MIRA INFORM REPORT

Report No. :	509304
Report Date :	15.05.2018

IDENTIFICATION DETAILS

Name :	COLGATE-PALMOLIVE (INDIA) LIMITED
Registered Office :	Colgate Research Centre, Main Street, Hiranandani Gardens Powai, Mumbai – 400076, Maharashtra
Tel. No.:	91-22-25705050 / 25705060
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	23.09.1937
Com. Reg. No.:	11-002700
Capital Investment / Paid-up Capital :	INR 271.986 Million
CIN No.: [Company Identification No.]	L24200MH1937PLC002700
IEC No.:	0388091436
TAN No.: [Tax Deduction & Collection Account No.]	MUMC00390F
PAN No.: [Permanent Account No.]	AAACC4309B
TIN No:	27920000024
GSTN : [Goods & Service Tax Registration No.]	27AAACC4309B1ZA
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Toothpaste and Tooth Powder, Tooth Brush, Mouth Wash and Personal Care Products. (Registered Activity)
No. of Employees :	2414 (Approximately)

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 36000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Colgate – Palmolive (India) Limited is manufacturer of Oral Care, Personal Care, Kids Products. The Company was incorporated in the year 1937 and has its base in Mumbai (Maharashtra). The company has achieved a YOY growth of 8.60% and has achieved a positive net profit margin of 12.77%. The company has given an output of INR 21.23 in the EPS section as compared to its face value of INR 1. The sound financial risk profile of the company is marked by adequate net worth base along with strong debt coverage metrics due to debt free balance sheet profile. As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 10423.600 million along with profit of INR 1706.500 million. Rating also derives strength from company’s well established track record of business operations. Business is active. Payment term seems to be regular and as per commitments. In view of long standing record and strong financials, the company can be considered good for business dealings at the 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2018.

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 15.05.2018

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 :	Mrs. Bhakti
Designation :	Receptionist
Contact No.:	91-22-25705050
Date :	12.05.2018

Name :	Mr. Senthil Selvon
Designation :	H.R. Department
Contact No.:	91-9047040111
Date :	12.05.2018

LOCATIONS

Registered Office :	Colgate Research Centre, Main Street, Hiranandani Gardens Powai, Mumbai – 400076, Maharashtra, India
Tel. No.:	91-22-25705050 / 25705060
Fax No.:	91-22-25705088
E-Mail :	info@colgate.com aarun_pande@colpal.com able.peter@colpal.com
Website :	http://www.colgate.com http://www.colpal.com
Factory 1 :	Plot No. B 14/10, MIDC, Waluj Industrial Area, Aurangabad-431136, Maharashtra, India
Factory 2 :	Plot No. 78, EPIP Phase I, Jharmajri, Baddi, District Solan – 174103, Himachal Pradesh, India
Factory 3 :	Plot No. 154, 158 and 160, Kundaim Industrial Estate, Kundaim – 403115, Goa, India
Factory 4 :	Premises No. 44-617/11, Road No.7, IDA, Nacharam, Hyderabad - 500076, Telangana, India
Factory 5 :	Plot No. SM-02, Sanand – II, GIDC Industrial Area, Near BOI Village, Sanand - 382170, Gujarat, India
Factory 6 :	6000, Central Expressway, Sricity, Satyavedu (M), Chittoor District, Andhra Pradesh, India

DIRECTORS

AS ON 31.03.2017

Name :

Rajendra Ambalal Shah

Designation :

Vice-Chairman (Non-executive and Independent Director)

Address :

Panorama, 2nd Floor 203, Walkeshwar Road, Mumbai – 400030, Maharashtra, India

Date of Appointment :

23.05.1983

DIN No.:

00009851

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L24100MH1983PLC029442	LUPIN LIMITED	25/07/2006	-
L24121MH1979PLC021360	DEEPAK FERTILISERS AND PETROCHEMICALS CORPORATION LTD	05/08/2015	-
U74200MH1977PTC020041	THYSSENKRUPP INDUSTRIAL SOLUTIONS (INDIA) PRIVATE LIMITED	17/03/2018	-
L99999GJ1975PLC002859	ATUL LIMITED	26/07/2013	-
L24239MH1964PLC012971	PROCTER & GAMBLE HYGIENE AND HEALTH CARE LIMITED	20/07/1964	-
L16004MH1936PLC008587	GODFREY PHILLIPS INDIA LIMITED	31/10/2015	-
L24231MH1950PLC008311	PFIZER LIMITED	09/11/1965	-
U99999MH1956NPL009708	THE INDO GERMAN CHAMBER OF COMMERCE	29/10/1993	-
L24239MH1944PLC007330	ABBOTT INDIA LIMITED	21/02/1983	-
U24130MH2005PLC152467	BASF POLYURETHANES INDIA LIMITED	19/01/2010	-
L33112MH1943FLC003972	BASF INDIA LIMITED	24/04/1968	-
L17120MH1879PLC000037	THE BOMBAY DYEING AND MANUFACTURING COMPANY LIMITED	04/12/1979	-
L24200MH1937PLC002700	COLGATE-PALMOLIVE (INDIA) LIMITED	23/05/1983	-

Name :

Vikram Singh Mehta

Designation :

Non-executive & Independent Director

Address :

18, Friends Colony West, New Delhi - 110065, India

Date of Appointment :

25.10.2001

DIN No.:

00041197

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U23201MH1993PLC142782	BHARAT SHELL LIMITED	29/09/1999	-
U11200MH2009PLC191426	L&T HYDROCARBON ENGINEERING LIMITED	12/08/2014	-
U74140MH2004PTC146033	N V ADVISORY SERVICES PRIVATE LIMITED	06/09/2013	-
U73100KA2006PTC038778	SHELL TECHNOLOGY INDIA PRIVATE LIMITED	20/03/2006	-
U24119DL2004PTC124373	SHELL BITUMEN INDIA PRIVATE LIMITED	30/01/2004	-
L22121DL2002PLC117874	HT MEDIA LIMITED	25/09/2015	-
U23209DL1996PTC083423	SHELL INDIA PRIVATE LIMITED	21/11/1996	-
U32200MH1992PLC119108	VODAFONE INDIA LIMITED	08/08/2013	-
L99999MH1992PLC066213	JET AIRWAYS (INDIA) LIMITED	27/12/2016	-
L65990MH1945PLC004558	MAHINDRA AND MAHINDRA LIMITED	08/08/2012	-
L99999MH1946PLC004768	LARSEN AND TOUBRO LIMITED	22/08/2013	-
L25111KL1972PLC002449	APOLLO TYRES LIMITED.	07/08/2013	-
U40200GJ2002PTC044028	HAZIRA GAS PRIVATE LIMITED	18/03/2002	-

LLPIN/FLLPIN	LLP Name	Begin Date	End Date
AAA-2238	TMA ESTATES LLP	10/09/2010	-

Name :

Indu Ranjit Shahani

Designation :

Director

Address :

Flat 56, Hill Park, A G Bell Road, Malabar Hill, Mumbai – 400030, Maharashtra, India

Date of Appointment :

23.01.2012

DIN No.:

00112289

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L01551KA1999PLC024991	UNITED SPIRITS LIMITED	30/09/2014	-
L24110MH1956PLC010806	CLARIANT CHEMICALS (INDIA) LIMITED	01/04/2015	-
L31500MH1938PLC009887	BAJAJ ELECTRICALS LIMITED	31/03/2006	-
U28920MH1993PTC073668	OCTOPUS STEEL PRIVATE LIMITED	23/01/2003	-
U65991MH1995PTC095500	FRANKLIN TEMPLETON TRUSTEE SERVICES PRIVATE LIMITED	27/01/2010	-
U27109WB1931PLC007010	EUREKA FORBES LTD	25/06/2008	-
U80904MH2017NPL302332	DICE KNOWLEDGE FOUNDATION	07/12/2017	-

LLPIN/FLLPIN	LLP Name	Begin Date	End Date
AAA-1664	THINKEDUCATION ADVISORY SERVICES LLP	25/06/2010	01/09/2012

Name :

Pradyot Kumar Ghosh

Designation :

Deputy Chairman (Non-executive and Independent Director)

Address :

7, Siglap Road, #05-68, Mandarin GDNS, Singapore - 448909

Date of Appointment :

01.07.1988

DIN No.:

00385098

Name :

Shyamala Gopinath

Designation :

Additional (Non-executive and Independent) Director (effective May 19, 2015)

Address :

Dg-4, Vasant Vihar 85, Napean Sea Road, Mumbai – 400030, Maharashtra, India

Date of Appointment :

19.05.2015

DIN No.:

02362921

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U91990DL2004NPL127505	GRASSROOT TRADING NETWORK FOR WOMEN	18/09/2015	-
L85110KA1989PLC009968	TATA ELXSI LIMITED	24/07/2012	-
U45200MH2008PLC180479	CMS INFO SYSTEMS LIMITED	13/11/2017	-
U32200MH1992PLC119108	VODAFONE INDIA LIMITED	17/04/2014	-
U01403DL2009NPL195142	NDDB DAIRY SERVICES	28/09/2012	-
U45200MH1995PLC093041	LODHA DEVELOPERS LIMITED	28/02/2018	-
L65920MH1994PLC080618	HDFC BANK LIMITED	02/01/2015	-

Name :

Issam Taoufic Bachaalani

Designation :

Managing Director

Address :

145 East 48th Street, New York, USA, New York - 10017 United States

Date of Appointment :

01.10.2014

DIN No.:

06975320

Name :

Vinod Nambiar

Designation :

Director

Address :

Suite 3000, Pacific Place Apartments, 88 Queensway, Hong Kong - 88

Date of Appointment :

28.09.2015

DIN No.:

07290613

Name :

Mr. Jacob Sebastian Madukkakuzy

Designation :

Wholetime Director

Address :

B-1, 602, Lok Bharati Chs, Marol Maroshi Road, Andheri (East) Mumbai – 400059, Maharashtra, India

Date of Birth

17.06.1969

Date of Appointment :

28.10.2016

DIN No.:

07645510

PAN No.:

AAFPM0268D

Name :

Mr. Chandrasekar Meenakshi Sundaram

Designation :

Wholetime Director

Address :

1501, Glenridge, Cliff Avenue Road, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth

22.04.1966

Date of Appointment :

02.01.2017

DIN No.:

07667965

KEY EXECUTIVES

Name :		Mr. Jacob Sebastian Madukkakuzy
Designation :		Wholetime Director
Address :		B-1, 602, Lok Bharati Chs, Marol Maroshi Road, Andheri (East) Mumbai – 400059, Maharashtra, India
Date of Appointment :		28.10.2016
DIN No.:		07645510
PAN No.:		AAFPM0268D
Name :		Kumar Randhir Singh
Designation :		Company Secretary
Address :		1803/T5, L and T Emerald ISLE, Saki Vihar Road, Savarkar Nagar, Pawai, Mumbai-400076, Maharashtra, India
Date of Appointment :		23.02.2018
PAN No.:		BCBPS0457B
Management Committee:
Name :		I. Bachaalani
Designation :		Managing Director
Name :		M.S. Jacob
Designation :		Finance
Name :		F. Giwa
Designation :		Legal
Name :		E. Jumbert
Designation :		Marketing
Name :		M. Chandrasekar
Designation :		Customer Development
Name :		Dr. S. Potnis
Designation :		India Global Technology Centre
Name :		A. Lara
Designation :		Supply Chain (Toothpaste)
Name :		M. K. Ajay
Designation :		Human Resources (effective June 1, 2015)
Name :		V. Ganesh
Designation :		Customer Service and Logistics
Name :		M. Mehrotra
Designation :		Supply Chain (Toothbrush)
Audit Committee:
Name :		Mr. R. A. Shah
Designation :		Chairperson of the Committee
Name :		M. Karnataki
Designation :		Secretary
Name :		Dr. I. Shahani (Ms.)
Designation :		Chairperson of the Committee
Name :		Mr. P. K. Ghosh
Designation :		Chairperson of the Committee
Name :		Mr. J. K. Setna
Designation :		Chairperson of the Committee
Name :		Mr. V. S. Mehta
Designation :		Chairperson of the Committee
Name :		S. Gopinath
Designation :		Chairperson of the Committee
Risk Management Committee:
Name :		Mr. P. K. Ghosh
Designation :		Chairperson of the Committee
Name :		V. S. Mehta
Designation :		Chairperson of the Committee
Name :		I. Bachaalani
Designation :		Chairperson of the Committee
Name :		M.S. Jacob
Designation :		Chairperson of the Committee
Name :		S. Gopinath (Ms.)
Designation :		Chairperson of the Committee
Name :		F. Giwa
Designation :		Chairperson of the Committee
Name :		M. K. Ajay
Designation :		Chairperson of the Committee
Corporate Social Responsibility Committee:
Name :		Dr. I. Shahani (Ms.)
Designation :		Chairperson of the Committee
Name :		I. Bachaalani
Designation :		Chairperson of the Committee
Name :		Mr. Chandrashekar
Designation :		Chairperson of the Committee
Name :		P. Sharma (Ms.)
Designation :		Chairperson of the Committee
Stakeholders’ Relationship Committee:
Name :		Mr. J. K. Setna
Designation :		Chairperson of the Committee
Name :		Mr. P. K. Ghosh
Designation :		Chairperson of the Committee
Name :		I. Bachaalani
Designation :		Chairperson of the Committee
Name :		S. Jacob
Designation :		Chairperson of the Committee
Nomination & Remuneration Committee:
Name :		Mr. R. A. Shah
Designation :		Chairperson of the Committee
Name :		Mr. V. S. Mehta
Designation :		Chairperson of the Committee
Name :		V. Nambiar
Designation :		Chairperson of the Committee
Name :		Mrs. Bhakti
Designation :		Receptionist
Name :	Mr. Senthil Selvon
Designation :	H.R. Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON MARCH 2018

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
(A) Promoter & Promoter Group	138712672	51.00
(B) Public	133272962	49.00
Grand Total	271985634	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 (calculated as per SCRR, 1957)As a % of (A+B+C2)
A1) Indian		0.00
A2) Foreign		0.00
Any Other (specify)	138712672	51.00
Colgate-Palmolive Company	108952694	40.06
Colgate-Palmolive (Asia)Pte. Limited	29758852	10.94
Norwood International Incorporated	1126	0.00
Sub Total A2	138712672	51.00
A=A1+A2	138712672	51.00

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/	5310063	1.95
Foreign Portfolio Investors	44206790	16.25
Arisaig Partners (Asia)Pte Limited A/C Arisaig India Fund Limited	9187394	3.38
Financial Institutions/ Banks	453028	0.17
Insurance Companies	18835523	6.93
Life Insurance Corporation of India	15076523	5.54
Any Other (specify)	7964	0.00
Foreign Bank	400	0.00
UTI	7564	0.00
Sub Total B1	68813368	25.30
B2) Central Government/ State Government(s)/ President of India	0	0.00
Central Government/ State Government(s)/ President of India	1000	0.00
Sub Total B2	1000	0.00
B3) Non-Institutions	0	0.00
Individual share capital upto INR 0.200 Million	54484312	20.03
Any Other (specify)	9974282	3.67
Trusts	2355735	0.87
Foreign Nationals	5370	0.00
HUF	1106940	0.41
NRI – Non- Repat	873331	0.32
NRI – Repat	630594	0.23
Foreign Portfolio Investor (Individual)	600	0.00
Overseas corporate bodies	6440	0.00
Clearing Members	422710	0.16
Bodies Corporate	4572562	1.68
Sub Total B3	64458594	23.70
B=B1+B2+B3	133272962	49.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Toothpaste and Tooth Powder, Tooth Brush, Mouth Wash and Personal Care Products. (Registered Activity)

Products / Services :

Product Description	Item Code (ITC CODE)
Toothpaste	Group 202 Class 2023 Sub-Class 20235
Tooth Powder
Toothbrush	----

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

2414 (Approximately)

Bankers :

Banker Name :	HDFC Bank Limited
Branch :	Worli Branch; Sandoz House, Dr. Annie Besant Road; Worli, Mumbai - 400018, Maharashtra, India
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Auditors 1:
Name :	SRBC and Company LLP Chartered Accountants
Address :	14^th Floor, The Ruby, 29, Senapati Bapat marg, Dadar (West), Mumbai – 400028, Maharashtra, India
Tel. No:	91-22-61920000
Fax. No:	91-22-61921000
Auditors 2:
Name :	Price Waterhouse Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400028, Maharashtra, India
Solicitors
Name:	Crawford Bayley and Company
Address :	State Bank Building, N.G.N. Vaidya Marg, Mumbai-400 023, Maharashtra, India
Secretarial Auditor
Name:	S.N. Anantha Subramanian and Company Company Secretaries
Address :	10/26, Brindaban, Thane-400 601, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Ultimate Holding Company:	Colgate-Palmolive Company, U.S.A.
Group Companies where common control exists	Colgate-Palmolive Mktg. SDN BHD, Malaysia Colgate-Palmolive East Africa Limited, Kenya Colgate-Palmolive Morocco, Morocco Colgate-Palmolive Pty. Limited, South Africa Colgate-Palmolive (Thailand) Limited, Thailand Colgate-Palmolive (H.K.) Limited, Hongkong Colgate-Palmolive Management Services (H.K.) Limited, Hongkong Colgate-Palmolive (China) Company Limited, China Colgate Palmolive (Vietnam) Limited, Vietnam Colgate Sanxiao Company Limited, China Colgate-Palmolive SAS, Columbes* Colgate Palmolive Temizlik Urunleri Sanayi ve Ticaret S.A., Turkey Colgate-Palmolive Cameroun S.A., Cameroun Colgate-Palmolive Romania srl., Romania* Hawley & Hazel Chemical Company, (Zhangshan) Limited , China* Colgate-Palmolive (Eastern) Pte. Limited, Singapore Colgate-Palmolive Indústrial Limited a., Brazil Colgate-Palmolive (Asia) Pte. Limited Singapore Norwood International Incorporated, U.S.A. Colgate-Palmolive Tanzania Limited, Tanzania Colgate-Palmolive Pty. Limited, Boksburg Colgate Global Business Services Private Limited, India Colgate-Palmolive Zambia Inc., Zambia Colgate-Palmolive Europe SARL, Poland Colgate-Palmolive Services (Poland) Sp.z.o.o, Poland Colgate-Palmolive (Kazakhstan) LLP, Kazakhstan* Colgate-Palmolive Europe SARL, Italy Mission Hills S.A. DE. C. V., Mexico* Colgate Palmolive Bt. Limited , (Blantyre), Malawi Colgate Oral Pharmaceuticals Inc. Carrollton, U.S.A. Colgate-Palmolive Senegal, Senegal Colgate-Palmolive Italia S.r.l., Italy* Colgate-Palmolive (Pakistan) Limited, Pakistan Colgate Philippines Inc., Philippines Colgate-Palmolive Mocambique Limitada Colgate-Palmolive S.P.A., Italy Hill’s-Colgate (Japan) Limited, Japan* Colgate Palmolive West East Investments, U.S.A. Tom’s Of Maine, U.S.A. Colgate-Palmolive Ghana Limited , Ghana Colgate-Palmolive Europe Sarleu Div

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
1370000000	Equity Shares	INR 1/- each	INR 1370.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
271985634	Equity Shares	INR 1/- each	INR 271.986 Million

(A) Reconciliation of Number of Shares:

Particulars	No. of Shares	INR In Million
Balance as at the beginning of the year	13,59,92,817	135.993
1:1 Bonus Shares issued during the year	13,59,92,817	135.993
Balance as at the end of the year	27,19,85,634	271.986

(B) Rights, Preferences and Restrictions attached to Shares:

The Company has one class of Equity Shares having par value of INR 1/- per share. Each Shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the Equity Shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

(C) Shares held by Ultimate Holding Company and its Subsidiaries:

(i) 10,89,52,694 (Previous Year: 5,44,76,347) Equity Shares are held by Colgate-Palmolive Company, U.S.A., the Ultimate Holding Company.

(ii) 2,97,58,852 (Previous Year: 1,48,79,426) Equity Shares are held by Colgate-Palmolive (Asia) Pte. Ltd., Singapore, Subsidiary of the Ultimate Holding Company.

(iii) 1,126 (Previous Year: 563) Equity Shares are held by Norwood International Incorporated, U.S.A., Subsidiary of the Ultimate Holding Company.

The increase in shareholding represents the bonus shares issued during the year.

(D) Details of Shareholders holding more than 5% of the aggregate Shares in the Company:

Particulars	31.03.2016
	No. of Shares	% of Holdings
Colgate-Palmolive Company, U.S.A.	108952694	40.06
Colgate-Palmolive (Asia) Pte. Ltd., Singapore	29758852	10.94
Life Insurance Corporation of India (LIC)	15076523	5.54

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	271.986	271.986	135.993
(b) Reserves & Surplus	12465.985	9922.721	7567.162
(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)	12737.971	10194.707	7703.155
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	274.776	217.175	1054
(c) Other long term liabilities	16.918	16.896	15.435
(d) long-term provisions	251.332	642.504	608.599
Total Non-current Liabilities (3)	543.026	876.575	649.927
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	6012.047	5519.406	5144.056
(c) Other current liabilities	3376.601	2382.185	2858.658
(d) Short-term provisions	564.221	463.832	663.184
Total Current Liabilities (4)	9952.869	8365.423	8665.898
TOTAL	23233.866	19436.705	17018.980
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11081.085	10081.388	7815.822
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1665.911	783.744	1411.824
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	311.576	301.348	301.348
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	26.720	488.291	555.380
(e) Other Non-current assets	1592.356	38.751	37.427
Total Non-Current Assets	14677.648	11693.522	10121.801
(2) Current assets
(a) Current investments	0.000	0.000	70.000
(b) Inventories	2925.510	2926.615	2522.253
(c) Trade receivables	1298.962	1015.383	696.436
(d) Cash and cash equivalents	1985.644	2883.045	2544.500
(e) Short-term loans and advances	629.536	874.965	1029.936
(f) Other current assets	1716.566	43.175	34.054
Total Current Assets	8556.218	7743.183	6897.179
TOTAL	23233.866	19436.705	17018.980

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Income	45201.982	41622.898	39819.433
		Other Income	398.124	396.051	331.730
		TOTAL	45600.106	42018.949	40151.163
Less	EXPENSES
		Cost of Materials Consumed	11559.943	11458.712	11857.120
		Purchases of Stock-in-Trade	3147.529	3536.719	2983.586
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	55.840	(42.509)	(163.527)
		Excise duty	5383.805	0.000	0.000
		Employees benefits expense	2885.025	2697.950	2589.320
		Other expenses	12721.243	14659.032	14330.566
		Exceptional Items	0.000	313.447	0.000
		TOTAL	35753.385	32623.351	31597.065
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		9846.721	9395.598	8554.098
Less	DEPRECIATION/ AMORTISATION		1332.428	1114.111	750.204
	PROFIT BEFORE TAX		8514.293	8281.487	7803.894
Less	TAX		2739.969	2516.379	2214.055
	PROFIT AFTER TAX		5774.324	5765.108	5589.839
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	1403.428	802.706	567.452
	TOTAL EARNINGS		1403.428	802.706	567.452
	Earnings Per Share (Rs.)		21.23	21.20	20.55

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	9893.869	9723.406	8436.553
Net cash flows from (used in) operations	6880.043	6887.277	6381.513

QUARTERLY RESULTS

PARTICULARS	30.06.2017 (Unaudited)	30.09.2017 (Unaudited)	31.12.2017 (Unaudited)
	1^st Quarter	2^nd Quarter	3^RD Quarter
Net Sales	11185.600	10848.800	10333.200
Total Expenditure	8967.400	7842.700	7509.000
PBIDT (Excl OI)	2218.200	3006.100	2824.200
Other Income	124.500	88.500	90.400
Operating Profit	2342.700	3094.600	2914.600
Interest	NA	NA	NA
Exceptional Items	NA	NA	NA
PBDT	2342.700	3094.600	2914.600
Depreciation	372.900	391.700	395.700
Profit Before Tax	1969.800	2702.900	2518.900
Tax	606.000	927.200	812.400
Provisions and contingencies	NA	NA	NA
Profit After Tax	1363.800	1775.700	1706.500
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	1363.800	1775.700	1706.500

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days [Sundry Debtors / Income * 365]	10.49	8.90	6.38
Account Receivables Turnover [Income / Sunday Debtors]	34.80	40.99	57.18
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	149.20	134.35	126.52
Inventory Turnover (Operating Income / Inventories)	3.37	3.21	3.39
Asset Turnover (Operating Income / Net Fixed Assets)	0.77	0.86	0.93

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.43	0.43	0.51
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.78	0.82	1.12
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.00	1.07	1.20

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	12.77	13.85	14.04
Return on Total Assets ((PAT / Total Assets) * 100)	%	24.85	29.66	32.84
Return on Investment (ROI) ((PAT / Networth) * 100)	%	45.33	56.55	72.57

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.86	0.93	0.80
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.57	0.58	0.50
G-Score Ratio Financial (Networth / Total Assets)	0.55	0.52	0.45
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.86	0.93	0.80

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

STOCK PRICES

Face Value	INR 1.00/-
Market Value	INR 1106.35/-

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	135.993	271.986	271.986
Reserves & Surplus	7567.162	9922.721	12465.985
Net worth	7703.155	10194.707	12737.971
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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	39819.433	41622.898	45201.982
		4.529	8.599

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	39819.433	41622.898	45201.982
Profit	5589.839	5765.108	5774.324
	14.04%	13.85%	12.77%

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)	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	No
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	No
32	Litigations that the firm/promoter involved in	--
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

BUSINESS PERFORMANCE

India continued to consolidate its position as the fastest growing major economy in the world with all leading indicators including GDP growth, inflation, deficits, foreign currency reserves, etc. trending in the right direction. Normal monsoons helped stimulate rural demand as well as ensured inflation was benign paving the way for interest rate cuts by the Central Bank. The recovery in demand was temporarily halted by the demonetization exercise that temporarily sucked liquidity from the system putting short term pressure on businesses due to softer demand as well as a reduction in trade pipeline. The much awaited landmark tax reform in the form of GST bill was passed by parliament paving the way for a unified market in India and it is expected to go a long way to help businesses conduct their affairs in a more efficient manner.

During the year, the Company continued its focus on innovation built on consumer insights while leveraging its strong heritage in the oral care category. Despite intense competition in the FMCG space, the Company maintained its leadership position in oral care and continued to offer customized products for each market segment. While the operations in the first half of the year saw healthy growth in sales and profitability, the second half of the year was more challenging for the Company. Demonetization affected sales adversely during the third quarter with some spillover into the fourth quarter. The Company responded by selectively extending credit terms, advancing processing of claims and invoices as well as running additional schemes to maintain robust distribution. In the above context, reported Net Sales for the Financial Year stood at INR 44898.000 million, an increase of 4% over last year. Reported Net Profit after tax for the year was INR 5774.000 million, a decline of 0.6% over the previous year. Reported Net Profit after tax in the previous year included net tax reversals of INR 149.000 million relating to favourable tax assessments. Excluding the impact of these reversals, Net Profit after tax for F.Y. 2016-17 increased by 2% over the previous year.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

(Within the limits set by the Company’s competitive position) The Company is engaged in the Personal Care business which includes Oral Care. The Oral Care business continues to account for over 90 per cent of the Company’s sales turnover. In India, almost one-third of the population does not have access to modern oral care. To address this situation, the Company, in partnership with Indian Dental Association, conducts annually, an intensive two-month-long awareness campaign under the banner “Oral Health Month”. The aim of this campaign is to create oral health awareness and motivate people to adopt preventive self-care habits to improve their oral health. This was one more step in the Company’s longstanding effort to spread the message of good oral health and encourage the use of modern and efficacious dentifrice products. To help its objective of expanding the dentifrice market, the Company has designed its product portfolio in such a manner that its products are available at different price points to cater to the requirements of consumers across all segments. The Company follows a closely defined business strategy to develop and increase market leadership positions in key products categories. On an ongoing basis, management focuses on a variety of key indicators to monitor business health and performance. These indicators include market share, net sales, gross profit margin, operating profit, net income and earnings per share. The monitoring of these indicators and the Company’s Code of Conduct and Corporate Governance practices help to maintain business health and strong internal controls. The investments needed to support the growth are developed through its funding the growth initiatives such as reduction in costs associated with direct materials, distribution and logistics, advertisement and promotional materials and reduction of packaging materials. While the predominant business of the Company has been confined to Oral Care where it continues to face intense competition, the outlook for industry is positive given the size of the opportunity. The Company believes that with its experience in operating in the challenging environment and continued focus on the Company’s strategic initiatives: engaging to build our brands; innovation for growth; effectiveness and efficiency; and leading to win, the Company’s business will continue to grow strongly in the next several years. The Company reports that adequate internal control systems are in place. The discussion on financial performance of the Company is covered in the Directors’ Report. There has been no material development on human resources and industrial relations continue to be positive. The number of people employed as on March 31, 2017 was 2,414.

BACKGROUND:

Subject the Company is a subsidiary of Colgate-Palmolive, USA and a listed Company in India. The Company was incorporated on September 23, 1937. The Company is engaged in manufacturing/trading of toothpaste, tooth powder, toothbrush, mouth wash and personal care products. These financial statements for the year ended March 31, 2017 were approved by the Board of Directors on May 15, 2017.

INDEX OF CAHREGS:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	Y10211834	90119029	THE HONGKONG & SHANGHAI BANKING CORPORATION LTD.	29/12/2000	-	-	60000000.0	30RAJAJI SALAICHENNAITN600001IN
2	Y10147539	90065019	ANZ GRINDLYS BANK LTD.	30/03/1999	30/03/2000	-	30000000.0	90 ; M.G. ROAD BRANCHFORTMUMBAIMH400001IN
3	Y10211639	90118834	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	29/08/1998	-	-	35000000.0	52/60; HAHATMA GANDHI ROADFORTMUMBAIMH400001IN
4	Y10147960	90065440	ANZ GRINDYAS BANK	31/12/1992	-	-	9000000.0	P.L.C.; 90; M.G. ROADBOMBAYMH400001IN
5	Y10207756	90114951	ANZ GRINDLAYS BANK	08/05/1992	-	-	7000000.0	M G ROADABIDSHYDERABADAPIN
6	Y10207720	90114915	ANZ GRINDLYS BANK LTD	09/12/1991	30/07/1998	-	22500000.0	6-3-1090; RAJBAHAWAN ROADSOMAJI GUDAHYDERABADAP500082IN
7	Y10207593	90114788	BANK OF AMERICA	20/07/1990	-	-	7500000.0	P.O. NO-10080MUMBAIMH400001IN
8	Y10207530	90114725	BANK OF AMERICA	08/03/1990	-	-	8650000.0	P.O. NO-10080MUMBAIMH400001IN
9	A44071223	80047675	STANDARD CHARTERED BANK	09/09/2005	-	21/08/2008	95000000.0	90, MAHATHMA GANDHI ROADFORTMUMBAIMH400001IN
10	A42513960	90116159	HDFC BANK LTD.	24/01/2002	24/10/2002	23/07/2008	115000000.0	HYDERABADHYDERABADAPIN

CONTINGENT LIABILITIES:

(INR in Million)

PARTICULARS	31.03.2017
Claims against the Company not acknowledged as debts:
Excise and Related Matters	441.692
Service Tax Matters	25.703
Sales Tax Matters	41.379
Income Tax Matters	1841.751
Provident Fund Matters	0.737
Commercial Matters	13.299

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS DECEMBER 31, 2017

[INR IN MILLION]

PARTICULARS	3 Months		9 Months
	31.12.2017	30.09.2017	31.12.2017
	[Unaudited]	[Unaudited]	[Unaudited]
1. Income from Operations
Net Sales/income from operations	10269.700	10779.800	32148.300
Other Operating Income	63.500	69.000	219.300
Other Income	90.400	88.500	303.400
Total income from operations (net)	10423.600	10937.300	32671.000
Expenses
Cost of materials consumed	2745.600	3142.300	8836.900
Purchases of stock-in trade	828.200	756.500	2301.900
Changes in inventories of finished goods. work-in-progress and stock in trade	24.000	70.700	12.400
Employee benefits expense	750.400	823.400	2301.000
Depreciation and Amortization Expenses	395.700	391.700	1160.300
Other Expenses	3160.800	3049.800	9462.400
Finance Costs	0.000	0.000	0.000
Excise Duty	0.000	0.000	1404.500
Total expenses	7904.700	8234.400	25479.400
Profit/ (Loss) from ordinary activities after finance cost but before exceptional items	2518.900	2702.900	7191.600
Exceptional items	0.000	0.000	0.000
Profit/ (Loss) from ordinary activities before tax	2518.900	2702.900	7191.600
Tax expenses	812.400	927.200	2345.600
Net Profit / (Loss) from ordinary activities after tax	1706.500	1775.700	4846.000
Extraordinary item (net of tax expense)	0.000	0.000	0.000
Net Profit / (Loss) for the period	1706.500	1775.700	4846.000
Comprehensive Income	(0.780)	(0.790)	(23.500)
Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates	1705.720	1774.910	4822.500
Paid up equity share capital (Face Value of INR 1/-each)	272.000	272.000	272.000
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year	-	-	-
Earnings per share (before extraordinary items) of INR 1/- each (not annualized):	-	-	-
(a) Basic	6.27	6.53	17.82

Note:

• Sales for the quarter ended December 31,2017 and September 30, 2017 is net of Goods and Service Tax (GST) however, sales for the quarter ended December 31,2016 and nine months ending December 31,2016 is gross of Excise Duty.
• Sales, net of GST/Excise Duty for the quarter and nine months ended December 31, 2017 increased by 18.7.% and 5.3%, respectively, in comparison to the corresponding period of the previous year.
• Tax expense for the quarter and nine months ended December 31, 2017 includes prior year reversals of INR 71.200 Million and INR 167.100 Million (corresponding quarter and nine months of previous year is INR 20.200 and INR 161.700 Million) respectively.
• The toothpowder manufacturing operations at the Aurangabad factory, Waluj, Maharashtra were discontinued effective May 5, 2015. The Company has received approval from the Maharashtra Industrial Development Corporation (MIDC) for transfer of its rights in the aforesaid property in favour of a prospective buyer. The Company currently expects the transaction to close in the near future.
• The Company had declared a First Interim Dividend of INR 4 per share aggregating to INR 1309.400 Million (including dividend distribution tax) on October 16, 2017, which was paid on November 10, 2017 and declared Second Interim Dividend of INR 4 per share aggregating to INR 1309.400 Million (including dividend distribution tax) on December 11, 2017, which was paid on December 29, 2017.
• The Company has identified 'Personal Care (including Oral Care) 1 as its only primary reportable segment in accordance with the requirements of Ind AS 108, ’Operating Segments’. Accordingly, no separate segment information has been provided.
• Previous period/year figures have been reclassified, as considered necessary, to conform with current period presentation, where applicable.
• The Statutory Auditors have carried out a Limited Review of the Financial results of the quarter and nine months ended December 31, 2017 as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
• The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on February 05, 2018.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

WEBSITE:

PRESS RELEASE:

COLGATE 3RD QUARTER RESULTS: NET SALES UP 19% ON ADJUSTED BASIS, NET PROFIT UP 34%

• Q3 Net Sales up 19% on adjusted basis* (Reported: +5%).

• Gross margin expanded by 150 bps on adjusted basis* (Reported:+900 bps).

• EBDITA growth at 32% for the quarter.

• Colgate Swarna Vedshakti delivering strong results in the Naturals portfolio.

*Net Sales and Gross Margin have been restated for impact of GST

Colgate-Palmolive (India) Ltd today reported Net Sales for the quarter ended December 31, 2017 at Rs.1,026.9 crores, an increase of 5% over Q3 of the previous year. Excluding the accounting impact of GST implementation, Net Sales increased by 19% over the previous year. Volume increased by 12%. Reported Net Profit after Tax for the quarter was Rs.170.6 crores, an increase 34% over Q3 of the previous year. Excluding the impact of tax reversals in both periods, Net Profit after Tax increased by 30%over Q3 of the previous year.

The Company continues to maintain its leadership position in both the Toothpaste and Toothbrush categories, with volume market shares for the period Jan-Dec’17 at 53.7% and 45.1% respectively.

Mr. Issam Bachaalani, Managing Director at Colgate-Palmolive (India) Ltd, said, “As the operating environment stabilizes post the implementation of GST, we are pleased to report overall strong results. Colgate’s core competency of delivering innovations based on consumer insights has helped to strengthen our Naturals portfolio in India with the addition of Colgate Swarna Vedshakti. We have seen a strong consumer response to the toothpaste in the geographies where it has been launched."

Mr. Bachaalani continued, "Colgate’s Oral Health Month (OHM) program, now in its 14th edition is conducted in partnership with the Indian Dental Association (IDA). OHM-2017 (Nov’17-Jan’18) is targeted to provide 6.2 million free dental check-ups by partnering with 35,000+ IDA Dentists across 1276 cities, 156 Army canteens in 63 cities, and 81 modern trade store outlets across the length and breadth of the country. This year, access to the OHM program was further enhanced by integrating it with our Pocket Dentist service, a voice-based interactive program available in 10 regional languages. Pocket Dentist enabled people to avail instant dental advice and free dental check-ups by giving a missed call on a toll-free number provided on the Colgate toothpaste packs. Through initiatives like the OHM program, Colgate is delivering its commitment to ‘Keep India Smiling’.”

KEY ACTIVITIES IN FY 2017-18 

Colgate Swarna Vedshakti: A premium toothpaste launched in the ‘Naturals category, Colgate Swarna Vedshakti blends the goodness of natural Indian ingredients of aloe vera, clove, honey, tulsi, neem and amla with Colgate’s oral care expertise, and effectively delivers holistic oral care. 

Colgate Neo Toothbrush: An aesthetically designed toothbrush available in 6 exciting and different colours combinations with 3636 high density bristles. Its Ultrasoft bristles gently clean your teeth.

Pocket Dentist: Colgate’s mobile ring-back service providing easy dental care information access in rural India received multiple honors at the India Digital Media Awards (IDMA) in June 2017 and is run in partnership with the Indian Dental Association. It detects multiple dialects and responds to the 30 most common oral health questions to address 91% of rural dwellers’ oral health problems in areas where over 80% of rural households may have only an access to basic mobile phones. Villagers can access 'Pocket Dentist' with a free of charge missed call. 

Asia Book of Records: Colgate, in partnership with Indian Dental Association (IDA), Sri Ramachandra University (SRU) and Rotary International District 3232, made a proud entry in the Asia Book of Records, for ‘Most People Brushing Their Teeth Together’. Aimed at educating people about oral hygiene and the right techniques for brushing, the event witnessed a total 23,615 people – including school children and adults – brushing their teeth in the right manner, at the same time, at the same venue (SRU grounds), using Colgate toothpaste and Colgate toothbrushes.

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 67.32
UK Pound	1	INR 91.25
Euro	1	INR 80.51

INFORMATION DETAILS

Information Gathered by :	TJL
Analysis Done by :	PYK
Report Prepared by :	MTN

SCORE FACTORS

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	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.