MIRA INFORM REPORT

Report No. :	314446
Report Date :	27.03.2015

IDENTIFICATION DETAILS

Name :	EXCEL CROP CARE LIMITED
Registered Office :	184-87, Swami Vivekanand Road, Jogeshwari (West), Mumbai – 400102, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.03.1964
Com. Reg. No.:	11-012878
Capital Investment / Paid-up Capital :	Rs. 55.208 Million
CIN No.: [Company Identification No.]	L74999MH1964PLC012878
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUME04609D
PAN No.: [Permanent Account No.]	AAACW3810D
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 business of agro chemicals and manufactures technical grade pesticides and formulations.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. Financial position of the company seems to be sound. Trade relations are reported to be fair. Business is active. Payments 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: A +
Rating Explanation	Have adequate degree of safety and carry low credit risk.
Date	21.01.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating: A1 +
Rating Explanation	Have very strong degree of safety and carry lowest credit risk.
Date	21.01.2015

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Pravin D. Desai
Designation :	Vice President Finance and Accounts
Contact No.:	91-22-42522200
Date :	25.03.2015

LOCATIONS

Registered Office :	184-87, Swami Vivekanand Road, Jogeshwari (West), Mumbai – 400102, Maharashtra, India
Tel. No.:	91-22-66464200
Fax No.:	91-22-26784522/ 26783657
E-Mail :	pravin@excelcropcare.com eccl@excelcropcare.com
Website :	http://www.excelcropcare.com
Corporate Office :	13 and 14, Aradhana Industrial Development Corporation, Near Virwani Industrial Estate, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-42522200
Fax No.:	91-22-42522380
Manufacturing Units :
Factories :	Located at: · 6/2, Ruvapari Road, Bhavnagar – 364 005, India · Kaira Gajod Highway, Gajod, Kutch, Gujarat, India · Plot No. 60, B, Nanji Industrial Estate, Kharadpada, Silvassa – 396 230, Union Territory of Dadra and Nagar Haveli, India
Windmills :	Located at: · Plot No. A/2, Village: Dhank, Taluka: Upleta, District: Rajkot, Gujarat, India · Survey No. 160, Village: Navadra, Taluka: Kalyanpur, District: Jamnagar, Gujarat, India · Survey No. 16/1, Village: Jodhapar, Taluka: Kalyanpur, District: Jamnagar, Gujarat, India · Survey Nos. 1180/14 and 1180/15, Village: Vandhiya, Taluka: Bhachau, District: Kutch, Gujarat, India
Regional Offices:	Located at: · 6/2, Ruvapari Road, Bhavnagar – 364005, Gujarat, India 91-278-2212401 · Plot No. 205-209 Bhuj-Mundra Road, Near Kera Village, Taluka : Bhuj, District: Kutch, Gajod-370430 Gujarat, India

DIRECTORS

As on 31.03.2014

Name :	Mr. A C Shroff
Designation :	Chairman
Name :	Mr. Dipesh K. Shroff
Designation :	Managing Director
Date of Birth/ Age :	03.02.1960
Qualification :	Diploma in Civil Engineering, Cert. in M.E.P.
Experience :	32 years
Date of Appointment :	01.09.2003
Other Directorships :	· Agrocel Industries Limited · Shroff Engineering Limited · Transpek Industry Limited · Hyderabad Chemicals Limited · Excel Industries Limited · Kutch Crop Services Limited · Hyderabad Chemical Products Limited · Neo Seeds India Limited · TML Industries Limited · Oasis Agritech Limited · Excel Crop Care (Europe) N.V. · Excel Bio Resources Limited · Excel Crop Care (Africa) Limited
Name :	Mr. Ninad D. Gupte
Designation :	Joint Managing Director (with effect from 1^st August, 2012)
Date of Birth/ Age :	60 years
Qualification :	B.Sc., PGDBM (XLRI – Jamshedpur)
Experience :	27 years
Name :	Mr. Prakash K. Shroff
Designation :	Executive Director
Date of Birth/ Age :	68 years
Qualification :	Diploma in Electrical Engineering
Experience :	45 years
Name :	Mr. J. R. Naik
Designation :	Director
Date of Birth/ Age :	23.09.1958
Qualification :	B.Com, F.C.A.
Date of Appointment :	01.02.2003
Other Directorships :	Acrysil Limited Anshul Specialty Molecules Limited Kutch Crop Services Limited ECCL Investments and Finance Limited Agrocel Industries Limited Divakar Techno Specialities & Chemicals Limited Good Rasayan Limited Excel Genetics Limited
Name :	Mr. Mukul G. Asher
Designation :	Director
Date of Birth/ Age :	17.12.1943
Qualification :	B.A.(Hons.), M.A., Ph.D.
Date of Appointment :	03.09.2003
Name :	Mr. Sandeep Junnarkar
Designation :	Director
Date of Birth/ Age :	02.07.1951
Qualification :	B.Sc.(Hons.), LL.B.
Date of Appointment :	03.09.2003
Other Directorships :	· Everest Industries Limited · IL&FS Infrastructure Development Corporation Limited · Jai Corp. Limited · Jai Realty Ventures Limited · Reliance Industrial Infrastructure Limited · Reliance Industrial Investments and Holdings Limited · Reliance Ports and Terminals Limited · Sterlite Industries (India) Limited
Name :	Mr. B. V. Bhargava
Designation :	Director
Date of Birth/ Age :	16.04.1936
Qualification :	M.Com., LL.B.
Date of Appointment :	29.10.2003
Other Directorships :	Supreme Industries Limited Grasim Industries Limited J. K. Lakshmi Cement Limited L & T Infrastructure Finance Company Limited Grasim Bhiwani Textiles Limited 6. L & T Finance Holdings Limited
Name :	Mr. Sharad L. Patel
Designation :	Director
Date of Birth/ Age :	25.11.1933
Qualification :	Master’s Degree in Mechanical Engineering from the University of Michigan, Ann Arbor, U.S.A.
Date of Appointment :	28.12.2004
Name :	Mr. Vinayak B. Buch
Designation :	Director
Date of Birth/ Age :	21.02.1940
Qualification :	Master’s Degree in Economics and Econometrics
Date of Appointment :	25.01.2006
Name :	Mr. Deepak Bhimani
Designation :	Director
Date of Birth/ Age :	31.08.1939
Qualification :	Post-graduation in the field of Textile Chemistry
Date of Appointment :	16.07.2008
Other Directorships :	Jayant Agro Organics Limited
Name :	Mr. David Pullan
Designation :	Director
Name :	Mr. L. Rajagopalan,
Designation :	Alternate to Dr. Mukul G. Asher (with effect from 29^th May, 2013)
Name :	Mr. S. Nallakuttalam
Designation :	Director
Date of Birth/ Age :	20.05.1961
Qualification :	B.Sc., MBA
Date of Appointment :	12.02.2014

KEY EXECUTIVES

Name :	Mr. Pravin D. Desai
Designation :	Vice President (Finance and Accounts) and Company Secretary

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
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	427048	3.88
Bodies Corporate	2212142	20.10
Sub Total	2639190	23.98
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	81830	0.74
Sub Total	81830	0.74
Total shareholding of Promoter and Promoter Group (A)	2721020	24.72
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	207217	1.88
Financial Institutions / Banks	4042	0.04
Insurance Companies	817757	7.43
Foreign Institutional Investors	822	0.01
Sub Total	1029838	9.36
(2) Non-Institutions
Bodies Corporate	2825352	25.67
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2467977	22.42
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	291454	2.65
Any Others (Specify)	1669989	15.17
Non Resident Indians	52989	0.48
Foreign Corporate Bodies	1617000	14.69
Sub Total	7254772	65.92
Total Public shareholding (B)	8284610	75.28
Total (A)+(B)	11005630	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)	11005630	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

Sl.No.	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total
1	Abhay Sunil Saraiya	750	0.01	0.01
2	Agrocel Industries Limited	2,31,000	2.10	2.10
3	Agrocel Industries Limited	750	0.01	0.01
4	Agrocel Industries Limited	2,05,561	1.87	1.87
5	Ami Kantisen Shroff	31,882	0.29	0.29
6	Anshul Amrish Bhatia	21,616	0.20	0.20
7	Anshul Specialty Molecules Limited	27,500	0.25	0.25
8	Ashwin Champraj Shroff	72,270	0.66	0.66
9	Ashwin Champraj Shroff	10,800	0.10	0.10
10	Atul Govindji Shroff	39,806	0.36	0.36
11	Atul Govindji Shroff	18,675	0.17	0.17
12	Atul Govindji Shroff	1,303	0.01	0.01
13	Chetna P Saraiya	11,510	0.10	0.10
14	Dilipsinh G Bhatia	21,853	0.20	0.20
15	Dilipsinh G Bhatia	59,977	0.54	0.54
16	Dipesh Kantisen Shroff	8,419	0.08	0.08
17	Dipesh Kantisen Shroff	7,061	0.06	0.06
18	Dipkanti Investments and Financing Private Limited	89,972	0.82	0.82
19	Dipkanti Investments and Financing Private Limited	2,500	0.02	0.02
20	Excel Industries Limited	2,45,760	2.23	2.23
21	Hiral Tushar Dayal	10,960	0.10	0.10
22	Hrishit Ashwin Shroff	47,819	0.43	0.43
23	Hyderabad Chemical Products Limited	46,833	0.43	0.43
24	Hyderabad Chemical Limited	1,97,791	1.80	1.80
25	Kamaljyot Investments Limited	2,18,510	1.99	1.99
26	Kantisen Chaturbhai Shroff- Huf	5,494	0.05	0.05
27	Kantisen Chaturbhuj Shroff	51,546	0.47	0.47
28	Praful Manial Saraiya	114	0.00	0.00
29	Praful Manial Saraiya	1,519	0.01	0.01
30	Preeti Dipesh Shroff	14,110	0.13	0.13
31	Pritami Investments Private Limited	42,262	0.38	0.38
32	Pritami Investments Private Limited	37,600	0.34	0.34
33	Ravi Ashwin Shroff	47,820	0.43	0.43
34	Shrodip Investments Private Limited	29,350	0.27	0.27
35	Shruti Atul Shroff	13,147	0.12	0.12
36	Shruti Atul Shroff	1,810	0.02	0.02
37	Tushar Charandas Dayal	1,310	0.01	0.01
38	Usha Ashwin Shroff	6,497	0.06	0.06
39	Utkarsh Global Holdings Private Limited	8,36,753	7.60	7.60
40	Vishwa Atul Shroff	810	0.01	0.01
	Total	27,21,020	24.72	24.72

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Ratnabali Capital Markets Limited	1650000	14.99	14.99
2	Ratnabali Investment Private Limited	434199	3.95	3.95
3	Nufarm Limited	1617000	14.69	14.69
4	Life Insurance Corporation Of India	724420	6.58	6.58
5	DSP Blackrock Micro Cap Fund	206367	1.88	1.88
6	JMS Mining Services India Private Limited	171951	1.56	1.56
7	Emerald Company Limited	160708	1.46	1.46
	Total	4964645	45.11	45.11

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Ratnabali Capital Markets Limited	1650000	14.99	14.99
2	Nufarm Limited	1617000	14.69	14.69
3	Life Insurance Corporation Of India	724420	6.58	6.58
	Total	3991420	36.27	36.27

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of agro chemicals and manufactures technical grade pesticides and formulations.
Products :	Chemicals Pesticides Formulations
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Chemicals Pesticides Formulations
Countries :	Spain USA Colombia Taiwan Brazil Egypt Australia Belgium Thailand Argentina Turkey
Imports :
Products :	Raw material
Countries :	Vietnam China
Terms :
Selling :	Cash and Credit (30/60/90 Days)
Purchasing :	Cash and Credit (30/60/90 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

Wholesalers, Retailers, End Users, OEM’s

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

No. of Employees :

2000 (Approximately)

Bankers :

• Bank of India
• Syndicate Bank
• State Bank of India
• Citibank N.A.
• ICICI Bank Limited

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Term Loans From Banks
Indian Rupee loan	0.000	34.000
Foreign currency loan	85.969	143.282
Short Term Borrowing
From Banks
On Cash/Packing Credit/Overdraft Accounts	233.062	332.025
Bills Discounting	0.000	92.067
Total	319.031	601.374

(a) Indian Rupee term loan from a bank carries interest @ 10.41% p.a. The loan is repayable initially in 8 quarterly instalments of Rs.16.500 Million and subsequently in 8 quarterly instalments of Rs.8.500 Million each from 30.06.2011. The loan is secured by first exclusive charge on Windmill at Vandhiya (Kutch) and Plant and Machinery and Equipments situated at Gajod and Silvassa units of the Holding Company.

(b) Foreign currency term loan carries interest @ LIBOR + 150 bps (8.15% p.a. on a fully hedged basis). The loan is repayable in 8 half yearly instalments of Rs.28.656 Million each from 07.03.2013. The Loan is secured by mortgage of a plot of land, Plant and Machinery and Equipments of the Holding Company situated at Bhavnagar.

(c) Term loan under vehicle finance scheme was taken during the financial year 2008-09 and carries interest rate ranging from 10% to 11.74% p.a. The loan is repayable in 59 monthly instalments of Rs.0.287 Million each along with interest, from the date of loan and secured by hypothecation of the vehicles acquired by utilising the said loan.

Short Term Borrowing

(a) The secured borrowings from banks [Balance as at 31.03.2014 : Rs. 23,3.062 Million (Previous Year : Rs. 42,4.092 Million)] are secured by way of hypothecation of all tangible movable assets, both present and future, including stock of raw materials, finished goods, work-in-process, stores & trade receivables of the Holding Company.

Auditors :
Name :	S. R. Batliboi and Company LLP Chartered Accountants
Address :	14^th Floor The Ruby 29 Senapati Bapat Marg Dadar (West), Mumbai-400028, Maharashtra, India
Tel No.:	91-22-61920000
Fax No.:	91-22-61921000
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Excel Crop Care (Australia) Pty. Limited Excel Crop Care (Europe) N.V. ECCL Investments and Finance Limited Excel Genetics Limited Excel Crop Care (Africa) Limited Excel Brasil Agronegocious Ltda* * On 30th March, 2011, the Company established Excel Brasil Agronegocious Ltda, a wholly owned subsidiary company, in Brazil. The Company has not made any investment in the shares of the said subsidiary company till 31st March, 2014.
Associate Companies:	Aimco Pesticides Limited Kutch Crop Services Limited
Joint Venture:	Multichem Industries (a partnership firm)
Enterprises over which key management personnel and their relatives have significant influence:	Agrocel Industries Limited Anshul Specialty Molecules Limited C.C. Shroff Research Institute C.C. Shroff Self Help Centre Dipkanti Investments & Financing Private Limited Divakar Techno Specialities & Chemicals Limited (Formerly Divakar Chemicals Limited) Excel Industries Limited Hyderabad Chemicals Limited Hyderabad Chemical Products Limited Kamaljyot Investments Limited Pritami Investments Private Limited Shroff Foundation Trust Shroff Family Charitable Trust Shrujan Creations Shrujan Trust Shrodip Investments Private Limited TML Industries Limited Transpek Industry Limited Transpek Silox Industry Limited Transpek Industry (Europe) Limited Utkarsh Global Holdings Private Limited (Formerly Utkarsh Chemicals Private Limited) Shree Vivekanand Research & Training Institute Vivekanand Rural Development Institute

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs 5/- each	Rs.60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11005630	Equity Shares	Rs.5/- each	Rs. 55.028 Million

Notes :

(a) There is no change in the Share Capital during the current and preceding year.

(b) The Company has only one class of equity shares having par value of Rs. 5 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year ended 31 March 2014, the amount of per share dividend recognised as distribution to equity shareholders was Rs. 12.50 (Previous Year: Rs. 3). In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(c) Details of shareholders holding more than 5% shares in the Company

Particulars	No. of Shares (% of Shareholding)
(i) Nufarm Limited	16,17,000 (14.69%)
(ii) Ratnabali Capital Markets Limited	15,32,635 (13.93%)
(iii) Utkarsh Chemicals Private Limited	8,36,753 (7.60%)
(iv) Life Insurance Corporation of India	7,24,420 (6.58%)

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	55.028	55.028	55.028
(b) Reserves & Surplus	2839.651	2328.090	2152.479
(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)	2894.679	2383.118	2207.507
(3) Deferred Government Liabilities	1.745	2.477	3.209
(4) Non-Current Liabilities
(a) long-term borrowings	85.969	177.282	291.492
(b) Deferred tax liabilities (Net)	120.297	102.746	108.101
(c) Other long term liabilities	3.128	0.000	2.892
(d) long-term provisions	115.203	81.132	85.739
Total Non-current Liabilities (3)	324.597	361.160	488.224
(5) Current Liabilities
(a) Short term borrowings	233.062	482.840	920.584
(b) Trade payables	2267.865	1345.557	1581.032
(c) Other current liabilities	298.841	260.623	297.019
(d) Short-term provisions	256.402	236.945	47.691
Total Current Liabilities (4)	3056.170	2325.965	2846.326
TOTAL	6277.191	5072.720	5545.266
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1332.104	1273.831	1276.109
(ii) Intangible Assets	31.532	11.655	23.333
(iii) Capital work-in-progress	23.949	8.682	25.436
(iv) Intangible assets under development	35.276	54.947	17.059
(b) Non-current Investments	52.515	52.514	52.523
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	101.378	53.447	87.364
(e) Other Non-current assets	0.000	0.000	22.106
Total Non-Current Assets	1576.754	1455.076	1503.930
(2) Current assets
(a) Current investments
(b) Inventories	2425.080	1515.087	1653.415
(c) Trade receivables	1485.755	1418.447	1637.494
(d) Cash and cash equivalents	110.427	202.888	277.251
(e) Short-term loans and advances	549.880	380.921	385.855
(f) Other current assets	129.295	100.301	87.321
Total Current Assets	4700.437	3617.644	4041.336
TOTAL	6277.191	5072.720	5545.266

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	9656.009	7649.069	6771.636
		Other Income	67.283	63.024	67.362
		TOTAL (A)	9723.292	7712.093	6838.998
Less	EXPENSES
		Cost of Materials Consumed	6303.240	3842.573	2850.813
		Purchases of Stock-in-Trade	529.810	1352.950	1226.229
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(717.531)	206.966	(48.362)
		Employees benefits expense	601.075	492.249	452.520
		Other expenses	1921.886	1246.931	1801.500
		Exceptional Items	(64.748)	0.000	61.000
		TOTAL (B)	8573.732	7141.669	6343.700
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1149.560	570.424	495.298
Less	FINANCIAL EXPENSES (D)		47.126	129.832	139.582
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1102.434	440.592	355.716
Less/ Add	DEPRECIATION/ AMORTISATION (F)		137.073	138.208	137.361
	PROFIT BEFORE TAX (E-F) (G)		965.361	302.384	218.355
Less	TAX (H)		292.850	88.145	62.230
	PROFIT AFTER TAX (G-H) (I)		672.511	214.239	156.125
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on FOB Basic	2849.818	2953.730	2461.775
	TOTAL EARNINGS		2849.818	2953.730	2461.775
	IMPORTS
		Raw Materials	3321.874	1595.349	1522.879
		Components and Stores parts	0.000	1.619	0.073
		Capital Goods	0.000	0.000	3.603
		Traded Goods	20.729	27.999	163.669
	TOTAL IMPORTS		3342.603	1624.967	1690.224
	Earnings Per Share (Rs.)		61.11	19.47	14.19

Expected Sales (2014-15) : Rs.10000.000 million

The above information has been parted by Mr. Pravin D. Desai (Vice President Finance and Accounts)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	6.96	2.80	2.31
Operating Profit Margin (PBDIT/Sales)	(%)	11.91	7.46	7.31
Return on Total Assets (PBT/Total Assets}	(%)	15.66	6.10	4.01
Return on Investment (ROI) (PBT/Networth)		0.33	0.13	0.10
Debt Equity Ratio (Total Debt /Networth)		0.11	0.28	0.55
Current Ratio (Current Asset/Current Liability)		1.54	1.56	1.42

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	55.028	55.028	55.028
Reserves & Surplus	2152.479	2328.090	2839.651
Net worth	2207.507	2383.118	2894.679
long-term borrowings	291.492	177.282	85.969
Short term borrowings	920.584	482.840	233.062
Total borrowings	1212.076	660.122	319.031
Debt/Equity ratio	0.549	0.277	0.110

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	6771.636	7649.069	9656.009
		12.957	26.238

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	6771.636	7649.069	9656.009
Profit	156.125	214.239	672.511
	2.31%	2.80%	6.96%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT

Particular	31.03.2014	31.03.2013	31.03.2012
Current maturities of long-term debt	91.313	92.397	100.933
Total	91.313	92.397	100.933

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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

(Rs. In Million)

UNSECURED LOAN	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
Short Term Loans from Banks	0.000	58.748
Total	0.000	58.748

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10371287	30/08/2012 *	280,000,000.00	DBS BANK LIMITED	3rd Floor, Fort House,, Dr. D N Road, Fort, Mumbai, Maharashtra - 400001, INDIA	B58385899
2	10288934	30/05/2011	200,000,000.00	CITIBANK N. A.	TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BAN  DRA KURLA COMPLEX, BANDRA (E), MUMBAI, Maharashtra  - 400051, INDIA	B13757307
3	90241040	17/02/2005 *	837,900,000.00	BANK OF INDIA	`ANDHERI W, MUMBAI, Maharashtra - 400058, INDIA	-
4	80007912	10/07/2006 *	72,390,000.00	CENTRAL BANK OF INDIA	MULLA HOUSE,, 51, MAHATMA GANDHI ROAD,, MUMBAI, Maharashtra - 400023, INDIA	A02703262
5	90241025	14/05/2010 *	2,000,000,000.00	BANK OF INDIA	28, S.V. ROAD,, ANDHERI(WEST) BRANCH,, MUMBAI, Maharashtra - 400058, INDIA	A86564127

* Date of charge modification

CORPORATE INFORMATION

Subject is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The Company is engaged in the business of agro chemicals and manufactures technical grade pesticides and formulations. The Company also manufactures and markets other agri inputs like soil enrichers, bio-pesticides, plant growth regulators and soil and plant nutrition products. The Company has presence in both domestic and international markets.

OPERATIONS

During the year, the net sales increased by over 25% from Rs. 7463.800 Million in the previous year to Rs. 9371.600 Million. Domestic sales turnover rose by about 45% to Rs. 6402.000 Million from Rs. 4429.300 Million in the previous year. Export turnover marginally decreased from Rs. 303.45 Million in the previous year to Rs. 2969.600 Million in the year. The Company’s profit before tax in 2013-14 increased to Rs. 965.400 Million as against Rs. 302.400 Million in the previous year. Well-spread and timely monsoon across the country helped in increasing domestic sales and improving margins. The Company could pass on input cost increases to the market. In 2012-13, the Company had significant amount of export of one traded product which was ‘spot opportunity based’ and non-recurring in nature. This explains the marginal reduction in export sales in the year under review. In 2013-14, own manufactured products account for larger share in export turnover in comparison to traded products.

During the year, the Board approved a Scheme of Arrangement for demerger of Chemical Business of TML Industries Limited and its transfer to the Company. It was subsequently decided not to pursue the proposal owing to an assessment of it securing requisite shareholder approval.

NEW PRODUCTS/IMPROVEMENTS/EXPANSIONS

In the year, the Company introduced a broad spectrum fungicide under the brand name ‘Caviet’. This is the first and the only such Indian product available in the domestic market. This product is a highly potent fungicide with paddy, groundnut and chilli as the target crops. The product is well received by the farmers. The Company re-launched some of its existing products which had gone out of focus. Last year, the Company had introduced ‘Celstar’ – a plant growth regulator, used mainly in mango cultivation. This product has grown remarkably well in the year.

The Company has taken several initiatives to optimise utilisation of manufacturing facilities of Endosulfan plants. A large part of this facility has been converted into multi-product facilities leading to vastly improved capacity utilisation. The Company introduced new insecticide and fungicide formulations and a microbial bio-pesticide which is now produced in-house. The Company has also improved its facilities for recycling of waste water in its Bhavnagar manufacturing site. The Company continues its efforts in the areas of product and process improvement for enhancing yields, reducing manufacturing costs, reducing effluents and effluent treatment costs and also for staying innovative and competitive in the market. The Company also continues to focus on energy conservation and energy cost reduction.

OUTLOOK

The agriculture sector in India continues to receive focussed attention from governments, government bodies, banks, financial institutions and other agencies and authorities. The private sector has been steadily investing in farming and agro based businesses. Farm produces fetch decent price to farmers. All these factors have contributed to decent growth of agriculture in 2013-14 in spite of tardy growth registered by service and industrial segments of the domestic economy. Fears of adverse impact of El Nino and sub-normal monsoon being forecast for India coupled with recent hail storm and other adverse climatic conditions point to uncertain agricultural outlook. The Company, however, has over 30% of its turnover coming from exports to different geographies and this should significantly mitigate risk of possible weak domestic monsoon. The Company continues its efforts to focus on growth of branded products and continues to strive to increase exports and develop and introduce new products at regular intervals.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE & DEVELOPMENTS:

The Company is engaged in the business of agrochemicals. The Indian agrochemicals industry is the fourth largest globally with estimates of its size going up to US $ 4 billion – almost 40-50% of production being exported.

India has over 400 million acres of land under cultivation and an estimated 60% of its population is largely dependent on agriculture directly and indirectly. It has only 2% of the world’s land mass but supports 16% of the world population. India is one of the leading producers of food grains and agriculture produce. It is among the world leaders in producing rice, wheat, cotton, fruits, vegetables, sugarcane, tea, milk and spices. Food shortages, rising food prices, increasing food demand fuelled by increasing population, stagnant land area under cultivation, growing concern for food security and the recently introduced food security law in India underline the importance of food crop production. Agrochemicals play an immensely important role in farming and food security.

The industry comprises of insecticides, weedicides, fungicides, plant growth promoters and regulators, fumigants and rodenticides as the major product segments.

The industry is highly competitive, dynamic and fragmented. It operates both in the organized and unorganized sectors. The industry comprises of diverse players ranging from small and medium ones dealing in generic molecules to large multinationals with high-priced new generation and patented molecules. The industry has players who manufacture only technical grade pesticides as well as those who are pure formulators. It also has some balanced players who produce both - technical grade pesticides and their formulations. Some players also manufacture intermediates for technical grade pesticides. The Company is one of the major industry players with a balanced portfolio of technical as well as formulation products together with backward integration for some products.

Among the agrochemicals, insecticides have dominated consumption pattern in India. However, their share is steadily declining over the years owing to a variety of reasons. For the past few years consumption of weedicides and fungicides is increasing. Shortage and increasing cost of farm labour and the cost-effectiveness of chemical weedicides in weed control is leading to increasing demand for weedicides. Growth of horticulture owing to increasing demand for good quality fruits and vegetables and growing export of fruits and vegetables are giving rise to higher demand for fungicides. Of late, bio-pesticides are gaining popularity and their demand is increasing owing to environmental safety, low toxicity, lower chance of resistance development and non-polluting production process. The Company has made foray in this area.

Cotton and rice account for over 50% of pesticides consumption in India. Wheat, soyabean, oilseeds, pulses, plantation crops, fruits and vegetables are the other major consumers of agrochemicals. Lately, owing to increasing awareness and better commodity prices, farmers are showing willingness to try new, better quality and expensive pesticides. The shift is towards low dosage, more effective and better quality pesticides. However, generic pesticides continue to be the mainstay of pesticides usage.

The fortunes of the agrochemicals industry are interwoven with those of agriculture. The relatively slow pace of agricultural growth in India in the past few decades is reflected in the industry growth.

Low manufacturing costs and the ability and expertise in efficient handling of toxic and hazardous products and processes has made the Indian industry one of the large exporters. India is the thirteenth largest exporter of agrochemicals in the world. The Indian industry has built large capacities much beyond the domestic needs. Exports account for almost 40-50% of the industry production. Domestic market has been attracting multinationals due to good growth opportunity. The domestic segment has been witness to a steady increase in market acceptance of new generation and patented molecules.

The agrochemical industry is highly regulated both domestically and internationally. The regulatory framework poses entry barrier to various geographical markets and necessitates large investments in research, data generation and product registration and involves long gestation from conceptualization to actual launch of a new product. The R & D costs for development of products and processes are high in the industry.

Supply of high quality products at competitive prices, development of new products and innovative formulations and investment in research, data generation and product registration are emerging as key success factors.

The Company is well balanced in terms of manufacturing capabilities for technical grade and formulated products. It has presence in all the product segments - insecticides, weedicides, fungicides, fumigants and rodenticides. The Company’s product basket also includes soil and plant nutrition products, bio-pesticides and plant growth promoters and regulators. The Company is one of the few industry players having both chemical and biological products in its portfolio.

The Company has successfully overcome the challenges posed by the sudden ban on Endosulfan, its then star product. Over the last three years since the ban, it vigorously promoted its other products and introduced new products which have adequately made up for the loss of Endosulfan business.

Opportunities and Threats:

Agriculture is the mainstay of the Indian rural economy and supports over two-thirds of the country’s population. Agriculture continues to receive governmental support in the form of favourable agriculture policies, minimum support price for major farm produce, subsidies, developmental programmes and schemes and availability of low cost credit and finance through various schemes. With attractive minimum support/open market prices for several crops, farmers can afford to spend on quality farm inputs. Private sector also visualises good growth potential for investment in agriculture and agro-based businesses. Rapidly developing food processing industry is helping in a large measure the growth of the farming sector. Steady growth of the rural economy is another factor attracting the private sector to rural areas in general and to agriculture in particular.

According to one industry estimate, India suffers about 30% crop losses owing to pests. It is important to prevent or reduce such losses. Agrochemicals play a vital role in preservation of crops, growth of agriculture and ensuring food security. With the recent introduction of food security law in India, agriculture has come under fresh focus. This augurs well for agri input industries. With large food grain stocks being carried by the government agencies and the food processing industry, the importance of and the demand for ‘post-harvest crop protection chemicals’ is rising. Several countries, including India, lose large foodgrain stocks owing to inefficient food grain storage practices. Post-harvest crop protection products like fumigants and rodenticides play a vital role in food grain preservation. This product segment has been showing good growth in the past several years. The Company is one of the few players in this business segment.

One expert estimate states that only 35-40% of the cultivated land in India is under crop protection. Pesticides consumption in India is very low by the world consumption standards and offers scope for increasing it by educating farmers on safe, appropriate and judicious use of agrochemicals. There is a need to bring awareness among the farmers about optimal use of agro chemicals along with bio-pesticides, agrochemicals application techniques and the pitfalls of over-dosages of agrochemicals with a view to achieve higher yields, better crop quality and desirable cropping patterns and farming practices to ensure sustainability. Changing cropping patterns and farm practices also offer growth opportunity to the industry. Amongst the States also there are large disparities in per acre pesticide consumption. Growing population points to growth of agri inputs including crop protection products. All these factors underline the growth potential for agrochemicals in the domestic market.

Genetically modified (GM) cotton crop dominates the cotton acreage in India and new improved GM cotton varieties are being introduced at regular intervals. GM cotton has opened up opportunity for growth of weedicides and soil nutrition products. Similarly, increasing usage of hybrid and high value seeds is giving rise to demand for high quality and high value agrochemicals. Growth of horticulture, which is highly remunerative to the farmers, is also fuelling growth of agrochemicals, especially fungicides and other high priced products.

Globally, many molecules are going off-patent in the coming years. This opens up growth opportunity for Indian generic players.

The Company, with its vast experience in pest control practices, wide product range and efficient and effective distribution network, has been taking various steps like launching new products and formulations, introducing combination products, improving processes to enhance yield and quality and reducing costs in order to maintain its leading position in several products and stay competitive. The Company’s weedicides and fungicides product range is gaining new markets and customers. The Company has been steadily expanding production capacity for weedicides, fungicides and their formulations. The Company’s post-harvest crop protection products are posting good growth in domestic and international markets.

The Company strives to find applications for its products among the newer crops through research and field trials and thereby widen application for its existing products to more crops. The Company has been successfully penetrating new geographies in the domestic market. The Company’s product portfolio also includes biological products such as soil and plant nutrition products, bio-pesticides and plant growth promoters and regulators. These products, though small in market size, have niche market position, hold good growth potential and play an important role in the plant and soil nutrition, organic farming and soil health management segments.

The export market continues to offer good growth opportunities. The Company has been strengthening its presence in the overseas market by exploring new geographies, promoting existing and new products, emphasizing on brand building, protecting its existing product registrations and making investment in new product registrations.

CONTINGENT LIABILITIES:

(Rs. in Million)

Particulars	31.03.2014	31.03.2013
(a) Disputed Excise duty liability	0.163	0.163
(b) Disputed Service-tax liability	3.547	3.721
(c) Disputed Income-tax liability	73.513	62.717
(d) Disputed Sales-tax liability	13.766	3.695
(e) Guarantees given by the Company's banker on behalf of the Company to third parties	11.617	1.966
(g) Liability in respect of employee(s) disputes	Amount Unascertainable	Amount Unascertainable
(h) Claims against the Company not acknowledged as debts	33.423	36.053
(i) Penalty levied by Competition Commission of India for a violation of section 3 of the Competition Act, 2002	29.213	6.378

FIXED ASSETS:

· Land - Freehold

· Land – Leasehold

· Buildings

· Plant and Machinery

· Electrical Installations

· Laboratory Equipments

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Technical Books

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

(Rs. in million)

PART I

Sr. No.	Particulars	Quarter Ended		Six Months Ended
		31.12.2014	30.09.2014	31.12.2014
		(Unaudited)	(Unaudited)	(Unaudited)
1	Income from Operations
	(a) Net Sales/Income from Operations (Net of excise duty)	1653.001	2948.928	7851.626
	(b) Other Operating Income	63.375	49.975	169.235
	Total Income from Operations (net)	1716.376	2998.903	8020.861
2	Expenses
	(a) Cost of materials consumed	1268.988	1467.615	4794.859
	(b) Purchases of stock-in-trade	77.739	70.844	367.966
	(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	-315.073	405.516	-7.221
	(d) Employee benefits expense	168.985	158.696	481.915
	(e) Depreciation and amortisation expense	42.941	40.992	122.814
	(f) Other expenses	451.255	498.046	1439.835
	Total Expenses	1694.835	2641.709	7200.168
3	Profit / (Loss) from Operations before other income, finance costs and exceptional items (1-2)	21.541	357.194	820.693
4	Other Income	5.757	39.228	56.352
5	Profit / (Loss) from ordinary activities before finance costs and exceptional items (3-4)	27.298	396.422	877.045
6	Finance costs	12.414	9.334	33.114
7	Profit / (Loss) from ordinary activities after finance costs but before exceptional items (5-6)	14.884	387.088	843.931
8	Exceptional Items (Note 3)	--	--	45.000
9	Profit / (Loss) from ordinary activities before tax (7+8)	14.884	387.088	888.931
10	Tax Expense	5.051	101.066	261.328
11	Net Profit / (Loss) from ordinary activities after tax (9-10)	9.833	286.022	627.603
12	Extraordinary Item (net of tax expenses)	--	--	--
13	Net Profit / (Loss) for the period (11-12)	9.833	286.022	627.603
14	Paid-up Equity Shares Capital (Face value of Rs.10/- each)	55.028	55.028	55.028
15	Reserves excluding Revaluation Reserve as per Balance Sheet of Previous Year	--	--	--
	- Basic and Diluted (in Rupees, not annualized)	0.89	25.99	57.03
PART II
A	PARTICULARS OF SHAREHOLDING
1	Public shareholding
	- No of shares	8284610	8284610	8284610
	- Percentage of shareholding	75.28%	75.28%	75.28%
2	Promoters and promoter group shareholding
	a) Pledged / Encumbered
	- No of shares	231000	258500	231000
	- Percentage of shares (as a % of the total shareholding of promoters and promoter group	8.49%	9.50%	8.49%
	- Percentage of shares (as a % of the total share capital of the company)	2.10%	2.35%	2.10%
	b) Non-encumbered
	- No of shares	2490020	2462520	2490020
	- Percentage of shares (as a % of the total shareholding of promoters and promoter group	91.51%	90.50%	91.51%
	- Percentage of shares (as a % of the total share capital of the company)	22.62%	22.37%	22.62%

B	INVESTOR COMPLAINTS	3 months ended as on 31.12.2014
	Pending at the beginning of the quarter	Nil
	Received during the quarter	6
	Disposed of during the quarter	6
	Remaining unresolved at the end of the quarter	Nil

Notes :

1. The above results as reviewed by the Audit Committee have been approved at the meeting of the Board of Directors held on 20th January, 2015 and have been subjected to Limited Review by the Statutory Auditors.

2. The business of the Company is seasonal in nature and its performance depends on monsoon and other climatic conditions. Adverse climatic conditions resulted in delayed Rabi sowing and reduced acreages which impacted the Company’s performance in the quarter ended 31st December, 2014.

3. Production / domestic sale of Endosulfan remains suspended pursuant to the ad-interim Order dated 13th May, 2011 of the Hon’ble Supreme Court. The petition by a third party seeking ban on Endosulfan is pending before the Hon’ble Supreme Court for hearing and final disposal.

Out of the brought forward provision of Rs. 69.083 Million in respect of Endosulfan related inventories, an amount of Rs. 45.000 Million has been written back during the current financial year based on disposal of the related products and is disclosed as Exceptional Item at Sr No. 8 in the results. The balance provision of Rs. 24.083 Million is being carried forward for the remaining inventory and estimated material disposal expenses. In the opinion of the Board, the provision is sufficient and reasonable.

4. With effect from April 01, 2014, the Company has followed useful lives of tangible assets as prescribed by Schedule II to the Companies Act, 2013 and depreciation for the current periods has been provided accordingly. As a result of this change, depreciation for the quarter and the nine months period in the current year is higher by Rs. 4.286 Million and Rs.12.927 Million respectively with consequential effect on the profit for the current periods.

As per useful life prescribed by Schedule II to the Companies Act, 2013, certain tangible assets have completed their useful life as on 1st April, 2014. In accordance with the transitional provisions, written down value of such assets (after retaining residual value) as on 1st April, 2014 amounting to Rs. 102.13 lacs (net of deferred tax: Rs. 52.58 lacs) has been adjusted against the opening balance of surplus in the Statement of Profit and Loss.

The Company has also rationalised its depreciation policy and accordingly, from the current year, for assets costing Rs. 25,000 or less, depreciation at the rate of 100% is provided on purchase. Impact of the same on the profits is not material.

Depreciation has been provided on straight line basis on laboratory equipments, furniture & fixtures, vehicle and office equipments added on or after April 01, 2014.

5. Tax Expenses for the current nine months period are net of write back of excess provisions of Rs. 186.96 lacs relating to earlier years.

6. The Company has only one primary business segment viz. Agri Inputs.

7. The figures for the previous periods / year have been regrouped wherever necessary.

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.62.67
UK Pound	1	Rs.93.26
Euro	1	Rs.68.85

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	RSM
Report Prepared by :	JYTK

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
--PROFITABILIRY	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	YES
--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 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.