MIRA INFORM REPORT

Report No. :	311593
Report Date :	10.03.2015

IDENTIFICATION DETAILS

Name :	AARTI INDUSTRIES LIMITED (w.e.f. 24.02.1995)

Formerly Known As :	AARTI ORGANICS LIMITED

Registered Office :	Plot No.801/23, GIDC Estate, Phase III, Vapi - 396195, District Valsad, Gujarat

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	28.09.1984

Com. Reg. No.:	04-007301

Capital Investment / Paid-up Capital :	Rs.442.958 Million

CIN No.: [Company Identification No.]	L24110GJ1984PLC007301

TAN No.: [Tax Deduction & Collection Account No.]	SRTA02524E

PAN No.: [Permanent Account No.]	AABCA2787L

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

Line of Business :	Manufacturer of Various Agrochemicals Intermediates.

No. of Employees :	Information declined by the management

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 :	Exist

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 levels of the company. Trade relations are reported as fair. Business is active. Payments are reported to be reported to be regular and as per commitment. 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: “A+”
Rating Explanation	Adequate credit quality and average credit risk.
Date	17.07.2014

Rating Agency Name	CRISIL
Rating	Short term rating: “A1”
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	17.07.2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED BY

Name :	Mr. Chetan Gandhi
Designation :	Chief Financial Officer
Contact No.:	2638-231366
Date :	09.03.2015

LOCATIONS

Registered Office/ Factory 1 :	Plot No.801/23, GIDC Estate, Phase III, Vapi - 396195, District Valsad, Gujarat, India
Tel. No.:	91-2638-25690411/ 2/ 3/ 25918195/ 55976666
Fax No.:	91-2638-25904806/ 25653186-87/ 25653185
E-Mail :	ail@bom2.vsnl.net.in secretarial@aartigroup.com info@aartigroup.com investorrelations@aartigroup.com
Website :	www.aartigroup.com

Corporate Office :	Udyog Kshetra, II Floor, L.B.S. Marg, Mulund – Goregaon Link Road, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel. No.:	91-22-67976666/ 67976697/ 25918195/ 55976666
Fax No.:	91-22-25653234/ 25653185
E-Mail :	info@aartigroup.com

Factory 2:	Plot No. 902, GIDC Estate, Phase II, District Valsad, Vapi – 396195, Gujarat, India

Factory 3:	Plot No. 286/1, 285, GIDC Estate, Phase II, District Valsad, Vapi – 396195, Gujarat, India

Factory 4:	Plot No. 22 / C / 1 & 2, GIDC Estate, Phase I, District Valsad, Vapi – 396195, Gujarat, India

Factory 5:	Shed No. A1-6&9, GIDC Estate, Phase I, District Valssad, Vapi – 396195, Gujarat, India

Factory 6 :	Plot No. 609 & 610, GIDC Estate, 100 Shed, District Valsad, Vapi – 396195, Gujarat, India

Factory 7:	Plot Nos. 750-754, Sarigam Industrial Area, Sarigam, Taluka Umargaon, District Valsad, Gujarat, India

Factory 8:	Plot Nos. 2701, 2703 Sarigam Industrial Area, Sarigam, Taluka Umargaon, District Valsad, Gujarat, India

Factory 9:	Plot Nos. 2604, 2605 Sarigam Industrial Area, Sarigam, Taluka Umargaon, District Valsad, Gujarat, India

Factory 10:	Plot Nos. 758/1, 2 & 3, Jhagadia Mega Estate, Village Kapalsadi, Taluka Jhagadia, District Bharuch, Gujarat, India

Factory 11:	Plot Nos. 756/2 A&B, 756/3 A&B, 756/4 A&B, 756/5 A&B, 756/6 A&B, 756/7, 779, Jhagadia Mega Estate, Village Kapalsadi, Taluka Jhagadia, District Bharuch, Gujarat, India

Factory 12:	Survey No. 1430/1, NH-8, Bhachau, Kutch, Gujarat, India

Factory 13:	Plot No. D-18, MIDC, Tarapur, District Thane, Maharashtra, India

Factory 14:	Plot No. E-50, MIDC, Tarapur, District Thane, Maharashtra, India

Factory 15:	Plot No. K - 17/18/19, MIDC, Tarapur, District Thane, Maharashtra, India

Factory 16:	Plot No. L – 5, MIDC, Tarapur, District Thane, Maharashtra, India

Factory 17:	Plot No. L – 8, MIDC, Tarapur, District Thane, Maharashtra, India

Factory 18:	Survey No. 193/1/4, 193/1/5, 193/1/6, Silvassa, Union Territory of Silvassa, India

Factory 19:	Plot No. D – 53/54/60, MIDC, Phase II, Dombivali (East), District Thane, Maharashtra, India

Factory 20:	Plot Nos. 62, 63 & 64, Sagore, Pithampur Industrial Area, Sector-3, Pithampur, DistrictDhar, Madhya Pradesh, India

DIRECTORS

As on 31.03.2014

Name :	Mr. Chandrakant V. Gogri
Designation :	Chairman

Name :	Mr. Rajendra V. Gogri
Designation :	Chairman and Managing Director
Date of Appointment :	16.08.2012

Name :	Mr. Shantilal T. Shah
Designation :	Vice Chairman
Date of Birth/Age :	28.12.1938
Qualification :	B.Com.
Date of Appointment :	25.04.1990

Name :	Mr. Rashesh C. Gogri
Designation :	Vice Chairman and Managing Director
Date of Birth/Age :	03.06.1974
Qualification :	Industrial Engineer and holds Diploma in Business Management
Date of Appointment :	16.08.2012

Name :	Mr. Ramdas M. Gandhi
Designation :	Independent Director
Date of Birth/Age :	14.03.1933
Qualification :	L.L.M, Solicitor.
Date of Appointment :	29.01.1990

Name :	Mr. Laxmichand K. Jain
Designation :	Independent Director
Date of Birth/Age :	02.03.1941
Qualification :	MS (Chem.) US
Date of Appointment :	29.01.1990

Name :	Mr. Vijay H. Patil
Designation :	Independent Director
Date of Birth/Age :	15.07.1937
Qualification :	L.L.M.
Date of Appointment :	29.01.1990

Name :	Mr. Haresh K. Chheda
Designation :	Independent Director

Name :	Mr. K. V. S. Shyam Sunder
Designation :	Independent Director
Date of Birth/Age :	29.07.1942

Name :	Mr. P A Sethi
Designation :	Independent Director

Name :	Mr. Bhavesh R Vora
Designation :	Independent Director
Date of Birth/Age :	13.09.1967

Name :	Mr. Sunil M Dedhia
Designation :	Independent Director
Date of Birth/Age :	20.06.1965
Qualification :	B. Com., A.C.A., F.C.S.
Date of Appointment :	30.07.2009

Name :	Mr. Parimal H. Desai
Designation :	Whole time Director
Date of Birth/Age :	29.05.1949

Name :	Mr. Manoj M. Chheda
Designation :	Whole Time Director
Date of Birth/Age :	23.10.1962
Qualification :	B. Com
Date of Appointment :	25.11.1993

Name :	Ms. Hetal Gogri Gala
Designation :	Whole Time Director
Date of Birth/Age :	10.07.1975
Qualification :	B. E (Electronics) and MEP degree from IIM Ahmedabad.
Date of Appointment :	01.11.2001

Name :	Mr. Kirit R. Mehta
Designation :	Whole Time Director
Date of Birth/Age :	02.08.1948
Qualification :	B. Com.
Date of Appointment :	18.09.2000

Name :	Renil R. Gogri
Designation :	Whole Time Director
Date of Birth/Age :	14.04.1987
Qualification :	B.E. (IIT MUMBAI), 2008
Date of Appointment :	16.08.2012

KEY EXECUTIVES

Name :	Ms. Mona Patel
Designation :	Company Secretary

Name :	Mr. Chetan Gandhi
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2014

Category of Shareholder	Total No. of Shares	As a %
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	30389292	34.30
Bodies Corporate	22508579	25.41
Sub Total	52897871	59.71
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	86148	0.10
Sub Total	86148	0.10
Total shareholding of Promoter and Promoter Group (A)	52984019	59.81
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	10342795	11.67
Financial Institutions / Banks	10563	0.01
Foreign Institutional Investors	293924	0.33
Any Others (Specify)	78681	0.09
Foreign Portolio Investor ( Corporate)	78681	0.09
Sub Total	10725963	12.11
(2) Non-Institutions
Bodies Corporate	1383308	1.56
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	9862011	11.13
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	12905486	14.57
Any Others (Specify)	730900	0.83
Non Resident Indians	313807	0.35
Trusts	17205	0.02
Unclaimed Suspense A/c	399888	0.45
Sub Total	24881705	28.09
Total Public shareholding (B)	35607668	40.19
Total (A)+(B)	88591687	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)	88591687	0.00

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

Sl.No.	Name of the Shareholder	No. of Shares held	As a % of grand total (A)+(B)+(C)	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Aarnav Rashesh Gogri	65,280	0.07	0.07
2	Aarti Rajendra Gogri	6,10,872	0.69	0.69
3	Aarti Rajendra Gogri	79,996	0.09	0.09
4	Aashay Rashesh Gogri	5,39,340	0.61	0.61
5	Arti Rajendra Gogri	11,49,710	1.30	1.30
6	Bhavna Shah Lalka	8,80,098	0.99	0.99
7	Bhavna Shah Lalka	32,640	0.04	0.04
8	Chandrakant Vallabhaji Gogri	14,34,716	1.62	1.62
9	Chandrakant Vallabhaji Gogri	1,41,996	0.16	0.16
10	Chandrakant Vallabhji Gogri	2,75,015	0.31	0.31
11	Desai Tarla Parimal	80,540	0.09	0.09
12	Gunavanti Navin Shah	72,587	0.08	0.08
13	Gunavanti Navin Shah	13,298	0.02	0.02
14	Heena Bhatia	8,34,798	0.94	0.94
15	Heena Bhatia	32,640	0.04	0.04
16	Hetal Gogri Gala	19,21,251	2.17	2.17
17	Hetal Gogri Gala	14,51,578	1.64	1.64
18	Hetal Gogri Gala	1,84,368	0.21	0.21
19	Hetal Gogri Gala	1,39,964	0.16	0.16
20	Hetal Gogri Gala	6,528	0.01	0.01
21	Indira Madan Dedhia	1,87,286	0.21	0.21
22	Jaya Chandrakant Gogri	17,28,605	1.95	1.95
23	Jaya Chandrakant Gogri	1,29,000	0.15	0.15
24	Jaya Chandrakant Gogri	38,538	0.04	0.04
25	Manisha Rashesh Gogri	5,26,304	0.59	0.59
26	Manisha Rashesh Gogri	2,800	0.00	0.00
27	Mirik Rajendra Gogri	15,81,420	1.79	1.79
28	Mirik Rajendra Gogri	4,67,937	0.53	0.53
29	Mirik Rajendra Gogri	2,76,546	0.31	0.31
30	Nehal Garewal	10,26,150	1.16	1.16
31	Nehal Garewal	32,640	0.04	0.04
32	Nikhil Parimal Desai	4,20,875	0.48	0.48
33	Parimal Hasmukhlal Desai	2,25,446	0.25	0.25
34	Parimal Hasmukhlal Desai	1,25,000	0.14	0.14
35	Parimal Hasmukhlal Desai (Huf)	60,956	0.07	0.07
36	Pooja Renil Gogri	400	0.00	0.00
37	Prasadi Hasmukhlal Desai	13,200	0.01	0.01
38	Rajendra Vallabhaji Gogri	18,77,939	2.12	2.12
39	Rajendra Vallabhaji Gogri (Huf)	3,22,800	0.36	0.36
40	Rajendra Vallabhaji Gogri	1,59,996	0.18	0.18
41	Rajendra Vallabhaji Gogri	1,12,400	0.13	0.13
42	Rajendra Vallabhji Gogri	2,75,030	0.31	0.31
43	Rashesh Chandrakant Gogri	12,56,796	1.42	1.42
44	Rashesh Chandrakant Gogri	10,84,281	1.22	1.22
45	Rashesh Chandrakant Gogri	8,52,864	0.96	0.96
46	Rashesh Chandrakant Gogri	4,87,200	0.55	0.55
47	Rashesh Chandrakant Gogri	2,76,552	0.31	0.31
48	Rashesh Chandrakant Gogri	6,528	0.01	0.01
49	Ratanben Premji Gogri	4,35,000	0.49	0.49
50	Renil Rajendra Gogri	13,78,580	1.56	1.56
51	Renil Rajendra Gogri	4,63,849	0.52	0.52
52	Renil Rajendra Gogri	2,76,546	0.31	0.31
53	Rinku Parimal Desai	2,33,250	0.26	0.26
54	Rinku Parimal Desai	1,800	0.00	0.00
55	Sarla Shantilal Shah	17,56,134	1.98	1.98
56	Sarla Shantilal Shah	95,361	0.11	0.11
57	Shantilal Tejshi Shah	14,32,945	1.62	1.62
58	Shantilal Tejshi Shah	3,26,531	0.37	0.37
59	Shantilal Tejshi Shah	3,20,392	0.36	0.36
60	Shantilal Tejshi Shah (Huf)	1,66,200	0.19	0.19
61	Aarti Drugs Limited	750	0.00	0.00
62	Alchemie Financial Services Ltd	270	0.00	0.00
63	Alchemie Leasing & Financing Private Ltd	17,51,512	1.98	1.98
64	Alchemie Leasing And Financing Private Limited	35,12,586	3.96	3.96
65	Anushakti Chemicals & Drugs Ltd	36,29,533	4.10	4.10
66	Anushakti Holdings Limited	70,85,301	8.00	8.00
67	Gogri And Sons Investments Pvt Ltd	34,72,111	3.92	3.92
68	Gogri And Sons Investments Pvt Ltd	24,61,662	2.78	2.78
69	Nikhil Holdings Private Limited	3,59,854	0.41	0.41
70	Valiant Organics Private Limited	2,35,000	0.27	0.27
71	Bhanu Pradip Savla	66,150	0.07	0.07
72	Bhanu Pradip Savla	19,998	0.02	0.02
	Total	5,29,84,019	59.81	59.81

(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.

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	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	HDFC Trustee Company Limited - HDFC Prudence Fund	6480510	7.32	7.32
2	Manoj Murjibhai Chheda	990001	1.12	1.12
	Total	7470511	8.43	8.43

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	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
Sl. No.		No. of Shares	Shares as % of Total No. of Shares
1	HDFC Trustee Company Limited - HDFC Prudence Fund	6480510	7.32	7.32
	Total	6480510	7.32	7.32

DETAILS OF LOCKED-IN SHARES

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	Anushakti Holdings Limited	24,00,000	2.71
	Total	24,00,000	2.71

BUSINESS DETAILS

Line of Business :

Manufacturer of Various Agrochemicals Intermediates.

Products :

Item Code No. (ITC Code)	Product Description
29049005	Para Nitro Chloro Benzene
29049004	Ortho Nitro Chloro Benzene
28070001	Sulphuric Acid
38081021	Quinalphos

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Axis Bank Limited
Bank of Baroda
Citi Bank N.A.
DBS Bank Limited
Export-Import Bank of India
First Rand Bank
HDFC Bank Limited
IDBI Bank Limited
IndusInd Bank Limited
ING Vysya Bank Limited
Kotak Mahindra Bank Limited
Societe Generale
Standard Chartered Bank
State Bank of India
Union Bank of India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWING
ECB/Term Loans from Banks/Financial Institutions	2544.346	1157.993
Vehicle Loans from Banks/Financial Institution	5.935	5.124
SHORT TERM BORROWING
Working Capital Loan From Bank	6700.405	5872.914
Total	9250.686	7036.031
NOTE LONG TERM BORROWING (a) Out of the total ECB/Term Loans from Banks/Financial Institutions to Rs.34,94.419 Million; (i) Outstanding Term Loans/ECBs to the extent of Rs.2256.075 Million, are secured/to be secured by way of Pari Passu Joint Equitable Mortgage of the Company’s immovable properties situated at Sarigam, Vapi and Jhagadia, in the State of Gujarat, Pithampur in the State of Madhya Pradesh, Silvassa in the Union Teritorry of Silvassa and further by way of Pari Passu Hypothecation of the Moveable Plant and Machinery, Machinery Spares, Tools and Accessories and other movables, both present and future (except book debts, inventories and other current assets) wherever situated, excluding those charged exclusively to other Term Lenders. (ii) Term Loan from Citibank to the extent of Rs.295.250 Million is secured by way of Exclusive Charge on the Moveable Plant and Machinery, Machinery Spares, Tools and Accessories and other movables, both present and future (except book debts, inventories and other current assets) situated at the new hydrogenation unit at Jhagadia Unit II. (iii) ECB from DBS Bank to the extent of Rs.149.750 Million is secured by way of Joint Equitable Mortgage of the Company’s immovable properties situated at Bhachau, in the State of Gujarat and further by way of Pari Passu Hypothecation of the Moveable Plant and Machinery, Machinery Spares, Tools and Accessories and other movables, both present and future (except book debts, inventories and other current assets) situated at the same unit. (iv) Term Loan from IndusInd Bank to the extent of Rs.15.000 Million is secured by way of Joint Equitable Mortgage of the one of Company’s Immovable Property situated at Tarapur, in the State of Maharashtra and further by way of Pari Passu Hypothecation of the Moveable Plant and Machinery, Machinery Spares, Tools and Accessories and other movables, both present and future (except book debts, inventories and other current assets) situated at the same unit. (v) Term Loan of Rs.750.000 Million from Societe Generale is secured by way of Pari Passu Hypothecation of the Moveable Plant and Machinery, Machinery Spares, Tools and Accessories and other movables, both present and future (except book debts, inventories and other current assets) wherever situated, excluding those charged exclusively to other Term Lenders. (vi) Term Loan of Rs.28.344 Million from Financial Institution is secured by way of exclusive charge on specific ISO-Tanks used for Company’s operations. (b) Vehicle loans from banks/Financial Institutions are secured by way of hypothecation of respective vehicles. SHORT TERM BORROWING Working Capital Loans availed from Scheduled Banks, are secured/to be secured by way of Pari Passu first charge by hypothecation of Raw Materials, Stock-In-Process, Semi-Finished Goods, Finished Goods, Packing Materials and Stores and Spares, Bills Receivables and Book Debts and all other moveable, both present and future. Also by way of Joint Equitable Mortgage of the Company’s immovable properties situated at Sarigam, Vapi, Jhagadia and Bhachau in the State of Gujarat and at Tarapur in the State of Maharashtra and further by way of hypothecation of all moveable plant and machinery, machinery spares, tools and accessories and other movables, both present and future (except book debts and inventories) wherever situated, ranking second to the charge held by ECB/Term Lenders.

Banking Relations :	--

Auditors :
Name :	Parikh Joshi and Kothare Chartered Accountants
Address :	49/2341, M. H. B. Colony, Gandhi Nagar, Bandra (East), Mumbai – 400 051, Maharashtra, India

Subsidiaries :	Aarti Corporate Services Limited Nascent Chemical Industries Limited (Through its holding Company: Aarti Corporate Services Limited.) Shanti Intermediates Private Limited. (Through its holding Company: Aarti Corporate Services Limited) Anushakti Specialities Limited Liability Partnership (LLP) Alchemie (Europe) Limited Innovative Envirocare Jhagadia Limited

Associates :	· Ganesh Polychem Limited · Anushakti Chemicals and Drugs Limited · Anushakti Holdings Limited

Enterprises/Firms over which controlling individuals/Key Management Personnel, of the Company along with their relatives, have significant influence :	Alchemie Pharma Chem Limited Alchemie Industries Gogri and Sons Investments Private Limited Alchemie Leasing and Financing Private Limited Alchemie Laboratories Aarti Drugs Limited Alchemie Dye Chem Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

12,50,00,000	Equity Shares	Rs.5/- each	Rs.625.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

8,85,91,687	Equity Shares	Rs.5/- each	Rs.442.958 Million

Reconciliation of the number of shares outstanding as on 31st March, 2013:

Particulars	No. of Shares outstanding
Particulars	As at 31st March, 2014
Equity shares at the beginning of the year	79,120,073
Add: Shares Issued during the year	9,471,614
Less: Shares buy back during the year	NIL
Equity shares at the end of the year	88,591,687

Details of Shareholders holding more than 5% shares:

Name of Shareholder	As at 31st March, 2014
Name of Shareholder	No. of Shares held	% held
Anushakti Holdings Limited	7,022,301	7.93
HDFC Trustee Company Limited – HDFC Prudence Fund	6,181,510	6.98
Gogri and Sons Investments Private Limited	5,833,773	6.59
Alchemie Leasing and Financing Private Limited	5,184,098	5.85

The details of Equity shares outstanding during last 5 Years:

Particulars	Financial Year
Particulars	2012-13	2011-12	2010-11	2009-10	2008-09
No. of Equity Shares outstanding:	88,591,687	79,120,073	79,120,073	76,720,073	76,720,073

Note on issued, Subscribed and Paid up Equity Share Capital:

[a] 8,43,649 (previous year – 8,43,649) were issued to Shareholders of Surfactant Specialities Limited pursuant to its Merger with the Company.

[b] 42,000 (previous year – 42,000) were issued to Shareholders of Avinash Drugs Limited pursuant to its Merger with the Company.

[c] 30,25,000 (previous year – 30,25,000) were issued towards Preferential allotment at a premium of Rs. 30.65 paise to Warrantholders.

[d] 24,00,000 (previous year – 24,00,000) have been issued towards Preferential allotment at a premium of Rs. 53/- to Warrantholders.

[e] 94,71,614 (previous year Nil) were issued to Shareholders of Anushakti Chemicals & Drugs Ltd. pursuant to its Scheme of

arrangement with the Company.

SHARE CAPITAL PENDING ALLOTMENT UPON SCHEME OF ARRANGEMENT

(Rs. In Million)

Particulars

As at

31st March, 2014

94,71,614 Shares are to be issued and allotted to Shareholders of Anushakti Chemicals

& Drugs Ltd. pursuant to the Scheme of Arrangement approved by the Honorable High

Courts at Ahmedabad and Bombay vide their order dated 8th March, 2013 & 8th February,

2013 respectively.

NIL

Total

NIL

FINANCIAL DATA

[all figures are in Rupees Million]

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	442.958	395.600	395.600
(b) Reserves & Surplus	7343.988	6323.452	4730.967
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	47.358	0.000
Total Shareholders’ Funds (1) + (2)	7786.946	6766.410	5126.567

(3) Non-Current Liabilities
(a) long-term borrowings	2550.281	1167.407	1028.714
(b) Deferred tax liabilities (Net)	844.592	707.092	554.550
(c) Other long term liabilities	73.197	2.037	1.852
(d) long-term provisions	2556.661	2171.661	1721.661
Total Non-current Liabilities (3)	6024.731	4048.197	3306.777

(4) Current Liabilities
(a) Short term borrowings	6858.376	6850.084	4823.304
(b) Trade payables	3678.359	2158.461	1746.102
(c) Other current liabilities	1010.355	637.629	475.052
(d) Short-term provisions	289.819	268.034	205.631
Total Current Liabilities (4)	11836.909	9914.208	7250.089

TOTAL	25648.586	20728.815	15683.433

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7932.017	6640.988	4300.761
(ii) Intangible Assets	0.855	1.273	31.600
(iii) Capital work-in-progress	1126.112	620.083	544.223
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	322.496	185.952	210.711
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3861.617	3126.240	2402.587
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	13243.097	10574.536	7489.882

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6033.321	4621.230	3258.477
(c) Trade receivables	4657.732	4286.528	4069.481
(d) Cash and cash equivalents	123.542	97.106	88.056
(e) Short-term loans and advances	1295.918	896.438	595.128
(f) Other current assets	294.976	252.977	182.409
Total Current Assets	12405.489	10154.279	8193.551

TOTAL	25648.586	20728.815	15683.433

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	26327.772	20961.176	16733.107
	Other Income	104.246	43.961	28.362
	TOTAL (A)	26432.018	21005.137	16761.469

Less	EXPENSES
	Cost of Materials Consumed (Incl. Packing, Fuel, Stores & Spares)	16307.884	12622.725	9787.576
	Purchases of Stock-in-Trade	1168.589	931.178	1404.861
	Employee Benefits Expenses	757.274	636.137	455.227
	Other Expenses	4759.645	3919.368	2874.431
	Changes in inventories of Finished Goods Work-in-Progress and Stock-in-Trade	(620.514)	(710.689)	(235.417)
	TOTAL (B)	22372.878	17398.719	14286.678

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	4059.140	3606.418	2474.791

Less	FINANCIAL EXPENSES (D)	1175.335	949.980	715.084

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	2883.805	2656.438	1759.707

Less/ Add	DEPRECIATION/ AMORTISATION (F)	874.355	818.004	539.689

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	2009.450	1838.434	1220.018

Less	TAX (I)	522.500	525.000	348.157

	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	1486.950	1313.434	871.861

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	4202.106	3433.084	2964.013

Less	APPROPRIATIONS
	Proposed Dividend	132.887	110.740	118.680
	Interim Dividend	265.774	243.628	153.440
	Tax on Dividend	67.753	58.544	42.670
	Transfer to General Reserve	149.000	131.500	88.000
	Balance Carried to the B/S	5073.642	4202.106	3433.084

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Export Sales	12143.712	9923.781	6839.823
	TOTAL EARNINGS	12143.712	9923.781	6839.823

	IMPORTS
	Capital Goods	60.780	129.759	64.191
	Raw Materials	3769.924	2648.259	1263.094
	Stores and Spares	6.928	2.085	7.048
	Fuel	246.850	155.232	22.615
	TOTAL IMPORTS	4084.482	2935.335	1334.333

	Earnings / (Loss) Per Share (Rs.)	16.78	14.83	11.36

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	5.65	6.27	5.21

Operating Profit Margin (PBIDT/Sales)	(%)	15.42	17.21	14.79

Return on Total Assets (PBT/Total Assets}	(%)	8.30	9.23	8.17

Return on Investment (ROI) (PBT/Networth)		0.26	0.27	0.24

Debt Equity Ratio (Total Debt /Networth)		1.21	1.18	1.14

Current Ratio (Current Asset/Current Liability)		1.05	1.02	1.13

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	395.600	395.600	442.958
Reserves & Surplus	4730.967	6323.452	7343.988
Share Application money pending allotment	0.000	47.358	0.000
Net worth	5126.567	6766.410	7786.946

long-term borrowings	1028.714	1167.407	2550.281
Short term borrowings	4823.304	6850.084	6858.376
Total borrowings	5852.018	8017.491	9408.657
Debt/Equity ratio	1.142	1.185	1.208

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	16733.107	20961.176	26327.772
		25.268	25.603

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	16733.107	20961.176	26327.772
Profit	871.861	1313.434	1486.950
	5.21%	6.27%	5.65%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS:

Particulars	31.03.2014	31.03.2013	31.03.2012
	(Rs. In Million)
Current maturities of long-term debt	950.073	430.784	385.748

Total	950.073	430.784	385.748

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

HIGH COURT OF GUJARAT

TAX APPEAL No. 296 of 2013 To TAX APPEAL No. 299 of 2013

Status : PENDING

CCIN No : 001092201300296

Last Listing Date:

22/12/2014

Coram

· HONOURABLE MR.JUSTICE KS JHAVERI

· HONOURABLE MR.JUSTICE K.J.THAKER

S.NO.

Name of the Petitioner

Advocate On Record

COMMISSIONER OF INCOME TAX (TDS)

MRS MAUNA M BHATT for: Appellant(s) 1

S.NO.

Name of the Respondant

Advocate On Record

AARTI INDUSTRIES LTD

MR B S SOPARKAR for :Opponent(s) 1

Presented On

: 02/04/2013

Registered On

: 04/04/2013

Bench Category

: DIVISION BENCH

District

: AHMEDABAD

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 2 times

StageName

: WARNED LIST - TAX APPEAL

Classification	DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA
Act	INCOME-TAX ACT, 1961

Other Forums

S.No.	CASEDETAILS	TRIBUNAL REFERRENCE	ORDER PASSED BY	JUDGEMENT DATE	PLACE
1	ITA/3020/AHD/2010	INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH	JUDICIAL MEMBER AND ACCOUNTANT MEMBER	25/10/2012	AHMEDABAD
Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	02/04/2013	CERTIFIED COPY	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	6	MRS MAUNA M BHATT:1
2	02/04/2013	MEMO OF APPEAL/PETITION/SUIT	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	20	MRS MAUNA M BHATT:1
3	04/04/2013	DOCUMENT	RULE NOT RECD BACK for RESPONDENT(s) 1	-	RULE NOT RECD BACK:1
4	02/07/2013	VAKALATNAMA	MR B S SOPARKAR ADVOCATE for RESPONDENT(s) 1	5	MR B S SOPARKAR(6851), for R:1
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	08/04/2013	7	43	FOR FINAL HEARING	RULE/ADMIT	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI
2	22/12/2014	51	91	WARNED LIST - TAX APPEAL		· HONOURABLE MR.JUSTICE KS JHAVERI · HONOURABLE MR.JUSTICE K.J.THAKER
Available Orders

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

TAX APPEAL/296/2013

· HONOURABLE MR.JUSTICE AKIL KURESHI

· HONOURABLE MS JUSTICE SONIA GOKANI

08/04/2013

ORDER

Certified Copy

S. No.	ApplicantName	ApplicationType	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MRS MAUNA M BHATT	ORDINARY	09/04/2013	O/11987/2013	08/04/2013	10/04/2013	12/04/2013	Delivered	ORDER

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10478126	29/01/2014	750,000,000.00	SOCIETE GENERALE	6TH FLOOR, MOHAN DEV, 13, TOLSTOY MARG,, NEW DELHI, DELHI - 110001, INDIA	B96612064
2	10475423	24/04/2014 *	13,775,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, MUMBAI, NGN VAIDYA MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	C05478441
3	10469995	11/12/2013	750,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, MUMBAI, NGN VAIDYA MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B93436699
4	10459225	21/03/2014 *	950,000,000.00	INDUSIND BANK LTD.	2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA	C05258702
5	10465719	14/11/2013	300,000,000.00	ING VYSYA BANK LIMITED	PLOT NO. C-12, G BLOCK, BANDRA-KURLA COMPLEX, BANDRA, MUMBAI, MAHARASHTRA - 400051, INDIA	B91775379
6	10459809	21/03/2014 *	450,000,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA	C12146601
7	10452990	18/09/2013	631,400,000.00	IDBI TRUSTEESHIP SERVICES LTD.	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, I NDIA	B86628591
8	10424578	26/04/2013	541,200,000.00	STANDARD CHARTERED BANK	ABHIJEET II, GROUND FLOOR, NEAR MITHAKALI SIX ROAD, AHMEDABAD, GUJARAT - 380006, INDIA	B74713702
9	10406918	23/01/2013	275,000,000.00	CITIBANK N. A.	KALAPURNAM, 1ST FLOOR, NEAR MUNICIPAL MARKET, C. G. ROAD, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA	B69134021
10	10356963	31/03/2012	75,000,000.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG,, WORLI, MUMBAI, MAHA RASHTRA - 400018, INDIA	B40081291

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWING
Deposits	0.000	4.290
SHORT TERM BORROWING
From Banks	157.971	947.345
From Others	0.000	29.825
Total	157.971	981.460

FINANCIALS

The Company has presented yet another year of consistent and stable growth. During the year, the Standalone Net Revenues of the Company grew by over 25% at Rs.26330.000 Million (previous year Rs.20960.000 Million). Exports revenues also grew to Rs.12810.000 Million, a growth of over 20% (previous year Rs.10600.000 Million).

Operating profit before Interest, Depreciation and Tax for FY 2013-14 increased by 11% to Rs.3950.000 Million (previous year Rs.3560.000 Million). EBIDTA margins for the Company were at 15.3% for FY 2013-14 from 16.6% in FY 2012-13, on account of higher input costs.

Profit before Tax for FY 2013-14 also increased to Rs.2010.000 Million (previous year Rs.1840.000 Million). Profit after Tax and Deferred Tax grew to Rs.1490.000 Million for FY 2013-14 from Rs.131 Crores for FY 2012-13.

The Company’s Consolidated Income increased by about 26% to Rs.26320.000 Million as compared to Rs.20960.000 Million for last year. Consolidated EBIDTA also grew by 13% to Rs.4120.000 Million from Rs.3650.000 Crores last year. Net Profit after Consolidation surged by 21 % at Rs.1620.000 Million vis-à-vis Rs.134 Crores for last year. Consolidated EPS for the FY 2013-14 was at Rs.18.34 as against Rs.15.17 for the FY 2012-13.

During last few years, with scale up of capacities andintroduction of various high growth and high margin export

oriented products, the share of Exports Revenue to Total Revenue has been increasing. Exports represent about

50% of the total revenues. Also a bulk of products sold in domestic markets are converted and ultimately exported. Hence considering this, about 70% of their output would be exported either directly or indirectly. The recovery of Global Markets from the recessionary environment coupled with their strong Global position and Strategic arrangements with key global customers, has helped us to increase their volumes both present and incremental on account of higher production capacities. Their delivery and service commitment helps us to gain loyalty from their customers, which results into increase in their exports operations.

CHEMICAL INDUSTRY – STRUCTURE AND DEVELOPMENT

The Global Speciality Chemical Industry size is pegged at around $740bn (FICCI Speciality Chemical report and 12th Five-Year Plan document) accounting for roughly 22% of the global chemical industry. This industry has grown at a CAGR of 3.7% during 2006-11, despite contracting by around 7% in 2009, due to the global financial crisis. Going forward, the industry is expected to grow at a CAGR of about 5.4% annually to reach $970bn by FY 16, based on Industry estimates. Asia-Pacific and the Middle Eastern countries are expected to contribute to the bulk of the future growth for the sector.

Indian Speciality Chemical sector has demonstrated strong growth of around 13%, and is expected to accelerate further, higher than the average global growth rate. (Source – FICCI). The high rate of growth for the segment is driven by faster growth in end-user industries such as paints and coatings, speciality polymers, and home care surfactants, among others.

This is supported by both domestic and export opportunities. Derisking of business concentration from China by various global customers coupled with appreciation of Chinese Yuan v/s Indian Rupee and the rising operating costs in China, shall further increase the opportunities for Indian Companies to expand the business in global markets. The Company expects the encouraging growth opportunity in sectors like Pigments, Speciality Polymers, Pharmaceuticals, Agrochemicals, Construction chemicals and Water Chemicals to support the higher industry growth.

The emergence of a stable Government at Centre has improved the business sentiment and consumer confidence across Pan India and improving the future macro outlook. This new and renewed hope of growth, if supported by positive and proactive steps from the Government, would restart the revival of Indian Economy and would result into increase in demand at various sectors. Government Initiatives in the form of Port based Chemical Parks in SEZ, Improvement in Infrastructure, Tax concessions, rationalization of Duty Structure, FDI relaxation, etc. would facilitate further growth of the Indian Chemical Industry into a major Chemical hub.

The Company is a leading manufacturer of Speciality Chemicals with diversified end-uses into Agrochemicals, Pharmaceuticals, High Performance Polymers, Paints, Pigments, Printing Inks, Rubber Chemicals, Additives, Surfactants, Dyes, Oil and Gas additives, Flavours and Fragrances, etc. The Company’s derisking by diversification has helped it withstand the volatilities and downturns of a specific end-user segment and also helps to capitalize on the growth opportunities in other end-user segments.

With the rationales of Long term sustainability for both growth and profitability, the Company continued in last year the efforts to adopt a sustainable framework considering the elements of Safety, Health, Environment Impact and Energy Efficiency initiatives. The Company has made significant investments by installing various Bioreactors, Chemical Reverse Osmosis, Multiple Effect Evaporator, Incineration, Electrostatic Filters, Solvent Recovery Systems, Waste Heat Recovery Systems, etc. The Company had also been continuously working towards improvement of process safety as well as increasing the levels of automation. These would provide long term benefits of Consistency in Quality, Yield Improvements, Saving in utilities cost, minimization of human error, etc. The Company has been constantly improving the manufacturing process and adoption of greener processes. These efforts have been appreciated by various MNC customers. The Company plans to invest further in these areas to ensure providing greener and safer manufacturing environment.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Claims against the Company not acknowledged as Debts	390.853	387.011
Letters of Credit, Bank Guarantees and Bills Discounted	753.989	805.243
Total	1144.842	1192.254

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS ENDED 31, DECEMBER, 2014

(Rs. In Million)

Particulars	Quarter Ended ( Unaudited)	Quarter Ended ( Unaudited)	Year to date ( Unaudited)
	31.12.2014	30.09.2014	31.12.2014

1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	6813.300	7502.500	21565.900
b) Other operating income	109.100	109.100	365.800
Total income from Operations(net)	6922.400	7611.600	21931.700
2.Expenditure
a) Cost of material consumed	3855.600	4810.100	13136.100
b) Purchases of stock in trade	359.900	295.500	907.900
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	86.500	(229.200)	(39.100)
d) Employees benefit expenses	234.200	223.400	658.700
e) Depreciation and amortization expenses	199.700	190.900	577.900
f) Other expenditure	1356.300	1292.000	3888.700
Total expenses	6092.200	6582.700	19130.200
3. Profit from operations before other income and financial costs	830.200	1028.900	2801.500
4. Other income	12.300	2.700	16.200
5. Profit from ordinary activities before finance costs	842.500	1031.600	2817.700
6. Finance costs	316.100	359.400	1054.800
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	526.400	672.200	1762.900
8. Exceptional item	0.000	0.000	0.000
9. Profit from ordinary activities before tax Expense:	526.400	672.200	1762.900
10.Tax expenses
Provision for Taxation current / Minimum Alternate tax	74.000	140.000	332.500
MAT Credit Entitlement (including earlier years)	(16.500)	(17.500)	(45.000)
Provision for deferred tax	40.000	42.500	125.000
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	428.900	507.200	1350.400
12.Extraordinary Items (net of tax expense)	0.000	0.000	0.000
13.Net Profit / (Loss) for the period (11 -12)	428.900	507.200	1350.400
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	443.000	443.000	443.000
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16.i) Earnings per share-Basic & Diluted (in Rupees) (*not annualised)	4.84	5.72	15.24

Particulars	Quarter Ended ( Unaudited)	Quarter Ended ( Unaudited)	Year to date ( Unaudited)
	31.12.2014	30.09.2014	31.12.2014
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	35607668	35593812	35607668
- Percentage of shareholding	40.19	40.18	40.19
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	NIL	NIL	NIL
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	NIL	NIL	NIL
Percentage of shares (as a % of total share capital of the company)	NIL	NIL	NIL

b) Non Encumbered
Number of shares	52984019	52997875	52984019
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00	100.00	100.00
Percentage of shares (as a % of total share capital of the company)	59.81	59.82	59.81

B. Investor Complaints
Pending at the beginning of the quarter	NIL
Receiving during the quarter	29
Disposed of during the quarter	29
Remaining unreserved at the end of the quarter	NIL

NOTE:

The above results for the quarter and nine months ended 31st December, 2014 have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 9th February, 2015.

The Board of Directors have declared 2nd Interim Dividend of 1.5o paise per Equity Share of Rs.5/- each (30 %) amounting to Rs 13,28,87530.50 and 15th February, 2015 has been fixed as record date for the payment of the said 2nd Interim Dividend.

Figures for the previous period have been regrouped or rearranged wherever necessary.

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Million)

Particulars	Quarter Ended ( Unaudited)	Quarter Ended ( Unaudited)	Year to date ( Unaudited)
	31.12.2014	30.09.2014	31.12.2014
1. Segment Revenue
a. Specialty Chemicals	5677.000	6249.100	18068.000
b. Pharmaceutics	748.000	792.000	2214.500
c. Home and Personal care Chemicals	497.400	570.500	1649.200
Net Income from Operations	6922.400	7611.600	21931.700

2. Segment Result
a. Specialty Chemicals	881.900	1041.200	2900.200
b. Pharmaceutics	87.900	124.700	275.100
c. Home and Personal care Chemicals	(9.200)	7.100	23.800
Total	960.600	1173.000	3199.100

Less : i) Interest	316.100	359.400	1054.800
ii) Other Un-allocable Expenditure (net)	118.100	141.400	381.400
Profit before Tax	526.400	672.200	1762.900

3. Capital Employed (Segment Assets-Segment Liabilities)
a. Specialty Chemicals	14207.200	14043.900	14207.200
b. Pharmaceutics	4587.000	4392.200	4587.000
c. Home and Personal care Chemicals	1005.800	1055.400	1005.800
d. Unallocated	684.400	678.400	684.400
Total	20484.400	20169.900	20484.400

FIXED ASSETS

v Tangible Assets

· Free hold Land

· Lease Hold Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

v Intangible Assets

· Process Development

· Technical Knowhow

· Goodwill

· Computer Software

· Copyrights and Patents

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.62.62
UK Pound	1	Rs.94.39
Euro	1	Rs.67.96

INFORMATION DETAILS

Information Gathered by :	HNA

Analysis Done by :	KAR

Report Prepared by :	KVT

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	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		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.