MIRA INFORM REPORT

Report Date :

30.04.2013

IDENTIFICATION DETAILS

Name :	GUJARAT AGROCHEM LIMITED
Formerly Known As :	GUJARAT VET-PHARMA PRODUCTS LIMITED
Registered Office :	Plot No. 2901 to 2905, G.I.D.C., Panoli, Ankleshwar, District Bharuch – 393002, Gujarat,
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.03.1995
Com. Reg. No.:	04-049211
Capital Investment / Paid-up Capital :	Rs. 54.959 Millions
CIN No.: [Company Identification No.]	U24100GJ1995PLC049211
TAN No.: [Tax Deduction & Collection Account No.]	MUMG09465B
PAN No.: [Permanent Account No.]	AABCG1228L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Agrochemicals and Intermediates
No. of Employees :	180 (Contract Workers – 55)

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 900000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of “TAGROS CHEMICALS INDIA LIMITED”. It is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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

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.

INFORMATION DENIED BY

Name :	Mr. S. Ganeshan
Designation :	Manager Logistics
Contact No.:	91-8754592559
Email ID :	ganeshan@agros.com
Date :	27.04.2013

LOCATIONS

Registered Office/Factory :	Plot No. 2901 to 2905, G.I.D.C., Panoli, Ankleshwar, District Bharuch – 393002, Gujarat, India
Tel. No.:	91-2646-272638
Fax No.:	91-2646-272605
Email :	mail@gujaratagro.com
Website :	http://www.gujaratagro.com
Area :	35000 sq. mts.
Location :	Leased
Corporate Office :	B-101, Gayatri Apartments, Thakur Complex, Off Western Express Highway, Kandivali (East), Mumbai – 400101, Maharashtra, India
Tel No. :	91-22-66997211/2/3/4
Fax No. :	91-22-66997215
Area :	1800 sq. ft.
Location :	Owned

DIRECTORS

(As on 29.09.2012)

Name :	Mr. Ashok Gajanan paigankar
Designation :	Director
Address :	RH/4, C-7, Sector 6, Vashi, New Mumbai – 400703, Maharashtra, India
Date of Birth/Age :	07.08.1939
Qualification :	M.Com, MBA
Date of Appointment :	22.01.2010
DIN No. :	00122320
Name :	Mr. Nimmagadda Nrk Shashtry Premnadh
Designation :	Director
Address :	Ficom Organics Limited, 3204, GIDC, Ankleshwar – 393002, Gujarat
Date of Birth/Age :	20.07.1952
Qualification :	M.I.E. Chemical Engineer
Date of Appointment :	30.12.2009
DIN No.:	00324301
Name :	Mr. Parikshith Jhaver
Designation :	Director
Address :	21, Santhome High Road, Mylapore, Chennai-600 004, Tamil Nadu, India
Date of Birth/Age :	01.10.1970
Qualification :	B.Com
Date of Appointment :	18.09.2009
DIN No. :	00341448
Name :	Mr. Adesh Girdharlalji Daga
Designation :	Director
Address :	Old No.24/25, New No.108/09, Landons Road, Chennai-600 010, Tamil Nadu, India
Date of Birth/Age :	21.08.1969
Qualification :	B.Com., A.C.A., ICWA (F)
Date of Appointment :	18.09.2009
DIN No.:	00234032
Name :	Mr. Kailasam Venkatachalam
Designation :	Director
Address :	Door No. 1097/7, Anna Nagar, Z Block, Chennai – 600040, Tamilnadu, India
Date of Birth/Age :	03.01.1964
Qualification :	B.Com., AICWA
Date of Appointment :	09.08.2009
DIN No.:	003175124
Name :	Abhimanyu Devkishan Jhaver
Designation :	Director
Address :	New No. 9/2, Old No. 53^rd Avenue, Boat Club Road, Raja Annamalaipuram
Date of Birth/Age :	17.08.1972
Date of Appointment :	28.11.2012
DIN No.:	02330095

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Tagros Chemicals India Limited (India)	5495900
Bimla D. Jhaver	5
Dev Kishan Jhaver	5
Hari Krishna Jhaver	5
Jaikishan Jhaver	5
Kiran R. Javer	5
Madhu V. Jhaver	5
Manju Jhaver	5
Radha Kishan Jhaver	5
Kanta H. Jhaver	5
Vijay Kishan Jhaver	5
Total	5495950

As on 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.99
Directors or relatives of directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Agrochemicals and Intermediates

Products :

Item Code No. (ITC Code)	29161290
Product Description	Agrochemicals and Agrochemical Intermediates

• D.V. Acid Chloride
• Lambda Cyhalothrin
• Cypermethrin
• Permethrin
• Alphacypermethrin
• D.D.V.P
• D.V. Acid High CIS
• D.V. Acid High TRANS
• Ethofumesate
• Metamitron

Exports :

Countries :

· United Kingdom

· Italy

· France

· Germany

· Middle East

· China

· Australia

· South America

· South Asia

· Malaysia

· European

Imports :

Countries :

· China

· Germany

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Technical	MT	2630	2630	1229.185
Intermediate	MT	1200	1200	1175.274

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

180 (Contract Workers – 55)

Bankers :

• ICICI Bank Limited

Bandra Kurla Complex, Mumbai – 400 051, Maharashtra, India

• HDFC Bank

HDFC bank House, Senapati Bapat Marg, Lower Parel(w), Mumbai – 400 013, Maharashtra, Mumbai

• IDBI Bank Limited

7, Chevalier Shivaji Ganesh Salai, South Boag Road, T. Nagar, Chennai – 600017, Tamilnadu, India

• NKGSB, National Avenue, Shop No-25-28, Akurli Road, Kandivali West, Mumbai- 400 101, Maharashtra, India

Facilities :

Secured Loans :	As on 31.03.2012 Rs. in Millions	As on 31.03.2011 Rs. in Millions
Term loan from bank	287.975	231.411
Term loan from HDFC Bank	170.380	180.781
Total	458.355	412.192

Security :

1. Short term loan from HDFC bank/ IDBI bank are secured by pari-passu first charge on current assets and pari-passu second charge on fixed assets.

2. Term loan from HDFC bank are secured by pari-passu first charge on all immovable assets and pari-passu second charge on movable current assets

Banking Relations :	--
Auditors :
Name :	N. S. Shetty and Company Chartered Accountants
Address :	Arjun, Plot No. 6A, Kalyangram Society, V. P. Road, Andheri (West), Mumbai – 400058, Maharashtra, India
Tel. No.:	91-22-26231716/26237669
Mobile No.:	91-22-26245364
E-Mail :	nsshetty_co@yahoo.com
PAN No.:	AADPS1176Q
Holding Company :	Tagros Chemicals India Limited PAN No. : AAACT295K CIN No. : U24294TN1992PLC04115

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs. 10/- each	Rs.110.000 Millions
100000	Preference Shares	Rs. 100/- each	Rs.10.000 Millions
	Total		Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5495950	Equity Shares	Rs.10/- Each	Rs.54.959 Millions
	Total		Rs.54.959 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

BRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		54.959	54.959	54.959
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		172.182	97.249	94.112
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		227.141	152.208	149.071
LOAN FUNDS
1] Secured Loans		458.355	412.192	200.816
2] Unsecured Loans		118.000	135.239	2.075
TOTAL BORROWING		576.355	547.431	202.891
DEFERRED TAX LIABILITIES		81.131	67.606	37.281
TOTAL		884.627	767.245	389.243
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		538.680	493.082	282.219
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.478	1.483	1.739
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	241.195	157.094	83.096
	Sundry Debtors	234.472	152.380	79.118
	Cash & Bank Balances	12.091	5.691	33.369
	Other Current Assets	131.205	112.470	0.000
	Loans & Advances	61.577	46.571	85.959
Total Current Assets		680.540	474.206	281.542
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	149.483	144.336	118.550
	Other Current Liabilities	186.588	57.190	57.706
	Provisions	0.000	0.000	0.000
Total Current Liabilities		336.071	201.526	176.256
Net Current Assets		344.469	272.680	105.286
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		884.627	767.245	389.243

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1574.537	988.955	784.531
		Other Income	1.247	0.538	21.519
		TOTAL (A)	1575.784	989.493	806.050
Less	EXPENSES
		Raw Material Consumed	890.526	660.048
		Change in Inventories of finished goods, work in progress and stock-in-trade	14.783	(61.032)
		Employees Cost	77.299	54.969
		Other Expenses	369.744	236.839
		TOTAL (B)	1352.352	890.825	738.051
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		223.432	98.667	67.999
Less	FINANCIAL EXPENSES (D)		52.832	26.782	22.389
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		170.600	71.885	45.610
Less/ Add	DEPRECIATION/ AMORTISATION (F)		68.162	27.496	17.443
	PROFIT BEFORE TAX (E-F) (G)		102.438	44.389	28.167
Less	TAX (H)		27.506	41.252	10.022
	PROFIT AFTER TAX (G-H) (I)		74.932	3.137	18.145
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		94.124	90.987	75.967
	BALANCE CARRIED TO THE B/S		169.056	94.124	90.987
	EARNINGS IN FOREIGN CURRENCY		607.556	208.659	362.676
	IMPORTS		48.368	28.559	54.732
	Earnings Per Share (Rs.)		12.93	0.57	3.30

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.76	0.32	2.25
Net Profit Margin (PBT/Sales)	(%)	6.50	4.49	3.49
Return on Total Assets (PBT/Total Assets}	(%)	8.40	4.59	5.00
Return on Investment (ROI) (PBT/Networth)		0.45	0.29	0.19
Debt Equity Ratio (Total Debt /Networth)		2.53	3.29	1.36
Current Ratio (Current Asset/Current Liability)		2.02	2.35	1.60

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

COMPANY’S PERFORMANCE:

The year, the Sales and Other Income of the Company increased from Rs. 989.500 Millions to Rs. 1575.800 Millions registering a growth of 59%. The Profit before Tax further grew from Rs. 44.400 Millions to Rs. 101.800 Millions showing an increase of 129%. Completion of major expansion in the plant has helped the company catapult its growth in domestic & international markets.

The Company has taken major steps on the environmental front, in line with best international practices.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24100GJ195PLC49211
Name of the company	GUJARAT AGROCHEM LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 2901 to 2905, G.I.D.C., Panoli, Ankleshwar, District Bharuch – 393002, Gujarat, India Email: mail@gujaratagro.com
This form is for	Creation of charge
Charge identification (ID) number of the charge to be modified
Type of charge	Immovable property
Particular of charge holder	HDFC Bank House Senapati Bapat Marh, Lower Parel (w), Mumbai- 400 013, Maharashtra, India Email ID: satish.ramanathan@hdfcbank.com
Nature of instrument creating charge	Memorandum of equitable mortgage by deposit of title deeds and Declaration Cum undertaking
Date of instrument Creating the charge	29.12.2012
Amount secured by the charge	Rs. 310.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Any such rate as may be advised to the company from time to time in respect of the credit facilities. Terms of Repayment Repayable as per sanction terms. Margin As may be prescribed by the banl from time to time for the credit facilities. Extent and Operation of the charge : The company created for Equitable Mortgage by Deposit of title deeds in respect of immovable properties of the Company described in the attachment as security for payment of the credit facilities term loan not exceeding of Rs. 310.000 Millions granted to the company together with interest, costs, charges and other dues any time hereafter may become due and owing to the bank in respect of and under the credit facilities and interest and all the other cost thereto.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All that piece and parcel of land admeasuring 17 grounds and 391 sq.ft (originally forming part of a larger extent of 3 cawnes 1 ground and 893.3/16 sq.ft, bearing old D.No 1, pattulos road, triplicane Chennai) comprised in R.S.No 318 (old S.No 32), collector certificate no 6262, triplicane village together with the super structures comprising of the main building and an annexe building, the main building with a super built up area of about 53732 sq.ft comprising of ground +6 floors & the annexe building with a super built up area of about 25500 sq.ft comprising of ground +2 floors, totaling n all 79232 sq.ft bearing D.No 10,club house road, chennai 600002, and bounded on the East by : club house road, west by property owned by M/s.Lucas Indian services ltd, north by property owned by M.M.G.Holdings private ltd & Property owned by C.G.Krishna swamy naidu and South by :D.No 9,club bhouse road, madras 2, belongng to sri calavala cunnan chettys charities in which an undivided share of an extent of 20532 sq.ft of the land in the property more fully described above together with proportionate share in one of the superstructures that is part of the main building and the entire annexe building in the manner as herein after set out(i) an extent of 12644 sq.ft that is 4981 sq.ft and 7663 sq.ft being part of the ground floor and entire first floor respy in the main building and the built up area of the entire annexe building that is 25500 sq.ft comprising of 8500 sq.ft in each of the floors, the ground, first and second floors respy, thus totalling to 38144 sq.ft of builtup area apart from an extent of 1350sq.ft out of 2708 sq.ft of common area on the rear side of the ground floor of the main building, housing utilities /services totalling in all to a super built up area of 39494 sq.ft thereby bearing D.No 10, club house road, Chennai 2

UNSECURED LOANS :

Particulars	As on 31.03.2012 Rs. in Millions	As on 31.03.2011 Rs. in Millions
Long term Incorporate Deposite	118.000	135.239
Total	118.000	135.239

NOTE:

The registered office address has been shifted from B-101, Gayatri Apartments, Thakur Complex, Off Western Express Highway, Kandivali (East), Mumbai – 400101, Maharashtra, India to the present address w.e.f.08.08.2006.

FIXED ASSETS:

• Land
• Factory – Building
• Office - Building
• Office Equipments
• Plant and Machinery
• Electrical Equipment/Fitting
• Lab Equipments
• Furniture and Fixtures
• Computer
• Vehicles
• Piping

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 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] 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.54.293
UK Pound	1	Rs.83.883
Euro	1	Rs.70.675

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VNT

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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.