MIRA INFORM REPORT

Report Date :

06.08.2012

IDENTIFICATION DETAILS

Name :	IHSEDU AGROCHEM PRIVATE LIMITED
Registered Office :	Akhandanand, 38, Marol Co-Operative Industrial Estate, Off. M. V. Road, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.02.2000
Com. Reg. No.:	11-124048
Capital Investment / Paid-up Capital :	Rs.55.000 Millions
CIN No.: [Company Identification No.]	U11200MH2000PTC124048
PAN No.: [Permanent Account No.]	AAACI7321K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Castor Oil and ITS Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 190000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Jayant Agro Organics Limited. It is an established company having moderate track. Even though the company has recorded an increase in its sales turnover, the profitability appears to be low. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB (Term loan)
Rating Explanation	Moderate credit risk
Date	January 12, 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office/ Corporate Office : :	Akhandanand, 38, Marol Co-Operative Industrial Estate, Off. M. V. Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-40271300
Fax No.:	91-22-40271399
E-Mail :	jaol@vsnl.net
Website :	www.jaytagro.com
Factory :	Plot No.667, State Highway No.41, Jagana, Palanpur, District Banaskantha-385011, Gujarat, India
Tel. No.:	91-2742-252658
Fax No.:	91-2742-257158

DIRECTORS

As on: 26.09.2011

Name :

Mr. Vithaldas Gokuldas Udeshi

Designation :

Whole Time Director

Address :

13, AB Sett Minar, 16, A Peddar Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

20.04.1931

Date of Appointment :

01.07.2002

DIN No.:

00529122

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L24100MH1992PLC066691	JAYANT AGRO-ORGANICS LIMITED	Director	07/05/1992	07/05/1992	-	Active	NO
2	U99999MH1992PLC066277	JAYANT FINVEST LIMITED	Director	07/05/1992	07/05/1992	-	Active	NO
3	U45200MH1994PTC076650	GOKULMANI REAL ESTATE DEVELOPMENT PRIVATE LIMITED	Director	17/02/1994	17/02/1994	-	Active	NO
4	U11200MH2000PTC124048	IHSEDUAGROCHEM PRIVATE LIMITED	Whole-time director	01/07/2010	01/07/2002	-	Active	NO
5	U99999MH1938GAP002843	THE BOMBAY COMMODITY EXCHANGE LIMITED	Director	29/09/2005	29/09/2005	02/02/2008	Active	NO
6	U24117MH2006PTC164412	IHSEDU SPECIALITY CHEMICALS PRIVATE LIMITED	Director	08/09/2006	08/09/2006	-	Active	NO
7	U24100MH2010PTC204838	IHSEDU ITOH GREEN CHEMICALS MARKETING PRIVATE LIMITED	Additional director	01/09/2011	01/09/2011	-	Active	NO

Name :

Mr. Dilipsinh Gokuldas Udeshi

Designation :

Whole Time Directors

Address :

43-Mount Unique, 62 A, Peddar Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

02.12.1938

Date of Appointment :

01.07.2002

DIN No.:

00355776

Name :

Mr. Mulraj Gokuldas Udeshi

Designation :

Whole Time Director

Address :

11, Lalabaug Society, Manjalpur, Baroda-390011, Gujarat, India

Date of Birth/Age :

10.11.1933

Date of Appointment :

01.07.2002

DIN No.:

00355925

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45200MH1994PTC076650	GOKULMANI REAL ESTATE DEVELOPMENT PRIVATE LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
2	U11200MH2000PTC124048	IHSEDUAGROCHEM PRIVATE LIMITED	Whole-time director	01/07/2010	01/07/2002	-	Active	NO
3	U99999MH1992PLC066277	JAYANT FINVEST LIMITED	Director	23/08/2002	23/08/2002	-	Active	NO
4	U01407MH2008PTC185147	IHSEDU COREAGRI SERVICES PRIVATE LIMITED	Director	26/09/2011	14/09/2010	-	Active	NO

Name :

Mr. Jayraj Gokuldas Udeshi

Designation :

Whole Time Director

Address :

502, Godavari, 5^th Floor, Worli Sagar Cooperative Housing Limited, Sir Pochkhanwala Road, Mumbai-400025, Maharashtra, India

Date of Birth/Age :

13.09.1940

Date of Appointment :

01.04.2002

DIN No.:

00529205

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24299GJ1970PLC001749	ENLITE CHEMICAL INDUSTRIES LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
2	U45200MH1994PTC076650	GOKULMANI REAL ESTATE DEVELOPMENT PRIVATE LIMITED	Director	01/04/2002	01/04/2002	26/02/2009	Active	NO
3	U99999MH1992PLC066277	JAYANT FINVEST LIMITED	Director	01/11/2009	01/04/2002	-	Active	NO
4	U11200MH2000PTC124048	IHSEDUAGROCHEM PRIVATE LIMITED	Whole-time director	01/11/2009	01/07/2002	-	Active	NO

Name :

Mr. Bharat Mulraj Udeshi

Designation :

Whole Time Director

Address :

11, Lalabaug Society, Manjalpur, Baroda-390011, Gujarat, India

Date of Birth/Age :

16.09.1964

Date of Appointment :

01.07.2002

DIN No.:

00355984

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U11200MH2000PTC124048	IHSEDUAGROCHEM PRIVATE LIMITED	Whole-time director	01/07/2010	01/07/2002	-	Active	NO
2	U65990MH1985PTC037111	VARUN LEASING AND FINANCE PRIVATE LIMITED	Director	18/03/2003	18/03/2003	-	Active	NO
3	U30007MH1985PTC037403	INNOVATIVE MICRO SYSTEMS PRIVATE LIMITED	Director	18/03/2003	18/03/2003	-	Active	NO

Name :

Mr. Mukesh Chandrakant Khagram

Designation :

Director

Address :

11, Swadhin Sadan, C Road, Churchgate, Mumbai - 400 020, Maharashtra, India

Date of Birth/Age :

24.11.1959

Date of Appointment :

26.09.2011

DIN No.:

00437042

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U31300MH1979PTC021143	EVERGREEN WIRECLOTH FACTORY PRIVATE LIMITED	Director	30/10/1990	30/10/1990	-	Active	NO
2	U74999MH1990PTC057906	EVERGREEN SEPARATECH PRIVATE LIMITED	Director	30/10/1990	30/10/1990	-	Active	NO
3	U32109MH1972PTC015773	EVERGREEN TECHNOLOGIES PRIVATE LIMITED	Director	31/10/1990	31/10/1990	-	Active	NO
4	L24100MH1992PLC066691	JAYANT AGRO-ORGANICS LIMITED	Director	27/10/2005	27/10/2005	-	Active	NO
5	U11200MH2000PTC124048	IHSEDUAGROCHEM PRIVATE LIMITED	Director	26/09/2011	19/09/2010	-	Active	NO

Name :

Mr. Abhay Vithaldas Udeshi

Designation :

Director

Address :

13, AB Sett Minar, 16, A Peddar Road, Mumbai - 400026, Maharashtra, India

sDate of Birth/Age :

18.06.1960

Date of Appointment :

26.09.2011

DIN No.:

00355598

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65990MH1985PTC037111	VARUN LEASING AND FINANCE PRIVATE LIMITED	Director	09/08/1985	09/08/1985	-	Active	NO
2	U24299GJ1970PLC001749	ENLITE CHEMICAL INDUSTRIES LIMITED	Director	01/06/2002	01/06/2002	-	Active	NO
3	L24100MH1992PLC066691	JAYANT AGRO-ORGANICS LIMITED	Whole-time director	01/06/2010	01/06/2002	-	Active	NO
4	U24117MH2006PTC164412	IHSEDU SPECIALITY CHEMICALS PRIVATE LIMITED	Director	18/06/2008	06/12/2007	-	Active	NO
5	U01407MH2008PTC185147	IHSEDU COREAGRI SERVICES PRIVATE LIMITED	Director	28/07/2008	28/07/2008	-	Active	NO
6	U51900MH2008PTC187068	KALYAN IMPEX PRIVATE LIMITED	Director	30/09/2010	19/05/2010	-	Active	NO
7	U24100MH2010PTC204838	IHSEDU ITOH GREEN CHEMICALS MARKETING PRIVATE LIMITED	Director	25/06/2010	25/06/2010	-	Active	NO
8	U11200MH2000PTC124048	IHSEDUAGROCHEM PRIVATE LIMITED	Director	26/09/2011	17/12/2010	-	Active	NO

Name :

Mr. Sudhir Vijaysinh Udeshi

Designation :

Director

Address :

Flat No.1201,12th Floor, Hicon Classic I, Ambedkar Road, Opposite Beam Hospital, Khar (West), Mumbai - 400 052, Maharashtra, India

Date of Birth/Age :

13.10.1951

Date of Appointment :

26.09.2011

DIN No.:

00355542

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65990MH1985PTC037111	VARUN LEASING AND FINANCE PRIVATE LIMITED	Director	09/08/1985	09/08/1985	-	Active	NO
2	U45200MH1994PTC076650	GOKULMANI REAL ESTATE DEVELOPMENT PRIVATE LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
3	U24299GJ1970PLC001749	ENLITE CHEMICAL INDUSTRIES LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
4	L24100MH1992PLC066691	JAYANT AGRO-ORGANICS LIMITED	Whole-time director	01/06/2002	01/06/2002	31/03/2009	Active	NO
5	U24117MH2006PTC164412	IHSEDU SPECIALITY CHEMICALS PRIVATE LIMITED	Whole-time director	01/04/2012	06/12/2007	-	Active	NO
6	U11200MH2000PTC124048	IHSEDUAGROCHEM PRIVATE LIMITED	Director	26/09/2011	17/12/2010	-	Active	NO

Name :

Mr. Vikram Vijaysinh Udeshi

Designation :

Director

Address :

Flat No.1101,11th Floor, Hicon Classic I, Ambedkar Road, Opposite Beam Hospital, Khar (West), Mumbai - 400 052, Maharashtra, India

Date of Birth/Age :

04.07.1967

Date of Appointment :

26.09.2011

DIN No.:

00355713

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1992PLC066277	JAYANT FINVEST LIMITED	Director	01/12/2010	01/08/1998	-	Active	NO
2	U67120MH1977PTC019582	GOKULDAS K.UDESHI INVESTMENTS PRIVATE LIMITED	Director	14/03/2003	14/03/2003	-	Active	NO
3	U24117MH2006PTC164412	IHSEDU SPECIALITY CHEMICALS PRIVATE LIMITED	Director	08/09/2006	08/09/2006	-	Active	NO
4	U01407MH2008PTC185147	IHSEDU COREAGRI SERVICES PRIVATE LIMITED	Director	28/07/2008	28/07/2008	-	Active	NO
5	U51900MH2008PTC187068	KALYAN IMPEX PRIVATE LIMITED	Director	30/09/2010	19/05/2010	-	Active	NO
6	U11200MH2000PTC124048	IHSEDUAGROCHEM PRIVATE LIMITED	Director	26/09/2011	17/12/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 26.09.2011

Names of Shareholders	No. of Shares
Jayant Agro Organics Limited, India Jointly Vithaldas G Udeshi	100
Jayant Agro Organics Limited, India Jointly Jayraj G Udeshi	100
Jayant Agro Organics Limited, India Jointly Hemant V Udeshi	100
Jayant Agro Organics Limited, India Jointly Sudhir V Udeshi	100
Jayant Agro Organics Limited, India Jointly Abhay V Udeshi	100
Jayant Agro Organics Limited, India Jointly Dr Subhash V Udeshi	100
Jayant Agro Organics Limited, India	5499400
Total	5500000

Equity Share Break up (Percentage of Total Equity)

As on: 26.09.2011

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Castor Oil and ITS Products.

Products :

ITC CODE	PRODUCT
15153000	Castor Oil Refined

PRODUCTION STATUS

AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Seed Crushing	M.T.	NA	210000	--
Cake Processing	M.T.	NA	165000	--
Castor Oil	M.T.	NA	--	13619309
By Product	M.T.	NA	--	*15550234

Notes: * Consumed Internally: C. Y. 1518453 M. T. (P. Y.: 11310887 M. T.)

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Central Bank of India, Corporate Finance Branch, 1^st Floor, MMO Building, M. G. Road, Fort, Mumbai-400023, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	255.839	134.426
Interest accrued due other debt secured	1.808	1.115
Total	257.647	135.541

Note:

Long Term Loan is secured against hypothecation of Plant and Machinery and other Fixed Assets - (Present and Future) and Equitable Mortgage of Land and Building, factory Premises (Installments due within a year Rs. 55.573 Millions (P.Y. Rs. 37.923 Millions)). Short Term Loan is Secured against Hypothecation of Inventory book debts, vehicles and export bills of the Company. All the Loans are guaranteed by the Directors personally and also by the corporate guarantee provided by the Holding Company

Banking Relations :	--
Auditors :
Name :	T. P. Ostwal and Associates Chartered Accountant
Address :	Bharat House, 4^th Floor, 104, Mumbai Samachar Marg, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-40693900
Fax No.:	91-22-40693999
E-Mail :	fca@vsnl.com
Holding Company :	Jayant Agro-Organics Limited CIN No.: L24100MH1992PLC066691
Fellow Subsidiary :	· Ihsedu Speciality Chemicals Private Limited CIN No.: U24117MH2006PTC164412 · Ihsedu Coreagri Services Private Limited CIN No.: U01407MH2008PTC185147 · Ihsedu Itoh Green Chemicals Marketing Private Limited CIN No.: U24100MH2010PTC204838
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Jayant Finvest Limited CIN No.: U99999mh1992plc066277 · Gokulmani Real Estate Development Private Limited CIN No.: U45200mh1994ptc076650 · Enlite Chemical Industries Limited CIN No.: U24299gj1970plc001749 · Gokuldas K. Udeshi Investments Private Limited CIN No.: U67120mh1977ptc019582 · Kalyan Impex Private Limited CIN No.: U51900mh2008ptc187068 · Varun Leasing And Finance Private Limited CIN No.: U65990mh1985ptc037111 · Innovative Micro Systems Private Limited CIN No.: U30007mh1985ptc037403

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5500000	Equity Shares	Rs.10/- each	Rs.55.000 Millions

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		55.000	55.000	55.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.006	36.287	100.453
4] (Accumulated Losses)		(6.535)	0.000	0.000
NETWORTH		48.471	91.287	155.453
LOAN FUNDS
1] Secured Loans		257.647	135.541	121.144
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		257.647	135.541	121.144
DEFERRED TAX LIABILITIES		43.000	39.178	23.307
TOTAL		349.118	266.006	299.904
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		513.276	471.527	401.244
Capital work-in-progress		117.570	121.404	40.077
Expenditure pending allocation		6.700	7.900	0.000
INVESTMENT		0.011	0.011	0.011
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	30.961
	Sundry Debtors	31.059	10.599	49.559
	Cash & Bank Balances	50.426	1.425	7.995
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	68.683	60.730	37.894
Total Current Assets		150.168	72.754	126.409
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	183.587	68.367	34.092
	Other Current Liabilities	201.295	306.333	218.391
	Provisions	53.725	32.890	15.354
Total Current Liabilities		438.607	407.590	267.837
Net Current Assets		(288.439)	(334.836)	(141.428)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		349.118	266.006	299.904

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2794.799	1193.571	895.847
		Other Income	NA	0.417	11.055
		TOTAL (A)	NA	1193.988	906.902
Less	EXPENSES
		Consumption of Raw Materials		834.287	585.613
		Purchases of Finished Goods		34.386	104.998
		Increase / (Decrease) in Stock		(14.303)	(3.685)
		Personal Cost		24.961	16.282
		Manufacturing Expenses and Other Expenses		201.186	140.738
		Interest on Bank Term Loan		0.000	0.000
		TOTAL (B)	NA	1080.517	843.946
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		135.623	113.471	62.956
Less	FINANCIAL EXPENSES (D)		14.743	13.793	15.241
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		120.880	99.678	47.715
Less/ Add	DEPRECIATION/ AMORTISATION (F)		27.209	23.194	21.039
	PROFIT BEFORE TAX (E-F) (G)		93.671	76.484	26.676
Less	TAX (I)		23.942	29.739	8.221
	PROFIT AFTER TAX (G-I) (J)		69.729	46.745	18.455
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		143.975	100.447	81.992
Less	APPROPRIATIONS
		Dividend Distribution Tax	NA	0.467	0.000
		Proposed Dividend	NA	2.750	0.000
	BALANCE CARRIED TO THE B/S		NA	143.975	100.447
	EXPORT VALUE		NA	220.975	303.714
	Earnings Per Share (Rs.)		12.68	8.50	3.36

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	3.92	2.03
Net Profit Margin (PBT/Sales)	(%)	3.35	6.41	2.98
Return on Total Assets (PBT/Total Assets}	(%)	14.12	14.05	5.06
Return on Investment (ROI) (PBT/Networth)		1.93	0.84	0.17
Debt Equity Ratio (Total Liability/Networth)		14.36	5.95	2.50
Current Ratio (Current Asset/Current Liability)		0.34	0.18	0.47

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No

PERFORMANCE:

The Company has achieved the turnover of Sales and Services of Rs.2794.799 Millions and the profit after tax was Rs.69.729 Millions against Rs.1191.097 Millions and Rs.46.745 Millions respectively in the previous year.

EXPANSION:

The Company, during the year, has installed additional Plant and Machinery worth Rs. 65.658 millions and constructed Building valued at Rs. 2.338 millions to expand its overall capacity.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U11200MH2000PTC124048
Name of the company	IHSEDU AGROCHEM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Akhandanand, 38, Marol Co-Operative Industrial Estate, Off. M. V. Road, Andheri (East), MUMBAI – 400059, Maharashtra, India E-mail: jaol@vsnl.net
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90144460
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Others (Current and Fixed Assets)
Particular of charge holder	Central Bank of India, Corporate Finance Branch, 1^st Floor, MMO Building, M. G. Road, Fort, Mumbai-400023, Maharashtra, India E-mail: info@ca-adlalwani.com
Nature of instrument creating charge	1 composite deed of hypothecation 2 extension of equitable mortgage (all the above agreement constitute a single charge)
Date of instrument Creating the charge	29.12.2011
Amount secured by the charge	Rs.932.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As stipulated by bank from time to time Terms of Repayment As stipulated by bank from time to time Margin As stipulated by bank from time to time Extent and Operation of the charge First charge (present and future) total limit Rs.932.000 Millions (packing credit cum export bills purchased/discounted/EBRD/export bills negotiated=Rs.600.000 Millions, term loan -1-cum LC=Rs.18.900 Millions, term loan=II cum LC =Rs.16.700 Millions, term loan III=Rs.96.400 Millions, term loan IV =Rs.50.000 Millions, term loan V=Rs.150.000 Millions) Sub limit under pc-letter of credit(inland/foreign) cum bank guarantee=Rs.10.000 Millions And/or as stipulated by bank from time to time Others As stipulated by bank from time to time
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge (present and future) on following assets :-(1)hypothecation of all stock/goods/inventories/products including bought under l.c. kept at borrower place/factories/godown/premises etc and/or intranist and/or where ever else (2) Hypothecation of all book debts and receivables (3) Hypothecation of all Plant and Machinery, Fixtures, Fittings, Cranes, Computers and other accessories, spares tools etc lying at factories/godown or where ever else or in transit or any other place (4) Hypothecation of all current, movable and Fixed Assets (5) Hypothecation of capital work in progress 6) EMG of Land/Building/Factory premises/warehouse located at Survey No 667, Paiki ,Village Jagana, District Palanpur, State North Gujarat with all Fixed Assets (7) Hypothecation of all the plant andmachinery purchased out of bank finance including enercon make wind, concerte tower, transformer steel (installed at samana site) and cogeneration unit at Palanpur
Particulars of the present modification	By this modification limit enhanced to Rs.932.000 Millions (p.c. cum export bills purchased/discounted/EBRD/export bills negotiated=Rs.600.000 Millions, T.L -1-cum LC=Rs.18.900 Millions, T L=II cum LC =Rs.16.700 Millions, T L III=Rs.96.400 Millions, T L IV =Rs.50.000 Millions, T L V=Rs.150.000 Millions) (sub limit under p.c.-L.C. cum B.G=Rs.10.000 Millions),continued security as given by original charge as well as by modifications(securities more defined in point no 15) and terms and conditions as per agreement attached and as per sanction letter of the bank

FIXED ASSETS

· Freehold Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Computer

· Motor Car

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.56.08
UK Pound	1	Rs.87.03
Euro	1	Rs.68.36

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	1
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		33

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

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.