MIRA INFORM REPORT

Report No. :	346725
Report Date :	24.10.2015

IDENTIFICATION DETAILS

Name :	RALLIS INDIA LIMITED
Registered Office :	156 / 157, 15^th Floor, Nariman Bhavan, 227, Nariman Point, Mumbai – 400 021, Maharashtra
Tel. No.:	91-22-66652700
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	23.08.1948
Com. Reg. No.:	11-014083
Capital Investment / Paid-up Capital :	Rs. 194.471 Million
CIN No.: [Company Identification No.]	L36992MH1948PLC014083
IEC No. :	0388041439
TAN No.: [Tax Deduction & Collection Account No.]	MUMR08088D
PAN No.: [Permanent Account No.]	AABCR2657N
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Agricultural products including Pesticides, Seeds and Fertilizers and also Manufacturer of Fine Chemicals like Gelatine and also Distributes Lather Chemicals.
No. of Employees :	909 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (70)

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 :	Exist
Comments :	Subject is a part of the ‘TATA GROUP’. It is a well-established company having a fine track. The rating takes into consideration decent financial risk profile of the company marked by strong networth base and its decent profit margin. Over financial position of the company appears to be sound. Fundamentals are strong and healthy. Trade relations are fair. Business is active. Payment terms are regular and as per commitments. In view of long and established track record along with decent financial condition, the company can be considered good for business dealings at usual trade terms and condition.

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: AA
Rating Explanation	High credit quality and low credit risk.
Date	19.12.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating: A1+
Rating Explanation	High credit quality and lowest credit risk.
Date	19.12.2014

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 31-03-2015

INFORMATION PARTED BY

Name :	Mr. Ashish Priyakant Mehta
Designation :	Chief Financial Officer
Contact No.:	91-22-66652700
Date :	23.10.2015

LOCATIONS

Registered Office :	156/ 157, 15^th Floor, Nariman Bhavan, 227, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-66652700/ 66652827
Fax No.:	91-22-66652860
E-Mail :	vijay.rallis@rallis.sprintrpg.ems.vsnl.net.in vijay.rai@rallis.sprintrpg.ems.vsnl.net.in legal.ho@rallis.co.in address.legal.ho@rallis.co.in investor_relations@rallis.co.in
Website :	http://www.rallis.co.in
Area :	5000 sq. ft.
Location :	Owned
Locality :	Commercial
Head Office :	2^nd Floor, Sharda Terraces, Plot No. 65, Sector 11, CBD Belapur, Navi Mumbai – 400614, Maharashtra, India
Tel. No.:	91-022-67761700
Fax No.:	91-022-67761634
Factories:	· GIDC Estate, Plot No. 3301, Ankleshwar - 393002, District Bharuch, Gujarat, India · GIDC Estate, Plot No. 2808, Ankleshwar - 393002, District Bharuch, Gujarat, India · GIDC Estate, Plot No. 3000, Ankleshwar – 393002, District Bharuch, Gujarat, India · C 5/6, MIDC Industrial Area, Phase III, Shivani, Akola - 444104, Maharashtra, India · Plot No. D-26, Lote Parsuram, MIDC, Near Hotel Vakratunda, Taluka Khed, District Ratnagiri - 415 722, Maharashtra, India · Plot No. Z/ 110, Dahej SEZ Part - II, P.O. Lakhigam, Taluka Vagra, District Bharuch 392 130, Gujarat, India
Regional Offices :	Located at: · Ahmedabad · Guntur · Lucknow · Pune · Bhatinda · Raipur
Zonal Offices :	Located at: · Bangalore · Chandigarh · Kolkata · Secunderabad
Turbhe Office :	Plot No. 15 A, MIDC Thane – Belapur Road, Turbhe, Navi Mumbai, 400 703, Maharashtra, India
Tel. No.:	91-22-67761700
Fax No.:	91-22-67761634

DIRECTORS

AS ON 31.03.2015

Name :	Mr. R. Gopalakrishnan
Designation :	Chairman
Address :	Bombay House, 24, Homi Mody Street, Mumbai – 400 001, Maharashtra, India
Date of Birth/Age :	25.12.1945
Date of Appointment :	28.06.1999
Expertise in specific functional areas :	Mr. R. Gopalakrishnan was appointed as Executive Director - Exports in Hindustan Lever Ltd., after 20 years’ experience with the Company. In 1991, he became Chairman, Unilever Arabia, based in Jeddah. He was later appointed as Managing Director of Brooke Bond Lipton and after its merger with Hindustan Lever, he was appointed Vice Chairman of Hindustan Lever Ltd. He joined Tata Sons in September 1998 and was, till recently, Executive Director of Tata Sons Ltd. He is a Director on Board of several Tata Companies.
Qualifications :	- B. Sc. in Physics from Calcutta University - Engineering from IIT, Kharagpur - Advanced Management Programme, Harvard Business School
Directorship in other company :	PUBLIC COMPANIES 1. Rallis India Limited. (Chairman) 2. Tata AutoComp Systems Limited. (Chairman) 3. Tata Chemicals Limited. (Vice Chairman) 4. Tata Sons Limited. 5. Tata Power Company Limited. 6. Tata Technologies Limited. 7. Castrol India Limited 8. Akzo Nobel India Limited 9. Advinus Therapeutics Limited. (Chairman) 10. Metahelix Life Sciences Limited. (Chairman) PRIVATE COMPANIES 1. ABP Private. Limited. OVERSEAS COMPANIES 1. Trust Energy Resources Pte Limited (Chairman) 2. IMACID S. A. (Chairman) 3. Hemas Holdings PLC
Name :	Mr. B. D. Banerjee
Designation :	Director
Address :	J/ 503, Satellite Gardens Phase II, Film City Road, 261, General A.K. Vaidya Marg, Goregaon (East), Mumbai – 400 063, Maharashtra, India
Date of Birth/Age :	14.10.1941
Date of Appointment :	15.06.2004
Expertise in specific functional areas :	In a career spanning over 37 years in the Insurance Industry, Mr. B. D. Banerjee played an important role in the establishment, growth and consolidation of the non-lifeInsurance sector in India. He has served as the Chairman-cum- Managing Director of Oriental Insurance Company Limitedand the National Insurance Co. Ltd. and as the Managing Director of General Insurance Corporation of India. He was also the Administrator of the Pune Stock Exchange and has also been the Insurance Ombudsman for Maharashtra and Goa.
Qualification :	Post Graduate with Honours in Philosophy from Presidency College, Calcutta University and Associate of the Insurance Institute of India
Directorship in other company :	PUBLIC COMPANIES 1. Rallis India Limited 2. Tata AIG General Insurance Company Limited
Name :	Mr. E. A. Kshirsagar
Designation :	Director
Address :	19, Tarangini, Twin Towers Road, Prabhadevi, Mumbai – 400 025, Maharashtra, India
Expertise in specific functional areas	Mr. Kshirsagar has wide experience in Corporate Strategy and Structure, Valuation, Feasibility Studies, Disinvestments/ Mergers and Acquisitions.
Qualification :	Fellow Member of the Institute of Chartered Accountants, England and Wales
Directorship in other company :	PUBLIC COMPANIES 1. Rallis India Limited 2. Tata Chemicals Limited 3. Batliboi Limited 4. JM Financial Limited 5. Manappuram Finance Limited 6. Merck Limited 7. JM Financial Products Limited PRIVATE COMPANIES 1. Manipal Global Education Services Private. Limited OVERSEAS COMPANIES 1. Tata Chemicals Europe Holdings Limited., U.K. 2. Tata Chemicals Magadi Limited., U.K. 3. Vama Sundari Investments Private. Limited Mauritius
Name :	Mr. Prakash R. Rastogi
Designation :	Director
Address :	2, Blooming Heights, 4, Pali Hills, Bandra, Mumbai – 400 050, Maharashtra, India
Date of Birth/Age :	31.07.1944
Expertise in specific functional areas	Mr. Rastogi worked with Sandoz India from 1974 till 1994, when he was Vice President and Head of the Chemicals Division before it was de-merged to become Clariant India Limited He was then appointed the Vice Chairman and Managing Director of Clariant, which position he held till his retirement from the Company.
Qualification :	M.Sc. Tech from Bombay University and PG Diploma in Business Management.
Date of Appointment :	13.03.2007
Directorship in other company :	PUBLIC COMPANIES 1. Rallis India Limited. 2. Ishita Drugs and Industries Limited.
Name :	Mr. R. Mukundan
Designation :	Director
Address :	Bombay House, 24, Homi Mody Street, Mumbai – 400 001, Maharashtra, India
Date of Birth/Age :	19.09.1966
Qualification :	BE (Electrical Engineering) From IIT, Roorkee and MBA From FMS, Delhi University. Also attended the Advanced Management Programme at Harvard Business School in 2008.
Date of Appointment :	03.12.2009
Name :	Mr. Y. S. P Thorat
Designation :	Director
Date of Birth/Age :
Expertise in specific functional areas	Dr. Thorat served RBI from 1972 to 2003 in various capacities, including as Executive Director. He has also served NABARD as Managing Director from 2004 and was appointed as its Chairman in 2006 and served the Institution in that capacity until November 2007. He was also associated at the policy level with Vaidyanathan Committees on the Short Term and Long Term Cooperative Credit Structure as Member Secretary and as Chairman of the Expert Groups on Credit Deposit Ratio and Investment Credit appointed by GOI and RBI respectively. He was also appointed Chairman, Expert Group on Sugar Policy constituted by the GOI in 2008. Presently, he is on the Boards of several companies and is also Chief Executive Officer of Rajiv Gandhi Charitable Trust.
Qualification :	Doctorate in Economics and degrees in Political Science and Law
Date of Appointment :	01.07.2011
Directorship in other company :	PUBLIC COMPANIES 1. Rallis India Limited 2. Tata Chemicals Limited 3. Sahayog Microfinance Limited (Chairman) 4. Khed Developers Limited 5. Star Agri Warehousing and Collateral Management Limited 6. IDBI Asset Management Company Limited 7. Gokaldas Exports Limited PRIVATE COMPANIES 1. Ambit Holdings Private Limited 2. Prabhat Dairy Private Limited 3. Aagrium Farm Products Private Limited
Name :	Mr. Punita Kumar Sinha
Designation :	Director
Date of Birth/Age :	13.05.1962
Expertise in specific functional areas	In a career spanning over 25 years, Dr. Kumar-Sinha has deep expertise in Indian as well as global financial markets and economics. She served as Senior Managing Director of The Blackstone Group LP and Chief Investment Officer of Blackstone Asia Advisors L.L.C. She was also the CIO and Senior Portfolio Manager of the NYSE listed India Fund Inc. and Asia Tigers Fund Inc. Prior to joining Blackstone, she served as Managing Director and Senior Portfolio Manager at Oppenheimer and Company and CIBC World Markets. She was also a Portfolio Manager on the emerging markets team at Battery march Financial Management Inc. and an international equity management team member at Standish Ayer. She is the Founder and Managing Partner of Pacific Paradigm Advisors, LLC. She is also a Member of the US Council on Foreign Relations, a Chartered Financial Analyst and a Member of CFA Institute.
Qualification :	- Ph. D. in Finance, The Wharton School, University of Pennsylvania - Master of Business Administration, Drexel University, Philadelphia - Bachelor of Technology, IIT, Delhi
Date of Appointment :	26.03.2014
Directorship in other company :	PUBLIC COMPANIES 1. Rallis India Limited 2. JSW Steel Limited 3. SREI Infrastructure Finance Limited PRIVATE COMPANIES 1. Freedom Advisors Private Limited OVERSEAS COMPANIES 1. The Asia Opportunities Offshore Fund Limited 2. The Asia Opportunities Offshore Master Fund Limited
Name :	Mr. Veeramani Shankar
Designation :	Managing Director and Chief Executive Officer
Address :	156/157, 15^th Floor, Nariman Bhavan, 227, Nariman Point, Mumbai – 400 021, Maharashtra, India
Date of Birth/Age :	18.09.1956
Date of Appointment :	13.03.2007
Expertise in specific functional areas :	Mr. V. Shankar joined the Company on 1^st December, 2005 as Chief Operating Officer and was appointed as Executive Director with effect from 13^th March, 2007. Prior to joining the Company, he had worked with Tata Chemicals Limited as Chief Operating Officer, Phosphates Business. Prior to that, he was with Hindustan Lever Limited From 1986 to 2004. While in Hindustan Lever, he served in various capacities in the Commercial function and was also Head of the Seeds as well as Fertiliser businesses.
Qualification :	Chartered Accountant, Cost Accountant, Company Secretary and Law Graduate.
Directorship in other company :	Rallis Australasia Pty. Limited

KEY EXECUTIVES

Name :	Mr. P. S. Meherhomji
Designation :	Company Secretary
Name :	Mr. K. R. Venkatadri
Designation :	Chief Operating Officer – Agriculture Business
Name :	Mr. Ashish Mehta
Designation :	Chief Financial Controller
Name :	Prosenjit Bose
Designation :	Chief - Technology and Innovation
Name :	Mr. M. M. Tripathy
Designation :	Vice President – Human Resources and Business Excellence
Name :	Mr. Ravindra R. Joshi
Designation :	Vice President – Manufacturing
Name :	Mr. C. M. Singh
Designation :	Vice President - Domestic Sales
Name :	Mr. P. V. Reddy
Designation :	Vice President - Marketing and CRM Services
Name :	Mr. D. G. Shetty
Designation :	Head – International Business
Name :	Mr. N. K. Uppal
Designation :	Vice President - Agri Services
Name :	Mr. Coomie N. Kapadia
Designation :	Head Internal Audit
Name :	Mr. Alok Chandra
Designation :	Head - Corporate Sustainability

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholders	No. of Shares	% of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	97416610	50.09
Sub Total	97416610	50.09
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	97416610	50.09
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	14574408	7.49
Financial Institutions / Banks	286921	0.15
Central Government / State Government(s)	801150	0.41
Insurance Companies	1771323	0.91
Foreign Institutional Investors	23660162	12.17
Any Others (Specify)	2836720	1.46
Foreign Portfolio Investments Corporation	2836720	1.46
Sub Total	43930684	22.59
(2) Non-Institutions
Bodies Corporate	10857068	5.58
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	17591438	9.05
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	24640779	12.67
Any Others (Specify)	32311	0.02
Trusts	28411	0.01
Directors & their Relatives & Friends	3900	0.00
Sub Total	53121596	27.32
Total Public shareholding (B)	97052280	49.91
Total (A)+(B)	194468890	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1)	0	0.00
(2)	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	194468890	100.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Category of Shareholders	No. of Shares held	As a %
Tata Chemicals Limited	9,73,41,610	50.06
Ewart Investments Limited	75,000	0.04
Total	9,74,16,610	50.09

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Category of Shareholders	No. of Shares held	As a %
Rakesh Jhunjhunwala	20105820	10.34
Amansa Holdings Private Limited	8000000	4.11
Hasham Investment and Trading Company Private Limited	4247993	2.18
Franklin Templetion Investments Funds	2670000	1.37
Mondrian Emerging Markets Small Cap Equity Fund LP	2460368	1.27
FIL Investments (Mauritius) Ltd	2329839	1.20
Oppenheimer International Small Company Fund	2473291	1.27
Total	42287311	21.75

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

Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Share
Rakesh Jhunjhunwala	20105820	10.34
Total	20105820	10.34

BUSINESS DETAILS

Line of Business :	Manufacturer of Agricultural products including Pesticides, Seeds and Fertilizers and also Manufacturer of Fine Chemicals like Gelatine and also Distributes Lather Chemicals.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Finished Goods
Countries :	· US · Switzerland · Spain · Vietnam · European Countries
Imports :
Products :	Raw Material
Countries :	· France · Chile · China
Terms :
Selling :	L/C and Credit (30/ 60/ 90 Days)
Purchasing :	L/C and Credit (30/ 60/ 90 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesalers and Retailers

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

909 (Approximately)

Bankers :

Bank Name:	State Bank of India
Branch:	Nariman Point Branch, Mumbai, Maharashtra, India
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Citibank N.A.

· Corporation Bank

· BNP Paribas

· IDBI Bank Limited

· Axis Bank Limited

· ICICI Bank Limited

· HDFC Bank Limited

· Oriental Bank of Commerce

· Kotak Mahindra Bank Limited

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
SHORT TERM BORROWINGS
Loans repayable on demand from Banks	427.707	164.196
Total	427.707	164.196
NOTE: SHORT TERM BORROWINGS These loans have been secured by a first paripassu charged on stock (including raw material, finished goods, work in progress) and book debts.

Auditors :
Name :	Deloitte Haskins and Sells LLP Chartered Accountants
Solicitors and Advocates :	Crawford Bayley and Company
Holding/ Ultimate Holding Company ::	Tata Chemicals Limited
Subsidiary Companies:	· Rallis Chemistry Exports Limited · Metahelix Life Sciences Limited · Dhaanya Seeds Ltd (Merged with Metahelix Life Sciences Limited (w.e.f 1st April, 2013) · Zero Waste Agro Organics Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000,000	Equity Shares	Re. 1/- each	Rs. 500.000 Million
150,000,000	Preference Shares	Rs. 10/- each	Rs. 1500.000 Million
	Total		Rs. 2000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
194,468,890	Equity Shares	Re. 1/- each	Rs. 194.469 Million
2,000	Add: Amount paid-up on forfeited shares	Re. 1/- each	Rs. 0.002 Million
	Total		Rs. 194.471 Million

NOTE:

a. Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the

reporting period

Particulars	As at 31 March, 2015
At the beginning and end of the year	Number of shares	Rs Lac
	194,468,890	1944.69

b. The Company has issued one class of equity shares having a par value of Rs. 1 per share. 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 case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

c. Details of shares held by Holding Company:

Out of total equity shares issued by the Company, shares held by its holding company are as below:

Particulars	As at 31 March, 2015
Tata Chemicals Limited (Holding Company)	Number of shares	Rs Lac
	97,341,610	973.42

d. Details of Share held by each shareholder holding more than 5% shares in the Company:

Particulars	As at 31 March, 2015
Tata Chemicals Limited Rakesh Jhunjhunwala	Number of shares	% Holding
	97,341,610	50.06%
	20,105,820	10.34%

e. Aggregate number of shares allotted as fully paid up without payment being received in cash, bonus shares and shares bought back during the period of five years immediately preceding the reporting date:

Equity Shares with voting rights: Fully paid up by way of bonus shares *	2014-15	2013-14	2012-13	2011-12	2010-11
	-	-	-	-	6,482,296

* 6,482,296 shares of Rs 10 each were issued as Bonus Shares by way of capitalisation of Rs 64.823 Million out of Capital Redemption Reserve. Pursuant to the Shareholders’ approval at the Company’s Annual General Meeting held on 30 June, 2011, the Company’s Equity Shares of face value of Rs 10 each were sub-divided into ten Equity Shares of face value of ` 1 each with effect from 18 July, 2011.

The Company has not made any other allotment of shares for consideration other than cash during the immediately preceding five years nor has it bought back any of its shares during that period.

f. As per of the Company as at 31 March, 2015, no calls remain unpaid by the directors and officers of the Company.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	194.471	194.471	194.471
(b) Reserves & Surplus	7785.081	6937.950	6020.389
(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)	7979.552	7132.421	6214.860
(3) Non-Current Liabilities
(a) Long-term borrowings	194.457	225.730	84.219
(b) Deferred tax liabilities (Net)	356.595	330.101	286.413
(c) Other long term liabilities	0.000	0.000	58.821
(d) long-term provisions	180.464	141.681	152.579
Total Non-current Liabilities (3)	731.516	697.512	582.032
(4) Current Liabilities
(a) Short term borrowings	427.707	164.196	0.000
(b) Trade payables	2070.915	2414.054	2131.367
(c) Other current liabilities	533.968	382.661	1224.740
(d) Short-term provisions	579.983	574.544	510.076
Total Current Liabilities (4)	3612.573	3535.455	3866.183
TOTAL	12323.641	11365.388	10663.075
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3598.073	3775.506	3643.386
(ii) Intangible Assets	130.378	170.977	76.890
(iii) Capital work-in-progress	77.199	61.676	157.262
(iv) Intangible assets under development	66.586	69.342	109.100
(b) Non-current Investments	2316.152	2187.807	1924.399
(c) Deferred tax assets (net)	1018.713	999.259	867.505
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	7207.101	7264.567	6778.542
(2) Current assets
(a) Current investments	0.000	0.000	10.384
(b) Inventories	2765.927	2385.046	1903.499
(c) Trade receivables	2064.639	1380.980	1437.606
(d) Cash and cash equivalents	50.914	70.839	244.364
(e) Short-term loans and advances	220.968	238.340	262.196
(f) Other current assets	14.092	25.616	26.484
Total Current Assets	5116.540	4100.821	3884.533
TOTAL	12323.641	11365.388	10663.075

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operation	15184.700	15308.459	13237.822
		Other Income	17.200	57.561	114.545
		TOTAL (A)	15201.900	15366.020	13352.367
Less	EXPENSES
		Cost of Materials Consumed	7455.807	7814.258	6856.676
		Purchases of Stock-in-Trade	1775.848	1891.005	1243.332
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(313.749)	(371.834)	241.886
		Employees benefits expense	1035.355	886.869	778.429
		Other expenses	2697.363	2615.037	2085.249
		TOTAL (B)	12650.624	12835.335	11205.572
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2551.276	2530.685	2146.795
Less	FINANCIAL EXPENSES (D)		47.864	80.512	125.149
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2503.412	2450.173	2021.646
Less/ Add	DEPRECIATION/ AMORTISATION (F)		445.883	359.727	288.105
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		2057.529	2090.446	1733.541
Less	TAX (H)		603.358	626.840	539.733
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		1454.171	1463.606	1193.808
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on F. O. B. Basis	4954.492	4866.721	0.000
		Royalty Income	19.063	18.971	0.000
	TOTAL EARNINGS		4973.555	4885.692	0.000
	IMPORTS
		Raw Materials	3961.978	4319.279	4053.876
		Traded Materials	7.202	0.000	0.000
		Stores & Spares Consumed	11.574	0.134	6.367
		Capital Goods	6.083	7.161	7.795
	TOTAL IMPORTS		3986.837	4326.574	4068.038
	Earnings Per Share (Rs.)		7.48	7.53	6.14

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	131.627	8.402	758.717
Cash Generated from Operations	1320.865	2347.556	1807.352
Net Cash from Operating Activities	680.632	1756.388	1447.192

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	9.58	9.56	9.02
Operating Profit Margin (PBDIT/Sales)	(%)	16.80	16.53	16.22
Return on Total Assets (PBT/Total Assets}	(%)	23.26	25.98	22.80
Return on Investment (ROI) (PBT/Networth)		0.26	0.29	0.28
Debt Equity Ratio (Total Debt/Networth)		0.09	0.06	0.14
Current Ratio (Current Asset/Current Liability)		1.42	1.16	1.00

STOCK PRICES

Face Value	Re.1/-
Market Value	Rs.210/- (BSE)

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	194.471	194.471	194.471
Reserves & Surplus	6020.389	6937.950	7785.081
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	6214.860	7132.421	7979.552
Long-term borrowings	84.219	225.730	194.457
Short term borrowings	0.000	164.196	427.707
CURRENT MATURITIES OF LONG-TERM DEBTS	758.717	8.402	131.627
Total borrowings	842.936	398.328	753.791
Debt/Equity ratio	0.136	0.056	0.094

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	13237.822	15308.459	15184.700
		15.642	(0.808)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	13237.822	15308.459	15184.700
Profit	1193.808	1463.606	1454.171
	9.02%	9.56%	9.58%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

PRESENTATION DATE : 08.07.2013

LODGING NO: ITXAL/1022/2013 FILING DATE: 08.07.2013 REG. NO.: ITXA/2211/2013 REG. DATE: 02.12.2013

PETITIONER: THE COMMISSIONER OF INCOME TAX-3 RESPONDENT: RALLIS INDIA LIMITED C/O KALYNIWALLA

PETN. ADV : PADMA DIVAKAR (0) RESP. ADV: ATUL K. JASANI

DISTRICT: MUMBAI

BENCH: DIVISION

STATUS: PRE-ADMISSION CATEGORY: TAX APPEALS

NEXT DATE: 27.07.2015 STAGE: FOR ADMISSION

CORAM: HON’BLE SHRI JUSTICE M.S. SANKLECHA

HON’BLE SHRI JUSTICE N.M. JAMDAR

ACT: INCOME TAX ACT, 1961 UNDER SECTION: 260 A

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10023228	28/10/2009 *	2,500,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNT GROUP-CENTRAL, STATE BANK BHAVAN  , 3RD FLOOR, CORPORATE CENTRE, MADAME CAMA ROAD, MUMBAI - 400021, MAHARASHTRA, INDIA	A73558769

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Term Loan from a Bank	125.000	150.000
Loan from the Council of Scientific and Industrial Research	3.766	5.649
Sales Tax Deferral under a State Government Scheme	65.691	70.081
Total	194.457	225.730
NOTE: TERM OF REPAYMENT: Unsecured Term Loan from a Bank: The loan is repayable in 8 quarterly instalments. The repayment begins after a moratorium of 122 months from March 2014. The first repayment of Rs. 31.250 Million falls due in June 2015. Loan from the Council of Scientific and Industrial Research: The loan is repayable in 3 annual instalments of Ts. 1.883 Million. Sales tax Deferrals: The loan is repayable in annual instalments which range from a maximum of Rs. 11.337 Million to a minimum of Rs. 0.778 Million over the period stretching from 1 April, 2015 to 31 March, 2027. The amount outstanding is free of interest. The outstanding loan includes Rs. 9.597 Million (previous year: Rs. 15.395 Million) (Including Rs. 4.062 Million (previous Year: Rs. 5.836 Million) shown as a part of current maturities of long term debt in Note no. 7) in respect of which the applicability of the deferral scheme is disputed by the Sale Tax Authorities and the matter is contested before the Sales Tax Tribunal. The consequential interest claimed by the Sales Tax Authorities is included as a part of the Company’s contingent liabilities

CORPORATE INFORMATION:

The company is an Indian public limited company, incorporated on 23 August, 1948, which is a subsidiary of Tata Chemicals Limited. It has been engaged primarily in the business of manufacture and marketing of Agri Inputs. The Company has its manufacturing facilities in India and sells both in India and across the globe. The Company is listed on the Bombay Stock Exchange (“BSE”) and the National Stock Exchange (“NSE”).

COMPANY PERFORMANCE

The Company achieved a new landmark in revenues, crossing the Rs. 0.001 Million milestone on a consolidated basis. The Company’s profit before tax on a consolidated basis is Rs. 2215.9 million during the year, as compared to Rs. 2144.100 Million in the previous year, an increase of 3.4% over the last year. The Company earned a net profit of Rs. 1572.200 Million, as against a net profit of ` 1518.700 Million in the previous year, on a consolidated basis.

OPERATIONS

CROP PROTECTION

The financial year 2014-15 witnessed many swings in weather pattern throughout the year, leading to tough market conditions for agri input businesses. The south-west monsoon turned out to be unfavourable, with a delayed set-in coupled with deficient rainfall all through the season. This set back Kharif operations in many parts of the country, impacting sowing of key crops such as paddy, cotton, oilseeds etc. Both the temporal and spatial distribution of rainfall was poor, affecting the acreage as well as crop yields for Kharif. While the cumulative average south-west monsoon was deficient by 12%, late rains raised the hope of a good Rabi crop. Though the Rabi season started on a promising note, weather disturbances in the form of frequent unseasonal rains and hailstorms impacted the quality and quantum of standing crops across the western, northern and central parts of the country.

The shortfall in monsoon led to a 7% drop in Kharif grain output. According to estimates by the Government, the country’s grain production is expected to decline by 3.2% to 257.07 million tonnes in the 2014-15 crop year. Agriculture and allied sectors’ growth is estimated at 1.1% this fiscal, down from 3.7% in the previous year, due to decline in production of food grains and oilseeds.

Despite challenging market conditions, the branded Domestic Formulation Business registered a growth during the year. Keeping to the proposition of offering relevant solutions to the Indian farming community, the Company introduced four new products in the domestic market. These are:

HUNK, first time ever launch of a high purity product. It is a solution for larvae and sucking pests in paddy and other crops.

ORIGIN, first ever insecticide and fungicide combination product in India, it is a solution for leaf folder and sheath blight in paddy crop.

DUTON, first time ever launch at the same time as the inventor Company, a post emergent herbicide for paddy crop.

BLEND, a unique fungicide combination product for control of downy mildew disease in grapes.

New sales Units including regional, area sales offices and territories were created to cater to the needs of customers more effectively and increasing reach and penetration. The sales team has optimally utilized available resources during the year in achieving growth targets. The initiatives introduced by the Company during previous years, such as EAGLE (Expansion and Aggressive Growth through Leadership and Excellence), RKK (Rallis Kisan Kutumb) and SAMPARK have now become a way of life for the sales and marketing team and are being interlinked for more effective results. These drive market access and customer connect activities. The RKK data is being utilized in a major way in establishing farmer connect. Channel finance and channel partner studies have been introduced during the year for channel optimization. E-Bandhan, for enhancing connect between Rallis dealers and the Company, has been introduced.

The International Business Division grew during 2014-15, contributing to 28% of overall revenues of the Company. This performance is noteworthy in the wake of varying demands in the different crop protection segments during the year. A number of registrations were obtained during the year and the International Business Division commercialized two products in different geographies. Contract Manufacturing Business also grew, led by higher volume sales in new geographies. The Company’s effort to augment its Contract Manufacturing Business is receiving encouraging response, and several evaluations are under progress. One new product was also commercialized during the year.

NON-PESTICIDE PORTFOLIO (NPP)

The Company’s efforts in building a Non-Pesticide Portfolio to cater to the changing needs of the farmers and agriculture, gained momentum during the year. The share of NPP sales was 33% of the total revenue. The Non-Pesticide Portfolio gives an opportunity to the Company to serve the emerging needs of the farming community, by leveraging its traditional connection with the farmers. This enables the farmers to look at the Company as a solution for all their agriculture related needs.

During the year, the Company has taken several steps to strengthen the non-pesticide portfolio business; one of them is appointing dedicated Managers to focus on this business.

SEEDS AND PLANT GROWTH NUTRIENTS: The Seeds business, largely driven by the subsidiary Company Metahelix Life Sciences, performed well during the year. Sales grew by 37.9%, to ` 309.99 crores during 2014-15, while profits, at Rs. 165.400 Million, rose by 79.3%. This business recorded impressive gains in the market share, particularly in hybrid paddy and maize seeds.

In Plant Growth Nutrient (PGN) business, the Company’s strategy is to identify, create, establish and scale up brands quickly, for achieving profitable and sustainable growth.

The Company has launched a new solution AMPLUS and AMPLUS ACTIVE. It is an innovative and modern technology HYT™ based microbial bio product and helps in enhancing the soil fertility by fixing atmospheric nitrogen, thus decomposing organic wastes and thereby stimulating plant growth.

The Company offers several products across all the sub categories of PGN. Ralligold, Tata Bahaar, Tata Upahaar RDS, Solubor, Tracel and Gluco Beta have become prominent brands in the Indian PGN segment. During 2014-15, the Company successfully established and scaled up the sales of its new organic product Gluco Beta. This was possible through use of innovative marketing approaches.

AGRI SERVICES: Agri Services portfolio comprises the organic manure product GeoGreen, Samrudh Krishi (SK) initiative, MoPu (More Pulses) initiative and agri implements. During the financial year, sales of GeoGreen organic manure increased significantly, albeit on a small base. SK initiative continued to make good progress on grapes, with grapes farmer enrolment registering handsome improvement. The MoPu initiative was extended to Madhya Pradesh in addition to Maharashtra and Karnataka. While both SK and MoPu initiatives continue to add significant value to farmers, climate related uncertainties especially towards the latter stage of crop, affected the final output. Our Agri implements presence currently consists of sprayers. During the year, they have introduced state-of-the-art battery and power sprayers for test marketing in a few key markets.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE

Agricultural production needs to significantly increase to meet the demands of the growing world population. Some estimates put this target as doubling the quantity of food production by 2050. With a limitation of bringing more land under agriculture, most of the additional production will need to come from higher crop yields. This increased output will also be necessary to provide feedstock for the rising biofuel consumption.

Experts believe that developing countries and emerging economies will play an increasingly important role in agricultural markets in the near future. Higher consumption of agricultural products is also being driven by the developing countries, where per capita incomes are rising, leading to increased consumption of protein rich foods, including meat and dairy products.

As per FAO reports, without agrochemicals, food production will decline, many fruits and vegetables would be in short supply and prices would rise. Some 20 to 40 percent of the world’s potential crop production is already lost annually, being affected by weeds, pests and diseases.

India has the latent potential to become a predominant player in global agriculture production as well as trade. Given the hardworking nature and entrepreneurial zeal of Indian farmers, need of the hour is to provide them exposure to the global best practices and farm technologies. Steady investments in technology development, irrigation infrastructure, emphasison modern agricultural practices and provision of agricultural credit and subsidies are the major factors that contribute to agriculture growth.

Indian agriculture has undergone rapid transformation in the past two decades. The policy of globalisation and liberalization has opened up new avenues for agricultural modernisation. This has not only led to commercialisation and diversification, but also triggered various technological and institutional innovations owing also to investments from corporate entities.

Rallis’ range of products and services caters to agriculture in India and select geographies overseas. The product range comprises a wide variety of crop protection chemicals and nutrition products for various crops. Rallis also has a significant presence in the Seeds segment through its subsidiary Metahelix Life Sciences.

INDIAN MARKETS

CROP PROTECTION CHEMICALS:

Agrochemicals market in India is estimated at over `13,000 crores, which is about 4% of the global agrochemicals market. The Indian market is dominated with products which are off-patent, therefore distribution reach and strong brands are key to grow in this market. The market is also witnessing introduction of newer molecules and products for specific needs, leading to higher growth rates in recent times. Overall consumption of crop protection chemicals however continues to remain low at 0.6 kg per hectare against consumption in USA and China at 7 Kg and 13 kg per hectare respectively. Lower purchasing power and lack of awareness among farmers about crop protection chemicals are the key reasons for the lower consumption of crop protection chemicals in India.

Rallis is therefore well positioned to grow in this segment on its strength of distribution reach, new product introduction and branding skills and the ability to build enduring relationships with channel partners and farmers. Rallis over the years has invested significant resources in building brands, channel network and farmer network. Currently, Rallis’ network covers 80% of India’s districts extensively. The Company is working on investing in specific initiatives to expand the reach of channel and build direct connect with the farmers. Some of the specific initiatives in this regard are Rallis Kisan Kutumb (RKK) that enables Rallis to connect with over 1 million farmers, Bhagidari Sabha and Anubandh that are aimed at increasing connect with channel partners. Other initiatives leveraging information and communication technologies are also underway to strengthe their connect with farmers and channel partners.

The crop protection volume growth in 2014-15 was muted due to variation and volatility in climatic factors. The south-west monsoon was erratic and had a delayed onset leading to slowing the pace of sowing of key crops. The Rabi season also witnessed unseasonal rains and hailstorms which impacted standing crop in large parts of northern and western India. Due to these unfavourable climatic conditions, overall farm productivity was impacted leading to poor yields and output. Coupled with this have been low commodity prices. This has led to a drop in farm incomes, leading to a sluggish cash cycle and poor farm sentiments. It is therefore vital that conditions improve with a better monsoon performance along with increase in crop prices.

INTERNATIONAL MARKETS

The global crop protection market grew at 4.1% and is currently estimated at US$ 56 billion. Strong growth was recorded in LATAM, European and Asian markets which together now account for US$ 44.7 billion. Rallis’ international agro chemicals business recorded a good growth during the year and achieved the milestone of crossing Rs. 500 crores in exports for the first time.

With strengths in technology and technical competence, the Company is also focusing on building a business platform on Contract Manufacturing for leading global corporations. During the year, discussion and activities with some leading Companies progressed well. There are several projects in different stages of execution. One new product was commercialized during the year for contract manufacture. The Company is also well positioned to invest in required facilities at Dahej for the purpose.

All these business segments put together, comprising the Non-pesticide portfolio (NPP) segment contributed to 33% of the total revenues for the year. This records satisfactory progress in building the second pillar of business, which is intended to go up to 40% of revenues in future.

OPPORTUNITIES AND OUTLOOK

India’s population, the second largest in the world is estimated to increase over time. Given the Government’s initiative on food security, per-capita consumption of food grains and therefore the demand for them will only increase. Prevention of crop losses is the immediate requirement to bridge the demand-supply gap in foodgrains, which necessitates deeper penetration of agrochemicals. Additionally, factors such as decline in the availability – and the increasing cost – of farm labour are growth drivers for the Agrochemical sector.

India is growing to become a preferred destination for manufacturing as global majors look for outsourcing a lot of their product requirements out of the country. Therefore the Company is well placed in servicing this opportunity with its strong manufacturing and technical capability to become a reliable strategic outsourcing partner for these Companies.

As the Indian farmers look for better agronomy practices and solutions, the Company has opportunity to provide these services into the future. Understanding farmer needs and developing the right solutions is the mainstay of the Company and along with the strong relationship with farmers and partners, this will provide the platform for growth into the future.

FIXED ASSETS:

Tangible Assets

· Freehold Land

· Leasehold Land

· Leasehold Improvements

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment’s

Intangible Assets

· Goodwill

· Licences and Commercial Rights

· Computer software

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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.88
UK Pound	1	Rs.99.89
Euro	1	Rs.72.06

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KIN
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--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	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		70

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.