MIRA INFORM REPORT

Report Date :

26.07.2014

IDENTIFICATION DETAILS

Name :	COROMANDEL INTERNATIONAL LIMITED
Registered Office :	1-2-10, Sardar Patel Road, Secunderabad, Hyderabad – 500003, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.10.1961
Com. Reg. No.:	01-000892
Capital Investment / Paid-up Capital :	Rs. 283.181 Millions
CIN No.: [Company Identification No.]	L24120AP1961PLC000892
TAN No.: [Tax Deduction & Collection Account No.]	HYDC00011E
PAN No.: [Permanent Account No.]	AAACC785ZK
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the Manufacture and Trading of Farm Inputs.
No. of Employees :	8145 (Approximetly)

RATING & COMMENTS

MIRA’s Rating :

A (57)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 89300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an old and established company having fine track record. Financial positions of the company is sound. Fundamentals are strong and healthy. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “AA+”
Rating Explanation	High degree of safety and low credit risk.
Date	11.12.2013

Rating Agency Name	CRISIL
Rating	Short term rating: “A1+”
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	11.12.2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Sriram
Designation :	General Manager Finance
Contact No.:	91-40-27842034

LOCATIONS

Registered Office :	1-2-10, Sardar Patel Road, Secunderabad, Hyderabad – 500003, Andhra Pradesh, India
Tel. No.:	91-40-27842034/ 27847212
Fax No.:	91-40-27844117
E-Mail :	cfl@cflindia.com parvathikr@cfl.murugappa.com parvathikr@coromandel.murugappa.com
Website :	http://www.cflindia.com http://www.coromandel.biz
Factory :	Fertiliser Plants : Sriharipuram, Po Box No. 1116, Malkapuram Post, Visakhapatnam – 530011, Andhra Pradesh, India Phone: 91-891-2578400 to 2578419   Fax: 91-891-2577665 N. Seetaram - General Manager - Mfg. Email:Seetaramn@cfl.murugappa.com Compound Fertilisers Factory Ennore, Chennai – 600507, Tamilnadu, India Phone: 91-44-5733600 Satyanarayana Rao - General Works Manager Email:Satyanarayanarao@cfl.murugappa.com CROP PROTECTION PLANTS AT: · Ranipet in Tamilnadu · Beach Road, Kakinada, Andhra Pradesh · Ankleshwar in Gujarat · Baribrahmana, Jammu and Kashmir

DIRECTORS

Name :	Mr. A Vellayan
Designation :	Chairman
Name :	Mr. V Ravichandran
Designation :	Vice Chairman
Name :	Mr. K Balasubramanian
Designation :	Director (Upto 23.07.2013)
Name :	Mr. B V R Mohan Reddy
Designation :	Director
Name :	Mr. Prasad Chandran
Designation :	Additional Director
Name :	Ms. Ranjana Kumar
Designation :	Director
Name :	Mr. Uday Chander Khanna
Designation :	Director
Name :	Mr. M M Venkatachalam
Designation :	Director
Name :	Mr. Kapil Mehan
Designation :	Managing Director
Name :	Mr. J. S. Sarma
Designation :	Additional Director (08.08.2013 – 28.02.2014)

KEY EXECUTIVES

Name :	Mr. G Ravi Prasad
Designation :	President - Marketing (Fertilisers and Organic)
Name :	Mr. Amir Alvi
Designation :	Sr Vice President and Head of Manufacturing (Fertilisers)
Name :	Mr. Arun Leslie George
Designation :	Sr Vice President and Head of HR
Name :	Mr. P Gopalakrishna
Designation :	Sr Vice President – Speciality Nutrients and Business Development
Name :	S Govindarajan
Designation :	Sr. Vice President and Head – SSP Business
Name :	Mr. Harish Malhotra
Designation :	Sr Vice President - Commercial
Name :	Mr. Ripu Daman Singh
Designation :	Sr. Vice President and Head – Retail
Name :	Mr. S Sankarasubramanian
Designation :	Chief Financial Officer
Name :	Mr. P Varadarajan
Designation :	Vice President - Legal & Company Secretary
Name :	Mr. Kapil Mehan
Designation :	Managing Director

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
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	3404464	1.19
Bodies Corporate	177186160	62.01
Any Others (Specify)	42140	0.01
Any Other	42140	0.01
Sub Total	180632764	63.21
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	180632764	63.21
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	12045280	4.22
Financial Institutions / Banks	132035	0.05
Insurance Companies	4492803	1.57
Foreign Institutional Investors	20007475	7.00
Qualified Foreign Investor	1840	0.00
Sub Total	36679433	12.84
(2) Non-Institutions
Bodies Corporate	21148118	7.40
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	23787915	8.32
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	9924031	3.47
Any Others (Specify)	13583754	4.75
Foreign Nationals	71960	0.03
Overseas Corporate Bodies	9600000	3.36
Trusts	40233	0.01
Non Resident Indians	3794273	1.33
Clearing Members	77288	0.03
Sub Total	68443818	23.95
Total Public shareholding (B)	105123251	36.79
Total (A)+(B)	285756015	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)	285756015	0.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the Manufacture and Trading of Farm Inputs.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
(i) Fertilisers
Ammonium Phosphatic Fertilisers	MT	2315000	2104014
Di-Ammonium Phosphate (DAP)	MT	815000	434475
Single Super Phosphate	MT	132000	104472
(ii) Plant Protection Products
Technicals	MT	11840	7204
Formulations - Liquids (in KL)	MT	10400	7171
Formulations – Granules/Powder	MT	6920	5338

GENERAL INFORMATION

No. of Employees :

8145 (Approximetly)

Bankers :

· State Bank of India

· HDFC Bank

· Hongkong and Shanghai Banking Corporation Limited

· ICICI Bank

· IDBI Bank

· Yes Bank

· State Bank of Patiala

Facilities :

Secured Loans	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long Term Borrowing
Term Loans
Banks	2300.500	3478.000
Short Term Borrowing
Loans repayable on demand from banks	5590.800	767.700
Total	7891.300	4245.700

Notes:

Long Term Borrowings

The term loans from banks comprise of External Commercial Borrowings (ECB) secured by Paripassu charge on fixed assets of Visakhapatnam and Kakinada plants and rupee loans secured by way of first charge on certain movable and immovable SSP plant’s related assets of the Company. The ECB’s carry interest rates with spread ranging 170 bps to 215 bps over 3 months LIBOR and are repayable over the next four years and have been fully hedged for exchange and interest rates. Long-term rupee loans carry interest of 2.85% above base rate and are repayable over next two years

Short term Borrowing :

Secured short-term borrowings comprises working capital demand loans, buyers credit denominated in foreign currency and cash credit balances secured by a pari-passu charge of stock of raw materials, work-in-process, finished goods, stores and spare parts and book debts including subsidy receivables of the Company. Further, certain short-term borrowings are secured by first pari-passu charge on certain movable and immovable assets of the Company; certain cash credit and working capital demand loans are further secured by way of second pari-passu charge on certain movable fixed assets of the Company. Charge is yet to be created by the Company in respect of short term borrowing availed from SBI led consortium amounting Rs. 66.700 Millions against Company’s subsidy receivables.

Banking Relations :
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	1-8-384 and 385, 3rd Floor, Gowra Grand, S.P. Road, Begumpet, Secunderabad – 500003, Andhra Pradesh, India
Tel No.:	91-40-66032600
Fax No.:	91-40-66032714
Cost Auditors:	· Mr. V Kalyanaraman · Mr. Dantu Mitra
Holding Company:	· E.I.D. Parry (India) Limited
Subsidiaries :	· Liberty Phosphate Limited (LPL · Liberty Urvarak Limited (LUL) · Liberty Pesticides and Fertilisers Limited (LPFL) · Sabero Organics Gujarat Limited (Sabero) · Sabero Organics America Ltda (SOAL) · Sabero Australia Pty Limited, Australia (Sabero Australia) · Sabero Europe BV (Sabero Europe) · Sabero Argentina S.A. (Sabero Argentina) · Sabero Organics Mexico S.A. (Sabero Mexico) · Parry Chemicals Limited (PCL) · Dare Investments Limited (DIL) · CFL Mauritius Limited (CML) · Coromandel Brasil Limitada (CBL)
Fellow subsidiary:	· Sadashiva Sugars Limited (SSL) · Parry Infrastructure Company Private Limited (PICPL) · Parry Sugar Industries Limited (PSIL)
Joint venture:	· Coromandel Getax Phosphates Pte Limited (CGPL) · Coromandel SQM (India) Private Limited (CSQM) · Tunisian Indian Fertilisers. SA (TIFERT)

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
350000000	Equity Shares	Rs. 1/- each	Rs.350.000 Millions
5000000	Cumulative Redeemable preference Shares	Rs. 10/- each	Rs. 50.000 Millions
	Total		Rs.400.000 Millioins

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
283181822	Equity Shares	Rs. 1/- each	Rs.283.181 Millions

Reconciliation of number of shares and amount outstanding at the beginning and at the end of the year :

(a) Equity shares:

	Year ended 31 March 2014		Year ended 31 March 2013
	Number	Rs. In Millions	Number	Rs. In Millions
Per last Balance Sheet	283057818	283.100	282569542	262.600
Add: Equity shares allotted pursuant to exercise of stock options	124004	0.100	488276	0.500
Balance at the end of the year	283181822	283.200	283057818	283.100

(b) Preference shares:

	Year ended 31 March 2014		Year ended 31 March 2013
	Number	Rs. In Millions	Number	Rs. In Millions
Per last Balance Sheet	--	--	--	--
Add: On Amalgamation	5000000	50.000	--	--
Less: Redeemed during the year	5000000	50.000	--	--
Balance at the end of the year	--	--	--	--

(ii) Rights, preferences and restrictions relating to each class of share capital:

Equity shares:

The Company has one class of equity shares having a face value of Rs. 1/- each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting, except in the case of interim dividend.

Cumulative redeemable preference shares:

The Company has a class of cumulative redeemable preference shares having face value of Rs. 10/- each with such rights, privileges and conditions respectively attached thereto as may be from time to time confi rmed by the

regulations of the Company. Pursuant to the Scheme of Amalgamation (Refer Note 26) the cumulative redeemable preference shares carry cumulative dividend of 8% per annum in relation to capital paid upon them and are on original terms and conditions in which they were issued by erstwhile Liberty Phosphate Limited, the amalgamating company.

(iii) As at 31 March 2014, E.I.D Parry (India) Limited (Holding Company) held 17,71,55,580 (2013: 17,71,55,580)

equity shares of Rs.1/- each fully paid-up representing 62.56% (2013: 62.59%) of the paid-up capital. There

are no other shareholders holding more than 5% of the issued capital.

(iv) As at 31 March 2014, shares reserved for issue under the ‘ESOP 2007’ scheme is 93,98,050 (2013:

95,22,054) equity shares of Rs.1/- each (refer Note 29).

(v) Details of bonus shares issued, shares issued for consideration other than cash during the period of fi

ve years immediately preceeding the reporting date:

1,20,37,182 equity shares of Rs. 2/- each fully paid up were allotted to the shareholders of Godavari Fertilisers

and Chemicals Limited in the ratio of 3 shares of the Company for every 2 shares of Godavari Fertilisers and

Chemicals Limited pursuant to the Scheme of

Amalgamation between Godavari Fertilisers and Chemicals Limited and the Company during the year ended

31 March 2008.

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	283.200	283.100	282.600
Share Capital suspense	2.600	0.000	0.000
(b) Reserves & Surplus	22047.400	21473.000	23429.300
(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)	22333.200	21756.100	23711.900
(3) Non-Current Liabilities
(a) long-term borrowings	2313.200	7720.300	2727.900
(b) Deferred tax liabilities (Net)	1868.600	1797.900	674.500
(c) Other long term liabilities	300.900	301.200	339.900
(d) long-term provisions	171.100	164.000	162.900
Total Non-current Liabilities (3)	4653.800	9983.400	3905.200
(4) Current Liabilities
(a) Short term borrowings	11617.400	14675.500	21447.500
(b) Trade payables	25724.200	22026.500	20427.200
(c) Other current liabilities	4548.800	3209.300	2245.100
(d) Short-term provisions	1745.900	1822.000	1323.400
Total Current Liabilities (4)	43636.300	41733.300	45443.200
TOTAL	70623.300	73472.800	73060.300
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12061.900	11362.400	8004.000
(ii) Intangible Assets	49.200	58.100	67.000
(iii) Capital work-in-progress	269.200	279.400	1331.300
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	7438.300	8795.100	6279.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	576.800	877.900	514.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	20395.400	21372.900	16195.300
(2) Current assets
(a) Current investments	1.800	0.400	0.400
(b) Inventories	16714.000	12648.900	18556.100
(c) Trade receivables	12941.400	16108.900	8870.200
(d) Cash and cash equivalents	4570.300	4527.600	9178.500
(e) Short-term loans and advances	15860.500	18741.700	20133.800
(f) Other current assets	139.900	72.400	126.000
Total Current Assets	50227.900	52099.900	56865.000
TOTAL	70623.300	73472.800	73060.300

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	64792.600	55585.400	49688.700
	Government subsidies	28594.300	29620.500	47463.900
	Other operating revenue	418.300	396.500	1080.100
	Other Income	613.700	670.300	1166.700
	TOTAL (A)	94418.900	86272.700	99399.400
Less	EXPENSES
	Cost of Materials Consumed	59475.500	48586.900	58606.500
	Purchases of Stock-in-Trade	12292.200	15299.900	19349.100
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1239.500)	1472.000	(2588.700)
	Employees benefits expense	2437.600	2050.200	1882.200
	Other expenses	13453.300	10848.300	10370.600
	Exceptional item	126.100	0.000	355.300
	TOTAL (B)	86545.200	78257.300	87975.000
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	7873.700	8015.400	11424.400
Less	FINANCIAL EXPENSES (D)	2109.600	1766.700	1165.100
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	5764.100	6248.700	10259.300
Less/ Add	DEPRECIATION/ AMORTISATION (F)	820.300	585.400	561.600
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	4943.800	5663.300	9697.700
Less	TAX (I)	1495.300	1223.400	2765.000
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	3448.500	4439.900	6932.700
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	0.000	4810.000	3180.000
Add	Earlier year excess proposed dividend and dividend distribution tax (L)	0.000	0.000	0.000
Less	APPROPRIATIONS
	Transfer to Debenture Redumption Reserve		250.000	0.000
	Transfer to General Reserve		2500.000	3000.000
	Interim dividend [includes `7 lakhs on final dividend for 2011-12 (`5 lakhs on final dividend for 2010-11)]		0.000	1130.000
	Prpposed Dividend		1270.000	850.000
	Tax on Dividend		220.000	320.000
	Total (M)	NA	4240.000	5300.000
	Balance Carried to the B/S (J+K+L-M)	3448.500	5009.900	4812.700
	Earnings / (Loss) Per Share (Rs.)
	Basic	12.05	15.70	24.57
	Diluted	12.03	15.65	24.43

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	3.65	5.15	6.97
Net Profit Margin (PBT/Sales)	(%)	7.63	10.19	19.52
Return on Total Assets (PBT/Total Assets}	(%)	7.86	8.79	14.82
Return on Investment (ROI) (PBT/Networth)		0.22	0.26	0.41
Debt Equity Ratio (Total Debt /Networth)		0.62	1.03	1.02
Current Ratio (Current Asset/Current Liability)		1.15	1.25	1.25

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	282.600	283.100	283.200
Share Capital suspense	0.000	0.000	2.600
Reserves & Surplus	23429.300	21473.000	22047.400
Net worth	23711.900	21756.100	22333.200
long-term borrowings	2727.900	7720.300	2313.200
Short term borrowings	21447.500	14675.500	11617.400
Total borrowings	24175.400	22395.800	13930.600
Debt/Equity ratio	1.020	1.029	0.624

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	49688.700	55585.400	64792.600
		11.867	16.564

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	49688.700	55585.400	64792.600
Profit	6932.700	4439.900	3448.500
	13.95%	7.99%	5.32%

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	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	No
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	No
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 :

CRLRC 1914 / 2011 CRLRCSR 30675 / 2011 CASE IS : PENDING

PETITIONER SHRE VENKATA PADMAVATHI FERTILISERS, PAMARRU (M), EG. DISTRICT PET. ADV.: RAVI PRASAD Subject : Other offences not covered above	RESPONDENT COROMANDEL INTERNATIONAL LTD., VISAKHAPATNAM AND ANR, REP PP RESP. ADV.: PUBLIC PROSECUTOR DISTRICT : VISAKHAPATNAM
FILING DATE : 14-09-2011 POSTING STAGE : FOR ADMISSION REG. DATE : 14-09-2011 LISTING DATE : 14-09-2011 STATUS : NOTICES
HON’BLEJUDGE(S): RAJA ELANGO

UNSECURED LOANS:

Particular	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long Term Borrowing
9% Unsecured redeemable non-conbertible fully paid bonus debenture of Rs. 15/- each	0.000	4242.300
Loan from a related party – subsidiary	12.700	0.000
Short Term Borrowing
Loans repayable on demand from banks	5193.000	13907.800
Short terms from banks	833.600	0.000
Total	6039.300	18150.100

Note:

Long Term Borrowing:

9% Unsecured redeemable non-convertible fully paid bonus debentures have been prepaid and redeemed at par during the year.

Short Term Borrowing :

Unsecured loans repayable on demand comprises buyers credit denominated in foreign currency loans and rupee loans availed from banks.

Operations

The south-west monsoon in 2013-14 was one of the best experienced in recent years and positively infl uenced Kharif sowing and output. The Company leveraged the favourable monsoon conditions and its complete portfolio

of agri-inputs comprising of fertilisers, crop protection and specialty nutrients to register robust growth. Further, the Company has expanded its retail footprint in Andhra Pradesh and Karnataka and improved its performance by growing the non-fertiliser segment thereby registering profi table growth over previous year.

The consumption levels of P&K fertilisers which had declined to historic lows in 2012-13 recovered in 2013-14 due to increased sowing, good monsoon and improved groundwater conditions. This has helped the industry to reduce the pipeline inventory signifi cantly.

The Company also reduced its inventory of finished products, improved collections and increased its sales volume resulting in an increase in market share. In addition, the Company maintained tight controls on conversion costs and fixed costs and effectively managed phosphoric acid availability to improve capacity utilization. The new production stream, C-train at Kakinada produced various grades of complex fertilisers and DAP. Higher working capital due to pipeline inventory and receivables has impacted the overall financing costs and focused efforts helped in easing the position considerably in the current year.

During the year, the Company pursuant to the Scheme of Amalgamation approved by the Hon’ble High Courts of Andhra Pradesh and Gujarat, has completed the transfer of the entire business undertaking of LPL and LUL,including all its assets and liabilities effective 1st April 2013. The Company has also acquired the business undertaking from M/s Tungabhadra Fertilisers and Chemicals Company Limited (TFCCL) on a slump sale basis. With the addition of LPL and LUL manufacturing facilities in the northern and western parts of India and the associated marketing network, the Company will be able to leverage the combined marketing network to increase the sale of phosphatics and Single Super Phosphate (SSP). In the year 2013-14 the excessive fi eld stock of SSP inventory and high input cost of raw materials have impacted performance of

SSP operations.

During the year the Crop Protection business recorded strong growth over previous years by leveraging its domestic distribution network and its direct presence in key Latin America and Asia Pacifi c markets. The Company has added to its portfolio of export registrations and initiated a regional focus approach with a view to expand its overseas presence. Domestic formulations business benefi tted from demand arising out of increased sowing of critical crops like paddy, cotton and pulses. To create a new identity and to present the farmers with a stronger value proposition, the Company launched a new umbrella brand “Gromor Suraksha”. The business also improved its production effi ciencies at its technical manufacturing locations and completed various projects that have improved the overall product quality, safety and plant reliability. With the proposed merger of Company’s subsidiary Sabero Organics Gujarat Limited, the crop protection SBU is poised for growth leveraging domestic market network and global presence.

Specialty Nutrients business has registered a healthy growth in all three product categories – Water Soluble Fertilisers (WSF), Sulphur Products and Micro Nutrients. The Company is the market leader in Water Soluble Fertilisers and Sulphur product segments. During the year, six new products were introduced to offer need based crop solutions and the business is focused on achieving scale by adopting a crop based approach to sales and

marketing efforts.

The Retail business completed a series of new initiatives and robust processes in the year 2013-14 to facilitate long term growth. The business focused on positioning every outlet as a “Complete Farming Solution” platform through range expansion in the Non-Fertilisers segments. These initiatives have resulted in Retail registering a signifi cant growth during the year.

The Company has recorded a total revenue of Rs. 94420.000 Millions. Profit for the year before depreciation, interest and

taxation was Rs. 8000.000 millions and Profi t before tax was Rs. 4940.000 Millions. Net Profit after tax was Rs. 3450.000 Millions.

Subsidiary Companies:

Sabero Organics Gujarat Limited (Sabero)

Sabero’s total revenue for the year ended 31st March 2014 was Rs. 7214.300 Millions with a Net profit of Rs. 331.300 Millions as Annual Report 2013-14 11 compared to a profi t of Rs. 77.300 Millions in the previous year.

During the year the Boards of the Company and Sabero have approved a Scheme of Amalgamation for merger of Sabero with the Company, subject to approval of the respective shareholders, creditors, concerned High Courts and such other authorities, as may be required. The Scheme will be with effect from 1st April 2014 but would become operative after receipt of necessary approvals. Meetings of the shareholders and creditors of the Company and Sabero are scheduled to be held on 16th June 2014 and

20th June 2014, respectively.

CFL Mauritius Limited:

The Company (a 100% subsidiary) incurred loss of US $ 0.18 million (equivalent to Rs. 10.700 Millions) during the year ended 31st December 2013. Primary source of income for this subsidiary is dividend income from Foskor (Pty) Limited and during the year, the subsidiary did not receive any dividend from Foskor. The Company has during the year made a further investment of Rs. 250.700 Millions in this company.

Parry Chemicals Limited (PCL):

The Company (a 100% subsidiary) earned a total revenue of Rs. 33.200 Millions for the year ended 31st March 2014 and Profit after Tax was Rs. 29.100 Millions.

PCL, during the year had sold 558249 equity shares of Sabero Organics Gujarat Limited (Sabero) representing 1.65% of the equity capital of Sabero to its holding company, Coromandel.

Dare Investments Limited (DIL):

During the year Dare Investments Limited, which was a wholly owned subsidiary of PCL, has become a direct subsidiary of the Company. The Company had during the year made a further investment of Rs. 49.500 Millions in this company.

Coromandel Brasil Limitada:

The Limited Liability Partnership is primarily engaged in getting product registrations in Brazil and procuring orders for supplies from India. It incurred net loss of Brazilian Reals 0.26 million (equivalent to Rs. 07.000 Millions) for the year ended 31st December 2013.

Liberty Pesticides and Fertilisers Limited (LPFL):

During the year, LPFL which was a wholly owned subsidiary of LPL, has become a direct subsidiary of the Company and it did not have any signifi cant operations during 2013-14.

Joint Venture Companies

Coromandel Getax Phosphates Pte Limited

The Joint Venture Company based in Singapore formed for leveraging opportunities for rock phosphate mining/ sourcing continued scouting for opportunities during the year.

Coromandel SQM (India) Private Limited

The Joint Venture Company, formed to set up a Water Soluble Fertilisers (WSF) Plant at Kakinada; Andhra Pradesh has earned a total income of Rs. 632.400 Millions for the year ended 31st March 2014 and the net profit was Rs.15.900 Millions

Strategic Investment

Tunisian Indian Fertilisers S.A. (TIFERT)

Company has a strategic investment of 15% equity stake in TIFERT, a company based in Tunisia, manufacturing phosphoric acid. With the restoration of near normalcy in Tunisia the plant was commissioned last year and the Company received phosphoric acid from TIFERT and the plant is getting stabilized. The Company’s strategic investment in TIFERT is aimed at securing uninterrupted supply of phosphoric acid for the Company’s operations especially for expanded capacity at Kakinada.

Foskor (Pty) Limited (South Africa):

Coromandel along with CFL Mauritius Limited holds 14% equity of Foskor (Pty) Limited. Coromandel continues to leverage its relationship with Foksor in sourcing phosphoric acid, the key raw material, for manufacturing phosphatic fertilisers.

Safety, Health and Environment (SHE)

Company’s focus on Safety, Health and Environment continued during the year under review across all locations with all manufacturing plants maintaining high safety standards. Company has put in place robust processes and performance indicators to track its SHE performance. There was a signifi cant reduction in reportable incidents during the year. The Company maintained high standards of environmental performances with all facilities operating well within norms. The Company continued its efforts to track health indicators of all its operating staff working in critical areas through its occupational health centres at its factories.

Process safety focused on fertiliser plants and special drive carried out during annual turnaround time facilitated to address the process related ‘near miss’ incidents. Structural safety initiatives undertaken at Ennore and Visakhapatnam units will continue to improve the structural integrity. Increased emphasis laid on contractor safety training, performance monitoring, continuous communication and initiation of a reward mechanism resulted in healthy plant safety environment.

Action plan implemented based on DuPont safety management evaluation assessment will continue to strengthen the safety culture of the organisation. All the plants continued to make signifi cant progress in attaining external SHE recognition, and have been certifi ed with ISO 14001 Environmental Management System certifi cation and conforms to Process Safety Management System. The overall safety and environment continued to improve during the year.

Awards/Recognition

The Company continues to receive numerous awards/ accolades from industry associations. During the year the Company received the following awards/accolades:

• ‘India’s Best Board - 2013’ Award, instituted by Economic Times and Hay Group.

• Dun & Bradstreet Corporate Awards 2012 - Top Indian company under the sector - fertilisers.

• FAI Award on application of Information and Communication Technology (ICT) in Agriculture -2013’. The award was given in recognition of the pioneering efforts involving ICT in agriculture initiated by the retail division while discharging farmer extension services.

• “Retailer of the Year Award” under Rural Impact & CSR category from Asia Retail Congress.

• First prize in State Energy Conservation from the Government of Andhra Pradesh for commendable efforts towards signifi cant improvement in conservation of energy.

Outlook

Having weathered the headwinds from multiple directions in 2012-13– forex, high prices, imports, high channel inventories and a failed monsoon – Coromandel has made signifi cant strides in 2013-14 to position the business for long-term growth. The Company will continue to focus on maintaining cost leadership in the industry and will focus on further reducing costs. With the commissioning and stabilization of C-Train, the Company has positioned

itself to be the leading Phosphatic fertiliser player in the country. In addition, the Company has improved its manufacturing facilities at Visakhapatnam and Ennore to ensure sustainable operations for the long-term. Besides this, the company is looking forward towards attaining selfsufficiency of Visakhapatnam unit in terms of phosphoric acid requirements. With this they will be able to meet the requirements of manufacturing higher volumes and maintain their cost leadership. They are confi dent that the manufacturing base of the Company has been positioned to be capable of meeting the needs of the phosphatic fertiliser sector.

The business will continue to strengthen itself as a Complex fertiliser player by offering region specific value added solutions to the farmer and pursue fortifi ed fertilisers (B, ZN, S) to address soil defi ciencies. With the acquisition of LPL and LUL, Coromandel has positioned itself to cater to a different customer base in a geography

where Coromandel brands have relatively low presence. The company will leverage marketing synergies across both businesses to maximize sales of SSP and Complexfertilisers.

In 2014-15 the company will commercialize the technologies developed in 2013-14 for several specialty products – water solubles, sulphur and mirconutrients. The company will also develop fortifi cation technology for enhancing the performance of existing fertiliser grades through incorporation of proprietary additives. In the area of Agronomic research, the company will conduct extensive trials with the objective of mapping products to different soil/crop combinations.

In the current business environment, the Company will maintain strong focus on working capital levels to reduce interest costs and unlock cash from trade channels. Finally, the Company will continue to actively manage foreign exchange exposure and continually optimize positions to reduce downside risk to the business. Growing demand for food grains to feed a larger population, food security legislation, limited land and water resources are all factors which will be key drivers of future growth for agri-input and crop protection products. With the depreciation of currency and increasing global demand for generics, Indian Industry is expected to benefit from growth in exports of agrochemicals signifi cantly in coming years. In order to address the growing need, the Company will focus on specialities and scale up formulation sales based on captive technicals including additional range being manufactured by Sabero. The Company is also actively expanding its global footprint by leveraging Sabero and will continue to increase its presence in Latin America, Africa and South East Asia. In addition, the Company will continue to maintain a global focus and increase its reach by increasing its portfolio of global registrations. The company will also increase its strengths in R&D by pursuing the establishment of a product synthesis center with capability to develop combination products.

The SND business will leverage its knowledge driven crop approach to capture the emerging markets across the country. The team will focus on providing complete nutrition solutions in high potential crop clusters by addressing customer needs and requirements. Customized crop products to farmers and dealers will be the key drivers for growth in the period ahead. Crop Knowledge will form core of this approach which will be acquired through tie ups.

Retail focus in 2014-15 will be on offering signifi cantly superior customer value proposition compared to general trade and improved execution. Coromandel Retail has been steadily gaining customer trust by offering complete farming solution including high quality products at fair prices. Market Research initiatives like setup of Farmer Panels and Continuous Feedback Systems will be used to understand latest trends and developments in farming

and tapping lateral needs of farmers. Market Research information will be leveraged to design customer loyalty programs and reward systems. Number of stores extending Farm credit service will be scaled up.

Extensive CRM systems will be introduced at store level to track Store team reach and effective implementation of customer service. Information Technology (IT) enabled technical advisory services will be provided to enhance the stores’ technical strength. Focus on ‘Gromor Webinar’ and ‘Gromor Scientist’ and conducting precision farming demos will continue. All customer initiatives will be aligned to increase farmers’ Return on Investment.

Risk management

Overview

Risk Management at Coromandel is an integral part of our business model, focusing to mitigate adverse impact of risks on their business objectives and enable the Company to leverage market opportunities effectively.

With the implementation of additional supporting infrastructure elements, the company is in the process of implementing Comprehensive Enterprise Risk Management, which will cover full spectrum approach to Risk Management across the enterprise. This will result in movement along the Capability Maturity continuum from Comprehensive to Integrated to Strategic levels.

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH JUNE, 2014

(Rs. In millions)

Particulars	(Unaudited) 30 June 2014
Part l
1 Income from operations
(a) Net Sales/ Income from operation	16775.200
(b) Other Operating Income	78.900
Total Income	16854.100
2. Expenditure
a. Cost of materials consumed	12317.900
b. Purchases of Stock-in-Trade	4648.700
c. Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(4565.200)
d. Employees benefits expense	572.000
e. Depreciation and amortization expense	216.100
f. Freight and distribution expense	1245.000
g. Other Expenditure	1660.800
Total	16095.300
3. Profit from Operations before other Income, finance costs and Exceptional Item (1-2)	758.800
4. Other Income	165.300
5. Profit before finance cost and Exceptional Item	924.100
6. Finance Cost	556.600
7. Profit after finance cost but before Exceptional Item (5-6)	367.500
8. Exceptional Items	--
9. Profit before Tax (7+8)	367.500
10. Tax Expenses	114.300
11. Net Profit after Tax (9-10)	253.200
12. Minority interest	--
13. Net Profit after taxes and minority interest ( (11-12)	253.200
14. Paid Up Equity Share Capital (Face Value of Rs.1 Per equity share)	285.800
15. Reserves excluding Revaluation Reserves as per Balance Sheet of Previous Accounting Year
16. Earning per Share ( of Rs. 1 each) (for the period – not annulased)
a) Basic and diluted EPS before extraordinary items for the period, for the year to date and for the previous year (not annualised)	0.89
b) Basic and diluted EPS after extraordinary items for the period,for the year to date and for the previous year (not annualised)	0.88

Part ll – select information for the quarter ended 30 June 2014
A Particulars of Shareholding
17. Public Shareholding
Number of Shares	105123251
% of Share holding	36.788%
18. Promoters and promoter group Shareholding
a) Pledged/Encumbered
- Number of shares	10000
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	0.006%
- Percentage of shares (as a % of the total share capital of the company)	0.003%
b) Non-encumbered
- Number of shares	180622764
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	99.994%
- Percentage of shares (as a % of the total share capital of the company)	63.209%

	Particulars	Ouarter ended 30.June 2014
B	Investor Complaints	1
	Pending at the beginning of the quarter	3
	Received during the quarter	4
	Disposed of during the quarter
	Remainig unresolved at the end of the quarter

Note:

1. The above financial results are drawn in accordance with the accounting policies consistently followed by the Company.

2. The above results were reviewed and recommended by the Audit Committee at their meeting held on July 22, 2014 and approved by the Board of Directors at their meeting held on July 23, 2014. The Statutory Auditors have carried out a limited review of these financial results.

3. Pursuant to the Scheme of Amalgamation of Liberty Phosphate limited (LPL) and Liberty Urvarak Limited (LUL) with the Company as approved by the Hon'ble High Ctheirt of Judicature of Andhra Pradesh and the Hon'ble High Ctheirt of Judicature of Gujarat, the Company has allotted 25,74,193 equity shares of Rs. 1 each of the Company to the public shareholders of LPL. LUL being a wholly-owned subsidiary of the Company, no equity shares were issued to the shareholders of LUL. The shares held by the Company in LPL and LUL have accordingly been extinguished.

4. The Board of Directors of the Company and its subsidiary, Sabero Organics Gujarat Limited (Sabero) approved a Scheme of Amalgamation (the Scheme) for amalgamation of Sabero with the Company subject to the required approvals. Subsequently, the stock exchanges conveyed to the Company their no-objection to the Scheme. The shareholders and creditors in their respective Court convened meetings have also approved the Scheme. Accordingly, the Company has filed the petition with the concerned High Courts for the sanction of the Scheme.

As per the Scheme, the Appointed/ Transfer date for amalgamation is April 1, 2014 and on the Record Date to be fixed after receipt of all approvals, the shareholders of Sabero shall be issued 5 equity shares of each in the Company for every 8 equity shares of Rs. 10 each held in Sabero. The shares held by the Company in Sabero shall accordingly get extinguished.

5. Exceptional item of the previous year represents interest demand in respect of disputed taxes relating to earlier years.

6. The Company has recognised subsidy income as per the prevalent Nutrient Based Subsidy Policy (NBS). Net sales/ income from operations for the current quarter includes Rs. Nil (Quarter ended June 30, 2013: Rs. 348.800 millions) relating to earlier periods.

7. The Consolidated Results for the quarter ended June 30, 2014 include consolidated results of subsidiaries - Sabero Organics Gujarat Limited, its subsidiaries and associate, results of wholly-owned subsidiaries - Liberty Pesticides and Fertilisers Limited, Parry Chemicals Limited, Dare Investments Limited, CFL Mauritius limited, Coromandel Brasil Limitada and, Joint venture Companies - Coromandel Getax Phosphates Pte Limited and Coromandel SQM (India) Private Limited.

8. The Company, its subsidiaries and its joint ventures are primarily engaged in the farm inputs business, which in the context of Accounting Standard 17, is considered the only significant business segment.

9. The figures for the quarter ended March 31, 2014 are the balancing figures between the audited figures of the full financial year ended March 31, 2014 and the published year to date figures upto third quarter ended December 31, 2013. Consequent to giving effect to the Scheme of Amalgamation of LPL and LUL with the Company w.e.f. April 1, 2013 during the quarter ended March 31, 2014, the standalone figures relating to that quarter includes 12 months figures of LPL and LUL. Accordingly, the previous periods standalone figures are not comparable.

10. Figures of the previous quarters/year have been regrouped and reclassified wherever considered necessary to correspond with current quarter presentation.

INDEX CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10447446	03/09/2013	1,056,000,000.00	HONGKONG AND SHANGHAI BANKING CORPORATION	21 COLLYER QUAY, #10-02, HSBC BUILDING, SINGAPORE, - 049320, SINGAPORE	B84231620
2	10381818	29/09/2012	450,800,000.00	HSBC BANK (MAURITIUS) LIMITED	6TH FLOOR, HSBC CENTRE, 18 CYBER CITY, EBENE, - 0, MAURITIUS	B60191418
3	10381820	29/09/2012	465,600,000.00	HSBC BANK (MAURITIUS) LIMITED	6TH FLOOR, HSBC CENTRE, 18 CYBER CITY, EBENE, - 0, MAURITIUS	B60191574
4	10381819	29/09/2012	892,400,000.00	HSBC BANK (MAURITIUS) LIMITED	6TH FLOOR, HSBC CENTRE, 18 CYBER CITY, EBENE, - 0, MAURITIUS	B60191491
5	10289148	12/05/2011	3,000,000,000.00	ICICI BANK LIMITED	CORPORATE BANKING GROUP, 6TH FLOOR, ICICI BANK TOWE, PLOT NO.12, NANAKRAMGUDA, SERILLINGAMPALLY, HYDERABAD, ANDHRA PRADESH - 500032, INDIA	B13857669
6	10294088	30/11/2012 *	451,800,000.00	HSBC BANK (MAURITIUS) LIMITED	6TH FLOOR, HSBC CENTRE, 18 CYBERCITY, EBENE,-0, MAURITIUS	B65691891
7	10246365	30/11/2012 *	468,000,000.00	HSBC BANK (MAURITIUS) LIMITED	6TH FLOOR, HSBC CENTRE, 18 CYBERCITY, EBENE,- 0, MAURITIUS	B65689127
8	10231502	14/07/2011 *	4,500,000,000.00	IDBI BANK LIMITED	IDBI TOWER, WORLD TRADE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B17713066
9	10149101	06/05/2011 *	4,500,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	6-3-1107 & 1108, RAJBHAVAN ROAD, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA	B12373965
10	10128572	23/12/2013 *	1,000,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR A  NNE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B94088523

FIXED ASSETS:

· Land

· Freehold

· Leasehold

· Buildings

· Roads

· Railway Siding

· Plant and equipment

· Furniture and Fixtures Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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. 60.14
UK Pound	1	Rs. 102.21
Euro	1	Rs. 81.01

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUB
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		57

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.