1. Summary Information

		Country	India
Company Name	NAGARJUNA FERTILIZERS AND CHEMICALS LIMITED	Principal Name 1	Mr. K. S. Raju
Status	Moderate	Principal Name 2	Mr. K. Rahul Raju
		Registration #	01-076238
Street Address	D. No. 8-2-248, Nagarjuna Hills, Punjagutta, Hyderabad – 500082, Andhra Pradesh, India
Established Date	07.11.2006	SIC Code	--
Telephone#	91-40-23357200	Business Style 1	Manufacturer
Fax #	91-40-23354788	Business Style 2	Supplier
Homepage	www.nagarjunafertilizers.com	Product Name 1	Plant Nutrients
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.598,065,000/-	Product Name 3	--
Shareholders	Promoter Holding – (51.37%) Non Promoting Holding – (48.63%)	Banking	State Bank of India
Public Limited Corp.	No	Business Period	8 Years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	B (31)
Related Company
Relation	Country	Company Name	CEO
Associates	--	IKisan Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	28,318,730,000	Current Liabilities	7,866,277,000
Inventories	2,433,100,000	Long-term Liabilities	28,582,023,000
Fixed Assets	31,059,838,000	Other Liabilities	3,005,,545,000
Deferred Assets	0,000	Total Liabilities	39,453,845,000
Invest& other Assets	742,717,000	Retained Earnings	22,502,475,000
		Net Worth	23,100,540,000
Total Assets	62,554,385,000	Total Liab. & Equity	62,554,385,000
Total Assets (Previous Year)	55,574,289,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	54,846,167,000	Net Profit	810,587,000
Sales(Previous yr)	49,922,799,000	Net Profit(Prev.yr)	1,359,555,000

MIRA INFORM REPORT

Report Date :

09.04.2014

IDENTIFICATION DETAILS

Name :	NAGARJUNA FERTILIZERS AND CHEMICALS LIMITED
Registered Office :	D. No. 8-2-248, Nagarjuna Hills, Punjagutta, Hyderabad – 500082, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	07.11.2006
Com. Reg. No.:	01-076238
Capital Investment / Paid-up Capital :	Rs.598.065 Millions
CIN No.: [Company Identification No.]	U24129AP2006PLC076238
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Supplier of Plant Nutrients.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 92000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track. The company possesses a moderate financial profile marked by adequate networth base, whereas has reported working capital intensive operations resulting an increase in borrowing. Furthermore, the company has witnessed a drastic dip in its profitability during 2013. Management has improved its liquidity position with reimbursement of substantial amount of outstanding fertilizer subsidy dues from the Government of India thereby regularization of debt servicing and filling a proposed plan of exit from corporate debt restructuring. The rating also take into consideration the exposure to foreign exchange fluctuation risk in trading operations. However, trade relations seems to be fair. Business is active. Payment terms are reported as slow but correct. In view of established track of the company, the subject can be considered for business dealings with some caution.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank Facilities = C
Rating Explanation	Very high risk of default regarding timely servicing of financial obligations
Date	04.04.2014

Rating Agency Name	CARE
Rating	Short term Bank Facilities = A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	04.04.2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED

Management Non-Cooperative (Tel No.: 91-40-23357200 / 23356418)

LOCATIONS

Registered Office/ Corporate Office :	D. No. 8-2-248, Nagarjuna Hills, Punjagutta, Hyderabad – 500082, Andhra Pradesh, India
Tel. No.:	91-40-23357200/ 23357204/ 23356414/ 23356418
Fax No.:	91-40-23354788
E-Mail :	ramakanthm@nagarjunagroup.com prcc@nagarjunagroup.com
Website :	www.nagarjunafertilizers.com
Factory 1 :	Kakinada East, Godavari District – 533003, Andhra Pradesh, India
Tel. No.:	91-884-2360390 / 2360391
Fax No.:	91-884-2362084 / 23675020
E-Mail :	prcc@nagarjunagroup.com
Factory 2 :	Micro Division Unit, Plot No. P-10/1, IDA, Nachram, Hyderabad, Andhra Pradesh, India
Factory 3 :	Sadashivpet Mandal, Medak District, Andhra Pradesh, India
Factory 4 :	Halol, Panchmahal District, Gujarat, India
Factory 5 :	Nandi Kandi, Safasivepeth, Andhra Pradesh, India
Factory 6 :	Ikisan Limited, Halol, baroda, Gujarat, India
Marketing Office :	A/612, Dalamal Tower, 211, Nariman Point Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-26163195

DIRECTORS

As on 31.03.2013

Name :	Mr. K.S. Raju
Designation :	Chairman
Date of Birth/Age :	29.06.1950
Qualification:	B.E
Name :	Mr. K. Rahul Raju
Designation :	Managing Director
Date of Birth/Age :	31.08.1976
Qualification:	B.Com. (Hons.)
Name :	Mr. Chandra Pal Singh Yadav
Designation :	Nominee Director of KRIBHCO
Date of Birth/Age :	19.03.1959
Qualification:	M.Sc. B.Ed., L.L.B
Name :	Mr. M.P. Radhkrishnan
Designation :	Nominee Director of SBI
Name :	Dr. N.C.B. Nath
Designation :	Director
Date of Birth/Age :	17.02.1930
Qualification:	Ph. D (Economics), L.L.B
Name :	Mr. S.P. Arora
Designation :	Nominee Director of IFCI
Name :	Mr. S.R. Ramakrishnan
Designation :	Director
Date of Birth/Age :	04.02.1935
Qualification:	B.E. (Mech.)
Name :	Mr. Yogesh Rastogi
Designation :	Nominee Director of ICICI Bank Limited
Name :	Medha Joshi
Designation :	Nominee Director of IDBI Bank

KEY EXECUTIVES

Name :	M Ramakanth
Designation :	Secretary
Name :	Ms. Tulsi
Designation :	Officer Assistant

SHAREHOLDING PATTERN

As on 31.03.2012

Names of Shareholders	No. of Shares	Percentage of Holding
1. A. Promoter’s Holding
Indian Promoters	294033260	49.16%
Foreign Promoters	13200000	2.21%
2. Persons acting in Concert #
Sub -Total	307233260	51.37%
B. Non–Promoters Holding
3. Institutional Investors
a. Mutual Funds and UTI	1173425	0.20%
b. Banks, Financial Institutions, Insurance Companies (Central / State Govt. Institutions / Non-Government Institutions)	8933409	1.49%
c. Foreign Institutional Investors	10082944	1.69%
Sub -Total	20189778	3.38%
4. Others
a. Private Corporate Bodies	66154931	11.06%
b. Indian Public	172819586	28.90%
c. NRIs / OCBs	5776991	0.97%
d. Any other (please specify)	25890457	4.33%
Sub -Total	270641965	45.25%
GRAND TOTAL	598065003	100.00%

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Plant Nutrients.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Ammonia #	MT / Day	2100	942487.00
Urea #	MT / Day	3620	1655042.00
Extruded Irrigation Systems and parts thereof	Lakh Mtrs / Annum	874	1094.83
PVC pipes	MT / Annum	5467	40.10
Wind Energy	KWH	--	2192004

Note:

* Licenced Capacity is not applicable in terms of Government of India Notification No. S.0.477 (E) dated 25th July, 1991. Registered pursuant to the scheme of delicensing.

@ As certified by the Management and relied upon by the Auditors being a technical matter.

# Re-assessed capacity by Government of India.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

• State Bank of India
• UCO Bank
• ICICI Bank Limited
• IDBI Bank Limited

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
1,53,30,000 15% Redeemable Non-convertible Debentures of Rs.100 each	565.661	859.805
30,00,000 14.5% Redeemable Non-convertible Debentures of Rs.100 each	75.000	114.000
80,00,000 15 % Redeemable Non-convertible Debentures of Rs.100 each	64.537	102.673
25,00,000 15 % Redeemable Non-convertible Debentures of Rs.100 each	55.000	87.500
30,00,000 13.25% Redeemable Non-convertible Debentures of Rs.100 each	75.000	114.000
Term Loans
From Banks
In Rupees	1225.459	2111.454
In Foreign Currency	679.442	823.312
From Others
In Rupees	267.477	420.767
Short Term Borrowings
Loans repayable on demand
From Banks
In Rupees - Cash Credit	7107.740	875.370
In Foreign Currency - Suppliers / Buyers Credit	18014.485	13526.088
Total	28129.801	19034.969

Banking Relations :	--
Auditors :
Name :	M Bhaskara Rao and Company Chartered Accountants
Address :	Hyderabad – 500082, Andhra Pradesh, India
Subsidiaries :	Jaiprakash Engineering and Steel Company Limited Nagarjuna Mauritius Private Limited
Step down Subsidiaries :	Nagarjuna East Africa Limited (Subsidiary of Nagarjuna Mauritius Private Limited)
Associates :	IKisan Limited Nagarjuna Foundation Nagarjuna Agriculture Research and Development Institute

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6210000000	Equity Shares	Rs.1/- each	Rs.6210.000 Millions
20000000	Preference Shares	Rs.90/- each	Rs.1800.000 Millions
	Total		Rs.8010.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
598065003	Equity Shares	Rs.1/- each	Rs.598.065 Millions

Reconciliation of the number of shares

Equity Shares	Number of Shares	Rs. In Millions
Balance at the beginning of the year	598065003	598.065
On Sub division	--	--
Add: On allotment during the year	--	--
Less: On Cancellation	--	--
Balance at the end of the year	598065003	598.065

Rights, Preferences and restrictions attached to equity shares

The company has only one class of equity shares having a par value of Re.1/- per share. Each holder of equity shares is entitled to one vote per share. 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.

Details of equity shares held by shareholders holding more than 5% shares:

Name of Shareholder	Number of Shares	% holding
Nagarjuna Corporation Limited	127068520	21.25%
Nagarjuna Management Services Private Limited 1	78592592	13.14%
Nagarjuna Holdings Private Limited 1	34626130	5.79%
Zuari Global Limited 1	32267741	5.40%
Baron Properties Private Limited 1	18298969	3.06%
White Stream Properties Private Limited 2	3019060	0.50%

1. Shares held by Nagarjuna Management Services Private Limited, Nagarjuna Holdings Private Limited, Baron Properties Private Limited and White Stream Properties Private Limited yet to be transferred to Nagarjuna Corporation Limited in terms of Composite Scheme of Arrangement and Amalgamation approved by the Hon’ble High Court of Bombay at Mumbai on September 14, 2012.

2. formerly known as Zuari Industries Limited

Aggregate number of shares issued for consideration other than cash

598065003 equity shares of Rs.1/- each (aggregating to Rs.598.065 Millions) were allotted as fully paid up pursuant to the Composite Scheme of Arrangement and Amalgamation during the year 2011-12.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	598.065
(b) Reserves & Surplus	22502.475
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	23100.540
(3) Non-Current Liabilities
(a) long-term borrowings	3460.098
(b) Deferred tax liabilities (Net)	1920.090
(c) Other long term liabilities	409.884
(d) long-term provisions	186.528
Total Non-current Liabilities (3)	5976.600
(4) Current Liabilities
(a) Short term borrowings	25121.925
(b) Trade payables	4071.316
(c) Other current liabilities	3385.077
(d) Short-term provisions	898.927
Total Current Liabilities (4)	33477.245
TOTAL	62554.385
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	30666.718
(ii) Intangible Assets	393.120
(iii) Capital work-in-progress	63.215
(iv) Intangible assets under development	0.000
(b) Non-current Investments	531.117
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	221.707
(e) Other Non-current assets	44.572
Total Non-Current Assets	31920.449
(2) Current assets
(a) Current investments	0.000
(b) Inventories	2433.100
(c) Trade receivables	24390.097
(d) Cash and cash equivalents	3252.117
(e) Short-term loans and advances	454.809
(f) Other current assets	103.813
Total Current Assets	30633.936
TOTAL	62554.385

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		598.065	4467.837
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		22389.090	11024.995
4] (Accumulated Losses)		0.000	0.000
NETWORTH		22987.155	15492.832
LOAN FUNDS
1] Secured Loans		19034.969	12814.874
2] Unsecured Loans		1492.524	1375.705
TOTAL BORROWING		20527.493	14190.579
DEFERRED TAX LIABILITIES		1854.709	1731.388
TOTAL		45369.357	31414.799
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		32073.977	17753.034
Capital work-in-progress		8.665	333.961
INVESTMENT		531.117	9215.141
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2274.963	680.035
	Sundry Debtors	17358.586	5427.868
	Cash & Bank Balances	2802.016	1207.811
	Other Current Assets	60.600	0.000
	Loans & Advances	464.365	465.241
Total Current Assets		22960.530	7780.955
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6164.263	2051.650
	Other Current Liabilities	3192.135	974.038
	Provisions	848.534	642.604
Total Current Liabilities		10204.932	3668.292
Net Current Assets		12755.598	4112.663
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		45369.357	31414.799

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	54846.167	49922.799	30871.134
		Other Income	322.534	294.321	131.734
		TOTAL (A)	55168.701	50217.120	31002.868
Less	EXPENSES
		Purchases of Traded products	0.000	0.000	11990.233
		Cost of Material Consumed	7474.593	6382.235	0.000
		Raw Material consumed	0.000	0.000	5649.186
		Power and Fuel	4500.382	3972.685	3881.427
		Purchase of Traded Goods	30851.482	30571.781	0.000
		Catalyst Charges	0.000	0.000	0.780
		Chemicals and Consumables	0.000	0.000	90.074
		Salaries, Wages and benefits	0.000	1347.517	1432.213
		(Increase)/Decrease in Stock	(85.717)	(1563.406)	(106.159)
		Packing Material consumed	0.000	0.000	620.881
		Transport and Handling charges	0.000	0.000	2105.226
		Distribution Expenses	0.000	0.000	58.492
		Employee benefit expenses	1315.500	0.000	0.000
		Other Expenses	5616.805	4498.901	926.241
		TOTAL (B)	49673.045	45209.713	26648.594
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5495.656	5007.407	4354.274
Less	FINANCIAL EXPENSES (D)		2642.290	1530.493	1423.944
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2853.366	3476.914	2930.330
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1231.089	1170.134	949.841
	PROFIT BEFORE TAX (E-F) (G)		1622.277	2306.780	1980.489
Less	TAX (H)		811.690	947.225	806.988
	PROFIT AFTER TAX (G-H) (I)		810.587	1359.555	1173.501
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	2335.034	1845.234
Less	APPROPRIATIONS
		Capital Redemption Reserve	NA	NA	186.019
		Preference Dividend	NA	NA	0.019
		Proposed Dividend - Equity	NA	NA	428.196
		Dividend Tax	NA	NA	69.467
	BALANCE CARRIED TO THE B/S		NA	NA	2335.034
	EARNINGS IN FOREIGN CURRENCY
		Services	135.255	102.861	1.866
		Despatch Money	7.667	7.650	0.000
		Sale of goods (Kenya Branch	0.000	3.134	0.000
	TOTAL EARNINGS		142.922	113.645	1.866
	IMPORTS
		Spares	99.177	60.996	83.674
		Traded Products	19912.887	21873.335	7988.855
		Capital Goods	46.525	167.402	124.459
	TOTAL IMPORTS		20058.589	22101.733	8196.988
	Earnings Per Share (Rs.)		1.36	2.27	2.74

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.47	2.71	3.30
Net Profit Margin (PBT/Sales)	(%)	2.96	4.62	5.60
Return on Total Assets (PBT/Total Assets}	(%)	2.61	4.19	4.66
Return on Investment (ROI) (PBT/Networth)		0.08	0.11	0.07
Debt Equity Ratio (Total Debt /Networth)		1.24	0.89	0.62
Current Ratio (Current Asset/Current Liability)		0.91	0.91	1.41

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	4467.837	598.065	598.065
Reserves & Surplus	11024.995	22389.090	22502.475
Net worth	15492.832	22987.155	23100.540
long-term borrowings	12814.874	19034.969	28129.801
Short term borrowings	1375.705	1492.524	452.522
Total borrowings	14190.579	20527.493	28582.323
Debt/Equity ratio	0.916	0.893	1.237

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	30,871.134	49,922.799	54,846.167
		61.714	9.862

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	30,871.134	49,922.799	54,846.167
Profit	1,173.501	1,359.555	810.587
	3.80%	2.72%	1.48%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

CASE DETAILS

CASE STATUS INFORMATION SYSTEM

CRP 4567 / 2013

CRPSR 26228 / 2013

CASE IS:PENDING

PETITIONER
SEELAM MASENU (DIED) AND 4 OTHERS VS	M/S NAGARJUNA FERTILIZERS AND CHEMICALS LIMITED AND 2 OTHERS
PET.ADV. : RADHA KRISHNA MURTHY YARLAGADDA	RESP.ADV. : SURESH
SUBJECT: C.P.C.	DISTRICT:  EAST GODAVARI

FILING DATE:  29-10-2013

POSTING STAGE :  FOR ADMISSION

REG. DATE    :   30-10-2013

LISTING DATE :  14-03-2014

STATUS   :  NOTICES

HON'BLE JUDGE(S):

G.CHANDRAIAH

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Sales tax deferral	452.522	543.121
Short Term Borrowings
From bank	0.000	949.403
Total	452.522	1492.524

PLANT OPERATIONS

Urea

The Company during the year manufactured 15.62 LMT of urea as against 16.55 LMT in the previous year.

The Company during the year undertook various initiatives for improving energy efficiency, safety, health, environment, reliability and cost reduction.

The Company during the year also obtained certification of ISO 14001: 2004 RC 14001: 2008 and recertification of ISO 9001: 2008, OHSAS 18001: 2007 and ISO 14001: 2004.

The Company in its quest to continue to protect the environment undertook rain harvesting projects at various locations in the plant.

Micro-Irrigation

The Company achieved a production of 1373.51 Lakh Mtrs against of 1135 Lakh Mtrs during the previous year.

MARKETING

Urea

The Company achieved a sale of manufactured urea of 1562556 MT compared to 1645289 MT in the previous year. The total urea sales both manufactured and imported was 2288011 MT compared to 2200179 MT of previous year.

Other Traded Products

Bulk Products

The Company sold 802246 MTS during the year, in comparison with sales of 407872 MTS during the previous year.

Seeds

The Company sold 4765 MTS during the year, in comparison with sales of 3365 MTS during the previous year.

Customized Fertilizers

The Company sold 16536 MTS during the year, in comparison with sales of 12879 MTS during the previous year.

Specialty Fertilizers

The Company sold 12211 MTS during the year, in comparison with sales of 9226 MTS during the previous year.

Micro-nutrients

The Company sold 5949 MTS during the year, in comparison with sales of 4506MTS during the previous year.

Bio-Products

The Company sold 245 KL during the year, in comparison with sales of 194 KL during the previous year.

Micro-Irrigation

The Company during the year achieved 37.56% growth in sales aggregating Rs.1526.100 Millions as compared with that of the previous year (Rs.1109.400 Millions).

Please note that reference to previous years figures on plant operation pertains to erstwhile NFCL.

Operations in Africa

The Company after a detailed analysis and market research considers it advantageous to explore the opportunities available in Africa. The Company to begin with has set up a branch office in Nairobi, Kenya, to start its International Sales and Marketing operations in East Africa. In the initial stage, it is proposed to market plant nutrients and thereafter foray into Micro-Irrigation systems at a later stage.

The Company is also looking at various options to commence business activity to cater to the markets in West Africa.

The Company in view of the rapidly growing demand for fertilizers, micronutrients and Micro-Irrigation systems, proposes to explore various other countries in Africa in a phased manner.

AWARDS RECEIVED:

1) ‘International Safety Award for Best Safety Performance’ from British Safety Council, UK.

2) ‘Prashansa Patra’ award for the year 2010, from National Safety Council of India.

3) ‘Excellence in Safety for the year 2010 – 11’ from FAI, Delhi.

4) Certificate of Appreciation for implementation of ‘Energy Conservation Measures’ from NREDCAP, Hyderabad.

5) CII Environmental Best Practices Award 2012, under ‘Most Innovative Environmental Project’ category in the Fertilizer Sector for ‘Installation of Dry De-dusting System for improving the dust Control in Urea Plants’ from CII - Godrej GBC, Hyderabad.

6) ‘EHS Excellence Award – 2011’ from CII, Chennai.

7) ICC has granted permission for use of the Responsible Care Logo with effect from June 2011

MANAGEMENT DISCUSSION AND ANALYSIS

Indian economy review

The Indian economy grew 6.9% in 2011-12 compared with 8.4% in 2010-11 primarily due to weak growth in its industrial sector (3.6% compared with 6.8% in 2010-11), which was influenced by an economic crisis in the United States and the European Union, inflation, interest rate increase, depreciating rupee and rising fuel prices.

Agricultural sector

India’s agricultural sector sustains 58% of the country’s population. The sector grew 2.5% in 2011-12 whereas the government targets to achieve average agricultural growth of 4.2% during the 12th Five-Year Plan (2012-17). This gap is required to be plugged through enhanced farm yield arising from an enhanced use of fertilizers and micro-irrigation facilities. The country’s food grain yield increased from 1,734 kg/ha in 2001-02 to 1,996 kg/ha in 2011-12 even though it is well below the global average of about 3,000 kg/ha. India’s investment in the agriculture and allied sector as a percentage of GDP increased from 13.5% in 2004-05 to 20.1% in 2010-11, even as its contribution to GDP declined from 16.8% in 2007-08 to 13.9% in 2011-12.

Fertilizer sector

The size of India’s fertilizer industry is estimated at Rs.1300000.000 Millions based on the ratio of sales to subsidy of 1:1 and the estimation of subsidy for FY 2010-11. India has 141 fertilizer plants (29 manufacturing urea, 19 DAP and NP/NPK complex, 82 single super phosphate, 10 ammonium sulphate and one calcium ammonium nitrate). Fertilizers improve crop productivity by 40%. The non-plan subsidy to the fertilizer sector alone accounted for Rs.609740.000 Millions, making it imperative to grow domestic fertilizer capacity as imports are costlier than domestic production. Urea accounts for 75% of the nitrogenous fertilizer with a production capacity of 22 million tonnes against a demand of 28 million tonnes. The per hectare fertilizer consumption (kiliogram per hectare of arable land) in India is 142.3 kg/ha compared with 331 kg/ha in China and 524 kg/ha in Israel. India’s fertilizer consumption grew from less than 1 kg/ha in 1951-52 to the current level.

Urea is a controlled commodity under Administrative Price Mechanism and subject to distribution control by the government. The government imports about 6 million tonnes of urea to meet the supply-demand gap. As there is no major competition in the Urea sector, the government brought the P and K sector under the Nutrient Based Subsidy Scheme. This sector is exposed to competition with regard to pricing, sales, procurement, among others. The Company also imports and trades P and K fertilizers while competing with other fertilizer companies in this segment. The key demand drivers of the country’s fertilizer sector comprise the following:

a. Availability of feedstock: The principal input in manufacturing urea is natural gas. Natural gas as feedstock/raw material, accounting for 81% of the country’s urea capacity, which is supplied as per government allocation while the rest is addressed through imported LNG. India’s empowered Group of Ministers (EGOM) prioritized the allocation of natural gas to the country’s fertilizer and power sector. The entire existing available natural gas and KG basin RIL gas has been fully allocated to existing plants based on the policy. One of the reasons for new capacities not being created is due to the non-availability of natural gas.

b. Agro-climatic conditions: The offtake of fertilizers is based on agro-climatic conditions like the timeliness and quantum of rains.

c. Seasonality: Fertilizer consumption peaks during June-August during the kharif season and December-February during the rabi season. Even as fertilizer consumption peaks for six months whereas fertilizer production needs to be continuous, the business requires a warehousing facility during non-peak seasons.

Production: The domestic fertilizer production in India reached 34.6 million tones in 2011-12 of which urea production accounted for 21.8 million tonnes, DAP 3.6 million tonnes and NPK 9.2 million tonnes.

Demand: India’s fertilizer demand during 2011-12 was around 58.69 million tonnes (urea demand 30.51 million tonnes, DAP 12.61 million tonne and complex nutrients 10.73 million tonnes).

Imports: India’s urea segment is under-serviced, with the country importing 6 million tonnes to meet growing demand. This costs the exchequer USD 410-440per tonne, resulting in hefty cross-subsidisation.

Outlook: Fertilizer production globally is likely to grow 9% and reach 37.6 million tonnes in 2012-13 (urea production 23.3 million tonnes, DAP 4.3 million tone and NPK 10 million tonnes). Fertilizer demand in India is likely to be 61.27 million tonnes (urea demand 32 million tonnes, DAP 13.24 million tonne and complex nutrients 11.25 million tonnes).

Micro-irrigation sector

Though the information on the actual market size of the industry is not authentic due to the unorganized industry, it is estimated that the industry size is around Rs.20000.000 Millions (drip contributes around 70% share and sprinkler 30% share) with annual growth of about 15 to 20%. Fresh water is scarce in India and only 38% of the cultivable land is irrigated. The share of water for the agricultural sector is expected to decline from 85% in 2010 to 71% in 2050. The demand for water in India’s agriculture sector is estimated to increase even as the share of water for agriculture is expected to decline from 85% to 71% by 2050, which makes microirrigation critical to the country’s food security. There are about 196 micro irrigation players in India with Nagarjuna commanding a market share of around 9%. It is among the few companies in India with a product range covering the fertilizer range complemented by drips, sprinklers and PVC pipes. Micro-irrigation is a huge opportunity leading to water savings of around 40-80%, energy savings of 30-35%, yield improvement of 50-100%, fertilizer saving of 30% and labour cost saving of 15-20%. India targets about 3.5 mn ha of land under microirrigation by 2016. The global drip irrigation systems market is expected to grow with depleting water resources at a CAGR of 19% to USD 96.7 million by 2016; the global sprinkler irrigation system market is projected to grow at a CAGR of 17.4% to USD 2,418 million by 2016.

Sales Tax Deferral:

The Govt. of Andhra Pradesh has extended to the Company, the incentive of sales tax deferral scheme pursuant to which the sales tax attributable to the sales effected out of production is deferred (interest-free) for a period of 14 years from March 19, 1998. The deferred sales tax in respect of above outstanding as on March 31, 2012 is Rs.974.572 Millions based on the sales tax returns for which repayments commenced from March 19, 2012. There are no overdue instalments as on the date of this balance sheet.

UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 31^ST DECEMBER 2013

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)		Nine Months Ended ( Unaudited)
	31.12.2013	30.09.2013	31.12.2013
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	9105.564	11250.222	26047.747
Less: Excise Duty	19.784	24.621	63.792
Net Sales/Income from operations	9105.654	11225.601	25983.955
b) Other operating income	6.551	3.848	14.185
Total income from Operations(net)	9122.205	11229.449	25998.140
2.Expenditure
a) Cost of materials consumed	1900.165	1329.306	5078.176
b) Power and Fuel	1478.492	1006.041	3583.813
c) Purchase of Traded Products	2639.038	7467.658	11650.840
d) (Increase) / Decrease in Stock	1248.234	(734.943)	(221.241)
e) Employee Benefits Expense	401.876	338.910	1055.890
f) Depreciation and Amortization	322.071	315.808	947.353
g) Other Expenses	1146.244	1018.752	3051.072
Total expenses	9136.120	10741.532	25145.903
3. Profit from operations before other income and financial costs	(23.915)	487.917	852.237
4. Other income	47.597	64.325	254.794
5. Profit from ordinary activities before finance costs	23.682	552.242	1107.031
6. Finance costs	716.662	609.087	1996.503
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	(692.980)	(56.845)	(889.472)
8. Exceptional item	68.881	572.063	1415.691
9. Profit from ordinary activities before tax Expense:	(761.861)	(628.908)	(2305.163)
10.Tax expenses	(204.675)	(167.186)	(629.316)
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	(557.186)	(461.722)	(1675.847)
12.Extraordinary Items (net of tax expense)	-	--	--
13.Net Profit / (Loss) for the period (11 -12)	(557.186)	(461.722)	(1675.847)
14.Paid-up equity share capital (Nominal value Re. 1/- per share)	598.065	598.065	598.065
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	--	--	--
16.Earnings per share (not annualised):	(0.93)	(0.77)	(2.80)

Particulars	Quarter Ended ( Unaudited)		Nine Months Ended ( Unaudited)
	31.12.201376	30.09.2013	31.12.2013
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	290831743	290831743	290831743
- Percentage of shareholding	48.63	48.63	48.63
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	132970581	132970581	132970581
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	43.28	43.28	43.28
Percentage of shares (as a % of total share capital of the company)	22.23	22.23	22.23
b) Non Encumbered
Number of shares	174262679	174262679	174262679
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	56.72	56.72	56.72
Percentage of shares (as a % of total share capital of the company)	29.14	29.14	29.14
B. Investor Complaints
Pending at the beginning of the quarter	Nil
Receiving during the quarter	4
Disposed of during the quarter	4
Remaining unreserved at the end of the quarter	Nil

Notes:

1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on February 6, 2014.

2. The Statutory Auditors have carried out Limited Review of above financial results.

3. Income from urea operations is accounted on the basis of prices notified under Stage III New Pricing Policy by the Government of India (GOI) which has been further extended from April 01, 2010 onwards until further orders. Input escalation / de-escalation, freight subsidy and Import Parity Price benefit are accounted in accordance with parameters notified by GOI. Adjustments, if any, required will be considered on notification of final prices.

4. Exceptional item represent Foreign exchange differences attributable to significant movement and volatility in value of Indian rupee against US dollar.

5. The financial results comprise of the combined operations of the Company relating to Fertilizer, Micro Irrigation, Agri Services and Wind Energy generation businesses. The financial results of Micro Irrigation segment, Wind Energy segment and Agri Services segment being less than the threshold limit prescribed for separate disclosure in Accounting Standard 17, have not been shown separately.

6. Due to shortage of Natural Gas, volatility in forex market, delays in realization of subsidy dues from Government of India and its consequent effect on working capital have resulted in significant losses during the current period as compared to the corresponding previous periods.

7. Tax Expense includes income tax and deferred tax.

8. The Bombay Stock Exchange vide letter dated December 14, 2011 approved the application of the Company for listing of the equity shares and the National Stock Exchange vide letter dated January 13, 2012 accorded in-principle approval for listing of the equity shares. These approvals are subject to relaxation by Securities and Exchange Board of India (SEBI) from requirements under Rule 19(2)(b) of Securities Contracts (Regulation) Rules, 1957. The Company has furnished all necessary documents/ clarifications from time to time after having complied fully with the provisions of the Companies Act, 1956, Listing Agreement and other statutory enactments in force.

An application has been filed by SEBI in the High Court of Bombay at Mumbai challenging the approval granted to the Composite Scheme. The Company is contesting the application - and the matter is sub-judice.

The Company, in view of the prolonged delay by SEBI, has filed an Application before Securities Appellate Tribunal (SAT) to direct SEBI to grant relaxation/waiver of Rule 19(2)(b) of Securities Contract (Regulation) Rules, 1957.

Adjustments, if any, required to the financial statements will be made on final resolution of this matter.

9. The figures for the corresponding previous periods have been restated / regrouped, wherever necessary, to make them comparable.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10484887	21/02/2014	1,000,000,000.00	IFCI LIMITED	Taramandal Complex, 8th Floor, 5-9-13, Saifabad, Hyderabad, Andhra Pradesh - 500004, India	C00509539
2	10403397	15/02/2013	8,544,000.00	DEPARTMENT OF BIOTECHNOLOGY	6-8th Flooor, Block No.2, Cgo Complex, Lodhi Road, New Delhi, Delhi - 110003, India	B68278035
3	10260529	04/07/2011 *	250,000,000.00	ICICI BANK LIMITED	ICICI Bank Towers, Financial District, Plot No-12, 6th Floor, Nanakram Guda, Serilingampally, Hyderabad, Andhra Pradesh - 500082, India	B16888141
4	10240545	04/02/2013 *	1,000,000,000.00	ICICI BANK LIMITED	ICICI Bank Towers, Financial District, Plot No-12, 6th Floor, Nanakram Guda, Serilingampally, Hyderabad, Andhra Pradesh - 500082, India	B69507093
5	10241841	09/09/2010	87,040,000.00	Department of Biotechnology	6-8th Floor, Block No 2, CGO Complex, Lodhi Road, New Delhi, Delhi - 110003, India	A95605895
6	10194046	21/02/2014 *	500,000,000.00	IDBI Bank Limited	IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India	C00044719
7	10127655	31/10/2008	500,000,000.00	Industrial Development Bank of India	5-9-89/1 &2, P B No 370, Chapel Road, Hyderabad, Andhra Pradesh - 500001, India	A49906423
8	10105253	31/10/2008 *	370,000,000.00	State Bank of India	Industrial Finance Branch, Somajiguda, Hyderabad, Andhra Pradesh - 500082, India	A50464734
9	10098019	09/04/2008	169,813,359.00	ICICI BANK	ICICI Towers, Street No 1, Begumpet, Hyderabad, Andhra Pradesh - 500016, India	A36550069
10	10097444	21/02/2014 *	439,560,000.00	3i Infotech Trusteeship Services Limited	3rd To 6th Floor, International Infotech Park,, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai, Maharashtra - 400703, India	B98753759
11	10091935	21/02/2014 *	500,000,000.00	IDBI Bank Limited	Idbi Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India	C00043760
12	10080888	11/12/2007	165,828,000.00	IFCI Limited	No.5-9-13, 8th Floor, Taramandal Complex, Saifabad, Hyderabad, Andhra Pradesh - 500004, India	A29346251
13	10067793	07/09/2007	600,000,000.00	Industrial Development Bank of India	Idbi Tower, Wtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400025, India	A23078579
14	10047529	21/07/2007 *	680,000,000.00	Industrial Development Bank of India Limited	IDBI Tower, WTC Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA	A20122933
15	10018792	08/08/2006	150,000,000.00	STATE BANK OF INDIA	Industrial Finance Branch, Somajiguda, Hyderabad, Andhra Pradesh - 500082, India	A04079737
16	10015514	31/12/2013 *	1,016,600,000.00	Indian Overseas Bank	Hyderabad Main Branch, Hyderabad, Andhra Pradesh - 500001, India	B94484284
17	10005518	29/03/2006	8,636,311.00	CANARA BANK	Rashtrapati Road,, Secunderabad, Andhra Pradesh - 500003, India	A00927830
18	10056734	29/03/2006	10,830,000.00	Canara Bank	Rashtrapathi Road, Secunderabad, Andhra Pradesh - 500003, India	A00804005
19	80062789	19/01/2005	334,936,238.00	IDBI TRUSTEESHIP SERVICESS LIMITED	10th Floor, Nariman Bhavan , Nariman Point , Mumbai, Maharashtra - 400021, India	-
20	80061034	21/02/2014 *	250,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Building, 17 R Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	C00249193
21	80061035	03/04/2006 *	300,000,000.00	SICOM LIMITED	Nirmal 1st Floor, Nariman Point, Mumbai, Maharashtra - 400021, India	-
22	80024916	08/03/2007 *	127,500,000.00	Oriental Bank of Commerce	9-1-129/1, Oxford Plaza Building, Sarojini Devi Road, Secunderabad, Andhra Pradesh - 500003, India	-
23	80061033	03/04/2006 *	120,000,000.00	THE BANK OF RAJASTHAN LIMITED	Hotel Rajadhani Complex, Siddiambar Bazar, Hyderabad, Andhra Pradesh - 500012, India	-
24	80063338	19/01/2002	160,000,000.00	THE KARNATAKA BANK LIMITED	Nampally , , Hyderabad, Andhra Pradesh - 500001, India	-
25	80066364	27/03/2001	250,000,000.00	The Industrial Finance Corporation Of India Limited	IFCI Towers, 61,, Nehru Place, New Delhi, Delhi - 110019, India	-
26	80066365	27/03/2001	250,000,000.00	The Industrial Finance Corporation Of India Limited	IFCI Towers, 61,, Nehru Place, New Delhi, Delhi - 110019, India	-
27	80063342	02/02/2001	101,573,922.00	KARUR VYSYA BANK LIMITED	R.P.Road , Secunderabad, Seccunderabad, Andhra Pradesh - 500004, India	-
28	80063341	04/01/2001	200,000,000.00	KARUR VYSYA BANK LIMITED	R.P.Road , Secunderabad, Andhra Pradesh - 500004, India	-
29	80063345	21/02/2014 *	300,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Building, 17 R Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	C00251603
30	80063344	21/02/2014 *	1,533,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Building, 17 R Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	C00250191
31	90124190	26/09/2000	20,000,000.00	UCO BANK	Jubilee Hille Branch, Hyderabad, Andhra Pradesh, India	-
32	90124189	20/09/2000	2,000,000.00	CANARA BANK	Narayanguda, Hyderabad, Andhra Pradesh, India	-
33	80063339	14/01/2000	150,000,000.00	IDBI BANK LIMITED	Mahaveer House , Basheer Bagh Square, Hyderabad, Andhra Pradesh - 500026, India	-
34	80062787	17/12/1999 *	500,000,000.00	ICICI LIMITED	Icici Towers, Bandra Kurla Complex, Mumbai, Maharashtra - 400051, India	-
35	80062786	16/07/1999 *	150,000,000.00	IDBI BANK LIMITED	Mahaveer House , , Basheerbagh Square,Yderabad, Andhra Pradesh - 500029, India	-
36	80062785	09/04/1999 *	450,000,000.00	IDBI	IDBI Towers , Cuffe Parade , Bombay , Bombay, Maharashtra - 400020, India	-
37	80066363	21/02/2014 *	300,000,000.00	IFCI LIMITED	Taramandal Complex, 5-9-13, Saifabad, Hyderabad, Andhra Pradesh - 500004, India	C00405985
38	80062784	28/09/1998 *	1,200,000,000.00	ICICI LIMITED	No.163,, Backbay Reclamation, Mumbai , Mumbai, Maharashtra - 400020, India	-
39	80062845	25/09/1998	1,000,000,000.00	Industrial Development Bank Of India	IDBI Tower, Cuffe Parade , Mumbai, Maharashtra - 400005, India	-
40	80066362	21/02/2014 *	500,000,000.00	IFCI LIMITED	Taramandal Complex, 5-9-13, Saifabad, Hyderabad, Andhra Pradesh - 500004, INDIA	C00507731
41	80013974	21/02/2014 *	750,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Building, 17 R kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, India	C00244541
42	80062218	21/02/2014 *	200,776,000.00	IFCI LIMITED	Taramandal Complex, 5-9-13, Saifabad, Hyderabad, Andhra Pradesh - 500004, INDIA	C00499194
43	80063340	26/09/1997	364,100,000.00	IDBI BANK LIMITED	IDBI TOWER, CUFFE PARADE, , MUMBAI, Maharashtra - 400005, INDIA	-
44	80002483	21/04/2006 *	135,000,000.00	PUNJAB NATIONAL BANK	CMO, BANK STREET, HYDERABAD, Andhra Pradesh - 5000 95, INDIA	-
45	80062791	20/06/1997	250,000,000.00	ICICI BANK LIMITED	No. 163, Backbay Reclamation, Mumbai , Mumbai, Maharashtra - 400020, India	-
46	80062790	12/07/1996	213,500,000.00	ICICI BANK LIMITED	No. 163, Backbay Reclamation, Mumbai , Mumbai, Maharashtra - 400020, India	-
47	80062844	08/05/1996 *	150,000,000.00	ICICI BANK	Icici Towers, Street No.1, Begumpet, Hyderabad, Andhra Pradesh - 500016, India	-
48	80062843	07/03/1996	425,000,000.00	IFCI LIMITED	Bank Of Baroda Building , No.16, Sansad Marg, P.B .No.363, Newdelhi, Delhi - 110001, India	-
49	80062217	21/02/2014 *	575,000,000.00	IFCI LIMITED	Taramandal Complex, 5-9-13, Saifabad, Hyderabad, Andhra Pradesh - 500004, India	C00497982
50	80062842	29/12/1995	2,350,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI Towers , Cuffe Parade, Mumbai , Mumbai, Maharashtra - 400005, India	-
51	80062841	21/12/1995	1,700,000,000.00	IDBI BANK LIMITED	IDBI Towers , , Cuffe Parade , Mumbai, Maharashtra - 400005, India	-
52	80062793	21/02/2014 *	19,707,000.00	IFCI LIMITED	Taramandal Complex, 5-9-13, Saifabad, Hyderabad, Andhra Pradesh - 500004, INDIA	C00500918
53	80063337	07/12/1992	19,520,000.00	ICICI BANK LIMITED	No.163, Backbay Reclamation, Mumbai, Maharashtra - 400020, India	-
54	80062792	25/05/1991 *	72,072,000.00	IDBI BANK LIMITED	Idbi Tower, Cuffe Parade, Mumbai, Maharashtra - 400005, India	-
55	80011941	19/03/1991	55,976,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	Idbi Towers, Cuffe Parade, Mumbai, Maharashtra - 400005, India	-
56	80063343	29/04/1988 *	3,650,000,000.00	IDBI BANK LIMITED	IDBI Tower, Cuffe Parade, Mumbai, Maharashtra - 400001, India	-

FIXED ASSETS:

• Land
• Buildings
• Roads, Drains and Culverts
• Railway Siding
• Plant and Machinery
• Furniture, Fixtures and Office Equipment
• Vehicles

PRESS RELEASES

NFCL REVAMP MEASURES – PRODUCTION TO GO UP BY 3.71 LAKH METRIC TONNE PER ANNUM UREA

Nagarjuna Fertilizers and Chemicals Limited is operating Natural Gas based Fertilizer Plants at Kakinada, Andhra Pradesh, which consists of two Units to produce Urea Fertilizer having a capacity of around 6 Lakhs MT per Annum each. Unit-I was commissioned in Aug 1992, is fully based on Natural Gas both as feed and fuel. Unit-II was commissioned in March 1998 and can operate on a mixture of Naphtha and Natural Gas in varying proportions depending upon the availability of Natural gas.

In anticipation of availability of additional Natural Gas from RIL KG Basin D-6 Block, NFCL had initiated Revamp / De-bottlenecking schemes stage-wise in the year 2006 in order to increase the Capacity, reduce Pollution and improvement in Energy and Reliability. Accordingly, in Revamp Phase-I, which mainly consisted of Installation of S-300 Ammonia Converter, replacement of Synloop Water Cooler, replacement of Air Pre-heater, replacement of HRSG-C economizer, etc., were implemented in the year 2007-08 with an investment of Rs. 550.000 Millions and has resulted in Production increase of 50,000 MT per Annum from Unit-I.

Revamp Phase-II was initiated in the year 2007, mainly to convert Unit-II fully operational on Natural Gas and to implement de-bottlenecking measures in order to augment the capacity and to reduce emissions. Accordingly, CDR Plant was installed and commissioned during Mar 2009. The CDR Plant recovers Carbon Di-Oxide from Reformer flue gas and there by reduces the emissions. Revamp of both the plants were also taken up and schemes have been commissioned on 23rd September 2009 in Unit-I and on 28th September 2009 in Unit-II. With the measures taken up in Revamp Phase I and Phase-II, the production capacity has increased to 15.66 Lakh MTPA from 11.95 Lakh MTPA. The investment for Revamp Phase-II was approx. Rs. 2000.000 Millions.

Apart from de-bottlenecking for capacity enhancement, due thrust has been given for reduction of specific energy consumption and also enhancement of reliability of the existing equipment. The energy consumption shall be reduced from 5.66 Gcal / MT of Urea to 5.50 Gcal / MT of Urea.“Serving Society through Industry” was the mission of NFCL founder Shri K V K Raju. On the same lines, NFCL taken up these measures, which will help in making more Urea available to the Farming community, besides bringing down the subsidy burden to the Govt. of India and also substantially reducing the Imports of Urea by the Country. The measures taken up for recovery of 450 MTPD of CO2 from flue gases and reduction of energy shall also qualify as ‘Clean Development Mechanism’ projects.

Kakinada, March 24, 2009

NAGARJUNA FERTILIZERS AND CHEMICALS LIMITED MOVES TOWARDS CLEAN DEVELOPMENT MECHANISM BY COMMISSIOINING CARBON DIOXIDE RECOVERY (CDR) PLANT AT KAKINADA

Sri K S Raju, Chairman and Managing Director of the Company declared the Commissioning of Carbon Dioxide Recovery (CDR) Plant of 450 Metric Tonnes Per Day capacity for commercial use in the existing Urea Production facilities. This glittering Inauguration ceremony was graced by the Senior Officials of M/s Mitsubishi Heavy Industries (MHI), Mitsubishi Corporation (MC), Tecnimont ICB (TICB) and other Senior Executives of the Company and the Government Officials in the NFCL Plant premises. A Pooja ceremony was performed prior the Inauguration.

The Order for CDR Plant was placed on MHI, Japan and M/s Tecnimont ICB (TICB), Mumbai on Lump Sum Turnkey Basis. The scope of MHI was for Basic Know how and Licensing, while TICB’s scope was for EPC.

NFCL has two Units for the manufacture of Urea Fertilizer with a capacity of 6 Lakhs MT per Annum each. Unit-I is operated on Natural Gas while Unit-II is being operated mainly on Naphtha because of the short supply of Natural Gas from existing sources of GAIL. Anticipating additional Natural Gas from RIL from the KG Basin reserves, the Order of CDR Plant was placed in July 2007 with a completion schedule of 22 Months that is by May, 2009. The Project could be completed 2 Months in advance due to the intensive efforts of TICB, MHI and NFCL. With Commissioning of this CDR Plant, NFCL shall be recovering 450 MTPD of CO2 from the fluegas stack, thus helping the company to be eligible for Carbon Credits through Clean Development Mechanism.

The company in order to maintain sufficient proportion of CO2 during the manufacture of Urea and Ammonia consequent to the changeover of feed stack from naphtha to natural gas has undertaken the installation of the CDR Plant. In fact CDR Plant forms part of Revamp / De-bottlenecking Phase-II, which is in the process of execution. The intended De-bottlenecking schemes under Phase-II will be in place by September 2009. The advantages of this Revamp are given below:

The CDR Project has been installed under Clean Development Mechanism and it shall reduce CO2 emission by 450 Metric Tonnes per Day.

The energy norm will improve to 5.500 Gcal / MT of Urea from the present level of 5.610 Gcal / MT of Urea.

Production level will increase from both Units by about 2.0 Lakhs MT per Annum.

Naphtha usage will be stopped, which will reduce the Subsidy burden of the Government.

The additional Production will help to cover up the shortfall of Urea in the Country, which otherwise, has to be imported at a huge cost.

It is worth noting that NFCL had executed another similar Revamp in the year 2007-08, which helped to increase the Urea Production capacity by around 50,000 Metric Tonne per Annum. It was informed by NFCL sources that another Revamp, called Phase-III is in the feasibility study stage, to further augment the capacity of the Plants.

HYDERABAD, NOVEMBER 6, 2007.

NFCL WINS ENVIRONMENTAL PROTECTION AWARD FROM FERTILIZER ASSOCIATION OF INDIA,

For the third time, Nagarjuna Fertilizers and Chemicals Limited has won the prestigious FAI Environmental Protection Award in the nitrogenous fertilizer plants category for the year 2006-07. The Annual Award was presented by the Union Minister for Steel, Chemicals and Fertilizers, Mr Ram Vilas Paswan to Mr R.S Nanda, Chief Operating Officer in the presence of Mr K.S. Raju, Chairman and Managing Director, NFCL at the inaugural function of FAI Annual Seminar held in Delhi on December 5th, 2007. Other important dignitaries shared the dais while received the Award were Dr J.S. Sharma, Fertilizer Secretary, Mr U.S. Jha, Chairman, FAI and Mr R.C. Gupta, Deputy Director General, FAI.

NFCL has been honoured for outstanding contribution for the sustainability of ecological balance at Fertilizer manufacturing Plant, Kakinada. This Award reflects the collective effort, dedication and commitment of associates and responsibility of Nagarjuna Fertilizers towards the society. From its inception, NFCL adopted and maintained international industry standards by introducing latest technologies for the treatment of waste materials and maintaining green cover. As a result, NFCL was similarly honoured with Environmental Protection Award from FAI in 2002 and 2005. NFCL strives to improvise the standards on continual basis. It is the only Plant to implement the Process Safety Management Systems (PSMS) on par with international standards.

The other senior management associates of NFCL participated in the FAI Annual Award function were Mr P.P. Singh, Director (Technical), Mr R.D. Mall, Vice-President (Works) and Mr Ramashray Singh, Sr. General Manager (Plant Operations).

HYDERABAD, AUGUST 17, 2007

Clarifications from Nagarjuna Fertilizers and Chemicals Limited regarding rumours for the benefit of shareholders and public at large.

KVK PRAGATHI RYTHU SANMANOTSAVAM

HYDERABAD, NOVEMBER 9, 2006

Nagarjuna Group is a dream brought into reality by Shri KVK Raju, a first generation entrepreneur from Andhra Pradesh. Shri KVK Raju was a visionary with firm belief in his mission to "serve society through industry". It is this belief, which continues to be the guiding light of Nagarjuna Group that pioneered several core sector enterprises like Fertilizers, Energy and Petroleum.

Nagarjuna Fertilizers and Chemicals Limited (NFCL) the flagship company of the Nagarjuna Group commissioned the first Gas based fertilizer plant in South India at Kakinada in 1992 and currently has a capacity to produce 12 Lakh MT of Urea per annum.

Nagarjuna entered the plant protection business in 1994 and within a short span of time the company has grown to become one of the top five plant protection companies in India, supplying plant protection technicals and formulations to many Indian and International companies. Nagarjuna is manufacturing 8 technicals and 15 formulations with a turnover of Rs 4000.000 Millions (FY06).

Nagarjuna Group started Micro irrigation business in collaboration with Israeli companies. Nagarjuna is shouldering the responsibility in the Andhra Pradesh Micro Irrigation Project (APMIP) towards delivering effective water management solutions to the farmers of Andhra Pradesh. Nagarjuna is also the first company to introduce the concept of water soluble fertilizers in India in 1995 through tie up with Haifa Chemicals, Israel and is the market leader in India with sales of about 8000 Mt per annum.

As part of its mission, the group is actively involved in the Micro nutrient segment by supplying high quality products like Mahazinc (Zinc Monohydrate): 450 MT, Zeta (Zinc EDTA): 150 MT, Groth (Formula 4): 100 MT and Borovin (Boron): 25 MT. Nagarjuna is also sharing the responsibility of distributing Zinc Sulphate under the State Government's subsidy scheme to the farming community.

Nagarjuna is currently supplying about 50% of the State's annual urea requirement of 2 million tons. Nagarjuna has been nominated as the Lead Fertilizer Supplier (LFS) by the Government of India in Andhra Pradesh, Orissa and West Bengal as a coordinator between the Government and the Industry. Nagarjuna currently markets about 1.9 million tons of urea (including imports).

Apart from the efforts of both State and Central Governments, the fertilizer industry is also playing an important role in transferring technology to the farmers. Nagarjuna has taken service to the farmer as a mission since its inception in 1985 and has earned a strong brand image in Andhra Pradesh and has since become a part of the farming community of the state.

As a step towards providing a platform to facilitate technology transfer to farmers KVK KRISHI VIGNANA KENDRAM (KVK) was set up at Kakinada in 1995. The objective of the center is to transfer technology and impart knowledge on best agricultural practices like Integrated Nutrition Management, Water Management, Integrated Pest Management, Post-harvest Management, etc, to farmers, thereby contributing to improving farm productivity. The centre has state-of-the art training facilities and is headed by an experienced Agronomist with vast technical and practical knowledge.

Since its' inception, the KVK centre has trained more than 48000 farmers from about 416 villages covering all the districts of Andhra Pradesh. Nagarjuna encourages the KVK trained farmers to act as a guide to his fellow farmers by sharing their experiences through verbal communication and practice enabling knowledge dissemination and improvement in farm productivity in a short span of time.

The KVK centre organizes training programs both On-campus and Off-campus. In On-campus programs, the selected progressive farmers are brought to the centre in Kakinada, travel, accommodation and food is provided at the centre for three days. These farmers are given training on the crop / subject of their choice by senior scientists pooled from industry, institutions and universities. The Off-campus programs are organized by arranging visits to the farmer fields by the Scientists. Based on the observations / specimens, the Scientists provide advise to farmers enabling them to take immediate preventive / correction measures for their crops.

The company has undertaken several extension activities for the benefit of the farming community. A wide range of technical crop films on paddy, sugarcane, maize, cotton, chilli and benefits of Zinc usage in crops have been developed over the past few years enabling the concept of "Seeing is Believing". The films on Zinc, Sugarcane and Chilly have been adjudged for awards by the Fertilizer Association of India consecutively for the past three years. Programs like crop seminars, demonstrations, film shows, soil analysis etc are extensively organized for transferring enabling technology to the farmers. Tools like LCD projectors, Slide projectors, AV vans, flip charts, crop literature etc are widely used for effective communication.

Nagarjuna is strongly committed to the well being of the farming community of the state and will continue its efforts towards achieving this objective.

NFCL is organizing KVK Pragathi Rythu Sanmanotsavam, to felicitate farmers who were trained at KVK Krishi Vignana Kendram and who have played an important role in improving farm productivity and knowledge sharing. The programme will be held on Friday 10th November 2006 at 10 am in NFCL premises, Kakinada, which would be graced by the Chief Minister of Andhra Pradesh, Honourable Dr. Y S Rajasekhara Reddy and Honourable Ministers from the Centre and the State, along with other distinguished public representatives and officers.

NFCL FACILITY ACHIEVES 113% UREA PRODUCTION

HYDERABAD, APRIL 18, 2006

The Kakinada facility of Nagarjuna Fertilizers and Chemicals Limited (NFCL), has achieved a record Urea production of 113.1%, producing a total of 13.79 Lakh Metric Tonnes of Urea during 2005-06. The Plant has repeated this phenomenal feat, producing Urea more than its capacity, for the consecutive second year. NFCL produces Urea in two units. While the Unit one produced 7,03,645 Metric tonnes, Unit two also surpassed its capacity by producing 6,75,571 Metric tonnes making this phenomenal feat repeated during 2005-06 too. Total capacity of the Plant is 11,94, 600 Metric tonnes.

The Plant also has achieved this record production at a very optimal utilization of energy of 5.662 MKcal/MT of Urea against internal target of 5.670Mkcal/MT, which is already much lower than the standard Fertilizer Industry Coordination Committee's (FICC) norm of 5.712 MKcal/MT. NFCL has one more reason to celebrate that full production of Urea i.e. 13.79 Lakh Metric Tonnes has been dispatched to the farmers.

Along with the production, NFCL has also done well in sales and distribution wings. It's products, which include Mahazinc, Zinc Sulphate, Zeta, Speciality Fertilizers besides Urea have been sold out fully during 2005-06.

NAGARJUNA FERTILISERS AND CHEMICALS TO SPEND RS. 45000.000 MILLIONS ON EXPANSION PLANS

Hyderabad: Nagarjuna Fertilisers and Chemicals Limited (NFCL), India's second largest urea player by volume, will spend Rs. 4,500 crore on capacity expansion, eyeing an increase in total urea production to 2.9 million tonnes in the next two years.

NFCL has started project work on its third plant at Kakinada in Andhra Pradesh and the new facility will enhance the overall urea production of the fertiliser-maker by 1.3 million tonnes, taking the total production capability to 2.9 million tonnes by December 2015.

"The cost of expansion is about Rs. 4,500 crore, which will be financed through an appropriate mix of debt and equity. The Brownfield expansion is an addition to NFCL's existing capacity of about 1.6 million tonnes per annum," a release said.

The proposed increased quantity is already being marketed by the company through imports. The project is unique as it is ideally located in a region deficit in urea and also at the pit head of the country's largest natural gas reserves.

NFCL will be ideally placed to utilize natural gas for the expanded capacity when there is increased production of natural gas from new fields in the KG basin by existing and new operators, officials said. There is a new LNG terminal proposed at Kakinada Port and NFCL would be able to utilize the LNG through this terminal.

The current policy provides for priority allocation of natural gas to the fertilizer sector. Since NFCL is located at the pit head, it would have distinct advantages in terms of availability of gas as well as economy in transport cost, according to the release. NFCL commissioned its first plant in 1991.

The capacity was doubled through commissioning of its second plant in 1997. Both plants were revamped in 2007 resulting in an increase in capacity.

NAGARJUNA FERTILIZERS AND CHEMICALS LIMITED EXPECTED TO REGISTER REVENUE GROWTH OF 15.2% IN 3 YEARS

New Delhi: June 2013- Nagarjuna Fertilizers and Chemicals Limited involved in the manufacturing, distribution and trading of different verities of fertilizer products in the Indian fertilizer market. The company has prime focus on the production and trading of imported fertilizer products with more than 60.0% of the company’s revenues comes from the trading of different fertilizer products. Revenue of the company has showcased an average annual growth rate of ~% from FY’2008 to FY’2013.

Nagarjuna deals in research and development, manufacturing, importing and distribution of different verities of fertilizer products in the Indian fertilizer market under the brand name of “Nagarjuna”. Additionally, the company deals in the production of micro irrigation products and wind energy. Nagarjuna also provides different types of services such as information management, manpower supply and chemical process plant management services. Established in 1973 by Shri K.V.K. Raju, the company has an experience of over 39 years in fertilizer business.

Nagarjuna Fertilizers and Chemicals Limited is planning to enhance the quality of its products by introducing advance tools to measure the actual nutrients requirements and status of the crop. Additionally, the company is expected to increase its production capacity in the near future so as to utilize the resources available in the Krishna- Godavari basin.

“The company is expected to expand its revenues and it is expected that the revenue of the company will showcase a CAGR of 15.2% from FY’2013 to FY’2017. The company is planning to increase its geographical reach by entering into different continents. Nagarjuna is planning to cover the fertilizer market of East Africa and West Africa. Additionally, the company is planning to increase its product portfolio by increasing its expenditure on research and development. These researches will bring new and innovative products and will improve the existing product portfolio of the company. This will lead to production of more cost efficient and qualitative products and will increase the revenues and operating margin of the company.” - According to the Research Associate, Ken Research.

The report focuses on providing analysis on the company’s valuation in the industry and also provides for a detailed analysis of the company’s enterprise value and it’s positioning against its competitors.

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 records 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.59.95
UK Pound	1	Rs.99.36
Euro	1	Rs.82.15

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	SUB
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.