MIRA INFORM REPORT

Report Date :

23.12.2011

IDENTIFICATION DETAILS

Name :	AGRIMAS CHEMICALS LIMITED
Registered Office :	H2, MIDC Industrial Estate, Taloja, District. Raigadh-410208, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	03.07.1973
Com. Reg. No.:	11-016649
Capital Investment / Paid-up Capital :	Rs.72.286 Millions
CIN No.: [Company Identification No.]	L99999MH1973PLC016649
TAN No.: [Tax Deduction & Collection Account No.]	MUMA21866F
PAN No.: [Permanent Account No.]	AACCA4657L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Trader in Pesticides.
No. of Employees :	220 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 530000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However trade relations are reported are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION DECLINED BY

Name :	Mr. Pradeep Chdra
Designation :	Accounts Executive
Date :	21.12.2011

LOCATIONS

Registered Office :	H2, MIDC Industrial Estate, Taloja, District. Raigadh-410208, Maharashtra, India
Tel. No.:	91-22-27412365/27410206
Fax No.:	91-22-27411146
E-Mail :	info@agrimas.com akansha@agrimas.com
Website :	http://www.agrimas.com
Branch Office :	No.42, Community Centre, Zamrudpur, Kailash Colony Extension, New Delhi-110048, Maharashtra, India
Tel. No.:	91-11-51630159/60/61/52
E-Mail :	info@agrimas.com

DIRECTORS

AS ON 30.09.2010

Name :

Mr. Gnanamuthu Lamech Paul

Designation :

Managing Director

Address :

Flat No 15 Arabi D – Block Tarangini Apartmetns, Mogappair, Chennai – 600058, Tamilnadu, India

Date of Birth/Age :

30.10.1938

Date of Appointment :

27.06.2005

Din No.:

01232720

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U67120MH1992PTC069314	MURRAY INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	02-11-93	02-11-93	Active	NO
2	U65993TN1983PTC009929	RND INVESTMENTS PRIVATE LIMITED	Director	29-05-95	29-05-95	Active	NO
3	U24231TN1983PLC010117	COROMANDEL INDAG PRODUCTS INDIA LIMITED	Director	15-09-98	15-09-98	Active In Progress	NO
4	U00000DL2001PTC109984	DREAM TECH EXPORTS PRIVATE LIMITED	Director	23-08-04	23-08-04	Active	NO
5	L99999MH1973PLC016649	AGRIMAS CHEMICALS LIMITED	Managing director	30-09-08	27-06-05	Active	NO
6	U24211DL2005PTC139494	VINAYAK AGRICHEM PRIVATE LIMITED	Director	09-08-05	09-08-05	Active	NO
7	U01135GJ1982PTC005109	VITHAJ AGRICHEM INDUSTRIES PRIVATE LIMITED	Director	07-07-06	07-07-06	Active	NO
8	U74899DL1995PTC072407	PRITSONS BUILDERS AND CONSTRUCTIONS PRIVATE LIMITED	Director	01-05-07	01-05-07	Active	NO

Name :

Ms. Vanessa Keishing

Designation :

Director

Address :

Lamlongei Mantripukhri Imphal (East), Manipur – 795002, Imphal, India

Date of Birth/Age :

16.11.1976

Date of Appointment :

27.06.2005

Din No.:

01287959

Name :

Mr. Chander Shekhar Singh

Designation :

Director

Address :

Nai Basti Bathinda – 151001, Punjab, India

Date of Birth/Age :

12.04.1956

Date of Appointment :

01.10.2001

Din No.:

01349276

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L99999MH1973PLC016649	AGRIMAS CHEMICALS LIMITED	Director	01-10-01	01-10-01	-	Active	NO
2	U24219HP2003PTC026159	HEM-AN NOBLE BIO-TECH LABORATORIES PRIVATE LIMITED	Director	28-09-07	24-03-07	04-06-08	Active	NO

KEY EXECUTIVES

Name :	Mr. Pradeep Chdra
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Anand P Fredrick	3174300
Anand Fredrick	2075000
Anand Fredrick	1491567
Rajashree Fiscal Services Limited	1393100
Murray Investment and Finance Private Limited	590000
Sage Investment Limited	399975
Vithaj Agrichem Private Limited	260000
Anand Fredrick	189300
Thirumalai Chemicals Limited	150000
Central Bank of India	150000
Anita Mathew	90375
Arun Fredrick	90375
Anand Fredrick	73200
Atlas Automotive Components Private Limited	50000
Indur Kirpalani	30000
Rajendra Kumar Daga	30000
Vijay Jain	29900
Sekhar Chatterjee	29900
Manish Tatiwala	26900
Kumbhat Financial Services Limited	25000
Electra Financial Services Limited	20000

AS ON 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	0.57
Bodies corporate	27.23
Nationalised or Other Banks	1.30
Other top fifty shareholders	70.90
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Pesticides.
Products :	Insecticide Acephate 75% SP Alphamethrin 10% EC Cartap Hydrochloride 4 % G Cartap Hydrochloride 50 % SP Chlorpyriphos 20 % EC CPP 50 % + Cyper 5 % Dimethoate 30 % EC Herbicide Anilofos 30 % EC Isoproturon 75 % WP Butachlor 50 % EC Fungiside Carbendazim 50 5 WP Copper Oxychloride 50 % WP Mancozeb 75 % W.P. Ziram 27 % SC PGR Amino Gold/Grow Gold/Amino Acid Agricharge

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity
Taloja Plant
Pesticide (Dusting and Wettable Powder )	M.T	3600
Pesticides (Emulsified Concentrate)	KL.	240
SKD Plant
Pesticide – Powder and Granual	M.T	3000
Pesticide - Liquid	KL.	2500

GENERAL INFORMATION

No. of Employees :

220 (Approximately)

Bankers :

• Grindlays Bank p.l.c, 90 Mahatma Gandhi Road, Mumbai – 400023, Maharashtra, India
• Centurion Bank of Punjab Limited, M – 61 (Market), Greater Kailash – II, New Delhi – 110048, Delhi, India
• HDFC Bank Limited
• Punjab National Bank
• ICICI Bank Limited

Facilities :

SECURED LOAN	AS ON 31.03.2010 (Rs. in millions)	AS ON 31.03.2009 (Rs. in millions)
HDFC Bank Limited – Cash Credit	14.535	5.662
HDFC Bank Limited – Car Loan	0.142	0.000
Kotak Mahindra Prime Limited – CF 5382332	0.509	0.000
Kotak Mahindra Prime Limited – 5620940	0.378	0.000
Punjab National Bank – Car Loan	0.591	0.000
Tata Motors Finance Limited – Car Loan	0.810	0.000
ICICI Bank Limited – Car Loan (Repayable within a year Rs.0.689 million, Previous Year Rs.0.052 million)	0.000	0.052
TOTAL	16.965	5.714

UNSECURED LOAN
Trade Deposit	22.186	14.671
Inter Corporate Loans	13.000	0.000
TOTAL	35.186	14.671

Banking Relations :	--
Auditors :
Name :	Mandhania and Associates Chartered Accountant
Address :	6-A, PIL Court, 6^th Floor, 111, Maharshi Karve Road, Churchgate, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22090365 / 22078214 / 22078215
Fax No.:	91-22-22092673
E-Mail :	Mandhania_ca@rediffmail.com

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs. 10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11050000	Equity Shares	Rs. 10/- each	Rs.110.500 Millions
5095200	Less : Calls in Arrears	Rs.7.5/- each	Rs.38.214 Millions
	TOTAL		Rs.72.286 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		72.286	72.280	69.250
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		61.616	55.260	57.093
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		133.902	127.540	126.343
LOAN FUNDS
1] Secured Loans		16.965	5.714	6.237
2] Unsecured Loans		35.186	14.671	8.226
TOTAL BORROWING		52.151	20.385	14.463
DEFERRED TAX LIABILITIES		1.451	1.312	0.000
TOTAL		187.504	149.237	140.806
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		27.515	17.181	13.181
Capital work-in-progress		7.663	26.608	26.608
INVESTMENT		0.376	0.376	0.376
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	204.526	118.819	60.442
	Sundry Debtors	131.239	63.739	74.549
	Cash & Bank Balances	6.552	21.410	3.864
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	107.424	89.854	97.000
Total Current Assets		449.741	293.822	235.855
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	256.704	168.062	77.328
	Other Current Liabilities	35.666	18.445	55.564
	Provisions	5.421	2.243	11.810
Total Current Liabilities		297.791	188.750	144.702
Net Current Assets		151.950	105.072	91.153
MISCELLANEOUS EXPENSES		0.000	0.000	9.488
TOTAL		187.504	149.237	140.806

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	765.356	502.267	316.398
		Other Income	2.449	4.753	5.517
		TOTAL (A)	767.805	507.020	321.915
Less	EXPENSES
		Purchase of Goods Traded	157.454	120.737	0.000
		Raw Material Consumed	470.990	287.383	240.779
		Packing Materials Consumed	50.171	27.017	0.000
		Manufacturing Expenses	21.738	7.527	69.422
		Administrative, Selling and General Expenses	109.393	70.961	0.000
		Increase / Decrease of Stocks	(63.254)	(18.150)	0.931
		TOTAL (B)	746.492	495.475	311.132
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		21.313	11.545	10.783
Less	FINANCIAL EXPENSES (D)		2.317	1.695	1.686
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.996	9.850	9.097
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.034	1.400	1.175
	PROFIT BEFORE TAX (E-F) (G)		16.962	8.450	7.922
Less	TAX (H)		10.612	5.047	3.650
	PROFIT AFTER TAX (G-H) (I)		6.350	3.403	4.272
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		17.184	13.780	9.508
	BALANCE CARRIED TO THE B/S		23.534	17.183	13.780
	IMPORTS
		Raw Materials	55.719	19.003	NA
	TOTAL IMPORTS		55.719	19.003	NA
	Earnings Per Share (Rs.)		0.57	0.31	0.39

QUARTERLY RESULTS

PARTICULARS	30.06.2010	31.12.2010	31.03.2011
Net Sales	362.710	173.970	222.480
Total Expenditure	350.950	166.530	206.670
PBIDT (Excl OI)	11.760	7.440	15.810
Other Income	0.000	0.000	0.000
Operating Profit	11.760	7.440	15.810
Interest	0.580	1.290	0.840
PBDT	11.180	6.150	14.970
Depreciation	0.660	0.750	0.760
Profit Before Tax	10.510	5.400	14.210
Tax	3.510	1.500	4.500
Profit After Tax	6.990	3.900	9.710
Net Profit	6.990	3.900	9.710

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.82	0.67	1.32
Net Profit Margin (PBT/Sales)	(%)	2.21	1.68	2.50
Return on Total Assets (PBT/Total Assets}	(%)	3.55	2.71	3.18
Return on Investment (ROI) (PBT/Networth)		0.12	0.06	0.06
Debt Equity Ratio (Total Liability/Networth)		2.61	1.63	1.25
Current Ratio (Current Asset/Current Liability)		1.51	1.55	1.62

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

(Rs. In millions)

PARTICULARS	AS ON 31.03.2010	AS ON 31.03.2009	AS ON 31.03.2008
Sundry Creditors	256.704	168.062	77.328

FORM 8

This form is for	Modification of charge Creation of charge
Corporate identity number of the company	U99999MH1973PTC016649
Name of the company	AGRIMAS CHEMICALS LIMITED
Address of the registered office or of the principal place of business in India of the company	H -2, MIDC, Industrial Area, Behind Hindustan Lever, Taloja, Raigad – 410208, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	Centurion Bank of Punjab Limited, M – 61 (Market), Greater Kailash – II, New Delhi – 110048, Delhi, India
Nature of description of the instrument creating or modifying the charge	Confirmatory Letter
Date of instrument Creating the charge	31.08.2007
Amount secured by the charge	Rs.25.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge 100 percent. Others The said charge is mortgage to collaterally secure following credit facilities granted by bank to the company:- S. No. Nature of facilities Amount (Rs. in Millions) 1. Cash Credit 15.000 2. Letter of Credit 10.000 Total 25.000
Short particulars of the property charged	Equitable mortgage by deposit of title deeds in respect of immovable property of the company situated at H -2, MIDC Industrial Area, Taloja, Maharashtra together with all buildings, super structures, fixed machinery and plant, fixtures and fittings thereat.

FIXED ASSETS

• Leasehold Land
• Land
• Factory Building
• Plant and Machinery
• Residential Building
• Office Equipments
• Electrical Equipments
• Computers
• Furniture and Fixtures
• Tools and Spares
• Motor Car
• Motor Cycle

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.52.78
UK Pound	1	Rs.82.73
Euro	1	Rs.68.87

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		29

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	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
-	NB	New Business	-

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.