MIRA INFORM REPORT

Report No. :	504603
Report Date :	18.04.2018

IDENTIFICATION DETAILS

Name :	SHARDA CROPCHEM LIMITED (w.e.f. 18.09.2013)
Formerly Known As :	SHARDA CROPCHEM PRIVATE LIMITED (w.e.f. 06.09.2013) SHARDA WORLDWIDE EXPORTS PRIVATE LIMITED
Registered Office :	2nd Floor, Prime Business Park, Dashratlal Joshi Road, Vile Parle West, Mumbai – 400056, Maharashtra
Tel. No.:	91-22-66782800
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	12.03.2004
Com. Reg. No.:	11-145007
Capital Investment / Paid-up Capital :	INR 902.205 Million
CIN No.: [Company Identification No.]	L51909MH2004PLC145007
IEC No.: [Import-Export Code No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	27AAICS0137P1ZZ
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 export of agrochemicals (technical grade and formulations) and non-agro products such as conveyor belts, rubber belts/sheets, dyes and dye intermediates. [Registered Activity]
No. of Employees :	139 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A++

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 2004 and it is having excellent track records. For the financial year 2017, the company has increased its operational performance as compared to previous year and maintained decent profit margin of 16.71%. The ratings draw comfort from the sound financial risk profile marked by healthy networth base along with fair liquidity position. Rating continues to reflect its strong market position driven by increasing product registrations and a greater presence in regulated markets. These rating strengths are partially offset by regulatory changes inherent in the agrochemical industry. Trade relations are fair. Payment terms are reported to be regular and as per commitments. 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	27.10.2017

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 18.04.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

Management Non Co-Operative (91-22-66782800)

LOCATIONS

Registered Office / Corporate Office :	2nd Floor, Prime Business Park, Dashratlal Joshi Road, Vile Parle West, Mumbai – 400056, Maharashtra, India
Tel. No.:	91-22-66782800
Fax No.:	91-22-66782828/ 6678/ 2808
E-Mail :	finance@shardaintl.com co.sec@shardaintl.com export@shardaintl.com sales@shardaintl.com
Website :	http://www.shardacropchem.com

DIRECTORS

AS ON 31.03.2017

Name :	Mr. Ramprakash Vilasrai Bubna
Designation :	Chairman and Managing Director
Address :	501, Pleasant Park, 5^th Floor, 24^th Road, Bandra (West), Mumbai – 400 050, Maharashtra, India
Date of Birth/Age :	20.07.1946
Qualification :	B. Tech., Chemical Engineering
Date of Appointment :	12.03.2004
PAN No.:	AACPB6260D
DIN No.:	00136568
Name :	Mrs. Sharda Ramprakash Bubna
Designation :	Director
Address :	501, Pleasant Park, 5^th Floor, 24^th Road, Bandra (West), Mumbai – 400 050, Maharashtra, India
Date of Birth/Age :	04.05.1953
Date of Appointment :	12.03.2004
PAN No.:	AACPB5921B
DIN No.:	00136760
Name :	Mr. Manish Ramprakash Bubna
Designation :	Wholetime Director
Address :	501, Pleasant Park, 5^th Floor, 24^th Road, Bandra (West), Mumbai – 400 050, Maharashtra, India
Date of Birth/Age :	30.06.1974
Qualification :	B. Tech., Chemical Engineering
Date of Appointment :	01.01.2014
PAN No.:	AAAPB9774C
DIN No.:	00137394
Name :	Mr. Ashish Ramprakash Bubna
Designation :	Wholetime Director
Address :	501, Pleasant Park, 5^th Floor, 24^th Road, Bandra (West), Mumbai – 400 050, Maharashtra, India
Date of Birth/Age :	09.10.1972
Qualification :	B. Com
Date of Appointment :	01.01.2014
DIN No.:	00945147
Name :	Mr. Shitin Dayalji Desai
Designation :	Director
Address :	Glen Ridge 16, Ridge Road Mumbai - 400006, Maharashtra, India
Date of Birth/Age :	20.03.1947
Date of Appointment :	16.12.2013
DIN No.:	00009905
Name :	Shobhan Madhukant Thakore
Designation :	Director
Address :	Flat No. B-114, Floor 11, Plot 696b Somerset House, 61-G, Off Bhulabhai Desai Road, Mumbai -400026, Maharashtra, India
Date of Birth/Age :	03.07.1947
Date of Appointment :	16.12.2013
DIN No.:	00031788
Name :	Mr. Swaminathan Sundararajan Mittur
Designation :	Director
Address :	Ashwarooda, Flat No.11, 2nd Floor, Building No.248, Ambujammal Street, T.T.K. Salai, Alwarpet Chennai – 600018, Tamilnadu, India
Date of Appointment :	26.07.2011
DIN No.:	00169775
Name :	Perumal Ramamurthy Srinivasan
Designation :	Director
Address :	25A, Belvedere Court, Sane Gurujimarg, Mahalaxmi, Mumbai - 400011, Maharashtra, India
Date of Birth/Age :	01.06.1965
Date of Appointment :	16.12.2013
DIN No.:	00365025
Name :	Mrs. Urvashi Saxena
Designation :	Director
Address :	2602, 26th Floor, Light Bridge Gladys Alwares Road, Hiranandani Meadow, Thane West - 400610, Maharashtra, India
Date of Birth/Age :	14.06.1945
Date of Appointment :	26.07.2011
DIN No.:	02021303

KEY EXECUTIVES

Name :	Ms. Jetkin Navinchandra Gudhka
Designation :	Company Secretary
Address :	E-2, Juhu Apartment, Juhu Road, Santacruz (West) Mumbai - 400049, Maharashtra, India
Date of Birth/Age :	13.07.1987
Date of Appointment :	23.02.2011
PAN No.:	ALEPG6017E
Name :	Conrad David Fernandes
Designation :	Chief Finance Officer
Address :	Flat No. 6, Little Flower No. 7, 28th Road, Bandra (West), Mumbai - 400050, Maharashtra, India
Date of Appointment :	25.01.2016
PAN No.:	AAAPF7147F

SHAREHOLDING PATTERN

AS ON 31.03.2018

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Promoter & Promoter Group	67465371	74.78
(B) Public	22755124	25.22
Grand Total	90220495	100.00

Statement showing shareholding pattern of the Promoter and Promoter Group

Category of Shareholder	No. of Shares	Percentage of Holding
A1) Indian		0.00
Individuals/Hindu undivided Family	67465371	74.78
Ramprakash V. Bubna	14052686	15.58
Sharda R. Bubna	14052685	15.58
Ashish R. Bubna	15180000	16.83
Manish R. Bubna	15180000	16.83
Seema A. Bubna	4500000	4.99
Anisha R. Bubna	4500000	4.99
Sub Total A1	67465371	74.78
A2) Foreign		0.00
A=A1+A2	67465371	74.78

Statement showing shareholding pattern of the Public shareholder

Category of Shareholder	No. of Shares	Percentage of Holding
B1) Institutions		0.00
Mutual Funds/	11624837	12.88
DSP BLACKROCK EQUITY & BOND FUND	5884245	6.52
HDFC TRUSTEE COMPANY LTD HDFC MF MONTHLY INCOME PLAN LONG TERM PLAN	5525096	6.12
Foreign Portfolio Investors	7105757	7.88
PINEBRIDGE GLOBAL FUNDS - PINEBRIDGE INDIA EQUITY FUND	1626675	1.80
GOLDMAN SACHS INDIA LIMITED	1658480	1.84
PINEBRIDGE INVESTMENTS GF MAURITIUS LIMITED	2238355	2.48
Financial Institutions/ Banks	6232	0.01
Sub Total B1	18736826	20.77
B2) Central Government/ State Government(s)/ President of India		0.00
B3) Non-Institutions		0.00
Individual share capital upto INR 0.200 Million	2550769	2.83
Individual share capital in excess of INR 0.200 Million	310541	0.34
NBFCs registered with RBI	253013	0.28
Any Other (specify)	903975	1.00
Trusts	300	0.00
Non-Resident Indian (NRI)	150419	0.17
Clearing Members	311635	0.35
Bodies Corporate	441621	0.49
Sub Total B3	4018298	4.45
B=B1+B2+B3	22755124	25.22

BUSINESS DETAILS

Line of Business :

Subject is engaged in export of agrochemicals (technical grade and formulations) and non-agro products such as conveyor belts rubber belts/sheets dyes and dye intermediates. [Registered Activity]

Products / Services :

Name and Description of main products / services	NIC Code
Agrochemicals	46692
Conveyor Belts V Belts and Timing Belts	40101910
Dye and Dye Intermediates and General Chemicals	32041490
Insecticides Hebicides and Fungicides	38249090

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

139 (Approximately)

Bankers :

Banker Name :	Union Bank of India
Branch :	Overseas Branch Union Bank Bhavan Ground Floor 239 Vidhan Bhavan Marg Nariman Point Mumbai - 400021 Maharashtra India
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
SHORT TERM BORROWINGS
Buyer’s credit (Secured) *	0.000	17.462
Total	0.000	17.462
Note: *Buyer’s credit was secured against hypothecation of stocks meant for exports and book debts. Buyer’s credit is further secured by personal guarantees of four directors of the Company and by a lien on fixed deposits. Buyer’s credit carries interest @ LIBOR plus 100 basis points p.a.

Auditors :
Name :	S R B C and Company LLP Chartered Accountants
Address :	14^th Floor The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai – 400028 Maharashtra India
Tel. No.:	91-22-61920000
Fax No.:	91-22-61921000
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries:	Axis Crop Science Private Limited India Nihon Agro Service Kabushiki Kaisha Japan Sharda Balkan Agrochemicals Limited Greece Sharda Costa Rica SA Costa Rica Sharda Poland SP. ZO.O. Poland Sharda Cropchem Espana S.L. Spain Sharda De Guatemala S.A. Guatemala Sharda Del Ecuador CIA. Ltda. Ecuador Sharda Do Brasil Comercio De Produtos Quimicos E Agroqumicos LTDA Brazil Sharda Hellas Agrochemicals Limited Greece Sharda Hungary Kft Hungary Sharda International DMCC Dubai Sharda Cropchem Israel Limited Israel Sharda Italia SRL Italy Sharda Peru SAC Peru Sharda Polska SP. ZO.O. Poland Shardaserb DO.O. Serbia Sharda Spain S.L. Spain Sharda Swiss SARL Switzerland Sharda Taiwan Limited Taiwan Sharda Ukraine LLC Ukraine Sharda Cropchem Tunisia SARL Tunisia Shardarus LLC ( till 02.12.2015) Russia Shardacan Limited Canada Sharda USA LLC USA Sharda Chile SpA Chile Sharzam Limited Zambia Sharda Agrochem Dooel Skopje Macedonia Sharda Dominicana S.R.L. Dominican Republic Sharda EL Salvador S.A. DE CV El Salvador Siddhivinayak International Limited Dubai Sharda Bolivia SRL Bolivia Sharda Colombia S.A.S. Colombia Sharda De Mexico S. De RL DE CV Mexico Sharda Europe BVBA Dilbeek Sharda International Africa (Pty) Limited Africa Sharda Malaysia SDN. BHD. Malaysia Sharda Uruguay S.A. Urguary Sharpar S.A. Colombia Sharda Benelux BVBA Dilbeek Euroazijski Pesticidi D.O.O. Croatia
Enterprises owned or significantly influenced by key management personnel or their relatives:	Jankidevi Bilasrai Bubna Trust
Associate:	Sharda Private (Thailand) Limited

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
105000000	Equity Shares	INR 10/- each	INR 1050.000 Million

Issued Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90220495	Equity Shares	INR 10/- each	INR 902.205 Million

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

Equity Shares	Number of Shares	Amount
At the beginning of the year	90220495	902.205
Outstanding at the end of the year	90220495	902.205

Terms/rights attached to equity shares

The Company has one class of equity shares having a par value of INR 10 each. Each shareholder is eligible for dividend and one vote per share held. The dividend proposed by the Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting.

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.

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

Name of Shareholder	Number of Shares
Equity shares allotted as fully paid bonus shares by capitalisation of securities premium during FY 2011-12	72176396

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

Equity Shares	Number of Shares	% holding in the class
Mr. Ramprakash V. Bubna	14052686	15.58%
Mrs. Sharda R. Bubna	14052685	15.58%
Mr. Ashish R. Bubna*	15180000	16.83%
Mr. Manish R. Bubna**	15180000	16.83%
DSP Blackrock Mutual Fund	6051565	6.71%

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	902.205	902.205	902.205
(b) Reserves & Surplus	7996.150	6469.815	4967.279
(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)	8898.355	7372.020	5869.484
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	673.319	419.238	215.911
(c) Other long term liabilities	5.524	9.005	0.000
(d) long-term provisions	9.342	7.248	4.316
Total Non-current Liabilities (3)	688.185	435.491	220.227
(4) Current Liabilities
(a) Short term borrowings	0.000	17.462	378.253
(b) Trade payables	5237.189	3944.689	0.000
(c) Other current liabilities	427.399	139.744	2470.521
(d) Short-term provisions	4.715	3.790	290.219
Total Current Liabilities (4)	5669.303	4105.685	3138.993
TOTAL	15255.843	11913.196	9228.704
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.224	7.963	8.298
(ii) Intangible Assets	2085.017	1283.662	864.339
(iii) Capital work-in-progress	13.281	0.000	0.000
(iv) Intangible assets under development	2310.741	2098.227	1487.496
(b) Non-current Investments	14.531	13.698	103.057
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	137.719	198.225	364.694
(e) Other Non-current assets	458.338	417.117	0.000
Total Non-Current Assets	5024.851	4018.892	2827.884
(2) Current assets
(a) Current investments	606.832	901.763	858.763
(b) Inventories	2556.219	1293.126	1120.884
(c) Trade receivables	6055.370	5122.201	3470.519
(d) Cash and cash equivalents	846.209	533.212	665.169
(e) Short-term loans and advances	0.575	0.653	279.564
(f) Other current assets	165.787	43.349	5.921
Total Current Assets	10230.992	7894.304	6400.820
TOTAL	15255.843	11913.196	9228.704

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	11292.070	9344.704
	Other Income	555.224	631.190
	TOTAL	11847.294	9975.894
Less	EXPENSES
	Cost of Materials Consumed	4283.707	3155.166
	Purchases of Stock-in-Trade	2753.026	2801.099
	Changes in inventories of finished goods work-in-progress and Stock-in-Trade	(38.135)	(223.271)
	Employees benefits expense	225.420	204.337
	Other expenses	1361.686	1122.361
	TOTAL	8585.704	7059.692
	PROFIT/ (LOSS) BEFORE INTEREST TAX DEPRECIATION AND AMORTISATION	3261.590	2916.202
Less	FINANCIAL EXPENSES	0.404	5.416
	PROFIT / (LOSS) BEFORE TAX DEPRECIATION AND AMORTISATION	3261.186	2910.786
Less/ Add	DEPRECIATION/ AMORTISATION	561.415	349.355
	PROFIT/ (LOSS) BEFORE TAX	2699.771	2561.431
Less	TAX	812.314	839.822
	PROFIT/ (LOSS) AFTER TAX	1887.457	1721.609
	EARNINGS IN FOREIGN CURRENCY
	Export of goods on F.O.B. basis	NA	9585.900
	Share of income from task-force	NA	3.787
	Interest received from subsidiaries/customers	NA	1.539
	Dividend from subsidiary company	NA	351.272
	TOTAL EARNINGS	NA	9942.498
	IMPORTS
	Traded goods	NA	2985.437
	Raw materials	NA	2652.990
	TOTAL IMPORTS	NA	5638.427
	Earnings / (Loss) Per Share (INR)	20.92	19.08

	PARTICULARS		31.03.2015
	SALES
		Income	7693.165
		Other Income	276.930
		TOTAL	7970.095
Less	EXPENSES
		Cost of materials consumed	2220.139
		Purchase of traded goods	2602.920
		(Increase)/decrease in inventories of traded and finished goods	(9.949)
		Employee benefit expenses	171.297
		Other expenses	1246.790
		TOTAL	6231.197
	PROFIT/ (LOSS) BEFORE INTEREST TAX DEPRECIATION AND AMORTISATION		1738.898
Less	FINANCIAL EXPENSES		5.009
	PROFIT/ (LOSS) BEFORE TAX DEPRECIATION AND AMORTISATION		1733.889
Less/ Add	DEPRECIATION/ AMORTISATION		232.015
	PROFIT/ (LOSS) BEFORE TAX AND PRIOR PERIOD ADJUSTMENTS		1501.874
Less	TAX		520.146
	PROFIT AFTER TAX AND BEFORE PRIOR PERIOD ADJUSTMENTS		981.728
	PRIOR PERIOD ADJUSTMENTS (NET OF TAX)		4.248
	PROFIT FOR THE YEAR		977.480
	EARNINGS IN FOREIGN CURRENCY
		Export of goods on F.O.B. basis	7664.648
		Share of income from task-force	8.986
		Interest received from subsidiaries/customers	16.920
	TOTAL EARNINGS		7690.554
	IMPORTS
		Traded goods	2587.360
		Raw materials	2672.610
	TOTAL IMPORTS		5259.970
	Earnings/ (Loss) Per Share (INR)		10.83

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	1609.212	2084.288	780.914
Net cash flow from operating activities	1230.642	1415.362	142.382

QUARTERLY RESULTS

Particulars	30.06.2017 (Unaudited)	30.09.2017 (Unaudited)	31.12.2017 (Unaudited)
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net sales	2729.950	2215.680	2694.790
Total Expenditure	2200.610	1836.140	2249.440
PBIDT (Excluding Other Income)	529.340	379.540	445.350
Other income	118.860	9.980	240.340
Operating Profit	648.200	389.520	685.690
Interest	0.120	0.680	1.550
Exceptional Items	NA	NA	NA
PBDT	648.080	388.840	684.150
Depreciation	154.360	175.500	183.000
Profit Before Tax	493.720	213.350	501.150
Tax	160.280	70.440	148.850
Provisions and contingencies	NA	NA	NA
Profit after tax	333.440	142.910	352.300
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	333.440	142.910	352.300

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	195.73	200.07	164.66
Account Receivables Turnover (Income / Sundry Debtors)	1.86	1.82	2.22
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	271.66	241.73	0.00
Inventory Turnover (Operating Income / Inventories)	1.28	2.26	1.55
Asset Turnover (Operating Income / Net Fixed Assets)	0.74	0.86	0.74

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.37	0.34	0.34
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.06
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.64	0.56	0.53
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.50	0.46	0.40
Interest Coverage Ratio (PBIT / Financial Charges)	8073.24	538.44	347.15

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	16.71	18.42	12.71
Return on Total Assets ((PAT / Total Assets) * 100)	%	12.37	14.45	10.59
Return on Investment (ROI) ((PAT / Networth) * 100)	%	21.21	23.35	16.65

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.80	1.92	2.04
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.35	1.61	1.68
G-Score Ratio Financial (Networth / Total Assets)	0.58	0.62	0.64
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.02	0.42
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.80	1.92	2.04

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 10/-
Market Value	INR 402/-

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	902.205	902.205	902.205
Reserves & Surplus	4967.279	6469.815	7996.150
Share Application money pending allotment	0.000	0.000	0.000
Net worth	5869.484	7372.020	8898.355
Long-Term Borrowings	0.000	0.000	0.000
Short Term Borrowings	378.253	17.462	0.000
Total borrowings	378.253	17.462	0.000
Debt/Equity ratio	0.064	0.002	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	7693.165	9344.704	11292.070
		21.468	20.839

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	7693.165	9344.704	11292.070
Profit	977.480	1721.609	1887.457
	12.71%	18.42%	16.71%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	902.205	902.205
(b) Reserves & Surplus	8696.171	7152.285
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Non-controlling interests	0.197	0.939
Total Shareholders’ Funds (1) + (2)	9598.573	8055.429
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	807.317	548.390
(c) Other long term liabilities	5.524	9.005
(d) long-term provisions	11.622	9.262
Total Non-current Liabilities (3)	824.463	566.657
(4) Current Liabilities
(a) Short term borrowings	2.411	19.998
(b) Trade payables	4574.271	3837.320
(c) Other current liabilities	1491.542	830.356
(d) Short-term provisions	5.025	3.983
Total Current Liabilities (4)	6073.249	4691.657
TOTAL	16496.285	13313.743
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.562	14.162
(ii) Intangible Assets	2085.031	1283.761
(iii) Capital work-in-progress	13.281	0.000
(iv) Intangible assets under development	2310.741	2098.468
Goodwill	3.948	4.036
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	33.773	21.615
(d) Long-term Loan and Advances	0.000	0.506
(e) Other Non-current assets	503.565	465.468
Total Non-Current Assets	4959.901	3888.016
(2) Current assets
(a) Current investments	606.832	901.763
(b) Inventories	2877.709	1598.354
(c) Trade receivables	6725.600	6199.786
(d) Cash and cash equivalents	1079.564	648.741
(e) Short-term loans and advances	0.575	0.601
(f) Other current assets	246.104	76.482
Total Current Assets	11536.384	9425.727
TOTAL	16496.285	13313.743

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	13992.268	12221.155
	Other Income	156.848	254.530
	TOTAL	14149.116	12475.685
Less	EXPENSES
	Cost of Materials Consumed	4283.707	3155.694
	Purchases of Stock-in-Trade	4744.383	4940.851
	Changes in inventories of finished goods work-in-progress and Stock-in-Trade	(54.397)	(254.094)
	Employees benefits expense	288.767	272.960
	Other expenses	1606.071	1391.378
	TOTAL	10868.531	9506.789
	PROFIT/ (LOSS) BEFORE INTEREST TAX DEPRECIATION AND AMORTISATION	3280.585	2968.896
Less	FINANCIAL EXPENSES	0.477	5.518
	PROFIT / (LOSS) BEFORE TAX DEPRECIATION AND AMORTISATION	3280.108	2963.378
Less/ Add	DEPRECIATION/ AMORTISATION	562.590	350.532
	PROFIT/ (LOSS) BEFORE TAX	2717.518	2612.846
Less	TAX	813.874	860.885
	PROFIT/ (LOSS) AFTER TAX	1903.644	1751.961
	Other Comprehensive Income
	Items that will not be reclassified to the statement of profit or loss
	Remeasurement of the defined employee benefit liability/assets	0.155	(2.097)
	Income tax relating to items that will not be reclassified to profit or loss	0.271	0.715
	Items that will be reclassified to the statement of profit or loss
	Exchange differences on translation of financial statement of foreign operations	(0.043)	68.468
	Total comprehensive income for the year net of tax	0.383	67.086
	Total comprehensive income for the year	1904.027	1819.047
	Earnings / (Loss) Per Share (INR)	21.11	19.41

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	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)	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

CORPORATE INFORMATION

Subject is a public limited company incorporated in India under the provisions of the Companies Act applicable in India. Its shares are listed on two recognised stock exchanges in India. The Company is principally engaged in export of agrochemicals (technical grade and formulations) and non-agro products such as conveyor belts rubber belts/sheets dyes and dye intermediates to various countries across the world. The registered office of the Company is located at Domnic Holm 29th Road Bandra (West) Mumbai 400050. The financial statements were authorised for issue in accordance with a resolution passed at the meeting of the Board of Directors held on May 22 2017.

OPERATIONAL PERFORMANCE AND FUTURE OUTLOOK:

The Company achieved an all time performance high in terms of both operating revenues and net profit. The Company’s consolidated revenue from operations increased by 14.5% to INR 13992.268 Million in FY 2017. This was possible on account of growth across regions led by strong growth in the NAFTA and RoW regions. The Company received 409 new registrations during the year of which 191 are in the European Union region.

Gross margins and EBITDA margins (excluding foreign exchange impact) were stable at 35.9% and 22.3% respectively inspite of tough market conditions. Depreciation and amortisation expense was higher due to capitalisation of new registrations. Tight control over fixed operating and non-operating expenses enabled achieve PAT growth of 8.7%.

The Company shall continue to focus on investment in product registrations in developed countries and high growth agricultural driven economies. The Company strongly believes that the future of agrochemicals business is in obtaining early product registrations due to the high entry barrier for new entrants.

MANAGEMENT DISCUSSION AND ANALYSIS

GLOBAL ECONOMY OVERVIEW

The Global economy grew at 3.1% in 2016 with expectations to recover to 3.4% in 2017. It continues to face subdued growth owing to low commodity prices and low inflation rates stagnant growth in advanced economies and geo-political and political uncertainties.

Although the market reaction to the Brexit shock was reassuringly orderly the ultimate impact remains very unclear as the fate of institutional and trade arrangements between the United Kingdom and the European Union remains uncertain. Financial market sentiment toward emerging market economies has improved with expectations of lower interest rates in advanced economies reduced concern about China’s near-term prospects following policy support to growth and some firming of commodity prices.

But prospects differ sharply across countries and regions with emerging Asia in general and India in particular showing growth and sub-Saharan Africa experiencing a sharp low down. In advanced economies a subdued outlook subject to sizable uncertainty and downside risks may fuel further political discontent as anti-integration policy platforms are gaining more traction. Several emerging markets and developing economies still face daunting policy challenges in adjusting to weaker commodity prices. These worrisome prospects make the need for a broad-based policy response to raise growth and manage vulnerabilities more than ever.

Agrochemicals Industry

The Global population is expected to cross 9 bn by 2050 and this rising population will create increase in food demand. To meet the food and nutrition needs of a growing population requires a sustainable approach that puts thrust on increasing productivity against the background of lower yields and decreasing farm sizes. It further requires a push from all stakeholders – the farmer the government and the agrochemical industry collectively so that the growing needs of the nation are met. Approximately 25% of the global crop output is lost due to attacks by pests weeds and diseases which is a major set back for the farming sector. Given this scenario the agrochemical industry has an increasing role to play.

Agrochemicals can play a major role in enhancing productivity and crop protection post-harvest. The role of crop protection chemicals is not limited to protection of pests and diseases that threaten the food supply; they help in yield enhancement as well. Use of crop protection chemicals can increase crop productivity by 25-50% by mitigating crop loss due to pest attacks. Broadly agrochemicals are classified into insecticides fungicides herbicides and other pesticides. Insecticides are used to limit insects below a certain level thereby improving crop yields by preventing damage such as plant defoliation and boring of parts of the plant. Fungicides are agrochemicals that control fungal diseases by either inhibiting or killing the causative fungi thereby improves productivity reduces blemishes on crop and improves storage life and quality of harvested crop. Herbicides are the agrochemicals used to kill unwanted plants. Biopesticides is an emerging category and is currently is a small proportion of the market but has a huge growth potential considering its non-toxic nature.

Global economies have understood that there is urgent need of improving agricultural productivity which is driving significant research efforts across the various aspects including crop protection chemicals. Every year Global agrochemicals players spend a sizable proportion of their revenue towards development of novel crop protection molecules. At the same time generic and off patent proprietary agrochemicals also constitute a significant part of the market.

BUSINESS OVERVIEW

Sharda Cropchem Limited is a fast growing global agrochemicals company with an asset light business model. Sharda Cropchem is engaged in the marketing and distribution of a wide range of formulations and generic active ingredients globally. The geography from where the Company’s major revenues comes from are highly developed European countries and US markets. Over the years it has also gained significant presence in other regulated markets such as LATAM and Rest of the World. The Company operates within two business verticals namely agrochemicals business and nonagrochemicals business.

CONTINGENT LIABILITIES

PARTICULARS	31.03.2017 INR In Million	31.03.2016 INR In Million
Letters of credit	603.299	302.028
Service tax matter	78.514	78.514
Total	681.813	380.542
Note: Future cash flows in respect of Service tax matter if any is determinable only on receipt of the 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 condition result of operations or cash flows.

STATEMENT OF UN-AUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2017

(INR IN MILLION)

Particulars	Quarter Ended		Nine months ended
	31.12.2017	30.09.2017	31.12.2017
	Unaudited	Unaudited	Unaudited
Income
Revenue Income from Operations	2694.790	2215.681	7640.419
Other Income	240.344	9.982	369.184
Total Income from Operations	2935.134	225.663	8009.603
Expenses
Cost of materials consumed	1048.093	812.777	3150.609
Purchase of stock in trade	1640.266	695.209	3858.524
Changes in inventories of finished goods work-in-progress and traded goods	(889.749)	(73.365)	(1959.845)
Employee benefits expense	60.250	50.079	166.238
Finance Costs	1.551	0679	2.351
Depreciation and amortisation expense	182.999	175.500	512.855
Other expenses	390.576	351.436	1070.650
Total Expenses	2433.986	2012.314	6801.382
Profit before tax	501.148	213.349	1208.221
Tax expense
Current tax	161.523	84.256	388.564
Deferred tax	(12.670)	(13.819)	(8.994)
Total tax expenses	148.853	70.437	379.570
Net profit for the period	352.295	142.912	828.651
Other comprehensive Income
Items that will not be reclassified to profit or loss	1.246	(0.117)	0.163
Income tax relating to items that will not be reclassified to profit or loss	(0.405)	0.400	(0.052)
Total comprehensive income	0.841	(0.077)	0.111
Total comprehensive income for the period	353.136	142.835	828.762
Paid - up Equity Share Capital (Face value of INR 10/- per share)	902.205	902.205	902.205
Earnings Per Share (EPS)
Basic and diluted EPS	3.90	1.58	9.18

NOTE:

1) The aforesaid unaudited standalone financial results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on January 25, 2018. The statutory auditors have carried out a limited review of these results.

2) One of the segments of the Company, viz "Agrochemicals" is seasonal in nature and is impacted by cropping pattern and weather conditions across the globe. Accordingly, quarterly figures are not representative of the other quarters and full year's performance.

3) Other income / other expenses include the following:

Particulars	Quarter Ended		Nine months ended
	31.12.2017	30.09.2017	31.12.2017
	Unaudited	Unaudited	Unaudited
Foreign exchange (gain)/ loss included in other income	(41.691)	0.829	(136.138)
Foreign exchange (gain)/ loss included in other expenses	--	--	--

STANDALONE SEGMENT-WISE REVENUE RESULTS ASSETS LIABILITIES AND CAPITAL EMPLOYED

Particular	Quarter Ended		Nine months ended
	31.12.2017	30.09.2017	31.12.2017
	Unaudited	Unaudited	Unaudited
Segment Revenue
Agrochemicals	2688.035	2197.467	7611.428
b. Belts	6.755	18.214	28.991
Net Sales / Income from Operations	2694.790	2215.681	7640.419
Segment Result
Agrochemicals	309.698	229.631	1013.580
b. Belts	(1.484)	1.303	(1.403)
Total	308.214	230.934	1012.177
Less: i) Finance Cost	(1.529)	(0.679)	(2.326)
ii) un-allocable expenditure	(4.190)	(27.716)	(34.673)
iv) un-allocable income	198.653	10.810	233.046
Total Profit/(Loss) before tax	501.148	213.349	1208.221
Segment Assets
Agrochemicals	15551.466	12770.612	15551.466
b. Belts	1.633	0.490	1.633
un-allocable	1500.555	1749.653	1500.555
Total	17053.654	14520.755	17053.654
Segment Liabilities
Agrochemicals	6593.782	4433.263	6593.782
b. Belts	6.555	10.992	6.555
un-allocable	906.641	702.519	906.641
Total	7506.978	5146.774	7506.978
Net Capital Employed	9546.676	9373.981	9546.676

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G82386632	100165286	UNION BANK OF INDIA	08/03/2018	-	-	500000000.0	OVERSEAS BRANCH,UNION BANK BHAVAN,GROUND FLOOR,239,VIDHAN BHAVAN MARG,NARIMAN POINT,MUMBAIMH400021IN
2	B28181501	10324025	UNION BANK OF INDIA	12/12/2011	-	-	50000000.0	OVERSEAS BRANCH, UNION BANK BHAVAN239, VIDHAN BHAVAN MARG, NARIMAN POINTMUMBAIMH400021IN
3	G50188986	90145411	UNION BANK OF INDIA	21/09/2004	14/07/2017	-	2291000000.0	OVERSEAS BRANCH,UNION BANK BHAVAN,GROUND FLOOR,239,VIDHAN BHAVAN MARG,NARIMAN POINT,MUMBAIMH400021IN
4	B11914728	10110139	STANDARD CHARTERED BANK	19/06/2008	-	06/05/2011	257400000.0	90, M G ROAD,FORTMUMBAIMH400001IN

FIXED ASSETS:

Tangible Assets

• Office equipments
• Furniture and fixtures
• Motor cars
• Computers

Intangible Assets

• Computer Software
• Product Registration

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	INR
US Dollar	1	INR 65.61
UK Pound	1	INR 94.21
Euro	1	INR 81.32

INFORMATION DETAILS

Information Gathered by :	AKY
Analysis Done by :	PSD
Report Prepared by :	KVT

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.