MIRA INFORM REPORT

Report No. :	339637
Report Date :	07.09.2015

IDENTIFICATION DETAILS

Name :	GREENSTAR FERTILIZERS LIMITED (w.e.f. 29.07.2011)
Formerly Known As :	GREENSTAR FERTILIZSERS PRIVATE LIMITED
Registered Office :	SPIC Nagar, Muthiapuram Post, Tuticorin – 628005, Tamilnadu
Tel No.:	91-9884706366 (Mr. Narayanan)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.08.2010
Com. Reg. No.:	18-077127
Capital Investment / Paid-up Capital :	Rs.789.395 Million
CIN No.: [Company Identification No.]	U24100TN2010PLC077127
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHEG11162E
PAN No.: [Permanent Account No.]	AADCG9451D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter, Importer and Trader of Fertilizer.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 5634000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2010 having a satisfactory track record. Profit margin of the company is low. However, net worth position of the company is satisfactory. General financial position of the company is normal and acceptable for business dealing Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term BB+
Rating Explanation	Moderate risk of default
Date	November, 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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Narayanan
Designation :	Director
Contact No.:	91-9884706366

LOCATIONS

Registered Office / Factory :	SPIC Nagar, Muthiapuram Post, Tuticorin – 628005, Tamilnadu
Tel. No.:	91-44-64566366 / 28151283 91-461-2355411
Mobile No.:	91-9884706366 (Mr. Narayanan)
Fax No.:	91-44-28151286 91-461-2357001
E-Mail :	snarayanan@greenstar.net.in sree@gss.net.in narayans@greenstar.net.in
Area :	Owned

NOTE: Subject have 28 Branch + Warehouse across in India.

DIRECTORS

As on 27.09.2013

Name :

Mr. Subramonia Iyer Narayanan

Designation :

Whole-time Director

Address :

2B, Block II, Ramaniyam Abbotsbury, 42, C.P. Ramaswamy Road, Alwarpet, Chennai - 600018, Tamilnadu, India

Date of Birth/Age :

06.03.1966

Date of Appointment :

01.11.2011

DIN No.:

00929228

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01122TN2006PTC058618	AGRIPRO INTERNATIONAL PRIVATE LIMITED	Director	23/01/06	23/01/06	-	Active	NO
2	U73100TN2005PTC058321	FOLIAGE CROP SOLUTIONS PRIVATE LIMITED	Managing director	01/08/08	30/01/07	10/10/11	Active	NO
3	U74140TN2007PTC064926	COEUS CONSULTANCY PRIVATE LIMITED	Director	01/10/07	01/10/07	12/11/08	Active	NO
4	U24100TN2010PLC077127	GREENSTAR FERTILIZERS LIMITED	Whole-time director	01/11/11	25/08/10	-	Active	NO
5	U51497TN2003PTC052149	LOTUS FERTILIZERS PRIVATE LIMITED	Director	28/09/12	27/04/12	-	Active	NO
6	U74999TN1993NPL025989	SPIC DEALERS' WELFARE ASSOCIATION	Director	16/08/12	16/08/12	-	Active	NO

Name :

Mr. Narendran Bhim Singh

Designation :

Director

Address :

No.5, Second Floor, Murrays Gate Road, Alwarpet, Chennai - 600018, Tamilnadu, India

Date of Appointment :

29.09.2014

DIN No.:

01159394

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01119TN1996PLC034967	TRINITY AUTOPOINTS LIMITED	Director	07/02/01	07/02/01	01/08/07	Active	NO
2	U74999TN1971PTC005996	ISS SDB SECURITY SERVICES Private Limited	Director	27/09/07	16/08/06	09/08/10	Active	NO
3	U24132TN2004PLC053675	Vibrant Industries Limited	Director	28/07/07	21/08/06	19/10/09	Active	NO
4	U45201TN2005PTC057516	EDAC STAFFING SOLUTION PRIVATE LIMITED	Director	23/08/06	23/08/06	09/01/09	Active	NO
5	U33112TN1989PTC017930	SIDD LIFE SCIENCES PRIVATE LIMITED	Director	28/09/07	29/11/06	31/12/09	Active	NO
6	U74992TN2007PTC062567	TWINSHIELD CONSULTANTS PRIVATE LIMITED	Director	01/03/07	01/03/07	12/07/08	Active	NO
7	U29219TN2007PTC062568	RENOWNED ENGINEERS PRIVATE LIMITED	Director	01/03/07	01/03/07	16/01/09	Active	NO
8	U31900TN2007PLC063934	NATRONIX SEMICONDUCTOR TECHNOLOGY LIMITED	Director	24/07/08	22/12/07	23/01/09	Active	NO
9	L74900TN2004PLC053467	SICAGEN INDIA LIMITED	Director	11/08/14	29/01/08	-	Active	NO
10	L11101TN1969PLC005778	SOUTHERN PETROCHEMICAL INDUSTRIES CORPORATION LIMITED	Director	08/09/14	27/01/09	-	Active	NO
11	L24119TN1971PLC006083	TUTICORIN ALKALI CHEMICALS AND FERTILIZERS LIMITED.	Director	14/08/14	18/01/12	-	Active	NO
12	L27209TN1955PLC000963	INDIA RADIATORS LIMITED	Additional director	28/05/14	28/05/14	-	Active	NO
13	U24100TN2010PLC077127	GREENSTAR FERTILIZERS LIMITED	Director	29/09/14	25/09/14	-	Active	NO

Name :

Sashikala Srikanth

Designation :

Director

Address :

Parvathi No 12 Raja Street VGP Golden Beach, South Part I Sholinganallur, Chennai - 600119, Tamilnadu, India

Date of Appointment :

29.09.2014

DIN No.:

01678374

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74992TN2007PTC064447	SEATAKA FARM FRESH PRIVATE LIMITED	Director	13/08/07	13/08/07	-	Active	NO
2	U45201TN1983PTC010043	TRUST PROPERTIES DEVELOPMENT CO PRIVATE LIMITED	Director	04/04/14	06/04/11	-	Active	NO
3	L74900TN2004PLC053467	SICAGEN INDIA LIMITED	Director	11/08/14	11/08/14	-	Active	NO
4	L23200TN1984PLC010931	TAMILNADU PETROPRODUCTS LIMITED	Additional director	12/08/14	12/08/14	-	Active	NO
5	L24294TN1986PLC013087	Manali Petrochemicals Limited	Additional director	13/08/14	13/08/14	-	Active	NO
6	L11101TN1969PLC005778	SOUTHERN PETROCHEMICAL INDUSTRIES CORPORATION LIMITED	Additional director	08/09/14	08/09/14	-	Active	NO
7	U24100TN2010PLC077127	GREENSTAR FERTILIZERS LIMITED	Director	29/09/14	25/09/14	-	Active	NO

Name :

Mr. Manish Nagpal

Designation :

Director

Address :

65 Simei Rise, 06-72, Savannah Condo Park, Singapore, 528796, Singapore

Date of Birth/Age :

10.07.1967

Date of Appointment :

06.09.2012

DIN No.:

03169160

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909TN2003PTC050525	WILSON INTERNATIONAL TRADING (INDIA) PRIVATE LIMITED	Director	30/09/10	12/07/10	-	Active	NO
2	U24100TN2010PLC077127	GREENSTAR FERTILIZERS LIMITED	Director	06/09/12	14/07/11	-	Active	NO
3	U63000DL2011PTC222249	LEMONMINT TOURS PRIVATE LIMITED	Director	20/12/12	05/04/12	-	Active	NO
4	U55101DL2012PTC235617	LEMONMINT HOSPITALITY SERVICES PRIVATE LIMITED	Director	30/10/13	31/05/12	-	Active	NO
5	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	Additional director	21/08/12	21/08/12	-	Active	NO

Name :

Hideki Yanase

Designation :

director

Address :

3-6 Edago, Ogaki-Shi, Gifu, 5032207, Japan

Date of Birth/Age :

02.10.1956

Date of Appointment :

27.09..2013

DIN No.:

06363522

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U85110KA2012PTC063508	TAKSHASILA HOSPITALS OPERATING PRIVATE LIMITED	Nominee director	19/06/12	19/06/12	-	Active	NO
2	U85100KA2010PTC055258	TAKSHASILA HEALTHCARE AND RESEARCH SERVICE PRIVATE LIMITED	Nominee director	24/07/12	24/07/12	-	Active	NO
3	U24100TN2010PLC077127	GREENSTAR FERTILIZERS LIMITED	Director	27/09/13	06/12/12	-	Active	NO

KEY EXECUTIVES

Name :	Manivannan Madhankumar
Designation :	Secretary
Address :	16 Azhagappa Street, Thiyagaraja Nagar, Woraiyur, Tiruchirapalli - 620003, Tamilnadu, India
Date of Appointment :	01.08.2014
PAN No.:	BHMPM6135N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2013

Names of Shareholders	No. of Shares
S Narayanan	5000
Kadayanallur Subalaikannu Subbiah	5000
Lotus Fertilisers Private Limited, India	9700000
Am International Holdings Pte Limited, Singapore	16335544
D Silva	10
Ramaswamy Chockalingam	10
M Kumar	10
Toyota Tshusho Corporation, Japan	2893953
Sicagen India Limited, India	5000000
Total	33939527

As on 27.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	66.45
Bodies corporate	33.52
Directors or relatives of Directors	0.03
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter, Importer and Trader of Fertilizer.

Products :

Item Code No. (ITC Code)	Product Description
31053000	Fertilizer

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finish Goods

Countries :

Dubai

Imports :

Products :

Raw Material

Countries :

v Singapore

v China

v Vietnam

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

Wholesalers, Retailers and End Users

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

No. of Employees :

1000 (Approximately)

Bankers :

v Punjab National Bank, Chennai, Tamilnadu, India

v HDFC Bank, Chennai, Tamilnadu, India

v Axis Bank, Chennai, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Other loans and advances	400.000	0.000
Loans and advances from others	1201.996	1087.786
SHORT TERM BORROWINGS
Rupee term loans from banks	2381.911	1726.464
Deposits from others	0.000	17.000
Total	3983.907	2831.250

Financial Institution :	Housing Development Finance Corporation Limited Ramon House 169 Backbay Reclamation, H T Parekh Marg, Mumbai - 400020, Maharashtra, India
Auditors :
Name :	CNGSN and Associates Chartered Accountants
Address :	Agastyar Manor, No: 20 (Old No:13), Raja Street , T. Nagar, Chennai – 600017, Tamilnadu, India
PAN No. :	AADFC5571B
Memberships :	--
Collaborators :	--
Associate :	v Southern Petrochemical Industries Corporation Limited v Wilson International Trading Pte Limited v Wilson International India Private Limited v Manali Petrochemicals Limited
Holding Company :	v Am International Holdings Pte Limited
Associate-Investing Party :	v Lotus Fertilizers Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs.350.000 Million
5000000	Preference Shares	Rs.100/- each	Rs.500.000 Million
	Total		Rs.850.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
28939527	Equity Shares	Rs.10/- each	Rs.289.395 Million
5000000	Preference Shares	Rs.100/- each	Rs.500.000 Million
	Total		Rs.789.395 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	789.395	789.395	789.395
(b) Reserves & Surplus	1182.504	1235.040	1284.600
(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)	1971.899	2024.435	2073.995
(3) Non-Current Liabilities
(a) long-term borrowings	1601.996	1087.786	767.349
(b) Deferred tax liabilities (Net)	59.870	53.265	40.251
(c) Other long term liabilities	215.039	191.080	167.284
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1876.905	1332.131	974.884
(4) Current Liabilities
(a) Short term borrowings	2561.911	1943.464	1960.000
(b) Trade payables	2856.564	4929.139	6108.193
(c) Other current liabilities	921.220	287.634	235.965
(d) Short-term provisions	269.705	342.581	295.860
Total Current Liabilities (4)	6609.400	7502.818	8600.018
TOTAL	10458.204	10859.384	11648.897
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2476.040	2643.045	2771.132
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	239.176	147.388	2.640
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	75.027	76.466	162.190
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2790.243	2866.899	2935.962
(2) Current assets
(a) Current investments	28.272	97.500	37.500
(b) Inventories	1955.237	1912.565	1221.460
(c) Trade receivables	2326.480	2647.089	4581.918
(d) Cash and cash equivalents	63.539	939.495	2554.784
(e) Short-term loans and advances	3233.009	2285.625	252.756
(f) Other current assets	61.424	110.211	64.517
Total Current Assets	7667.961	7992.485	8712.935
TOTAL	10458.204	10859.384	11648.897

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	10979.455	17473.516	13308.736
		Other Income	214.865	148.398	95.782
		TOTAL	11194.320	17621.914	13404.518
Less	EXPENSES
		Cost of Materials Consumed	7498.367	8479.082	6853.192
		Purchases of Stock-in-Trade	432.094	5953.472	4291.089
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(162.856)	(86.239)	(115.573)
		Employees benefits expense	229.513	189.564	102.260
		Other expenses	1950.258	2345.608	1326.853
		TOTAL	9947.376	16881.487	12457.821
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1246.944	740.427	946.697
Less	FINANCIAL EXPENSES		926.503	381.094	509.811
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		320.441	359.333	436.886
Less/ Add	DEPRECIATION/ AMORTISATION		298.490	327.231	154.408
	PROFIT/ (LOSS) BEFORE TAX		21.951	32.102	282.478
Less	TAX		10.140	17.741	97.649
	PROFIT/ (LOSS) AFTER TAX		11.811	14.361	184.829
	Earnings / (Loss) Per Share (Rs.)		(1.82)	(1.71)	5.50

Particulars	31.03.2015
Sales Turnover (Approximately)	12000.000

The above information has been parted by Mr. Narayanan

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	600.000	0.000	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	(914.498)	(1158.123)	1293.224

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.11	0.08	1.39
Operating Profit Margin (PBDIT/ Sales)	(%)	11.36	4.24	7.11
Return on Total Assets (PBT/Total Assets}	(%)	0.21	0.30	2.43
Return on Investment (ROI) (PBT/Networth)		0.01	0.02	0.14
Debt Equity Ratio (Total Debt/Networth)		2.16	1.50	1.32
Current Ratio (Current Asset/Current Liability)		1.16	1.07	1.01

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	789.395	789.395	789.395
Reserves & Surplus	1284.600	1235.040	1182.504
Net worth	2073.995	2024.435	1971.899
long-term borrowings	767.349	1087.786	1601.996
Short term borrowings	1960.000	1943.464	2561.911
Current Maturities of Long-Term Debts	0.000	0.000	600.000
Total borrowings	2727.349	3031.250	4763.907
Debt/Equity ratio	1.315	1.497	2.416

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)
Revenue from operations	13308.736	17473.516	10979.455
		31.294	(37.165)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	13308.736	17473.516	10979.455
Profit	184.829	14.361	11.811
	1.39%	0.08%	0.11%

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	No
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 four 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	--
33]	Market information	--
34]	Payments terms	Yes
35]	Negative Reporting by Auditors in the Annual Report	No

NOTE:

The registered address of the company has been shifted from Door No 5, 3^rd Floor, Sun Plaza, 19 G N Chetty Road, T Nagar, Chennai – 600017, Tamilnadu, India to the present address w.e.f

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans and advances from others	0.000	200.000
Other loans and advances	180.000	0.000
Total	180.000	200.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10540419	08/12/2014	800,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, Maharashtra - 400020, INDIA	C39122015
2	10511216	03/07/2014	200,000,000.00	THE FEDERAL BANK LTD	FEDERAL TOWERSP B NO 103, ALWAYE, ERANAKULAM, Kerala - 683101, INDIA	C13806310
3	10493215	29/01/2014	1,000,000,000.00	Housing Development Finance Corporation Limited	H T Parekh Marg, Ramon House, 169, Backbay Reclamation, Churchgate, Mumbai, Maharashtra - 400020, INDIA	C04206983
4	10345286	23/02/2012	2,000,000,000.00	AM International Holding Pte Ltd	3, Phillip Street # 18-00, Commercial Point, Singapore City, - 048693, SINGAPORE	B36180818
5	10328786	19/01/2012 *	1,820,000,000.00	Raiffeisen Bank international AG Singapore	1 Raffles Quay,38-01 North Tower Singapore 048583, Singapore, - 048583, SINGAPORE	B33382474

* Date of charge modification

OPERATION

The company earned a total revenue of Rs 11194.300 Million as against Rs 17831.900 Million during the previous financial year. The Company also achieved a net profit of Rs 11.800 Million as against Rs.14.400 Million in the previous financial year. The decline in the revenue earned was solely on account of lower trading sales due to high inventory in the market.

The company maintained almost the same level of PAT despite a significant depreciation in the Indian Rupee against USD, reduction in THIRUP of P and K fertilisers and delayed receipt of subsidy from the Government of India. On the subsidy front, due to lower budgetary allocation for the past few years and introduction of Mobile Fertilizer Manufacturing System, there has been severe delay in disbursement of subsidy which in turn, has increased the interest cost of the company as reliance on working capital borrowing has gone up.

From the market perspective, markets comprising of Tamil Nadu, Karnataka and Andhra Pradesh remained stable. Sales of company’s products viz. DAP and Complex (20:20:0:13) have shown healthy growth. We are the dominant player in Tamilnadu market for DAP.

FIXED ASSETS

œ Land

œ Buildings

œ Plant and Equipment

œ Furniture and Fixtures

œ Vehicles

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.66.40
UK Pound	1	Rs.101.19
Euro	1	Rs.73.89

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.