MIRA INFORM REPORT

Report No. :	323162
Report Date :	21.05.2015

IDENTIFICATION DETAILS

Name :	NIRMA LIMITED
Registered Office :	Nirma House, Ashram Road, Ahmedabad – 380009, Gujarat
Tel. No.:	91-79-27546565
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.02.1980
Com. Reg. No.:	04-003670
Capital Investment / Paid-up Capital :	Rs.1005.600 Million
CIN No.: [Company Identification No.]	U24240GJ1980PLC003670
IEC No.:	0888005580
TAN No.: [Tax Deduction & Collection Account No.]	AHMN00409D
PAN No.: [Permanent Account No.]	AAACN5350K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Seller of Synthetic Detergents, Soaps, Chemicals and Allied Products.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (74)

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

Maximum Credit Limit :	USD 90600000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established and reputed Fast Moving Consumer Goods (FMCG) company having excellent track record. The rating takes into consideration the company established market position in the domestic soda ash and soaps and detergent (S&D) businesses. The rating also reflects company strong financial risk profile marked by healthy net worth and sound profitability of the company Director are reported to be experienced and respectable businessmen. Business is active. Trade relations are reported as praiseworthy. Payments are regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = AA
Rating Explanation	High degree of safety and very low credit risk.
Date	25.07.2014

Rating Agency Name	CRISIL
Rating	Short term rating = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	25.07.2014

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 PARTED BY

Name :	Mr. Akhil Maheshwar
Designation :	General Manager
Contact No.:	91-7927546565
Date :	18.05.2015

LOCATIONS

Registered Office :	Nirma House, Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-7927546565
Fax No.:	91-79-27546603/ 05/ 01
E-Mail :	nirma_corporate@nirma.co.in ndpat@ad1.vsnl.net.in info@nirma.co.in sec_nirma@nirma.co.in
Website :	http://www.nirma.co.in
Location :	Owned
Locality :	Commercial
Factory:	· Block No. 16/B, Ahmedabad Mehsana Highway, P.O. Mandali, District Mehsana - 382732, Gujarat, India · Village Moraiya, Post Chacharwadi Vasna, Near Modern Denim Bavla Road, Taluka: Sanand, District Ahmedabad - 382213, Gujarat, India · Alindra Detergent Complex, P. O. Alindra, Taluka Savli, District Baroda - 391775, Gujarat, India · Bhavnagar Chemical Complex, P.O. Kalatalav, District Bhavnagar - 364313, Gujarat, India · Wind Farm Project at Survey No. 691, Village Dhank, Taluka Upleta, District Rajkot, Gujarat, India · Nirlife Pharma Complex, Survey No. 358-369, Village Sachana, Taluka Viramgam, District Ahmedabad - 382150, Gujarat, India

DIRECTORS

AS ON 26.06.2014

Name :

Mr. Karsanbhai Khodidas Patel

Designation :

Chairman

Address :

Nima Farm Opposite YMCA Club Sarkhej – Gandi Nagar Road, Ahmedabad -380054, Gujarat, India

Date of Birth/Age :

07.01.1944

Date of Appointment :

25.02.1980

Voter ID No.:

LPZ4110078

DIN No.:

00404099

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24240GJ1980PLC003670	NIRMA LIMITED	Director	25-02-1980	25-02-1980	Active	NO
2	U23200GJ1992PLC051990	NIRMA PETROCHEMICALS LIMITED	Director	30-10-1992	30-10-1992	Amalgamated	NO
3	U67120GJ1985PTC051992	URI HOLDINGS PRIVATE LIMITED	Director	05-10-1999	05-10-1999	Active	NO
4	U67120GJ1985PTC052052	LEH HOLDINGS PRIVATE LIMITED	Director	05-10-1999	05-10-1999	Active	NO
5	U99999GJ1985PTC052060	KULGAM HOLDINGS PRIVATE LIMITED	Director	05-10-1999	05-10-1999	Active	NO
6	U67120GJ1985PTC051991	KARGIL HOLDINGS PRIVATE LIMITED	Director	05-10-1999	05-10-1999	Active	NO
7	U99999GJ1985PTC052053	BANIHAL HOLDINGS PRIVATE LIMITED	Director	05-10-1999	05-10-1999	Active	NO
8	U24249GJ1979PTC003607	NIRMA INDUSTRIES Private LIMITED	Director	28-09-2013	05-04-2013	Active	NO
9	U24231GJ1994PTC023482	NIRMA CHEMICAL WORKS Private LIMITED	Director	28-09-2013	05-04-2013	Active	NO
10	U67120GJ1984PTC007520	NIRMA CREDIT AND CAPITAL Private LIMITED	Director	30-09-2013	30-05-2013	Active	NO

Name :

Mr. Rakesh Karsanbhai Patel

Designation :

Vice Chairman

Address :

Nima Farm Opposite YMCA Club Sarkhej – Gandi Nagar Road, Ahmedabad - 380054, Gujarat, India

Date of Birth/Age :

18.07.1972

Date of Appointment :

04.02.1997

Voter ID No.:

GJ\11\064\0603732

DIN No.:

00760023

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24240GJ1980PLC003670	NIRMA LIMITED	Director	04-02-1997	04-02-1997	Active	NO
2	U67120GJ1985PTC051992	URI HOLDINGS PRIVATE LIMITED	Director	05-10-1999	05-10-1999	Active	NO
3	U67120GJ1985PTC051991	KARGIL HOLDINGS PRIVATE LIMITED	Director	05-10-1999	05-10-1999	Active	NO
4	U73100GJ2005NPL047268	NIRMA LABS	Director	13-12-2005	13-12-2005	Active	NO
5	U24249GJ1979PTC003607	NIRMA INDUSTRIES Private LIMITED	Director	28-09-2013	05-04-2013	Active	NO
6	U74140GJ1983PTC006273	NIRMA MANAGEMENT SERVICES PVT LTD	Additional director	27-03-2015	27-03-2015	Active	NO
7	AAB-1908	HARSIDDH ASSOCIATES LLP	Designated Partner	30-10-2012	30-10-2012	Active	NO

Name :

Mr. Hiren Karsanbhai Patel

Designation :

Director

Address :

Nima Farm Opposite YMCA Club Sarkhej Ahmedabad - 380054, Gujarat, India

Date of Birth/Age :

29.07.1973

Date of Appointment :

01.05.2011

Voter ID No.:

LPZ4117149

DIN No.:

00145149

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24240GJ1980PLC003670	NIRMA LIMITED	Managing director	01-05-2011	04-02-1997	Active	NO
2	U51100GJ1997PLC032886	NIRMA CONSUMER CARE LIMITED	Director	01-09-1997	01-09-1997	Amalgamated	NO
3	U67120GJ1985PTC051992	URI HOLDINGS PRIVATE LIMITED	Director	05-10-1999	05-10-1999	Active	NO
4	U67120GJ1985PTC052052	LEH HOLDINGS PRIVATE LIMITED	Director	05-10-1999	05-10-1999	Active	NO
5	U67120GJ1984PTC007520	NIRMA CREDIT AND CAPITAL Private LIMITED	Director	30-09-2013	05-04-2013	Active	NO
6	U24231GJ1994PTC023482	NIRMA CHEMICAL WORKS Private LIMITED	Director	28-09-2013	05-04-2013	Active	NO
7	AAB-1908	HARSIDDH ASSOCIATES LLP	Designated Partner	30-10-2012	30-10-2012	Active	NO

Name :

Mr. Pankaj Ramanbhai Patel

Designation :

Director

Address :

16 Azad Society Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

16.03.1953

Date of Appointment :

25.09.2007 

DIN No.:

00131852

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231GJ1973PLC002286	CADILA LABORATORIES PRIVATE LIMITED	Director	09-03-1978	09-03-1978	-	Active	NO
2	U65910GJ1980PTC004056	PRIPAN INVESTMENT PRIVATE LIMITED	Director	01-12-1980	01-12-1980	-	Active	NO
3	U68186GJ1973PTC002373	CADMACH MACHINERY COMPANY PRIVATE LIMITED	Director	01-12-2008	16-02-1990	-	Active	NO
4	U24239MH1991PLC059995	PHARMACEUTICAL BUSINESS GROUP(INDIA) LIMITED	Director	25-01-1991	25-01-1991	16-05-2008	Active	NO
5	L24230GJ1981PLC004878	GUJARAT THEMIS BIOSYN LTD	Director	15-01-1992	15-01-1992	25-10-2008	Active	NO
6	U24231GJ1994PLC023298	ZYDUS PHARMACEUTICALS LIMITED	Director	17-10-1994	17-10-1994	03-01-2013	Amalgamated	NO
7	U65910GJ1994PTC023467	ZYDUS INFRASTRUCTURE PRIVATE LIMITED	Director	31-10-1994	31-10-1994	-	Active	NO
8	L24230GJ1995PLC025878	CADILA HEALTHCARE LIMITED	Managing director	15-05-1995	15-05-1995	-	Active	NO
9	L24231GJ1991PLC015390	VADILAL CHEMICALS LIMITED	Director	01-12-1995	01-12-1995	30-09-2013	Active	NO
10	U24231MH1999PTC119171	ZYDUS TAKEDA HEALTHCARE PRIVATE LIMITED	Nominee director	30-03-1999	30-03-1999	-	Active	NO
11	U85110GJ2000PLC037488	DIALFORHEALTH INDIA LIMITED	Nominee director	06-03-2000	06-03-2000	03-01-2013	Active	NO
12	U24239GJ2000PLC075267	ZYDUS ANIMAL HEALTH LIMITED	Nominee director	27-03-2000	27-03-2000	03-01-2013	Amalgamated	NO
13	U73100GJ2004PLC044669	CLIANTHA RESEARCH LIMITED	Director	30-08-2004	30-08-2004	26-09-2008	Active	NO
14	U24230GJ2005PTC046915	ZYDUS BSV PHARMA PRIVATE LIMITED.	Director	25-08-2006	07-04-2006	15-03-2008	Active	NO
15	U73100GJ2005PTC046914	ZYDUS BSV RESEARCH AND DEVELOPMENT PRIVATE LIMITED	Director	25-08-2006	07-04-2006	-	Amalgamated	NO
16	U73100GJ2006PLC048915	BAAP DIAGNOSTICS LIMITED	Nominee director	21-08-2006	21-08-2006	05-07-2012	Amalgamated	NO
17	L31200GJ2004PLC044068	TORRENT POWER LIMITED	Director	28-07-2014	29-09-2006	-	Active	NO
18	U24240GJ1980PLC003670	NIRMA LIMITED	Director	25-09-2007	28-10-2006	-	Active	NO
19	U24233GJ2007PTC050538	MabS BIOTECH Private LIMITED	Nominee director	16-04-2007	16-04-2007	-	Active	NO
20	U24239GJ1982PLC075559	LIVA HEALTHCARE LIMITED	Nominee director	18-04-2007	18-04-2007	14-08-2007	Amalgamated	NO
21	U85110GJ2008PTC052902	ZYDUS HOSPITALS AND MEDICAL RESEARCH PRIVATE LIMITED	Director	13-02-2008	13-02-2008	-	Amalgamated	NO
22	U24233GJ2008PTC054191	ZYDUS HOSPITALS AND HEALTHCARE RESEARCH PRIVATE LIMITED	Director	12-06-2008	12-06-2008	-	Active	NO
23	U92410GJ1989GAP012192	KARNAVATI CLUB LIMITED	Director	29-12-2011	21-12-2008	20-03-2014	Active	NO
24	U70101GJ2009PTC056074	ZANDRA INFRASTRUCTURE PRIVATE LIMITED	Director	06-02-2009	06-02-2009	21-02-2009	Converted to LLP and dissolved	NO
25	U24230GJ2009PLC056149	ZYDUS TECHNOLOGIES LIMITED	Director	16-02-2009	16-02-2009	03-01-2013	Active	NO
26	U90000GJ2009PTC056367	WESTERN AHMEDABAD EFFLUENT CONVEYANCE COMPANY PRIVATE LIMITED	Director	16-03-2009	16-03-2009	-	Active	NO
27	L15201GJ1994PLC023490	ZYDUS WELLNESS LIMITED	Director	28-07-2009	27-04-2009	14-07-2014	Active	NO
28	U85110GJ2011PTC064017	ZYDUS HOSPITALS (RAJKOT) PRIVATE LIMITED	Director	11-02-2011	11-02-2011	-	Active	NO
29	U85110GJ2011PTC064016	ZYDUS HOSPITALS (VADODRA) PRIVATE LIMITED	Director	11-02-2011	11-02-2011	-	Active	NO
30	U24233MH2011PTC213118	Bayer Zydus Pharma Private Limited	Director	31-05-2012	28-04-2011	-	Active	NO
31	U40102GJ2008PLC052898	TORRENT ENERGY LIMITED	Director	18-09-2013	17-07-2013	15-07-2014	Active	NO
32	AAA-2692	ZANDRA INFRASTRUCTURE LLP	Designated Partner	02-11-2010	02-11-2010	-	Active	NO
33	AAB-3962	ZYDUS HOSPITAL LLP	Designated Partner	13-03-2013	13-03-2013	-	Active	NO
34	AAB-8056	ZANDRA HERBS AND PLANTATIONS LLP	Designated Partner	09-10-2013	09-10-2013	-	Active	NO

Name :

Mr. Kalpesh Ambubhai Patel

Designation :

Director

Address :

Radheshyam B/H Karnavati Club Gandhi Nagar Sarkhej Highway, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

30.08.1967

Date of Appointment :

01.04.2014

DIN No.:

00322811

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24240GJ1980PLC003670	NIRMA LIMITED	Whole-time director	01-04-2014	01-04-1994	-	Active	NO
2	U62200MH2006PTC162557	AVICORE AVIATION PRIVATE LIMITED	Director	23-11-2006	23-11-2006	20-03-2010	Active	NO
3	L15140GJ1985PLC007845	ADI FINECHEM LIMITED	Director	30-08-2010	01-04-2010	-	Active	NO
4	U73100MH1996NPL100174	THE PHARMACEUTICAL FORM-FILL-SEAL ASSOCIATION OF INDIA	Director	29-09-2011	29-09-2011	-	Active	NO
5	U24233GJ2014PTC080271	ACULIFE HEALTHCARE PRIVATE LIMITED	Director	28-07-2014	28-07-2014	-	Active	NO

Name :

Mr. Rajendrabhai Dahyabhai Shah

Designation :

Director

Address :

15 Nilima Park, Society Navarangpura, Ahmedabad – 380009, Gujarat, India

Date of Birth/Age :

29.04.1934

Date of Appointment :

22.12.1994

Voter ID No.:

GJ\11\068\090145

DIN No.:

00386161

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U23200GJ1992PLC051990	NIRMA PETROCHEMICALS LIMITED	Director	30-10-1992	30-10-1992	Amalgamated	NO
2	U24240GJ1980PLC003670	NIRMA LIMITED	Director	22-12-1994	22-12-1994	Active	NO
3	U51100GJ1997PLC032886	NIRMA CONSUMER CARE LIMITED	Director	22-08-1997	22-08-1997	Amalgamated	NO
4	U73100GJ2005NPL047268	NIRMA LABS	Director	13-12-2005	13-12-2005	Active	NO

Name :

Mr. Kaushikbhai Nandubhai Patel

Designation :

Director

Address :

B No.5 Tapas Bunglow Vijay Bapunagar Society Near Setu Bunglow Opposite Tivera –II, Vejalpur, Ahmedabad -380051, Gujarat, India

Date of Birth/Age :

02.12.1955

Date of Appointment :

06.06.2002

DIN No.:

00145086

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65910GJ1993PLC020251	KAUTILYA FINSECURITIES LIMITED	Director	23-09-1993	23-09-1993	-	Active	NO
2	U24240GJ1980PLC003670	NIRMA LIMITED	Director	06-06-2002	06-06-2002	-	Active	NO
3	L25209GJ1981PLC004786	DUTRON POLYMERS LIMITED	Director	05-06-2006	05-06-2006	29-05-2010	Active	NO

Name :

Mr. Chinubhai Ramanlal Shah

Designation :

Director

Address :

402 Heritage Cresent B/H Prahlad Nagar Garden S G Highway Ahmedabad – 380051, Gujarat, India

Date of Birth/Age :

04.06.1937

Date of Appointment :

06.06.2002

DIN No.:

00558310

Other Directorship :

S.NO.	CIN/LLPIN	NAME OF THE COMPANY/ LLP	CURRENT DESIGNATION OF THE DIRECTOR/ DESIGNATED PARTNER	DATE OF APPOINTMENT AT CURRENT DESIGNATION	ORIGINAL DATE OF APPOINTMENT	DATE OF CESSATION	COMPANY/ LLP STATUS	DEFAULTING STATUS
1	L15140GJ1985PLC007845	ADI FINECHEM LIMITED	DIRECTOR	28-04-1993	28-04-1993	01-04-2010	ACTIVE	NO
2	L55910GJ1992PLC018623	ARMAN FINANCIAL SERVICES LIMITED	DIRECTOR	18-10-1994	18-10-1994	-	ACTIVE	NO
3	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	DIRECTOR	28-07-2014	13-04-2000	-	ACTIVE	NO
4	L51100GJ1993PLC019067	ADANI ENTERPRISES LIMITED	DIRECTOR	20-10-2000	20-10-2000	23-04-2008	ACTIVE	NO
5	U80302GJ2001PTC039156	GUJARAT EDUCATION AND TRANING COMPANY PRIVATE LIMITED	DIRECTOR	10-01-2001	10-01-2001	12-02-2008	STRIKE OFF	NO
6	U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	DIRECTOR	31-03-2001	31-03-2001	-	ACTIVE	NO
7	U85110GJ2002NPL040355	INDIA RENAL FOUNDATION	DIRECTOR	15-01-2002	15-01-2002	-	ACTIVE	NO
8	U24240GJ1980PLC003670	NIRMA LIMITED	DIRECTOR	06-06-2002	06-06-2002	-	ACTIVE	NO
9	L28112WB1920PLC003606	THE TINPLATE COMPANY OF INDIA LTD	NOMINEE DIRECTOR	03-09-2002	03-09-2002	08-09-2008	ACTIVE	NO
10	L51909WB1986PLC040098	GUJARAT NRE COKE LTD	DIRECTOR	18-12-2003	18-12-2003	18-03-2014	ACTIVE	NO
11	U52100GJ1965PLC001347	GSEC LIMITED	DIRECTOR	18-03-2004	18-03-2004	-	ACTIVE	NO
12	U92190GJ2005PLC046225	GULMOHAR GREENS-GOLF AND COUNTRY CLUB LIMITED	DIRECTOR	18-08-2005	18-08-2005	-	ACTIVE	NO
13	U85110GJ2001PLC039758	NEFRON LIMITED	DIRECTOR	24-10-2005	24-10-2005	07-04-2007	STRIKE OFF	NO
14	U85110TN1997PLC039016	APOLLO HOSPITALS INTERNATIONAL LIMITED	DIRECTOR	31-07-2006	31-07-2006	-	ACTIVE	NO
15	U74140GJ1995PLC027080	SALINE AREA VITALISATION ENTERPRISE LIMITED	DIRECTOR	22-08-2006	22-08-2006	-	ACTIVE	NO
16	U24110GJ1995PTC025307	DOSHION PRIVATE LIMITED	DIRECTOR	04-11-2006	04-11-2006	25-01-2013	ACTIVE	NO
17	L40100GJ1996PLC030533	ADANI POWER LIMITED	DIRECTOR	25-09-2008	25-04-2008	01-07-2012	ACTIVE	NO
18	L27100GJ1993PLC020552	SHILP GRAVURES LIMITED	DIRECTOR	03-09-2014	30-07-2008	-	ACTIVE	NO
19	U40100GJ2008PLC054425	ABELLON CLEANENERGY LIMITED	DIRECTOR	23-11-2009	10-12-2008	27-12-2012	ACTIVE	NO
20	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	DIRECTOR	28-07-2009	25-03-2009	-	ACTIVE	NO
21	U85191GJ2015NPL083151	HUMAN WELLNESS FOUNDATION	DIRECTOR	07-05-2015	07-05-2015	-	ACTIVE	NO

Name :

Mr. Shailesh Valjibhai Sonara

Designation :

Whole Time Director

Address :

F/ 1, Shivani Flats Opposite Azad Society Road, B/H Sahjanand Road, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

18.10.1946

Date of Appointment :

13.09.2013

DIN No.:

06592025

KEY EXECUTIVES

Name :	Mr. Paresh Sheth
Designation :	Company Secretary
Address :	48 Lad Society Vastrapur Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	25.10.1962
Date of Appointment :	06.09.2006
PAN No.:	AEAPS2375C
Voter ID No.:	GJ\11\064\0351075

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.06.2014

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 26.06.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	13.20
Directors or relatives of directors	86.80
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Synthetic Detergents, Soaps, Chemicals and Allied Products.

Products/ Services :

Product Description	Item Code No. (ITC Code)
Synthetic Detergents	34029001
Toilet Soap	34011103
Soda ash	28862009

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	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 (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

2000 (Approximately)

Bankers :

Bank Name:	Bank of Baroda
Branch:	Gandhi Road Branch, Gandhi Road, Ahmedabad - 380001, Gujarat, India
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· State Bank of India, 58, Shrimali Society, Navarangpura, Ahmedabad - 380009, Gujarat, India

· Bank of India

· HDFC Bank Limited

· Credit Lyonnais

· ANZ Grindlays Bank Limited

· Axis Bank Limited

· The Kalupur Commercial Cooperative Bank Limited

· IDBI Trusteeship Services Limited Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate,, Mumbai - 400001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
External commercial borrowings (ECBs)	0.000	1537.900
Non-convertible debentures banks	3000.000	0.000
SHORT TERM BORROWINGS
Rupee Loan
Overdraft acounts	0.100	40.700
Term loans	0.000	2400.000
Working capital loans from bank	6652.500	2936.500
Total	9652.600	8444.000
Short Term Borrowings The Short term loans and credit facilities from Banks are secured on parri-passu basis, by first charge, by way of hypothecation of specified stock of raw materials, stock in process, finished goods, other merchandise being movable, book debts, both present and future and by way of second charge on specified fixed assets, both present and future, of the Company. Effective cost of the above bank loan is in the range of 8% to 13% p.a. Overdraft facility `Rs.0.100 Million is secured by lien of Fixed deposit of ` 20 Million (P.Y. Outstanding working capital facilities from banks part of cash credit facility ` 0.200 Million was secured by lien of fixed deposit of Rs.1.500 Million and overdraft facility ` 40.700 Million was secured by lien of fixed deposit of ` 100.000 Million). Effective cost of unsecured loan is in range of 8% to 10% p.a.

Banking Relations :	--
Auditors :
Name :	Hemanshu Shah and Company Chartered Accountants
Address :	A/46, 3^rd Floor, Nobles, Opposite Nehru Bridge, Ashram Road, Ahmedabad - 380009, Gujarat, India
Tel. No.:	91-79-26584250
Fax No.:	91-79-26589463
E-Mail :	hcshah25@gmail.com
Income-tax PAN of auditor or auditor's firm :
Memberships :	--
Collaborators :	--
Subsidiaries of the Company: (wholly owned) :	Direct Holding · Karnavati Holdings Inc. USA · Nirlife Mexico, SA DE C.V · Siddhi Vinayak Cement Private Limited Indirect Holding · Searles Valley Minerals Inc. (SVM), USA (Wholly owned subsidiaries of Karnavati Holding Inc. USA). · Searles Domestic Water Company LLC · Trona Railway Company LLC · Searles Valley Minerals Europe ( Wholly owned by SVM)
Associates Entities:	· Kargil Holdings Private Limited · Uri Holdings Private Limited · Leh Holdings Private Limited · Banihal Holdings Private Limited · Kulgam Holdings Private Limited · Nirma Credit and Capital Private Limited · Nirma Industries Private Limited · Nirma Chemical Works Private Limited · Baeurer Infotech Limited · Mahuva Port and Infrastructure Private Limited · Kanak Castor Products Private Limited · Navin Detergent Private Limited · Navin Overseas FZC · Nirma Education and Research Foundation · Nirma University, Nirma Labs · Trona Export Terminals LLC, USA · FRM Trona Fuels LLC, USA.

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
231,000,000	Equity Shares	Rs. 5/- each	Rs. 1155.000Million
1,000,000	Preference Shares	Rs. 100/- each	Rs. 100.000 Million
250,000,000	Preference Shares	Rs. 1/- each	Rs. 250.000 Million
	Total		Rs. 1505.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
151702578	Equity Shares	Rs.5/- each	Rs.758.512 Million
247080232	6% Redeemable non-Cumulative Non-Convertible Preference Shares	Rs.1/- each	Rs.247.080 Million
	Total		Rs.1005.600 Million

NOTES:

I) The Company has reduced its Equity Share Capital held by the non-promoter shareholders after obtaining the requisite approval of the members and subsequent confirmation and approval by the Honble High Court of Gujarat. Accordingly, 7,472,288 issued and subscribed equity shares and 7,439,704 paid-up equity shares of the Company, held by Non Promoter Shareholders, have been cancelled and extinguished.

Pursuant to the order passed by the Hon?ble High Court of Gujarat, a sum of ` 225/- (Rupees Two Hundred Twenty Five) per share was paid to the Non promoter shareholders, which includes a premium of ` 220/- over the face value per equity share of ` 5/-, in lieu of and on cancellation and extinguishment of their equity shares. In relation to payment for extinguishment and cancellation of 32,584 equity shares kept in abeyance, due to court order, the company would abide by the decision of court on attainment of its finality.

II) The Company had issued 247,080,232 6% Redeemable non-cumulative non convertible preference shares of ` 1 each fully paid up against 1 equity share of ` 1 each fully paid up held by the shareholders of erstwhile Saurashtra Chemicals Limited on 31.03.2013 consequent upon the amalgamation. Pursuant to the scheme and the terms of issue, "the preference shares shall be redeemed at par at the end of 5th year from the date of allotment.

PREFERENCE SHARES

The preference shares carry dividend @ 6 % p.a. The holders of preference shares shall in respect of such capital have rights to vote only on the resolution placed before the Company which directly affects the rights attached to the preference shares. The preference shares carry preferential rights in case of dividend. In the event of liquidation, preference shareholders have a preferential right over equity shareholders to be repaid to the extent of capital of paid up and dividend on such shares.

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	1005.600	1042.800	1042.800
(b) Reserves & Surplus	30705.900	28488.100	26666.300
(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)	31711.500	29530.900	27709.100
(3) Non-Current Liabilities
(a) Long-term borrowings	7607.000	8605.200	9091.300
(b) Deferred tax liabilities (Net)	3265.400	3685.200	3458.600
(c) Other long term liabilities	1206.900	1316.300	1159.500
(d) long-term provisions	312.800	288.900	276.900
Total Non-current Liabilities (3)	12392.100	13895.600	13986.300
(4) Current Liabilities
(a) Short term borrowings	10304.000	6783.100	4278.200
(b) Trade payables	2191.500	2470.300	2909.500
(c) Other current liabilities	5538.100	4579.700	4770.200
(d) Short-term provisions	84.400	73.200	68.600
Total Current Liabilities (4)	18118.000	13906.300	12026.500
TOTAL	62221.600	57332.800	53721.900
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	20020.400	20274.500	21134.600
(ii) Intangible Assets	40.900	356.900	503.300
(iii) Capital work-in-progress	1717.300	2723.600	2051.100
(iv) Intangible assets under development	0.000	0.000	55.800
(b) Non-current Investments	9552.100	9537.300	9537.300
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	9526.600	4291.300	453.300
(e) Other Non-current assets	44.500	69.600	28.200
Total Non-Current Assets	40901.800	37253.200	33763.600
(2) Current assets
(a) Current investments	0.000	0.000	220.000
(b) Inventories	10506.800	10452.300	10191.100
(c) Trade receivables	4876.200	5611.300	4881.100
(d) Cash and cash equivalents	406.800	219.500	327.800
(e) Short-term loans and advances	5424.200	3697.300	4179.500
(f) Other current assets	105.800	99.200	158.800
Total Current Assets	21319.800	20079.600	19958.300
TOTAL	62221.600	57332.800	53721.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	42831.300	22234.300	62315.800
		Other Income	1588.000	708.600	584.900
		TOTAL (A)	44419.300	22942.900	62900.700
Less	EXPENSES
		Cost of materials consumed	16847.000	8629.000	26826.600
		Purchases of stock-in-trade	279.000	230.700	1039.500
		Employee benefits expense	2465.400	1214.200	3215.100
		Other expenses	17186.100	8659.500	23057.400
		Exceptional items	0.000	0.000	(20.300)
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(684.100)	(386.800)	(883.200)
		TOTAL (B)	36093.400	18346.600	53235.100
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8325.900	4596.300	9665.600
Less	FINANCIAL EXPENSES (D)		1717.700	737.100	1902.400
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6608.200	3859.200	7763.200
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2752.600	1396.300	4258.600
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		3855.600	2462.900	3504.600
Less	TAX (H)		(156.400)	724.200	4115.800
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		4012.000	1738.700	(611.200)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2015.200	692.100	1585.200
Less	APPROPRIATIONS
		Transferred to Debenture Redemption Reserve	945.500	385.600	281.900
	BALANCE CARRIED TO THE B/S		5081.700	2045.200	692.100
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2062.800	1307.100	5330.100
		Interest	0.300	0.100	4.300
		Commission	0.900	5.100	37.800
		Others	0.000	0.000	0.000
	TOTAL EARNINGS		2064.000	1312.300	5372.200
	IMPORTS
		Raw Materials	2532.500	998.800	3768.800
		Stores & Spares	0.000	273.100	203.200
		Capital Goods	588.400	66.000	638.600
	TOTAL IMPORTS		3120.900	1337.900	4610.600
	Earnings Per Share (Rs.)		25.27	10.93	(3.84)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	9.37	7.82	(0.98)
Operating Profit Margin (PBDIT/Sales)	(%)	19.44	20.67	15.51
Return on Total Assets (PBT/Total Assets}	(%)	7.57	5.46	8.33
Return on Investment (ROI) (PBT/Networth)		0.12	0.08	0.13
Debt Equity Ratio (Total Debt/Networth)		0.56	0.52	0.48
Current Ratio (Current Asset/Current Liability)		1.18	1.44	1.66

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	30.09.2012 (18 Months)	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1042.800	1042.800	1005.600
Reserves & Surplus	26666.300	28488.100	30705.900
Net worth	27709.100	29530.900	31711.500
long-term borrowings	9091.300	8605.200	7607.000
Short term borrowings	4278.200	6783.100	10304.000
Total borrowings	13369.500	15388.300	17911.000
Debt/Equity ratio	0.482	0.521	0.565

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.09.2012 (18 Months)	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	62315.800	22234.300	42831.300
		(64.320)	92.636

NET PROFIT MARGIN

Net Profit Margin	30.09.2012 (18 Months)	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	62315.800	22234.300	42831.300
Profit	(611.200)	1738.700	4012.000
	(0.98%)	7.82%	9.37%

LOCAL AGENCY FURTHER INFORMATION

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10545463	31/12/2014	4,000,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	C41616228
2	10451080	08/04/2015 *	3,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	C50050244
3	80018848	30/03/2015 *	13,100,000,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICES BRANCH, FIRST FLOOR,,  BOB TOWERS, NEAR LAW GARDEN, ELLISBRIDGE,, AHMEDABAD - 380006,, GUJARAT INDIA	C49381957

* Date of charge modification

UNSECURED LOANS

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Debentures	0.000	1528.900
Deferred sales tax liability	0.400	0.400
Inter Corporate Deposit from Related Parties	4606.000	5538.000
Short Term Borrowings
Loan from Directors	2713.300	543.500
Commercial Paper	0.000	383.200
Inter corporate deposits from related parties	938.100	479.200
Total	8257.800	8473.200

LITIGATION

HIGH COURT OF GUJARAT

CIVIL REVISION APPLICATION No. 173 of 2004

Status : PENDING

( Converted from : CRAST/166/2004 )

CCIN No : 001009200400173

Last Listing Date: 10/11/2014

Coram

HONOURABLE MR.JUSTICE S.H.VORA

Not Before :

· HONOURABLE MR.JUSTICE K.M.THAKER · HONOURABLE MR.JUSTICE RAJESH H.SHUKLA

S.NO.	Name of the Petitioner	Advocate On Record
1	BHARAT PETROLEUM CORPORATION LIMITED	MS MINOO A SHAH for: Applicant(s)  1

S.NO.	Name of the Respondant	Advocate On Record
1	NIRMA LTD.	M/S TRIVEDI & GUPTA for :Opponent(s)  1
2	MAHENDRA MOTORS	RULE SERVED for :Opponent(s)  2
3	HONEST CAR REPAIRING WORKS	RULE SERVED BY DS for :Opponent(s)  3 - 5
4	RAJESH AUTO CENTER
5	PRASHANT TYRE SERVICES

Presented On	: 22/04/2004	Registered On	: 22/04/2004
Bench Category	: SINGLE BENCH	District	: AHMEDABAD
Case Originated From	: THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 24 times

Stage Name	FOR FINAL HEARING
Classification	SJ – CIVIL REVISION APPLICATION – BOMBAY RENTS, HOTEL AND LODGING HOUSE RATES CONTROL ACT, 1947 – POSSESSION ON THE GROUND OF ARREARS OF RENT U/S 12(3) (A), 12(3) (B)
Act	RENTS, HOTEL AND LODGING HOUSE RATES CONTROL ACT, 1947

Other Forums

S.No.	CASEDETAILS	TRIBUNAL REFERRENCE	ORDER PASSED BY	JUDGEMENT DATE	PLACE
1	APP/42/2000	--	--	23/03/2004	AHMEDABAD

OFFICE DETAILS

S. No.	Filling Date	Document Name	Advocate Name	Court Fee On Document	Document Details
1	22.04.2004	CERTIFIED COPY	(MR GN SHAN) ADVOCATE for PETITIONER (s) 1	5	--
2	22.04.2004	VAKALATNAMA	(MR GN SHAH) ADVOCATE for PETITIONER (s) 1	5	--
3	22.04.2004	MEMO OF PETITION / APPEAL / SUIT	(MR GN SHAN) ADVOCATE for PETITIONER (s) 1	20	--
4	15.08.2004	VAKALATNAMA	M/S TRIVEDI AND GUPTA ADVOCATE for RESPONDENT (s) 1	--	M/S TRIVEDI AND GUPTA:1
5	15.08.2004	VAKALATNAMA	MS MINOO A SHAH ADVOCATE for PETITIONER (s) 1	--	MS MINOO A SHAH:1
6	15.08.2004	DOCUMENT	RULE SERVED BY DS for RESPONDENT (s) 3	--	RULE SERVED BY DS:3-5
7	15.08.2004	DOCUMENT	RULE SERVED for RESPONDENT (s) 2	--	RULE SERVED:2
8	08.08.2011	AFFIDAVIT	(MR GN SHAH ADVOCATE for PETITIONER (s) 1, 1	0	--
9	09.11.2012	VAKALATNAMA	MS MINOO A SHAH ADVOCATE for PETITIONER (s) 1	5	MS MINDOO A SHAH:1

LINKED MATTERS

S. No.	CaseDetail	Status Name	Disposal Date	Action/Coram
1	CIVIL REVISION APPLICATION/177/2004	PENDING	-	- HONOURABLE MR.JUSTICE S.H.VORA

Court Proceedings

S. No.	Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
1	14/10/2010	9	-	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE KS JHAVERI
2	23/02/2011	9	-	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE KS JHAVERI
3	21/04/2011	9	-	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE KS JHAVERI
4	06/05/2011	9	-	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE KS JHAVERI
5	17/06/2011	12	71	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE KS JHAVERI
6	21/06/2011	9	-	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE KS JHAVERI
7	22/06/2011	9	-	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE KS JHAVERI
8	23/06/2011	9	-	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE KS JHAVERI
9	29/06/2011	9	-	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE KS JHAVERI
10	30/08/2011	12	110	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE KS JHAVERI
11	27/09/2011	12	22	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE G.B.SHAH
12	21/11/2011	12	35	FOR FINAL HEARING	NEXT DATE	HONOURABLE MS.JUSTICE HARSHA DEVANI
13	14/12/2011	3	-	FOR FINAL HEARING	NEXT DATE	HONOURABLE MS.JUSTICE HARSHA DEVANI
14	08/09/2014	3	121	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE RAVI R.TRIPATHI
15	30/09/2014	2	155	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE RAVI R.TRIPATHI
16	10/11/2014	21	155	FOR FINAL HEARING		HONOURABLE MR.JUSTICE RAVI R.TRIPATHI  HONOURABLE MR.JUSTICE S.H.VORA

Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions
1	CIVIL REVISION APPLICATION/173/2004	HONOURABLE MR.JUSTICE P.B.MAJMUDAR	23/04/2004	N	ORDER	--
2	CIVIL REVISION APPLICATION/173/2004	HONOURABLE MR.JUSTICE P.B.MAJMUDAR	04/10/2004	N	ORDER	--
3	CIVIL REVISION APPLICATION/173/2004	HONOURABLE MR.JUSTICE H.K.RATHOD	26/11/2010	N	ORDER	--
4	CIVIL REVISION APPLICATION/173/2004	HONOURABLE MR.JUSTICE KS JHAVERI	08/07/2011	N	ORDER	--
5	CIVIL REVISION APPLICATION/173/2004	HONOURABLE MR.JUSTICE KS JHAVERI	28/07/2011	N	ORDER	--

FINANCE

The business environment continued to remain challenging during the year. Despite this, the Company has comfortably placed itself to capitalize on the growth which was funded through accruals as well as short term and long term borrowings. The Company continues to focus in maintaining adequate liquid position to meet its strategic objectives. The Company has successfully reached the stage for completion of the Cement project through its subsidiary. Further, the entire External Commercial Borrowings and Unsecured Debentures have been fully repaid post completion of FY. As on March 31, 2014, Company’s total debt was at Rs. 21730.000 Million

BUSINESS OVERVIEW

The financial year was for the period of 12 months commencing from April 1, 2013 to March 31, 2014 as against 6 months of the previous year. Consequently the figures for current financial period are not comparable with those of the previous period.

OVERVIEW

In the financial year 2013-14, the Company continued its strong growth momentum on all key parameters.

On consolidated basis, the Company achieved Gross Revenue from Operations of Rs. 69700.000 Million for the financial year ended March 31, 2014.

The consolidated revenue mainly derives from Soaps & Surfactants, Process Minerals and Pharma. The earning before finance cost, taxes, depreciation and amortization (EBITDA) for the year stood at Rs. 10380.000 Million. The Company registered a net profit after tax of Rs. 5140.000 Million registering an impressive growth over the previous period despite the major cost elements of the Company continued their upward movement in the line with relatively stagnant economy and volatile foreign exchange rates.

On standalone basis, the Company recorded Gross Revenue from Operations of Rs. 47470.000 Million for the financial year ended on March 31, 2014 registering a moderate increase over the previous period on annualized basis. The earning before finance cost, depreciation and amortization expense (EBITDA) was at Rs. 8330.000 Million. The total operating expenses including finance cost was at Rs.37810.000 Million as a percentage of gross sale, it was 80%.

The Company registered net profit of Rs. 4010.000 Million for the financial year. The networth of the Company stood at Rs. 27830.000 Million as of March 31, 2014.

FIXED ASSETS:

· Freehold Land

· Leasehold Land (Permanent)

· Building

· Plant and Equipment’s

· Furniture and fittings

· Office Equipment’s

· Vehicles

· Goodwill

· Goodwill on Amalgamation

· Trademarks

· Licence Fees

· Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.87
UK Pound	1	Rs.98.89
Euro	1	Rs.70.73

INFORMATION DETAILS

Information Gathered by :	MAN
Analysis Done by :	DIV
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		74

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.