MIRA INFORM REPORT

Report No. :	340445
Report Date :	12.09.2015

IDENTIFICATION DETAILS

Name :	SHARDA CROPCHEM LIMITED (w.e.f.18.09.2013)
Formerly Known As :	SHARDA CROPCHEM PRIVATE LIMITED (w.e.f.18.09.2013) SHARDA WORLDWIDE EXPORTS PRIVATE LIMITED
Registered Office :	Domnic Holm, 29^th Road, Bandra (West), Mumbai - 400050, Maharashtra
Tel. No.:	91-22-66782800 / 66782828
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	12.03.2004
Com. Reg. No.:	11-145007
Capital Investment / Paid-up Capital :	Rs.902.205 Million
CIN No.: [Company Identification No.]	L51909MH2004PLC145007
TAN No.: [Tax Deduction & Collection Account No.]	MUMS36859E
PAN No.: [Permanent Account No.]	AAICS0137P
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in exports of Agro chemicals – technical grade and formulations and also exports Conveyor belts, Rubber belts/sheet, Dyes and Dye intermediates and other products worldwide.
No. of Employees :	127 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (74)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 2004 and it deal in generic agrochemicals, dyes and dye intermediates. Subject is a well-established company having fine track record. For the financial year ended 2015, company possesses healthy operational performance and it has achieved revenue growth of 42.31% along with decent profit margins at 12.71% during a year under a review. Rating also takes into consideration company’s strong operating efficiencies along with healthy financial risk profile backed by its adequate networth base and decent debt protection metrics. Trade relations are reported as fair. Payments are reported to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Short Term Rating=A1
Rating Explanation	Very Strong degree of safety and carry lowest credit risk
Date	18.02.2015

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 31-03-2015.

INFORMATION DENIED

Management Non-Cooperative (Tel No.:91-22-66782800)

LOCATIONS

Registered/ Corporate Office :	Domnic Holm, 29^th Road, Bandra (West), Mumbai - 400050, Maharashtra, India
Tel. No. :	91-22-66782800 / 66782828
Fax No. :	91-22-66782828/ 66782808
E-Mail :	co.sec@shardaintl.com finance@shardaintl.com export@shardaintl.com shardain@vsnl.com sales@shardaintl.com accounts@shardalntl.com
Website :	www.shardacropchem.com

DIRECTORS

As on 31.03.2015

Name :	Mr. Ramprakash Vilasrai Bubna
Designation :	Managing Director
Address :	501, Pleasant Park, 5th Floor, 24th Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	20.07.1946
Qualification :	B. Tech
Date of Appointment :	01.01.2014
PAN No.:	AACPB6260D
DIN No. :	00136568
Name :	Mrs. Sharda Ramprakash Bubna
Designation :	Whole Time Director
Address :	Flat No.501, Pleasant Park, 5th Floor, 24th Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	04.05.1953
Qualification :	Graduate
Date of Appointment :	01.01.2014
PAN No. :	AACPB5921B
DIN No. :	00136760
Name :	Mr. Ashish Ramprakash Bubna
Designation :	Whole Time Director
Address :	501, Pleasant Park, 5th Floor, 24th Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	09.10.1972
Qualification :	B.Com
Date of Appointment :	01.01.2014
PAN No. :	AACPB5507B
DIN No. :	00945147
Name :	Mr. Manish Ramprakash Bubna
Designation :	Director
Address :	Flat No.501, Pleasant Park, 5th Floor, 24th Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	30.06.1974
Qualification :	B.Tech
Date of Appointment :	01.01.2014
PAN No. :	AAAPB9774C
DIN No. :	00137394
Name :	Mr. Swaminathan Sundararajan Mittur
Designation :	Independent Director
Address :	Flat 11, 248, Aswarooda, T.T.K. Salai, Alwarpet, Chennai – 600004, Tamilnadu, India
Date of Birth/Age :	15.03.1950
Qualification :	Post-Graduate in Economics
Date of Appointment :	09.08.2014
DIN No. :	00169775
Name :	Mrs. Urvashi Saxena
Designation :	Independent Director
Address :	2602, Light Bridge, Hiranandani Meadows, Gladys Alwares Road, Thane (West) – 400610, Maharashtra, India
Date of Birth/Age :	14.06.1945
Qualification :	L.L.B.
Date of Appointment :	09.08.2014
DIN No. :	02021303
Name :	Mr. Shitin Dayalji Desai
Designation :	Independent Director
Address :	Flat 6A, 6^th Floor, 11, L.D. Ruparel Marg, Malabar Hill, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	20.03.1947
Date of Appointment :	09.08.2014
DIN No. :	00009905
Name :	Mr. Shobhan Madhukant Thakore
Designation :	Independent Director
Address :	Flat No. B-114, Floor 11, Plot 696-B, Somerset House, 61-G, Off Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India
Date of Birth/Age :	03.07.1947
Date of Appointment :	09.08.2014
DIN No. :	00031788
Name :	Mr. Perumal Ramamurthy Srinivasan
Designation :	Independent Director
Address :	25A, Belvedere Court, Sane Guruji Marg, Mumbai – 400011, Maharashtra, India
Date of Birth/Age :	01.06.1965
Date of Appointment :	09.08.2014
DIN No. :	00365025

KEY EXECUTIVES

Name :	Mr. Ramprakash Vilasrai Bubna
Designation :	Chairman
Name :	Mr. Jetkin Gupta
Designation :	Company Secretary and Compliance Officer
Address :	E – 2, Juhu Apartmnet, Juhu Road, Santacruz (West), Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	13.07.1987
Date of Appointment :	23.02.2011
PAN No. :	ALEPG6217E
Name :	Mr. Gautam Arora
Designation :	Chief Financial Officer
Address :	29/21, Sagarkiran, H.I.G. Complex, Bandra Reclamation, Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	08.01.1968
Date of Appointment :	23.02.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	67665371	75.00
Sub Total	67665371	75.00
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	67665371	75.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	11194649	12.41
Financial Institutions / Banks	140743	0.16
Foreign Institutional Investors	6307650	6.99
Sub Total	17643042	19.56
(2) Non-Institutions
Bodies Corporate	1200150	1.33
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	2956765	3.28
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	596541	0.66
Any Others (Specify)	158626	0.18
Non Resident Indians	108831	0.12
Clearing Members	49795	0.06
Sub Total	4912082	5.44
Total Public shareholding (B)	22555124	25.00
Total (A)+(B)	90220495	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)	90220495	100.00

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

Sl.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total
1	Ashish Ramprakash Bubna	15179990	16.83
2	Manish Ramprakash Bubna	15179990	16.83
3	Ramprakash Vilasrai Bubna	14152686	15.69
4	Sharda Ramprakash Bubna	14152685	15.69
5	Seema Ashish Bubna	4500000	4.99
6	Anisha Manish Bubna	4500000	4.99
7	Ashish Ramprakash Bubna	10	0.00
8	Manish Ramprakash Bubna	10	0.00
	Total	67665371	75.00

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

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	HDFC Trustee Company Limited HDFC Prudence Fund	2220166	2.46
2	DSP Blackrock Micro Cap Fund	2127174	2.36
3	DSP Blackrock 3 Years Close Ended Equity Fund	1091559	1.21
4	SBI Magnum Midcap Fund	1281001	1.42
5	Goldman Sachs India Fund Limited	1713585	1.90
6	Pinebridg Investments GF Mauritius Limited	1381444	1.53
	Total	9814929	10.88

Details of Locked-in Shares

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	Manish Ramprakash Bubna	10510976	11.65
2	Ashish Ramprakash Bubna	10510976	11.65
3	Ramprakash Vilasrai Bubna	9799650	10.86
4	Sharda Ramprakash Bubna	9799650	10.86
5	Manish Ramprakash Bubna	4669014	5.18
6	Ashish Ramprakash Bubna	4669014	5.18
7	Anisha Manish Bubna	4500000	4.99
8	Seema Ashish Bubna	4500000	4.99
9	Ramprakash Vilasrai Bubna	4353036	4.82
10	Sharda Ramprakash Bubna	4353036	4.82
11	Ashish Ramprakash Bubna	10	0.00
12	Manish Ramprakash Bubna	10	0.00
	Total	67665371	75.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in exports of Agro chemicals – technical grade and formulations and also exports Conveyor belts, Rubber belts/sheet, Dyes and Dye intermediates and other products worldwide.

Products :

Item Code No. (ITC Code)	Products Description
38249090	Agrochemicals
40101910	Belts
32041490	Others

Agrochemicals : Insecticides, Herbicides, Fungicides and Biocides

Belts : Conveyor Belts, V Belts and Timing Belts

Others : Dyes and Dye Intermediates and General Chemicals

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

127 (Approximately)

Bankers :

Bank Name	Union Bank of India
Branch	Overseas Branch, Union Bank Bhavan, 239, Vidhan B, Havan Marg, Nariman Point, Mumbai-400021, 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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term Borrowings
Buyer's credit	378.253	0.000
Total	378.253	0.000

Note: Buyer’s Credit is secured against hypothecation of stocks meant for exports and book debts. The Buyer’s credit is further secured by personal guarantees of four directors of the Company and by a lien on fixed deposits placed by two directors of the Company with the bank. The Buyer’s credit carries interest @ LIBOR plus 1.00% p.a.

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
PAN N Income-tax PAN of auditor or auditor's firm :	ACHFS9180N
Memberships :	--
Collaborators :	--
Subsidiaries:	Axis Crop Science Private Limited Sharda Balkan Agrochemicals Limited Sharda Chile SpA Sharda Costa Rica SA Sharda Cropchem Espana, S.L. Sharda Cropchem Tunisia SARL Sharda De Guatemala, S.A. Sharda Del Ecuador CIA. Ltda. Sharda Do Brasil Comercio De Produtos Quimicos E Agroquimicos LTDA Sharda Hellas Agrochemicals Limited Sharda Hungary Kft Sharda International DMCC Sharda Italia SRL Sharda Peru SAC Sharda Poland SP. ZO.O Sharda Polska SP. ZO.O Sharda Spain, S.L. Sharda Swiss SARL Sharda Taiwan Limited Sharda Ukraine LLC Sharda USA LLC Shardacan Limited Shardarus LLC Shardaserb DO.O Sharzam Limited
Stepdown subsidiaries (w.e.f 30.09.2013)	Siddhivinayak International Limited Sharda Bolivia SRL Sharda Colombia S.A.S Sharda De Mexico S De RL DE CV Sharda Europe BVBA Sharda International Africa (Pty) Limited Sharda Malaysia SDN. BHD. Sharda Uruguay S.A. Sharpar S.A.
Stepdown subsidiaries (w.e.f 13.11.2013)	Sharda Benelux BVBA
Stepdown subsidiaries (w.e.f 07.01.2014)	Euroazijski Pesticidi d.o.o.
Associate:	Sharda Private (Thailand) Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
105,000,000	Equity Shares	Rs.10/- each	Rs.1050.000Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90,220,495	Equity Shares	Rs.10/- each	Rs.902.205 Million

Reconciliation of shares outstanding at the beginning and at the end of the reporting year

Equity shares

Particulars	31.03.2015
	No. of Shares	(Rs. in Million)
At the beginning of the year	90,220,495	9,02.205
Outstanding at the end of the year	90,220,495	9,02.205

Terms/rights attached to equity shares

The Company has only one class of equity shares having par value of Rs.10 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.

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.

Aggregate number of bonus shares issued during the period of five years immediately preceding the reporting date:

Particulars	31.03.2015
	No. of Shares
Equity shares allotted as fully paid bonus shares by capitalization of securities premium (in FY 2011-12).	72,176,396

Details of shareholders holding more than 5% shares in the company

Name of the shareholder	31.03.2015
	No. of Shares	% holding in the class
Ramprakash V. Bubna	14152686	15.69%
Sharda R. Bubna	14152686	15.69%
Ashish R. Bubna	15180000	16.83%
Manish R. Bubna	15,180,000	16.83%

Shareholding includes 10 Equity shares held jointly by Ashish R. Bubna and Seema A. Bubna, with Ashish R. Bubna as the first holder.

Shareholding includes 10 Equity shares held jointly by Manish R. Bubna and Anisha M. Bubna, with Manish R. Bubna as the first holder.

As per the of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

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	902.205	902.205	902.205
(b) Reserves & Surplus	4967.279	4262.738	3587.269
(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)	5869.484	5164.943	4489.474
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	215.911	102.624	69.093
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.316	1.528	0.000
Total Non-current Liabilities (3)	220.227	104.152	69.093
(4) Current Liabilities
(a) Short term borrowings	378.253	0.000	2.154
(b) Trade payables	1904.263	1614.573	1621.273
(c) Other current liabilities	566.258	694.059	687.836
(d) Short-term provisions	290.219	268.275	105.987
Total Current Liabilities (4)	3138.993	2576.907	2417.25
TOTAL	9228.704	7846.002	6975.817
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.298	13.085	12.799
(ii) Intangible Assets	864.339	618.983	627.723
(iii) Capital work-in-progress	0.000	0.000	883.91
(iv) Intangible assets under development	1487.496	1334.842	0.000
(b) Non-current Investments	103.057	64.181	59.437
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	364.694	189.233	137.904
(e) Other Non-current assets	0.000	79.956	73.979
Total Non-Current Assets	2827.884	2300.280	1795.752
(2) Current assets
(a) Current investments	858.763	1692.421	922.716
(b) Inventories	1120.884	611.753	808.573
(c) Trade receivables	3470.519	2855.671	2916.518
(d) Cash and cash equivalents	665.169	153.893	318.622
(e) Short-term loans and advances	279.564	207.829	191.472
(f) Other current assets	5.921	24.155	22.164
Total Current Assets	6400.820	5545.722	5180.065
TOTAL	9228.704	7846.002	6975.817

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	7693.165	5405.867	5556.930
	Other Income	276.930	353.751	218.941
	TOTAL (A)	7970.095	5759.618	5775.871
Less	EXPENSES
	Cost of Materials Consumed	2220.139	1493.609	1318.941
	Purchases of Stock-in-Trade	2602.920	1434.803	2336.383
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(9.949)	163.831	(23.315)
	Employees benefits expense	171.297	118.073	56.065
	Other expenses	1246.790	912.594	624.372
	Prior Period Items	4.248	14.012	0.000
	TOTAL (B)	6235.445	4136.922	4312.446
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1734.650	1622.696	1463.425
Less	FINANCIAL EXPENSES (D)	5.009	5.857	0.095
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1729.641	1616.839	1463.330
Less/ Add	DEPRECIATION/ AMORTISATION (F)	232.015	288.817	344.271
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1497.626	1328.022	1119.059
Less	TAX (H)	520.146	441.446	348.341
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	977.480	886.576	770.718
	EARNINGS IN FOREIGN CURRENCY
	Earning in Foreign Currency	7670.467	5328.431	5396.124
	TOTAL EARNINGS	7670.467	5328.431	5396.124
	IMPORTS
	Traded Goods	2587.360	1411.053	0.000
	Raw Material	2672.610	1395.207	0.000
	TOTAL IMPORTS	5259.970	2806.260	0.000
	Earnings / (Loss) Per Share (Rs.)	10.83	9.83	4.54

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	732.647	1848.861	NA
Net cash flow from operating activity	94.115	1432.407	1368.668

QUARTERLY RESULTS

Particulars	30.06.2015
UnAudited	1^st Quarter
Net Sales	2102.060
Total Expenditure	1645.010
PBIDT (Excl OI)	457.050
Other Income	104.880
Operating Profit	561.930
Interest	0.050
Exceptional Items	NA
PBDT	561.880
Depreciation	91.350
Profit Before Tax	470.530
Tax	166.340
Provisions and contingencies	NA
Profit After Tax	304.190
Extraordinary Items	NA
Prior Period Expenses	NA
Other Adjustments	NA
Net Profit	304.190

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	12.71	16.40	13.87
Operating Profit Margin (PBIDT/Sales)	(%)	22.55	30.02	26.34
Return on Total Assets (PBT/Total Assets}	(%)	19.61	20.60	18.55
Return on Investment (ROI) (PBT/Networth)		0.26	0.26	0.25
Debt Equity Ratio (Total Debt /Networth)		0.06	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.04	2.15	2.14

STOCK PRICES

Face Value	Rs.10.00
Market Value	Rs.296.30

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	902.205	902.205	902.205
Reserves & Surplus	3587.269	4262.738	4967.279
Net worth	4489.474	5164.943	5869.484
long-term borrowings	0.000	0.000	0.000
Short term borrowings	2.154	0.000	378.253
Total borrowings	2.154	0.000	378.253
Debt/Equity ratio	0.000	0.000	0.064

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	5556.930	5405.867	7693.165
		(2.718)	42.311

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	5556.930	5405.867	7693.165
Profit	770.718	886.576	977.480
	13.87%	16.40%	12.71%

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
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)	No
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	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NAME OF CHANGE

Sharda Cropchem Limited was incorporated as Sharda Worldwide Exports Private Limited on March 12, 2004 as a private limited company under the Companies Act, 1956. The Company changed its name to Sharda Cropchem Private Limited and a fresh certificate of incorporation was issued by the RoC on September 18, 2013. Thereafter, the Company was converted into a public limited company on September 18, 2013 and consequently, the name of the Company was changed to Sharda Cropchem Limited. A fresh certificate of incorporation pursuant to the change of name was issued by the RoC on September 18, 2013.

CORPORATE INFORMATION

Sharda Cropchem Limited (“the Company”) (Formerly known as Sharda Worldwide Exports Private Limited) is a public company domiciled in India. Its shares are listed on the Bombay Stock Exchange ("BSE") and the National Stock Exchange ("NSE"). The Company is engaged in exports of Agro chemicals – technical grade and formulations - to various countries around the world. The Company also exports Conveyor belts, Rubber belts/sheet, Dyes and Dye intermediates and other products worldwide.

MANAGEMENT DISCUSSION AND ANALYSIS

Global Economy

The global economy grew at a slightly faster pace in 2014, as a modest revival in the eurozone and a pick-up in India helped offset slowdowns in China and Japan. Growth picked up, albeit marginally, from 2.5% to 2.6%, mainly driven by momentum in United States and U.K. It is seen shifting upwards to an average of 3.3% between 2015 and 2017, brought about by an upward shift of growth in Gross Domestic Product (GDP) of the developed economies from 1.8% to 2.2% and with developing economies accelerating from 4.8% to 5.4 %. The combined gross domestic output of the Group of 20 largest economies, which accounts for 90% of the global economic output, expanded 3.4% in 2014, up slightly from 3.2% in 2013, aided by a return to growth in the Eurozone. Global growth is forecast to rise moderately to 3.5% in 2015 and 3.7% in 2016, the net positive being a sharp decline in oil prices. International Monetary Fund (IMF) projects growth in emerging markets and developing economies to remain broadly stable at 4.3% in 2015 and increase to 4.7% in 2016. Moving ahead, across nations, the mandate to Governments is to control inflation, improve fiscal prudence and sustainable growth, with concerted efforts being on job creation through public and private investments.

India Macro-economic

Environment

India continues to be one of the most promising economies to sustain a strong growth in its GDP. The current growth in GDP, as per the new series, places it at 7.4% for FY2015 as against a revised past trend of 5.1% and 6.9% in FY2013 and FY2014, respectively. The revised trend is estimated to take GDP growth to 8% plus in FY2016. A year after formation of the new Government, positive impact of Government policies and decisions reflect at the ground level, at least partially. The government seems to be moving in the right direction – balancing the act of reforms, capital spending to boost economic recovery and fiscal prudence. During FY2015, the Indian economy stood up to the challenges of consumer inflation, policy paralysis, weakening of Indian rupee, widening current account and fiscal deficits and an unstable global environment. It is now on a firm path of revival with a wave of optimism. The strong uptick in GDP growth was accompanied by a receding inflation – at 5.1% in January 2015, considerably lower than double-digit figures in 2013. Current account deficit and fiscal deficit, the prime causes of concern in 2013, are now within manageable levels.

Strategy and Outlook

We maintain a generally positive outlook for business. There objective is to continue to offer quality formulations and generic active ingredients and we also intend to expand our reach in various jurisdictions through our own sales force, in an efficient manner. With certain strategies in play, we hope to sustain, or improve upon, the pace of growth that we have demonstrated over the last few years.

OPERATIONAL PERFORMANCE AND

FUTURE OUTLOOK

The Company achieved an all time high performance both in turnover and its profits. The Company’s Revenue from Operations increased by 42.31% over the previous year from Rs.5405.867 Million in FY 2013-14 to Rs.7693.165 Million in FY 2014-15. The net profit after Depreciation, Tax and Prior period adjustments increased by 10.25% from Rs.886.576 Million in FY 2013-14 to Rs.977.480 Million in FY 2014-15. The Company received 259 new registrations during the current financial year under review.

During the year the Company also achieved a new high in its Revenue from Operations crossing the Rs.10000.000 Million milestone on a consolidated basis, an increase of 34.25% over the previous year FY2013-14. The net profit after Depreciation, Tax and Prior period adjustments increased by 10.73% from Rs.1110.517 Million in FY 2013-14 to Rs.1229.712 Million Lacs in FY 2014-15. The lower than proportionate increase in Net Profit after Tax is primarily due to pressure on gross margins, increase in business overheads, change in product mix of formulations and active ingredients and depreciation of the Euro.

Segment information

Agrochemicals : Insecticides, Herbicides, Fungicides and Biocides

Belts : Conveyor Belts, V Belts and Timing Belts

Others : Dyes and Dye Intermediates and General Chemicals

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10324025	12/12/2011	50,000,000.00	UNION BANK OF INDIA	OVERSEAS BRANCH, UNION BANK BHAVAN, 239, VIDHAN B  HAVAN MARG, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B28181501
2	90145411	10/07/2014 *	1,200,000,000.00	UNION BANK OF INDIA	OVERSEAS BRANCH, UNION BANK BHAVAN, 239, VIDHAN B  HAVAN MARG, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	C11144078

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2015

(Rs. In Million)

		Particulars	30.06.2015
1		Income from Operations
		Revenue Operations (Gross)	2098.444
		b) Other Operating Income	3.617
	Total Income from Operations (Net)		2102.061
2	Expenses
	a)	Cost of Materials consumed	784.982
	b)	Purchase of stock in trade	475.591
	c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	79.557
	d)	Employee benefit expenses	48.266
	d)	Professional Fees	108.640
	e)	Depreciation and amortization expense	91.354
	f)	Other expenses	147.982
	Total Expenses		1736.372
3		Profit /(Loss) from operations before other income, finance costs and exceptional items	365.689
4	Other Income		104.880
5	Profit /(Loss) from ordinary activities before finance costs and exceptional items		470.569
6	Finance Costs		0.045
7	Profit /(Loss) from ordinary activities after finance costs but before exceptional items		470.524
8	Exceptional Items		0.000
9	Profit /(Loss) from ordinary activities before tax		470.524
10	Tax Expense		166.339
11	Net Profit /(Loss) from ordinary activities after tax		304.185
12	Paid up equity share capital (Eq. shares of Rs.10/- each)		902.205
13	Reserve excluding revaluation reserves
14		Earnings per share
		Basic and Dilluted earning per share (Not annualized)	3.37
		Face value per share	10.00
A		PARTICULARS OF SHAREHOLDING
1		Public Shareholding
		- No. of Shares	22555124
		- Percentage of Shareholding	25.00%
2		Promoters and promoter group shareholding
		a) Pledged/Encumbered
		- Number of shares	--
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	--
		- Percentage of shares (as a % of the total share capital of the Company)	--
		b) Non- encumbered
		- Number of shares	67665371
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	100.00%
		- Percentage of shares (as a % of the total share capital of the Company)	75.00%

Particulars	Quarter Ended 30.06.2015
Pending at the beginning of the quarter	Nil
Received during the quarter	Nil
Disposed of during the quarter	Nil
Remaining unresolved at the end of the quarter	Nil

Note :

The above Standalone Unaudited Financial results were reviewed by the Audit Committee and thereafter approved at the meeting of the Board of Directors held on 5^th August 2015. The Statutory Auditors have carried out a limited review of the standalone financial results of the Company as required under Clause 41 of the Listing Agreement.

One of the segment of the Company is “Agrochemicals”, which is seasonal in nature and is impacted by cropping pattern and wheather conditions across the globe. Accordingly quarterly figures are not representative of the full year’s performance.

During the quarter, the Company finalized data compensation costs payable in respect of certain product registrations, resulting in a change of these costs as originally estimated. As the amortization period for these registrations had expired and the cost originally estimated stands fully amortized, the net increase aggregating Rs.25.309 Million is recognized as an amortization expenses for the quarter. This crystallization has also resulted in foreign exchange gain of Rs.11.761 Million included in other income of the quarter.

The figures for the quarter ended March 31, 2015 are the balancing figures between the audited figures in respect of the full financial year and the year-to-date figures upto the nine month period ended December 31, 2014, of which figures from July 01, 2014 were subject to limited review by the auditors.

Other income / expenses include net exchange (gain) / loss on account of foreign exchange on exports, imports and others. Such (gain) for the quarter ended June 30, 2015 is Rs.(72.455) Million (included in Other income) and loss for the quarter ended March 31, 2015 and June 30, 2014 is Rs.25.957 Million and Rs.513.700 Million, respectively and loss for the year ended March 31, 2015 is Rs.132.339 Million (included in Other expenses).

SEGMENT-WISE REVENUE, RESULT AND CAPITAL EMPLOYED

(Rs. In Million)

Sr. No.	Particular	Quarter ended
		30.06.2015
		(Unaudited)
1.	Segment Revenue
	Agrochemicals	2095.762
	b. Belts	2.682
	Other	0.000
	Net Sales / Income from Operations	2098.444
2.	Segment Result
	Agrochemicals	459.303
	b. Belts	(1.031)
	Other	0.000
	Total	458.272
	Less: i) Finance Cost	(0.045)
	ii) Other un-allocable expenditure	(2.659)
	iii) Prior Period Expenses	0.000
	iv) Other un-allocable income	14.956
	Total Profit/(Loss) before tax	470.524
3.	Capital Employed
	Agrochemicals	3871.744
	b. Belts	(7.204)
	Other	0.000
	un-allocable	2309.128
	Total	6173.668

Notes: The activities of the company are dividend into three business segments viz. agrochemicals, Belts and others (representative Dyes and Dye Intermediates and General Chemicals.) these segments from the basis for management control and therefore the basis for monitoring.

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Corporate guarantee given to Company's bank for issuing standby letter of credit in respect of loan taken by M/s. Sharda International DMCC, a wholly owned subsidiary of the Company	0.000	480.600
Bank's letter of guarantee	-	0.886
Letter of credit	380.405	220.683
Income tax matter (AY 2008-09)	-	2.126
Service tax matter	78.514	78.514

Note: Future cashflows in respect of the Service tax matter, if any, is determinable only on receipt of judgement/decision pending with relevant authorities. The Company does not expect the outcome of the matter stated above to have a material adverse effect on the Company’s financial conditions, result of operations or cashflows.

FIXED ASSETS

• Office equipments
• Furniture and fixtures
• Motor cars
• Computers
• 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 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.66.38
UK Pound	1	Rs.102.59
Euro	1	Rs.74.89

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KAR
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		74

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.