MIRA INFORM REPORT

Report No. :	313979
Report Date :	24.03.2015

IDENTIFICATION DETAILS

Name :	COROMANDEL INTERNATIONAL LIMITED
Registered Office :	1-2-10, Sardar Patel Road, Secunderabad, Hyderabad – 500003, Telangana
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 Million
CIN No.: [Company Identification No.]	L24120TG1961PLC000892
IEC No.:	Not Available
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 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (65)

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 64000000
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 – 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	CRISIL
Rating	Long term rating: “AA+”
Rating Explanation	High degree of safety and low credit risk.
Date	December 12, 2014

Rating Agency Name	CRISIL
Rating	Short term rating: “A1+”
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	December 12, 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECILNED

Management non co-operative (91-40-27842034)

LOCATIONS

Registered Office :	1-2-10, Sardar Patel Road, Secunderabad, Hyderabad – 500003, Telangana , 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
Branch :	Office No. 504, 5^th Floor, Eatern Court, Sion-Trombay Road, Opposite, Wasan Motors, Chembur, Mumbai – 400071, Maharashtra, India
Factory :	Fertiliser Plants : Sriharipuram, Po Box No. 1116, Malkapuram Post, Visakhapatnam – 530011, Telangana , 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, Telangana · 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 31.12.2014

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	177162310	61.97
Any Others (Specify)	42140	0.01
Any Other	42140	0.01
Sub Total	180608914	63.18
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	180608914	63.18
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	13255682	4.64
Financial Institutions / Banks	141514	0.05
Insurance Companies	3830284	1.34
Foreign Institutional Investors	18712450	6.55
Qualified Foreign Investor	1840	0.00
Sub Total	35941770	12.57
(2) Non-Institutions
Bodies Corporate	22902836	8.01
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	23472048	8.21
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	8730099	3.05
Any Others (Specify)	14225595	4.98
Foreign Nationals	70460	0.02
Overseas Corporate Bodies	9600000	3.36
Trusts	91897	0.03
Non Resident Indians	4402804	1.54
Clearing Members	55934	0.02
Societies	4500	0.00
Sub Total	69330578	24.25
Total Public shareholding (B)	105272348	36.82
Total (A)+(B)	285881262	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)	285881262	0.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the Manufacture and Trading of Farm Inputs.
Products :	Farm Inputs
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

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

Suppliers :

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

Customers :

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

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 Million)	31.03.2013 (Rs. in Million)
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 Million against Company’s subsidy receivables.

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	1-8-384 and 385, 3rd Floor, Gowra Grand, S.P. Road, Begumpet, Secunderabad – 500003, Telangana , 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 Million
5000000	Cumulative Redeemable preference Shares	Rs. 10/- each	Rs. 50.000 Million
	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 Million

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 Million	Number	Rs. In Million
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 Million	Number	Rs. In Million
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 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	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
Net Profit Margin (PAT/Sales)	(%)	5.32	7.99	13.95
Operating Profit Margin (PBDIT/Sales)	(%)	12.15	14.42	22.99
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 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	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 Million)	(Rs. In Million)	(Rs. In Million)
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 Million)	(Rs. In Million)	(Rs. In Million)
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	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%	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 Million)	31.03.2013 (Rs. in Million)
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 influenced 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 Telangana and Karnataka and improved its performance by growing the non-fertiliser segment thereby registering profitable 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 significantly.

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 Telangana 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 field 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 Pacific 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 benefitted 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 efficiencies 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 significant growth during the year.

The Company has recorded a total revenue of Rs. 94420.000 Million. Profit for the year before depreciation, interest and taxation was Rs. 8000.000 Million and Profit before tax was Rs. 4940.000 Million. Net Profit after tax was Rs. 3450.000 Million.

Subsidiary Companies:

Sabero Organics Gujarat Limited (Sabero)

Sabero’s total revenue for the year ended 31st March 2014 was Rs. 7214.300 Million with a Net profit of Rs. 331.300 Million as Annual Report 2013-14 11 compared to a profit of Rs. 77.300 Million 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 Million) 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 Million in this company.

Parry Chemicals Limited (PCL):

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

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 Million 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 Million) 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 significant 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; Telangana has earned a total income of Rs. 632.400 Million for the year ended 31st March 2014 and the net profit was Rs.15.900 Million

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 significant 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 significant progress in attaining external SHE recognition, and have been certified with ISO 14001 Environmental Management System certification 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 Telangana for commendable efforts towards significant 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 significant 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 confident 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 fortified fertilisers (B, ZN, S) to address soil deficiencies. 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 Complex fertilisers.

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 fortification 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 significantly 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 significantly 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 UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31^st DECEMBER, 2014

(Rs. in Million)

Sr. No.	Particular	Quarter Ended		Nine Months Ended
		31.12.2014	30.09.2014	31.12.2014
		(Unaudited)
1.	Income from Operations
	a) Net Sales/ Income from Operations	33389.500	32407.600	82572.300
	b) Other Operating Income	307.800	45.900	432.600
	Total Income From Operations	33697.300	32453.500	83004.900
2.	Expenditure
	Cost of Material Consumed	23035.200	16619.800	51972.900
	Purchase of Stock In Trade	5894.700	4226.900	14770.300
	Change in Inventories of Finished Goods, Work-In-Progress and Stock In Trade	(3669.600)	3981.200	(4253.600)
	Employee Benefits Expenses	842.100	621.900	2036.000
	Depreciation and Amortization Expenses	326.800	224.500	767.400
	Freight and distribution expenses	1882.500	1968.300	5095.800
	Other Expenses	2923.500	1861.300	6445.600
	Total	31235.200	29503.900	76834.400
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	2462.100	2949.600	6170.500
4.	Other Income	125.200	135.100	425.600
5.	Profit Before Interest and Exceptional Items (3+4)	2587.300	3084.700	6596.100
6.	Financial Cost	557.300	539.500	165.340
7.	Profit After Interest but before Exceptional Items (5-6)	2030.000	2545.200	4942.700
8.	Exceptional Items	(39.400)	--	(39.400)
9.	Profit from Ordinary Activities before Tax (7+8)	1990.600	2545.200	4903.300
10.	Tax Expense	602.600	841.400	1538.300
11.	Net Profit from Ordinary Activities after Tax (9-10)	1388.000	1703.800	3345.000
12.	Extraordinary Item (net of expense)	--	--	--
13.	Net Profit for the period (11-12)	1388.000	1703.800	3345.000
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	285.900	285.800	285.900
15.	Reserves Excluding Revaluation Reserve	--	--	--
16.	Earning Per Share (EPS) (Rs.)-Not Annualised
	Basic	4.77	5.96	11.49
	Diluted	4.76	5.96	11.47
	Public Shareholding
	-Number of Shares	105272348	105182119	105272348
	- Percentage of Shareholding	36.82%	36.80%	36.82%
	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	10000	10000	10000
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	0.006%	0.006%	0.006%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	0.003%	0.003%	0.003%
	b) Non Encumbered
	- Number of Shares	180598914	180622764	180598914
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	99.99%	99.99%	99.99%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	63.17%	63.19%	63.17%

Particulars	Quarter Ended 31.12.2014
INVESTOR COMPLAINTS
Pending at the beginning of the quarter	Nil
Received during the quarter	2
Disposed of during the quarter	2
Remaining unresolved at the end of the quarter	Nil

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 its meeting held on 22 January 2015 and approved by the Board of Directors at its meeting held on 23 January 2015. The Statutory Auditors have carried out a limited review of these financial results.

3. During the quarter, pursuant to the exercise of stock options by certain employees under the 'ESOP 2007' scheme, the Company has allotted 90,229 (Quarter ended 31 December 2013: 30,404) equity shares of Rs. 1 each at the respective exercise price.

4. a. Update on the Scheme of Amalgamation ('the Scheme') of Sabero Organics Gujarat Limited (Sabero) with the Company Pursuant to the Scheme sanctioned by the Hon’ble High Court of Judicature at Hyderabad for the State of Telangana and the State of Telangana and by the Hon’ble High Court of Judicature of Gujarat vide their respective orders, the entire business undertaking of Sabero including all assets and properties, debts, liabilities and duties and obligations have been transferred to and vested in the Company with effect from 1 April 2014 (the Appointed Date as per the Scheme). The certified copies of the aforesaid High Court Orders approving the Scheme have been filed with the Ministry of Corporate Affairs on 24 November 2014 and 31 December 2014, and consequently the Scheme has been given effect to in these financial results.

In terms of the Scheme, the Company is required to allot 53,09,210 equity shares of Rs. 1 each as fully paid up to the shareholders of Sabero in the proportion of 5 equity shares of Rs. 1 each in the Company for every 8 equity shares of Rs. 10 each held in Sabero. The Company has fixed 19 January 2015 as the Record Date for allotment of shares to the shareholders of Sabero and the allotment shall be made on 23 January 2015. The equity shares held by the Company in Sabero totaling 2,53,56,361 shall get extinguished and anulled.

The Amalgamation has been accounted for under the Pooling of interests method’ as prescribed under Accounting Standard 14 ‘Accounting for Amalgamations’.

b. Consequent to giving effect to the Scheme during the quarter ended 31 December 2014, the standalone figures relating to this quarter include 9 months' figures of Sabero. The summary of the standalone figures relating to the quarter ended 31 December 2014 including those relating to Sabero for the same quarter is given in Note 10.

c. Minority interest as appearing in the Part-I to the consolidated results for the quarter ended 31 December 2014 has been accordingly adjusted to give effect of the Scheme.

5. Exceptional item:

a. Update on the 'Hudhud' cyclone of 12 October 2014 which impacted the Company's operations at Vishakapatnam - The Company's operations at Vishakapatnam have normalised and production has commenced. The Company is adequately insured and has filed claim (including for loss of profits) with the Insurance Company, survey of which is under progress. The Company has set up a receivable based on its current best estimates and reasonable certainty which is equivalent to the losses (including for inventories, repairs to fixed assets to the extent incurred, etc.) and, the net loss of Rs. Nil has been disclosed as Exceptional item. On grounds of prudence, the loss of profits claim has not been recognised as income during the quarter.

b. Exceptional item for the current quarter represents interest expense of Rs. 3.94 crores on enhanced compensation payable pursuant to the Court Order on land acquired by the Company in the earlier years.

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

6. Update on joint venture Company Yanmar Coromandel Agrisolutions Private Limited (Yanmar India) - During the quarter, Yanmar India has commenced commercial operations.

7. The Consolidated Results for the quarter and nine months ended 31 December 2014 include results of subsidiaries - Sabero Argentina S.A., Sabero Organics America S.A., Sabero Australia Pty- Ltd., Sabero Europe B.V., Sabero Organics Mexico S.A. de C.V., Liberty- Pesticides and Fertilisers Limited, Parry' Chemicals Limited, Dare Investments Limited, CFL Mauritius Limited, Coromandel Brasil Limitada, Joint venture Companies - Coromandel Getax Phosphates Pte Limited, Coromandel SQM (India) Private Limited and Yanmar Coromandel Agrisolutions Private Limited and Associate company Sabero Organics Phillipines Asia Inc.

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

9. Figures of the previous quarters / period / year have been regrouped and reclassified wherever considered necessary.

INDEX CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10479802	06/02/2014	2,909,500,000.00	3i Infotech Trusteeship Services Limited	3rd to 6th floor, International Infotech Park,, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai, Maharashtra - 400703, INDIA	B97287163
2	10447446	03/09/2013	1,056,000,000.00	HONGKONG AND SHANGHAI BANKING CORPORATION	21 COLLYER QUAY, #10-02,, HSBC BUILDING, SINGAPOR  E, - 049320, SINGAPORE	B84231620
3	10446467	12/08/2013	1,609,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, N. G. N. VAIDYA MARG, HORNIMAN  CIRCLE,, MUMBAI, Maharashtra - 400001, INDIA	B83740035
4	10381818	29/09/2012	450,800,000.00	HSBC BANK (MAURITIUS) LIMITED	6th floor, HSBC centre, 18 cyber city,, Ebene, -  0, MAURITIUS	B60191418
5	10381820	29/09/2012	465,600,000.00	HSBC BANK (MAURITIUS) LIMITED	6th floor, HSBC Centre, 18 Cyber City, Ebene, -  0, MAURITIUS	B60191574
6	10381819	29/09/2012	892,400,000.00	HSBC BANK (MAURITIUS) LIMITED	6th floor, HSBC Centre, 18 Cyber city,, Ebene, -  0, MAURITIUS	B60191491
7	10355944	27/04/2012	300,000,000.00	Axis Bank Limited	Fort Br., Universal Insu. Bldg.,, Sir P.M Road, F  ort, Mumbai, Maharashtra - 400001, INDIA	B39685961
8	10355037	10/07/2014 *	150,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI,KOLHAPUR,, KOLHAPUR, Maharashtra - 41600  1, INDIA	C15047970
9	10333799	31/03/2012 *	650,000,000.00	Axis Bank Limited	Fort Br., Universal Insu. Bldg.,, Sir P.M Road, F  ort, Mumbai, Maharashtra - 400001, INDIA	B37970415
10	10333233	05/12/2011	540,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, N. G. N. VAIDYA MARG, MUMBAI,  Maharashtra - 400023, INDIA	B31103369

FIXED ASSETS:

• Land
• Freehold
• Leasehold
• Buildings
• Roads
• Railway Siding
• Plant and equipment
• Furniture and Fixtures Vehicles

NEW

COROMANDEL INTERNATIONAL DECLARES 200% INTERIM DIVIDEND

Coromandel International Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 23, 2015, inter alia, has approved the following:1. The Board of Directors of the Company has declared an interim dividend for the financial year 2014-15 @ Rs. 2/- (Rupees two only) per share {representing 200 %} on the equity share of Re.1/-each fully paid.2. The interim dividend will be paid on or after April 07, 2015 and within 30 days from the declaration of interim dividend, as provided in the Companies Act, 2013.Source : BSE

FOSKOR PROPRIETARY SELLS 48 LAKH SHARES OF COROMANDEL INTER

On March 4, 2015 Foskor Proprietary Ltd. sold 24,00,000 shares of  Coromandel International  at Rs 275.02 on the NSE and sold 24,00,000 shares at Rs 275 on the BSE. At 09:37 hrs Coromandel International was quoting at Rs 292.50, up Rs 2.50, or 0.86 percent. The share touched its 52-week high Rs 340 and 52-week low Rs 211 on 05 November, 2014 and 05 March, 2014, respectively. The company's trailing 12-month (TTM) EPS was at Rs 14.34 per share. (Dec, 2014). The stock's price-to-earnings (P/E) ratio was 20.42. The latest book value of the company is Rs 76.70 per share. At current value, the price-to-book value of the company was 3.82. The dividend yield of the company was 1.54 percent.

RAILWAY BUDGET 2015: FERTILISER STOCKS MIXED, FREIGHT RATE UP BY 10% FOR UREA

Moneycontrol Bureau

Shares of fertiliser stocks are mixed after government has hiked freight rates in Rail Budget for FY16. Presenting his maiden Rail Budget, Minister Suresh Prabhu has hiked freight rate by 10 percent for urea companies. The government has also hiked freight rate by 6.3 percent for coal, 0.8 percent for iron & steel companies. However, freight rate is lowered by 1 percent for high speed diesel. The government is eyeing to rake in Rs 1.21 lakh crore in FY16 versus Rs 1.06 lakh crore in FY15.

Company	% change
Chambal Fert	1.99
Coromandel Int	0.05
Deepak Fert	0.37
Dharamsi Morarj	4.9
Fert and Chem	(2.76)
GSFC	(0.96)
Madras Fert	(7.89)
Mangalore Chem	(0.51)
MP Agro	(4.98)
NFL	(0.92)
Rama Phosphates	(0.53)
Rashtriya Chem	(2.14)
Zuari Agro Chem	(1.78)
Zuari Global	(1)

COROMANDEL INTERNATIONAL TEMPORARILY STOPS OPERATIONS AT VISAKHAPATNAM UNIT

Coromandel International Ltd has informed BSE that the Hudhud cyclone which crossed the coastal Telangana on October 12, 2014, near Visakhapatnam, has resulted in temporary stoppage of operations at the Company's unit at Visakhapatnam. The cyclone has not caused any major damage to the Company's manufacturing facilities. The power supply has been disrupted and is expected to be resumed in a day or two. Efforts are on to resume the production as soon as the normalcy is restored.Source : BSE

COROMANDEL INTERNATIONAL: UPDATES ON SCHEME OF AMALGAMATION

Coromandel International Ltd has informed BSE that the Board of Directors of the Company have considered and approved January 19, 2015 as record date for allotment of shares of the Company to the shareholders of Sabero Organics Gujarat Limited pursuant to the Scheme of Amalgamation approved by the Hon'ble High Court of Judicature at Hyderabad for the State of Telangana and for the State of Telangana and Hon'ble High Court of Gujarat at Ahmedabad.Source : BSE

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. 62.28
UK Pound	1	Rs. 93.02
Euro	1	Rs. 67.36

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	SUB
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--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	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		65

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.