	Active	NO
6	U73100MH2010NPL265172	BROADCAST AUDIENCE RESEARCH COUNCIL	Director	29/09/2014	08/09/2014	-	Active	NO

Name :

Mr. Ravi Venkateswar

Designation :

Whole time Director

Address :

1201, Floor 12, Terra Planet Godrej, Keshavrao Khadye Marg, Saatrasta, Jacob Circle, Mumbai – 400011, Maharashtra, India

Date of Birth/Age :

06.05.1961

Date of Appointment :

19.09.2014

DIN No.:

00242672

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24211MH1987PLC043137	GODREJ HOUSEHOLD PRODUCTS LIMITED	Whole-time director	01/04/1999	01/04/1999	01/04/2009	Amalgamated	NO
2	U18101MH1977PTC181783	SARALEE HOUSEHOLD & BODYCARE INDIA PRIVATE LIMITED	Managing director	02/07/2007	02/07/2007	-	Amalgamated	NO
3	L15142MP1984PLC002382	WADALA COMMODITIES LIMITED	Additional director	13/09/2012	11/08/2012	31/05/2013	Amalgamated	NO
4	U39877MH1986PLC039877	GALAXY SURFACTANTS LTD	Whole-time director	19/09/2014	28/04/2014	-	Active	NO

Name :

Mr. Ravindranath Shekar Warriar

Designation :

Chairman cum Managing Director

Address :

Planet Godrej, Tower 3, Floor 30, Keshavrao Khadye Marg, Near Jacob Circle, Mumbai, Maharashtra, India

Date of Birth/Age :

20.04.1947

Date of Appointment :

19.09.2014

DIN No.:

00011680

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51900MH1963PLC012667	UNILEVER INDIA EXPORTS LIMITED	Director	01/06/1990	01/06/1990	09/07/2007	Active	NO
2	L15140MH1933PLC002030	HINDUSTAN UNILEVER LIMITED	Managing director	01/05/2004	01/05/2004	30/04/2007	Active	NO
3	U67120MH1994PTC082045	DIGITAL SECURITIES PRIVATE LIMITED	Director	30/12/2005	30/12/2005	06/07/2007	Amalgamated	NO
4	U74140MH2006PTC163935	Aryse Business Solutions Private Limited	Director	31/12/2007	01/06/2007	-	Active	NO
5	U39877MH1986PLC039877	GALAXY SURFACTANTS LTD	Director	19/09/2014	29/06/2007	-	Active	NO
6	U51900MH2007PLC174027	FUTURE CONSUMER PRODUCTS LIMITED	Director	10/09/2008	20/03/2008	24/09/2009	Active	NO
7	U66020MH2008FTC179912	Goldman Sachs Trustee Company (India) Private Limited	Director	26/08/2009	26/03/2008	-	Active	NO

Name :

Mr. Nandita Mohan Gurjar

Designation :

Additional Director

Address :

Gurjar House, 5, 10th Main, Iii Block Jayanagar, Bangalore, 560011, Karnataka, India

Date of Appointment :

01.02.2015

DIN No.:

01318683

KEY EXECUTIVES

Name :	Mr. Anand Gurav
Designation :	Finance Head
Name :	Mr. Ganesh Madhav Kamath
Designation :	Company Secretary
Address :	B – 103, Sai Mandir, S.V. Road, Dahisar (East), Mumbai – 400068, Maharashtra, India
Date of Birth :	07.10.1957
Date of Appointment :	10.09.2004
PAN No. :	AADPK8335M
Name :	Mr. Vinayak Shahajirao Shitole
Designation :	Secretary
Address :	Bella Vista Building,20A, Flat No. 1003,, Thane (West), Thane, 400690, Maharashtra, India
Date of Appointment :	02.05.2015
PAN No. :	AMWPS6656A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 19.09.2014

SHAREHOLDERS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on : 19.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	6.51
Bodies corporate	1.71
Directors or relatives of Directors	74.26
Other top fifty shareholders	8.63
Others	8.89
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture and Importer of Surfactants and Specialty chemicals
Products :	Surfactants and Specialty chemicals
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	USA France Netherland Russia Singapore UK Malaysia
Terms :
Selling :	Cash and Credit (30,60,90 Days)
Purchasing :	Cash and Credit (30,60,90 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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

End Users and OEMs

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

No. of Employees :

1500 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Ghatkopar West, LBS Marg Ashok Silk Mills Compound, Mumbai – 400086, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
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)	Cash/Credit – Rs. 7855.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOAN	As on 31.03.2013
LONG TERM BORROWING
Term loan from Bank	1069.900
SHORT TERM BORROWING
Working Capital loan from Bank	1161.600
Total	2231.500

Financial Institution (31.03.2013) :	SBICAP Trustee Company Limited, 202, Maker Tower, ‘E’ Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India
Direct Subsidiaries (31.03.2013) :	Galaxy Chemicals Inc. Galaxy Holdings (Mauritius) Limited
Step down Subsidiaries :	· Galaxy Chemicals (Egypt) S.A.E
Auditors :
Name :	P.D. Kunte and Company Chartered Accountants
Address :	205, Turf Estate, Shakti Mill Lane, off Dr. E. Moses Road, Mumbai, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFP3277G
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on : 19.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
35454752	Equity Shares	Rs.10/- each	Rs.354.547 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	354.500	354.500
(b) Reserves & Surplus	2272.700	1971.400
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2627.200	2325.900
(3) Non-Current Liabilities
(a) long-term borrowings	1382.900	1367.100
(b) Deferred tax liabilities (Net)	227.100	196.700
(c) Other long term liabilities	12.000	6.200
(d) long-term provisions	51.200	52.200
Total Non-current Liabilities (3)	1673.200	1622.200
(4) Current Liabilities
(a) Short term borrowings	1161.700	1258.000
(b) Trade payables	1675.400	2092.900
(c) Other current liabilities	1015.100	646.000
(d) Short-term provisions	65.400	158.200
Total Current Liabilities (4)	3917.600	4155.100
TOTAL	8218.000	8103.200
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2874.300	2584.000
(ii) Intangible Assets	16.700	18.700
(iii) Capital work-in-progress	28.000	383.600
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1197.600	926.100
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	130.200	122.300
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	4246.800	4034.700
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1298.400	1659.000
(c) Trade receivables	1845.900	1755.500
(d) Cash and cash equivalents	88.000	14.500
(e) Short-term loans and advances	721.900	632.400
(f) Other current assets	17.000	7.100
Total Current Assets	3971.200	4068.500
TOTAL	8218.000	8103.200

Balance sheet for the year 2014 is not available only Profit and Loss Statement available

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	14279.100	14180.000	13151.700
	Other Income	77.900	53.400	26.800
	TOTAL (A)	14357.000	14233.400	13178.500
Less	EXPENSES
	Cost of Materials Consumed	10416.700	10560.200	10360.700
	Purchases of Stock-in-Trade	70.800	24.500	62.500
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(177.000)	281.500	(210.000)
	Employees benefits expense	521.500	497.700	403.800
	Other expenses	1542.600	1547.300	1347.000
	TOTAL (B)	12374.600	12911.200	11964.000
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1982.400	1322.200	1214.500
Less	FINANCIAL EXPENSES (D)	356.700	483.500	331.300
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1625.700	838.700	883.200
Less/ Add	DEPRECIATION/ AMORTISATION (F)	333.300	328.100	243.100
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1292.400	510.600	640.100
Less	TAX (I)	458.100	167.800	203.700
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	834.300	342.800	436.400
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	7913.000	7889.600	7386.000
	Guarantee Commission	10.700	9.700	5.300
	Interest	24.200	17.100	3.500
	TOTAL EARNINGS	7947.900	7916.400	7394.800
	IMPORTS
	Raw Materials	5730.100	5751.500	4748.600
	Components and Stores parts	2.500	6.900	3.900
	Traded goods	50.900	20.300	53.500
	Capital Goods	9.700	26.900	26.900
	TOTAL IMPORTS	5793.200	5805.600	4832.900
	Earnings / (Loss) Per Share (Rs.)	23.53	9.67	12.31

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	850.800	305.200
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	757.200	762.900

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	5.84	2.42	3.32
Operating Profit Margin (PBIDT/Sales)	(%)	13.88	9.32	9.23
Return on Total Assets (PBT/Total Assets}	(%)	NA	7.30	9.42
Return on Investment (ROI) (PBT/Networth)		NA	0.19	0.28
Debt Equity Ratio (Total Debt /Networth)		NA	0.97	1.13
Current Ratio (Current Asset/Current Liability)		NA	1.01	0.98

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	13151.700	14180.000	14279.100
		7.819	0.699

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	13151.700	14180.000	14279.100
Profit	436.400	342.800	834.300
	3.32%	2.42%	5.84%

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	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
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	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
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

Presentation Date : 17.02.2015

Lodging No. ITXAL/213/2015 Filling Date : 17.02.2015

Petitioner : PRINCIPAL CMMISIONER OF INCOME T	Respondent : GALAXY SURFACTANTS LIMITED
Petn Adv. ARVIND PINTO (1583)
District : MUMBAI

Bench : DIVISION

Status : Pre – Admission

Last Date : 24.02.2015

Last Coram: REGISTRAR (OS)/PROTHONOTARY AND ASR. MASTER

Act : Income Tax Act, 1961

Under Section : 260A

CORPORATE INFORMATION: (As on 31.03.2013)

Galaxy Surfactants Limited ("the Company") is a Public Limited Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in manufacturing and marketing surfactants and specialty chemicals for the Personal and Home Care Industry. The Company produces a range of vital cosmetic ingredients including active ingredients, UV protection and functional products. The Company’s products cater to some of the largest global brands in the FMCG sector and find applications in skin care, hair care, oral care, body wash, sun care, household cleaners and fabric care segments.

ECONOMIC OUTLOOK AND BUSINESS PERFORMANCE: (As on 31.03.2013)

During the fiscal year 2013, the economic environment remained challenging with growth slowing down globally. India was impacted by both global and domestic events that led to moderation in economic activity. India gross domestic product (GDP) declined to 5.0% during fiscal 2013 compared to 6.2% in fiscal 2012. Europe experienced recession, fiscal tightening, sluggish growth and high unemployment. In USA, the economic revival was marginal. China too for the first time, experienced considerably slower growth. Deceleration in industrial output, fiscal deficit and exports weakened India’s economic growth significantly. The weak macro environment, slower growth and volatility in currency and commodities market caused significant pressure on the margins of the Company slower

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2013
LONG TERM BORROWING
Deferred payment liability	43.600
Deposit from others	269.400
SHORT TERM BORROWING
Other loan and Advances	0.100
Total	313.100

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10362400	04/06/2015 *	7,279,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKET TOWER,'E', CUFFE PARADE,, COLABA,, MUM  BAI, Maharashtra - 400005, INDIA	C56852155

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 records 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 :	PRP
Analysis Done by :	KAS
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.