1Energizing EarthEnergizing EarthEnergizing EarthEnergizing Earth August 2009

2

Background

� Aries Agro Ltd was founded by Dr. T. B. Mirchandani and Mrs. Bala Mirchandani in 1969196919691969

� The Company started by manufacturing a small range of mineral feed additives for animals & birds

� Through in-house R&D efforts, the company branched out into Agrochemicals in 1975 with the introduction of Chelated MicronutrientsChelated MicronutrientsChelated MicronutrientsChelated Micronutrients.

� Aries Agro Ltd is a pioneer of Agricultural Chelatespioneer of Agricultural Chelatespioneer of Agricultural Chelatespioneer of Agricultural Chelates in India, using indigenously developed technology for Chelation and Complexing of Multi Micro Nutrients.

� In 2001, Aries expanded its product line to include secondary nutrientssecondary nutrientssecondary nutrientssecondary nutrients – sulphur, magnesium and calcium. 2004 saw the further addition of water soluble NPK fertilizerswater soluble NPK fertilizerswater soluble NPK fertilizerswater soluble NPK fertilizers.

� The company manufactures a wide range of products under 65 Brands65 Brands65 Brands65 Brands. Products include Plant nutrients, crop protection chemicals and Veterinary products.

� SixSixSixSix manufacturing plants with capacity of 84,600 capacity of 84,600 capacity of 84,600 capacity of 84,600 tpatpatpatpa....

� Wide networkWide networkWide networkWide network of 25 branches, 4700 distributors and 69000 retailers across 22 states of India

� Investment in Golden Harvest, Sharjah - to set up unit to manufacture 10,800 10,800 10,800 10,800 tpatpatpatpa of of of of ChelatedChelatedChelatedChelated MicronutrientsMicronutrientsMicronutrientsMicronutrients.

� Through Golden Harvest, Aries has invested in Amarak Chamicals FZC for manufacture of 60,000 60,000 60,000 60,000 tpatpatpatpa of of of of SulphurSulphurSulphurSulphur BentoniteBentoniteBentoniteBentonite

3

Industry: Specialty Plant Nutrition Solutions

Source: Development of Education in India – 1990-93

Crops require above nutrients for balanced and healthy growth All nutrients are important for the growth of crops in varying quantities

Provided

by Air

Primary

Nutrients

Secondary

Nutrients

Micro

Nutrients

Provided

by Air

Primary

Nutrients

Secondary

Nutrients

Micro

HHydrogen

CCarbon

OOxygen

NNitrogen

PPhosphorous

KPotassium

MgMagnesium

SSulphur

CaCalcium

SiSilicon

ZnZinc

FeIron

CuCopper

MnManganese

BoBoron

MoMolybdenum

The Aries The Aries The Aries The Aries Range Range Range Range addresses addresses addresses addresses these crop these crop these crop these crop nutrient needsnutrient needsnutrient needsnutrient needs

4

Industry : Aries’ Unique Niche

58%58%58%58%

Low

XXXX

XXXX

Chelates

√√√√

Value added Value added Value added Value added MicronutrientsMicronutrientsMicronutrientsMicronutrients

9%9%9%9%10%10%10%10%12%12%12%12%--------Aries Revenue share %Aries Revenue share %Aries Revenue share %Aries Revenue share %

MediumMediumLowHighVolumes

XXXXXXXXXXXX√√√√Subsidies

XXXXXXXXXXXX√√√√Price Control

SulphatesCa, Mg, S20-20-20, 13-0-45, 0-52-34, 0-0-50

Urea, DAP, SOP

Typical products

√√√√√√√√√√√√XXXXAries Presence

Inorganic Inorganic Inorganic Inorganic MicronutrientsMicronutrientsMicronutrientsMicronutrients

Secondary Secondary Secondary Secondary nutrientsnutrientsnutrientsnutrients

Water Soluble NPK Water Soluble NPK Water Soluble NPK Water Soluble NPK FertilizersFertilizersFertilizersFertilizers

Commodity Commodity Commodity Commodity NPK FertilizersNPK FertilizersNPK FertilizersNPK Fertilizers

5

Industry | The Wonder of Chelation Technology

� Nutrients can be applied to crops in inorganic form or Chelate form

� 60% of inorganic compounds are wasted by leaching, fixation and due to its property of reacting easily with air, water & soil

� Aries products, which are Chelated, are able to deliver the nutrient more effectively to the crops, ensuring 100% availability.

� Nutrients ion is held in a claw-like structure which makes it chemically inert

� Soluble in water and easily absorbed by plants

6

Advantages of ‘Chelation Technology’

� ‘Chelation Technology’ is a cost effective, environment friendly delivery mechanism of crop nutrients.

� The process makes the nutrients chemically inert and water soluble in order to ensure 100% availability

� Lower dosage per unit of land area and a consequent saving in cost of application.

� Environmentally friendly as Chelated plant nutrients applied to soil/sprayed on crops are chemically inert

� Very efficient as there is no loss of nutrient

� Results in higher yield leading to cost-benefit in favour of farmers

� Post delivery of the nutrients, chelating agent clean the soils of harmful toxins by converting heavy metals into inert compounds

� Aries was instrumental in bringing this technology to India

7

Key Demand Drivers

Demand Demand Demand Demand ----Specialty NutrientsSpecialty NutrientsSpecialty NutrientsSpecialty Nutrients

Change in Change in Change in Change in Eating HabitsEating HabitsEating HabitsEating Habits

Shrinking Shrinking Shrinking Shrinking AgriAgriAgriAgri Land AreaLand AreaLand AreaLand Area

IncreasingIncreasingIncreasingIncreasingDeficienciesDeficienciesDeficienciesDeficiencies

Growing Growing Growing Growing PopulationPopulationPopulationPopulation

Micro Irrigation Micro Irrigation Micro Irrigation Micro Irrigation Systems Systems Systems Systems

Growing Growing Growing Growing AwarenessAwarenessAwarenessAwareness

GovtGovtGovtGovt focus on focus on focus on focus on enhancing enhancing enhancing enhancing

AgriAgriAgriAgri productivityproductivityproductivityproductivity

Contract Contract Contract Contract FarmingFarmingFarmingFarming

Growing Growing Growing Growing AffluenceAffluenceAffluenceAffluence

Increase in Increase in Increase in Increase in ExportsExportsExportsExports

Hybrid/genetically Hybrid/genetically Hybrid/genetically Hybrid/genetically modified seedsmodified seedsmodified seedsmodified seeds

Change in Change in Change in Change in Cropping PatternCropping PatternCropping PatternCropping Pattern

8

Strong Marketing network

� Aries has 309 trained marketing personnel

� 25 branches spread across 22 states

� First link of distribution channel has more than 4700 distributors

� Direct access to 69000+ retail dealers

� Database of purchase records of 8mn+ farmer population across 1,60,000 villages - one in six one in six one in six one in six villages of Indiavillages of Indiavillages of Indiavillages of India

� Present in 375 fertilizer consuming districts – two two two two out of three fertilizer consuming districts of Indiaout of three fertilizer consuming districts of Indiaout of three fertilizer consuming districts of Indiaout of three fertilizer consuming districts of India

� Trained staff directly visit villages to educate the farmer about the concept of Chelation and benefits of micronutrients and balanced crop nutrition

AAL

4700+ distributors

69000+ retailers

8mn + Farmers

30

9M

ark

eti

ng

pe

rso

nn

el

pro

vid

ing

te

ch

nic

al

su

pp

ort

9

Product Portfolio

� Product line includes 5 main categories namely,

� Multi-micro nutrient complexes

� Chelated micro nutrients

� Secondary nutrients

� Specialty water soluble NPK fertilizers

� Antibiotics and hormones for agricultural use

� These categories can be grouped under 3 segments namely,

� Plant nutrients, plant protection chemicals and veterinary products

� Flagship Brands

� Agromin (Chelated multi micro nutrients) –produced in 107 different crop, soil and geography specific variants

� Chelamin (Chelated zinc)

10

Product Portfolio : India’s Plant Nutrients Super Bazaar

Zincomix, Zn SulfChelamin, Aquazin, Pro ZincEco Zinc, Chelamin GoldZinc

Aries TotalAll Nutrients

Fertimax - KMacrofertPotassium

Fertimax – PKMacrofertPhosphorus

Fertimax – NPMacrofertNitrogen

Calcium NitrateChelacal, Combical, AquacalCalcium

MagmixChelamagMagnesium

SulfonitePrimasulf, NitrosulfSulphur

TetraborBorosoil, CalborBoron 20Boron

Mn – Chel, Pro – MnEco – MnManganese

Chelacop, Pro CopEco CopCopper

FerromixChelafer, Pro FerEco FerIron

Agromin Soil ApplicationAgromin Liquid, Agri ProAgromin Max, Agromin GoldMulti micronutrients

Economy RangeEconomy RangeEconomy RangeEconomy RangeMid RangeMid RangeMid RangeMid RangePremium RangePremium RangePremium RangePremium RangeNutrientNutrientNutrientNutrient

11

Product Portfolio : Increasing Network Throughput

Provides nutrition at germination stagesTeprosynSeed Treatment

Phosphorus Solubilizing bacteria

Nitrogen fixing bacteria

Aquaphos

Nitrofix

Bio Fertilizers

Fungicides, Miticides, InsecticidesHaasil, Nirbhay Plus, Jahaan, Avashya, Anokhi, Ashray, Mohar

Plant Protection Chemicals

Battery operated Sprayers

Knapsack Sprayers

SprayersFarm & Farmer Equipment

Sunflower (1 varieties), Paddy (3 varieties), Maize (3 varieties)

Ansh Seeds Hybrid Seeds

Induces flowering and fruitingAgronaaPlant Hormones

Broad spectrum BactericidePlantomycinAntibiotics for Plants

Objective : Maximize Share of Wallet from Aries’ wide distributiObjective : Maximize Share of Wallet from Aries’ wide distributiObjective : Maximize Share of Wallet from Aries’ wide distributiObjective : Maximize Share of Wallet from Aries’ wide distribution networkon networkon networkon network

12

Typical Usage Pattern

FARM PREPARATIONFARM PREPARATIONFARM PREPARATIONFARM PREPARATION

NURSERY SEEEDLING BEDSNURSERY SEEEDLING BEDSNURSERY SEEEDLING BEDSNURSERY SEEEDLING BEDS

Days in crop cycleDays in crop cycleDays in crop cycleDays in crop cycle

----15d15d15d15d

----5d5d5d5d

SOWING / TRANSPLANTINGSOWING / TRANSPLANTINGSOWING / TRANSPLANTINGSOWING / TRANSPLANTING

GERMINATIONGERMINATIONGERMINATIONGERMINATION

EARLY / EMERGENCE STAGESEARLY / EMERGENCE STAGESEARLY / EMERGENCE STAGESEARLY / EMERGENCE STAGES

GROWTH PHASEGROWTH PHASEGROWTH PHASEGROWTH PHASE

REPRODUCTIVE PHASE (FLOWERING & FRUITING)REPRODUCTIVE PHASE (FLOWERING & FRUITING)REPRODUCTIVE PHASE (FLOWERING & FRUITING)REPRODUCTIVE PHASE (FLOWERING & FRUITING)

HARVEST STAGEHARVEST STAGEHARVEST STAGEHARVEST STAGE

POST HARVEST MANAGEMENTPOST HARVEST MANAGEMENTPOST HARVEST MANAGEMENTPOST HARVEST MANAGEMENT

0d0d0d0d

10d10d10d10d

20d20d20d20d

35d35d35d35d

60d60d60d60d

75d75d75d75d

90d90d90d90d

Recommended Aries ProductRecommended Aries ProductRecommended Aries ProductRecommended Aries Product Indicative Cost of Application per acreIndicative Cost of Application per acreIndicative Cost of Application per acreIndicative Cost of Application per acre

AquaphosAquaphosAquaphosAquaphos, , , , NitrofixNitrofixNitrofixNitrofix, , , , OrgafertOrgafertOrgafertOrgafert

AnshAnshAnshAnsh seeds, seeds, seeds, seeds, TeprosynTeprosynTeprosynTeprosyn, , , , ChelaferChelaferChelaferChelafer, , , , PlantomycinPlantomycinPlantomycinPlantomycin

AgrominAgrominAgrominAgromin Soil, Soil, Soil, Soil, ChelaminChelaminChelaminChelamin SoilSoilSoilSoil

AgrominAgrominAgrominAgromin MaxMaxMaxMax

ChelaminChelaminChelaminChelamin, , , , ChelaferChelaferChelaferChelafer

MacrofertMacrofertMacrofertMacrofert, , , , AgrominAgrominAgrominAgromin MaxMaxMaxMax

FertimaxFertimaxFertimaxFertimax ---- KKKK

ChelacalChelacalChelacalChelacal

FertimaxFertimaxFertimaxFertimax ---- PK, PK, PK, PK, CalborCalborCalborCalbor, , , , AgronaaAgronaaAgronaaAgronaa, , , , PlantomycinPlantomycinPlantomycinPlantomycin

RsRsRsRs. 220. 220. 220. 220

RsRsRsRs. 400. 400. 400. 400

RsRsRsRs. 550. 550. 550. 550

RsRsRsRs. 230 . 230 . 230 . 230

RsRsRsRs. 200. 200. 200. 200

RsRsRsRs. 160. 160. 160. 160

RsRsRsRs. 100. 100. 100. 100

RsRsRsRs. 140. 140. 140. 140

RsRsRsRs. 350. 350. 350. 350

RsRsRsRs. 2350 per acre (MRP basis). 2350 per acre (MRP basis). 2350 per acre (MRP basis). 2350 per acre (MRP basis)Note : Aries realizations would be approximately 50% of MRPs

13

Outstanding Performance of Aries products

YearYearYearYear CropCropCropCrop Ins t itut ion Carry ing TestIns t itut ion Carry ing TestIns t itut ion Carry ing TestIns t itut ion Carry ing Test ControlCont rolCont rolCont rol Control YieldControl YieldControl YieldControl Yield TreatmentTreatmentTreatmentTreatmentYield with Yield with Yield with Yield with TreatmentTreatmentTreatmentTreatment

Increase in Increase in Increase in Increase in y ield with y ield with y ield with y ield with t reatmenttreatmenttreatmenttreatment

1981 ChilliesAssam Agricultural Univeity, Dept of Horticulture

No application 62.32 fruits / plant 25ppm Agronaa Alplication 148.34 fruits / plant 138.03%

1981 TomatoAssam Agricultural Univeity, Dept of Horticulture

No application 14.22 fruits / plant 75 ppm Agronaa Application 32.04 fruits / plant 125.32%

1984-85 WheatOffice of the Agronomist, Dept of Agriculture, Govindgarh, Rajasthan

No Zinc application 24.0 qntl./ha 10 kg/ha Chelamin Basal application 47.5 qntl/ha 97.92%

1987 SugarcaneCentral Sugarcane Research Station, Padegaon, Nira, Maharashtra

Normal P7K dose and 50 Kg/ha Less Nitrogen

84.833 MT/haRegular NPK dose + Soil application of Agromin @ 50 Kg/ha

119.5 MT/ha 40.86%

1992 RiceBangladesh Rice Research Institute

No Fertilizer (Var BR-14) 3.59 MT/haNPK + Chelamin @ 500 gms/ha (Var BR-14)

5.13 MT/ha 42.90%

2001 SugarcaneJai Jawan jai Kisan Sahakari Sakhar Karkhana, Latur

No micro nutrients 106 MT/ha Agromin 143 MT/ha 34.91%

2002-03 RiceGovt. of Tripura Dept. o Agriculture

No Fertilizer .90 MT/haMacrofert 2 Kg/ha x 2 application + Basal NPK

2.33 MT/ha 158.89%

2003-04 RiceGovt. of Tripura Dept. o Agriculture

No Fertilizer 1.04 MT/haMacrofert 2 Kg/ha x 2 application + Basal NPK

2.42 MT/ha 132.69%

14

The Driving Forces | Cost – Benefit Analysis

Cost on Applicat ion of NPK (60:30:30) as recommendedCost on Applicat ion of NPK (60:30:30) as recommendedCost on Applicat ion of NPK (60:30:30) as recommendedCost on Applicat ion of NPK (60:30:30) as recommendedN P K

Recommendation of traditional soil application grades 60 30 30Supplemented by Urea SSP MOPCost / Kilo 5 4 4.5Cost of appl icat ionCost of appl icat ionCost of appl icat ionCost of appl icat ion Rs 652.17Rs 652.17Rs 652.17Rs 652.17 750750750750 225225225225Total cos t of applicat ion per hectareTotal cos t of applicat ion per hectareTotal cos t of applicat ion per hectareTotal cos t of applicat ion per hectare Rs. 1627.17Rs. 1627.17Rs. 1627.17Rs. 1627.17

Cost on Applicat ion of Macrofert (Aries ' products)Cost on Applicat ion of Macrofert (Aries ' products)Cost on Applicat ion of Macrofert (Aries ' products)Cost on Applicat ion of Macrofert (Aries ' products)MacrofertMacrofertMacrofertMacrofert NPK 60:30:30NPK 60:30:30NPK 60:30:30NPK 60:30:30

NPK Soluble Fert i l izerNPK Soluble Fert i l izerNPK Soluble Fert i l izerNPK Soluble Fert i l izer 25% of Reg. Usage as Basal Dose25% of Reg. Usage as Basal Dose25% of Reg. Usage as Basal Dose25% of Reg. Usage as Basal DoseRecommended Dosage 6 g / lit sprayed twice, i.e. 25% dose of Urea. SSP, MOP

total of approx 1.5 kg/ha. compared to ControlCost of application Rs 140 x 1.5 = Rs.210 Rs 1627.17 / 4= Rs 406.79Total cost of NPKapplicat ion per hectareapplicat ion per hectareapplicat ion per hectareapplicat ion per hectare Rs 616.79Rs 616.79Rs 616.79Rs 616.79

15

The Driving Forces | Cost – Benefit Analysis

A saving of Rs. 1010.38 / ha, i.e. 62% of cost of application ofA saving of Rs. 1010.38 / ha, i.e. 62% of cost of application ofA saving of Rs. 1010.38 / ha, i.e. 62% of cost of application ofA saving of Rs. 1010.38 / ha, i.e. 62% of cost of application of NPK fertilizer NPK fertilizer NPK fertilizer NPK fertilizer

Incremental yield 6 quintals / ha, i.e. Excess income of Rs. 300Incremental yield 6 quintals / ha, i.e. Excess income of Rs. 300Incremental yield 6 quintals / ha, i.e. Excess income of Rs. 300Incremental yield 6 quintals / ha, i.e. Excess income of Rs. 3000 / ha or 14.05%0 / ha or 14.05%0 / ha or 14.05%0 / ha or 14.05%

Total benefit to farmer per hectare = Savings in cost + increased realization = 1010.38 + 3000 = Rs. 4010.38 / ha.

Benefit : Cost Ratio = 4,010.38 : 629.28 = 6.4 : 1Benefit : Cost Ratio = 4,010.38 : 629.28 = 6.4 : 1Benefit : Cost Ratio = 4,010.38 : 629.28 = 6.4 : 1Benefit : Cost Ratio = 4,010.38 : 629.28 = 6.4 : 1

16

Wide Distribution of Revenues

Statewise Share of Revenues

AP

23%

MAH

17%

MP

3%CG

3%OR

2%RAJ

5%

HAR

3%

GUJ

3%

UP

8%

HP

1%

BIH

4%

WB

15%

NE

2%

UK

1%

JHK

0.1%

PJB

6%

TN

3%

KER

0.1%KAR

2%

17

Bangalore

Kolkata

Mumbai

Hyderabad

Lucknow

Ahmedabad

Current Manufacturing Units

* Disclaimer: This map is for broad representational purposes only &

may not have accurate or exact national and international boundaries.

Nationwide Manufacturing Units

19,800 MT19,800 MT19,800 MT19,800 MT

10,800 MT10,800 MT10,800 MT10,800 MT

10,800 MT10,800 MT10,800 MT10,800 MT

1,650 MT1,650 MT1,650 MT1,650 MT

37,800 MT37,800 MT37,800 MT37,800 MT

3,750 MT3,750 MT3,750 MT3,750 MT

18

Inauguration of Hyderabad Factory

India’s largest and most India’s largest and most India’s largest and most India’s largest and most automated automated automated automated manufacturing unit for manufacturing unit for manufacturing unit for manufacturing unit for ChelatedChelatedChelatedChelatedmicronutrients micronutrients micronutrients micronutrients ––––35000 35000 35000 35000 tpatpatpatpa

19

Inauguration of Lucknow Factory

Aries first manufacturing Aries first manufacturing Aries first manufacturing Aries first manufacturing unit in North Indiaunit in North Indiaunit in North Indiaunit in North India

20

Inauguration of Ahmedabad Factory

Aries first manufacturing unit for BioAries first manufacturing unit for BioAries first manufacturing unit for BioAries first manufacturing unit for Bio----fertilizersfertilizersfertilizersfertilizers

21

Work Allocation across Manufacturing Units

Agromin Soil – WB & North EastAgromin SoilKolkata

Agromin Soil – GUJ, RAJ, MP, CG

Ferromix – All states not covered by Lucknow factory

Bio Fertilizers – All India

Agromin Soil, Ferromix, Bio fertilizers

Ahmedabad

Agromin Soil & Ferromix – UP, BIH, PJB, HRY, HP, J&K

Agromin Soil, FerromixLucknow

Chelamin – All India

Agromin Max – AP, Central & Northern states

Agromin Soil – AP, CG, OR, TN, KTAKA, KERALA

Agromin Max, AgrominSoil, Chelamin

Hyderabad

Agromin Max – Mah, TN, Karnataka, Kerala, East

Boron 20 & Magmix – All India

Agromin Max, Boron 20 and Magmix

Bangalore

Agromin Soil – MAH

Liquids & Technicals – All India

All Rebranded products

Agromin Soil, All liquids, All Product technicals, All rebranded products

Mumbai

Supply locationsSupply locationsSupply locationsSupply locationsProducts producedProducts producedProducts producedProducts producedLocationLocationLocationLocation

22

India : Installed Capacities and Utilization of Manufacturing Units

57% *57% *57% *57% *

70%

50%

50%

55%

65%

80%

Capacity Utilization 2010-11 E

(%)

71%71%71%71%

70%

60%

60%

75%

70%

85%

Capacity Utilization 2011-12 E

(%)

70%24%4011,6501,650Kolkata

42% *42% *42% *42% *30%30%30%30%16,90516,90516,90516,90584,60084,60084,60084,60054,00054,00054,00054,000Total Total Total Total

8,000Rebranded

Ahmedabad

Lucknow

Hyderabad

Bangalore

Mumbai

LocationLocationLocationLocation

30%7%1,41719,800--

30%0.8%8910,800--

40%16%6,22037,80037,800

60%49%1,8543,7503,750

70%64%6,92410,80010,800

Capacity Utilization 2009-10 E

(%)

Capacity Utilization

2008-09 (%)

Capacity Utilization 2008-09

(MT)

Installed capacity 2008-09

(MT)

Installed Capacity 2007-08

(MT)

* Note : Utilization of capacities excludes repacking of rebranded products

23

The Aries Growth Story

Sales & Profitability Trend & Projections

28,700

20,000

15,500

11,044

7,405

3,943

5,936

10,338

7,100

5,300

3,500

1,1821,9401,6941,222

309-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12

Rs in lakhs Sales

EBIDTA

PBT

24

Competitive Strengths

� Widest range of specialty plant nutrition solutions available to the Indian farmer

� Customized variants based on ongoing research of soil, crop and geography specific nutrient needs

� Highly skilled sales team geared up to promote concepts and branded agricultural inputs

� Unmatched distribution reach, with a proven capability to place a new product on 69000 retail shelves within 1 day of launch

� Specialized, cost effective, environmentally sensitive Chelation technology

� World class manufacturing systems for multi micronutrient complexes

� India’s only customer loyalty programme in agribusiness – market intelligence, data mining capability, interest free working capital

� Strong relationships with research institutions and Agricultural universities, along with systematic lab to land knowledge dissemination programmes

� Unique industry-government-private partnership : CII-Aries Agro Young Indian Farmers Network

� Nationwide network of manufacturing facilities, with ISO certified Quality Management system

25

Market Position

� Total market size for micronutrients in India (2008) : 2,45,000 MT

� Micronutrient consumption levels are one of the lowest in the world

� Chelated Micronutrients constitute about 15% of the total micronutrients market

� Estimated size of Chelated micronutrients market (2008) : 36,750 MT

� Aries market share of the Aries market share of the Aries market share of the Aries market share of the ChelatedChelatedChelatedChelated micronutrients market : 16,905 MT = 46%micronutrients market : 16,905 MT = 46%micronutrients market : 16,905 MT = 46%micronutrients market : 16,905 MT = 46%

� Aries market share in the total micronutrients market : 7%

� Note that 60% of the Indian micronutrient industry is unorganised and highly fragmented, with a large number of regional players

� Widest product portfolio in the specialty plant nutrients sector

� Only company in India with 65 brands providing all nutrients essential for balanced crop nutrition, in multiple formulations and at a range of price points, with options affordable even to the small and marginal farmers

26

Brand Strength

� Aries Corporate BrandAries Corporate BrandAries Corporate BrandAries Corporate Brand :

� Symbol of trust and quality

� Consistent delivery of quality products

� Premium pricing accepted by farmers due to high standards and credibility

� Product Branding :Product Branding :Product Branding :Product Branding :

� Synonymous with product category in agriculturally progressive states

� Brands built without high decibel advertising campaigns, using extension services and field demonstrations

� Knowledge, consistency and simplicity

� Nil sales of unbranded products since inception

27

Consumer Connect

� Increasing awareness is key to increasing mindshare and market sIncreasing awareness is key to increasing mindshare and market sIncreasing awareness is key to increasing mindshare and market sIncreasing awareness is key to increasing mindshare and market sharehareharehare

� Unique Young Farmers Network engaging 6100 farmers, all 25 to 40 years of age

� Partnership with the Confederation of Indian Industry’s Young Indians

� UniconnectUniconnectUniconnectUniconnect - Lab to land awareness programmes with 100+ Agricultural Universities and Research Stations

� Bal Bal Bal Bal KrishakKrishakKrishakKrishak SambodhanSambodhanSambodhanSambodhan ---- Exposure to young students in rural schools on best practices in crop management

� SuryodayaSuryodayaSuryodayaSuryodaya ---- Continuous schedule of farmer study tours, farmer meetings, demos and field trials

� Train the trainersTrain the trainersTrain the trainersTrain the trainers sessions with Government extension officers

� Regular Rural Immersion programmes

� Mobile Soil Testing and issue of Soil health cards

� SMS based weather advisories, commodity prices, farmer query resolution

� MCX-Aries Agro Gramin Suvidha Kendra – Pilot with India Post offices in 768 villages across 5 states as booking agents and information channels; scale up opportunity immense

28

A Fleet of 100 Krishi Vigyan Vahans

29

Aries KVV Objectives

� Build awareness in remote, unserviced markets

� Conduct farmer meetings and audio visual shows on product applications

� Visit six villages every day on a pre determined route

� Book orders from farmers and collect token advances to confirm order bookings

� Work with local distributor to liquidate stocks based on orders booked

� Provide door step farmer advisory services, soil testing and query resolution

� Incentivize farmers by providing special schemes on booking through the KVVs

� Tracking of impact of extension work – farmers contacted v/s booked orders v/s actual sales

� Advances will ensure dealers cannot push other competing brands at point of sale

� Advances collected accrue to the company with credit given to respective distributors after the sale is completed

30

Environment Sensitivity

� All Aries products are based on the philosophy of “Use less chemicals and use safe chemicals” –low doses of chemically inert and cost effective nutrient complexes

� The entire range of Aries Chelates are environmentally safe

� Starting April 2008, Aries has launched water soluble sachets for its flagship brands, reducing the use of plastics and aluminum foil in packaging

� The company promotes “Balanced Nutrition as a National Imperative”, building resistance of crops to pests and diseases and hence lowering the usage of harmful and expensive pesticides

� All Aries factories have zero effluents and produce no harmful emissions

31

Global Reach

� Investment in Golden Harvest Middle East FZC, Sharjah – now an Aries subsidiary – first International Chelated micronutrients manufacturing base for Aries in the Middle East

� Chelates manufacturing in Golden Harvest, UAE provides input cost savings for Aries’ Indian operations due to concessional duties on imports of finished products versus raw materials

� Investments in manufacturing facilities of Amarak Chemicals FZC for Sulphur Bentonite

� Current international customers are global arms of Indian customers (tea, coffee plantations)

� Distributors appointed in the UAE, EU, Nepal & Bangladesh for accessing new markets

� Manufacture world class nutrition solutions in the Middle East with indigenous, cost effective technologies to tap into the highly specialized farming requirements in water scarcity and technology intensive areas

32

The Aries Group – The Indian Multinational

Our first manufacturing Unit for Our first manufacturing Unit for Our first manufacturing Unit for Our first manufacturing Unit for ChelatesChelatesChelatesChelates overseas overseas overseas overseas ––––

Golden Harvest Middle East FZC, Golden Harvest Middle East FZC, Golden Harvest Middle East FZC, Golden Harvest Middle East FZC, SharjahSharjahSharjahSharjah

33

The Aries Group – The Indian Multinational

Our second manufacturing Unit for Our second manufacturing Unit for Our second manufacturing Unit for Our second manufacturing Unit for SulphurSulphurSulphurSulphur BentoniteBentoniteBentoniteBentonite –––– FujairahFujairahFujairahFujairah, UAE , UAE , UAE , UAE –––– opening October 2009opening October 2009opening October 2009opening October 2009

34

Main Achievements - 1

� First company to market Agricultural Chelates in India

� First company to receive license to manufacture broad spectrum Antibiotics for crops

� Recipient of the Trans World Gold Medal by the International Labor Organization for model labour relations in India

� Not a single man hour lost since 1969 due to labour disputes

� Responsible for the establishment of Indian Micro-Fertilizer Manufacturers Association

� Recipient of the National Unity Award by the Government of India

� Recipient of the Distinguished Leadership Award by American Biographical Institute

� Listed amongst the Top 100 Best Employers of India

� ISO 9000 Quality Management system

� Launched a new product across 22 Indian states on a single day - 15 August 2006

35

Main Achievements - 2

� Setup of completely automated manufacturing facilities at Bangalore & Hyderabad, using 100% Indigenous technology and components

� Successfully launching and running India’s only customer loyalty programme in Agribusiness

� Establishing a unique National Young Indian Farmer Network, along with the Confederation of Indian Industry

� First Plant Nutrition company in India to successfully go public and list on the premier stock exchanges of India, the BSE & NSE

� Strong global partnerships with companies in South America, China, the Middle East and Europe

� First Indian specialty plant nutrient manufacturer to set up an International manufacturing base in the UAE

36

Technology Transfer Arrangement

Technology Transfer – India Innovation Growth Programme : Plant controlled release Micronutrients

FICCI-Lockheed Martin USA-Dept of Science & Tech, Govt of India

37

Global Recognition

� Winner : CNBC Emerging India Award 2008Winner : CNBC Emerging India Award 2008Winner : CNBC Emerging India Award 2008Winner : CNBC Emerging India Award 2008– FMCG, Food & Agribusiness sector

38

Stakeholder Value Creation

� Value for CustomersValue for CustomersValue for CustomersValue for Customers

� Proven benefit : cost ratio

� Cost effective, environmentally safe technologies

� Branded, high quality agricultural inputs

� Value for EmployeesValue for EmployeesValue for EmployeesValue for Employees

� Performance based variable pay across all levels and in all departments

� Informal, disciplined, open work environment

� Focussed and structured training and development initiatives

� Cordial employee relations, with not a single man hour lost since 1969 due to labour unrests

� Highly experienced mentors, with more than 120 staff having been with Aries for more than 20 years each

39

Stakeholder Value Creation

� Value for SocietyValue for SocietyValue for SocietyValue for Society

� Research and continuous knowledge creation in over 100 Agricultural Universities and Research institutions across India

� Lab to land programmes across 97000 villages in 22 states, including ‘train the trainers’ programmes

� Sessions in Rural Schools to expose students to the ‘balanced crop nutrition’ concept during science classes

� Advocating the use of environmentally safe technologies for crop nutrition, reducing the use of harmful chemical fertilizers

� Focussed extension efforts to increase awareness levels in farming communities, using knowledge as a catalyst to raise agricultural productivity and consequently improve the economics of farming

40

Competition | Challenges for new entrants

� Need to understand farmers at root levels, which requires not only capital investment but also lot of time and effort

� Business requires selling concepts and not just pushing products

� Not a commoditised price-point selling product

� Knowledge based service industry, which requires understanding problems of farmers and providing them with solutions

� Huge crop diversity, which requires large variety of product range

� Given the size of our country, huge amount of time and effort is required to establish the required sales and support infrastructure

41

Future Plans

� Strengthen and increase global partnerships to source world class, Made for India products for Indian farmers

� Three manufacturing units in the Middle East for Chelates, Sulphur Bentonite and water soluble NPK fertilizers

� Expanding crop protection product portfolio in partnership with Indian manufacturers

� Launch hybrid seeds for field and vegetable crops in partnership with strong technology providers

� Penetrate new markets in India with a fleet of Rural Retail vehicles

� Scale up Knowledge dissemination activities across India using the Nationwide Young Indian Farmers Network

� Commence advisory services in remote rural areas, including weather reports, output price information and recommendations on agricultural input usage using SMS based services

� Position Aries manufacturing facilities as the Chelated micronutrient supply hubs for global and Indian plant nutrition companies

42

Introducing Bio Degradable Chelates

43

Introducing Natural Amino Acid Chelates

44

Introducing Biological Pesticides

Biological Plant Protection Biological Plant Protection Biological Plant Protection Biological Plant Protection ---- Contact Fungicide, Anti Contact Fungicide, Anti Contact Fungicide, Anti Contact Fungicide, Anti FeedantFeedantFeedantFeedant, , , , MiticideMiticideMiticideMiticide, Insecticide, Insecticide, Insecticide, Insecticide

45

Introducing Calcium Nitrate Derivatives

46

Introducing Protein Hydrolysate & Sea Weed Extracts

47

Introducing Majorsol Range

48

Promoter Background

Dr. Jimmy Mirchandani – Chairman & Managing Director

Dr Jimmy Mirchandani is a veterinary graduate from Konkan Krishi Vidyapeeth. He has been associated with Aries for almost 3 decades, more particularly involved with development of new products. He was instrumental in propelling Aries Research into the Chelation area. He is immediate past president of Indian Micro FertilisersManufacturers’ Association of India (2001-2005).

Dr. Rahul Mirchandani – Executive Director

Dr. Rahul Mirchandani is a Commerce graduate, a PhD in Rural Marketing from NMIMS University, Mumbai, and a Chartered Financial Analyst from the Institute of Chartered Financial Analyst (ICFAI), India. He holds an Honors Diploma in Sales and Marketing from the National Institute of Sales, Bombay. He completed his MBA from the University of Canberra, Australia. He is also the visiting faculty in IIM, Ahmedabad and Narsee MonjeeInstitute of Management Studies (NMIMS), Mumbai. He is also the National Chairman of the Confederation of Indian Industry’s Youth arm, Young Indians. He looks after the marketing activities of the Company.

49

Board of Directors

Independent DirectorProf. R.S.S. Mani

Independent DirectorDr. D.S. Jadhav

DirectorMr Akshay Mirchandani

Executive DirectorDr. Rahul Mirchandani

Chairman and Managing DirectorDr. Jimmy Mirchandani

DesignationDesignationDesignationDesignationName of the DirectorName of the DirectorName of the DirectorName of the Director

50

Key Takeaways

� Vast experience of the Promoter Group

� Highly qualified and experienced management team

� Locational advantage of manufacturing units, branches and distribution network

� Unmatched distribution reach, including a fleet of 100 Rural Retail Vehicles

� International manufacturing base and global marketing partnerships

� In house research and development

� ISO certified Quality Management System

� Widest range of specialty plant nutrition solutions

� High brand recognition and brand strength in rural communities

� Capability to handle multiple customized formulations and varied SKUs to serve varied needs of large as well as small and marginal farmers

� Leadership position within a high growth, profitable, niche sector of agribusiness in India

51

Energizing EarthEnergizing EarthEnergizing EarthEnergizing Earth

Aries House, Plot No.24, Deonar, Govandi (East), Mumbai 400 043, India.

www.ariesagro.com