MIRA INFORM REPORT

Report No. :	347668
Report Date :	30.10.2015

IDENTIFICATION DETAILS

Name :	CAMPHOR AND ALLIED PRODUCTS LIMITED
Formerly Known As :	Plot No. 3, GIDC Industrial Estate, Nandesari, Vadodara – 391340, Gujarat
	91-265-2840251
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	07.04.1972
Com. Reg. No.:	04-011626
Capital Investment / Paid-up Capital :	Rs.51.337 Million
CIN No.: [Company Identification No.]	L17299GJ1972PLC011626
IEC No.:	0388033771
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACC9211E
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 Fine Chemicals.
No. of Employees :	442 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 3800000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Camphor and Allied Products (CAPL) is one of the largest domestic manufacturers of a variety of terpene chemicals and other speciality aroma chemicals. The company possesses an acceptable financial profile marked by adequate net worth base and moderately high use of leverage in capital structure on account of debt funded project. Along with adequate debt protection metrics. Management has witnessed an improvement in its performance marked by increase in sales volume during 2015. The ratings also take into consideration the raw material price fluctuation risk which may further affect the profitability during the year under review. However, Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of being one of the largest domestic manufacturers of chemicals and technical support from Dupont of USA, the subject 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	ICRA
Rating	Long term bank facilities= BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	August, 2015

Rating Agency Name	ICRA
Rating	Short term bank facilities= A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	August, 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 PARTED BY

Name :	Mr. Alpesh
Designation :	Accounts Manager
Contact No.:	91-22-43214000
Date :	29.10.2015

LOCATIONS

Registered Office/ Branch Office 1/ Factory 1 :	Plot No. 3, GIDC Industrial Estate, Nandesari, Vadodara – 391340, Gujarat, India
Tel. No.:	91-265-2840251
Fax No.:	91-265-2840224
E-Mail :	vipul@camphor-allied.com
Website :	http://www.camphor-allied.com
Corporate Office :	Jehangir Building, 133 M.G. Road, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-43214000
Fax No.:	91-22-43214099
E-Mail :	sales_bom@camphor-allied.com
Branch Office 2/ Factory 2 :	Clutterbuckganj, Bareilly - 243502, Uttar Pradesh, India
Tel. No.:	91-581-2561115/ 2561128
Fax No.:	91-581-2561112
E-Mail :	sales_cbj@camphor-allied.com

DIRECTORS

AS ON 31.03.2015

Name :	Late Mr. Anil K. Bodani
Designation :	Executive Chairman till 20.12.2014
DIN No.:	00617909
Name :	Mrs. Chandrika A. Bodani
Designation :	Executive Chairperson (appointed as director w.e.f. 20th January, 2015)
DIN No.:	00618298
Name :	Mr. Dharmil A. Bodani
Designation :	Managing Director
DIN No.:	00618333
Name :	Mr. Shyamal A. Bodani
Designation :	Executive Director
DIN No.:	00617950
Name :	Mr. D. S. Raghava
Designation :	Executive Director-Operations
DIN No.:	02615737
Name :	Mr. Harshvardhan Piramal
Designation :	Non-Executive Director
DIN No.:	00044972
Name :	Mr. Ranjit A. Puranik
Designation :	Non-Executive Director
DIN No.:	00199353
Name :	Mr. Prakash Mehta
Designation :	Non-Executive Director
DIN No.:	00001366
Name :	Madam. Amrudha Nair
Designation :	Non-Executive Director
DIN No.:	06716791

KEY EXECUTIVES

Name :	Mr. Girish Khandelwal
Designation :	Chief Financial Officer
Name :	Ms. Nirmala Agarwal
Designation :	Company Secretary (upto 01.12.2014)
Name :	Ms. Sweta Pandey
Designation :	Company Secretary (from 01.12.2014)
Name :	Mr. Alpesh
Designation :	Accounts Manager

SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	2960280	57.66
Sub Total	2960280	57.66
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2960280	57.66
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	2150	0.04
Financial Institutions / Banks	1159	0.02
Venture Capital Funds	4000	0.08
Sub Total	7309	0.14
(2) Non-Institutions
Bodies Corporate	142421	2.77
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	1762233	34.33
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	227206	4.43
Any Others (Specify)	34225	0.67
Non Resident Indians	33127	0.65
Clearing Members	1098	0.02
Sub Total	2166085	42.19
Total Public shareholding (B)	2173394	42.34
Total (A)+(B)	5133674	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)	5133674	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Fine Chemicals.
Products :	Fine Chemicals
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	European Countries USA UAE
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	L/C, Cash, Credit and Cheque
Purchasing :	L/C, Cash, Credit and Cheque

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Imkemex Marketing Private Limited
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 :

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

No. of Employees :

442 (Approximately)

Bankers :

Banker Name :	The Hongkong Shanghai Banking Corporation Limited
Branch :	M. G. Road, Fort, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

• Standard Chartered Bank
• Ratnakar Bank Limited
• Kotak Mahindra Bank (Ing Vyasya Bank Limited)

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
Term loans from Banks (Secured By First Pari pasu Charge on Movable and Immovable Fixed Assets of the Company situated at 3, GIDC Industrial Area, Nandesari, Gujarat and Personal Guarantee of a Director)	104.383	340.793
Short Term Borrowings
Working Capital Loan from Banks (Secured by first pari passu charge by way of Hypothecation of Secured by First Pari pasu charge by way of Hypothecation of Current Assets both Present and Future and other movable assets and Second charge on Movable and Immovable Fixed Assets of the Company at 3, GIDC Industrial Area, Nandesari, Gujarat in favour of Banks) The above working capital facilities carries interest @ 1.75% p.a. to 14% p.a. (Previous year 2% p.a. to 14% p.a.)	739.957	525.146
Total	844.340	865.939

Auditors :
Name :	Lodha and Company Chartered Accountants
Address :	6, Karim Chambers, 40, A, Doshi Marg, (Hamam Street), Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22691414 / 22691515 / 40021140 / 40021414
Fax No.:	91-22-22619983
E-Mail :	mumbai@lodhaco.com
Collaborators :	Not Divulged
Membership :	Not Divulged
Holding Company :	· Oriental Aromatics Limited
Fellow Subsidiary :	· Oriental Aromatics Inc.
Associates :	· Oriental Fragrances and Flavours Private Limited · Keshavlal V. Bodani Education Foundation

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5133674	Equity Shares	Rs.10/- each	Rs.51.337 Million

a) Details of members holding equity shares more than 5%

Equity Shares	Number of Shares	% holding
Oriental Aromatics Limited (Holding Company)	2960280	57.66

b) Terms and Rights attached to equity shares

(i) The Company has only one class of equity shares having a par value of Rs.10 each. Each holder of equity shares is entitled to one vote per share. The Company declares and pay dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to approval of the Shareholders in the ensuing Annual General Meeting.

(ii) In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amount, in proportion to the shareholding. However, no such preferential amount exist currently.

c) Reconciliation of numbers of equity shares

Name of Shareholder	Number of Shares
Shares outstanding at the beginning of the year	5133674
Shares Issued during the year	--
Shares bought back during the year	--
Shares outstanding at the end of the year	5133674

d) During previous 5 years, the Company has not issued bonus shares/Bought back share/issued shares for consideration other than cash.

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	51.337	51.337	51.337
(b) Reserves & Surplus	1287.842	1110.029	920.961
(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)	1339.179	1161.366	972.298
(3) Non-Current Liabilities
(a) long-term borrowings	104.383	340.793	526.157
(b) Deferred tax liabilities (Net)	150.774	135.785	88.263
(c) Other long term liabilities	0.181	0.186	0.064
(d) long-term provisions	9.849	25.442	44.111
Total Non-current Liabilities (3)	265.187	502.206	658.595
(4) Current Liabilities
(a) Short term borrowings	839.957	607.646	539.520
(b) Trade payables	366.966	367.237	122.795
(c) Other current liabilities	301.529	309.489	324.255
(d) Short-term provisions	25.919	31.705	18.644
Total Current Liabilities (4)	1534.371	1316.077	1005.214
TOTAL	3138.737	2979.649	2636.107
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1251.556	1311.204	1249.931
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.574	0.151	21.941
(iv) Intangible assets under development	0.000	0.000	1.280
(b) Non-current Investments	0.000	0.000	0.789
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	22.455	22.269	20.106
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1275.585	1333.624	1294.047
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	831.804	791.900	746.500
(c) Trade receivables	785.959	636.008	378.984
(d) Cash and cash equivalents	30.056	33.201	16.066
(e) Short-term loans and advances	214.535	184.404	199.540
(f) Other current assets	0.798	0.512	0.970
Total Current Assets	1863.152	1646.025	1342.060
TOTAL	3138.737	2979.649	2636.107

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2015	31.03.2014	31.03.2013
	SALES
		Income		3550.574	3093.295	2168.151
		Other Income		8.699	14.107	3.761
		TOTAL (A)		3559.273	3107.402	2171.912
Less	EXPENSES
		Cost of materials consumed		2429.545	2116.011	1484.874
		Manufacturing and operating costs		453.092	391.586	275.185
		Changes in inventories of finished goods and Work-in-Progress		(31.822)	(124.966)	(124.257)
		Employee benefits expense		143.482	126.785	103.550
		Other expenses		133.295	114.622	101.046
		Exceptional items		(15.593)	(18.669)	44.111
		Foreign Exchange		0.000	17.569	15.122
		Profit on sale of surplus land		0.000	0.000	(119.479)
		TOTAL (B)		3111.999	2622.938	1780.152
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			447.274	484.464	391.760
Less	FINANCIAL EXPENSES (D)			90.086	95.037	12.749
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			357.188	389.427	379.011
Less	DEPRECIATION/ AMORTISATION (F)			87.787	76.846	31.416
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			269.401	312.581	347.595
Less	TAX (H)			76.837	111.500	108.214
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			192.564	201.081	239.381
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			629.666	455.697	216.316
Less	Transitional depreciation due to change in life of assets (Net of Deferred Tax of Rs.2.823 Million)			5.482	0.000	0.000
Less	APPROPRIATIONS
			Transfer to General Reserve	0.000	15.100	0.000
			Proposed Dividend	7.701	10.267	0.000
			Corporate Tax on Proposed Dividend	1.568	1.745	0.000
	BALANCE CARRIED TO THE B/S			807.479	629.666	455.697
	EARNINGS IN FOREIGN CURRENCY
			Exports on F.O.B. Basis	1324.958	992.136	462.616
	IMPORTS
			Raw Materials	1583.062	1160.710	1187.971
	Earnings Per Share (Rs.)			34.47	38.95	46.63

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	250.520	240.560	217.720
Cash generated from Operating Activities	273.820	379.407	(62.603)
Net Cash from Operating Activities	172.535	312.899	(139.292)

QUARTERLY RESULTS

Particulars	30.06.2015 (Unaudited)
	1^st Quarter
Net sales	859.360
Total Expenditure	748.510
PBIDT (Excluding Other Income)	110.850
Other income	0.230
Operating Profit	111.080
Interest	16.930
Exceptional Items	2.810
PBDT	96.950
Depreciation	20.300
Profit Before Tax	76.650
Tax	25.420
Provisions and contingencies	NA
Profit after tax	51.230
Extraordinary Items	NA
Prior Period Expenses	NA
Other Adjustments	NA
Net Profit	51.230

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin PAT / Sales	(%)	5.42	6.50	11.04
Operating Profit Margin (PBDIT/Sales)	(%)	12.60	15.66	18.07
Return on Total Assets (PBT/Total Assets)	(%)	8.59	10.49	13.31
Return on Investment (ROI) (PBT/Networth)		0.20	0.27	0.36
Debt Equity Ratio (Total Debt /Networth)		0.89	1.02	1.32
Current Ratio (Current Asset/Current Liability)		1.21	1.25	1.34

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.411.10/-

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	51.337	51.337	51.337
Reserves & Surplus	920.961	1110.029	1287.842
Net worth	972.298	1161.366	1339.179
long-term borrowings	526.157	340.793	104.383
Short term borrowings	539.520	607.646	839.957
Current Maturities of Long term debt	217.720	240.560	250.520
Total borrowings	1283.397	1188.999	1194.860
Debt/Equity ratio	1.320	1.024	0.892

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	2168.151	3093.295	3550.574
		42.670	14.783

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	2168.151	3093.295	3550.574
Profit	239.381	201.081	192.564
	11.04%	6.50%	5.42%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
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	No
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

REVIEW OF OPERATIONS/STATE OF COMPANY’S AFFAIR:-

The Company’s sales revenue has increased substantially during the year, the Company has achieved turnover of Rs.3550.574 million which is increased by 14.78% as compared to last year turnover of Rs. 3093.295 million. The Company earned a Profit after tax of Rs.192.564 million during the year which is decreased by 4.24% as compared to last years’ Profit after tax of Rs.201.083 million.

The Company has performed well during the year by efficiently managing the resources, which result into improved performance and better sales. However there was reduction in profitability due to steep hike in price of main imported raw materials other inputs like power, natural gas, coal etc.

MANAGEMENT DISCUSSION AND ANALYSIS:

OVERVIEW AND INDUSTRY STRUCTURE:

The Company has plants at Clutterbuckganj, Bareilly, U.P. and at Nandesari, Vadodara in Gujarat and is engaged in the manufacturing and selling of camphor, terpineols, resins, aromatic and other terpene chemicals, fragrance chemicals and fragrance chemical intermediaries.

The Company’s vast product range includes Synthetic Camphor, Terpineols, Pine Oils, Resins, Astromusk, perfumery chemicals, specialty chemicals and several other chemicals finding applications in vast array of industries ranging from Flavours and Fragrances, Pharmaceuticals, Soaps and Cosmetics, Rubber and Tyre, Paints and Varnishes and many more.

ECONOMY AND BUSINESS OUTLOOK:

As per the latest GDP growth estimates, Indian economy grew by 7.4% in FY 2015 compared to 6.9% in FY 2014, mostly driven by improved economic fundamentals. Even inflation showed signs of moderation, a welcome sign wholesale price and consumer price inflation declined to 4.2 % and 7.4 % respectively, compared with last year’s 6.3% and 10.1%.Reduced inflation, falling crude oil prices, stable Rupee, improved purchasing power and consumer spending, higher capital inflows supported by the government policy reforms have already put India on an accelerating growth track and improved the business outlook.

The Government envisages GDP growth to accelerate to 8% in FY 2016 driven by strengthening macroeconomic fundamentals and implementation of policy reforms recently announced.

In the latter half of the financial year the economy and the markets have been affected by the global developments including the fiscal crisis faced by Greece, the less than expected performance of the Chinese economy, the volatility in commodity markets especially in metals and minerals.

However, efforts are made to increase productivity, reduce costs by controlling wastages with most efficient use of plant and machinery.

The Company is striving hard to reduce/ control costs at all stages to improve the profitability.

UNSECURED LOAN:

Particulars	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Short Term Borrowings
From a Bank (Interest Rate 11% p.a.)	100.000	0.000
Inter Corporate Deposits from holding company	0.000	82.500
Total	100.000	82.500

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2015

Rs. In Million

Particulars	Quarter ended 30.06.2015
	Unaudited
Net Sales/ Income from Operations	853.701
Other Operating Income	5.654
Total income from operation	859.355
Expenditure
a) Cost of Materials Consumed	553.657
b) Change in inventories of finished goods, work in progress & stock in trade	9.984
c) Power and Fuel expenses	75.923
d) Employee benefits expense	36.181
e) Depreciation and amortization expense	20.297
f) Other expenses	72.770
Total	768.812
Profit from operations before Other Income, Interest and Exceptional Items (1-2)	90.543
Other Income	0.229
Profit before Interest and Exceptional Items (3+4)	90.772
Interest	16.929
Profit after Interest but before Exceptional Items (5-6)	73.843
Exceptional Items	2.806
Profit (+)/ Loss (-) from Ordinary Activities before tax (7+8)	76.649
Tax expense	25.424
Net Profit (+)/ Loss (-) from Ordinary Activities after tax (9-10)	51.225
Extraordinary Items (Net of tax expense)	51.337
Net Profit (+)/ Loss (-) for the period
Paid-up equity share capital (Face value of Rs.10/- each)
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year
Earnings per share
Before Extraordinary items (not annualized)
- Basic (Rs.)	9.43
- Diluted (Rs.)	9.98
Public Shareholding
- No. of shares	2173394
- Percentage of shareholding	42.34
Promoters and promoter group shareholding
Pledged/ Encumbered	--
Non-encumbered
- No. of shares	2960280
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100.00
- Percentage of shares (as a % of the total share capital of the company)	57.66
INVESTOR COMPLAINTS
Pending at the beginning of the quarter	1
Received during the quarter	6
Disposed during the quarter	7
Remaining unresolved at the end of the quarter	0

NOTES:

1. The above financial results have been taken on record by the Audit Committee and subsequently approved by the Board of Directors in its meeting held on 14th August 2015 The statutory auditors of the company have carried Out limited review of the above financial results

2. The Company is exclusively engaged in the business of manufacture of Fine Chemicals which is considered to constitute only one business segment and all its assets located in India

3. a) The figures of quarter ended 31^st March 2015 are the balancing figures between audited figures m respect of the full financial year and the published year to date figures upto the third quarter of the relevant financial year

b) The Figures of the previous periods have been regrouped and reclassified wherever necessary to make them comparable with the figures for the current periods.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10590007	13/07/2015	200,000,000.00	HDFC BANK LIMITED	PENINSUA BUSINESS PARK, 4TH FLOOR, TOWER B, LOWER PAREL,, MUMBAI, MAHARASHTRA - 400013, INDIA	C63682652
2	10502733	27/07/2015 *	150,000,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (E),, MUMBAI, MAHARASHTRA - 400051, INDIA	C62282025
3	10436301	09/07/2013	150,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI,KOLHAPUR,, KOLHAPUR, MAHARASHTRA - 416001, INDIA	B79382289
4	10308522	27/09/2011	1,325,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	52/60, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B21701479
5	10300538	03/08/2011	775,000,000.00	THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED	52/60, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARAS HTRA - 400001, INDIA	B18180448
6	10278153	26/03/2011	450,000,000.00	STANDARD CHARTERED BANK	ABHIJEET II, GROUND FLOOR,, NEAR MITHAKALI SIX ROADS, AHMEDABAD, GUJARAT - 380006, INDIA	B09594342
7	10275689	10/09/2014 *	350,000,000.00	STANDARD CHARTERED BANK	ABHIJEET II, GROUND FLOOR, NEAR MITHAKALI SIX ROAD, AHMEDABAD, GUJARAT - 380006, INDIA	C33341959
8	90110935	24/08/2015 *	510,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD.	INDIABULLS-FINANCE CENTRE, 25TH FLOOR, TOWER C, 612/613 ELPHINSTONE MILL COMPOUND, LOWER PAREL, MUMBAI, MAHARASHTRA - 400013, INDIA	C66622150
9	90110930	23/04/2005	70,000,000.00	THE HONGKONG & SANGHAI BANKING CORPORTION LIMITED	52/60; MAHATMA GANDHI ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Assets under lease-Land

· Buildings-Non-Residential

· Buildings – Residential

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office equipment

· Computer

· Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.15
UK Pound	1	Rs.99.36
Euro	1	Rs.71.25

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAS
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		52

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.