MIRA INFORM REPORT

Report Date :

06.04.2012

IDENTIFICATION DETAILS

Name :	PARADEEP PHOSPHATES LIMITED
Registered Office :	5^th Floor, Orissa State, Handloom Weavers, Cooperative Building, Pandit J. N Marg, Bhubaneswar – 751001, Orissa
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.12.1981
Com. Reg. No.:	15-001020
Capital Investment / Paid-up Capital :	Rs.5754.500 Millions
CIN No.: [Company Identification No.]	U24129OR1981PLC001020
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Di-ammonium Phosphate and Complex Fertilizers of NPK Grades
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (37)

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

Maximum Credit Limit :	USD 34000000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a well established company having moderate track. Financial position of the company is improving. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. Inview of strong holding, 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered/ Corporate Office :	5^th Floor, Orissa State, Handloom Weavers, Cooperative Building, Pandit J. N Marg, Bhubaneswar – 751001, Orissa, India
Tel. No.:	91-674-2393931
Fax No.:	91-674-2392631/2391669/2394987/2398392
E-Mail :	dmishra@paraphos.com connect@paraphos.com
Website :	www.paradeepphosphates.com
Factory :	PPL Township, Paradeep – 754145, Orissa, India
Tel. No.:	91-6722-229600
Fax No.:	91-6722-229625/229605
E-Mail :	info@paraphos.com pplsite@paraphos.com
Regional Offices :	Located at: · Andhra Pradesh · Bihar · Chattisgarh · Jharkhand · Madhya Pradesh · Maharashtra · Nashik · Orissa · Siliguri · Uttar Pradesh (Central) · Uttar Pradesh (East) · Uttar Pradesh (West) · Vijayawada · West Bengal

DIRECTORS

AS ON 17.09.2010

Name :

Mr. Harbachan Singh Bawa

Designation :

Chairman

Address :

B – 3, Maharani Bagh, New Delhi – 110065, Delhi, India

Date of Birth/Age :

20.03.1931

Date of Appointment :

28.02.2002

DIN No. :

00244222

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	U14219TN1955PLC000961	INDIAN POTASH LIMITED	Director	30/09/1981	30/09/1981	-	Active	NO
2	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	Director	3/3/1982	3/3/1982	-	Active	NO
3	L24124RJ1985PLC003293	CHAMBAL FERTILISERS AND CHEMICALS LIMITED	Director	7/5/1985	7/5/1985	16/09/2011	Active	NO
4	U01122GA1995PLC001751	ZUARI SEEDS LIMITED	Director	12/1/1995	12/1/1995	-	Active	NO
5	U74899DL1995PLC071074	SIMON INDIA LIMITED	Director	24/07/1995	24/07/1995	-	Active	NO
6	L65921GA1967PLC000157	ZUARI INDUSTRIES LIMITED	Whole-time director	1/9/2010	28/07/1995	-	Active	NO
7	U52110WB1997PLC083860	LIONEL INDIA LIMITED	Director	3/4/1997	3/4/1997	-	Active	NO
8	U11202GA2000PLC002869	ZUARI INDIAN OILTANKING LIMITED	Director	14/07/2001	14/07/2001	26/09/2008	Active	NO
9	U24129OR1981PLC001020	PARADEEP PHOSPHATES LIMITED	Nominee director	28/02/2002	28/02/2002	-	Active	NO
10	U24124GA2002PLC003064	ZUARI MAROC PHOSPHATES LIMITED	Director	26/04/2002	26/04/2002	-	Active	NO
11	U65993GA1995PLC001942	ZUARI INVESTMENTS LIMITED	Director	19/09/2003	19/09/2003	-	Active	NO
12	U72900KA2003PLC050528	ISG NOVASOFT TECHNOLOGIES LIMITED	Director	23/08/2004	23/08/2004	30/09/2007	Active	NO
13	U36101TN1998PLC039842	STYLE SPA FURNITURE LIMITED	Director	20/10/2004	20/10/2004	-	Active	NO
14	U45200DL2007PLC157223	CHAMBAL INFRASTRUCTURE VENTURES LIMITED	Director	2/1/2007	2/1/2007	14/09/2011	Active	NO
15	U26941KA2007PLC054428	GULBARGA CEMENT LIMITED	Director	30/10/2007	30/10/2007	10/9/2011	Active	NO
16	U24120GA2009PLC006158	ZUARI FERTILISERS AND CHEMICALS LIMITED	Director	19/09/2011	28/10/2010	-	Active	NO
17	U65910GA2009PLC006177	ZUARI HOLDINGS LIMITED	Additional director	20/05/2011	20/05/2011	-	Active	NO

Name :

Mr. Sharachchandra Shrikirshna Nandurdikar

Designation :

Managing Director

Address :

66, Forest Park, Bhubaneswar Khurda 751009, Orissa, India

Date of Birth/Age :

08.09.1945

Date of Appointment :

01.09.2004

DIN No. :

00148427

Other Directorships :

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	U74899DL1995PLC071074	SIMON INDIA LIMITED	Managing director	18/03/2010	12/3/1998	Active	NO
2	U24129OR1981PLC001020	PARADEEP PHOSPHATES LIMITED	Managing director	1/9/2009	1/9/2004	Active	NO
3	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	Director	24/09/2004	24/09/2004	Active	NO

Name :

Mr. Akshay Poddar

Designation :

Nominee Director

Address :

Poddar Niket 2, Gurusaday Road, Kolkata 700019, West Bengal, India

Date of Birth/Age :

20.07.1976

Date of Appointment :

28.02.2002

DIN No. :

00008686

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	U65993WB1996PTC079012	ADVENTZ FINANCE PRIVATE LIMITED	Director	29/07/1997	29/07/1997	-	Active	NO
2	U01132WB1993PLC060495	SYNDAK TEA TECH LIMITED	Director	9/2/1998	9/2/1998	-	Active	NO
3	L15421WB1952PLC020577	GOBIND SUGAR MILLS LIMITED	Director	4/4/2000	4/4/2000	-	Active	NO
4	L51226WB1985PLC039055	ADVENTZ INVESTMENTS AND HOLDINGS LIMITED	Managing director	1/4/2010	12/12/2000	-	Active	NO
5	U67120WB1986PTC040276	ABHISHEK HOLDINGS PRIVATE LIMITED	Director	10/1/2001	10/1/2001	-	Active	NO
6	L36993WB1995PLC069510	ADVENTZ SECURITIES ENTERPRISES LIMITED	Director	12/3/2012	28/04/2001	-	Active	NO
7	L28931RJ1984PLC002890	GILLETTE INDIA LIMITED	Director	9/2/2002	9/2/2002	-	Active	NO
8	U24129OR1981PLC001020	PARADEEP PHOSPHATES LIMITED	Nominee director	28/02/2002	28/02/2002	-	Active	NO
9	U51109WB1924PLC004829	LIONEL EDWARDS LIMITED	Director	9/4/2003	9/4/2003	-	Active	NO
10	U55101DL2004PTC127579	PULSE FOODS INDIA PRIVATE LIMITED	Director	14/07/2004	14/07/2004	19/03/2009	Active	NO
11	U55204MH2008PLC182253	PULSE INDAGE HOSPITALITY LIMITED	Director	15/05/2008	15/05/2008	-	Strike off	NO
12	U85300WB1926GAP005585	INDIAN CHAMBER OF COMMERCE CALCUTTA	Director	30/06/2011	30/06/2008	-	Active	NO
13	L70101WB1939PLC009800	TEXMACO INFRASTRUCTURE & HOLDINGS LIMITED	Director	11/9/2008	11/9/2008	-	Active	NO
14	U51909WB1993PTC059434	INDRAKSHI TRADING COMPANY PRIVATE LIMITED	Director	25/09/2008	16/09/2008	-	Active	NO
15	U51909WB1993PTC059849	GREENLAND TRADING PRIVATE LIMITED	Director	25/09/2008	16/09/2008	-	Active	NO
16	U51909WB1994PTC062183	ADVENTZ INVESTMENT COMPANY PRIVATE LIMITED	Additional director	16/09/2008	16/09/2008	-	Active	NO
17	U51109WB1994PTC065332	ADVENTZ SECURITIES TRADING PRIVATE LIMITED	Additional director	16/09/2008	16/09/2008	-	Active	NO
18	U36101TN1998PLC039842	STYLE SPA FURNITURE LIMITED	Director	29/05/2009	30/04/2009	-	Active	NO
19	U51909WB2009PLC139640	NEW EROS TRADECOM LIMITED	Nominee director	23/11/2009	23/11/2009	3/8/2011	Active	NO
20	U91990WB1999NPL089828	YPO (CALCUTTA)	Director	30/09/2011	25/03/2011	-	Active	NO
21	L65921GA1967PLC000157	ZUARI INDUSTRIES LIMITED	Alternate director	4/2/2012	9/5/2011	-	Active	NO
22	L29261WB1998PLC087404	TEXMACO RAIL AND ENGINEERING LIMITED	Additional director	2/9/2011	22/07/2011	-	Active	NO
23	U65910GA2009PLC006177	ZUARI HOLDINGS LIMITED	Additional director	14/11/2011	14/11/2011	-	Active	NO

Name :

Mr. Marco Philippus Ardeshir Wadia

Designation :

Nominee Director

Address :

Thakur Nivas 1763, Jamshedj Tata Road, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

30.01.1956

Date of Appointment :

21.03.2006

DIN No. :

00244357

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	U32109MH1970PTC014544	AMPHENOL INTERCONNECT INDIA PRIVATE LIMITED	Alternate director	26/08/2010	1/9/1984	Active	NO
2	L65921GA1967PLC000157	ZUARI INDUSTRIES LIMITED	Director	15/05/1993	15/05/1993	Active	NO
3	L24124RJ1985PLC003293	CHAMBAL FERTILISERS AND CHEMICALS LIMITED	Director	15/11/1994	15/11/1994	Active	NO
4	U65191TN1997PLC039229	GMAC FINANCIAL SERVICES INDIA LIMITED	Director	3/12/1997	3/12/1997	Under liquidation	NO
5	L28100MH1907PLC000252	JOSTS ENGINEERING COMAPNY LIMITED	Director	2/6/1998	2/6/1998	Active	NO
6	L45200GJ1973PLC050790	STOVEC INDUSTRIES LIMITED	Director	21/05/1999	21/05/1999	Active	NO
7	U33110MH1957PLC010928	JOHNSON AND JOHNSON LIMITED	Director	28/11/2003	28/11/2003	Active	NO
8	U24124GA2002PLC003064	ZUARI MAROC PHOSPHATES LIMITED	Nominee director	23/12/2005	23/12/2005	Active	NO
9	U24129OR1981PLC001020	PARADEEP PHOSPHATES LIMITED	Nominee director	21/03/2006	21/03/2006	Active	NO
10	U74899DL1995PLC071074	SIMON INDIA LIMITED	Director	5/6/2006	5/6/2006	Active	NO
11	U45309KA2007PLC043161	ADVENTZ INFRAWORLD INDIA LIMITED	Director	19/09/2008	12/12/2007	Active	NO
12	U32100TN2008PTC066155	AMPHENOL OMNICONNECT INDIA PRIVATE LIMITED	Alternate director	19/06/2008	22/01/2008	Active	NO
13	U31909PN2010PTC137445	AMPHETRONIX OFFSET INTERCONNECT SOLUTIONS PRIVATE LIMITED	Director	29/09/2010	29/09/2010	Active	NO
14	U65910GA2009PLC006177	ZUARI HOLDINGS LIMITED	Additional director	20/05/2011	20/05/2011	Active	NO

Name :

Mr. Mohamed Ibnabdeljalil

Designation :

Nominee Director

Address :

Romandie 2 Tour Koweit No. 82, BD Biranzarane Casablance, Morocco

Date of Birth/Age :

12.09.1964

Date of Appointment :

20.12.2006

DIN No. :

00965743

Other Directorships :

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	U24124GA2002PLC003064	ZUARI MAROC PHOSPHATES LIMITED	Director	24/09/2007	8/11/2006	Active	NO
2	U24129OR1981PLC001020	PARADEEP PHOSPHATES LIMITED	Nominee director	20/12/2006	20/12/2006	Active	NO

Name :

Mr. Anas Adbdelhafidh Lahlou

Designation :

Nominee Director

Address :

Loy Jardin, Californie ETG1, Lme1 Apartmnet 6, Californie, Casablanca, Morocco

Date of Birth/Age :

23.11.1966

Date of Appointment :

19.02.2010

DIN No. :

02968092

Other Directorships :

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	U24124GA2002PLC003064	ZUARI MAROC PHOSPHATES LIMITED	Director	27/09/2010	17/02/2010	Active	NO
2	U24129OR1981PLC001020	PARADEEP PHOSPHATES LIMITED	Nominee director	19/02/2010	19/02/2010	Active	NO

Name :

Mr. Youssef Lahoucine Son of Brahim El Bari

Designation :

Nominee Director

Address :

No. 170, Rue Kourtobahay, Andalouss, Temara, Morocco

Date of Birth/Age :

10.07.1977

Date of Appointment :

19.02.2010

DIN No. :

03012930

Other Directorships :

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	U24124GA2002PLC003064	ZUARI MAROC PHOSPHATES LIMITED	Director	27/09/2010	17/02/2010	Active	NO
2	U24129OR1981PLC001020	PARADEEP PHOSPHATES LIMITED	Nominee director	19/02/2010	19/02/2010	Active	NO

Name :

Mr. Sanjay Kumar Gauri Shankar Prasad Sinha

Designation :

Nominee Director

Address :

D-1/122 West Kidwai Nagar, New Delhi – 110023, Delhi, India

Date of Birth/Age :

01.07.1967

Date of Appointment :

06.05.2010

DIN No. :

02043644

Other Directorships :

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	U74899DL1961GOI003439	FERTILIZER CORPORATION OF INDIA LIMITED	Director	31/01/2008	31/01/2008	12/9/2008	Active	NO
2	U74140UP1978GOI028629	PROJECTS AND DEVELOPMENT INDIA LIMITED	Director	31/01/2008	31/01/2008	12/9/2008	Active	NO
3	U74899DL1978GOI008915	HINDUSTAN FERTILIZER CORPORATION LIMITED	Nominee director	12/9/2008	12/9/2008	-	Active	NO
4	U24129OR1981PLC001020	PARADEEP PHOSPHATES LIMITED	Nominee director	6/5/2010	6/5/2010	-	Active	NO

Name :

Mr. Prabhu Narayan Mishra

Designation :

Director

Address :

P-2, University Bungalow, Khandwa Road, Indore – 452017, Madhya Pradesh, India

Date of Birth/Age :

10.10.1966

Date of Appointment :

21.07.2008

Name :

Mr. Ishwar Chandra Srivastava

Designation :

Director

Address :

4-Ka-26, Jawahar Nagar, Jaipur – 302004, Rajasthan, India

Date of Appointment :

06.12.2005

KEY EXECUTIVES

Name :	Mr. Damodar Mishra
Designation :	Company Secretary
Address :	VI-M-839, H. B. Colony Sailashree Vihar Chandrasekharpur, Bhubaneswar, Khurda 751021, Orissa, India
Date of Birth/Age :	06.07.1968
Date of Appointment :	22.04.1997
Pan No. :	ABKPM7438B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 17.09.2010

Names of Shareholders	No. of Shares
President of India	1124879
Zuari Maroc Phosphates Limited – India	4629600
Singhal Deepak	1
Zuari Maroc Phosphates Limited – India, Nandurdikar Shrikrisha	1
Zurari Maroc Phosphates Limited – India, Raghunathan Ramabhadran	1
Zurari Maroc Phosphates Limited – India, Bargale Prasad Jagdish	1
Zurari Maroc Phosphates Limited – India, Nanda Kumar Ranjit	1
Zurari Maroc Phosphates Limited – India, Swain Behari Kiran	1
Zurari Maroc Phosphates Limited – India, Parija Satchikanta	1
Zurari Maroc Phosphates Limited – India, Mishra Damodar	1
Zurari Maroc Phosphates Limited – India, Patil R. Y	1
Zurari Maroc Phosphates Limited – India, Krishnan Suresh	1
Abbas Hoveyda	2
Bhardwaj Mukesh	2
Verma Sunder Shyam	2
Ghosh Ranjan Subhendu	2
S.T. Venkatachalapathy	1
Peter M Johnson	1
Zurari Maroc Phosphates Limited – India, Das Suvendu	1
Total	5754500

AS ON 17.09.2010

Category	Percentage
Government [Central and State]	19.55
Bodies corporate	80.45
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Di-ammonium Phosphate and Complex Fertilizers of NPK Grades

Products :

Item Code No.	Product Description
310530	Di - Ammonium Phosphate
310520	NPK - 10:26:26
310520	NP - 20:20:0
--	NPK - 12:32:16

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Di-Ammonium Phosphate	MT	720000	720000	764486
NPK Complex	MT	720000	720000	4479995
Phosphoric Acid	MT	225000	225000	224500
Sulphuric Acid	MT	660000	660000	635620

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· HDFC Bank Limited HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India · Punjab National Bank Okhla Industrial Estate, New Delhi, Delhi, India

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountant
Address :	Ernst and Young, Tower – B, Near DLF Golf Course, Sector – 42, Sector Road, Gurgaon – 122002, Haryana, India
Pan No.:	AABFS3421N
Holding Company :	· Zuari Maroc Phosphates Limited (ZMPL) CIN: U24124GA2002PLC003064
Joint Venture of the Holding Company :	· Zuari Industries Limited · Maroc Phosphore SA, Morocco
Subsidiary of Joint Venture of the Holding Company :	· Simon India Limited · Style Spa Furniture Limited
Joint Venture of Joint Venture of the Holding Company :	· Indo Maroc Phosphore SA, Morocco
Party having significant influence :	· OCP, Morocco

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.1000/- each	Rs.8000.000 Millions
2000000	7% Non Cumulative Redeemable Preference Shares	Rs.1000/- each	Rs.2000.000 Millions
	Total		Rs.10000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5754500	Equity Shares	Rs.1000/- each	Rs.5754.500 Millions

NOTE:

4629610 (4629610) equity shares are held by Zuari Maroc Phosphates Limited, the holding company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		5754.500	5754.500	5754.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2849.958	1079.128	0.000
4] (Accumulated Losses)		0.000	0.000	(436.365)
NETWORTH		8604.458	6833.628	5318.135
LOAN FUNDS
1] Secured Loans		11398.731	10430.690	8507.223
2] Unsecured Loans		0.000	832.841	4272.450
TOTAL BORROWING		11398.731	11263.531	12779.673
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		20003.189	18097.159	18097.808
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2287.035	2220.460	2368.059
Capital work-in-progress		254.847	144.686	46.810
INVESTMENT		0.530	60.530	8213.033
DEFERREX TAX ASSETS		203.689	336.930	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5002.274	3736.267	5515.907
	Sundry Debtors	5176.390	6005.151	8663.200
	Cash & Bank Balances	6279.112	2605.784	414.224
	Other Current Assets	4218.541	8454.800	9073.551
	Loans & Advances	259.110	678.574	860.530
Total Current Assets		20935.427	21480.576	24527.412
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors and Other Current Liabilities	2717.219	5549.486	16462.095
	Provisions	961.120	596.539	595.411
Total Current Liabilities		3678.339	6146.025	17057.506
Net Current Assets		17257.088	15334.551	7469.906
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		20003.189	18097.159	18097.808

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	12829.724	11983.118	51144.436
		Other Income	23476.669	19709.555	4953.005
		TOTAL (A)	36306.393	31692.673	56097.441
Less	EXPENSES
		Raw Materials Consumed	0.000	0.000	37233.743
		Purchases of Traded Goods	6446.406	4923.711	5535.582
		Consumption of stores and spare parts	0.000	0.000	248.906
		Increase/Decrease in Stocks	(1072.566)	906.537	(918.424)
		Manufacturing and Other Expenses	27330.138	22992.697	6348.756
		Prior Period Adjustments	(0.768)	38.291	0.000
		TOTAL (B)	32903.210	28861.236	48448.563
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3403.183	2831.437	7648.878
Less	FINANCIAL EXPENSES (D)		964.368	729.368	526.187
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2438.815	2102.069	7122.691
Less/ Add	DEPRECIATION/ AMORTISATION (F)		247.001	304.831	334.655
	PROFIT BEFORE TAX (E-F) (G)		2391.814	1797.238	6788.036
Less	TAX (H)		620.984	281.745	1416.953
	PROFIT AFTER TAX (G-H) (I)		1770.830	1515.493	5371.083
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1079.128	(436.365)	NA
	BALANCE CARRIED TO THE B/S		2849.958	1079.128	NA
	Earnings Per Share (Rs.)		307.73	263.36	933.37

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.88	4.78	9.57
Net Profit Margin (PBT/Sales)	(%)	18.64	14.99	13.27
Return on Total Assets (PBT/Total Assets}	(%)	10.30	7.58	25.24
Return on Investment (ROI) (PBT/Networth)		0.28	0.26	1.28
Debt Equity Ratio (Total Liability/Networth)		1.75	2.55	5.61
Current Ratio (Current Asset/Current Liability)		5.69	3.49	1.44

LOCAL AGENCY FURTHER INFORMATION

BACKGROUND:

Subject is engaged in the Manufacturer of Di-ammonium Phosphate and Complex fertilizers of NPK grades, having its manufacturing facility at the port town of paradeep. With its held office at Bhubaneswar and various regional offices across the county, the company caters to the demands of farmers all over the country, through its Naverina brand of fertilizers.

FINANCIAL RESULTS:

The company during the year under report earned a total income of Rs.31511.300 millions with a profit after tax (PAT) of Rs.1515.500 millions. The turnover and profits are lower, compared to the previous year, because of the overall sleep decrease in the commodity prices including that of DAP and other fertilizers during the year.

FORM 8:

Corporate identity number of the company

U24129OR1981PLC001020

Name of the company

PARADEEP PHOSPHATES LIMITED

Address of the registered office or of the principal place of business in India of the company

5^th Floor Orissa State Handloom Weavers', Co-Operative Building.Pandit J.N Marg, Bhubaneswar – 751001, Orissa, India

This form is for

Creation of charge

Type of charge

Book Debts

Movable Property

Floating Charge

Stock

Particular of charge holder

Name :	HDFC Bank Limited
Address :	HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai – 400013, Maharashtra, India
Email :	lenus.lewis@hdfcbank.com

Nature of instrument creating charge

1. Letter of Hypothecation of Stocks, Book Debts and Machinery dated 20.09.2010

Date of instrument Creating the charge

20.09.2010

Amount secured by the charge

Rs.2000.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest - Cash Credit (CC) - Per prevailing rates.

Working Capital Demand Loan (WCDL) / FCNR (B) - Per prevailing rates.

Terms of Repayment - Cash Credit (CC) - on demand,

Working Capital Demand Loan - Maximum 180 days - Principal amount to be repaid as bullet payment on the maturity date.

FCNR (B) Loan - Maximum 180 days (subject to availability of funds). Principal amount to be repaid as bullet payment on the maturity date.

Letter of Credit - Up to 180 days.

Bank Guarantee (BG) - Maximum 24 months (including claim period)

Buyers; Credit (BC) - Maximum 360 days for raw materials from BL date.

Margin - On cash credit (CC) and WCDL / FCNR (B) Loan - 25% on stock / Inventory and book debts.

Extent and Operation of the charge - First pari-passu charge by way of hypothecation of Company' Stock, book debts and Movable Fixed assets

Others - Other terms and conditions are as stipulated in the Sanctioned Letter and Deed of Hypothecation.

Particulars of the property charged

First pari-passu charge by way of hypothecation of Company' Stock, bookdebts and Movable Fixed assets

FIXED ASSETS:

· Land - Lease Hold, Free Hold

· Buildings

· Railway siding

· Plant and machinery

· Furniture and fixtures

· Fittings and office equipment

· Vehicles

· Software

AS PER WEBSITE DETAILS

PROFILE:

Subject (incorporated in 1981) is a premier fertilizer company engaged in manufacturing and marketing of complex phosphatic fertilizers. The company was initially commissioned as a joint venture between Government of India and Republic of Nauru and subsequently, in 1993 it was changed into a wholly owned Government of India Enterprise. After disinvestment by Government of India in February 2002, the management of the company is presently with the fertilizer majors - Zuari-Chambal Group and OCP of Morocco.

Company produces about 1.2 million metric tonnes of DAP and other complex fertilizers annually. The plant also produces intermediary products like Phosphoric Acid and Sulphuric Acid, which are critical raw materials in the manufacture of phosphatic fertilizers. The plant, located in the port town of Paradeep in the district of Jagatsinghpur in Orissa, has an installed capacity of 7,20,000 metric tonnes per annum of DAP (2,400 metric tonnes per day). Company is one of the largest integrated DAP plants in India. With a market share varying around 13%, it has a strong presence in the complex fertilizer market - its products marketed under the popular NAVRATNA brand represent a combination of multiple nutrients like Nitrogen, Phosphorus, Potash and Sulphur etc. Company’s range of products cater to almost all agricultural applications.

With a stellar turnaround, company is a case study in favour of privatization. The company’s focus on performance and continuous efforts towards development are reflected in the FAI Awards for Improvement in Overall Performance of the company in 2002-03, 2005-06, 2008-09 and the Best Technical Innovation in the year 2005 - 06. Company received the ISO 14001: 2004 certification in May 2006 for good environment management systems, reflecting the fact that along with technical advancement, the company also values maintaining and working towards a clean and safe environment.

Milestone	Details
Date of incorporation	24.12.1981
Commissioning of Phase-I (DAP Plant)	February 1986
Commissioning of Phase-II (SAP, PAP and CPP)	1992
Date of Disinvestment from GOI	28.02.2002
Turnover (2008-09)	Rs.36310.000 millions
Designed Annual Capacity of DAP	1200000 MT
Designed Annual Capacity of PAP	300000 MT
Designed Annual Capacity of SAP	726000 MT
Captive Power Plant	Two Units of 16 MW each
Conveyor Belt	3.4 km ( from Port to Plant Site)
Products Manufactured	DAP, NPK grade fertilizers
Marketing Territory	Products are distributed in a pan-India market covering 16 states
Systems	ISO 14001: 2004 in May 2009 ISO 9001: 2008 in September 2009 BS OHSAS 18001:2007 in December 2010

BOARD OF DIRECTORS

Mr. H. S. Bawa

Chairman, Paradeep Phosphates Limited

Chambal Fertilizers and Chemicals Limited,

International Trade Tower,

14^th Floor, Nehru Place,

New Delhi - 110 019

Mr. H. S. Bawa is the Chairman of the Board of Directors of the Company since the date of its disinvestment i.e. 28.02.2002. He is the Managing Director of Zuari Industries Limited, and Vice Chairman of Chambal Fertilizers and Chemicals Limited in addition to holding the position of Director and Chairman in many other companies. After his Masters Degree in Petroleum Engineering from the University of Tulsa, USA, Mr. Bawa had a long tenure of 23 years with ESSO India where he held key positions, both in India and ESSO affiliates abroad. Before joining Zuari Industries Limited in 1979, Mr. Bawa was General Manager of the two Refineries of Hindustan Petroleum Corpn. Limited (formerly ESSO).

Mr. S. S. Nandurdikar

Managing Director, PPL

Paradeep Phosphates Limited

Pandit Jawaharlal Nehru Marg,

Bhubaneshwar - 751 001

Mr. S. S. Nandurdikar joined PPL on 01.09.2004 as Managing Director, in addition to holding the position of Managing Director of Simon India Limited He is a B. Tech. (1967–Honours) in Mechanical Engineering from Indian Institute of Technology, Mumbai. He has also completed his Post Graduate Diploma in Industrial Management from Bajaj Institute of Management, University of Bombay in addition to completing other professional courses. He has rich experience of 33 years in the business of EPC services and contracts in different sectors like process industry, metallurgical industry, cement industry and power industry. Out of these, 23 years were with M/s Larsen and Toubro in their EPC group at Powai, Mumbai (ending with being SBU Chief), 4 years as Managing Director of Lurgi India Limited, a subsidiary of Lurgi AG and more than 8 years as Managing Director of Simon India Limited

Mr. Akshay Poddar

Director, PPL

31, BBD Bagh (South),

Hongkong House,

Kolkata - 700 001

Mr. Akshay Poddar is a part-time Director in the Board of the Company since the date of its disinvestment i.e, 28th Feb. 2002, being nominated by Zuari Maroc Phosphates Limited He is a B.Sc. Graduate from the London School of Economics, London, UK. He is the Managing Director of both Poddar Heritage Corp. Limited and Poddar Heritage Investments Limited. in addition to holding directorship in many other companies in India and abroad. He is also associated with a number of enterprises, trusts and professional bodies, holding important positions there.

Mr. Marco Wadia

Independent Director, PPL

C/o Crawford Bayley and Co.,

State Bank Annex Buildings,

N.G.N. Vaidya Marg,

Mumbai - 400 023

Mr. Marco Wadia is a part-time Independent Director in the Board of the Company with effect from 21.03.2006. He is a B.A (Hons.), LL.B and is a practicing advocate since 1986. His specializes in corporate matters and is currently a partner in the firm of Crawford Bayley and Co., Solicitors and Advocates. He also holds directorship in many other companies.

Mr. Mohamed Ibnabdeljalil

Director, PPL

Office Cherifien des Phosphates,

Angle Route D'el Jadida ET,

Boulevard, De La Grande,

Ceinture, Casablanca, Morocco.

Mr. Mohamed Ibnabdeljalil is a part-time Director in the Board of PPL with effect from 20.12.2006, being nominated by Zuari Maroc Phoshates Limited. He also holds directorship in Zuari Maroc Phosphates Limited. He has a full time responsible position in Office Cherifien Des Phosphates, Marocco.

Mr. Anas Lahlou

Director, PPL

Office Cherifien des Phosphates,

2, Rue Al Abtal, Hay Erraha – 20200,

Casablanca, Morocco

Mr. Anas Lahlou is a part-time Director on the Board of PPL with effect from 19.02.2010 being nominated by Zuari Maroc Phosphates Limited. He is also a part time director in Zuari Maroc Phosphates Limited. He holds a full time position as an Executive, Finance, in Office Cherifien Des Phosphates, Morocco.

Mr. Youssef el Bari

Director, PPL

Office Cherifien des Phosphates,

2, Rue Al Abtal, Hay Erraha – 20200,

Casablanca, Morocco,

Mr. Youssef el Bari is a part-time Director on the Board of PPL with effect from 19th February, 2010 being nominated by Zuari Maroc Phosphates Limited. He is also a part time director in Zuari Maroc Phosphates Limited. He holds an important full time position as an Executive, Strategy and Partnerships, in Office Cherifien Des Phosphates.

Dr. P. N. Mishra

Special Director, PPL

P-2, University Bungalow,

Khandwa Road,

Indore - 452 017

Dr. P. N. Mishra is the Special Director on the Board of the Company nominated by the Board for Industrial and Financial Reconstruction (BIFR) with effect from 21.07.2008. Dr. Mishra is qualified as an M.B.A, M. Sc., LL.B and D.Phil. He is a UN Fellow, Commonwealth Academic Staff Fellow and also Professor of Management and Director, Institute of Management Studies, Devi Ahilya University, Indore. He is also on the Board of Baroda Rayon Corporation Limited.

Mr. S. K. Sinha

Director, PPL.

Deputy Secretary (A and V) ,

Department of Fertilizers,

Ministry of Chemicals and Fertilizers,

Government of India,

Shastri Bhavan, New Delhi - 110 015

Mr. S. K. Sinha (43 years) is a part-time Director on the Board of the Company with effect from 06.05.2010 being nominated by the Government of India. Mr. Sinha is an IFS Officer of the Government of India and presently posted as Deputy Secretary (AandV) in the Department of Fertilizers. He is also a part time director in Project and Development India Limited.

Mr. H. Abbas

Director, PPL

Deputy Secretary,

Department of Fertilizers,

Ministry of Chemicals and Fertilisers,

Government of India,

Shastri Bhavan, New Delhi - 110 015.

Mr. H. Abbas is a part-time Director on the Board of the Company with effect from 04.02.2009, being nominated by the Government of India. Mr Abbas is from Indian Audit and Accounts Service (IA and AS). He is presently posted as Deputy Secretary in the Department of Fertilizers looking after Phosphatic and Pottassic Concession Policy and Progress of the Government of India. He also holds directorship in the Fertilizer Corporation of India. He has rich experience in the area of Accounting and Finance.

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.51.05
UK Pound	1	Rs.81.09
Euro	1	Rs.67.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		37

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.