Atul LTD

MIRA INFORM PRIVATE LIMITED Ground Floor `A' Neelambuj, Shanker Lane, Kandivli (W), Mumbai 400 067,
INDIA
Tel. Nos.: 0091-22-28081714, 28079467, E-Mail : mira@mirainform.com
Fax Nos.: 0091-22-28074108, 28079691 Website : http://www.mirainform.com
DOMESTIC & OVERSEAS BUSINESS INFORMATION REPORTS
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MIRA INFORM REPORT

Report Date : 16th March 2006
IDENTIFICATION DETAILS
Name : Registered Office : Date of Incorporation : Com. Reg. No.: TAN No.: (Tax Deduction & Collection Account No.) PAN No.: (Permanent Account No.) Legal Form : Line of Business : ATUL LIMITED Ashoka Chambers, Rasala Marg, Mithakhali Ellisbridge, Ahmedabad 380 006, Gujarat, India 5th September 1947 04-2859 AMMA00199D Cross Road,
AABCA2390M Public Limited Liability Company. The companys shares are listed on Stock Exchanges. Manufacturing of Dyestuff Chemicals, Drugs and Pharmaceuticals, Cresol, Sodium Sulphite, Sodium Sulphate, Soda Ash, Gypsum, Resorcinol, Aslurry, Spent Acid, Dinitro Diphenye, Sulfone, Metanilic Acid, Heavy Duty Break Fluid, Para Cand Panisaldehyde.
RATING & COMMENTS

MIRAs Rating : RATING 56-70 A A STATUS
Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums
PROPOSED CREDIT LINE Fairly Large
Maximum Credit Limit : Status : Payment Behaviour : Litigation : Comments :
USD 80000000 Good Regular Clear Subject is an old established company having satisfactory track. The company is a member of Lalbhai Group, a diversified group. General financial position is satisfactory. Payments are reported
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MIRA INFORM PRIVATE LIMITED Ground Floor `A' Neelambuj, Shanker Lane, Kandivli (W), Mumbai 400 067, INDIA
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as correct and as per commitments.
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The company can be considered normal for business dealings at usual trade terms and conditions.
LOCATIONS
Registered Office : Tel. No.: Fax No.: E-Mail : Ashoka Chambers, Rasala Marg, Mithakhali Ellisbridge, Ahmedabad 380 006, Gujarat, India 91-79-26423706/26427520/26449294 91-79-26404111 1. wk.ag@atul.co.in 2. wk.ar@atul.co.in 3. wk.cl@atul.co.in 4. fi@atul.co.in 5. sec@atul.co.in http://www.atul.co.in Atul - 396 020, Gujarat, India 91-2632-233261/233265 91-2632-233619 sec@atul.co.in / corporate.office@atul.co.in Agrochemicals division East Site Atul - 396 E-Mail: Tel. No.: Telefax: 020, Gujarat, India wk.ag@atul.co.in 91-2632-233261 91-2632-233024 / 233619 Cross Road,
Website : Corporate Office : Tel. No.: Fax No.: E-Mail : Divisional Marketing Departments :
Aromatics division Atul - 396 Tel. No.: Telefax: E-Mail: 020, Gujarat, India 91-2632-233261 91-2632-233633 / 233349 wk.ar@atul.co.in
Bulk chemicals and intermediates division East Site Atul - 396 Tel. No.: Telefax: E-Mail: 020, Gujarat, India 91-2632-233261 / 233021 91-2632-233375 / 233619 wk.bl@atul.com.in
International, colours division : East Site Atul - 396 Tel. No.: Telefax: E-Mail: 020, Gujarat, India 91-2632-233261 91-2632-233384 / 233619 wk.cl@atul.com.in

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National, colours division West Site Atul - 396 Tel. No.: Telefax: E-Mail:
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020, Gujarat, India 91-2632-233291 / 92 / 233617 / 233618 91-2632-233667 / 233122 wk.cl@atul.com.in
Pharmaceuticals and intermediates division PP Site Atul - 396 Tel. No.: Telefax: E-Mail: 020, Gujarat, India 91-2632-233621 / 233622 91-2632-233639 wk.pl@atul.co.in
Polymers divisions PP Site Atul - 396 Tel. No.: Telefax: E-Mail: 020, Gujarat, India 91-2632-233621 / 233622 91-2632-233639 wk.po@atul.co.in
Overseas Offices :
Atul Americas Inc., 11121, Carmel Commons Boulevard, Suit 460, Charlotte, North Carolina - 28226, USA Tel. No.: + 1 (704) 540 8460 Telefax: + (704) 540 8461 E-Mail: aal@bellsouth.net Atul Europe Limited 1st Floor, Office Suite B, Summerfields Village Centre, Dean Row Road, Wilmslow SK92TB, UK Tel. No.: + 44 (1625) 539 209 Telefax: + 44 (1625) 529 484 E-Mail: Atul.Europeltd@btinternet.com Atul China Rm 303A, Building F, Dartguild-hall, No - 20, Guan Gong Dian, Chao Yang District, Beijing 100 020, China Tel. No.: + 86-10-650 22431 / 650 22213 Telefax: +86-10-650 85647 E-Mail: atul@cgw.net.cn
Factory 1 : Branches :
297, GIDC Industrial Estate, Ankleshwar - 393 002, Gujarat, India Located At : Ahmedabad, Kolkata, Chennai, Delhi, Erode, Kanpur, Ludhiana, Mumbai, Secunderabad, Solapur, Surat, Tirupur and Udaipur.

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DIRECTORS
Name : Designation : Name : Designation : Name : Designation : Name : Designation : Name : Designation : Name : Designation : Name : Designation : Name : Designation : Name : Designation : Name : Designation : Name : Designation : Name : Designation : Name : Designation : Name : Designation : Name : Designation : OTHER PERSONNEL Mr. T. R. Gopi Kannan Company Secretary Mr. Arvind N. Lalbhai Chairman Mr. Sunil S. Lalbhai Managing Director and Chief Executive Officer Mr. Nusli N. Wadia Director Mr. R. A. Shah Director Mr. G. S. Patel Director Dr. S. S. Baijal Director Mr. Manu R. Shroff Director Mr. Bansi S. Mehta Director Mr. Hasmukh S. Shah Director Dr. H. Kaiwar Director Mr. J. L. Shah Director Mr. S. M. Datta Additional Director Mrs. Shalini S. Shah (Nominee of ICICI Bank Limited) Mr. Samveg Arvind Lalbhai Managing Director Mr. M. K. Tandon (Nominee of UTI w.e.f. 28/01/2002)
MAJOR SHAREHOLDERS

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Category Promoters Mutual Funds & UTI Banks, Financial Institutions, Insurance Companies Foreign Institutional Investors [FIIS] Corporate Bodies NRIs/OCBs State Government Indian Public Total No of Shares 10,642,783 405,750 3,640,615 69,280 4,756,431 260,307 336 9,886,231 29,661,733
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% of Shares 35.881 1.368 12.274 0.234 16.035 0.878 0.000 33.330 100.00
BUSINESS DETAILS
Line of Business : Manufacturing of Dyestuff Chemicals, Drugs and Pharmaceuticals, Cresol, Sodium Sulphite, Sodium Sulphate, Soda Ash, Gypsum, Resorcinol, Aslurry, Spent Acid, Dinitro Diphenye, Sulfone, Metanilic Acid, Heavy Duty Break Fluid, Para Cand Panisaldehyde. Germany, U.K., and USA L/C, D/A or D/P
Imports from : Terms : Purchasing : PRODUCTION STATUS
The companys Production Status for the year ended 31st March, 2005 was as under: Class of Goods Cresol Sodium Sulphite Sodium Sulphate Soda Ash Gypsum Resorcinol (b) LABSA (Acid Slurry) (b) Spent Acid Para-Cresidine Para-Anisaldehyde Para Anisic Alcohol Dyestuff Chemicals (other than fetilizers) Drugs & Pharamcueticals Sulpha Drug Intermediates 2 : 6 Dichloraniline Bluk Drug & Drug Intermediates Pharmaceutical Intermediate Sulpho Methyl Phenazole Sodium Pyrazole Base Unit MT MT MT MT MT MT MT MT MT MT MT MT MT MT MT MT MT MT MT MT Licensed Capacity 5000 7350 1160 1310 5900 150 4000 2000 ---11537 125004 722 1830 20 115 320 13 107 Installed Capacity 10000 9000 2200 ----420 6000 200 19996 228392 170 6525 20 57 300 --Production Capacity 1129 5687 ------124 3412 237 8290 68283 17 112 -39 21 ---

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UF/MF/PF Dicyandiamide Resins Exopy Resins Hardeners & Auxiliaries Hardeners (Intermediates) Formaldehyde Hexamine (Tech.) Bisphenol A Vinyl Ester Resins Polyaminoamide & Intermediates Sulphanilic Acid Bisphenol S Intermediates Chemiclas Keton Formaldehyde Resins & Sulphonamide Formaldehyde Resins Sulpha Bluk Drugs for Export (b) MT MT MT MT MT MT MT MT MT MT MT MT MT 3250 1948 1000 230 30000 1257 900 450 1940 300 200 250 -6600 3750 1215 485 20000 1800 1500 450 1940 400 40 100 --
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1413 5625 2119 -8811 ---325 ---438
GENERAL INFORMATION
No. of Employees : Bankers : 4315 Facilities : Secured loan State Bank of India Bank of Baroda Bank of India UCO Bank Credit Lyonnais Dena Bank Karur Vysya Bank State Bank of Saurashtra ICICI Bank Limited UTI Bank [figures are in Rupees Millions] 31.03.2005 109.526 153.966
Aromatics Unit Bank of Baroda - Term Loan Banks, against hypothecation of inventories and book debts Atul Unit Exim Bank Exim Bank Exim Bank UTI Bank Limited Boiler Loan UTI Bank Limited-Term Loan UTI Bank Limited Foreign Currency Loan Bharat Overseas Bank Limited-Foreign Currency Loan ICICI Bank Limited A Company Cash Credit Working Capital Demand Loam FCNRB (DL)
163.783 0.000 192.000 41.276 71.667 64.539 64.428 6.715 0.000 51.866 41.357 231.875

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Packing Credit Exim Bank-Foreign Currency PCFC loan Infrastructure Leasing and Financial Services Limited Infrastructure Leasing and Financial Services Limited HDFC Bank IDBI Bank Limited Bank of India Demand Loan Housing Development Finance Corporation Limited Housing Development Finance Corporation Limited Housing Development Finance Corporation Limited Housing Development Finance Corporation Limited Housing Development Finance Corporation Limited-Corporate Loan The Karur Vysya Bank Limited- Term Loan The Karur Vysya Bank Limited-Term Loan Infrastructure Leasing and Financial Services Limited Bharat Overseas Bank Limited Bank of India MCBB Bnak of India New York Colors (West) Units Cash Credit Packing Credit Bills Discounting FCNRB (DL) P. P. Site Bank of Baroda Term Loan Bank of Baroda Demand Loan Banks against hypothecation of raw materials, finished and semi finished goods, consumable stores and spares, raw materials in transit, et and book debts Cash Credit Working Capital Demand Loans FCNRB (DL) Packing Credit Grand Total
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130.237 455.335 0.000 100.000 -49.800 50.000 78.925 20.000 40.000
78.235 100.000 118.705 176.875 103.125 70.000 218.750 218.750 2.844 20.000 89.611 87.500 199.955 43.993 10.767 30.057
0.000 70.781 38.470 3140.423
Banking Relations : Auditors :
Good Dalal & Shah

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Chartered Accountants Cost Auditors Associates/Subsidiaries : R. Nanabhoy & Company Chartered Accountants Amal Products Limited Atul - 396 020, Gujarat Tel. No. 91-2632-233663 / 234330 Telefax : 91-2632-233402 / 233619 E Mail : wh.amal@atul.co.in AtRo Limited Atul - 396 020, Gujarat Tel. No. 91-2632-233261 / 331 Telefax : 91-2632-233024 / 233619 Gujarat Synthwood Limited Atul - 396 020, Gujarat Tel. No. 91-2632-233401 / 233654 Telefax : 91-2632-233619 E Mail : w.synthwood@atul.co.in Arvind Mills Limited Arvind Intex Limited Arvind Polycot Limited Arvind Clothing Limited Arvind Cotspin Limited Arvind Fashions Limited Arvind Growel Limited Arvind Overseas Limited Arvind Products Limited Anil Starch Products Limited Amol Dicalite Limited Anup Engineering Limited Anagram Securities Limited Amtrex Appliances Limited Lalbhai Realty Limited
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SUBSIDIARIES Ameer Trading Corporation Limited Anusandhan Investments Sharik Investment Private Limited Atul Americas Inc. Atul Europe Limited
CAPITAL STRUCTURE
Authorised Capital : No. of Shares Type 80,00,000 Cumulative Shares Value Rs. 100/each Amount Rs. 800.000 millions
Redeemable
Preference

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8,00,00,000 Equity Shares TOTAL Issued Capital : No. of Shares Type 2,96,91,780 Equity Shares of Subscribed & Paid-up Capital : No. of Shares Type 2,96,61,733 Equity Shares of Add: Forfeited Shares (amount paid up) TOTAL Rs. 10/- each
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Rs. 800.000 millions Rs. 1600.000 millions Amount Rs. 296.918 millions Amount Rs. 296.617 millions Rs. 0.131 millions Rs. 296.748 millions
Value Rs. 10/- each
Value Rs. 10/- each

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FINANCIAL DATA
[all figures are in Rupees Millions] ABRIDGED BALANCE SHEET SOURCES OF FUNDS SHAREHOLDERS FUNDS 1] Share Capital 2] Share Application Money 3] Reserves & Surplus 4] (Accumulated Losses) NETWORTH LOAN FUNDS 1] Secured Loans 2] Unsecured Loans TOTAL BORROWING DEFERRED TAX LIABILITIES TOTAL APPLICATION OF FUNDS FIXED ASSETS [Net Block] Capital work-in-progress Advance Against Capital Exp. INVESTMENT DEFERREX TAX ASSETS CURRENT ASSETS, LOANS & ADVANCES Inventories Sundry Debtors Cash & Bank Balances Other Current Assets Loans & Advances Total Current Assets Less : CURRENT LIABILITIES & PROVISIONS Current Liabilities Provisions Total Current Liabilities Net Current Assets MISCELLANEOUS EXPENSES TOTAL 2322.965 122.354 44.378 690.296 0.000 1712.215 2026.313 142.506 7.524 625.276 4513.834 1580.926 313.082 1894.008 2619.826 0.000 5799.819 2595.769 120.793 43.863 240.287 0.000 1631.847 1861.366 106.916 13.831 767.106 4381.066 1343.135 179.633 1522.768 2858.298 358.618 6217.628 2277.776 94.889 62.568 223.844 0.000 1837.041 1749.729 87.488 13.578 745.362 4433.198 1226.847 228.519 1455.366 2977.832 333.830 5970.739 31.03.2005 31.03.2004 31.03.2003
296.748 0.000 1704.363 0.000 2001.111 3140.423 414.361 3554.784 243.924 5799.819
296.748 0.000 2555.737 0.000 2852.485 2700.437 303.205 3003.642 361.501 6217.628
296.748 0.0000 2572.418 0.000 2869.166 2408.670 377.756 2786.426 315.147 5970.739

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PROFIT & LOSS ACCOUNT PARTICULARS Sales Turnover [including other income] Profit/(Loss) Before Tax Provision for Taxation Profit/(Loss) After Tax Export Value Import Value Total Expenditure 31.03.2005 7101.167 187.681 25.070 162.611 3408.554 939.327 6913.486 QUARTERLY RESULTS PARTICULARS 30.06.2005 [1st Quarter] 1798.300 111.800 1910.100 1718.400 191.700 67.200 124.500 71.300 (7.300) 60.500 30.09.2005 [2nd Quarter] 1964.700 47.800 2012.500 1828.900 183.600 71.800 111.800 63.300 0.900 47.600 31.03.2004 6035.857 69.488 46.874 22.614 2875.125 1025.145 5966.369
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31.03.2003 6186.542 389.434 48.890 340.544 2919.863 521.622 6184.365
31.12.2005 ( 3rd Quarter) 2340.600 696.500 3037.100 2132.200 904.900 81.200 823.700 71.200 06.600 779.700
Sales Turnover Other Income Total Income Total Expenditure Operating Profit Interest Gross Profit Depreciation Tax Reported PAT 1st Quarter:
200506 Quarter 1 : Gross Sales includes Gross Sales Rs 1867.90 million Other Operating Income Rs 33.60 million Expenditure includes (Increase)/Decrease in stock in Trade Rs (9.60) million Consumption of Raw Material Rs 972.30 million Staff Cost Rs 184.00 million Power Fuel & Water Rs 202.80 million Manufacturing Expenses Rs 136.10 million Others Rs 232.80 million Status of Investor Complaints for the quarter ended June 30, 2005 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 01 Complaints disposed off during the quarter 01 Complaints unresolved at the end of the quarter Nil 1. The above results were reviewed by the audit committee and approved by the Board of Directors at the meeting held on July 22, 2005. 2. The Statutory auditors have carried out a Limited Review of the financial results for the quarter ended June 30, 2005. 3. The above results include the following non-recurring / exceptional items : The other income for the quarter ended June 30, 2005 includes Rs 107.30 million being profit on sale of trade investments and the other expenditure for the same quarter includes Rs 80 million being provision made for dues receivable from an associated company. 4. The provision for taxation for the current quarter ended June 30, 2005 represents Deferred Tax asset net of Fringe Benefit Tax. 5. Previous years figures have been regrouped wherever necessary 2nd Quarter :

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Gross Sales includes Gross Sales Rs 2090.70 million Other Operating Income Rs 34.10 million Expenditure includes (Increase)/Decrease in stock in Trade Rs (86.50) million Consumption of Raw Material Rs 1096.50 million Staff Cost Rs 179.80 million Power Fuel & Water Rs 247.70 million Manufacturing Expenses Rs 205.30 million Others Rs 186.10 million Status of Investor Complaints for the quarter ended September 30, 2005 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 02 Complaints disposed off during the quarter 02 Complaints unresolved at the end of the quarter Nil 1. The above results were reviewed by the audit committee and approved by the Board of Directors at the meeting held on October 28, 2005. 2. The Statutory auditors have carried out a Limited Review of the financial results for the quarter ended September 30, 2005. 3. The above results include the following non-recurring / exceptional items : The other income for the quarter ended September 30, 2005 includes Rs 107.30 million being profit on sale of trade investments and the other expenditure for the same quarter includes Rs 80 million being provision made for dues receivable from an associated company. 4. Previous years figures have been regrouped wherever necessary 3rd Quarter : Status of Investor Complaints for the quarter ended December 31, 2005 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 10 Complaints disposed off during the quarter 10 Complaints unresolved at the end of the quarter Nil 1 During this quarter, the Company has changed its accounting policy in respect of accounting of payments under the Voluntary Retirement Scheme by writing off the entire expenditure in the year of payment as against its earlier policy of amortising the same over a period of three years. Accordingly, proportionate amount deferred for the six months period ended September 30, 2005 and subsequent payments have been written off during the quarter ended December 31, 2005. Consequently the charge to the profit and loss account is higher by Rs 83.30 million (treated as exceptional item). 2. Previous years figures have been regrouped / re-stated wherever necessary. 3. The above results were reviewed by the audit committee and approved by the Board of Directors at the meeting held on January 27, 2006. 4. The Statutory Auditors have carried out a limited review of the financial results for the 9 months ended December 31, 2005. KEY RATIOS PARTICULARS Debt Equity Ratio Long Term Debt Equity Ratio Current Ratio TURNOVER RATIOS Fixed Assets Inventory Debtors Interest Cover Ratio Operating Profit Margin (% ) Profit Before Interest and Tax Margin (% ) Cash Profit Margin (% ) Adjusted Net Profit Margin (% ) Return on Capital Employed (% ) Return on Net Worth (% ) STOCK PRICES Face Value Rs. 10.00 31.03.2005 1.39 1.13 1.68 1.14 4.42 3.81 1.72 9.11 5.41 5.66 1.96 7.34 6.17 31.03.2004 1.04 0.72 1.60 1.01 3.57 3.42 1.29 9.34 4.92 4.78 0.37 5.71 0.81 31.03.2003 1.15 0.79 1.69 1.10 3.57 3.59 2.05 16.47 12.15 9.77 5.45 14.38 12.83

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High Low Rs. 122.00 Rs. 120.00
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LOCAL AGENCY FURTHER INFORMATION

HISTORY The company was incorporated on 5th September 1947 at Ahmedabad in Gujarat under the name and style of Atul Products Limited having Company Registration Number 2859 and subsequently the name of the company was changed to the present. Subject was set up by Mr. Kasturbhai Lalbhai as a related diversification and commenced the manufacture of dyes and dye intermediates, agro-chemicals, aromatics like para-anisaldehyde, epoxy resins and pharma intermediates in 1947 at Valsad In 1988-89 Gujarat Aromatics was merged with the company. Subject has promoted two manufacturing companies, namely Atic Industries in 1956 and Cibatul in 1960. Atic industries which was promoted in collaboration with ICI, UK manufactures Vat and other dyes and sulphuric acid. While the Cibatul which was promoted in collaboration with Ciba-Geigy, manufactures sulphur drug intermediates, resins and auxiliaries. In 1985, the company transferred its investments in Atic and Cibatul to a wholly owned subsidiary, Ameer Trading Corporation and later in 1995-96 this Atic Industries was integrated with the company. In 1986, the company took over the management of Piramal Rasayan through its 100% subsidiary and subsequently changed the name of the company to Amal Rasayan. Subject has also promoted Gujarat Synthwood to manufacture PVC Foam sheets. In 1995, the company commissioned para-cresidine and para anisicaldehde manufacturing plants. In 1995-96, the company was implementing a project to manufacture non-benzidine dyestuffs with a capacity of 1700 tpa and the company has commissioned the project for manufacture of para cresol in 1997-98. In 1996-97, the company issued 50,000 14% cumulative redeemable preference shares of Rs. 100/- each amounting to Rs. 5 millions. Subject has been accredited with ISO 9002 certification for agro chemicals and pharmaceuticals division from TUV Bayern, Germany in 1996-97. In 2000-01, the company has initiated the plan of installation of third fluidised boiler in order to become self reliant in captive power generation. Subject is a part of Lalbhai Group manufacturing a wide range of chemicals, dyes, dye intermediates and pigments alongwith agrochemical, and pharmaceuticals. The group has grown from one textile mill in 1908 to become an international business conglomerate today. Currently, the group has strong presence in textiles, chemicals, engineering, finance, white goods and real estate. 1947 The Atul Products Ltd incorporated. Lederle Laboratories (India) Ltd incorporated

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1952 Sulphur Black and acid / direct dyes plants inaugurated by Jawaharlal Nehru, the then Prime Minister of India. Two 11 t/h Coal Fired Steam Generating System commissioned (replaced by high pressure Steam Generating System in 1990). 1 MW Steam Turbine Set commissioned (replaced by 2.5 MW Back Pressure Steam Turbine for co-generation in 1977). 477000 m3 Weir No. 1 near Atul in River Par commissioned. 1955 Atic Industries Ltd incorporated 1956 Vat dyes plant commissioned. 11 t/h Coal Fired Steam Generating System commissioned (replaced by High Pressure Steam Generating System in 1990). 4 MW Steam Turbine commissioned 1959 Vat dyes plant expanded. 1960 Sulphuric acid and oleum plant commissioned. Cibatul Ltd incorporated. 1961 1364000 m3 Weir No. 2 near Panchalai, in River Par commissioned. 1962 Lederle Laboratories (India) Ltd renamed Cyanamid India Ltd. 1963 BON acid plant commissioned. 1964 Chlor-alkali (mercury cell) plant commissioned. 1965 Chlorosulphonic acid plant commissioned. Dicalcium phosphate plant commissioned. Naphthalene intermediates plant commissioned. Vat dye intermediates plant commissioned. 1966 Urea formaldehyde plant commissioned. Sulpha drug intermediates plant commissioned. Two 34 t/h Oil Fired Steam Generating System commissioned. 1968 Fast colour bases plant commissioned. Epoxy resin plant commissioned.

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Two 10 t/h Oil Fired Steam Generating System commissioned. 1969 Reactive dyes plant commissioned. 1970 Anthraquinone plant commissioned. Vat dyes plant expanded. Phosgene plant commissioned. 1972 Formaldehyde plant commissioned. 1974 Aluminium chloride plant commissioned. Anthraquinone disperse dyes plant commissioned. Azo disperse dyes plant commissioned 1976 Beta naphthol plant commissioned
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1978 Vat dyes plant expanded. Two 18 t/h Coal Fired Steam Generating System with 2 MW Back Pressure Turbine set for co-generation commissioned. 1980 Reactive dyes plant expanded. Reactive dye intermediates plant commissioned. Sulphuric acid and oleum plant commissioned. 1982 Central effluent treatment plant for Atul complex commissioned. 1985 Monochlorobenzene plant commissioned. The Atul Products Ltd and Gujarat Aromatics Ltd (Cresols) merged. The Atul Products Ltd gained management control of Amal Rasayan Ltd. 1200 kVA D G Set commissioned. 1986 8 t/h Coal Fired Steam Generating System commissioned 1987 Diuron plant commissioned. 1988 Disperse dye-intermediates plant commissioned. Sulphur dyes plant commissioned. The Atul Products Ltd renamed Atul Products Ltd. 2500 m3/d Effluent Treatment Plant commissioned. 1989

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Multi-purpose pilot plant commissioned.
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1990 Beta naphthol plant capacity enhanced. Sulphuric acid plant capacity enhanced. Two 34 t/h Coal Fired High Pressure Steam Generating System commissioned. 5 MW Extraction cum Back Pressure Steam Turbine set for co-generation commissioned. 1991 Dicalcium phosphate plant capacity enhanced. Hazardous Waste Incinerator for solid/liquid Phase-I commissioned. 1992 Upgraded effluent treatment facilities commissioned. 9600 m3/d Effluent Treatment plant commissioned. 1993 Chlor-alkali (membrane cell) plant commissioned. New acid/direct dyes plant (phase 1) commissioned. Sulphur Black plant capacity enhanced. 1994 BON acid plant capacity enhanced Dinitrochlorobenzene plant capacity enhanced Diuron plant upgraded Vat dyes capacity enhanced 1995 Chlorosulphonic acid plant capacity enhanced. New acid/direct dyes plant (phase 2) commissioned. Atul Products Ltd restructured into business units. Atic Industries Ltd merged into Atul Products Ltd. Para anisic aldehyde plant commissioned. 45 t/h Coal Fired Steam Generating System with 5.6 MW Back Pressure Steam Turbine Set for co-generation commissioned. 1996 Amal Rasayan Ltd renamed Amal Products Ltd. Atul Products Ltd renamed Atul Ltd. Herbicides capacity enhanced. Hazardous Waste Incinerator for liquid Phase-II commissioned. 1997 H-acid plant of Amal Products Ltd commissioned. Agrochemicals business of Cyanamid India Ltd spun off to form Cyanamid Agro Ltd. Cyanamid India renamed Wyeth Lederle Laboratories Ltd. 4 kilometre pipeline laid for discharge of treated effluent. 1998 Para cresol capacity enhanced. 18 MW Steam Turbine set commissioned. 1999 Herbicides capacity enhanced.

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AtRo Ltd incorporated. Cibatul Ltd merged into Atul Ltd. BUSINESS
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The company is engaged in the manufacturing of Dyestuff Chemicals, Drugs and Pharmaceuticals, Cresol, Sodium Sulphite, Sodium Sulphate, Soda Ash, Gypsum, Resorcinol, Aslurry, Spent Acid, Dinitro Diphenye, Sulfone, Metanilic Acid, Heavy Duty Break Fluid, Para Cand Panisaldehyde. The company has introduced new speciality intermediates having technological superiority. Its' research and development department is engaged in developing processes for speciality products catering to domestic and international customers. The Generic Names of the Principal Products / Services of company (As per monetary terms) are as under: Item Code No (ITC Code) 3204.00 291200 390730.09 Product Description Synthetic Organic Colouring Matter Para Anisic Aldehyde Epoxy Resins
The company has joint ventures with the following : Agrimore Limited Atul - 396 020, Gujarat Tel. No.: 91-2632-233713 / 484 / 575 Cynamid Agro Limited Nyloc House, 254 / D-2, Dr. Annie Besant Road, Mumbai, Maharashtra Tel. No.: 91-22-2493 5211 Telefax: 91-22-2495 0237 Wyeth Lederle Limited Nyloc House, 254 / D-2, Dr. Annie Besant Road, Mumbai, Maharashtra Tel. No.: 91-22-2493 5211 Telefax: 91-22-2495 0237
The company operates through six business divisions at its Atul and Ankleshwar sites and a global network of associates and subsidiaries. Profitability The Company recovered during the year from the decline in profitability during 2003-04, mainly buoyed by higher sales (growth of 20% ). The operations continued to be hit by a meteoric rise in key raw material prices, lower export incentive and a weak dollar. Though the gross margins stagnated or dipped, PBDT (profit before depreciation and tax) improved from Rs.342.300 millions to Rs.461.500 millions and PBT (profit before tax) recorded a notable rise from Rs.69.500 millions to Rs.187.700 millions. Outlook It is expected that we will be able to increase our sales during 05-06 due to increase in the domestic demand, coupled with higher sales in the hitherto unexplored geographical areas

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abroad. Review of Operations
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The net sales and inter divisional transfers of the Agrochemicals Division grew by 27% as against the previous year. Sales in the domestic market recorded a substantial growth of 47% . Own channel of distribution was established for the first time in North India and sales of branded products have already reached a turnover of Rs.10 crores in first year. Three new products were launched during the year and market penetration for these in the domestic market would be the focus for next year. Gross margin was under severe pressure due to a sharp increase in the prices of key raw materials. The net sales of the Aromatics Division grew by 27% during the year. The growth mostly came from sales of para cresol in the antioxidant market, and also from para anisic aldehyde for the sunscreen and F&F industries. The Division has become the preferred supplier for perfumery grade products to the major F&F companies. The Division faced unprecedented price increase in all the raw materials. The consequent increase in the cost could not be passed on to the customers in view of competitive pressure. Improvement in various operational parameters could not nullify the steep increase in the cost which resulted in decline in the operating margin. The Division has commissioned a 10,000 tpa para cresol plant and has been able to achieve and even surpass the targeted raw materials and energy norms. With this large capacity and competitive cost structure, the Division is making strong inroads in the antioxidant markets. The para anisic aldehyde capacity has also been increased to 6000 tpa, and the plant has been modernised with a distributed control system. With this, the Division has strengthened its competitive position further. The total turnover of Bulk Chemicals & Intermediates Division including internal transfers and captive consumption grew by 30% as compared to the previous year. The value of bulk chemicals and intermediates increased by 32% and 19% respectively. The main reason for higher turnover was higher price realization for bulk chemicals and increased volume of intermediates. The gross margin improved substantially due to higher price realization. The Pharma Intermediates Division achieved a sales growth of 26% over the previous year and the gross margin maintained at previous year level. Revival in global aerospace and other user industries resulted in improved demand for some products. This growth is expected to continue over the next year. Epoxy - The Division was able to increase exports of Epoxies. This was achieved by establishing tailormade products and close interactions with the customers to understand and fulfill their requirements. Incorporation of Atul Deutschland has helped achieve significant growth of Lapox in the European market. In the domestic market the Company has been able to achieve satisfactory growth in sales of curing agents for Epoxies. The margin as a percentage of sales was maintained. The overall profits from Epoxy business have increased. The volumes of formaldehyde dropped significantly due to price pressure. This has resulted in lower contribution and profits from this business. ISO Certification Subject have received the following quality system certifications Division Agrochemicals Certifying Authority TUV Management Certification and Standard Certified that the quality management system relating to design, development and

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Service GmbH Aromatics KPMG Peat Marwick LLP
PAGE NO. :
manufacture of phenoxy herbicides, urea herbicides and carbamate pesticides is in accordance with ISO 9001 Certified that the quality management system relating to design, development, manufacture and supply of para cresol and its co-products, para anisic aldehyde, para cresidine and their down stream products is in accordance with ISO 9001 Certified that the quality management system relating to manufacture and marketing of dye intermediates, pigment intermediates and speciality chemicals is in accordance with ISO 9002 Certified that the quality management system relating to design, development, manufacture and sale of vat dyes, reactive dyes, disperse dyes, sulphur dyes, acid dyes, direct dyes, azoic dyes and fluorescent brightening agents, manufactured and marketed under registered trade name is in accordance with ISO 9001 Certified that the quality management system relating to process development, production and supply of Dapsone IP/BP 3,3' and 4,4'-Diamino diphenyl sulphone is in accordance with ISO 9001 Certified that the quality management system relating to production and supply of urea formaldehyde resins is in accordance with ISO 9002 Certified that environment management system relating to manufacture and supply of Agrochemicals & pesticides, Bulk Chemicals, & Intermediates, Semi-specialty chemicals, Pharmaceuticals & fine chemicals, Polymers along with facilities of Infrastructure and Research unit is in accordance with ISO 14001: 1996
Bulk Chemicals and Intermediates
TUV Management Service GmbH KPMG Peat Marwick LLP
Colors
Pharmaceuticals and Intermediates
Bureau Veritas Quality International Bureau Veritas Quality International Bureau Veritas Quality International
Polymers
ISO 14001 Certification: Agrochemicals, Bulk Pharmaceuticals & Intermediates, Polymers, Infrastructure, Research Chemicals and Intermediates
Awards Awards Received for Export Awards First Export Award for Dyes and Intermediates from Basic Chemicals, Pharmaceuticals and Cosmetics Export Promotion Council, Government of India Year 1970-71 1975-76 1976-77 1977-78 1987-88 1972-73 1992-93
Second Export Award for Dyes and Intermediates from Basic Chemicals, Pharmaceuticals and Cosmetics Export Promotion Council, Government

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of India Trishul Award for export performance under Large Scale category from Basic Chemicals, Pharmaceuticals and Cosmetics Export Promotion Council, Government of India National Award for Import Substitution for Para Cresol from Ministry of Industry, Government of India Award for outstanding export Promotion by Indian Chemical Manufacturers Association Award for building up mighty complex of dyestuffs and chemicals from Dyestuffs Manufacturers Association of India Best Export Award from Government of Gujarat Gujarat State Export Award
PAGE NO. :
1993-94 1989-90 1992-93 1989-90 1974 1976 1980 1981 1978-79 1989-90 1990-91 1991-92 1974 1988-89 1977-78 1992-93
Certification of Merit for outstanding performance in export of Dyes and Dye Intermediates from Government of India Certification of Merit for Outstanding Export Performance from Government of Gujarat Certification of Merit for outstanding export performance - Merchant Export Panel from Basic Chemicals, Pharmaceuticals and Cosmetics Export Promotion Council, Government of India Citation for export performance from Basic Chemicals, Pharmaceuticals and Cosmetics Export Promotion Council, Government of India Certification of Merit for performance in Export of dyes in Large Scale sector from Dyestuffs Manufacturers Association of India Awards Received for Safety, Health and Environment Awards Award from National Safety Council of India for Longest Accident-free Period (> 4 million man hours) Award from National Safety Council of India for Longest Accident-free Period (> 2 million man hours) Award from National Safety Council of India for Longest Accident-free Period (> 1 million man hours)
1993-94 1993-94
Year 1975 1981 1982 1989 1991 1973 1974 1976

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PAGE NO. :
1980 1988
Award from National Safety Council of India for achieving lowest Injury Frequency Rate Award from National Safety Council of India for highest percentage reduction in Injury Frequency Rate Award from Gujarat Safety Council for Lowest Disabling Injury Index
1975 1982 1973 1975 1977 1984 1986 1987 1988 1989 1990 1991 1992 1993-94 1993-94 1994-95 1982 1991 1983 1984 1992 1995-96 1993-94 1997-98
Award from Gujarat Safety Council for Longest Accident-free Period (> 3 million man hours) Award from Gujarat Safety Council for Longest Accident-free Period (> 2 million man hours) Award from Gujarat Safety Council for for Longest Accident-free Period (> 1 million man hours)
Award from Federation of Gujarat Mills and Industries, Baroda for Environment Preservation and Pollution Control Good House Keeping Trophy (First Rank in Pharmaceuticals and Chemicals category) from Baroda Productivity Council Awards Received for Energy Conservation Awards Jawaharlal Nehru Award for Energy Conservation and Pollution Control from International Greenland Society National Energy Conservation Award-Second Prize in Chemical Sector from Ministry of Power, Government of India Award for Excellence in Energy Conservation from Federation of Gujarat Industries National Energy Conservation Award-Certificate of Merit in Chemical Sector from Ministry of Power, Government of India
Year 1993 1994 1995 1996 1997 1998

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Award for Excellence in Energy Conservation and Management from Indian Chemical Manufacturers Association
PAGE NO. :
1998
The company imports raw materials, trading goods and capital goods from Germany, U.K., and USA against L/C, D/A or D/P terms. The companys fixed assets of important value include land, buildings, roads, tubewells & pump house, plant & machinery, railway siding, laboratory equipment, equipment furniture & dead stock, office equipment, vehicles and research & development building and machinery. DIVIDEND: The Directors of the Company recommend payment of dividend of Rs.2 per share on 2,96,61,733 Equity Shares of Rs.10 each fully paid up as on April 1, 2004. PROFITABILITY: The Company recovered during the year from the decline in profitability during 2003-04, mainly buoyed by higher sales (growth of 20% ). The operations continued to be hit by a meteoric rise in key raw material prices, lower export incentive and a weak dollar. Though the gross margins stagnated or dipped, PBDT (profit before depreciation and tax) improved from Rs.342.300 Millions to Rs.461.500 Millions and PBT (profit before tax) recorded a notable rise from Rs.69.500 Millions to Rs.187.700 Millions. FINANCE: The interest and finance charges (net) for the year was Rs.217.900 Millions compared to Rs.215.700 Millions during the previous year - an increase of 1.02% as compared to revenue growth of 17.75% . The net interest to sales ratio, as a result further came down to 3.1% from 3.6% last year. The year witnessed a sharp increase in the benchmark interest rates - Libor and 5 year government securities yields - of almost 2% on year on year basis. The Company has however contained the increase to 0.31% on the outstanding loans. This was done by swapping most of the floating rate loans into fixed rate loans, since the interest rate outlook for the maturity profile of the loans was slated upwards. The Company has also raised the proportion of foreign currency loans, given their lower interest rates and the natural hedge afforded by export receivables which constitute more than half its sales. Further efforts are on to shrink the interest costs as a of sales by better working capital norms and utilization of assets. Loans borrowed have been used for the purpose for which they have been sanctioned by the respective banks or financial institutions. The Company takes forward contracts and uses other basic derivative products from time to time as permitted by RBI to cover its imports and exports. These are purely based on the actual exposure or likely future anticipated export receivables, but never in the nature of speculation. The net effect of these is accounted as per the guidelines of the Institute of Chartered Accountants of India. The Board wishes to thank the Banks and Financial institutions for their continued support in meeting various long term, short term and emerging credit needs. INSURANCE:

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PAGE NO. :
The Company has taken adequate insurance to cover the risks to its assets, profits, employees and third parties based on risk study.

MIRA INFORM
ATUL LTD.DOC 24
PAGE NO. :
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. 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. Asset Declaration : No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction. Record on Financial Crime : Charges or conviction registered against subject: Records on Violation of Anti-Corruption Laws : Charges or investigation registered against subject: Records on Intl Anti-Money Laundering Laws/Standards : Charges or investigation registered against subject: 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. 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. 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. Press Report : None
2]
3]
4] 5] None 6] None 7]
8]
9]
10]

MIRA INFORM
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No press reports / filings exists on the subject.
PAGE NO. :
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 companys 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 US Dollar UK Pound Euro Unit 1 1 1 Indian Rupees Rs. 44.42 Rs. 78.01 Rs. 54.05
SCORE & RATING EXPLANATIONS

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

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ATUL LTD.DOC 26
--OTHER MERIT FACTORS TOTAL YES/NO
PAGE NO. :
YES 69
This score serves as a reference to assess SCs credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through % ) are as follows:
Financial condition (40%) Credit history (10%) Ownership background (20%) Market trend (10%) Payment record (10%) Operational size (10%)

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RATING >86 71-85 56-70 41-55 26-40 11-25 <10 Aaa Aa A Ba B Ca C STATUS
Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums Overall operation is considered normal. Capable to meet normal commitments. Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal. Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity Absolute credit risk exists. Caution needed to be exercised
PAGE NO. :
PROPOSED CREDIT LINE Unlimited Large Fairly Large Satisfactory Small Limited with full security Credit not recommended
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

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