MIRA INFORM REPORT

Report No. :	322432
Report Date :	15.05.2015

IDENTIFICATION DETAILS

Name :	GODREJ CONSUMER PRODUCTS LIMITED
Registered Office :	Pirojsha Nagar, Eastern Express Highway, Vikhroli (East), Mumbai – 400 079, Maharashtra
Tel No :	91-22-55976800
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	29.11.2000
Com. Reg. No.:	11-129806
Capital Investment / Paid-up Capital :	Rs. 340.400 Million
CIN No.: [Company Identification No.]	L24246MH2000PLC129806
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 :	Subject is engaged in the manufacture of Personal and Household Care Products.
No. of Employees :	Not Divulged

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 :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well – established and reputed and company having an excellent track record. It is a major player in the Indian FMCG Market. Financial position of the company seems to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are trustworthy. Business is active. Payments terms are reported to be regular and as per commitments. The company can be considered excellent 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	ICRA
Rating	AA + [Non-Convertible Debenture]
Rating Explanation	Have high degree of safety and carry low credit risk.
Date	December 2014

Rating Agency Name	ICRA
Rating	A1+ [short term debt and commercial paper]
Rating Explanation	Have very strong degree of safety and carry lowest credit risk
Date	December 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 DENIED

Management non co-operative

LOCATIONS

Registered Office/ Branch Office 1 :	Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai – 400 079, Maharashtra, India
Tel. No.:	91-22-25188010, 25188020, 25188030
Fax No.:	91-22-25188040
E-Mail :	Investor.relations@godrejcp.com
Website :	http://www.godrejcp.com
Factory 1 :	U - 30, Industrial Area, Malanpur, District Bhind – 477 116, Madhya Pradesh, India
Tel. No.:	91-7539-83113/ 83419
Fax No.:	91-7539-283421
Factory 2 :	Shed No.9 - 12, Byelane #1, Bamunimaidan Industrial Estate, Guwahati – 781 021, Assam, India
Tel. No.:	91-361-2653437/ 2654186
Fax No.:	91-361-2653597
Factory 3 :	Plot Nos.85-88, EPIP, Phase-II, Village Thana, Tehsil Nalagarh, District Solan – 173 205, Himachal Pradesh, India
Tel. No.:	91-1795-274298/ 274235
Fax No.:	91-1795-274233
Factory 4 :	APDC Complex, CITI, Kalapahar, Guwahati – 781 016, Assam, India
Tel. No.:	91-361-2477174/ 2476765
Factory 5 :	Shed No. A3, A4 and A8 Part, Mini Industrial Estate, Kalapahar, Guwahati – 781 016, Assam, India
Tel. No.:	91-361-2491358
Factory 6 :	Shed No.A12 and B2, Mini Industrial Estate, Kalaphar, Guwahati – 781 016, Assam, India
Tel. No.:	91-361-2478294/ 2478261
Factory 7 :	15^th Mile, National Highway No.41, G.S. Road, Byrnihat, Rebhoi District, Meghalaya, India
Tel. No.:	91-3638-263706/ 263768
Factory 8 :	Lalunggaon, Lokhra, Guwahati – 781 034, Assam, India
Tel. No.:	91-361-2236729/ 2236730/ 2236750/ 2236752
Factory 9 :	C/o Filpak India Private Limited, 46/47 Pileme Industrial Estate, Pileme, Brdez, Goa – 403 511, India
Tel. No.:	91-832-2407090/ 2407193
Factory 10 :	Chak Pratap Sigh, National Highway - 1A, Hatli More, Kathua – 184 102, Jammu and Kashmir, India
Tel. No.:	91-1922-203425
Factory 11 :	R.S. No.74/4, 74/5 and 74/6, Nallur Village, Mannadipet Commune -- 605 107 Pondicherry, India
Tel. No.:	91-413-2640711/ 712
Factory 12 :	R.S. No.131, 131/1-4, Cuddalore Road, Kattukuppam Manpet Post – 607 402, Pondicherry, India
Tel. No.:	91-413-3291972/ 2611463/ 464
Fax No.:	91-413-2611260
Factory 13 :	Re-survey No.239/3, 239/4, 240/5, 240/6, Kurumbakaram Nedungadu  Commune, Karaikal – 609 603, Pondicherry, India
Tel. No.:	91-4368-262147/ 262148
Factory 14 :	Re-survey, No.245/1A, 245/3, 245/4 and 246/2a, Sethur Village, Thirunallar Commune, Karaikal – 609 601, Pondicherry, India
Tel. No.:	91-4368-236696/ 236697
Factory 15 :	E-5, Industrial Estate, Marai Malai Nagar - 603 209, Tamilnadu
Tel. No.:	91-44-67455533
Branch Office :	Also located at: · Chennai · Delhi · Kolkata
International Operations :	Located At: Africa: South Africa, Nigeria, Mozambique Asia: Indonesia, Bangladesh, Sri Lanka Europe: United Kingdom Latin America: Argentina, Uruguay, Brazil Middle East: UAE

DIRECTORS

As on 31.03.2014

Name :	Mr. Adi Godrej
Designation :	Chairman
Qualification :	B.S, M.S, Massuchusetts Institute of Technology, U.S.A.
Name :	Mr. A. Mahendran
Designation :	Managing Director
Qualification :	ACA
Name :	Mr. Narendra Ambwani
Designation :	Director
Name :	Mr. D. Shivakumar
Designation :	Director
Name :	Mr. Bharat Doshi
Designation :	Director
Name :	Mr. Nadir Godrej
Designation :	Director
Name :	Ms. Tanya Dubash
Designation :	Director
Name :	Mr. Jamshyd Godrej
Designation :	Director
Name :	Ms. Nisaba Godrej
Designation :	Director
Name :	Mr. Bala Balachandran
Designation :	Director
Name :	Mr. Aman Mehta
Designation :	Director
Name :	Dr. Omkar Goswami
Designation :	Director
Name :	Mr. Vivek Gambhir
Designation :	Director
Name :	Ms. Ireena Vittal
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Rakesh Sinha
Designation :	COO (Global Supply Chain, Manufacturing and IT)
Qualification :	B. Tech (Mech) P.G.D.I.E. A I C W A, CFA
Name :	Mr. Shashank Sinha
Designation :	President (International Business)
Qualification :	BE, MBA
Name :	Mr. P. Ganesh
Designation :	Executive Vice President (Finance and Commercial) and Company Secretary
Qualification :	B.Com, ACA, ACS, Grad CWA
Name :	Mr. Rahul Gama
Designation :	Executive Vice President (HR)
Qualification :	MBA
Name :	Mr. Sundar Nurani Mahadevan
Designation :	Executive Vice President (R & D)
Qualification :	PHDM, MSC, BSC
Name :	Mr. Sunil Kataria
Designation :	Executive Vice President (Sales and Marketing)
Qualification :	MBA

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 31.03.2015

Category of shareholder	No. of shareholders	Total shareholding as a % of Total No. of Shares
		As a % of (A+B+C)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	16054647	4.72
Bodies Corporate	199441435	58.58
Sub Total	215496082	63.30
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	215496082	63.30
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1119963	0.33
Financial Institutions / Banks	1116673	0.33
Insurance Companies	4323787	1.27
Foreign Institutional Investors	97929578	28.77
Sub Total	104490001	30.69
(2) Non-Institutions
Bodies Corporate	2564247	0.75
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	17033469	5.00
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	863102	0.25
Sub Total	20460818	6.01
Total Public shareholding (B)	124950819	36.70
Total (A)+(B)	340446901	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)	340446901	100.00

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

SI. No.		Detail of share held Details of Shares held
		No. No. of shareholders of Shares held	As a % of grand total(A)+(B)+(C) (A)+(B)+(C)
1	Adi Barjorji Godrej	500	0.00
2	Freyan Vijay Crishna	16,12,090	0.47
3	Godrej And Boyce Mfg Co Ltd	11,91,63,815	35.00
4	Godrej Industries Ltd	8,02,77,620	23.58
5	Hormazd Nadir Godrej	10,28,728	0.30
6	Nadir Barjorji Godrej	15,51,178	0.46
7	Navroze Jamshyd Godrej	16,06,809	0.47
8	Nisaba Adi Godrej	10,71,061	0.31
9	Nyrika Vijay Crishna	16,12,088	0.47
10	Parmeshwar Adi Godrej	4	0.00
11	Pirojsha Adi Godrej	10,71,075	0.31
12	Rati Nadir Godrej	6,33,728	0.19
13	Rishad Kaikhushru Naoroji	31,89,524	0.94
14	Tanya Arvind Dubash	10,71,054	0.31
15	Jamshyd N Godrej	16,06,808	0.47
	Total	21,54,96,082	63.30

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

SI. No..	No. No. of shareholders Name of the Shareholder	No. of Share held	Share As a % of Total No. of Shares as % of Total No. of Shares
1	Aberdeen Global Indian Equity Mauritius Ltd	10823516	3.18
2	Arisaig Partners Asia PTE Ltd A /c Arisaig India Fund Ltd	9294996	2.73
3	Baytree Investments ( Mauritius) PTE Ltd	12530166	3.68
4	National Westminster Bank Plc As Depositary of First State Asia Pacific Leaders Fund A Sub Fund of First State Investment ICVC	8720521	2.56
5	Life Insurance Corporation Of India	4323787	1.27
	Total	45692986	13.42

BUSINESS DETAILS

Line of Business :	Subject is engaged in the manufacture of Personal and Household Care Products.
Products :	Soaps Cosmetics Insecticides
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

No. of Employees :

Not Available

Bankers :

• Central Bank of India
• Citibank N.A.
• HDFC Bank Limited
• State Bank of India
• The Hong Kong and Shanghai Banking Corporation Limited

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Deferred sales tax loan		0.000
Short-term borrowings
Loans Repayable on Demand	NA
Cash Credit From Banks		8.800
Total		8.800

NOTES: (As on 31.03.2014)

Long Term Borrowings:

a. Deferred sales tax loan was interest free and was secured by the Bank Guarantee in favors of sales tax authorities.

b. The company does not have any continuing default as on the Balance Sheet date in the repayment of loans and interest.

Short Term Borrowings:

1. Cash Credit from Bank is secured by Hypothecation of Inventories and Book debts.
2. The Company does not have any default as on the Balance Sheet date in the repayment of any loan and interest.

Auditors :
Name :	Kalyaniwalla and Mistry Chartered Accountant
Address :	Kalpataru Heritage, 127 Mahatma Gandhi Road, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-61587200
Fax No.:	91-22-22673964
Memberships :	--
Collaborators :	--
Holding Company : (As on 31.03.2014)	Godrej AND Boyce Manufacturing Company Limited
Subsidiaries : (As on 31.03.2014)	i) Godrej Household Products Lanka (Private) Limited ii) Godrej Household Products (Bangladesh) Private Limited iii) Godrej Consumer Products Bangladesh Limited iv) Godrej South Africa (Proprietary) Limited (Earlier Rapidol (Proprietary) Limited) v) Godrej Global Mid East FZE vi) Godrej Hygiene Products Limited vii) Godrej Consumer Products Nepal Private Limited viii) Godrej Netherlands B.V. Godrej Consumer Products (UK) Limited Keyline Brands Limited Inecto Manufacturing Limited Godrej Consumer Investments (Chile) Spa Godrej Holdings (Chile) Limitada Cosmetica Nacional Plasticos Nacional ix) Godrej Consumer Products Mauritius Limited Godrej Kinky Holdings Limited Kinky Group (Proprietary) Limited Godrej Nigeria Holdings Limited (Merged with Godrej Consumer Products Mauritius Limited w.e.f. April 1, 2012) Godrej Nigeria Limited Godrej Argentina Dutch Cooperatief U.A Godrej Netherlands Argentina Holding B.V. Godrej Netherlands Argentina B.V. Laboratoria Cuenca S.A Deciral S.A Issue Group Uruguay S.A Issue Group Brazil Limited Consell S.A Argencos S.A Panamar Producciones S.A x) Godrej Consumer Products Holding (Mauritius) Limited Indovest Capital Limited Godrej Consumer Products Dutch Cooperatief U.A. Godrej Indonesia Netherlands Holding B.V. Godrej Consumer Products (Netherlands) B.V. Godrej Consumer Holdings (Netherlands) B.V. PT Simba Indosnack Makmur (upto March 21, 2013) PT Indomas Susemi Jaya PT Intrasari Raya PT Megasari Makmur PT Ekamas Sarijaya PT Sarico Indah xi) Godrej Mauritius Africa Holdings Limited Godrej Weave Holdings Limited DGH Mauritius Private Limited Weave Business Holding Mauritius Private Limited Subinite Pty Limited Lorna Nigeria Limited Weave IP Holding Mauritius Private Limited Weave Mozambique Limitada Weave Trading Mauritius Private Limited Hair Trading (Offshore) S.A.L. xii) Godrej East Africa Holdings Limited (w.e.f. July 20, 2012) DGH Phase Two Mauritius Private Limited Style Industries Limited xiii) Godrej Tanzania Holdings Limited (w.e.f. November 30, 2012) DGH Tanzania Limited Sigma Hair Ind Limited
Fellow Subsidiaries with whom transactions have taken place during the year : (As on 31.03.2014)	i) Godrej Industries Limited ii) Godrej Agrovet Limited iii) Godrej Tyson Foods Limited iv) Godrej Properties Limited v) Natures Basket Limited vi) Godrej Vikhroli Properties LLP vii) Godrej Oil Palm Limited (upto April 27, 2012)
Associates : (As on 31.03.2014)	Bhabhani Blunt Hairdressing Private Limited (w.e.f. October 7, 2013)
Enterprise over which Key Management Personnel exercise significant influence:	i) Godrej Hershey Limited (upto September 27, 2012) ii) Godrej Investments Private Limited iii) Great Lakes Institute of Management

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital = Not Available

Subscribed & Paid-up Capital : Rs. 340.400 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
410000000	Equity Shares	Re.1/- each	Rs.410.000 Million
10000000	Preferences Shares	Re.1/- each	Rs.10.000 Million
	TOTAL		Rs.420.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
340409434	Equity Shares	Re.1/- each	Rs.340.400 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
340378310	Equity Shares	Re.1/- each	Rs.340.400 Million

NOTES:

During the year, the Company has issued 51,385 equity shares (previous year 29,464) under the Employee Stock Grant Scheme.

31,124 Right Issue Shares (previous year 31,124 equity shares) are kept in abeyance due to various suits filed in courts / forums by third parties for which final order is awaited.

TERMS / RIGHTS ATTACHED TO EQUITY SHARES

The Company has issued only one class of equity shares having a par value of Rs. 1 each. Each equity shareholder is entitled to one vote per share.

During the year ended March 31, 2014 the amount of per share dividend recognized as distribution to equity shareholders was Rs. 5.25 (previous year: Rs. 5.00).

THE RECONCILIATION OF NUMBER OF EQUITY SHARES OUTSTANDING AND THE AMOUNT OF SHARE CAPITAL:

PARTICULAR	AS ON 31.03.2014
	NO. OF SHARES	RS. IN MILLION
Shares outstanding at the beginning of the year	340,326,925	340.300
Add: Shares Issued during the year*	51,385	0.001
Shares outstanding at the end of the year	340,378,310	340.400

*amount less than Rs. 0.100 Million.

SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY:

NAME OF THE SHAREHOLDER	AS ON 31.03.2013
	NO. OF SHARES	% HELD
122,411,815 35.97%	122,411,815	35.97%
Godrej Industries Limited	77,029,620	22.63%

SHARES RESERVED FOR ISSUE UNDER OPTIONS:

The Company has 134,364 (previous year 126,193) equity shares reserved for issue under Employee Stock Grant Scheme as at March 31, 2014.

AGGREGATE NUMBER OF EQUITY SHARES DURING THE FIVE YEARS IMMEDIATELY PRECEDING THE DATE OF BALANCE SHEET:

	AS ON 31.03.2014
	NO. OF SHARES
Allotted as fully paid up pursuant to contract without payment being received in cash	51236136
Shares Bought Back	---

There are no calls unpaid on equity shares other than Rights shares kept in abeyance

No equity shares have been forfeited.

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	340.400	340.400	340.300
(b) Reserves & Surplus	33490.100	29903.200	27270.700
(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)	33830.500	30243.600	27611.000
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	2602.200
(b) Deferred tax liabilities (Net)	11.100	16.400	45.900
(c) Other long term liabilities	40.200	37.900	44.200
(d) long-term provisions	39.900	42.400	49.000
Total Non-current Liabilities (3)	91.200	96.700	2741.300
(4) Current Liabilities
(a) Short term borrowings	3.400	8.800	6.000
(b) Trade payables	8045.300	7976.300	6665.300
(c) Other current liabilities	6833.800	6232.700	3584.900
(d) Short-term provisions	416.600	302.400	275.300
Total Current Liabilities (4)	15299.100	14520.200	10531.500
TOTAL	49220.800	44860.500	40883.800
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12390.200	2372.400	2256.900
(ii) Intangible Assets	0.000	8678.500	9201.400
(iii) Capital work-in-progress	0.000	1479.900	1211.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	21488.300	20649.900	14500.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1753.900	1178.400	1675.000
(e) Other Non-current assets	0.600	14.400	0.000
Total Non-Current Assets	35633.000	34373.500	28844.800
(2) Current assets
(a) Current investments	1513.800	1020.000	0.000
(b) Inventories	4895.100	4935.700	5363.700
(c) Trade receivables	1429.400	1392.600	1221.300
(d) Cash and cash equivalents	4953.600	2052.600	4605.500
(e) Short-term loans and advances	720.600	1076.300	820.500
(f) Other current assets	75.300	9.800	28.000
Total Current Assets	13587.800	10487.000	12039.000
TOTAL	49220.800	44860.500	40883.800

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	44298.000	40798.400	35810.200
	Other Income	575.100	400.000	506.500
	TOTAL (A)	44873.100	41198.400	36316.700
Less	EXPENSES
	Cost of Materials Consumed	18140.700	16352.200	15170.100
	Purchases of Stock-in-Trade	1938.200	2424.800	2964.500
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	50.500	620.900	(1169.100)
	Employees benefits expense	2593.000	2004.100	1655.600
	Exceptional items	(86.000)	0.000	0.000
	Other expenses	13178.900	11926.100	10888.400
	TOTAL (B)	35815.300	33328.100	29509.500
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	9057.800	7870.300	6807.200
Less	FINANCIAL EXPENSES (D)	369.200	385.200	154.900
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	8688.600	7485.100	6652.300
Less/ Add	DEPRECIATION/ AMORTISATION (F)	416.700	355.200	322.700
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	8271.900	7129.900	6329.600
Less	TAX (I)	1727.400	1481.500	1220.200
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	6544.500	5648.400	5109.400
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	103921.400	101009.000	7698.200
Add	ADDITION ON AMALGAMATION		155.000	0.000
Less	APPROPRIATIONS
	Transfer to General Reserve		565.000	511.300
	Dividend		1787.000	1701.000
	Tax on Dividend		303.700	281.300
	Tranfer to DRR		235.300	212.500
	Total (M)		2891.000	2706.100
	Balance Carried to the B/S (J+K+L-M)	NA	103921.400	10101.500
	EARNINGS IN FOREIGN CURRENCY
	Exports of Goods on FOB Basis		1226.800	1418.300
	Royalty, Know-how and Technical Fees		462.300	484.200
	Interest and Dividends		1.900	134.100
	License Agreement Termination Compensation		0.000	0.000
	Others		15.300	17.900
	TOTAL EARNINGS		1706.300	2054.500
	IMPORTS
	Raw Materials		1915.400	2870.700
	Components and Stores parts		0.200	1.000
	Capital Goods		4.400	3.400
	TOTAL IMPORTS		1920.000	2875.100
	Earnings / (Loss) Per Share (Rs.)	19.22	16.60	15.01

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	14.77	13.84	14.27
Operating Profit Margin (PBIDT/Sales)	(%)	20.45	19.29	19.01
Return on Total Assets (PBT/Total Assets}	(%)	29.83	31.37	25.15
Return on Investment (ROI) (PBT/Networth)		0.24	0.24	0.23
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.09
Current Ratio (Current Asset/Current Liability)		0.89	0.72	1.14

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	340.300	340.400	340.400
Reserves & Surplus	27270.700	29903.200	33490.100
Net worth	27611.000	30243.600	33830.500
long-term borrowings	2602.200	0.000	0.000
Short term borrowings	6.000	8.800	3.400
Total borrowings	2608.200	8.800	3.400
Debt/Equity ratio	0.094	0.000	0.000

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	35810.200	40798.400	11335.100
		13.930	(72.217)

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	35810.200	40798.400	11335.100
Profit	36316.700	41198.400	1880.600
	101.41%	100.98%	16.59%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	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	No
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

CASE DETAILS

BENCH: BOMBAY

PRESENTATION DATE: 08/04/2014

LODGING NO.: ITXAL/791/2014 FILING DATE: 08/04//2014

PETITIONER : COMMISSIONER OF INCOME TAX 10 -	RESPONDENT : GODREJ CONSUMER PRODUCTS LIMITED
PENT. ADV.: ARVIND PINTO (I583)	Resp Adv.:- ATUL K. JAISANI (0)
DISTRICT: MUMBAI
BENCH: DIVISION
STATUS: PRE-ADMISSION	CATEGORY: TAX APPEALS
LAST DATE: 31/10/2014	STAGE: -- FOR REJECTION [ORIGINAL SIDE MATTERS]
LAST CORAM: ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST
ACT: INCOME TAX ACT, 1961	UNDER SECTION: 260A

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90143673	22/10/2008 *	2,000,000,000.00	CENTRAL BANK OF INDIA WITH 4 OTHER BANKS	CORPORATE FINANCE BRANCH,MMO BLD., 1ST FLOOR,M.G.ROAD, MUMBAI - 400023, Maharashtra, INDIA	A49069388
2	90300784	18/03/1998	400,000.00	CORPORATION BANK	R K MUTT ROAD, MYLAPORE, MADRAS, Tamil Nadu - 600 004, INDIA	-
3	90300373	31/03/1994	6,000,000.00	CORPORATION BANK	G T BRANCH, MADRAS, Tamil Nadu - 600001, INDIA	-
4	90301789	09/09/1991	6,000,000.00	CORPORATION BANK	49; ARMENAIN STREET, MADRAS, Tamil Nadu - 600001, INDIA	-
5	90299327	30/09/1988 *	400,000.00	CORPORATION BANK	R K MUTT ROAD, MYLAPORE, MADRAS, Tamil Nadu - 600 004, INDIA	-
6	90301448	02/01/1979	300,000.00	CORPORATION BANK	160 RK MUTT ROAD MYLAPORE, MADRAS, Tamil Nadu - 600004, INDIA	-
7	90299096	01/06/1978	275,000.00	CORPORATION BANK	160 RK MUTT ROAD MYLAPORE, MADRAS, Tamil Nadu - 600004, INDIA	-

COMPANY OVERVIEW

Godrej Consumer Products Limited (the Company) was incorporated on November 29, 2000, to take over as a going concern the consumer products business of Godrej Soaps Limited (subsequently renamed as Godrej Industries Limited), pursuant to a Scheme of Arrangement as approved by the High Court, Mumbai. The Company is a focused fast moving Consumer Goods Company, manufacturing and marketing Household and Personal Care products. The Company is domiciled in India and is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

PRESS RELEASE

3Q FY 2015 results – GCPL delivers net profit growth of 35% on 16% overall constant currency net sales growth

Mumbai, February 5, 2015: Godrej Consumer Products Limited (GCPL), a leading emerging markets FMCG company, today announced its financial results for the quarter ended December 31, 2014.

· FINANCIAL OVERVIEW

· 3Q FY 2015 consolidated organic constant currency net sales increased by 16%

- India business grew by 12%; nearly 1.6x of the overall household and personal care sector (HPC) growth

- International business grew by 20% on an organic constant currency basis

· 3Q FY 2015 consolidated organic constant currency EBITDA increased by 28%, driven by a strong growth of 18% in the India business and 43% in the international business

· GCPL continues to gain market share across its core categories across geographies

· The board has declared an interim dividend of 100% (INR 1 per share)

CHAIRMAN’S COMMENTS

Commenting on the financial performance of 3Q FY 2015, Mr. Adi Godrej, Chairman, Godrej Group, said:

After a few quarters of sluggish growth, consumer demand in India started to show early signs of a recovery in the third quarter of FY 2015. Our business has delivered strong, competitive double-digit growth across categories. We have also further strengthened our leadership positions across our core categories.

Consolidated organic constant currency sales increased by 16%, ahead of the market. Organic constant currency operating earnings growth was even stronger at 28%, led by prudent cost management, benign raw material costs and our efforts to effectively leverage our brand platforms. In organic constant currency terms, our international business registered a robust top-line growth of 20% and an operating earnings growth of 43%.

After a challenging few quarters, the growth prospects of the Indian economy are looking more favourable. We expect the economy to pick up pace in FY 2016. We are beginning to see improved consumer sentiment on the ground and are hopeful that this will translate into better consumer demand in the quarters ahead. With our relentless focus on innovation, we are in a good position to capitalise on the uptick in demand and growth. We will continue to focus on sustaining and extending leadership in our core categories. We are becoming operationally more efficient, while investing for the longer term.

We expect growth in the second half of this fiscal year should be better than the first half. Consequently, our intent is to deliver a stronger performance overall this year, compared to the previous year.

The medium and long-term growth prospects in India and our other emerging markets remain robust. I am confident that with our clear strategic focus, differentiated product portfolio, superior execution and top-notch team, we will continue to deliver industry-leading results in the future. Press Release – February 5, 2015

BUSINESS REVIEW – INDIA

Performance Highlights

· 3Q FY 2015 India net sales increased by 12% to INR Rs. 11670.000 Million

· 3Q FY 2015 EBITDA increased by 18% to INR Rs. 2280.000 Million

· 3Q FY 2015 net profit increased by 16% to INR Rs. 1720.000 Million

CATEGORY REVIEW

Household Insecticides

Household insecticides growth momentum has returned to normal levels and we clocked a growth of 16%, well ahead of category growth. Our focus on improving our market share continues and we exited December 2014 with our highest ever market share. We launched a Neem Low Smoke Coil variant, to premiumise our coil franchise and aid market share gains. Good knight Fast card continues to see strong demand and we plan to leverage our distribution strength for our next level of growth.

Soaps

In Soaps, we continued our double-digit growth momentum and outperformed the category (where growth recovered to low single digits) with a value growth of 11%. We recorded strong growth across our key brands. This was aided by focused marketing campaigns, consumer offers and localised activation programmes. Gross margins during the quarter benefited from lower palm oil prices and have improved significantly.

Hair Colours

We sustained our strong growth momentum in Hair Colours and clocked a volume led sales growth of 10%, despite a significantly higher base from last year. We outperformed the category and gained further market share. Godrej Expert Rich Crème continues to gain market share, backed by a strong build-up in distribution and large-scale activation programmes. Press Release – February 5, 2015

Air Fresheners

Our Air Freshener brand, Godrej aer, continues to do well, aided by our innovative gel format technology and consumer engagement initiatives. In little over two years of launch, it now features among the top 3 players in the car air care and home spray categories. We recently launched a unique vehicle PUC renewal campaign to create awareness about air pollution.

Health and Wellness

Our recently launched Health and Wellness portfolio of hand washes, a hand sanitizer and anti-mosquito spray, under Godrej Protect, is being well received in modern trade.

Liquid Detergents

Our Liquid Detergents sales have increased by 13%, despite the late onset of the winter. Ezee continues to do well aided by the Ezee ‘Rahaat Ek Abhiyaan’ campaign. Press Release – February 5, 2015

BUSINESS REVIEW – INTERNATIONAL

Indonesia

Our Indonesia business continued its strong growth momentum and registered a strong constant currency net sales growth of 19%, much ahead of the overall FMCG growth in Indonesia. Operating margins increased 330 basis points year-over-year, driven by price hikes, cost efficiencies and judicious marketing spends. Stella continues to grow strongly and further extend its leadership in the air freshener category. We continued our new launch momentum with the launch of Hit Non-Stop 60 days, Stella Kids and Christmas edition.

Africa

We have a business presence in countries in East, West and South Africa, across categories like hair extensions, hair colours, household insecticides and personal wash. Our Africa business recorded a strong constant currency sales growth of 36%, led by the significant outperformance by our Darling business. In January 2015, we entered into an agreement with Frika Hair (Pty) Limited, for the acquisition of 100% equity stake in its hair extensions business in South Africa.

Latin America

Our Latin America business delivered a healthy constant currency growth of 25%, led by market share gains. The implementation of our cost transformation project in Argentina has significantly boosted our profitability. During the quarter, we refreshed variants and introduced new packaging for products under the Issue brand.

Europe

In our UK business, constant currency net sales declined by 13%, as one of the lead brands that we distribute continues to face growth challenges due to grey and counterfeit issues. Operating margins however increased by 230 basis points year-over-year due to a better mix and cost saving initiatives. Press Release – February 5, 2015

Note: The figures for the current quarter may not be comparable with those of the corresponding quarter of the previous year, because of the acquisitions made since then.

ABOUT GCPL

Godrej Consumer Products Limited is the largest home-grown home and personal care company in India. We are constantly innovating to delight our consumers with more exciting, superior quality products at affordable prices.

We have bold ambitions and are becoming more agile and future ready. We rank number 1 in hair colour, household insecticides and liquid detergents and number 2 in soaps. In India, you grow up with our brands - Good knight, Cinthol, Godrej Expert, Godrej No. 1 - and we are now on our way to becoming an emerging markets FMCG leader.

In line with our 3X3 approach to international expansion, we are building a presence in 3 emerging markets (Asia, Africa, Latin America) across 3 categories (home care, personal wash, hair care). In 2010, we acquired the Indonesia based Megasari group, a leader in household insecticides, air fresheners and baby care. With the acquisition of Rapidol and Kinky in South Africa, and the Darling Group, a leading pan-Africa hair care company, we have a strong presence in the fast growing African hair care market. We acquired the Issue and Argencos groups in Argentina, leaders in hair colour, in 2010, and expanded our footprint to Chile through the acquisition of a 60% stake in Cosmetics Nacional. Our UK business acquired in 2005 has a play in hair and personal care. We also operate in the Middle East and have a strong presence across SAARC countries.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs.in Million)
a) CLAIMS FOR EXCISE DUTIES, TAXES AND OTHER MATTERS
i) Excise duty demands aggregating Rs.330.900 Million (previous year Rs. 112.600 Million) against which the Company has preferred appeals (net of tax).	218.400
ii) Sales tax demands aggregating Rs. 629.200 Million (previous year Rs. 226.800 Million) against which the Company has preferred appeals (net of tax).	415.300
iii) Income-tax matters Demand notices issued by Income-tax Authorities.	123.700
iv) Other matters: Rs. 30.000 Million (previous year Rs. 30.000 Million) (net of tax).	19.800
b) GUARANTEES
i) Guarantee amounting to USD 78.8 million (previous year USD 221.8 million) given by the Company against loan provided by banks to Godrej Consumer Products Holding (Mauritius) Ltd.	4718.300
ii) Guarantee amounting to USD 99.0 million (previous year USD 121.0 million) given by the Company to DBS Bank, Singapore against loan provided to Godrej Mauritius Africa Holdings Ltd.	5931.600
iii) Guarantee amounting to GBP 30.0 million (previous year GBP 30.0 million) given by the Company to HSBC, Hong Kong against loan provided to Godrej Netherlands BV.	2993.000
iv) Guarantee amounting to USD 84.0 million (previous year USD 84.0 million) given by the Company to HSBC, Hong Kong & SCB Mauritius Limited against loan provided to Godrej East Africa Holdings Limited.	503.2.900
v) Guarantee amounting to GBP 9.9 million (previous year GBP 9.9 million) given by the Company to HSBC, Hong Kong against loan provided to Godrej Netherlands BV.	987.700
vi) Guarantees issued by banks [secured by bank deposits under lien with the bank Rs. 54.400 Million (previous year Rs. 81.600 Million)]	81.900
vii) Guarantee of AED 1.4 million (previous year AED 1.4 million) given by the Company to secure credit facilities extended by HSBC Bank Middle East Ltd. to Godrej Global Mid East FZE	22.800
viii) Guarantee given by the Company to secure credit facilities extended by the Royal Bank of Scotland to Godrej Hygiene Products Limited.
ix) Guarantee given by the Company to secure credit facilities extended by Citibank Sri Lanka and Citibank Bangladesh to Godrej Household Products (Lanka) Private Limited and Godrej Household Products (Bangladesh) Private Limited respectively.	29.600
x) Guarantee amounting to USD 10.0 million (previous year USD 10.0 million) given by the Company to HSBC, Hong Kong towards interest rate swap/derivative facilities provided to Godrej Consumer Products Holding (Mauritius) Ltd.	599.200
xi) Guarantee amounting to Nil (previous year BDT 245.0 million) given by the Company to HSBC Bangladesh towards credit facilities provided by the Bank to Godrej Household Products (Bangladesh) Private Limited	0.000
xii) Guarantee amounting to USD 5.0 million (previous year USD 5.0 million) given by the Company to HSBC Hong Kong towards interest rate swap/ Derivative facilities provided to Godrej Netherlands BV.	299.600
xiii) Guarantee amounting to USD 5.0 million (previous year Nil) given by the Company to HSBC Hong Kong towards interest rate swap/derivative facilities Provided to Godrej East Africa Holdings Limited.	299.600
c) CLAIMS AGAINST THE COMPANY NOT ACKNOWLEDGED AS DEBT:
i) Claims by various parties on account of unauthorized, illegal and fraudulent acts by an employee.	322.200
ii) Others	2.800

FIXED ASSETS

Tangible Assets

· Freehold Land

· Leasehold Land

· Building

· Plant and Equipment’s

· Furniture, Fixture and Fittings

· Office Equipment

· Vehicles

· Computers

Intangible Assets

· Goodwill

· Trademarks and Brands

· Computer Software

· Technical Knowhow

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 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.64.18
UK Pound	1	Rs.100.57
Euro	1	Rs.72.07

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RSM
Report Prepared by :	SUJ

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	9
--LIQUIDITY	1~10	8
--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	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		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.