MIRA INFORM REPORT

Report Date :

27.11.2013

IDENTIFICATION DETAILS

Name :	AGROCEL INDUSTRIES LIMITED (w.e.f 23.02.1999)
Formerly Known As :	AGROCEL PESTICIDES LIMITED
Registered Office :	4^th Floor, Doctor House, Lotus Colony, Opposite General Hospital, Bhuj-Kutch, Bhuj-370001, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.01.1985
Com. Reg. No.:	04-007569
Capital Investment / Paid-up Capital :	Rs.40.000 Millions
CIN No.: [Company Identification No.]	U24210GJ1985PLC007569
IEC No.:	2088000739
TAN No.: [Tax Deduction & Collection Account No.]	RKTA01170B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Bromine–based speciality and fine chemicals.
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 2000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of the “Excel group of companies” promoted by the shroff family. It is a well-established and reputed company having satisfactory track. The net profitability of the company has seen a better increase during 2013. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

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

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

INDIAN ECONOMIC OVERVIEW

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

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

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

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based: BB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	April 2013

Rating Agency Name	ICRA
Rating	Short term non fund based limits: A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	April 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office :	4^th Floor, Doctor House, Lotus Colony, Opposite General Hospital, Bhuj-Kutch, Bhuj-370001, Gujarat, India
Tel. No.:	91-2832-253429
Fax No.:	91-2832-251429
E-Mail :	agrocel@hotmail.com rituraj@agrocel.net agrocel@bcm8.vsnl.net.in agrocelho@rediffmail.com jrdraval@gmail.com
Website :	www.agrocel.co.in
Area :	3000 sq. ft (Owned)
Corporate/ Marketing Office :	Plot No. B5, Gaiwadi Industrial Estate, S. V. Road, Goregaon (West), Mumbai -400 062, Maharashtra, India
Tel. No.:	91-22-28721862/28766032
Fax No.:	91-22-28766032
E-Mail :	info@agrocel.net
Area :	2000 sq. ft. (Rented)
Corporate Office 2 :	Plot No. 13, 2^nd Floor Aradhana Industrial Development Corporation, Near Virwani Industrial Estate, Goregaon East, Mumbai-400063, Maharashtra, India
Tel. No.:	91-22-28721862/28761612
Fax No.:	91-22-28766032
E-Mail :	info@agrocel.net infosd@agrocel.net
Factory 1 :	Koday Char Rasta, Koday Mandvi, Kachchh-370460, Gujarat, India
Tel. No.:	91-2834-295486/295448
Fax No.:	91-2834-275423/223838
Email :	infosd@agrocel.net
Factory 2 :	Near P.C.V Mehta High School, Lotus Colony, Bhuj, Kachchh-370001, Gujarat, India
Tel. No.:	91-2832-253429/222429
Fax No.:	91-2832-251429
Email :	info@agrocel.net

DIRECTORS

As on 30.09.2013

Name :

Mr. Prafulbhai Manilal Saraya

Designation :

Chairmen

Address :

4, View Villa, 425, Sharaddhanand Road, Matunga (C.R.) Mumbai 400019, Maharashtra, India

Date of Birth/Age :

08.12.1947

Qualification:

B E Mech

Date of Appointment :

16.01.1985

DIN No.:

00015264

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	U29259GJ1970PLC001800	SHROFFS ENGINEERING LIMITED	Managing director	01/04/2013	24/04/1982	-	Active	NO
2	U24210GJ1985PLC007569	AGROCEL INDUSTRIES LIMITED	Director	16/01/1985	16/01/1985	-	Active	NO
3	U65990MH1985PTC035868	MADISON INVESTMENTS PRIVATE LIMITED	Director	06/04/1985	06/04/1985	05/10/2011	Active	NO
4	U24231GJ1987PLC009324	PARUL CHEMICALS LIMITED	Director	28/03/2009	19/01/1987	03/12/2010	Amalgamated	NO
5	U65990MH1993PTC070436	PRAKHYATI INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	19/01/1993	19/01/1993	-	Active	NO
6	U74120GJ1989PLC012329	TML INDUSTRIES LIMITED	Director	26/09/1998	26/09/1998	-	Active	NO
7	U29120GJ2002PLC040768	SJ CLEARWATER PUMPS LIMITED	Director	25/04/2004	25/04/2004	-	Amalgamated	NO
8	U02412GJ2006PLC049495	EXCEL GENETICS LIMITED	Director	30/11/2006	30/11/2006	14/12/2009	Active	NO
9	U29219GJ2013PTC076653	PLUGA PUMPS AND MOTORS PRIVATE LIMITED	Director	30/08/2013	30/08/2013	-	Active	NO

Name :

Mrs. Usha Ashwin Shroff

Designation :

Directors

Address :

B – 15, Vasanta Theosophical Society, Juhu Road, Juhu, Mumbai 400049, Maharashtra, India

Date of Birth/Age :

28.03.1947

Qualification:

M COM

Date of Appointment :

26.06.1996

DIN No.:

00020519

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	U24100MH1971PLC015364	ANSHUL SPECIALTY MOLECULES LIMITED	Director	24/11/1979	24/11/1979	-	Active	NO
2	U65910MH1980PTC022574	UTKARSH GLOBAL HOLDINGS PRIVATE LIMITED	Director	01/05/1980	01/05/1980	-	Active	NO
3	U65990MH1984PTC033172	BRIHAT INVESTMENT PRIVATE LIMITED	Director	18/06/1984	18/06/1984	-	Active	NO
4	U67120MH1984PTC033533	HARIJASH INVESTMENTS PRIVATE LIMITED	Director	24/07/1984	24/07/1984	-	Active	NO
5	U65990MH1983PLC030597	KAMALJYOT INVESTMENTS LIMITED	Director	01/02/1991	01/02/1991	-	Active	NO
6	U24230MH1991PLC063555	DIVAKAR TECHNO SPECIALITIES AND CHEMICALS LIMITED	Director	10/10/1991	10/10/1991	-	Active	NO
7	U74120GJ1989PLC012329	TML INDUSTRIES LIMITED	Director	16/07/1992	16/07/1992	-	Active	NO
8	U24210GJ1985PLC007569	AGROCEL INDUSTRIES LIMITED	Director	26/06/1996	26/06/1996	-	Active	NO
9	L24200MH1960PLC011807	EXCEL INDUSTRIES LIMITED	Whole-time director	22/01/2013	13/09/2000	-	Active	NO
10	U24110MH1995PLC092429	GOOD RASAYAN LIMITED	Director	20/10/2001	20/10/2001	-	Active	NO
11	U01403MH2007PLC176907	EXCEL BIO RESOURCES LIMITED	Director	18/12/2007	18/12/2007	-	Active	NO

Name :

Mr. Jagdish Ramanlal Naik

Designation :

Directors

Address :

6 , Padma , S. V. Road Vile Parle (West ) Mumbai 400056, Maharashtra, India

Date of Birth/Age :

23.09.1958

Qualification:

FCA

Date of Appointment :

26.06.1996

DIN No.:

00030172

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	L26914MH1987PLC042283	ACRYSIL LIMITED	Director	29/03/1989	29/03/1989	-	Active	NO
2	L24231CH1975PLC003603	PUNJAB CHEMICALS AND CROP PROTECTION LIMITED	Director	26/03/1994	26/03/1994	30/04/2013	Active	NO
3	U24230MH1991PLC063555	DIVAKAR TECHNO SPECIALITIES & CHEMICALS LIMITED	Director	24/08/1994	24/08/1994	-	Active	NO
4	U65910MH1980PTC022574	UTKARSH GLOBAL HOLDINGS PRIVATE LIMITED	Director	02/05/1995	02/05/1995	-	Active	NO
5	U24210GJ1985PLC007569	AGROCEL INDUSTRIES LIMITED	Director	26/06/1996	26/06/1996	-	Active	NO
6	U24110MH1995PLC092429	GOOD RASAYAN LIMITED	Director	05/07/1999	05/07/1999	-	Active	NO
7	L74999MH1964PLC012878	EXCEL CROP CARE LTD	Director	01/02/2003	01/02/2003	-	Active	NO
8	U01110GJ2005PLC047254	KUTCH CROP SERVICES LIMITED	Director	12/07/2006	12/07/2006	-	Active	NO
9	U24100MH1971PLC015364	ANSHUL SPECIALTY MOLECULES LIMITED	Director	21/07/2006	21/07/2006	-	Active	NO
10	U65993MH2006PLC164038	ECCL INVESTMENTS AND FINANCE LIMITED	Director	24/08/2006	24/08/2006	-	Active	NO
11	U01407MH2008NPL181505	DEVELOPMENTAL AND ECO-FRIENDLY ENTERPRISES	Director	24/04/2008	24/04/2008	15/06/2009	Active	NO
12	U02412GJ2006PLC049495	EXCEL GENETICS LIMITED	Director	19/07/2010	24/09/2009	-	Active	NO
13	U28910MH2010PLC202493	ACRYSIL STEEL LIMITED	Director	28/04/2010	28/04/2010	-	Active	NO
14	U26960MH2011PTC212405	ACRYSIL QUARTZ PRIVATE LIMITED	Director	17/01/2011	17/01/2011	-	Active	NO
15	U51101MH2013PLC241702	ACRYSIL APPLIANCES LIMITED	Director	04/04/2013	04/04/2013	-	Active	NO

Name :

Mr. Dipesh Kantisen Shorff

Designation :

Managing director

Address :

Sanket, 39 Hatkesh Society, 6^th N.S. Road, JVPD Scheme, Vile Parle (West ) Mumbai 400056, Maharashtra, India

Date of Birth/Age :

03.02.1960

Qualification:

Diploma in Civil Engineering

Date of Appointment :

01.08.2012

DIN No.:

00030792

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	U33152MH1984PTC033152	SHRODIP INVESTMENTS PRIVATE LIMITED	Director	18/04/1986	18/04/1986	-	Active	NO
2	U65990MH1984PTC033148	DIPKANTI INVESTMENTS AND FINANCING PRIVATE LIMITED	Director	18/04/1986	18/04/1986	-	Active	NO
3	U65990MH1983PLC030597	KAMALJYOT INVESTMENTS LIMITED	Director	01/02/1991	01/02/1991	04/06/2008	Active	NO
4	U25209GJ1994PTC022542	DEVNIDHI PLASTICS PRIVATE LIMITED	Director	28/05/1995	28/05/1995	-	Active	NO
5	U24210GJ1985PLC007569	AGROCEL INDUSTRIES LIMITED	Managing director	01/08/2012	26/06/1996	-	Active	NO
6	L23205GJ1965PLC001343	TRANSPEK INDUSTRY LIMITED	Director	27/03/2001	27/03/2001	-	Active	NO
7	U24231GJ1987PLC009324	PARUL CHEMICALS LIMITED	Director	01/12/2001	01/12/2001	14/12/2009	Amalgamated	NO
8	L74999MH1964PLC012878	EXCEL CROP CARE LIMITED	Managing director	01/09/2013	01/09/2003	-	Active	NO
9	L24200MH1960PLC011807	EXCEL INDUSTRIES LIMITED	Director	03/09/2003	03/09/2003	-	Active	NO
10	U67120MH2003PTC034259	PRITAMI INVESTMENTS PRIVATE LIMITED	Director	15/09/2003	15/09/2003	-	Active	NO
11	U24239AP1990PTC011356	HYDERABAD CHEMICALS PRODUCTS PRIVATE LIMITED	Director	21/11/2003	21/11/2003	-	Active	NO
12	U24230AP1954PLC000736	HYDERABAD CHEMICALS LIMITED	Director	21/11/2003	21/11/2003	-	Active	NO
13	U01110GJ2005PLC047254	KUTCH CROP SERVICES LIMITED	Director	12/12/2005	12/12/2005	-	Active	NO
14	L24210MH1987PLC044362	AIMCO PESTICIDES LIMITED	Director	26/04/2006	26/04/2006	31/07/2007	Active	NO
15	U74120GJ1989PLC012329	TML INDUSTRIES LIMITED	Director	15/11/2007	20/06/2007	-	Active	NO
16	U29259GJ1970PLC001800	SHROFFS ENGINEERING LIMITED	Director	26/06/2007	26/06/2007	-	Active	NO
17	U01403MH2007PLC176907	EXCEL BIO RESOURCES LIMITED	Director	18/12/2007	18/12/2007	-	Active	NO
18	U01135GJ1996PLC030102	OASIS AGRITECH LIMITED	Director	10/11/2008	07/01/2008	-	Active	NO
19	U91990GJ2008NPL053876	FEDERATION OF KUTCH INDUSTRIES ASSOCIATION	Director	16/01/2009	16/01/2009	-	Active	NO
20	U01112AP2009PLC063224	NEO SEEDS INDIA LIMITED	Director	31/03/2009	31/03/2009	-	Active	NO
21	U65993MH2006PLC164038	ECCL INVESTMENTS AND FINANCE LIMITED	Additional director	26/09/2013	26/09/2013	-	Active	NO

Name :

Mr. Vinayak Bhajibhai Buch IAS

Designation :

Director

Address :

‘Jhankar ‘ Plot No. 139, Sector No 8 , Gandhinagar 3822043

Date of Birth/Age :

21.02.1940

Qualification:

IAS

Date of Appointment :

26.03.1998

DIN No.:

00042754

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	U24299GJ1980PLC003929	GUJARAT INSECTICIDE LIMITED	Director	24/12/1997	24/12/1997	02/07/2007	Active	NO
2	U24210GJ1985PLC007569	AGROCEL INDUSTRIES LIMITED	Director	25/03/1998	25/03/1998	-	Active	NO
3	L27310GJ1972PLC002033	STEEL CAST LIMITED	Director	19/08/2000	19/08/2000	-	Active	NO
4	L51900GJ1980PLC065554	SHAILY ENGINEERING PLASTICS LIMITED	Director	29/11/2003	29/11/2003	19/09/2008	Active	NO
5	L74999MH1964PLC012878	EXCEL CROP CARE LTD	Director	25/01/2006	25/01/2006	-	Active	NO

Name :

Dr. Rajendra Prahlad Choudhari

Designation :

Directors

Address :

41 / B, Sukhada CHS., 4^th Floor, Pandurang wadi, 4^th Road, Goregaon (East) Mumbai 400063, Maharashtra, India

Date of Birth/Age :

23.11.1959

Qualification:

MSC, PHD, PDF, DIRM

Date of Appointment :

26.12.2002

DIN No.:

01018515

Name :

Mr. Chaitanya Dipesh Shroff

Designation :

Director

Date of Birth/Age :

07.02.1984

Date of Appointment :

05.09.2013

DIN No.:

06685888

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	U24210GJ1985PLC007569	AGROCEL INDUSTRIES LIMITED	Director	30/09/2013	05/09/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Janakrai Dhanwamtrai Raval
Designation :	Company Secretary
Date of Appointment :	28.08.2000
PAN No.:	ACHPR7418Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

SHAREHOLDING DETAIL FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	33.00
Directors or relatives of Directors	59.00
Other top fifty shareholders	8.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Bromine–based speciality and fine chemicals.

Products :

Item Code No.	Product Description
28013020	Bromine and Bromine Compound

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	0.730	8.300
Short-term borrowings
Rupee term loans from banks	146.993	107.186
Total	147.723	115.486

Banking Relations :	--
Auditors :
Name :	Madhusudan C Mashruwala and Company Chartered Accountants
Address :	Akik, 301-303, Opposite Lions Hall, Six Road, Mithakhali, Ellisbridge, Ahmedabad-380006, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABFPM4070N
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Excel Crop Care Limited, India CIN: L74999MH1964PLC012878 · Excel Industries Limited, India CIN: L24200MH1960PLC011807 · CC Shroff Research Institute, India · Shrujan, India · Shroff Foundation Trust, India

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.100/- each	Rs. 60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs. 40.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	40.000	40.000	40.000
(b) Reserves & Surplus	457.980	315.250	202.087
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	497.980	355.250	242.087
(3) Non-Current Liabilities
(a) long-term borrowings	68.320	44.385	62.041
(b) Deferred tax liabilities (Net)	62.442	44.552	40.570
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.844	4.188	3.335
Total Non-current Liabilities (3)	135.606	93.125	105.946
(4) Current Liabilities
(a) Short term borrowings	161.993	112.238	148.699
(b) Trade payables	176.266	129.691	124.467
(c) Other current liabilities	103.083	111.500	110.298
(d) Short-term provisions	37.690	37.596	52.957
Total Current Liabilities (4)	479.032	391.025	436.421
TOTAL	1112.618	839.400	784.454
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	518.743	318.910	309.635
(ii) Intangible Assets	0.909	0.739	0.846
(iii) Capital work-in-progress	25.905	50.100	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	71.339	36.761	32.679
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	15.717	7.551	12.153
(e) Other Non-current assets	0.000	0.000	0.174
Total Non-Current Assets	632.613	414.061	355.487
(2) Current assets
(a) Current investments	0.000	1.781	15.269
(b) Inventories	120.605	167.944	204.207
(c) Trade receivables	234.141	134.158	141.097
(d) Cash and cash equivalents	44.609	35.359	37.826
(e) Short-term loans and advances	79.406	84.901	29.815
(f) Other current assets	1.244	1.196	0.753
Total Current Assets	480.005	425.339	428.967
TOTAL	1112.618	839.400	784.454

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1573.920	1617.151	1187.063
		Other Income	47.097	5.158	1.820
		TOTAL (A)	1621.017	1622.309	1188.883
Less	EXPENSES
		Cost of materials consumed	341.817	551.952	441.277
		Purchases of stock-in-trade	351.227	390.484	228.448
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	47.336	7.016	(48.805)
		Employee benefit expense	137.410	113.458	93.942
		Other expenses	413.569	289.009	238.571
		TOTAL (B)	1291.359	1351.919	953.433
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		329.658	270.390	235.450
Less	FINANCIAL EXPENSES (D)		25.948	19.619	24.561
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		303.710	250.771	210.889
Less/ Add	DEPRECIATION/ AMORTISATION (F)		32.464	25.735	23.725
	PROFIT BEFORE TAX (E-F) (G)		271.246	225.036	187.164
Less	TAX (H)		91.077	74.683	62.411
	PROFIT AFTER TAX (G-H) (I)		180.169	150.353	124.753
	Earnings Per Share (Rs.)		450.00	376.00	312.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	11.11	7.27	10.49
Net Profit Margin (PBT/Sales)	(%)	17.23	13.92	15.77
Return on Total Assets (PBT/Total Assets}	(%)	26.71	29.90	24.90
Return on Investment (ROI) (PBT/Networth)		0.54	0.63	0.77
Debt Equity Ratio (Total Debt /Networth)		0.46	0.44	0.87
Current Ratio (Current Asset/Current Liability)		1.00	1.09	0.98

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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

OPERATIONS:

The Company has achieved an income of Rs.1621.017 Millions compared to Rs.1622.309 Millions in the preceding year showing a nominal decrease of 0.08% over previous year. The Company achieved exports of ` 186.15 lakhs compared to `335.80 lakhs during the previous year, a decrease of 44%.

Revenue from operations of Marine Chemicals Division increased by around 11% and for Agri Service Division; reduced by around 25%.The Company has achieved profit before tax of ` 2712.46 lakhs as compared to profit of ` 2250.36 lakhs in the previous year showing an increase of around 21%. Improvement in the profitability is mainly attributed to increase in sales volume of Bromine and other Bromine compounds during the year.

The Agri Service Division of The Company continues to render services to farmers through capacity building, knowledge and skill transfer in sustainable agriculture. It has contributed to improving farmer’s profitability by improving soil health, reducing cultivation costs and to improve their price realisation through purchase of output. As a programme implementation partner of Solidaridad under the Better Cotton Initiative (BCI) the division is directly training 2550 farmers in Gujarat for cultivating better cotton. The Agri Service Division has also been an implementing partner of various subsidy schemes under the Central and State Government benefiting thousands of farmers.

NEW PROJECTS AND ACTIVITIES:

The Company has undertaken projects relating to the expansion of capacity for manufacture of Bromine and HBr and installation of 6 TPH FBC Boiler which are commissioned during the year. The Company continues to develop value-added products based on Bromine.

The Agri Service Division has been installing and servicing micro irrigation systems of Netafim in Kutch District of Gujarat and thereby helping water conservation efforts while promoting irrigation. The Division has undertaken an ambitious plan to significantly increase the area under drip irrigation in the coming years. Realising the fact the Kutch is evolving as a horticulture hub, the Division has initiated an activity to sell a range of fruits grown in Kutch including Kesar Mangoes, Dates and Pomegranates. As regards the non-food crops the Division is focusing on Sunflower as an important crop for sale as output.

At the Ginning facility in Dhrangadhra the Agri Service Division significantly improved the infrastructure facilities and engaged the services of International Resources of Fair Trade (IRFT) to conduct a human dignity workshop which encouraged people to maintain high standards of personal hygiene at their living quarters and promote decent living.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Deposits	67.590	36.085
Short-term borrowings
Deposits	15.000	5.052
Total	82.590	41.137

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10424824	30/03/2013	25,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA - 400018, INDIA	B74808742
2	10387426	23/10/2012	1,300,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	B62324504
3	10247193	13/10/2010	386,720.00	KOTAK MAHINDRA PRIME LIMITED	36-38A NARIMAN BHAVAN,, 227, NARIMAN POINT,, MUMB AI, MAHARASHTRA - 400021, INDIA	A97523799
4	10239185	16/07/2010	650,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	A93935385
5	10104650	14/10/2010 *	103,936,000.00	BANK OF BARODA MAIN BRANCH	STATION ROAD, BHUJ, GUJARAT - 370001, INDIA	A97455042
6	80004243	25/03/2013 *	107,500,000.00	BANK OF INDIA	BHUJ BRANCH, SHREE SWAMINARAYAN COMMERCE COMPLEX, BHUJ, GUJARAT - 370001, INDIA	B72941917
7	80045343	29/09/2010 *	103,936,000.00	BANK OF BARODA MAIN BRANCH	STATION ROAD, BHUJ, GUJARAT - 370001, INDIA	A97454797

* Date of charge modification

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

Intangible assets

· Brands and trade marks

· Trade marks

· Computer software

· Patents

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.62.45
UK Pound	1	Rs.100.86
Euro	1	Rs.84.50

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		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.