MIRA INFORM REPORT

Report No. :	341004
Report Date :	12.09.2015

IDENTIFICATION DETAILS

Name :	RASHTRIYA CHEMICALS AND FERTILIZERS LIMITED
Registered Office :	Priyadashani, Eastern Express Highway, Sion, Mumbai - 400 022, Maharashtra
Tel. No.:	91-22-24045024
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	06.03.1978
Com. Reg. No.:	11-020185
Capital Investment / Paid-up Capital :	Rs.5516.900 Million
CIN No.: [Company Identification No.]	L24110MH1978GOI020185
IEC No.:	0388064293
TAN No.: [Tax Deduction & Collection Account No.]	MUMR04953E MUMR15728G
PAN No.: [Permanent Account No.]	AAACR2831H
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacture and sale of fertilizers.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (68)

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 :	Exist
Comments :	Subject was incorporated 1978 and it is engaged in manufacture of fertilizers and industrial products. Subject is a well-established company having fine track record. Company reported healthy financial risk profile marked by adequate net worth base and healthy debt protection metrics. Rating also reflects company's strong business risk profile driven by its established position in the fertiliser industry, diverse revenue profile and its healthy operating efficiencies. However, rating strengths are partially offset by the cyclicality in RCF's industrial products business and its exposure to risks related to the regulated nature of the fertiliser industry. Trade relations are reported as fair. 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	Short term rating: A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	17.08.2015

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 CO-OPERATIVE (91-22-25522260) (91-22-25522000/25522040 – CONTINUOUSLY RINGING)

LOCATIONS

Registered Office/ Corporate Office :	Priyadashani, Eastern Express Highway, Sion, Mumbai – 400022, Maharashtra, India
Tel. No.:	91-22-25522000 / 24070968 / 0223 / 8590 / 24070024 / 24045024 / 25522260 / 24045001 / 2 / 3 / 4
Fax No.:	91-22-24070386 / 24070028 / 25522320
E-Mail :	investorcommunications@rcfltd.com dmsati@rcfltd.com
Website :	http://www.rcfltd.com
Administrative Office :	Administrative Building, Mahul Road, Chembur, Mumbai – 400 074, Maharashtra, India
Tel. No.:	91-22-25522000/25522040 (Board No.)
Marketing Office :	Located at : Kadapa Khammam Nizamabad Vijaywada Visakhapatnam Bihar and Jharkhand Patna Chhatisgarh Raipur Delhi Punjab Haryana HP and Chandigarh Gujarat Karnataka Hassan Hubli Raichur Madhya Pradesh Maharashtra Aurangabad Jalgaon Kolhapur Konkan Nagpur Nasik Pune
Resident Representative at Delhi :	A-1, Qutab Hotel, Off Aurobindo Marg, New Delhi – 110 016, India Contact Person: Mr. M. K. Gera (Chief Marketing Manager)
Tel. No.:	91-11-26851419 (Office) / 2723 2637 (Res.)
Guest House:	Ark Guest House, RCF Colony, Chembur, Mumbai – 400 074, Maharashtra, India Contact Person: Mr. A. N. Borkar, Chief Executive Officer Tel. No.: 91-22-25583981 (Office) / 25551242 (Res.) Swagat Guest House, Kihim, District Raigad, Alibaug, Maharashtra, India Contact Person: Maj. Ranade, CAM Tel. No.: 91-2141-238028 (Office) / 238019 (Res.)

DIRECTORS

AS ON 31.03.2015

Name :	Mr. R. G. Rajan
Designation :	Chairman and Managing Director
Name :	Mr. C.M.T. Britto
Designation :	Director (Technical)
Name :	Mr. Ashok Ghasghase
Designation :	Director (Marketing)
Name :	Mr. Suresh Warior
Designation :	Director (Finance) (From 18.07.2014)
Name :	Mr. Sham Lal Goyal, IAS
Designation :	Jt. Secretary, Department of Fertilizers, New Delhi
Name :	Mr. Sushil Kumar Lohani, IAS
Designation :	Jt. Secretary, Department of Fertilizers, New Delhi ( From 02.07.2014)
Name :	Prof. Damodar Acharya
Designation :	Independent Director
Name :	Mr. S. C. Gupta, IAS
Designation :	Jt. Secretary, Department of Fertilizers, New Delhi ( upto 02.07.2014)

KEY EXECUTIVES

Name :	Mr. Kundan Rajesh
Designation :	Chief Vigilance Officer
Name :	Mr. Kulkarni Ranganath H.
Designation :	Executive Director (Finance)
Name :	Mr. Jain Ravi Kumar
Designation :	Executive Director (Thal)
Name :	Mr. Banerjee Abir R.
Designation :	Executive Director (Trombay)
Name :	Mr. Deshpande Pravinkumar G.
Designation :	Executive Director (HR)
Name :	Mr. Bhaskar Das
Designation :	Executive Director (IPD)
Name :	Mr. Patil Rajendra B.
Designation :	Executive Director (Finance) and Chief Sustainability Office
Name :	Mr. Karthikeyan P.
Designation :	Executive Director (Marketing)
Name :	Mr. Kundu A.
Designation :	Executive Director (Planning and Proj. Development)
Name :	Mr. Londhe Vishwas G.
Designation :	Chief General Manager (Finance/ IT)
Name :	Mr. Thyagarajan M.
Designation :	Chief General Manager (QC)
Name :	Mr. Dhatrak Umesh V.
Designation :	Chief General Manager (Technical) Thal
Name :	Mr. Jawale Ravindra P.
Designation :	Chief General Manager (Operations) Thal
Name :	Mr. Das Harishchandra L.
Designation :	Chief General Manager (Operations)
Name :	Mr. Kashikar Ajit S
Designation :	Chief General Manager (Maintenance)
Name :	Mr. Khare Ajai B.
Designation :	Chief General Manager (Commercial)
Name :	Mr. Kamat Narahari R.
Designation :	Chief General Manager (Technical)
Name :	Mr. Bhogle Shirish G
Designation :	Chief General Manager (Marketing)
Name :	Mr. Shende Arvind N.
Designation :	Chief General Manager (HSE) Corp.
Name :	Mr. Parthasarathy S.
Designation :	Chief General Manager CF)
Name :	Mr. Fidvi Saifuddin K
Designation :	Chief General Manager (HR and Admn.)
Name :	Mr. Varadkar Suhas S.
Designation :	General Manager Operations), Thal
Name :	Mr. Nawade Arun V.
Designation :	General Manager (HR and Admn.)
Name :	Mr. Das Ghanshyam
Designation :	General Manager (Utility)
Name :	Mr. Galgali Bharat G.
Designation :	General Manager (Nitrogen)
Name :	Mr. Prasad P. L. C. K.
Designation :	General Manager. (Finance)
Name :	Mr. Chandraguptarajah S. A.
Designation :	General Manager (IT)
Name :	Mr. Jadhav Arvind T.
Designation :	General Manager (Mktg. WZ)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Central Government / State Government(s)	441353888	80.00
Sub Total	441353888	80.00
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	441353888	80.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	172844	0.03
Financial Institutions / Banks	2842531	0.52
Insurance Companies	35152735	6.37
Foreign Institutional Investors	16760151	3.04
Sub Total	54928261	9.96
(2) Non-Institutions
Bodies Corporate	6200528	1.12
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	30193864	5.47
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	11538168	2.09
Any Others (Specify)	7473391	1.35
Clearing Members	994065	0.18
Non Resident Indians	851719	0.15
Overseas Corporate Bodies	900	0.00
Trusts	16300	0.00
Others	5610067	1.02
Others	340	0.00
Sub Total	55405951	10.04
Total Public shareholding (B)	110334212	20.00
Total (A)+(B)	551688100	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)	551688100	0.00

BUSINESS DETAILS

Line of Business :	Manufacture and sale of fertilizers.
Products :	Fertilizers
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

Banker Name	State Bank of India
Branch Address	Swastik Chamber, Chembur, 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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Term loan from banks
Rupee Loan from banks
Kotak Mahindra Bank	416.700	750.000
Hongkong and Shanghai Banking Corporation	0.000	60.000
Foreign Currency loan / External Commercial Borrowings
HSBC Bank (Mauritius) Limited	1233.000	1407.700
HSBC Bank (Mauritius) Limited	1157.900	1103.400
Kotak Mahindra Bank Limited	938.000	0.000
SHORT TERM BORROWING
Working Capital Facilities From Bank
Cash Credit From banks	252.600	261.800
Working Capital Demand Loan (Includes an amount of Rs. NIL Previous Year Rs.4916.400 Million) under a special banking arrangement secured by hypothecation of specific subsidy claims to be settled by DOF/FICC	5650.000	7516.400
Rupee term Loan Rupee loan from new India Co-Operative Bank	0.000	187.500
Total	9648.200	11286.800

Statutory Auditors :
Name 1 :	M. M. Nissim and Company, Mumbai Chartered Accountants
Address :	Mumbai, Maharashtra, India
Name 2 :	NBS and Company Chartered Accountants
Address :	14/2, Western India House, Sir P M Road, Fort, Mumbai – 400001, Maharashtra, India
Tel No.:	91-22-22870588/0939/4140/22885229
Fax No.:	91-22-22884910
Email:	admin@nbsandco.in
Website:	www.nbsandco.in
Cost: Auditors :	Shri Suresh D. Shenoy, Mumbai, Maharashtra, India V. J. Talati and Company, Mumbai, Maharashtra, India
Advocates and Solicitors:	M.S. Bodhanwalla and Company Mumbai.
Memberships :	Not Available
Collaborators :	Not Available
Associates:	Urvarak Videsh Limited FACT- RCF Building Products Limited
Subsidiaries:	Rajasthan Rashtriya Chemicals and Fertilizers Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
80,00,00,000	Equity Shares	Rs.10/- each	Rs. 8000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
55,16,88,100	Equity Shares	Rs.10/- each	Rs. 5516.900 Million

Note:

RECONCILIATION OF SHARES OUTSTANDING AT THE BEGINNING AND END OF THE REPORTING PERIOD

PARTICULARS	31.03.2015
EQUITY SHARES	No	Rs. In Million
At the beginning of the year	551688100	5516.900
Issued during the year	--	--
Outstanding at the end of the year	551688100	5516.900

Terms/Rights Attached to Equity shares

The Company has only one class of equity shares having par value of Rs.10 per share. Each share holder is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

DETAILS OF SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY

	31.03.2015
	No	% age of share holding
Government of India	441353888	80.00
Life Insurance Corporation of India	30759700	5.58

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	5516.900	5516.900	5516.900
(b) Reserves & Surplus	21592.400	19567.000	18036.000
(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)	27109.300	25083.900	23552.900
(3) Non-Current Liabilities
(a) long-term borrowings	3745.600	3321.100	2163.700
(b) Deferred tax liabilities (Net)	1967.300	2570.000	2430.500
(c) Other long term liabilities	590.300	552.000	438.400
(d) long-term provisions	1506.800	1032.000	1038.500
Total Non-current Liabilities (3)	7810.000	7475.100	6071.100
(4) Current Liabilities
(a) Short term borrowings	15098.900	13349.800	14568.400
(b) Trade payables	5967.200	4929.700	7380.700
(c) Other current liabilities	4054.800	3313.900	4755.700
(d) Short-term provisions	2357.800	1996.100	1914.700
Total Current Liabilities (4)	27478.700	23589.500	28619.500
TOTAL	62398.000	56148.500	58243.500
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14958.000	16164.000	14150.400
(ii) Intangible Assets	52.400	32.700	16.700
(iii) Capital work-in-progress	611.600	771.900	1842.500
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.700	178.600	180.400
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2246.700	1314.900	1288.800
(e) Other Non-current assets	98.300	309.600	189.600
Total Non-Current Assets	17968.700	18771.700	17668.400
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	9916.400	8025.400	12050.600
(c) Trade receivables	32973.600	27690.900	25792.100
(d) Cash and cash equivalents	853.300	709.500	1757.400
(e) Short-term loans and advances	388.100	370.800	672.500
(f) Other current assets	297.900	580.200	302.500
Total Current Assets	44429.300	37376.800	40575.100
TOTAL	62398.000	56148.500	58243.500

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	77134.500	65876.000	67738.400
	Other Income	743.600	740.400	929.900
	TOTAL (A)	77878.100	66616.400	68668.300
Less	EXPENSES
	Cost of Materials Consumed	31124.900	26461.100	25998.700
	Purchases of Stock-in-Trade	5258.800	2841.200	9003.700
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(75.300)	3096.100	(70.200)
	Employees benefits expense	5262.400	4420.000	4494.000
	Other expenses	27460.300	23394.400	22437.800
	TOTAL (B)	69031.100	60212.800	61864.000
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	8847.000	6403.600	6804.300
Less	FINANCIAL EXPENSES (D)	1169.500	1312.900	1271.600
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	7677.500	5090.700	5532.700
Less/ Add	DEPRECIATION/ AMORTISATION (F)	2581.200	1417.500	1731.500
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	5096.300	3673.200	3801.200
Less	TAX (H)	1875.700	1174.300	992.200
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	3220.600	2498.900	2809.000
Less	APPROPRIATIONS
	Dividend	993.000	827.500	827.500
	Tax and Educational cess on Dividend	202.200	140.600	140.600
	Balance Carried to the B/S	2025.400	1530.800	1840.900
	EARNINGS IN FOREIGN CURRENCY
	Export of Goods calculated on FOB basis	7.300	16.800	0.000
	TOTAL EARNINGS	7.300	16.800	0.000
	IMPORTS
	Raw Materials *	8355.400	4761.300	6735.000
	Components and Stores parts	90.500	290.900	143.200
	Capital Goods	477.800	652.800	538.700
	TOTAL IMPORTS	8923.700	5705.000	7416.900
	Note *: Includes in transit as at year end Rs.761.400 Million (Previous year Nil) and excludes imports through Indian agencies`Rs.113.600 Million (Previous yearRs.304.200 Million)
	Earnings / (Loss) Per Share (Rs.)	5.84	4.53	5.09

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	699.900	720.100	528.000
Cash generated from operations	4717.200	3907.000	(4713.000)
Net Cash from operating activities	2280.500	3136.500	(5487.700)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	4.18	3.79	4.15
Operating Profit Margin (PBIDT/Sales)	(%)	11.47	9.72	10.04
Return on Total Assets (PBT/Total Assets}	(%)	8.25	6.65	6.76
Return on Investment (ROI) (PBT/Networth)		0.19	0.15	0.16
Debt Equity Ratio (Total Debt /Networth)		0.70	0.66	0.71
Current Ratio (Current Asset/Current Liability)		1.62	1.58	1.42

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.43.50/-

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	5516.900	5516.900	5516.900
Reserves & Surplus	18036.000	19567.000	21592.400
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	23552.900	25083.900	27109.300
long-term borrowings	2163.700	3321.100	3745.600
Short term borrowings	14568.400	13349.800	15098.900
Current Maturities of long-term debts	0.000	0.000	0.000
Total borrowings	16732.100	16670.900	18844.500
Debt/Equity ratio	0.710	0.665	0.695

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	67738.400	65876.000	77134.500
		(2.749)	17.090

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	67738.400	65876.000	77134.500
Profit	2809.000	2498.900	3220.600
	4.15%	3.79%	4.18%

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)	No
16	No. of employees	No
17	Details of sister concerns	No
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

LITIGATION DETAILS

CASE DETAILS

BENCH:-BOMBAY

Lodging No.:-

APPL/376/2012

Filing Date:-

22/05/2012

Reg. No.:-

APP/590/2012

Reg. Date:-

25/09/2012

Lodging No.:-

ARBPL/1300/2010

Reg No.:-

ARBP/35/2011

Petitioner:-

J.S.OCEAN LINER PTE. LIMITED

Respondent:-		RASHTRIYA CHEMICALS AND FERTILIZERS LIMITED
	Petn.Adv.:-		ASHWIN SHANKAR (0)

Resp.Adv.:-

M/S M P SVLA AND CO (0)

Bench:-	DIVISION
Status:-	Admitted(Unready)	Category:-	APPEALS.

Last Date:-

05/02/2013

Stage:-

APPEALS FOR ADMISSION - FRESH [ORIGINAL SIDE MATTERS]

Last Coram:-

HON'BLE SHRI JUSTICE DR. D.Y. CHANDRACHUD

HON'BLE SHRI JUSTICE A.A. SAYED

Act :-

C.P.C.- (Interlocutory Order)

HIGHLIGHT OF PERFORMANCE FOR THE YEAR 2014-2015

Income for the year increased by 16.91% to Rs. 77878.100 Million as compared to Rs. 66616.400 Million.

Gross profit for the year increased by 38.16% to Rs. 8847.000 Million as against Rs. 6403.600 Million of previous year.

Profit before tax increased by 38.74% to Rs. 5096.300 Million as compared to Rs. 3673.200 Million.

Highest ever profit after tax of Rs. 3220.600 Million as compared to Rs. 2498.900 Million, registering an increase of 28.88%.

The Company’s Performance during the year has been bolstered by higher volumes of manufactured and traded fertilizers and higher energy efficiencies at both Trombay and Thal units, despite various challenges encountered on gas availability and delayed disbursement of subsidy.

As in the past several years, the Company received ''MOU Excellent'' rating for 2013-14 from Ministry of Heavy Industries and Public Enterprises.

AWARDS WON

As in the past, the Company won many awards during the year 2014-15 some of which are as under:

Golden Peacock Environmental Management Award for the year 2014 for Thal Unit.

First Prize for State Level Excellence in Energy Conservation and Management for the year 2012- 13 from MEDA, Government of Maharashtra for Thal Unit;

Environmental Excellence Award 2014-15 in Gold Category instituted by Greentech Foundation for outstanding performance in environment management for Trombay Unit.

Paryavaran Gaurav Puraskar from Maharashtra Pollution Control Board, Pune region and Environmental Club of India for Thal Unit.

11th National award for excellence in Cost Management-2013 from The Institute of Cost Accountants of India.

Vigilance Excellence Award from Vigilance Study Circle, Hyderabad;

Vigilance Excellence Award at Corporate level and also individual award for case studies from Institute of Public Enterprises, Hyderabad;

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
SHORT TERM BORROWING
Foreign currency loan from banks-buyers Credit	7696.300	5184.100
Rupee loan from banks	1500.000	200.000
Total	9196.300	5384.100

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10469676	10/12/2013	1,164,826,000.00	HSBC BANK (MAURITIUS) LIMITED	6TH FLOOR,HSBC CENTRE, 18 CYBER CITY, EBENE, - NA, MAURITIUS	B93324531
2	10425873	02/05/2013	1,000,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, M UMBAI, MAHARASHTRA - 400021, INDIA	B75185934
3	10344336	01/03/2012	480,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI TED	52/60 MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASH TRA - 400001, INDIA	B35840859
4	10336106	18/01/2012	1,250,000,000.00	HSBC BANK (MAURITIUS) LIMITED	HSBC CENTRE, 18 CYBERCITY, EBENE,, MAURITIUS, - 400001, MAURITIUS	B32330946
5	90188805	26/06/2009 *	19,000,000,000.00	STATE BANK OF INDIA	MID CORPORATE LOAN ADMIN. UNIT, SHRI HARI BUILDING , RTO LANE, FOUR BUNGALOWS, ANDHERI (WEST), MUMBA I, MAHARASHTRA - 400053, INDIA	A66955105
6	90185405	03/01/1989	100,000,000.00	STATE BANK OF INDIA	MAHUL ROAD BRANCH, BOMBAY, MAHARASHTRA - 400074, I NDIA	-
7	90188064	21/06/1988 *	300,000,000.00	BANK OF INDIA	MAHUL ROAD BRANCH, CHEMBUR, BOMBAY, MAHARASHTRA - 400074, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

Claims against the Company not acknowledged as debts to the extent ascertainable (Interest cannot be estimated reliably) aggregates to Rs.3920.000 Million (P.Y. Rs.4727.500 Million) which include the following: a) Claims preferred by local Authorities amounting to Rs.83.400 Million (P.Y. Rs.83.400 Million) (net of payment made/liability provided of Rs.39.500 Million (P.Y. Rs.39.500 Million). The Capitalization of land at Kurul Township and factory at Thal Unit has been made subject to Arbitration awards/Court decisions in this behalf.

b) Invoices/debit notes raised by M/s GAIL (India) Limited. which are as under:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Increased gas transmission charges for ONGC pipeline *	565.900	503.400
Price difference between APM and Non APM gas supplies for the period February 2012 to November 2013	979.900	979.900
For non-submission for FICC certified gas utilization data utilization data	393.900	0.000
SCADA Charges	14.700	14.700
Total	1954.400	1498.000

* With reference to item mentioned in serial no.1 above, during the year GAIL (India) Limited. demanded payment towards the same and threatened to adjust the same against the Letter of credit issued in their favour. Company had filed an appeal on the above said matter in Mumbai High Court. As per the orders of Mumbai High Court, GAIL (India) Limited. has been restrained from taking any further action on the matter and directed both the Companies to resolve the matter through arbitration.

c) Water charges claimed by Municipal Corporation of Greater Mumbai. Rs.12.200 Million (P.Y. Rs.6.700 Million).

d) Claims before arbitrators/courts, are Rs. 110.500 Million (P.Y. Rs.130.300 Million).

Claims against the Company not acknowledged as debts.

(Rs. in million)

In respect of Matters under dispute with various authorities	31.03.2015	31.03.2014
Excise Duty (D)	225.800	216.600
Excise Duty (S)	40.500	1310.300
Sales Tax (D)	278.200	320.100
Income Tax (D) *	285.200	181.900
Service Tax (D)	120.600	170.900
Custom Duty (D)	809.300	809.300

(D) (Demands raised)/(S) (Show cause notice issued).

* Against which an amount of Rs.40.300 Million has been deposited with Tax authorities.

The amount of a claims respect of legal cases filed against the Company for labour matters relating to regular employees and not acknowledged as debts is not ascertainable.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH JUNE, 2015

Particulars	3 Months Ended 30.06.2015 (Unaudited)
1. Income from operations
a) Gross Sales / Income from operations	19322.3
Less: Excise	338.400
Net sales/ Income from operation (net of excise duty)	18983.900
b) Other operating income	33.100
Total income from Operations(net)	19017.000
2.Expenditure
Cost of material consumed	8103.200
Purchases of stock in trade	2554.900
Changes in inventories of finished goods, work-in-progress and stock-in-trade	(1778.800)
Employees benefit expenses	1206.100
Power and Fuel	4646.600
Freight and Handling Charges	1944.300
Depreciation and amortization expenses	342.700
Other expenditure	1023.200
Total expenses	18042.200
3. Profit from operations before other income and financial costs	974.800
4. Other income	176.000
5. Profit from ordinary activities before finance costs	1150.800
6. Finance costs	329.200
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	821.600
8. Exceptional item	0.000
9. Profit from ordinary activities before tax Expense:	8216.000
10.Tax expenses	293.200
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	528.400
12.Extraordinary Items (net of tax expense)	0.000
13.Net Profit / (Loss) for the period (11 -12)	528.400
14.Paid-up equity share capital (Face Value Rs.10/- \each)	5516.900
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	--
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic	0.96
(b) Diluted	0.96

Particulars	3 Months Ended 30.06.2015 (Unaudited)
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	110334212
- Percentage of shareholding	20.00
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	441353888
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100
Percentage of shares (as a % of total share capital of the company)	80.00
B. Investor Complaints
Pending at the beginning of the quarter	0
Receiving during the quarter	1
Disposed of during the quarter	1
Remaining unreserved at the end of the quarter	0

UNAUDITED SEGMENT WISE REVENUE RESULTS AND CAPITAL EMPLOYES FOR THE QUARER ENDED 30^TH JUNE, 2015

Particulars	3 Months Ended 30.06.2015 (Unaudited)
Segment Revenue
Trombay	7339.400
Thal	9938.200
Trading	1722.5
Others	16.900
Total	19017.000
Less: Inter Segment Revenue	0.000
Net sales/income from Operations	19017.000
Segment Result
Trombay	731.300
Thal	492.300
Trading	1.900
Others	0.000
Total	1225.500
Less: Net Interest Expenditure / (Income)	314.800
Other un-allocable Expenditure / (Income)	89.100
Total Profit Before Tax	821.600
Capital Employed
Trombay	17763.100
Thal	27311.300
Trading	722.800
Others (un-allocable)	(1423.100)
Total	44374.100

FIXED ASSETS

Tangible Assets

• Land
• Building
• Railway Sidings
• Plant and Machinery
• Water Systems Sewerage and Drainage
• Miscellaneous Equipment’s
• Furniture and Fixtures
• Office Equipment
• Transport Vehicles

Intangible Assets

• Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] 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.66.39
UK Pound	1	Rs.102.59
Euro	1	Rs.74.90

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KAR
Report Prepared by :	KVT

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	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		68

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.