MIRA INFORM REPORT

Report Date :

06.11.2008

IDENTIFICATION DETAILS

Name :	GUJARAT GREEN REVOLUTION COMPANY LIMITED
Registered Office :	GSFC Agro Development and Agrovigyanbhavan G S F C, Science Foundation, Post Office Fertilizer Nagar, Vadodara – 391 750, Gujarat
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	27.11.1998
Com. Reg. No.:	04-35039
CIN No.: [Company Identification No.]	U63020GJ1998PLC035039
Legal Form :	A closely held public limited liability company
Line of Business :	The subject is engaged in implementing Micro Irrigation System in the Gujarat State and also provides agro inputs such as Bio-fungicide products, Pesticides, Bio-fertilizers, Seeds, etc. to the farmers so that they can save water, energy and also improve their agriculture productivity

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 240000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is promoted by strong promoters having fine track. Trade relations are fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. It can be regarded as a promising business partner in a medium to long-term.

LOCATIONS

Registered Office :	GSFC Agro Development and Agrovigyanbhavan G S F C, Science Foundation, Post Office Fertilizer Nagar, Vadodara – 391750, Gujarat, India
Tel. No.:	91-265-2242547 / 2243069 / 2242641
Fax No.:	91-265-2241685 / 2244685
E-Mail :	mbjoshi@gsfcltd.com helpline@ggrc.co.in pkumar@ggrc.co.in ggrc.reg@gsfcltd.com
Website :	http://www.ggrc.co.in

DIRECTORS

Name :	Mr. Alexander Koippuram Luke
Designation :	Chairman and Managing Director
Address:	MD’s Bunglow, P O Fertilizer Nagar, Vadodara – 391 750, Gujarat, India
Date of Birth/Age :	04.08.1948
Qualification :	IAS
Date of Appointment:	30.05.2003
Name :	Mr. Premkumar Taneja
Designation :	Chairman and Managing Director
Address:	MD’s Bunglow, P O Fertilizer Nagar, Vadodara – 391 750, Gujarat, India
Date of Birth/Age :	05.02.1957
Qualification :	IAS
Date of Appointment:	19.09.2008
Name :	Mr. Pradipkumar R. Pujari
Designation :	Secretary (Economic Affairs, Finance Dept) – Director
Address:	A / 4, 304, Bageshri Apartment Satellite, Cross Road, Ahmedabad – 380054, Gujarat, India
Date of Appointment:	27.09.2005
Qualification :	IAS
Name :	Mr. Balwant R. Singh
Designation :	Director
Address:	K - 8, Sector 19, Gandhinagar – 382019, Gujarat, India
Date of Birth/Age :	06.12.1951
Qualification :	IAS
Date of Appointment:	07.05.2005
Name :	Mr. Kiritbhai N. Shelat
Designation :	Principal Secretary (Agri), GoG – Director
Address:	6, Mani Kamal Society, Near Surdhara Circle, Thaltej, Ahmedabad, Gujarat, India
Date of Appointment:	27.09.2005
Qualification :	IAS
Name :	Mr. Shaileshbhai. J. Desai
Designation :	Secretary (Narmada) – Director
Address:	B – 1 / 001, Anupam Apartments, Near Water Tank, Near Shabri Flats, Besides Himalay Arcade, Vastrapur, Ahmedabad, Gujarat, India
Date of Birth/Age :	18.06.1957
Date of Appointment:	07.05.2005
Name :	Mr. Mahesh. S. Patel
Designation :	Secretary (Water Resources), GWRDC – Director
Address:	7 / A, Sitabag Society, Near Aradhana High School, Maninagar, Ahmedabad – 380008, Gujarat, India
Date of Appointment:	27.09.2005
Name :	Mr. Lalnunmawia. Chuaungo
Designation :	Director (Admn), Energy and Dev. Corpn. – Director
Address:	GACL House, Near Amar Complex, Sama Road, Vadodara – 8, Gujarat, India
Date of Birth/Age :	01.03.1962
Date of Appointment:	07.05.2005
Qualification :	IAS
Name :	Mr. Mahesh Balubhai Joshi
Designation :	Managing Director
Address:	Block No. 7, Kamalkunj, Society, Opp Arpan Complex, Delux Char Rasta, Nizampura, Vadodara – 390 002, Gujarat, India
Date of Birth/Age :	08.07.1943
Date of Appointment:	28.06.2001
Name:	Mr. S. C. Shrivastav
Designation:	Nominee Director
Address:	A-1, Satyam Government Flat, Near Gujarat College, Ahemdabad, Gujarat, India
Date of Appointment:	30.12.2005
Name :	Mr. Pankaj B. Nanavati
Designation :	Director
Address :	A-9/9 Sector No. 39, GNFC Township, P O Narmda Nagar, Bharuch – 390 015, Gujarat, India
Date of Birth/Age :	18.12.1946
Date of Appointment :	30.12.2005
Name :	Mr. Shyamal Tikadar
Designation :	Managing Director
Address :	102 Fertilizer Nagar, P O Fertilizer Nagar, Vadodara – 391 750, Gujarat, India
Date of Birth/Age :	31.07.1962
Qualification :	IFS
Date of Appointment :	13.03.2007
Name :	Mr. Ramarao Chelluri
Designation :	Director
Address :	431-B, Fertilizer Nagar Township, P O Fertilizer Nagar, Vadodara – 391 750, Gujarat, India
Date of Birth/Age :	06.07.1948
Date of Appointment :	30.12.2005
Name :	Mr. Satishchandra Srivastav
Designation :	Director
Address :	A-1 Satyam Govt. Flats, Near Gujarat College, Ellisbridge, Ahmedabad – 380 014, Gujarat, India
Date of Birth/Age :	28.10.1956
Date of Appointment :	30.12.2005
Name :	Mr. Rameshbhai Bapubhai Desai
Designation :	Director
Address :	Street No. 31, A-3, GNFC Township, P O Narmada Nagar, Bharuch – 392 015, Gujarat, India
Date of Birth/Age :	01.06.1949
Date of Appointment :	10.07.2007
Name :	Mr. Natarajan Thiruvenkadam
Designation :	Director
Address :	Street No. 31, Block No. 7, GNFC Township, P O Narmada Nagar, Bharuch – 392 015, Gujarat, India
Date of Birth/Age :	05.05.1971
Date of Appointment :	10.09.2008
Name :	Mr. Arvind Motilal Agarwal
Designation :	Director
Address :	Lane-16, Bunglow-302, Satyagrah Chhavni, Satellite Road, Ahmedabad – 380 015, Gujarat, India
Date of Birth/Age :	23.04.1960
Date of Appointment :	19.09.2008
Name :	Mr. Shivabhai Rughanathbhai Chaudhari
Designation :	Director
Address :	Plot No. 447/1, Gokul Society, Sector BB, Gandhinagar – 382 008, Gujarat, India
Date of Birth/Age :	11.07.1958
Date of Appointment :	19.09.2008
Name :	Mr. Chelluri Rama Rao
Designation :	Director
Address :	431-B, Fertilizer Nagar, P O Fertilizer Nagar, Vadodara – 391 750, Gujarat, India
Date of Birth/Age :	06.07.1948
Date of Appointment :	30.12.2005

KEY EXECUTIVES

Name :	Mr. Abraham P
Designation :	Secretary
Address :	304 B, Fertilizer Nagar, Township, P O Fertilizer Nagar, Vadodara – 391 750, Gujarat, India
Date of Birth/Age :	23.10.1953
Date of Appointment :	27.09.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 28.09.2007)

Names of Shareholders	No. of Shares
Vinubhai Shah	10
Gujarat State Fertilizers and Chemicals Limited	750000
Gujarat Narmada Valley Fertilizers Company Limited	750000
Gujarat Agro Industries Corporation Limited	150000
Harhadrai Premshankar Pandya	10
Vishvesh Dineshchandra Nanavaty	10
Abraham P	10
Dilip Shah	10
Parmjyoti Dandapani	10
Suketu Desai	10
Total	1650070

List of Allotment

Names of Allottees	No. of Shares
Gujarat State Fertilizers and Chemicals Limited	500000
Gujarat Narmada Valley Fertilizers Company Limited	500000
Gujarat Agro Industries Corporation Limited	16800
Total	1016800

Equity shares Breakup (percentage of total equity)

(As on 30.09.2007)

Category	Percentage
Bodies Corporate	99.99
Others	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	The subject is engaged in implementing Micro Irrigation System in the Gujarat State and also provides agro inputs such as Bio-fungicide products, Pesticides, Bio-fertilizers, Seeds, etc. to the farmers so that they can save water, energy and also improve their agriculture productivity
Products :	Agricultural Inputs such as Bio-fungicide products Pesticides Bio-fertilizers Seeds, etc.

GENERAL INFORMATION

Customers :

Farmers

No. of Employees :

150

Bankers :

· State Bank of Saurashtra, Ahmedabad

· Indian Overseas Bank

Undera Branch, Undera, Vadodara – 396 003, Gujarat, India

Facilities :

Secured Loans	(As on 31.03.2007) Rs. In millions
Indian Overseas Bank Cash Credit A/c	0.005

Unsecured Loans	(As on 31.03.2007) Rs. In millions
Loan Received from GSFC Science Foundation	12.628
Loan Received from GAIC Limited	0.168
Total	12.796

Auditors :	C. C. Chokshi and Company Chartered Accountants
Address:	31, Nutan Bharat Society, Alkapuri, Vadodara – 390007, Gujarat, India
Sister Concerns :	· Gujarat State Fertilizers and Chemicals Limited · Gujarat State Financial Corporation · Gujarat Urja Vikas Nigam Limited · Gujarat Agro Industries Corporation Limited · Gujarat State Fertilizers and Chemicals Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1650070	Equity Shares	Rs.10/- each	Rs.16.501 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		16.501	16.500	16.500
2] Share Application Money		10.000	0.000	3.067
3] Reserves & Surplus		21.363	6.682	8.471
4] (Accumulated Losses)		0.000	(15.151)	(29.190)
NETWORTH		47.864	8.031	(1.152)
LOAN FUNDS
1] Secured Loans		0.005	28.840	31.979
2] Unsecured Loans		12.796	0.000	0.000
TOTAL BORROWING		12.801	28.840	31.979
DEFERRED TAX LIABILITIES		1.243	0.000	0.000
TOTAL		61.908	36.871	30.827
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.936	24.750	12.392
Capital work-in-progress		0.000	0.000	4.890
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.575	4.395	3.077
	Sundry Debtors	0.632	0.000	0.103
	Cash & Bank Balances	777.416	294.050	7.441
	Other Current Assets	0.000	0.650	0.026
	Loans & Advances	36.233	10.393	5.021
Total Current Assets		818.856	309.488	15.668
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	766.240	296.367	2.066
	Provisions	16.644	1.000	0.057
Total Current Liabilities		782.884	297.367	2.123
Net Current Assets		35.972	12.121	13.545
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		61.908	36.871	30.827

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		97.387	41.771	1.653
Other Income		15.914	3.262	0.546
Total Income		113.301	45.033	2.199
Profit/(Loss) Before Tax		48.777	14.779	(11.281)
Provision for Taxation		12.262	0.740	0.000
Profit/(Loss) After Tax		36.515	14.039	(11.281)
Expenditures :
	Raw Material Consumed	2.404	0.373	0.641
	Consumption of stores and spares parts	8.715	8.865	5.801
	Increase/(Decrease) in Finished Goods	(0.005)	(1.318)	0.177
	Salaries, Wages, Bonus, etc.	12.639	5.662	0.902
	Managerial Remuneration	0.594	0.683	0.252
	Payment to Auditors	0.149	0.068	0.022
	Interest	0.352	1.002	1.379
	Insurance Expenses	0.071	0.050	0.023
	Power & Fuel	0.058
	Depreciation & Amortization	4.094	3.012	2.322
	Other Expenditure	35.453	11.857	1.961
Total Expenditure		64.524	30.254	13.480

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	32.23	31.17	(513.01)
Net Profit Margin (PBT/Sales)	(%)	50.09	35.38	(682.46)
Return on Total Assets (PBT/Total Assets}	(%)	5.77	4.42	(40.20)
Return on Investment (ROI) (PBT/Networth)		1.02	1.84	(9.79)
Debt Equity Ratio (Total Liability/Networth)		16.62	40.62	(29.60)
Current Ratio (Current Asset/Current Liability)		1.05	1.04	7.38

LOCAL AGENCY FURTHER INFORMATION

Web Details

Establishment

GAPC jointly promoted by GSFC, GAIC and GNFC was in existence since 1999 and undertaking production of Banana Tissue Culture Plants and also maintaining farm at Dakor. Board of Directors of GAPC decided to rename this Company as Gujarat Green Revolution Company Limited (GGRC) and modify article of association so that business of Micro Irrigation System can be taken up.

Applied to Registrar of Companies (RoC), Ahmedabad for change of name from Gujarat Agri Processing Company Limited (GAPC) to GGRC on 05/03/2005 and RoC approved renaming with effect from 04/05/2005.

Why Micro Irrigation is necessary?

· To improve the productivity of irrigated land from the present low levels.

· To improve use-efficiencies of Water, Energy, Nutrient and Human Effort in Agriculture.

· To conserve scarce resources such as Water and Electricity.

· To extend the benefits of irrigated agriculture to more people with the available water.

· To facilitate better crop management through Fertigation and Chemigation.

Principles of Micro Irrigation?

· Water is applied directly to the root zone of the plants.

· Water is applied at frequent intervals at precise quantities based on Crop Water Requirements.

· Water is applied through a low-pressure pipe network comprising Mains, Submains, Laterals and Emitting Devices

Advantages of Micro Irrigation

· Crop Yield Enhancement

· Saving in Irrigation Water

· Saving in Energy in pumping

· Savings in Fertilizer consumption

· Quality Improvement of Produce

· Improved Pest & Disease Control

· Improves Soil Health

· Reduced Weed Growth

· Reduced Labor Costs

· Suitable and Marginal lands

· Suitable and Marginal lands

· Suitable for inferior quality water

Fixed Assets

· Plant and Machinery

· Office Equipments

· Furniture and Fixtures

· Green Houses

· Biofungicide Building

· Drip Irrigation System (Dakor)

· Technology Know-How

· Vehicles

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 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.47.18
UK Pound	1	Rs.75.05
Euro	1	Rs.60.89

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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