MIRA INFORM REPORT

Report No. :	510071
Report Date :	23.05.2018

IDENTIFICATION DETAILS

Name :	UPL LIMITED (w.e.f 23.10.2013)
Formerly Known As :	UNITED PHOSPHOROUS LIMITED
Registered Office :	3 -11, G.I.D.C., Vapi, District Valsad - 396195, Gujarat
Tel. No.:	91-260-2400717/ 2401945
Country :	India
Financials (as on) :	31.03.2018
Date of Incorporation :	02.01.1985
Com. Reg. No.:	04-025132
Capital Investment / Paid-up Capital :	INR 1020.000 Million
CIN No.: [Company Identification No.]	L24219GJ1985PLC025132
IEC No.: [Import-Export Code No.]	0394016378
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCS1698G
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The business of the Company is divided into two business segments. The business of each segment comprises of: Agro activity – This is the main area of the Company’s operation and includes the manufacture and marketing of conventional agrochemical products, seeds and other agricultural related products. Non-agro activity – Non agro activities includes manufacture and marketing of industrial chemical and other nonagricultural related products. (Registered Activity)
No. of Employees :	3439 (Approximately) (There is an increase in the number of employees over past years and current number employees are 3439) - (As per annual report 2017)

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+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 227685700
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject was incorporated in the year 1985. The company is engaged in manufacturing and marketing of crop protection products, intermediates, specialty chemicals and other industrial chemicals. Its products include insecticides, fungicides, herbicides, fumigants, PGR (plant growth and regulators) and rodenticides. As per the financial records of 2018, the company has achieved an average growth of 1.33% in its revenue as compared to previous year’s revenue and has reported a fair profitability margin of 7.43%. Rating continues to derive strength from dominant market position of the company in the global agrochemical market supported by strong and diversified product portfolio, integrated and diversified operations across geographies. The sound financial profile of the company is reflected by its healthy solvency indicators due to low debt balance sheet profile along with above average net worth base and satisfactory liquidity position. The company has its share price trading at around INR 711.45 on BSE as on May 18, 2018 as against the Face Value (FV) of INR 2. However, rating strength partially offset by vulnerability of its operating margins to volatility in raw material prices and working capital intensive operations. Business is active. Payment seems to be regular. In view of strong financial position of the company, it 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.

ECGC Country Risk Classification List

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Loans = AA+
Rating Explanation	High degree of safety and very low credit risk
Date	17.10.2017

Rating Agency Name	CRISIL
Rating	Short Term Loans = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	17.10.2017

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 31-03-2018.

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 23.05.2018

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 DECLINED

MANAGEMENT NON-COOPERATIVE [91-260-2400717/ 2401945]

[91-260-26041111] Incorrect number

LOCATIONS

Registered Office :	3 -11, G.I.D.C., Vapi, District Valsad - 396195, Gujarat, India
Tel. No.:	91-260-2400717/ 2401945
Fax No.:	91-260-2401823
E-Mail :	thackerkm@uniphos.com
Website :	https://www.uplonline.com
Administrative Office/ Corporate Headquarters:	UPL House, 610 B/2, Bandra Village, Off Western Express Highway, Bandra (East) Mumbai - 400 051, Maharashtra, India
Tel. No.:	91-22-71528000
Fax No.:	91-22-71528886
Head Quarters :	Uniphos House, 11 CD Marg, Khar (West), Mumbai - 400 052, Maharashtra, India
E-mail :	upl@uniphos.com
Factory 1 :	Green Park Area, Block No 103/B, A/D, Gandhi Nagar, Jammu - 180004, Jammu & Kashmir, India
Tel No.:	91-191-2430671
Factory 2 :	Agrochemical Plant, Durgachak Haldia, Midnapore - 721602, West Bengal, India
Tel No.:	91-33-22486908
Factory 3 :	Plot No 750, G.I.D.C., Jhagadia, District Bharuch, Gujarat, India
Factory 4 :	Serial No.225, Village Gopipura, Via Baska Taluka, Halol City, District Panchmal - 389 350, Gujarat, India
Tel No.:	91-2676-247068/ 247052
Fax No.:	91-2676-247068
Factory 5 :	ANKLESWAR - UNIT I :- 117, G.I.D.C., Ankleshwar City - Bharuch District, 393 002, Gujarat, India Tel: 91-2646 – 251223/250336/251249/250279/250379 Fax: 91-2646 - 250297 ANKLESHWAR - UNIT II : - 3405/6, G.I.D.C., Ankleshwar City - Bharuch District,  393 002, Gujarat, India Tel: 91-2646 – 250578/250493/250563 Fax: 91-2646 - 251434 ANKLESHWAR - UNIT III : - 3101/2, G.I.D.C., Ankleshwar City - Bharuch District, 393 002, Gujarat, India Tel: 02646 - 251189,225174,224473,252684 Fax: 02646 – 250615
Factory 6 :	3-11, GIDC,  Vapi City – Valsad District, 396 195, Gujarat, India
Tel No.:	91-260-2401718, 2401719
Fax No.:	91-260-2401823
Sales Office :	V-Fortune Building, 3rd Floor, S V Road, Next to Surya Children's Hospital, Near Vijay Sales, Opposite Petrol Pump, Santacruz (West), Mumbai - 400052, Maharashtra, India
Tel. No.:	91-22-27847769/ 27811554
Fax No.:	91-79-27842399
Email :	upl@uniphos.com ib.hr@uniphos.com
Godown :	Survey No 154/B/1, Shed 2, S V Cooperative Industrial Estate, IDA Bollaram, Jinnaram, Medak - 502313, Telangana, India
Overseas Offices :	Located At : · South Africa · Zambia · China · Australia · Japan · Russia · South Korea · Vietnam · New Zealand · United Kingdom · Bangladesh · Taiwan · Hong Kong · Canada · USA · Colombia · Costa Rica · France · Italy · Netherlands · Germany · Russia · Polska · Spain · Denmark · Turkey

DIRECTORS

AS ON: 31.03.2017

Name :	Mr. Pradeep Vedprakash Goyal
Designation :	Director
Address :	171/172, 17th Floor, Kalpataru Horizon, Tower A S.K. Ahire Marg, Worli, Mumbai - 400018, Maharashtra, India
Date of Appointment :	31.01.2002
DIN No.:	00008370
Name :	Mr. Hardeep Singh
Designation :	Director
Address :	608A, The Aralias, DLF Golf Links DLF PH5 Gurugram - 122009, Haryana, India
Date of Appointment :	02.02.2015
DIN No.:	00088096
Name :	Mr. Vinod Rajindranath Sethi
Designation :	Director
Address :	New No. 2, Old No. 11, III Street, Kasthuri Estate Poes Garden, Gopalapuram, Chennai - 600086, Tamilnadu, India
Date of Appointment :	30.01.2006
DIN No.:	00106598
Name :	Mr. Rajnikant Devidas Shroff
Designation :	Whole Time Director
Address :	Kinara, Next to Milton Apartments, Juhu Tara Road, Juhu, Mumbai - 400049 Maharashtra, India
Date of Appointment :	01.10.1992
DIN No.:	00180810
Name :	Mrs. Sandra Rajnikant Shroff
Designation :	Director and Vice Chairman
Address :	202, Parishram Nargis Dutt Road, Bandra (West), Mumbai - 400050, Maharashtra, India
Date of Appointment :	01.10.1992
DIN No.:	00189012
Name :	Mr. Jaidev Rajnikant Shroff
Designation :	Director
Address :	4/B, Summer Palace, Pali Hill Nargis Dutt Road Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Appointment :	01.10.1992
DIN No.:	00191050
Name :	Mr. Vikram Rajnikant Shroff
Designation :	Director
Address :	4 B, Samir Palace, 61 B, Pali Hill, Nargis Dutt Marg Bandra, Mumbai - 400050, Maharashtra, India
Date of Appointment :	22.04.2006
DIN No.:	00191472
Name :	Mr. Arun Chandrasen Ashar
Designation :	Whole Time Director
Address :	Muktagan, 10th Floor, Sarojini Road, Santacruz (West), Mumbai - 400054, Maharashtra, India
Date of Appointment :	01.03.1993
DIN No.:	00192088
Name :	Dr. Reena Ramachandran
Designation :	Director
Address :	53-C, H-Block Saket, New Delhi - 110017, India
Date of Appointment :	21.10.2003
DIN No.:	00212371
Name :	Mr. Kalyan Mohan Banerjee
Designation :	Whole Time Director
Address :	B 1903, Lake Castle, Hiranandani Gardens Powai, Mumbai - 400076, Maharashtra, India
Date of Appointment :	01.10.2008
DIN No.:	00276866
Name :	Mr. Vasant Prakash Gandhi
Designation :	Director
Address :	403, Indian Institute of Management Vastrapur, Ahmedabad - 380015, Gujarat, India
Date of Appointment :	23.11.2015
DIN No.:	00863653

No Exist for a Company

· Mr. Pradip Pranjivan Madhavji

· Dr. P. V. Krishna

KEY EXECUTIVES

Name :	Mr. Mukul Bhupendra Trivedi
Designation :	Company Secretary
Address :	1206, Manish Towers, J. P. Road Andheri (West), Mumbai - 400058, Maharashtra, India
Date of Appointment :	21.10.2003
PAN No.:	AAAPT8113H
Name :	Mr. Anand Kantilal Vora
Designation :	Chief Finance Officer
Address :	Laxmi Bhuvan, 1st Floor, 9th Road, Khar (West), Mumbai - 400052, Maharashtra, India
Date of Appointment :	02.02.2015
PAN No.:	ADEPV8168K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2018

Category of shareholder	No. of shares underlying Depository Receipts	Total nos. shares held
(A) Promoter & Promoter Group		141105774
(B) Public	42103942	367978187
(C1) Shares underlying DRs	249120	249120
(C2) Shares held by Employee Trust
(C) Non Promoter-Non Public	249120	249120
Grand Total	42353062	509333081

Statement showing shareholding pattern of the Promoter and Promoter Group

Category of shareholder	No. of shares underlying Depository Receipts	Total nos. shares held
A1) Indian
Individuals/Hindu undivided Family	--	2923490
Shilpa P Sagar	--	2419462
Jyotsna J Bhatt	--	448750
Varun Jaidev Shroff	--	27296
Tania Jaidev Shroff	--	15982
Rajju D Shroff	--	10000
Mekhala Vikram Shroff	--	2000
Any Other (specify)	--	128279292
Nerka Chemicals Pvt Ltd	--	101523324
Uniphos Enterprises Limited	--	25549798
Archana Overseas Private Limited	--	897226
Esthetic Finvest Pvt Ltd	--	112522
Demuric Holdings Pvt Ltd	--	104162
R Shroff Consultants Pvt Ltd	--	92260
Sub Total A1	--	131202782
A2) Foreign	--
Individuals (NonResident Individuals/ Foreign Individuals)	--	9902992
Jaidev Rajnikant Shroff	--	5400109
Vikram Rajnikant Shroff	--	4502883
Sub Total A2	--	9902992
A=A1+A2	--	141105774

Statement showing shareholding pattern of the Public shareholder

Category & Name of the Shareholders	No. of shares underlying Depository Receipts	Total no. shares held
B1) Institutions
Mutual Funds/	--	48138841
Sbi Blue Chip Fund	--	13667722
Hdfc Trustee Company Limited A/C Hdfc Balanced Fund	--	9921299
Alternate Investment Funds	--	60000
Foreign Portfolio Investors	--	205656337
Government Pension Fund Global	--	14212142
Government Of Singapore	--	7351329
Abu Dhabi Investment Authority - Itchen	--	6479337
Mawer International Equity Fund	--	6390834
Vanguard Emerging Markets Stock Index Fund, A Series Of Vanguard International Equity Index Funds	--	6146783
Financial Institutions/ Banks	--	3937072
Any Other (specify)	--	33000
Foreign Bank	--	33000
Sub Total B1	--	257825250
B2) Central Government/ State Government(s)/ President of India	--
Central Government/ State Government(s)/ President of India	--	987951
Sub Total B2	--	987951
B3) Non-Institutions	--
Individual share capital up to INR 0.200 Million	--	29234847
Individual share capital in excess of INR 0.200 Million	--	4372881
Overseas Depositories (holding DRs) (balancing figure)	42103942	42103942
JP MORGAN CHASE BANK, NA	42103942	42103942
Any Other (specify)	--	33453316
Trusts	--	3129762
Foreign Nationals	--	182395
HUF	--	653548
Foreign Companies	--	68193
Non-Resident Indian (NRI)	--	772824
Non Resident Indians (Repat)	--	4522856
Overseas Corporate Bodies	--	1660
Clearing Members	--	1160407
Bodies Corporate	--	22961671
Icici Prudential Life Insurance Company Limited	--	6631249
Sub Total B3	42103942	109164986
B=B1+B2+B3	42103942	367978187

BUSINESS DETAILS

Line of Business :	The business of the Company is divided into two business segments. The business of each segment comprises of: · Agro activity – This is the main area of the Company’s operation and includes the manufacture and marketing of conventional agrochemical products, seeds and other agricultural related products. · Non-agro activity – Non agro activities includes manufacture and marketing of industrial chemical and other nonagricultural related products. (Registered Activity)
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

3439 (Approximately) (There is an increase in the number of employees over past years and current number employees are 3439) - (As per annual report 2017)

Bankers :

· Dena Bank

· Bank of Baroda

· State Bank of India

· Canara Bank

· IDBI Bank Limited

· The Karur Vysya Bank Limited

· Axis Bank Limited

· Andhra Bank

· State Bank of Hyderabad

· ICICI Bank Limited

· Kotak Mahindra Bank Limited

Facilities :

Secured Loan	31.03.2018 (INR in Million)	31.03.2017 (INR in Million)
SHORT-TERM BORROWINGS
Loans repayable on Demand From Banks
Cash credit, packing credit and working capital demand loan accounts	NA	30.000
Total	NA	30.000

Auditors : [As on: 31.03.2017]
Name :	SRBC and Company LLP Chartered Accountant
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
Subsidiary Companies: [As on: 31.03.2017]	· Shroffs United Chemicals Limited · SWAL Corporation Limited · United Phosphorus (India) LLP · United Phosphorus Global LLP · Optima Farm Solutions Ltd · UPL Europe Limited (formerly known as United Phosphorus Limited, U.K.) · UPL Deutschland GmbH (formerly known as United Phosphorus GMBH, Germany) · United Phosphorus Polska Sp.z o.o - Poland · UPL Benelux B.V. (formerly known as AgriChem B.V.) · Cerexagri B.V., Netherlands · Blue Star B.V. · United Phosphorus Holdings Cooperatief U.A. · United Phosphorus Holdings B.V. , Netherlands · Decco Worldwide Post-Harvest Holdings Cooperatief U.A. · Decco Worldwide Post-Harvest Holdings B.V. · United Phosphorus Holding, Brazil B.V. · UPL Italia S.R.L. (formerly known as Cerexagri Italia S.R.L.) · UPL Iberia, Sociedad Anonima (formerly know as Compania Espanola Industrial Quimica de Productos Agricolas Y Domesticos, S.A.U.,Spain) · Decco Iberica Postcosecha, S.A.U., Spain (formerly Cerexagri Iberica) Transterra Invest, S. L. U., Spain · Cerexagri S.A.S., France · Neo-Fog S.A. UPL France (formerly known as Aspen SAS) · United Phosphorus Switzerland Limited Agrodan, ApS · Decco Italia SRL, Italy · Decco Portugal Post Harvest, Unipessoal LDA (Formerly UPL Portugal Unipessoal LDA) · United Phosphorus Inc.,U.S.A · UPI Finance LLC · Cerexagri, Inc. (PA) · UPL Delaware, Inc.,USA · Canegrass LLC, U.S.A Decco US Post-Harvest Inc., U.S.A LLC ”UPL” (formerly CJSC United Phosphorus Limited, Russia) · Essentiv LLC RiceCo LLC,USA · Riceco International, Inc., Bahamas · UPL Corporation Limited (Formerly known as Bio-win Corporation Limited, Mauritius) · UPL Limited, Mauritius (Formerly known as Uniphos Limited, Mauritius) · United Phosphorus Limited, Gibraltar (upto 30th March 2017) · UPL Limited, (formerly known as Uniphos Limited), Gibraltar · UPL Management DMCC · UPL Agro S.A. de C.V. (formerly known as United Phosphorus de Mexico, S.A. de C.V.) · Decco Jifkins Mexico Sapi, · Mexico Perrey Participações S.A · United Phosphorus do Brasil Ltda · Uniphos Indústria e Comércio de Produtos Químicos Ltda., Brazil · Upl do Brasil Industria e Comércio de Insumos Agropecuários S.A. · DVA Technology Argentina S.A. · UPL Costa Rica S.A (formerly known as Cerexagri Costa Rica, S.A.) · UPL Bolivia S.A · Icona Sanluis S A , Argentina · UPL Argentina S A (formerly known as Icona S A Argentina) · Decco Chile SpA · UPL Colombia SAS · UPL Paraguay S.A. · United Phosphorus Cayman Limited · UP Aviation Limited, Cayman Island · UPL Australia Limited (formerly known as United Phosphorus Limited) · UPL New Zealand Limited (formerly known as United Phosphorus Limited) · UPL Shanghai Limited (formerly known as United Phosphorus (Shanghai) Company Limited) · UPL Limited (Korea) (formerly known as United Phosphorus (Korea) Limited) PT.UPL Indonesia (formerly known as PT. United Phosphorus Indonesia) · PT Catur Agrodaya Mandiri, Indonesia UPL Limited, Honkong (formerly known as United Phosphorus Limited) · UPL Philippines Inc.(formerly known as United Phosphorus Corp., Philippines) UPL Vietnam Company Limited (formerly known as United Phosphorus Vietnam Company, Limited) · UPL Limited, Japan(formerly known as United Phosphorus Limited, Japan) · Anning Decco Fine Chemical Co. Limited, China · UPL Ziraat Ve Kimya Sanayi Ve Ticaret Limited Sirketi (formerly known as Cerexagri Ziraat Ve Kimya Sanayi Ve Ticaret Limited Sirketi, Turkey) · UPL Agromed Tarim Ilaclari ve Tohumculuk Sanayi ve Ticaret A.S. Safepack Products Limited, Israel · Citrashine (Pty) Limited, South Africa · UPL Africa SARL Pro Long Limited · Agrinet Solutions Limited · Advanta Holdings BV, Netherlands · Advanta Netherlands Holdings BV, Netherlands · Advanta US Inc., USA · Advanta Seeds International, Mauritius · Advanta Seeds DMCC [Formerly Advanta Seeds JLT], UAE · Advanta Commercio De Sementes Ltda, Brazil · Advanta Semillas SAIC, Argentina · Advanta Seeds Pty Limited, Australia · Pacific Seeds (Thai) Limited, Thailand · Pacific Seeds Holdings (Thai) Limited, Thailand · Pt. Advanta Seeds Indonesia · Advanta Ukraine LLC, Ukraine · Advanta (B.V.I) Limited, British Virgin Island (upto 02 May, 2016)
Name of Associate Companies: [As on: 31.03.2017]	· Polycoat Technologies 2010 Limited · 3SB Produtos Agrícolas S.A. · Sinagro Produtos Agropecuários S.A. · Chemisynth (Vapi) Limited · Universal Pestochem Industries Limited · Seara Comercial Agricola Ltda. · Serra Bonita Sementes S.A. · Bioplanta Nutricao Vegetal, Industria e Comercio S.A. · Weather Risk Management Services Private Limited (w.e.f 28th June, 2016) · Kerala Enviro Infrastructure Limited · Ingen Technologies Private Limited
Joint Venture Companies: [As on: 31.03.2017]	· United Phosphorus (Bangladesh) Limited (upto 22nd September, 2016) · Hodogaya UPL Company Limited, Japan · Longreach Plant Breeders Managements pty Limited, Australia
Enterprises over which key management personnel and their relatives have significant influence: [As on: 31.03.2017]	· Bharuch Enviro Infrastructure Limited · Bloom Packaging Private Limited · Bloom Seal Containers Private Limited · Daman Ganga Pulp and Papers Private Limited · Demuric Holdings Private Limited · Enviro Technology Limited · Gharpure Engineering and Construction Private Limited · Uniphos Envirotronic Private Limited · Jai Trust · Pot Plants · Sanguine Holdings Private Limited · Tatva Global Environment Private Limited (formerly Tatva Global Environment Limited) · Tatva Global Environment (Deonar) Limited · Ultima Search · Uniphos International Limited · Uniphos Enterprises Limited · UPL Environmental Engineers Limited · UPL Investment Private Limited · Vikram Farm

CAPITAL STRUCTURE

AS ON: 31.03.2018

Authorised Capital : NOT AVAILABLE

Issued, Subscribed & Paid-up Capital : INR 1020.000 Million

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
1237500000	Equity Shares	INR 2/- each	INR 2480.000 Million
229500000	Preference Shares	INR 10/- each	INR 2230.000 Million
	Total		INR 4710.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
507017118	Equity Shares	INR 2/- each	INR 1010.000 Million
81940125	Preference Shares	INR 10/- each	INR 820.000 Million
	Total		INR 1830.000 Million

LISTING DETAILS:

Subject Stock Code :	BSE : 512070 NSE : UPL ISIN: INE628A01036
Stock Exchange Place :	BSE: Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001, Maharashtra, India National Stock Exchange of India Limited : Exchange Plaza, C/1, Block G, Bandra Kurla Complex, Bandra (East), Mumbai 400 051, Maharashtra, India
Listed Date :	13.07.2017

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2018	31.03.2017	31.03.2016
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1020.000	1830.000	857.200
(b) Reserves & Surplus	78670.000	75670.000	39300.100
(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)	79690.000	77500.000	40157.300
(3) Non-Current Liabilities
(a) Long-term borrowings	6820.000	7560.000	7600.000
(b) Deferred tax liabilities (Net)	640.000	1330.000	1461.800
(c) Other long term liabilities	1390.000	1550.000	77.500
(d) long-term provisions	0.000	0.000	1969.200
Total Non-current Liabilities (3)	8850.000	10440.000	11108.500
(4) Current Liabilities
(a) Short term borrowings	3130.000	400.000	6178.100
(b) Trade payables	27300.000	23360.000	17692.200
(c) Other current liabilities	1300.000	1110.000	4971.200
(d) Short-term provisions	230.000	660.000	3175.100
Total Current Liabilities (4)	31960.000	25530.000	32016.600
TOTAL	120500.000	113470.000	83282.400
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19470.000	17330.000	16128.700
(ii) Intangible Assets	3600.000	4180.000	4692.500
(iii) Capital work-in-progress	6240.000	2490.000	1904.100
(iv) Intangible assets under development	390.000	230.000	185.700
Goodwill	25950.000	29650.000	0.000
(b) Non-current Investments	5940.000	5930.000	7180.900
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	9050.000	9410.000	13408.400
(e) Other Non-current assets	4250.000	4230.000	0.000
Total Non-Current Assets	74890.000	73450.000	43500.300
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	14520.000	13550.000	12707.500
(c) Trade receivables	20170.000	19570.000	18727.700
(d) Cash and cash equivalents	1260.000	710.000	728.100
(e) Short-term loans and advances	1050.000	1280.000	6197.700
(f) Other current assets	8610.000	4910.000	1421.100
Total Current Assets	45610.000	40020.000	39782.100
TOTAL	120500.000	113470.000	83282.400

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2018	31.03.2017	31.03.2016
	SALES
		Revenue from Operations	73740.000	72770.000	59825.300
		Other Income	4350.000	3250.000	4587.800
		TOTAL	78090.000	76020.000	64413.100
Less	EXPENSES
		Cost of Materials Consumed	35170.000	30290.000	28337.500
		Purchases of Stock-in-Trade	4040.000	7010.000	2800.600
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	20.000	(1080.000)	(662.800)
		Employees benefits expense	4860.000	4450.000	3904.100
		Other expenses	18960.000	19290.000	17205.600
		Exceptional Items	70.000	460.000	0.000
		Excise Duty	1110.000	3380.000	0.000
		Exchange rate difference on receivable and payables	90.000	0.000	0.000
		TOTAL	64320.000	63800.000	51585.000
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		13770.000	12220.000	12828.100
Less	FINANCIAL EXPENSES		1350.000	1490.000	1926.100
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		12420.000	10730.000	10902.000
Less/ Add	DEPRECIATION/ AMORTISATION		6660.000	6550.000	2439.400
	PROFIT/ (LOSS) BEFORE TAX		5760.000	4180.000	8462.600
Less	TAX		280.000	1730.000	1405.500
	PROFIT/ (LOSS) AFTER TAX		5480.000	2450.000	7057.100
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports		NA	39721.200	36570.700
	Interest		NA	0.000	345.500
	Dividend		NA	0.000	2171.000
	Buyback of shares by subsidiary		NA	0.000	4937.100
	Others		NA	0.000	14.600
	TOTAL EARNINGS		NA	39721.200	44038.900
	IMPORTS
	Raw Materials		NA	NA	16283.900
	Traded Goods		NA	NA	1422.300
	Components and Stores parts		NA	NA	17.500
	Capital Goods		NA	NA	330.900
	TOTAL IMPORTS		NA	NA	18054.600
	Earnings / (Loss) Per Share (INR)
	Basic		10.78	4.84	16.47
	Diluted		10.78	4.81	16.47

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Current Maturities of Long term debt	NA	3030.000	1500.000
Cash generated from operations	NA	NA	1283.600
Net Cash flow from (used in) Operations	NA	10210.000	(470.600)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Average Collection Days (Sundry Debtors / Income * 365 Days)	99.84	98.16	114.26
Account Receivables Turnover (Income / Sundry Debtors)	3.66	3.72	3.19
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	254.13	228.59	207.39
Inventory Turnover (Operating Income / Inventories)	0.95	0.90	1.01
Asset Turnover (Operating Income / Net Fixed Assets)	0.46	0.50	0.56

LEVERAGE RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.32	0.29	0.48
Debt Equity Ratio (Total Liability / Networth)	0.12	0.10	0.34
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.40	0.33	0.80
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.37	0.31	0.57
Interest Coverage Ratio (PBIT / Financial Charges)	10.20	8.20	6.66

PROFITABILITY RATIOS

PARTICULARS		31.03.2018	31.03.2017	31.03.2016
Net Profit Margin ((PAT / Sales) * 100)	%	7.43	3.37	11.80
Return on Total Assets ((PAT / Total Assets) * 100)	%	4.55	2.16	8.47
Return on Investment (ROI) ((PAT / Networth) * 100)	%	6.88	3.16	17.57

SOLVENCY RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Current Ratio (Current Assets / Current Liabilities)	1.43	1.57	1.24
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.97	1.04	0.85
G-Score Ratio Financial (Networth / Total Assets)	0.66	0.68	0.48
G-Score Ratio Debt (Debts / Equity Capital)	9.75	4.35	16.07
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.43	1.57	1.24

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

STOCK PRICES

Face Value	INR 2.00/-
Market Value	INR 711.45

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Share Capital	857.200	1830.000	1020.000
Reserves & Surplus	39300.100	75670.000	78670.000
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	40157.300	77500.000	79690.000
long-term borrowings	7600.000	7560.000	6820.000
Short term borrowings	6178.100	400.000	3130.000
Total borrowings	13778.100	7960.000	9950.000
Debt/Equity ratio	0.343	0.103	0.125

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Sales	59825.300	72770.000	73740.000
		21.638	1.333

NET PROFIT MARGIN

Net Profit Margin	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Sales	59825.300	72770.000	73740.000
Profit/ (Loss)	7057.100	2450.000	5480.000
	11.80%	3.37%	7.43%

LEGAL CASES

CHIEF JUDICIAL MAGISTRATE , AKOLA

CASE DETAILS

Case Type: R.C.C. - Reg.Cri.Case

Filing Number: 2745/2017Filing Date: 06-05-2017

Registration Number: 324/2017Registration Date: 06-05-2017

CNR Number: MHAK03-002745-2017

CASE STATUS

First Hearing Date: 06th May 2017

Next Hearing Date: 09th August 2017

Stage of Case: Awaiting Summons

Court Number and Judge: 1-Chief Judicial Magistrate, Akola

PETITIONER AND ADVOCATE

1) State of Maha
    Address - District Quality Control Inspector O/o District Superientending Agri Officer Akola

RESPONDENT AND ADVOCATE

1)U.P.L. Ltd.

Address - Krishnama House 8-2-418 3rd Floor, Road No.7 Bajra Hills, Hydrabad, 34, Telangana

2) Maroti Hanmantrao Kasture

Ranpponsible Area Mangager Lt. At Kondai Complex Wearhousing, Shri Gajanan Nagar, Phursungi Tal. Haweli, Dist. Pune(M.S.)

3) UPL Ltd

Bharati Brahmana Seeds Sy. No 824,825,829 Nutankal

4) Bharati Barahmana Seeds

Bharati Seeds Sy No. 824,825,829

5) Advanta LtD

Brahmna Seeds Sy No 824,825,829 Nutankal

Acts

	Under Act(s)	Under Section(s)
	Seeds Act	19(b),7(b)
HISTORY OF CASE HEARING

Registration Number	Judge	Business On Date	Hearing Date	Purpose of hearing
324/2017	Chief Judicial Magistrate, Akola	06-05-2017	22-05-2017	Awaiting Summons
324/2017	Chief Judicial Magistrate, Akola	22-05-2017	24-05-2017	Awaiting Summons
324/2017	Chief Judicial Magistrate, Akola	24-05-2017	09-06-2017	Awaiting Summons
324/2017	Chief Judicial Magistrate, Akola	09-06-2017	09-08-2017	Awaiting Summons

CHIEF JUDICIAL MAGISTRATE , AKOLA

CASE DETAILS

Case Type: R.C.C. - Reg.Cri.Case
Filing Number: 2746/2017Filing Date: 06-05-2017
Registration Number: 325/2017Registration Date: 06-05-2017
CNR Number: MHAK03-002746-2017

CASE STATUS

First Hearing Date: 06th May 2017
Next Hearing Date: 09th August 2017
Stage of Case: Awaiting Summons
Court Number and Judge: 1-Chief Judicial Magistrate, Akola

Petitioner and Advocate

1) State of Maha
    Address - District Quality Control Inspector O/o District Superientending Agri Officer Akola

Respondent and Advocate

1) U.P.L. Ltd.
    Address - Krishnama House 8-2-418 3rd Floor, Road No.7 Bajra Hills, Hydrabad, 34, Telangana

2) Maroti Hanmantrao Kasture
    Ranpponsible Area Mangager Lt. At Kondai Complex Wearhousing, Shri Gajanan Nagar, Phursungi Tal. Haweli, Dist. Pune(M.S.)

3) UPL Ltd
    Bharati Brahmana Seeds Sy. No 824,825,829 Nutankal

4) Bharati Barahmana Seeds
    Bharati Seeds Sy No. 824,825,829

5) Advanta Ltd
    Brahmna Seeds Sy No 824,825,829 Nutankal

Acts

	Under Act(s)	Under Section(s)
	Seeds Act	19,6(b),7(b)
HISTORY OF CASE HEARING

Registration Number	Judge	Business On Date	Hearing Date	Purpose of hearing
325/2017	Chief Judicial Magistrate, Akola	06-05-2017	22-05-2017	Awaiting Summons
325/2017	Chief Judicial Magistrate, Akola	22-05-2017	24-05-2017	Awaiting Summons
325/2017	Chief Judicial Magistrate, Akola	24-05-2017	09-06-2017	Awaiting Summons
325/2017	Chief Judicial Magistrate, Akola	09-06-2017	09-08-2017	Awaiting Summons

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

INDEX OF CHARGES

CHARGES REGISTERED
SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	B56987159	10392596	IDBI TRUSTEESHIP SERVICES LIMITED	27/08/2012	-	-	3000000000.0	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAIMH400001IN
2	B24019390	10314745	IDBI TRUSTEESHIP SERVICES LIMITED	07/09/2011	-	-	2500000000.0	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAIMH400001IN
3	B03607926	10261587	IDBI TRUSTEESHIP SERVICES LIMITED	24/12/2010	-	-	3000000000.0	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAIMH400001IN
4	A88992797	10227852	IDBI TRUSTEESHIP SERVICES LIMITED	21/06/2010	-	-	3000000000.0	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAIMH400001IN
5	A85891174	10220148	IDBI TRUSTEESHIP SERVICES LIMITED	09/04/2010	-	-	2500000000.0	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAIMH400001IN
6	A73556698	10186793	IDBI TRUSTEESHIP SERVICES LIMITED	09/11/2009	-	-	1350000000.0	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAIMH400001IN
7	A57003386	10142689	DENA BANK	31/12/2008	-	-	3700000000.0	CORPORATE BUSINESS BRANCHC-10, G-BLOCK, BANDRA KURLA COMPLEX, BANDRA EASTMUMBAIMH400051IN
8	C80977564	90099990	DENA BANK	16/02/2005	17/02/2016	-	18000000000.0	CORPORATE BUSINESS BRANCH, BKCMUMBAIMH400051IN
9	Z00005143	80002425	RABO INDIA FINANCE PVT LTD	10/01/2005	-	-	497500000.0	FORBES BLDGC R MARG FORTMUMBAIMH400001IN
10	Y10189552	90099860	UTI BANK LTD	19/07/2004	-	-	2500000.0	UNIVERSAL INSURANCE BUILDINGSIR PM ROAD ;FORTBOMBAYMH400001IN

UNSECURED LOANS

PARTICULARS	31.03.2018 (INR In Million)	31.03.2017 (INR In Million)
LONG-TERM BORROWINGS
Redeemable Non-convertible Debentures	NA	7560.000
SHORT-TERM BORROWINGS
Optionally Convertible preference shares	NA	240.000
Cash credit, packing credit and working capital demand loan accounts	NA	130.000
		0
Total	NA	7930.000

FIXED ASSETS: [AS ON: 31.03.2017]

• Land- Freehold
• Land-Leasehold
• Leasehold Improvement
• Building
• Plant and Machinery
• Laboratory Equipment’s
• Office Equipment’s
• Furniture, Fixture and Equipment’s
• Vehicles
• Software

PRESS RELEASE:

UPL RAISES $300 MN WITH HUGE INVESTOR RESPONSE

03.05.2018

Mumbai: Agro-chemicals company UPLNSE 0.92 % (United Phosphorus Ltd) has raised $300 million by selling dollardenominated bonds to overseas investors, seeking to use the proceeds to refinance high-cost debt. 

“About three-fourths of the proceeds would be used to refinance long-term, expensive overseas loans, while the rest will help extinguish high-cost, short-term debt,” one of the two executives associated with the fund-raising told ET. 

The securities offer 4.5 per cent, with the pricing fixed at 173 basis points above the benchmark US Treasury yields with a 10-year maturity. The issuance was oversubscribed nearly six times, signaling robust demand for debt papers of companies invested in India, which has regained the tag of the world’s fastest-expanding major economy. 

The company has raised the money through its Mauritius-based subsidiary UPL Corporation, which takes care of the group’s global businesses. Overseas arms contribute significantly to UPL’s revenues. 

Bank of Tokyo-Mitsubishi UFJ (MUFG), Credit Suisse, ANZ (Australia and New Zealand banking group), DBS Bank, and JPMorgan were some of the global lenders helping raise the cash. 

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 68.02
UK Pound	1	INR 91.25
Euro	1	INR 80.07

INFORMATION DETAILS

Information Gathered by :	AKS
Analysis Done by :	NYT
Report Prepared by :	RUP

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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.