MIRA INFORM REPORT

Report No. :	352266
Report Date :	28.11.2015

IDENTIFICATION DETAILS

Name :	MEGHMANI ORGANICS LIMITED

Registered Office :	Plot No. 184, Phase II, G.I.D.C., Vatva, Ahmedabad - 382445, Gujarat
Tel. No.:	91-79-25831210

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	02.01.1995

Com. Reg. No.:	04-024052

Capital Investment / Paid-up Capital :	Rs. 254.314 Million

CIN No.: [Company Identification No.]	L24110GJ1995PLC024052

IEC No.:	0893016012

TAN No.: [Tax Deduction & Collection Account No.]	AHMM00341F

PAN No.: [Permanent Account No.]	AABCM0535G

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Principal activities are as follows: Pigment Business Manufacture and distribute Phthalocynine Green 7, Copper Phthalocynine Blue (CPC), Alpha Blue and Beta Blue. Agrochemicals Business Manufacture and sales of Technical, Intermediates and Formulations of Insecticides.

No. of Employees :	1250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum credit Limit:	USD 16000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exist

Comments :	Subject is a well-established company having fine track record. The ratings draw strength from company’s experienced management team, its established and diversified presence in the agrochemical and pigment industry with integrated production facilities and strong marketing and distribution network and comfortable capital structure. The rating also factor in improvement in financial risk profile along with improved profitability trend over the years. The ratings are, however, constrained by company’s working capital intensive nature of operations, risks associated with the fluctuations in raw material prices and foreign exchange rates. However, trade relations are fair. Business is active. Payments 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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 = A
Rating Explanation	Adequate degree of safety and low credit risk
Date	23.10.2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	23.10.2015

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 31-03-2015.

LOCATIONS

Registered Office :	184, Phase-II, G.I.D.C. Vatva, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91-79-25831210
Fax No.:	91-79-25833403
E-Mail :	accounts@meghmani.com kamlesh.mehta@meghmani.com helpdesk@meghmani.com exports@meghmani.com

Corporate Office :	“Meghmani House”, Shree Nivas Society, Off Vakas Gruh Road, Paldi, Ahmedabad - 380007, Gujarat, India
Tel. No.:	91-79-26640668 / 669/ 9879606323 to 328
Fax No.:	91-79-26640670

Mumbai Office :	A1 and B1, Ground Floor, Kalamandir Co.op. Hosusing Society, Chitrakar Ketakar Marg, Near Sathye College, Ville Parle (East), Mumbai - 4000057, Maharashtra, India
Tel No.:	91-22-26122640

Permanent Office – Building Under Reconstruction :	Flat No. 22/23, Vellard View Co.op. Housing Society, Tardeo Road, Mumbai, Maharashtra, India

World Head Quarters :
Europe Office :	Meghmani Europe BVBA, Grote Steen Weg 42-44, 2600 Berchem, Belgium
Tel. No.:	+ 32-3-3375357
Fax No.:	+ 32-3-2973082

China Office :	Meghmani Organics Limited – Shanghai, Representative Office, Room No.: 0906, Building “B”, No.: 527, Huahai Zhong Road, Shanghai – Pin Code. 200020, P.R. China
Mobile No.:	+86-13916981655

U.S.A Office :	Meghmani Organics USA, Inc., 8215, Vinoy Blvd, Apartment No. 403, Charlotte, NC 28262, U.S.A
Mobile No.:	+1-704-4256226
Tel No.:	+1-704-5101464

Singapore Depository Shares (“SDSs”) Registrar and SDSs Office :	Tricor Barbinder Share Registration Services 80 Robinson Road, #02–00, Singapore 068898
Tel. No.:	(65) 6236 3552
Fax No.:	(65) 6236 3405
E-Mail :	helpdesk@meghmani.com

Singapore Secretarial Agent :	Tricor Evatthouse Corporate Services 80 Robinson Road, #02–00, Singapore 068898
Tel. No.:	(65) 6236 3510
Fax No.:	(65) 6236 4399
E-Mail :	helpdesk@meghmani.com

Pigment – Green – Division :	Plot No. 184, Phase II, G.I.D.C. Vatva, Ahmedabad - 382445, Gujarat, India
Tel. No.:	91-79-25833403/ 25831210
Fax No.:	91-79-25833403
E-Mail :	helpdesk@meghmani.com

Pigment Blue – Division :	Plot No. 21, 21/1, G.I.D.C, Panoli, District Bharuch, Gujarat, India
Tel. No.:	91-2646-276352
Fax No.:	91-2646-276374
E-Mail :	helpdesk@meghmani.com

Pigment – Division – Dahej SEZ :	Plot No. Z-31, Z-32, Dahej SEZ Limited – Dahej, Taluka Varga, District Bharuch, Gujarat, India
Tel. No.:	91-2646-276352
Fax No.:	91-2646-276374

Agro Division- I :	Plot No. 402, 403, 404 and 452, Village Chharodi, Taluka Sanand, District- Ahmedabad - 382445, Gujarat, India
Tel. No.:	91-2717-273251
Fax No.:	91-2717-273254
E-Mail :	helpdesk@meghmani.com

Agro Division- II :	5001/B, G.I.D.C. Ankleshwar, District Bharuch, Gujarat, India
Tel. No.:	91-2646-222971
Fax No.:	91-2646-222965
E-Mail :	helpdesk@meghmani.com

Agro Division- III :	Plot No.CH-1+2/A, GIDC Dahej Taluka – Vagra, District Bharuch – 392 130, Gujarat, India
Tel. No.:	91-2641-256677/ 88
E-Mail :	helpdesk@meghmani.com

Agro Division- IV :	Plot No. 22/2, G.I.D.C. Panoli, District – Bharuch, Gujarat, India
Tel No.:	91-2646-276577
E-Mail :	helpdesk@meghmani.com

DIRECTORS

As on 31.03.2015

Name :	Mr. Jayanti M. Patel
Designation :	Executive Chairman
Address:	Lane No.18, Bunglow No.359, Satyagrah Chhavani, Satellite, Ahmedabad, 380015, Gujarat, India
Date of Birth/Age :	60 Years
Qualification :	B.E. (Chemical)
Experience :	37 Years
Date Appointment:	02.01.1995
DIN No.:	00027224

Name :	Mr. Ashish N. Soparkar
Designation :	Managing Director
Address:	246/A, Lane -13, Satyagrah Chhavny, Near Bhavnirzar, Satelite Road, Ahmedabad - 380015, Gujarat, India
Date of Birth/Age :	60 Years
Qualification :	B.E. (Chemical)
Experience :	37 Years
Date Appointment:	02.01.1995
DIN No.:	00027480

Name :	Mr. Natwarlal M. Patel
Designation :	Managing Director
Address:	6-B, Ashok Vatika No.1, Opposite Ekta Farm, Ambli, Bopal Road, Bodakdev, Ahmedabad - 380058, Gujarat, India
Date of Birth/Age :	58 Years
Qualification :	M.Sc. (Chemical)
Experience :	37 Years
Date Appointment:	02.01.1995
DIN No.:	00027540

Name :	Mr. Anandbhai Ishwarbhai Patel
Designation :	Whole-time director
Address:	53, Shrinath Park Society, Behind, Manekbag, Ambawadi, Ahmedabad - 380015, Gujarat, India
Date Appointment:	02.10.1995
DIN No.:	00027836

Name :	Mr. Ramesh M. Patel
Designation :	Director
Address:	54 Shrinathpark Society, Behind Manekbaug Society, Ambawadi, Ahmedabad - 380015, Gujarat, India
Date of Birth/Age :	57 Years
Qualification :	B.A.
Experience :	33 Years
Date Appointment:	02.01.1995
DIN No.:	00027637

Name :	Mr. Anandbhai Ishwarbhai Patel
Designation :	Director
Address:	53, Shrinath Park Society, Behind Manekbag, Ambawadi, Ahmedabad - 380015, Gujarat, India
Date of Birth/Age :	51 Years
Qualification :	B.Sc. (Chemical)
Experience :	27 Years
Date Appointment:	02.10.1995
DIN No.:	00027836

Name :	Mr. Balkrishna T. Thakkar
Designation :	Director
Address:	L 14/265, Satyagrah Chhavni Co-operative Society, Satellite Road,, Ahmedabad - 380015, Gujarat, India
Date Appointment:	13.04.2000
DIN No.:	00430220

Name :	Mr. Chinubhai R. Shah
Designation :	Director
Address:	402, Heritage Crescent, Behind Prahlad Nagar Garden , S.G. Highway, Ahmedabad - 380051, Gujarat, India
Date Appointment:	13.04.2000
DIN No.:	00558310

Name :	Mr. Jayaram Vishwanathan
Designation :	Director
Address:	Lincoln Lodge, 1,Khiang Guan Ave, #09-04, Singapore - 308380, Singapore
Date Appointment:	29.07.2005
DIN No.:	00477796

Name :	Mr. Kantibhai Hirabhai Patel
Designation :	Director
Address:	26, Mahasukhnagar Cooperative Housing Society L -2 , 26 Prerna Tirth, Vibhag-1, Opposite Prerna Tirth Jain Derasar, Satelite, Ahmedabad, 380015, Gujarat, India
Date Appointment:	24.10.2008
DIN No.:	02325787

Name :	Ms. Urvashi Shah
Designation :	Director
Address:	26, Akashneem Bunglows, Opposite Nehru Foundation, Bokadev, Ahemdabad - 380059, Gujarat, India
Date Appointment:	27.03.2015
DIN No.:	07007362

Name :	Mr. Chander Kumar Sabharwal
Designation :	Director
Address:	R - 2 / 37, Raj Nagar, Ghaziabad - 201002, Uttar Pradesh, India
Date Appointment:	02.08.2013
DIN No.:	00368621

KEY EXECUTIVES

Audit Committee :	Mr. Balkrishna T. Thakkar Mr. Chinubhai R. Shah Mr. Jayaraman Vishwanathan

Nominating Committee :	Mr. Chinuibhai R. Shah Mr. Balkrishna T. Thakkar Mr. Jayanti M. Patel Mr. Kartibhai H Patel

Remuneration Committee :	Mr. Chinubhai R. Shah Mr. Balkrishna T. Thakkar Mr. Natwarlal M. Patel Mr. Kartibhai H Patel

The shareholders’ / Investors’ grievance, Share allotment and Share transfer committee :	Mr. Balkrishna T. Thakkar Mr. Chinubhai R. Shah Mr. Ashish N. Soparkar

Corporate Social Responsibility Committee:	Mr. Chinuibhai R. Shah Mr. Balkrishna T. Thakkar Mr. Jayanti M. Patel Mr. Ashish N. Soparkar Mr. Natwarlal M. Patel

Name :	Kamlesh D Mehta
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2015

Category of Shareholder	Total No. of Shares	% of Holding

(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	95158285	44.04
Any Others (Specify)	34300861	15.88
Directors/Promoters & their Relatives & Friends	34300861	15.88
Sub Total	129459146	59.92
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	129459146	59.92
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	156714	0.07
Foreign Institutional Investors	2325000	1.08
Sub Total	2481714	1.15
(2) Non-Institutions
Bodies Corporate	19065797	8.82
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	48824084	22.60
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	7143505	3.31
Any Others (Specify)	9076815	4.20
Clearing Members	2214003	1.02
Non Resident Indians	2820064	1.31
Hindu Undivided Families	4037748	1.87
Trusts	5000	0.00
Sub Total	84110201	38.93
Total Public shareholding (B)	86591915	40.08
Total (A)+(B)	216051061	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 Shareholding	38263150	0.00
Sub Total	38263150	0.00
Total (A)+(B)+(C)	254314211	0.00

BUSINESS DETAILS

Line of Business :

Principal activities are as follows:

Pigment Business

Manufacture and distribute Phthalocynine Green 7, Copper Phthalocynine Blue (CPC), Alpha Blue and Beta Blue.

Agrochemicals Business

Manufacture and sales of Technical, Intermediates and Formulations of Insecticides.

Products :

Item Code No.	Product Description
Pigment Green	32041751
Cypermethrin	380810
Acepthate	38081023

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

1250 (Approximately)

Bankers :

State Bank of India, CAG Branch, 58 Shreemali Society, Navrangpura, Ahmedabad – 380009, Gujarat, India
HDFC Bank Limited, Mithakhali, Ahmedabad - 380009, Gujarat, India
ICICI Bank Limited, JMC House, Opposite Parimal Garden, Ambawadi, Ahmedabad - 380009, Gujarat, India
Standard Chartered Bank, Ground Floor, Abhijeet II, Mithakhali Six Roads, Ahmedabad - 380009, Gujarat, India
Yes Bank Limited, G-1, 101, CG Centre CG Road, Ahmedabad - 380015, Gujarat, India

Facilities :

(Rs. In Million)

Secured Loans :	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWINGS
Privately Placed Non - Convertible Debentures :
10.40% Non - Convertible Debenture redeemable at par In Indian currency	0.000	500.000
Term Loan Facilities from Banks :
In Indian currency	1335.000	750.000
SHORT TERM BORROWINGS
Working Capital Facilities from Banks
In Indian currency	1872.845	2039.837
Total	3207.845	3289.837

Notes:

LONG TERM BORROWING:

i)Secured Non-Convertible Debentures of Rs.500.000 Million (Previous Year Rs. 1000.000 MIllion) are secured by way of pari passu charge on Mortgage of immovable and movable properties situated at GIDC Vatva, GIDC Panoli, GIDC Ankleshwar and Village Chharodi, Taluka Sanand, District - Ahmedabad.

ii)External Commercial Borrowing of USD 1,10,00,000 equivalent to 51,13,90,000/- from Standard Chartered Bank, Ahmedabad.The facility is secured by first charge on all the present and future movable fixed assets financed under term loan including moveable fixed assets held at CH-1-2/A. GIDC Dahej,Taluka Vagra, Bharuch and repayable in 13 Quarterly Installment amount of USD 7,85,400 of each and last Instalment of USD 7,89 800 and interest @3 Month LIBOR + 2.5% has been repaid in current year.

iii) Rupee Term Loan facility of Rs. 300.000 Million from HDFC Bank, Near. Mithakhali Cross Road, Ahmedabad. The facility is Secured by First Pari Passu charge with ICICI Bank Limited on moveable and immoveable fixed assets held at Z-31 and Z- 32, Dahej SEZ Limited, Dahej, Taluka Vagra, District Bharuch and repayable in 20 Quarterly installments of Rs. 15.000 Million each commencing from 30th April, 2016 and interest @ base rate plus 1.75% per annum with monthly rests. At present interest rate is 11.75% with moratorium of 2 years.

iv) Rupee Term loan facility of Rs. 450,000,000/- from ICICI Bank Limited, JMC House, Ambawadi, Ahmedabad. The facility is Secured by First Pari Passu charge with HDFC Bank on moveable and immoveable fixed assets held at Z-31 and Z-32, Dahej SEZ Limited, Dahej, Taluka Vagra, District Bharuch and repayable in 24 Quarterly installments of ` 18,750,000/- each commencing from 30th June, 2016 and interest @ base rate plus 2.10% per annum with monthly rests. At present interest rate is 12.10% with moratorium of 2 years.

v) Rupee Term Loan facility of Rs. 650.000 Million from Yes Bank Limited 4th Floor, Nehru Centre, Discovery of India Building, Dr. A. B. Road, Worli, Mumbai– 400018. The facility is secured by exclusive charge on leasehold admeasuring 50,000 Square Meter bearing Plot No. CH-1+2/A GIDC Industrial Estate Dahej, Taluka Vagra, District Bharuch, with all the buildings and structures standing thereon and all plants, machineries, fixtures and fittings attached to the earth and or permanently fasted to earth pertaining to Company's unit at Plot No. CH-1+2/A GIDC and repayable in 20 equal quarterly installments of Rs. 32.500 Million starting after a moratorium period of 1 year from the date of disbursement i.e. from

02.10.2015 The current applicable interest rate is 11.75% p.a.

SHORT TERM BORROWING:

The interest rate on Working Capital facilities from State Bank of India, HDFC Bank Limited, Standard Chartered Bank and ICICI Bank Limited (Collectively known as Consortium Bankers) varies within the range of 10.90% to 13.00% (both inclusive) and are secured by :-

(a) First Pari Passu charge created on 9th October, 2003 for Rs. 794.500 Million was further extended on 28th May 2005 for Rs. 1553.500 Million, on 23rd January, 2007 for Rs.2186.500 Million and on 28th August, 2009 for Rs. 3430.800 Million in favour of

State Bank of India and its Consortium Banks by way of hypothecation of the entire stock of raw materials, work in process, finished goods, stores and spares and receivables. The present consortium is lead by State Bank of India.

(b) First Pari Passu charge on immovable fixed assets to State Bank of India and its consortium bank as collateral

security for the working capital facilities of Rs. 3430.800 Million. The present consortium is lead by State Bank of India.

(i) Plot No. 168,180,183 and 184 of GIDC Industrial Estate Vatva Ahmedabad.

(ii) Block No. 402,403,404 and 452 at Village Chharodi, Taluka Sanand, District Ahmedabad.

(iii) Plot No. 21 and 21/1 of GIDC Industrial Estate Panoli, Taluka Ankleshwar, Bharuch.

(iv) Plot No.5001/B of GIDC Industrial Estate, Ankleshwar, Bharuch.

ii Unsecured Short Term Loan of Rs. 600.000 has been sanctioned by HDFC Bank Limited. The outstanding Short Term Loan as on 31st March, 2015 is Rs. 100.000 with interest rate 10.40% per annum

Auditors :
Name :	Khandwala and Khandwala Chartered Accountants
Address :	2^nd Floor, “HRISHIKESH”, Vasantbaug Society, Opoosite Water Tank, Gulbai Tekra, Ahmedabad - 380006, Gujarat, India

Joint Auditor :
Name :	KPMG Chartered Accountants
Address :	Safal Profitaire, B4, Third Floor, Corporate Road, Opposite Auda Garden, Prahladnagar, Ahmedabad – 380 015, Gujarat, India

Memberships :	--

Collaborators :	--

Subsidiaries :	Meghmani Organics USA, Inc.(MOL-USA) Meghmani Europe BVBA(MOL-EUROPE) PT Meghmani Organics Indonesia(MOL-INDONESIA) Meghmani Overseas FZE-Dubai Meghmani Energy Limited (MEL)* Meghmani Finechem Limited (MFL) Meghmani Chemtech Limited (MCTL)*

Enterprises in which Key Managerial Personnel [KMP] and their relatives have significant influence:	Meghmani Pigments Ashish Chemicals Tapsheel Enterprise Meghmani Infrastructures Meghmani Dyes and Intermediates Private Limited Meghmani Industries Limited Meghmani Chemicals Limited Fidelity Exports Private Limited Vidhi Global Chemicals Limited Vanguard Overseas Limited Panchratna Corporation Meghmani Unichem LLP Matangi Industries Meghmani Industries Limited - SEZ Unit Diamond Engineering Co. Delta Electricals

Joint Venture:	Trience Speciality Chemicals Private Limited*

Note: *Ceased to be subsidiary and joint venture as on 31st March 2015.

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

370000000	Equity Shares	Re.1/- each	Rs. 370.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

254314211	Equity Shares	Re.1/- each	Rs. 254.314 Million

Reconciliation of the number of shares

Equity Shares	Number of Shares	Rs. In Million
At the beginning of the period	254314211	254314211
Add : Issued During the year	-	-
Less : Shares bought back / Redemption etc.	-	-
As at closing of the year	254314211	254314211

Details of Shareholding (Number of Shares held by Shareholders holding more than 5% Shares)

Name of Shareholder	Number of Shares	% holding
DBS Nominees (Private) Limited	40343150	40343150
Jayanti Patel	18560390	18560390
Ashish Soparkar	24617948	24617948
Natwarlal Patel	25910477	25910477
Ramesh Patel	16422392	16422392
TOTAL	125854357	125854357

The Company has only one class of Equity Shares having a par value of 1/- per share. Each equity shareholder has 1 voting right. All equity shareholders have equal dividend rights in proportion to the holding.

The Company has paid Interim dividend of Re. 0.40 Per Equity Share amounting to Rs. 101.725 Million on 254.314 Million Equity Shares of Re. 1/- each.

Particulars of NRI Shareholders to whom dividend is remitted.

Equity Shares	Number of Shares
Amount of Final Dividend Remitted	49140150
No. of Shareholders	1
No. of Shares held	49140150
Year / Period to which dividend relates	2013-14

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	254.314	254.314	254.314
(b) Reserves & Surplus	5405.278	5141.351	5089.497
(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)	5659.592	5395.665	5343.811

(3) Non-Current Liabilities
(a) long-term borrowings	1335.000	1250.000	1128.145
(b) Deferred tax liabilities (Net)	274.642	252.201	233.823
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	21.377	406.422	265.033
Total Non-current Liabilities (3)	1631.019	1908.623	1627.001

(4) Current Liabilities
(a) Short term borrowings	1972.845	2459.837	2464.325
(b) Trade payables	1276.624	1631.587	1341.840
(c) Other current liabilities	779.919	957.548	462.928
(d) Short-term provisions	254.933	48.025	59.586
Total Current Liabilities (4)	4284.321	5096.997	4328.679

TOTAL	11574.932	12401.285	11299.491

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3855.850	3667.806	2512.715
(ii) Intangible Assets	23.058	40.361	53.752
(iii) Capital work-in-progress	48.696	122.803	849.457
(iv) Intangible assets under development	107.207	90.581	38.942
(b) Non-current Investments	1325.917	1380.840	1380.840
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	66.074	117.507	261.040
(e) Other Non-current assets	0.497	30.976	37.428
Total Non-Current Assets	5427.299	5450.874	5134.174

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1808.220	2086.047	1482.311
(c) Trade receivables	3026.039	3311.703	3282.265
(d) Cash and cash equivalents	112.073	76.514	17.463
(e) Short-term loans and advances	1029.711	1265.224	1205.937
(f) Other current assets	171.590	210.923	177.341
Total Current Assets	6147.633	6950.411	6165.317

TOTAL	11574.932	12401.285	11299.491

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	9481.839	8932.839	7497.422
	Other Income	185.918	41.848	103.359
	TOTAL	9667.757	8974.687	7600.781

Less	EXPENSES
	Raw Materials Consumption	5051.515	5452.742	4615.739
	Trading Purchases	532.712	753.215	408.552
	Increases/Decreases in stock	229.166	(548.220)	(161.373)
	Employees benefits expense	544.182	420.950	343.751
	Other expenses	2125.796	2081.805	1761.416
	Exception Item	35.082	0.000	0.000
	Extraordinary Item	0.000	4.954	8.728
	TOTAL	8518.453	8165.446	6976.813

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1149.304	809.241	623.968

Less	FINANCIAL EXPENSES	476.580	350.150	272.364

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	672.724	459.091	351.604

Less/ Add	DEPRECIATION/ AMORTISATION	350.291	313.442	263.607

	PROFIT/ (LOSS) BEFORE TAX	322.433	145.649	87.997

Less	TAX	60.275	29.877	30.172

	PROFIT/ (LOSS) AFTER TAX	262.158	115.772	57.825

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	2934.693	2907.890	2936.033

Less	APPROPRIATIONS
	Transfer to Debenture Redemption Reserve	41.700	56.215	56.215
	Transfer to General Reserve	27.500	3.000	0.000
	Proposed Dividend	0.000	0.000	25.431
	Interim Dividend	101.700	25.432	0.000
	Tax on Dividend	0.000	4.322	4.322
	Total	170.900	88.969	85.968

	Balance Carried to the B/S	3025.951	2934.693	2907.890

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	6980.307	6783.111	5819.140
	TOTAL EARNINGS	6980.307	6783.111	5819.140

	IMPORTS
	Raw Materials	473.995	379.333	184.131
	TOTAL IMPORTS	473.995	379.333	184.131

	Earnings / (Loss) Per Share (Rs.)	1.03	0.45	0.22

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	1333.671	1311.129	170.542
Cash generated from operations	1477.301	567.839	686.970
Net cash flow from operating activity	1417.460	476.281	682.465

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	2.76	1.30	0.77

Operating Profit Margin (PBIDT/Sales)	(%)	12.12	9.06	8.44

Return on Total Assets (PBT/Total Assets}	(%)	3.19	1.35	1.07

Return on Investment (ROI) (PBT/Networth)		0.06	0.03	0.02

Debt Equity Ratio (Total Debt /Networth)		0.82	0.93	0.70

Current Ratio (Current Asset/Current Liability)		1.43	1.36	1.42

STOCK PRICES

Face Value	Rs.2.00/-
Market Value	Rs.22.80/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	254.314	254.314	254.314
Reserves & Surplus	5089.497	5141.351	5405.278
Net worth	5343.811	5395.665	5659.592

long-term borrowings	1128.145	1250.000	1335.000
Short term borrowings	2464.325	2459.837	1972.845
Current maturities of long-term debts	170.542	1311.129	1333.671
Total borrowings	3763.012	5020.966	4641.516
Debt/Equity ratio	0.704	0.931	0.820

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	7497.422	8932.839	9481.839
		19.145	6.146

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	7497.422	8932.839	9481.839
Profit	57.825	115.772	262.158
	0.77%	1.30%	2.76%

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
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)	No
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	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	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

HIGH COURT OF GUJARAT

TAX APPEAL No. 383 of 2015

Status : PENDING

( Converted from : O/ST/1524/2015 )

CCIN No : 001092201500383

Last Listing Date:

15/06/2015

Coram

· HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI

· HONOURABLE MR.JUSTICE R.P.DHOLARIA

S.NO.	Name of the Petitioner	Advocate On Record
1	PRINCIPAL COMMISSIONER OF INCOME TAX 2	MRS MAUNA M BHATT for: Appellant(s) 1

S.NO.	Name of the Respondant	Advocate On Record
1	MEGHMANI ORGANICS LIMITED	MR B S SOPARKAR for :Opponent(s) 1


Presented On	: 08/06/2015	Registered On	: 12/06/2015
Bench Category	: -	District	: AHMEDABAD
Case Originated From	: THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 0 times
StageName	: FOR FINAL HEARING

Classification	· DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA
Act	· INCOME-TAX ACT, 1961

Other Forums

S.No.	CASEDETAILS	TRIBUNAL REFERRENCE	ORDER PASSED BY	JUDGEMENT DATE	PLACE
1	ITA/2648/AHD/2013	INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH	ACCOUNTANT MEMBER AND JUDICIAL MEMBER	30/10/2014	AHMEDABAD

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	08/06/2015	APPEARANCE NOTE	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	0	MRS MAUNA M BHATT(174) for P:1
2	08/06/2015	CERTIFIED COPY	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	6	MRS MAUNA M BHATT(174), for P:1
3	08/06/2015	MEMO OF PETITION/APPEAL/SUIT	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	20	MRS MAUNA M BHATT(174), for P:1
4	01/07/2015	VAKALATNAMA	MR B S SOPARKAR ADVOCATE for RESPONDENT(s) 1 , 1	5	MR B S SOPARKAR(6851) for R:1

Court Proceedings

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

15/06/2015

ADMISSION (FRESH MATTERS)

RULE/ADMIT

· HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI

· HONOURABLE MR.JUSTICE R.P.DHOLARIA

Available Orders

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

TAX APPEAL/383/2015

· HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI

· HONOURABLE MR.JUSTICE R.P.DHOLARIA

15/06/2015

ORDER

Certified Copy

S. No.

Application Name

Application

Type

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

MRS MAUNA M BHATT

ORDINARY

16/06/2015

O/19648/2015

15/06/2015

17/06/2015

19/06/2015

Delivered

ORDER

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10537296	11/12/2014	300,000,000.00	HDFC BANK LIMITED	NEAR MITHAKALI CROSS ROAD,, NAVRANGPURA, AHMEDABA- 380009 D, GUJARAT, INDIA	C37316064
2	10537409	26/11/2014	450,000,000.00	ICICI BANK LIMITED	Landmarkrace COURCE CIRCLE, ALKAPURI, Vadodara- 390015, Gujarat, INDIA	C37391893
3	10508731	12/11/2014 *	650,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI- 400018, MAHARASHTRA, INDIA	C33468455
4	10501919	22/05/2014	750,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, VADODARA- 390015, GUJARAT, INDIA	C06071070
5	10263560	12/01/2011	1,000,000,000.00	UNIT TRUST OF INDIA INVESTMENT ADVISORY SERVICES LIMITED	UTI TOWER GN BLOCKBANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI- 400051, MAHARASHTRA, INDIA	B04603320
6	80010560	16/09/2009 *	3,430,800,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, AMRUT JAYANTI BHAVAN,, NAVJIVAN POST OFFICE, POST OFFICE,AHMEDABAD- 38 0014, GUJARAT, INDIA	A70260773
7	80011663	19/04/2004	794,500,000.00	SBI CB ICICI BANK LIMITED	NAVJIVAN, AHMEDABAD- 380009, GUJARAT, INDIA	-
8	80010561	28/08/2009 *	3,430,800,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, AMRUT JAYANTI BHAVAN,, NAVJIVAN POST OFFICE, POST OFFICE,AHMEDABAD- 380014, GUJARAT, INDIA	A69998276
9	80011664	09/10/2003	794,500,000.00	SBI CB ICICI BANK LIMITED	NAVJIVAN, AHMEDABAD- 380009, GUJARAT, INDIA

MANAGEMENT DISCUSSION AND ANALYSIS

Business Segments

At Meghmani, each of the businesses is witnessing strong growth drivers through: focus on value added offerings in Pigments (Beta Blue) and Agrochemicals (branded agro products), recent diversification into Caustic Potash with an investment of 650 mn to be financed from internal accruals and monetization of the CRAMS opportunity in Agrochemicals. The improved performance and better utilization of capacities augurs well for strengthening of the balance sheet with reduction in debt and efficiency in working capital management.

I Pigment

Industry Structure

Global market to reach $14.7 bn by 2018

As per Transparency Market Research, the global pigments (Organic, Inorganic, Speciality) market is expected to grow at a CAGR of 4.5% (2013-2018) to reach $14.7 bn by 2018. The volume estimated is 4.4 mn tons by 2018.The market estimates are more optimistic as per Ceresana, which forecasts global revenues generated from pigments to increase to $34.2 bn by 2020.

Of the total market, Organic pigment business is estimated to be ~$6 bn market, of which Phthalocyanine, Azo and High Performance Pigment are the main segments. In case of Phthlocyanine pigments, which is the segment in which we operate in, market size is ~$1-1.25 bn i.e. 20% of the total Organic pigment market.

Specialty pigment is expected to be the most promising product segment estimated to grow at a CAGR of 4.7% from 2013 to 2018. Under growing regulatory pressure, Specialty and Organic pigments are being increasingly investigated for substitution potential over their inorganic counterparts. (Source: Transparency Market Research)

In terms of end use, three main industries i.e. paints & coatings, plastics and printing inks account for ~90% of the market. Within end use markets, the paints & coatings industry takes away major share of the global pigments market, accounting for 38.5% of the overall market. This is mainly due to growth in this industry along with the preference of consumers towards unique optical effect colors in certain segments such as automobiles. The global paints & coatings industry is projected to grow at a CAGR of 5.1% during 2013-2018.

Asia Pacific region to remain the fastest growing

The Asia Pacific pigments market revenue is expected to reach $6.4 bn by 2018. Major factors fuelling the growth are increasing spending capacity of consumers along with preference for high end products with attractive packaging. In Asia-Pacific, India and China are the important countries contributing towards the growth of the market.(Source: Transparency Market Research)

Within Asia Pacific region, Organic pigments demand is expected to reach 316.2 thousand MT by 2018, at a high CAGR of 6.6% from 2013 to 2018. The demand for Organic pigments will increase in inks and coatings as thesen have an ability to provide intense and bright colors.

Other regions, such as Eastern Europe, the Middle East and South America, will see demand rise by more than 3% p.a. and thus contribute to the positive development of the pigment industry. The rather saturated markets in Western Europe and North America are expected to return to a growth path after suffering losses in the past couple of years. (Source: Crersana)

Indian Pigments

There has been a notable transition in the global arena during the last 2-3 decades in the manufacturing base of colorants, with a shift in production from Europe, USA and Japan to Asia viz. China, India, Taiwan, Thailand and Indonesia, etc. With decline in production in most of the traditional centers, non-traditional centers like India and China are now preferred sources for supply of colorants to the global market. Exports account for ~75% of the Indian colorant industry.

Business Overview

Meghmani is one of the largest Phthalocyanine-based pigment manufacturers with a global market share of ~7% in terms of quantity. The Company has vertically integrated facilities manufacturing CPC Blue (a downstream product also sold to other pigment manufacturers) and end products: Pigment Green and Pigment Blue. These pigment products are used in multiple applications including paints, plastics and printing inks.

We have three dedicated manufacturing facilities to manufacture Pigment products located at (1) GIDC Vatva, Ahmedabad (2,940MTPA)where Pigment Green 7 products is manufactured; (2) GIDC Panoli, near Ankleshwar (17,400MTPA), where CPC Blue, Alpha and Beta Blue, Pigment Blue 15 products are manufactured and (3) Dahej SEZ Limited (10,800MTPA) where CPC Blue, Alpha and Beta Blue is manufactured.

The Pigment division derives ~80% of its net sales from exports. The customers comprise mainly MNCs which are leading players in their respective industries. Our relationship with our clients is sticky with 90% business from repeat customers. The Company has a global distribution network with 70 overseas distributors; subsidiaries in the US, Europe, Indonesia and Dubai and representative office in China. We also have warehouses in Belgium, Turkey, Russia, USA and Uruguay.

Performance of Pigment Business

Net sales from Pigment business increased to 4,244 mn in FY15, up 7.5% YoY. Major contribution came from Dahej SEZ unit which operated at a reasonable scale for the first time. Margins also improved due to rationalization of the product mix with commissioning of the new SEZ unit.

Strategy of the Company

We have forayed into the untapped Japanese market with Hysol solvent based Pigments, which is preferred over pigments manufactured by other materials. The Company’s Dahej facility is fully equipped to manufacture Hysol solvent based Pigments. Over the medium term, we aim to benefit from increasing utilization at our Dahej facility.

We will also focus on value added products and have few products such as Beta blue 15:4 and 15:2 in advanced stages of Research and Development. Additionally, we plan to increase presence in the high growth and high margin paints and plastics market leading to better margins.

Risks, Concerns and Threats – Pigments

Fluctuating and volatile prices of key raw materials coupled with an increasingly stringent regulatory environment, are critical challenges to this industry. Since we derive significant portion of our business from exports, volatility of the Rupees vis-à-vis Dollar and Euro may affect our realizations. We also face competitive pressures, including competition from Chinese manufacturers who have installed large scale plants for pigments. We compete in quality, technical competence, backward integration, logistics facilities, after sales service and customer relationships. Changing competitive environment may impact our business and future prospects.

II. Agrochemicals

Industry Structure

Industry breakdown by categories

There are broadly 5 categories of crop protection products:

Insecticides: Manage the pest population below the economic threshold level
Fungicides: Prevent the economic damage due to fungal attack on crops
Herbicides: Prevent/ inhibit/ destroy the growth of unwanted plants in a crop field
Bio pesticides: These are derived from natural substances like plants, animals, bacteria and certain minerals. These are non-toxic & environmental friendly
Others (Fumigants, Rodenticides, Plant growth regulators etc.): Fumigants and rodenticides are the
chemicals which protect the crops from pest attacks during crop storage. Plant growth regulators help in
controlling or modifying the plant growth process and are usually used in cotton, rice and fruits.

Global Market to reach $ 243 bn by 2018

The global population currently stands at 7 bn, and is expected to rise to 9.3 bn by 2050. This will require increase in global food production by 70% in order to meet the rising demand. Globally, up to 40% of crop output is lost due to attack of pests, weeds and diseases. To overcome these challenges, it is essential to use crop protection chemicals. Use of crop protection chemicals can increase crop productivity up to 50%.(Source: Agrochemicals Report, Tata Strategic Management Group and FICCI)

Global Agrochemical market is expected to grow from an estimated $204 bn in 2013 to $243 bn by 2018, at a CAGR of 3.6% from 2013 to 2018. Asia-Pacific leads the market for Agrochemicals followed by Latin America, North America and Europe. (Source: Markets and Markets)

Growth is expected to be driven more by realizations than volumes, owing to the increasing cost of pesticides. Presently, the cost of innovation and registration of an active ingredient is about $200 mn, 25% increase from 2000.The pressure, therefore, is for the agriculture industry to increase yields per acre, which can be achieved through increased usage of agrochemical products. Also companies globally are focusing on Research and Development and product innovation to survive intense competition.

Agrochemicals for enhancing food and nutrition security of India

At 1.2 bn, India is the second most populous country after China and is expected to surpass China by 2028. However, Indian agriculture is facing a critical challenge of maintaining food and nutrition security for the burgeoning population. Moreover, increasing urbanization, reduction in arable land, decreasing farm size, low per hectare yield as compared to global average and increasing pest attacks further strengthen the need for agrochemicals.

The Indian crop protection industry was estimated at $4.3 bn in 2014 and is expected to grow at a CAGR of 12% to reach $7.5 bn by 2019. Exports currently constitute almost 50% of Indian crop protection industry and are expected to grow at a high CAGR of 16% to reach $4.2 bn by FY19, resulting in 60% share in Indian crop protection industry. Domestic market on the other hand would grow at 8% CAGR, as it is predominantly monsoon dependent, to reach $3.3bn by FY19.India ranks fourth as a supplier of agrochemicals in the global market, after USA, Japan and China hereby indicating the significance of agrochemical industries in India. (Source: Agrochemicals Report, Tata Strategic Management Group and FICCI)

The Indian crop protection market is dominated by Insecticides with 60% share. Fungicides and Herbicides are largest growing segments accounting for 18% and 16% of total crop protection chemicals market.

India’s agrochemical industry can be divided into producers of technical agrochemicals - the bulk actives - and formulators who compound actives in forms that enable use. In India there are 125 technical grade manufacturers, 800 formulators producing the end products, 145,000 distributors and end use customers. Most Indian technical manufacturers are focused on off-patent pesticides. More than 60 technical grade pesticides are being manufactured indigenously.

STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE ENDED 30TH SEPTEMBER 2015,

Standalone statement of profit and loss

(Rs. In Million)

			Standalone
Sr. No	Particulars		3 Month Ended Unaudited 30.09.2015	3 Month Ended Unaudited 30.06.2015	Six Ended Unaudited 30.09.2015

1	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)		2492.504	2435.196	4927.700
	b. Other Operating Income		54.787	54.840	109.627
	Total Income from Operations (Net)		2547.291	2490.036	5037.327
2	Expenditure
	a. Cost of material Consumed		1495.845	1335.698	2831.543
	b. Purchase of Stock-in trade		121.105	87.324	199.429
	c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade		(214.254)	29.287	(184.967)
	d. Employees Benefit Expenses		151.402	143.113	294.515
	e. Depreciation and Amortisation Expenses		90.479	90.313	180.610
	f. Other expenses		237.778	253.654	491.432
	g. Other expenses (Any item exceeding 10% of the total expenses relating to continuing operations to be shown separately )		319.788	298.308	618.096
	Total Expenses		2193.143	2237.515	4430.658
3	Profit from Operations before Other Income, Interest and Exceptional Items		354.148	252.521	606.669
4	Other Income		4.175	1.459	5.634
5	Profit from ordinary activities before finance cost & exceptional items		358.323	253.980	612.303
6	Finance Costs		99.296	108.117	207.413
7	Profit from ordinary activities after finance costs & exceptional items		259.027	145.863	404.890
8	Exceptional items		59.523	-	-
9	Profit from ordinary activities before tax		199.504	145.863	345.367
10	Tax Expense		89.575	82.776	172.351
11	Net Profit from ordinary activity after tax		109.929	63.087	173.016
12	Extraordinary Items		-	-	-
13	Net Profit After Tax		109.929	63.087	173.016
14	Paid-up equity share capital (face value of Rs.10 each)		254.314	254.314	254.314
15	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year
16	Earning Per Share (not annualized)
	Basic EPS		0.43	0.25	0.68
	Diluted EPS		0.43	0.25	0.68
A		PARTICULARS OF SHAREHOLDING
17		Public Shareholding
		- No. of shares	124855065	124855065	124855065
		- Percentage of shareholding	-	-	-
18		Promoter & Promoter Group Shareholding
		a) Pledged/Encumbered
		- No. of shares	Nil	Nil	Nil
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	Nil	Nil	Nil
		- Percentage of shareholding (as a % of the total share capital of the company)	Nil	Nil	Nil
		b) Non-encumbered
		- No. of shares	129459146	129459146	129459146
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	100.00%	100.00%	100.00%
		- Percentage of shareholding (as a % of the total share capital of the company)	50.91%	50.40%	50.91%

	Particulars	30.09.2015
B	Investor Complaints
	Pending at the beginning of the quarter	Nil
	Received during the quarter	Nil
	Disposed off during the quarter	Nil
	Remaining unresolved at the end of the quarter	Nil

UNAUDITED SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Million)

Particulars
1. Segment Revenue	3 Month Ended Unaudited 30.09.2015	3 Month Ended Unaudited 30.06.2015	Six Ended Unaudited 30.09.2015
a) Pigment	1108.794	1243.874	2352.668
b) Agrochemicals	1313.893	1119.891	2433.784
c) Other/Unallocated	124.604	126.271	250.875
Total	2547.291	2490.036	5037.327
Less : Inter Segment Revenue	2547.291	2490.036	5037.327
Net Sales	2547.291	2490.036	5037.327

2. Segment Result
a) Pigment	147.922	74.732	222.654
b) Agrochemicals	206.140	173.882	380.022
c) Other/Unallocated	1.911	5.023	6.934
Total	355.973	253.637	609.610
Less : i)Interest	99.296	108.117	207.413
ii)Other Un Allocable Expenditure net of Un	57.173	(0.343)	56.830
Total Profit before tax	199.504	145.863	345.367

3. Capital Employed (Segment Assets-Segment Liabilities)
a) Pigment	2880.941	2880.905	2880.941
b) Agrochemicals	3138.414	2942.041	3138.414
c) Other/Unallocated	(133.188)	(80.329)	(133.188)
Total	5886.167	5742.617	5886.167

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
SHORT TERM BORROWING
From Bank
In Indian currency	100.00	420.000

Total	100.00	420.000

FIXED ASSETS

Freehold Land
Leasehold Land
Building
Plant and Machinery
Furniture and Fixtures
Vehicles
Other Equipments
Software Licenses
Product Licenses
ETP Usage Rights

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.66.75
UK Pound	1	Rs.100.67
Euro	1	Rs.70.87

INFORMATION DETAILS

Analysis Done by :	KSH

Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		60

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.