MIRA INFORM REPORT

Report Date :

25.07.2012

IDENTIFICATION DETAILS

Name :	JK AGRI GENETICS LIMITED
Registered Office :	7, Council House Street, Kolkata-700001, West Bengal
Country :	India
Financials (as on) :	30.09.2011
Date of Incorporation :	25.05.1993
Com. Reg. No.:	21-92885
Capital Investment / Paid-up Capital :	Rs. 460.065 Millions
CIN No.: [Company Identification No.]	L24211WB1993PLC092885
Legal Form :	A Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges
Line of Business :	Manufacture of a variety of Products and in diverse fields of commerce.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 4300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealing 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

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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 :	7, Council House Street, Kolkata-700001, West Bengal, India
Tel No.:	Not Available
Fax No.:	Not Available
E-Mail :	ananddas@jkmail.com
Website :	www.jkseeds.net
Administrative Office :	1-10-177, 4^th Floor, Varun Towers, Begumpet, Hyderanad-500016, Andhra Pradesh, India
Tel. No.:	91-40-66316858
Fax No.:	91-40-27764943
E-Mail :	info@jkseeds.net
Biotechnology Lab :	4-4/1, Jeedimetla Village, Pet Basheerabad, Qutubullapur Municipality, R R. District, Andhra Pradesh, India
Tel. No.:	91-40-27871723 / 0001
Research And Development Centre :	Ravalkol, Medchal Mandal, District R R , Andhra Pradesh, India
Tel. No.:	91-8418-260499/325677
Processing Plants :	Survey No. 509/2, Gundlapochampally, R R District, Andhra Pradesh

DIRECTORS

As on 30.09.2011

Name :	Mr. Bharat Hari Sindhanla
Designation :	Chairman
Date of Birth/Age :	07.04.1938
Date of Appointment :	25.08.2003
Name :	Mr. Jatan Roopchand Bhandari
Designation :	Director
Date of Birth/Age :	28.07.1933
Date of Appointment :	04.09.2009
Name :	Mr. Sanjeev Kumar Jhunjhunwala
Designation :	Director
Date of Birth/Age :	03.12.1964
Date of Appointment :	04.09.2003
Name :	Mr. Sanjay Kumar Khaitan
Designation :	Director
Date of Birth/Age :	17.12.1965
Date of Appointment :	04.09.2003
Name :	Mr. Raghupati Singhania
Designation :	Director
Date of Birth/Age :	08.12.1946
Date of Appointment :	25.08.2003
Name :	Mr. Vikrampati Singhania
Designation :	Director
Date of Birth/Age :	03.10.1965
Date of Appointment :	04.09.2003
Name :	Mr. Swaroop Chand Sethi
Designation :	Director
Date of Birth/Age :	30.10.1937
Date of Appointment :	04.09.2003

KEY EXECUTIVES

Name :	Mr. Pravinchandra Shivram Dravind
Designation :	Manager
Address :	101, Akash Ganga Complex, 8-2-616/616/s/2/4 road No.11, Banjara Hills, Hyderabad-500 034, Andhra Pradesh, India
Date of Birth/Age :	11.07.1951
Date of Appointment :	05.09.2003
Name :	Mr. Parimesh Manocha
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2012

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	95,251	2.72
Bodies Corporate	1,351,820	38.55
Sub Total	1,447,071	41.27
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1,447,071	41.27
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1,251	0.04
Financial Institutions / Banks	451	0.01
Insurance Companies	50	-
Sub Total	1,752	0.05
(2) Non-Institutions
Bodies Corporate	919,936	26.24
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	446,551	12.73
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	302,523	8.63
Any Others (Specify)	388,677	11.08
Clearing Members	315	0.01
Directors & their Relatives & Friends	5	-
Overseas Corporate Bodies	362,916	10.35
Non Resident Indians	25,396	0.72
Trusts	45	-
Sub Total	2,057,687	58.68
Total Public shareholding (B)	2,059,439	58.73
Total (A)+(B)	3,506,510	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	3,506,510	-

BUSINESS DETAILS

Line of Business :	Manufacture of a variety of Products and in diverse fields of commerce.
Products :	Hybrid Seeds Cotton Bajra Maize Jowar Paddy Mustard Wheat Redgram Tomato Bhendi Chilli Water Melon Radish Cabbage Sweet Corn Cucumber Coriander

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Axis Bank

Facilities :

Secured Loan	Rs. In Millions 30.09.2011	Rs. In Millions 30.09.2010
Zero Coupon Non-Convertible Bonds	425.000	425.000
Term Loans:
Banks	51.985	55.718
Others	5.961	0.000
Other Loan from Bank	346.129	226.529
Total	829.075	707.247

Note

1. Zero Coupon Secured Non-Convertible Bonds (ZCSNCBs) of Rs. 425.000 Millions are secured by subordinate and subservient charge created/to be created on all the movable and immovable properties of the Company, both present and future. These Bonds are redeemable in four instalments of Rs. 1000 each at the expiry of the 4th to 7th year and Rs. 250 at the expiry of 8th year from 1.4.2002. The terms of these ZCSNCBs are proposed to be revised pursuant to a Scheme of Arrangement and Demerger, appeal filed to the Division Bench of the Hon’ble High Court at Calcutta, the impact of which have not been given in these Accounts pending final disposal of said appeal. (Please see Note B1 of Schedule 15).

2. a) Term loan of Rs.35.716 Millions (Previous year Rs. 55.718 Millions) is secured against first charge of the assets purchased there under, hypothecation of entire intangible assets, pari passu second charge on the entire current assets viz stocks and book debts etc., both present and future, of the Company and is further secured, by way of first charge on land at Dundigal village (AP) and Ranpur, Kota, (Rajasthan) and on entire movable fixed assets of the Company. This is further secured by second charge on the entire fixed assets financed by DBT.

b) Term Loan of Rs.16.269 Millions ( Previous year nil) is secured against first charge of the assets purchased there under, Hypothecation of entire intangible assets, parri passu second charge on entire current assets viz stock and book debts etc., both present and future, of the Company and is further secured by extension of equitable mortgage on land at Ranpur, Kota (Rajasthan). This is further secured by second charge on the entire fixed assets financed by DBT

3. Term loan of Rs. 5.961 Millions (Previous year Nil) is secured by First charges on the Assets created out of loan from Department of Bio Technology (DBT), Pari Passu second charge on the entire fixed Assets of the Company including the land at Dundigal Village, Ranga Reddy District (AP) with a market value of Rs. 77.800 millions and excluding land at ICICI Knowledge Park & pari passu second charge on the current assets.

4. Other Loan from Bank represent Working Capital borrowing which is Secured by hypothecation of current assets viz stocks and book debts etc., both present and future, of the Company and by a second charge on entire fixed assets of the Company including land at Dundigal village (AP) and Ranpur, Kota, (Rajasthan).

Unsecured Loan	Rs. In Millions 30.09.2011	Rs. In Millions 30.09.2010
Council of Scientific & Industrial Research (CSIR)	76.101	54.990
Others	50.000	0.000
Total	126.101	54.990

Banking Relations :	--
Auditors :
Name :	Lodha and Company Chartered Accountant
Associates/Subsidiaries :	· Florence Alumina Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1,75,00,000	Equity Shares	Rs. 10/- each	Rs. 175.000 Millions
50,00,000	Preference Shares	Rs. 85/-each	Rs. 425.000 Millions
	Total		Rs. 600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
35,06,510	Equity Shares	Rs. 10/- each	Rs. 35.065 Millions
50,00,000	Zero Coupon Preference Shares	Rs. 85/-each	Rs. 425.000 Millions
	Total		Rs. 460.065 Millions

NOTE:

Pursuant to the Scheme of Arrangement and Amalgamation, in an earlier year;

1. 34,56,510 Equity Shares of Rs.10 each were alloted as fully paid up to the shareholders of JK Tyre & Industries

Limited (JKTIL), without payment.

2. 50,00,000 Zero Coupon Redeemable Preference Shares (ZCRPS) of Rs. 85 each were allotted as fully paid up

to JKTIL (now Bengal and Assam Company Limited.), without payment. These Shares are redeemable in five annual instalments of Rs.15, Rs. 20, Rs. 20, Rs. 20 and Rs. 10 respectively commencing from 1st April, 2010. However, pending appeal before the Division Bench of Hon’ble High Court of Calcutta, against the due installments, payment have not been given effect/made.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.09.2011	30.09.2010	30.09.2009
SHAREHOLDERS FUNDS
1] Share Capital		460.065	460.065	460.065
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		634.839	525.964	419.575
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1094.904	986.029	879.640
LOAN FUNDS
1] Secured Loans		829.075	707.247	641.228
2] Unsecured Loans		126.101	54.990	54.990
TOTAL BORROWING		955.176	762.237	696.218
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2050.080	1748.266	1575.858
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		403.523	409.992	308.319
Capital work-in-progress		0.000	2.955	2.532
INVESTMENT		999.654	789.383	832.564
DEFERREX TAX ASSETS		34.890	35.810	39.970
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	398.183	360.660	289.467
	Sundry Debtors	369.645	434.267	256.976
	Cash & Bank Balances	23.629	11.879	0.207
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	297.761	202.525	154.249
Total Current Assets		1089.218	1009.331	700.899
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	81.258	53.323	21.310
	Other Current Liabilities	276.137	346.378	205.402
	Provisions	119.810	99.504	81.714
Total Current Liabilities		477.205	499.205	308.426
Net Current Assets		612.013	510.126	392.473
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2050.080	1748.266	1575.858

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2011	30.09.2010	30.09.2009
	SALES
		Income	1308.962	1237.735	1512.730
		Other Income
		TOTAL (A)	1308.962	1237.735	1512.730
Less	EXPENSES
		Materials & Manufacturing Expenses	603.515	647.693	896.187
		Employees Cost	212.026	185.767	216.036
		Other Expenses	363.597	318.953	405.648
		Cost of Borrowing	0.000	0.000	33.758
		Increase/(Decrease) in Stocks	(32.988)	(71.819)	2.032
		TOTAL (B)	1146.150	1080.594	1553.661
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		162.812	157.141	(40.931)
Less	FINANCIAL EXPENSES (D)		23.359	20.831	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		139.453	136.310	(40.931)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		29.658	26.431	32.573
	PROFIT BEFORE TAX (E-F) (G)		109.795	109.879	(73.504)
Less	TAX (I)		0.920	4.160	(61.350)
	Adjustment for earlier year Tax		0.000	(0.669)	0.000
	PROFIT AFTER TAX (G-I) (J)		108.875	106.388	(12.154)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		258.817	157.568	NA
Less	APPROPRIATIONS
		Debenture redemption Reserve	0.000	5.139	NA
	BALANCE CARRIED TO THE B/S		367.692	258.817	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	10.759	12.911	11.662
		Other Earnings	0.000	9.409	6.109
	TOTAL EARNINGS		10.759	22.320	17.771
	IMPORTS
		Seeds	12.663	4.719	4.078
		Consumables & Spares	1.487	1.010	0.628
		Capital Goods (R & D)	0.716	0.000	4.572
		Capital Goods	0.000	55.123	0.000
	TOTAL IMPORTS		14.866	60.852	9.278
	Earnings Per Share (Rs.)		31.05	30.34	--

QUARTERLY RESULTS

PARTICULARS	31.12.2011	31.03.2012
Type	1^st Quarter	2^nd Quarter
Net Sales	78.520	129.550
Total Expenditure	185.110	188.240
PBIDT (Excl OI)	(106.590)	(58.690)
Other Income	0.000	0.000
Operating Profit	(106.590)	(58.690)
Interest	13.800	10.440
PBDT	(120.390)	(69.130)
Depreciation	6.110	6.040
Profit Before Tax	(126.500)	(75.170)
Tax	(43.160)	(30.060)
Profit After Tax	(83.340)	(45.100)
Net Profit	(83.340)	(45.100)

KEY RATIOS

PARTICULARS		30.09.2011	30.09.2010	30.09.2009
PAT / Total Income	(%)	8.31	8.59	(0.80)
Return on Total Assets (PBT/Total Assets}	(%)	7.35	7.74	(7.28)
Return on Investment (ROI) (PBT/Networth)		0.10	0.11	(0.08)
Debt Equity Ratio (Total Liability/Networth)		1.30	1.27	1.14
Current Ratio (Current Asset/Current Liability)		2.28	2.02	2.27

LOCAL AGENCY FURTHER INFORMATION

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	No
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

OPERATIONS

During the year, the Company achieved a turnover of Rs.1309.000 millions with Operating Profit of Rs.162.800 Millions and the Profit before Tax of Rs. 109.800 millions.

The year has ended on a positive note with some improvement in the financial performance of the Company. The sales turnover increased by 6% over the same period of the previous year. The Company’s focus continuous to be on Cotton, Paddy, Bajra, Maize and Vegetables.

The Company has initiated novel farmer education programs and product promotion activities during the past few months which would enable them to get positive results in the ensuing Rabi & Kharif seasons. Furthermore, the Company has undertaken trials of newly developed hybrids in several crops with a view to trial market and commercially launch during the Kharif season. As a result of all these initiatives, they expect the sales of the company to grow reasonably in respect of Cotton, Bajra & Vegetables over the next few years

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY OVERVIEW

There’s an unmistakable buzz in and around the $1.5 billion Indian seed industry. The seed industry in India has been making great strides since Independence. Globalization and economic reforms have opened new opportunities with many challenges. The seed industry is now in a position to meet the demand of diverse agro-climatic conditions and intensive cropping systems. The ever-increasing demand for agriculture products can only be met by sustained increase in production and productivity to which new and improved variety of quality seeds contribute to a greater extent.

In 2010-11, hybrid seeds accounted for 60% of the seed industry’s turnover of Rs. 80000.000 millions. Further conversion of area from varieties to hybrids will be the next herculean task. The availability of technology can lead to faster adoption as experienced in the case of Bt. Cotton. The Green Revolution was driven by the public sector, the Bt. Cotton revolution by the private sector and the next push will come from public-private partnerships.

Seed accounts for 5-15% of the cost of production and a farmer is willing to pay for value, performance and consistent quality. While the Government is using policy to increase consumption of new seeds, companies are improving product quality. At present, number of hybrids are available for Cotton, Corn, Pearl millet, Sorghum, Sunflower and Vegetables which drive the seed business in India.

Seed Companies continue to reinvest profits in research and infrastructure creation as well as creating IPR (Intellectual Property Rights). As R&D costs increase, companies are seeking building relations and alliances with Government Research Institutes and State Agricultural Universities.

Biotechnology will play an important role in agriculture development through transgenic seeds. It holds great promise in developing crop varieties with higher level of tolerance to biotic and abiotic stresses and nutritional enhancement.

The Indian seed industry is well placed to serve both domestic and international markets. Companies are making variants to be relevant in all eight agro-climatic zones of India. They are expanding to Africa and Southeast Asia, where the climate is similar to India. They are venturing into new crops with untapped market potential.

The Indian seed industry is now in a better position by investing more in Research and Development programs, use of biotechnology, acquisitions, mergers and collaborations with like minded research companies to bring synergy, addition of new range of crops, products and technologies and also value addition to the existing crops by traditional methods.

JK SEEDS

The company has now come out with a number of hybrids with Bt. Cotton technology to meet the requirement of farming community spread across different climatic zones. Besides this, the Company has also focused on farmer education service activities with a view to improve the productivity and prosperity of Farmers. Furthermore, they have undertaken field trials of several newly developed hybrids in Maize, Rice, Mustard and Vegetable crops. Thus, the Company has now got complete portfolio of products to meet the needs of all the major market segments in these crops. The Company hopes to build on this new found strength by rapidly increasing volumes in Bt. Cotton, while consolidating its position in other crops like Maize, Paddy, Jowar, Bajra and Vegetables.

Several initiatives taken up in the production and processing front, gave encouraging results. Improvements in the production and processing side have started showing results by improving seed productivity and quality output.

The Company has initiated several farmer services to enhance returns to farmers and also establish relationships with them. The wholesaler network was also expanded to reach untapped markets. The Company’s farmer contact program is a major source of promoting brand awareness and generating demand of JK Seeds.

FIXED ASSETS

• Land Freehold
• Land Leasehold
• Building
• Plant and Machinery
• Office Equipments
• Furniture and Fixtures
• Vehicles
• Brand
• Software

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31^ST MARCH, 2012

Rs. In Millions

Sr. No.	Particular	Quarter Ended		Half Year Ended
		31.12.2011 (Unaudited)	31.03.2012 (Unaudited)	31.03.2012 (Unaudited)
1.	a) Net Sales/Income from Operations	75.174	123.509	198.683
	b) Other Operating Income	3.344	6.040	9.384
	Total Income	78.518	129.549	208.067
2.	Expenditure
	Cost of Material Consumed	223.778	448.312	672.090
	(Increase) / Decrease in Stock in Trade	(187.494)	(386.174)	(573.668)
	Employees Cost	49.044	48.417	97.461
	Advertisement	23.457	10.013	33.470
	Research and Development Expenses	29.584	26.990	56.574
	Depreciation	6.108	6.037	12.145
	Other Expenditure	44.229	40.675	84.904
	f) Total	188.706	194.270	382.976
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	(110.188)	(64.721)	(174.909)
4.	Other Income	0.000	0.000	0.000
5.	Profit Before Interest and Exceptional Items (3+4)	(110.188)	(64.721)	(174.909)
6.	Interest	16.312	10.439	26.751
7.	Profit After Interest but before Exceptional Items (5-6)	(126.500)	(75.160)	(201.660)
8.	Exceptional Items	0.000	0.000	0.000
9.	Profit from Ordinary Activities before Tax (7+8)	(126.500)	(75.160)	(201.660)
10.	Tax Expense
	a) Current tax	(25.883)	(14.439)	(40.322)
	b) MAT Credit Entitlement	25.883	14.439	40.322
	c) Deferred tax	(43.165)	(30.057)	(73.222)
11.	Net Profit from Ordinary Activities after Tax (9-10)	(83.335)	(45.103)	(128.438)
12.	Extraordinary Item (net of expense)	0.000	0.000	0.000
13.	Net Profit for the period (11-12)	(83.335)	(45.103)	(128.438)
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	35.065	35.065	35.065
15.	Reserves Excluding Revaluation Reserve	--	--	--
16.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised
	a) Basic and diluted EPS before extraordinary items	(23.77)	(12.86)	(36.83)
	b) Basic and diluted EPS after extraordinary items
17.	Public Shareholding
	-Number of Shares	2059439	2059439	2059439
	- Percentage of Shareholding	58.73	58.73	58.73
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	Nil	Nil	Nil
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	Nil	Nil	Nil
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	Nil	Nil	Nil
	b) Non Encumbered
	- Number of Shares	14470714	14470714	14470714
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100	100	100
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	41.27	41.27	41.27

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

Rs. in millions

Sl. No.	Particulars	Quarter Ended		Half Year Ended
		31.12.2011 (Unaudited)	31.03.2012 (Unaudited)	31.03.2012 (Unaudited)
1	SEGMENT REVENUE
	Seeds, Allied Products and Services	78.480	129.492	207.972
	Investments	1.301	1.303	2.604
	Total	79.781	130.795	210.576
	Less : Inter Segment Revenue	1.263	1.246	2.509
	Net Sales / Income from Operation	78.518	129.549	208.067
2	SEGMENT RESULTS
	Seeds, Allied Products and Services	(111.385)	(65.920)	(177.306)
	Investments	1.197	1.199	2.396
	Total	(110.188)	(64.721)	(174.909)
	Less :Interest	16.312	10.439	26.751
	Net Profit (+) / Loss(-) before Tax	(126.500)	(75.160)	(201.660)
3	CAPITAL EMPLOYED
	(SEGMENT ASSETS – SEGMENT LIABILITIES)
	Seeds, Allied Products and Services	826.042	534.293	534.293
	Investments	1059.776	1060.975	1060.975
	Unallocable – Assets (Liabilities) Net	21.612	23.173	23.173
	Total	1907.430	1618.441	1618.441

NOTE:

· The company’s Seeds, Allied Products and Services business is of seasonal nature, hence results of the current quarter are not representative of the full year’s performance.

· As informed earlier, the company has filed a scheme of Arrangement and Demerger under Section 391-394 of the Companies Act 1956 in the Hon’ble High Court at Kolkata, pursuant to which it is proposed to demerge seed undertaking into a separate entity w.e.f. the appointed date i.e. 1^st April 2005, the said Hon’ble High Court by its judgment dated May 20, 2010 did not approve the said scheme. The company has however, filed an appeal to the Division Bench of the said Hon’ble Court which is pending for final disposal. The impact of the scheme would be given after the scheme is sanctioned by the said Hon’ble Court.

· The company has two business segments namely ‘Seeds, Allied Products and Services’ and Investments.

· The figures have been regrouped/rearranged/recast, wherever necessary.

· The above financial results have been reviewed by the audit committee and approved by the board of directors at their respective meetings held on, 1^st May, 2012.

STATEMENT OF ASSETS AND LIABILITIES

Rs. in Millions

PARTICULARS	31.03.2012 UNAUDITED
Equity and liabilities
Shareholders' fund
Share capital	460.065
Reserve & surplus	508.400
Sub-total - Shareholders' funds	968.465
Non - current liabilities
Long term borrowings	564.818
Deferred tax liability (net)	6.127
Long term provisions	16.295
Sub-total - Non-current liabilities	587.240
Current liabilities
Short term borrowings	215.592
Trade payables	688.222
Other current liabilities	700.591
Short term provisions	1.130
Sub-total - Current liabilities	1605.535
Total - Equity & Liabilities	3159.240
Assets
Non-current assets
Fixed assets
Tangible assets	256.928
Intangible assets	135.287
Capital work in progress	0.000
Non-current investment	999.654
Deferred tax assets (net)	108.112
Long term loans & advances	3.539
Other non-current assets	28.713
Sub-total - Non-current Assets	1532.233
Current assets
Inventories	988.507
Trade receivables	233.307
Cash & bank balances	5.798
Short term loans & advances	399.395
Other current assets	0.000
Sub-total - Current Assets	1627.007
Total – Assets	3159.240

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.56.02
UK Pound	1	Rs.86.89
Euro	1	Rs.67.84

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	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.