MIRA INFORM REPORT

Report Date :

13.07.2007

IDENTIFICATION DETAILS

Name :	MAHARASHTRA AGRO INDUSTRIAL DEVELOPMENT CORPORATION LIMITED
Registered Office :	Rajan House, 3^rd Floor, Prabhadevi, Mumbai-400025, Maharashtra
Country :	India
Financials (as on) :	31.03.2004
Date of Incorporation :	15.12.1965
Com. Reg. No.:	11-13380
CIN No.: [Company Identification No.]	U05000MH1965PLC013380
TAN No.: [Tax Deduction & Collection Account No.]	PNEM08471B
PAN No.: [Permanent Account No.]	AAACT1546M
Legal Form :	Closely held public limited liability company
Line of Business :	Manufacturers of granulated mixed fertilizer (NPK) in various proportions.

RATING & COMMENTS

MIRA’s Rating :

A

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

Maximum Credit Limit :	USD 2500000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. Company’s profitability is improving. The company can be considered normal for business dealings at usual trade terms and conditions. Company’s latest financials could not be available from any of the sources.

LOCATIONS

Registered Office :	Rajan House, 3^rd Floor, Prabhadevi, Mumbai-400025, Maharashtra, India
Tel. No.:	91-22-24300823/ 24308211
Fax No.:	91-22-24308618
E-Mail :	maidc@vsnl.com
Fetilizer Factories :	The M.A.I.D.C.Limited, Fertilizer Factory Jalna, C-51, MIDC Industrial Estate, Jalna - 431 203. Tel. No.: 91-952482- 220722 ,91-952482- 221549 The M.A.I.D.C.Limited, Fertilizer Factory Kolhapur, C-19, MIDC Industrial Estate, Gokul Shirgaon, Tal.Karveer, Dist.Kolhapur. Tel. No.: 91-95231- 2671064, 91-95231- 2672637 The M.A.I.D.C.Limited, Fertilizer Factory Nanded, MIDC, Deglur Road, Nanded - 431 601. Tel. No.: 91-952462- 226503, 91-952462- 226010, 91-952462- 223245 The M.A.I.D.C.Limited, Fertilizer Factory Pachora, Bhadgaon Road, Pachora, Dist.Jalgaon- 424 201 Tel. No.: 91-952596- 245209, 91-952596- 245198 The M.A.I.D.C.Limited, Fertilizer Factory Wardha, MIDC Industrial Estate, Plot No-F-1/F-2, Wardha - 442 001. Tel. No.: 91-957152- 260515, 91-957152- 260433 The M.A.I.D.C.Limited, Fertilizer Factory Rasayani, Tal.Panvel, Dist.Raigad. Rasayani- 410 207. Tel. No.: 91-952192- 250250, 91-952192- 250439
Noga Factory :	The M.A.I.D.C.Limited, Noga Factory Nagpur.Motibag, Nagpur- 444 204. Tel. No.: 91-95712- 2553137, 91-95712- 2534728
Agro Engineering Factory :	The M.A.I.D.C.Limited, Agril.Engg.Work.Chinchwad. MIDC Industrial Estate, Plot No.2D-52, Chinchwad, Pune-411 019. Tel. No.: 91-9520- 27472756, 91-9520- 27475251, 91-9520- 27488043
Animal Feed Factories :	The M.A.I.D.C.Limited, Sugras Factory Chinchwad.MIDC Industrial Estate, Plot No-D-11/52, Chinchwad, Pune-411 019. Tel. No.: 91-9520- 27473552 , 91-9520- 27472502 The M.A.I.D.C.Limited, Sugras Factory Yeotmal, Tilakwadi, Datta Chowk, Yeotmal - 445 001. Tel. No.: 91-957232- 244674, 91-957232- 244724
Regional Offices :	Located at : v Akola v Amravati v Aurangabad v Chandrapur v Jalgaon v Kolhapur v Nagpur v Nanded v Nashik v Osmanabad v Pune v Ratnagiri v Thane

DIRECTORS

Name :	Mr. Rohidas Patil
Designation :	Chairman
Name :	Mr. Raj Kumar Zutshi
Designation :	Managing Director
Name :	Mr. Surinhrao Jotijai
Designation :	Director
Name :	Mr. Jageshwar S Saharia
Designation :	Principal Secretary (Agriculture) & Director,
Address :	11, Yashodhan, Churchgate, Mumbai-400020, Maharashtra
Date of Birth/Age :	16.07.1954
Date of Appointment :	10.11.2004
Name :	Dr. Sudhir Kumar R Goel
Designation :	A6, Maval Flat, Moledina Road, Pune Camp, Pune-411001, Maharashtra
Address :	13.06.1955
Date of Appointment :	10.11.2004
Name :	Mr. Raindra Patil
Designation :	Director
Name :	Mr. Sopanrao Kanchan
Designation :	Director
Name :	Mr. Vilasrao Kale
Designation :	Director
Name :	Mr. Vilasrao Gundewar
Designation :	Director
Name :	Mr. Govindrao Pawar
Designation :	Director
Name :	Mr. Shamkant Saner
Designation :	Director
Name :	Mr. Babasaheb Thorat
Designation :	Hon'ble Minister (Agriculture) and Chairman,
Address :	Landsend House, Malbar Hill, Mumbai-400006, Maharashtra
Date of Appointment :	10.11.2004
Name :	Dr. Anupam H Barik
Designation :	Director, Cotton Development Deptt., & Director
Address :	CGO Colony, Sector 6, Building No.192, R N 2043, Antop Hill, Wadala, Mumbai-400037, Maharashtra
Date of Birth/Age :	27.08.1960
Date of Appointment :	10.11.2004
Name :	Shri Ranajagjitsinha Padamsinha Patil,
Designation :	Hon'ble State Minister for Agriculture & Director
Address :	A-1, Conought House, Opposite Post Office, Colaba, Mumbai
Date of Birth/Age :	30.10.1971
Date of Appointment :	10.11.2004
Name :	Dr. Pradeep Vyas
Designation :	Managing Director
Address :	302, Asawari, Churchgate, Mumbai
Name :	Mr. Harshvardhan M Gajbhiye
Designation :	Director
Address :	A 1301, Pataliputra, Near Char Banglow, Andheri (West), Mumbai-400053, Maharashtra
Date of Birth/Age :	23.04.1945
Date of Appointment :	23.04.2003

KEY EXECUTIVES

Name :	Shri M . V. Parkar
Designation :	General Manager (Administration)
Address :	The M.A.I.D.C.Limited, Rajan House, 3rd Floor, Prabhadevi, Mumbai -400025.
Name :	Shri M. S. Babar
Designation :	Dy General Manager (Agro Engineering)
Address :	The M.A.I.D.C.Limited, Rajan House, 3rd Floor, Prabhadevi, Mumbai -400025.
Name :	Shri K. R. Mohite
Designation :	Dy General Manager (Fertilizer)
Address :	The M.A.I.D.C.Limited, Sub.Regional Office, Krushiudyog Bhavan, Dinkarrao Desai Marg., Aarey Milk Colony, Goregaon (E), Mumbai-400 065.
Name :	Shri S. S. Dake
Designation :	Manager (Pesticide)
Address :	The M.A.I.D.C.Limited, Sub.Regional Office, Krushiudyog Bhavan, Dinkarrao Desai Marg., Aarey Milk Colony, Goregaon (E), Mumbai-400 065.
Name :	Shri P. S. N. Murthy
Designation :	Dy General Manager (Animal Feed)
Address :	The M.A.I.D.C.Limited, Sub.Regional Office, Krushiudyog Bhavan, Dinkarrao Desai Marg., Aarey Milk Colony, Goregaon (E), Mumbai-400 065.
Name :	Shri A. M. Pandey
Designation :	Dy General Manager (Project)
Address :	The M.A.I.D.C.Limited, Rajan House, 3rd Floor, Prabhadevi, Mumbai -400025.
Name :	Shri M. V. Parkar
Designation :	Dy General Manager (Finance & Accounts)
Address :	The M.A.I.D.C.Limited, Sub.Regional Office, Krushiudyog Bhavan, Dinkarrao Desai Marg., Aarey Milk Colony, Goregaon (E), Mumbai-400 065.
Name :	Shri. M. P. Hardas
Designation :	Dy General Manager (Final Accounts)
Address :	The M.A.I.D.C.Limited, Sub.Regional Office, Krushiudyog Bhavan, Dinkarrao Desai Marg., Aarey Milk Colony, Goregaon (E), Mumbai-400 065.

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Governor of Maharashtra	299995
President of India	250000
Mr. Jageshwar Saharia	1
Mr. Sudhirkumar Goel	1
Ms. Sudha V Purandare	1
Mr. Rajmehndraj T Jadhav	1

BUSINESS DETAILS

Line of Business :	Manufacturers of granulated mixed fertilizer (NPK) in various proportions.
Products :	v Granulated Fertilisers v Formulated Pesticides (D.P.) v Agricultural Engineering Products v Animal feed v Processed food

PRODUCTION STATUS

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Animal Feeds	MT		60000	17044
Granulated fertilizers	MT		325000	198183
Singal Super Phosphate	MT		75000	0.00
Agricultural Engineering Products	Nos.		--	919
Processed Fruit Vegetable products and Bottled Drinks	MT		4950	1179

GENERAL INFORMATION

Bankers :

v State Bank of India, Worli (North) Branch, Nirlon House, Mumbai-400025 (Consortium Leader) v Syndicate Bank, Samant Estate, Goregaon (East), Mumbai-400063, Maharashtra v District Central Co-operative Bank, Kolhapur v District Central Co-operative Bank, Beed v District Central Co-operative Bank, Gadchiroli v District Central Co-operative Bank, Raigad v D.C.C. Bank, Bambawade v D.C.C. Bank, Parite v D.C.C. Bank, Ispurli v D.C.C. Bank, Kaij v D.C.C. Bank, Wadsa v D.C.C. Bank, Alibag

Banking Relations :

Satisfactory

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.100/- each	Rs.80.000 millions

Issued Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.100/- each	Rs.60.000 millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares fully paid up to State Government of Maharashtra	Rs.100/- each	Rs.30.000 millions
250000	Equity Shares fully paid up to Government of India	Rs.100/- each	Rs.25.000 millions
	Total		Rs.55.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2004	31.03.2003
SHAREHOLDERS FUNDS
1] Share Capital		55.000	55.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		585.050	581.720
4] (Accumulated Losses)		0.000	0.000
NETWORTH		640.050	636.720
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		640.050	636.720
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		121.553	127.454
Capital work-in-progress		0.000	1.450
INVESTMENT		59.853	41.556
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	807.219	1155.090
	Sundry Debtors	601.094	614.644
	Cash & Bank Balances	217.643	170.730
	Other Current Assets	0.000	0.000
	Loans & Advances	96.214	94.399
Total Current Assets		1722.170	2034.863
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	1259.238	1561.019
	Provisions	23.817	32.346
Total Current Liabilities		1283.055	1593.365
Net Current Assets		439.115	441.498
MISCELLANEOUS EXPENSES		19.529	24.762
TOTAL		640.050	636.720

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2004	31.03.2003
Sales Turnover		3378.913	3382.241
Other Income		671.903	1022.160
Total Income		4050.816	4304.401
Profit/(Loss) Before Tax		(1.087)	(23.140)
Provision for Taxation		0.525	0.000
Profit/(Loss) After Tax		(1.612)	(23.140)
Expenditures :
	Opening Stock	942.664	994.657
	Manufacturing Expenses	264.085	249.293
	Raw Material Consumed	1151.012	962.895
	Purchases made for re-sale	1478.498	1884.643
	Salaries, Wages, Bonus, etc.	207.837	210.773
	Interest	0.204	0.707
	Depreciation & Amortization	9.560	9.812
	Other Expenditure	7.786	7.377
Total Expenditure		4061.648	4320.160

KEY RATIOS

PARTICULARS		31.03.2004	31.03.2003
PAT / Total Income	(%)	(0.03)	(0.54)
Net Profit Margin (PBT/Sales)	(%)	(0.03)	(0.54)
Return on Total Assets (PBT/Total Assets}	(%)	(0.06)	(1.07)
Return on Investment (ROI) (PBT/Networth)		0.00	(0.04)
Debt Equity Ratio (Total Liability/Networth)		2.00	2.50
Current Ratio (Current Asset/Current Liability)		1.34	1.28

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets :

v Leasehold Land

v Freehold Land

v Buildings on lease hold and Free hold land

v Plant and machinery

v Furniture and fixtures

v Vehicles

v Live stock

v Assets financed out of capital grant :

v Plant and machinery

v Furniture and fixtures

v Assets under construction

Contingent Liability not provided for :

v Estimated amount of contracts remaining to be executed on capital account and not provided for Rs.0.588 millions (Previous year : Rs.0.751 millions)

v Claims against the corporation not acknowledged as debt Rs.54.115 millions (Previous year : Rs.54.115 millions)

v An amount of Rs.0.216 millions (Previous year : Rs.0.216 millions) Is outstanding value of the bond given to Government of India towards the export obligation on packing materials impored against advance licence under Duty Execmption Entitlement Certificates scheme.

v The corporation has preferred appeals against the assessment orders passed by the Assistant Commissioner of Sales tax for the years 1987 and 89 abd 1990-91, 1991-92 and 1993-94 ti 1996-97. the total disputed amount works out to Rs.116.897 millions (Previous year : Rs.116.897 millions)

v Income tax department has preferred appeals against the corporation in respect of claims u/s 80I and Modvat claim for the year 90-91 and 94-95 to 9697. total amount of tax in dispute Rs.41.779 millions (Previous year : Rs.37.781 millions)

v Corporation has filed an appeal with CIT (A) against DCIT’s order dated 14.01.2004 in respect of privilege leave encashment etc. for Rs.1.425 millions

Form 8 Particular for creation or modification of charges

Name of the company

MAHARASHTRA AGRO INDUSTRIES DEVELOPMENT CORPORATION LIMITED

Presented By

JOINTLY BY COMPANY AND CHARGE HOLDER

1) Date and description of instrument creating the change

Dated : 04.01.2005

Working capital consortium agreement

Joint deed of hypothecation

(all the above agreements constitute a single charge)

2) Amount secured by the charge/amount owing on the securities of charge

Total charge for Rs.200.000 millions

(Rs. In millions)

	SBI	Syndicate Bank
Cash Credit	135.000	45.000
Import/ Inland Letter of credit	10.000	0.000
Guarantee limit	10.000	0.000
Total	155.000	45.000

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Hypothecation of the whole of the current assets of the borrower namely, stocks of raw materials, stock in process, semi finished and finished goods, stores and stores and spares not relating to plant and machinery (consumable stores and spares), bills receivable and book debts and all other movables, both present and future whether now lying loose or in cases or which are now lying or stored in or about or shall hereinafter fro time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about of the borrower’s factories, premises and godowns situate at various factories/ depots in the state of Maharashtra or wherever else the same may be or be held by any party ot the order or disposition of the borrower or in the course of transit or on high seas or on order or delivery, howsoever and wheresoever in the possession of the borrower and either by way of substitutuion or addition.

4) Gist of the terms and conditions and extent and operation of the charge.

Terms and conditions as per sanction letter of the bank

5) Name and Address and description of the person entitled to the charge.

State Bank of India, Worli (North) Branch, Nirlon House, Mumbai-400025 (Consortium Leader)

And

Syndicate Bank, Samant Estate, Goregaon (East), Mumbai-400063, Maharashtra

6) Date and brief description of instrument modifying the charge

N.A.

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

N.A.

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	Indian Rupees
US Dollar	1	Rs.40.47
UK Pound	1	Rs.82.08
Euro	1	Rs.55.74

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		57

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

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

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