MIRA INFORM REPORT

Report Date :

23.11.2013

IDENTIFICATION DETAILS

Name :	SHREE PUSHKAR CHEMICALS AND FERTILISERS LIMITED
Formerly Known As :	SHREE PUSHKAR PETRO PRODUCTS LIMITED
Registered Office :	202, A, Wing Building, No.3, Rahul Mittal, Industrial Estate, Sir M.V. Road., Andheri [East], Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.03.1993
Com. Reg. No.:	11-071376
Capital Investment / Paid-up Capital :	Rs. 207.076 Millions
CIN No.: [Company Identification No.]	U24100MH1993PLC071376
TAN No.: [Tax Deduction & Collection Account No.]	MUMS47888B
PAN No.: [Permanent Account No.]	AAACS9372E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Dyes and Dyes Intermediates.
No. of Employees :	435 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1916000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Management of the company has failed to file the financial of 2013 with the government department. As per available financial, trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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	ICRA
Rating	Long term fund based limits : BB+
Rating Explanation	Moderate risk of default
Date	May 2013

Rating Agency Name	ICRA
Rating	Short term non fund based limits : A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	May 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.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mr. Dilip Shah
Designation :	General Manager in Commercial
Contact No.:	91-22-42702525
Date :	22.11.2013

LOCATIONS

Registered Office :	202, A, Wing Building, No.3, Rahul Mittal, Industrial Estate, Sir M.V. Road., Andheri [East], Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-42702525/ 28502525
Fax No.:	91-22-28504242
E-Mail :	cosec@shreepushkar.com info@shreepushkar.com g_makharia@hotmail.com
Website :	http://www.shreepushkar.com
Location :	Owned
Sales Office :	Fertilizers Division Off 308, Picasso Plaza, Above Jyoti Restaurant, Kondhawa Khund, Pune – 411048, Maharashtra, India
Tel. No.:	91-20-26833009
Factory 1 :	Acids, Dyes and Intermediates Division B 102-103, MIDC Lote Parshuram, Taluka Khed, District Ratnagiri, Maharashtra, India
Tel. No.:	91-2356-272625/ 272718
Fax No.:	91-2356-272625
Factory 2 :	Fertilizers Division D-25, MIDC Lote Parshuram, Taluka Khed, District Ratnagiri, Maharashtra, India
Tel. No.:	91-2356-272255
Fax No.:	91-2356-273255

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Gautam Gopikishan Makharia

Designation :

Managing director

Address :

C-603, Lakschandi Heights, Krishna Vatika Road, Gokuldham, Goregaon (East), Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

01.04.2011

Qualification :

B.E., MBA (Manchestor)

Date of Appointment :

29.03.1993

PAN No.:

AACPM4482C

DIN No.:

01354843

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	U24100MH1993PLC071376	SHREE PUSHKAR CHEMICALS & FERTILISERS LIMITED	Managing director	01/04/2011	29/03/1993	-	Active	NO
2	U65990MH1994PTC084089	DWARKA SECURITIES PRIVATE LIMITED	Director	26/12/1994	26/12/1994	01/04/2005	Dormant	NO
3	U23209MH1996PTC098414	MAKHARIA OVERSEAS PRIVATE LIMITED	Director	26/03/1996	26/03/1996	01/04/2005	Dormant	NO
4	U26960MH2012PTC234401	KISAN PHOSPHATES PRIVATE LIMITED	Director	13/08/2012	13/08/2012	15/10/2012	Active	NO
5	U24200MH2013PTC240127	SUPERIOR LIME PRIVATE LIMITED	Director	01/02/2013	01/02/2013	-	Active	NO

Name :

Mr. Punit Makhria

Designation :

Managing director

Address :

C-903, Lakschandi Heights, Krishna Vatika Road, Gokuldham, Goregaon (East), Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

28.04.1970

Qualification :

B.Com.

Date of Appointment :

01.04.2011

PAN No.:

AACPM4481B

DIN No.:

01430764

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	U24100MH1993PLC071376	SHREE PUSHKAR CHEMICALS & FERTILISERS LIMITED	Managing director	01/04/2011	29/03/1993	-	Active	NO
2	U74900MH2011PTC215770	INNOVATIVE INDIA OVERSEAS PRIVATE LIMITED	Director	05/04/2011	05/04/2011	02/06/2012	Active	NO

Name :

Mr. Dinesh Navnitlal Modi

Designation :

Director

Address :

B 22, Sperry Star Co-Operative Housing Society Limited, Eksar Road, Borivli (West), Mumbai – 400091, Maharashtra, India

Date of Birth/Age :

21.11.1950

Date of Appointment :

29.09.2012

DIN No.:

00004556

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	U40101MH2004PTC146486	UTILITY ENERGYTECH ENGINEERS PRIVATE LIMITED	Director	21/05/2004	21/05/2004	-	Amalgamated	NO
2	U45201MH2006PLC162603	RELIANCE INFRAVENTURES LIMITED	Director	14/06/2006	14/06/2006	30/03/2007	Amalgamated	NO
3	U65910MH2006PTC162605	NOIDA GLOBAL SEZ PRIVATE LIMITED	Director	14/06/2006	14/06/2006	27/03/2009	Active	NO
4	U74140MH2006PTC162861	RELIANCE UTILITY ENGINEERS PRIVATE LIMITED	Director	26/06/2006	26/06/2006	26/03/2009	Amalgamated	NO
5	U74140MH2006PTC162872	ZAPAK MOBILE GAMES PRIVATE LIMITED	Director	27/06/2006	27/06/2006	01/12/2008	Active	NO
6	U45201MH2006PTC162951	RELIANCE PROJECTS FINANCE PRIVATE LIMITED	Director	03/07/2006	03/07/2006	30/03/2007	Amalgamated	NO
7	U74992MH2006PTC163071	ETISALAT DB TELECOM PRIVATE LIMITED	Director	13/07/2006	13/07/2006	22/01/2007	Active	NO
8	U93090MH2006PTC165589	RELIANCE ADA GROUP TRUSTEES PRIVATE LIMITED	Director	16/11/2006	16/11/2006	29/11/2008	Active	NO
9	U85110MH2006PTC165903	RELIANCE COAL RESOURCES PRIVATE LIMITED	Director	30/11/2006	30/11/2006	17/03/2009	Active	NO
10	U74140MH2007PLC168078	GLOBAL WIND POWER LIMITED	Director	23/02/2007	23/02/2007	29/05/2009	Active	NO
11	U93091MH2007PTC168143	VIKATA ENGINEERING SERVICES PRIVATE LIMITED	Director	24/02/2007	24/02/2007	10/03/2009	Active	NO
12	U92110GJ1994PTC021446	RELIANCE EMERGING MEDIA PRIVATE LIMITED	Director	29/08/2007	14/04/2007	29/11/2008	Strike off	NO
13	U72900MH2000PTC126645	RELIANCE INTELLIGENT SOLUTIONS PROVIDER PRIVATE LIMITED	Director	25/09/2007	19/05/2007	29/11/2008	Strike off	NO
14	U40101MH2007PTC173913	SIYOM HYDRO POWER PRIVATE LIMITED	Director	07/09/2007	07/09/2007	09/07/2009	Active	NO
15	U40102MH2007PTC173907	TATO HYDRO POWER PRIVATE LIMITED	Director	07/09/2007	07/09/2007	29/09/2007	Active	NO
16	U74999UR2007PTC032472	URTHING SOBLA HYDRO POWER PRIVATE LIMITED	Director	13/09/2007	13/09/2007	29/09/2007	Active	NO
17	U40102MH2007PTC174507	KALAI POWER PRIVATE LIMITED	Director	26/09/2007	26/09/2007	09/07/2009	Active	NO
18	U67120MH1994PLC081127	EAUGU UDYOG LIMITED	Director	31/03/2008	01/01/2008	30/07/2012	Active	NO
19	U51909MH2004PTC145152	FORTUNEPOINT EXPORTS PRIVATE LIMITED	Director	15/05/2009	15/05/2009	18/05/2012	Active	NO
20	U24100MH1993PLC071376	SHREE PUSHKAR CHEMICALS & FERTILISERS LIMITED	Director	29/09/2012	20/06/2012	-	Active	NO

Name :

Nirmal Bhagirathprasad Kedia

Designation :

Director

Address :

252, Krishna Bhavan, Ground Floor, Walkehswar Road, Walkeshwar, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

01.02.1970

Qualification :

B. Com

Date of Appointment :

08.09.2010

DIN No.:

00050769

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	L45200MH1981PLC025083	KEDIA CONSTRUCTION COMPANY LIMITED	Director	16/12/1995	16/12/1995	23/10/2007	Active	NO
2	U45200MH1979PTC021090	SANJAY CONSTRUCTION AND FINANCE PRIVATE LIMITED	Director	28/09/1996	28/09/1996	02/01/2008	Active	NO
3	U28900MH1962PLC012448	NITIN CASTINGS LIMITED	Director	24/04/2010	20/10/1998	-	Active	NO
4	U45201MH1993PTC075110	PRESCON BUILDERS PRIVATE LIMITED	Director	13/03/2001	13/03/2001	-	Active	NO
5	U72900MH2001PTC134333	TURNKEY SOFTWARE PEOPLE INDIA PRIVATE LIMITED	Director	07/01/2002	07/01/2002	-	Active	NO
6	U67120MH1981PTC024494	KEDIA HOLDING PRIVATE LIMITED	Director	07/05/2009	10/07/2003	-	Active	NO
7	U70102RJ2004PTC018892	PRESCON INFRATECH PRIVATE LIMITED	Director	20/01/2004	20/01/2004	06/12/2007	Active	NO
8	U70102MH1992PTC066280	ARIEL ESTATE INVESTMENT PRIVATE LIMITED	Director	27/03/2004	27/03/2004	10/11/2008	Active	NO
9	U45201RJ2004PTC019574	PRESTIGE MINI TOWNSHIP PRIVATE LIMITED	Director	09/08/2004	09/08/2004	22/11/2007	Active	NO
10	L99999MH1974PLC017826	KIRTI INVESTMENTS LIMITED	Director	16/08/2005	16/08/2005	-	Active	NO
11	U72900MH2005PLC154842	MS IT SOLUTIONS INDIA LIMITED	Director	14/12/2005	14/12/2005	31/03/2009	Strike off	NO
12	U72200MH1997PTC109726	SANRIT SOFTWARE PRIVATE LIMITED	Director	14/12/2005	14/12/2005	18/03/2009	Active	NO
13	U72200MH2000PTC124549	NETSMART SOLUTIONS INDIA PRIVATE LIMITED	Director	14/12/2005	14/12/2005	18/03/2009	Active	NO
14	U72200TN2003PTC050939	ARROWPOINT TECHNOLOGIES PRIVATE LIMITED	Director	20/07/2006	20/07/2006	-	Active	NO
15	L65990MH1982PLC028822	NITIN ALLOYS GLOBAL LIMITED	Director	24/04/2010	27/03/2007	-	Active	NO
16	U51909MH2006PTC163459	GOLDBIZ TRADING (INDIA) PRIVATE LIMITED	Director	01/04/2007	01/04/2007	31/03/2009	Active	NO
17	U45209MH2007PTC171924	PRESCON HOMES PRIVATE LIMITED	Director	01/06/2010	22/06/2007	-	Active	NO
18	U45200MH2007PTC176327	VARUNISHA HOMES PRIVATE LIMITED	Director	10/12/2010	30/11/2007	-	Active	NO
19	U24100MH1993PLC071376	SHREE PUSHKAR CHEMICALS & FERTILISERS LIMITED	Director	08/09/2010	08/09/2010	-	Active	NO
20	U74920MH2002PTC138058	PRESCON CONSTRUCTION PRIVATE LIMITED	Director	10/06/2011	10/06/2011	-	Active	NO
21	U70100MH2012PTC234867	RAJSHILA REALTORS PRIVATE LIMITED	Director	23/08/2012	23/08/2012	-	Active	NO

Name :

Mr. Ramakant Madhav Nayak

Designation :

Director

Address :

A-11, Anand Dham, Road No. 9, Prabhat Colony, Near Hotel, Santacruz (East), Mumbai – 400055, Maharashtra, India

Date of Birth/Age :

30.06.1945

Qualification :

B.Sc. LLB. Dip. In Mkt.and Adv., CAIIB

Date of Appointment :

30.09.2011

DIN No.:

00129854

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	L65110TN1926PLC001377	LAKSHMI VILAS BANK LIMITED	Whole-time director	20/06/2005	20/06/2005	20/06/2007	Active	NO
2	U67190MH2006PTC159258	SUN CAPITAL ADVISORY SERVICES PRIVATE LIMITED	Director	30/09/2008	14/03/2008	-	Active	NO
3	U65993MH2007PTC175592	NINE RIVERS CAPITAL HOLDINGS PRIVATE LIMITED	Additional director	19/03/2008	19/03/2008	23/05/2011	Active	NO
4	L24110AP1993PLC016112	AVON ORGANICS LIMITED	Director	25/09/2010	31/10/2009	22/01/2011	Active	NO
5	L32100MH1981PLC025346	SUNTECK REALTY LIMITED	Director	27/09/2010	30/01/2010	-	Active	NO
6	L29193MH1995PLC092323	NITIN FIRE PROTECTION INDUSTRIES LIMITED	Director	21/09/2010	12/04/2010	-	Active	NO
7	U67190MH1997PLC112262	BLEND FINANCIAL SERVICES LIMITED	Director	08/09/2010	26/05/2010	19/08/2011	Active	NO
8	U92112MH2002PLC137690	MAX FLEX & IMAGING SYSTEMS LIMITED	Director	20/09/2010	20/09/2010	-	Active	NO
9	L74899MH1994PLC216417	TRC FINANCIAL SERVICES LIMITED	Director	30/09/2011	29/11/2010	-	Active	NO
10	U24100MH1993PLC071376	SHREE PUSHKAR CHEMICALS & FERTILISERS LIMITED	Director	30/09/2011	04/12/2010	-	Active	NO
11	U24231MH1993PLC150891	ARCH PHARMALABS LIMITED	Director	30/09/2011	24/01/2011	01/04/2013	Active	NO
12	U67190MH2005PTC153874	PLEXUS CAPITAL VENTURES PRIVATE LIMITED	Director	28/05/2011	28/05/2011	-	Active	NO
13	L72200MH1995PLC176087	INTELLVISIONS SOFTWARE LIMITED	Director	27/09/2011	25/08/2011	-	Active	NO
14	L51909MH1982PLC143066	PODDAR DEVELOPERS LIMITED	Additional director	19/12/2011	19/12/2011	-	Active	NO
15	U93030MH2012PTC232792	FOLKSREISE TOURS PRIVATE LIMITED	Director	02/07/2012	02/07/2012	-	Active	NO
16	L17299MH2006PLC163133	ASHAPURA INTIMATES FASHION LIMITED	Additional director	19/12/2012	19/12/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dilip Shah
Designation :	General Manager in Commercial
Name :	Ms. Vaishali Parab
Designation :	Company Secretary
Address :	Nusaya Niwas, Navghar Gaon, Bhayander [East], Mumbai, Maharashtra, India
Date of Birth/Age :	21.11.1983
Date of Appointment :	15.09.2012

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Aradhana Makharia	353446
Gautam Makharia	4328301
Bhanu Makharia	432307
Gopi Kishan Makharia	356831
Sanjay Kumar Paharia	9415
Punit Makharia	9194593
Ranjana Makharia	375692
Sudhir Kangutkar	9415
India Enterprise Development Fund, India	5647589
Total	20707589

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Venture capital	27.27
Directors or relatives of directors	72.64
Other top fifty shareholders	0.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Dyes and Dyes Intermediates.

Products/ Services :

ITC Code No.	Product Descriptions
32041219	Dyes and Dyes Intermediates

Exports :

Products :

Dyes and Dyes Intermediates

Countries :

· Far East

Europe

Imports :

Products :

Raw Material

Countries :

· China

Russia

Saudi Arabia

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Dyes and Dyes Intermediates	Metric Tone	--	108,740.00	32,449.96

GENERAL INFORMATION

No. of Employees :

435 (Approximately)

Bankers :

· State Bank of India, IFB, Andheri Branch, Mumbai, Maharashtra, India

· HDFC Bank

· Punjab National Bank

· State Bank of Patiala

· Yes Bank Limited

· Export Import Bank

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	59.336	62.552
Rupee term loans from others	5.225	1.421
Other external commercial borrowings	0.920	0.879
SHORT-TERM BORROWINGS
Term loans from banks	398.931	262.420
Total	464.412	327.272

Banking Relations :	--
Auditors :
Name :	KCPL and Associates Chartered Accountants
Address :	Nakshatra, Opposite W.E. Highway, Kandivali [East], Mumbai, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAGFC5314B

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
21,000,000	Equity Shares	Rs. 10/- each	Rs. 210.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20,707,589	Equity Shares	Rs. 10/- each	Rs. 207.076 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	207.076	202.370
(b) Reserves & Surplus	249.438	188.371
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	22.423	22.423
Total Shareholders’ Funds (1) + (2)	478.937	413.164
(3) Non-Current Liabilities
(a) long-term borrowings	82.352	65.548
(b) Deferred tax liabilities (Net)	28.160	24.992
(c) Other long term liabilities	0.750	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	111.262	90.540
(4) Current Liabilities
(a) Short term borrowings	398.931	262.420
(b) Trade payables	306.392	174.306
(c) Other current liabilities	173.136	122.713
(d) Short-term provisions	20.473	10.434
Total Current Liabilities (4)	898.932	569.873
TOTAL	1489.131	1073.577
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	499.225	341.570
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	29.134	143.832
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.510	0.510
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	6.690	6.728
(e) Other Non-current assets	3.997	2.926
Total Non-Current Assets	539.556	495.566
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	649.110	366.098
(c) Trade receivables	214.667	144.066
(d) Cash and cash equivalents	39.093	28.737
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	46.705	39.110
Total Current Assets	949.575	578.011
TOTAL	1489.131	1073.577

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		192.016
2] Share Application Money		17.923
3] Reserves & Surplus		143.381
4] (Accumulated Losses)		0.000
NETWORTH		353.320
LOAN FUNDS
1] Secured Loans		327.427
2] Unsecured Loans		1.392
TOTAL BORROWING		328.819
DEFERRED TAX LIABILITIES		16.410
TOTAL		698.547
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		141.889
Capital work-in-progress		213.371
INVESTMENT		0.510
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	292.051
	Sundry Debtors	124.033
	Cash & Bank Balances	39.111
	Other Current Assets	22.574
	Loans & Advances	15.668
Total Current Assets		493.437
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	111.610
	Other Current Liabilities	30.475
	Provisions	10.959
Total Current Liabilities		153.044
Net Current Assets		340.393
MISCELLANEOUS EXPENSES		2.384
TOTAL		698.547

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	1507.099	1311.297	1015.164
		Other Income	2.638	1.595	2.878
		TOTAL	1509.737	1312.892	1018.042
Less	EXPENSES
		Cost of materials consumed	1340.295	1181.279
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(190.080)	(62.102)
		Employee benefit expense	37.584	27.531
		Other expenses	118.785	64.681
		TOTAL	1306.584	1211.389	958.666
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		203.153	101.503	59.376
Less	FINANCIAL EXPENSES		96.224	36.072	23.562
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		106.929	65.431	35.814
Less/ Add	DEPRECIATION/ AMORTISATION		33.881	19.110	12.169
	PRIOR PERIOD ITEMS		0.478	0.158	0.000
	PROFIT BEFORE TAX		72.570	46.163	23.645
Less	TAX		19.297	18.318	7.551
	PROFIT AFTER TAX		53.273	27.845	16.094
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		99.541	71.696	55.602
	BALANCE CARRIED TO THE B/S		152.814	99.541	71.696
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of export	112.986	88.597	86.974
	Earnings Per Share (Rs.)		2.58	1.39	1.18

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.53	2.12	1.58
Net Profit Margin (PBT/Sales)	(%)	4.82	3.52	2.33
Return on Total Assets (PBT/Total Assets}	(%)	4.97	4.97	3.72
Return on Investment (ROI) (PBT/Networth)		0.15	0.11	0.07
Debt Equity Ratio (Total Debt/Networth)		1.00	0.79	0.93
Current Ratio (Current Asset/Current Liability)		1.06	1.01	3.22

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from related parties	16.871	0.696
Total	16.871	0.696

OPERATIONS:

During the year 2011-12 the Sales turnover of the company has increased to Rs.1509.737 Millions as against Rs.1312.892 Millions achieved during the last year, recording a growth of 15% on a YoY basis.

As you are aware their ongoing expansion in terms of setting up of the Acid complex along with the captive power plant & the Fertiliser division comprising of the SSP and Soil Conditioner plants have been totally completed. Whereas the 98% sulphuric Acid plant along with the 23% Oleum plant as also the Soil Conditioner plant were commissioned last year, the 65% oleum plant along with the Captive power plant was commissioned in August 2011 and the SSP plant was commissioned in October 2011. After addressing minor teething problems these plants have been operating quite satisfactorily at their rated capacities. You will be glad to know that the average capacity utilisation of the acid plant has been over 95% whereas the SSP plant has had an average utilisation of 85% over the operational period.

As they have set up a Fertiliser Marketing Division at Pune with the basic idea of being close to the rich agricultural belt of Western Maharashtra, with resident representatives at some of the key district places to provide proper market feedback as also maintain a proper liaison with the dealers, Distributors as also the end users. This has proved to be very successful and of immense help. In coordination with DSCL their marketing agents they have established as many as 112 dealers which has been of immense help not only in marketing SSP but also promote their other product namely SC which is providing reasonable support to the division. The encouraging results of the marketing setup they have gone ahead with strengthening of the setup by recruiting additional field officers at a few more key locations.

FUTURE OUTLOOK:

In addition to the Acid complex providing great mileage in terms of lower production costs their Fertiliser Division has proved to be a great boon to the company. Not only have the products received good acceptance from the market, but also on account of SSP being inducted in the NBS policy by the Government the product has been finding more popularity vis-à-vis demand from the farmer community at large. They have already taken up the expansion of the SSP plant from the existing 45,000 MTA to 1,00,000 MTA, which is being implemented in 2 stances. The 1st stance of upgrading from 45,000 MTA to 70,000 MTA has already been initiated and the same is proposed to be commissioned by January 2013, whereas the 2nd stance from 70,000 TPA to 1,00,000 TPA involving modification of the existing curing shed and installing automated heavy duty material handling system which is proposed to be commissioned by September 2013. In addition a 300 TPD granulation plant is being setup in line with the emerging government policy of doing away with sale of powder SSP and instead making available only granular SSP.

As regards their Dye intermediate division they may share with you that certain modernization is under implementation at the H-Acid plant which would result in better yields and shorter manufacturing cycle resulting in increase in the overall capacity of the plant by around 360 MTA.

As regards DCP their Cattle feed vertical, they are in the process of inducing automation in the whole process which again would cut down the time cycle leading to increase in the capacity by about 900 TPA.

All these expansions and modifications are being financed by way of internal accruals & term loan assistance from their bankers.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24100MH1993PLC071376
Name of the company	SHREE PUSHKAR CHEMICALS AND FERTILISERS LIMITED
Address of the registered office or of the principal place of business in India of the company	202, A, Wing Building, No.3, Rahul Mittal, Industrial Estate, Sir M.V. Road., Andheri [East], Mumbai – 400059, Maharashtra, India Email: cosec@shreepushkar.com
This form is for	Modification of charge
Charge identification number of the modified	90366219
Type of charge	Book debts Movable property (not being pledge) Others [Plant and Machinery, Furniture & Fixtures, Stocks]
Particular of charge holder	State Bank of India, IFB, Natraj Building, 102, 1st Floor, 194, Sir M V Road Western Express Highway, Andheri (East), Mumbai – 400069, Maharashtra, India Email: shahbaz.zafar@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Seventh Supplemental Joint Deed of Hypothecation. Seventh Supplemental Inter Se Agreement of Banks.
Date of instrument Creating the charge	28.12.2012
Amount secured by the charge	Rs. 798.200 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 3.50% above Base Rate (Subject to Revision from time to time) Terms of Repayment Repayment on Demands for Banks Margin For Working Capital - Raw Materials - 25%, Stock in process - 25%, Finished Goods - 25%, Book Debts/receivables (90 days) - 50%. Extent and Operation of the charge State Bank of Travancore Bank has been included in the Consortium. The said SBI Consortium has been reconstituted which comprise of SBI, Yes bank Limited, Export Import Bank of India and State Bank of Travancore for Rs. 798.200 Millions. Security to cover principal amount together with interest, costs, charges and expenses etc. Others SBI - Rs. 488.200 Millions, Yes Bank Limited - Rs. 10.000 Millions, EXIM Bank - Rs. 150.000 Millions, State Bank of Travancore - Rs. 150.000 Millions, Total - Rs. 798.200 Millions. All other terms and conditions as per all the Banks sanctioned letter and loan agreement.
Short particulars of the property charged	The whole of the current assets of the borrower namely Stocks of Raw Materials, Stocks in process, Semi Finished and Finished Goods, Stores and Spares not relating to Plant and Machinery (Consumable Stores and Spares) Bills Receivable and Book Debts and all other movables. both present and future whether now lying loose or in cases or which are now lying or stores in or about or shall hereinafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about the Borrower's factories, premises and godowns situated at B-102, B-103 and D-25, MIDC Lote Parshuram, Taluka Khed, District Ratnagiri in the State of Maharashtra or wherever else the same may be or be held any party to the order or disposition of the Borrower or in the course of transit or on high seas or on order or delivery, howsoever and wheresoever in the possession of the borrower and either by way of substitution or addition. Also second charge on pari passu basis for the Working Capital facilities granted by the SBI Consortium on the entire movable fixed assets including plant and machinery of the borrower located at B-102, B-103 and D-25, MIDC, Lote Parshuram, Taluka Khed, District Ratnagiri.
Date of Modification	29.11.2012
Particulars of the present modification	Now By this present and Modification State Bank of Travancore Bank has been included in the Consortium. The said SBI Consortium has been reconstituted which comprise of SBI, Yes Bank Limited, Export Import Bank of India and State Bank of Travancore for Rs. 798.200 Millions.

CONTINGENT LIABILITIES [AS ON 31.03.2012]:

1. Corporate Guarantee aggregating to Rs. 51.100 Millions (P.Y. Rs.51.100 Millions) against housing loans taken by the Directors of the company.

2. Bank Guarantee of Rs. 30.101 Millions (.P.Y. Rs.4.950 Millions) to suppliers of goods and electricity board.

FIXED ASSETS:

· Land

· Buildings

· Factory building

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

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] Reord 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. 63.02
UK Pound	1	Rs. 102.04
Euro	1	Rs. 84.92

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

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

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

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

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

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.