HDFC Bank Ltd.

ICICI Bank Ltd.

ITC Ltd.

Reliance Industries Ltd.

Tata Motors Ltd.

Gulshan Polyols Ltd. (GPL) was incorporated, to take over the Sorbitol project from Gulshan Sugars & Chemicals Ltd.(GSCL) in terms of scheme of Arrangement/ demerger.

The plant was set-up in 1996 in the State of Gujarat in the parent company i.e. Gulshan Sugars & Chemicals .The plant is equipped with International Quality Equipment and Technology having the largest capacity in India.

The plant is capable to produce Crystalline and Non–crystalline grade of Sorbitol which is a unique feature as compared to other domestic plants. The present installed capacity is 30000 Tones of Sorbitol.

Gulshan Group has diversified interests and is engaged in manufacture of various Industrial Chemicals for Multiple Applications in several companies. The Group was initially engaged in sugar business, which later diversified into the field of Industrial Chemicals. The Group set up its first Indigenous plant to produce ‘Synthetic Fillers’ popularly known as ‘Calcium Carbonate (Caco3) ‘Precipitated and Activated’ in the State of Uttar Pradesh where the high quality Limestone is available in plenty in nearby area.

The Board of Directors of the Gulshan Sugars & Chemicals and Gulshan Polyols at its meeting held on February 14, 2008, has considered the proposal for corporate restructuring involving merger / amalgamation and other related matters. The Board of Directors unanimously approved a proposal for amalgamation / merger of Gulshan Sugars & Chemicals Ltd with Gulshan Polyols Ltd subject to the approval of shareholders, High Court, Stock Exchange and other Regulatory Authorities and compliance of other applicable regulations.

Gulshan Polyols Ltd and Gulshan Sugars & Chemicals Ltd both jointly appointed Price Waterhouse Coopers (PWC) to carry out the valuation exercise and to suggest entitlement ratio upon amalgamation / merger of Gulshan Sugars & Chemicals Ltd with Gulshan Polyols Ltd. PWC have submitted their report to the Board of Directors and recommended the entitlement ratio as under:

The entitlement ratio for Issue of equity shares of Gulshan Polyols Ltd to the shareholders of Gulshan Sugars & Chemicals Ltd as 6:1 i.e. One (Rupees 5/- fully paid up) equity share of Gulshan Polyols Ltd for Six (Rupees 8/- fully paid up) equity shares of Gulshan Sugars & Chemicals Ltd.

The Board of Gulshan Polyols Ltd have accepted and approved the above entitlement ratio subject to the approval of shareholders, Stock Exchange, High Court and compliance of other regulatory and applicable provisions etc.

Product manufactured by the company include:

The Company is engaged in manufacturing of ‘Sorbitol-70%’. Sorbitol, a starch derivative, sweet in taste,  finds wide range application, the major uses in dentrifice, cosmetic, Pharma, Vitamin-C, food products etc.

Company	Market Price	MCAP(Cr)	P/B	P/E	EPS	ROE
GULPOLY	250.95(-0.9%)	1,308	2.3	28.8	23.2	18.7
AVTNPL	90(-1.2%)	1,366	3.2	17.8	27.0	21.5
PARAGMILK	100(-0.7%)	1,172	1.4	17.1	-39.5	-72.0
CLSEL	173.45(-1.8%)	893	1.5	7.6	19.3	17.1
FOODSIN	152.55(-0.4%)	778	2.5	16.5	13.6	9.5
VADILALIND	2565.2(2.3%)	1,847	9.5	25.7	23.3	22.5
DIAMONDYD	811.55(0.8%)	1,935	2.9	95.5	0.7	0.5
ADFFOODS	895.7(2.6%)	1,957	4.6	32.6	18.0	15.3
HERITGFOOD	212.45(4.1%)	1,977	2.7	30.0	21.4	16.4
SKMEGGPROD	182.45(-2.5%)	480	2.5	6.4	7.8	6.6
IFBAGRO	490.65(1.1%)	461	0.9	9.8	15.2	12.4
EIFFL	148.65(-0.0%)	369	5.7	357.9	5.1	2.2
MEGASTAR	299.65(1.3%)	300	6.6	31.2	13.6	16.5
DFMFOODS	461.7(0.0%)	2,321	18.9	0.0	-9.5	-15.5
WATERBASE	70.25(1.4%)	291	1.6	0.0	0.6	0.0

Peer Comparison