MIRA INFORM REPORT

Report No. :	339560
Report Date :	08.09.2015

IDENTIFICATION DETAILS

Name :	AARTI INDUSTRIES LIMITED (w.e.f. 24.02.1995)
Formerly Known As :	AARTI ORGANICS LIMITED
Registered Office :	Plot No.801/23, GIDC Estate, Phase III, Vapi - 396195, District Valsad, Gujarat
Tel. No.:	91-2638-25690411
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	28.09.1984
Com. Reg. No.:	04-007301
Capital Investment / Paid-up Capital :	Rs.442.958 Million
IEC No.:	0389029971
CIN No.: [Company Identification No.]	L24110GJ1984PLC007301
TAN No.: [Tax Deduction & Collection Account No.]	SRTA02524E
PAN No.: [Permanent Account No.]	AABCA2787L
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturers of Dyes, Pigments, Agrochemicals, Pharmaceuticals and Rubber Chemicals.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (65)

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

Maximum Credit Limit :	USD 26000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a flagship company of the AARTI GROUP, it is a manufacturer of organic and inorganic chemicals. Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by adequate net worth base and decent profitability margins of the company. Rating also takes into consideration company’s strong market position as reflected in its dominant share in the nitro chlorobenzene-based basic and speciality chemicals market and extensive industry experience of promoters in chemical industry. 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.

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: “A+”
Rating Explanation	Adequate credit quality and average credit risk.
Date	17.07.2014

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

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION DENIED

Management Non-Cooperative (Tel No.:91-22-67976666)

LOCATIONS

Registered Office/ Factory 1 :	Plot No.801/23, GIDC Estate, Phase III, Vapi - 396195, District Valsad, Gujarat, India
Tel. No.:	91-2638-25690411/ 2/ 3/ 25918195/ 55976666
Fax No.:	91-2638-25904806/ 25653186-87/ 25653185
E-Mail :	ail@bom2.vsnl.net.in secretarial@aartigroup.com info@aartigroup.com investorrelations@aartigroup.com
Website :	www.aartigroup.com
Corporate Office :	Udyog Kshetra, II Floor, L.B.S. Marg, Mulund – Goregaon Link Road, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel. No.:	91-22-67976666/ 67976697/ 25918195/ 55976666
Fax No.:	91-22-25653234/ 25653185
E-Mail :	info@aartigroup.com
Factory 2:	Plot No. 902, GIDC Estate, Phase II, District Valsad, Vapi – 396195, Gujarat, India
Factory 3:	Plot No. 286/1, 285, GIDC Estate, Phase II, District Valsad, Vapi – 396195, Gujarat, India
Factory 4:	Plot No. 22 / C / 1 and 2, GIDC Estate, Phase I, District Valsad, Vapi – 396195, Gujarat, India
Factory 5:	Shed No. A1-6 and 9, GIDC Estate, Phase I, District Valssad, Vapi – 396195, Gujarat, India
Factory 6 :	Plot No. 609 and 610, GIDC Estate, 100 Shed, District Valsad, Vapi – 396195, Gujarat, India
Factory 7:	Plot Nos. 750-754, Sarigam Industrial Area, Sarigam, Taluka Umargaon, District Valsad, Gujarat, India
Factory 8:	Plot Nos. 2701, 2703 Sarigam Industrial Area, Sarigam, Taluka Umargaon, District Valsad, Gujarat, India
Factory 9:	Plot Nos. 2604, 2605 Sarigam Industrial Area, Sarigam, Taluka Umargaon, District Valsad, Gujarat, India
Factory 10:	Plot Nos. 758/1, 2 and 3, Jhagadia Mega Estate, Village Kapalsadi, Taluka Jhagadia, District Bharuch, Gujarat, India
Factory 11:	Plot Nos. 756/2 A and B, 756/3 A and B, 756/4 A&B, 756/5 A&B, 756/6 A and B, 756/7, 779, Jhagadia Mega Estate, Village Kapalsadi, Taluka Jhagadia, District Bharuch, Gujarat, India
Factory 12:	Survey No. 1430/1, NH-8, Bhachau, Kutch, Gujarat, India
Factory 13:	Plot No. D-18, MIDC, Tarapur, District Thane, Maharashtra, India
Factory 14:	Plot No. E-50, MIDC, Tarapur, District Thane, Maharashtra, India
Factory 15:	Plot No. K - 17/18/19, MIDC, Tarapur, District Thane, Maharashtra, India
Factory 16:	Plot No. L – 5, MIDC, Tarapur, District Thane, Maharashtra, India
Factory 17:	Plot No. L – 8, MIDC, Tarapur, District Thane, Maharashtra, India
Factory 18:	Survey No. 193/1/4, 193/1/5, 193/1/6, Silvassa, Union Territory of Silvassa, India
Factory 19:	Plot No. D – 53/54/60, MIDC, Phase II, Dombivali (East), District Thane, Maharashtra, India
Factory 20:	Plot Nos. 62, 63 & 64, Sagore, Pithampur Industrial Area, Sector-3, Pithampur, DistrictDhar, Madhya Pradesh, India

DIRECTORS

As on 31.03.2015

Name :	Mr. Rajendra V. Gogri
Designation :	Chairman and Managing Director
Name :	Mr. Laxmichand K. Jain
Designation :	Independent Director
Address :
Date of Birth/Age :	02.03.1941
Qualification :	MS (Chem.) US
Name :	Mr. Chandrakant V. Gogri
Designation :	Managing Director
Name :	Mr. Rashesh C. Gogri
Designation :	Vice Chairman and Managing Director
Address :
Date of Birth/Age :	03.06.1974
Qualification :	Industrial Engineer and holds Diploma in Business Management
Name :	Mr. Ramdas M. Gandhi
Designation :	Independent Director
Date of Birth/Age :	14.03.1933
Qualification :	L.L.M, Solicitor.
Name :	Mr. Vijay H. Patil
Designation :	Independent Director
Date of Birth/Age :	15.07.1937
Qualification :	L.L.M.
Name :	Mr. K. V. S. Shyam Sunder
Designation :	Independent Director
Date of Birth/Age :	29.07.1942
Name :	Mr. P A Sethi
Designation :	Independent Director
Name :	Mr. Bhavesh R Vora
Designation :	Independent Director
Date of Birth/Age :	13.09.1967
Name :	Mr. Bhavesh R. Vora
Designation :	Independent Director
Name :	Ms. Priti Paras Savla
Designation :	Independent Director
Name :	Mr. Parimal H. Desai
Designation :	Whole time Director
Name :	Mr. Manoj M. Chheda
Designation :	Whole Time Director
Date of Birth/Age :	23.10.1962
Qualification :	B. Com
Name :	Ms. Hetal Gogri Gala
Designation :	Whole Time Director
Name :	Mr. Kirit R. Mehta
Designation :	Whole Time Director
Date of Birth/Age :	02.08.1948
Qualification :	B. Com.
Name :	Renil R. Gogri
Designation :	Whole Time Director
Date of Birth/Age :	14.04.1987
Qualification :	B.E. (IIT MUMBAI), 2008
Name :	Mr. Prem Chandra Sethi
Designation :	Director
Address :	12-A, Viceroy Park, Tower "D", Thakur Village, Kandivali (East), Mumbai, 400101, Maharashtra, India
Date of Appointment :	23.09.2008
DIN No.:	00004038

KEY EXECUTIVES

Name :	Mr. Chandrakant V. Gogri
Designation :	Chairman Emeritus
Name :	Mr. Rashesh C. Gogri
Designation :	Vice Chairman and Managing Director
Name :	Ms. Mona Patel
Designation :	Company Secretary
Name :	Mr. Chetan Gandhi
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2015

Category of Shareholder	Total No. of Shares	As a %
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	29659296	33.48
Bodies Corporate	22593579	25.50
Sub Total	52252875	58.98
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	86148	0.10
Sub Total	86148	0.10
Total shareholding of Promoter and Promoter Group (A)	52339023	59.08
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	10782022	12.17
Financial Institutions / Banks	14272	0.02
Foreign Institutional Investors	867210	0.98
Any Others (Specify)	145985	0.16
Others	145985	0.16
Sub Total	11809489	13.33
(2) Non-Institutions
Bodies Corporate	1349386	1.52
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	9880917	11.15
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	12607809	14.23
Any Others (Specify)	605063	0.68
Non Resident Indians	207100	0.23
Trusts	100	0.00
Others	2625	0.00
Others	395238	0.45
Sub Total	24443175	27.59
Total Public shareholding (B)	36252664	40.92
Total (A)+(B)	88591687	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	88591687	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Dyes, Pigments, Agrochemicals, Pharmaceuticals and Rubber Chemicals.

Products :

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

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Axis Bank Limited
Branch	Not Divulged
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

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

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Non Convertible Debentures (NCDs)	2000.000	0.000
ECB/Term loans from Banks/Financial Institutions	2180.946	2544.346
Vehicle Loans from Banks/Financial Institutions	8.250	5.935
Short-term borrowings
Working Capital Loan from Banks	6046.225	6700.405
Total	10235.421	9250.686

LONG TERM BORROWING

Secured, Redeemable, STRPPS NCDs bearing coupon rate of 11.75% p.a. Debentures of Rs.20,00.000 Million are secured by way of First Pari Passu Hypothecation of the Moveable Plant & Machinery, Machinery Spares, Tools and Accessories and other movable fixed assets, both present and future, wherever situated, excluding those charged exclusively to other Term Lenders. The NCDs are issued in the year 2014-15 and are redeemable in five equal installments commencing from the end of the 3rd year from the date of allotment of these Debentures.

Out of the total ECB/Term Loans from Banks/Financial Institutions to Rs.3522.401 Million.

Outstanding Term Loans/ECBs to the extent of Rs.2459.901 Million are secured/to be secured by way of Pari Passu Joint Equitable Mortgage of the Company’s immovable properties situated at Sarigam, Vapi and Jhagadia, in the State of Gujarat, Pithampur in the State of Madhya Pradesh, Silvassa in the Union Teritorry of Silvassa and further by way of Pari Passu Hypothecation of the Moveable Plant & Machinery, Machinery Spares, Tools and Accessories and other movables, both present and future (except book debts, inventories and other current assets) wherever situated, excluding those charged exclusively to other Term Lenders.

Term Loan from Citibank to the extent of Rs.234.375 Million is secured by way of Exclusive Charge on the Moveable Plant & Machinery, Machinery Spares, Tools and Accessories and other movables, both present and future (except book debts, inventories and other current assets) situated at the new hydrogenation unit at Jhagadia Unit II.

ECB from DBS Bank to the extent of Rs.7812.500 Million is secured by way of Joint Equitable Mortgage of the Company’s immovable properties situated at Bhachau, in the State of Gujarat and further by way of Pari Passu Hypothecation of the Moveable Plant & Machinery, Machinery Spares, Tools and Accessories and other movables, both present and future (except book debts, inventories and other current assets) situated at the same unit.

Term Loan of Rs.750.000 Million from Societe General is secured by way of Pari Passu Hypothecation of the Moveable Plant and Machinery, Machinery Spares, Tools and Accessories and other movables, both present and future (except book debts, inventories and other current assets) wherever situated, excluding those charged exclusively to other Term Lenders.

Vehicle loans from Banks/Financial Institutions are secured by way of hypothecation of respective vehicles.

Particulars	Repayment Tenor
	1-2 years	2-3 years	3-4 years	Beyond 4 years
NCDs/ECB/Term Loans from Banks/Financial Institutions	9,193.29	11,109.96	7,839.54	13,666.67
Vehicle Loans from Banks/Financial Institutions	71.21	11.29	NIL	NIL

SHORT TERM BORROWING

Working Capital Loans availed from Scheduled Banks, are secured/to be secured by way of Pari Passu first charge by hypothecation of Raw Materials, Stock-In-Process, Semi-Finished Goods, Finished Goods, Packing Materials and Stores and Spares, Bills Receivables and Book Debts and all other moveable, both present and future. Also by way of Joint Equitable Mortgage of the Company’s immovable properties situated at Sarigam, Vapi, Jhagadia and Bhachau in the State of Gujarat and at Tarapur in the State of Maharashtra and

further by way of hypothecation of all moveable plant & machinery, machinery spares, tools and accessories and other movables, both present and future (except book debts & inventories) wherever situated, ranking second to the charge held by NCDs/ECB/Term Lenders.

Auditors :
Name :	Gokhale and Sathe Chartered Accountants
Address :	308/309, Udyog Mandir No.1, 7-C, Bhogoji Keer Marg, Mahim, Mumbai – 400 016, Maharashtra, India
Memberships :	--
Collaborators :	--
Subsidiaries:	Aarti Corporate Services Limited Nascent Chemical Industries Limited (Through its holding Company: Aarti Corporate Services Limited.) Shanti Intermediates Private Limited. (Through its holding Company: Aarti Corporate Services Limited) Anushakti Specialities Limited Liability Partnership (LLP) Alchemie (Europe) Limited Innovative Envirocare Jhagadia Limited
Associates:	· Ganesh Polychem Limited · Anushakti Chemicals and Drugs Limited Anushakti Holdings Limited Aarti Biotech Limited (Through its holding Company: Aarti Corporate Services Limited) Aarti Intermediates Private Limited (Through its holding Company: Aarti Corporate Services Limited) Perfect Enviro Control Systems Limited (Through its holding Company: Aarti Corporate Services Limited) Perfect Enviro Control Systems Limited (Through its holding Company: Aarti Corporate Services Limited
Enterprises/Firms over which controlling individuals/Key Management Personnel, of the Company along with their relatives, have significant influence:	Alchemie Pharma Chem Limited Alchemie Industries Gogri and Sons Investments Private Limited Alchemie Leasing and Financing Private Limited Alchemie Laboratories Aarti Drugs Limited Alchemie Dye Chem Private Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
12,50,00,000	Equity Shares	Rs.5/- each	Rs.625.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8,85,91,687	Equity Shares	Rs.5/- each	Rs.442.958 Million

Reconciliation of the number of Shares outstanding as on 31st March, 2015:

Particulars	No. of Shares outstanding
	As at 31st March, 2015
Equity shares at the beginning of the year	88,591,687
Add: Shares Issued during the year	NIL
Less: Shares buy back during the year	NIL
Equity shares at the end of the year	88,591,687

Details of Shareholders holding more than 5% shares:

Name of Shareholder	As at 31st March, 2015
	No. of Shares held	% held
Anushakti Holdings Limited	7,085,301	8.00
HDFC Trustee Company Limited – HDFC Prudence Fund	6,480,510	7.32
Gogri and Sons Investments Private Limited	5,973,773	6.74
Alchemie Leasing and Financing Private Limited	5,309,098	5.99

The details of Equity Shares outstanding during last 5 years:

Particulars	Financial Year
	2014-15	2013-14	2012-13	2011-12	2010-11
No. of Equity Shares outstanding:	88,591,687	88,591,687	79,120,073	76,720,073	76,720,073

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

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

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

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

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

94,71,614 (previous year 94,71,614) were issued to Shareholders of Anushakti Chemicals and Drugs Limited pursuant to its Scheme of arrangement with the Company.

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	442.958	442.958	395.600
(b) Reserves & Surplus	8635.410	7343.988	6323.452
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	47.358
Total Shareholders’ Funds (1) + (2)	9078.368	7786.946	6766.410
(3) Non-Current Liabilities
(a) long-term borrowings	4189.196	2550.281	1167.407
(b) Deferred tax liabilities (Net)	1024.592	844.592	707.092
(c) Other long term liabilities	1.852	73.197	2.037
(d) long-term provisions	3001.661	2556.661	2171.661
Total Non-current Liabilities (3)	8217.301	6024.731	4048.197
(4) Current Liabilities
(a) Short term borrowings	6473.217	6858.376	6850.084
(b) Trade payables	2526.628	3678.359	2158.461
(c) Other current liabilities	1563.075	1010.355	637.629
(d) Short-term provisions	330.273	289.819	268.034
Total Current Liabilities (4)	10893.193	11836.909	9914.208
TOTAL	28188.862	25648.586	20728.815
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9360.485	7932.017	6640.988
(ii) Intangible Assets	0.437	0.855	1.273
(iii) Capital work-in-progress	1879.526	1126.112	620.083
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	632.365	322.496	185.952
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4299.579	3861.617	3126.240
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	16172.392	13243.097	10574.536
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5438.703	6033.321	4621.230
(c) Trade receivables	4668.143	4657.732	4286.528
(d) Cash and cash equivalents	263.301	123.542	97.106
(e) Short-term loans and advances	1374.132	1295.918	896.438
(f) Other current assets	272.191	294.976	252.977
Total Current Assets	12016.470	12405.489	10154.279
TOTAL	28188.862	25648.586	20728.815

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	28706.454	26327.772	20961.176
	Other Income	19.723	104.246	43.961
	TOTAL (A)	28726.177	26432.018	21005.137
Less	EXPENSES
	Cost of Materials Consumed	16460.245	16307.884	12622.725
	Purchases of Stock-in-Trade	1321.382	1168.589	931.178
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	172.199	(620.514)	(710.689)
	Employees benefits expense	897.142	757.274	636.137
	Other expenses	5290.795	4759.645	3919.368
	Exceptional	-34.818	0.000	0.000
	TOTAL (B)	24106.945	22372.878	17398.719
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	4619.232	4059.140	3606.418
Less	FINANCIAL EXPENSES (D)	1374.773	1175.335	949.980
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	3244.459	2883.805	2656.438
Less/ Add	DEPRECIATION/ AMORTISATION (F)	786.485	874.355	818.004
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	2457.974	2009.450	1838.434
Less	TAX (H)	580.000	522.500	525.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	1877.974	1486.950	1313.434
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	5173.307	4202.106	3433.084
Less	APPROPRIATIONS
	1st Interim Dividend	199.331	155.035	110.740
	2nd Interim Dividend	132.888	11.074	243.628
	Proposed Dividend	155.035	132.887	58.544
	Tax on Dividend	97.986	67.753	131.500
	Transferred to General Reserve	190.000	149.000	0.000
	Transferred to Debenture Redemption Reserve	300.000	0.000	0.000
	Effect of change in useful life of Fixed Assets	1.312	0.000	0.000
	Total (M)	1076.552	515.749	544.412
	Balance Carried to the B/S (J+K+L-M)	5974.729	5173.307	4202.106
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	13359.042	12143.712	9923.781
	Freight
	Insurance
	TOTAL EARNINGS	13359.042	12143.712	9923.781
	IMPORTS
	Raw Materials	46.546	60.780	129.759
	Components and Stores parts	3316.533	3769.924	2648.259
	Capital Goods	12.694	6.928	2.085
	Fuel	508.220	246.850	155.232
	TOTAL IMPORTS	3883.993	4084.482	2935.335
	Earnings / (Loss) Per Share (Rs.)	21.2	16.78	14.83

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	1341.454	950.073	430.784
Cash generated from operations	4158.899	3436.542	2751.804
Net cash flow from operating activity	3569.653	2922.455	2167.366

QUARTERLY RESULTS

Particulars	June 2015
Audited / UnAudited	UnAudited
Net Sales	6830.700
Total Expenditure	5513.500
PBIDT (Excl OI)	1317.200
Other Income	1.900
Operating Profit	1319.100
Interest	302.900
Exceptional Items	NA
PBDT	1016.200
Depreciation	217.400
Profit Before Tax	798.800
Tax	189.800
Provisions and contingencies	NA
Profit After Tax	609.000
Extraordinary Items	NA
Prior Period Expenses	NA
Other Adjustments	NA
Net Profit	609.000

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	6.54	5.65	6.27
Operating Profit Margin (PBIDT/Sales)	(%)	16.09	15.42	17.21
Return on Total Assets (PBT/Total Assets}	(%)	9.57	8.30	9.23
Return on Investment (ROI) (PBT/Networth)		0.27	0.26	0.27
Debt Equity Ratio (Total Debt /Networth)		1.32	1.33	1.25
Current Ratio (Current Asset/Current Liability)		1.10	1.05	1.02

STOCK PRICES

Face Value	Rs.5.00
Market Value	Rs.405.00

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	395.600	442.958	442.958
Reserves & Surplus	6323.452	7343.988	8635.410
Share Application money pending allotment	47.358	0.000	0.000
Net worth	6766.410	7786.946	9078.368
long-term borrowings	1167.407	2550.281	4189.196
Short term borrowings	6850.084	6858.376	6473.217
Current Maturities of Long-Term Debts	430.784	950.073	1341.454
Total borrowings	8448.275	10358.730	12003.867
Debt/Equity ratio	1.249	1.330	1.322

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	20961.176	26327.772	28706.454
		25.603	9.035

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	20961.176	26327.772	28706.454
Profit	1313.434	1486.950	1877.974
	6.27%	5.65%	6.54%

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	No
8	Designation of contact person	No
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)
16	No. of employees	No
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	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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

ORDINARY BUSINESS

To receive, consider and adopt the Balance Sheet as at 31st March, 2015 and the Statement of Profit and Loss for the year ended on that date and the Reports of the Directors’ and Auditors’ thereon.

To declare a final dividend for the financial year ended 31st March, 2015.

CHEMICAL INDUSTRY – STRUCTURE & DEVELOPMENT

Speciality Chemicals are a group of high value, low volume chemicals formulated for developing/enhancing properties of specific products. The customised product requires special technologies, process expertise and

understanding of client needs, and so the industry typically commands limited competition, yielding higher gross margins and returns than other chemical sub-segments.

The Global Speciality Chemicals market is growing at a fast pace. Despite the economic recession, it has recovered and is showing signs of high growth in the future. According to TechNavio Analysis, the Global Speciality Chemicals market is expected to grow.

HIGH COURT OF GUJARAT

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

Status : PENDING

CCIN No : 001092201300296

Last Listing Date:

22/12/2014

Coram

· HONOURABLE MR.JUSTICE KS JHAVERI · HONOURABLE MR.JUSTICE K.J.THAKER

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER OF INCOME TAX (TDS)

MRS MAUNA M BHATT for: Appellant(s) 1

S.NO.

Name of the Respondant

Advocate On Record

1

AARTI INDUSTRIES LTD

MR B S SOPARKAR for :Opponent(s) 1

Presented On

: 02/04/2013

Registered On

: 04/04/2013

Bench Category

: DIVISION BENCH

District

: AHMEDABAD

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 2 times

StageName

: WARNED LIST - TAX APPEAL

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

Other Forums

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

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

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

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred
1	TAX APPEAL/296/2013	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI	08/04/2013	N	ORDER	-	Y
Certified Copy

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

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
SHORT TERM BORROWING
From Banks	426.992	157.971
Total	426.992	157.971

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10581438	18/06/2015	12,000,000,000.00	IDBI BANK LIMITED	47,OPUS CENTER, MIDC ANDHERI EAST, MUMBAI, Maharashtra - 400093, INDIA	C59572917
2	10571285	30/01/2015	1,000,000,000.00	IDBI Bank Limited	Shop No. 13 to 18, Centre Point Building,, Near Mahavir Char Rasta, N.H. No. 8, Vapi, Valsad, Gujarat - 396195, INDIA	C54564968
3	10547974	29/10/2014	2,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA	C38977849
4	10475423	24/04/2014 *	13,775,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, MUMBAI, NGN VAIDYA MARG, FORT,  , MUMBAI, Maharashtra - 400001, INDIA	C05478441
5	10469995	11/12/2013	750,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, MUMBAI, NGN VAIDYA MARG, FORT,  , MUMBAI, Maharashtra - 400001, INDIA	B93436699
6	10459225	21/03/2014 *	950,000,000.00	INDUSIND BANK LTD.	2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, Maharashtra - 411001, INDIA	C05258702
7	10465719	14/11/2013	300,000,000.00	ING VYSYA BANK LIMITED	PLOT NO. C-12, G BLOCK,, BANDRA-KURLA COMPLEX, BANDRA,, MUMBAI, Maharashtra - 400051, INDIA	B91775379
8	10459809	21/03/2014 *	450,000,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E),, Mumbai, Maharashtra - 400051, INDIA	C12146601
9	10452990	18/09/2013	631,400,000.00	IDBI Trusteeship Services Ltd.	Asian Building, Ground Floor, 17,, R. Kamani Marg  , Ballard Estate,, MUMBAI, Maharashtra - 400001, I  NDIA	B86628591
10	10424578	26/04/2013	541,200,000.00	Standard Chartered Bank	Abhijeet II, Ground Floor,, Near Mithakali Six Road,, Ahmedabad, Gujarat - 380006, INDIA	B74713702

AUDITED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED JUNE 30, 2015

Sr. No	Particulars
		Quarter ended
		30.06.2015
		Unaudited
1	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)	6659.500
	b. Other Operating Income	171.200
	Total Income from Operations (Net)	6830.700
2	Expenditure
	a. Cost of material Consumed	3562.700
	b. Purchase of Stock-in trade	384.000
	c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade	19.600
	d. Increase (Decrease) in Excise duty on Closing Stock of Finished Goods	0.000
	e. Employees Benefit Expenses	245.400
	f. Depreciation and Amortization Expenses	217.400
	g. Other expenses	1301.800
	Total Expenses	5730.900
3	Profit from Operations before Other Income, Interest and Exceptional Items	1099.800
4	Other Income	1.900
5	Profit from ordinary activities before finance cost & exceptional items	1101.700
	Finance costs	302.900
	Profit from ordinary activities after finance cost & exceptional items	798.800
9	Exceptional items	0.000
10	Profit from ordinary activities before tax	798.800
11	Tax Expense	189.800
12	Net profit from ordinary Activities after tax	609.000
13	Extra Ordinary Items (Net of tax expenses)	0.000
14	Net Profit After Tax	609.000
15	Paid-up equity share capital (face value of Rs.10 per share)	443.000
16	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year	0.000
17	Earning Per Share (of Rs.10 each) (not annualized)
	Before extraordinary items
	Basic EPS	6.87
	Diluted EPS	6.87
A	PARTICULARS OF SHAREHOLDING
17	Public Shareholding
	- No. of shares	36252664
	- Percentage of shareholding	40.92
18	Promoter & Promoter Group Shareholding
	a) Pledged/Encumbered
	- No. of shares	Nil
	- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	Nil
	- Percentage of shareholding (as a % of the total share capital of the company)	Nil
	b) Non-encumbered
	- No. of shares	52339023
	- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	100.00
	- Percentage of shareholding (as a % of the total share capital of the company)	59.08

	Particulars	Quarter Ended
B	Investor Complaints	(30.06.2015)
	Pending at the beginning of the quarter	Nil
	Received during the quarter	10
	Disposed off during the quarter	10
	Remaining unresolved at the end of the quarter	Nil

Notes: The above results for the quarter ended 30^th June, 2015 have been revieved by the Audit Committee and approved by the Board of Directors in their meeting held on 8^th August 2015.

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

Sr. No	Particulars
		Quarter ended
		30.06.2015
		Unaudited
1	Segment Revenue
	A. Speciality Chemicals	5579.400
	B. Pharmaceuticals	907.800
	C. Home and Personal care Chemicals	343.500
	Total	6830.700
2.	Segment Results (Profit/Loss)
	Before Interest and Tax
	Profit (+) / Loss (-) :
	D. Speciality Chemicals	1183.500
	E. Pharmaceuticals	55.900
	F. Home and Personal care Chemicals	10.600
	Total	1250.000
	Less : Interest	302.900
	: Other Unallocable expenditure net of Income	148.300
	Total Profit before Tax	798.800
3	Capital Employed
	G. Speciality Chemicals	14648.000
	H. Pharmaceuticals	4979.900
	I. Home and Personal care Chemicals	838.400
	J Unallocable Capital	608.400
	Total Capital Employed	21074.700

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Claims against the Company not acknowledged as Debts	485.580	390.853
Letters of Credit, Bank Guarantees & Bills Discounted	331.844	753.989

FIXED ASSETS

• Free Hold Land
• Lease Hold Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Goodwill
• 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.66.74
UK Pound	1	Rs.101.36
Euro	1	Rs.74.27

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		65

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.