MIRA INFORM REPORT

Report No. :	302926
Report Date :	13.01.2015

IDENTIFICATION DETAILS

Name :	ATUL LIMITED (w.e.f.31.07.1996)
Formerly Known As :	ATUL PRODUCTS LIMITED
Registered Office :	Ashoka Chambers, Rasala Marg, Eillsbridge, Ahmedabad – 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.12.1975
Com. Reg. No.:	04-002859
Capital Investment / Paid-up Capital :	Rs.296.800 Millions
CIN No.: [Company Identification No.]	L99999GJ1975PLC002859
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 :	Manufacturer of Dyestuff Chemicals, Drugs and Pharmaceuticals.
No. of Employees :	2761 (Approximately)

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

Maximum Credit Limit :	USD 26900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an established company having fine track record. Financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE Rating
Rating	Long term Bank facilities = AA+
Rating Explanation	Having high degree of safety and carry very low credit risk.
Date	November 25, 2014

Rating Agency Name	CARE Rating
Rating	Short term Bank facilities = A1+
Rating Explanation	Having strong degree of safety and carry lowest credit risk.
Date	November 25, 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.

LOCATIONS

Registered Office :	Ashoka Chambers, Rasala Marg, Eillsbridge, Ahmedabad - 380006, Gujarat, India
Tel. No.:	91-79-26423706/ 26427520/ 26449294/ 26460520
Fax No.:	91-79-26404111
E-Mail :	wk.ag@atul.co.in wk.ar@atul.co.in wk.cl@atul.co.in fi@atul.co.in sec@atul.co.in ahd@atul.co.in jayesh_desai@atul.co.in nirali_solanki@atul.co.in
Website :	http://www.atul.co.in
Head Office :	Colours Division Post Atul, Valsad – 396020, Gujarat, India
Tel. No.:	91-2632-233261/ 5
Fax No.:	91-2632-233619/ 233375/ 233024/ 233619/ 233384
E-Mail :	sec@atul.co.in
Mumbai Office :	310 B, Veer Savarkar Marg, Adjacent to Prabhadevi Telephone Exchange, Opposite India United Mills, Prabhadevi, Dadar (West), Mumbai-400028, Maharashtra, India
Tel. No.:	91-22-39876000
Fax No.:	91-22-24376061/ 24386065
E-Mail :	mum@atul.co.in
Factory 1 :	297, GIDC Industrial Estate, Ankleshwar - 393002, Gujarat, India
Factory 2 :	Atul, District Valsad - 396020, Gujarat, India
Factory 3 :	MIDC, Tarapur, Thane - 401506, Maharashtra, India
Factory 4 :	GIDC, Kharod, District Bharuch - 394115, Gujarat, India

DIRECTORS

AS ON 31.03.2014

Name :	Mr. S S Lalbhai
Designation :	Chairman and Managing Director
Name :	Mr. S A Lalbhai
Designation :	Managing Director
Name :	Mr. G S Patel
Designation :	Independent Director
Date of Birth/ Age :	16.11.1923
Brief Resume :	Mr. G S Patel is a Director of the Company since August 10, 1983. Mr. Patel was the Chairman of Unit Trust of India. Previously he held directorships in 20 other companies in public and private sectors. Mr. Patel holds BSc (Economics) degree from London School of Economics, Bar-at-Law degree from Lincoln’s Inn and MA (Economics) and LLB degrees from the University of Mumbai.
Name :	Dr. S S Baijal
Designation :	Independent Director
Date of Birth/ Age :	06.09.1929
Brief Resume :	Dr. S S Baijal is a Director of the Company since June 13, 1984. Dr. Baijal was a Lecturer in Organic Chemistry, Lucknow University. He was a Whole-time Director and CEO of Atic Industries Limited, Managing Director of IEL Limited and Chairman and CEO of ICI companies in India. Dr. Baijal holds PhD degree in Chemistry from the University of Allahabad.
Directorship in other companies :	Public Companies: · BMG Enterprises Limited · CAE Rossell India Limited · DCM Shriram Credit and Investments Limited · DCM Shriram Limited · Rossell Tea Limited Private Companies: · Delhi Guest Houses Private Limited
Name :	Mr. B S Mehta
Designation :	Independent Director
Date of Birth/ Age :	19.09.1935
Brief Resume :	Mr. B S Mehta is a Director of the Company since April 16, 1992. Mr. Mehta is a Practicing Chartered Accountant and is a Chief Mentor of B S Mehta and Co. He is a past President of The Institute of Chartered Accountants of India. He was involved in educational activities at the graduate and post graduate levels in the University of Mumbai. Mr. Mehta holds B Com (Hons) degree from the University of Mumbai and is a Fellow Member of The Institute of Chartered Accountants of India.
Directorship in other companies :	Public Companies: · Bharat Bijlee Limited · Ceat Limited · Century Enka Limited · Gillette India Limited · Housing Development Finance Corporation Limited · IL and FS Investment Managers Limited · J B Chemicals and Pharmaceuticals Limited · Jumbo World Holdings Limited (Body Incorporated outside India) · NSDL e-Governance Infrastructure Limited · Pidilite Industries Limited · Proctor and Gamble Hygiene and Health Care Limited · Sasken Communication Technologies Limited · SBI Capital Markets Limited · Sudarshan Chemical Industries Limited Private Companies: · Uhde India Private Limited
Name :	Mr. H S Shah
Designation :	Independent Director
Date of Birth/ Age :	01.10.1934
Brief Resume :	Mr. H S Shah is a Director of the Company since October 21, 1992. Mr. Shah held several senior and top positions in the Government of India and other academic | research, commercial and social organisations. Mr. Shah holds MA degree in Sociology from Gujarat University and has passed Indian Administrative Service examination conducted by Union Public Service Commission. Companies: Chairman, Gujarat Industrial Investment Corporation Chairman and Managing Director, Indian Petrochemicals Corporation Limited Vice Chairman, GE Capital (India) Limited Academic | Research: Chairman, Darshak Itihas Nidhi Chairman, Gujarat Ecology Society Chairman, Gujarat Industrial Research and Development Agency Chairman, National Institute of Design Founder Chairman, Gujarat Institute of Desert Ecology Member, Board of Governors of IIT, Mumbai President, Charutar Arogya Mandal (Medical College and Hospital) Social: Chairman, Gujarat Rural Institute for Socio Economic Reconstruction Vadodara Chairman, Kachnar Trust Founder President and Member, Heritage Trust Founder Trustee, Indian Trust for Rural Heritage and Development Life Trustee, BAIF Development Research Foundation Government: Chairman, Gujarat Ecology Commission Joint Director, Bureau of Public Enterprises, Government of India Joint Secretary to the Prime Minister, Government of India Member, Central Pollution Control Board Secretary, Posts and Telegraph Board of India Others: Chairman, Vikram A Sarabhai Community Science Centre Life Trustee and Member, Gujarat Nature Conservation Society Trustee, Shram Mandir
Directorship in other companies :	Public Companies: · Sun Pharmaceutical Industries Limited · Supreme Petrochem Limited Private Companies: · Flexican Bellows Private Limited
Name :	Mr. S M Datta
Designation :	Independent Director
Date of Birth/ Age :	01.07.1936
Brief Resume :	Mr. S M Datta is a Director of the Company since October 28, 2002. Mr. Datta is the Chairman of Administrative Staff College of India. He is also associated with various other renowned institutes. Mr. Datta was the Chairman of Hindustan Unilever Limited as well as of all Unilever Group companies in India and Nepal from 1990 to 1996. Mr. Datta is a Chartered Engineer; Honorary Fellow - All India Management Association, Fellow - Indian Institute of Chemical Engineers, Member - Society of Chemical Industry (London) and Fellow - The Institution of Engineers (India). Mr. Datta holds a post graduate degree in Science and Technology from the University of Calcutta.
Directorship in other companies :	Public Companies: · Bhoruka Power Corporation Limited · Castrol India Limited - Chairman · Door Sabha Nigam Limited · ILandFS Investment Managers Limited - Chairman · Peerless Financial Products Distributors’ Limited - Chairman · Peerless General Finance and Investment Company Limited · Peerless Hotels Limited · Philips Electronics India Limited - Chairman · Rabo India Finance Limited · Speciality Restaurants Limited - Chairman · Transport Corporation of India Limited - Chairman · Zodiac Clothing Company Limited Private Companies: · Chandras Chemical Enterprises Private Limited · SMD Management Consultants Private Limited
Name :	Mr. V S Rangan
Designation :	Independent Director
Date of Birth/ Age :	13.02.1960
Brief Resume :	Mr. V S Rangan is a Director of the Company since July 19, 2010. Mr. Rangan is an Executive Director of Housing Development Finance Corporation Limited. Mr. Rangan is an Associate of The Institute of Chartered Accountants of India and The Institute of Cost and Works Accountants of India.
Directorship in other companies :	Public Companies: · Cholamandalam Investment and Finance Company Limited · HDFC Developers Limited · HDFC Holdings Limited · HDFC Investments Limited · HDFC Property Ventures Limited · HDFC Trustee Company Limited · HDFC Venture Capital Limited · Hindustan Oil Exploration Company Limited · Housing Development Finance Corporation Limited · TVS Credit Services Limited Private Companies: · Credila Financial Services Private Limited · HDFC Education and Development Services Private Limited · IVF Advisors Private Limited · Ruralshores Business Services Private Limited
Name :	Mr. R A Shah
Designation :	Independent Director
Name :	Mr. B N Mohanan
Designation :	Whole-time Director
Date of Birth/ Age :	26.05.1950
Brief Resume :	Mr. B N Mohanan is a Whole-time Director of the Company since January 01, 2009. He joined the Company in 1992. Mr. Mohanan has over 4 decades of professional experience in various capacities. Currently, he is the President, Infrastructure Unit and also the Occupier. His responsibilities include safety, health, environment, utilities and engineering procurement. Mr. Mohanan holds BSc (Engg Hon) degree from the University of Calicut.
Directorship in other companies :	Public Companies: · Aasthan Dates Limited - Chairman · Atul Biospace Limited - Chairman and Managing Director · Atul Clean Energy Limited - Chairman · Atul Rajasthan Date Palms Limited - Managing Director · Atul Seeds Limited · Biyaban Agri Limited - Chairman · Raja Dates Limited - Chairman · DPD Limited
Name :	Mr. S Nammalvar
Designation :	Whole-time Director
Date of Birth/ Age :	27.05.1954
Brief Resume :	Mr. S Nammalvar joined the Company in 2011 as President, Technology Unit. His responsibilities include heading technology and manufacturing functions of the Company. Mr. Nammalvar has over 34 years of experience in various functions and has held leadership positions for over 20 years in companies belonging to Petrochemical, Pharmaceutical and Polymer industries in India and abroad. Mr. Nammalvar holds ME degree in Chemical Engineering from Annamalai University and Post Graduate Diploma in Business Management from the University of Pune.

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2014

Category of Shareholder	Total No. of Shares	As a %
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	854316	2.88
Bodies Corporate	14177219	47.80
Sub Total	15031535	50.68
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	15031535	50.68
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3036942	10.24
Financial Institutions / Banks	63770	0.21
Central Government / State Government(s)	336	0.00
Insurance Companies	498767	1.68
Foreign Institutional Investors	1701389	5.74
Any Others (Specify)	872	0.00
Trusts	872	0.00
Sub Total	5302076	17.88
(2) Non-Institutions
Bodies Corporate	1475737	4.98
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	4783173	16.13
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2815872	9.49
Any Others (Specify)	253340	0.85
Non Resident Indians	145542	0.49
Any Other	88048	0.30
Overseas Corporate Bodies	19750	0.07
Sub Total	9328122	31.45
Total Public shareholding (B)	14630198	49.32
Total (A)+(B)	29661733	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)	29661733	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Dyestuff Chemicals, Drugs and Pharmaceuticals.

Products :

Item Code No.	Product Description
3204	Synthetic Organic Colouring Matter
291200	Para Anisic Aldehyde
390730.09	Epoxy Resins

Brand Names :

--

Agencies Held :

--

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

GENERAL INFORMATION

Suppliers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	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 (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

No. of Employees :

2761 (Approximately)

Bankers :

Bank Name:	Not Available
Branch:	Not Available
Person Name (with Designation):	Not Available
Contact Number:	Not Available
Name of Account Holder:	Not Available
Account Number:	Not Available
Account Since (Date/ Year of A/c Opening):	Not Available
Average Balance Maintained (Optional):	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Available
Account Operation:	Not Available
Remarks: Not Available

· Axis Bank

· Bank of Baroda

· Bank of India

· Export Import Bank of India

· State Bank of India

Facilities :

SECURED LOAN	31.03.2014 Rs. In Millions	31.03.2013 Rs. in Millions
LONG-TERM BORROWINGS
Term loans
Rupee term loans from financial institutions	312.500	416.600
Foreign currency term loans from banks	594.700	696.900
Foreign currency term loans from financial institutions	225.400	430.600
SHORT-TERM BORROWINGS
Working capital loans repayable on demand from banks	1292.700	1510.900
Total	2425.300	3055.000

Banking Relations :	--
Auditors :
Name :	Dalal and Shah Chartered Accountants
Cost Auditors
Name :	R. Nanabhoy and Company Cost Accountants
Subsidiary Companies :	· Aasthan Dates Limited · Subsidiary companies · Ameer Trading Corporation Limited · Atul Bioscience Limited · Atul Biospace Limited · Atul Brasil Quimicos Ltda · Atul China Limited · Atul Deutschland GmbH · Atul Europe Limited · Atul Infotech Private Limited · Atul Rajasthan Date Palms Limited · Atul USA Inc · Biyaban Agri Limited · DPD Limited · Raja Dates Limited
Joint Venture Company :	· Rudolf Atul Chemicals Limited
Associate Companies :	· Amal Limited · Anchor Adhesives Private Limited · Atul Crop Care Limited · LAPOX Polymers Limited · M. Dohmen S.A. · Atul Elkay Polymers Limited
Organisations over which significant influence exercised :	· Welfare funds · Atul Club · Atul Kelavani Mandal · Atul Rural Development Fund · Atul Vidyalaya

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs. 10/- each	Rs. 800.000 Millions
8000000	Cumulative Redeemable Preference Shares	Rs. 100/- each	Rs. 800.000 Millions
	Total		Rs. 1600.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
29691780	Equity Shares	Rs. 10/- each	Rs. 296.900 Millions

Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
29661733	Equity Shares	Rs. 10/- each	Rs. 296.600 Millions
29991	Add: Forfeited Shares (amount paid up)		Rs. 0.200 Million
	Total		Rs. 296.800 Millions

a) Rights, Preferences and restrictions

The Company has two classes of Shares referred to as Equity Shares having a par value of Rs.10 and Cumulative Redeemable Preference Shares having a par value of Rs.100.

i) Equity Shares:

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 and Preference Shares.

The distribution will be in proportion to the number of Equity Shares held by the Shareholders. Each holder of Equity Shares is entitled to one vote per share.

ii) Preference Shares:

The Company has Preference Shares having a par value of Rs.100 per share. Each Shareholder is eligible for dividend depending upon their coupon rates. The Preference Shareholder is entitled to one vote per share only on resolutions placed before the Company which directly affect the rights attached to the Preference Shares.

iii) Dividend:

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.

b) Shares reserved for issue at a later date

56 Equity Shares are held in abeyance due to disputes at the time of earlier rights issues.

c) Details of Shareholders holding more than 5% of Equity Shares:

Name of the Shareholders	As at March 31, 2014
	Holding %	No of shares
Aeon Investments Private Limited*	22.70	6725501
Aura Securities Private Limited	5.44	1614045
Aeon Investments Private Limited	3.50	1039383

* During the year certain Promoter group companies were merged. However, there is no change in shareholding of the Promoters due to this merger.

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	296.800	296.800	296.800
(b) Reserves & Surplus	9119.100	7264.100	6122.500
(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)	9415.900	7560.900	6419.300
(3) Non-Current Liabilities
(a) long-term borrowings	1133.600	1544.300	1449.000
(b) Deferred tax liabilities (Net)	353.900	271.600	223.100
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	51.900	50.400	33.300
Total Non-current Liabilities (3)	1539.400	1866.300	1705.400
(4) Current Liabilities
(a) Short term borrowings	1842.700	1604.500	1935.700
(b) Trade payables	3168.700	2753.200	2778.400
(c) Other current liabilities	1337.300	1129.600	1049.700
(d) Short-term provisions	432.100	360.400	511.400
Total Current Liabilities (4)	6780.800	5847.700	6275.200
TOTAL	17736.100	15274.900	14399.900
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5196.000	4804.500	4175.500
(ii) Intangible Assets	0.000	0.000	2.200
(iii) Capital work-in-progress	529.800	459.300	559.400
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1364.700	1285.600	1250.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	290.600	315.800	281.100
(e) Other Non-current assets	643.100	436.300	347.400
Total Non-Current Assets	8024.200	7301.500	6615.600
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3757.500	3075.300	2945.700
(c) Trade receivables	4472.600	3616.000	3682.200
(d) Cash and cash equivalents	88.000	78.400	115.200
(e) Short-term loans and advances	1025.400	1034.600	869.400
(f) Other current assets	368.400	169.100	171.800
Total Current Assets	9711.900	7973.400	7784.300
TOTAL	17736.100	15274.900	14399.900

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations (net)		23654.500	20014.800	17776.800
		Other Income		396.200	204.600	143.800
		TOTAL (A)		24050.700	20219.400	17920.600
Less	EXPENSES
		Cost of Materials Consumed		13246.000	11270.500	10551.300
		Purchases of Stock-in-Trade		236.900	163.600	200.100
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		(664.700)	(0.600)	(153.300)
		Employees benefits expense		1397.900	1276.000	1172.000
		Other expenses		6007.100	4832.700	4002.600
		Exceptional Items		0.000	(53.800)	(65.100)
		Exchange rate difference [net]		0.000	0.000	120.700
		TOTAL (B)		20223.200	17488.400	15828.300
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			3827.500	2731.000	2092.300
Less	FINANCIAL EXPENSES (D)			314.300	316.200	431.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			3513.200	2414.800	1661.300
Less	DEPRECIATION/ AMORTISATION (F)			542.300	490.600	436.500
	PROFIT BEFORE TAX (E-F) (G)			2970.900	1924.200	1224.800
Less	TAX (H)			843.000	569.000	343.700
	PROFIT AFTER TAX (G-H) (I)			2127.900	1355.200	881.100
	EARNINGS IN FOREIGN CURRENCY
			FOB Value of Exports	10452.600	9290.100	7775.500
	IMPORTS
			Raw Materials	3871.600	3139.100	3095.400
			Trading finished goods	284.600	109.800	110.300
			Capital Goods	76.800	44.500	54.700
	TOTAL IMPORTS			4233.000	3293.400	3260.400
	Earnings Per Share (Rs.)			71.74	45.69	29.70

QUARTERLY RESULTS

PARTICULARS	30.06.2014	30.09.2014
Type	1^st Quarter	2^nd Quarter
Net Sales	6470.800	6624.100
Total Expenditure	5432.500	5654.400
PBIDT (Excl OI)	1038.300	969.700
Other Income	15.200	85.600
Operating Profit	1053.500	1055.300
Interest	61.700	57.300
Exceptional Items	0.000	0.000
PBDT	991.800	998.000
Depreciation	135.600	136.700
Profit Before Tax	856.200	861.300
Tax	258.400	270.600
Provisions and contingencies	0.000	0.000
Profit After Tax	597.800	590.700
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	597.800	590.700

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	8.85	6.70	4.92
Net Profit Margin (PBT/Sales)	(%)	12.56	9.61	6.89
Return on Total Assets (PBT/Total Assets}	(%)	18.75	14.22	9.73
Return on Investment (ROI) (PBT/Networth)		0.32	0.25	0.19
Debt Equity Ratio (Total Debt /Networth)		0.32	0.42	0.53
Current Ratio (Current Asset/Current Liability)		1.43	1.36	1.24

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	296.800	296.800	296.800
Reserves & Surplus	6122.500	7264.100	9119.100
Net worth	6419.300	7560.900	9415.900
Long-term borrowings	1449.000	1544.300	1133.600
Short term borrowings	1935.700	1604.500	1842.700
Total borrowings	3384.700	3148.800	2976.300
Debt/Equity ratio	0.527	0.416	0.316

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	17776.800	20014.800	23654.500
		12.589	18.185

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	17776.800	20014.800	23654.500
Profit	881.100	1355.200	2127.900
	4.96%	6.77%	9.00%

LOCAL AGENCY FURTHER INFORMATION

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	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
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
18]	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	Yes
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	Yes
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

LITIGATION DETAILS

HIGH COURT OF GUJARAT

CIVIL APPLICATION (FOR ORDERS) No. 11985 of 2012

In FIRST APPEAL / 1951 / 2012 (PENDING)

Status: PENDING ( Converted from : CAST/12157/2012 ) CCIN No: 001003201211985

Last Listing Date: 16/01/2013

Coram: - HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA

HONOURABLE MR.JUSTICE J.B.PARDIWALA

S.NO.

Name of the Petitioner

Advocate On Record

1
2

JENSON NICHOLSAN INDIA LTD
S P SINHA

MR ADIL R MIRZA for: Petitioner(s)  1 - 2

S.NO.

Name of the Respondant

Advocate On Record

1

ATUL LIMITED

Presented On : 16/10/2012 Registered On : 17/10/2012

Bench Category : DIVISION BENCH District : VALSAD

Case Originated From: THROUGH HIS/HER/THEIR ADVOCATE Listed : 4 times

Stage Name : NOTICE & ADJOURNED MATTERS

Classification	· DB - CIVIL APPLICATION - CODE OF CIVIL PROCEDURE, 1908 - PRODUCTION OF ADDITIONAL EVIDENCE	SJ - CIVIL APPLICATION - CODE OF CIVIL PROCEDURE, 1908 - DELETION OF PARTY
Act	· CIVIL PROCEDURE CODE, 1908	COMPANIES ACT, 1956

Office Details

S. No

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

16/10/2012

APPLICATION

MR ADIL R MIRZA ADVOCATE
for PETITIONER(s)  1

20

MR ADIL R MIRZA:1-2

Linked Matters

S. No.	Case Detail	Status Name	Disposal Date	Action/Coram
1	FIRST APPEAL/1951/2012	PENDING	-	· HONOURABLE MR.JUSTICE RAVI R.TRIPATHI  · HONOURABLE MR.JUSTICE R.D.KOTHARI

Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	18/10/2012	1	11	OFFICE OBJECTION REMOVED	NEXT DATE	· HONOURABLE MR.JUSTICE D.H.WAGHELA  · HONOURABLE MR.JUSTICE Z.K.SAIYED
2	14/12/2012	1	6	NOTICE & ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE D.H.WAGHELA  · HONOURABLE MR.JUSTICE G.R.UDHWANI
3	20/12/2012	1	22	FOR REGULAR ADMISSION	NEXT DATE	· HONOURABLE MR.JUSTICE D.H.WAGHELA  · HONOURABLE MR.JUSTICE G.R.UDHWANI
4	16/01/2013	1	18	NOTICE & ADJOURNED MATTERS	NEXT DATE	· HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA  · HONOURABLE MR.JUSTICE J.B.PARDIWALA

Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Transferred	Download
1	CIVIL APPLICATION/11985/2012	· HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA  · HONOURABLE MR.JUSTICE J.B.PARDIWALA	16/01/2013	N	ORDER	Y	Download

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10409602	16/03/2013 *	527,700,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP, COMMERCIAL BR., PARAMSIDDHI,  COMPLEX, ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B71065403
2	10294426	30/07/2011 *	562,500,000.00	INTERNATIONAL FINANCE CORPORATION	MARUTI SUZUKI BUILDING, 3RD FLOOR, PLOT NO. 1, NELSON MANDELA ROAD, VASANT KUNJ, NEW DELHI, DELHI -  110070, INDIA	B18004713
3	10273656	31/05/2012 *	276,000,000.00	BARCLAYS BANK PLC	FIRST FLOOR, EROS CORPORATE TOWER, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	B40839474
4	10090594	25/03/2008 *	781,200,000.00	INTERNATIONAL FINANCE CORPORATION	GODREJ BHAVAN, 3RD FLOOR, MURZBAN ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A34455931
5	80026120	03/08/2013 *	4,300,000,000.00	STATE BANK OF INDIA(LEAD BANK OF CONSORTIUM MEMBER  BANKS)	PARAMSIDDHI, COMMERCIAL BRANCH, OPP V S HOSPITAL,  ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B82224783
6	80026296	08/03/1999	150,000,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 Rs. In Millions	31.03.2013 Rs. in Millions
LONG TERM BORROWINGS
Rupee Term Loans from Banks	1.000	0.200
SHORT TERM BORROWINGS
Loans from Banks Including Foreign Banks	550.000	0.000
Buyer’s credit arrangement	0.000	93.600
Total	551.000	93.800

PERFORMANCE

Sales increased by 17% from Rs.1,9640.000 Millions to Rs.2,3070.000 Millions aided by both higher volumes (8%) and prices (9%). Sales in India increased by 22% from Rs. 9860.000 Millions to Rs.11990.000 Millions. Sales outside of India increased by 13% from Rs.9780.000 Millions to Rs.11080.000 Millions. Revenue from operations increased by 18% from Rs.20010.000 Millions to Rs.23650.000 Millions. PBT for the year includes about Rs.200.000 Millions of one-time special dividend income received; including such special income, the earnings per share increased from Rs.456.900 to Rs.717.400 Millions. While the operating profit before working capital changes increased by 38% from Rs.2600.000 Millions to Rs.3600.000 Millions, the net cash flow from operating activities declined by 16% from Rs.1670.000 Millions to Rs.1410.000 Millions mainly on account of the growth in working capital consequent to the higher level of sales achieved.

Both the Segments of the Company, namely, Life Science Chemicals Segment (LSC) and Performance and Other Chemicals Segment (POC) showed improvement in performance. The sales of LSC increased by 6% from Rs.6990.000 Millions to Rs.7380.000 Millions, aided by higher sales of Crop Protection and Pharmaceuticals and Intermediates and its EBIT increased by 8% from Rs.1390.000 Millions to Rs.1500.000 Millions. The sales of POC increased by 24% from to Rs.12650.000 Millions Rs.15690.000 Millions, supported by growth in Colors and Polymers and its EBIT increased from Rs.900.000 Millions to Rs.1730.000 Millions.

The Company reduced its borrowings (including current maturities on long-term borrowings) by 1% from Rs.3550.000 Millions to Rs.3510.000 Millions despite the growth in working capital to support higher sales and payments towards capital expenditure of about Rs.1000.000 Millions.

The Company improved its credit rating from ‘AA-‘ (double A minus) to ‘AA’ (double A) for its long-term borrowings, awarded by CARE. Its rating for short-term borrowings and commercial paper remained at A1+, the highest possible, awarded by CARE.

The Company is in the process of implementing 33 projects with a total outlay of about Rs.4800.000 Millions; these projects are expected to be commissioned in during 2014-15 and 2015-16. It completed 14 projects related to environment protection during 2013-14 and is expected to complete 8 more projects by way of reduction in and treatment of pollutants.

MANAGEMENT DISCUSSION AND ANALYSIS

BUSINESS-WISE PERFORMANCE

CROP PROTECTION

Crop Protection Business mainly comprises Fungicides, Herbicides and Insecticides. The products are used by customers belonging to Agriculture industry for the protection of crops. The Business comprises about 15 products and 46 formulations.

During 2013-14, sales increased by 12% from Rs. 3850.000 Millions to Rs. 4330.000 Millions. Sales in India increased by 40% from Rs. 1410.000 Millions to Rs. 1970.000 Millions; bulk sales in India increased by 38% from Rs. 680.000 Millions to Rs. 940.000 Millions whereas brand sales which are currently only in India increased by 41% from Rs. 730.000 Millions to Rs. 1030.000 Millions. Sales outside of India decreased by 3% from Rs. 2440.000 Millions to Rs. 2360.000 Millions and formed 55% of the total. Growth on account of volume was 10%. Sales from new products and formulations were Rs. 70.000 Millions. The Company completed 2 projects and undertook 3 projects for implementation.

World market for crop protection chemicals is estimated at US$ 54 bn and is growing at about 3%. Indian market for such chemicals is estimated at US$ 1.5 bn and is growing at about 7%. There are about 60 major companies which dominate the world marketplace, and there are about 13 companies in India having sales of more than US$ 100 mn.

The main user industry, namely, Agriculture, is growing well because of increasing population on the one hand and improving standard of living on the other. The Company will participate in this growth by i) building a strong sales and marketing organisation and broadening and deepening its presence in other countries, particularly in Africa and South America, ii) promoting its brands, iii) increasing its manufacturing and working capital efficiencies, iv) generating and adding capacities and v) introducing new products and formulations.

Floods or famines will adversely affect the demand. Registration costs are high in certain countries. Fluctuations in foreign exchange may impact sales realisations. Given that some of these chemicals can be toxic, it is essential to take utmost care in their manufacture and use.

PHARMACEUTICALS

Pharmaceuticals and Intermediates Business mainly comprises API intermediates and a few APIs. The products are used by customers belonging to Pharmaceutical industry, under five broad therapeutic categories, namely, anti-depressant, antidiabetic, anti-infective, anti-retroviral and cardiovascular. The Business comprises about 38 products.

During 2013-14, sales decreased by 3% from Rs. 3140.000 Millions to Rs. 3060.000 Millions. Sales in India increased by 1% from Rs. 1710.000 Millions to Rs. 1720.000 Millions. Sales outside of India decreased by 6% Rs. 1430.000 Millions to Rs. 1340.000 Millions and formed 44% of the total. Degrowth on account of volume was 7%. Sales from new products were Rs. 70.000 Millions. The Company completed 8 projects and undertook 3 projects for implementation. Atul Bioscience Limited, a 100% subsidiary company, focussed on production of advanced API intermediates, sales of which increased by 30% from Rs. 270.000 Millions to Rs. 350.000 Millions, primarily because of volume; and it completed capacity expansion in both of its plants.

World market for pharmaceuticals is estimated at US$ 820 bn (comprising US$ 700 bn prescription drugs and US$ 120 bn generic drugs) and is growing at about 5%. Indian pharmaceuticals market is estimated at US$ 22 bn (including sales out of India) and is growing at about 10%. There are about 20 major companies which dominate the world marketplace in prescription drugs space with share of about 65% and about 8 companies in generic drugs space with share of about 70%.

The main user industry, namely, Pharmaceutical, is growing well because of increasing awareness about diseases and health. The Company along with Atul Bioscience will participate in this growth by i) widening its market reach, ii) increasing its manufacturing efficiencies, iii) generating and adding capacities and iv) introducing new products. It will also form long-term alliances with other companies.

Prices of many products come down significantly in a short time. Fluctuations in foreign exchange may impact sales realisations.

AROMATICS

Aromatics Business mainly comprises p-Cresol and its downstream products. The products are mainly used by customers belonging to Flavour and Fragrance and Personal Care industries. The Business comprises about 29 products.

During 2013-14, sales increased by 6% from Rs. 3880.000 Millions to Rs. 4100.000 Millions. Sales in India decreased by 10% from Rs. 1130.000 Millions to Rs. 1020.000 Millions. Sales outside of India increased by 12% from Rs. 2750.000 Millions to Rs. 3080.000 Millions and formed 75% of the total. Growth on account of volume was 3%. Sales from new products were Rs. 60.000 Millions. The Company completed 6 projects and undertook 4 projects for implementation. World market of p-Cresol is estimated at 55,000 mt and is growing at about 3%. Though earlier the product used to be manufactured in the UK and the USA, China and India are now the major suppliers of the product. World market of flavour and fragrance chemicals is estimated at US$ 23 bn and is growing at about 5%.

The main user industries, namely, Flavour and Fragrance and Personal Care, are growing well because of increasing population on the one hand and improving standard of living on the other. The Company will participate in this growth by i) broadening its market reach, ii) increasing its manufacturing efficiencies, iii) adding capacities and iv) introducing new products.

The prices of key raw materials which are derived from crude oil fluctuate almost monthly whereas the customers in the user industries expect the prices of the finished products to remain firm for a quarter or even more; on such occasions, it is possible to get affected adversely. Fluctuations in foreign exchange may impact sales realisations.

BULK CHEMICALS AND INTERMEDIATES

Bulk Chemicals and Intermediates Business mainly comprises Sodium Hydroxide, Chlorine, Sulphuric Acid, Oleum, Sulphur Trioxide, Chlorosulphonic Acid and Resorcinol. Barring Chlorosulphonic Acid and Resorcinol, the rest of the products are used for captive consumption. Resorcinol is mainly used by customers belonging to Tyre industry. The Business comprises about 26 products.

During 2013-14, (external) sales increased by 29% from Rs. 770.000 Millions to Rs. 990.000 Millions. Sales in India increased by 37% from Rs. 600.000 Millions to Rs. 820.000 Millions. Sales outside of India remained constant at Rs. 170.000 Millions and formed 17% of the total. Growth on account of volume was 16%. Sales from new products were Rs. 190.000 Millions. The Company completed 1 project and undertook 2 projects for implementation.

World market for bulk chemicals is growing at about 0.5% and Indian market is growing at about 2%. World market for Resorcinol is estimated at US$ 300 mn and is growing at about 3%; Indian market for the product is estimated at US$ 15 mn and is growing at about 5%.

The captive consumption of bulk chemicals is expected to grow as the Company expands manufacturing capacities of its various products. Tyre industry is expected to grow further because of increasing population on the one hand and improving standard of living on the other. The Company will participate in this growth by i) widening its market reach, ii) increasing its manufacturing efficiencies, iii) modernising its bulk chemicals plant, iv) adding capacities and v) introducing new and downstream products.

The demand and prices of bulk chemicals are cyclical in nature. Fluctuations in foreign exchange may impact sales realisations.

COLORS

Colors Business mainly comprises dyes for natural fibres such as Vat, Sulphur Black and Reactive and in a small way high performance pigments. The products are used by customers belonging to Textile and Paint and Coatings industries. The Business comprises about 550 products. Rudolf Atul Chemicals Limited, a JV company formed in 2011-12, provides a complete range of textile chemicals in Indian market.

During 2013-14, sales increased by 29% from Rs. 3300.000 Millions to Rs. 4260.000 Millions. Sales in India increased by 24% from Rs. 1870.000 Millions to Rs. 2310.000 Millions. Sales outside of India increased by 36% from Rs. 1430.000 Millions to Rs. 1950.000 Millions and formed 46% of the total. Increase on account of volume was 6%. Sales from new products were Rs. 300.000 Millions. The Company completed 5 projects and undertook 4 projects for implementation. It sold off its shareholding in M. Dohmen S.A., a JV company; the transaction was however completed on April 03, 2014. Rudolf Atul Chemicals increased sales by 51% from Rs. 210.000 Millions to Rs. 310.000 Millions, mainly because of volume growth.

World market for dyes and textile chemicals is estimated at US$ 12 bn and is growing at about 2% and Indian market is estimated at US$ 800 mn and is growing at about 3%. China is the largest manufacturer of dyes followed by India. World market for high performance pigments is estimated at US$ 3.5 bn and is growing at about 4%.

The main user industry, namely, Textile, is showing signs of recovery in India and abroad. Automobile industry is growing well. The Company along with Rudolf Atul Chemicals will participate in this growth by i) broadening its market reach, ii) increasing its manufacturing and working capital efficiencies and iii) introducing new dyes, pigments and textile chemicals.

Fluctuations in foreign exchange may impact sales realisations. Treatment costs are expected to remain high given that the manufacture of dyes generates significant pollutants.

POLYMERS

Polymers Business mainly comprises Epoxy Resins and Hardeners and formulations thereof, other components such as air release agents, reactive diluents, rheological modifiers, wetting agents, etc and Sulphones. These products are used by Automobile, Construction, Defence, Electrical and Electronics, Footwear, Handicraft, Marine, Paint and Coatings, Paper and Wind Energy industries. The Business comprises about 64 products and 275 formulations.

During 2013-14, sales increased by 35% from Rs. 4680.000 Millions to Rs. 6330.000 Millions. Sales in India increased by 33% from Rs. 3120.000 Millions to Rs. 4150.000 Millions. Brand sales which is currently only in India increased by 18% from Rs. 720.000 Millions from to Rs. 850.000 Millions. Sales outside of India increased by 40% from Rs. 1560.000 Millions to Rs. 2180.000 Millions and formed 34% of the total. Increase on account of volume was 24%. Sales from new products were Rs. 120.000 Millions. The Company completed 4 projects and undertook 5 projects for implementation. Though already incorporated, Atul Elkay Polymers Limited, a JV company, is still assessing the demand potential for stone care chemicals in India.

World market for Epoxy Resins and Hardeners is estimated at US$ 6.2 bn and is growing at about 2% and Indian market is estimated at US$ 225 mn and is growing at about 5%. There are about 7 major companies which dominate the world marketplace. The two key raw materials, namely Bisphenol-A and Epichlorohydrin, are imported into India. World market for Sulphones is estimated at US$ 300 mn and is growing at about 4%.

The user industries, Construction, Defence, Electrical and Electronics and Paint and Coatings, are growing well, particularly in India. The Company will participate in this growth by i) widening its market reach, ii) increasing its manufacturing and working capital efficiencies, iii) generating and adding new capacities of Epoxy Resins and Hardeners and iv) introducing new products and formulations.

Cheaper imports of Epoxy Resins and Hardeners will keep the contribution margins under pressure. Since the two main raw materials are imported, fluctuations in foreign exchange may impact margins.

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2014

(RS. IN MILLIONS)

PARTICULARS	Quarter Ended		Six Months Ended
	30.09.2014 [Unaudited]	30.06.2014 [Unaudited]	30.09.2014 [Unaudited]
Income from Operations
Net Sales/Income from Operations	6512.400	6361.900	12874.300
Other Operating Income	111.700	108.900	220.600
Total Income from operations (net)	6624.100	6470.800	13094.900
Expenses
(a) Cost of material consumed	3618.100	3541.000	7159.100
(b) Purchase of stock in trade	84.100	78.300	162.400
(c) Changes in inventories of finished goods, work in progress and stock in trade	(52.500)	(59.800)	(112.300)
(d) Power, fuel and water	751.400	723.600	1475.000
(e) Employee benefit expenses	383.600	400.700	784.300
(f) Depreciation and amortization expenses	136.700	135.600	272.300
(g) Other Expenses	869.700	748.700	1618.400
Total Expenses	5791.100	5568.100	11359.200
Profit from Operations before Other Income, Finance costs	833.000	902.700	1735.700
Other Income	85.600	15.200	100.800
Profit/ Loss from Ordinary Activities before Finance costs	918.600	917.900	1836.500
Finance costs	57.300	61.700	119.000
Profit/ Loss from Ordinary Activities before tax	861.300	856.200	1717.500
Tax Expenses
- Current Tax	235.000	248.700	483.700
- Deferred Tax	35.600	9.700	45.300
Net Profit/ Loss from Ordinary Activities after tax	590.700	597.800	1188.500
Paid- up Equity Share Capital (Face value of the share – Rs. 10)	296.600	296.600	296.600
Reserves excluding revaluation reserves as per balance sheet of Previous Accounting Year	--	--	--
Earnings Per Share
Basic and Diluted	19.92	20.15	40.07
PARTICULARS OF SHAREHOLDING
1. Public shareholding
Number of Shares	14639571	14645477	14639571
Percentage of Shareholding	49.36%	49.37%	49.36%
2. Promoters and promoter group shareholding
a) Pledged/Encumbered
- Number of Shares	430000	--	430000
- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	2.86%	--	2.86%
- Percentage of Shares (as a % of the Total Share Capital of the Company)	1.45%	--	1.45%
Non - encumbered
- Number of Shares	14592162	15016256	14592162
- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	97.14%	100.00%	97.14%
- Percentage of Shares (as a % of the total share capital of the company)	49.19%	50.63%	49.19%

	PARTICULARS	Quarter Ended 30.09.2014
B	Investor complaints (Nos.)
	Pending at the beginning of the quarter	Nil
	Received during the quarter	9
	Disposed of during the quarter	9
	Remaining unresolved at the end of the quarter	Nil

NOTES:

1) The above results have been reviewed and recommended for adoption by the Audit Committee in its meeting held on October 16, 2014 and approved by the Board of Directors at its meeting held on October 17, 2014. The report of the Statutory Auditors contains no qualification.

2) The Company had, in the year 1985 and 2008 revalued land and buildings and the related revaluation reserve (net) stood at Rs. 1013.800 Millions as at September 30, 2014. However with passage of time, the equitable values of the assets under the heads of land and buildings are overall much higher than their carrying values, vitiating the objective of the original exercise of revaluation. The Company has therefore changed its Accounting Policy to show all fixed assets at historical cost only. Accordingly, the Company has reversed the aforesaid amount of revaluation reserve, which will result in these assets being stated at their historical cost less accumulated depreciation. The above accounting treatment does not have any impact on the results of the current period.

3) Figures of the earlier periods have been regrouped | recast | reclassified wherever necessary including in the Segment revenue, results and capital employed.

4) The unaudited standalone 'Statement of assets and liabilities' and 'Segment revenue, results and capital employed' are annexed.

SEGMENT REVENUE, RESULTS AND CAPITAL EMPLOYED

(RS. IN MILLIONS)

PARTICULARS	Quarter Ended		Six Months Ended
	30.09.2014 [Unaudited]	30.06.2014 [Unaudited]	30.09.2014 [Unaudited]
1. Segment Revenue
a. Life Science Chemicals	1790.300	1772.900	3563.200
b. Performance and Other Chemicals	5198.800	4969.000	10167.800
Total	6989.100	6741.900	13731.000
Less: Inter – segment revenue	476.700	380.000	856.700
Total income from operations (net)	6512.400	6361.900	12874.300
2. Segment Results
Profit/ (loss) before tax and interest
a. Life Science Chemicals	297.100	371.800	668.900
b. Performance and Other Chemicals	649.100	605.200	1254.300
Total	946.200	977.000	1923.200
Less: Finance Costs	57.300	61.700	119.000
Other un-allocable expenditure net off un-allocable other operating income	27.600	59.100	86.700
Total Profit Before Tax	861.300	856.200	1717.500
3. Capital Employed
(Segment Assets – Segment Liabilities)
a. Life Science Chemicals	3314.100	2894.400	3314.100
b. Performance and Other Chemicals	7014.100	6947.000	7014.100
c. Unallocated	2297.700	2619.800	2297.700
Total	12625.900	12461.200	12625.900

STATEMENT OF ASSETS AND LIABILITIES

PARTICULARS		30.09.2014 [Unaudited]
A. EQUITY AND LIABILITIES
1. Shareholders’ Funds
a] Share Capital		296.800
b] Reserves and Surplus		9177.000
Sub-total – Shareholders’ funds		9473.800
2. Non-current Liabilities
a] Long term Borrowings		832.200
b] Deferred Tax Liabilities		352.000
c] Other current liabilities		0.000
d] Long term provisions		57.100
Sub-total - Non-current Liabilities		1241.300
3. Current Liabilities
a] Short term Borrowings		1675.100
b] Trade Payables		3049.800
c] Other Current Liabilities		1688.000
d] Short Term Provision		160.300
Sub-total - Current Liabilities		6573.200
TOTAL - EQUITY AND LIABILITIES		17288.300
B ASSETS
1. Non-current assets
a] Fixed assets		4898.400
b] Non-current investment		1364.700
c] long Term loans and Advances		322.000
d] Other non-current assets		543.900
Sub-total – Non- current assets		7129.000
2. CURRENT ASSETS
	Current Investments	200.000
	Inventories	4142.300
	Trade Receivables	4482.500
	Cash & Bank Balances	174.300
	Short Term loans and advances	901.600
	Other Current Assets	258.600
Sub-total – Current Assets		10159.300
TOTAL - ASSETS		17288.300

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Claims against the Company not acknowledged as debts in respects of:
(a) Excise	72.100	58.400
(b) Income tax	281.000	350.300
(c) Sales tax	6.700	0.000
(d) Customs	27.800	27.800
(e) Water charges	770.300	719.200
(f) Others	146.400	135.400
Total	1304.300	1291.100
NOTE: Future cash outflows in respect of (a) to (f) above are determinable on receipt of judgements | decisions pending with various forums | authorities

FIXED ASSETS:

· Land – Freehold

· Buildings

· Roads

· Plant and Equipment

· Railway Siding

· Office Equipment and Furniture

· Vehicles

· Computer software

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. 62.16
UK Pound	1	Rs. 94.28
Euro	1	Rs. 73.73

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	BVA

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
--PROFITABILIRY	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	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		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	--

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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.