MIRA INFORM REPORT

Report No. :	315116
Report Date :	01.04.2015

IDENTIFICATION DETAILS

Name :	MONSANTO INDIA LIMITED (w.e.f 12.04.2000)
Formerly Known As :	MONSANTO CHEMICALS OF INDIA LIMITED
Registered Office :	Ahura Centre, 5^th Floor, 96, Mahakali Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.12.1949
Com. Reg. No.:	11-007912
Capital Investment / Paid-up Capital :	Rs. 172.627 Million
CIN No.: [Company Identification No.]	L74999MH1949PLC007912
TAN No.: [Tax Deduction & Collection Account No.]	MUMM19093E
PAN No.: [Permanent Account No.]	AAACM2875L
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Company is presently engaged in the business of production and sale of agricultural inputs, namely, chemicals and hybrid seeds.
No. of Employees :	21183 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavorable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 9800000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “Monsanto Holdings Private Limited”. It is a well-established and reputed company having a fine track record. The financial performance of the company seems to be strong. The liquidity position is good. There seems no external borrowing. The company gets strong financial support from its group companies. Trade relations are reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED BY

Management Non – Co-operative (91-22-67029851).

LOCATIONS

Registered Office :	Ahura Centre, 5^th Floor, 96, Mahakali Caves Road, Andheri (East), Mumbai – 400 093, India
Tel. No.:	91-22-28246450 /26902100/67029851
Fax No.:	91-22-26902111 /26902121/67023361/28244707 / 28246452
E-Mail :	info@monsantoindia.com investorecare.india@monsanto.com
Website :	www.monsantoindia.com
Factory 1 :	1, 4 and 5, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi, Silvassa – 396 240, Union Territory of Dadra and Nagar Haveli, India
Factory 2 :	Moka Road, Srivara Village, Bellary – 583 103, Karnataka, India
Factory 3 :	Bapirajagudem Village, Pedavegi Mandal, Vijaya Rai Post, West Godavari Dist. – 534 475, Andhra Pradesh, India
Factory 4:	Survey No.677-679, Village: Lalgudi Malakpet, Shamirpet, District: Ranga Reddy– 500 078, Andhra Pradesh, India

DIRECTORS

As on 22.08.2014

Name :

Mr. Sekhar Natarajan

Designation :

Non-Executive Chairman

Date of Appointment :

01.12.2006

DIN No.:

01031445

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	L74999MH1949PLC007912	MONSANTO INDIA LIMITED	Director	01-12-2006	01-12-2006	-	Active	NO
2	U01120MH1999PLC122855	MAHYCO VEGETABLE SEEDS LIMITED	Director appointed in casual vacancy	16-01-2007	16-01-2007	-	Amalgamated	NO
3	U73100MH1997PTC111505	MAHYCO MONSANTO BIOTECH (INDIA) Private Limited	Director	31-08-2007	16-01-2007	16-11-2010	Active	NO
4	U01100MH1970PLC014600	MAHARASHTRA HYBRID SEEDS COMPANY LIMITED	Director	09-08-2011	16-01-2007	-	Active	NO
5	U40107MH1995PLC084203	MAHYCO SEEDS LIMITED	Director	31-08-2007	16-01-2007	-	Amalgamated	NO
6	U91110DL1980GAP216937	CROPLIFE INDIA	Director	28-09-2007	28-09-2007	18-02-2013	Active	NO
7	L74140PN1986PLC041033	ACCELYA KALE SOLUTIONS LIMITED	Director	25-09-2014	07-07-2011	-	Active	NO
8	L85190MH1947PLC005963	WYETH LIMITED	Director	02-08-2012	05-08-2011	-	Amalgamated	NO

Name :

Mr. Amitabh Jaipuria

Designation :

Managing Director

Name :

Mr. Ravinder K Reddy

Designation :

Director

Name :

Mr. Hemraj Chaturbhuj Asher

Designation :

Independent directors

Date of Birth/Age :

02.01.1934

Qualification :

M.A., LL.B

Date of Appointment :

09.08.1973

DIN No.:

00024863

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	L29261PN1955PLC009579	THE INDIAN CARD CLOTHING COMPANY LIMITED	Director	31-07-2014	30-04-1973	-	Active	NO
2	L74999MH1949PLC007912	MONSANTO INDIA LIMITED	Director	09-08-1973	09-08-1973	-	Active	NO
3	U17110MH1943PLC010052	ARI CONSOLIDATED INVESTMENTS LIMITED	Director	25-03-1974	25-03-1974	04-09-2008	Active	NO
4	U29100MH1977PTC019593	ELOF HANSSON (INDIA) PRIVATE LIMITED	Director	06-04-1977	06-04-1977	-	Active	NO
5	U29100MH1984PTC033494	BIMAG MACHINES PRIVATE LIMITED	Director	20-07-1984	20-07-1984	19-01-2009	Dissolved	NO
6	U29197MH1973PLC016973	HIND FILTERS LIMITED	Director	11-02-1987	11-02-1987	-	Active	NO
7	U99999MH1977PLC019836	KELTECH ENERGIES LIMITED	Director	16-12-1987	16-12-1987	-	Not Available for eFiling	NO
8	U29261MH1994PTC076139	OERLIKON TEXTILE INDIA PRIVATE LIMITED	Director	19-01-1994	19-01-1994	14-08-2012	Active	NO
9	U74140MH1995PTC094339	PRS TECHNOLOGIES PRIVATE LIMITED	Director	09-11-1995	09-11-1995	-	Active	NO
10	L51900MH1985PLC036896	HINDUJA VENTURES LIMITED	Director	21-08-1998	21-08-1998	05-06-2014	Active	NO
11	U63000MH1998PTC117292	ALLIED PICKFORDS INDIA PRIVATE LIMITED	Director	01-12-1998	01-12-1998	-	Active	NO
12	U51900MH1999PTC122481	DIAMANT BOART MARKETING PRIVATE LIMITED	Director	01-11-1999	01-11-1999	-	Active	NO
13	L24292AP1961PLC000876	GULF OIL CORPORATION LIMITED	Director	19-08-2002	19-08-2002	14-06-2013	Active	NO
14	L30007KA1977PLC031660	KELTECH ENERGIES LIMITED	Director	04-03-2003	04-03-2003	-	Active	NO
15	L05190KA1921PLC036321	INGERSOLL-RAND (INDIA) LIMITED	Director	20-07-2005	20-07-2005	-	Active	NO
16	U67120MH1997PLC106676	GRANT INVESTRADE LIMITED	Director	23-09-2006	22-12-2005	05-06-2014	Active	NO
17	U74999MH1992PTC068790	BIJUR DELIMON INDIA PRIVATE LIMITED	Alternate director	16-10-2008	20-02-2006	16-10-2008	Active	NO
18	U60231TN2006PTC061597	C.H. ROBINSON WORLDWIDE FREIGHT INDIA PRIVATE LIMITED	Director	27-11-2006	27-11-2006	01-12-2006	Active	NO
19	U74140MH2008PTC183020	WACHOVIA ADVISORY SERVICES PRIVATE LIMITED	Director	02-06-2008	02-06-2008	05-11-2008	Strike off	NO
20	L29199GJ1981PLC028741	INTEGRA ENGINEERING INDIA LIMITED	Additional director	23-06-2010	23-06-2010	18-02-2011	Active	NO
21	U28132TG2010PLC070529	IDL EXPLOSIVES LIMITED	Director	22-09-2011	29-03-2011	31-03-2014	Active	NO

Name :

Mr. Pradeep Narendranath Poddar

Designation :

Independent directors

Date of Birth/Age :

09.09.1954

Qualification :

Chemical Engineering, MBA-IIM, Ahmedabad

Date of Appointment :

30.12.2005

DIN No.:

00025199

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	L74999MH1949PLC007912	MONSANTO INDIA LIMITED	Director	30-12-2005	30-12-2005	-	Active	NO
2	L15543HP1991PLC019065	MOUNT EVEREST MINERAL WATER LIMITED	Managing director	13-05-2014	22-08-2007	-	Active	NO
3	U15500HR2010PLC041616	NOURISHCO BEVERAGES LIMITED	Director	11-05-2012	14-03-2011	-	Active	NO

Name :

Mr. C Ravishankar

Designation :

Additional Director

Date of Birth/Age :

05/04/1974

Qualification :

B.Tech (Hons)-Chem Eng, IIT KGP, PGDM-ISB

Date of Appointment :

06/12/2013

KEY EXECUTIVES

Name :	Ms. Chandana Dhar
Designation :	Company Secretary & Compliance Lead
Name :	Abdul Alim Sayed
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2014

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	12454044	72.14
Sub Total	12454044	72.14
Total shareholding of Promoter and Promoter Group (A)	12454044	72.14
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	395087	2.29
Financial Institutions / Banks	29617	0.17
Foreign Institutional Investors	510675	2.96
Sub Total	935379	5.42
(2) Non-Institutions
Bodies Corporate	863739	5.00
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2222415	12.87
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	711358	4.12
Any Others (Specify)	75813	0.44
Clearing Members	15668	0.09
Market Maker	3268	0.02
Non Resident Indians	55475	0.32
Trusts	602	0.00
Directors & their Relatives & Friends	800	0.00
Sub Total	3873325	22.44
Total Public shareholding (B)	4808704	27.86
Total (A)+(B)	17262748	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)	17262748	0.00

BUSINESS DETAILS

Line of Business :	The Company is presently engaged in the business of production and sale of agricultural inputs, namely, chemicals and hybrid seeds.
Products :	Agricultural Inputs Chemicals Hybrid Seeds, etc.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

21183 (Approximately)

Bankers :

· Citibank N.A.

· Canara Bank, Andheri (East), Mumbai, Maharashtra, India

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Indiabulls Finance Centre, Tower 3, 27^th – 32^nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai – 400 013, Maharashtra, India
Tel. No.:	91-22-61854000
Fax No.:	91-61854501 / 4601
Memberships :	Not Divulged
Collaborators :	Not Divulged
Holding Company :	Monsanto Holdings Private Limited
Ultimate Holding Company :	Monsanto Company, USA
Fellow Subsidiaries :	P.T. Branita Sandhini Monsanto Philippines INC Monsanto Thailand Limited Bretco Holding (Mauritius) Limited Monsanto Singapore Pte Limited Monsanto Pakistan Agri-tec (Private) Limited PT Monagro Kimia Monsanto AG Products LLC Monsanto Ag Technology LLC Monsanto Inter-America Company Monsanto S.A.S Monsanto Far East Limited Seminis Beijing Company Limited Mahyco Monsanto Biotech (India) Limited Monsanto International SARL Monsanto Hungaria KFT

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Million

Issued, Subscribed Capital :

No. of Shares	Type	Value	Amount
17263048	Equity Shares	Rs.10/- each	Rs.172.630 Million

Paid-up Capital :

No. of Shares	Type	Value	Amount
17262748	Equity Shares	Rs.10/- each	Rs.172.627 Million

Notes:

1. Rights, preferences and restrictions attached to equity shares:

(i) Right to receive dividend as may be approved by the Board of Directors / Annual General Meeting.

(ii) The equity shares are not repayable except in the case of a buy back, reduction of capital or winding up in terms of the provisions of the Companies Act, 1956/ Companies Act, 2013, as applicable.

(iii) Every member of the company holding equity shares has a right to attend the General Meeting of the company and has a right to speak and on a show of hands, has one vote if he is present in person and on a poll shall have the right to vote in proportion to his share of the paid-up capital of the company.

(iv) Monsanto Company USA, the ultimate holding company has certain rights enshrined in the Articles of Association pertaining to appointment of Directors.

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

Particulars	As at 31st March,2014
Subscribed and Fully paid up	Number	Rs. In Million
Shares outstanding at the beginning of the year	17262748	172.600
Add: Shares issued during the year as fully paid up bonus shares	---	---
Shares outstanding at the end of the year	17262748	172.600
* Amount less than Rs. 0.100 Million

3. Details of shares held by the holding company and the ultimate holding company, in aggregate:

Particulars	As at 31st March, 2014
	Number
Monsanto Company USA, the ultimate holding company	3,201,920
Monsanto Holdings Private Limited, the holding company	9,252,124

4. Details of shares, held by each shareholder holding more than 5% shares:

Particulars	As at 31st March, 2014
	Number	% of holding
Monsanto Company USA	3,201,920	18.55
Monsanto Holdings Private Limited	9,252,124	53.60

5. Shares reserved for issue under commitments :

300 shares are the subject matter of disputes / court proceedings, the Company has not therefore been able to issue / allot Rights and Bonus share entitlements.

FINANCIAL DATA

[all figures are in Rupees Million]

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	172.600	172.600	172.600
(b) Reserves & Surplus	3272.400	3901.600	3671.300
(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)	3445.000	4074.200	3843.900
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	122.100	102.700	54.900
(d) long-term provisions	73.100	74.200	59.900
Total Non-current Liabilities (3)	195.200	176.900	114.800
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1379.900	1036.600	749.800
(c) Other current liabilities	431.700	300.200	287.500
(d) Short-term provisions	661.100	290.400	274.100
Total Current Liabilities (4)	2472.700	1627.200	1311.400
TOTAL	6112.900	5878.300	5270.100
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	883.200	867.400	803.800
(ii) Intangible Assets	0.000	0.000	4.800
(iii) Capital work-in-progress	1.800	24.100	111.300
(iv) Intangible assets under development	0.000	0.100	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	37.400	36.000	27.200
(d) Long-term Loan and Advances	97.100	83.500	81.500
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1019.500	1011.100	1028.600
(2) Current assets
(a) Current investments	2667.300	2509.400	1957.800
(b) Inventories	1692.200	1393.800	1296.800
(c) Trade receivables	330.100	350.200	502.700
(d) Cash and cash equivalents	85.300	203.300	189.900
(e) Short-term loans and advances	269.300	292.200	176.100
(f) Other current assets	49.200	118.300	118.200
Total Current Assets	5093.400	4867.200	4241.500
TOTAL	6112.900	5878.300	5270.100

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	5818.400	4424.200	3737.700
	Other Income	129.200	169.100	151.500
	TOTAL (A)	5947.600	4593.300	3889.200
Less	EXPENSES
	Cost of Materials Consumed	2932.100	1922.000	1553.800
	Purchases of Stock-in-Trade	0.200	5.300	3.400
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(489.000)	130.700	72.400
	Employees benefits expense	552.200	479.200	456.100
	Other expenses	1371.700	1190.500	1101.900
	Exceptional Items	69.000	0.000	(2.600)
	TOTAL (B)	4436.200	3727.700	3185.000
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1511.400	865.600	704.200
Less	FINANCIAL EXPENSES (D)	5.100	7.000	12.800
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1506.300	858.600	691.400
Less/ Add	DEPRECIATION/ AMORTISATION (F)	118.900	108.900	90.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1387.400	749.700	601.400
Less	TAX (I)	158.500	76.300	99.500
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	1228.900	673.400	501.900
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	1350.000	1187.000	1136.500
Less	APPROPRIATIONS
	Transfer to General Reserve	122.900	67.300	50.200
	Dividend	1070.300	172.700	172.600
	Tax on Dividend	181.900	28.000	28.000
	Proposed Final Dividend	517.900	207.200	172.600
	Tax on Proposed Final Dividend	88.000	35.200	28.000
	Total (M)	1981.000	510.400	451.400
	Balance Carried to the B/S (J+K+L-M)	597.900	1350.000	1187.000
	EARNINGS IN FOREIGN CURRENCY
	Export Earning	283.800	182.000	154.700
	TOTAL EARNINGS	283.800	182.000	154.700
	IMPORTS
	Raw Materials	864.700	859.900	595.300
	Components and Stores parts	6.700	0.000	0.000
	Capital Goods	48.100	0.000	0.000
	TOTAL IMPORTS	919.500	859.900	595.300
	Earnings / (Loss) Per Share (Rs.)	71.20	39.01	29.07

QUARTERLY RESULTS

Particulars	30.06.2014	30.09.2014	30.12.2014
Audited / Unaudited	Unaudited	Unaudited	Unaudited
Net Sales	2647.700	903.700	1338.800
Total Expenditure	1819.800	925.000	881.300
PBIDT (Excl OI)	827.900	(21.300)	457.500
Other Income	18.300	112.000	49.300
Operating Profit	846.200	90.700	506.800
Interest	1.100	1.000	1.000
Exceptional Items	0.000	0.000	0.000
PBDT	845.100	89.700	505.800
Depreciation	27.500	29.600	21.900
Profit Before Tax	817.600	60.100	483.900
Tax	107.400	108.200	00.500
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	710.200	(48.100)	483.400
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	710.200	(48.100)	48.3.400

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	21.12	15.22	13.43
Operating Profit Margin (PBIDT/Sales)	(%)	25.98	19.57	18.84
Return on Total Assets (PBT/Total Assets}	(%)	22.84	12.89	11.72
Return on Investment (ROI) (PBT/Networth)		0.40	0.18	0.16
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.06	2.99	3.23

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	172.600	172.600	172.600
Reserves & Surplus	3671.300	3901.600	3272.400
Net worth	3843.900	4074.200	3445.000
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3737.700	4424.200	5818.400
		18.367	31.513

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3737.700	4424.200	5818.400
Profit	501.900	673.400	1228.900
	13.43%	15.22%	21.12%

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	Yes
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	No
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	No

COMPANY BACKGROUND:

The Company is presently engaged in the business of production and sale of agricultural inputs, namely, chemicals and hybrid seeds. The Company’s corporate office is located in Mumbai. It has a chemical production unit at Silvassa, hybrid seeds processing and drying units at Hyderabad and breeding stations at Bangalore and Hyderabad.

OPERATIONAL HIGHLIGHTS

The Company’s corn seeds sale was higher by 23% at Rs. 3663.300 Million in the F.Y. 2013-14 vis-à-vis Rs. 2975.100 Million in the F.Y. 2012-13. This is mainly attributable to the following:

The branded corn business of the Company grew in volume as well as value. There was a 7% volume growth coupled with an increase in both trade and project business realisations. The branded corn volumes have also grown well in many parts of the country. Growths in the North and in the West are noteworthy in this regard.

Net Sales of Roundup® during the year is Rs. 2088.900 Million, higher by Rs. 698.600 Million (50%) over the previous year of Rs.1390.300 Million. The increase is primarily driven by higher volume by 48% and higher net realization by 12% in the Brand business. Prolonged monsoon and high China acid prices has led to volume as well value growth.

The operating expense in the year is Rs. 2042.800 Million, a 15% increase over previous year, in spite of high inflationary trend. The increase is mainly due to higher volumes and Inflationary pressures.

Other non - operating income for the year is at Rs. 129.200 Million, which is lower by Rs. 39.900 Million over the last year (Rs. 169.100 Million). The decrease in other non-operating income which is on account of lower investment due to payment of special interim dividend to shareholders.

MANAGEMENT DISCUSSION AND ANALYSIS

OVERVIEW

India is principally an agricultural country. Agriculture, along with its allied sectors, is unquestionably the largest livelihood provider in India and most key industries depend upon the sector for their inputs. Agriculture in India has undergone rapid transformation in the past two decades. The policies of globalization and liberalization have opened up new avenues for agricultural modernization. This has led to not only commercialization and diversification, but also triggered various technological and institutional innovations owing to investments in the sector.

Year 2013-14, saw the Indian economy grow at a subdued rate of 4.9% - weighed down by growth slowdown, rising inflation, falling currency and tight monetary policies. These factors have ensured that the economy continued to operate below its potential. In a year when other economic parameters could not meet their growth target, agriculture was perhaps the sole exception. Last year, the food grain production increased by 2.4% reaching a record of 259 million tons against a previous output of 255.36 million tonnes of food grains production in 2012-13.

As per the World Trade Organization (WTO) International Trade Statistics, 2012 (based on trade in 2011), global export and import of agricultural and food products is US $1.66 trillion and US$ 1.82 trillion respectively. India’s share in this is 2.07% and 1.24% respectively. From being a net importer of food till a few decades back, India now consistently produces 250 million tonnes (MT) of food grains, 100 MT of rice, 90 MT of wheat, 35 million bales of cotton, and more than 18 MT of pulses. This growth is facilitated by steady investments in technology development, irrigation infrastructure, emphasis on modern agricultural practices and provision of agricultural credit and subsidy.

Even foreign direct investment (FDI) inflows in agricultural services and machinery sector during April 2000 to August 2013 stood at US$ 1,629.19 million and US$ 337.35 million respectively, as per the data released by Department of Industrial Policy and Promotion (DIPP).

The growth target for agriculture in the 12th Plan is estimated to be 4% as compared to 3.6% for the 11^th Plan and in order to meet the food grain requirements of the country, the agricultural productivity and its growth needs to be sustained and further improved. The government too, is determined to rejuvenate the agricultural sector. The 12th plan provides for greater focus on small and marginal farmers, improving productivity in rain-fed areas and creating a more competitive environment for agricultural marketing. Agriculture continues to employ over 58.2% of the total workforce and the government has made enhanced commitments to promote progress in the sector. Over Rs. 2000.000 Million has been allocated in FY 2013-14 to start pilot schemes for nutri-farms to introduce new crop varieties which are rich in micro-nutrients like iron rich Bajra, protein rich Maize and zinc-rich Wheat. Rs. 5000.000 Million has been allocated during the same period to start a crop diversification in the original green revolution states which are today facing acute problems of stagnation in productivity due to over exploitation of resources exemplified by depleting water-resources and deteriorating soil fertility. Under this diversification of crops programme, farmers will be encouraged to replace crops like rice with maize. On the export front, the government has made exports of most agricultural commodities free without any quantitative or Minimum Export Price (MEP) restrictions. GM food crops have been safely cultivated and consumed across the world, including tomato (China), papaya (the US and China), corn (16 countries) and squash and zucchini (the US). Similar results have been experienced by farmers in India for cotton. In March 2014, the Genetic Engineering Appraisal Committee (GEAC), a part of the environment ministry, approved field trials for 11 crops, including Maize. With the new government in place, more clarity is expected on such crops in India.

INDUSTRY STRUCTURE

The agricultural crop year in India is July to June. Based on monsoons, cropping season is classified as two main seasons - Kharif and Rabi - Kharif season being July to October during the south-west monsoon, while Rabi season is October to March during the north-east monsoon. Key Crops sown in Kharif, at the beginning of the south-west monsoon, and harvested at the end of the south-west monsoon are rice, maize, sorghum, pearl millet/bajra, finger millet /r agi (cereals), arhar (pulses), soyabean, groundnut (oilseeds), cotton etc. Key crops sown in Rabi, include wheat, barley, oats (cereals), chickpea/gram (pulses), linseed, mustard (oilseeds) etc. all require a relatively cool climate during growth but warm climate during the seed germination and maturity. While the Indian agriculture has become resilient to monsoons for about a decade now, it still it has a bearing on the level of output and growth. More than 55% of the cultivated area is still rainfed. The south west monsoon (June-September) accounts for 75% of total annual rainfall. During 2013, south west monsoon season, for the country as a whole, the rainfall received was 106% of its long period average (LPA). The cumulative post-monsoon rainfall (1 October to 31 October) for the year 2013, for the country as whole was 61% more than LPA.

Season-wise Review of Agriculture in 2013-14

Kharif Season 2013

The good south west monsoon, which was fairly well distributed, led to higher acreage in Kharif 2013-14. As compared to Kharif 2012-13, the area under food grains and oilseeds during Kharif 2013-14 increased by Rs. 0.715 Million hectares and Rs.1.205 Million hectares respectively.

A good monsoon coupled with better acreage paved the way for achieving the second highest ever production of Kharif food grains in 2013-14, as per data released by Department of Agriculture and Cooperation.

Rabi Season 2013-14

The Rabi season for 2013-14 began on a favourable note, with normal rainfall, aiding soil moisture and allowing farmers to plant early. Maize accounts for nearly 9% of total food grain production in the country. Maize recorded the highest annual growth rate of 2.5% in the area as well as 5.5% in the production during the period 2004-05 to 2013-14. Maize quality, availability during Rabi season, involvement of intermediaries and increase in maize prices are some of the key issues faced by maize buyers and growers. Bihar is one the key maize suppliers during Rabi season. There is potential to increase the production of maize by increasing the production of Rabi maize in the coming years as rabi yields are higher than Kharif yields.

OPERATIONAL REVIEW

Monsanto India Limited comprises two main business verticals in India: Hybrid Maize seeds (Dekalb®) & Crop

Protection (RoundUp®). Maize is the most widely distributed crop in the world, tops the world production and accounts for almost 38% of the total world grain production (Source: USDA report). Maize is a very important cereal in both the developed and developing countries, with a varied usage as food, feed as an industrial raw material as well as for production of ethanol. For 2013-14 in India, amongst the cereal crops, maize ranks third with an annual production of around 23 million tonnes with 9.4 million hectares under cultivation. In terms of global maize contribution, India ranks sixth, accounting for almost 2.4% of the global output. However, India lags behind in terms of yield, with an average of 25 quintal / ha compared to a world average of around 55 quintal / ha*. Production of Maize in India is dominated by Andhra Pradesh and Karnataka which contribute nearly

38% of the total production.

Maize is primarily used for poultry and cattle feed, which accounts for almost 51% of total usage. It is also used for the production of starch, and other industrial purposes. With changes in diet patterns over the past few years, poultry feed demand has been increasing steadily and demand for poultry products like corn is expected to increase by 6 to 8% in 2014, according to Poultry Federation of India.

FINANCIAL REVIEW

The Company continued with its trend of good performance, exceeding its financial performance in the previous year. During the year, Net Sales were Rs. 575.220 Million compared to Rs. 436.540 Million in the previous year, an increase of almost 32%. Businesswise, sales of both corn and Roundup® increased. Net Sales for the year stood at Rs. 366.330 Million against Rs. 297.510 Million For the previous year, indicating a 23% rise. Sales of Roundup® increased to Rs. 208.890 Million from Rs. 139.030 Million in the previous year, a rise of over 50%.

The operating expense in the year is Rs. 204.280 Million, which is a 15% increase over previous year, in spite of high inflationary trend. The increase is due to higher volumes and Inflationary pressures. Profit after tax is higher by 82% at Rs. 122.890 Million v/s previous year’s Rs. 67.340 Million.

Outlook and Opportunities

Fortunately, for the world, and especially for India, the economic slowdown bottomed out last year. A spell of global financial turbulence caused capital outflows and pressure on the exchange rate, but strong policy measures stabilized the currency, rebuilt reserves, and narrowed the excessive current account deficit. Weaknesses remain: persistent inflation, fiscal imbalances, and bottlenecks to investment, and inefficiencies that require structural reform. Without a systemic resolution to these weaknesses, growth is forecast to pick up only modestly. ADB Economic Outlook 2014 estimates that reforms have the potential to resolve impediments to investment and could allow growth to accelerate to 5.5% in this fiscal year and further to 6% FY2015.

India’s outlook depends a lot on its ability to successfully implement structural reforms and spark stronger growth.

Despite recent cyclical slowdown, India’s capacity for more rapid growth over the long term is high, with a promising outlook for labor, worker skills, capital, infrastructure, and productivity. But reforms are needed before the economy can achieve and sustain this faster pace. Although growth is envisaged to accelerate in the short-term, but the forecast rests on the elimination of structural bottlenecks that impede investment. Improvements in agricultural productivity and the marketing and distribution of perishables are need of the hour. This includes godowns, cold storages, APMCs reform. This will not only reduce inflation, but will also increase supplies through less wastage.

According to the Indian Council for Agricultural Research (ICAR) vision 2030 document, the demand for food and processed commodities is increasing due to growing population and rising per capita income. Projections indicate the demand for food grains to increase from 192 million tonnes in 2000 to 345 million tonnes in 2030. Hence in the next 20 years, production of food grains needs to increase at the rate of 5.5 million tonnes annually. The demand for high-value commodities (such as horticulture, dairy, livestock and fish) is increasing faster than food grain-expected to increase by more than 100% from 2000 to 2030.

While this is a daunting and a challenging task, it presents many opportunities for the entire agricultural sectors, ranging from development of promising technologies and management options to raising productivity to meet growing food demand in a situation of deteriorating production environment at the lowest cost.

Given the fact that more than 55% of cultivable area in India is predominantly rain-fed, India sees immediate need to look at development of water efficient crops and agronomic practices.

Agricultural sector is expected to continue to perform well. Based on the above insights, the outlook for your Company continues to remain positive. The two key businesses of the Company, namely Corn and Crop Protection, are geared to leverage the immense potential in the agricultural sector. The Company’s products and brands have been well-established with the Indian farmers. Continuous innovation and improvements driven by relentless efforts of the Company’s R&D have ensured that the Company continues its drive and mission to enhance yields and improve lives of the farmers it serves.

FIXED ASSETS

Tangible Assets

• Freehold land
• Buildings
• Leasehold improvements
• Plant and machinery
• Furniture, fixtures and office equipment
• Vehicles

Intangible Assets

• Intellectual Property
• Software

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31^ST, 2014

Sr. No.	Particular	3 Months Ended	Preceding 3 Months Ended	Year to Date for the Year Ended
		31.12.2014 (Unaudited)	3.09.2014 (Unaudited)	31.12.2014 (Unaudited)
1.	Income from Operations
	Net Sales	1333.500	846.200	477.360
	Other Operating Income	5.300	57.500	116.600
	Net Sales/Income from Operations
2.	Expenditure
	Cost of Material Consumed	361.400	504.200	2031.800
	Purchase of Stock In Trade
	Change in Inventories of Finished Goods, Work-In-Progress and Stock In Trade	34.600	(96.200)	55.000
	Employee Benefits Expenses	153.900	156.800	468.100
	Depreciation and Amortization Expenses	21.900	29.600	79.000
	Other Expenses	331.400	360.200	1081.100
	Total	903.200	954.600	3705.000
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	435.600	(50.900)	1185.200
4.	Other Income	49.300	112.000	179.600
5.	Profit Before Interest and Exceptional Items (3+4)	484.900	81.100	1364.800
6.	Finance Costs	1.000	1.000	3.200
7.	Profit After Interest but before Exceptional Items (5-6)	483.900	60.100	1361.600
8.	Exceptional Items	---	---	---
9.	Profit from Ordinary Activities before Tax (7+8)	483.900	60.100	1361.600
10.	Tax Expense	0.500	108.200	216.100
11.	Net Profit from Ordinary Activities after Tax (9-10)	483.400	(48.100)	1145.600
12.	Extraordinary Item (net of expense)	---	---	---
13.	Net Profit for the period (11-12)	483.400	(48.100)	1145.600
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	172.600	172.600	172.600
15.	Reserves Excluding Revaluation Reserve	---	---	---
16.	Basic and Diluted Earnings Per Share (EPS)	28.00	(2.79)	66.36
17.	Public Shareholding
	-Number of Shares	4808704	4808704	4808704
	- Percentage of Shareholding	27.86	27.86	27.86
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	---	---	---
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	---	---	---
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	---	---	---
	b) Non Encumbered
	- Number of Shares	12454044	12454044	12454044
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100.00	100.00	100.00
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	72.14	72.14	72.14

Particulars	3 Months ended on 31.12.2014
Pending at the beginning of the quarter	--
Received during the quarter	22
Disposed of during the quarter	22
Remaining unresolved at the end of the quarter	--

Note :

1. In view of the seasonal nature of the company’s business, the performance is dependent on the mix of products sold in the respective quarters.

2. The Company has one primary business segment namely "Agriculture Inputs".

3. The financial results for the quarter and nine months ended December 31, 2014 have been approved by the Board of Directors at its meeting held on January 30, 2015 and have been subjected to a Limited Review by the Statutory Auditors of the Company.

4. On the recommendation of the Board of Directors at its meeting held on November 03, 2014, interim dividends of Rs. 18/- per share of face value Rs. 10/- each has been paid.

5. There is no dilution to the basic EPS as there are no outstanding potentially dilutive shares.

6. Previous periods / year’s figures have been re-grouped wherever necessary to correspond with the current period figures.

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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	RCH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		63

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 unfavorable 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.