MIRA INFORM REPORT

Report No. :	303033
Report Date :	13.01.2015

IDENTIFICATION DETAILS

Name :	ALKYL AMINES CHEMICALS LIMITED
Registered Office :	401-407, Nirman Vyapar Kendra, Plot No. 10, Sector 17, DBC, Vashi, Navi Mumbai – 400 703, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.10.1979
Com. Reg. No.:	11-021796
Capital Investment / Paid-up Capital :	Rs. 102.060 Millions
CIN No.: [Company Identification No.]	L99999MH1979PLC021796
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMA19115F
PAN No.: [Permanent Account No.]	AAACA9052B
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturers and Suppliers of Amines and Amine-based Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and decent profitability margins of the company. Trade relations reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered for normal business dealing 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	CRISIL
Rating	A (Long Term Rating)
Rating Explanation	Adequate degree of safety and lowest credit risk.
Date	July 24, 2014

Rating Agency Name	CRISIL
Rating	A1 (Short Term Rating)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	July 24, 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 :	401-407, Nirman Vyapar Kendra, Plot No. 10, Sector 17, DBC, Vashi, Navi Mumbai – 400703, Maharashtra, India.
Tel. No.:	91-22-67946600/ 67946618
Fax No.:	91-22-67946666
E-Mail :	info@alkylamines.com investorinfo@alkylamines.com krajagopalan@alkylamines.com vsundaramfcs@gmail.com legal@alkylamines.com mktgl@alkyamines.com purchase@alkylamines.com hr@alkylamines.com Export : intlsales@alkylamines.com
Website :	http://www.alkylamines.com
Factory 1 :	Plot No. A-7 and A-25, MIDC Patalganga Industrial Area, District Raigad–410220, Maharashtra, India
Factory 2 :	Plot No. D-6/1, and D-6/2, MIDC Kurkumbh Industrial Area. Taluka Daund, District Pune–413802, Maharashtra, India

DIRECTORS

AS ON 31.03.2014

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

KEY EXECUTIVES

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

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	13197896	64.71
Bodies Corporate	1910140	9.37
Sub Total	15108036	74.07
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	24752	0.12
Sub Total	24752	0.12
Total shareholding of Promoter and Promoter Group (A)	15132788	74.19
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1352	0.01
Foreign Institutional Investors	10000	0.05
Sub Total	11352	0.06
(2) Non-Institutions
Bodies Corporate	367264	1.80
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	2790173	13.68
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	1668748	8.18
Any Others (Specify)	426067	2.09
Clearing Members	119606	0.59
Non Resident Indians	306461	1.50
Sub Total	5252252	25.75
Total Public shareholding (B)	5263604	25.81
Total (A)+(B)	20396392	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	20396392	0.00

BUSINESS DETAILS

Line of Business :	Manufacturers and Suppliers of Amines and Amine-based Chemicals.
Products :	Amines and Amine-based Chemicals
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS ( As On 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Speciality Chemicals	M.T.	38115	36221
Industrial Gases	M.T.	4800000	2277240

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 :

Not Available

Bankers :

· State Bank of India

· Axis Bank Limited

• Standard Chartered Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2014	Rs. In Millions 31.03.2013
Long-term Borrowings
Term Loans
From Banks	395.158	273.669
From other parties - Financial Institutions	10.625	53.355
Short-term Borrowings
Loans repayable on demand
From Banks
Cash Credit Facilities	593.751	635.373
TOTAL	999.534	962.397

NOTES

LONG TERM BORROWINGS

Nature of Security and Terms of Repayment of Long-term Borrowings

		Rate of Interest	As At March 31, 2014 (Rs In Millions)	As At March 31, 2013 (Rs. In Millions)
a. I. i.	Nature of security Term Loan from Banks Term Loans of Rs. 112.500 Millions repayable in 60 monthly installments from November 30, 2009 and of Rs. 87.000 Millions repayable in 48 monthly installments from July 4, 2008 are secured by: a. Mortgage of the Company’s immovable properties specified in the relevant loan agreements; b. Hypothecation of the Company’s movable properties, both, present and future, save and except Book Debts and subject to prior charge created/or to be created in favour of the Company’s Bankers, on stocks of raw materials, semi-finished goods, finished goods and consumables stores for working capital requirements. The mortgage and charges referred to above rank pari-passu inter se.	Ranging from 13.50% p.a. to 15.25% p.a.	Nil	14.063
ii.	Term Loan of Rs. 80.000 Millions repayable in 60 monthly installments from October 31, 2009 to part finance Company's normal capital expenditure at Kurkumbh is secured by creation of charges on properties listed at item i.a. above and also a second charge by way of hypothecation of Raw Material Inventory, Book Debts, Movable Machinery, etc.	Ranging from 13.35% p.a. to 15% p.a.	4.124	20.120
iii.	Foreign Currency Term Loans of US$ 3.3 million repayable in 16 quarterly installments beginning from September 30, 2012 and of US$ 3 million repayable in 16 quarterly installments beginning from June 14, 2014 to part finance Company's normal capital expenditure are secured by creation of charges on properties listed at item i.a. above and also a second charge by way of hypothecation of Raw Material Inventory, Book Debts, Movable Machinery, etc.	3.48% p.a. to 3.66% p.a.*	295.066	312.753
	USD 3.2 million repayable in 16 quarterly instalments beginning from February 11, 2015	LIBOR plus 3.05% p.a.	194.432	0.000
iv.	Vehicle Loans are secured against specified assets repayable in equated monthly installments ranging from 36 to 60 months	Ranging from 8.86% to 10.95% p.a.	3.343	4.302
			496.965	351.238
	Less : Current Maturities of Long-term Debt		101.807	77.569
			395.158	273.669
II. Term Loan from Other Parties - Financial Institutions
i.	Term Loan of Rs. 170.000 Millions repayable in 16 installments from July 25, 2011 is secured by: a. Mortgage of the Company’s immovable properties specified in the relevant loan agreements; b. Hypothecation of the Company’s movable properties, both, present and future, save and except Book Debts and subject to prior charge created/or to be created in favour of the Company’s Bankers, on stocks of raw materials, semi-finished goods, finished goods and consumables stores for working capital requirements. The mortgage and charges referred to above rank pari-passu inter se.	12.00% p.a.	53.125	95.625
ii.	Vehicle Loans are secured against specified assets repayable in equated monthly installments of 36 months	8.70% p.a.	Nil	0.264
			53.125	95.889
	Less : Current Maturities of Long-term Debt		42.500	42.534
			10.625	53.355

Auditors :
Name :	Bansi S. Mehta and Company Chartered Accountants
Address :	11-13 Botawala Building, 2nd Floor Horniman Circle, Fort, Mumbai 400001, Maharashtra, India
PAN No.:	AAEPC3993Q
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Alkyl Speciality Chemicals Limited
Entities on which Key Managerial Personnel has Control :	Niyoko Trading and Consultancy Private Limited YMK Trading and Consultancy Private Limited Anjyko Investments Private Limited SYK Trading and Consultancy Private Limited
Entities on which relatives of Key Managerial Personnel has control:	Kamiko Investment and Trading Private Limited DSP HMK Holdings Private Limited ADIKO Investment Private Limited

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
1500000	Cumulative Redeemable Preference Shares	Rs.100/- each	Rs. 150.000 Millions
	TOTAL		Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10198196	Equity Shares	Rs.10/- each	Rs. 101.982 Millions
	Shares Forfeited		Rs. 0.078 Million
	TOTAL		Rs. 102.060 Millions

NOTES

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

Equity shares of Rs. 10 par value	As At March 31, 2014
	No. of shares	Rs. In Millions
At the beginning	10,198,196	101.982
At the end	10,198,196	101.982

Rights, preferences and restrictions

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

ii. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting. The Board of Directors, in their meeting on May 16, 2013, proposed a final dividend of Rs. 5 per equity share. The proposal is subject to the approval of shareholders at the Annual General Meeting. The total dividend appropriation for the year ended March 31, 2014 amounted to Rs. 95.452 Millions including corporate dividend tax of Rs. 13.866 Millions.

During the year ended March 31, 2013, the amount of per share dividend recognized as distribution to equity shareholders is Rs. 4. The Dividend appropriation for the year ended March 31, 2013 amounted to Rs. 59.657 Millions including corporate dividend tax of Rs. 8.666 Millions.

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

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

Name of the Shareholder	As At March 31, 2014
	No. of shares	% Held
Yogesh M. Kothari	61,03,311	59.85

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	102.060	102.060	102.060
(b) Reserves & Surplus	1299.804	966.450	786.786
(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)	1401.864	1068.510	888.846
(3) Non-Current Liabilities
(a) long-term borrowings	648.415	599.667	519.736
(b) Deferred tax liabilities (Net)	210.015	182.770	166.772
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	18.327	20.398	20.776
Total Non-current Liabilities (3)	876.757	802.835	707.284
(4) Current Liabilities
(a) Short term borrowings	705.651	734.723	582.909
(b) Trade payables	491.158	379.073	253.750
(c) Other current liabilities	303.803	255.812	242.499
(d) Short-term provisions	104.887	78.374	57.935
Total Current Liabilities (4)	1605.499	1447.982	1137.093
TOTAL	3884.120	3319.327	2733.223
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1536.902	1259.959	1221.571
(ii) Intangible Assets	11.098	1.066	1.738
(iii) Capital work-in-progress	16.928	73.216	42.136
(iv) Intangible assets under development	8.956	16.060	14.391
(b) Non-current Investments	22.602	23.427	23.427
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	113.872	148.483	80.559
(e) Other Non-current assets	29.458	0.000	32.568
Total Non-Current Assets	1739.816	1522.211	1416.390
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	827.176	726.866	497.282
(c) Trade receivables	897.976	759.652	603.580
(d) Cash and cash equivalents	228.583	154.370	110.736
(e) Short-term loans and advances	186.808	153.257	99.513
(f) Other current assets	3.761	2.971	5.722
Total Current Assets	2144.304	1797.116	1316.833
TOTAL	3884.120	3319.327	2733.223

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	4461.012	3658.602	2877.994
		Other Income	20.475	13.379	25.118
		TOTAL (A)	4481.487	3671.981	2903.112
Less	EXPENSES
		Cost of Materials Consumed	2412.436	2052.939	1541.396
		Purchases of Stock-in-Trade	0.000	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(7.352)	(50.106)	23.638
		Employees benefits expense	259.133	208.762	160.415
		Other expenses	951.215	871.383	730.352
		TOTAL (B)	3615.432	3082.978	2455.801
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		866.055	589.003	447.311
Less	FINANCIAL EXPENSES (D)		122.424	129.383	121.392
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		743.631	459.620	325.919
Less/ Add	DEPRECIATION/ AMORTISATION (F)		97.390	100.338	89.094
	PROFIT BEFORE TAX (E-F) (G)		646.241	359.282	236.825
Less	TAX (H)		217.435	119.962	65.187
	PROFIT AFTER TAX (G-H) (I)		428.806	239.320	171.638
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		550.003	394.240	287.212
Less	APPROPRIATIONS
		Transfer to General Reserve	42.900	23.906	17.200
		Dividend	81.586	50.991	40.793
		Tax on Dividend	13.866	8.660	6.617
	BALANCE CARRIED TO THE B/S		840.457	550.003	394.240
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	931.500	772.500	636.100
	TOTAL EARNINGS		931.500	772.500	636.100
	IMPORTS
		Raw Materials	333.705	198.469	211.072
		Stores & Spares	3.922	1.985	13.452
		Capital Goods	11.927	5.787	0.000
	TOTAL IMPORTS		349.554	206.241	224.524
	Earnings Per Share (Rs.)		42.05	23.47	16.83

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	9.61	6.54	5.96
Operating Profit Margin (PBDIT/Sales)	(%)	19.41	16.10	15.54
Return on Total Assets (PBT/Total Assets}	(%)	16.85	11.20	8.93
Return on Investment (ROI) (PBT/Networth)		0.46	0.34	0.27
Debt Equity Ratio (Total Debt /Networth)		0.97	1.25	1.24
Current Ratio (Current Asset/Current Liability)		1.34	1.24	1.16

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	102.060	102.060	102.060
Reserves & Surplus	786.786	966.450	1299.804
Net worth	888.846	1068.510	1401.864
long-term borrowings	519.736	599.667	648.415
Short term borrowings	582.909	734.723	705.651
Total borrowings	1102.645	1334.390	1354.066
Debt/Equity ratio	1.241	1.249	0.966

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	2877.994	3658.602	4461.012
		27.123	21.932

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	2877.994	3658.602	4461.012
Profit	171.638	239.320	428.806
	5.96%	6.54%	9.61%

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	No
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	-----
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

UNSECURED LOAN

Particular

Rs. In Millions

31.03.2014

Rs. In Millions

31.03.2013

Long-term Borrowings

Deferred Payment Liability

Sales Tax Deferral under the Package Scheme of Incentives, 1993

79.132

90.293

Loans and advances from related parties

Deposits - Inter Corporate

138.500

83.000

From Related Parties

25.000

47.450

From Others

0.000

51.900

Short-term Borrowings

Loans and Advances from Related Parties

Deposits - Inter Corporate

21.550

69.300

From Related Parties

31.950

26.050

From Others

58.400

4.000

TOTAL

354.532

371.993

NOTE

LONG TERM BORROWINGS

		Terms of Repayment	As At March 31, 2014 (Rs. In Millions)	As At March 31, 2013 (Rs. In Millions)
b.	Terms of repayment of unsecured borrowings
	Borrowings
i.	Deferred payment liability	Repayable after 10 years from the respective year in which actual tax was collected starting from April 26, 2012.	87.184	95.855
	Less : Current Maturities of Long-term Debt		8.052	5.562
			79.132	90.293
ii.	Loans and advances from Related Parties	Not repayable before March 31, 2014 and carries interest rate ranging from 10.50% to 12% p.a.	138.500	83.000
iii.	Deposits - Inter Corporate	Not repayable before March 31, 2014 and carries interest rate ranging from 10.50% to 12% p.a.	25.000	99.350

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10532625	05/11/2014	112,000,000.00	Axis Bank Limited	CORPORATE BANKING BRANCH, AXIS HOUSE, GROUND FLOOR  , PANDURANG BUDHKAR MARG, WORLI, MUMBAI, Maharashtra - 400025, INDIA	C34493098
2	10488340	09/04/2014	56,000,000.00	Standard Chartered Bank	STANDARD CHARTERED BANK, G-BLOCK, BANDRA KURLA CO  MPLEX,, MUMBAI, Maharashtra - 400051, INDIA	C02640613
3	10457606	09/04/2014 *	204,800,000.00	Standard Chartered Bank	STANDARD CHARTERED BANK, G-BLOCK, BANDRA KURLA CO  MPLEX, MUMBAI, Maharashtra - 400051, INDIA	C02637619
4	10407563	01/03/2013	165,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, HORNIMAN CIRCLE, N. G. N. VAID  YA MARG, FORT, MUMBAI, Maharashtra - 400001, INDIA	B69399954
5	10329982	30/12/2011	148,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, HORNIMAN CIRCLE, N G N VAIDYA MARG FORT, MUMBAI, Maharashtra - 400023, INDIA	B29960200
6	10188234	22/04/2010 *	170,000,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTR  E COMPLEX, CUFFE PARADE,, MUMBAI, Maharashtra - 40  0005, INDIA	A85025252
7	90231675	12/09/2014 *	1,177,100,000.00	State Bank of India	COMMERCIAL BRANCH, HORNIMAN CIRCLE,, N G N VAIDYA  MARG, FORT, MUMBAI, Maharashtra - 400023, INDIA	C25888983

OPERATIONS

Despite challenging macro economic conditions, total Income (gross) increased by 22% from Rs. 4066.700 millions of the previous year to Rs. 4944.300 millions for the year 2013-14. Profit before tax registered an 80% increase from Rs. 359.300 millions to Rs. 646.200 millions and profit after tax increased by 79% from Rs. 239.300 millions to Rs. 428.800 millions.

NEW PROJECTS

We had reported last year commissioning of our new plant to produce Acetonitrile, a chemical, which has applications in pharma and agrochemical sectors. We are in the process of enhancing the capacity of this plant, which is expected to be completed by third quarter of 2014.

As we had reported in last year’s Annual Report, we are implementing a project at Dahej, Gujarat, for manufacture of methylamines, its various derivatives and speciality chemicals. The land allocation has been done by the Government of Gujarat and further steps for implementation of the Project are being taken.

ASSOCIATE/SUBSIDIARY COMPANIES

1. DIAMINES AND CHEMICALS LIMITED, VADODARA

Diamines and Chemicals Limited., Vadodara, our associate company, has achieved a total income (gross) of Rs. 4947 millions as against Rs. 641.100 millions of the previous year and a profit after tax of Rs. 7.500 millions as against Rs. 17.000 millions of the previous year.

2. ALKYL AMINES (EUROPE) SPRL

Our subsidiary company, Alkyl Amines (Europe) SPRL in Belgium with an initial share capital of Euro 12400 was remaining dormant and hence, we have closed down this company on March 31, 2014.

3. ALKYL SPECIALITY CHEMICALS LIMITED

This company is engaged in marketing of their new products.

This company achieved a total income of Rs.5.192 Millions (Previous Year: Rs. 2.282 Millions) and a profit after tax of Rs. 4.316 Millions as against Rs1.306 Millions of the previous year.

Pursuant to Accounting Standard AS21 issued by the Institute of Chartered Accountants of India, Consolidated Financial Statements presented by the Company include the financial information of Diamines and Chemicals Limited, Alkyl Amines Europe SPRL and Alkyl Speciality Chemicals Limited.

The Annual Accounts of the Subsidiary companies Alkyl Amines Europe SPRL and Alkyl Speciality Chemicals Limited are available for inspection by any member at the registered office during business hours. The Company will send copies thereof to the shareholders who may, if required, write to the company.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENT

We are global manufacturers and suppliers of amines and amine-based chemicals. We have two manufacturing sites, one at Patalganga and the other at Kurkumbh. We have an R&D Centre located at Pune equipped with advanced equipments and analytical instruments. We have an excellent team of technical and commercial professionals with expertise in chemicals manufacture and marketing.

Our products have application in important industries like pharmaceuticals, agro-chemicals, water treatment chemicals, foundry chemicals, rubber chemicals, etc. We cater to both domestic and international market. We have competition both from local producers and international producers..

PERFORMANCE

Total Income (net of taxes) amounted to Rs. 4481.500 Millions compared to Rs. 3672.000 Millions of the previous year.

FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

The operating profit before tax amounted to Rs.6462 millions compared to Rs.359.300 millions reported last year.

During the year, our domestic sales amounted to Rs.3936.500 millions compared to Rs.3211.400 millions of the previous year. Export sales increased to Rs.931.500 millions (FOB) compared to Rs.772.500 millions of the previous year.

OUTLOOK

For the year 2014-15, our focus will continue on sustainable growth by taking measures for increasing our market share of existing products, launching new products and creating new business in untapped growth market segments in Export market.

Though there is sluggish demand in certain sectors and also increased competition from global and domestic players, we expect the trend shown in 2013-14 to continue in the year 2014-15. With the global growth of chemicals focused more on Asia, it is expected that there will be further growth in chemical industry.

During the year 2014-15, we expect the investments, which we made in our new product Acetonitrile, and also in debottlenecking capacities of other products, add to both our topline and bottomline.

We will continue with our efforts for improving our market share while re-looking at business strategies and models, wherever necessary. With our continuous efforts for improving efficiencies and margins, barring, unforeseen circumstances, we expect to achieve better results for the year 2014-15.

FIXED ASSETS

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

STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER ENDED JUNE 30, 2013

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^Th SEPTEMBER 2014

Sr. No	PARTICULAR		Quarter Ended		Half year ended
			30.09.2014	30.06.2014	30.09.2014
			Unaudited	Unaudited	Unaudited
1	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)		1169.272	1242.509	2411.781
	b. Other Operating Income		9.243	26.530	35.773
	Total Income from Operations (Net)		1178.515	1269.039	2447.554
2	Expenditure
	a. Cost of material Consumed		623.554	643.279	1266.833
	b. Purchase of Stock-in trade		0.000	0.000	0.000
	c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade		7.157	85.641	92.798
	d. Power and fuel		131.932	124.810	256.742
	e. Employees Benefit Expenses		83.789	77.273	161.063
	f. Depreciation and Amortisation Expenses		29.508	26.918	56.426
	g. Other expenses		121.364	101.784	222.981
	Total Expenses		997.304	1059.705	2056.843
3	Profit from Operations before Other Income, Interest and Exceptional Items		181.211	209.334	390.711
4	Other Income		3.074	3.329	6.236
5	Profit from ordinary activities before finance cost & exceptional items		184.285	212.663	396.947
6	Finance Costs		26.235	28.742	54.977
7	Profit from ordinary activities after finance costs & exceptional items		158.050	183.921	341.970
8	Exceptional items		--	--	--
9	Profit from ordinary activities before tax		158.050	183.921	341.970
10	Tax Expense		53.290	59.550	112.840
11	Net Profit from ordinary activity after tax		104.760	124.371	229.130
12	Extraordinary Items		--	--	--
13	Net Profit After Tax		104.760	124.371	229.130
14	Paid-up equity share capital (face value of Rs.10 per share)		102.060	102.060	102.060
15	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year		--	--	--
16	Earning Per Share (of Rs.10 each) (not annualized)
	Basic EPS		0.514	0.610	1.123
	Diluted EPS		0.514	0.610	1.123
A		PARTICULARS OF SHAREHOLDING
17		Public Shareholding
		- No. of shares	5263604	5263604	5263604
		- Percentage of shareholding	25.81%	25.81%	25.81%
18		Promoter & Promoter Group Shareholding
		a) Pledged/Encumbered
		- No. of shares	--	--	--
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	--	--	--
		- Percentage of shareholding (as a % of the total share capital of the company)	--	--	--
		b) Non-encumbered
		- No. of shares	12132788	12132788	12132788
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	100%	100%	100%
		- Percentage of shareholding (as a % of the total share capital of the company)	74.19%	74.19%	74.19%

B. Investor Complaints	30.09.2014
Pending at the beginning of the quarter	Nil
Receiving during the quarter	3
Disposed of during the quarter	3
Remaining unreserved at the end of the quarter	Nil

SOURCES OF FUNDS	As on 30.09.2014 (Unaudited)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	102.060
(b) Reserves & Surplus	1619.176
(2) Minority Interest
	1721.236
(3) Non-Current Liabilities
(a) long-term borrowings	690.562
(b) Deferred tax liabilities (Net)	216.330
(c) Other long term liabilities	0.000
(d) long-term provisions	23.825
	930.717
(4) Current Liabilities
(a) Short term borrowings	546.705
(b) Trade payables	302.145
(c) Other current liabilities	300.674
(d) Short-term provisions	29.562
	1179.086
TOTAL	3631.039
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	1620.202
(b) Non-current Investments	22.602
(c) Long-term Loan and Advances	160.648
(d) Other non-current Assets	41.290
	1844.742
(2) Current assets
(a) Inventories	552.766
(b) Trade receivables	886.481
(c) Cash and cash equivalents	146.022
(d) Short-term loans and advances	193.644
(e) Other current assets	3.761
	1782.674
TOTAL	3631.039

2. The above results have been subjected to limited review by the Statutory Auditors of the Company, reviewed by the Audit Committee and approved by the Board Directors at its meeting held on October 28, 2014.

3. The Company is engaged in only one primary business segment i.e. “Speciality Chemicals”.

4. Effective from April 1, 2014, the Company has provided depreciation with reference to the useful lives of tangible assets as specified in Schedule II to the Companies Act, 2013. Accordingly, the carrying amount, net of residual value, as on that date have been depreciated over the revised remaining useful lives of the assets. As a result the charge for depreciation is lower by Rs.1.660 millions and Rs.4.213 millions for the quarter and half year ended September 30, 2014 respectively. Further, an amount of Rs.9.758 millions (Net of deferred tax of Rs.5.025 millions) has been adjusted against General Reserve, being the carrying amount of assets after retaining residual value, in cases where the remaining useful lives have been completed

5. The shareholders of the Company through Postal Ballot Notice dated June 3, 2014, approved the sub-division (split) of one equity share of the Company from nominal value of Rs.10/- each into two equity shares of nominal value of Rs.5/- each. The record date for the sub-division was September 9, 2014. All shares and per share information in the financial results reflect the effect of sub-division (split) retrospectively for the earlier reporting periods.

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

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. 94.27
Euro	1	Rs. 73.73

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
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	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		62

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.