MIRA INFORM REPORT

 

 

 

Report Date :

09.08.2008

 

IDENTIFICATION DETAILS

 

Name :

ARIES AGRO LIMITED

 

 

Formerly Known As :

ARIES AGRO-VET INDUSTRIES PRIVATE LIMITED

 

 

Registered Office :

Aries House, Plot No.24, Deonar Municipal Colony, Deonar, Govandi (East), Mumbai – 400043, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008

 

 

Date of Incorporation :

27.11.1969

 

 

Com. Reg. No.:

014465

 

 

CIN No.:

[Company Identification No.]

U99999MH1969PLC014465

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMA19087F

 

 

PAN No.:

[Permanent Account No.]

AAACA5035G

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.

 

 

Line of Business :

Manufacturers, Producers and Dealers in Mineral Feed Supplements.

 

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 4800000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having satisfactory track. Directors are reported as experienced, respectable and having satisfactory means of their own. Their trade relations are fair. General financial position is satisfactory. Payments are reported as usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office/ Factory :

Aries House, Plot No.24, Deonar Municipal Colony, Deonar, Govandi (East), Mumbai – 400043, Maharashtra, India

Tel. No.:

91-22-25564052/ 25564053

Fax No.:

91-22-25564054/ 25502753

E-Mail :

investorrelations@ariesagro.com

ariesagro@ariesagro.com

Website :

http://www.ariesagro.com

 

 

Head Office :

53-54/B, Nand Bhavan, Estate Mahakali Caves Road, Mumbai- 400093, Maharashtra, India

 

 

Mumbai Office :

Survey No.97 of Borla Village & Survey No.116 & 93 of Deonar Village, Khata No.61, Plot No.24, S.S. No. 1, Deonar, Maharashtra

 

 

Madhyamgram Municipality

Kolkata Office:

Plot No. 414/663 and 414 in Khatian No. 297 of Mouza Chandnagar, commonly known as Rani Park, Police Station Barasat, J. L. 44, R.S. 167 within Madhyamgram Municipality, Kolkata

 

 

Hyderabad Office :

Plot No. 98 & Gala No. 2 in Plot No. 113, Balanagar Co-operative Industrial Estate, Expansion Programme Balanagar, Hyderabad

 

 

Bangalore Office :

8-B, Attible Industrial Area, Hosur Main Road, Bangalore – 562107, India

 

 

Manufacturing Locations:

Located at:

 

  • Mumbai
  • Kolkata
  • Coimbatore
  • Hyderabad
  • Kanpur
  • Ludhiana

 

 

Branches :

Located at:

 

  • Ahmedabad
  • Bangalore
  • Kolkata
  • Coimbatore
  • Bellare
  • Bhubaneshwar
  • Ghazibad
  • Guwahati
  • Hyderabad
  • Jaipur
  • Jalandhar
  • Indore
  • Kanpur
  • Lucknow
  • Ludhiana
  • Nasik
  • Nipani
  • Patna
  • Raipur
  • Ranchi
  • Solapur

 

 

DIRECTORS

 

Name :

Mr. Thakurdas B. Mirchandani

Designation :

Chairman and Managing Director

Address :

Mirabelle, Deonar Farm Road, Mumbai- 400 088, India

Date of Birth/Age :

19.04.1932

Date of Appointment :

27.11.1969

 

 

Name :

Dr. Jimmy Mirchandani

Designation :

Whole Time Director

Address :

Mirabelle, Deonar Farm Road, Mumbai- 400 088, India

Date of Birth/Age :

10.01.1956

Date of Appointment :

15.01.1976

 

 

Name :

Mr. Rahul Mirchandani

Designation :

Whole Time Director

Address :

Mirabelle, Deonar Farm Road, Mumbai- 400 088, India

Date of Birth/Age :

12.08.1975

Date of Appointment :

02.02.1994

 

 

Name :

Mr. Dasharath S. Jadhav

Designation :

Director

Address :

D-51, MIG Colony, Gandhi Nagar, Bandra (East), Mumbai- 400 051, India

Date of Birth/Age :

01.10.1927

Date of Appointment :

03.03.1995

 

 

Name :

Mr. Bolanath R. Adwalpalkar

Designation :

Director

Address :

409, Aradhana, G. D. Ambedkar Marg, Dadar, Mumbai- 400 014, India

Date of Birth/Age :

09.02.1923

Date of Appointment :

03.03.1995

 

 

Name :

Prof. R. S. Mani

Designation :

Director

Address :

B-5, Basera, Deonar, Mumbai- 400 088, India

Date of Birth/Age :

31.05.1963

Date of Appointment :

16.08.2004

 

 

Name :

Dr. S. R. Ganesh

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

Mr. Qaiser Parvez Ansari

Designation :

Company Secretary

 

 

Name :

Mr. S. Ramamurthy

Designation :

Chief Financial Officer and Compliance Officer

 

 

Name :

Mr. Prasad A Oak

Designation :

Company Secretary

 

 

Name :

Mr. B. R. Pandey

Designation :

Vice President (Administration)

 

 

Name :

Mr. N. E. Moorthy

Designation :

Vice President (Treasury)

 

 

Name :

Mr. G. Kannan

Designation :

Vice President (Account)

 

 

Name :

Mr. Biplob Chattarjee

Designation :

Manager (Production)

 

 

Name :

Mrs. Lalita Sanzgiri

Designation :

Manager (Quality Control)

 

 

Name :

Mr. Jitendra Hinduja

Designation :

Manager (Commercial)

 

 

Name :

Mr. Makarad Sibandh

Designation :

Jr. Manager (Purchases)

 

 

Name :

Mr. Mahesh A. Shinde

Designation :

Jr. Manager “(Account)

 

 

Name :

Mr. Rajendra R. Pathare

Designation :

Jr. Manager (Accounts)

 

 

Name :

Mr. D. Ravindranath

Designation :

Factory Manager (Hyderabad)

 

 

Name :

Mr. Johnson Varghese

Designation :

Account Manager (Hyderabad)

 

 

Name :

Mr. P K Jaiswal

Designation :

Head- Marketing Operations (West and Central India)

 

 

Marketing Managers :

Mr. Y S Rao

Mr. Ashok Sharma

Mr. P M Subramaniam

 

 

Branch Heads :

Mr. B Mohan

Mr. K R Padmanabhan

Ms. K Thulasi

Mr. B D Chauhan

Mr. James Joseph

 

 

Reginoal Sales Manager :

Mr. Anup Saha

Mr. A R Dass

Mr. C KL Dwivedi

Mr. A M Bhatt

 

 

Area Sales Managers :

Mr. R K Gosai

Mr. S K Pandey

Mr. B B Thakur

Mr. B N Samantha

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

 

 

 

Mr. Mahesh M. Nadkarni

 

24000

Mr. Ramesh V. Ramchandani

 

10000

Mr. Suketu Shah

 

10000

Mr. Michale D’souza

 

7000

Ms. Manjudevi Agarwal

 

6000

Mr. Venkata Rattaial Nallanathu

 

4400

Mr. Gopal Mailk

 

4000

Mr. Jwala Prasad Agarwal

 

4000

Ms. Akhila Rama Vani Suryadevara

 

3000

Ms. Jyoti Thakkur

 

3000

Mr. Rajendran K. Podakko

 

3000

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers, Producers and Dealers in Mineral Feed Supplements.

 

 

Products :
  • Agricultural Micro Nutrients Fertilizers
  • Insecticides and Pesticides

 

PRODUCTION STATUS (As on 31.03.2007)

 

Installed Capacity:  21600 Metric Tonnes

Actual Production:  18534 Metric Tonnes

 

 

GENERAL INFORMATION

 

No. of Employees :

451

 

 

Bankers :
  • Indian Overseas Bank

Chembur Branch, First Road, Chembur, Mumbai – 400071, Maharashtra, India

 

  • HDFC Bank Limited

170/171, Central Avenue, Chembur, Mumbai – 400071, Maharashtra, India

 

 

Facilities :

Secured Loan

31.03.2007

(Rs. In Millions)

Term Loan

 

From Banks-

(Against charge created on Company’s Asset i.e. Motor vehicles) Repayable within one year Rs.4.149 Millions.

17.911

From Banks-

 (Against charge created on Company’s Asset i.e. Building) Repayable within one year Rs. Nil

-

 

 

Cash Credit / Overdraft

 

From Banks- HDFC BANK

(Against charge created on Company’s Inventory, Book Debts and Plant & Machinery and guaranteed by Directors)

91.085

From Banks- INDIAN OVERSEAS BANK

(Against charge created on Company’s Inventory, Book Debts and Plant & Machinery and guaranteed by Directors)

45.783

 

 

Total

154.779

 

 

Unsecured Loan

31.03.2007

(Rs. In Millions)

 

 

From Banks- HDFC BANK

(Guaranteed by Directors) Secured by charge on personal Assets of Directors Repayable within one year Rs.7.389 Millions

37.468

From Directors

-

From Shareholders

0.381

Interest Accrued and Due on Above

0.005

Security Deposit - Trade

22.102

 

 

Total

59.956

 

 

 

Banking Relations :

Good

 

 

Auditors :

 

Name :

Kirti D Shah and Company

Chartered Accountant

Address :

53, Juhu Supreme Shopping Centre, JVPD Scheme, Vile Parle (West), Mumbai – 400049, Maharashtra, India

 

 

International Auditors :

 

Name :

Sandeep Sheth and Associates

Chartered Accountant

Address :

Flat No.419, 4th Floor, Raj Garden, E Wing Mahavir Nagar, Kandiwali (West), Mumbai – 400067, Mahrashtra, India

 

 

Subsidiaries :
  • Aries Agro Care Private Limited
  • Aries Agro Equipments Private Limited
  • Aries Marketing Limited
  • Blossoms International Limited
  • Sreeni Agro Chemicals Private Limited
  • Aries East West Nutrients Private Limited
  • Golden Harvest Middle East FZC
  • North South Nutrients Private Limited
  • Aries Home Aids Private Limited
  • Mirabelle Nutrients Private Limited
  • Rallaries Private Limited

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

15000000

Equity Shares

Rs.10/- each

Rs.150.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

13000000

Equity Shares

Rs.10/- each

Rs.130.000 Millions

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2008

31.03.2007

31.03.2006

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

130.000

85.000

68.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

838.500

258.000

193.300

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

968.500

343.000

261.300

LOAN FUNDS

 

 

 

1] Secured Loans

177.700

154.800

77.000

2] Unsecured Loans

53.100

59.900

53.700

TOTAL BORROWING

230.800

214.700

130.700

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

1199.300

557.700

392.000

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

261.300

213.800

195.600

Capital work-in-progress

101.400

6.100

0.000

 

 

 

 

INVESTMENT

1.500

0.200

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
209.800

169.700

92.000

 

Sundry Debtors
402.700

267.100

190.000

 

Cash & Bank Balances
5.700

7.500

17.300

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
514.300

78.200

42.600

Total Current Assets
1132.500

522.500

341.900

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
197.400

139.100

110.200

 

Provisions
100.000

47.700

35.300

Total Current Liabilities
297.400

186.800

145.500

Net Current Assets
835.100

335.700

196.400

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

1.900

0.000

 

 

 

 

TOTAL

1199.300

557.700

392.000

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2008

31.03.2007

31.03.2006

Sales Turnover

1033.800

740.500

593.600

Other Income

1.900

1.200

0.400

Total Income

1035.700

741.700

594.000

 

 

 

 

Profit/(Loss) Before Tax

153.900

139.700

102.300

Provision for Taxation

38.500

52.800

35.600

Profit/(Loss) After Tax

115.400

86.900

66.700

 

 

 

 

Export Value

NA

1.544

0.836

 

 

 

 

Import Value

NA

119.607

56.134

 

 

 

 

Expenditures :

 

 

 

 

Raw Material Consumed

402.000

239.700

201.100

 

Excise Duty

17.100

14.000

9.700

 

Power and Fuel Cost

4.700

3.500

2.500

 

Increase/(Decrease) in Finished Goods

(40.800)

(32.400)

0.000

 

Manufacturing Expenses

75.400

64.100

44.100

 

Employees Cost

70.200

50.600

45.900

 

Administrative Expenses

312.400

231.500

165.700

 

Miscellaneous Expenses

0.800

1.500

2.900

 

Interest

33.100

24.700

17.000

 

Depreciation & Amortization

6.900

4.800

2.800

Total Expenditure

881.800

602.000

491.700

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

 

 

30.06.2008

1st Quarter

 

 

 

 

Sales Turnover

 

 

171.100

Other Income

 

 

0.000

Total Income

 

 

171.100

Total Expenditure

 

 

154.700

Operating Profile

 

 

16.400

Interests

 

 

5.800

Gross Profit

 

 

10.600

Depreciation

 

 

2.600

Tax

 

 

2.800

Reported PAT

 

 

(9.000)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2008

31.03.2007

31.03.2006

 

 
 

 
 

Debt-Equity Ratio

 
0.39

0.82
0.88

Long Term Debt-Equity Shares

 
0.26

0.35
0.43

Current Ratio

 
2.61

1.63
1.55

TURNOVER RATIOS

 
 

 
 

Fixed Assets

 
5.16

4.71
4.47

Inventory

 
5.45

5.66
6.77

Debtors

 
3.09

3.24
3.99

Interests Cover Ratio

 
5.65

6.66
7.02

Operating Profit Margin (%)

 
18.76

22.85
20.57

Profit Before Interests and Tax Margin (%)

 
18.09

22.20
20.10

Cash Profit Margin (%)

 
11.83

12.38
11.71

Adjusted Net Profit Margin (%)

 
11.16

11.74
11.24

Return On Capital Employed (%)

 
23.72

43.04
46.90

Return On Net Worth (%)

 
20.37

41.33
49.17

 

 

LOCAL AGENCY FURTHER INFORMATION

 

HISTORY:

 

The Company was originally incorporated as "Aries Agro-Vet Industries Private Limited" on 27th November 1969. It was converted into Public Limited Company as "Aries Agro-Vet Industries Limited" on 30th December 1994. The company name was subsequently changed to "Aries Agro Limited" on 27th October 2006. Dr. T.B. Mirchandani and Mrs. Bala Mirchandani, was founded the company in the year 1969. The Company is headquartered in Mumbai. Agromin (Chelated Micronutrients) and Chelamin (Chelated Zinc) are the company's flagship brands. 

 
In 1969, the Company started off with a small range of mineral feed additives for animals & birds. The products attracted good margins. The company products were immediately accepted by the consumers and slowly it became the brand leader in the field of mineral nutrition with a range of products including mineral premixes, milk boosters, protein concentrates, vitamin premixes, anti-coccidian and anti-bacterial feed additives.  

 
In 1975, Aries diversified into nutrients feeds for plant, considering the fact that in India, the animal and agricultural farmer is one and the same individual. The company has in-house expertise in the area of mineral nutrition and thereby decided to concentrate on the same. The research zeroed in on "Metal Chelates". The product had to be manufactured in accordance with the locally available ingredients and expertise that posed a challenge for the company. Thus further R&D had to be conducted in this arena that solved the problem and Aries branched out into Agrochemicals in 1975 with the introduction of Chelated Micronutrients. The company has also conducted in-house R&D to develop bactericides for agriculture. Plantomycin was one of the first bactericide to be licensed for agricultural use by the Govt. of India. This was then followed by the introduction of plant hormones. 

 
In 2001, the company has expanded product line to include secondary nutrients - sulphur, magnesium and calcium. In 2002, Aries continued expanding its plant nutrition product line to include value-added, water-soluble complexes of nitrogen (N), phosphorous (P) and potassium (K). As of now, the company has having 4 manufacturing plants at Mumbai, Hyderabad, Bangalore and Kolkata with installed capacity of 10,800 TPA, 5,400 TPA, 3,750 TPA and 1,650 TPA respectively with total installed capacity being at 21,600 TPA.

 

 

FIXED ASSETS:

 

 

 

 

 

WEBSITE DETAILS:

 

COMPANY OVERVIEW:

 

The Company was founded by Dr. T. B. Mirchandani and Mrs. Bala Mirchandani in 1969. They are into the business of manufacturing of micronutrients and other nutritional products for plants and animals. They started their activity by manufacturing a small range of mineral feed additives for animals and birds and then diversified into mineral additives for the agriculture use. Their products were immediately accepted by the consumers and slowly it became the brand leader in the field of mineral nutrition with a range of products including mineral premixes, milk boosters, protein concentrates, vitamin premixes, anti-coccidian and anti-bacterial feed additives.


In 1975, they diversified into nutrients for plant. They had in-house expertise in the area of mineral nutrition and thereby decided to concentrate on the same. They conducted research on compounds that could deliver mineral nutrients to plants more efficiently. The research zeroed in on "Metal Chelates". The product had to be manufactured in accordance with the locally available ingredients and expertise which posed a challenge for the Company. Through in-house R&D efforts, our Company branched out into Agrochemicals in 1975 with the introduction of Chelated Micronutrients. They pioneered the concept of Chelates in India with the introduction of "Agromin", a micronutrient fertilizer in the year 1975, followed by "Chelamin" in 1976. Agromin (chelated micronutrients) and Chelamin (chelated zinc) are the company's flagship brands. They are one of the leading manufacturer and seller of Chelates in the Country.


They also conducted in-house R&D to develop bactericides for agriculture. They were amongst the first few to receive license for use of bactericides for agricultural use by the Govt. of India. This was then followed by the introduction of plant hormones. In 2001, Aries expanded its product line to include secondary nutrients - sulphur, magnesium and calcium. In the subsequent years, they continued expanding their plant nutrition product line to include value-added, water-soluble complexes of nitrogen (N), phosphorous (P) and potassium (K).

MILESTONES

 

 

 

 

 

 

 

 

 

DIRECTORS:

 

Dr T B Mirchandani - Chairman & Managing Director

Dr T B Mirchandani is a veterinary graduate from the Mumbai University . He has over 40 years of experience in the area of animal feed additives & health products. He began his career with Aarey Milk and grew to handle the Animal Health Division of Boots Pharmaceuticals Ltd. He is one of the founder promoter of the Company. Since, 1969, he is the Chairman & Managing Director of the Company. Dr T B Mirchandani is a renowned name in the Veterinary Industry in India. He is also the founder president of Indian Micro Fertilisers Manufacturers' Association of India.



Dr Jimmy Mirchandani - Joint Managing Director

Dr Jimmy Mirchandani is a veterinary graduate from Konkan Krishi Vidyapeeth. He has been conferred "Bachelor of Laws" by Mumbai University . Dr Jimmy Mirchandani is with Aries for almost 26 years; more particularly involved with the development of new products. He looks after the day to day operations of the Company. He was instrumental in propelling Aries Research into the chelation area. He was also the president of Indian Micro Fertilisers Manufacturers' Association of India (2001-2005).



Mr. Rahul Mirchandani - Executive Director

Mr. Rahul Mirchandani is a graduate and a Chartered Financial Analyst from the Institute of Chartered Financial Analyst (ICFAI), India . He has been granted One Year Diploma in Marketing & Business Administration from India International Trade Center in 1993. He has been granted Diploma in Business Finance, from ICFAI, India in May, 1996 and also Advanced Diploma in Finance, from ICFAI in February, 1997. He holds an Honours Diploma in Sales and Marketing from the National Institute of Sales, Bombay . He has completed a course of Instructions in Financial Management from Management Studies Promotion Institute (MSPI), New Delhi in July, 2004. He has been awarded Fellow Membership from Management Studies Promotion Institute in July, 1994. He has received Principal's Special Award from R.A.Poddar College of Commerce and Economics, Mumbai in February, 1995 in recognition of his consistent and meritorious contribution to the activities of the College. He completed his MBA from the University of Canberra, Australia in 1998. He is also the visiting faculty in IIM, Ahmedabad and Narsee Monjee Institute of Management Studies (NMIMS), Mumbai. He is currently pursuing his Ph.D. in Management Studies at the NMIMS Deemed University, Mumbai. He looks after the marketing activities of the Company.

 

 

NEWS/ LATEST HAPPENINGS:

 

14 th December 2007

Aries Agro Limited IPO Opens

 

12 th to 16 th December 2007

Aries Agro Limited participates in India 's largest Agri-Show - Kisan 2007 (Pune)

 

12 th December 2007

IPO Roadshow – Imperial Palace , Rajkot

 

11 th December 2007

IPO Roadshow - Le Méridien , Ahmedabad

 

10 th December 2007

IPO Roadshow, Hilton Towers , Mumbai

 

5 th December 2007

Tamilnadu Customer Meet at Trichy

 

29 th November to 2 nd December 2007

Aries participates in Krishi 2007, an Agri-Show, Nashik

27 th November 2007

Aries Agro Celebrates 38th Anniversary!

 

30 th to 31 st October 2007

Aries Agro Limited partners with CII-Yi for the First Youth Affairs National Summit - "Be the Change"

 

29 th October 2007

The Aries 3-Wheeler Challenge (Goa) - INDIA 96 HOURS Race across India

 

12 th October 2007

First Punjab state dealers meet, Radisson Hotel, Jalandhar

 

10 th October 2007

Meeting with Mr. K.V. Kamath – Chairman, ICICI Bank and Vice President, CII. Announcement of 1000 enrollments into the CII-Yi Aries Agro Ltd. Farmers network within one month of launch.

 

3 rd – 6 th October 2007

Half Yearly All India review meeting, Vedic Village , Kolkatta

 

31 st August 2007

Launch of CII-Yi Aries Agro Ltd. Farmers Network.

 

31 st August 2007

Second Agromax Conference - A CII-Yi- Aries Agro Limited knowledge dissemination National Conference at the CII Green Business Center , Hyderabad

 

21 st and 22 nd July 2007

Roadshow and Rural Immersion programme along with CII-Yi, NMIMS University , IIM-Ahmedabad and IIT Mumbai.

 

30 th April 2007

ISO Audit and renewal of Quality Management System Certificate for the period 2007 - to 2010

 

20 th April 2007

Inaugural meet of the Platinum and Millionaire Club - Hyderabad International Convention Center , Hyderabad

 

18 th to 20 th April 2007

A Celebration of India - Aries Annual All India Business Convention, Hyderabad

 

4th - 7th April 2007

All India 2007-08 Strategy Meet, Neemrana Fort-Palace, Rajasthan

 

21 st to 23 rd & 28 th to 31 st March 2007

Andhra Pradesh Annual Regional Dealer Conventions

 

14 th March 2007

First ever CII-Yi- Aries Agro Limited knowledge dissemination National Conference – Agromax, Taj President, Mumbai

 

15 th February 2007

Lucknow Factory groundbreaking ceremony

 

29 th January 2007

Hyderabad Factory - Pashamylaram - Ground breaking ceremony

 

30 th November 2006

Session with Deakin University, Australia – “Challenges of doing Agri-business in India .”

 

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.42.20

UK Pound

1

Rs.81.48

Euro

1

Rs.64.27

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

8

--RESERVES

1~10

8

--CREDIT LINES

1~10

7

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

66

 

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.

 

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