MIRA INFORM REPORT

Report Date :

31.10.2007

IDENTIFICATION DETAILS

Name :	P R AGRO NUTRI PRIVATE LIMITED
Registered Office :	Plot No. 1320, House No. 8-3-319/8/9, Yellareddyguda, Hyderabad – 500 073, Andhra Pradesh,
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	29.05.2002
Com. Reg. No.:	01-39042
CIN No.: [Company Identification No.]	U24299AP2002PTC039042
IEC No.:	0902003020
TAN No.: [Tax Deduction & Collection Account No.]	HYDP01315G
PAN No.: [Permanent Account No.]	AACCP5170D
Legal Form :	Private Limited Liability Company
Line of Business :	Importer, Distributor and marketer of water soluble fertilizers.

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 76000
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a well – established company having moderate track. Profit margin is very low. Trade relations are fair. Payments are slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	Plot No. 1320, House No. 8-3-319/8/9, Yellareddyguda, Hyderabad – 500 073, Andhra Pradesh, India
Tel. No.:	91-40-23743192/ 23801288
Fax No.:	91-40-23743192/ 23801299
E-Mail :	pran_hd@yahoo.com, ramaraju@pragro.com
Website :	http://www.pragro.com
Area :	2300 Sq. ft
Location :	Leased
Administrative Office	G –1, Sai Keerthi Towers, H No. 7-1-396/2-8, B K Guda, S R Nagar, Hyderabad – 500 038
Tel. No.:	91-40-23801288
Fax No.:	91-40-23801299
Area :	1550 Sq. fts.
Location :	Leased
Branches :	PUNE : Flat No: 6, Grafikon Paradise, Plot No : 54/55, Survey No : 19/2&20/1, NIBM Road, Kondhwa, Khurd, Pune – 411 048.
Tel. No.:	91-20-26853803,
Mobile No.:	9422003602
Area :	1200 Sq. fts.
Location :	Leased
Branches :	AHMEDABAD: C – 31, Takshila, Premchand Nagar Road, Vastrapur, Ahmedabad – 380 015
Tel. No.:	91-79-6751470
Area :	500 Sq. fts
Location :	Leased
Branches :	LUDHIANA 15 – G, Opposite Police Station, BRS Nagar, Ludhiana
Tel. No.:	91-172-221431
Area :	400 Sq. fts.
Location :	Leased
Branches :	TIRUCHIRAPALLY : 56-B, Tanjore Road, Trichy – 620 008
Tel. No.:	0091-431-2713843/2780371
Mobile No.:	91-9443133784
Area :	600 Sq. fts.
Location :	Leased
Branches :	BELLARY: Door No. 75/C, Ward No. 10, Basha Ginning Complex, Near Kanekal Bus Stand, Bellary – 583 101
Tel. No.:	91-839-279487
Area :	500 sq. fts.
Location :	Leased
Branches :	BANGALORE: 2/9, Trinetra Market,3^rd Main, New Taragupet, Bangalore – 560 002
Tel. No.:	91-80-6700589 / 56978764
Area :	500 Sq. fts.
Location :	Leased
Branches :	IDUKKI: Puliekaparambil Building, Anakkara, Idukki
Area :	500 Sq. fts.
Location :	Leased
Branches :	KHARGONE: Opposite circuit House, Main Road, Khargone – 451 001, Madhya Pradesh,
Tel. No.:	91-7282-236145
Area :	1000 Sq. fts.
Location :	Leased

DIRECTORS

Name :	Mrs. D. Parvathi Devi
Designation :	Whole Time Director
Address :	Plot No. 1320, H- No. 8-3-319/8/9, Yellaredyguda, Hyderabad – 500 073, Andhra Pradesh
Date of Birth/Age :	06.08.1967
Qualification :	B. Com
Experience :	10 years
Date of Appointment :	29.05.2002
Name :	Mrs. K. Sri Lakshmi
Designation :	Whole Time Director
Address :	303, Venkata Rama Apartment, Thakur Mansion Lane, Station No. 8, Somajiguda, Hyderabad – 500 082, Andhra Pradesh
Date of Birth/Age :	30.08.1967
Qualification :	B.Com
Experience :	7 years
Date of Appointment :	11.11.2002
Name :	Mr. D. V. Rama Raju
Designation :	Managing Director
Address :	Plot No. 1320, H- No. 8-3-319/8/9, Yellaredyguda, Hyderabad – 500 073, Andhra Pradesh
Date of Birth/Age :	02.08.1963
Qualification :	M.Sc. (Ag.)
Experience :	17 years
Date of Appointment :	11.11.2002
Name :	Mr. K. Praveen Kumar
Designation :	Executive Director
Address :	303, Venkata Rama Apartment, Thakur Mansion Lane, Station No. 8, Somajiguda, Hyderabad – 500 082, Andhra Pradesh
Date of Birth/Age :	16.07.1960
Qualification :	B. Sc. (Ag.)
Experience :	20 years
Date of Appointment :	11.11.2002
Name :	Mr. S. S. N. Raju
Designation :	Director
Address :	HIG – 78, Housing Board Colony, Bhimavaram, West Godavari District
Date of Birth/Age :	15.06.1938
Qualification :	Inter
Experience :	29.05.2002

KEY EXECUTIVES

Name :	Mr. M Suneel Kumar
Designation :	Company Secretary
Tel No.:	91-40-23411167
Mobile No.:	91-9849821512
E-Mail:	mskrsuneel@yahoo.co.in

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Mr. D. V. Rama Raju	183000
Mr. K. Praveen Kumar	169500
Mr. S. S. N. Raju	11000
Mrs. D. Parvathi Devi	11000
Mrs. K. Srilakshmi	65500
Mr. N. V. S. S. Ravi Prasad	20000
Mr. Munmun Raut	5000
Mr. Ravinderjit Singh	10000
Mr. Battini Lakshmi	10000
Mr. Ganesh S. Mapari	10000
Mr. Anup Kaumar Raut	35000
Mr. B. Vinay Kumar	20000
Mr. Sachin Kulkarni	5000
Ms. Sonali Kulkarni	5000
Mr. D V Krishna Varma	10000
Mr. Saman Preet Kaur	10000
Mr. Manoj Pal	10000
Mr. V V Satyavathi Dantuluri	10000
Ms. Radhika Raju Dantuluri	10000
Mr. Shanmukha Saravanan	20000
Mr. D Venkatapathi Raju	10000
Mr. NVSS Ravi Prased	52500
Mr. Cheruuvu Karuna	7500

BUSINESS DETAILS

Line of Business :	Importer, Distributor and marketer of water soluble fertilizers.
Products :	v KNO3 : 13-00-45 - AgriPLUS v M.A.P : 12-61-00 - AgriPLUS v M.K.P. : 00-52-34 – AgriPLUS v N-P-K’S : 19-19-19, 20-20-20, 13-40-13- AgriPLUS v S.O.P. : 00-00-50 - SoluPotasse v CaNO3 : 15.5-00-00-18.8 Ca - CaNsol v Fe-EDTA – Rexoline ® v Fe-DTPA - Rexoline ® v Fe-EDDHA – Rexoline ® v Zn-EDTA – Rexoline ® v Ca-EDTA – Rexoline ® v EDTA Mix – Rexoline ®
Agencies Held :	v Haifa Chemicals Limited, Haifa, Israel v Tessenderlo Chemie N.V / S.A. Brussels, Belgium v Poni France Limited, Mont Pellier, France v Yara International ASA, Norway v Akzo Nobel Functional Chemicals B V, The Netherlands
Imports from:	Israel, Belgium and France
Terms :
Selling :	Cash and Credit (60/90 days – depends upon customers) terms
Purchasing :	Draft [+ 90/120 days], CAD or L/C (90/120 days) terms

GENERAL INFORMATION

Customers :	Wholesalers, Retailers and End Users.
No. of Employees :	24
Bankers :	˜ State Bank of India, Yellareddyguda Branch, Srinagar Colony Road, Hyderabad - 500073, Andhra Pradesh ˜ UTI Bank Limited, Jubilee Hills Branch, Commercial Complex, Ground Floor, Plot No. 11, Road No. 1, Film Nagar, Jubilee Hills, Hyderabad – 500 034, Andhra Pradesh ˜ ING Vysys Bank Limited, Saradar Patel Road Branch, Secunderabad – 500003
Facilities :	State Bank of India FLC Limits: Rs. 9.500 millions CC Limits: Rs. 15.000 millions

Banking Relations :	Satisfactory
Auditors :
Name :	P. R. Datla & Company Chartered Accountants
Address :	Lakshmi Prasanna Nilayam, Durganagar Colony, Ameerpet, Hyderabad – 500 016, Andhra Pradesh

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs.10/- each	Rs. 7.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		7.000	7.000	7.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12.046	5.752	2.251
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		19.046	12.752	9.251
LOAN FUNDS
1] Secured Loans		12.861	5.356	0.000
2] Unsecured Loans		2.490	1.767	5.321
TOTAL BORROWING		15.351	7.123	5.321
DEFERRED TAX LIABILITIES		0.188	0.188	0.153
TOTAL		34.585	20.062	14.725
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.858	2.032	1.998
Capital work-in-progress				0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories			0.000
	Sundry Debtors			0.000
	Cash & Bank Balances	51.956	33.004	1.700
	Other Current Assets			21.050
	Loans & Advances			0.733
Total Current Assets		51.956	33.004	23.483
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	19.257	15.002	10.293
	Provisions			0.514
Total Current Liabilities		19.257	15.002	10.807
Net Current Assets		32.699	18.002	12.676
MISCELLANEOUS EXPENSES		0.028	0.028	0.051
TOTAL		34.585	20.062	14.725

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		139.864	106.078	80.376
Closing Stock		23.269	15.387	0.000
Other Income		0.100	0.092	0.000
Total Income		163.233	121.556	80.376
Profit/(Loss) Before Tax		9.829	6.174	2.162
Provision for Taxation		3.535	2.674	0.791
Profit/(Loss) After Tax		6.294	3.500	1.370
Expenditures :
	Opening Stock	15.387	16.356	0.000
	Purchases	109.829	72.199	0.000
	Administrative Costs	16.386	13.099	0.000
	Selling and distribution Expenses	9.342	12.048	0.000
	Depreciation	0.262	0.247	0.000
	Directors Remuneration	2.100	1.407	0.000
	Miscellaneous Expenses to be Written off	0.000	0.028	0.000
	Other Expenditure	0.000	0.000	78.213
Total Expenditure		153.404	115.382	78.213

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	3.86	2.88	1.70
Net Profit Margin (PBT/Sales)	(%)	7.03	5.82	2.68
Return on Total Assets (PBT/Total Assets}	(%)	18.26	17.62	8.48
Return on Investment (ROI) (PBT/Networth)		0.52	0.48	0.23
Debt Equity Ratio (Total Liability/Networth)		1.82	1.74	1.74
Current Ratio (Current Asset/Current Liability)		2.70	2.20	2.17

LOCAL AGENCY FURTHER INFORMATION

Trade References

v Simky Bar – Sinai, Regional Manager – Asia and Pacific, Haifa Chemicals Limited, P.O. Box 10809, Haifa Bay – 26120, Israel. Tel No.: 00 972-4-8469898

v Nicolas WHITE, General Manager – Fertilizers, Tessenderio Chemie N V / S A, Rue du trone 130, Brussels – 1050, Belgium Tel No.: 00 322 639 1739

v The Kim Sing, Director, Yara Asia Private Limited., 238B, Thomson Road, #10-01/04 and #10-07/08, Novena Square Tower B, Singapore – 307 685 Tel No.: 65 -6309 5600 Fax No.: 65 6297 0025

v Sumitro Wijaya, Marketing Manager, South Asia Pacific, Akzo Nobel Functional Chemicals Private Limited., 41, Science Park Road, #03 -04, The Gemini Singapore Science Park – II, Singapore – 117 610

Tel No.: 00 65 6773 8488, Fax No.: 00 65 6358 0659

Credit Facility from State Bank of India

M/s. State Bank of India, yellareddyguda Branch had vide their letter dated 01.03.2004 sanrtioned the company cash credit limits of Rs. 2.500 millions and foreign letters of credit limits of Rs. 9.500 millions all the formalities relating to the said CC and FLC limits had been completed and the company had been availing the aforesaid limits from M/s. State Bank of India

Fixed Assets

v Furniture & Fixture

v Computer

v Plant & Machinery

v Cars

Name of the company	P R AGRO NUTRI PRIVATE LIMITED
Presented By	Mr. D V Rama Raju
1) Date and description of instrument creating the change	Dated 25.03.2003 Agreement for hypothecation of stock in trade, machinery, book debts, bills and all other movables
2) Amount secured by the charge/amount owing on the securities of charge	Cash credit limit – Rs. 1.000 Millions Import LC (90 days) Rs. 5.000 Millions
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 stocks hypothecation of receivable book debts aged not more than 90 days will be considered for arriving at DP though entire book debts imported document received under LC
4) Gist of the terms and conditions and extent and operation of the charge.	Book the limit are valid up to 03.01.2004 and the limit should got renewed before the validity period Rate of Interest Cash Credit – PLR + 3.50% - Present PLR 11.50% Import LC – as per FEDAI rules and CO cir issued Margin Cash Credit – 25% on stocks and 50% on receivable Import LC – 15% in term Deposits
5) Name and Address and description of the person entitled to the charge.	ING Vysys Bank Limited, Saradar Patel Road Branch, Secunderabad – 500003
6) Date and brief description of instrument modifying the charge	Not Applicable
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.	Not Applicable
Name of the company	P R AGRO NUTRI PRIVATE LIMITED
Presented By	D Venkata Rama Raju
1) Date and description of instrument creating the change	07.05.2004 Form C1 – Agreement of loan for overall limit for Rs. 12.000 Millions Form C2 – Agreement of hypothecation of goods and assets for Rs. 12.000 Millions Form C3 – Form C4 and Form C5 – Letter regarding grant of individual limits within the overall limit (Cash credit limit of Rs. 2.500 Millions and foreign letters of credit limit of Rs. 9.500 Millions )
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 12.000 millions
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 stocks, receivable, book debts and other assets including packing material
4) Gist of the terms and conditions and extent and operation of the charge.	Terms and conditions Security – Primary – Hypothecation of stocks of goods and receivable, book debts Collateral security and Guarantees Equitable mortgage of the properties detailed in the annexure and personal guarantee of Sarvashri D Venkataramaraju, MD, K Praveen Kumar D, S Satyannaranaraj, D Parvathi Devi Director of the company Rate of Inertest – 2.50% above SBAR minimum 12.75% with monthly rests as applicable to credit rating SB – 4 Margin – 25% on stocks, 40% on receivables and a cash margin of 25% on letter of credit
5) Name and Address and description of the person entitled to the charge.	State Bank of India, Yellareddyguda Branch, Srinagar Colony Road, Hyderabad - 500073, Andhra Pradesh
6) Date and brief description of instrument modifying the charge	24.01.2006 Form C1A, Supplemental of loan for increase in overall limit) for Rs. 17.000 Form C2A – (Supplemental agreement of hypothecation of goods and assets for increased in overall limit) for Rs. 17.000 Form C4A – (Supplemental deed of guarantee for increased in overall limit) Rs. 17.000 SME – 7, (Memorandum for recording extension of mortgage by deposit of title deeds covering enhanced limits) Rs. 17.000
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.	Cash Credit – Rs. 2.500 (Original Limit) – Rs. 7.500 (Enhanced Limit) Foreign Letter of Credit - Rs. 9.500 (Original Limit) – Rs. 9.500 (Enhanced Limit) Terms and conditions Security – Primary – Hypothecation of stocks of goods and receivable, book debts Collateral security and Guarantees Equitable mortgage of the properties detailed in the annexure and personal guarantee of Sarvashri D Venkataramaraju, MD, K Praveen Kumar D, S Satyannaranaraj, D Parvathi Devi Director of the company Rate of Inertest – 1.50% above SBAR minimum 11.75% with monthly rests as applicable to credit rating SB – 2 Margin – 25% on stocks, 40% on receivables and a cash margin of 25% on letter of credit
Name of the company	P R AGRO NUTRI PRIVATE LIMITED
Presented By	D Venkata Rama Raju
1) Date and description of instrument creating the change	07.05.2004 Form C1 – Agreement of loan for overall limit for Rs. 12.000 Millions Form C2 – Agreement of hypothecation of goods and assets for Rs. 12.000 Millions Form C3 – Form C4 and Form C5 – Letter regarding grant of individual limits within the overall limit (Cash credit limit of Rs. 2.500 Millions and foreign letters of credit limit of Rs. 9.500 Millions )
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 12.000 millions
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 stocks, receivable, book debts and other assets including packing material
4) Gist of the terms and conditions and extent and operation of the charge.	Terms and conditions Security – Primary – Hypothecation of stocks of goods and receivable, book debts Collateral security and Guarantees Equitable mortgage of the properties detailed in the annexure and personal guarantee of Sarvashri D Venkataramaraju, MD, K Praveen Kumar D, S Satyannaranaraj, D Parvathi Devi Director of the company Rate of Inertest – 2.50% above SBAR minimum 12.75% with monthly rests as applicable to credit rating SB – 4 Margin – 25% on stocks, 40% on receivables and a cash margin of 25% on letter of credit
5) Name and Address and description of the person entitled to the charge.	State Bank of India, Yellareddyguda Branch, Srinagar Colony Road, Hyderabad - 500073, Andhra Pradesh
6) Date and brief description of instrument modifying the charge	Not Applicable
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.	Not Applicable

As per Website Details:

M/s PR Agro Nutri (Pvt.) Limited, Hyderabad is a company promoted by a group of technically qualified agricultural professionals in Indian Fertilizer Industry. PR Agro has grown to the level of one of the top 3 leading 100% Water Soluble Fertilizers importers and marketers in India. Their aim is to provide Complete Nutrient Solutions to every crop/plant to make the globe green .

The main sources of our imports:

M/s Haifa Chemicals Ltd., Haifa, Israel for products like KNO3, MAP, MKP
and Soluble NPK’s.

M/s Tessenderlo Chemie NV/SA, Brussels, Belgium for Soluble S.O.P.,

M/s Yara International, Norway for Calcium Nitrate Solution Grade.

M/s Akzo Nobel Functional Chemicals BV., The Netherlands for Fully Chelated Micro Nutrient Fertilizers.

They market their products in 11 States supported by 9 Branch Offices (List enclosed) and 16 ware houses to cater to the needs of dealers and farmers of different regions in different states of India.

The products imported by us are tested and approved by various Central and State Government Research Institutes, Universities etc..

About Us

M/s PR Agro Nutri (Pvt.) Limited, Hyderabad is a company promoted by a group of technically qualified agricultural professionals in Indian Fertilizer Industry. PR Agro has started it’s business operations in India, during the 3rd quarter of the year 2002. With in a short span of 2 years PR Agro has grown to the level of one of the top 3 leading 100% Water Soluble Fertilizers importers and marketers in India. Their aim is to provide Complete Nutrient Solutions to every crop/plant to make the globe green. PR Agro is importing and marketing all Primary, Secondary and Micro Nutrients in the form of 100% Water Soluble Specialty Fertilizers from world’s top quality manufacturers and leading suppliers.

M/s Haifa Chemicals Ltd., Haifa, Israel for products like KNO3, MAP, MKP
and Soluble NPK’s.

M/s Tessenderlo Chemie NV/SA, Brussels, Belgium for Soluble S.O.P.,

M/s Yara International, Norway for Calcium Nitrate Solution Grade.

M/s Akzo Nobel Functional Chemicals BV., The Netherlands for Fully Chelated Micro Nutrient Fertilizers.

PR Agro is currently marketing these products in 11 States supported by 9 Branch Offices ( List enclosed ) and 16 ware houses to cater to the needs of dealers and farmers of different regions in different states of India. PR Agro provides agronomic support to it’s customers through their well qualified and trained Agronomists with exposure to International Agriculture. Their marketing team possesses strong technical knowledge and field experience to train, guide and attend to the needs of farmers.

 The products imported by us are tested and approved by various Central and State Government Research Institutes, Universities etc..

Their clientele ranges from progressive leading farmers to corporate companies which are into processed agri-output business, seed production, floriculture etc., etc...

Products

They import the following products and their application is briefly narrated as under:

AgriPLUS^TM KNO3 (13-0-45):

It is the only fertilizer which has 100% nutrients and in the readily available form, hence taken up by the plants immediately. In addition to its usage for nutrition, AgriPLUS KNO3 is also used as a flower inducer in Mango, as a dormancy breaking agent in deciduous fruit crops like Grapes, Apple etc., and as a Pesticide in Citrus to keep mite and scale insects population under check when sprayed at high concentrations. It is compatible with most of the commonly used pesticides and fungicides, and hence
low application costs.

AgriPLUS^TM NPKs (19-19-19+, 20-20-20+, 13-40-13+):

A family of NPK Chlorine free complex fertilizers, fully soluble in water (available with or without Magnesium (Mg) and other micro nutrients). Available in dry, crystalline form, containing N-P-K in various ratios to meet the nutritive requirements of any particular crop at different growth stages. PR Agro Nutri Private Limited.

AgriPLUS^TM MAP (12-61-0):

Mono-ammonium phosphate, a fully water-soluble and a very efficient N-P fertilizer. Recommended for fertigation and foliar applications, when ever phosphorous requirement of a crop is high.

AgriPLUS^TM MKP (0-52-34):

Mono-potassium phosphate, a new high concentration P & K fertilizer. Recommended for fertigation, at crop stages when Nitrogen requirement is at low. It can also be used for foliar application in flowers, fruits and vegetables, particularly at pre-flowering and fruiting stages to induce more number of flowers and fruits. 

SoluPotasse/Sol K® - Soluble S.O.P (0-0-50):

Soluble S.O.P is a fully water soluble Potassic fertilizer. Recommended for fertigation in fruit crops during maturity and ripening stages as a source of Potassium.

CaNsol® - Calcium Nitrate solution grade(15.5-0-0-18.8):

Calcium Nitrate solution grade is a fully water soluble fertilizer. Recommended for fertigation in Horticulture and Floriculture and for foliar nutrition in crops such as Tomato, Potato, Groundnut etc., where ever calcium requirement of a crop is high and nitrate nitrogen is essentially required.

Rexolin® Chelated Micro Nutrients and their Mixtures :

Fully Chelated Micronutrients (EDTA, EDDHA, DTPA compounds) due to their availability at all ranges of soil and water pH are recommended for fertigation and foliar nutrition in all the crops.

Water Soluble Fertilizers

WHY 100% WATER SOLUBLE FERTILIZERS

Water is the main and scarce input for agriculture and the need to ensure maximum utilization of the same needs hardly over emphasized. The best and possible way of efficiently managing both Water and Nutrients is the adoption of Micro Irrigation technique.

The Micro Irrigation Systems (Drip/Sprinklers) acts as a vehicle not only for carrying and delivering small quantities of Water at frequent intervals at the root zone, but also in delivering the Nutrients. This technique

(Fertigation) will help in minimizing the losses of water and applied nutrients, which are estimated to be more than 60% under traditional methods of application.

The concept of Fertigation further made it possible to apply the exact quantities of different nutrients in right proportions for a crop, according to its needs at different growth stages. For this method of application, 100% water - soluble fertilizers is required to ensure that the nutrients do not clog the micro irrigation system.

The need for use of a new class of complete water soluble fertilizers which are free from harmful elements has been felt in order to ensure maximum usage of the nutrients. Considering the importance of Water Soluble Fertilizers for different nutrients in India and taking into account that they are readily and easily available, we foresee huge potential for the application of the WATER SOLUBLE FERTILISERS to cater to the requirements of the farming community.

LIST & SOURCES OF 100% WATER SOLUBLE FERTILIZERS IMPORTED AND MARKETED IN INDIA

Sl.No.	Name of Fertilizer	TradeMark/Brand Name	Available Packings	Sources
1.	Potassium Nitrate (13-00-45)	AgriPLUSTM KNO3	25 Kg. 1Kg.	Haifa Chemicals Ltd., Israel.
2.	Mono Potassium Phosphate (00-52-34)	AgriPLUSTM M.K.P	25 Kg. 1Kg.	-DO-
3.	Mono Ammonium Phosphate (12-61-00)	AgriPLUSTM M.A.P	25 Kg. 1Kg.	-DO-
4.	NPK 20-20-20+ (100% Water Soluble)	AgriPLUSTM NPK 20-20-20+	25 Kg. 1Kg.	-DO-
5.	NPK 19-19-19+ (100% Water Soluble)	AgriPLUSTM NPK 19-19-19+	25 Kg. 1Kg.	-DO-
6.	NPK 13-40-13+ (100% Water Soluble)	AgriPLUSTM NPK 13-40-13+	25 Kg.	-DO-
7.	Calcium Nitrate (15.5-0-0-18.8)	CaNsol®	25 Kg. 1Kg.	YARA International Inc, Norway..
8.	Sulfate of Potash (00-00-50)	Solu Potasse/ Sol – K®	25 Kg. 1Kg.	Tessenderlo ChemieNV/SA, Belgium
9.	Fe – EDTA (13%)	Rexolin® E-Fe-13	0.500 Kg 0.100 Kg	Akzo Nobel Functional Chemicals B.V, TheNetherlands
10.	Fe – DTPA (12%)	Rexolin® –D-12	25 Kg.	-DO-
11.	Fe – EDDHA (6%)	Rexolin® Q	1Kg	-DO-
12.	Zn – EDTA (15%)	Rexolin® E-Zn-15	0.500 Kg 0.100 Kg	-DO-
13.	Ca-EDTA (9.7%)	Rexolin® Ca	0.500 Kg 0.100 Kg	-DO-
14.	EDTA MIX (Micro Nutrients Mixture)	Rexolin® CXK	0.500 Kg 0.100 Kg	-DO-

Fertigation

AGRONOMIC & ECONOMIC EFFICIENCY:

In the Fertigation and Foliar Nutrition studies taken up on a vide range of crops at different Agricultural Universities/Research Institutes as well as Progressive Farmers fields, Specialty Fertilizers are found to be very effective, not only in increasing the yields and improving the quality of produce but also the economic efficiency.

Fertigation Trials:

Fertigation with Specialty Fertilizers has helped in increasing the yields of different crops ranging from 12% to 76%. In addition to the increase in yields improvement in quality parameters are noted in different crops like brix of Grape, size and color of Pomegranate, Oleoresin content in Paprika, Tuber size – specific gravity and TSS in Potato, Oil percentage in Oil palm, and color, luxor and shelf life of cut flowers. There is also a tremendous improvement in farmer returns and the highest noted so far is in Sugarcane crop (150%). Marginal Cost Benefit Ratios (MCBR – Ratio between the Additional Investment on Soluble Fertilizers Vs Market Value of Additional Yield) worked out in different crops are very encouraging.

Summary of Fertigation Trials with productivity improvement and Marginal Cost Benefit Ratio (MCBR):

CROP	% Yield Increase	MCBR
Grape	40.0	8.0
Banana	35.0	15.0
Pomegranate	24.0	15.0
Chickoo	12.0	NA
Guava	27.2	2.0
Sugarcane	70.0	12.0
Maize	12.0	NA
Oil Palm	83.0	NA
Coconut	12.0	NA
Capsicum	25.0	NA
Paprika	36.3	3.2
Chilly	15.0	1.8
Tomato	31.0	NA
Potato	76.0	NA
Gherkins	21.7	4.0
French Beans	28.0	3.0

Foliar

AGRONOMIC & ECONOMIC EFFICIENCY:

In the Fertigation and Foliar Nutrition studies taken up on a vide range of crops at different Agricultural Universities/Research Institutes as well as Progressive Farmers fields, Specialty Fertilizers are found to be very effective, not only in increasing the yields and improving the quality of produce but also the economic efficiency.

Foliar Nutrition Trials:

Foliar nutrition with Specialty fertilizers has helped in increasing the yields ranging from 6.7% in Okra to 60% in Plums. Cost Benefit Ratios/Marginal Cost Benefit Ratios worked out in different crops are encouraging the farmers to adopt foliar nutrition as a practice but not as a medicine to correct the deficiencies.

Summary of Foliar Nutrition Trials with productivity improvement and Marginal Cost Benefit Ratio (MCBR):

CROP	% Yield Increase	MCBR
Rice	24.0	4.0
Maize	17.3	3.2
Cotton	49.3	7.9
Chilly	15.0	4.9
Sunflower	12.4	2.7
Soybean	12.1	2.4
Groundnut	19.1	3.3
Mango	76.7	17.0
Kinnow	28.0	3.2
Litchi	23.0	8.5
Peach	30.5	10.2
Plums	60.0	8.6
Apple	25.2	3.2
Brinjal	24.0	5.2
Okra	6.7	1.8
Cabbage	33.0	8.8
Cauliflower	18.2	12.9
Tomato	18.7	8.6
Gherkins	26.7	14.6
Baby Corn	20.1	13.3
Carrot	30.0	3.3
Potato	44.0	11.8
Turmeric	27.7	14.9
Cashew	30.0	6.0
Tea	13.0	18.5
Coffee	81.0	22.0
Black Pepper	47.0	28.0

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. 39.51
UK Pound	1	Rs. 81.16
Euro	1	Rs. 56.76

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		44

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