MIRA INFORM REPORT

Report Date :

26.06.2008

IDENTIFICATION DETAILS

Name :	MAHYCO SEEDS LIMITED
Registered Office :	Resham Bhavan, 4^th Floor, 78, Veer Nariman Road, Mumbai – 400 020, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	02.01.1995
Com. Reg. No.:	84203
CIN No.: [Company Identification No.]	U40107MH1995PLC084203
TAN No.: [Tax Deduction & Collection Account No.]	MUMM20350B
PAN No.: [Permanent Account No.]	AAACE088AC
Legal Form :	A Closely held Public Limited Liability Company.
Line of Business :	Subject is engaged in Plant Genetic Research and production of quality Hybrid Seeds for the farming community.

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 6100000
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 The company can be considered normal for business dealings at usual trade terms and conditions.

INFORMATION PARTED BY

Name :	Mr. Angle
Designation :	Receptionist
Contact No.:	91-22-30273025
Date :	23.06.2008

LOCATIONS

Registered Office :	Resham Bhavan, 4^th Floor, 78, Veer Nariman Road, Mumbai – 400 020, Maharashtra
Tel. No.:	91-22-30273025/ 30273013
Fax No.:	91-22-22047871
E-Mail :	raju.barwale@mahyco.com badrinarayan.barwale@mahyco.com khozem.poonawala@mahyco.com
Website :	http://www.mahyco.com
Factory :	Maharashtra Hybrid Seed Company , Dawalwadi, P. O Box No. 76, Jalna, India – 431 203
Tel. No.:	91-2482-262371-75 / 262001 / 91-2482-233881 / 233882
Fax No.:	91-2482-262002
E-Mail :	info@mahyco.com

DIRECTORS

Name :	Mr. Rajendra Badrinarayan Barwale
Designation :	Managing Director
Address :	72-B, Urvashi, Petit Hall, Nepean Sea Road, Mumbai – 400 006, Maharashtra
Date of Birth/Age :	12.12.1955
Date of Appointment :	20.03.2003
Name :	Mr. Shyam Sunder Agrawal
Designation :	Director
Address :	62, Jolly Maker Apartments – II, Opposite World Trade Centrek, Cuffe Parade, Coloba, Mumbai-400005, Maharashtra, India
Date of Birth/Age :	01.12.1947
Date of Appointment :	07.03.2003
Name :	Mr. Brent E Zehr
Designation :	Director
Address :	Maharastra Hybrid Seeds Company Limited, Aurangabad, Jalna Road, Post Box No. 76, Dawalwadi-431203, Maharashtra, India
Date of Birth/Age :	28.08.1961
Date of Appointment :	20.08.2002
Name :	Mr. Allen Smith
Designation :	Director
Name :	Mrs. Usha B Zehr
Designation :	Director
Address :	Maharastra Hybrid Seeds Company Limited, Aurangabad, Jalna Road, Post Box No. 76, Dawalwadi-431203, Maharashtra, India
Date of Birth/Age :	28.11.1961
Date of Appointment :	20.08.2002
Name :	Mr. Sekhar Natrajan
Designation :	Director
Address :	3^rd Floor, Jackers, 113, Carter Road, Bandra (West), Mumbai – 400 050, Maharashtra
Date of Birth/Age :	14.12.1953
Date of Appointment :	20.03.2002
Date of Ceasing:	01.02.2005
Name :	Mr. Eric Johnson
Designation :	Director
Address :	62 Kim Yam Road, Singapore – 239 363
Date of Birth/Age :	17.10.1956
Date of Appointment :	20.08.2002
Date of Ceasing:	17.05.2005
Name :	Mr. S P Adarkar
Designation :	Alternate Director to Ms. Nicole M Ringenberg
Address :	“DILKOOSHA”, Altamount Road, Mumbai – 400 026, Maharashtra
Date of Birth/Age :	02.10.1920
Date of Appointment :	31.08.2004
Date of Ceasing:	07.03.2005
Name :	Mr. S Rajagopalan
Designation :	Alternate Director to Mr. Eric W Johnson
Address :	A/1102, Valencia, Co-operative Housing Society Limited, Hiranandani Lake View , Powai, Mumbai – 400 076, Maharashtra
Date of Birth/Age :	25.04.1965
Date of Appointment :	31.08.2004
Date of Ceasing:	17.05.2005
Name :	Mr. Sandeep Kulkarni
Designation :	Alternate Director
Name :	Mr. Nicole M Ringenberg
Designation :	Managing Director
Address :	9, Ardmore Park, #25-01, Singapore – 259 955
Date of Birth/Age :	14.07.1961
Date of Appointment :	31.08.2004
Name :	Mr. Felipe Benjamin Osorio
Designation :	Director
Address :	Flat No. 111 and 121, 9^th and 10^th Floor, Unit No.1, “Narain Terraces” Union Park Road, Pali Hill, Bandra, mumbai – 400 050, Maharashtra
Date of Birth/Age :	26.09.1965
Date of Appointment :	01.02.2005
Name :	Mr. Jerry Brownie Flint
Designation :	Director
Address :	151, Lorong Chuan, #06-08, New Tech Park, Singapore – 556 741
Date of Birth/Age :	20.09.1961
Date of Appointment :	17.05.2005
Name :	Mr. Rajagopalan Santhanam
Designation :	Alternate Director to Ms. Nicole M Ringenberg
Address :	A/1102, Valencia, Co-operative Housing Society Limited, Hiranandani Lake View , Powai, Mumbai – 400 076, Maharashtra
Date of Birth/Age :	25.04.1965
Date of Appointment :	17.05.2005
Name :	Mr. John B Deadwyler
Designation :	Additional Director
Address :	Block No. 15, Ardmore Park, # 06.01, Singapore – 259 959
Date of Birth/Age :	08.05.1968
Date of Appointment :	16.01.2007
Directorship in other companies	CIN of Company L74999MH1949PLC007912 Name of the Company : Monsanto India Limited Designation : Director
Name :	Mr. Rajagopalan Santhanam
Designation :	Alternate Director to Mark James Deadwyler
Address :	903, Soverign CHS Limited, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra
Date of Birth/Age :	25.04.1965
Date of Appointment :	16.01.2007
Name :	Mr. Badrinarayan Ramulal Barwale
Designation :	Director
Address :	72 B Urvashi, Petit Hall, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	13.08.1931
Date of Appointment :	20.08.2002

KEY EXECUTIVES

Name :	Mr. Badrinarayan Ramulal Barwale
Designation :	Chairman
Address :	72-B, Urvashi, Petit Hall, Nepean Sea Road, Mumbai – 400 006, Maharashtra
Date of Birth/Age :	13.08.1931
Date of Appointment :	20.08.2002
Name :	Mr. Amit Kiritkumar Vyas
Designation :	Company Secretary
Address :	B/307, Soham Tower, 3^rd Floor, New 60ft Road, Bhayander ( West), District Thane, Maharashtra
Date of Birth/Age :	21.07.1976
Date of Appointment :	02.12.2002
Name :	Mr. Saifuddin Poonawala
Designation :	Secretary
Address :	37, Saint Mary Road, Rukalbai Palace Building, 4^th Floor, Flat No. 113, Mazagaon, Mumbai – 400 010, Maharashtra
Date of Birth/Age :	06.02.1967
Date of Appointment :	01.04.2007
Name :	Mr. John B Deadwyler
Designation :	Additional

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 09.02.2007

Names of Shareholders	No. of Shares
Rajur Ganapati Investment and Trading Private Limited	213939
Harbhajan Investment and Trading Private Limited	206496
Harirani Investment and Trading Private Limited	233076
Jamwadi Investment and Trading Private Limited	207288
Keligavan Investment and Trading Private Limited	203856
Sarkara Investment and Trading Private Limited	217112
Chittoda Investment and Trading Private Limited	210848
Dudhna Investment and Trading Private Limited	218353
Mr. Prema Ramakant Garg	86750
Mr. Shobha Navin Jain	86740
Mr. Usha Brent Zehr	86750
Mr. Rajendra Prasad Ritesh Mishra	21684
Mrs. Asha Rajiv Bhojnagarwala	86740
Mrs. Savita Banewaroi Bagdiya	86740
Shri S.S. Agrawal and Jt Smt. R S Agrawal	2168
Monsanto Holdings Private Limited	761910
Dr. B R Barwale	10
Shri R B Barwale	10
Shri S S Agrawal	10
Shri S Rajagopalan	20
Total	2930500

Equity Share Break – up ( Percentage of Total Equity )

As on 30.09.2007

Category	Percentage
Bodies Corporate	84.38
Directors or relatives of directors	15.62
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Plant Genetic Research and production of quality Hybrid Seeds for the farming community.

Products :

Product Description	Item code No.
Cotton Seeds	120720
Bajra Seeds	100820.21
Jowar Seeds	100820.11
Seeds	0

Exports :

Countries :

Europe, Egypt, USA ect.

GENERAL INFORMATION

Customers :	Retailers
No. of Employees :	370 (Office 20, Factory 350)
Bankers :	1.Bank of India, (Lead Bank) Pune Corporate Banking Branch, Shivaji NagarUniversity Road, Pune 411 005 2. Bank of Maharashtra , Subhash Road, Branch, Court Road Jalna – 431 203 3. Syndicate Bank, Backbay Reclamation, Moti Mahal, 195-J. Tata Road, Mumbai – 400 020 4. Canara Bank Hi – Tech Agri Finance Branch, Model Colony, Pune 411 016
Banking Relations :	Good
Auditors :
Name :	J K Doshi and Company Chartered Accountants Address: Bhavan, 198 J Tata Road, Mumbai – 400 020, Maharashtra Ford Rhodes Parks and Company Chartered Accountants Bank of Baroda Building, 3^rd Floor, Mumbai Samachar Marg, Mumbai – 400 023, Maharashtra
Associates/Subsidiaries :	Harirani Investment and Trading Private Limited Maharashtra Hybrid Seeds Company Limited Mahyco Vegetable Seeds Limited Sungro Seeds Limited Jalna Seeds Processing and Refrigeration Company Limited Deccan Plantations Private Limited Seven Star Fruits Private Limited India Drossbach Limited Almet Corporation Limited Boxwell Industries Barwale Seeds Private Limited Gangabishan Bhikulal Investment and Trading Limited Monsanto India Limited Parry Monsanto Seeds Limited Monsanto Holdings Private Limited DPPL, Resham Bhavan, 4^th Floor

CAPITAL STRUCTURE

As on 30.09.2007

Authorised Capital :

No. of Shares	Type	Value	Amount
14990000	Equity Shares	Rs. 10/- each	Rs. 149.900 Millions
10000	Preference Shares	Rs. 10/- each	Rs. 0.100 Million
	Total		Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14652800	Equity Shares	Rs.10/- each	Rs. 146.528 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		146.528	117.223	117.323
2] Share Application Money		0.000	0.00	0.000
3] Reserves & Surplus		1075.837	599.500	442.256
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1222.365	716.723	559.579
LOAN FUNDS
1] Secured Loans		203.334	311.481	282.333
2] Unsecured Loans		5.411	5.822	1.233
TOTAL BORROWING		208.745	317.303	283.566
DEFERRED TAX LIABILITIES		77.248	82.917	98.176
TOTAL		1508.358	1116.943	941.321
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		514.762	504.288	519.992
Capital work-in-progress		2.452	11.480	1.840
INVESTMENT		210.114	50.159	53.258
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1224.658	965.896	941.840
	Sundry Debtors	154.293	56.466	110.058
	Cash & Bank Balances	48.147	161.981	882.470
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	829.872	544.534	423.791
Total Current Assets		2256.970	1728.877	2358.159
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	1462.765	1167.599	2012.946
	Provisions	31.078	39.337	24.799
Total Current Liabilities		1493.843	1206.936	2037.745
Net Current Assets		763.127	521.941	320.414
MISCELLANEOUS EXPENSES		17.903	29.075	45.817
TOTAL		1508.358	1116.943	941.321

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		2477.203	2102.925	1914.044
Other Income		458.300	526.920	127.483
Total Income		2935.503	2629.845	2041.527
Profit/(Loss) Before Tax		325.697	197.762	74.286
Provision for Tax		0.000	0.000	15.860
Profit/(Loss) After Tax		325.697	197.762	58.426
Export Turnover:
		23.955	9.131	21.697
Expenditures :
	Raw Material Consumed	865.743	594.909	677.556
	Purchases made for re-sale	6.546	3.984	4.645
	Consumption of stores and spares parts	129.035	140.414	125.462
	Increase/(Decrease) in Finished Goods	[11.754]	[24.545]	[152.033]
	Salaries, Wages, Bonus, etc.	168.616	94.931	132.071
	Managerial Remuneration	6.295	5.515	3.686
	Payment to Auditors	0.751	0.557	0.508
	Interest	32.289	29.553	34.782
	Insurance Expenses	8.689	6.043	5.466
	Power & Fuel	216.845	209.816	16.210
	Depreciation & Amortization	43.614	41.342	64.131
	Other Expenditure	1143.137	1329.564	1054.757
Total Expenditure		2609.806	2456.628	2119.274

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	11.09	7.52	2.86
Net Profit Margin (PBT/Sales)	(%)	13.15	9.40	3.88
Return on Total Assets (PBT/Total Assets}	(%)	11.75	8.86	2.58
Return on Investment (ROI) (PBT/Networth)		0.27	0.28	0.13
Debt Equity Ratio (Total Liability/Networth)		1.39	2.12	4.14
Current Ratio (Current Asset/Current Liability)		1.51	1.43	1.15

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets:

• Buildings
• Freehold Land
• Plant and Machinery
• Furniture and Fixture
• Office Equipment
• Vehicles
• Projection equipments
• Computers
• Laboratory Equipments

Name of the company

MAHYCO SEEDS LIMITED

Presented By

Bank of India, Pune Corporate Banking Branch, Pune

1) Date and description of instrument creating the change

09.10.2003

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

Rs. 471.490 millions

1. Janata Project:

Bank of India 6.541

Bank Of Maharashtra 6.954

Syndicate Bank 8.610

Canara Bank 12.022

Total (A) 34.129

2. Staff Quarters

Bank of Maharashtra 11.361

Total (B) 11.361

Total A + B = 45.490

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

The borrower hereby hypothecates to and in favour of the said Bank as and by way of first charge all those the tangible movable properties and assets of with soever nature of the borrower both present and future and including all tangible movable machinery and plant (both present and future) together with all accessories, spares, replacements, etc. thereof whether installed or not and whether lying loose or in cases at time hereafter during the continuance of this security be installed or lying about the borrower’s premises and godowns at Jalana and at Dhanore, District Buldhana, Kallakal ( Andhra Pradesh) Vejajalpur District. Godhra (Gujarat) and Kamdod (Karnataka) or whereveless the same may be or be held by any party anywhere to the order and disposition of the borrower or in course of transit to the borrower.

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

The Bank is having 1^st charge on the assets hypothecated.

Facility : Term Loan

Rate of Interest :

1. Bank of India : PTLR @ 11.50% p.a.
2. Bank of Maharashtra : PTLR @ 11.00% p.a.
3. Syndicate Bank : PTLR @11.50% p.a.
4. Canara Bank : PTLR @ 11.50% p.a.

Margin :

	Jalna	Staff Quarters
Bank of India	25%	--
Bank of Maharashtra	25%	15%
Syndicate Bank	25%	--
Canara Bank	25%	--

Plus service charge as applicable to the said facilities from time to time.

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

1. Bank of India, (Lead Bank) Pune Corporate Banking Branch, Shivaji NagarUniversity Road, Pune 411 005

2. Bank of Maharashtra , Subhash Road, Branch, Court Road Jalna – 431 203

3. Syndicate Bank, Backbay Reclamation, Moti Mahal, 195-J. Tata Road, Mumbai – 400 020

4. Canara Bank Hi – Tech Agri Finance Branch, Model Colony, Pune 411 016

Date and brief description of the instrument modifying the charge :

13.01.2004

Deed of Modification

Particulars of Modification specifying the terms and conditions or the extent or operation of the charge in which modification is made and the details of the modification

By this modification the Bank has agreed for the borrower to avail an amount of Rs. 4.571 Millions being the share of Bank of India

From and out of total Term Loan of Rs. 4.549 Millions sanctioned by the consortium, in Foreign Currency denominated in US Dollars of 10.081 Millions

Other terms and conditions remain unchanged.

WEBSITE DETAILS:

INFRASTRUCTURE

1. A strong R and D infrastructure developed near Jalna (Maharashtra)

.
2. An ISO 9001-2000 company with largest multi-locational ISO certification.

3. Network of more than 100000 farmers in 30 production centres of India.

4. State-of-art Processing units with in-house Quality Assurance facilities.

5. All India marketing network – more than 5000 sales outlets

COMMITMENT TO RESEARCH AND DEVELOPMENT

Mahyco Research Centre (MRC), at Dawalwadi near Jalna is one of Asia’s most advanced seed industry Research and Development establishment and is well equipped with state of art labs for seed health, molecular biology, cytogenetics, pathology, entomology, molecular virology and plant transformation. Best multi- disciplinary talent, trained nationally and internationally work in the centre.

Substantial investment in R and D have been made by Mahyco to be able to produce superior products to meet the customer needs.

QUALITY ASSURANCE AT MAHYCO

Mahyco products are known for their excellent quality. The production, processing and packaging of seeds are done as per stringent quality assurance norms. The ISO 9001-2000 certification awarded to Mahyco is the largest multilocation certification in India covering 59 locations. Mahyco's Quality Assurance laboratory at Dawalwadi (INML-06), has been granted the status of Member Laboratory of the International Seed Testing Association (ISTA), Zurich, Switzerland since 1999 and the status of ISTA accredited Laboratory since April 2005.

Welcome to Mahyco

Established in 1964 by Dr. Badrinarayan R. Barwale, Mahyco is a pioneer and leader in the Indian Seed Industry. The company strives to provide quality hybrid seeds. Since its inception it has been engaged in plant genetic research and production of quality hybrid seeds for the farming community of India. Currently, it is engaged in the research, production, processing and marketing of approximately 115 products in 30 crop species including cereals, oilseeds, fibre and vegetables. Mahyco is also developing genetically enhanced crops with the use of gene transfer technology. Mahyco has a national presence with its network across the country

Mahyco is the first private enterprise in India to produce and market hybrids of Cotton, Sorghum, Pearl Millet, Sunflower and Wheat

Mahyco is the first Indian company to commercially grow and market transgenic Bollgard cotton- India's first transgenic crop in 2002

Awards

National and Global Recognition

In recognition of its achievements and contributions to the Industry, Mahyco has won several National and International awards.

National Award

• 1989 : National Award for R and D efforts in Agro Industries sector from the Department of Science and Technology, Government of India.

• 1990 : Award by Indian Society of Science and Technology given to Mr. B. R. Barwale, founder and Chairman of Mahyco in recognition of his contribution to Seed Industry.

FICCI Award

1990 : Federation of Indian Chamber of Commerce and Industry, (FICCI) Award for outstanding achievement in research in Science and Technology with particular reference to development of Sunflower hybrid.

IARI Award

IARI Award presented by the Department of Genetics and Plant Breeding, in recognition of its outstanding contribution to Seed Industry

IMC Award

IMC Award for outstanding performance in hybrid Bajra (MBH-110) production.

Life Membership at World Apex body

1996 : Honorary Life Membership awarded to Shri B.R. Barwale, by FIS-Federation International Seedsmen- the apex body of the Seed Associations of the World.

World Food Prize Award

1998 : Mahyco's chairman, Shri. B.R. Barwale, was awarded the World Food Prize for his outstanding achivements in the enhancement of the world's food supply, by the World Food Prize Foundation, USA.

Padma Bhushan Award

2001 : Company Chairman Shri B.R. Barwale has been awarded with Padma Bhushan on March 21,2001 by his Excellency, The President of India. The award was bestowed on him in recognition of his contribution to trade and economic activity.

Biotechnology Award

2003 : On 11th May, National Technology Day, the Vice President of India Hon. Shri Bhairov Singh Shekhawat, Hon. Minister of Science and Technology, Shri. Murli Manohar Joshi, Seceretary, Development of Technology, Dr. Manju Sharma, awarded mahyco the first national award for biotech product Commercialisation.

Note to Account

Ø Background

Mahyco Seeds Limited ( MSL or the company). Formerly known as Energen International Limited (EIL) was incorporated on January 2, 1995. The company is engaged IN THE BUSINESS OF HYBRID AND HIGH YIELDING VARIETY SEEDS OF Cereals, pulses, fibre crops, oil seeds and forages. During the period ended March 31, 2002 Field Crop Seeds Divisions of Maharashtra Hybrid Seeds Company Limited ( MHSCL), was transferred to the company pursuant to the scheme of arrangement approved by Bombay High Court vide its order dated June 6, 2002 and certified copies of which were filed with the registrar of Companies, Maharashtra at Mumbai on July 16, 2002.

Contigent liabilities: 31.03.2005 31.03.2004

(Rs. in millions)

Guarantees given by the company’s Bankers 1.285 1.295

Guarantees given to banks for loan taken by

Maharashtra Hybrid Seeds Company Limited 114.063 114.063

Claims against the company not acknowledgment as debts

Concumer Forum / Commission 26.519 31.659

Legal cases

Seeds Compensation 23.125

Labour / industrial 5.157

Miscellaneous 5.252

Disputed Sales Tax Liability (excluding interest and penalty) 8.486 9.736

Disputed Income tax liability (excluding interest and penalty) 62.134 62.034

Disputed Custom / Excise duty as per show cause notice

for shortfall in export obligation of the Floriculture Business

(Based on the opinion received from concerned

Advocate the liability is not likely to devolve on the company) 11.129 0.000

Total 257.150 228.879

Current Events:

Mahyco Bollgard Cotton MRC-6301 Seminar at Kannad

Mahyco Seeds Limited and Ranade Micronutrients Ltd, Pune, organised a farmers mela for good cultivation of Mahyco Bollgard Cotton. Mr. Namdeoraoji Pawar, Kannad MLA, was the chief guest for the programme. During the programme, Mr. Rajkarne addressed the gathering and highlighted important features of MRC 6301, which is grown under rainfed conditions. MLA Shri Namdeorao Pawar informed the gathering that Mahyco is popular for its excellent quality seeds.

During the programme Mr. Jawaharsing Jakhad, a progressive Mahyco farmer, purchased Bt Cotton MECH-12, To his surprise, he won the Motorcycle after scratching the card under the farmers booking scheme. Mr. Shrikant Sirsavkar, Area Manager Aurangabad and Local dealer M/s. Ramesh Krishi Seva Kendra, Kannad in co-ordination with Mr. Anil Kolte conducted the programme

Mahyco Bajra 2210 Campaigning Rath

To promote Hybrid Bajra 2210, district quality officer Shri Gujrathisaheb along with our respected Deputy Managing Director Shyamji Agarwal inaugurated bullet campaigning rath. Mahyco distributor M/s Navbharat Fertilizer Aurangabad, Mr. Vijaykumar Patni, Mr. Ajay Kulkarni, Mr. Rajkarne, Mr. Kolte & Mr. A. G. Vijay participated in the programme

Mahyco Brinjal MEBH-11 yields 400 quintals in 4 acres

Mr. Sudhir Chokhat a progressive farmer from Kakanwada harvested a bumper crop from Mahyco Brinjal MEBH-11. In just two months period he has harvested a bumper crop of 400 quintals from 4 acres. Brinjal MEBH-11 has more demand in the market hence Mr. Chokhat decided to cultivate this hybrid. This is a non-spiny purple coloured hybrid with white stripes. Hence it has wide acceptance amongst consumers. Mr. Chokhat is expecting another 400 quintals yield from the same plot. The value of the produce is around Rs. 0.250 Millions in 4 acres. Mr. Chokhat received assistance from Mahyco staff Mr. Shankar Mahalle, Gokul Patil and Nitin Umbarkar for this success.

PRESS RELEASE

Arcadia Biosciences and MAHYCO announce Multi-Crop,

Multi-Technology Licensing Agreement

April 14th, 2008 - 10:16 pm ICT by admin –

Davis (California), Apr 14 (ANI/Business Wire India): Arcadia Biosciences, Inc ., an agricultural technology company focused on developing technologies and products that benefit the environment and human health, and Maharashtra Hybrid Seed Company limited.

(MAHYCO), one of the largest seed companies in India, today announced that they have concluded a multi-crop, multi-technology research and commercial license agreement focused on India and other South Asian countries.

Under the agreement, MAHYCO will have access to Arcadia’s Nitrogen Use Efficiency (NUE) and Salt Tolerance technologies in several key crops in the region.

The comprehensive agreement between Arcadia and MAHYCO involves bringing Arcadia’s advanced agricultural technologies to a region that is experiencing rapid population growth and is challenged by difficult agricultural and environmental conditions.

With more than 1.1 billion people, India represents about 17 per cent of the world’s population, although it occupies just over 2 per cent of the world’s land mass. Based on the current growth rate, India is expected to overtake China in 2030 as the world’s most populated country.

Concurrent with this rapid population growth, the United Nations Food and Agriculture Organization (FAO) estimates that 221 million people in India, or about one-fifth of the population, are undernourished. As such, there is significant pressure on Indian farmers to increase agricultural productivity.

Agriculture is also the second-leading source of global greenhouse gas, and nitrogen fertilizer represents a significant cause of these emissions. Using only existing technologies, Indian farmers will need to claim more land to grow crops, which uses more nitrogen fertilizer and scarce water resources to achieve much-needed higher yields.

Arcadia’s NUE technology can significantly reduce nitrogen fertilizer requirements, and Salt-Tolerance technology can reduce the need for fresh water resources for irrigation. The expected result is high-yielding crops with a lower impact on the environment.

Globally, there are significant challenges associated with providing an adequate amount of food in ways that minimize negative impacts on the environment. India is one of the places where these challenges are evident and require serious action, said Eric Rey, President and CEO of Arcadia.

MAHYCO’s expertise in developing crop varieties for the region and marketing new seed technologies to both large and small South Asian farmers can play a central role in the region’s ability to feed its growing population, said Rey.

The need for South Asian farmers to produce more food to keep pace with population growth will continue to put pressure on local fresh water resources to irrigate crops and increase the need for nitrogen fertilizer, a major global contributor to greenhouse gas emissions. Arcadia’s technologies enable the development of crops that either reduce agriculture’s contribution to climate change or adapt to the stresses that climate change places on agriculture,” he added.

“Nitrogen use efficiency will bring great benefits to Indian farmers by providing better yield under existing conditions or leading to lowering of nitrogen fertilizer applications in some areas and still maintaining yields, said Usha Zehr for MAHYCO.

More and more Indian soils are affected by various abiotic stresses and this technology holds promise to allow cultivation even in these adverse conditions. MAHYCO is looking forward to bringing these technologies for the benefit of the Indian farmer,” Zehr added. (ANI)

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. 42.82
UK Pound	1	Rs.84.72
Euro	1	Rs.66.62

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	10
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		87

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