MIRA INFORM REPORT

Report No. :	318479
Report Date :	22.04.2015

IDENTIFICATION DETAILS

Name :	AGROCEL INDUSTRIES LIMITED (w.e.f 23.02.1999)
Formerly Known As :	AGROCEL PESTICIDES LIMITED
Registered Office :	4^th Floor, Doctor House, Lotus Colony, Opposite General Hospital, Bhuj-Kutch, Bhuj-370001, Gujarat
Tel No.:	91-22-43459999
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.01.1985
Com. Reg. No.:	04-007569
Capital Investment / Paid-up Capital :	Rs.40.000 Million
CIN No.: [Company Identification No.]	U24210GJ1985PLC007569
IEC No.:	2088000739
TAN No.: [Tax Deduction & Collection Account No.]	RKTA01170B
PAN No.: [Permanent Account No.]	AACCA7205J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Bromine and Bromine Compound
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of the “Excel group of companies” promoted by the Shroff family. It is a well-established company having fine track. The company’s performance was steady during year under review. The company has also recommended dividend to its shareholders. There is a better increase in the subject’s export turnover. Further, it has decent profit margin and good net worth. Subject can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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	ICRA
Rating	Medium term rating “ MA –“
Rating Explanation	Adequate degree of safety and low credit risk.
Date	September 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED BY

Name :	Mr. Pritesh Solanki
Designation :	Finance Manager
Contact No.:	91-2832-253429
Date :	20.04.2015

LOCATIONS

Registered Office :	4^th Floor, Doctor House, Lotus Colony, Opposite General Hospital, Bhuj-Kutch, Bhuj-370001, Gujarat, India
Tel. No.:	91-2832-253429/222429
Fax No.:	91-2832-251429
E-Mail :	agrocel@hotmail.com rituraj@agrocel.net agrocel@bcm8.vsnl.net.in agrocelho@rediffmail.com jrdraval@gmail.com
Website :	www.agrocel.co.in
Area :	3000 sq. Ft.
Location :	Owned
Corporate Office :	Plot No. 13, 2^nd Floor Aradhana Industrial Development Corporation, Near Virwani Industrial Estate, Goregaon East, Mumbai-400063, Maharashtra, India
Tel. No.:	91-22-28721862/28761612
Fax No.:	91-22-28766032
E-Mail :	info@agrocel.net infosd@agrocel.net
Factory 1 :	Koday Char Rasta, Koday Mandvi, Kachchh-370460, Gujarat, India
Tel. No.:	91-2834-295486/295448
Fax No.:	91-2834-275423/223838
E-Mail :	infosd@agrocel.net
Factory 2 :	Near P.C.V Mehta High School, Lotus Colony, Bhuj, Kachchh-370001, Gujarat, India
Tel. No.:	91-2832-253429/222429
Fax No.:	91-2832-251429
Email :	info@agrocel.net

DIRECTORS

As on 05.09.2014

Name :

Mr. Prafulbhai Manilal Saraya

Designation :

Chairmen

Address :

4, View Villa, 425, Sharaddhanand Road, Matunga (C.R.) Mumbai 400019, Maharashtra, India

Date of Birth/Age :

08.12.1947

Qualification :

B E Mech

Date of Appointment :

16.01.1985

DIN No.:

00015264

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29259GJ1970PLC001800	SHROFFS ENGINEERING LTD	Managing director	01/04/2013	24/04/1982	-	Active	NO
2	U24210GJ1985PLC007569	AGROCEL INDUSTRIES LIMITED	Director	16/01/1985	16/01/1985	-	Active	NO
3	U65990GJ1985PTC082604	MADISON INVESTMENTS PRIVATE LIMITED	Director	06/04/1985	06/04/1985	05/10/2011	Active	NO
4	U24231GJ1987PLC009324	PARUL CHEMICALS LIMITED	Director	28/03/2009	19/01/1987	03/12/2010	Amalgamated	NO
5	U65990MH1993PTC070436	PRAKHYATI INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	19/01/1993	19/01/1993	-	Active	NO
6	U74120GJ1989PLC012329	TML INDUSTRIES LIMITED	Director	26/09/1998	26/09/1998	-	Active	NO
7	U29120GJ2002PLC040768	SJ CLEARWATER PUMPS LIMITED	Director	25/04/2004	25/04/2004	-	Amalgamated	NO
8	U02412GJ2006PLC049495	EXCEL GENETICS LIMITED	Director	30/11/2006	30/11/2006	14/12/2009	Active	NO
9	U29219GJ2013PTC076653	PLUGA PUMPS AND MOTORS PRIVATE LIMITED	Managing director	04/08/2014	30/08/2013	-	Active	NO

Name :

Mr. Dipesh Kantisen Shorff

Designation :

Managing director

Address :

Sanket, 39 Hatkesh Society, 6^th N.S. Road, JVPD Scheme, Vile Parle (West ) Mumbai 400056, Maharashtra, India

Date of Birth/Age :

03.02.1960

Qualification :

Diploma in Civil Engineering

Date of Appointment :

01.08.2012

DIN No.:

00030792

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65990MH1984PTC033148	DIPKANTI INVESTMENTS AND FINANCING PRIVATE LIMITED	Director	18-04-1986	18-04-1986	-	Active	NO
2	U33152MH1984PTC033152	SHRODIP INVESTMENTS PRIVATE LIMITED	Director	18-04-1986	18-04-1986	-	Active	NO
3	U65990MH1983PLC030597	KAMALJYOT INVESTMENTS LIMITED	Director	01-02-1991	01-02-1991	04-06-2008	Active	NO
4	U25209GJ1994PTC022542	DEVNIDHI PLASTICS PVT LTD	Director	28-05-1995	28-05-1995	-	Active	NO
5	U24210GJ1985PLC007569	AGROCEL INDUSTRIES LIMITED	Managing director	01-08-2012	26-06-1996	-	Active	NO
6	L23205GJ1965PLC001343	TRANSPEK INDUSTRY LIMITED	Director	27-03-2001	27-03-2001	-	Active	NO
7	U24231GJ1987PLC009324	PARUL CHEMICALS LIMITED	Director	01-12-2001	01-12-2001	14-12-2009	Amalgamated	NO
8	L74999MH1964PLC012878	EXCEL CROP CARE LTD	Managing director	01-09-2013	01-09-2003	-	Active	NO
9	L24200MH1960PLC011807	EXCEL INDUSTRIES LIMITED	Director	03-09-2003	03-09-2003	-	Active	NO
10	U67120MH2003PTC034259	PRITAMI INVESTMENTS PVT LTD	Director	15-09-2003	15-09-2003	-	Active	NO
11	U24230TG1954PTC000736	VIBRANT GREENTECH INDIA Private Limited	Director	21-11-2003	21-11-2003	-	Active	NO
12	U24239TG1990PTC011356	HYDERABAD CHEMICAL PRODUCTS Private Limited	Director	21-11-2003	21-11-2003	-	Active	NO
13	U01110GJ2005PLC047254	KUTCH CROP SERVICES LIMITED	Director	12-12-2005	12-12-2005	-	Active	NO
14	L24210MH1987PLC044362	AIMCO PESTICIDES LIMITED	Director	26-04-2006	26-04-2006	31-07-2007	Active	NO
15	U74120GJ1989PLC012329	TML INDUSTRIES LIMITED	Director	15-11-2007	20-06-2007	-	Active	NO
16	U29259GJ1970PLC001800	SHROFFS ENGINEERING LTD	Director	26-06-2007	26-06-2007	-	Active	NO
17	U01403MH2007PLC176907	EXCEL BIO RESOURCES LIMITED	Director	18-12-2007	18-12-2007	-	Active	NO
18	U01135GJ1996PLC030102	OASIS AGRITECH LIMITED	Director	10-11-2008	07-01-2008	-	Active	NO
19	U91990GJ2008NPL053876	FEDERATION OF KUTCH INDUSTRIES ASSOCIATION	Director	16-01-2009	16-01-2009	26-08-2014	Active	NO
20	U01112TG2009PTC063224	NEO SEEDS INDIA Private Limited	Director	31-03-2009	31-03-2009	-	Active	NO
21	U65993MH2006PLC164038	ECCL INVESTMENTS AND FINANCE LIMITED	Director	05-08-2014	26-09-2013	-	Active	NO
22	U24100TG2013PTC091502	HYDERABAD CHEMICAL Private Limited	Director	05-12-2013	05-12-2013	-	Active	NO
23	U24100TG2013PTC091503	NECTAR CROP SCIENCES Private Limited	Director	05-12-2013	05-12-2013	-	Active	NO

Name :

Mrs. Usha Ashwin Shroff

Designation :

Directors

Address :

B – 15, Vasanta Theosophical Society, Juhu Road, Juhu, Mumbai 400049, Maharashtra, India

Date of Birth/Age :

28.03.1947

Qualification :

M COM

Date of Appointment :

26.06.1996

DIN No.:

00020519

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	U24100MH1971PLC015364	ANSHUL SPECIALTY MOLECULES LIMITED	Director	24-11-1979	24-11-1979	-	Active	NO
2	U65910MH1980PTC022574	UTKARSH GLOBAL HOLDINGS PRIVATE LIMITED	Director	01-05-1980	01-05-1980	-	Active	NO
3	U65990MH1984PTC033172	BRIHAT INVESTMENT PRIVATE LIMITED	Director	18-06-1984	18-06-1984	-	Active	NO
4	U67120MH1984PTC033533	HARIJASH INVESTMENTS PVT LTD	Director	24-07-1984	24-07-1984	-	Active	NO
5	U65990MH1983PLC030597	KAMALJYOT INVESTMENTS LIMITED	Director	01-02-1991	01-02-1991	-	Active	NO
6	U24230MH1991PLC063555	DIVAKAR TECHNO SPECIALITIES & CHEMICALS LIMITED	Director	10-10-1991	10-10-1991	-	Active	NO
7	U74120GJ1989PLC012329	TML INDUSTRIES LIMITED	Director	16-07-1992	16-07-1992	-	Active	NO
8	U24210GJ1985PLC007569	AGROCEL INDUSTRIES LIMITED	Director	26-06-1996	26-06-1996	-	Active	NO
9	L24200MH1960PLC011807	EXCEL INDUSTRIES LIMITED	Whole-time director	22-01-2013	13-09-2000	-	Active	NO
10	U24110MH1995PLC092429	GOOD RASAYAN LIMITED	Director	20-10-2001	20-10-2001	04-11-2014	Active	NO
11	U01403MH2007PLC176907	EXCEL BIO RESOURCES LIMITED	Director	18-12-2007	18-12-2007	-	Active	NO

Name :

Mr. Jagdish Ramanlal Naik

Designation :

Directors

Address :

6 , Padma , S. V. Road Vile Parle (West ) Mumbai 400056, Maharashtra, India

Date of Birth/Age :

23.09.1958

Qualification :

FCA

Date of Appointment :

26.06.1996

DIN No.:

00030172

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	L26914MH1987PLC042283	ACRYSIL LIMITED	Director	24-09-2014	29-03-1989	-	Active	NO
2	L24231CH1975PLC003603	PUNJAB CHEMICALS AND CROP PROTECTION LIMITED	Director	26-03-1994	26-03-1994	30-04-2013	Active	NO
3	U24230MH1991PLC063555	DIVAKAR TECHNO SPECIALITIES & CHEMICALS LIMITED	Director	24-08-1994	24-08-1994	-	Active	NO
4	U65910MH1980PTC022574	UTKARSH GLOBAL HOLDINGS PRIVATE LIMITED	Director	02-05-1995	02-05-1995	04-11-2014	Active	NO
5	U24210GJ1985PLC007569	AGROCEL INDUSTRIES LIMITED	Director	26-06-1996	26-06-1996	-	Active	NO
6	U24110MH1995PLC092429	GOOD RASAYAN LIMITED	Director	05-07-1999	05-07-1999	04-11-2014	Active	NO
7	L74999MH1964PLC012878	EXCEL CROP CARE LTD	Director	01-02-2003	01-02-2003	-	Active	NO
8	U01110GJ2005PLC047254	KUTCH CROP SERVICES LIMITED	Director	12-07-2006	12-07-2006	-	Active	NO
9	U24100MH1971PLC015364	ANSHUL SPECIALTY MOLECULES LIMITED	Director	21-07-2006	21-07-2006	-	Active	NO
10	U65993MH2006PLC164038	ECCL INVESTMENTS AND FINANCE LIMITED	Director	24-08-2006	24-08-2006	-	Active	NO
11	U01407MH2008NPL181505	DEVELOPMENTAL & ECO-FRIENDLY ENTERPRISES	Director	24-04-2008	24-04-2008	15-06-2009	Active	NO
12	U02412GJ2006PLC049495	EXCEL GENETICS LIMITED	Director	19-07-2010	24-09-2009	-	Active	NO
13	U28910MH2010PLC202493	ACRYSIL STEEL LIMITED	Director	28-04-2010	28-04-2010	26-05-2014	Active	NO
14	U25200MH2011PTC212405	STERNHAGEN BATH PRIVATE LIMITED	Director	17-01-2011	17-01-2011	26-05-2014	Active	NO
15	U51101MH2013PLC241702	ACRYSIL APPLIANCES LIMITED	Director	04-04-2013	04-04-2013	26-05-2014	Active	NO

Name :

Mr. Vinayak Bhajibhai Buch IAS

Designation :

Director

Address :

Jhankar ‘ Plot No. 139, Sector No 8 , Gandhinagar 3822043

Date of Birth/Age :

21.02.1940

Qualification :

IAS

Date of Appointment :

05.09.2014

DIN No.:

00042754

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	U24299GJ1980PLC003929	GUJARAT INSECTICIDE LIMITED	Director	24-12-1997	24-12-1997	02-07-2007	Active	NO
2	U24210GJ1985PLC007569	AGROCEL INDUSTRIES LIMITED	Director	05-09-2014	25-03-1998	-	Active	NO
3	L27310GJ1972PLC002033	STEEL CAST LIMITED	Director	19-08-2000	19-08-2000	01-02-2014	Active	NO
4	L51900GJ1980PLC065554	SHAILY ENGINEERING PLASTICS LIMITED	Director	29-11-2003	29-11-2003	19-09-2008	Active	NO
5	L74999MH1964PLC012878	EXCEL CROP CARE LTD	Director	25-01-2006	25-01-2006	-	Active	NO

Name :

Mr. Chaitanya Dipesh Shroff

Designation :

Director

Date of Birth/Age :

07.02.1984

Date of Appointment :

30.09.2013

DIN No.:

06685888

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	U24210GJ1985PLC007569	AGROCEL INDUSTRIES LIMITED	Director	30-09-2013	05-09-2013	-	Active	NO

Name :

Dr. Rajendra Prahlad Choudhari

Designation :

Directors

Address :

41 / B, Sukhada CHS., 4^th Floor, Pandurang wadi, 4^th Road, Goregaon (East) Mumbai 400063, Maharashtra, India

Date of Birth/Age :

23.11.1959

Qualification :

MSC, PHD, PDF, DIRM

Date of Appointment :

05.09.2014

DIN No.:

01018515

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	U24210GJ1985PLC007569	AGROCEL INDUSTRIES LIMITED	Director	05-09-2014	26-12-2002	-	Active	NO

Name :

Mr. Kevin Patrick Martin

Designation :

Director

Date of Birth/Age :

18.08.1955

Date of Appointment :

05.09.2014

DIN No.:

00506690

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	L74999MH1964PLC012878	EXCEL CROP CARE LTD	Director	28-12-2004	28-12-2004	25-05-2011	Active	NO
2	U24210GJ1985PLC007569	AGROCEL INDUSTRIES LIMITED	Director	05-09-2014	21-03-2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Janakrai Dhavantrai Raval
Designation :	Secretary
Date of Birth/Age :	14.11.1953
Date of Appointment :	28.08.2000
PAN No.:	ACHPR7418Q
Name :	Mr. Pritesh Solanki
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 05.09.2014

SHAREHOLDING FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 05.09.2014

Category	Percentage
Bodies corporate	33.00
Directors or relatives of Directors	59.00
Other top fifty shareholders	8.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Bromine and Bromine Compound

Products :

Item Code No.	Product Description
28013020	Bromine and Bromine Compound

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
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 :

Not Available

Bankers :

• HDFC Bank Limited - Hdfc Bank House Senapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India
• Bank Of Baroda Main Branch - Station Road, Bhuj - 370001, Gujarat, India
• ICICI Bank Limited – Landmark Race Course Circle, Alkapuri, Baroda – 390015, Gujarat, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks	0.283	0.730
Deposit	8.000	67.590
Short-term borrowings
Loans repayable on demand from banks	161.305	146.993
Deposit	19.950	15.000
Total	189.538	230.313

Auditors :
Name :	Mdhusudanc. Mashruwala & company Chartered accountants
Address :	301-303, "Akik" Opposite Lions Hall, S I X Roadmithakhali
PAN N Income-tax PAN of auditor or auditor's firm :	ABFPM4070N
Memberships :	Not Available
Collaborators :	Not Available
Enterprises Which Are Owned, Or Have Significant Influence Of Or Are Partners With Key Management Personnel And Their Relatives	Excel Crop Care Limited, India (L74999mh1964plc012878) Excel Industries Limited , India (L24200mh1960plc011807) Transpek Industries Ltd, U N I T E D Kingdom Cc Shroff, India C.C.Shorff Research Institute, India Shroff Foundation, India Shroff F Foundation Trust, India

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.100/- each	Rs.60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs.40.000 Million

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	40.000	40.000	40.000
(b) Reserves & Surplus	633.776	457.980	315.250
(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)	673.776	497.980	355.250
(3) Non-Current Liabilities
(a) long-term borrowings	8.283	68.320	44.385
(b) Deferred tax liabilities (Net)	80.293	62.442	44.552
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.330	4.844	4.188
Total Non-current Liabilities (3)	93.906	135.606	93.125
(4) Current Liabilities
(a) Short term borrowings	181.255	161.993	112.238
(b) Trade payables	139.861	176.266	129.691
(c) Other current liabilities	164.627	103.083	111.500
(d) Short-term provisions	42.635	37.690	37.596
Total Current Liabilities (4)	528.378	479.032	391.025
TOTAL	1296.060	1112.618	839.400
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	582.723	518.743	318.910
(ii) Intangible Assets	1.823	0.909	0.739
(iii) Capital work-in-progress	72.919	25.905	50.100
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	177.984	71.339	36.761
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	13.183	15.717	7.551
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	848.632	632.613	414.061
(2) Current assets
(a) Current investments	0.000	0.000	1.781
(b) Inventories	120.059	120.605	167.944
(c) Trade receivables	276.077	234.141	134.158
(d) Cash and cash equivalents	14.343	44.609	35.359
(e) Short-term loans and advances	35.730	79.406	84.901
(f) Other current assets	1.219	1.244	1.196
Total Current Assets	447.428	480.005	425.339
TOTAL	1296.060	1112.618	839.400

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1700.908	1573.92	1617.151
	Other Income	4.988	47.097	5.157
	TOTAL (A)	1705.896	1621.017	1622.308
Less	EXPENSES
	Cost of Materials Consumed	535.417	341.817	551.953
	Purchases of Stock-in-Trade	216.918	351.227	390.484
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(10.181)	47.336	7.016
	Employees benefits expense	158.962	137.41	113.458
	Other expenses	414.488	413.569	289.009
	TOTAL (B)	1315.604	1291.359	1351.920
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	390.292	329.658	270.388
Less	FINANCIAL EXPENSES (D)	21.433	25.948	19.618
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	368.859	303.710	250.770
Less/ Add	DEPRECIATION/ AMORTISATION (F)	40.949	32.464	25.734
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	327.910	271.246	225.036
Less	TAX (H)	109.997	91.077	74.683
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	217.913	180.169	150.353
	Earnings / (Loss) Per Share (Rs.)	544.78	450.42	376

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	12.81	11.45	9.30
Operating Profit Margin (PBIDT/Sales)	(%)	22.95	20.95	16.72
Return on Total Assets (PBT/Total Assets}	(%)	31.37	26.71	29.90
Return on Investment (ROI) (PBT/Networth)		0.49	0.54	0.63
Debt Equity Ratio (Total Debt /Networth)		0.28	0.46	0.44
Current Ratio (Current Asset/Current Liability)		0.85	1.00	1.09

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	40.000	40.000	40.000
Reserves & Surplus	315.250	457.980	633.776
Net worth	355.250	497.980	673.776
long-term borrowings	44.385	68.320	8.283
Short term borrowings	112.238	161.993	181.255
Total borrowings	156.623	230.313	189.538
Debt/Equity ratio	0.441	0.462	0.281

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	1617.151	1573.920	1700.908
		(2.673)	8.068

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	1617.151	1573.920	1700.908
Profit	150.353	180.169	217.913
	9.30%	11.45%	12.81%

LOCAL AGENCY FURTHER INFORMATION

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

OPERATIONS:

The Directors report that during the year, the Company has achieved an income of Rs.1705.897 Million compared to Rs.1621.017 Million in the preceding year showing a nominal increase of 5.24% over previous year. The Company achieved exports of Rs.50.394 Million compared to Rs.18.615 Million during the previous year, an increase of 170.72%.

Revenue from operations of Marine Chemicals Division increased by around 1.45% and for Agri Service Divisionincreasedby around14.20%.The Company has achieved a profit before tax of Rs. 327.911 Million as compared to profit of Rs.271.246 Million in the previous year showing an increase of around 20.89%.Improvement in the profitability is mainly attributed to increase in sales volume of Bromine and other Bromine compounds during the year.

The Agri Service Division of the Company continues to render services to farmers through capacity building, knowledge and skill transfer in sustainable agriculture. Under the Better Cotton Initiative (BCI) as a programmer implementation partner of Solidaridad, the division continued to train 2550 farmers in Gujarat for cultivating better cotton for the second year in running. The Agri Service Division has also been an implementing partner of various subsidy schemes under the Central and State Government benefiting thousands of farmers. As there was an overall reduction in the subsidy schemes, it had an impact on the sales of the division. The cotton business also was subdued as while volumes increased significantly in comparison to corresponding period last year, the lack of parity in price of cotton fiber in relation to the purchase price of seed cotton adversely affected the performance of the Division.

NEW PROJECTS & ACTIVITIES:

The Company has undertaken projects relating to the expansion of capacity for manufacture of Bromine and HBr and installation of 6 TPH FBC Boiler and PGVCL HT line, resulting in substantial saving and increase in profitability. The Company continues to develop value-added products based on Bromine.

The Agri Service Division continued its effort in installing and servicing micro irrigation systems in Kachchh District and has been recognised by Netafim as among their top three distributors in Western SBU. In the previous year, the Division had focused on sales of fresh fruits being grown in Kachchh. Accordingly, the sales of Kesar mangoes and fresh dates increased significantly over the previous year. As regards the non-food crops, the Divisions focus on Sunflower as an important crop has given positive results.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10424824	30/03/2013	25,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra -  400018, INDIA	B74808742
2	10387426	23/10/2012	1,300,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B62324504
3	10247193	13/10/2010	386,720.00	KOTAK MAHINDRA PRIME LIMITED	36-38A NARIMAN BHAVAN,, 227, NARIMAN POINT,, MUMBAI, Maharashtra - 400021, INDIA	A97523799
4	10239185	16/07/2010	650,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	A93935385
5	10104650	14/10/2010 *	103,936,000.00	BANK OF BARODA MAIN BRANCH	STATION ROAD, BHUJ, Gujarat - 370001, INDIA	A97455042
6	80004243	25/03/2013 *	107,500,000.00	BANK OF INDIA	Bhuj Branch, Shree Swaminarayan Commerce Complex,  Bhuj, Gujarat - 370001, INDIA	B72941917
7	80045343	29/09/2010 *	103,936,000.00	BANK OF BARODA MAIN BRANCH	STATION ROAD, BHUJ, Gujarat - 370001, INDIA	A97454797

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles

Intangible assets

• Brands and trade marks
• Trade marks
• Computer software
• Copyrights, patents and other operating rights
• Patents

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.92
UK Pound	1	Rs.93.57
Euro	1	Rs.67.34

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.