MIRA INFORM REPORT

Report Date :

19.12.2014

IDENTIFICATION DETAILS

Name :	VIBRANT GREENTECH INDIA LIMITED (w.e.f. 20.11.2014)
Formerly Known As :	HYDERABAD CHEMICALS LIMITED (w.e.f. 15.09.2005) HYDERABAD CHEMICAL SUPPLIES PRIVATE LIMITED
Registered Office :	4-3-377/1, Bank Street, Koti, Hyderabad – 500 095, Telangana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.01.1954
Com. Reg. No.:	36-000736
Capital Investment / Paid-up Capital :	Rs.2.779 millions
CIN No.: [Company Identification No.]	U24230TG1954PLC000736
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCH1014K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject’s operations predominantly relates to manufacturer of Pesticides, other business segment reported is generation of Power.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 3734500
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track. General financial strength of the company seems to be strong. Networth of the company are decent. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered normal for 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: (A)
Rating Explanation	Adequate degree of safety and carry low credit risk.
Date	03.12.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating: (A1)
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	03.12.2014

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 DECLINED

Management non-cooperative

(Tel. No.: 91-40-23772502)

LOCATIONS

Registered Office :	4-3-377/1, Bank Street, Koti, Hyderabad – 500 095, Telangana, India
Tel. No.:	91-40-24756927
Fax No.:	91-40-23772599
E-Mail :	hydchem@sify.com info@hyderabadchemicals.com info@neoseedsindia.com ramkumar@hyderabadchemicals.com
Website :	www.hyderabadchemicals.com
Factory 1 :	A-24/25, A.P.I.E. Balanagar, Hyderabad – 500 037, Telangana, India
Tel. No.:	91-40-23773906/ 23772651/ 23772502/ 23771849
Fax No.:	91-40-23772595
E-Mail :	careers@hyderabadchemivals.com
Factory 2 :	Phase-II, Lane IV A, SIDCO Industrial Complex, Bari Brahmana, Jammu –181 133, Jammu and Kashmir, India
Tel. No.:	91-1923-221665
Fax No.:	91-1923-221665
E-Mail :	jammu@hyderabadchemicals.com

DIRECTORS

AS ON 02.07.2014

Name :

Mr. Nellore Sukumar

Designation :

Managing Director

Address :

6-3-883/A/10, Padmavati Palace, Punjagutta, Hyderabad – 500 482, Telangana, India

Date of Birth/Age :

02.10.1951

Date of Appointment :

01.04.2009

DIN No.:

00462316

PAN No.:

AAHPR8333C

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	U24230TG1954PLC000736	VIBRANT GREENTECH INDIA LIMITED	Managing director	01-04-2014	24-09-1988	-	Active	NO
2	U24239TG1990PLC011356	HYDERABAD CHEMICAL PRODUCTS LIMITED	Managing director	01-09-2007	11-06-1990	-	Active	NO
3	U24211DL1970NPL005200	CROP CARE FEDERATION OF INDIA	Director	17-09-2002	17-09-2002	-	Active	NO
4	U01112TG2009PLC063224	NEO SEEDS INDIA LIMITED	Director	31-03-2009	31-03-2009	-	Active	NO
5	U24100TG2013PLC091502	HYDERABAD CHEMICAL LIMITED	Director	05-12-2013	05-12-2013	-	Active	NO
6	U24100TG2013PLC091503	NECTAR CROP SCIENCES LIMITED	Director	05-12-2013	05-12-2013	-	Active	NO

Name :

Mr. Dipesh Kantisen Shroff

Designation :

Director

Address :

Sanket, 39, Hatkesh Society, N.S. Road Juhu, No.6, Ville Parle (West), Mumbai – 400 056, Maharashtra, India

Date of Birth/Age :

03.02.1960

Date of Appointment :

21.11.2003

DIN No.:

00030792

PAN No.:

AJMPS3622D

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	U65990MH1984PTC033148	DIPKANTI INVESTMENTS AND FINANCING PRIVATE LIMITED	Director	18-04-1986	18-04-1986	-	Active	NO
2	U33152MH1984PTC033152	SHRODIP INVESTMENTS PRIVATE LIMITED	Director	18-04-1986	18-04-1986	-	Active	NO
3	U65990MH1983PLC030597	KAMALJYOT INVESTMENTS LIMITED	Director	01-02-1991	01-02-1991	04-06-2008	Active	NO
4	U25209GJ1994PTC022542	DEVNIDHI PLASTICS PRIVATE LIMITED	Director	28-05-1995	28-05-1995	-	Active	NO
5	U24210GJ1985PLC007569	AGROCEL INDUSTRIES LIMITED	Managing director	01-08-2012	26-06-1996	-	Active	NO
6	L23205GJ1965PLC001343	TRANSPEK INDUSTRY LIMITED	Director	27-03-2001	27-03-2001	-	Active	NO
7	U24231GJ1987PLC009324	PARUL CHEMICALS LIMITED	Director	01-12-2001	01-12-2001	14-12-2009	Amalgamated	NO
8	L74999MH1964PLC012878	EXCEL CROP CARE LIMITED	Managing director	01-09-2013	01-09-2003	-	Active	NO
9	L24200MH1960PLC011807	EXCEL INDUSTRIES LIMITED	Director	03-09-2003	03-09-2003	-	Active	NO
10	U67120MH2003PTC034259	PRITAMI INVESTMENTS PRIVATE LIMITED	Director	15-09-2003	15-09-2003	-	Active	NO
11	U24230TG1954PLC000736	VIBRANT GREENTECH INDIA LIMITED	Director	21-11-2003	21-11-2003	-	Active	NO
12	U24239TG1990PLC011356	HYDERABAD CHEMICAL PRODUCTS LIMITED	Director	21-11-2003	21-11-2003	-	Active	NO
13	U01110GJ2005PLC047254	KUTCH CROP SERVICES LIMITED	Director	12-12-2005	12-12-2005	-	Active	NO
14	L24210MH1987PLC044362	AIMCO PESTICIDES LIMITED	Director	26-04-2006	26-04-2006	31-07-2007	Active	NO
15	U74120GJ1989PLC012329	TML INDUSTRIES LIMITED	Director	15-11-2007	20-06-2007	-	Active	NO
16	U29259GJ1970PLC001800	SHROFFS ENGINEERING LIMITED	Director	26-06-2007	26-06-2007	-	Active	NO
17	U01403MH2007PLC176907	EXCEL BIO RESOURCES LIMITED	Director	18-12-2007	18-12-2007	-	Active	NO
18	U01135GJ1996PLC030102	OASIS AGRITECH LIMITED	Director	10-11-2008	07-01-2008	-	Active	NO
19	U91990GJ2008NPL053876	FEDERATION OF KUTCH INDUSTRIES ASSOCIATION	Director	16-01-2009	16-01-2009	26-08-2014	Active	NO
20	U01112TG2009PLC063224	NEO SEEDS INDIA LIMITED	Director	31-03-2009	31-03-2009	-	Active	NO
21	U65993MH2006PLC164038	ECCL INVESTMENTS AND FINANCE LIMITED	Director	05-08-2014	26-09-2013	-	Active	NO
22	U24100TG2013PLC091502	HYDERABAD CHEMICAL LIMITED	Director	05-12-2013	05-12-2013	-	Active	NO
23	U24100TG2013PLC091503	NECTAR CROP SCIENCES LIMITED	Director	05-12-2013	05-12-2013	-	Active	NO

Name :

Mrs. Shruti Atul Shroff

Designation :

Director

Address :

H.No.1028, At and PT Raipura, Taluka and District Vadodara – 391 410, Gujarat, India

Date of Birth/Age :

24.09.1950

Date of Appointment :

21.11.2003

DIN No.:

00019693

PAN No.:

AACPS7329E

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29259GJ1970PLC001800	SHROFFS ENGINEERING LIMITED	Director	16-01-1985	16-01-1985	-	Active	NO
2	U65990MH1985PTC035868	MADISON INVESTMENTS PRIVATE LIMITED	Director	06-04-1985	06-04-1985	-	Active	NO
3	U24230TG1954PLC000736	VIBRANT GREENTECH INDIA LIMITED	Director	21-11-2003	21-11-2003	-	Active	NO
4	U24239TG1990PLC011356	HYDERABAD CHEMICAL PRODUCTS LIMITED	Director	21-11-2003	21-11-2003	-	Active	NO
5	U51909GJ2004PLC043474	TRANSCHEM AGRITECH LIMITED	Director	20-01-2004	20-01-2004	-	Active	NO
6	U01112TG2009PLC063224	NEO SEEDS INDIA LIMITED	Director	31-03-2009	31-03-2009	-	Active	NO
7	U24100TG2013PLC091502	HYDERABAD CHEMICAL LIMITED	Director	05-12-2013	05-12-2013	-	Active	NO
8	U24100TG2013PLC091503	NECTAR CROP SCIENCES LIMITED	Director	05-12-2013	05-12-2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 02.07.2014

Names of Shareholders	No. of Shares
Dipesh Kantisen Shroff	43680
N. Sukumar	26100
Shruti Atul Shroff	31180
Preeti Dipesh Shroff	10000
Chanda Kantisen Shroff	15000
N. Gayatri	20020
N. Viswa	5000
N. Ram Chaitanya	5000
Atul Govindji Shroff	15000
Atul Govindji Shroff	9000
Anshul Amrish Bhatia	3000
Ravi Ashwin Shoff	3000
Ashwin Champraj Shroff	15000
Usha Ashwin Shroff	15000
Hrishit Ashwin Shroff	18000
Sanjay K. Gandhi	5000
Maya K. Gandhi	5000
Jyotsna Jyoti Bhatt	15000
Jyotindra K. Gandhi	5000
B. Mallesh	300
Narendra K. Gandhi	5220
K. Durga Prasad	100
B. Bellard	200
P.S.N. Murthy	400
Parag J. Gandhi	300
Hiral T. Dayal	3000
G. Padmavathi	400
Ranjan Jishor Shroff	1000
Rajkumari Ramesh Chandra	3000
Total	277900

AS ON 02.07.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	60.00
Other top fifty shareholders	40.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject’s operations predominantly relates to manufacturer of Pesticides, other business segment reported is generation of Power.

Products/ Services :

Product Description	ITC Code
Pesticides	3808
Power	6502

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the Management.

Bankers :

Banker Name	State Bank of Hyderabad
Branch Address	IDPL Colony Branch, Kukatpally, Hyderabad – 500 037, Telangana, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Citibank N.A., 1^st Floor, Queens Plaza, Sardar Patel Road, Hyderabad – 500 003, Telangana, India
• State Bank of India, Overseas Branch, 5-9-300, ABIDS, Hyderabad – 500 001, Telangana, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Foreign currency term loans from banks (Exclusive and specific charge on the wind mill assets acquired for 5.10MW project at Kadavakallu, Anatapur, Andhra Pradesh)	46.401	83.323
SHORT TERM BORROWINGS
Working capital loans from banks	22.502	27.931
Total	68.903	111.254

Banking Relations :	--
Auditors :
Name :	Raju and Prasad Chartered Accountants
Address :	401, Diamond House, Amrutha Hills, Punjagutta, Hyderabad – 500 082, Telangana, India
Tel. No.:	91-40-23410404
Fax No.:	91-40-23410403
E-Mail :	rajuandprasad@gmail.com Hyderabad@rajuandprasad.com
PAN No.:	AACFR2404H
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Neo Seeds India Limited (CIN No.: U01112AP2009PLC063224) Hyderabad Chemical Products Private Limited (CIN No.: U24239AP1990PTC011356) Nectar Crop Sciences Limited
Enterprises over which Key Management Personnel and their Relatives have significant influence :	Excel Industries Limited Excel Crop Care Limited Transpek Marketing Limited TML Industries Limited Agrocel Industries Limited Transpek Industries Limited Vibrant Greentech Limited

CAPITAL STRUCTURE

AS ON 02.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
277900	Equity Shares	Rs.10/- each	Rs.2.779 millions

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	2.779	3.000	3.000
(b) Reserves & Surplus	1304.300	1262.507	1164.776
(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)	1307.079	1265.507	1167.776
(3) Non-Current Liabilities
(a) Long-term borrowings	59.558	96.480	144.425
(b) Deferred tax liabilities (Net)	59.784	60.309	62.477
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	11.102	6.468	3.107
Total Non-current Liabilities (3)	130.444	163.257	210.009
(4) Current Liabilities
(a) Short term borrowings	22.502	27.931	26.130
(b) Trade payables	384.551	242.026	153.152
(c) Other current liabilities	135.968	121.063	122.508
(d) Short-term provisions	74.578	58.763	52.302
Total Current Liabilities (4)	617.599	449.783	354.092
TOTAL	2055.122	1878.547	1731.877
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	555.744	573.179	602.832
(ii) Intangible Assets	2.696	4.809	6.922
(iii) Capital work-in-progress	4.760	2.791	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	59.954	59.462	59.423
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	339.805	293.984	203.927
(e) Other Non-current assets	4.049	9.381	15.502
Total Non-Current Assets	967.008	942.182	888.606
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	485.153	435.815	417.942
(c) Trade receivables	370.683	304.688	239.599
(d) Cash and cash equivalents	46.365	45.312	46.453
(e) Short-term loans and advances	4.565	5.227	18.437
(f) Other current assets	181.348	143.899	120.840
Total Current Assets	1088.114	936.365	843.271
TOTAL	2055.122	1878.547	1731.877

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	2910.569	2299.134	2017.925
		Other Income	41.793	38.986	23.652
		TOTAL (A)	2952.362	2338.120	2041.577
Less	EXPENSES
		Cost of materials consumed	2012.255	1488.537	1228.014
		Purchases of stock-in-trade	175.303	171.466	138.936
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(47.978)	(1.239)	56.865
		Employees benefits expense	131.075	110.571	89.593
		Other expenses	409.470	346.895	331.694
		TOTAL (B)	2680.125	2116.230	1845.102
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		272.237	221.890	196.475
Less	FINANCIAL EXPENSES (D)		8.749	11.355	9.524
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		263.488	210.535	186.951
Less/ Add	DEPRECIATION/ AMORTISATION (F)		50.367	49.430	44.424
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		213.121	161.105	142.527
Less	TAX (H)		47.124	32.237	32.500
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		165.997	128.868	110.027
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		69.464	61.733	57.843
Less	APPROPRIATIONS
		Interim Dividend	5.558	6.000	6.000
		Proposed Final Dividend	22.232	21.000	21.000
		Tax on Dividend	4.468	4.137	4.137
		Transfer to General Reserve	132.500	90.000	75.000
	BALANCE CARRIED TO THE B/S		70.703	69.464	61.733
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	4.437	15.846	0.000
	TOTAL EARNINGS		4.437	15.846	0.000
	IMPORTS
		Raw Materials	163.809	237.167	91.827
		Capital Assets	7.265	0.000	0.000
	TOTAL IMPORTS		171.074	237.167	91.827
	Earnings / (Loss) Per Share (Rs.)		563.70	429.56	366.76

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	5.70	5.61	5.45
Operating Profit Margin (PBDIT/ Sales)	(%)	9.35	9.65	9.74
Return on Total Assets (PBT/Total Assets}	(%)	10.71	8.86	8.52
Return on Investment (ROI) (PBT/Networth)		0.16	0.13	0.12
Debt Equity Ratio (Total Debt/Networth)		0.06	0.10	0.15
Current Ratio (Current Asset/Current Liability)		1.76	2.08	2.38

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	3.000	3.000	2.779
Reserves & Surplus	1164.776	1262.507	1304.300
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1167.776	1265.507	1307.079
Long Term borrowings	144.425	96.480	59.558
Short Term borrowings	26.130	27.931	22.502
Total borrowings	170.555	124.411	82.060
Debt/Equity ratio	0.146	0.098	0.063

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	2,017.925	2,299.134	2,910.569
		13.936	26.594

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	2,017.925	2,299.134	2,910.569
Profit	110.027	128.868	165.997
	5.45%	5.61%	5.70%

LOCAL AGENCY FURTHER INFORMATION

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

OPERATIONAL REVIEW

OVERVIEW

The financial year 2013-14 has started off on an encouraging note with timely and good Monsoon in most regions of the country resulting in a spurt in the demand for Agrochemicals during the Kharif season. However the off take of Agrochemicals during the Rabi season has been sluggish. During the year, Government of India has initiated a series of actions for curbing illegal imports from China which in turn has contributed to better utilization of manufacturing capacities in India. The appreciation of dollar during the peak season has resulted in sharp increase in cost which could not be fully passed on to the market.

PERFORMANCE

During the financial year 2013-14, Hyderabad Chemicals Limited and its wholly owned subsidiaries Hyderabad Chemical Products Limited (HCPL) and Neo Seeds India Limited (NSIL) have witnessed healthy growth and consolidation. The combined gross sales of HCL, HCPL and NSIL have increased to Rs.5610.000 millions compared to Rs.4130.000 millions in the previous financial year registering a growth of 36%. The combined profit before tax has improved to Rs.420.000 millions as against Rs.297.400 millions in the previous year signifying a healthy growth of 41%. The combined profit after tax (after provision for deferred taxation) has increased to Rs.324.600 millions compared to Rs.223.100 millions during the previous year reflecting a growth of 45%. A series of factors and initiatives like commencement of production in the new plants at Humnabad, timely procurement of Raw Materials to meet market requirements, improvement in efficiency / yields combined with effective coordination between the functional areas have helped to achieve good progress during the year.

HYDERABAD CHEMICALS LIMITED

The performance of the Company had continued to be satisfactory during the financial year 2013-14. Gross sales have increased to Rs.3200.000 millions from Rs.2530.000 millions in the previous year reflecting a growth of 26%. The profit before tax has improved to Rs.213.000 millions as against Rs.161.000 millions in the previous year signifying a growth of 32%. The profit after tax (after provision for deferred taxation) has increased to Rs.166.000 millions compared to Rs.129.000 millions during the previous year reflecting a growth of 29%.

JAMMU UNIT

The sales from Jammu unit had increased to Rs.1200.000 millions during the financial year 2013-14 from Rs.820.000 millions in the previous financial year. To strengthen the pesticide formulation facility a new air classifying mill has been installed. The manufacture of two formulations namely Allfall (Buprofezin 25% SC), Fisto Gr ( Fipronil 0.3% Gr) has been started. The acquisition of adjacent land for substantial expansion for creating additional manufacturing facilities has been finalized and capital advances were released. Statutory formalities for acquiring the premises are in progress and transfer of lease will be completed, once the NOC is received from the relevant authorities.

DEMERGER OF PESTICIDE BUSINESS:

The Company is operating business in two segments i.e., Pesticide Division and Power Division. The two segments operate in different business environments and are subject to different rates of profitability, future prospects, risks and have varied growth potentials.

In order to improve the focus for better business results it is proposed to reorganize and segregate, by way of a Scheme of Arrangement (Demerger) under the provisions of Sections 391 to 394 of the Companies Act, 1956.

Both the Companies i.e., HCL and HCPL propose to hive off the pesticide business from the existing Company and transfer the business to new Companies. In this process, HCL has floated two new entities in the names of Nectar Crop Sciences Limited and Vibrant Greentech Limited. Both the Companies were incorporated on 5th December 2013.

The Scheme of arrangement was approved by the Board of Directors in their meeting held on 18.12.2013. The Board had appointed consultants to process and complete the assignment of demerger in a systematic manner. Applications were filed before Hon’ble High Court of Andhra Pradesh by both the Companies HCL and HCPL. Court convened creditors meetings of HCL and HCPL were conducted and creditors have given their consent unanimously to the scheme. The scheme is in its final stages of approval and the demerger process is expected to be completed by end of September, 2014.

BUY BACK OF COMPANY SHARES:

In pursuance of the resolution passed in the meeting of Board of Directors held on 20.11.2013, the Company has announced buy back of its equity shares in order to provide exit option to the interested shareholders. The Company has proposed to buy back 30,000 fully paid-up Equity Shares of face value of Rs.10/- each. However, only 22100 equity shares were surrendered by the Shareholders and the same have been bought back by the Company.

PRODUCTION FACILITIES AT BALANAGAR

A new facility has been developed for formulation of Clodinafop 15% WP in view of the growing demand for the product. The packaging plant has been retrofitted to build more flexibility in order to meet market demand at short notice.

PRODUCTION FACILITY AT PASHAMYLARAM

Manufacturing capacity of Acephate has been enhanced during the year along with improvement in yield. A dedicated plant for Sufosulfuron has been commissioned and plans are on to retrofit the same plant for adding new product Cloquintocet Mexyl. Work is under progress for enhancement of utilities.

PRODUCTION FACILITY AT HUMNABAD

The technical manufacturing facility at Humnabad for Fipronil has been commissioned. The retrofitting of Diafenthiuron facility in Plant I has been started. A new process for Neonicotinoid has been introduced. The development of infrastructure like warehouse, new office building and roads is in progress.

MARKETING AND PROMOTION

During the year new products were introduced mainly Fisto (Fipronil), Fisto Gr (Fipronil 0.3% Gr), Echonil Plus (Butachlor 50% EW), Washout (2,4D sodium salt) to cater to various market segments. During the financial year 2014-15 the Company is planning to introduce new molecules like Duel (Diafenthiuron 50%wp), Audit (Propineb 75% WP), Blightwar (Validamycin 3%L) to further strengthen the product profile.

A number of farmers derived benefit from Karshak Sahaya Vani toll free help line and free Soil Testing Facilities have been well received by the farmers

SUBSIDIARY COMPANIES:

HYDERABAD CHEMICAL PRODUCTS LIMITED

The performance of the Company has continued to be satisfactory during the financial year 2014. Gross sales have increased to Rs.2280.000 millions from Rs.1460.000 millions in the previous year reflecting a growth of 56%. The profit before tax has improved to Rs.206.000 millions as against Rs.133.000 millions in the previous year signifying a growth of 56%. The profit after tax (after provision for deferred taxation) has increased to Rs.158.000 millions compared to Rs.92.000 millions during the previous year reflecting a growth of 73%.

NEO SEEDS INDIA LIMITED

The Company has achieved sales of Rs.130.000 millions during the financial year 2013-14 as against Rs.140.000 millions in the previous year. Profit after tax, has dropped to Rs.0.300 million from Rs.2.800 millions of the previous year mainly due to R & D expenditure and interest paid to the holding company for the funds borrowed. The company has recently received approval for 9 Cotton Hybrids from Genetic Engineering Appraisal Committee for sales in North and Central India in addition to approval for 2 Hybrids received during the year. With this the Company has 21 Cotton Hybrids approved by GEAC for 8 states and the company is expected to take advantage of new hybrids for future growth. Good progress is achieved in stabilizing Biotechnology Laboratory.

New processing and packing plant measuring 40,000 sq. ft has been completed and the Company is operating from these facilities at Muppireddypally village, near Hyderabad.

NECTAR CROP SCIENCES LIMITED

The Company has floated a new Company under the name and style of Nectar Crop Sciences Limited to take over the pesticide business of Hyderabad Chemical Products Limited after approval of the scheme of demerger by the Hon’ble High Court of A.P. The Company was incorporated on 5th December 2013 and no commercial activities have been started

VIBRANT GREENTECH LIMITED

The Company has floated a new Company under the name and style of Vibrant Greentech Limited to take over the pesticide business of Hyderabad Chemicals Limited after approval of the scheme of demerger by the Hon’ble High Court of A.P. The company was incorporated on 5th December 2013 and no commercial activities have been started. In order to give independent status to Vibrant Greentech Limited, HCL has transferred 50000 equity shares of Rs.10/- each held in Vibrant Greentech Limited to its Shareholders in proportion to their holding on receipt of the proper consideration. After the sanction of the Scheme of Arrangement by the Hon’ble High Court of A.P, the name of the Company owning the pesticides division would be renamed as Hyderabad Chemicals Limited subject to obtaining of the requisite statutory approvals.

OUT LOOK FOR THE CURRENT YEAR

The year started off on a sluggish note with late onset of monsoon and scanty rainfall as a result of which the off take from the market has not been very encouraging in the 1st quarter. However, the monsoon is expected to be active in July, the sales performance in the 2nd quarter is likely to pick up.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Deferred sales tax loan	13.157	13.157
Total	13.157	13.157

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10367308	05/07/2012	25,000,000.00	STATE BANK OF HYDERABAD	IDPL COLONY BRANCH,, KUKATPALLY, HYDERABAD, ANDHRA PRADESH - 500037, INDIA	B44431237
2	10284214	13/04/2011	175,000,000.00	CITIBANK N.A.	1ST FLOOR, QUEENS PLAZA, SARDAR PATEL ROAD, HYDERABAD, ANDHRA PRADESH - 500003, INDIA	B12081394
3	10040359	01/08/2014 *	510,000,000.00	STATE BANK OF HYDERABAD	IDPL COLONY BRANCH, KUKATPALLY, HYDERABAD, TELANGANA - 500037, INDIA	C18350835
4	90258485	15/09/1994 *	18,300,000.00	INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED	CORE- 4A; EAST COURT; 1ST FLOOR, INDIA HABITAT CENTRE; LODI ROAD, NEW DELHI, DELHI, INDIA	-
5	90257956	27/04/1994	500,000.00	STATE BANK OF HYDERABAD	IDPL COLONY, HYDERABAD, ANDHRA PRADESH, INDIA	-
6	90257251	11/10/1976	527,000.00	A.P. STATE FINANCIAL CORPORATION	CHIRAG ALI LANE, HYDERABAD, ANDHRA PRADESH, INDIA	-
7	90257247	08/07/1976	9,177.00	STATE BANK OF HYDERABAD	IDPL COLONY, HYDERABAD, ANDHRA PRADESH, INDIA	-
8	90257244	17/02/1976	300,000.00	STATE BANK OF HYDERABAD	IDPL COLONY, HYDERABAD, ANDHRA PRADESH, INDIA	-
9	80005726	04/06/2012 *	97,500,000.00	STATE BANK OF HYDERABAD	IDPL COLONY BRANCH, KUKATPALLY, HYDERABAD, ANDHRA PRADESH - 500037, INDIA	B42117739
10	90257240	26/06/2002 *	350,000.00	STATE BANK OF HYDERABAD	IDPL COLONY, HYDERABAD, ANDHRA PRADESH, INDIA	-
11	90263214	28/10/1971	345,000.00	STATE BANK OF HYDERABAD	KUKAIPALLY BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA	-
12	90257234	08/12/1970	50,000.00	STATE BANK OF HYDERABAD	AUKATAPALLY BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA	-
13	90257232	08/06/1970	122,000.00	STATE BANK OF HYDERABAD	IDPL COLONY, HYDERABAD, ANDHRA PRADESH, INDIA	-
14	90257229	05/04/1968	25,000.00	DENA BANK LIMITED	BANK STREET, HYDERABAD, ANDHRA PRADESH, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
A) Claims against the Company not acknowledged as debts
i) in respect of tax matters :
The Income Tax dues on account of dispute pertains to the financial year
a) the appeal is pending at High Court of Andhra Pradesh, Hyderabad for the Financial years 2001-02 to 2005-06	14.569	14.569
b) the appeal is pending before Income Tax Appellate Tribunal, Hyderabad.
i) for the Financial year 2006-07, Commissioner of Income tax (Appeals), Vijayawada has given favourable judgement to the Company. Dept has filed an appeal before ITAT	20.880	20.880
ii) for the financial year 2007 - 08	26.710	26.710
iii) for the financial year 2008 - 09	53.328	53.328
c) the appeal is pending before Commissioner of Income tax (Appeals)
i) for the financial year 2009-10	52.023	52.023
ii) for the financial year 2010-11	43.331	--
ii) in respect of other matters :
a) An amount claimed by APCPDCL as excess wheeling charges is a disputed liability the matter is pending before Appellate Tribunal for Electricity at Delhi	0.564	0.564
b) CST Appeals before Appellate Commissioner.	0.183	0.161
B) Guarantees and counter guarantees outstanding Corporate Guarantee given by the Company in respect of loans taken by
i) Hyderabad Chemical Products Limited from
a) State Bank of Hyderabad , IDPL Colony Branch, Hyderabad	210.000	210.000
b) Citi Bank, Begumpet, Hyderabad.	200.000	120.000
c) L & T Finance Limited, Begumpet, Hyderabad.	100.000	100.000
ii) Neo Seeds India Limited from State Bank of Hyderabad, IDPL Colony Branch	25.000	25.000
C) Estimated amount of contracts remaining to be executed on capital account.	6.670	--
D) Others :
i) Opened LC’s	36.472	6.776
ii) 'C' forms under collection	0.359	0.145

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Laboratory Equipment

· Vehicles

· Technical Books

· Land (Wind farm)

· Building (Wind farm)

· Plant and Machinery (Wind farm)

· Land (Agricultural)

· Shed at Agricultural Land

· Plant and Machinery (Agricultural)

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.63.32
UK Pound	1	Rs.98.68
Euro	1	Rs.78.11

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	DIV
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
-- PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.