MIRA INFORM REPORT

Report Date :

09.06.2011

IDENTIFICATION DETAILS

Name :	SYNGENTA INDIA LIMITED
Registered Office :	Amar Paradigm, S.No. 110/11/3, Baner Road, Baner, Pune – 411045, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	23.03.2000
Com. Reg. No.:	135336
Capital Investment / Paid-up Capital :	Rs.159.308 millions
CIN No.: [Company Identification No.]	U24210PN2000PLC135336
TAN No.: (Tax Deduction & Collection Account No.)	MUMS27059E PNES06546B PNES28531G
PAN No.: [Permanent Account No.]	AAECS9424P
Legal Form :	A Closely held Public Limited Liability Company.
Line of Business :	Manufacturer of Agrochemicals, Insecticides and Pesticides.
No. of Employees :	1200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (64)

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 32400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established and a reputed company having fine track. The financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for 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 PARTED BY

Name :	Mr. Vijay Iyer
Designation :	Accounts Department
Contact No.:	91-20-30699200
Date :	08.06.2011

LOCATIONS

Registered Office/Corporate office :	Amar Paradigm, S.No. 110/11/3, Baner Road, Baner, Pune – 411045, Maharashtra, India
Tel. No.:	91-20-30699200
Fax No.:	91-20-30699480
E-Mail :	vijay.iyer@syngenta.com companysecretary@syngenta.com
Website :	www.syngenta.co.in
Location :	Owned
Factory 1	Santa Monica Plant, Corlim Santa Monica Works, Corlim, Ilhas, Goa – 403110, India
Tel No.:	91-832-2460460/ 63
Fax No.:	91-832-2284151
Factory 2 :	Seeds Division 1170/27, Revenue Colony, Shivajinagar, Pune-411005, Maharashtra, India
Tel No.:	91-20-25539391-13/ 30211900
Fax No.:	91-20-25537571
Sales and Support:	List of All District Centers: · Andhra Pradesh o Abdul Sattar Guntun o T-Stanes Guntur o Hyderabad, Kurnool o Abdul Sattar Hyderabad o Rekha Corporation o Rekha CP Hyedrabad o T-STanes Kurnool o Khammam, Rajamundry o Rekha CP Khammam o Rekha CP Rajahmundry o Thadepalligudam, Vijaywada o Posani Farm Chemical o T-Stanes Vijayawada · Assam o Guwahati, Jorhat o Kedareshwar Bannerje o Guwahti Factory o Doss and Company o Tezpur, Tinsukia o Tadesworth o Tamal Enterprises · Bihar o Patna o Sumit Chemicals · West Bengal o Calcutta, Siliguri o Agro Srv Syndicate o Intl Organics Limited

DIRECTORS

Name :	Mr. S. D. Kulkarni
Designation :	Chairman cum Managing Director
Address :	12, Pushkar BV, Pathare Marg, Dadar, Mumbai – 400028, Maharashtra, India
Qualification :	Chartered Accountant
Date of Joining :	10.11.2000
Previous Employment :	Larson and Toubro Limited
Name :	Mr. P. K. Apte
Designation :	President and Managing Director
Address :	8-W, Navoraza Apartment, 35, Bhulabhai Desai Road, Mumbai – 400093, Maharashtra, India
Qualification :	B.E. (Mechanical Engineering) Post Graduate Diploma (Management)
Date of Joining :	10.11.2000
Previous Employment :	Hindustan Ciba Geigy Limited
Name :	Mr. M. R. Lal
Designation :	Director
Qualification :	LLB
Date of Joining :	10.11.2000
Previous Employment :	CIBATUL Limited
Name :	Mr. Devor Pisk
Designation :	Vice Chairman
Address :	Syngenta Singapore Private Limited, 250 North Bridge Road – 39-00, Raffles City Towers, Singapore 179101
Name :	Mr. Max Riggenbach
Designation :	Director
Address :	Syngenta Crop Protection AG WRO-1007.6.13. CH-4002, Basel, Switzerland
Date of Joining :	24.10.2002
Name :	Mr. D. S. Gokhale
Designation :	Director
Address :	Syngenta Seeds Limited, 159/30, M003, Vibhavi Rangsit Road, Kwang Talad, Bangkhen Khet Laksi, Bangkok-10210, Thailand
Date of joining :	15.09.2004

KEY EXECUTIVES

Name :	Mr. D. S. Desai
Designation :	Company Secretary
Address :	8-Vijaya Vilas, Oomer Park, Bhulabhai Desai Road, Mumbai – 400026

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders (As on 20.06.2010)	No. of Shares
Syngenta Participation AG	16246450
Syngenta South Asia Ag	11865350
HSCI Syngenta India Limited Delisting Escrow A/C	1202830
Sohrab Homi Fracis	1365998
Champion Commercial Company limited	25000
Shridhar P Iyer	5000
Donald Lucio Matias Menezes	3634
Krantikailas C Joshi	3100
Rahul Bhasin	3000
Devinder Parkash Kalra	2700
General Insurance Corporation of India	2470
Jini Dinshaw	2350
Ashalata Vithalrao Toraskar	2218
Madhu Suri	2198
S Shangmugam	2118
Jitendra Gordhandas Dutia	2036
Rangoli Homes Private limited	2000
Standard Industries Limited	2000
Sheela Ashwin Chiniwalla	2000
Ravi Mehrotra	2000
Jasbir Singh	2000
Madhavrao Balwant patil	1850
Punit Kumar	1750
Krishnarao Annarao Lokapur	1748
Jasumati Harivadan Patel	1648
Eddie Phiroz Bharucha	4750
Cavas Minocher Pavri	1508
Banaji Eyecare Private Limited	1500
Kamalini ramanlal Gujarathi	1500
Annarao Krishnarao Lokapur	1487

(AS ON 20.06.2010)

Category	Percentage
Nationalized or other Banks	0.02
Mutual Funds	1.11
Public Financial companies	3.45
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	84.40
Bodies corporate	1.88
Other top fifty shareholders	1.81
Others	7.33
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Agrochemicals, Insecticides and Pesticides.

Products :

Item Code No. (ITC Code)	380830.00
Product Description	Clodinafop Herbicide
Item Code No. (ITC Code)	380810.99
Product Description	Thiamethoxam Insecticide
Item Code No. (ITC Code)	380810.32
Product Description	Quinolphos Insecticide

Insecticides

· Vertimec1.9C

· Curacron 50EC

· Polytrin C44

· Ekalux35EC/AF

· Nuvan

· Nuvacron36SL

· Karate

· Kungfu

· Acrara

Fungicides

· Tilt 25EC

· Ridomil MZ 72 WP

· Topaz 10 EC

· Blue Copper 50 WP

· Kavach 75 WP

· Cuman L 27SC

· Thiovit 80 WP

· Score

Herbicides

· Topic 15 WP

· Rifit 50 EC

· Dual 50 EC

· Gramoxone

· Apron WS 35

· Cruiser

Exports :

Products :

Agrochemicals

Countries :

• Vietnam
• European Countries

Imports :

Products :

Raw Material

Countries :

• Japan
• U.S.A.
• China

Terms :

Selling :

Depends

Purchasing :

Depends

PRODUCTION STATUS (As on : 31.03.2010):-

Particulars	Unit	@ Installed Capacity	Actual Production
Agrochemicals :
Formulations	M. Tons	2100	2198
	K Litres	2700	4541
Technical material	M. Tons	9600	4704
Seeds :	M. Tons	28980	15303

Notes:

1 Since the Company’s installation can technically be considered as a multi-purpose plant, ‘it’s capacity is necessarily variable in line with process improvements and the product/pack mix adopted from time to time. The figures given in relation to installed capacity are therefore, approximate and refer to the product/pack mix of the year.

2 @ Installed capacities are as certified by the Management, but not verified by the Auditors, being a technical matter and excludes installed capacity of third party.

3 Actual production includes:

(i) Quantities produced by third parties under contract with the Company.

(ii) Quantities of samples.

(iii) Quantities for captive consumption.

GENERAL INFORMATION

Customers :	End Users OEM’s
No. of Employees :	1200 (Approximately)
Bankers :	· BNP Paribas · Citi Bank, Pune Branch · Deutsche Bank · Union Bank of India · HSBC Bank
Banking Relations :	Good
Auditors :	A. F. Ferguson and Company Chartered Accountants S R. Batliboi and Company Chartered Accountants N I Mehta and Company Chartered Accountants
Holding Company :	Syngenta Participation AG Switzerland
Subsidiaries :	· Novartis (Pakistan) Crop Protection Limited · Syngenta Crop Protection, Bangladesh · Saurefabrik, Switzerland · Syngenta Biosciences Private Limited · Syngenta Crop Protection AG. · Syngenta Crop Protection Private Limited · Syngenta Grimsby Limited · Syngenta Seeds AG, Switzerland · Syngenta Seeds Bv, Holland · Syngenta Seeds Inc., USA · Syngenta Seeds Korea Company Limited · Syngenta Seeds Limited, Taiwan · Syngenta Seeds Limited, Thailand · Syngenta Seeds Pty. Limited, Australia · Syngenta Seeds, Beijing China · Syngenta Singapore Pte. Limited · Syngenta Agroservices Asia Limited, Malaysia · Syngenta Supply AG · Syngenta Seeds India Private Limited · Syngenta Japan KK · Syngenta Asia Pacific Limited · Syngenta (Vietnam) Limited · Syngenta Seeds South Africa · Syngenta Crop Protection Limited, Thailand · Syngenta Bio-technology Inc, USA Syngenta Foundation India

CAPITAL STRUCTURE

As on 31.03.2010 

Authorised Capital :

No. of Shares	Type	Value	Amount
32000000	Equity Shares	Rs.5/-each	Rs.160.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
31861664	Equity Shares	Rs.5/-each	Rs.159.308 millions

Note:

1. Of the above, 16,246,450 equity shares of Rs. 5 each are held by the holding company Syngenta Participations AG, Switzerland which is the wholly owned subsidiary of Syngenta AG, Switzerland.

2. Consequent to the open offer made to public share holders of the Company 10,522,212 equity shares have been acquired and held by Syngenta South Asia AG, wholly owned subsidiary of Syngenta AG, Switzerland and Syngenta Group Company.

3. Consequent to the second open offer made to public share holders of the Company during the year 2007 3,911,966 equity shares have been acquired and held by Syngenta South Asia AG, wholly owned subsidiary of Syngenta AG, Switzerland and Syngenta Group Company. Subsequently the Companies shares have been delisted from the Bombay stock exchange w.e.f 22nd June, 2007.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2010	31.03.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital	159.308	159.308	159.308
2] Share Application Money	0.000	0.000	0.000
3] Reserves & Surplus	7933.467	6333.917	4970.912
4] (Accumulated Losses)	0.000	0.000	0.000
NETWORTH	8092.775	6493.225	5130.220
LOAN FUNDS
2) Secured Loans	0.000	0.000	0.000
3] Unsecured Loans	150.000	0.000	0.000
TOTAL BORROWING	150.000	0.000	0.000
DEFERRED TAX LIABILITIES	171.053	2.781	4.489
TOTAL	8413.828	6496.006	5134.709
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]	3601.944	1588.245	1367.640
Capital work-in-progress	156.832	1429.635	367.203
INVESTMENTS	0.000	0.000	0.000
DEFERREX TAX ASSETS	0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
Inventories	6145.669	3878.807	2522.346
Sundry Debtors	2730.644	2431.733	2276.897
Cash & Bank Balances	287.576	1007.036	1828.753
Other Current Assets	0.000	0.000	0.000
Loans & Advances	1224.403	1129.805	635.458
Total Current Assets	10388.292	8447.381	7263.454
Less: CURRENT LIABILITIES & PROVISIONS
Sundry Creditors	4466.693	3332.415
Other Current Liabilities	743.312	1131.878	3044.186
Provisions	523.235	504.962	819.402
Total Current Liabilities	5733.240	4969.255	3863.588
Net Current Assets	4655.052	3478.126	3399.866
MISCELLANEOUS EXPENSES	0.000	0.000	0.000
TOTAL	8413.828	6496.006	5134.709

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	17553.089	13802.357	11927.150
		Other Income	106.192	161.386	141.574
		TOTAL (A)	17659.281	13963.743	12068.724
Less	EXPENSES
		Cost of Materials	11238.309	8468.292	7279.482
		Employee Costs	696.997	636.781	609.285
		Operating and Other Expenses	2918.722	2323.158	2316.860
		TOTAL (B)	14854.028	11428.231	10205.627
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2805.253	2535.512	1863.097
Less	FINANCIAL EXPENSES (D)		59.074	80.184	48.862
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2746.179	2455.328	1814.235
Less/ Add	DEPRECIATION/ AMORTISATION (F)		282.591	223.412	265.055
	PROFIT BEFORE TAX (E-F) (G)		2463.588	2231.916	1549.180
Less	TAX (H)		678.272	682.529	365.348
	PROFIT AFTER TAX (G-H) (I)		1785.316	1549.387	1183.832
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2992.081	1784.015	1100.046
Less	APPROPRIATIONS
		Transfer to General Reserve	178.532	154.939	120.000
		Dividend	159.308	159.308	318.617
		Tax on Dividend	26.459	27.074	61.246
	BALANCE CARRIED TO THE B/S		4413.098	2992.081	1784.015
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	8307.145	5831.722	NA
		Sundry charges recovered	113.983	155.325	NA
	TOTAL EARNINGS		8421.128	5987.047	NA
	IMPORTS
		Raw Materials (Includes Goods in transit)	8476.144	5526.314	NA
		Stores & Spares	13.640	2.719	NA
		Capital Goods	83.215	308.338	NA
		Packing materials	171.338	1.320	NA
		Finished goods	84.977	81.129	NA
	TOTAL IMPORTS		8829.314	5919.82	NA
	Earnings Per Share (Rs.)		56.03	48.63	37.16

Particulars	31.03.2011
Sales Turnover	20000.000+

The above information has been parted by Mr. Vijay

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	10.11	11.10	9.81
Net Profit Margin (PBT/Sales)	(%)	14.03	16.17	12.99
Return on Total Assets (PBT/Total Assets)	(%)	17.60	19.47	17.95
Return on Investment (ROI) (PBT/Networth)		0.30	0.34	0.30
Debt Equity Ratio (Total Liability/Networth)		0.73	0.77	0.75
Current Ratio (Current Asset/Current Liability)		1.81	1.69	1.88

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details :

(Rs. in Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Total outstanding dues of micro, medium and small enterprises	28.462	31.320	NA
Total outstanding dues other than micro, medium and small enterprises :			NA
For materials	3291.591	2389.985	NA
Others	1146.640	911.110	NA
Total	4466.693	3332.415	NA

Change of address :

Registered office of the company has been shifted from Royal Insurance Building, 14J TATA Road, Mumbai – 400020, Maharashtra, India to the present address w.e.f. 04.11.2009

Contingent Liability :

(Rs. in Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Claims against the Company not acknowleged as debts	0.000	0.000	NA
Excise duty matters in dispute or under appeal	8.189	0.500	NA
VAT related matters in dispute or under appeal (Amount paid under dispute Rs. 0.017 Million)	183.915	0.000	NA
Other matters (The contingent liabilities, if materialized, shall entirely be borne by the company, as there is no likely reimbursement from any other party.)	9.579	6.653	NA
Total	201.683	7.153	NA

HISTORY

The company was originally incorporated as Novartis Agribusiness India Private Limited. Name has been subsequently changed due do the Scheme of Arrangement under which the Agribusiness Undertakings of Novartis India Limited was transferred to the subject company with effect from 1^st April 2000.

The company came into existence due to demerger of agribusiness (comprising the crop protection and seeds business) of the company with effect from April, 2000. As per the scheme of arrangement, for every one equity share of Rs. 10/- each held in Novartis India, one equity share of Rs. 5/- each (fully paid up) of the company was issued.

The company is a 51% subsidiary of Syngenta AG. The latter was formed by the global merger of the crop protection and seeds business of Novartis AG with the agrochemical business of Astra Zeneca. The parent company is listed on the London, New York, Stockholm and Swiss Stock Exchanges.

The Syngenta group has three entities in India. They are Syngenta India, Zeneca Agrochemicals and Zeneca Biosciences. The parent company has 51% shareholding in the company and 100% in Zeneca Agrochemicals and Zeneca Biosciences.

The Syngenta group is leader in the world's agribusiness and ranks first in crop protection and third in the high-value commercial seeds market. The group sales for last year amounted to about US $ 7 billions. The group is spread over 50 countries and employs more than 20000 people.

The company's product line comprises crop protection products and seeds. Crop protection includes herbicides, fungicides and insecticides like Topik, Refit and Nuvacron.

The company is also involved in the introduction of new products and research activities for introduction of high breed seeds in the country, especially for rice, wheat, maize, fruits and vegetables.

The company is planning to co-ordinate operations of the group companies in India to increase efficiency and customer satisfaction. This includes reviewing the benefits of operating a combined sales and marketing team, thus presenting a common face to the customer. The company is planning to re-launch all the companies brands under the subject banner.

Subject is planning to phase put Monocroptophos (Nuvacron) from the product portfolio. Score and Pegasus was launched and there has been an encouraging response. The company started its manufacturing facility a 100% Export Oriented Unit to manufacture Thiamethoxam (TMX) for an investment of Rs. 400 million through internal accruals.

Nesting on 200 acres of land, beautifully bordered by thousands of creepers of flowering bougainvillaea and dotted within with hundreds of Ashoka trees, mango and coconut groves, cashew plantations and rose bushes, Santa Monica Works is a living testimony to nature and chemistry thriving in harmony. And that is how it was conceptualized way back in 1962 when company bought over what seemed an endless terrain, spared with forests, from the nunnery of Santa Monica, in whose honor the Works is named.

A twelve acre man made lake in its works is home to over 30 mugger crocodiles who find its sweet water marshes a snoozy spot to snuggle in. Wrote Romulus Whitaker, the world-renowned herpetologist with an abiding passion for nature conservation, during his visit to its Santa Monica works:

“ The creation of this lake and protection of the approximately 40-acre adjacent marsh land has not only benefited crocodiles, fish, turtles and aquatic vegetation, but it has also encouraged many species of birds, including migratory water birds, to use the area as a feeding and resting ground. In addition, there are a number of other mammals, reptiles and amphibians who depend on the ecological integrity of the Syngenta Complex.

The importance of such protected “islands,” surrounded by rapid development for Goa’s wild life becomes more and more important. The protected wild portion of the Santa Monica Plant is unique, since there is no grazing or other trespass, affording excellent cover and habitat for a surprisingly high diversity of plants, animals and birds…”

Living in harmony and not at odds with nature has been at the core of its operational philosophy.

Financial assistance was given to two Research Projects, for in-depth ornithological studies at the campus of its Santa Monica Works. One was with the World Wide Fund for nature- India on bird watching and the other was a project with Goa University on Ecology of wetland birds as well as flora and fauna in its lake. This has contributed significantly to validate its image as a company who cares for the environment.

The wetland surroundings of Santa Monica, which is playing host to a herons has been put on the heronry map of India, by researchers from Goa University.

Besides visits from educational institutions, interested bird watchers and ornithologists from India and abroad visit the campus regularly.

A committed, well-trained, qualified workforce who take pride in their work, form the company human resource asset. Engineers, Chemists, Environmental specialists, backed by production personnel and administrative staff work as a cohesive team to offer some of the best products in the business sectors in which it operate. More than 90% of the Santa Monicaites are from Goa itself and a majority of them having been with it since the inception of the works over three decades ago.

In 1972, Santa Monica Works began in a small way manufacturing active ingredients for their quality plant protection agents. Today, it has evolved into a major chemical production base for the company.

The company's Crop Protection Plant manufactures important intermediates and active ingredients that go into the making of its high quality, safe and dependable plant protection agents.

The Project team’s work has already made a qualitative difference to the lives of many patients as they are well placed on the road to recovery.

From 1972 to date, Santa Monica Works has indeed come a long way. While major expansion projects have resulted in elevating Santa Monica to one of the most sophisticated production units, comparable to production plants in the Syngenta group worldwide, the company progress has been in harmony with nature. Lush greenery, swaying Ashoka trees, and coconut and cashew groves, coupled with the constant chirping of birds, continue to add Nature’s serene touch to Santa Monica.

The Company has changed the financial year from January-December to April-March with a view to align with the financial year under the Income Tax Act 1961. The Accounts for the year under report are for a period of fifteen months from 1st January 2007 to 31^st March 2008. However, for the purpose of analysis, certain figures below are stated on comparable 12 months period (ending 31st March) basis.

Business Operations

The company’s performance for the year 2009-2010 showed improvement and growth in business operations. The sales by the company for the current year were Rs.17.553 Millions representing growth of 27%compared to the previous year. It also shows hard work, commitment, focus and high motivation levels of all employees across the company to achieve the desired targets.

Crop Protection Division

Total sales of the Crop Protection (CP) Division including the export sales during the comparable previous year period grew by 27%. A wide portfolio of products and focused marketing were key factors responsible for achieving growth in a highly competitive market by the company.

CP exports rose by 43% as a result of increased exports to the group companies.

Seeds Division

Continuing the consistent pattern of growth over the recent years, turnover for the Seeds Division rose by 27%

compared to the previous year. Key drivers of this growth have been the expansion in Corn and Vegetables.

Projects-Crop protection

Thiamethoxam Project at Santa Monica

After successful delivery of TMX from the site, it was decided to meet the growing product demand by installing another plant. In view of the strategic importance of this project in terms of delivery, the challenge was to incorporate their learning from earlier TMX plants at site.

They started commissioning activities early this year and adopted a well established commissioning process. This facilitated the process of hand over of the plant from the project team. Entire process software was tested by simulation followed by test runs during water trials.

The plant operations are controlled through Distributed Control System, which is operated by qualified and trained operating team. The key operating parameters are documented in Plant Information Management System for reviewing the trends. Identifying opportunities for process improvements and this data may also be used during incident investigation.

The plant related infrastructure includes environmental controls like effluent primary treatment / conditioning beforetransfer to the Effluent treatment Plant or Incinerator online monitoring of hazardous gases, appropriate scrubbing systems for process emissions, automatic safety infrastructure like fire hydrant, smoke detectors, building containments, etc. The plant is designed for safe shutdown in case of any incident.

Facilities Seeds

The Renebennur plant spread over 10 acres, is located off the Bangalore-Pune National Highway and is used mainly for the storage and conditioning of Sunflower Seeds. Vegetable seed procurement and handling of parent seed and Corn seed conditioning are the major activities of this plant.

The Nutankal plant spread over 14 acres, acquired in 2009 and commissioned in early 2010, is used for conditioning of Corn, Rice and Vegetables seeds. A state of the art Technology Centre is being developed for product development of Rice and Corn in the said facility and is likely to be operational in the third quarter of 2010.

Prospects and Profitability

While the prospects for Crop Protection and Seeds businesses remain positive, they are subject to expectations of a normal monsoon and may be susceptible to continuing fluctuations in the global economy which may impact over levels of demand, cost and price realization. The Company has made possible efforts to manage this fluctuations should they occur, having put in place measures to time investments appropriately, manage cash flow and control costs.

Fixed Assets

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Office Equipment

· Vehicles

AS PER WEBSITE

Company History:

In its present form, Syngenta is a young company. But it stems from an industrial tradition going back almost 250 years. They are proud of that heritage and of the many milestones en route to today's leading position worldwide. Tomorrow starts by building on them further.

Milestones - India

(Year 2000 onward)

2009

Syngenta India on high growth mode, crosses Rs. 14000.000 Millions. turnover March , 2009

Company records growth on various parameters – new products, new markets, new initiatives, more recognition

March , 2009

2008

Received EIA approval, TMX expansion plan gets required boost, facility progressing as planned October, 008

Syngenta refreshed brand launched internally, leveraging external market strengths April , 2008

Syngenta India crosses the landmark Rs. 10000.000 Millions. Turnover, enters top 12 countries, within Syngenta March , 2008

Further expansion of TMX plant initiated, seeking Environ Impact Assessment (EIA) approval from government and surrounding communities February, 2008

2007

Thiamethoxam exports increased dramatically, from 200 mio. To 3000 mio, on global demand December , 2007

Amistar, another star molecule, launched in India, within six months of global launch, excellent response from FandV growers August , 2007

Syngenta shares were de-listed from Mumbai stock exchange following successful open offer by Syngenta June , 2007

Actara, the first product of the new chemistry, Neonecotine, launched. Welcomed by the progressive growers April , 2007

Capital investment of US$ 150 (check) mio for seed processing units at three locations, boosting the already buoyant seeds business April , 2007

Set up Thiamethoxam manufacturing facility in Goa, for global requirements April , 2007

2006

Global R and T center inaugurated at Goa. The only Chemistry Research Facility outside Europe for Syngenta. Also the only KILO Lab for Syngenta in the World November, 2006

2005

Syngenta Board approves formation of Syngenta Foundation India, the CSR arm April , 2005

Successful restructuring of businesses – SBU structures formed in Crop Protection –company on growth path February , 2005

2004

Goa manufacturing site became a strategic Manufacturing GLOBAL sourcing base January , 2004

2003

Post successful merger, company decides to realign business units, business consolidation planned April , 2003

First buyback offer to Indian shareholders. Syngentastake increased from 51% to 84% March , 2003

2002

Syngenta, in its pursuit for offering only the best chemistries to the growers, discontinued manufacturing of the fast selling Dimecron (Phosphamidon) and Nuvacron (Monocrotofos), April , 2002

2001

First AGM, as a listed company, was held. First dividend offered was 20% September , 2001

The consolidation of the agri-business showed good market acceptance, sales on upswing April , 2001

2000

Syngenta India was listed on Mumbai stock exchange. First Board Meeting was held when major appointments were announced Nov.mber , 2000

Syngenta AG was formed by merging of the agri-businesses of Novartis and Astra Zeneca April , 2000

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.44.61
UK Pound	1	Rs.73.27
Euro	1	Rs.65.47

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	No
--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		64

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/normal.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
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.