MIRA INFORM REPORT

Report Date :

17.12.2013

IDENTIFICATION DETAILS

Name :	INDIAN POTASH LIMITED (w.e.f.16.02.1971)
Formerly Known As :	INDIAN POTASH SUPPLY AGENCY LIMITED
Registered Office :	Ambal Building, III Floor, P. B. No. 738, 727, Anna Salai, Chennai - 600006, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	17.06.1955
Com. Reg. No.:	18-000961
Capital Investment / Paid-up Capital :	Rs. 142.986 Millions
CIN No.: [Company Identification No.]	U14219TN1955PLC000961
TAN No.: [Tax Deduction & Collection Account No.]	CHEI00029B
PAN No.: [Permanent Account No.]	AAPPJ1234J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader and Importer of Fertilisers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 56096000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is well-established company and largest importer of fertilizers in India. It is having fine track record. There appears dip in profitability of the company during the financial year 2013. However, the rating reflects the company’s long track record of operations, aided by an efficient marketing and distribution network and its strong percentage. Further it being one of the largest fertilizer traders in the world, thereby ensuring better trade terms with suppliers. Directors are reported to be experienced and respectable businessmen. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank facilities : A
Rating Explanation	Adequate degree of safety and low credit risk.
Date	April 8, 2013

Rating Agency Name	CARE
Rating	Short term Bank facilities : A1
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	April 8, 2013

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 / Head Office :	Ambal Building, III Floor, P. B. No. 738, 727, Anna Salai, Chennai – 600006, Tamilnadu, India
Tel. No.:	91-44-28520855/ 28297869/ 28297857/ 28297327
Fax No.:	91-44-28522407
E-Mail :	rajeshkumar@potindia.com iplho@potindia.com pcschn1@gmail.com
Website:	http://www.indianpotash.org
Factory :	Located at · Bulandshahe, Uttar Pradesh, India Saladipura, Rajasthan, India
Sugar & Power Division :	Potash Bhawan, 3^rd Floor, 10-B, Potash Bhawan, Rajendra Park, Pusa Road, New Delhi – 110060, India
Tel. No.:	91-11-25761540/ 25763570/ 25732438/ 25725084
Fax No.:	91-11-25755313/ 25757062
E-Mail :	ipldel@potindia.com ipldelcorp@rediffmail.com
Sugar Units :	Located at · Kushi Nagar Maharajganj Meerut Muzaffar Nagar Bahraich
Regional Offices :	Located at: Ahmedabad Bangalore Bhopal Bhubaneshwar Chandigarh Chennai Guwahati Jaipur Kochi Kolkata Lucknow Mumbai Patna Raipur Secunderabad

DIRECTORS

AS ON 06.08.2013

Name :

Mr. Parvinder Singh Gahlaut

Designation :

Managing Director

Address :

C-9/9156, Vasant Kunj, New Delhi – 110070, India

Date of Birth/Age :

27.07.1947

Qualification :

Degree

Date of Appointment :

01.08.2012

DIN No.:

00049401

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	Company/ LLP Status	Defaulting status
1	U14219TN1955PLC000961	INDIAN POTASH LIMITED	Managing director	01/08/2012	29/09/1997	Active	NO
2	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	Director	11/12/1998	11/12/1998	Active	NO
3	U15203HR1992PLC034058	GOLDLINE MILKFOOD LIMITED	Nominee director	17/10/2001	17/10/2001	Active	NO
4	U65999DL2003PLC121571	IFFCO-TOKIO INSURANCE SERVICES LIMITED	Director	01/08/2003	01/08/2003	Active	NO
5	U74899DL2000PLC107621	IFFCO-TOKIO GENERAL INSURANCE COMPANY LIMITED	Nominee director	22/03/2010	22/03/2010	Active	NO
6	U67120DL2008PLC182140	INDIAN COMMODITY EXCHANGE LIMITED	Nominee director	27/08/2011	30/08/2010	Active	NO
7	U15122DL2011PLC217940	IPL SUGARS AND ALLIED INDUSTRIES LIMITED	Director	21/04/2011	21/04/2011	Active	NO
8	U74900TN2011PLC080295	IPL GUJARAT PORT LIMITED	Director	25/04/2011	25/04/2011	Active	NO

Name :

Mr. Harbachan Singh Bawa

Designation :

Director

Address :

Devika Tower, Ground Floor, 6 Nehru Place, New Delhi – 110019, India

Date of Birth/Age :

20.03.1931

Date of Appointment :

30.09.1981

DIN No.:

00244222

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	U14219TN1955PLC000961	INDIAN POTASH LIMITED	Director	30/09/1981	30/09/1981	-	Active	NO
2	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	Director	03/03/1982	03/03/1982	-	Active	NO
3	L24124RJ1985PLC003293	CHAMBAL FERTILISERS AND CHEMICALS LIMITED	Director	07/05/1985	07/05/1985	16/09/2011	Active	NO
4	U01122GA1995PLC001751	ZUARI SEEDS LIMITED	Director	12/01/1995	12/01/1995	-	Active	NO
5	U74899DL1995PLC071074	SIMON INDIA LIMITED	Director	24/07/1995	24/07/1995	-	Active	NO
6	L65921GA1967PLC000157	ZUARI GLOBAL LIMITED	Whole-time director	01/09/2010	28/07/1995	01/09/2013	Active	NO
7	U52110WB1997PLC083860	LIONEL INDIA LIMITED	Director	03/04/1997	03/04/1997	28/10/2013	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	U24124OR2002PLC017414	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	01/12/2012	Active	NO
14	U45200DL2007PLC157223	CHAMBAL INFRASTRUCTURE VENTURES LIMITED	Director	02/01/2007	02/01/2007	14/09/2011	Active	NO
15	U26941KA2007PLC054428	GULBARGA CEMENT LIMITED	Director	30/10/2007	30/10/2007	10/09/2011	Active	NO
16	U24120GA2009PLC006158	ZUARI FERTILISERS AND CHEMICALS LIMITED	Director	19/09/2011	28/10/2010	-	Active	NO
17	U65910GA2009PLC006177	ZUARI AGRO CHEMICALS LIMITED	Director	07/08/2012	20/05/2011	-	Active	NO
18	L15421WB1952PLC020577	GOBIND SUGAR MILLS LIMITED	Director	28/12/2012	21/08/2012	-	Active	NO
19	U72200TN2000PLC089255	INDIAN FURNITURE PRODUCTS LIMITED	Director	17/09/2013	26/12/2012	-	Active	NO

Name :

Mr. Udai Shanker Awasthi

Designation :

Nominee director

Address :

IFFCO, Saket Place, New Delhi – 110017, Delhi, India

Date of Birth/Age :

12.07.1945

Qualification :

Degree

Date of Appointment :

29.06.1993

DIN No.:

00026019

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	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	Director	22/09/1989	22/09/1989	-	Active	NO
2	U14219TN1955PLC000961	INDIAN POTASH LIMITED	Nominee director	29/06/1993	29/06/1993	-	Active	NO
3	U74899DL2000PLC107621	IFFCO-TOKIO GENERAL INSURANCE COMPANY LIMITED	Nominee director	08/09/2000	08/09/2000	-	Active	NO
4	U74999DL2004PLC124867	IFFCO KISAN BAZAR & LOGISTICS LIMITED	Nominee director	08/03/2004	08/03/2004	-	Active	NO
5	U51909MH2003PLC140116	NATIONAL COMMODITY AND DERIVATIVES EXCHANGE LIMITED	Nominee director	03/05/2004	03/05/2004	26/04/2008	Active	NO
6	U40101DL2006PLC145401	IFFCO CHHATTISGARH POWER LIMITED	Nominee director	25/01/2006	25/01/2006	-	Active	NO
7	U32308DL2007PLC161809	IFFCO KISAN SANCHAR LIMITED	Nominee director	12/04/2007	12/04/2007	-	Active	NO
8	U45209DL2008PLC175835	IFFCO KISAN SEZ LIMITED	Nominee director	25/03/2008	25/03/2008	-	Active	NO

Name :

Mr. Balwinder Singh Nakai

Designation :

Director

Address :

Bhatinda Barnala Road, Rampura Phul, District Bhatinda, Punjab, India

Date of Birth/Age :

05.12.1934

Date of Appointment :

25.09.1993

DIN No.:

00823528

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	Company/ LLP Status	Defaulting status
1	U14219TN1955PLC000961	INDIAN POTASH LIMITED	Director	25/09/1993	25/09/1993	Active	NO
2	U60221PB1997PTC020143	BROADWAY ROADLINES PRIVATE LIMITED	Director	27/06/1997	27/06/1997	Active	NO
3	U74999DL2004PLC124867	IFFCO KISAN BAZAR & LOGISTICS LIMITED	Nominee director	31/07/2012	11/02/2011	Active	NO
4	U74899DL2000PLC107621	IFFCO-TOKIO GENERAL INSURANCE COMPANY LIMITED	Nominee director	10/03/2011	10/03/2011	Active	NO

Name :

Mr. Devinder Kumar

Designation :

Nominee Director

Address :

Flat No.612, Green Heavens, Sail CGHS Limited, Plot No.35, Sector – 4, Dwarka Phase – I, New Delhi – 110045, India

Date of Birth/Age :

03.07.1953

Date of Appointment :

09.10.2001

DIN No.:

00085467

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	Company/ LLP Status	Defaulting status
1	U14219TN1955PLC000961	INDIAN POTASH LIMITED	Nominee director	09/10/2001	09/10/2001	Active	NO
2	U26941UR1971PLC003453	ALMORA MAGNESITE LIMITED	Director	28/09/2007	15/09/2006	Active	NO
3	U74899DL1995PLC064072	UEC SAIL INNFORMATION TECHNOLOGY LIMITED	Nominee director	13/06/2008	13/06/2008	Dormant	NO
4	U27104KL1969SGC002253	SAIL-SCL KERALA LIMITED	Director	30/09/2011	30/12/2010	Active	NO
5	U27100DL2012PTC236499	SAIL-KOBE IRON INDIA PRIVATE LIMITED	Additional director	01/06/2012	01/06/2012	Active	NO

Name :

Mr. Nataverlal Pitamberdas Patel

Designation :

Nominee Director

Address :

17/8, Virnagar Society, S T Workshop Road, Mehsana, Gujarat, India

Date of Birth/Age :

28.07.1936

Date of Appointment :

24.08.2007

DIN No.:

00008225

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	Company/ LLP Status	Defaulting status
1	U74999DL2004PLC124867	IFFCO KISAN BAZAR & LOGISTICS LIMITED	Nominee director	08/03/2004	08/03/2004	Active	NO
2	U14219TN1955PLC000961	INDIAN POTASH LIMITED	Nominee director	24/08/2007	24/08/2007	Active	NO
3	U40101DL2006PLC145401	IFFCO CHHATTISGARH POWER LIMITED	Nominee director	18/07/2011	11/02/2011	Active	NO

Name :

Mr. Jarnail Singh

Designation :

Nominee Director

Address :

Punjab Markfed House, Sector 35-B, Chandigarh-160022, India

Date of Birth/Age :

15.03.1944

Date of Appointment :

08.08.2011

DIN No.:

01310871

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	U15421PB2000PLC024002	WAHID SANDHAR SUGARS LIMITED	Managing director	10/10/2000	10/10/2000	-	Active	NO
2	U65921PB1996PTC017784	K G CAPITAL SERVICES PRIVATE LIMITED	Director	04/06/2001	04/06/2001	-	Active	NO
3	U01110PB2005PTC027886	WAHID AGRO PRIVATE LIMITED	Director	24/01/2005	24/01/2005	-	Active	NO
4	U01110PB2005PTC028252	WAHID FOOD PRODUCTS PRIVATE LIMITED	Director	20/04/2005	20/04/2005	-	Active	NO
5	U80301PB2005PTC028260	WAHID EDUCATION PRIVATE LIMITED	Director	20/04/2005	20/04/2005	-	Active	NO
6	U70100PB2005PTC028261	WAHID LAND DEVELOPERS PRIVATE LIMITED	Director	20/04/2005	20/04/2005	-	Active	NO
7	U40100CH2008PTC031208	WSB ENERGY PRIVATE LIMITED	Director	28/04/2008	28/04/2008	-	Active	NO
8	U15310PB2011PLC034823	WAHID SANDHAR SUGAR (PHAGWARA) LIMITED	Director	11/03/2011	11/03/2011	16/06/2011	Strike off	NO
9	U14219TN1955PLC000961	INDIAN POTASH LIMITED	Nominee director	08/08/2011	08/08/2011	-	Active	NO

Name :

Mr. Ashok Barnwal

Designation :

Nominee Director

Address :

D-11/12, Char Imli, Bhopal – 462016, Madhya Pradesh, India

Date of Birth/Age :

27.01.1967

Date of Appointment :

22.06.2012

DIN No.:

01279477

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	U02001MP1975SGC001341	MADHYA PRADESH RAJYA VAN VIKAS NIGAM LIMITED	Director	11/09/2006	11/09/2006	22/05/2008	Active	NO
2	U14219TN1955PLC000961	INDIAN POTASH LIMITED	Nominee director	22/06/2012	22/06/2012	-	Active	NO

Name :

Mr. Atanu Chakraborty

Designation :

Nominee Director

Address :

MD’s Bunglow, Fertilisernagar, Township, P O Fertilisernager, Vadodara-391750, Gujarat, India

Date of Birth/Age :

05.04.1980

Date of Appointment :

08.08.2011

DIN No.:

01469375

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	L99999GJ1962SGC001124	GUJARAT SMALL INDUSTRIES CORPN LIMITED	Nominee director	20/04/2007	20/04/2007	-	Under liquidation	NO
2	U45201GJ2000PLC038035	CREATIVE INFOCITY LIMITED	Nominee director	21/09/2007	27/06/2007	08/03/2010	Active	NO
3	U92322GJ2007PLC052494	GUJARAT TOURISM OPPORTUNITY LIMITED	Director	31/12/2007	31/12/2007	11/04/2008	Active	NO
4	U65910GJ1980SGC003957	THE GUJARAT STATE CIVIL SUPPLIES CORPORATION LIMITED	Managing director	16/04/2008	16/04/2008	16/02/2009	Active	NO
5	U74999GJ1994SGC022952	ALCOCK ASHDOWN (GUJARAT) LIMITED	Director	30/05/2008	30/05/2008	05/09/2012	Active	NO
6	U24230GJ1982SGC005422	GUJARAT PORTS INFRASTRUCTURE AND DEVELOPMENT COMPANY LIMITED	Director	23/12/2009	10/06/2008	11/07/2011	Active	NO
7	U99999GJ1992PLC017798	GUJARAT CHEMICAL PORT TERMINAL COMPANY LIMITED	Additional director	29/08/2011	18/06/2008	-	Active	NO
8	U45203DL2006PLC155511	BHARUCH DAHEJ RAILWAY COMPANY LIMITED	Nominee director	30/06/2008	30/06/2008	28/12/2009	Active	NO
9	L63010GJ1992PLC018106	GUJARAT PIPAVAV PORT LIMITED	Director	23/06/2009	10/09/2008	20/11/2009	Active	NO
10	U63010GJ2000PTC038781	HAZIRA PORT PRIVATE LIMITED	Director	15/09/2008	15/09/2008	25/11/2009	Active	NO
11	L63090GJ1998PLC034182	ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED	Director	31/08/2009	25/10/2008	20/11/2009	Active	NO
12	U45209GJ2004PLC044779	DAHEJ SEZ LIMITED	Director	09/01/2009	09/01/2009	22/01/2010	Active	NO
13	U45209GJ2009SGC056466	GUJARAT INDUSTRIAL CORRIDOR CORPORATION LIMITED	Director	30/03/2009	30/03/2009	30/07/2011	Active	NO
14	U40109GJ2004SGC045195	GUJARAT URJA VIKAS NIGAM LIMITED	Nominee director	16/12/2009	16/12/2009	09/09/2011	Active	NO
15	U75140GJ1999SGC036051	GUJARAT URBAN DEVELOPMENT COMPANY LIMITED	Nominee director	21/12/2009	21/12/2009	13/07/2011	Active	NO
16	U65910GJ1992SGC018602	GUJARAT STATE FINANCIAL SERVICES LTD	Director	24/12/2009	24/12/2009	27/09/2011	Active	NO
17	U64990GJ1988SGC010307	GUJARAT STATE INVESTMENT LIMITED	Managing director	24/12/2009	24/12/2009	27/09/2011	Active	NO
18	U67120GJ1998SGC033768	GSFS CAPITAL AND SECURITIES LIMITED	Managing director	24/12/2009	24/12/2009	27/09/2011	Active	NO
19	L14100GJ1963SGC001206	GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED	Director	03/01/2010	03/01/2010	08/07/2011	Active	NO
20	U74999GJ1999SGC035459	GUJARAT INFORMATICS LIMITED	Director	08/01/2010	08/01/2010	21/09/2011	Active	NO
21	U65990GJ1968SGC001524	GUJARAT INDUSTRIAL INVESTMENT CORPORATION LIMITED	Director	13/01/2010	13/01/2010	17/09/2011	Active	NO
22	U23203GJ2007SGC050115	GSPC LNG LIMITED	Director	28/09/2010	04/02/2010	08/12/2011	Active	NO
23	U40102GJ2007SGC051396	BHAVNAGAR ENERGY COMPANY LIMITED	Director	07/12/2011	11/02/2010	-	Active	NO
24	L40200GJ1998SGC035188	GUJARAT STATE PETRONET LIMITED	Director	21/09/2010	02/03/2010	14/11/2011	Active	NO
25	U40108GJ2007PLC051822	TORRENT PIPAVAV GENERATION LIMITED	Director	17/08/2010	04/05/2010	-	Active	NO
26	L99999GJ1962PLC001121	GUJARAT STATE FERTILIZERS & CHEMICALS LIMITED	Managing director	13/07/2011	13/07/2011	-	Active	NO
27	U63020GJ1998PLC035039	GUJARAT GREEN REVOLUTION COMPANY LIMITED	Nominee director	18/07/2011	18/07/2011	-	Active	NO
28	L24110GJ1976PLC002903	GUJARAT NARMADA VALLEY FERTILIZERS & CHEMICALS LIMITED	Director	10/03/2012	28/07/2011	-	Active	NO
29	U14219TN1955PLC000961	INDIAN POTASH LIMITED	Nominee director	08/08/2011	08/08/2011	-	Active	NO
30	L99999GJ1985PLC007868	GUJARAT INDUSTRIES POWER COMPANY LIMITED	Director	09/08/2011	09/08/2011	17/08/2012	Active	NO
31	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	Director appointed in casual vacancy	30/08/2011	30/08/2011	-	Active	NO
32	U23100GJ1999SGC035573	GSPC GAS COMPANY LIMITED	Director	06/09/2011	06/09/2011	-	Active	NO
33	U36109GJ2012PLC069694	GSFC AGROTECH LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO

Name :

Mr. Satish Chandra

Designation :

Director

Address :

D-1/98, Satya Marg, Chankaya Puri, New Delh - 110021i, India

Date of Birth/Age :

20.11.1961

Date of Appointment :

13.02.2012

DIN No.:

01970013

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	L32201TN1966GOI005469	MADRAS FERTILIZERS LIMITED	Managing director	20/12/2010	12/09/2008	-	Active	NO
2	L74899DL1974GOI007417	NATIONAL FERTILIZERS LIMITED	Director	23/12/2011	27/10/2008	-	Active	NO
3	U14219TN1955PLC000961	INDIAN POTASH LIMITED	Director	13/02/2012	14/11/2008	-	Active	NO
4	L24129KL1943GOI000371	FERTILISERS AND CHEMICALS TRAVANCORE LIMITED	Director	06/05/2010	06/05/2010	12/08/2011	Active	NO
5	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	Director appointed in casual vacancy	21/03/2011	21/03/2011	21/08/2012	Active	NO
6	U74899DL1978GOI008915	HINDUSTAN FERTILIZER CORPORATION LIMITED	Managing director	12/07/2012	12/07/2012	-	Active	NO
7	U74899DL1961GOI003439	FERTILIZER CORPORATION OF INDIA LIMITED	Managing director	12/07/2012	12/07/2012	-	Active	NO

Name :

Mr. Prem Chandra Munshi

Designation :

Nominee director

Address :

106, Aditya Vikash Complex, Budh Marg, Bihar-800001, India

Date of Birth/Age :

17.01.1962

Date of Appointment :

08.08.2011

DIN No.:

03597933

Name :

Mr. Raman Govind Rajan

Designation :

Nominee Director

Address :

Bunglow No.4, Type VI, RCF Colony, Chembur, Mumbai-400074, Maharashtra, India

Date of Birth/Age :

26.09.1957

Date of Appointment :

03.09.2012

DIN No.:

01253189

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	U74140UP1978GOI028629	PROJECTS AND DEVELOPMENT INDIA LIMITED	Director	08/01/2007	08/01/2007	02/11/2010	Active	NO
2	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	Director	22/01/2007	22/01/2007	-	Active	NO
3	L24110MH1978GOI020185	RASHTRIYA CHEMICALS AND FERTILIZERS LIMITED	Managing director	03/11/2010	03/11/2010	-	Active	NO
4	U26992KL2008PLC022347	FACT- RCF BUILDING PRODUCTS LIMITED	Director appointed in casual vacancy	19/11/2010	19/11/2010	08/05/2013	Active	NO
5	U24129RJ2007GOI025087	RAJASTHAN RASHTRIYA CHEMICALS AND FERTILIZERS LIMITED	Nominee director	19/11/2010	19/11/2010	-	Active	NO
6	U45202MH2009PTC193070	RCF - HM CONSTRUCTIONS SOLUTIONS PRIVATE LIMITED	Nominee director	19/11/2010	19/11/2010	-	Under Process of Striking off	NO
7	U14219TN1955PLC000961	INDIAN POTASH LIMITED	Nominee director	03/09/2012	03/09/2012	-	Active	NO
8	L74899DL1974GOI007417	NATIONAL FERTILIZERS LIMITED	Managing director	06/01/2013	06/01/2013	21/08/2013	Active	NO

Name :

Mrs. Ashwini Kumar Mishra

Designation :

Nominee director

Address :

Sector 3, Niladi Bihar, Bhubaneshwar – 751021, Orissa, India

Date of Birth/Age :

08.10.1964

Date of Appointment :

22.02.2013

DIN No.:

06501238

Name :

Venkatesan Nandakumari

Designation :

Nominee director

Address :

6/3, Jayammal Street, Shenoy Nagar, Chennai – 30, Tamilnadu, India

Date of Birth/Age :

20.02.1959

Date of Appointment :

21.11.2012

DIN No.:

06539161

Name :

Mrs. Vasudha Mishra

Designation :

Nominee director

Address :

PJ-7, Officers Colony, Panjagutta, Hyderabad, Andhra Pradesh, India

Date of Birth/Age :

11.02.1963

Date of Appointment :

21.06.2013

DIN No.:

02371330

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	U45400AP2007SGC055093	ANDHRA PRADESH RAJIV SWAGRUHA CORPORATION LIMITED	Nominee director	24/09/2007	24/09/2007	01/09/2008	Active	NO
2	U40109AP2000SGC034911	ANDHRA PRADESH POWER FINANCE CORPORATION LIMITED	Nominee director	16/09/2008	16/09/2008	01/07/2011	Active	NO
3	U14219TN1955PLC000961	INDIAN POTASH LIMITED	Nominee director	21/06/2013	21/06/2013	-	Active	NO
4	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	Director appointed in casual vacancy	25/07/2013	25/07/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajesh Kumar Sadangi
Designation :	Secretary
Address :	3/5, Pari Street, Choolaimedu, Chennai - 600094, Tamilnadu, India
Date of Birth/Age :	01.07.1976
Date of Appointment :	01.08.2009
PAN No.:	ATNPK3444J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 06.08.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 06.08.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	28.48
Other top fifty shareholders	71.52
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Importer of Fertilisers.

Products/ Services :

ITC Code No.	Product Descriptions
31021000	Urea
31042000	Muriate of Potash
31053000	Di Ammonium Phospahte

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Cag Branch, 3rd Floor, Sigapi Achi Building, 18/3 Rukmini Lakshmipathi Road, Egmore, Chennai - 600008, Tamilnadu, India

New India Co-Operative Bank Limited, New India Bhavan, Anant Vishram Nagwekar Marg, Prabhadevi, Mumbai - 400025, Maharashtra, India

Punjab And Sind Bank, George Town Branch, 165 Thambu Chetty Street, Chennai - 600001, Tamilnadu, India

Vijaya Bank, Mount Road Branch, 168 Mount Road, Chennai - 600002, Tamilnadu, India

State Bank Hyderabad, Thousand Light Branch, 37/B, Whites Road, Chennai - 600014, Tamilnadu, India

· Allahabad Bank, 41 Anna Theatre Complex, Anna Salai, Chennai – 600002, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	0.000	499.700
SHORT TERM BORROWINGS
Working capital loans from banks [Hypothecation of stocks and sundry debtors]	3250.591	0.177
Total	3250.591	499.877

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Chennai, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AACFD3771D
Subsidiary company :	· Goldline Milkfood Limited [U15203HR1992PLC034058] IPL Sugar and Allied Industries Limited [U15122DL2011PLC217940] IPL Gujarat Port Limited [U74900TN2011PLC080295]
Investing Party :	Indian Farmers Fertiliser Cooperative Limited - (IFFCO)

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs. 10/- each	Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14,298,600	Equity Shares	Rs. 10/- each	Rs. 142.986 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	142.986	142.986	142.986
(b) Reserves & Surplus	13881.071	11413.943	8214.680
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	14024.057	11556.929	8357.666
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	499.700	1166.500
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	12.852	6.426	0.000
(d) long-term provisions	2.283	2.246	2.101
Total Non-current Liabilities (3)	15.135	508.372	1168.601
(4) Current Liabilities
(a) Short term borrowings	61525.787	65344.602	28377.006
(b) Trade payables	8182.839	41661.343	26280.786
(c) Other current liabilities	7251.042	8910.420	8693.486
(d) Short-term provisions	340.560	141.546	2196.009
Total Current Liabilities (4)	77300.228	116057.911	65547.287
TOTAL	91339.420	128123.212	75073.554
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3034.058	2915.599	2203.697
(ii) Intangible Assets	62.527	63.182	62.044
(iii) Capital work-in-progress	321.666	78.304	76.256
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	209.176	209.077	171.977
(c) Deferred tax assets (net)	445.257	202.864	405.113
(d) Long-term Loan and Advances	515.872	583.882	75.809
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4588.556	4052.908	2994.896
(2) Current assets
(a) Current investments	3441.477	3273.345	12516.179
(b) Inventories	10958.197	30121.557	15681.863
(c) Trade receivables	59691.875	61811.466	22443.473
(d) Cash and cash equivalents	11381.733	25440.104	20070.655
(e) Short-term loans and advances	1186.300	3273.180	1139.605
(f) Other current assets	91.282	150.652	226.883
Total Current Assets	86750.864	124070.304	72078.658
TOTAL	91339.420	128123.212	75073.554

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	195624.307	257730.195	204992.331
		Other Income	2288.707	2117.811	2394.565
		TOTAL (A)	197913.014	259848.006	207386.896
Less	EXPENSES
		Cost of materials consumed	3588.761	3557.997	2632.572
		Purchases of stock-in-trade	149572.617	237161.787	183920.448
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	19266.971	(14472.347)	(7278.884)
		Employee benefit expense	484.953	535.858	1231.029
		Expenditure on production, transportation and other expenditure pertaining to E&P activities	12162.648	15468.772	13012.939
		Other expenses	3678.212	8171.672	2227.992
		TOTAL (B)	188754.162	250423.739	195746.096
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9158.852	9424.267	11640.800
Less	FINANCIAL EXPENSES (D)		5726.211	5208.363	4934.399
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3432.641	4215.904	6706.401
Less/ Add	DEPRECIATION/ AMORTISATION (F)		154.199	210.856	92.942
	PROFIT BEFORE TAX (E-F) (G)		3278.442	4005.048	6613.459
Less	TAX (H)		767.607	762.250	2855.882
	PROFIT AFTER TAX (G-H) (I)		2510.835	3242.798	3757.577
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3299.184	5496.158	1281.186
	Earnings Per Share (Rs.)		175.60	226.79	262.79

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.27	1.25	1.81
Net Profit Margin (PBT/Sales)	(%)	1.68	1.55	3.23
Return on Total Assets (PBT/Total Assets}	(%)	3.63	3.14	8.89
Return on Investment (ROI) (PBT/Networth)		0.23	0.35	0.79
Debt Equity Ratio (Total Debt/Networth)		4.39	5.70	3.53
Current Ratio (Current Asset/Current Liability)		1.12	1.07	1.10

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	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

CHENNAI COURT

CASE STATUS INFORMATION SYSTEM

Case Status:	Pending
Status Of:	ORIGINAL APPLICATION
Case No.:	792
Year :	2008
Petitioner :	PYRO IMPEX PRIVATE LIMITED
Respondent :	INDIAN POTASH LIMITED
Pet's Advocate :	M/S.P.R. RAMAN
Res's Advocate :
Category :	NO CATEGORY MENTIONED
	Last Listed on: No Date Mentioned
Case Updated on :	Jul 29 2008
No Connected Application(s)	No Connected Matter(s)

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10342549	06/03/2012	5,000,000,000.00	ALLAHABAD BANK	41 ANNA THEATRE COMPLEX, ANNA SALAI, CHENNAI – 600002, TAMILNADU, INDIA	B35152974
2	10279253	18/03/2011	9,500,000,000.00	BANK OF BARODA	MOUNT ROAD BRANCH, 1, CLUB HOUSE ROAD, ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA	B10230373
3	10243441	09/09/2010	3,000,000,000.00	ALLAHABAD BANK	INTERNATIONAL FINANCE BRANCH, ANNA THEATER BUILDING, ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA	A96403340
4	10178943	09/09/2009	7,500,000,000.00	STATE BANK OF INDIA	CAG BRANCH, 64 GREAMS ROAD, CHENNAI - 600006, TAMILNADU, INDIA	A71063317
5	10164035	04/06/2009	750,000,000.00	STATE BANK OF PATIALA	MID CORPORATE BRANCH, 30 WHITES ROAD, CHENNAI - 600014, TAMILNADU, INDIA	A64535156
6	10118626	29/07/2008	2,000,000,000.00	STATE BANK OF PATIALA	WHITES ROAD BRANCH, NO;30, WHITES ROAD, CHENNAI - 600014, TAMILNADU, INDIA	A43988757
7	10112981	16/06/2008	5,000,000,000.00	CANARA BANK	CORPORATE SERVICE BRANCH, SPENCER TOWERS, ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA	A41500950
8	10092062	27/02/2008	2,500,000,000.00	ALLAHABAD BANK	INTERNATIONAL BRANCH, 41 ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA	A33952326
9	10066562	25/10/2007 *	3,000,000,000.00	ALLAHABAD BANK	INTERNATIONAL BRANCH, 41 ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA	A28572683
10	10050986	03/05/2007	2,000,000,000.00	STATE BANK OF PATIALA	30, WHITES ROAD, CHENNAI - 600014, TAMILNADU, INDIA	A15180862
11	10026138	13/11/2006	2,000,000,000.00	STATE BANK OF PATIALA	WHITES ROAD BRANCH, 30 WHITES ROAD, CHENNAI - 600014, TAMILNADU, INDIA	A06818249
12	10040188	02/03/2011 *	5,725,000,000.00	STATE BANK OF HYDERABAD	NO.37/B, WHITES ROAD, ROYAPETTAH, CHENNAI - 600014, TAMILNADU, INDIA	B07932239
13	80023040	23/03/2006	1,925,000,000.00	VIJAYA BANK LIMITED	MOUNT ROAD BRANCH, CHENNAI - 600002, TAMILNADU, INDIA	-
14	80011234	29/05/2013 *	87,500,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH 3RDFLR SIGAPPIACHI, BUILDING, RUKMINI LAKSHMIPATHI ROAD, EGMORE, CHENNAI - 600008, TAMILNADU, INDIA	B78097870
15	80012950	16/09/2006 *	2,000,000,000.00	ALLAHABAD BANK	INTERNATIONAL BRANCH, 41 ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Rupee term loans from banks	58275.196	65344.425
Total	58275.196	65344.425

GENERAL

The unfavourable trend which prevailed for international trade of fertilizers during the year 2011-12 continued during the year 2012-13 unabated. Due to uncertainty in International prices of potassic fertilizers, the company intentionally did not entered into contract for supply of MOP upto 3rd quarter of 2012-13 but in the fourth quarter, the company entered into contract for import of potassic fertilizers with foreign suppliers, due to substantial decrease in spot prices of Potassic fertilizers. With regard to phosphatic fertilizers, international prices more or less were stable during the calendar year but witnessed a substantial softening in prices during the first quarter of the calendar year of 2013. The dollar rupee parity which was USD 1 = Rs.50.88 on 1.4.2012 touched a low of USD 1 = 57.10 on 28.6.2012 and then bounced back to 1 USD = Rs.54.31 as on 31.3.2013. Although MRPs of both phosphatic and potassic fertilizers were revised more than once during the year but there was always a time lag resulting in substantial loss to the Company. Consequent to the directives of Department of Fertilisers where they advised trade of a commensurate minimum reduction in MRP of MOP and DAP due to lower prices which was required to be passed on to trade - both Cooperative Sectors as well as private trade in the fourth quarter. This resulted in an erosion of the profitability to the tune of Rs.75 crores (approx.) though final figures are yet to be derived.

The performance of monsoon during 2012-13 was erratic and largely unsatisfactory. During the 2012 south-west monsoon distribution of rainfall was quite uneven over time and space which is evident from the fact that out of 628 districts in the country for which data are available only 62 districts (10%) received excess, 303 districts (48%) received normal rainfall and the remaining 263 districts (42%) received deficient / scanty rainfall.

The forecast for 2013-14 by Indian Meteorological Authorities is for a normal monsoons. The US and Japanese experts are in sync with Indian Authorities view.

FINANCIAL RESULTS FOR THE YEAR 2012-13

The Company has achieved Revenue from operations to the tune of Rs.197910.000 Millions which substantially lower, when compared to the turnover of Rs.259850.000 Millions achieved during the previous fiscal 2011-12. The decrease in turnover is mainly attributed to steep decrease in the fertilizer subsidy of P & K as well as increase in the MRP which negatively impacted demand resulting in lower volume sales.

The Company has earned a Pre-tax Profit of Rs. 3280.000 Millions and Net Profit Rs.2510.000 Millions as compared to Rs.4010.000 Millions and Rs.3240.000 Millions during the previous year respectively. The decrease in profitability is due to various factors as detailed below :

- The country had an extremely higher inventory of P&K fertilizers as on 31.3.12 as a result of excessive imports during Rabi of 2011/12 which contributed to an increase in Inventory Carrying Costs in the current year. To control inventories, the company brought down its import programme from 11.02 million tones in the previous year to 8.23 million tonnes which helped to some extent in reducing carrying costs.

- The subsidy for DAP and MOP was reduced by Rs 5413 per MT and Rs 1654 per MT respectively effective 1.4.12 and consequently MRPs of these products needed to be revised upward which impacted demand.

2/4

- In addition to the above, unfavourable weather conditions, insufficient and delayed monsoon, took a heavy toll on volume sales which came down drastically from 11.18 million tones to 8.94 million tones. The monsoon throughout the year was erratic and especially deficient in the expected rainfall areas in the 3rd quarter also negatively affected their profitability.

- The factor intrinsically responsible for lower profitability of the Company is the steep decline in the value of Indian rupee vis--vis US dollar. The forex parity, which was USD 1 = Rs.50.88 as on 31.3.12, remained volatile throughout the year 2012/13 and depreciated to USD 1 = Rs.55.60 as on 30.6.12, Rs.53.80 as on 30.9.2012, Rs.54.7773 as on 31.12.2012 and touched Rs.54.31 as on 31.3.2013. Given their volume of imports, it can be roughly estimated that even a 10 paise weakening of rupee results in a loss of Rs.10 crores to the Company.

- There is an increase in interest cost on account of resorting to short term and overseas borrowings due to abnormal delay in receipt of subsidy from Government of India as well as interest recovered on account of Special Banking Arrangement (SBA) through State Bank of India by Department of Fertilisers. Even though the company took various steps to obtain competitive interest rates from various banks for availing Short Term / Overseas Borrowings, the interest costs are higher as compared to previous fiscal due to increase in quantum of loan availed during the current year on account of the above narrated factors. Also the policy of Reserve Bank of India which continue to follow the high interest rate regime even in the busy season with the objective to control inflation and also RBI reclassifying trading in agricultural inputs as non-priority had contributed to the companys borrowals at higher interest rates.

PROSPECTS FOR 2013/14

The provisional consumption figures for the year 2012/13 show a 17% decline in consumption of P2O5 and 24.74% in case of K2O as compared to 2011/12. In fact, it is almost after a decade that consumption of all nutrients at 25.39 million MTs in 2012/13 has shown a decline of 2.45%. Moreover, out of P&K sales made by companies, a lot of stock has remained unsold with the trade channels. The softening of international prices of DAP and MOP has helped Indian Industry to reduce the MRPs of DAP and MOP by Rs.1500/- and Rs.1000/- per MT respectively but the same is now threatened by the weakness of Indian currency. In case, forex rates stabilize and MRPs do not go beyond the levels of 2012/13, it should be possible to reverse the decline in consumption given the forecast of a normal monsoon. Of course, the trading environment is not very conducive with lot of new entrants without any experience of business and long term staying capacity. While they are confident of maintaining the sales at 2012/13 level of 8.94 million MTs, the margins will definitely be under pressure.

In case of Sugar Division, partial decontrol measures should help us to make some small profit in the year 2013/14 provided there is no abnormal increase in the State Advised Cane Price Procurement because of political considerations.

They are also expecting improvement in the working of Dairy and Cattle Feed Division as volume sales will go up and incidence of interest and depreciation will come down.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
i. Outstanding guarantees and indemnities given by the Company (excluding performance guarantees)	549.476	746.176
ii. Claims against the Company not acknowledged as debt - Disputed dues relating to supplies	134.400	134.400
iii. Disputed income tax demands contested in Appeals not provided: Appeal pending before Commissioner of Income Tax (Appeals)	237.600	0.000
Total	921.476	880.576

FIXED ASSETS:

· Land

Buildings

Factory building

Other building

Plant and equipment

Other plant and equipment

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Other equipments

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 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. 62.10
UK Pound	1	Rs. 101.27
Euro	1	Rs. 85.43

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		63

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.