MIRA INFORM REPORT

Report No. :	333309
Report Date :	22.07.2015

IDENTIFICATION DETAILS

Name :	MARICO LIMITED

Registered Office :	7^th Floor, Grande Palladium, 175, CST Road, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra
Tel. No.:	91-22-66480480

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	13.10.1988

Com. Reg. No.:	11-049208

Capital Investment / Paid-up Capital :	Rs.645.000 Million

CIN No.: [Company Identification No.]	L15140MH1988PLC049208

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

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

Line of Business :	Manufacturer and markets consumer products such as coconut oil, hair oils, refined edible oils, anti-lice treatments, fabric care, functional and other processed foods, hair creams and gels, hair serums, shampoos, shower gels, hair relaxers and straighteners, deodorants, and other consumer products.

No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Aa (78)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject was established in the year 1988 and it is a leading manufacturer of coconut oil, hair oils, and premium refined edible oils in consumer packs. It is a well-established and reputed company having fine track record. For the financial year ended 2015, company possesses adequate operational performance and it has achieved decent topline growth of 23.10% along with profitability margins at 11.30%. Rating also reflects Marico’s established market presence in the hair care, health care and male-grooming segments in India supported by healthy operating efficiency along with robust financial risk profile, healthy capital structure and strong debt protection metrics. Trade relations are reported as trustworthy. Payments are reported to be regular and as per commitment. In view of strong business profile along with robust financial base, the company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES:

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = AA+
Rating Explanation	High degree of safety and very low credit risk.
Date	03.09.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	03.09.2014

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 31-03-2013.

INFORMATION DENIED

Management non co-operative (91-22-66480480)

LOCATIONS

Registered Office/ Corporate Office / Head Office :	7^th Floor, Grande Palladium, 175, CST Road, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra
Tel. No.:	91-22-66480480
Fax No.:	91-22-66490114/ 26500159
E-Mail :	investor@mailcoindia.net
Website :	www.marico.com www.maricobd.com www.maricoinnovationfoundation.org www.parachuteadvansed.com www.saffolalife.com www.haircodeworld.com www.icpvn.com www.chottekadam.com www.setwet.com www.livonhairgain.com www.livonilovemyhair.com www.code10.com

Regional Offices :	Located At: South RO: 510 and 511, B Block, 5th Floor, Swapnalok Complex, S. D Road, Secunderabad-500003, Andhra Pradesh, India West RO : Plot No. 23/C, Mahal Industrial Estate, Mahakali Caves Road, Land Mark : Before Paper Box Factory, Opposite Andhra Bank and Travellers Inn hotel, Andheri (E) Mumbai - 400 093, Maharashtra, India Tel: 91-22-26732439-40, 26732472 East RO : Room No 416, 4th floor, Krishna Building, 224 AJC Bose Road, Kolkata -700017, India North RO : Unit No.: JA 1101, 11th Floor, DLF Tower – “A”, Jasola, Delhi, India

Factories :	Located At : Kanjikode Pondicherry Jalgaon Dehradun Goa Baddi Paonta Sahib Paldhi Perundurai

DIRECTORS

As on 31.03.2015

Name :	Mr. Saugata Gupta
Designation :	Managing director
Address :	5 and 6 , 3^rd and 4^th Floor, Shimira,16^th Road, Khar (West), Mumbai - 400052, Maharashtra, India
Date of Appointment :	01.04.2014
DIN No.:	05251806

Name :	Mr. Atul Champaklal Choksey
Designation :	Director
Address :	Geetanjali, 9 N Gamadia Road, Off Peddar Road, Mumbai - 400026, Maharashtra, India
Date of Appointment :	18.07.2002
DIN No.:	00002102

Name :	Mr. Rajendra Kishore Mariwala
Designation :	Director
Address :	Sudha Kunj, 2nd Floor 3 Tardeo, Mumbai - 400034, Maharashtra, India
Date of Appointment :	26.07.2005
DIN No.:	00007246

Name :	Mr. Nikhil Nirvan Khattau
Designation :	Director
Address :	No. P - 4, 1st Floor, Patropolis, 58, SBS Road, Colaba, Mumbai - 400005, Maharashtra, INDIA
Date of Appointment :	18.07.2002
DIN No.:	00017880

Name :	Mr. Nagesh Satyanarayan Basavanhalli
Designation :	Director
Address :	81/82, B Wing, Park Plaza, New Yari Road, Andheri (West), Mumbai - 400061, Maharashtra, India
Date of Appointment :	16.07.2010
DIN No.:	00027595

Name :	Mr. Hema Ravichandar
Designation :	Director
Address :	3-C, Moyenville Place, No.18, Moyenville Road, Langford Town, Bangalore - 560025, Karnataka, India
Date of Appointment :	26.07.2005
DIN No.:	00032929

Name :	Mr. Rajeev Bakshi
Designation :	Director
Address :	Sanghi Residency, 12th Floor, TTA Palki Lane, Off. Ca Dell Rd, Prabhadevi, Mumbai - 400025, Maharashtra, India
Date of Appointment :	17.07.2003
DIN No.:	00044621

Name :	Mr. Anand Thirumalachar Kripalu
Designation :	Director
Address :	Flat No. 7, Bournville Apartment, 19 Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India
Date of Appointment :	26.04.2007
DIN No.:	00118324

Name :	Mr. Harsh Charandas Mariwala
Designation :	Director
Address :	2nd Floor, 7TH On The Hill, Auxilium Convent Rd, Rajendra Kumar Chowk, Pali Hill, Bandra (West), Mumbai - 400050, Maharashtra, India
Date of Appointment :	13.10.1988
DIN No.:	00210342

KEY EXECUTIVES

Name :	Mr. Vivek Anant Karve
Designation :	Chief Financial Officer
Address :	302, Yashwant Chittaranjan Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India
Date of Appointment :	01.04.2014
PAN No.:	AAFPK1157P

Name :	Hemangi Eknath Wadkar
Designation :	Company Secretary
Address :	15/C, Durlabh Bhuvan, 1st Floor, Jalbhai Street, Grant Road, Mumbai, 400004, Maharashtra, India
Date of Appointment :	27.10.2010
PAN No.:	AARPW6933B

Management Team :	Mr. Ashutosh Telang Mr. Jitendra Mahajan Mr. Mukesh Kripalani Mr. Sameer Satpathy Mr. Sridhar B. Mr. Sudhakar Mhaskar Mr. Vivek Karve Mr. Ashish Joshi

Audit Committee :	Mr. Nikhil Khattau, Chairman Mr. Rajen Mariwala, Member Mr. Hema Ravichandar, Member Mr. B. S. Nagesh, Member Mrs. Hemangi Ghag, Secretary to the Committee Mr. Harsh Mariwala, Permanent Invitee Mr. Saugata Gupta, Permanent Invitee

Corporate Governance Committee :	Mrs. Hema Ravichandar, Chairperson Mr. Rajeev Bakshi, Member Mr. Anand Kripalu, Member Mr. B.S. Nagesh, Member Mr. Ashutosh Telang, Secretary to the Committee Mr. Harsh Mariwala, Permanent Invitee Mr. Saugata Gupta, Special Invitee (w.e.f. April 30, 2014)

Corporate Social Responsibility Committee :	Mr. Harsh Mariwala Mr. Atul Choksey Mr. Rajen Mariwala Ms. Priya Kapadia

Risk Management Committee :	Mr. Saugata Gupta Mr. Harsh Mariwala Mr. Vivek Karve

SHAREHOLDING PATTERN

As on 30.06.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	375205520	58.16
Bodies Corporate	8822000	1.37
Sub Total	384027520	59.53
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	900000	0.14
Sub Total	900000	0.14
Total shareholding of Promoter and Promoter Group (A)	384927520	59.67
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	12946955	2.01
Financial Institutions / Banks	134800	0.02
Central Government / State Government(s)	672864	0.10
Insurance Companies	14058358	2.18
Foreign Institutional Investors	161360872	25.01
Foreign Venture Capital Investors	4770649	0.74
Any Others (Specify)	22702894	3.52
Others	22702894	3.52
Sub Total	216647392	33.58
(2) Non-Institutions
Bodies Corporate	18933671	2.94
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	19448169	3.01
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	3354952	0.52
Any Others (Specify)	1773695	0.27
Non Resident Indians	1473390	0.23
Clearing Members	219906	0.03
Trusts	80399	0.01
Sub Total	43510487	6.74
Total Public shareholding (B)	260157879	40.33
Total (A)+(B)	645085399	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)	645085399	100.00

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

Sl. No.	Name of the Shareholder	Details of Shares held
Sl. No.	Name of the Shareholder	No. of Shares held	As a % of grand total
1	Harsh C Mariwala With Kishore V Mariwala For Valentine Family Trust	73376000	11.37
2	Harsh C Mariwala With Kishore V Mariwala For Aquarius Family Trust	73376000	11.37
3	Harsh C Mariwala With Kishore V Mariwala For Taurus Family Trust	73376000	11.37
4	Harsh C Mariwala With Kishore V Mariwala For Gemini Family Trust	73376000	11.37
5	Rajvi H Mariwala	14600000	2.26
6	Rishabh H Mariwala	13100000	2.03
7	Archana H Mariwala	12300000	1.91
8	Harsh C Mariwala	9954600	1.54
9	Arctic Investment And Trading Company Private Limited	8785000	1.36
10	Ravindra Kishore Mariwala	6593200	1.02
11	Harshraj C Mariwala (HUF)	6120000	0.95
12	Paula R Mariwala	3709100	0.57
13	Anjali R Mariwala	3709100	0.57
14	Rajen K Mariwala	3368200	0.52
15	Hema K Mariwala	2418540	0.37
16	Kishore V Mariwala	1481660	0.23
17	Hema K Mariwala	1497600	0.23
18	Ravindra.K.Mariwala	944620	0.15
19	Pallavi C Jaikishen	916000	0.14
20	Malika Chirayu Amin	900000	0.14
21	Preeti Gautam Shah	900000	0.14
22	Rajen K Mariwala	75000	0.01
23	The Bombay Oil Pvt Ltd	37000	0.01
24	Ravindra.K.Mariwala	4500	0.00
25	Kishore V Mariwala	2350	0.00
26	Kishore V Mariwala	2350	0.00
27	Kishore V Mariwala	2350	0.00
28	Kishore V Mariwala	2350	0.00
	Total	384927520	59.67

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

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Arisaig Partners (Asia) Pte Limited A/C Arisaig India Fund Limited	33278269	5.16
2	Life Insurance Corporation of India	12029763	1.86
3	Hasham Investment And Trading Company Private Limited	8771819	1.36
4	Franklin Templeton Investment Funds	8427406	1.31
5	Baring India Private Equity Fund Iii Listed Investments Limited	7352941	1.14
	Total	69860198	10.83

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares
Sl. No.		No. of Shares	Shares as % of Total No. of Shares
1	Arisaig Partners (Asia) Pte Limited A/C Arisaig India Fund Limited	33278269	5.16
	Total	33278269	5.16

BUSINESS DETAILS

Line of Business :	Manufacturer and markets consumer products such as coconut oil, hair oils, refined edible oils, anti-lice treatments, fabric care, functional and other processed foods, hair creams and gels, hair serums, shampoos, shower gels, hair relaxers and straighteners, deodorants, and other consumer products.

Products :	Coconut Oil Hair Oils Refined Edible Oils Anti-Lice Treatments Fabric Care Functional And Other Processed Foods Hair Creams And Gels Hair Serums Shampoos Shower Gels Hair Relaxers And Straighteners Deodorants

Brand Names :	Parachute Nihar Saffola Hair and Care Revive Mediker Livon Code 10 Set-wet

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Not Divulged

Purchasing :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	Axis Bank Limited
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Barclays Bank PLC
BNP Paribas
Citibank N.A.
HDFC Bank Limited
ICICI Bank Limited
Kotak Mahindra Bank Limited
Standard Chartered Bank
State Bank of India
The Hong Kong and Shanghai Banking
Corporation Limited

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loans from banks
External commercial borrowing from The Hong Kong and Shanghai Banking Corporation Limited	1687.400	2515.400
SHORT TERM BORROWING
From Banks	86.400	121.700
Cash Credit
Export Packing credit in INR	0.000	390.000
Total	1773.800	3027.100

Note:

Long Term Borrowing

(Loan carries interest @ LIBOR plus 2.1% (Previous year LIBOR plus 2.1%) and is secured by (i) Pledge of shares of International Consumer Products Corporation ( a Subsidiary company) (ii) First ranking pari passu charge over all current and future plant and machinery (iii) Mortgage on land and building situated at Andheri, Mumbai.)

The loan is repayable over a period of 6 years commencing from February 11, 2011 as under:–

1st installment – USD 3 million – payable at the end of 36 months

2nd installment – USD 3 million – payable at the end of 42 months

3rd installment – USD 6 million – payable at the end of 48 months

4th installment – USD 6 million – payable at the end of 54 months

5th installment – USD 9 million – payable at the end of 60 months

6th installment – USD 12 million – payable at the end of 66 months

7th installment – USD 15 million – payable at the end of 72 months

Total amount – USD 54 million

Statutory Auditors :
Name :	Price Waterhouse Chartered Accountant

Internal Auditors :	Ernst and Young LLP

Cost Auditor :	Ashwin Solanki and Associates

Secretarial Auditor :	Dr. K. R. Chandratre

Memberships :	Not Available

Collaborators :	Not Available

Subsidiaries :	Wind Company (Through MELCC)

Others – Entities in which KMP has significant influence and transactions have taken place:	Marico Kaya Enterprises Limited Kaya Limited Kaya Middle East FZE Derma Rx Aesthetics Pre Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital:

No. of Shares	Type	Value	Amount

1150000000	Equity Shares	Rs.1/- each	Rs.1150.000 Million
100000000	Preference Shares	Rs.10/- each	Rs.1000.000 Million
	Total		Rs.2150.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

644981999	Equity Shares	Rs.1/- each	Rs.645.000 Million

Reconciliation of number of shares

Equity Shares	As on 31.03.2015
Equity Shares	Number of Shares	Rs. In Millions
Balance as at the beginning of the year	644872999	644.900
Shares Issued during the year	109000	0.100
Shares issued on Preferential allotment basis	---	---
Balance as at the end of the year	644981999	645.000

Rights, preferences and restrictions attached to shares:

Equity Shares: The Company has one class of equity shares having a par value of Re. 1 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

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

Name of Shareholder	As on 31.03.2015
Name of Shareholder	Number of Shares	% holding
Harsh C Mariwala with Kishor V Mariwala (For Valentine Family Trust)	73376000	11.38
Harsh C Mariwala with Kishor V Mariwala (For Aquarius Family Trust)	73376000	11.38
Harsh C Mariwala with Kishor V Mariwala (For Taurus Family Trust)	73376000	11.38
Harsh C Mariwala with Kishor V Mariwala (For Gemini Family Trust)	73376000	11.38
Arisaig Partners (Asia) Pte Limited	33278269	5.16
First State Investments (along with Persons acting in concert)	31128195	4.83

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	645.000	644.900	644.800
(b) Reserves & Surplus	22783.900	19088.500	19269.500
(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)	23428.900	19733.400	19914.300

(3) Non-Current Liabilities
(a) long-term borrowings	1687.400	2515.400	3768.300
(b) Deferred tax liabilities (Net)	122.500	127.500	30.400
(c) Other long term liabilities	0.000	0.000	9.700
(d) long-term provisions	17.000	0.000	0.000
Total Non-current Liabilities (3)	1826.900	2642.900	3808.400

(4) Current Liabilities
(a) Short term borrowings	86.400	1565.900	2793.600
(b) Trade payables	4043.800	3206.400	3100.800
(c) Other current liabilities	2333.800	3870.700	1523.700
(d) Short-term provisions	590.800	416.500	541.900
Total Current Liabilities (4)	7054.800	9059.500	7960.000

TOTAL	32310.600	31435.800	31682.700

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4580.000	4832.400	3227.600
(ii) Intangible Assets	235.600	109.000	124.700
(iii) Capital work-in-progress	20.700	20.600	1453.400
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	11288.600	11329.300	10870.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	691.900	678.200	1392.800
(e) Other Non-current assets	1206.700	1549.200	1353.400
Total Non-Current Assets	18023.500	18518.700	18422.400

(2) Current assets
(a) Current investments	2061.800	2338.300	2294.200
(b) Inventories	7915.900	6639.600	7089.800
(c) Trade receivables	1305.500	1484.500	1238.500
(d) Cash and cash equivalents	969.700	1289.500	220.300
(e) Short-term loans and advances	1703.200	896.300	2334.100
(f) Other current assets	331.000	268.900	83.400
Total Current Assets	14287.100	12917.100	13260.300

TOTAL	32310.600	31435.800	31682.700

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	46812.000	36824.900	34071.000
	Other Income	1408.000	2353.300	502.000
	TOTAL	48220.000	39178.200	34573.000

Less	EXPENSES
	Cost of Materials Consumed	26758.900	18421.600	17600.900
	Purchases of Stock-in-Trade	1347.100	1384.200	2026.100
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(948.700)	241.500	(1327.000)
	Employees benefits expense	1971.700	1722.900	1556.900
	Other expenses	11063.400	9468.900	8993.100
	Exceptional items	0.000	0.000	(465.000)
	TOTAL	40192.400	31239.100	28385.000

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	8027.600	7939.100	6188.000

Less	FINANCIAL EXPENSES	169.700	304.300	436.800

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	7857.900	7634.800	5751.200

Less/ Add	DEPRECIATION/ AMORTISATION	547.500	462.000	331.300

	PROFIT/ (LOSS) BEFORE TAX	7310.400	7172.800	5419.900

Less	TAX	1858.700	1400.600	1129.000

	PROFIT/ (LOSS) AFTER TAX	5451.700	5772.200	4290.900

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	13941.700	11628.400	8354.300

Less	APPROPRIATIONS
	Transfer to General Reserve	0.000	577.200	429.100
	Tax on Dividend	137.200	93.700	52.300
	Debenture Redemption Reserve	111.700	208.600	213.000
	Distribution to shareholders	1612.400	2579.400	322.400
	Total	1861.300	3458.900	1016.800

	Balance Carried to the B/S	17532.100	13941.700	11628.400

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	2070.900	1627.600	1385.900
	Royalty	71.500	67.800	60.800
	Dividend	948.700	2029.900	187.100
	Interest	7.100	14.900	41.000
	Reimbursement of corporate guarantee commission	0.000	7.400	7.000
	TOTAL EARNINGS	3098.200	3747.600	1681.800

	IMPORTS
	Raw Materials	1558.500	1400.000	1492.200
	Packing Materials	10.900	54.600	11.800
	Capital Goods	35.600	35.900	3.600
	Stock in trade	39.900	13.700	1.500
	TOTAL IMPORTS	1644.900	1504.200	1509.100

	Earnings / (Loss) Per Share (Rs.)	8.45	8.94	6.65

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	937.500	1,539.000	811.600
Cash generated from operations	7035.200	4135.700	53145.400
Net cash Generated from Operating Activities	5520.500	2563.500	4443.600

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	11.65	15.67	12.59

Operating Profit Margin (PBDIT / Sales)	(%)	17.15	21.56	18.16

Return on Total Assets (PBT/Total Assets}	(%)	34.81	35.71	28.00

Return on Investment (ROI) (PBT/Networth)		0.31	0.36	0.27

Debt Equity Ratio (Total Debt/Networth)		0.12	0.28	0.37

Current Ratio (Current Asset/Current Liability)		2.03	1.43	1.67

STOCK PRICES

Face Value	Rs.1.00 /- each
Market Value	Rs.429.30 /- each

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	644.800	644.900	645.000
Reserves & Surplus	19269.500	19088.500	22783.900
Net worth	19914.300	19733.400	23428.900

long-term borrowings	3768.300	2515.400	1687.400
Short term borrowings	2793.600	1565.900	86.400
Current Maturities of Long Term Debt	811.600	1539.000	937.500
Total borrowings	7373.500	5620.300	2711.300
Debt/Equity ratio	0.370	0.285	0.116

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	34071.000	36824.900	46812.000
		8.083	27.121

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	34071.000	36824.900	46812.000
Profit	4290.900	5772.200	5451.700
	12.59%	15.67%	11.65%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----------------------
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	----------------------
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	----------------------
33	Market information	----------------------
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
From Banks
Buyers credit in foreign currency (These borrowings were for a term of twelve months from the date of shipment of goods and carried interest rate of LIBOR plus applicable spread, ranging from 0.50% to 1.50% per annum.)	0.000	179.700
Export Packing credit INR (These borrowings were for a term of one month to eight months and carried interest rate of Bank Base rate plus applicable spread less interest subvention, ranging from 7.00% to 7.45% per annum).	0.000	50.000
Cash Credit	0.000	824.500
Total	0.000	1054.200

INDEX OF CHARGES

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10294992	07/05/2012 *	2,466,990,000.00	HSBC BANK (MAURITIUS) LIMITED	HSBC CENTRE, 18, CYBERCITY, EBENE, - 000000, MAURITIUS	B40158875
2	10020050	02/11/2010 *	2,930,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, NEVILLE HOUSE, J. N. HEREDIA MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	A99405300

* Date of charge modification

THE COMPANY AND NATURE OF ITS OPERATIONS:

Subject headquartered in Mumbai, Maharashtra, India, carries on business in branded consumer products. Marico manufactures and markets products under brands such as Parachute, Nihar, Saffola, Hair and Care, Revive, Mediker, Livon, Code 10 and Set-wet etc. Marico’s products reach its consumers through retail outlets serviced by Marico’s distribution network comprising regional offices, carrying & forwarding agents, redistribution centers and distributors spread all over India.

RESULTS OF OPERATIONS – AN OVERVIEW

Marico achieved revenue from operations of Rs.57330.000 Million during FY15, a growth of 22% over FY14. The volume growth underlying this revenue growth was 4%.

Profit after tax (PAT) for FY15 was Rs.5730.000 Million, a growth of 18% over FY14.

OUTLOOK

Marico India

While there has been no significant recovery on ground, the Company expects urban consumption to recover gradually.

The Company has a robust innovation pipeline with multiple prototypes planned for the next year.

The Company will strive to report volume recovery and maintain medium-term growth rates in the range of 8-10% by growing the core and rapidly scaling New Products.

The direct distribution initiative of Project ONE is expected to fuel volume growths in the Metro markets.

Sustain efforts to premiumise in the value added hair oils category to further strengthen its Value market leadership.

Saffola volume growth is expected to be back in line with the medium term outlook of 8-10%.

Execute the revamped strategy and drive innovation in the Youth portfolio to enable growth at about 15% to 20%.

The Oats franchise is expected to contribute up to Rs.1250.000 Million (USD 20 million) by next year.

Over the medium term, operating margin before corporate allocations of about 17% to 18% is sustainable.

Marico International

The Company will continue its efforts in building organic growth capability.

It expects to clock an organic top line growth of ~ 15% in constant currency in the medium term. Any acquisition will add to the organic growth.

The structural shift in operating margins is expected to be sustained at around 16-17%. Any excess will be ploughed back to fund future growth.

Medium term growth potential in the core markets of Bangladesh, Vietnam, and MENA is intact and will continue to drive growth.

Expansion in adjacent markets such as Nepal, Pakistan, Cambodia, Myanmar, Sri Lanka, East Africa, etc.

FIXED ASSETS

Freehold Land
Leasehold Land
Building
Plant and Equipment
Furniture and Fixtures
Vehicles
Office Equipment
Leasehold Improvement

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration:

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration:

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime:

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws:

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards:

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government:

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package:

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report:

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.65
UK Pound	1	Rs.99.13
Euro	1	Rs.68.90

INFORMATION DETAILS

Information Gathered by :	SPY

Analysis Done by :	KYP

Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	8
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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		78

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.

MIRA INFORM REPORT

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