MIRA INFORM REPORT

Report No. :	355176
Report Date :	18.12.2015

IDENTIFICATION DETAILS

Name :	ALKYL AMINES CHEMICALS LIMITED
Registered Office :	401-407, Nirman Vyapar Kendra, Plot No. 10, Sector 17, DBC, Vashi, Navi Mumbai – 400 703, Maharashtra
Tel. No.:	91-22-67946600/ 67946618
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	17.10.1979
Com. Reg. No.:	11-021796
Capital Investment / Paid-up Capital :	Rs. 102.060 Million
CIN No.: [Company Identification No.]	L99999MH1979PLC021796
IEC No.:	0388074132
TAN No.: [Tax Deduction & Collection Account No.]	MUMA19115F
PAN No.: [Permanent Account No.]	AAACA6783F
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the manufacture of Aliphatic Amines, Amines Derivatives and other Speciality Chemicals.(Registered Activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (63)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-built company came into existence in the year 1979. It has a good track record. It deals into manufacturing of Aliphatic Amines, Amines Derivatives and related Chemicals. For the financial year ended 2015, the company possesses upstanding operational activity and it has achieved fine sales turnover and the profitability margin is 9.7%. Ratings takes into consideration healthy financial risk profile, strong liquidity profile along with adequate networth position. It has favorable gap between trade payables and receivables. Further, the company has long history of business operations. The directors of the company are respectable and well-experienced. Trade relations are reported as fair. Business is active. Payments terms results to be regular and as per commitment. In the view of good market position and healthy financial base, the company can be considered good 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A (Long Term Rating)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	January 28, 2015

Rating Agency Name	CRISIL
Rating	A1 (Short Term Rating)
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	January 28, 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.

INFORMATION DECLINED

Management non-cooperative (91-22-67946600/67946618)

LOCATIONS

Registered Office :	401-407, Nirman Vyapar Kendra, Plot No. 10, Sector 17, DBC, Vashi, Navi Mumbai – 400703, Maharashtra, India
Tel. No.:	91-22-67946600/ 67946618
Fax No.:	91-22-67946666
E-Mail :	legal@alkylamines.com investorinfo@alkylamines.com legal@alkylamines.com mktgl@alkyamines.com purchase@alkylamines.com hr@alkylamines.com intlsales@alkylamines.com
Website :	http://www.alkylamines.com
Factory 1 :	Plot No. A-7 and A-25, MIDC Patalganga Industrial Area, Dist. Raigad 410 220, Maharashtra, India
Factory 2 :	Plot No. D-6/1, and D-6/2, MIDC Kurkumbh Industrial Area. Taluka Daund, District Pune–413802, Maharashtra, India

DIRECTORS

As on 31.03.2015

Name :	Mr. Yogesh M. Kothari
Designation :	Chairman and Managing Director
Address :	207 A, Kakad chambers, 132 Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Date of Birth/Age :	20.02.1949
Date of Appointment :	18.10.1980
PAN No. :	AADPK6727F
Name :	Mr. Kirat Patel
Designation :	Executive Director
Address :	207 A, Kakad chambers, 132 Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Date of Birth/Age :	13.09.1852
Date of Appointment :	17.12.1996
PAN No. :	AABPP1526H
Name :	Mr. Suneet Y Kothari
Designation :	Executive Director
Address :	207 A, Kakad chambers, 132 Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Date of Birth/Age :	17.06.1976
Date of Appointment :	24.01.2007
Name :	Mr. Hemendra M. Kothari
Designation :	Non-Executive Director
Address :	DSP Block Rock, Investment Managers Private Limited, Mafatlala Centre, 10^th Floor, Narinal Point, Mumbai – 400021, Maharashtra, India
Date of Birth/Age :	24.081946
Date of Appointment :	18.10.1980
PAN No. :	ABOPK8771F
Name :	Mr. Shyam B. Ghia
Designation :	Non-Executive Director
Address :	Futura Polysters Limited, Paragon, Condominium, 3^rd Floor, (Behind Mahindra Towers) Pandurang Budhakar Marg, Worli, Mumbai – 400013, Maharashtra, India
Date of Birth/Age :	22.11.1947
Date of Appointment :	18.11.1980
Name :	Mr. Shobhan M. Thakore
Designation :	Non-Executive Director
Address :	Talwar Thakore and Associates, 3^rd Floor, Kalptaru Heritage, 127, M.G. Road, Mumbai – 400001, Maharashtra, India
Date of Birth/Age :	03.07.1947
Date of Appointment :	19.04.1988
Name :	Mr. Dilip G. Piramal
Designation :	Non-Executive Director
Address :	VIP Industries Limited, VIP House, 5^th Floor, 88C, Old Prabhadevi Road, Mumbai – 400025, Maharashtra, India
Date of Birth/Age :	02.11.1949
Date of Appointment :	18.10.1980
Name :	Mr. Premal N. Kapadia
Designation :	Non-Executive Director
Address :	Harshadray Private Limited, Jiji House, Damodardas Sukhdwala Marg, Fort, Mumbai – 400001, Maharashtra, India
Date of Birth/Age :	05.06.1949
Date of Appointment :	20.07.1999
Name :	Mr. K. R. V. Subrahmanian
Designation :	Non-Executive Director
Address :	8 Rushilla, 17-C, Carmichael Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	26.09.1933
Date of Appointment :	11.10.1999
Name :	Mr. Tarjani Vakil
Designation :	Non-Executive Director
Address :	A-1, Ishwardas Mansion, Nana Chowk, Mumbai – 400007, Maharashtra, India
Date of Birth/Age :	30.10.1936
Date of Appointment :	11.08.2005

KEY EXECUTIVES

Name :	Mr. K. P. Rajagopalan
Designation :	General Manager (Secretarial and Legal)
Address :	401-407, Nirman Vyapar Kendra, Plot No. 10, Sector 17, DBC, Vashi, Navi Mumbai – 400703, Maharashtra, India.
Date of Birth/Age :	15.01.1952
Date of Appointment :	07.07.1986
Name :	Mr. Sameer S. Katdare
Designation :	Vice President (Technical)
Name :	Mr. R. N. Iyer
Designation :	Vice President (Manufacturing)
Name :	Mr. S S Khade
Designation :	General Manager (P and A)
Name :	Mr. S Saimani
Designation :	General Manager (Technology Development)
Name :	Mr. Girish Naik
Designation :	General Manager (Marketing)
Name :	Dr. Prasanna Somalwar
Designation :	General Manager (Research and Development and Business Development)
Name :	Mr. Pravin Tawle
Designation :	General Manager (Finance and Accounts)
Name :	Mr. Milind Deshmukh
Designation :	General Manager (Works)
Name :	Mr. Sagar Jadhav
Designation :	General Manager (Works)
Name :	Mr. Sameer Deshpande
Designation :	General Manager (Commercial)
Name :	Mr. R. K. Shah
Designation :	General Manager (Projects)
Name :	Mr. Jens Mathew
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2015

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	13197896	64.71
Bodies Corporate	1910140	9.37
Sub Total	15108036	74.07
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	24752	0.12
Sub Total	24752	0.12
Total shareholding of Promoter and Promoter Group (A)	15132788	74.19
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1352	0.01
Foreign Institutional Investors	146600	0.72
Sub Total	147952	0.73
(2) Non-Institutions
Bodies Corporate	620489	3.04
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	3106223	15.23
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1227753	6.02
Any Others (Specify)	161187	0.79
Clearing Members	39133	0.19
Non Resident Indians	122054	0.60
Sub Total	5115652	25.08
Total Public shareholding (B)	5263604	25.81
Total (A)+(B)	20396392	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)	20396392	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

S. No.	Name Of The Shareholder	Details of Shares Held
		No. of Shares Held	As A % of Grand Total
1	Kunjlata N Shah	30,002	0.15
2	Aditi Hemendra Kothari	28,336	0.14
3	Nini Yogesh Kothari	5,07,148	2.49
4	Shuchi Hemendra Kothari	28,144	0.14
5	Hemendra Mathradas Kothari	2,13,400	1.05
6	Yogesh Mathradas Kothari	1,22,06,622	59.85
7	Anjyko Investments Private Limited	51,700	0.25
8	Suneet Yogesh Kothari	1,53,324	0.75
9	Devangana Jayant Desai	30,920	0.15
10	Anjali Y Kothari	24,752	0.12
11	SYK Trading and Consultancy Private Limited	3,13,308	1.54
12	YMK Trading and Consultancy Private Limited	7,64,932	3.75
13	Niyoko Trading and Consultancy Private Limited	7,80,200	3.83
	Total	1,51,32,788	74.19

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Sanjiv Dhireshbhai Shah	245235	1.20	1.20
	Total	245235	1.20	1.20

BUSINESS DETAILS

Line of Business :	The Company is engaged in the manufacture of Aliphatic Amines, Amines Derivatives and other Speciality Chemicals. (Registered Activity)
Products :	Agro-Chemicals Water Treatment Chemicals Foundry Chemicals Rubber Chemicals
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

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 :

Information declined by the management

Bankers :

• State Bank of India
• Axis Bank Limited
• Standard Chartered Bank

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term Loans
From Banks	334.891	395.158
From Other Parties - Financial Institutions	0.000	10.625
Short-term borrowings
Loans repayable on demand
From Banks Cash Credit Facilities	531.698	593.751
Total	866.589	999.534
Nature of security
PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
I. Term Loan from Banks:
i. Term Loan of Rs. 800 lakh repayable in 60 monthly instalments from October 31, 2009 to part finance Company’s normal capital expenditure at Kurkumbh is secured by:	0.000	4.124
ii. Term Loan as sanctioned of Rs. 112.000 Million (pending full drawal) repayable in 16 quarterly instalments from March 18, 2016 to part finance setting up of Solar PV Power plant at Bhoom is secured by exclusive charge on project assets, both movable and immovable and second pari passu charge on current assets of the Company. The charge on Project assets is yet to be created.	85.893	0.000
iii. Foreign Currency Term Loans to part finance Company’s normal capital expenditure which are secured by creation of charges on properties listed at item i.a. above and also a second pari passu charge by way of hypothecation of Raw Material Inventory, Book Debts, Movable Machinery, etc. of :
USD 3.3 million repayable in 16 quarterly instalments beginning from September 30, 2012,	208.294	295.066
USD 3.2 million repayable in 16 quarterly instalments beginning from February 11, 2015 (covered by Currency Swap)	196.788	194.432
iv. Vehicle Loans are secured against specified assets repayable in equated monthly instalments ranging from 36 to 60 months	3.620	3.343
	494.595	496.965
Less : Current Maturities of Long-term Debt	159.704	101.807
Total	334.891	395.158
II. Term Loan from Other Parties - Financial Institutions: Term Loan of Rs. 170.000 Million repayable in 16 quarterly instalments from July 25, 2011 is secured by:	10.625	53.125
Less : Current Maturities of Long-term Debt	(10.625)	(42.500)
Total	0.000	10.625
Short-term Borrowings Cash Credits including Working Capital Demand Loan of Rs. 100.000 Million are secured by hypothecation of stocks of raw materials, semi-finished goods, finished goods, consumable stores and book debts of the Company, both present and future, as mentioned in the joint deed of hypothecation dated December 29, 1989 as amended from time to time, as well as by the second mortgage of the specified immovable properties of the Company.

Auditors :
Name :	Bansi S. Mehta and Company Chartered Accountants
Address :	11-13 Botawala Building, 2nd Floor Horniman Circle, Fort, Mumbai 400001, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAEPC3993Q
Memberships :	--
Collaborators :	--
Subsidiaries :	Alkyl Speciality Chemicals Limited Alkyl Amines Europe SPRL, Belgium (ceased to be subsidiary w.e.f March 31, 2014)
Associates :	Diamines and Chemicals Limited
Entities over which Key Management Personnel has Control:	Niyoko Trading and Consultancy Private Limited YMK Trading and Consultancy Private Limited Anjyko Investments Private Limited SYK Trading and Consultancy Private Limited
Entities over which relative of Key Management Personnel has control:	Kamiko Investment and Trading Private Limited DSP HMK Holdings Private Limited DSP ADIKO Holdings Private Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
30,000,000	Equity Shares	Rs.5/- each	Rs. 150.000 Million
1,500,000	Cumulative Redeemable Preference Shares	Rs.100/- each	Rs. 150.000 Million
	Total		Rs. 300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20,396,392	Equity Shares	Rs.5/- each	Rs. 101.982 Million
	Shares forfeited		Rs.0.078 Million
	Total		Rs.102.060 Million

Reconciliation of the number of shares outstanding and amount of share capital:

Equity shares of Rs. 10 par value	As At March 31, 2015
	No. of shares	Rs. In Million
At the beginning	10,198,196	101.982
Changes during the year	10,198,196	Nil
At the end	20,396,392	101.982

2.2 Rights, preferences and restrictions

i. The Company has only one class of shares referred to as equity shares having par value of Rs. 5 (Rs. 10). Each holder of equity shares is entitled to one vote per share.

ii. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting. The Board of Directors, in their meeting on May 15, 2015, proposed a final dividend of Rs. 4 per equity share of face value of Rs. 5 each. The proposal is subject to the approval of shareholders at the Annual General Meeting. The total dividend appropriation for the year ended March 31, 2015 amounted to Rs. 98.198 Million including corporate dividend tax of Rs. 16.612 Million.

During the year ended March 31, 2014, the amount of per share dividend recognised as distribution to equity shareholders was Rs. 8 for face value of Rs. 10 each. The dividend appropriation for the year ended March 31, 2014 amounted to Rs. 95.452 Million including corporate dividend tax of Rs. 13.866 Million.

iii. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

iv. With effect from September 9, 2014, one equity share of the Company from nominal value of Rs. 10 each is sub-divided (split) into two equity shares of nominal value of Rs. 5 each. All shares and per share information in the financial results reflect the effect of the sub-division (split) retrospectively for the earlier reporting periods.

Details of shares held by shareholders holding more than 5% of the aggregate equity shares in the Company

Name of the Shareholder	As At March 31, 2015
	No. of shares	% Held
Yogesh M. Kothari	12,206,622	59.85

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	102.060	102.060	102.060
(b) Reserves & Surplus	1646.061	1299.804	966.450
(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)	1748.121	1401.864	1068.510
(3) Non-Current Liabilities
(a) long-term borrowings	560.101	648.415	599.667
(b) Deferred tax liabilities (Net)	207.792	210.015	182.770
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	22.419	18.327	20.398
Total Non-current Liabilities (3)	790.312	876.757	802.835
(4) Current Liabilities
(a) Short term borrowings	604.798	705.651	734.723
(b) Trade payables	386.870	491.158	379.073
(c) Other current liabilities	377.138	303.803	255.812
(d) Short-term provisions	112.162	104.887	78.374
Total Current Liabilities (4)	1480.968	1605.499	1447.982
TOTAL	4019.401	3884.120	3319.327
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1489.215	1536.902	1259.959
(ii) Intangible Assets	16.168	11.098	1.066
(iii) Capital work-in-progress	309.956	16.928	73.216
(iv) Intangible assets under development	0.770	8.956	16.060
(b) Non-current Investments	22.602	22.602	23.427
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	170.449	113.872	148.483
(e) Other Non-current assets	26.829	29.458	0.000
Total Non-Current Assets	2035.989	1739.816	1522.211
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	705.408	827.176	726.866
(c) Trade receivables	989.267	897.976	759.652
(d) Cash and cash equivalents	78.636	228.583	154.370
(e) Short-term loans and advances	192.301	186.808	153.257
(f) Other current assets	17.800	3.761	2.971
Total Current Assets	1983.412	2144.304	1797.116
TOTAL	4019.401	3884.120	3319.327

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	4763.664	4461.012	3658.602
		Other Income	18.578	20.475	13.379
		TOTAL (A)	4782.242	4481.487	3671.981
Less	EXPENSES
		Cost of Materials Consumed	2535.030	2412.436	2052.939
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	56.427	(7.352)	(50.106)
		Employees benefits expense	311.766	259.133	208.762
		Other expenses	994.123	951.215	871.383
		TOTAL (B)	3897.346	3615.432	3082.978
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		884.896	866.055	589.003
Less	FINANCIAL EXPENSES (D)		102.303	122.424	129.383
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		782.593	743.631	459.620
Less/ Add	DEPRECIATION/ AMORTISATION (F)		113.512	97.390	100.338
	PROFIT BEFORE TAX (E-F) (G)		669.081	646.241	359.282
Less	TAX (H)		214.868	217.435	119.962
	PROFIT AFTER TAX (G-H) (I)		454.213	428.806	239.320
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		840.457	550.003	394.240
Less	APPROPRIATIONS
		Transfer to General Reserve	45.400	42.900	23.900
		Dividend	81.586	81.586	50.991
		Tax on Dividend	16.612	13.866	8.666
	BALANCE CARRIED TO THE B/S		1151.072	840.457	550.003
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	849.706	931.478	772.510
		Other Income	0.000	4.464	0.000
	TOTAL EARNINGS		849.706	935.942	772.510
	IMPORTS
		Raw Materials	114.689	333.705	198.469
		Stores & Spares	1.343	3.922	1.985
		Capital Goods	1.895	11.927	5.787
	TOTAL IMPORTS		117.927	349.554	206.241
	Earnings Per Share (Rs.)		22.27	21.02	23.47

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	170.329	144.307	120.103
Cash generated from operations	822.906	665.612	311.442
Net Cash From Operating Activities	607.001	459.435	224.830

QUARTERLY RESULTS

PARTICULARS	30.06.2015	30.09.2015
Type	1^stQuarter	2^nd Quarter
Net Sales	1284.080	1225.460
Total Expenditure	1052.940	1016.290
PBIDT (Excl OI)	231.140	209.170
Other Income	5.120	1.210
Operating Profit	236.260	210.380
Interest	23.300	22.360
Exceptional Items	NA	NA
PBDT	212.960	188.020
Depreciation	29.060	32.330
Profit Before Tax	183.900	155.690
Tax	64.040	49.100
Provisions and contingencies	NA	NA
Profit After Tax	119.860	106.590
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	119.860	106.590

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	9.53	9.61	6.54
Operating Profit Margin (PBIDT/Sales)	(%)	18.58	19.41	16.10
Return on Total Assets (PBT/Total Assets}	(%)	18.15	16.85	11.20
Return on Investment (ROI) (PBT/Networth)		0.38	0.46	0.34
Debt Equity Ratio (Total Debt /Networth)		0.76	1.07	1.36
Current Ratio (Current Asset/Current Liability)		1.34	1.34	1.24

STOCK PRICES

Face Value	Rs.5.00
Market Value	Rs.320.30

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	102.060	102.060	102.060
Reserves & Surplus	966.450	1299.804	1646.061
Net worth	1068.510	1401.864	1748.121
long-term borrowings	599.667	648.415	560.101
Short term borrowings	734.723	705.651	604.798
Current maturities of long-term debts	120.103	144.307	170.329
Total borrowings	1454.493	1498.373	1335.228
Debt/Equity ratio	1.361	1.069	0.764

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	3658.602	4461.012	4763.664
		21.932	6.784

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	3658.602	4461.012	4763.664
Profit	239.320	428.806	454.213
	6.54%	9.61%	9.53%

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	Yes
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	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	No
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	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Unsecured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Sales Tax Deferral under the Package Scheme of Incentives	68.710	79.132
Loans and advances from related parties	147.000	138.500
Deposits - Inter Corporate
From Related Parties	9.500	25.000
Short-term borrowings
Loans and Advances from Related Parties	0.000	21.550
Deposits - Inter Corporate
From Related Parties	31.200	31.950
From Others	41.900	58.400
Total	298.310	354.532

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10532625	05/11/2014	112,000,000.00	Axis Bank Limited	CORPORATE BANKING BRANCH, AXIS HOUSE, GROUND FLOOR  , PANDURANG BUDHKAR MARG, WORLI, MUMBAI, Maharashtra - 400025, INDIA	C34493098
2	10488340	09/04/2014	56,000,000.00	Standard Chartered Bank	STANDARD CHARTERED BANK, G-BLOCK, BANDRA KURLA CO  MPLEX,, MUMBAI, Maharashtra - 400051, INDIA	C02640613
3	10457606	09/04/2014 *	204,800,000.00	Standard Chartered Bank	STANDARD CHARTERED BANK, G-BLOCK, BANDRA KURLA CO  MPLEX, MUMBAI, Maharashtra - 400051, INDIA	C02637619
4	10407563	01/03/2013	165,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, HORNIMAN CIRCLE, N. G. N. VAID  YA MARG, FORT, MUMBAI, Maharashtra - 400001, INDIA	B69399954
5	10329982	30/12/2011	148,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, HORNIMAN CIRCLE, N G N VAIDYA  MARG FORT, MUMBAI, Maharashtra - 400023, INDIA	B29960200
6	90231675	12/09/2014 *	1,177,100,000.00	State Bank of India	COMMERCIAL BRANCH, HORNIMAN CIRCLE,, N G N VAIDYA  MARG, FORT, MUMBAI, Maharashtra - 400023, INDIA	C25888983

OPERATIONS:

Total Income (gross) increased by 7.22% from Rs.4944.300 Million of the previous year to Rs.5301.100 Million for the year 2014-15. This should be viewed favourably looking at the prevailing recessionary trends in export markets. Though export sales increased in volume, export sales in value for the year 2014-15 was Rs.849.700 Million (FOB) compared to Rs.931.500 Million (FOB) of 2013-14. This was mainly because of lower export realisation in rupees due to foreign exchange rate fluctuation. Profit before tax registered a marginal increase from Rs.646.200 Million to Rs.669.100 Million and profit after tax increased from Rs.428.800 Million to Rs.454.200 Million.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENT

They are global manufacturers and suppliers of amines and amine-based chemicals. They have two manufacturing sites, one at Patalganga and the other at Kurkumbh. They have an R&D Centre located at Pune equipped with advanced equipments and analytical instruments. They have recently set up a Solar Plant at Bhoom, Dist. Osmanabad, Maharashtra State.

They have an excellent team of technical and commercial professionals with expertise in chemical manufacture and marketing.

Their products have application in important industries like pharmaceuticals, agro-chemicals, water treatment chemicals, foundry chemicals, rubber chemicals, etc. They cater to both domestic and international market. They have competition both from local and international producers. For more details please refer to their website.

PERFORMANCE

Total Income (net of taxes) amounted to Rs. 4782.200 Million compared to Rs. 4481.500 Million of the previous year.

OPPORTUNITIES AND THREATS

The Chemical Industry is critical for the economic development of their country, providing products and enabling technical solutions in virtually all sectors of the economy. The Company has the advantage of having a product range of speciality chemicals, covering a broad spectrum of applications. The demand for their products is driven by a wide range of end use industries.

The Company is ready to take the challenges of increased demand by continuously investing in upgradation and expansion of its manufacturing capacities. The in-house R&D Department has been developing quality products and is also striving for achieving cost efficiencies.

The industries in which their products have application, like pharmaceuticals, agrochemicals, rubber chemicals etc. are growing at a reasonable pace. A lot of new drugs are going off patent and Indian pharmaceutical industry to whom their company supplies its products is suitably placed to take advantage of this situation and have good growth potential, especially because of its cost advantage compared to international players. They have a fair chance of improving their position as a reliable supplier of good quality chemicals to these industries. Their Core Competence in chemical handling and manufacturing supported by an able technical team, should provide a lot of opportunities and scope to the company to improve its performance. They enjoy leadership position in some of the products in domestic market, driven by strong in-house technology, diversified product portfolio and customer base. The commodity nature of some of their products makes them susceptible to fluctuations in raw material prices and exchange rates.

The company is vulnerable to alcohol price volatility. Domestic alcohol prices are dependent on the cyclicality of the sugar industry and Government policy for its use in oil sector. Other petroleum based raw materials are subject to international gas/crude oil price fluctuation. Being a global player, they are also exposed to competition not only from domestic players but also large international players. Cheap imports especially from countries like China have posed problems, which are being addressed by consistency in quality of the products and improving production efficiencies.

FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

The profit before tax amounted to Rs.669.100 Million compared to Rs.646.200 Million reported last year. During the year, their gross domestic sales amounted to Rs.4347.200 Million compared to Rs.3936.500 Million of the previous year. Due to pressure on sales prices, increase in volume of some of the products did not result in increase in sales value. Similarly, though export sales increased in volume, export sales in value declined from Rs.931.500 Million (FOB) of 2013-14 to Rs.849.700 Million (FOB) for the year 2014-15. This was mainly because of lower export realisation in rupees due to foreign fluctuation

OUTLOOK

For the year 2015-16, their focus will continue on sustainable growth by taking measures for increasing their market share of existing products and creating new business in untapped growth market segments in Export market. There is sluggish demand in certain sectors. Sales prices are under pressure due to increased competition from global and domestic players, recession in Europe and fluctuating exchange rate. However, with the global growth of chemicals focused more on Asia, it is expected that there will be further growth in chemical industry. During the year 2015-16, they expect the investments, which they made in their new product Acetonitrile, and also in debottlenecking capacities of other products, add to both their topline and bottomline.

They will continue with their efforts for improving their market share while re-looking at business strategies and models, wherever necessary. With their continuous efforts for improving efficiencies and margins, barring, unforeseen circumstances, they expect to achieve better results for the year 2015-16.

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
i. Claims against the Company by Ex-employees in Labour Court not acknowledged as debts	7.854	6.938
ii. Income Tax (Amount deposited Rs.13.588 Million)	28.986	26.792
iii. Sales Tax (Amount deposited Rs.0.100 Million) (Previous year lakh)	11.788	Nil
iv. Central Excise/Service Tax (Amount deposited Rs.2.107 Million) (Previous Year Nil )	72.624	4.339

v. By its order of February 18, 2002, the Bombay High Court, has directed that no transport fee on denatured ethyl alcohol, one of the raw materials of the Company, shall be recovered from the Company by the State Excise Authorities until the final disposal of the petition. The petition is pending disposal by the High Court and the amount estimated on this account is Rs. 88.775 Million (Previous Year Rs. 77.115 Million).

STATEMNET OF UNAUDITES RESULTS FOR THE QUARTER AND SIX MONTHS ENDED

30TH SEPTEMBER 2015

(STANDALONE RESULTS)

(Rs. In Million)

		Particulars		Quarter Ended
				30.09.2015	30.06.2015		30.09.2015
				(Unaudited)	(Unaudited)		(Unaudited)
1		Income from Operations
		a. Net Sales (Net of excise duty)		1199.584	1258.324		2457.908
		b. Other Operating Income		25.874	25.752		51.626
		Total Income from Operations (Net)		1225.458	1284.076		2509.534
2		Expenditure
		a. Cost of Materials Consumed		628.712	678.198		1306.910
		b. Changes in Inventories of Finished Goods & Stock in trade		52.459	12.498		64.957
		c. Employee Benefits Expenses		84.310	93.549		177.859
		d. Depreciation and amortisation Expense		32.325	29.057		61.382
		e. Other Expenses
		Power and Fuel		122.999	141.010		264.009
		Others		127.815	127.682		255.053
		Total Expenses		1048.620	1081.994		2130.170
3		Profit/ (Loss) from operations before other income and finance costs and Exceptional Items		176.838	202.082		379.364
4		Other Income		1.213	5.123		5.892
5		Profit/ (Loss) from ordinary activities before finance costs and Exceptional Items		178.051	207.205		385.256
6		Finance Costs		22.358	23.303		45.661
7		Profit/ (Loss) after financial costs and before Exceptional Items		155.693	183.902		339.595
8		Exceptional items		--	--		--
9		Profit/ (Loss) before tax		155.693	183.902		339.595
10		Tax Expense		49.101	64.039		113.140
11		Net Profit for the period (9-10)		106.592	119.863		226.455
12		Paid up Equity Share Capital (Face Value of Re.5/- Each)		102.060	102.060		102.060
		Reserves excluding Revaluation Reserves
		Earnings Per Share (Rs.)
		Basic and Diluted EPS Before extraordinary Items for the period (Not Annualised)		5.53	5.88		11.10
		Basic and Diluted EPS after extraordinary Items for the period (Not Annualised)		5.53	5.88		11.10
13		Debt Service Coverage Ratio
		Interest Service Coverage Ratio
PART - II SELECT INFORMATION FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER 2015
	A	PARTICULARS OF SHAREHOLDING
	1	Public shareholding
		a.	Number of shares	5,263,604		5,263,604		5,263,604
		b.	Percentage of shareholding	25.81%		25.81%		25.81%
	2	Promoters and promoter group shareholding
		a.	Pledged/Encumbered
		Number of shares (in Crore)		--		--		--
			Percentage of shares (as a % of the total shareholding of promoter and promoter group)	--		--		--
			Percentage of shares (as a % of the total share capital of the Company)	--		--		--
		b.	Non-encumbered
		Number of shares		15132788		15132788		15132788
			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)	74.19%		74.19%		74.19%

PARTICULAR	3 months ended 30.09.2015
B. Investor Complaints
Pending at the beginning of the quarter	0
Receiving during the quarter	4
Disposed of during the quarter	4
Remaining unreserved at the end of the quarter	0

STATEMENT OF ASSETS AND LIABILITIES

(Rs. In Million)

SOURCES OF FUNDS	30.09.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	102.060
(b) Reserves & Surplus	1872.516
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	1974.576
(3) Non-Current Liabilities
(a) long-term borrowings	555.634
(b) Deferred tax liabilities (Net)	254.822
(c) Other long term liabilities	0.000
(d) long-term provisions	25.084
Total Non-current Liabilities (3)	835.540
(4) Current Liabilities
(a) Short term borrowings	420.779
(b) Trade payables	310.199
(c) Other current liabilities	344.761
(d) Short-term provisions	18.329
Total Current Liabilities (4)	1094.068
TOTAL	3904.184
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1930.742
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	22.602
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	124.556
(e) Other Non-current assets	32.345
Total Non-Current Assets	2110.245
(2) Current assets
(a) Current investments	0.000
(b) Inventories	573.535
(c) Trade receivables	911.107
(d) Cash and cash equivalents	29.808
(e) Short-term loans and advances	266.134
(f) Other current assets	13.355
Total Current Assets	1793.939
TOTAL	3904.184

Notes :

1. The above results have been subjected to limited review by the Statutory Auditors of the Company, reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on November 05, 2015.

2. The Company is engaged in only one primary business segment, i.e. “Specialty Chemicals”.

3. Figures for the previous periods have been regrouped and reclassified, wherever necessary.

FIXED ASSETS

• Land
• Building
• Plant and Equipment
• Factory Equipment
• Furniture and Fixture
• Vehicles
• Office Equipment

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.63.46
UK Pound	1	Rs.98.47
Euro	1	Rs.70.69

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	TRI
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
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	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--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		63

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.