MIRA INFORM REPORT

Report No. :	329558
Report Date :	30.06.2015

IDENTIFICATION DETAILS

Name :	ATUL LIMITED (w.e.f.31.07.1996)
Formerly Known As :	ATUL PRODUCTS LIMITED
Registered Office :	Atul House, G I Patel Marg, Ahmedabad – 380014, Gujarat
Tel. No.:	91-2632-233261
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 Million
CIN No.: [Company Identification No.]	L99999GJ1975PLC002859
IEC No.:	0388028921
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 (64)

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 :	Exist
Comments :	Subject is a well-established company having fine track record. Overall financial position of the company seems to be sound. The rating also takes into consideration decent profit margins and good networth position of the company. Trade relations are fair. Business is active. Payment terms 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Pranav
Designation :	Finance Department
Contact No.:	91-9924688655
Date :	29.06.2015

LOCATIONS

Registered Office :	Atul House, G I Patel Marg, Ahmedabad – 380014, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9924688655 (Mr. Pranav)
Fax No.:	Not Available
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
Location :	Owned []Commercials
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 atul_ho@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
Marketing Office :	C/o RITCO Logistic Limited, Arihant Commericla Complex, Shed No.18, Ground Floor, Kopar Bus Stop, Bhiwandi, Thane – 421302, Maharashtra, India
Corporate Social Responsibility Office :	Nandavla National Highway No.8, Near Essar Pump, Gundlav, District : Valsad – 396001, Gujarat, India
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
Overseas Office :	Located At : USA UK China

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.

KEY EXECUTIVES

Name :	Mr. Pranav
Designation :	Finance Department
	Mr Gopi Kannan Thirukonda
	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

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	854316	2.88
Bodies Corporate	14189063	47.84
Sub Total	15043379	50.72
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	15043379	50.72
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3231030	10.89
Financial Institutions / Banks	42829	0.14
Central Government / State Government(s)	336	0.00
Insurance Companies	492060	1.66
Foreign Institutional Investors	1986618	6.70
Any Others (Specify)	609	0.00
Trusts	609	0.00
Sub Total	5753482	19.40
(2) Non-Institutions
Bodies Corporate	1288873	4.35
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	4664111	15.72
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2736662	9.23
Any Others (Specify)	175226	0.59
Non Resident Indians	129318	0.44
Any Other	31046	0.10
Overseas Corporate Bodies	14862	0.05
Sub Total	8864872	29.89
Total Public shareholding (B)	14618354	49.28
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 :	Dyestuff Chemicals, Drugs and Pharmaceuticals
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	European Countries USA
Imports :
Products :	Raw Material
Countries :	China USA
Terms :
Selling :	Cash, Cheque and Credit (60 days / 90 days)
Purchasing :	Cash, Cheque and Credit (60 days / 90 days)

PRODUCTION STATUS : 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:	State Bank of India
Branch:	Paramsidhi Complex, Ahmedabad
Person Name (with Designation):	Not Available
Contact Number:	91-79-26578174
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: The Number is continuously ringing.

· Axis Bank

· Bank of Baroda

· Export Import Bank of India

· State Bank of India

Facilities :

SECURED LOAN	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
LONG-TERM BORROWINGS
Term loans
Rupee term loans from financial institutions	NA	312.500
Foreign currency term loans from banks		594.700
Foreign currency term loans from financial institutions	NA	225.400
SHORT-TERM BORROWINGS
Working capital loans repayable on demand from banks	NA	1292.700
TOTAL	NA	2425.300

Auditors :
Name :	Dalal and Shah Chartered Accountants
Cost Auditors
Name :	R. Nanabhoy and Company Cost Accountants
Subsidiary Companies [AS ON 31.03.2014] :	· 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 [AS ON 31.03.2014] :	Rudolf Atul Chemicals Limited
Associate Companies [AS ON 31.03.2014] :	· 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 [AS ON 31.03.2014]:	· Welfare funds · Atul Club · Atul Kelavani Mandal · Atul Rural Development Fund · Atul Vidyalaya

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed and Paid-up Capital : Rs. 296.800 Million

AS ON 31.03.2014

Authorised Capital :

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

Issued Capital :

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

Subscribed and Paid-up Capital :

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

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 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	296.800	296.800	296.800
(b) Reserves & Surplus	9861.000	9119.100	7264.100
(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)	10157.800	9415.900	7560.900
(3) Non-Current Liabilities
(a) long-term borrowings	540.800	1133.600	1544.300
(b) Deferred tax liabilities (Net)	444.100	353.900	271.600
(c) Other long term liabilities	201.300	0.000	0.000
(d) long-term provisions	158.600	51.900	50.400
Total Non-current Liabilities (3)	1344.800	1539.400	1866.300
(4) Current Liabilities
(a) Short term borrowings	1641.400	1842.700	1604.500
(b) Trade payables	2626.300	3168.700	2753.200
(c) Other current liabilities	1422.200	1337.300	1129.600
(d) Short-term provisions	425.600	432.100	360.400
Total Current Liabilities (4)	6115.500	6780.800	5847.700
TOTAL	17618.100	17736.100	15274.900
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5783.400	5196.000	4804.500
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	529.800	459.300
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1488.200	1364.700	1285.600
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	448.200	290.600	315.800
(e) Other Non-current assets	541.300	643.100	436.300
Total Non-Current Assets	8261.100	8024.200	7301.500
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3496.500	3757.500	3075.300
(c) Trade receivables	4391.900	4472.600	3616.000
(d) Cash and cash equivalents	64.000	88.000	78.400
(e) Short-term loans and advances	1074.600	1025.400	1034.600
(f) Other current assets	330.000	368.400	169.100
Total Current Assets	9357.000	9711.900	7973.400
TOTAL	17618.100	17736.100	15274.900

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from operations (net)		25556.500	23654.500	20014.800
		Other Income		153.100	396.200	204.600
		TOTAL (A)		25709.600	24050.700	20219.400
Less	EXPENSES
		Cost of Materials Consumed		13332.200	13246.000	11270.500
		Purchases of Stock-in-Trade		282.200	236.900	163.600
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		161.200	(664.700)	(0.600)
		Power and Fuel		2944.200	0.000	0.000
		Employees benefits expense		1538.500	1397.900	1276.000
		Other expenses		3541.000	6007.100	4832.700
		Exceptional Items		0.000	0.000	(53.800)
		Exchange rate difference [net]		0.000	0.000	0.000
		TOTAL (B)		21799.300	20223.200	17488.400
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			3910.300	3827.500	2731.000
Less	FINANCIAL EXPENSES (D)			236.400	314.300	316.200
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			3673.900	3513.200	2414.800
Less	DEPRECIATION/ AMORTISATION (F)			552.800	542.300	490.600
	PROFIT BEFORE TAX (E-F) (G)			3121.100	2970.900	1924.200
Less	TAX (H)			946.900	843.000	569.000
	PROFIT AFTER TAX (G-H) (I)			2174.200	2127.900	1355.200
	EARNINGS IN FOREIGN CURRENCY
			FOB Value of Exports	NA	10452.600	9290.100
	IMPORTS
			Raw Materials	NA	3871.600	3139.100
			Trading finished goods	NA	284.600	109.800
			Capital Goods	NA	76.800	44.500
	TOTAL IMPORTS			NA	4233.000	3293.400
	Earnings Per Share (Rs.)			73.30	71.74	45.69

Expected Sales ( 2015-2016 ) : Rs. 26000.000 Million

The above information has been parted by Mr. Pranav.

CURRENT MATURITIES OF LONG TERM borrowings DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term borrowings	NA	531.500	402.200
Cash generated from operations	NA	2129.100	2194.100

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	8.51	9.00	6.77
Operating Profit Margin (PBIDT/Sales)	(%)	15.30	16.18	13.64
Return on Total Assets (PBT/Total Assets}	(%)	19.35	18.75	14.22
Return on Investment (ROI) (PBT/Networth)		0.31	0.32	0.25
Debt Equity Ratio (Total Debt /Networth)		0.21	0.32	0.42
Current Ratio (Current Asset/Current Liability)		1.53	1.43	1.36

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.1144.95/-

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	296.800	296.800	296.800
Reserves & Surplus	7264.100	9119.100	9861.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	7560.900	9415.900	10157.800
long-term borrowings	1544.300	1133.600	540.800
Short term borrowings	1604.500	1842.700	1641.400
Total borrowings	3148.800	2976.300	2182.200
Debt/Equity ratio	0.416	0.316	0.215

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	20014.800	23654.500	25556.500
		18.185	8.041

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	20014.800	23654.500	25556.500
Profit	1355.200	2127.900	2174.200
	6.77%	9.00%	8.51%

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	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
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	Yes
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	Yes
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

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, NE  LSON 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, N  EW DELHI, DELHI - 110019, INDIA	B40839474
4	10090594	25/03/2008 *	781,200,000.00	INTERNATIONAL FINANCE CORPORATION	GODREJ BHAVAN, 3RD FLOOR, MURZBAN ROAD, FORT, MUM  BAI, 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, MUM  BAI, MAHARASHTRA - 400005, INDIA	-

* Date of charge modification

NOTE

The registered office of the company has been shifted from Ashoka Chambers, Rasala Marg, Eillsbridge, Ahmedabad – 380006, Gujarat, India to the present address

UNSECURED LOANS

PARTICULARS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
LONG TERM BORROWINGS
Rupee Term Loans from Banks	NA	1.000
SHORT TERM BORROWINGS
Loans from Banks Including Foreign Banks	NA	550.000
Buyer’s credit arrangement	NA	0.000
Total	NA	551.000

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2015 Rs. In Million	31.03.2014 (Rs. In Million)
Claims against the Company not acknowledged as debts in respects of:
(a) Excise	NA	72.100
(b) Income tax	NA	281.000
(c) Sales tax	NA	6.700
(d) Customs	NA	27.800
(e) Water charges	NA	770.300
(f) Others	NA	146.400
Total	NA	1304.300
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.63.92
UK Pound	1	Rs.100.41
Euro	1	Rs.70.41

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	RAS
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	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
--RBI7	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		64

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.