MIRA INFORM REPORT

Report No. :	341264
Report Date :	15.09.2015

IDENTIFICATION DETAILS

Name :	JYOTHY LABORATORIES LIMITED (w.e.f. 12.08.1996)
Formerly Known As :	JYOTHI LABORATORIES LIMITED (w.e.f. 06.10.1995) JYOTHI LABORATORIES PRIVATE LIMITED
Registered Office :	“Ujala House”, Ram Krishna Mandir Road, Kondivita, Andheri (East), Mumbai – 400 059, Maharashtra
Tel. No.:	91-22-66892800
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	15.01.1992
Com. Reg. No.:	11-128651
Capital Investment / Paid-up Capital :	Rs.181.023 million
CIN No.: [Company Identification No.]	L24240MH1992PLC128651
IEC No.:	Not Available
TIN No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is principally engaged in manufacturing and marketing of fabric whiteners, soaps, detergents, mosquito repellents, scrubber, bodycare and incense sticks.
No. of Employees :	4000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company incorporated during the year 1992 having a good track record. Available financial indicates company’s sound financial risk profile marked by healthy networth position with low borrowings and strong profitability margin of the company. Fundaments of the company are strong and healthy. Promoters are reported to be well experienced and knowledgeable businessmen. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. In view of long track record and sound financial base, the company can be considered normal 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Non-Convertible Debenture = AA-
Rating Explanation	High degree of safety and very low credit risk
Date	20.10.2014

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 31-03-2015.

LOCATIONS

Registered Office/ Corporate Office :	“Ujala House”, Ram Krishna Mandir Road, Kondivita, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-66892800
Fax No.:	91-22-66892805
E-Mail :	info@jyothy.com secretarial@jyothy.com contact@jyothy.com
Website :	http://www.jyothylaboratories.com
Regional Office :	# N-903, Rear Wing, Manipal Center, Dickenson Road, Bangalore – 560 042, Karnataka, India
Tel. No.:	91-80-40337300/ 40337301/ 40337302
Fax No.:	91-80-25580244
E-Mail :	contact@jyothy.com
Factory 1 :	Shed No.25/26, IDA Kothur, District: Mehboob Nagar – 509 228, Telangana, India
Factory 2 :	E.P.I.P. Complex, AIDC-Amingaon, Guwahati – 781 031, Assam, India
Factory 3 :	Survey No.910/7/1, Dokmardi, Amli, Silvassa – 396 230, Dadra and Nagar Haveli, India
Factory 4 :	Village: Katha, P.O.: Baddi, District: Solan – 173 205, Himachal Pradesh, India
Factory 5 :	Lane No.2, Phase No.2, SIDCO Industrial Complex, Bari Barhmana, District: Samba (Jammu) – 180 001, Jammu and Kashmir, India
Factory 6 :	MP IV/ 101 B, P.O.: Kolagappara, Sulthan Bathery – 673 591, Kerala, India
Factory 7 :	Kandanassery, Via-Ariyannur, Guruvayur – 680 101, District: Trichur, Kerala, India
Factory 8 :	Plot No.201, Sector I, Pithampur Industrial Area, District Dhar – 454 775, Madhya Pradesh, India
Factory 9 :	131, Peralam Main Road, P.O.: Thirunallar, District: Karaikkal – 609 607, Pondicherry, India
Factory 10 :	R.S. No.12/1 and 2, Ujala Nagar Industrial Estate, Ujala Road, Thethampakkam, Vai Vazhudavur, P.O.: Suthukeny – 605 502, Pondicherry, India
Factory 11 :	Plot No.6, 7 and 8, Bearing Khasara Nos.361, 366 and 370, KIE Industrial Estate, Village: Undiyaki – 247 667, Uttarakhand, India
Factory 12 :	Khasra No.119, Pargana Bhagwanpur, Village Raipur, Haridwar, Uttarakhand, India
Factory 13 :	Plot No.656, New Light House More, Bishnupur, District: Bankura – 722 122, West Bengal, India

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Ramachandran Panjan Moothedath
Designation :	Chairman and Managing Director
Address :	201, 2^nd Floor, Lake Superior, Lake Homes Chandivali, Adishankaracharya Road, Andheri (East), Mumbai – 400 076, Maharashtra, India
Date of Birth/Age :	22.08.1946
Qualification :	Postgraduate Degree in Financial Management
Date of Appointment :	15.01.1992
DIN No.:	00553406
Name :	Mr. Ullas Kasaragod Kamath
Designation :	Joint Managing Director
Address :	Flat No.202, No.4, Renaissance Mangalam, 13^th Cross Between 10^th and 11^th Main, Malleswaram, Bangalore – 560 003, Karnataka, India
Qualification :	M.Com., F.C.A., A.C.S., L.L.B., A.M.P. – Wharton Business School and Harward Business School
Date of Birth/Age :	01.01.1963
Date of Appointment :	26.03.1997
DIN No.:	00506681
Name :	Mr. Raghunandan Sathyanarayan Rao
Designation :	Whole-Time Director
Address :	D-401, ATS Greens, Sector-50, Noida – 201 305, Uttar Pradesh, India
Qualification :	MBA
DIN No.:	02263845
Name :	Mrs. Jyothy Ramchandran
Designation :	Whole-Time Director
Address :	No.100, 3^rd Main, 7^th Block, 4^th Phase, BSK 3^rd Stage, Bangalore – 560 085, Karnataka, India
Date of Birth/Age :	14.01.1978
Date of Appointment :	01.01.2004
DIN No.:	00571828
Name :	Mr. Nilesh Bansilal Mehta
Designation :	Independent Director
Address :	203, Tulsi Villa, Poddar Road, Santacruz (West), Mumbai – 400 054, Maharashtra, India
Date of Birth/Age :	24.04.1962
Date of Appointment :	07.02.2003
DIN No.:	00199071
Name :	Mr. Kiliyanat Puliasseri Padmakumar
Designation :	Independent Director
Address :	3 F, Skyline Topaz, Kaloor Kadavanthara Road, Kaloor P.O., Ernakulam – 682 017, Kerala, India
Date of Birth/Age :	20.04.1944
Date of Appointment :	06.06.2007
DIN No.:	00023176
Name :	Mr. Bipin Ratilal Shah
Designation :	Independent Director
Address :	8-D, IL Palazzo, Little Gibbs Road, Malabar Hill, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	16.07.1932
Date of Appointment :	06.06.2007
DIN No.:	00006094
Name :	Ramakrishnan Lakshminarayanan
Designation :	Independent Director
Address :	D-1, Grasmere Apartment, 57-58, Osborne Road, Shivan Chetty Garden, Bangalore – 560 042, Karnataka, India
Qualification :	Master of Science in Industrial Chemistry
Date of Appointment :	23.05.2012
DIN No.:	00238887

KEY EXECUTIVES

Name :	Mr. Murarilal Anantram Bansal
Designation :	Company Secretary
Address :	Flat No.801, 8^th Floor Marathon Galaxy-1, L.B.S. Road, Mulund (West), Mumbai – 400 059, Maharashtra, India
Date of Birth/Age :	15.03.1948
Date of Appointment :	31.07.2002
PAN No.:	AAFPB2604L
Name :	Mr. Ullas Kasaragod Kamath
Designation :	Chief Financial Officer
Address :	Flat No.202, No.4, Renaissance Mangalam, 13^th Cross, Between 10^th and 11^th Main, Banglore – 560 003, Karnataka, India
Date of Appointment :	22.05.2014
PAN No.:	ACNPK9912A
Name :	Mr. Raghunandan Sathyanarayan Rao
Designation :	Chief Executive Officer
Address :	Flat No.1707, Oberoi Splendor, JVLR, Opposite Majas Depot, Andheri (East), Mumbai – 400 093, Maharashtra, India
Date of Appointment :	01.06.2014
PAN No.:	AECPR3449E

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
Individuals / Hindu Undivided Family	105881401	58.49
Bodies Corporate	15000000	8.29
Sub Total	120881401	66.78
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	120881401	66.78
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	7701123	4.25
Financial Institutions / Banks	24688	0.01
Insurance Companies	6395183	3.53
Foreign Institutional Investors	19147142	10.58
Any Others (Specify)	10326020	5.70
Sub Total	43594156	24.08
(2) Non-Institutions
Bodies Corporate	5952324	3.29
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	9640209	5.33
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	150681	0.08
Any Others (Specify)	804725	0.44
Trusts	15016	0.01
Non Resident Indians	493831	0.27
Clearing Members	95310	0.05
Others	199988	0.11
Others	580	0.00
Sub Total	16547939	9.14
Total Public shareholding (B)	60142095	33.22
Total (A)+(B)	181023496	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	181023496	100.00

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

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total
1	M P Ramachandran	7,21,12,060	39.84
2	Sahyadri Agencies Limited	1,50,00,000	8.29
3	M P Divakaran	70,85,061	3.91
4	M P Sidharthan	52,15,230	2.88
5	M R Deepthy	50,30,032	2.78
6	M R Jyothy	46,18,084	2.55
7	M G Shanthakumari	36,17,954	2.00
8	U B Beena	34,46,600	1.90
9	M P Divakaran	19,04,000	1.05
10	K Ullas Kamath	14,51,380	0.80
11	Sidharthan M P	13,20,000	0.73
12	K K Sujatha	81,000	0.04
	Total	12,08,81,401	66.78

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	ICICI Prudential Life Insurance Company Limited	5837795	3.22
2	Fidellity Management & Research Company Ltd A/c Fidelity Investment Trust Fidelity Series International Small Cap Fund	3841337	2.12
3	Emblem FII	3075000	1.70
4	L And T Mutual Fund Trustee Ltd- L And T Tax Advantage Fund	2819671	1.56
5	Parvest Equity India	2640000	1.46
6	Hasham Investment And Trading Company Private Limited	2521090	1.39
7	WF Asian Smaller Companies Fund Limited	2505869	1.38
8	PI Opportunities Fund I	2303446	1.27
	Total	25544208	14.11

Details of Locked-in Shares

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	Sahyadri Agencies Limited	1,50,00,000	8.29
	Total	1,50,00,000	8.29

BUSINESS DETAILS

Line of Business :

Subject is principally engaged in manufacturing and marketing of fabric whiteners, soaps, detergents, mosquito repellents, scrubber, bodycare and incense sticks.

Products :

NIC Code of the Product	20233
Product Description	Detergents
NIC Code of the Product	20231
Product Description	Soaps
NIC Code of the Product	20211
Product Description	Mosquito Repellant

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

• Whiteners
• Soaps
• Detergents
• Mosquito Repellents
• Scrubber
• Bodycare And Incense Sticks

Countries :

• Middle East Countries
• Sri Lanka
• Malaysia

Imports :

Not Available

Terms :

Selling :

Cheque and Credit

Purchasing :

Cheque and Credit

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 :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

4000 (Approximately)

Bankers :

Banker Name	Kotak Mahindra Bank Limited
Branch Address	36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

· The Federal Bank Limited, Chowallupady Branch, Thaikkad P.OI. Guruvayur, Thrissur, Tamilnadu, India

· The Federal Bank Limited

· ICICI Bank Limited

· Axis Bank Limited

Facilities :

SECURED LOANS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG TERM BORROWINGS
Secured Redeemable Zero Coupon Non-Convertible Debentures
4000 (2014 - 4000) Debentures of Rs.1.000 million (2014 - Rs.1.000 million) each	4000.000	4000.000
9.65% Secured Redeemable Non-Convertible Debentures
650 (2014 - 650) Debentures of Rs.1.000 million (2014 - Rs.1.000) million each	0.000	650.000
10.25% Secured Redeemable Non-Convertible Debentures
500 (2014 - 500) Debentures of Rs.1.000 million (2014 - Rs.1.000 million) each	0.000	500.000
Total	4000.000	5150.000

NOTES:

LONG TERM BORROWINGS

Details of loan:

a) All the Debentures are secured by first charge on all fixed assets and select Brands (Maxo and Exo).

b) 4000 Zero coupon non-convertible redeemable debentures of Rs.1.000 million each is redeemable at premium of Rs.0.368 million per debenture after 3 years from the date of allotment i.e. November 14, 2013.

c) 650, 9.65% Secured Redeemable Non-Convertible Debentures of Rs.1.000 million each are redeemable at par after 2 years from the date of allotment i.e. June 21, 2013.

d) 500, 10.25% Secured Redeemable Non-Convertible Debentures of Rs.1.000 million each are redeemable at par at the end of 3 years and 7 days from the date of allotment i.e. November 7, 2012.

Financial Institution :	Axis Trustee Services Limited, Axis House, 2^nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400 025, Maharashtra, India
Statutory Auditors :
Name :	S.R.B.C. and Co LLP Chartered Accountants
Address :	14^th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai – 400 028, Maharashtra, India
Tel. No.:	91-22-61920000
Fax No.:	91-22-61921000
Internal Auditor :
Name :	Mahajan and Aibara Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Wholly Owned Subsidiaries	Associated Industries Consumer Products Private Limited
Other Subsidiaries :	Jyothy Kallol Bangladesh Limited Four Seasons Drycleaning Company Private Limited Snoways Laundrers and Drycleaners Private Limited Jyothy Consumer Products Marketing Limited Jyothy Fabricare Services Limited Diamond Fabricare Private Limited
Partnership Firm :	JFSL-JLL (JV)
Firm / HUF in which the relatives of individual having control are partners / members / proprietor :	Beena Agencies Quilon Trading Co. Travancore Trading Corp. Tamil Nadu Distributors Deepthy Agencies Sahyadri Agencies Sreehari Stock Suppliers Sujatha Agencies M.P. Divakaran - H.U.F. M.P. Sidharthan - H.U.F.
Enterprises significantly influenced by key management personnel or their relatives :	Sahyadri Agencies Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
2570000000	Equity Shares	Re.1/- each	Rs.2570.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
181023496	Equity Shares	Re.1/- each	Rs.181.023 million

Reconciliation of the number of shares

Equity Shares	Number of Shares	Amount (Rs. in Million)
At the beginning of the period	181023496	181.023
Issued / Subscribed during the year	--	--
Outstanding at the end of the period	181023496	181.023

Details of equity shares held by shareholders holding more than 5% shares:

Name of Shareholders	Number of Shares	% holding
Equity shares of Re.1 each fully paid
M. P. Ramachandran	72112060	39.84%
Sahyadri Agencies Limited	15000000	8.29%

As per of the Company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

Terms/ rights attached to equity shares

The Company has only one class of equity shares having par value of Re.1 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended March 31, 2015, the amount of per share dividend recognized as distributions to equity shareholders was Rs.4.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the

Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Aggregate number of bonus shares issued, shares issued for consideration other than cash during the period of five years immediately preceding the reporting date:

Particulars	Number of Shares
Equity shares allotted as fully paid bonus shares by capitalization of securities premium	2379748
Equity shares issued for consideration other than cash, pursuant to scheme of amalgamation with erstwhile Jyothy Consumer Products Limited (JCPL)	2379748
Total	4759496

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	181.023	181.023	161.264
(b) Share Capital Suspense	0.000	0.000	552.792
(c) Reserves & Surplus	9436.014	8623.572	6526.173
(d) 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)	9617.037	8804.595	7240.229
(3) Non-Current Liabilities
(a) Long-term borrowings	4000.000	5159.000	4130.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	1479.590	1472.009	0.000
(d) Long-term provisions	126.979	95.242	91.768
Total Non-current Liabilities (3)	5606.569	6726.251	4221.768
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	1260.028
(b) Trade payables	1281.582	1039.469	1143.050
(c) Other current liabilities	1514.998	423.096	1018.997
(d) Short-term provisions	1144.115	674.749	705.062
Total Current Liabilities (4)	3940.695	2137.314	4127.137
TOTAL	19164.301	17668.160	15589.134
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2514.390	2659.325	2616.090
(ii) Intangible Assets	3188.859	3640.103	4098.845
(iii) Capital work-in-progress	53.636	34.835	32.671
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2445.488	947.071	247.073
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6013.527	6612.068	4943.588
(e) Other Non-current assets	21.928	5.304	1.305
Total Non-Current Assets	14237.828	13898.706	11939.572
(2) Current assets
(a) Current investments	1645.000	594.546	0.000
(b) Inventories	1810.182	1611.920	1674.464
(c) Trade receivables	509.146	556.304	1099.570
(d) Cash and cash equivalents	652.581	555.784	381.359
(e) Short-term loans and advances	280.473	415.027	453.661
(f) Other current assets	29.091	35.873	40.508
Total Current Assets	4926.473	3769.454	3649.562
TOTAL	19164.301	17668.160	15589.134

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from operations	14378.195	12601.793	10191.917
		Other Income	67.016	44.702	9.925
		Interest Income	591.582	517.641	481.560
		TOTAL	15036.793	13164.136	10683.402
Less	EXPENSES
		Cost of raw material and components consumed	4563.568	3656.092	3243.961
		Purchase of traded goods	3178.997	3054.963	3002.212
		(Increase)/ decrease in inventories of finished goods, work-in-progress and traded goods	(136.156)	54.983	(569.477)
		Employee benefits expense	1271.104	1186.573	1105.618
		Employee benefits expense	287.113	0.000	0.000
		Share of (profit) / loss from investment in partnership firm	(2.717)	3.087	0.000
		Other expenses	3560.803	2975.236	2165.180
		Exceptional item	20.918	23.007	0.000
		Prior period item	0.000	0.000	18.271
		TOTAL	12743.630	10953.941	8965.765
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		2293.163	2210.195	1717.637
Less	FINANCIAL EXPENSES		120.298	531.134	660.827
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		2172.865	1679.061	1056.810
Less/ Add	DEPRECIATION/ AMORTISATION		703.707	616.041	616.452
	PROFIT/ (LOSS) BEFORE TAX		1469.158	1063.020	440.358
Less	TAX		41.263	1.879	0.000
	PROFIT/ (LOSS) AFTER TAX		1427.895	1061.141	440.358
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		222.839	454.314	674.554
Less	APPROPRIATIONS
		Proposed Dividend	724.094	362.047	415.059
		Tax on Proposed Dividend	147.408	61.530	70.539
		Interim dividend	0.000	181.023	0.000
		Tax on Interim dividend	0.000	30.765	0.000
		Depreciation as per Schedule II of Companies Act, 2013*	31.064	0.000	0.000
		Transfer to General Reserve	0.000	120.000	50.000
		Transfer to Debenture Redemption Reserve	537.251	537.251	125.000
	BALANCE CARRIED TO THE B/S		210.917	222.839	454.314
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	143.917	119.140	89.074
	TOTAL EARNINGS		143.917	119.140	89.074
	IMPORTS
		Raw Material and Packing Material	92.630	45.407	76.407
		Capital Goods	0.000	34.495	0.474
	TOTAL IMPORTS		92.630	79.902	76.881
	Earnings/ (Loss) Per Share (Rs.)
	- Basic		7.89	6.21	2.65
	- Diluted		7.83	6.21	2.65

* The Company has not recognised deferred tax assets on the same in the absence of virtual certainty supported by convincing evidence that they can be realized against future taxable profits.

Expected Sales (2015-16): Rs.17000.000 Million

The above information has been parted by Ms. Neeta Kashiramka (Vice President in Finance).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current maturities of long-term borrowings	1186.000	27.000	18.000
Cash generated from operations	1985.933	1665.899	234.991
Net cash generated from operating activities	1575.721	1472.713	70.698

QUARTERLY RESULTS

PARTICULARS	30.06.2015
Unaudited	1^st Quarter
Net Sales	3983.600
Total Expenditure	3418.400
PBIDT (Excl OI)	565.200
Other Income	172.700
Operating Profit	737.900
Interest	27.400
Exceptional Items	0.000
PBDT	710.500
Depreciation	167.200
Profit Before Tax	543.300
Tax	76.000
Provisions and contingencies	0.000
Profit After Tax	467.300
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	467.300

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	9.93	8.42	4.32
Operating Profit Margin (PBIDT/Sales)	(%)	15.95	17.54	16.85
Return on Total Assets (PBT/Total Assets}	(%)	8.82	6.37	2.88
Return on Investment (ROI) (PBT/Networth)		0.15	0.12	0.06
Debt Equity Ratio (Total Debt /Networth)		0.54	0.59	0.75
Current Ratio (Current Asset/Current Liability)		1.25	1.76	0.88

STOCK PRICES

Face Value	Rs.1.00
Market Value	Rs.310.15

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	161.264	181.023	181.023
Share Capital Suspense	552.792	0.000	0.000
Reserves & Surplus	6526.173	8623.572	9436.014
Share Application money pending allotment	0.000	0.000	0.000
Net worth	7240.229	8804.595	9617.037
Long-term borrowings	4130.000	5159.000	4000.000
Short term borrowings	1260.028	0.000	0.000
Current maturities of long-term debts	18.000	27.000	1186.000
Total borrowings	5408.028	5186.000	5186.000
Debt/Equity ratio	0.747	0.589	0.539

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)
Revenue from operations	10191.917	12601.793	14378.195
		23.645	14.096

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	10191.917	12601.793	14378.195
Profit	440.358	1061.141	1427.895
	4.32%	8.42%	9.93%

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	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	---------------
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	---------------
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	---------------
33	Market information	---------------
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

BACKGROUND:

The Company is a public company domiciled in India. Its shares are listed on two stock exchanges in India. The Company is principally engaged in manufacturing and marketing of fabric whiteners, soaps, detergents, mosquito repellents, scrubber, bodycare and incense sticks.

PERFORMANCE HIGHLIGHTS:

The gross revenue from operations on standalone basis grew by 14% and stood at Rs.14811.400 million compared with Rs.13010.800 million in the previous year. The profit before tax stood at Rs.1469.200 million as against Rs.1063.000 million in the previous year, depicting a growth of 38%. The net profit for the year stood at Rs.1427.900 million compared to Rs.1061.100 million of previous year.

AWARDS AND ACCOLADES:

The Company has received following awards during the financial year 2014-15:

· Master Brand Award for UJALA fabric whitener organized by World Marketing Congress;

· Indian Marketing Awards 2014 - Bronze Medal for Henko in Consumer Insights for its exemplary work in revolutionizing the laundry category;

· Asia Star Award for best packaging at ASIA STAR 2014;

· Award for “Scheme Configuration and Management” under manufacturing vertical for excellence in transformation by International data Corporation;

· “Henko LINTelligent” the premium detergent brand was awarded “Product of the Year 2015” in the detergent category.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC OVERVIEW

Global

The global economy expanded at a moderate rate of 3.4% in 2014, on the back of a gradual recovery in the most advanced economies. This rate of progress was, however, dampened by the sluggish expansion of economies in most emerging markets. Going ahead, the global economy is expected to expand at 3.5% in 2015 and 3.8% in 2016. The growth in advanced economies, aided by lower oil prices, is projected to strengthen to 2.4% in 2015 relative to 1.8% in 2014.

Globally, while the macroeconomic risks have decreased slightly, leading to the recession and deflation in the Eurozone. Financial and geopolitical risks have increased, further hampering growth prospects of the region.

India

The Indian economy, after a prolonged period of sluggish growth displayed some initial recovery signs during FY 2014-15. This could largely be attributed to an improved macroeconomic environment and pro-growth economic reforms initiated by the new government at the centre.

Advance estimates for 2014-15 puts the Indian economy’s growth at 7.4% as compared to the growth rate of 6.9% in 2013-14 under a new method for computing national accounts and with the change in the base year to 2011-12.

While the advance estimates place agriculture growth at 1.1% due to a weak monsoon, it puts the manufacturing industry in a ‘star category’ that led the economy’s growth at 6.8% during 2014-15.

The inflation showed a decline during April-March 2014- 15 and likely to remain in the 5.0-5.5% range supported by the measures adopted by the Reserve Bank of India (RBI) and the government. A substantial reduction in the crude oil prices and the global prices of India’s major commodity imports also aided in the lowering of inflation.

The Current Account Deficit (CAD) narrowed due to the slump in oil prices and as per advance estimates to further decline at 1.3% of GDP during 2014-15. This was in comparison to 1.7% in 2013-14. Helped by the improvement in all these macroeconomic indicators, the rupee remained as one of the most stable currencies, globally, despite volatility across world economies.

Strong macro-economic factors such as lower twin deficits, that is, Fiscal Deficit and Current Account Deficit (CAD), falling oil prices and benign inflation, imparted a renewed business confidence in the Indian economy. The government’s efforts towards ease of doing business and the ‘Make in India’ programme are designed to transform India into a global manufacturing hub are slated to provide impetus to growth.

India is among the few countries whose economic forecast was raised by the IMF during the year. The IMF has raised its Indian GDP growth estimates to 7.2% in 2014-15 and to 7.5% in 2015-16. However, headwinds such as renewed financial market volatility in response to the US Federal Reserve interest rate hike expected later this year; likely Greek contagion; geopolitical affairs, resulting in a spike in oil prices and a persistent slowdown in international trade environment may adversely impact the growth momentum of the Indian economy.

INDUSTRY OVERVIEW

The consumer market landscape in India has taken rapid strides in terms of shifts in buying behaviour influenced by increased urbanisation, a growing middle-class, altering lifestyles and the emergence of the retailer as a powerhouse, to affect and sway the consumer’s decision making.

Despite this, the Indian FMCG industry, over last three years, witnessed growth challenges. Sales were impacted by a weak economy, persistently high inflation, subdued consumer confidence, all of which have had a direct bearing on demand. The tide, nonetheless, is expected to gradually turn as confidence in the market rebounds, leading to a sustained demand recovery.

In 2014, consumer optimism witnessed a sharp turnaround, after a few years of adverse macro conditions (e.g. high inflation, slowing growth) that led to a steady decline as per the Credit Suisse Emerging Consumer Survey.

The formation of a strong government at the centre (the first single party majority in 30 years) has triggered a major revival in consumer sentiment. As a result, India ranks first on the Credit Suisse Emerging Consumer Scorecard 2015, unseating China – a big improvement from last year when it was ranked fourth. The study highlights that more people believe this is a good time for making big ticket purchases as average household income increased by around 10% in 2014 after being relatively steady during the last two years.

The survey conducted to gauge consumer sentiment across nine emerging economies has seen India jump from the fourth to the first rank. The three key metrics to estimate consumer sentiment included medium term expectations of personal finances, expectations of inflation, and household income trends alongside their immediate spending intentions. This revival in consumer sentiment has been primarily driven by urban India.

The Government of India has also played a major role in the growth of this segment. It has enacted policies to attract new capital and also to boost consumption and thereby give impetus to economic growth.

The announcements in the budget 2015 pertaining to Financial Inclusion, Swachh Bharat movement to regenerate India and game-changing reforms on the anvil such as Goods and Service Tax (GST), Jan Dhan, Aadhar and Mobile (JAM) - for direct benefit transfer - auger well for the FMCG sector.

OUTLOOK:

The Indian FMCG industry is expected to grow by 10% in 2015 and by about 12% in 2016, taking the sales in 2016 to US$ 49 billion predicts Nielsen. Distribution growth, innovations around sachet offerings, employment rates and index of industrial production (IIP) continue to be key influencers of FMCG sales in India.

The lower inflationary trend is likely to translate into higher disposable incomes, aiding consumption growth.

The India’s market is consumer driven, with spending anticipated to more than double by 2025. This has resulted in the Indian consumer segment, broadly classified into urban and rural markets, becoming the focus of marketers from around the world.

Nielsen projects rural India’s FMCG market to beat the US$ 100 billion mark by 2025. FMCG players will require to align to the pulse of the Indian consumers’ sentiments by customising their product portfolio as per the local market requirements.

For global conglomerates, India is an indispensable market for expanding their market share going forward. India’s young demographic and a middle class with rising disposable income is a key contributor to this.

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG TERM BORROWINGS
Deferred Payment Liability (Deferred payment liabilities is repayable over a period of 3 years in equal instalments.)	0.000	9.000
Total	0.000	9.000

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10482475	29/12/2014 *	4,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2^ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	C38691473
2	10410578	29/12/2014 *	500,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2^ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	C39824594
3	80045769	15/05/2008 *	100,000,000.00	STANDARD CHARTERED BANK	19, RAJAJI SALAI, CHENNAI, TAMINADU - 600001, INDIA	A39319082
4	90300901	29/09/1999	60,000,000.00	DEUTSCHE BANK	BROOK HOUSE 9 SHAKEAPEARE SARANI, CALCUTTA, WEST BENGAL - 700071, INDIA	-
5	80055469	08/05/1941	94,800,000.00	UNITED BANK OF INDIA	NETAJI SUBHAS ROAD BRANCH, 67A, NETAJI SUBHAS ROAD, CALCUTTA, WEST BENGAL - 700001, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Based on management’s evaluation following contingent liabilities is not probable and hence not provided by the Company in respect of:
(i) Amount outstanding in respect of corporate guarantees	552.714	159.609
(ii) Tax matters
(a) Disputed sales tax demands – matters under appeal	184.320	568.516
(b) Disputed excise duty and service tax demand - matter under appeal	296.375	312.196
(c) Disputed income tax demand - matter under appeal*	374.160	128.239
(iii) Other statutory dues	0.772	0.772

* The amount shown above does not include contingent liability for the assessments re-opened / pending assessments.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2015

(Rs. in Million)

Particulars	Quarter Ended
	30.06.2015 (Unaudited)
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	3980.000
b) Other operating income	3.600
Total income from Operations(net)	3983.600
2.Expenditure
a) Cost of material consumed	1183.800
b) Purchases of stock in trade	738.800
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	58.700
d) Employee stock	348.000
e) Employees stock option expenses	116.700
f) Advertisement and sales promotion expenses	487.700
g) Depreciation and amortization expenses	167.200
h) Other expenditure	484.700
Total expenses	3585.600
3. Profit from operations before other income and financial costs	398.000
4. Other income	172.700
5. Profit from ordinary activities before finance costs	570.700
6. Finance costs	27.400
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	543.300
8. Exceptional item	0.000
9. Profit from ordinary activities before tax Expense:	543.300
10.Tax expenses	76.000
11.Net Profit / (Loss) from ordinary activities after tax	467.300
12.Extraordinary Items (net of tax expense)	0.000
13.Net Profit / (Loss) for the period	467.300
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	181.000
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	2.58
(b) Diluted	2.58
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	60141599
- Percentage of shareholding	33.22%
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	44400000
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	36.73%
Percentage of shares (as a % of total share capital of the company)	24.53%
b) Non Encumbered
Number of shares	76481401
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	63.27%
Percentage of shares (as a % of total share capital of the company)	42.25%

B. Investor Complaints	30.06.2015 Nos.
Pending at the beginning of the quarter	1
Receiving during the quarter	33
Disposed of during the quarter	34
Remaining unreserved at the end of the quarter	0

REPORTING SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. in Million)

Particulars	Quarter Ended
	30.06.2015 (Unaudited)
1. Segment Revenue
a. Soaps and Detergent	3236.500
b. Home Care	707.800
c. Laundry Services	0.000
d. Others	41.200
Total	3985.500
Less : Inter Segment Revenue	(5.500)
Net Sales	3980.000
2. Segment Result (Profit before Interest and Tax)
a. Soaps and Detergent	482.900
b. Home Care	(3.600)
c. Laundry Services	0.000
d. Others	1.000
Total	480.300
Less : (i) Interest	(27.400)
(ii) Other un-allocable expenditure net off un-allocable income.	(76.500)
Add: Other Un-Allocable Income	166.900
Profit before Tax	543.300
3. Capital Employed
a. Soaps and Detergent	4686.500
b. Home Care	1189.700
c. Laundry Services	0.000
d. Others	191.000
e. Unallocated Assets	4133.800
Total	10201.000

FIXED ASSETS:

Tangible Assets

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Dies and Moulds

· Furniture and Fixture

· Office Equipments

· Vehicles

Intangible Assets

· Goodwill on Amalgamation

· Goodwill

· Brands

· Trademark and Copyrights

· Know-how

· Software and Licenses

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 records 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.66.37
UK Pound	1	Rs.102.54
Euro	1	Rs.75.32

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--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	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		63

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.