MIRA INFORM REPORT

Report No. :	346797
Report Date :	24.10.2015

IDENTIFICATION DETAILS

Name :	VINATI ORGANICS LIMITED
Registered Office :	B-12 and B-13, MIDC, Areamahad, District Raigad - 402309, Maharashtra
Tel. No.:	91-2145-232012/13/14
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	15.06.1989
Com. Reg. No.:	11-052224
Capital Investment / Paid-up Capital :	Rs.103.182 Million
IEC No.:	0390022420
CIN No.: [Company Identification No.]	L24116MH1989PLC052224
TAN No.: [Tax Deduction & Collection Account No.]	MUMV10590G
PAN No.: [Permanent Account No.]	AAACV6538K
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer, Exporter and Importer of Specialty Chemicals.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (70)

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 :	Clear
Comments :	Subject is one of India’s leading manufacturers and exporter of specialty organic intermediaries, monomers and polymers. It is a well-established company having fine track record. For the financial year 2015, company has reported topline growth of 10.71% and it has maintained profitability margins at 14.82%. Rating takes into consideration experience of the promoters in manufacturing specialty organic chemicals supported by adequate financial base and sound debt protection metrics of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of aforesaid, 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	CARE
Rating	Long Term Bank Limits = A+
Rating Explanation	Adequate degree of safety and low credit risk.
Date	09.07.2015

Rating Agency Name	CARE
Rating	Short Term Bank Limits = A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	09.07.2015

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 31-03-2015.

INFORMATION DECLINED

Management Non-Cooperative (Tel No.: 91-2145-232013)

LOCATIONS

Registered Office/ Factory 1 :	B-12 and B-13, MIDC, Areamahad, District Raigad - 402309, Maharashtra, India
Tel. No.:	91-2145-232012/13/14
Fax No.:	91-2145-232010
E-Mail :	vinmhd@vinatiorrganics.com vinati@vinatiorganics.com shares@vinatiorganics.com
Website :	www.vinatiorrganics.com
Corporate Office :	Parinee Crecenzo, 1102, 11th Floor, Plot No. C-38 and C-39, G Block, Behind MCA, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-39484444
Fax No.:	91-22-39484438
E-Mail :	sales@vinatiorrganics.com
Factory 2 :	A-20, MIDC, Lote Parashuram, Taluka-Khed, District Ratnagiri - 415722, Maharashtra, India
Tel. No.:	91-2356-273032/ 33
E -Mail :	vinliot@vinatiorganics.com

DIRECTORS

As on 31.03.2015

Name :	Mr. Girish M. Dave
Designation :	Non-Executive Chairman and Director
Qualification :	M.Com, LLB, CAIIB Graduate
Address :	Dave and Girish and Co. Advocates, 1st Floor, Sethna Building, 55 Maharshi Karve Road, Marine Lines, Mumbai - 400002, Maharashtra, India
Date of Appointment :	24.09.1990
DIN No.:	00036455
Name :	Mr. Vinod Saraf
Designation :	Managing Director
Address :	301 / 302, Riya Palace, Swami Samarth Nagar, Andheri (West), Mumbai - 400053, Maharashtra, India
Date of Appointment :	15.06.1989
DIN No.:	00076708
Name :	Mr. Chintaman Bhaskar .Gokhale
Designation :	Director
Address :	10, Gulmohar, Kalpataru C.H.S. Ltd., S.V. Road, Vileparle (West), Mumbai, 400056, Maharashtra, India
Date of Appointment :	05.08.1994
DIN No.:	00079489
Name :	Mr. Ayliur A. Krishnan
Designation :	Director
Address :	Appt. 104, Plot No. 3/161, Harshavardhan Chs Limited., Off Juhu Versova Link Road, Andheri (West), Mumbai - 400053, Maharashtra, India
Date of Appointment :	27.03.1992
DIN No.:	00086374
Name :	Mr. Radhakrishna Kunjlal Saraswat
Designation :	Director
Address :	A/6 Asian Assurance Building, Manmala Tank Road, Mumbai - 400016, Maharashtra, India
Date of Appointment :	24.01.2011
DIN No.:	00015095
Name :	Ms. Vinati Saraf Mutreja
Designation :	Executive Director
Address :	P-1 A-202, Princeton Estate, DLF Phase-5, Gurgaon, Gurgaon - 122001, Haryana, India
Date of Appointment :	19.05.2009
DIN No.:	02666018
Name :	Ms. Viral Saraf Mittal
Designation :	Director - Corporate Strategy
Address :	301, Riya Palace, 4th Cross Lane, Lokhandwala Complex, Andheri West, Mumbai - 400053, Maharashtra, India
Date of Appointment :	19.05.2009
DIN No.:	02666028
Name :	Mr. Mohit Mutreja
Designation :	Director
Name :	Mr. Sunil Saraf
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Gunvant S. Singhi
Designation :	Company Secretary cum Finance Controller and Compliance Officer
Address :	Dheeraj Ganga, B-303, Chincholi Bunder Road,, Malad (West), Mumbai - 400064, Maharashtra, India
Date of Appointment :	01.02.1997
DIN No.:	AAJPS2335P
Name :	Mr. B.K. Maheshwari
Designation :	Senior General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	14331812	27.78
Bodies Corporate	22971435	44.53
Sub Total	37303247	72.31
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	37303247	72.31
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3566846	6.91
Financial Institutions / Banks	3750	0.01
Central Government / State Government(s)	4799	0.01
Foreign Institutional Investors	559174	1.08
Sub Total	4134569	8.01
(2) Non-Institutions
Bodies Corporate	522271	1.01
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	8075143	15.65
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1294407	2.51
Any Others (Specify)	261388	0.51
Non Resident Indians	214577	0.42
Clearing Members	46811	0.09
Sub Total	10153209	19.68
Total Public shareholding (B)	14287778	27.69
Total (A)+(B)	51591025	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)	51591025	0.00

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

o.	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Vinod Saraf	69,73,550	13.52	13.52
2	Kavita Saraf	62,28,000	12.07	12.07
3	Viral Saraf Mittal	5,22,927	1.01	1.01
4	Vinati Saraf Mutreja	6,07,335	1.18	1.18
5	Suchir Chemicals Pvt Ltd	2,29,71,435	44.53	44.53
	Total	3,73,03,247	72.31	72.31

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

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
1	SBI Magnum Global Fund	990000	1.92	1.92
	Total	990000	1.92	1.92

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Specialty Chemicals.

Products :

Product Description	Item Code No. (ITC Code)
Isobutyl Benzene	2902.9050
2 Acrylamido 2Methylpropane Sulphonic Acid	2924.1900
Sodium Salt of 2 Acrylamido 2Methylpropane Sulphonic Acid	2904.1090
Isobutylene	2901.2300

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Specialty Chemicals.

Countries :

• USA
• China
• Japan

Imports :

Products :

Raw Material

Countries :

• USA
• Japan

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Reliance
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 :

End Users

Reference :	BASF, USA
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 :

500 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	IFB Branch, Andheri (East), Mumbai, Maharashtra, 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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Citi Bank N.A., Branch, Andheri (East, Mumbai, Maharashtra, India)
• IFC, Washington

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term Loans
Foreign Currency loan from banks	291.532	732.214
Foreign Currency loan (ECB) from IFC	344.245	461.307
Short-term borrowings
Working Capital Advances From Banks	17.177	84.410
Total	652.954	1277.931

Nature of Security for Secured Loan from:

IFC (ECB):

Term Loan from International Finance Corporation (IFC) is secured by first Pari Passu charge on all Fixed assets of the Company -immovable and movable (present and future) (excluding the office premises located at Parinee Crescenzo, Bandra Kurla Complex) and second pari passu charge on all the Current Assets and unconditional and personal irrevocable guarantee of Managing Director Mr. Vinod Saraf.

SBI (ECB):

Term Loan from State Bank of India (SBI) is secured by first Pari Passu charge on all Fixed assets of the Company -immovable and movable (present and future) (excluding the office premises located at Parinee Crescenzo, Bandra Kurla Complex) and second pari passu charge on all the Current Assets

SBI (FCNR):

Exclusive charge on Office Premises located at 1102, Parinee Crescenzo, 11th Floor, C-38 & C-39, “G” Block, Behind MCA, Bandra Kurla Complex, Bandra (E), Mumbai - 51 & personal guarantee of Managing Director Mr. Vinod Saraf, Loan has been fully paid during the year.

Citibank (FCNR):

First Pari-passu charge on the movable fixed assets of the company located at Lote and Mahad (present and future) and personal guarantee of Managing Director Mr. Vinod Saraf.

Nature of Security for Secured Loan from:

Banks:

Hypothecation of inventories, all the present and future book debts and other receivables, first charge on all present and future fixed assets situated at Mahad works and residential building at Mahad and second charge on all fixed assets situated at Lote works and office premises located at Mumbai and personal guarantee of Managing Director, Mr. Vinod Saraf.

Rate of interest:

Working Capital Advances From Banks Foreign Currency loan carries interest ranging from 175 bps to 225 bps + 3/6 months libor. Rupee Loan carries interest ranging from 9.75% to 11.25%.

Auditors :
Name :	Karnavat and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Memberships :	--
Collaborators :	--
Enterprises owned or significantly influenced by any management personnel or their relatives:	Viral Alkalis Limited Suchir Chemicals Private Limited Nishit Pharma Chem Private Limited Pluspoint Securities Private Limited Illuminati Software Private Limited Illuminati Trading Private Limited Alpha Grep Securities Private Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs.2/- each	Rs.150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
51591025	Equity Shares	Rs.2/- each	Rs.103.182 Million

Reconciliation of the Shares outstanding at the beginning and at the end of the reporting period

Equity Shares: (Face value of Rs.2 each fully paid-up)	As at 31.03.2015
	Number of Shares	Rs. In Million
At the beginning of the period	49,372,500	98.745
Add: Issued during the year	2,218,525	4.437
Outstanding at the end of the period	51,591,025	103.182

Terms/Rights attached to equity shares:

The company has only one class of equity share having a par value of Rs.2 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian Rupees. The dividend except interim dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year, the amount of per share dividend recognized as distributions to equity shareholders was Rs.3.50

(Previous years Rs.3.00)

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Details of shareholders holding more than 5% share in the company

Equity Shares:

Face Value of Rs. 2 each fully paid Name of Shareholders	As at 31.03.2015
	% of Holding	Number of Shares
Vinod Saraf	13.52	6,973,550
Kavita Saraf	12.07	6,228,000
Suchir Chemicals Private Limited	44.47	22,940,435

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	103.182	98.745	98.745
(b) Reserves & Surplus	4237.275	3001.992	2313.736
(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)	4340.457	3100.737	2412.481
(3) Non-Current Liabilities
(a) long-term borrowings	372.410	1099.669	1355.345
(b) Deferred tax liabilities (Net)	389.741	331.462	261.019
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	762.151	1431.131	1616.364
(4) Current Liabilities
(a) Short term borrowings	17.177	122.689	653.033
(b) Trade payables	215.202	141.733	156.297
(c) Other current liabilities	401.385	518.665	444.759
(d) Short-term provisions	255.572	206.151	173.434
Total Current Liabilities (4)	889.336	989.238	1427.523
TOTAL	5991.944	5521.106	5456.368
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3207.397	2984.506	2868.246
(ii) Intangible Assets	65.117	57.373	33.096
(iii) Capital work-in-progress	200.190	100.876	140.486
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	104.393	48.002	0.000
(e) Other Non-current assets	7.520	24.438	0.000
Total Non-Current Assets	3584.617	3215.195	3041.828
(2) Current assets
(a) Current investments	27.386	27.386	127.727
(b) Inventories	544.921	466.344	546.429
(c) Trade receivables	1290.957	1150.542	1131.946
(d) Cash and cash equivalents	271.439	427.046	337.700
(e) Short-term loans and advances	246.871	230.298	269.528
(f) Other current assets	25.753	4.295	1.210
Total Current Assets	2407.327	2305.911	2414.540
TOTAL	5991.944	5521.106	5456.368

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Revenue from Operations	7717.256	6961.335	5528.593
	Other Income	91.447	91.681	37.637
	TOTAL (A)	7808.703	7053.016	5566.230
Less	EXPENSES
	Cost of Materials Consumed	4553.783	4174.424	3398.523
	Merchandise Purchases	5.150	5.171	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	6.499	8.481	(47.342)
	Employees benefits expense	318.993	274.288	225.877
	Other expenses	915.173	970.088	748.231
	TOTAL (B)	5799.598	5432.452	4325.289
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	2009.105	1620.564	1240.941
Less	FINANCIAL EXPENSES (D)	97.551	181.464	115.387
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1911.554	1439.100	1125.554
Less	DEPRECIATION/ AMORTISATION (F)	176.586	153.172	99.495
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1734.968	1285.928	1026.059
Less	TAX (H)	577.028	424.383	339.431
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	1157.940	861.545	686.628
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	2654.752	2056.497	1584.278
Less	Adjustment on account of depreciation (L)	5.517	0.000	0.000
Less	APPROPRIATIONS
	Transfer to General Reserve	119.000	90.000	70.000
	Final Proposed Dividend	180.568	148.117	123.432
	Tax on Above	36.760	25.173	20.977
		5.517
	Total (M)	341.845	263.290	214.409
	Balance Carried to the B/S (J+K+L-M)	3470.847	2654.752	2056.497
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	5114.722	4516.534	3596.797
	Freight
	Insurance
	TOTAL EARNINGS	5114.722	4516.534	3596.797
	IMPORTS
	Raw Materials	207.526	307.545	121.269
	Components and Stores parts	3.086	0.818	0.011
	Capital Goods	40.309	16.599	43.224
	TOTAL IMPORTS	250.921	324.962	164.504
	Earnings / (Loss) Per Share (Rs.)	22.85	17.45	13.91

Expected Sales (2015-2016) : Rs.7750.000 Million

The above information has been parted by Mr. B.K. Maheshwari (Senior General Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	263.367	393.402	364.261
Cash generated from operations	1645.796	1679.780	1142.747
Net cash flow from operating activity	1125.599	1314.604	920.953

QUARTERLY RESULTS

Particulars	30.06.2015
	Unaudited
Net Sales	1546.050
Total Expenditure	1113.410
PBIDT (Excl OI)	432.640
Other Income	99.110
Operating Profit	531.750
Interest	13.570
Exceptional Items	0.000
PBDT	518.18
Depreciation	45.58
Profit Before Tax	472.60
Tax	162.19
Provisions and contingencies	0.000
Profit After Tax	310.41
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	310.41
Equity Capital	103.18

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	15.00	12.38	12.42
Operating Profit Margin (PBIDT/Sales)	(%)	26.03	23.28	22.45
Return on Total Assets (PBT/Total Assets}	(%)	29.96	23.72	19.30
Return on Investment (ROI) (PBT/Networth)		0.40	0.41	0.43
Debt Equity Ratio (Total Debt /Networth)		0.15	0.52	0.98
Current Ratio (Current Asset/Current Liability)		2.71	2.33	1.69

STOCK PRICES

Face Value	Rs.2.00/-
Market Value	Rs.467.15/-

\

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	98.745	98.745	103.182
Reserves & Surplus	2313.736	3001.992	4237.275
Net worth	2412.481	3100.737	4340.457
long-term borrowings	1355.345	1099.669	372.410
Short term borrowings	653.033	122.689	17.177
Current Maturities of Long-Term Debts	364.261	393.402	263.367
Total borrowings	2372.639	1615.760	652.954
Debt/Equity ratio	0.983	0.521	0.150

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	5528.593	6961.335	7717.256
		25.915	10.859

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	5528.593	6961.335	7717.256
Profit	686.628	861.545	1157.940
	12.42%	12.38%	15.00%

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	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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 four 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

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Foreign Currency convertible bonds from IFC	0.000	299.550
Less: Current maturities of secured loans shown in other current liabilities (Refer Note.8)	(263.367)	(393.402)
Short-term borrowings
Loans from Bank (discounting of trade receivables)	0.000	38.279
Total	(263.367)	(55.573)

Note:

Foreign Currency loan carries interest ranging from 175 bps to 225 bps + 3/6 months libor.

Terms of repayment:

Repayable on demand.

REVIEW OF OPERATIONS

The Company’s operations have shown impressive growth during the year. The net sales/ Income from operations during the year have gone up to Rs.7717.256 Million from Rs.6961.335 Million, registering a growth of 11% over the previous year.

The Company’s profit before tax has also gone up from `Rs.1285.928 Million in previous year to Rs.1734.968 Million in current year registering a robust growth of 35%.

MANAGEMENT DISCUSSION AND ANALYSIS

GLOBAL ECONOMY

After a promising start, the global economy faltered in FY15 with a growth rate of not more than 3.4%. The year was marked with heightened geo-political uncertainty, recessions in Brazil, Japan and many European nations, as well as slowdowns in China, the Euro Area and other nations. Monetary policy around the world remained accommodative and inflationary pressures were virtually non-existent.

The manufacturing sector, which represents the primary customer base for chemistry, entered in a soft period with particular weakness in Europe and East Asia. Lowering crude oil prices brought in a balanced effect – positive for the oil importers and negative for the exporters. The global industrial cycle, however, is beginning to turn upwards, led by the United States, the United Kingdom and other nations.

In the United States the economy registered belowpotential growth as high taxes, debt and regulatory burdens still take a toll on both business and consumer confidence. As a result, businesses have been cautious and will slow capital spending in 2015. With household deleveraging over further improvements in the employment situation, lower oil prices fostering discretionary incomes, asset prices moving higher, consumers are starting to spend again.

INDIAN ECONOMY

Sub-5% growth rates, double digit inflation, low corporate and infrastructure investments, and a crunched credit market was prevalent in Indian economy. During 2014- 2015, the country shook off the gloom and registered a GDP growth of 7.4% vis-à-vis 6.9% last year. The renewed GDP figures of the previous year is the result of the change in the base year from 2004-05 to 2010-11. Election of a new government at the centre induced much positive vibes in the economy, encouraging FDIs, infrastructural investments and eased credit rates and policies. Reduction in the crude oil prices during the year brought certain level of relief to the manufacturing industry, minimising the cost of production.

CORPORATE OVERVIEW

Subject was incorporated in 1989 and manufactures specialty organic intermediaries, monomers and polymers. The Company is the world’s largest manufacturer of Isobutylbenzene which is the basic raw material for manufacture of the Ibuprofen bulk drug. Subject is also the largest manufacturer of 2-Acrylamido 2-methylpropanesulfonic Acid.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2015

(Rs. In Million)

Particulars	Three Month Ended ( Reviewed)
	30.06.2015
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	14986.66
b) Other operating income	1351.73
Total income from Operations(net)	16338.39
2.Expenditure
a) Cost of material consumed	7272.01
b) Purchases of stock in trade	202.46
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	327.62
d) Employees benefit expenses	900.03
e) Depreciation and amortization expenses	455.82
f) Other expenditure	2321.46
Total expenses	11479.40
3. Profit from operations before other income and financial costs	4858.99
4. Other income	113.20
5. Profit from ordinary activities before finance costs and Exceptional Items	4972.19
6. Finance costs	246.15
7. From ordinary activities after finance costs but before exceptional items	4726.04
8. Exceptional item	-
9. Profit from ordinary activities before tax	4726.04
10.Tax expenses	1621.92
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	3104.12
12.Extraordinary Items (net of tax expense)	--
13.Net Profit / (Loss) for the period (11 -12)	3104.12
14.Paid-up equity share capital (Nominal value Rs.2/- per share)	1031.82
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16. Earnings per share (EPS)
16.i) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not annualized)	6.02
16.II) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not annualized)	6.02

Particulars	Three Month Ended ( Reviewed)
	30.06.2015
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	14318778
- Percentage of shareholding	27.75
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	Nil
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	Nil
Percentage of shares (as a % of total share capital of the company)	Nil
b) Non Encumbered
Number of shares	37272247
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00
	72.25
Percentage of shares (as a % of total share capital of the company)
B. Investor Complaints
Pending at the beginning of the quarter	0
Receiving during the quarter	16
Disposed of during the quarter	15
Remaining unreserved at the end of the quarter	1

Notes

1. The above results were reviewed by the Audit Committee and taken on record by the Board of Directors at their meeting held on 01.08.2015.

2. The Statutory Auditors of the Company have carried out a Limited Review of the results for the quarter ended 30.06.2015.

3. As the Company's business activity falls within a single primary business segment viz. "Manufacturing of Chemicals" the disclosure requirement of Accounting Standard (AS-17) "Segment Reporting" is not applicable.

4. The company has provided for gratuity and leave encashment expenses on estimated basis.

5. During the quarter finance costs includes net exchange loss of Rs.13.264 Million as against Rs.21.122 Million in Dec 2013 Qtr. arising from foreign currency borrowing to the extent they are regarded as adjustment to interest cost as defined in paragraph of 4(e) of the AS 16 "Borrowing Costs".
6. Other operating income for the quarter ended June 2014 includes Rs.87.790 Million on account of export benefits related to earlier years.

7. Previous period's/year's figures have been regrouped/rearranged wherever necessary

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10421823	25/09/2014 *	2,446,830,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFEPARADE,COLAB, MUMBAI, Maharashtra - 400005, INDIA	C24271652

FIXED ASSETS

• Leasehold Land
• Buildings
• Plant and Machinery
• Furniture and Fixtures
• Office Equipments
• Computers
• Air Conditioners
• Vehicles
• Technical Know How Fees
• Licenced Softwares

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.64.88
UK Pound	1	Rs.99.88
Euro	1	Rs.72.06

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		70

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.