MIRA INFORM REPORT

Report Date :

16.08.2014

IDENTIFICATION DETAILS

Name :	ZUARI AGRO CHEMICALS LIMITED (w.e.f. 28.09.2012)
Formerly Known As :	ZUARI HOLDINGS LIMITED
Registered Office :	Jai Kissan Bhawan, Zuarinagar, Goa – 403726
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.09.2009
Com. Reg. No.:	24-006177
Capital Investment / Paid-up Capital :	Rs.420.580 Millions
CIN No.: [Company Identification No.]	L65910GA2009PLC006177
TAN No.: [Tax Deduction & Collection Account No.]	BLRZ11011A
PAN No.: [Permanent Account No.]	AAACZ3924H
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Subject is engaged in the manufacture, seller and trader of fertilisers and seeds.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 32200000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is a part of K K Birla Group. It is a well-established and reputed company having a satisfactory track record. Profitability of the company seems to be low during 2014. However, general financial position seems to be good. Trade relations are reported to be fair. Business is active. Payments terms are reported to be usually correct and as per commitments. 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based limits = BBB+
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	July, 2014.

Rating Agency Name	ICRA
Rating	Short term Non - fund based limits = A2+
Rating Explanation	Have strong degree of safety and carry low credit risk.
Date	July, 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 31-03-2014.

INFORMATION DENIED BY

Management Non – Co-Operative.

Tel No.: 91-832-2592180

LOCATIONS

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

DIRECTORS

As on: 31.03.2014

Name :

Saroj Kumar Poddar

Designation :

Chairman

Date of Birth/Age :

15.09.1945

Qualification :

B.Com (Hons)

Date of Appointment :

07.08.2012

DIN No.:

00008654

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L28931RJ1984PLC002890	GILLETTE INDIA LIMITED	Director	09/02/1984	09/02/1984	26/12/2013	Active	NO
2	L85110GJ1975PLC054824	ESSAR PORTS LIMITED	Director	01/08/1984	01/08/1984	20/06/2008	Active	NO
3	L31102DL1957PLC193993	ALSTOM T & D India Limited	Director	29/03/1988	29/03/1988	27/07/2009	Active	NO
4	L70101WB1939PLC009800	TEXMACO INFRASTRUCTURE & HOLDINGS LIMITED	Whole-time director	01/04/2009	14/02/1991	-	Active	NO
5	U99999DL1956NPL002635	FEDERATION OF INDIAN CHAMBER OF COMMERCE AND INDUSTRY.	Director	11/10/1992	11/10/1992	-	Active	NO
6	L65921GA1967PLC000157	ZUARI GLOBAL LIMITED	Director	16/09/2008	15/05/1993	-	Active	NO
7	L24124RJ1985PLC003293	CHAMBAL FERTILISERS AND CHEMICALS LIMITED	Director	13/02/1995	13/02/1995	-	Active	NO
8	U74899DL1995PLC071074	SIMON INDIA LIMITED	Director	25/07/1995	25/07/1995	-	Active	NO
9	L51226WB1985PLC039055	ADVENTZ INVESTMENTS AND HOLDINGS LIMITED	Director	18/12/1995	18/12/1995	-	Active	NO
10	U65993WB1996PTC079012	ADVENTZ FINANCE PRIVATE LIMITED	Director	18/06/1996	18/06/1996	-	Active	NO
11	U74999MH1982PTC247243	MINING CONSULTANTS (INDIA) PRIVATE LIMITED TRS FROM W.B TO DELHI	Director	24/06/1996	24/06/1996	30/12/2013	Active	NO
12	U52110WB1997PLC083860	LIONEL INDIA LIMITED	Director	03/04/1997	03/04/1997	-	Active	NO
13	U26942AP2000PLC050415	ZUARI CEMENT LIMITED	Director	25/01/2001	25/01/2001	-	Active	NO
14	U36109MH1999PTC161129	HETTICH INDIA PRIVATE LIMITED	Director	29/01/2001	29/01/2001	-	Active	NO
15	L26942TG1983PLC004257	SRI VISHNU CEMENT LTD.	Director	18/05/2002	18/05/2002	-	Amalgamated	NO
16	U72200TN2000PLC089255	INDIAN FURNITURE PRODUCTS LIMITED	Director	19/09/2003	19/09/2003	14/06/2011	Active	NO
17	U45200DL2007PLC157223	CHAMBAL INFRASTRUCTURE VENTURES LIMITED	Director	02/01/2007	02/01/2007	24/04/2014	Active	NO
18	U15490WB2007PLC121159	BENGAL FOODPARK LIMITED	Director	24/12/2007	24/12/2007	23/03/2009	Active	NO
19	U35201WB2009PTC133330	TEXMACO UGL RAIL PRIVATE LIMITED	Director	26/09/2011	27/07/2009	-	Active	NO
20	L29261WB1998PLC087404	TEXMACO RAIL & ENGINEERING LIMITED	Whole-time director	25/09/2010	25/09/2010	-	Active	NO
21	L65910GA2009PLC006177	ZUARI AGRO CHEMICALS LIMITED	Director	07/08/2012	20/05/2011	-	Active	NO
22	U24120GA2009PLC006158	ZUARI FERTILISERS AND CHEMICALS LIMITED	Director	19/09/2011	31/05/2011	-	Active	NO
23	U26941KA2007PLC054428	GULBARGA CEMENT LIMITED	Director	30/09/2011	09/09/2011	-	Active	NO
24	U36912DL2013PTC260721	ETHAN ALLEN INDIA PRIVATE LIMITED	Director	23/11/2013	23/11/2013	-	Active	NO
25	U24129OR1981PLC001020	PARADEEP PHOSPHATES LTD	Nominee director	05/02/2014	05/02/2014	-	Active	NO

Name :

Mr. Narayanan Suresh Krishnan

Designation :

Managing Director

Address :

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

Date of Birth/Age :

03.06.1964

Qualification :

B.E. (Hons), M. Sc

Date of Appointment :

01.04.2012

DIN No.:

00021965

Other directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U40109TG2005PLC046893	SITAPURAM POWER LIMITED	Director	18/07/2005	18/07/2005	20/10/2008	Active	NO
2	U26942AP2000PLC050415	ZUARI CEMENT LIMITED	Director	07/02/2006	07/02/2006	06/12/2006	Active	NO
3	U24124OR2002PLC017414	ZUARI MAROC PHOSPHATES LIMITED	Managing director	07/05/2013	08/11/2006	-	Active	NO
4	U66010GA2003PLC003185	ZUARI INSURANCE BROKERS LIMITED	Director	07/09/2007	13/11/2006	22/09/2010	Active	NO
5	U74900GA2006PLC004921	ZUARI MANAGEMENT SERVICES LIMITED	Director	06/12/2006	06/12/2006	-	Active	NO
6	U11202GA2000PLC002869	ZUARI INDIAN OILTANKING LIMITED	Director	26/09/2008	12/12/2006	26/09/2013	Active	NO
7	U01122GA1995PLC001751	ZUARI SEEDS LIMITED	Director	24/09/2007	15/03/2007	-	Active	NO
8	U72200TN2000PLC089255	INDIAN FURNITURE PRODUCTS LIMITED	Director	07/09/2007	26/03/2007	-	Active	NO
9	U65993GA1995PLC001942	ZUARI INVESTMENTS LIMITED	Director	07/09/2007	07/09/2007	-	Active	NO
10	U26941KA2007PLC054428	GULBARGA CEMENT LIMITED	Director	30/10/2007	30/10/2007	-	Active	NO
11	U01409GA2007PLC005489	ZUARI ROTEM SPECIALITY FERTILIZERS LIMITED	Director appointed in casual vacancy	08/08/2012	15/11/2007	-	Active	NO
12	U45309KA2007PLC043161	ZUARI INFRAWORLD INDIA LIMITED	Director	19/09/2008	11/12/2007	-	Active	NO
13	U65100GA2008PLC007282	ZUARI FINANCIAL SERVICES LIMITED	Director	27/06/2008	27/06/2008	10/08/2010	Active	NO
14	U27205DL2008PLC180160	ZUARI COMMODITY TRADING LIMITED	Director	27/06/2008	27/06/2008	10/08/2010	Active	NO
15	U24120GA2009PLC006158	ZUARI FERTILISERS AND CHEMICALS LIMITED	Director	11/08/2009	11/08/2009	-	Active	NO
16	L65910GA2009PLC006177	ZUARI AGRO CHEMICALS LIMITED	Managing director	01/04/2014	10/09/2009	-	Active	NO
17	U74900WB2010PLC183704	ADVENTZ INDUSTRIES INDIA LIMITED	Director	14/06/2010	14/06/2010	-	Active	NO
18	L65921GA1967PLC000157	ZUARI GLOBAL LIMITED	Director	01/04/2012	21/01/2011	-	Active	NO
19	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	Director	28/09/2012	07/12/2011	-	Active	NO
20	L15421WB1952PLC020577	GOBIND SUGAR MILLS LTD.	Director	28/12/2012	21/08/2012	-	Active	NO
21	U45400GA2013PTC007382	VALLEY VIEW LANDHOLDINGS PRIVATE LIMITED	Director	12/12/2013	12/12/2013	-	Active	NO
22	U45400GA2013PTC007383	HORIZONVIEW DEVELOPERS PRIVATE LIMITED	Director	14/12/2013	14/12/2013	-	Active	NO

Name :

Mr. Arun Duggal

Designation :

Additional Director

Address :

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

Date of Birth/Age :

01.10.1946

Date of Appointment :

07.08.2012

DIN No.:

00024262

Other 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	L65921GA1967PLC000157	ZUARI GLOBAL LIMITED	Director	02/09/1998	02/09/1998	01/03/2013	Active	NO
2	U65910DL2002PTC117808	BLACKSTONE INVESTMENT COMPANY PRIVATE LIMITED	Director	27/11/2002	27/11/2002	15/12/2011	Active	NO
3	U74999DL2002PTC117357	INTERNATIONAL ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED	Director	06/11/2013	22/03/2003	-	Active	NO
4	L72200MH1978PLC020127	IGATE COMPUTER SYSTEMS LIMITED	Director	12/11/2003	12/11/2003	03/10/2012	Amalgamated	NO
5	L74899DL1998PLC093073	PETRONET LNG LIMITED	Nominee director	13/03/2004	13/03/2004	11/07/2008	Active	NO
6	U74140DL2004PTC125248	TANGLEWOOD FINANCIAL ADVISORS PRIVATE LIMITED	Director	17/03/2004	17/03/2004	15/12/2011	Converted to LLP	NO
7	U65991MH2004PTC147285	L&T FUND MANAGEMENT PRIVATE LIMITED	Director	26/07/2004	26/07/2004	24/11/2012	Amalgamated	NO
8	U73100KA2004PLC035260	MANIPAL ACUNOVA LIMITED	Director	20/12/2004	20/12/2004	14/12/2011	Active	NO
9	U24231TG1984PLC005146	MYLAN LABORATORIES LIMITED	Director	22/01/2005	22/01/2005	08/01/2007	Active	NO
10	U65993AP1991PTC013491	BELLWETHER MICROFINANCE FUND PRIVATE LIMITED	Director	25/03/2005	25/03/2005	01/03/2013	Active	NO
11	U71110DL2000PTC189230	CARZONRENT (INDIA) PRIVATE LIMITED	Director	04/04/2005	04/04/2005	12/03/2013	Active	NO
12	L65191TN1979PLC007874	SHRIRAM TRANSPORT FINANCE COMPANY LIMITED	Director	09/09/2005	09/09/2005	-	Active	NO
13	L74899DL1995PLC068021	INFO EDGE (INDIA) LIMITED	Director	20/03/2006	20/03/2006	-	Active	NO
14	U67120DL1995PTC189993	ASIA PRAGATI CAPFIN PRIVATE LIMITED	Director	24/04/2006	24/04/2006	18/10/2007	Active	NO
15	U72200TN2000PTC044560	SHRIRAM PROPERTIES PRIVATE LIMITED	Director	15/07/2006	15/07/2006	01/03/2013	Active	NO
16	L51909DL1988PLC101836	DISH TV INDIA LIMITED	Director	02/02/2007	06/01/2007	-	Active	NO
17	L65191TN1986PLC012840	SHRIRAM CITY UNION FINANCE LIMITED	Director	17/08/2007	25/05/2007	-	Active	NO
18	L63090GJ1998PLC034182	ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED	Director	30/07/2007	27/06/2007	-	Active	NO
19	L74210TN2000PLC045167	SHRIRAM EPC LIMITED	Director	20/09/2007	20/09/2007	04/02/2013	Active	NO
20	U65999MH2008NPL183438	PRIVATE EQUITY ASSOCIATION OF INDIA	Director	12/06/2008	12/06/2008	-	Active	NO
21	U64202KA2006PTC038459	MOBILENXT TELESERVICES PRIVATE LIMITED	Director	16/09/2009	17/08/2009	21/12/2009	Active	NO
22	U65993TN1974PLC006588	SHRIRAM CAPITAL LIMITED	Director	29/09/2010	01/10/2009	-	Active	NO
23	U80103DL2006PLC153405	EDUCOMP SCHOOL MANAGEMENT LMITED	Additional director	14/02/2012	14/02/2012	11/09/2012	Active	NO
24	L65910GA2009PLC006177	ZUARI AGRO CHEMICALS LIMITED	Director	07/08/2012	27/03/2012	-	Active	NO
25	U65993MH1996PLC211198	L&T MUTUAL FUND TRUSTEE LIMITED	Additional director	10/01/2013	10/01/2013	14/03/2013	Active	NO

Name :

Mr. Jayant Narayan Godbole

Designation :

Additional Director

Date of Birth/Age :

17.02.1945

Qualification :

B.E. (Chemical Engineer)

Date of Appointment :

07.08.2012

DIN No.:

00056830

Other directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999MH2003PTC139774	INVENT ASSETS SECURITISATION AND RECONSTRUCTION PRIVATE LIMITED	Director	26/05/2005	26/05/2005	11/07/2008	Active	NO
2	U67190MH2005PTC155404	INVENT ARC PRIVATE LIMITED	Director	17/08/2005	17/08/2005	11/07/2008	Active	NO
3	U24110MH1986PLC038680	EMBIO LIMITED	Director	21/10/2005	21/10/2005	-	Active	NO
4	L28120MH1992PLC069252	TECHNOCRAFT INDUSTRIES (INDIA) LIMITED	Director	01/03/2006	01/03/2006	18/05/2009	Active	NO
5	L17229UP1994PLC017199	J. K. CEMENT LIMITED.	Director	25/08/2007	29/07/2006	-	Active	NO
6	L51909WB1935PLC008194	GILLANDERS ARBUTHNOT & CO LTD	Director	05/09/2007	07/03/2007	-	Active	NO
7	L31300DN1961PLC000232	IMP POWERS LIMITED	Director	05/12/2008	16/03/2007	-	Active	NO
8	L21019WB1981PLC034161	EMAMI PAPER MILLS LIMITED	Director	17/03/2007	17/03/2007	-	Active	NO
9	L72200MH2000PLC130073	MW UNITEXX LIMITED	Director	27/09/2007	16/04/2007	23/04/2010	Active	NO
10	L15432UP1932PLC025186	THE OUDH SUGAR MILLS LIMITED	Director	17/12/2007	23/04/2007	07/08/2013	Active	NO
11	L21012CT1980PLC001682	MADHYA BHARAT PAPERS LIMITED	Director	25/07/2007	25/07/2007	-	Active	NO
12	L51420MH1989PLC053772	BILPOWER LIMITED	Director	22/09/2007	26/07/2007	17/06/2008	Active	NO
13	L65921GA1967PLC000157	ZUARI GLOBAL LIMITED	Director	24/09/2007	01/08/2007	-	Active	NO
14	U26951UP1988PLC010111	JAYKAYCEM LIMITED	Director	26/07/2008	09/02/2008	-	Amalgamated	NO
15	L26941GJ1956PLC000840	SAURASHTRA CEMENT LIMITED	Director	27/06/2012	28/04/2008	-	Active	NO
16	L24110GJ1973PLC002247	GUJARAT ALKALIES AND CHEMICALS LIMITED	Director	04/03/2009	04/03/2009	-	Active	NO
17	L45203MH2008PLC178061	KESAR TERMINALS & INFRASTRUCTURE LIMITED	Director	14/09/2010	29/01/2010	-	Active	NO
18	U67190WB2010PTC141896	MIDAS ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED	Director	24/05/2011	11/08/2010	07/11/2012	Active	NO
19	U65100MH2010PLC199319	IDBI Asset Management Limited	Director	27/06/2014	09/11/2010	-	Active	NO
20	L65910GA2009PLC006177	ZUARI AGRO CHEMICALS LIMITED	Director	07/08/2012	20/05/2011	-	Active	NO
21	U74120MH2011PLC222597	KESAR MULTIMODAL LOGISTICS LIMITED	Director	30/09/2011	30/09/2011	-	Active	NO
22	L01110MH1994PLC082421	IITL Projects Limited	Director	07/09/2013	04/03/2013	-	Active	NO

Name :

Mr. Harbachan Singh Bawa

Designation :

Vice Chairman

Address :

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

Date of Birth/Age :

20.03.1931

Qualification :

M.S. (Chemical Engineering)

Date of Appointment :

07.08.2012

DIN No.:

00244222

Other directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U14219TN1955PLC000961	INDIAN POTASH LIMITED	Director	30/09/1981	30/09/1981	-	Active	NO
2	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	Director	03/03/1982	03/03/1982	-	Active	NO
3	L24124RJ1985PLC003293	CHAMBAL FERTILISERS AND CHEMICALS LIMITED	Director	07/05/1985	07/05/1985	16/09/2011	Active	NO
4	U01122GA1995PLC001751	ZUARI SEEDS LIMITED	Director	12/01/1995	12/01/1995	31/03/2014	Active	NO
5	U74899DL1995PLC071074	SIMON INDIA LIMITED	Director	24/07/1995	24/07/1995	01/03/2014	Active	NO
6	L65921GA1967PLC000157	ZUARI GLOBAL LIMITED	Whole-time director	01/09/2010	28/07/1995	01/09/2013	Active	NO
7	U52110WB1997PLC083860	LIONEL INDIA LIMITED	Director	03/04/1997	03/04/1997	28/10/2013	Active	NO
8	U11202GA2000PLC002869	ZUARI INDIAN OILTANKING LIMITED	Director	14/07/2001	14/07/2001	26/09/2008	Active	NO
9	U24129OR1981PLC001020	PARADEEP PHOSPHATES LTD	Nominee director	28/02/2002	28/02/2002	05/02/2014	Active	NO
10	U24124OR2002PLC017414	ZUARI MAROC PHOSPHATES LIMITED	Director	26/04/2002	26/04/2002	01/03/2014	Active	NO
11	U65993GA1995PLC001942	ZUARI INVESTMENTS LIMITED	Director	19/09/2003	19/09/2003	01/03/2014	Active	NO
12	U72900KA2003PLC050528	ISG NOVASOFT TECHNOLOGIES LIMITED	Director	23/08/2004	23/08/2004	30/09/2007	Active	NO
13	U36101TN1998PLC039842	STYLE SPA FURNITURE LIMITED	Director	20/10/2004	20/10/2004	01/12/2012	Amalgamated	NO
14	U45200DL2007PLC157223	CHAMBAL INFRASTRUCTURE VENTURES LIMITED	Director	02/01/2007	02/01/2007	14/09/2011	Active	NO
15	U26941KA2007PLC054428	GULBARGA CEMENT LIMITED	Director	30/10/2007	30/10/2007	10/09/2011	Active	NO
16	U24120GA2009PLC006158	ZUARI FERTILISERS AND CHEMICALS LIMITED	Director	19/09/2011	28/10/2010	01/03/2014	Active	NO
17	L65910GA2009PLC006177	ZUARI AGRO CHEMICALS LIMITED	Director	07/08/2012	20/05/2011	01/03/2014	Active	NO
18	L15421WB1952PLC020577	GOBIND SUGAR MILLS LTD.	Director	28/12/2012	21/08/2012	01/03/2014	Active	NO
19	U72200TN2000PLC089255	INDIAN FURNITURE PRODUCTS LIMITED	Director	17/09/2013	26/12/2012	01/03/2014	Active	NO

Name :

Mr. Marco Philippus Ardeshir Wadia

Designation :

Director

Date of Birth/Age :

30.01.1956

Qualification :

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

Date of Appointment :

07.08.2012

DIN No.:

00244357

Other directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U32109MH1970PTC014544	AMPHENOL INTERCONNECT INDIA PRIVATE LIMITED	Alternate director	18/05/2013	01/09/1984	-	Active	NO
2	L65921GA1967PLC000157	ZUARI GLOBAL LIMITED	Director	15/05/1993	15/05/1993	-	Active	NO
3	L24124RJ1985PLC003293	CHAMBAL FERTILISERS AND CHEMICALS LIMITED	Director	15/11/1994	15/11/1994	-	Active	NO
4	U65191TN1997PLC039229	GMAC FINANCIAL SERVICES INDIA LIMITED	Director	03/12/1997	03/12/1997	-	Under liquidation	NO
5	L28100MH1907PLC000252	JOSTS ENGINEERING COMAPNY LIMITED	Director	02/06/1998	02/06/1998	-	Active	NO
6	L45200GJ1973PLC050790	STOVEC INDUSTRIES LIMITED	Director	21/05/1999	21/05/1999	-	Active	NO
7	U33110MH1957PLC010928	JOHNSON AND JOHNSON LIMITED	Director	28/11/2003	28/11/2003	-	Active	NO
8	U24124OR2002PLC017414	ZUARI MAROC PHOSPHATES LIMITED	Nominee director	23/12/2005	23/12/2005	-	Active	NO
9	U24129OR1981PLC001020	PARADEEP PHOSPHATES LTD	Nominee director	21/03/2006	21/03/2006	-	Active	NO
10	U74899DL1995PLC071074	SIMON INDIA LIMITED	Director	05/06/2006	05/06/2006	-	Active	NO
11	U45309KA2007PLC043161	ZUARI INFRAWORLD INDIA LIMITED	Director	19/09/2008	12/12/2007	21/05/2014	Active	NO
12	U32100TN2008PTC066155	AMPHENOL OMNICONNECT INDIA PRIVATE LIMITED	Alternate director	17/05/2013	22/01/2008	-	Active	NO
13	U31909PN2010PTC137445	AMPHETRONIX OFFSET INTERCONNECT SOLUTIONS PRIVATE LIMITED	Director	29/09/2010	29/09/2010	24/12/2013	Active	NO
14	L65910GA2009PLC006177	ZUARI AGRO CHEMICALS LIMITED	Director	07/08/2012	20/05/2011	-	Active	NO
15	L15421WB1952PLC020577	GOBIND SUGAR MILLS LTD.	Director	28/12/2012	21/08/2012	-	Active	NO
16	U61100MH1975NPL018244	INDIAN REGISTER OF SHIPPING	Additional director	13/06/2014	13/06/2014	-	Active	NO

Name :

Mr. Gopal Krishna Pillai

Designation :

Additional Director

Date of Appointment :

31.07.2012

DIN No.:

02340756

Other directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U80300DL2007NPL166745	NATIONAL INSTITUTE OF FOOD TECHNOLOGY ENTREPRENEURSHIP & MANAGEMENT	Director	30/03/2009	30/03/2009	30/06/2009	Under liquidation	NO
2	L23201MH1952GOI008858	HINDUSTAN PETROLEUM CORPORATION LIMITED	Director	18/09/2012	09/04/2012	-	Active	NO
3	L65910GA2009PLC006177	ZUARI AGRO CHEMICALS LIMITED	Director	24/09/2013	30/07/2012	-	Active	NO
4	L63090GJ1998PLC034182	ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED	Director	08/08/2013	19/10/2012	-	Active	NO
5	U74120DL2008NPL182363	DATA SECURITY COUNCIL OF INDIA	Additional director	03/01/2013	03/01/2013	-	Active	NO
6	U65999MH2008PLC185856	MCX STOCK EXCHANGE LIMITED	Nominee director	14/10/2013	14/10/2013	14/03/2014	Active	NO

Name :

Mr. Akshay Poddar

Designation :

Executive Director

Date of Birth/Age :

20.07.1976

Date of Appointment :

01.04.2012

DIN No.:

00008686

Other directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65993WB1996PTC079012	ADVENTZ FINANCE PRIVATE LIMITED	Director	29/07/1997	29/07/1997	-	Active	NO
2	U01132WB1993PLC060495	SYNDAK TEA TECH LTD	Director	09/02/1998	09/02/1998	30/04/2014	Active	NO
3	L15421WB1952PLC020577	GOBIND SUGAR MILLS LTD.	Director	04/04/2000	04/04/2000	24/08/2012	Active	NO
4	L51226WB1985PLC039055	ADVENTZ INVESTMENTS AND HOLDINGS LIMITED	Managing director	01/04/2010	12/12/2000	-	Active	NO
5	U67120WB1986PTC040276	ABHISHEK HOLDINGS PRIVATE LIMITED	Director	10/01/2001	10/01/2001	-	Active	NO
6	L36993WB1995PLC069510	ADVENTZ SECURITIES ENTERPRISES LIMITED	Director	12/03/2012	28/04/2001	-	Active	NO
7	L28931RJ1984PLC002890	GILLETTE INDIA LIMITED	Director	09/02/2002	09/02/2002	27/12/2013	Active	NO
8	U24129OR1981PLC001020	PARADEEP PHOSPHATES LTD	Nominee director	28/02/2002	28/02/2002	-	Active	NO
9	U51109WB1924PLC004829	LIONEL EDWARDS LTD	Director	09/04/2003	09/04/2003	-	Active	NO
10	U55101DL2004PTC127579	PULSE FOODS INDIA PRIVATE LIMITED	Director	14/07/2004	14/07/2004	19/03/2009	Active	NO
11	U55204MH2008PLC182253	PULSE INDAGE HOSPITALITY LIMITED	Director	15/05/2008	15/05/2008	-	Strike off	NO
12	U85300WB1926GAP005585	INDIAN CHAMBER OF COMMERCE CALCUTTA	Director	26/07/2013	30/06/2008	-	Active	NO
13	L70101WB1939PLC009800	TEXMACO INFRASTRUCTURE & HOLDINGS LIMITED	Director	11/09/2008	11/09/2008	-	Active	NO
14	U51109WB1994PTC065332	ADVENTZ SECURITIES TRADING PRIVATE LIMITED	Director	07/09/2009	16/09/2008	-	Active	NO
15	U51909WB1994PTC062183	ADVENTZ INVESTMENT COMPANY PRIVATE LIMITED	Director	07/09/2009	16/09/2008	-	Active	NO
16	U51909WB1993PTC059434	INDRAKSHI TRADING COMPANY PVT. LTD.	Director	25/09/2008	16/09/2008	-	Active	NO
17	U51909WB1993PTC059849	GREENLAND TRADING PVT LTD	Director	25/09/2008	16/09/2008	-	Active	NO
18	U36101TN1998PLC039842	STYLE SPA FURNITURE LIMITED	Director	29/05/2009	30/04/2009	-	Amalgamated	NO
19	U51909WB2009PLC139640	NEW EROS TRADECOM LIMITED	Nominee director	23/11/2009	23/11/2009	03/08/2011	Active	NO
20	U91990WB1999NPL089828	YPO (CALCUTTA)	Director	30/09/2011	25/03/2011	-	Active	NO
21	L65921GA1967PLC000157	ZUARI GLOBAL LIMITED	Alternate director	31/07/2013	09/05/2011	08/05/2014	Active	NO
22	L29261WB1998PLC087404	TEXMACO RAIL & ENGINEERING LIMITED	Director	29/08/2012	22/07/2011	-	Active	NO
23	L65910GA2009PLC006177	ZUARI AGRO CHEMICALS LIMITED	Whole-time director	01/04/2012	14/11/2011	-	Active	NO
24	U74999WB2011PTC167754	TOUAX TEXMACO RAILCAR LEASING PRIVATE LIMITED	Director	07/12/2012	16/06/2012	-	Active	NO
25	U45309KA2007PLC043161	ZUARI INFRAWORLD INDIA LIMITED	Director	01/05/2013	01/05/2013	-	Active	NO
26	U52110WB1997PLC083860	LIONEL INDIA LIMITED	Director	28/10/2013	28/10/2013	-	Active	NO

KEY EXECUTIVES

Name :	R. Y. Patil
Designation :	Chief General Manager and Company Secretary
Name :	Mr. Naveen Kapoor
Designation :	President Agri-Business
Name :	R. S. Chugh
Designation :	Chief Manufacturing Officer
Name :	Mr. V. Sheshdhari
Designation :	Vice President – Finance
Name :	V. K. Sinha
Designation :	Vice President-Strategic Planning

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.06.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	181027	0.43
Bodies Corporate	23202465	55.17
Sub Total	23383492	55.60
(2) Foreign
Bodies Corporate	7491750	17.81
Sub Total	7491750	17.81
Total shareholding of Promoter and Promoter Group (A)	30875242	73.41
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3395043	8.07
Financial Institutions / Banks	4640	0.01
Insurance Companies	2433344	5.79
Foreign Institutional Investors	1226449	2.92
Any Others (Specify)	217	0.00
Foreign Bank	217	0.00
Sub Total	7059693	16.79
(2) Non-Institutions
Bodies Corporate	1188189	2.83
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2567878	6.11
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	268696	0.64
Any Others (Specify)	98308	0.23
Clearing Members	52234	0.12
Non Resident Indians	43259	0.10
Overseas Corporate Bodies	450	0.00
Trusts	2365	0.01
Sub Total	4123071	9.80
Total Public shareholding (B)	11182764	26.59
Total (A)+(B)	42058006	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	42058006	0.00

BUSINESS DETAILS

Line of Business :

The Subject is engaged in the manufacture, seller and trader of fertilizers and seeds.

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· State Bank of India

· HDFC Bank Limited

· Corporation Bank

· Canara Bank

· Indian Overseas Bank

· IDBI Bank

Facilities :

Secured Loan	As on 31.03.2014	As on 31.03.2013
	(Rs. In Millions)
SHORT TERM BORROWINGS:
Cash Credit (including working capital demand loans) (The rate of interest on cash credit varies according to the banks between 10.20% - 18.50% and are repayable on demand. The rate of interest on working capital demand loans varies between 9.70% - 11.25% and are repayable over a period of 18 to 90 days)	6764.803	11750.000
Buyers Credit (The rate of interest on buyers credit varies between 0.65% - 1.66% and are repayable over a period of 148 - 360 days)	9189.540	10928.571
Short Term Loans
11.25% bridge loan to be secured against subsidy receivable. Repayable at the end of 60^th day from the date of availment.	3000.000	0.000
[(10.40 % (31^st March, 2013:10.70%) (Including 8.00% (31^st March, 2013:8.00%) Paid Directly By Government of India To The Bank (Secured Against Subsidy Receivable of Equal Amount From GOI, Ministry of Chemicals And Fertilizer Under Special Banking Agreement.)]	5183.333	2059.531
Total	24137.676	24738.102

Banking Relations :	--
Legal Advisers :
Name :	Khaitan and Company
Address :	Kolkata, India
Auditors :
Name :	S. R. Batliboi and Company Chartered Accountants
Address :	Golf View Corporate, Tower B, Sector 42, Gurgaon - 122002, Haryana, India
PAN No :	AALFS0506L
Enterprises in respect of which Company is an associate:–:	· Zuari Global Limited (formerly known as Zuari Industries Limited) (w.e.f. 01.07.2011) · Indian Furniture Products Limited · Simon India Limited · Zuari Management Services Limited · Gulbarga Cement Limited · Globex Limited · Zuari Investments Limited · Zuari Insurance Brokers Limited – Subsidiary of Zuari Investments Limited · Zuari Commodity Trading Limited – Subsidiary of Zuari Investments Limited · Zuari Financial Services Limited – Subsidiary of Zuari Investments Limited · Style Spa Furniture Limited · Zuari Infraworld India Limited (Formerly Adventz Infraworld India Limited) · Zuari Indian Oiltaking Limited – Joint Venture of Zuari Global Limited · MCA Phosphates Pte. Limited (w.e.f. 27^th March, 2014)
Subsidiaries of the Company :	· Zuari Seeds Limited (with effect from 31.05.2011) · Zuari Fertilisers and Chemicals Limited (with effect from 31.05.2011)
Joint Ventures of the Company :	· Zuari Maroc Phosphates Limited (with effect from 27.06.2011) · Paradeep Phosphates Limited – Subsidiary of Zuari Maroc Phosphates Limited · Zuari Rotem Speciality Fertilisers Limited (with effect from 31.05.2011) · MCA Phosphates Pte. Limited (w.e.f. 27^th March, 2014)
Enterprises Owned Significantly Influenced By Key Management Personnel or Their Relatives	· Gobind Sugar Mills Limited

CAPITAL STRUCTURE

As on: 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

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

PARTICULARS	31st March 2014
	In Numbers	Rs. In Millions
Equity Shares
At the beginning of the year	42058006	420.580
Issued during the year	-	-
Outstanding at the end of the year	42058006	420.580

b. Terms/Rights Attached to equity Shares

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

During the year 31st March 2014, the amount of per share dividend recognised for distribution to equity share holders was Rs.3/ -, subject to approval of shareholders (31st March 2013: Rs.3/-)

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

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

Name of Shareholder	31st March 2014
	No. of Shares held	% Holding in Class
Zuari Global Limited (Formerly known as Zuari Industries Limited)	84,11,601	20.00
SIL Investments Limited	32,08,000	7.63
Texmaco Infrastructure & Holdings Limited	3000125	7.13
Globalware Trading & Holdings Limited	70,12,000	16.67
Zuari Management Services Limited	5078909	12.08

As per of the company including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	420.580	420.580	420.580
(b) Reserves & Surplus	7635.949	7522.162	7425.316
(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)	8056.529	7942.742	7845.896
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	164.151	116.818	149.442
(c) Other long term liabilities	623.696	541.103	478.115
(d) long-term provisions	6.873	0.000	0.000
Total Non-current Liabilities (3)	794.720	657.921	627.557
(4) Current Liabilities
(a) Short term borrowings	26137.676	29138.102	29650.177
(b) Trade payables	5841.234	4753.279	7462.053
(c) Other current liabilities	2503.327	864.067	564.971
(d) Short-term provisions	425.240	467.673	522.169
Total Current Liabilities (4)	34907.477	35223.121	38199.370
TOTAL	43758.726	43823.784	46672.823
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2347.744	1881.729	1896.635
(ii) Intangible Assets	13.870	0.090	7.377
(iii) Capital work-in-progress	782.996	808.115	195.402
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3289.019	1974.997	1974.997
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	803.679	1154.811	953.285
(e) Other Non-current assets	71.179	84.797	13.140
Total Non-Current Assets	7308.487	5904.539	5040.836
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5590.413	5811.312	7216.489
(c) Trade receivables	28625.985	29628.971	29519.804
(d) Cash and cash equivalents	18.326	1567.522	3325.901
(e) Short-term loans and advances	1804.011	608.397	664.291
(f) Other current assets	411.504	303.043	905.502
Total Current Assets	36450.239	37919.245	41631.987
TOTAL	43758.726	43823.784	46672.823

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	51758.974	52374.070	61808.773
		Other Income	439.652	578.868	561.161
		TOTAL (A)	52198.626	52952.938	62369.934
Less	EXPENSES
		Cost of raw material consumed	23586.382	19629.443	18998.103
		Purchase of traded goods	17838.920	21651.392	31435.160
		Decrease in inventories of finished goods, work-in-progress and traded goods	(1280.707)	640.519	1452.057
		Employee benefits expense	776.979	753.781	548.017
		Administrative selling other expenses	9078.875	7631.775	7093.992
		TOTAL (B)	50000.449	50306.910	59527.329
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2198.177	2646.028	2842.605
Less	FINANCIAL EXPENSES (D)		2604.669	2103.262	1159.880
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(406.492)	542.766	1682.725
Less/ Add	DEPRECIATION/ AMORTISATION (F)		206.967	237.944	180.166
Less	EXCEPTIONAL ITEMS		(820.433)	0.000	0.000
	PROFIT BEFORE TAX		206.974	304.822	1502.559
Less	TAX		(54.430)	60.359	470.788
	PROFIT AFTER TAX		261.404	244.463	1031.771
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		431.678	384.832	(0.297)
Less	APPROPRIATIONS
		Transfer to General Reserve	50.000	50.000	500.000
		Proposed Dividend : 30%	126.174	126.174	126.174
		Tax on dividend (Including Surcharge)	21.443	21.443	20.468
	BALANCE CARRIED TO THE B/S		197.617	431.678	384.832
	IMPORTS
		Raw Materials	12030.630	7978.264	9443.138
		Stores & Spares	28.989	26.799	55.517
		Capital Goods	199.679	87.350	1.723
		Others	15375.652	18716.178	28067.134
	TOTAL IMPORTS		27634.95	26808.591	37567.512
	Earnings Per Share (Rs.)		6.22	5.81	30.97

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	Sep 2013	Dec 2013	Mar 2014	Jun 2014
Audited / UnAudited	UnAudited	UnAudited	UnAudited	UnAudited
Net Sales	14218.000	15566.500	14890.000	10339.100
Total Expenditure	14100.800	14672.400	14014.500	10173.700
PBIDT (Excl OI)	117.200	894.100	875.500	165.400
Other Income	70.300	55.600	(14.000)	50.000
Operating Profit	187.500	949.700	861.500	215.400
Interest	500.100	726.000	746.900	679.500
Exceptional Items	(31.000)	0.000	1472.000	0.000
PBDT	(343.600)	223.700	1586.600	(464.100)
Depreciation	54.400	52.700	52.300	56.400
Profit Before Tax	(398.000)	171.000	1534.300	(520.500)
Tax	0.000	0.000	62.400	(141.700)
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	(398.000)	171.000	1471.900	(378.800)
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	(398.000)	171.000	1471.900	(378.800)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	0.50	0.46	1.65
Net Profit Margin (PBT/Sales)	(%)	0.40	0.58	2.43
Return on Total Assets (PBT/Total Assets}	(%)	0.52	0.74	3.38
Return on Investment (ROI) (PBT/Networth)		0.03	0.04	0.19
Debt Equity Ratio (Total Debt/Networth)		3.24	3.66	3.78
Current Ratio (Current Asset/Current Liability)		1.04	1.07	1.09

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	420.580	420.580	420.580
Reserves & Surplus	7425.316	7522.162	7635.949
Net worth	7845.896	7942.742	8056.529
long-term borrowings	0.000	0.000	0.000
Short term borrowings	29650.177	29138.102	26137.676
Total borrowings	29650.177	29138.102	26137.676
Debt/Equity ratio	3.779	3.669	3.244

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	61808.773	52374.070	51758.974
		(15.264)	(1.174)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	61808.773	52374.070	51758.974
Profit	1031.771	244.463	261.404
	1.67%	0.47%	0.51%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS:

Reg No.: WP / 264 /2012

Case Status :

Pending (Final Hearing)

Petitioner :

1. M/S. Zuari Industries Limited

Respondent :

1. Zuari Agro Chemicals Limited Workers Union and 3 Ors

Petitoner Adv. :

ADV. SUDHA C. PAI KIR R.NO. 2 AND 4

District :

South Goa

Bench :

Single

Act :

Constitution of India

Category:

Others (W.P.)

Case Stage :

For Final Hearing

Hearing Date :

01 April 2014

Application Maters	Connected Maters
STA / 1601/ 2013	No connected matters

This Case is updated on : 29.03.2014

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
	(Rs. In Millions)
SHORT TERM BORROWINGS:
Short Term Loans
Working capital demand loans (The rate of interest on loans varies between 10.00% - 11.60% and are repayable over a period of 32 to 90 days)	2000.000	4400.000
Total	2000.000	4400.000

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10371392	25/11/2013	39,000,000,000.00	STATE BANK OF INDIA	NEVILLE HOUSE, J N HEREDIA MARG,, BALLARD ESTATE,  MUMBAI - 400021, MAHARASHTRA, INDIA	B90206038

FIXED ASSETS:

· Freehold Land

· Buildings

· Railway Siding

· Plant and Machinery

· Furniture and Fixtures

· Office Equipment

· Vehicles

· Software

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 judgment 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] 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.61.06
UK Pound	1	Rs.101.84
Euro	1	Rs.81.55

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	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		47

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.