MIRA INFORM REPORT

Report Date :

02.03.2013

IDENTIFICATION DETAILS

Name :	ZUARI AGRO CHEMICALS LIMITED (w.e.f. 28.09.2012)
Formerly Known As :	ZUARI HOLDINGS LIMITED
Registered Office :	Jai Kissan Bhawan, Zuarinagar, Goa – 403726
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.09.2009
Com. Reg. No.:	24-006177
Capital Investment / Paid-up Capital :	Rs.420.580 Millions
CIN No.: [Company Identification No.]	U65910GA2009PLC006177
TAN No.: [Tax Deduction & Collection Account No.]	BLRZ11011A
PAN No.: [Permanent Account No.]	AAACZ3924H
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Seller of Fertilisers and other Related Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 31300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of K. K. Birla Group. It is a well established and reputed company having good track record. Financially company appears to be strong. Subject gets good financial support from its group companies. 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 for normal business dealings ate 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 – 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A (Long Term Fund Based)
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation it carry low credit risk.
Date	November 2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED

Management non co-operative (91-832-2592180)

LOCATIONS

Registered Office/ Factory :	Jai Kissan Bhawan, Zuarinagar, Goa – 403726, India
Tel. No.:	91-832-2592180/ 2592181
Fax No.:	91-832-2555462/ 2555279
E-Mail :	ryp@zuari.co.in anandu.nayal@zuari_avantz.com
Website :	http://www.zuari.in

DIRECTORS

As on: 07.08.2012

Name :

Saroj Kumar Poddar

Designation :

Additional Director

Date of Birth/Age :

15.09.1945

Qualification :

B.Com (Hons)

Date of Appointment :

07.08.2012

DIN No.:

00008654

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	L28931RJ1984PLC002890	GILLETTE INDIA LIMITED	Director	09/02/1984	09/02/1984	-	Active	NO
2	L85110GJ1975PLC054824	ESSAR PORTS LIMITED	Director	01/08/1984	01/08/1984	20/06/2008	Active	NO
3	L31102DL1957PLC193993	ALSTOM T AND D INDIA LIMITED	Director	29/03/1988	29/03/1988	27/07/2009	Active	NO
4	L70101WB1939PLC009800	TEXMACO INFRASTRUCTURE AND HOLDINGS LIMITED	Whole-time director	01/04/2009	14/02/1991	-	Active	NO
5	U99999DL1956NPL002635	FEDERATION OF INDIAN CHAMBER OF COMMERCE AND INDUSTRY	Director	11/10/1992	11/10/1992	-	Active	NO
6	L65921GA1967PLC000157	ZUARI GLOBAL LIMITED	Director	16/09/2008	15/05/1993	-	Active	NO
7	L24124RJ1985PLC003293	CHAMBAL FERTILISERS AND CHEMICALS LIMITED	Director	13/02/1995	13/02/1995	-	Active	NO
8	U74899DL1995PLC071074	SIMON INDIA LIMITED	Director	25/07/1995	25/07/1995	-	Active	NO
9	L51226WB1985PLC039055	ADVENTZ INVESTMENTS AND HOLDINGS LIMITED	Director	18/12/1995	18/12/1995	-	Active	NO
10	U65993WB1996PTC079012	ADVENTZ FINANCE PRIVATE LIMITED	Director	18/06/1996	18/06/1996	-	Active	NO
11	U74999DL1982PTC117290	MINING CONSULTANTS (INDIA) PRIVATE LIMITED TRS FROM W.B TO DELHI	Director	24/06/1996	24/06/1996	-	Active	NO
12	U52110WB1997PLC083860	LIONEL INDIA LIMITED	Director	03/04/1997	03/04/1997	-	Active	NO
13	U26942AP2000PLC050415	ZUARI CEMENT LIMITED	Director	25/01/2001	25/01/2001	-	Active	NO
14	U36109MH1999PTC161129	HETTICH INDIA PRIVATE LIMITED	Director	29/01/2001	29/01/2001	-	Active	NO
15	L26942AP1983PLC004257	SRI VISHNU CEMENT LIMITED	Director	18/05/2002	18/05/2002	-	Amalgamated	NO
16	U72200GA2000PLC002922	INDIAN FURNITURE PRODUCTS LIMITED	Director	19/09/2003	19/09/2003	14/06/2011	Active	NO
17	U45200DL2007PLC157223	CHAMBAL INFRASTRUCTURE VENTURES LIMITED	Director	02/01/2007	02/01/2007	-	Active	NO
18	U15490WB2007PLC121159	BENGAL FOODPARK LIMITED	Director	24/12/2007	24/12/2007	23/03/2009	Active	NO
19	U35201WB2009PTC133330	TEXMACO UGL RAIL PRIVATE LIMITED	Director	26/09/2011	27/07/2009	-	Active	NO
20	L29261WB1998PLC087404	TEXMACO RAIL AND ENGINEERING LIMITED	Whole-time director	25/09/2010	25/09/2010	-	Active	NO
21	U65910GA2009PLC006177	ZUARI AGRO CHEMICALS LIMITED	Director	07/08/2012	20/05/2011	-	Active	NO
22	U24120GA2009PLC006158	ZUARI FERTILISERS AND CHEMICALS LIMITED	Director	19/09/2011	31/05/2011	-	Active	NO
23	U26941KA2007PLC054428	GULBARGA CEMENT LIMITED	Director	30/09/2011	09/09/2011	-	Active	NO

Name :

Mr. Narayanan Suresh Krishnan

Designation :

Managing Director

Address :

Flat No.105, Four Seasons, No.16, Burnton Road, Bangalore, Bangalore – 560025, Karnataka, India

Date of Birth/Age :

03.06.1964

Qualification :

B.E. (Hons), M. Sc

Date of Appointment :

01.04.2012

DIN No.:

00021965

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	U40109AP2005PLC046893	SITAPURAM POWER LIMITED	Director	18/07/2005	18/07/2005	20/10/2008	Active	NO
2	U26942AP2000PLC050415	ZUARI CEMENT LIMITED	Director	07/02/2006	07/02/2006	06/12/2006	Active	NO
3	U24124GA2002PLC003064	ZUARI MAROC PHOSPHATES LIMITED	Managing director	24/09/2007	08/11/2006	-	Active	NO
4	U66010GA2003PLC003185	ZUARI INSURANCE BROKERS LIMITED	Director	07/09/2007	13/11/2006	22/09/2010	Active	NO
5	U74900GA2006PLC004921	ZUARI MANAGEMENT SERVICES LIMITED	Director	06/12/2006	06/12/2006	-	Active	NO
6	U11202GA2000PLC002869	ZUARI INDIAN OILTANKING LIMITED	Director	26/09/2008	12/12/2006	-	Active	NO
7	U01122GA1995PLC001751	ZUARI SEEDS LIMITED	Director	24/09/2007	15/03/2007	-	Active	NO
8	U72200GA2000PLC002922	INDIAN FURNITURE PRODUCTS LIMITED	Director	07/09/2007	26/03/2007	-	Active	NO
9	U65993GA1995PLC001942	ZUARI INVESTMENTS LIMITED	Director	07/09/2007	07/09/2007	-	Active	NO
10	U26941KA2007PLC054428	GULBARGA CEMENT LIMITED	Director	30/10/2007	30/10/2007	-	Active	NO
11	U01409GA2007PLC005489	ZUARI ROTEM SPECIALITY FERTILIZERS LIMITED	Director appointed in casual vacancy	08/08/2012	15/11/2007	-	Active	NO
12	U45309KA2007PLC043161	ADVENTZ INFRAWORLD INDIA LIMITED	Director	19/09/2008	11/12/2007	-	Active	NO
13	U65100DL2008PLC180229	ZUARI FINANCIAL SERVICES LIMITED	Director	27/06/2008	27/06/2008	10/08/2010	Active	NO
14	U27205DL2008PLC180160	ZUARI COMMODITY TRADING LIMITED	Director	27/06/2008	27/06/2008	10/08/2010	Active	NO
15	U24120GA2009PLC006158	ZUARI FERTILISERS AND CHEMICALS LIMITED	Director	11/08/2009	11/08/2009	-	Active	NO
16	U65910GA2009PLC006177	ZUARI AGRO CHEMICALS LIMITED	Managing director	01/04/2012	10/09/2009	-	Active	NO
17	U74900WB2010PLC183704	ADVENTZ INDUSTRIES INDIA LIMITED	Director	14/06/2010	14/06/2010	-	Active	NO
18	L65921GA1967PLC000157	ZUARI GLOBAL LIMITED	Director	01/04/2012	21/01/2011	-	Active	NO
19	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA	Director appointed in casual vacancy	07/12/2011	07/12/2011	-	Active	NO
20	L15421WB1952PLC020577	GOBIND SUGAR MILLS LIMITED	Additional director	21/08/2012	21/08/2012	-	Active	NO

Name :

Mr. Arun Duggal

Designation :

Additional Director

Address :

A-4, West End, New Delhi – 110 021, India

Date of Birth/Age :

01.10.1946

Date of Appointment :

07.08.2012

DIN No.:

00024262

Other Director :

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	L65921GA1967PLC000157	ZUARI GLOBAL LIMITED	Director	02/09/1998	02/09/1998	-	Active	NO
2	U65910DL2002PTC117808	BLACKSTONE INVESTMENT COMPANY PRIVATE LIMITED	Director	27/11/2002	27/11/2002	15/12/2011	Active	NO
3	U74999DL2002PTC117357	INTERNATIONAL ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED	Director	29/09/2004	22/03/2003	-	Active	NO
4	L72200MH1978PLC020127	IGATE COMPUTER SYSTEMS LIMITED	Director	12/11/2003	12/11/2003	03/10/2012	Active	NO
5	L74899DL1998PLC093073	PETRONET LNG LIMITED	Nominee director	13/03/2004	13/03/2004	11/07/2008	Active	NO
6	U74140DL2004PTC125248	TANGLEWOOD FINANCIAL ADVISORS PRIVATE LIMITED	Director	17/03/2004	17/03/2004	15/12/2011	Active	NO
7	U65991MH2004PTC147285	L AND T FUND MANAGEMENT PRIVATE LIMITED	Director	26/07/2004	26/07/2004	24/11/2012	Active	NO
8	U73100KA2004PLC035260	MANIPAL ACUNOVA LIMITED	Director	20/12/2004	20/12/2004	14/12/2011	Active	NO
9	U24231AP1984PLC005146	MYLAN LABORATORIES LIMITED	Director	22/01/2005	22/01/2005	08/01/2007	Active	NO
10	U65993AP1991PTC013491	BELLWETHER MICROFINANCE FUND PRIVATE LIMITED	Director	25/03/2005	25/03/2005	-	Active	NO
11	U71110DL2000PTC189230	CARZONRENT (INDIA) PRIVATE LIMITED	Director	04/04/2005	04/04/2005	-	Active	NO
12	L65191TN1979PLC007874	SHRIRAM TRANSPORT FINANCE COMPANY LIMITED	Director	09/09/2005	09/09/2005	-	Active	NO
13	L74899DL1995PLC068021	INFO EDGE (INDIA) LIMITED	Director	20/03/2006	20/03/2006	-	Active	NO
14	U67120DL1995PTC189993	ASIA PRAGATI CAPFIN PRIVATE LIMITED	Director	24/04/2006	24/04/2006	18/10/2007	Active	NO
15	U72200TN2000PTC044560	SHRIRAM PROPERTIES PRIVATE LIMITED	Director	15/07/2006	15/07/2006	-	Active	NO
16	L51909DL1988PLC101836	DISH TV INDIA LIMITED	Director	02/02/2007	06/01/2007	-	Active	NO
17	L65191TN1986PLC012840	SHRIRAM CITY UNION FINANCE LIMITED	Director	17/08/2007	25/05/2007	-	Active	NO
18	L63090GJ1998PLC034182	ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED	Director	30/07/2007	27/06/2007	-	Active	NO
19	L74210TN2000PLC045167	SHRIRAM EPC LIMITED	Director	20/09/2007	20/09/2007	-	Active	NO
20	U65999MH2008NPL183438	PRIVATE EQUITY ASSOCIATION OF INDIA	Director	12/06/2008	12/06/2008	-	Active	NO
21	U64202KA2006PTC038459	MOBILENXT TELESERVICES PRIVATE LIMITED	Director	16/09/2009	17/08/2009	21/12/2009	Active	NO
22	U65993TN1974PLC006588	SHRIRAM CAPITAL LIMITED	Director	29/09/2010	01/10/2009	-	Active	NO
23	U80103DL2006PLC153405	EDUCOMP SCHOOL MANAGEMENT LMITED	Additional director	14/02/2012	14/02/2012	11/09/2012	Active	NO
24	U65910GA2009PLC006177	ZUARI AGRO CHEMICALS LIMITED	Director	07/08/2012	27/03/2012	-	Active	NO

Name :

Mr. Jayant Narayan Godbole

Designation :

Additional Director

Date of Birth/Age :

17.02.1945

Qualification :

B.E. (Chemical Engineer)

Date of Appointment :

07.08.2012

DIN No.:

00056830

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	U74999MH2003PTC139774	INVENT ASSETS SECURITISATION AND RECONSTRUCTION PRIVATE LIMITED	Director	26/05/2005	26/05/2005	11/07/2008	Active	NO
2	U67190MH2005PTC155404	INVENT ARC PRIVATE LIMITED	Director	17/08/2005	17/08/2005	11/07/2008	Active	NO
3	U24110MH1986PLC038680	EMBIO LIMITED	Director	21/10/2005	21/10/2005	-	Active	NO
4	L28120MH1992PLC069252	TECHNOCRAFT INDUSTRIES (INDIA) LIMITED	Director	01/03/2006	01/03/2006	18/05/2009	Active	NO
5	L17229UP1994PLC017199	J. K. CEMENT LIMITED.	Director	25/08/2007	29/07/2006	-	Active	NO
6	L51909WB1935PLC008194	GILLANDERS ARBUTHNOT AND COMPANY LIMITED	Director	05/09/2007	07/03/2007	-	Active	NO
7	L31300DN1961PLC000232	IMP POWERS LIMITED	Director	05/12/2008	16/03/2007	-	Active	NO
8	L21019WB1981PLC034161	EMAMI PAPER MILLS LIMITED	Director	17/03/2007	17/03/2007	-	Active	NO
9	L72200MH2000PLC130073	MW UNITEXX LIMITED	Director	27/09/2007	16/04/2007	23/04/2010	Active	NO
10	L15432UP1932PLC025186	THE OUDH SUGAR MILLS LIMITED	Director	17/12/2007	23/04/2007	-	Active	NO
11	L21012CT1980PLC001682	MADHYA BHARAT PAPERS LIMITED	Director	25/07/2007	25/07/2007	-	Active	NO
12	L51420MH1989PLC053772	BILPOWER LIMITED	Director	22/09/2007	26/07/2007	17/06/2008	Active	NO
13	L65921GA1967PLC000157	ZUARI GLOBAL LIMITED	Director	24/09/2007	01/08/2007	-	Active	NO
14	U26951UP1988PLC010111	JAYKAYCEM LIMITED	Director	26/07/2008	09/02/2008	-	Amalgamated	NO
15	L26941GJ1956PLC000840	SAURASHTRA CEMENT LIMITED	Director	27/06/2012	28/04/2008	-	Active	NO
16	L24110GJ1973PLC002247	GUJARAT ALKALIES AND CHEMICALS LIMITED	Director	04/03/2009	04/03/2009	-	Active	NO
17	L45203MH2008PLC178061	KESAR TERMINALS AND INFRASTRUCTURE LIMITED	Director	14/09/2010	29/01/2010	-	Active	NO
18	U65999WB2010PTC141896	MIDAS ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED	Director	24/05/2011	11/08/2010	07/11/2012	Active	NO
19	U65100MH2010PLC199319	IDBI ASSET MANAGEMENT LIMITED	Director	28/06/2012	09/11/2010	-	Active	NO
20	U65910GA2009PLC006177	ZUARI AGRO CHEMICALS LIMITED	Director	07/08/2012	20/05/2011	-	Active	NO
21	U74120MH2011PLC222597	KESAR MULTIMODAL LOGISTICS LIMITED	Director	30/09/2011	30/09/2011	-	Active	NO

Name :

Mr. Harbachan Singh Bawa

Designation :

Additional Director

Address :

D – 4/18, Krishna Nagar, New Delhi – 110 051, India

Date of Birth/Age :

20.03.1931

Qualification :

M.S. (Chemical Engineering)

Date of Appointment :

07.08.2012

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	-	Active	NO
7	U52110WB1997PLC083860	LIONEL INDIA LIMITED	Director	03/04/1997	03/04/1997	-	Active	NO
8	U11202GA2000PLC002869	ZUARI INDIAN OILTANKING LIMITED	Director	14/07/2001	14/07/2001	26/09/2008	Active	NO
9	U24129OR1981PLC001020	PARADEEP PHOSPHATES LIMITED	Nominee director	28/02/2002	28/02/2002	-	Active	NO
10	U24124GA2002PLC003064	ZUARI MAROC PHOSPHATES LIMITED	Director	26/04/2002	26/04/2002	-	Active	NO
11	U65993GA1995PLC001942	ZUARI INVESTMENTS LIMITED	Director	19/09/2003	19/09/2003	-	Active	NO
12	U72900KA2003PLC050528	ISG NOVASOFT TECHNOLOGIES LIMITED	Director	23/08/2004	23/08/2004	30/09/2007	Active	NO
13	U36101TN1998PLC039842	STYLE SPA FURNITURE LIMITED	Director	20/10/2004	20/10/2004	-	Active	NO
14	U45200DL2007PLC157223	CHAMBAL INFRASTRUCTURE VENTURES LIMITED	Director	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	Additional director	21/08/2012	21/08/2012	-	Active	NO

Name :

Mr. Marco Philippus Ardeshir Wadia

Designation :

Director

Date of Birth/Age :

30.01.1956

Qualification :

B.A. (Hons), L.L.B

Date of Appointment :

07.08.2012

DIN No.:

00244357

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	U32109MH1970PTC014544	AMPHENOL INTERCONNECT INDIA PRIVATE LIMITED	Alternate director	17/05/2012	01/09/1984	-	Active	NO
2	L65921GA1967PLC000157	ZUARI GLOBAL LIMITED	Director	15/05/1993	15/05/1993	-	Active	NO
3	L24124RJ1985PLC003293	CHAMBAL FERTILISERS AND CHEMICALS LIMITED	Director	15/11/1994	15/11/1994	-	Active	NO
4	U65191TN1997PLC039229	GMAC FINANCIAL SERVICES INDIA LIMITED	Director	03/12/1997	03/12/1997	-	Under liquidation	NO
5	L28100MH1907PLC000252	JOSTS ENGINEERING COMAPNY LIMITED	Director	02/06/1998	02/06/1998	-	Active	NO
6	L45200GJ1973PLC050790	STOVEC INDUSTRIES LIMITED	Director	21/05/1999	21/05/1999	-	Active	NO
7	U33110MH1957PLC010928	JOHNSON AND JOHNSON LIMITED	Director	28/11/2003	28/11/2003	-	Active	NO
8	U24124GA2002PLC003064	ZUARI MAROC PHOSPHATES LIMITED	Nominee director	23/12/2005	23/12/2005	-	Active	NO
9	U24129OR1981PLC001020	PARADEEP PHOSPHATES LTD	Nominee director	21/03/2006	21/03/2006	-	Active	NO
10	U74899DL1995PLC071074	SIMON INDIA LIMITED	Director	05/06/2006	05/06/2006	-	Active	NO
11	U45309KA2007PLC043161	ADVENTZ INFRAWORLD INDIA LIMITED	Director	19/09/2008	12/12/2007	-	Active	NO
12	U32100TN2008PTC066155	AMPHENOL OMNICONNECT INDIA PRIVATE LIMITED	Alternate director	17/05/2012	22/01/2008	-	Active	NO
13	U31909PN2010PTC137445	AMPHETRONIX OFFSET INTERCONNECT SOLUTIONS PRIVATE LIMITED	Director	29/09/2010	29/09/2010	-	Active	NO
14	U65910GA2009PLC006177	ZUARI AGRO CHEMICALS LIMITED	Director	07/08/2012	20/05/2011	-	Active	NO
15	L15421WB1952PLC020577	GOBIND SUGAR MILLS LIMITED	Additional director	21/08/2012	21/08/2012	-	Active	NO

Name :

Mr. Gopal Krishna Pillai

Designation :

Additional Director

Date of Appointment :

30.07.2012

DIN No.:

02340756

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	U80300DL2007NPL166745	NATIONAL INSTITUTE OF FOOD TECHNOLOGY ENTREPRENEURSHIP AND MANAGEMENT	Director	30/03/2009	30/03/2009	30/06/2009	Under liquidation	NO
2	L23201MH1952GOI008858	HINDUSTAN PETROLEUM CORPORATION LIMITED	Director	18/09/2012	09/04/2012	-	Active	NO
3	U65910GA2009PLC006177	ZUARI AGRO CHEMICALS LIMITED	Additional director	30/07/2012	30/07/2012	-	Active	NO
4	L63090GJ1998PLC034182	ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED	Additional director	19/10/2012	19/10/2012	-	Active	NO

Name :

Mr. Akshay Poddar

Designation :

Whole Time Director

Date of Birth/Age :

20.07.1976

Date of Appointment :

01.04.2012

DIN No.:

00008686

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	U65993WB1996PTC079012	ADVENTZ FINANCE PRIVATE LIMITED	Director	29/07/1997	29/07/1997	-	Active	NO
2	U01132WB1993PLC060495	SYNDAK TEA TECH LIMITED	Director	09/02/1998	09/02/1998	-	Active	NO
3	L15421WB1952PLC020577	GOBIND SUGAR MILLS LIMITED	Director	04/04/2000	04/04/2000	24/08/2012	Active	NO
4	L51226WB1985PLC039055	ADVENTZ INVESTMENTS AND HOLDINGS LIMITED	Managing director	01/04/2010	12/12/2000	-	Active	NO
5	U67120WB1986PTC040276	ABHISHEK HOLDINGS PRIVATE LIMITED	Director	10/01/2001	10/01/2001	-	Active	NO
6	L36993WB1995PLC069510	ADVENTZ SECURITIES ENTERPRISES LIMITED	Director	12/03/2012	28/04/2001	-	Active	NO
7	L28931RJ1984PLC002890	GILLETTE INDIA LIMITED	Director	09/02/2002	09/02/2002	-	Active	NO
8	U24129OR1981PLC001020	PARADEEP PHOSPHATES LIMITED	Nominee director	28/02/2002	28/02/2002	-	Active	NO
9	U51109WB1924PLC004829	LIONEL EDWARDS LTD	Director	09/04/2003	09/04/2003	-	Active	NO
10	U55101DL2004PTC127579	PULSE FOODS INDIA PRIVATE LIMITED	Director	14/07/2004	14/07/2004	19/03/2009	Active	NO
11	U55204MH2008PLC182253	PULSE INDAGE HOSPITALITY LIMITED	Director	15/05/2008	15/05/2008	-	Strike off	NO
12	U85300WB1926GAP005585	INDIAN CHAMBER OF COMMERCE CALCUTTA	Director	30/06/2011	30/06/2008	24/07/2012	Active	NO
13	L70101WB1939PLC009800	TEXMACO INFRASTRUCTURE AND HOLDINGS LIMITED	Director	11/09/2008	11/09/2008	-	Active	NO
14	U51109WB1994PTC065332	ADVENTZ SECURITIES TRADING PRIVATE LIMITED	Director	07/09/2009	16/09/2008	-	Active	NO
15	U51909WB1994PTC062183	ADVENTZ INVESTMENT COMPANY PRIVATE LIMITED	Director	07/09/2009	16/09/2008	-	Active	NO
16	U51909WB1993PTC059434	INDRAKSHI TRADING COMPANY PRIVATE LIMITED	Director	25/09/2008	16/09/2008	-	Active	NO
17	U51909WB1993PTC059849	GREENLAND TRADING PRIVATE LIMITED	Director	25/09/2008	16/09/2008	-	Active	NO
18	U36101TN1998PLC039842	STYLE SPA FURNITURE LIMITED	Director	29/05/2009	30/04/2009	-	Active	NO
19	U51909WB2009PLC139640	NEW EROS TRADECOM LIMITED	Nominee director	23/11/2009	23/11/2009	03/08/2011	Active	NO
20	U91990WB1999NPL089828	YPO (CALCUTTA)	Director	30/09/2011	25/03/2011	-	Active	NO
21	L65921GA1967PLC000157	ZUARI GLOBAL LIMITED	Alternate director	10/05/2012	09/05/2011	-	Active	NO
22	L29261WB1998PLC087404	TEXMACO RAIL AND ENGINEERING LIMITED	Director	29/08/2012	22/07/2011	-	Active	NO
23	U65910GA2009PLC006177	ZUARI AGRO CHEMICALS LIMITED	Whole-time director	01/04/2012	14/11/2011	-	Active	NO
24	U74999WB2011PTC167754	TOUAX TEXMACO RAILCAR LEASING PRIVATE LIMITED	Additional director	16/06/2012	16/06/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ramkrishna Y. Patil
Designation :	Secretary
Address :	B-4 Zuari Residential Colony, Zuarinagar, Vasco Da Gama – 403 726, Goa, India
Date of Birth/Age :	20.07.1958
Date of Appointment :	27.03.2012
PAN No.:	AJWPP4794M
Name :	R. Y. Patil
Designation :	Chief General Manager and Company Secretary
Name :	Mr. Naveen Kapoor
Designation :	President Agri-Business
Name :	Mr. Binayak Datta
Designation :	CFO and Vice President
Name :	V. K. Sinha
Designation :	Vice President-Strategic Planning

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 12.05.2011

Names of Shareholders	No. of Shares
Zuari Industries Limited, India jointly with Naveen Kapoor	10
Zuari Industries Limited, India jointly with Binayak Datta	10
Zuari Industries Limited, India jointly with B.K. Kinekar	10
Zuari Industries Limited, India jointly with R.Y. Patil	10
Zuari Industries Limited, India jointly with B.V. Patil	10
Zuari Industries Limited, India jointly with H.C. Shah	10
Zuari Industries Limited, India jointly with N.M. Kantak	10
Zuari Industries Limited, India	1999930
Total	2000000

As on 20.05.2011

Names of Allottees	No. of Shares
Zuari Industries Limited, India	6411601
Zuari Management Services Limited, India	4205801
Total	10617402

Equity Share Break up (Percentage of Total Equity)

As on: 07.08.2012

Category	Percentage
Government [Central and State]	0.03
Public financial companies	5.79
Nationalised or other banks	0.01
Mutual funds	9.02
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	23.29
Bodies corporate	54.77
Directors or relatives of directors	0.44
Other top fifty shareholders	1.28
Others	5.37
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Fertilisers and other Related Products.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Neville House, J N Heredia Marg, Ballard Estate, Mumbai – 400021, Maharashtra, India

· HDFC Bank Limited

· Corporation Bank

· Canara Bank

· ICICI Bank

· IDBI Bank

· HSBC Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012
From Banks
Buyers credit (The rate of Interest on buyers credit varies between 1.00% – 3.50%) and are repayable over a period of 180 – 360 days	26400.177
Total	26400.177
Unsecured Loan	As on 31.03.2012
Term loan
11.50% loan from Indian Overseas Bank (Repayable in three equal monthly instalments commencing at the end of 7th, 8th and 9th Month from the date of first availment, viz., 14th January 2012)	3250.000
Total	3250.000

Banking Relations :	--
Legal Advisers 1:
Name :	Crawford Bayley and Company
Address :	Mumbai, Maharashtra, India
Legal Advisers 2:
Name :	Khaitan and Company
Address :	Kolkata, West Bengal, India
Auditors :
Name :	S. R. Batliboi and Company Chartered Accountants
Address :	Gurgaon, Haryana, India
Holding Company :	· Zuari Industries Limited (up to 30th June 2011)
Fellow Subsidiaries :	· Indian Furniture Products Limited (up to 30th June 2011 and thereafter as associate) · Zuari Seeds Limited (up to 31st May, 2011) · Simon India Limited (up to 30th June 2011 and thereafter as associate) · Zuari Fertilisers and Chemicals Limited (up to 31st May, 2011) · Zuari Management Services Limited (up to 30th June 2011 and thereafter as associate) · Adventz Infraworld India Limited (up to 30th June 2011 and thereafter as associate) · Gulbarga Cement Limited (up to 30th June 2011 and thereafter as associate) · Globex Limited (up to 30th June 2011 and thereafter as associate) · Zuari Investments Limited (up to 30th June 2011 and thereafter as associate) · Zuari Insurance Brokers Limited – Subsidiary of Zuari Investments Limited (up to 30th June 2011and thereafter as associate) · Zuari Commodity Trading Limited – Subsidiary of Zuari Investments Limited (up to 30th June 2011 and thereafter as associate) · Zuari Financial Services Limited – Subsidiary of Zuari Investments Limited (up to 30th June 2011 and thereafter as associate)
Enterprise having significant influence :	· Zuari Industries Limited
Subsidiaries of the Company :	· Zuari Seeds Limited (with effect from 31.05.2011) · Zuari Fertilisers and Chemicals Limited (with effect from 31.05.2011)
Joint Ventures of the Company :	· Zuari Maroc Phosphates Limited (with effect from 27.06.2011) · Paradeep Phosphates Limited – Subsidiary of Zuari Maroc Phosphates Limited · Zuari Rotem Speciality Fertilisers Limited (with effect from 31.05.2011)

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
42058006	Equity Shares	Rs.10/- each	Rs.420.580 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12617402	Equity Shares	Rs.10/- each	Rs.126.174 Millions
	Equity Share suspense account		Rs.294.406 Millions
	Total		Rs.420.580 Millions

Equity Share suspense represents 29440604 Equity Shares of Rs.10/ – each to be issued to the shareholders of Zuari Industries Limited consequent to the Scheme of Arrangement and Demerger becoming Operational from effective date, pending allotment.

a. Reconciliation of Shares Outstanding at the beginning and end of the reporting year

PARTICULARS	31st March 2012
	in Numbers	Rs. In Millions
Equity Shares
At the beginning of the year	2000000	20.000
Issued during the year	10617402	106.174
Outstanding at the end of the year	12617402	126.174
Equity Share Suspense Account	29440604	294.406

b. Terms/Rights Attached to equity Shares

The Company has only one class of equity shares having a par value of Rs.10/ - Share. Each share holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.

During the year 31st March 2012, the amount of per share dividend recognised for distribution to equity share holders was Rs.3/ -, subject to approval of shareholders (31st March 2011: Nil)

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

c. Shares held by holding company and associates

Out of equity shares issued by the Company, shares held by its holding company and associates is as below:

(Rs. In Miillions)

PARTICULARS	31st March 2012
Zuari Industries Limited, the associate (Previous year holding Company)* 8411601 (31st March 2011:: 2000000 equity shares of Rs.10/ - fully paid)	84.116

* As of 31st March 2012, Company is an associate of Zuari Industries Limited

d. Details of Shareholders holding more than 5% of equity shares in the Company

(Without considering equity shares to be issued as per the Scheme of Arrangement and Demerger

Name of Shareholder	31st March 2012
	No. of Shares held	% Holding in Class
Zuari Industries Limited	8411601	66.67
Zuari Management Services Limited	4205801	33.33
Total	12617402

As per of the Company including its register of share holders/members and other declarations received from share holders regarding beneficial interest, the above share holding represents both legal and beneficial ownership of shares.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		420.580	20.000	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7425.316	0.000	0.000
4] (Accumulated Losses)		0.000	(0.297)	(0.269)
NETWORTH		7845.896	19.703	0.231
LOAN FUNDS
1] Secured Loans		26400.177	0.000	0.000
2] Unsecured Loans		3250.000	0.000	0.000
TOTAL BORROWING		29650.177	0.000	0.000
DEFERRED TAX LIABILITIES		149.442	0.000	0.000
TOTAL		37645.515	19.703	0.231
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1904.012	0.000	0.000
Capital work-in-progress		195.402	0.000	0.000
INVESTMENT		1974.997	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
OTHER NON-CURRENT ASSETS		13.140	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7216.489	0.000	0.000
	Sundry Debtors	29519.804	0.000	0.000
	Cash & Bank Balances	3325.901	19.736	0.509
	Other Current Assets	425.928	0.000	0.000
	Loans & Advances	2095.940	0.000	0.000
Total Current Assets		42584.062	19.736	0.509
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	7461.048	0.000	0.259
	Other Current Liabilities	1042.881	0.033	0.019
	Provisions	522.169	0.000	0.000
Total Current Liabilities		9026.098	0.033	0.278
Net Current Assets		33557.964	19.703	0.231
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		37645.515	19.703	0.231

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	61808.773	0.000	0.000
		Other Income	561.161	0.019	0.000
		TOTAL (A)	62369.934	0.019	0.000
Less	EXPENSES
		Cost of raw material consumed	19214.529	0.000	0.000
		Purchase of traded goods	32184.072	0.000	0.000
		Decrease in inventories of finished goods, work-in-progress and traded goods	1452.057	0.000	0.000
		Employee benefits expense	548.017	0.000	0.000
		Administrative selling other expenses	6737.177	0.047	0.269
		TOTAL (B)	60135.852	0.047	0.269
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2234.082	(0.028)	(0.269)
Less	FINANCIAL EXPENSES (D)		551.357	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1682.725	(0.028)	(0.269)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		180.166	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		1502.559	(0.028)	(0.269)
Less	TAX (H)		470.788	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1031.771	(0.028)	(0.269)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.297)	(0.269)	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	500.000	NA	NA
		Proposed Dividend : 30%	126.174	NA	NA
		Tax on dividend (Including Surcharge)	20.468	NA	NA
	BALANCE CARRIED TO THE B/S		384.832	(0.297)	(0.269)
	IMPORTS
		Raw Materials	9443.138
		Stores & Spares	55.517
		Capital Goods	1.723
		Traded Goods	28067.134
	TOTAL IMPORTS		37567.512	NA	NA
	Earnings/ (Loss) Per Share (Rs.)		30.97	(0.01)	(5.37)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.65	(147.37)	0.00
Net Profit Margin (PBT/Sales)	(%)	2.43	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	3.38	(0.14)	(52.85)
Return on Investment (ROI) (PBT/Networth)		0.19	0.00	(1.16)
Debt Equity Ratio (Total Liability/Networth)		4.93	0.00	1.20
Current Ratio (Current Asset/Current Liability)		4.72	598.06	1.83

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

MANAGEMENT DISCUSSION AND ANALYSIS

THE GLOBAL ECONOMIC BACKDROP:

The year has been one of uncertainties and disturbances in the International business space.

Euro Area crisis enters “Perilous Phase” – per IMF. Withdrawal of the post meltdown stimuli at the US, various fiscal accommodations at the UK, growths in the advanced economies down by 0.75%, rebuilding efforts on in Japan, political and social issues continuing in the Middle East and North African Countries (MENA) general downscalings at the Brazil, Russia, India, China and South Africa (BRICS) and Latin America (LATAM) altogether contributed to the global scenario of uncertainties.

In major advanced economies, economic growth is modest, especially considering the depth of the recession. In the United States and the euro area, the economy is following a path as weak as that following the recessions of the early 1990s, despite a much deeper fall.

The global recovery is broadly moving at two speeds, with large output gaps in advanced economies and closing or closed gaps in emerging and developing economies.

In advanced economies, investment is recovering with the rebound of industrial production because capital stocks are down and little excess capacity remains. The rebound in production is benefiting from low interest rates, easing financing conditions, and generally healthy corporate balance sheets and profitability.

At the same time, consumption is being spurred by reduced job layoffs, the gradual recovery of employment, and previously postponed purchases of durable goods.

The emerging economies were however still in low ebb.

During the quarter of 2012, there has been modest improvement in the global macroeconomic situation. The recent macroeconomic data for the US economy show some positive signs. In particular, labour market conditions have improved. However, the US Fed expects that economic conditions warrant exceptionally low levels for the federal funds rate at least through late 2014.

The immediate financial market pressures in the euro area have been alleviated to some extent by the European Central Bank (ECB) injecting liquidity of more than one trillion euro through the two long-term refinancing operations. Growth in the euro area, however, turned negative in quarter.

As stated the emerging and developing economies (EDEs) are showing signs of growth slowdown. As a result, the global growth for 2012 and 2013 is expected to be lower than earlier anticipated.

Inflation pressures in both advanced economies and EDEs moderated towards the end of 2011 on account of subdued domestic demand and correction in non-fuel commodity prices. Global crude prices, however, have spiked suddenly reflecting both geo-political concerns and abundant global liquidity, accentuating the risks to growth and inflation.

THE WORLD AGRICULTURE AND FOOD SCENARIO :

During the last year FAO forecast world cereal production at record 2,327 mmt (up by 3.6% than 2010).

Rice and Coarse Grains were up by 3% to 4%

China contributed significantly to the growth.

However due to increased consumption the stock levels at the year end were more or less equal to those of the last year.

THE FERTILISER SCENARIO IN INDIA:

Although there was growth of around 4% in Urea in overall terms the consumption of all fertilizers together registered a fall of around 2% over last year.

Production of Complex Grades were adversely affected as a result of availability of inputs during the earlier part of the year.

FUTURE OUTLOOK:

Recently, Zuari Industries Limited, a holding Company of the Company, in joint venture with Mitsubishi Corporation, acquired a 30% stake in Peruvian mine – Fospac for Rs.2300.000 Millions for assured supply of phosphate rock – the main feedstock for di-ammonium phosphate (DAP). Fospac’s annual rock phosphate production is expected to reach 2.5 million tonnes by 2015, half of which will come to Zuari. The Company’s subsidiary, Zuari Fertilisers and Chemicals Limited is in the process of acquiring land and obtaining environment clearances for its proposed 1.3 million tonne gas-based urea plant at Belgaum in Karnataka, involving an outlay of around Rs.50000.000 Millions. The company would be getting the gas from Petronet LNG’s Dahej terminal. The unit is likely to be commissioned in 2015-16.

With implementation of NBS, company’s complex fertiliser segment is expected to benefit due to margin expansion and lower subsidy receivables. The Company targets to increase its current 2 mn MT sale to over 3.5 mn MT over the next three years.

With host of capital investments over next 3-4 years, led by 1 mn MT NPK plant to be commissioned by FY 2015, debottlenecking of Goa plant from 0.7 mn MT to 1 mn MT by 2013. The Company foresees bright returns on its investments in coming years

CONTINGENT LIABILITIES NOT PROVIDED FOR:

(Rs. In Millions)

Particulars	Year Ended 31st March 2012
A. Demand Notices received from Sales tax authorities
i) Demand notice from Karnataka Sales Tax Authorities (VAT) for levying penalty on Professional tax for the years 2005—06 to 2008—09. The Company has filed appeal before Joint Commissioner of Commercial Taxes (Appeals), Bangalore, against the same. (The Company has deposited Rs.2.128 Millions against the same which is appearing in the schedule of loans and advances)	4.256
ii) Demand notice from Commercial Tax Department, towards non submission of "F Form" for the year 2007—08. The Company has filed for stay in High Court of Andhra Pradesh.	1.596

* Based on discussions with the solicitors/ favourable decisions in similar cases/ legal opinions taken by the Company, the management believes that the Company has a good chance of success in above mentioned cases and hence, no provision there against is considered necessary.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U65910GA2009PLC006177
Name of the company	ZUARI AGRO CHEMICALS LIMITED
Address of the registered office or of the principal place of business in India of the company	Jai Kissan Bhawan, Zuarinagar, Goa – 403726, India E-mail: ryp@zuari.co.in
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge · Others (Current assets, receivables and other movables)
Particular of charge holder	State Bank of India, Neville House, J N Heredia Marg, Ballard Estate, Mumbai – 400021, Maharashtra, India E-mail: lncharyulu.c@sbi.co.in
Nature of instrument creating charge	1. Amended and Restated Working Capital Consortium Agreement dated 8th August, 2012 2. Amended and Restated Joint Deed of Hypothecation dated 8th August, 2012.
Date of instrument Creating the charge	08.08.2012
Amount secured by the charge	Rs.39000.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As decided from time to time Terms of Repayment On demand Margin As specified in the Agreement Extent and Operation of the charge 100% Others All terms are stated in the Agreement
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Whole of the moveable properties consisting of current assets, book debts, outstanding monies and receivables wherever situated belonging to the company.

FIXED ASSETS:

Tangible Assets

· Freehold Land

· Buildings

· Railway Siding

· Plant and Machinery

· Furniture and Fixtures

· Office Equipment

· Vehicles

Intangible Assets

· Software

UNAUDITED FINANCIAL RESULT FOR PERIOD ENDED 31ST DECEMBER 2012

(Rs. In Millions)

PART-I		Stand-alone Results
Sr No	Particulars	3 Months Ended 31.12.2012	3 Months Ended 30.09.2012	9 Months Ended 31.12.2012
		Un Audited	Un Audited	Un Audited
1	Income from Operations
	(a) Net Sales/Income from Operations (net of excise duty)	14872.100	15416.900	4205.6.2
	(b) Other Operating Income	12.100	114.900	12.7.1
	Total income from operations (net)	14884.200	15531.800	4218.3.3
2	Expenses
	(a) Cost of materials consumed	5479.900	7412.500	16645.000
	(b) Purchase of stock-in-trade	4366.900	8820.300	19315.400
	(c) Changes in inventories of finished goods, work- in-	2374.300	(3776.200)	(1927.800)
	progress and stock-in-trade
	(d) Employee benefit expense	236.400	212.200	627.200
	(e) Depreciation and amortisation expense	47.700	47.800	146.100
	(0 Other expenses	1910.800	2165.900	5737.000
	Total expenses	14410.000	14882.500	48542.900
3	Profit from operations before other income, finance costs and exceptional items (1-2)	468.200	649.300	1640.400
4	Other income	100.900	68.600	276.400
5	Profit from ordinary activities before finance costs and exceptional items (3+ - 4)	569.100	717.800	1916.800
6	Finance costs	507.400	461.600	1515.200
7	Profit from ordinary activities after finance costs and before exceptional items (5+ - 6)	61.700	256.200	401.600
8	Exceptional items	-	-	-
9	Profit from ordinary activities before tax (7+ 8)	61.700	256.200	401.600
10	Tax expense	20.400	62.900	90.700
11	Net Profit from ordinary activities after tax (9+ - 10)	41.300	193.400	310.900
12	Extraordinary items (net of tax expense )		-	-
13	Net Profit for the period (11+- 12)	41.300	193.400	310.900
14	Paid-up equity share capital
	(face value Rs. 10/-)	420.500	420.500	420.5
15	Reserve excluding Revaluation Reserve as per balance sheet of previous accounting year.
16	Earnings per share (before extraordinary items) (of Rs.10/- each ) (not annualised):
	(a) Basic	0.98	4.59	7.39
	(b) Diluted	0.98	4.59	7.39

RESULTS FOR PERIOD ENDED 31ST DECEMBER 2012

PART II

Particulars		3 Months Ended 11/12/2012	3 Months Ended 30/09/2012	9 Months Ended .31/12/2012
		Un Audited	Un Audited	Un Audited
A	Particulars of Shareholding
1	Public Shareholding
	Number of shares	12309231	-	12309231
	Percentage of shareholding	29.27	-	29.27
2	Promotors and Promoter Group Shareholding	29748775	-	29748775
	a) Pledged / Encumbered
	Number of shares	735000	-	735000
	Percentage of shares (as a % of the total shareholding of
	promoter and promoter group)	2.47	-	2.47
	Percentage of shares (as a% of the total share capital of
	the company)	1.75	-	1.75
	b) Non - encumbered
	Number of shares	29013775	-	29013775
	Percentage of shares (as a % of the total shareholding of
	promoter and promoter group)	97.53	-	97.53
	Percentage of shares (as a % of the total share capital of
	the company)	68.99		68.99

	Particulars	Quarter Ended December 31,2012
B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	4
	Received during the quarter	13
	Disposed of during the quarter	17
	Remaining unresolved at the end of the quarter	-

Notes to Accounts

1. The results for the nine months period ended 31 December, 2012 are not comparable with those of the same period of last year because pursuant to the order of the Hon'ble High Court of Bombay at Goa and subsequent effective date of 21st March 2012, the Fertiliser Business of Zuari Global Limited (formerly Zuari Industries Limited) its Holding Company then, was demerged into this Company with effect from the appointed date i.e 1st July 2011.

2. Subsidy for Urea has been accounted based on Stage III parameters of the New Pricing Scheme and other adjustments as estimated in accordance with the known Policy parameters in this regard. The stage III of New Pricing Scheme which was operational for the period 1s' October, 2006 to 31st March, 2010 has been extended on provisional basis till further orders.

3. Tax expenses include / net-off deferred tax charge / (credit).

4. Shutdown of DAP/ Complex fertilizers plants of the Company was undertaken from December 4, 2012 and it was proposed to re-start the plants after current market conditions improve for complex fertilisers.

5. Under the provision of Accounting Standard (AS17), the Company operates in the single segment of fertiliser operations and therefore separate segment disclosures have not been given.

6. During the quarter, the Company's Shares were listed at the Bombay Stock Exchange (BSE) and the National Stock Exchange India Limited (NSE).

7. The auditors have conducted limited review of the financial results for the quarter ended 31st December, 2012. The unaudited financial results have been recommended by the Audit Committee at its meeting held on 30th January, 2013 and approved by the Board of Directors at its meeting held on 31st January 2013.

8. Previous period's figures have been regrouped wherever necessary

AS PER WEBSITE DETAILS:

AWARD

2011 - Best Video Film Award (Runner UP)

2010 - Gold Medal for Best Workplace Practices

2010 - Gold Medal for Excellence in Education

2010 - Gomant Sarvochcha Suraksha Puraskar (First Prize)

2009-10 - Excellence in Fertiliser Extension Services

2008 - Shriram Award for Third Best Article in Marketing

2008 - Best Production Performance for Nitrogenous Fertilisers - Runner-up

1997-98 - Best Production Performance in Fertiliser Industry

1995 – 96 - Best Production Performance for Nitrogenous Fertiliser Plants

1995 – 96 - Best Production Performance in Fertilizer Industry

1994 – 95 - Fair Trade Practices in the Large Manufacturer’s category

1992 – 93 - Best Production Performance for Nitrogenous Fertilisers

1992 – 93 - Second Best Production Performance in Fertiliser Industry

1991 – 92 - Second Best Overall Performance for Ammonia

1991 – 92 - Award for Second Best Production Performance in Fertiliser Industry

1991 – 92 - Second Best Production Performance in Fertilizer Industry

1990 – 91 - Best Production Performance for Nitrogenous Fertilisers

1989 – 90 - Second Best Overall Performance for Ammonia

1988 – 89 - Best Production Performance for Nitrogenous Fertilisers

1987 – 88 - Best Production Performance for Nitrogenous Fertilisers

1986 – 87 - Best Production Performance for Nitrogenous Fertilisers

PRESS RELEASE:

ZUARI AGRO CHEMICALS LIMITED AND RAS AL KHAIMAH MARITIME CITY PARTNER TO SET - UP INTEGRATED DAP MANUFACTURING FACILITY

Monday, November 19 – 2012

Zuari Agro Chemicals Limited and Ras Al Khaimah (RAK) Maritime City today signed a Memorandum of Understanding (MOU) to set up an integrated Diammonium Phosphate (DAP) manufacturing facility in the UAE

Zuari Agro Chemicals Limited, flagship of the $3bn Adventz Group of companies, is a leading fertilizer conglomerate in India. With this project, the Company is expanding its manufacturing foothold outside of India. The new facility will be based at Ras Al Khaimah ('RAK') Maritime City which has a strong track record of promoting various economic sectors and attracting foreign direct investment into Ras Al Khaimah. Alpen Capital, one of the leading investment banks in the region was instrumental in bringing the two parties together and has been mandated as the financial advisor on this project.

The project includes setting up an integrated DAP facility along with its attendant utilities to include a power plant, private jetty and desalination plant, with an estimated project cost of $800m. The facility is planned to be built over 400 acres of land in the free zone of RAK Maritime City. The DAP plant will be a single stream granulation plant with a capacity of producing 1 million tonnes of DAP per annum.

His Highness Sheikh Saud Bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, His Higness Sheikh Mohammed Bin Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah and Sheikh Ahmed bin Saqr Al Qassimi, Chairman of Ras Al Khaimah Ports and Customs Department attended the MOU signing ceremony in Ras Al Khaimah on November 18 along with officials of Zuari Agro Chemicals Limited, RAK Maritime City and Alpen Capital.

"We would like to welcome Zuari Agro Chemicals Limited as part of our commitment in attracting foreign direct investments; they are a well-known company with a solid track record in their field. They have made the right choice in choosing the UAE, in the Emirate of Ras Al Khaimah to expand their business", said Naser Bustami, Director of the Board of RAK Maritime City.

Mr. Suresh Krishnan, Managing Director, Zuari Agro Chemicals Limited said "Ras Al Khaimah today is a vibrant, international business destination and we welcome this opportunity to invest in its growth. We have been impressed by the professionalism displayed by the RAK Maritime Board and are delighted to partner it in this important venture. The project, besides further consolidating Zuari's position in the fertilizer sector and playing a key role in the Company's backward integration programme, will indeed go a long way in helping it to actively participate and grow in other global fertilizer markets. We are also confident that this investment will help focus Ras Al Khaimah as an important global manufacturing destination."

"This is a landmark transaction for Alpen Capital and we are proud to bring together Zuari Agro Chemicals and the RAK Maritime City free zone for this project. The GCC is emerging as an attractive investment destination for Indian businesses and we are seeing a lot of interest from our clientele in India. We have extensive expertise in managing cross border transactions between GCC and India and we are glad that this could add value to our clients." says Rohit Walia, Executive Vice Chairman and CEO, Alpen Capital Group.

ZUARI AGRO TO INVEST RS.44000.000 MILLIONS IN UAE FERTILISER FACILITY

Mumbai, November. 19:

Zuari Agro Chemicals has signed an agreement with Ras Al Khaimah Maritime City to set up an integrated one million tonne a year diammonium phosphate manufacturing facility in the UAE.

The project, being developed with an investment of $800 million (about Rs.44000.000 Millions), includes a power plant, private jetty and desalination plant. It is planned to be built over 400 acres in the free trade zone of RAK Maritime City.

Suresh Krishnan, Managing Director, Zuari Agro, said the project would play a key role in the backward integration programme and help tap the fast growing global fertiliser market.

Part of the $3-billion Adventz Group, Zuari has an annual installed capacity of 946,000 tonnes of fertiliser in Goa. The manufacturing facility comprises four separate plants, namely ammonia, urea, NPK A and NPK B. The plants employ the latest in pipe-reactor technology and are based on the slurry granulation process.

The project in the UAE will further strengthen the company’s manufacturing foothold outside India. Last year, the company formed a joint venture with Mitsubishi Corporation, Japan, to form a new rock phosphate manufacturing company, MCA Phosphates Pte Limited. Since then, MCA Phosphates acquired 30 per cent equity stake in Fosfatos del Pacifico of Peru for $46.12 million.

Zuari Maroc Phosphates, a joint venture with Maroc Phosphore S.A., Morocco, acquired Paradeep Phosphates (PPL). At present, the company holds 80 per cent of the equity stake in PPL.

PPL manufactures and markets complex phosphatic fertilisers and intermediary products such as phosphoric acid and sulphuric acid, which are crucial in the manufacture of phosphatic fertilisers.

It has a plant located in the port town of Paradeep in Odisha, with an installed annual capacity of 720,000 tonnes of DAP and other phosphatic fertilisers. The off-site facilities comprise a 3.4-km closed conveyor from port to plant site, a railway siding, raw material storage yards and a 3.1-km long pipe rack.

ZUARI TO SET UP $800 MILLIONS FERTILISER PLANT IN THE UAE

Monday November 19, 2012 8:31am

(Reuters) - Fertiliser maker Zuari Industries has signed a memorandum of understanding to set up an $800 million manufacturing facility in the United Arab Emirates.

The plant in Ras al Khaimah will produce one million tonnes of diammonium phosphate fertiliser a year when it comes onstream, Zuari's adviser on the deal, Alpen Capital, said in a statement on Sunday.

The plant will be Zuari's first manufacturing facility outside India.

Zauri and other Indian fertiliser manufacturers import most of their phosphate from Russia and the Middle East. Indian farms consumed about 7 million tonnes of DAP in the 2011 financial year.

UAE DAP PROJECT LEADS ZUARI AGRO TO DEBT RATING WATCH

30 November 2012 10:15 AM

Credit rating major ICRA has placed Zuari Agro Chemicals Limited (ZACL) under rating watch following latter’s announcement to set up a $ 800-million diammonium phosphate (DAP) project in United Arab Emirates ( UAE).

ICRA has placed the [ICRA]A (pronounced ICRA A) and [ICRA]A1 (pronounced ICRA A one) ratings outstanding against the Rs.43150.000 Millions bank lines and commercial paper programme of Zuari Agro Chemicals Limited (ZACL) under watch with developing implications.

ZACL, the demerged fertilizer business of erstwhile Zuari Industries Limited (ZIL), had signed a memorandum of understanding (MOU) on November 18 with Ras Al Khaimah Maritime City to set up an integrated DAP facility with a granulation capacity of 1 million tonnes per year in RAK Maritime City.

The rating agency said: “ICRA notes that the project size is significant in relation to the balance sheet size (Rs4,667 crore as on March 31, 2012) and net worth position (Rs.7850.000 Millions as on March 31, 2012) and hence will have an influence on the credit profile of the company depending on its direct exposure to the project.

ICRA will assess the impact of the project on the credit quality of ZIL once more details about the project feasibility and the means of finance for the same are made available.”

View – Downward revision of the rating may have negative impact on the company as it may increase the cost of debt for the company.

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] 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.54.48
UK Pound	1	Rs.82.72
Euro	1	Rs.71.27

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.