MIRA INFORM REPORT

Report No. :	497762
Report Date :	16.03.2018

IDENTIFICATION DETAILS

Name :	ATUL LIMITED (w.e.f.31.07.1996)
Formerly Known As :	ATUL PRODUCTS LIMITED
Registered Office :	Atul House, G I Patel Marg, Ahmedabad - 380014, Gujarat
Tel. No.:	91-79-26461294/ 26463706
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	11.12.1975
Com. Reg. No.:	04-002859
Capital Investment / Paid-up Capital :	INR 296.800 Million
CIN No.: [Company Identification No.]	L99999GJ1975PLC002859
IEC No.: [Import-Export Code No.]	0388028921
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
PAN No.: [Permanent Account No.]	AABCA2390M
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and selling of Life Science Chemicals and Performance and Other Chemicals and cater to the needs of varied industries such as Adhesives, Agriculture, Animal Feed, Automobile, Composites, Construction, Cosmetic, Defence, Dyestuff, Electrical and Electronics, Flavour, Food, Footwear, Fragrance, Glass, Home Care, Horticulture, Hospitality, Paint and Coatings, Paper, Personal Care, Pharmaceutical, Plastic, Polymer, Rubber, Soap and Detergent, Sports and Leisure, Textile, Tyre and Wind Energy across the world. (Registered activity) Line of business is updated as per latest annual report 2017.
No. of Employees :	2434 (Approximately) NOTE: As per annual report 2017 that there is decrease in the number of employees over past years and current number employees are 2434.

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A++

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default

Maximum Credit Limit :	USD 55000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Atul Limited is engaged in manufacturing and selling of chemical products. It has one of the biggest integrated chemical complexes in Asia with a well-diversified product portfolio of around 920 products and 460 formulations. The company was incorporated in the year 1975 and is based in Ahmedabad, Gujarat. It is an established company having excellent track record. Financial position of the company is sound and healthy Fundamentals of the company are strong. The rating takes into consideration sound financial profile marked by healthy net worth base along with low debt level and favourable gap between trade payables and trade receivables. Share price are quoted high on stock exchange (Share price INR 2633 with Face value INR 10.) Trade relation are fair. Business is active. Payment are reported to be regular and as per commitments. In view of robust financial position and established track record, 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.

ECGC Country Risk Classification List

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Rating = (AA+)
Rating Explanation	High degree of safety and very low credit risk.
Date	October 2017

Rating Agency Name	CARE
Rating	Long Term Rating = (A1+)
Rating Explanation	High degree of safety and very low credit risk.
Date	October 2017

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 16.03.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

Name :	Mr. Tejal Patel
Designation :	Manager
Contact No.:	91-9824101096
Date :	13.03.2018

Tel. No.: 91-79-26461294 / 26463706 / 26460520 – Continuously ringing

LOCATIONS

Registered Office :	Atul House, G I Patel Marg, Ahmedabad-380014, Gujarat, India
Tel. No.:	91-79-26461294/ 26463706/26460520
Fax no :	91-79-26404111
Mobile No.:	Not Available
E-Mail :	atul_ahd@atul.co.in legal@atul.co.in careers@atul.co.in (Careers) aromatics@atul.co.in (Aromatics) bulk_inters@atul.co.in (Bulk Chemicals and Intermediates) crop_care@atul.co.in (Crop Protection (Brands | Bulk Actives | Institutional Sales) floras@atul.co.in (Floras) pharma@atul.co.in (Pharmaceuticals and Intermediates) polymers@atul.co.in (Polymers Business (Performance Materials) support_polymers@atul.co.in (Polymers Business (Retail) contact@atul.co.in (Suppliers) atul_ahmedabad@atul.co.in (Shareholders) contact@atul.co.in (Analysts) legal@atul.co.in
Website :	http://www.atul.co.in
Head Office :	Colours Division Post Atul, Valsad – 396020, Gujarat, India
Tel. No.:	91-2632-230000/ 230320/ 233261- 5
Fax No.:	91- 2632- 233639
E-Mail :	contact@atul.co.in sec@atul.co.in
Mumbai Office :	310 B, Veer Savarkar Marg, Adjacent to Prabhadevi Telephone Exchange, Opposite India United Mills, Prabhadevi, Dadar (West), Mumbai-400028, Maharashtra, India
Tel. No.:	91-22-39876000
Fax No.:	91-22-24376061/ 24386065
E-Mail :	mum@atul.co.in
Factory 1 :	297, GIDC Industrial Estate, Ankleshwar - 393002, Gujarat, India
Factory 2 :	Atul, District Valsad - 396020, Gujarat, India
Factory 3 :	MIDC, Tarapur, Thane - 401506, Maharashtra, India
Factory 4 :	GIDC, Kharod, District Bharuch - 394115, Gujarat, India

DIRECTORS

As on 31.03.2017

Name :

Mr. Samvegbhai Arvindbhai Lalbhai

Designation :

Managing Director

Address :

Shalimar, Shahibaug, Ahmedabad- 380004, Gujarat, India

Date of Appointment :

21.01.2000

DIN No.:

00009278

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
L17110GJ1986PLC008886	ARVIND PRODUCTS LIMITED	16/01/1999	-
L51909WB1983PLC036542	BENGAL TEA & FABRICS LTD	06/05/2004	-
L99999GJ1975PLC002859	ATUL LIMITED	21/01/2000	-
U01119GJ1994PTC023450	SNEH FARMS PRIVATE LIMITED	28/10/1994	-
U15174GJ1995PTC025178	ARVIND FARMS PVT LTD	24/03/1995	-
U15400GJ1994PTC023449	SAUMYA FARMS AND ORGANIC PRODUCTS PRIVATE LIMITED	28/10/1994	-
U93000GJ2009NPL056335	NATIONAL DESIGN BUSINESS INCUBATOR	15/04/2009	-
U99999GJ1962PLC001170	THE ANUP ENGINEERING LIMITED	30/09/1995	-

Name :

Mr. Sunilbhai Siddharthbhai Lalbhai

Designation :

Chairman and Managing Director

Address :

Lalbhai Cottage, 13 Byramji Gamadia Marg, Mumbai-400026, Maharashtra, India

Date of Appointment :

01.07.2014

DIN No.:

00045590

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
L24100MH1974PLC017594	AMAL LIMITED	24/09/2010	-
L24110MH1998PLC115499	NAVIN FLUORINE INTERNATIONAL LIMITED	03/03/2003	-
L24231MH1950PLC008311	PFIZER LIMITED	13/07/2015	-
L85190MH1947PLC005963	WYETH LIMITED	27/03/2002	-
L99999GJ1975PLC002859	ATUL LIMITED	13/06/1984	-
U01122RJ2009PLC028415	ATUL RAJASTHAN DATE PALMS LIMITED	10/06/2009	-
U24230GJ1997PLC032369	ATUL BIOSCIENCE LIMITED	11/12/2008	-

Name :

Mr. Hasmukh Shantilal Shah

Designation :

Director

Address :

10, Ishavashyam, Sevasi - Mahapura Road, Mahapura, Vododara- 391101, Gujarat, India

Date of Birth/ Age :

01.10.1934

Brief Resume :

Mr. H S Shah is a Director of the Company since October 21, 1992.

Mr. Shah held several senior and top positions in the Government of India and other academic | research, commercial and social organisations.

Mr. Shah holds MA degree in Sociology from Gujarat University and has passed Indian Administrative Service examination conducted by Union Public Service Commission.

Companies:

Chairman, Gujarat Industrial Investment Corporation

Chairman and Managing Director, Indian Petrochemicals Corporation Limited

Vice Chairman, GE Capital (India) Limited

Academic | Research:

Chairman, Darshak Itihas Nidhi

Chairman, Gujarat Ecology Society

Chairman, Gujarat Industrial Research and Development Agency

Chairman, National Institute of Design

Founder Chairman, Gujarat Institute of Desert Ecology

Member, Board of Governors of IIT, Mumbai

President, Charutar Arogya Mandal (Medical College and Hospital)

Social:

Chairman, Gujarat Rural Institute for Socio Economic Reconstruction Vadodara

Chairman, Kachnar Trust

Founder President and Member, Heritage Trust

Founder Trustee, Indian Trust for Rural Heritage and Development

Life Trustee, BAIF Development Research Foundation

Government:

Chairman, Gujarat Ecology Commission

Joint Director, Bureau of Public Enterprises, Government of India

Joint Secretary to the Prime Minister, Government of India

Member, Central Pollution Control Board

Secretary, Posts and Telegraph Board of India

Others:

Chairman, Vikram A Sarabhai Community Science Centre

Life Trustee and Member, Gujarat Nature Conservation Society

Trustee, Shram Mandir

Date of Appointment :

02.11.1992

DIN No.:

00152195

Name :

Mr. Satguru Sharan Baijal

Designation :

Director

Address :

B-4, Sector-30, Noida-201303, Uttar Pradesh, India

Date of Birth/ Age :

06.09.1929

Brief Resume :

Dr. S S Baijal is a Director of the Company since June 13, 1984.

Dr. Baijal was a Lecturer in Organic Chemistry, Lucknow University. He was a Whole-time Director and CEO of Atic Industries Limited, Managing Director of IEL Limited and Chairman and CEO of ICI companies in India.

Dr. Baijal holds PhD degree in Chemistry from the University of Allahabad.

Date of Appointment :

13.06.1984

DIN No.:

00027961

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
L01132WB1994PLC063513	ROSSELL INDIA LIMITED	14/07/1994	-
L99999GJ1975PLC002859	ATUL LIMITED	13/06/1984	-
U45400DL2007PLC163026	SHRIRAM BIOSEED VENTURES LIMITED	29/09/2015	-
U51909DL1978PLC009050	B M G ENTERPRISES LTD	16/08/2005	-
U55101DL1971PTC005570	DELHI GUEST HOUSES PVT LTD	31/07/2004	-
U65993DL1992PLC049517	DCM SHRIRAM CREDIT AND INVESTMENT LIMITED	20/11/2006	-

Name :

Mr. Bansidhar Sunderlal Mehta

Designation :

Director

Address :

5^th Floor, Maheshwari Mansion, 34-Napean Sea Road, Mumbai-400006, Maharashtra, India

Date of Appointment :

16.04.1992

Date of Birth/ Age :

19.09.1935

Brief Resume :

Mr. B S Mehta is a Director of the Company since April 16, 1992.

Mr. Mehta is a Practicing Chartered Accountant and is a Chief Mentor of B S Mehta and Co. He is a past President of The Institute of Chartered Accountants of India. He was involved in educational activities at the graduate and post graduate levels in the University of Mumbai.

Mr. Mehta holds B Com (Hons) degree from the University of Mumbai and is a Fellow Member of The Institute of Chartered Accountants of India.

DIN No.:

00035019

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
L24100MH1969PLC014336	PIDILITE INDUSTRIES LIMITED	25/07/2000	-
L24239MH1964PLC012971	PROCTER & GAMBLE HYGIENE AND HEALTH CARE LIMITED	11/10/1979	-
L24304PN1965PLC139075	CENTURY ENKA LIMITED	13/02/1978	-
L28931MH1984PLC267130	GILLETTE INDIA LIMITED	26/10/2005	-
L65999MH1986PLC147981	IL & FS INVESTMENT MANAGERS LIMITED	28/10/1989	-
L70100MH1977PLC019916	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	14/06/1988	-
L72100KA1989PLC014226	SASKEN COMMUNICATION TECHNOLOGIES LIMITED	01/02/2001	-
L99999GJ1975PLC002859	ATUL LIMITED	16/04/1992	-
U72900MH1995PLC095642	NSDL E-GOVERNANCE INFRASTRUCTURE LIMITED	13/08/2008	-
U74200MH1977PTC020041	THYSSENKRUPP INDUSTRIAL SOLUTIONS (INDIA) PRIVATE LIMITED	05/07/2016	-

Name :

Mr. Susim Mukul Datta

Designation :

Director

Address :

104b, Bakhtavar, Lower Colaba Road, Colaba, Mumbai-400005, Mumbai, 400005, Maharashtra, India

Date of Birth/ Age :

01.07.1936

Brief Resume :

Mr. S M Datta is a Director of the Company since October 28, 2002.

Mr. Datta is the Chairman of Administrative Staff College of India. He is also associated with various other renowned institutes.

Mr. Datta was the Chairman of Hindustan Unilever Limited as well as of all Unilever Group companies in India and Nepal from 1990 to 1996.

Mr. Datta is a Chartered Engineer; Honorary Fellow - All India Management Association, Fellow - Indian Institute of Chemical Engineers, Member - Society of Chemical Industry (London) and Fellow - The Institution of Engineers (India).

Mr. Datta holds a post graduate degree in Science and Technology from the University of Calcutta.

Date of Appointment :

28.10.2002

DIN No.:

00032812

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
L23200MH1979PLC021359	CASTROL INDIA LIMITED	01/07/1996	-
L55101WB1999PLC090672	SPECIALITY RESTAURANTS LIMITED	21/07/2011	-
L65999MH1986PLC147981	IL & FS INVESTMENT MANAGERS LIMITED	25/09/1996	-
L70109TG1995PLC019116	TRANSPORT CORPORATION OF INDIA LIMITED	31/10/2001	-
L99999GJ1975PLC002859	ATUL LIMITED	28/10/2002	-
U31902WB1930PLC006663	PHILIPS INDIA LIMITED	31/03/1993	-
U40101KA1986PLC007404	BHORUKA POWER CORPORATION LIMITED	19/08/2015	-
U51392WB1965PTC026344	CHANDRAS' CHEMICAL ENTERPRISES PRIVATE LTD	07/01/2002	-
U65929MH1998PLC282168	RABO INDIA FINANCE LIMITED	01/08/2008	-
U66010WB1932PLC007490	THE PEERLESS GENERAL FINANCE & INVESTMENT CO LTD	12/08/1996	-

Name :

Mr. Rajendra Ambalal Shah

Designation :

Director

Address :

Panorama, 2^nd Floor, 203, Walkeshwar Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

07.07.1931

Date of Appointment :

26.07.2013

DIN No.:

00009851

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
L16004MH1936PLC008587	GODFREY PHILLIPS INDIA LIMITED	31/10/2015	-
L17120MH1879PLC000037	THE BOMBAY DYEING AND MANUFACTURING COMPANY LIMITED	04/12/1979	-
L24100MH1983PLC029442	LUPIN LIMITED	25/07/2006	-
L24121MH1979PLC021360	DEEPAK FERTILISERS AND PETROCHEMICALS CORPORATION LTD	05/08/2015	-
L24200MH1937PLC002700	COLGATE-PALMOLIVE (INDIA) LIMITED	23/05/1983	-
L24231MH1950PLC008311	PFIZER LIMITED	09/11/1965	-
L24239MH1944PLC007330	ABBOTT INDIA LIMITED	21/02/1983	-
L24239MH1964PLC012971	PROCTER & GAMBLE HYGIENE AND HEALTH CARE LIMITED	20/07/1964	-
L33112MH1943FLC003972	BASF INDIA LIMITED	24/04/1968	-
L99999GJ1975PLC002859	ATUL LIMITED	26/07/2013	-

Name :

Mr. Vedanthachari Srinivasa Rangan

Designation :

Director

Address :

C-1003, 10^th Floor, Ashok Towers, Dr S S Rao Road, Parel, Mumbai-400012, Maharashtra, India

Date of Birth/ Age :

13.02.1960

Brief Resume :

Mr. V S Rangan is a Director of the Company since July 19, 2010.

Mr. Rangan is an Executive Director of Housing Development Finance Corporation Limited.

Mr. Rangan is an Associate of The Institute of Chartered Accountants of India and The Institute of Cost and Works Accountants of India.

Date of Appointment :

19.07.2010

DIN No.:

00030248

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
L65993TN1978PLC007576	CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED	28/07/2011	-
L70100MH1977PLC019916	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	14/07/2010	-
L99999GJ1975PLC002859	ATUL LIMITED	31/08/2010	-
U45200MH1981PLC023708	HDFC DEVELOPERS LIMITED	08/07/2011	-
U65910TN1988PTC015757	COMPUTER AGE MANAGEMENT SERVICES PRIVATE LIMITED	20/08/2014	-
U65920TN2008PLC069758	TVS CREDIT SERVICES LIMITED	14/07/2014	-
U65990MH1994PLC083933	HDFC INVESTMENTS LIMITED	01/10/2004	-
U65991MH1999PLC123026	HDFC TRUSTEE COMPANY LIMITED	23/04/2008	-
U67190MH2006PTC159411	CREDILA FINANCIAL SERVICES PVT LTD	24/12/2009	-
U74140MH2006PLC165539	HDFC PROPERTY VENTURES LIMITED	14/11/2006	-

Name :

Mr. Mukund Manohar Chitale

Designation :

Director

Address :

4/46, Vishnuprasad Society, Shahaji Raje Marg, Vile Parle (East), Mumbai-400057, Maharashtra, India

Date of Birth/Age :

16.11.1949

Date of Appointment :

04.08.2015

DIN No.:

00101004

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
L31300MH1992PLC067802	RAM RATNA WIRES LIMITED	28/12/2005	-
L74950MH1982PLC028947	ESSEL PROPACK LIMITED	12/05/2009	-
L99999GJ1975PLC002859	ATUL LIMITED	04/08/2015	-
L99999MH1946PLC004768	LARSEN AND TOUBRO LIMITED	06/07/2004	-
U23209GJ2006PLC060282	ONGC PETRO ADDITIONS LIMITED	20/06/2008	-
U25000MH1991PTC064092	PRINCIPAL PNB ASSET MANAGEMENT COMPANY PRIVATE LIMITED	16/08/2007	-
U40107KA2006PLC041258	ONGC MANGALORE PETROCHEMICALS LIMITED	08/08/2015	-
U45200MH1995PTC093041	LODHA DEVELOPERS PRIVATE LIMITED	23/11/2016	-
U67100MH2003GOI143291	ASREC (INDIA) LIMITED	10/03/2004	-
U72900MH1996PLC104693	LARSEN & TOUBRO INFOTECH LIMITED	23/08/2012	-

Name :

Mr. Baldev Raj Arora

Designation :

Director

Address :

6B Saker Apartments, Pochkhanawalla Road, Worli, Mumbai-400030, Maharashtra, India

Date of Birth/Age :

03.06.1944

Date of Appointment :

04.08.2015

DIN No.:

00194168

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
L24230MH1999PLC120720	WOCKHARDT LIMITED	12/09/2015	-
L99999GJ1975PLC002859	ATUL LIMITED	04/08/2015	-
U24239MH1998PLC115413	AGAPPE DIAGNOSTICS LIMITED	18/04/2016	-
U65990MH1988PLC049122	WYETH LEDERLE (EXPORTS) LIMITED	27/10/2006	-

Name :

Ms. Shubhalakshmi Aamod Panse

Designation :

Director

Address :

Sno.130/132, Roseland Ph-II Pim. Saudagar, RH No. B/3, Pune- 411027, Maharashtra, India

Date of Birth/Age :

28.01.1954

Date of Appointment :

04.08.2015

DIN No.:

02599310

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
L24119PN1951PLC008409	SUDARSHAN CHEMICAL INDUSTRIES LIMITED	14/08/2015	-
L65191KL1931PLC000368	THE FEDERAL BANK LTD	17/07/2014	-
L99999GJ1975PLC002859	ATUL LIMITED	04/08/2015	-
U65191UP1990PLC045609	UTKARSH MICRO FINANCE LIMITED	03/07/2015	-
U65990MH1995PLC093241	IL&FS FINANCIAL SERVICES LIMITED	10/03/2015	-
U65993TN2001PLC046691	L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED	28/09/2015	-
U66030TN2001PLC047977	CHOLAMANDALAM MS GENERAL INSURANCE COMPANY LIMITED	28/07/2015	-
U72900MH1996PLC104693	LARSEN & TOUBRO INFOTECH LIMITED	25/10/2016	-
U74999MH2016PTC284827	CATALYST ASSET RECONSTRUCTION PRIVATE LIMITED	03/09/2016	-

Name :

Mr. Gopikannan Rengachari Thirukonda

Designation :

Whole-time Director and CFO

Address :

Flat No.113,11th Floor, Buliding 1,Wing - B, Kalpa - Taru Aura, LBS Marg, Ghatkopar (W), Mumbai-400086, Maharashtra, India

Date of Appointment :

17.10.2014

DIN No.:

00048645

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
L24100MH1974PLC017594	AMAL LIMITED	24/09/2010	-
L99999GJ1975PLC002859	ATUL LIMITED	17/10/2014	-
U01122RJ2009PLC028415	ATUL RAJASTHAN DATE PALMS LIMITED	05/03/2009	-
U24100GJ2011PLC065979	ATUL ELKAY POLYMERS LIMITED	12/05/2015	-
U24110GJ1999PLC035663	ATRO LIMITED	26/03/1999	-
U24110GJ2005PLC045564	RUDOLF ATUL CHEMICALS LIMITED	03/08/2015	-
U24230GJ1997PLC032369	ATUL BIOSCIENCE LIMITED	21/05/1997	-
U51900MH1947PLC005453	ATUL FINSERV LIMITED	17/05/1994	-
U65929GJ2016PLC093630	ATUL NIVESH LIMITED	07/09/2016	-
U65990GJ2016PLC093639	ATUL FIN RESOURCES LIMITED	08/09/2016	-

Name :

Mr. Bharathy Narayanan Mohanan

Designation :

Whole-time Director and President - U&S

Address :

H-6, Down Colony, Post : Atul, Valsad-396020, Gujarat, India

Date of Birth/ Age :

26.05.1950

Brief Resume :

Mr. B N Mohanan is a Whole-time Director of the Company since January 01, 2009. He joined the Company in 1992.

Mr. Mohanan has over 4 decades of professional experience in various capacities. Currently, he is the President, Infrastructure Unit and also the Occupier. His responsibilities include safety, health, environment, utilities and engineering procurement.

Mr. Mohanan holds BSc (Engg Hon) degree from the University of Calicut.

Date of Appointment :

01.04.2014

DIN No.:

00198716

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
L99999GJ1975PLC002859	ATUL LIMITED	07/08/2009	-
U01122GJ2010PLC062769	ATUL SEEDS LIMITED	28/10/2010	-
U01122RJ2009PLC028415	ATUL RAJASTHAN DATE PALMS LIMITED	10/06/2009	-
U01122RJ2010PLC030636	BIYABAN AGRI LIMITED	01/01/2010	-
U01122RJ2010PLC030640	RAJA DATES LIMITED	04/01/2010	-
U01122RJ2010PLC030642	AASTHAN DATES LIMITED	04/01/2010	-
U01500GJ2005PLC045244	ATUL BIO SPACE LIMITED	25/08/2015	-
U40106GJ2010PLC059498	ATUL CLEAN ENERGY LIMITED	07/05/2015	-
U51900MH1947PLC005453	ATUL FINSERV LIMITED	01/07/2014	-

Note:

• Ceased: Mr. S R Nammalvar ceased to be an Alternate Director effective July 22, 2014.
• Resigned: Mr. G S Patel resigned as an Independent Director effective January 01, 2015.

KEY EXECUTIVES

Name :	Mr. Tejal Patel
Designation :	Manager
Name :	Mr. Lalit Prafullachand Patni
Designation :	Company Secretary
Address :	3 Suruchi Colony, Post Atul, Valsad-396020, Gujarat, India
Date of Appointment :	17.10.2014
DIN No.:	ABHPP8893Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on December 2017

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares
(A) Promoter & Promoter Group	13239801	44.64
(B) Public	16421932	55.36
Grand Total	29661733	100.00

Statement showing shareholding pattern of the Promoter and Promoter Group

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares
A1) Indian		0.00
Individuals/Hindu undivided Family	880781	2.97
Samvegbhai Arvindbhai Lalbhai	202377	0.68
Samvegbhai Arvindbhai	114943	0.39
Hansaben Niranjanbhai Lalbhai	97374	0.33
Sunil Siddharth Lalbhai	91772	0.31
Saumya Samvegbhai Lalbhai	82695	0.28
Vimla S Lalbhai	65982	0.22
Swati S Lalbhai	63500	0.21
Taral S Lalbhai	50022	0.17
Anamikaben Samveghbhai Lalbhai	47199	0.16
Sunil Siddharth	31544	0.11
Astha Lalbhai	20500	0.07
Nishtha Sunilbhai Lalbhai	5500	0.02
Sanjaybhai Shrenikbhai Lalbhai Trustee of Arvindbhai Lalbhai Family Trust	3653	0.01
Sunil Lalbhai Employees Trust	2000	0.01
Rajivbhai Chinubhai Lalbhai	1225	0.00
Sheth Narottambhai Lalbhai	495	0.00
Any Other (specify)	12359020	41.67
Aagam Holdings Private Limited	6650000	22.42
Aeon Investments Private Limited	2060817	6.95
Adhigam Investments Pvt Ltd	1008301	3.40
Aayojan Resources Private Ltd	602000	2.03
Shalva Investments Private Limited	500000	1.69
Akshita Holdings Private Limited	459784	1.55
Adhinami Investments Private Limited	452350	1.53
Anusandhan Investments Limited	235000	0.79
Ashini Investments Pvt Ltd	200000	0.67
Aahvan Agencies Limited	178943	0.60
Anshuman Holdings Private Limited	11825	0.04
Sub Total A1	13239801	44.64
A2) Foreign		0.00
A=A1+A2	13239801	44.64

Statement showing shareholding pattern of the Public shareholder

Category & Name of the Shareholders	No. of fully paid up equity shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)
B1) Institutions	0	0.00
Mutual Funds/	6480651	21.85
Kotak Emerging Equity Scheme	322269	1.09
DSP Blackrock Funds	1243115	4.19
Reliance Capital Trustee Co Ltd	610037	2.06
Franklin India Smaller Companies Fund	390642	1.32
SBI Magnum Global Fund	330000	1.11
HDFC Trustee Company Ltd	884980	2.98
Canara Robeco Mutual Fund	319066	1.08
Alternate Investment Funds	14150	0.05
Foreign Portfolio Investors	1391606	4.69
Financial Institutions/ Banks	241440	0.81
Sub Total B1	8127847	27.40
B2) Central Government/ State Government(s)/ President of India	0	0.00
Central Government/ State Government(s)/ President of India	183080	0.62
Sub Total B2	183080	0.62
B3) Non-Institutions	0	0.00
Individual share capital upto INR 0.200 Million	4114623	13.87
Individual share capital in excess of INR 0.200 Million	2214817	7.47
Shivani Tejas Trivedi	584739	1.97
Tejas Bhalchandra Trivedi	591250	1.99
Any Other (specify)	1781565	6.01
Trusts	509	0.00
HUF	242689	0.82
NRI – Non- Repat	80956	0.27
NRI – Repat	93004	0.31
Clearing Members	103817	0.35
Bodies Corporate	1023389	3.45
Associated person	162325	0.55
Associated Companies	74876	0.25
Sub Total B3	8111005	27.35
B=B1+B2+B3	16421932	55.36

BUSINESS DETAILS

Line of Business :

Manufacturing and selling of Life Science Chemicals and Performance and Other Chemicals and cater to the needs of varied industries such as Adhesives, Agriculture, Animal Feed, Automobile, Composites, Construction, Cosmetic, Defence, Dyestuff, Electrical and Electronics, Flavour, Food, Footwear, Fragrance, Glass, Home Care, Horticulture, Hospitality, Paint and Coatings, Paper, Personal Care, Pharmaceutical, Plastic, Polymer, Rubber, Soap and Detergent, Sports and Leisure, Textile, Tyre and Wind Energy across the world. (Registered activity)

Line of business is updated as per latest annual report 2017.

Products :

Item Code No.	Product Description
201	Basic chemicals
202	Other chemical products
3204	Synthetic Organic Colouring Matter
291200	Para Anisic Aldehyde
390730.09	Epoxy Resins

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

2434 (Approximately)

NOTE: As per annual report 2017 that there is decrease in the number of employees over past years and current number employees are 2434.

Bankers :

• Axis Bank
• Bank of Baroda
• Bank of India
• Export Import Bank of India
• State Bank of India

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
i) Rupee term loan from a foreign financial institution	0.000	104.100
Foreign currency term loans from banks	0.000	110.600
Short-term borrowings
Working capital loans repayable on demand from banks	81.700	769.000
Total	81.700	983.700

Auditors :
Name :	Deloitte Haskins and Sells LLP Chartered Accountants
Address :	Indiabulls Finance Centre, Tower 3, 27^th 32^nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-61854000
Fax No.:	91-22-61854001
Auditors :
Name :	Dalal and Shah LLP Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400028, Maharashtra, India
Tel No.:	91-22-66691500
Fax No.:	91-22-66547804 / 07
Cost Auditors
Name :	R. Nanabhoy and Company Cost Accountants
Secretarial Auditor:	Ashish C Doshi
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary companies:	Aasthan Dates Limited Amal Limited 1 Anchor Adhesives Private Limited Atul Aarogya Limited Atul Ayurveda Limited Atul Bioscience Limited Atul Biospace Limited Atul Brasil Quimicos Ltda Atul China Limited Atul Clean Energy Limited Atul Crop Care Limited Atul Deutschland GmbH Atul Elkay Polymers Limited Atul Entertainment Limited Atul Europe Limited Atul Finserv Limited Atul Fin Resources Limited 2 Atul Hospitality Limited Atul Infotech Private Limited 2 Atul Middle East FZ-LLC Atul Nivesh Limited 2 Atul Rajasthan Date Palms Limited 2 Atul (Retail) Brands Limited Atul Seeds Limited Atul USA Inc Biyaban Agri Limited DPD Limited 2 Gujarat Synthwood Limited 3 Jayati Infrastructure Limited Lapox Polymers Limited Osia Dairy Limited Osia Infrastructure Limited Raja Dates Limited
Joint venture company :	Rudolf Atul Chemicals Limited
Entity over which control exercised by Key :	Aagam Holdings Private Limited Samveg Agencies Private Limited
Entities over which Key Management Personnel or their close family members have significant influence :	Welfare funds Atul Foundation Trust Atul Kelavani Mandal Atul Rural Development Fund Atul Vidyalaya Urmi Mandal
Post-employment benefit plan of Atul Limited	Other Related Parties 4 The Atul Officers Retirement Benefit Fund Atul Products Ltd-Ankleshwar Division Employees' Provident Fund Trust Atul Limited Employees Gratuity Fund

1. Associate company upto November 30, 2016 | 2 Investments held through subsidiary companies | 3 Under liquidation | 4 Refer Note 27.6 for information on transaction with Post - employment benefit Plans mentioned above.

CAPITAL STRUCTURE

After 28.07.2017

Authorised Capital : INR 1600.000 Million

Issued Subscribed and paid Capital : INR 296.617 Million

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	INR10/- each	INR 800.000 Million
80000000	Cumulative Redeemable Preference Shares	INR10/- each	INR 800.000 Million
			INR 1600.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount
29691780	Equity Shares	INR10/- each	INR 296.917 Million

Subscribed Capital :

No. of Shares	Type	Value	Amount
29661733	Equity Shares	INR10/- each	INR 296.600 Million
29991	Add: Forfeited shares	INR 10/- each	INR 0.200 Million
		Total	INR 296.800 Million

a) Rights, preferences and restrictions:

The Company has one class of shares referred to as Equity shares having a par value of INR 10.

i) Equity shares:

In the event of liquidation of the Company, the holders of Equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts and Preference shares. The distribution will be in proportion to the number of Equity shares held by the Shareholders. Each holder of Equity shares is entitled to one vote per share.

ii) Dividend:

The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board is subject to the approval of the Shareholders in the ensuing Annual General Meeting.

b) Shares reserved for allotment at a later date:

56 Equity shares are held in abeyance due to disputes at the time of earlier rights issues.

c) Details of Shareholders holding more than 5% of Equity shares:

	31.03.2017
Name of the Shareholder	Holding %	Number of shares
Aagam Holdings Private Limited	22.41%	66,50,000
Aura Securities Private Limited	6.79%	20,14,383
Aeon Investments Private Limited	--	--

LISTING DETAILS:

Subject Stock Code :	BSE : 500027 NSE : ATUL
Stock Exchange Place :	National Stock Exchange of India Limited
Listed Date :	---
ISIN	INE100A01010

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	296.800	296.800	296.800
(b) Reserves & Surplus	18911.400	12212.100	9861.000
(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)	19208.200	12508.900	10157.800
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	214.700	540.800
(b) Deferred tax liabilities (Net)	997.500	668.800	444.100
(c) Other long term liabilities	214.400	245.000	201.300
(d) long-term provisions	200.400	172.300	158.600
Total Non-current Liabilities (3)	1412.300	1300.800	1344.800
(4) Current Liabilities
(a) Short term borrowings	1340.000	2473.900	1641.400
(b) Trade payables	3290.600	2916.100	2626.300
(c) Other current liabilities	870.100	1215.200	1422.200
(d) Short-term provisions	76.200	427.000	425.600
Total Current Liabilities (4)	5576.900	7032.200	6115.500
TOTAL	26197.400	20841.900	17618.100
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9284.800	8827.800	5783.400
(ii) Intangible Assets	0.200	0.000	0.000
(iii) Capital work-in-progress	369.900	0.000	0.000
(iv) Intangible assets under development	32.200	0.000	0.000
(b) Non-current Investments	5307.800	1445.600	1488.200
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	70.100	421.900	448.200
(e) Other Non-current assets	792.800	570.400	541.300
Total Non-Current Assets	15857.800	11265.700	8261.100
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3678.900	3741.800	3496.500
(c) Trade receivables	5070.600	4201.200	4391.900
(d) Cash and cash equivalents	72.100	51.800	62.900
(e) Short-term loans and advances	51.800	1265.000	1155.900
(f) Other current assets	1466.200	316.400	249.800
Total Current Assets	10339.600	9576.200	9357.000
TOTAL	26197.400	20841.900	17618.100

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	28482.700	24072.200	25556.500
	Other Income	424.600	974.200	153.100
	TOTAL	28907.300	25046.400	25709.600
Less	EXPENSES
	Cost of Materials Consumed	13245.100	12340.500	13332.200
	Purchases of Stock-in-Trade	180.400	196.800	282.200
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	178.800	(280.200)	161.200
	Excise duty	1537.400	NA	NA
	Employees benefits expense	1732.300	1721.900	1538.500
	Other expenses	6906.700	6261.800	6485.200
	TOTAL	23780.700	20240.800	21799.300
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	5126.600	4805.600	3910.300
Less	FINANCIAL EXPENSES	210.200	258.400	236.400
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	4916.400	4547.200	3673.900
Less/ Add	DEPRECIATION/ AMORTISATION	911.200	616.900	552.800
	PROFIT/ (LOSS) BEFORE TAX	4005.200	3930.300	3121.100
Less	TAX	1152.200	1249.700	946.900
	PROFIT/ (LOSS) AFTER TAX	2853.000	2680.600	2174.200
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	11451.000	NA	NA
Add	Transfer from OCI on disposal of FVOCI equity instruments	7.300	NA	NA
Add	Remeasurement gain | (loss) on defined benefit plans	16.200	NA	NA
Less	Dividend on Equity shares for the year {2015-16: INR 10 per share, (2014-15:INR 8.50 per share)}	296.600	NA	NA
Less	Dividend distribution tax on dividend	60.500	NA	NA
Less	APPROPRIATIONS
	Transfer to General Reserve	NA	0.000	0.000
	Dividend	NA	300.000	250.000
	Tax on Dividend	NA	20.000	50.000
	Total	NA	320.000	300.000
	Balance Carried to the B/S	14311.300	2360.600	1874.200
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	13324.900	11480.300	11634.100
	TOTAL EARNINGS	13324.900	11480.300	11634.100
	IMPORTS
	Raw Materials	NA	3510.500	3710.500
	Components and Stores parts	NA	67.900	159.100
	Capital Goods	NA	156.700	58.300
	TOTAL IMPORTS	NA	3735.100	3927.900
	Earnings / (Loss) Per Share (INR)	96.18	90.37	73.3

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	212.300	346.000	627.100
Cash generated from operations	4413.900	4798.900	3886.900
Net cash flow from operating activity	3639.200	3742.800	3169.600

QUARTERLY RESULTS

Particulars	30.06.2017	30.09.2017	31.12.2017
Audited / Unaudited	Unaudited	Unaudited	Unaudited
	1^ST Quarter	2^nd Quarter	3^rd Quarter
Net Sales	6900.500	7872.500	8036.800
Total Expenditure	6138.700	6623.900	6776.100
PBIDT (Excl OI)	761.800	1248.600	1260.700
Other Income	44.500	78.500	5.000
Operating Profit	806.300	1327.100	1265.700
Interest	26.200	26.600	18.500
Exceptional Items	NA	NA	NA
PBDT	780.100	1300.500	1247.200
Depreciation	259.600	261.100	259.100
Profit Before Tax	520.500	1039.400	988.100
Tax	176.200	338.700	328.200
Provisions and contingencies	NA	NA	NA
Profit After Tax	344.300	700.700	659.900
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	344.300	700.700	659.900

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	64.98	63.70	62.73
Account Receivables Turnover (Income / Sundry Debtors)	5.62	5.73	5.82
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	89.46	84.90	70.41
Inventory Turnover (Operating Income / Inventories)	1.39	1.28	1.12
Asset Turnover (Operating Income / Net Fixed Assets)	0.53	0.54	0.68

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.22	0.36	0.41
Debt Equity Ratio (Total Liability / Networth)	0.08	0.24	0.28
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.29	0.56	0.60
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.50	0.71	0.57
Interest Coverage Ratio (PBIT / Financial Charges)	24.39	18.60	16.54

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	10.02	11.14	8.51
Return on Total Assets ((PAT / Total Assets) * 100)	%	10.89	12.86	12.34
Return on Investment (ROI) ((PAT / Networth) * 100)	%	14.85	21.43	21.40

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.85	1.36	1.53
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.19	0.83	0.96
G-Score Ratio Financial (Networth / Total Assets)	0.73	0.60	0.58
G-Score Ratio Debt (Debts / Equity Capital)	5.23	10.22	9.47
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.85	1.36	1.53

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 10.00/-
Market Value	INR 2633.00/-

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	296.800	296.800	296.800
Reserves & Surplus	9861.000	12212.100	18911.400
Net worth	10157.800	12508.900	19208.200
Long Term borrowings	540.800	214.700	0.000
Short Term borrowings	1641.400	2473.900	1340.000
Current Maturities of Long term debt	627.100	346.000	212.300
Total borrowings	2809.300	3034.600	1552.300
Debt/Equity ratio	0.277	0.243	0.081

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	25556.500	24072.200	28482.700
		(5.808)	18.322

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	25556.500	24072.200	28482.700
Profit	2174.200	2680.600	2853.000
	8.51%	11.14%	10.02%

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	296.800	296.800
(b) Reserves & Surplus	19362.600	12450.400
(c) Non-controlling interests	152.500	0.000
(d) Minority Interest	0.000	56.200
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	19811.900	12803.400
(3) Non-Current Liabilities
(a) long-term borrowings	3.800	244.500
(b) Deferred tax liabilities (Net)	1430.800	686.700
(c) Other long term liabilities	337.200	231.000
(d) long-term provisions	201.500	174.500
Total Non-current Liabilities (3)	1973.300	1336.700
(4) Current Liabilities
(a) Short term borrowings	1445.900	2515.000
(b) Trade payables	3374.900	3068.800
(c) Other current liabilities	959.200	1253.800
(d) Short-term provisions	96.000	440.300
Total Current Liabilities (4)	5876.000	7277.900
TOTAL	27661.200	21418.000
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9998.500	7496.500
(ii) Intangible Assets	0.200	1.200
(iii) Capital work-in-progress	589.900	1806.800
(iv) Intangible assets under development	32.200	0.000
(v) Goodwill	237.500	0.000
(vi) Biological assets other than bearer plants	66.400	0.000
(vii) Investments accounted for using the equity method	100.000	0.000
(b) Non-current Investments	4152.100	615.800
(c) Deferred tax assets (net)	416.600	0.000
(d) Long-term Loan and Advances	0.000	358.000
(e) Other Non-current assets	770.100	573.500
Total Non-Current Assets	16363.500	10851.800
(2) Current assets
(a) Current investments	29.200	18.700
(b) Inventories	4300.600	4348.400
(c) Trade receivables	5189.600	4347.700
(d) Cash and cash equivalents	283.000	228.300
(e) Short-term loans and advances	0.000	1304.400
(f) Other current assets	1495.300	318.700
Total Current Assets	11297.700	10566.200
TOTAL	27661.200	21418.000

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	29960.500	26014.400
	Other Income	525.500	307.100
	TOTAL	30486.000	26321.500
Less	EXPENSES
	Cost of Materials Consumed	13970.300	13288.000
	Purchases of Stock-in-Trade	274.000	211.100
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	110.500	(250.100)
	Excise duty	1621.100	0.000
	Employees benefits expense	2001.400	1846.600
	Share of net profit of associate company and joint venture company accounted for using the equity method	(46.700)	0.000
	Other expenses	6888.700	6283.300
	TOTAL	24819.300	21378.900
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	5666.700	4942.600
Less	FINANCIAL EXPENSES	251.700	275.700
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	5415.000	4666.900
Less/ Add	DEPRECIATION/ AMORTISATION	954.400	657.900
	PROFIT/ (LOSS) BEFORE TAX	4460.600	4009.000
Less	TAX	1227.100	1316.200
	PROFIT/ (LOSS) AFTER TAX	3233.500	2692.800
	Other Comprehensive Income
	a) Items that will not be reclassified to profit and lo
	i) Fair value of equity instruments through Other Comprehensive Income (FVOCI)	773.600	NA
	ii) Remeasurement gain | (loss) on defined benefit plans	24.400	NA
	iii) Income tax related to item no (ii) above	(8.400)	NA
	iv) Share of Other Comprehensive Income of associate company and joint venture company accounted for using the equity method (net of tax)	0.200	NA
	b) Items that will be reclassified to profit and loss
	i) Effective portion of gain | (loss) on cash flow hedges	(7.300)	NA
	i) Income tax related to item no (i) above	2.500	NA
	iii) Exchange differences on translation of foreign operations	44.500	NA
	Other Comprehensive Income, net of tax	829.100	NA
	Total Comprehensive income for the year	4062.600	NA
	Earnings / (Loss) Per Share (INR)	109.01	90.80

LEGAL CASES

HIGH COURT OF GUJARAT

CIVIL APPLICATION (FOR ORDERS) No. 11985 of 2012

In FIRST APPEAL / 1951 / 2012 ( PENDING )

Status : PENDING

( Converted from : CAST/12157/2012 )

CCIN No : 001003201211985

Last Listing Date:

16/01/2013

Coram

· HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA · HONOURABLE MR.JUSTICE J.B.PARDIWALA

S.NO.	Name of the Petitioner	Advocate On Record
1 2	JENSON NICHOLSAN INDIA LTD S P SINHA	MR ADIL R MIRZA for: Applicant(s)  1 - 2

S.NO.	Name of the Respondant	Advocate On Record
1	ATUL LIMITED

Presented On	: 16/10/2012	Registered On	: 17/10/2012
Bench Category	: DIVISON BENCH	District	: VALSAD
Case Originated From	: THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 4 times
StageName	: NOTICE & ADJOURNED MATTERS

Classification	· DB - CIVIL APPLICATION - CODE OF CIVIL PROCEDURE, 1908 - PRODUCTION OF ADDITIONAL EVIDENCE
Act	· CIVIL PROCEDURE CODE, 1908

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	16/10/2012	APPLICATION	MR ADIL R MIRZA ADVOCATE for PETITIONER(s)  1	20	MR ADIL R MIRZA:1-2
Linked Matters

S. No.	CaseDetail	Status Name	Disposal Date	Action/Coram
1	FIRST APPEAL/1951/2012	PENDING	-	- · HONOURABLE MR.JUSTICE RAVI R.TRIPATHI  · HONOURABLE MR.JUSTICE R.D.KOTHARI
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	18/10/2012	1	11	OFFICE OBJECTION REMOVED	NEXT DATE	HONOURABLE MR.JUSTICE D.H.WAGHELA  HONOURABLE MR.JUSTICE Z.K.SAIYED
2	14/12/2012	1	6	NOTICE & ADJOURNED MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE D.H.WAGHELA  HONOURABLE MR.JUSTICE G.R.UDHWANI
3	20/12/2012	1	22	FOR REGULAR ADMISSION	NEXT DATE	HONOURABLE MR.JUSTICE D.H.WAGHELA  HONOURABLE MR.JUSTICE G.R.UDHWANI
4	16/01/2013	1	18	NOTICE & ADJOURNED MATTERS	NEXT DATE	HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA  HONOURABLE MR.JUSTICE J.B.PARDIWALA
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred	Download
1	CIVIL APPLICATION/11985/2012	· HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA  · HONOURABLE MR.JUSTICE J.B.PARDIWALA	16/01/2013	N	ORDER	-	Y

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	Yes
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	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	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

BACKGROUND

Subject (the Company) is a public company limited by shares, incorporated and domiciled in India. Its registered office is located at Atul House, G I Patel Marg, Ahmedabad 380 014, Gujarat, India and principal place of business is located at Atul, Gujarat, India.

The Company is in the business of Life Science Chemicals and Performance and Other Chemicals and cater to the needs of varied industries such as Adhesives, Agriculture, Animal Feed, Automobile, Composites, Construction, Cosmetic, Defence, Dyestuff, Electrical and Electronics, Flavour, Food, Footwear, Fragrance, Glass, Home Care, Horticulture, Hospitality, Paint and Coatings, Paper, Personal Care, Pharmaceutical, Plastic, Polymer, Rubber, Soap and Detergent, Sports and Leisure, Textile, Tyre and Wind Energy across the world.

PERFORMANCE

Sales increased by 10% from INR 24030.00 Million to INR 26390.000 Million mainly due to higher volumes (16%), partly offset by lower prices (6%). Sales in India increased by 3% from INR 11980.000 Million to INR 12390.000 Million. Sales outside India increased by 16% from INR 12050.000 Million to INR 14000.000 Million. The Earning per share increased from INR 92.53 to INR 96.18. While the operating profit before working capital changes increased by 1% from INR 4780.00 Million to INR 4850.000 Million, the net cash flow from operating activities decreased by 3% from INR 3750.000 Million to INR 364.000 Million. Sales of Life Science Chemicals (LSC) Segment increased by 10% from INR 7370.000 Million to INR 8070.000 Million, mainly because of higher sales in Sub-segments Crop Protection and Aromatics - I; its EBIT decreased by 19% from INR 1610.000 Million to INR 1300.000 Million. Sales of Performance and Other Chemicals (POC) Segment increased by 10% from INR 16660.000 Million to INR 18320.000 Million mainly because of higher sales in Sub-segments Aromatics - II and Polymers; its EBIT increased by 16% from INR 2490.000 Million stagnant at INR 2900.000 Million. More details are given in the Management Discussion and Analysis (MDA) Report. The borrowings of the Company decreased (including current maturities of long-term borrowings) by 49% from INR 3020.000 Million to INR 1550.000 Million despite payments towards capital expenditure of INR 176 Million.

Credit Analysis and Research Limited (CARE) maintained its credit rating at ‘AA+’ (double A plus) for long-term borrowings of the Company. Its rating for short-term borrowings and commercial paper remained at ‘A1+’ (A1 plus), the highest possible awarded by CARE.

The Company completed 3 expansion projects with an investment of INR 1170.000 Million which are expected to generate sales of INR 2200.000 Million at full capacity utilisation.

MANAGEMENT DISCUSSION AND ANALYSIS

Product groups: Herbicides, Insecticides, Fungicides, Others

The products falling under these product groups are used by customers belonging to Agriculture and Crop Protection Chemicals industries. The product groups comprise about 20 products and 40 formulations. 2,4-D, Indoxacarb and Isoprothiolane are some of the key products

During 2016-17, sales increased by 8% from INR 4220.000 Million to INR 4550.000 Million. Sales in India decreased by 8% from INR 1660.000 Million to INR 1530.000 Million; bulk sales in India increased by 20% from INR 69 Million to INR 830.000 Million whereas brand sales which are currently only in India decreased by 28% from INR 970.000 Million to INR 700.000 Million. Sales outside India increased by 18% from INR 2560.000 Million to INR 3020.000 Million and formed 66% of the total. Increase on account of volume was 22%. Sales increased mainly because of good demand for one of the key herbicides. The Company completed 2 projects and undertook 1 project for implementation.

The size of the world Agriculture industry is estimated at US$ 3.2 tn and is growing at about 3%. The size of the world Crop Protection Chemicals industry is estimated at US$ 56 bn and is growing at about 5%. There are about 60 major crop protection chemical companies which dominate the world marketplace. The main user industries, namely Agriculture and Crop Protection Chemicals, are growing well because of the need to feed a growing population under constraints of related resources. The Company will participate in this growth by i) building a strong sales and marketing organisation and broadening and deepening its presence in other countries, particularly in Africa and South America, ii) promoting its brand sales, iii) improving its manufacturing and working capital efficiencies, iv) generating and adding capacities and v) introducing new products and formulations.

Floods or famines may adversely affect the demand. Fluctuations in foreign exchange may impact sales realisations. Given that some of these chemicals can be toxic, it is essential to take due care in their manufacture and use. Registration costs are high in certain countries.

Product groups: API intermediates, Active Pharmaceutical Ingredients, Others

The products falling under these product groups are used by customers belonging to Pharmaceutical industry for various therapeutic categories, such as anti-depressant, anti-diabetic, anti-infective, anti-retroviral and cardiovascular. The product groups comprise about 72 products. Carbonates, chloroformates, isocyanates and organic ureas are some of the key classes of products.

During 2016-17, sales increased by 10% from INR 3110.000 Million to INR 342 Million. Sales in India increased by 9% from INR 1630.000 Million to INR 1780.000 Million. Sales outside India increased by 11% from INR 1480.000 Million to INR 1640.000 Million and formed 48% of the total. Growth on account of volume was 9%. The Company completed 1 project and undertook 1 project for implementation. Atul Bioscience Limited (ABL), a 100% subsidiary company, focused on production of advanced API intermediates, increased its sales by 4% from INR 550.000 Million to INR 570.000 Million, primarily because of volume; it undertook 1 project for implementation.

The size of the world Pharmaceutical industry is estimated at US$ 1.75 tn, of which the conventional pharmaceutical segment is US$ 1.2 tn and is growing at about 8%. Of this, the size of the world API industry is estimated at US$ 150 bn and is growing at about 7%. There are about 20 major companies which dominate the world marketplace.

The main user industry, namely, Pharmaceutical, is growing well because of increasing awareness about diseases and health. The Company along with ABL will participate in this growth by i) widening its market reach, ii) increasing its manufacturing efficiencies, iii) generating and adding capacities, iv) introducing new products and v) forming long-term strategic alliances with other companies.

The prices of some products may come down in a short time. Fluctuations in foreign exchange may impact sales realisations.

Product groups: Intermediates, Perfumery, Others

The products falling under these product groups are mainly used by customers belonging to Fragrance and Personal Care industries. The product groups comprise about 20 products. para Cresol, Sodium Sulphate and Sodium Sulphite are some of the key products.

During 2016-17, sales increased by 15% from INR 4690.000 Million to INR 5370.000 Million. Sales in India decreased by 12% from INR 1390.000 Million to INR 1230.000 Million. Sales outside India increased by 25% from INR 3300.000 Million to INR 4140.000 Million and formed 77% of the total. Growth on account of volume was 21%. The Company completed 2 projects and undertook 1 project for implementation.

The world market of para Cresol (a key product) is estimated at 63,000 mt and is growing at about 2%. Though earlier the product used to be manufactured in the UK and the USA, China and India are now major suppliers of the product. The size of the world Fragrance industry is estimated at US$ 11 bn and is growing at about 4% and the size of the world Personal Care industry is estimated at US$ 400 bn of which personal care ingredient segment is US$ 20 bn and is growing at about 4%.

The main user industries, namely, Fragrance and Personal Care, are growing well because of improving standard of living.

The Company will participate in this growth by i) broadening its market reach, ii) increasing its manufacturing efficiencies, iii) generating and adding capacities and iv) introducing new products.

BULK CHEMICALS AND INTERMEDIATES

Product groups: Bulk chemicals, Adhesion promoters, Others

The products falling under these product groups are used mainly for internal consumption and by customers belonging to Cosmetic, Dyestuff and Tyre industries. The product groups comprise about 21 products. Resorcinol, Resorcinol Formaldehyde Resins, Sulphur Trioxide, Chlorosulphonic Acid and Caustic Soda are some of the key products.

During 2016-17, (external) sales increased by 33% from INR 1040.000 Million to INR 1380.000 Million. Sales in India increased by 46% from INR 610.000 Million to INR 890.000 Million. Sales outside India increased by 14% from INR 430.000 Million to INR 490.000 Million and formed 36% of the total. Growth on account of volume was 34%. The Company completed 1 project and undertook 1 project for implementation.

The world market for Resorcinol (a key product) is estimated at US$ 320 mn and is growing at about 3%. The size of the world Tyre industry is estimated at US$ 220 bn and is growing at about 6.5%. The size of the world Chlor-alkali industry is estimated at US$ 70 bn and is growing at about 6%.

The Tyre industry is expected to grow further because of increasing population on the one hand and improving standard of living on the other. The captive consumption of bulk chemicals is expected to grow as the Company expands manufacturing capacities of its various products. The Company will participate in this growth by i) widening its market reach, ii) increasing its manufacturing efficiencies, iii) generating and adding capacities and iv)introducing downstream products. The demand and prices of bulk chemicals are cyclical in nature. Fluctuations in foreign exchange may impact sales realisations.

Colors

Product groups: Textile dyes, Pigments, Paper dyes, Inks, Textile chemicals, Others

The products falling under these product groups are used by customers belonging to Textile, Paint and Coatings and Paper industries. The product groups comprise about 571 products. Green 1, P Red and Sulphur Black are some of the key products.

During 2016-17, sales increased by 3% from INR 3940.000 Million to INR 4070.000 Million. Sales in India increased by 2% from INR 2200.000 Million to INR 2240.000 Million. Sales outside India increased by 5% from INR 1740.000 Million to INR 1830.000 Million and formed 45% of the total. Growth on account of volume was 7%. The Company completed 2 projects. Rudolf Atul Chemicals Limited (RACL), a joint venture company formed in 2011-12, provides a complete range of textile chemicals in the Indian market; it increased its sales by 10% from INR 590.000 Million to INR 650.000 Million, primarily because of volume.

The size of the world Dyestuff industry is estimated at US$ 5.6 bn and is growing at about 3.5%. China is the largest manufacturer of dyes followed by India. The world market for high performance pigments is estimated at US$ 4.7 bn and is growing at about 3.8%.

The main user industries, namely, Paint and Coatings and Textile, will continue to grow because of increase in discretionary spending. The Company along with RACL will participate in this growth by i) broadening its market reach in new geographies, ii) increasing its manufacturing and working capital efficiencies and iii) introducing new dyes, pigments and products for non-textile applications.

Fluctuations in foreign exchange and availability of raw materials may impact sales realisations. Treatment costs are expected to remain high given that the manufacture of dyes and pigments generates significant pollutants.

Polymers

Product groups: Epoxy Resins and Hardeners, Reactive Diluents, Sulphones, Rubber and Polyurethane based Adhesives, Others

The products falling under these product groups are used by customers belonging to Aerospace, Automobile, Composites, Construction, Defence, Electrical and Electronics, Footwear, Paint and Coatings, Paper, Sports and Leisure and Wind Energy industries. The product groups comprise about 96 synthetic products and 300 formulations. B11, P62 and P101 are some of the key products.

During 2016-17, sales increased by 7% from INR 6990.000 Million to INR 7500.000 Million. Sales in India increased by 4% from INR 4450.000 Million to INR 4620.000 Million; bulk sales in India increased by 9% from INR 6120.000 Million to INR 6650.000 Million whereas retail sales decreased by 2% from INR 870.000 Million to INR 850.000 Million. Sales outside India increased by 13% from INR 2540.000 Million to INR 2880.000 Million and formed 38% of the total. Growth on account of volume was 14%. The Company completed 1 project and undertook 1 project for implementation.

The world market for epoxy resins and hardeners is estimated at US$ 6.3 bn and is growing at about 2% and Indian market is estimated at US$ 250 mn and is growing at about 6%. There are about 7 major companies which dominate the world marketplace. The world market for sulphones (hardener) is estimated at US$ 320 mn and is growing at about 4%.

The user industries, Construction, Defence, Electrical and Electronics, Paint and Coatings and Wind Energy are growing well, particularly in India. The Company will participate in this growth by i) widening its market reach, ii) increasing its manufacturing and working capital efficiencies, iii) generating and adding new capacities of epoxy resins and hardeners and iv) introducing new products and formulations.

Cheaper imports of epoxy resins and hardeners may keep the margins under pressure. Since the 2 main raw materials, namely Bisphenol-A and Epichlorohydrin, are imported, fluctuations in foreign exchange may impact margins.

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term borrowings
Loan from banks including foreign banks	518.700	530.700
Loan from Related Parties	0.000	105.000
Buyers' credit	0.000	69.100
Commercial papers	739.500	1000.000
Deposit from the Directors	0.100	0.100
Total	1258.300	1704.900

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	A34455931	10090594		12/02/2008	25/03/2008	-	781200000.0	Godrej Bhavan, 3rd FloorMurzban Road, FortMumbaiMH400001IN
2	G40275000	80026120		12/02/2005	10/03/2017	-	5300000000.0	Commercial Branch, Paramasiddhi Complex,Opp. V S Hospital, Ellisbridge, Ashram Road,AhmedabadGJ380006IN
3	Z00119945	80026296		08/03/1999	-	-	150000000.0	CENTRE ONE, WORLD TRADE CENTRECUFFE PARADEMUMBAIMH400005IN
4	G57653354	10409602		28/02/2013	16/03/2013	29/09/2017	527700000.0	Mid Corporate Group, Commercial Br., ParamsiddhiComplex, EllisbridgeAhmedabadGJ380006IN
5	G03600137	10273656		28/01/2011	31/05/2012	03/05/2016	276000000.0	First Floor, Eros Corporate TowerNehru PlaceNew DelhiDL110019IN
6	C78061108	10294426		27/06/2011	30/07/2011	28/01/2016	562500000.0	Maruti Suzuki Building, 3rd Floor, Plot No. 1Nelson Mandela Road, Vasant KunjNew DelhiDL110070IN
7	B70965686	10084402		21/01/2008	08/05/2009	11/03/2013	195000000.0	Centre One Building, Floor 21,World Trade Centre, Cuffe Parade,MumbaiMH400005IN
8	B70967799	80023284		03/03/2006	17/03/2007	11/03/2013	310000000.0	Centre One Building, Floor 21, World Trade CentreCuffe ParadeMumbaiMH400005IN
9	B69445856	10046279		24/03/2007	25/03/2008	11/02/2013	225000000.0	51, G Floor, Mulla HouseHutatma Chowk, Fort,MumbaiMH400023IN
10	B60041852	80033730		13/07/2001	-	18/10/2012	865000000.0	CREDIT APPRAISAL CELL, COMMERCIAL BRANCH,"PARAMSIDDHI" COMPLEX, OPP. V.S. HOSPITAL,AHMEDABADGJ380006IN

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31^ST DECEMBER 2017

		Particulars	quarter ended	quarter ended	Nine months ended
			31.12.2017	30.09.2017	31.12.2017
1		Income from Operations
		Sales/Income from Operations (Gross)	8036.800	7872.500	22809.800
		b) Other Operating Income	5.000	78.500	128.000
	Total Income from Operations (Net)		8041.800	7951.000	22937.800
2	Expenses
	a)	Cost of Materials consumed	4113.700	3961.400	11817.800
	b)	Purchase of Stock-in-trade	12.500	8.900	73.300
	c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	232.500	371.600	345.600
	d)	Excise Duty	--	--	400.700
	e)	Power, Fuel and Water	871.600	858.100	2503.100
	f)	Employee benefit expenses	856.300	449.200	1334.300
	g)	Finance Costs	18.500	26.600	71.300
	h)	Depreciation and amortization expense	259.100	261.100	779.800
	i)	Other expenses	1089.500	974.700	3063.900
	Total Expenses		7053.700	6911.600	20389.800
9	Profit /(Loss) from ordinary activities before tax		988.100	1039.400	2548.000
10	Tax Expense		328.200	338.700	843.100
11	Net Profit /(Loss) from ordinary activities after tax		659.900	700.700	1704.900
	Other Comprehensive Income:
a.	Items that will not be reclassified to profit and loss
	- Fair value of equity instruments through other Comprehensive Income		764.900	(16.500)	614.000
	- Remeasurement of Defined benefit plans		12.300	5.100	16.100
	- Income tax related to item		(4.300)	(1.700)	(5.600)
b.	Items that will be reclassified to profit and loss
	- Effective portion of gain I		3.300	(5.300)	12.500
	- Income tax related to item		(1.100)	1.800	(4.300)
	Other Comprehensive Income for the year, net of taxes		775.100	(16.600)	632.700
	Total Other Comprehensive Income for the period		1435.000	684.100	2337.600
12	Paid up equity share capital (Eq. shares of INR 10/- each)		296.600	296.600	296.600
13	Reserve excluding revaluation reserves
14		Earnings per share (before/after extraordinary items) of Rs.10/- each
		Basic & Diluted	22.25	23.62	57.48

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED AND NINE MONTHS ENDED 31^ST DECEMBER 2017

Particulars	Quarter ended	Quarter ended	Nine months ended
	(Unaudited)	(Unaudited)	(Unaudited)
1. Segment Revenue	31.12.2017	30.09.2017	31.12.2017
Life Science Chemicals	2625.400	2708.900	7820.700
Performance and Other Chemicals	5921.000	5620.200	16379.300
Total Segment Revenue	8546.400	8329.100	24200.000
Inter Segment Sales	509.600	456.600	1390.200
Sales from Operations	8036.800	7872.500	22809.800
2. Segment Results
Life Science Chemicals	293.000	329.900	834.300
Performance and Other Chemicals	803.700	711.400	1881.300
Total	1096.700	1041.300	2715.600
Less: i) Interest	18.500	26.600	71.300
ii. Other-Un-allocable Expenditure net off	90.100	(24.700)	96.300
Total Profit / (Loss) before Tax	988.100	1039.400	2548.000
Segment Assets
Life Science Chemicals	6559.300	6685.700	6559.300
Performance and Other Chemicals	14459.300	14173.500	14459.300
Unallocated	6953.600	6084.100	6953.600
Total Segment Assets	27972.200	26943.300	27972.200
Segment Liabilities
Life Science Chemicals	1626.100	1674.600	1626.100
Performance and Other Chemicals	3409.100	3162.400	3409.100
Unallocated	1724.200	2328.500	1724.200
Total Segment Liabilities	6759.400	7165.500	6759.400

Note:

1. The above results have been reviewed and recommended for adoption by the Audit Committee in its meeting held on January 18, 2018, and approved by the Board of Directors at its meeting held on January 19, 2018. The Statutory Auditors of the Company have carried out a limited review of the financial results for the quarter / nine months ended on December 31, 2017. Their limited review report does not have any qualification / modification.

2. The Company has reported Segment information as per Indian Accounting Standard 108 on 'Operating Segment', as below.

3. Revenue from operations upto June 30, 2017 includes excise duty, which is discontinued effective July 01, 2017 upon implementation of Goods and Services Tax (GST) in India. In accordance with 'Ind AS 18, Revenue', GST is not included in revenue from operations. In view of the aforesaid restructuring of indirect taxes, revenue from operations for the quarter / nine months ended on December 31, 2017 are not comparable with the previous periods.

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Claims against the Company not acknowledged as debts in respects of:
I. Excise duty	80.000	77.000
II. Income tax	62.400	75.200
III. Sales tax	6.700	6.700
IV. Custom duty	1.800	1.800
V. Water charges	872.700	896.500
VI. Others	64.300	144.200
VII. In respect of a customer claim amounting to INR 323.500 Million, the Company, based on legal opinion, believes that the claim will not sustain.
The above matters are currently being considered by the tax authorities | various forums and the Company expects the judgement will be in its favour and has therefore, not recognised the provision in relation to these claims. Future cash outflow in respect of above will be determined only on receipt of judgement | decision pending with tax authorities | various forums. The potential undiscounted amount of total payments for taxes that the Company may be required to make if there was an adverse decision related to these disputed demands of regulators as of the date reporting period ends are as stated above.

FIXED ASSETS

Tangible Assets

• Land – freehold
• Buildings
• Roads
• Plant and equipment
• Railway siding
• Office equipment and furniture
• 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 records 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	INR
US Dollar	1	INR 64.93
UK Pound	1	INR 90.72
Euro	1	INR 80.32

INFORMATION DETAILS

Information Gathered by :	SWT
Analysis Done by :	DIV
Report Prepared by :	SUJ

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.