MIRA INFORM REPORT

Report No. :	306564
Report Date :	05.02.2015

IDENTIFICATION DETAILS

Name :	THIRUMALAI CHEMICALS LIMITED
Registered Office :	Thirumalai House Road No 29, Near Sion Hill Fort, Sion East, Mumbai – 400022, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.11.1972
Com. Reg. No.:	11-016149
Capital Investment / Paid-up Capital :	Rs. 102.411 Millions
CIN No.: [Company Identification No.]	L24100MH1972PLC016149
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in manufacturer of Chemical products and its intermediaries.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Management has reported a drastic dip in its net profitability owing to weak operational performance of the company during financial year 2014. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view on long track record and experienced management, the company can be considered 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	November 20, 2014

Rating Agency Name	CARE
Rating	Short term bank facilities A3
Rating Explanation	Moderate degree of safety and high credit risk.
Date	November 20, 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED BY

Name :	Mr. Raj Gopal
Designation :	Accounts Manager
Contact No.:	91-22-43686225
Date :	04.02.2015

LOCATIONS

Registered Office :	Thirumalai House, Road No.29, Near Sion Hill, Fort, Sion (East), Mumbai – 400022, Maharashtra, India
Tel. No.:	91-22-24017841 / 7834 / 7853 / 7861
Fax No.:	91-22-24011699
E-Mail :	rita@thiruchem.com thirumalai@thiruchem.com
Website :	http://www.thirumalaichemicals.com
Corporate Office :	Thirumalai House, Plot No. 101-102, Road No. 29, Sion (East) Mumbai – 400022, Maharashtra, India
Tel. No.:	91-22-2401 7841 / 53 /61
Fax No.:	91-22-24011699
E-Mail :	thirumalai@thiruchem.com
Factory :	25-A Sipcot Industrial Complex Ranipet – 632403, Tamilnadu, India
Tel. No.:	91-4172-244441 / 6 / 8
Fax No.:	91-4172-244308
E-Mail :	mail@thirumalaichemicals.com
Marketing Office 1 :	New No. 60, Old No. 5, Thomas Nagar Little Mount, Saidapet Chennai – 600015, Tamilnadu, India
Tel. No.:	91-44-22353911 / 12 / 16
Fax No.:	91 44 2235 3914
E-Mail :	tclchennai@mktg.thirumalaichemicals.com
Marketing Office 2 :	Third Floor, RR Tower 4, TVK Industrial Estate, Guindy, Chennai – 600 032, Tamil Nadu, India
Tel. No.:	91-44-40123333
Fax No.:	91-44-22502914
E-Mail :	info@thirumalaichemicals.com

DIRECTORS

AS ON 31.03.2014

Name :	Dr. S. Rama Iyer
Designation :	Chairman
Name :	Mr. R. Parthasarathy
Designation :	Managing Director
Name :	Mr. P. Shnakar
Designation :	Director
Name :	Mr. A. Janakiraman
Designation :	Director
Name :	Mr. N. Subramanian
Designation :	Director
Name :	Mr. Raj Kataria
Designation :	Director
Name :	Mr. R. Ravi Shankar
Designation :	Director
Name :	Mr. Dhruv Moondra
Designation :	Director
Name :	Mr. R. Sampath
Designation :	Director
Name :	Mr. S. Santhanam
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Raj Gopal
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2014

Category of Shareholder	No. of Shares	% of Holdings
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1718009	16.78
Bodies Corporate	2700182	26.37
Sub Total	4418191	43.15
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	4418191	43.15
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	24226	0.24
Insurance Companies	600	0.01
Sub Total	24826	0.24
(2) Non-Institutions
Bodies Corporate	638310	6.23
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	3609062	35.25
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	1350780	13.19
Any Others (Specify)	197643	1.93
Clearing Members	51321	0.50
Non Resident Indians	95822	0.94
Trusts	50500	0.49
Sub Total	5795795	56.61
Total Public shareholding (B)	5820621	56.85
Total (A)+(B)	10238812	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	10238812	100.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	R.Sampath	100	0.00
2	R. Sampath	2,08,262	2.03
3	R. Sampath	91,215	0.89
4	R. Sampath	83,165	0.81
5	Rangaswamy Sampath	16,188	0.16
6	R. Sampath	82,807	0.81
7	Parthasarathy Rangaswamy	1,88,094	1.84
8	Parthasarathy Rangaswamy	49,330	0.48
9	Rangaswamy Parthasarathy	34,926	0.34
10	Santhanam Sundararajan	40,000	0.39
11	S.Santhanam	24,452	0.24
12	Sridhar Sundararajan	21,632	0.21
13	Sridhar Sundararajan	20,235	0.20
14	Bhooma Parthasarathy	2,13,795	2.09
15	Bhooma Parthasarathy	48,820	0.48
16	Indira Sundararajan	1,82,296	1.78
17	Sujatha Sampath	93,771	0.92
18	Kala Sundarvedha	32,716	0.32
19	S.Varadharajan	39,542	0.39
20	Srinath Sridhar	29,381	0.29
21	Deepa Ajay	10,610	0.10
22	S. Vidhya	41,813	0.41
23	S. Narayan	23,000	0.22
24	Geetha S	20,394	0.20
25	Jayalakshmi Sundararajan	19,770	0.19
26	Daya Sridhar	18,910	0.18
27	Ramya Bharatram	23,696	0.23
28	Meera Parthasarathy	188	0.00
29	Meera Parthasarathy	20,250	0.20
30	Tara Parthasarathy	188	0.00
31	Tara Parthasarathy	20,000	0.20
32	V.S. Sundararajan	5,873	0.06
33	Kavya Narayan	5,000	0.05
34	Uttara B	4,000	0.04
35	Gayathri Sampath	3,388	0.03
36	N.R.Swamy	188	0.00
37	S. Sridhar HUF	14	0.00
38	Ultramarine & Pigments LTD	20,45,177	19.97
39	Jasmine LTD	6,55,005	6.40
	Total	44,18,191	43.15

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Anil Kumar Goel	410299	4.01
2	Seema Goel	215000	2.10
3	Vinodchandra Mansukhlal Parekh	120507	1.18
	Total	745806	7.28

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturer of Chemical products and its intermediaries.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

• Bank of India
• State Bank of India
• Andhra Bank
• Axis Bank Ltd
• Oriental Bank of Commerce
• Indian Overseas Bank
• Export-Import Bank of India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan	0.000	100.000
From Institutions
Export Import Bank of India Overseas Investment Finance Loan	75.275	122.738
Export Import Bank of India Long term working capital demand loan	100.000	180.000
SHORT TERM BORROWINGS
Loans payable on demand
From banks – Working capital demand loan	364.300	593.353
Cash credit/ export credit accounts	715.222	448.350
Bill Purchased/ discounted	8.491	0.000
Export Import Bank of India	59.462	574.945
Total	1322.750	2019.386

Note:

LONG TERM BORROWING

In respect of term loans from banks and finanancial institutions, terms of repayments and nature of security are given below:

a. Term loan from Bank of India , is repayable in equal 30 monthly installments starting from July 2012 up to December 2014.The loan is secured by way of second charge (on pari passu basis) over the immovable properties of the Company.

b. Export Import Bank of India Overseas Investment Finance loan is repayable in 16 equal quarterly installments starting from July 2012 up to April 2016. The loan is secured by First Pari Passu charge on Movable fixed assets and immovable assets of the Company at Ranipet, Tamilnadu.

c. Export Import Bank of India Working Capital Demand Loan is repayable in 16 equal quarterly installments starting from July 2012 up to April 2016. The loan is secured by First Pari Passu charge on Movable fixed assets and immovable assets of the Company at Ranipet, Tamilnadu.

d. As per provisions of Companies Act, 2013 read with Companies (Acceptance of Deposit ) Rules, 2014, all the fixed deposits accepted from public are intended to be repaid within a year and hence disclosed under ' Other Current Liabilities'.

e. The interest rates for the above vary as below:

a. for foreign currency loans - Export Import Bank of India Overseas Investment Finance Loan : LIBOR + 450 basis points

b. for rupee term loans : 11.07 % to 14.50% per annum.

II. Deferred payment liabilities

a. Deferral of sales tax liabilities represent interest free deferred sales tax loan received from Government of Tamilnadu. Repayable up to 2016-17 based on the deferment availed in the respective years. For the Deferred Sales Tax liabilities In case of default in repayment of ' Deferred sales tax liabilities ' the movable and immovable properties of the company are liable to be attached / proceeded towards the realization of outstanding Government loan under Revenue Recovery Act.

SHORT TERM BORROWING

i) Working Capital Demand Loan/Cash credit/Export accounts and Bills purchased / discounted are secured by hypothecation of stock of raw materials, work in progress, finished goods and book debts and secured by a second charge on all of the Company's immovable fixed assets both present and future.)

ii) Export Import Bank of India Pre/post shipment is secured by hypothecation of stock of raw materials, work in progress, finished goods and book debts (those financed by Export Import Bank of India) and secured by a second charge on all of the Company's immovable fixed assets both present and future.)

iii) The interest rates in case of loans vary as below a. for foreign currency loans

- Export Import Bank of India Pre/Post Shipment : LIBOR + 450 basis points b. for other rupee loans : 10.60 % to 14.50% per annum

Auditors :
Name :	CNK and Associates LLP Chartered Accountants
Address :	Mumbai, Maharashtra, India
Internal Auditors :
Name :	M.S.Krishnaswamy and Company Chartered Accountants
Address :	Chennai, Tamilnadu, India
Name :	Aneja Associates Chartered Accountants
Address :	Chennai, Tamilnadu, India
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Companies :	· Tarderiv International Pte Limited (subsidiary company) (TIPL) · Cheminvest Pte Limited (Step down subsidiary) (CPL) · Optimistic Organic Sdn Bhd (Step down subsidiary) (OOSB)
Entity in which the company has substantial interest (i.e. more than 20% in voting power directly or indirectly) :	Thirumalai Charity Trust (TCT)
Others :	Ultramarine and Pigments Limited. (UPL)

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- each	Rs. 150.000 Millions
10000000	Unclassified shares	Rs. 10/- each	Rs. 100.000 Millions
	Total		Rs. 250.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
10242812	Equity Shares	Rs. 10/- each	Rs. 102.428 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10238812	Equity Shares	Rs. 10/- each	Rs. 102.388 Millions
	Add : Amount Paid up on forfeited shares		Rs. 0.023 Million
	Total		Rs. 102.411 Millions

a) The Company has only one class of shares referred to as equity shares having a par value of Rs.10/-. Each holder of equity shares is entitled to one vote per share. 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 proportional to the number of equity shares held by the shareholders.

b) Details of shareholders holding more than 5%

Name of the Entity	As at 31^st March 2014
	No. of shares	% of holdings
Ultramarines and Pigments Limited	2045177	19.97
Jasmine Limited	655005	6.40

c) The Company has forfeited 4,000 (4,000) equity shares on which amount originally paid up is Rs. 0.023 Millions.

d) There is no change in Issued and Subscribed share capital during the year.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	102.411	102.411	102.411
(b) Reserves & Surplus	1321.429	1277.009	1062.858
(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)	1423.840	1379.420	1165.269
(3) Non-Current Liabilities
(a) long-term borrowings	201.167	530.496	888.443
(b) Deferred tax liabilities (Net)	133.472	160.792	184.372
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	69.111	54.250	37.460
Total Non-current Liabilities (3)	403.750	745.538	1110.275
(4) Current Liabilities
(a) Short term borrowings	1147.475	1616.648	949.734
(b) Trade payables	2291.350	2324.716	2721.242
(c) Other current liabilities	650.459	553.797	506.059
(d) Short-term provisions	23.668	42.731	28.491
Total Current Liabilities (4)	4112.952	4537.892	4205.526
TOTAL	5940.542	6662.850	6481.070
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	770.053	922.948	1004.720
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	31.574	5.374	27.008
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	325.169	325.169	325.169
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	527.255	553.233	748.316
(e) Other Non-current assets	1.432	2.443	6.358
Total Non-Current Assets	1655.483	1809.167	2111.571
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1902.312	1880.508	1421.340
(c) Trade receivables	1906.513	2535.553	2560.218
(d) Cash and cash equivalents	189.072	109.763	116.520
(e) Short-term loans and advances	135.683	134.782	147.869
(f) Other current assets	151.479	193.077	123.552
Total Current Assets	4285.059	4853.683	4369.499
TOTAL	5940.542	6662.850	6481.070

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	10348.070	11475.646	9078.656
		Other Income	158.439	81.601	56.301
		TOTAL (A)	10506.509	11557.247	9134.957
Less	EXPENSES
		Cost of Materials Consumed	8512.853	8967.472	6706.067
		Purchases of Stock-in-Trade	67.210	415.320	741.215
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	103.706	(204.827)	(144.669)
		Employees benefits expense	241.523	215.827	196.426
		Other expenses	970.473	1072.205	916.084
		TOTAL (B)	9895.765	10465.997	8415.123
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		610.744	1091.250	719.834
Less	FINANCIAL EXPENSES (D)		454.223	520.224	523.727
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		156.521	571.026	196.107
Less/ Add	DEPRECIATION/ AMORTISATION (F)		122.100	128.750	138.054
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		34.421	442.276	58.053
Less	TAX (H)		(1.259)	164.820	10.247
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		35.680	277.456	47.806
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		562.132	404.122	356.315
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	30.000	0.000
		Dividend	0.000	81.141	0.000
		Tax on Dividend	0.000	8.305	0.000
	BALANCE CARRIED TO THE B/S		597.812	562.132	404.122
	IMPORTS
		Raw Materials	274.327	1214.561	834.311
		Stores & Spares	17.524	2.141	2.947
		Capital Goods	10.084	0.000	0.000
		Others	49.598	32.960	29.756
	TOTAL IMPORTS		351.233	1249.662	867.014
	Earnings / (Loss) Per Share (Rs.)		3.48	27.10	4.67

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.34	2.42	0.53
Operating Profit Margin (PBDIT/Sales)	(%)	5.90	9.51	7.93
Return on Total Assets (PBT/Total Assets}	(%)	0.62	6.98	0.95
Return on Investment (ROI) (PBT/Networth)		0.02	0.32	0.05
Debt Equity Ratio (Total Debt/Networth)		0.95	1.56	1.58
Current Ratio (Current Asset/Current Liability)		1.04	1.07	1.04

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	102.411	102.411	102.411
Reserves & Surplus	1062.858	1277.009	1321.429
Net worth	1165.269	1379.420	1423.840
long-term borrowings	888.443	530.496	201.167
Short term borrowings	949.734	1616.648	1147.475
Total borrowings	1838.177	2147.144	1348.642
Debt/Equity ratio	1.577	1.557	0.947

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	9078.656	11475.646	10348.070
		26.402	-9.826

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	9078.656	11475.646	10348.070
Profit	47.806	277.456	35.680
	0.53%	2.42%	0.34%

LOCAL AGENCY FURTHER INFORMATION

NOTE: CURRENT MATURITY LONG TERM DEBT DETAILS ARE NOT AVAILABLE.

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
OPE18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----------
22]	Litigations that the firm / promoter involved in	-----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----------
26]	Buyer visit details	-------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATION

On a Revenue from operation of Rs.10334.400 Millions (Rs.11456.400 Millions) including Export earning on FOB basis of Rs.718.700 Millions (Rs.659.500 Millions), Income from windmill operation of Rs.13.700 Millions (Rs.19.200 Millions) and Other Income of Rs.158.400 Millions (Rs.81.6000 Millions), the Gross Profit of the Company amounted to Rs. 610.700 Millions (profit of Rs.1091.200 Millions in the previous year). After providing for Interest and Finance charges, Depreciation, the Profit after Tax is Rs.35.700 Millions (Rs.277.500 Millions in the previous year).

MANAGEMENT’S DISCUSSIONS AND ANALYSIS

SCENARIO OVERVIEW

2013-14 was a difficult year for the region and for India. India’s growth in key sectors was flat, and in some sectors negative. This was aggravated by high inflation for the third year in a row, large public deficits and a sharp devaluation of the rupee and a mood of economic crisis.

THE COMPANY’S BUSINESSES:

PHTHALIC ANHYDRIDE (PA)

The PA business was badly impacted by low volumes and margins, since the main customer segments viz., Construction, Plastics, Auto, and Paints suffered deeply. The situation was further affected by the Government’s Trade and Commerce policies, resulting in a flood of low priced import from around the world – which increased by 100% in the last 6 - 8 months.

These resulted in capacity utilization falling sharply in the second half. Unit costs are very dependent on capacity utilization; these two factors lead to losses in the PA business.

The senior management team is actively working toward correcting the unfair trade situation at a policy level, and we are now hopeful of correction.

PA DERIVATIVES

PA Derivatives business performed reasonably well; but demand was stagnant. Both in our PA and Derivatives businesses, your company’s Business & Manufacturing teams are working on internal cost reduction projects aimed at reducing manufacturing and sales cost in various areas -- in energy, packing and logistics, finance and improving business efficiencies.

THE FOOD INGREDIENTS BUSINESSES

These businesses were positive contributors; this despite the slowdown in the Indian market and in the export market in Europe. These businesses continued to be profitable and to some extent mitigated the loss from the PA business.

Overseas Subsidiary : Optimistic Organic Sdn. Bhd., (OOSB), Malaysia

Maleic Anhydride (MA) is a very versatile intermediate that goes into many dozens of Speciality Applications in Foods, Polymers, Coatings, Pharma and Speciality Chemicals. Your overseas subsidiary M/s. OOSB registered a turnover of USD 45.250 million, (prev year USD 51.220 million), a decrease of 11.66 % over the previous year, and a profit before tax of USD 2.460 million (prev year USD 3.610 million).

The profit was impacted by the shut downs, especially for plant refurbishments which are critical for the planned expansion.

The Subsidiary has witnessed a complete turnaround in the 2 years since we acquired it fully: the Subsidiary has not only become profitable, but has repaid a good part of its debt. The subsidiary has undertaken a 30% capacity expansion largely funded by internal cash flows.

FINANCIAL AND OPERATING PERFORMANCE

The Company achieved a Net Profit of Rs.35.700 Millions compared to Net profit of Rs. 277.500 Millions in the previous year.

Current Year Business

In the Phthalic Anhydride business, large volumes of imports have affected sales in the domestic market. The market situation continues to be challenging but your company is gearing itself to rise above these. The International markets present a difficult trade situation given the volatility in prices of Raw material and in the finished product. The Management and Operating teams are working to address these. Continuous improvement in cost and efficiency will continue to be a focus in the coming year. In the Food Ingredients Business, the margins have improved, while reducing costs. Active efforts are being taken to expand the market.

The Focus for FY 2014-15

The Management team has set itself the following key tasks:-

1) Work towards early correction of the Inverted Duty, caused by various Trade Agreements

2) Improve gross margins on all products

3) Improve raw material supply chain and costs, to derive significant cost efficiencies

4) Drive down total cost -- manufacturing and post manufacturing, by eliminating activities, improved reliability and better management of working capital.

FINANCE

All taxes and statutory dues are being paid on time. Payment of interest and installments to the Financial Institutions and Banks are being made as per schedule. The Company is also very regular in meeting its commitments to its depositors. Deposits aggregating Rs. 209.500 Milions due for repayment on or before March 31, 2014 were not claimed by the depositors as on that date.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10449824	19/08/2014 *	5,250,000,000.00	BANK OF INDIA (LEAD BANK)	Nariman Point Large Coroporate Branch, 92-93, Free Press House, 9th Floor, 215, Nariman Point,, Mumbai, Maharashtra - 400021, INDIA	C17150947
2	10333705	07/01/2012	300,000,000.00	Bank of India	Nariman Point Large Corporate Branch, 92 - 93, Free Press House, 9th floor,215, Nariman Point, Mumbai, Maharashtra - 400021, INDIA	B31308398
3	10295736	29/07/2013 *	177,600,000.00	Export Import Bank of India	Centre One Building, Floor 21, World Trade Centre, Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA	B82724980
4	10295396	29/07/2013 *	320,000,000.00	Export Import Bank of India	Centre One Building, Floor 21, World Trade Centre, Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA	B82738758
5	90240426	07/06/2014 *	5,250,000,000.00	Bank of India (Lead Bank)	Nariman Point Large Corporate Branch,92-93, Free Press House, 9th Floor, 215, Nariman Point, Mumbai, Maharashtra - 400021, INDIA	C06933139
6	90244243	12/03/2010 *	3,722,100,000.00	Bank of India (Lead Bank)	Mumbai Overseas Branch, 70/80 M.G.Road, Mezzanine  Floor, BOI Bldg, Fort, Mumbai, Maharashtra - 400 001, INDIA	A82680372
7	90240078	19/06/1995	50,000,000.00	INDIAN BANK	NARIMON POINT BRANCH, MUMBAI, Maharashtra - 400021, INDIA	-
8	90239242	19/06/1995 *	7,800,000.00	INDIAN BANK	NARIMON POINT, MUMBAI, Maharashtra, INDIA	-
9	90239241	14/05/1990 *	7,800,000.00	INDIAN BANK	NARIMON POINT, MUMBAI, Maharashtra, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Deferred payment liabilities	25.892	55.263
Fixed deposits	0.000	72.495
Total	25.892	127.758

FIXED ASSETS

• Freehold Land
• Lease hold land
• Buildings
• Plant and Machinery
• Furniture and Fixture
• Vehicles
• Office Equipment
• Computer Equipments

STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2014

Rs. In Millions

Particulars		Quarter ended	Quarter ended	Nine months ended
		31.12.2014	30.09.2014	31.12.2014
		Unaudited	Unaudited	Unaudited
1	Income from Operations
	(a) Net sates/income from operations (Net of excise duty)	2186.700	2491.200	7226.400
	(b) Other Operating Income	18.500	20.600	52.800
	Total income from operations (net)	2205.200	2511.800	7279.200
2	Expenses
	(a) Cost of materials consumed	1775.900	2158.000	5824.900
	(b) Purchases of stock-in trade	13.300	7.10	36.200
	(c) Changes in inventories of finished goods. work-in-progress and stock in trade	174.600	(135.000)	325.800
	(d) Employee benefits expense	57.900	57.100	171.200
	(e) Depreciation and Amortisation Expenses	18.900	18.600	171.200
	(f) Other Expenses	223.000	230.200	891.600
	Total expenses	2263.700	2336.100	7105.400
3	Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	(58.500)	175.700	173.800
4	Other Income	52.000	49.900	120.100
5	Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	(6.500)	225.600	293.900
6	Finance Costs	78.800	84.800	266.900
7	Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	(85.300)	140.800	27.000
8	Exceptional items
9	Profit/ (Loss) from ordinary activities before tax (7+8)	(85.300)	140.800	27.000
10	Tax expenses	(28.500)	45.700	7.400
11	Net Profit / (Loss) from ordinary activities after tax (9-10)	(56.800)	95.100	19.600
12	Extraordinary item (net of tax expense)
13	Net Profit / (Loss) for the period (11-12)	(56.800)	95.100	19.600
14	Paid up equity share capital (Face Value of Rs2/-each)	102.400	102.400	102.400
15	Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year
16.i	Earnings per share (before extraordinary items) of Rs.10/- each (not annualised):
	(a) Basic	(5.64)	9.28	1.91
	(b) Diluted	(5.64)	9.28	1.91
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	- Number of shares	5820621	5819621	5820621
	- Percentage of shareholding	56.85	56.84	56.85
2	Promoters and Promoter group shareholding
	a) Pledged / Encumbered
	- Number of shares	NIL	NIL	NIL
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	NA	NA	NA
	- Percentage of shares (as a % of the total Share Capital of the Company)	NA	NA	NA
	b) Non Encumbered
	- Number of shares	4418191	4419191	4418191
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	100	100	100
	- Percentage of shares (as a % of the total Share Capital of the Company)	43.15	43.16	43.15
B	INVESTOR COMPLAINTS	Quarter ended 31.12.2014
	Pending at the beginning of the quarter	Nil
	Received during the quarter	1
	Disposed off during the quarter	164
	Remaining unresolved at the end of the quarter	Nil

REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE SEGMENTS

Rs. In Millions

Particulars		Quarter ended	Quarter ended	Nine Months ended
		31.12.2014	30.09.2014	31.12.2014
		Unaudited	Unaudited	Unaudited
1	Segment Revenue
	Chemical products and its intermediaries	2204.600	2503.600	7267.900
	Power generation (Wind operated generators)	60.000	8.200	11.300
	Net Sales I Income from Operations	2205.200	2511.800	7279.200
2	Segment Results Profit I (Loss) (before tax, finance cost and exceptional items) from Segment
	Chemical products and its intermediaries	(23.100)	198.500	233.400
	Power generation (Wind operated generators)	(1.100)	6.600	6.500
	Total	(24.200)	205.100	239.900
	Less: Interest	(78.800)	(84.800)	(266.900)
	Less: Other unallocable income net of expenditure	17.700	20.500	54.000
	Total Profit(Loss) before Tax	(85.300)	140.800	27.000
3	Segment Capital employed
	a Power Systems	1750.600	1963.500	1750.600
	b Power Products	70.200	72.900	70.200
	c Unallocated	(376.900)	(548.500)	(376.900)
	Total Segment Capital Employed	1443.900	1487.900	1443.900

PRESS RELEASE

THIRUMALAI CHEMICALS REPORTS CONSOLIDATED NET LOSS OF RS 146.300 MILLIONS IN THE DECEMBER 2014 QUARTER

Net loss of Thirumalai Chemicals reported to Rs 146.300 Millions in the quarter ended December 2014 as against net profit of Rs 56.400 Millions during the previous quarter ended December 2013. Sales declined 10.10% to Rs 2571.400 Millions in the quarter ended December 2014 as against Rs 2860.300 Millions during the previous quarter ended December 2013

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. 61.87
UK Pound	1	Rs. 94.07
Euro	1	Rs. 70.19

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUB
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.