MIRA INFORM REPORT

Report Date :

15.03.2007

IDENTIFICATION DETAILS

Name :	ANIK INDUSTRIES LIMITED
Registered Office :	610, Tulsiani Chambers, Nariman Point, Mumbai-400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	10.02.1976
Com. Reg. No.:	11-136836
CIN No.: [Company Identification No.]	L24118MH1976PLC136836
IEC No.:
TAN No.: [Tax Deduction & Collection Account No.]	MUMM20568C
Legal Form :	Public Limited Liability Company. The Company’s shares are listed on Stock Exchanges.
Line of Business :	Processing and Exports of Soyabean.

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions

LOCATIONS

Registered Office :	610, Tulsiani Chambers, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-22824851/ 53/ 57/ 59/ 63
Fax No.:	91-22-22042805
E-Mail :	myglychem@ruchigroup.com

DIRECTORS

Name :	Mr. Kailash Chandra Shahra
Designation :	Chairman
Name :	Mr. Suresh Chandra Shahra
Designation :	Managing Director
Name :	Mr. P D Nagar
Designation :	Whole Time Director
Name :	Mr. P S Santhanakrishan
Designation :	Whole Time Director
Name :	Mr. Hemant Thakkar
Designation :	Whole Time Director
Address :
Date of Birth/Age :	Mr. Rakesh Khandelwal
Qualification :	Whole time Director
Experience :	Mr. Ashok Mehta
Date of Appointment :	Whole Time Director

KEY EXECUTIVES

Name :	Mr. Manish Parikh
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Category of shareholder	No. of Shares	Percentage of Holding
Shareholding of Promoter and Promoter Group
Indian Individuals/     Hindu Undivided Family     Central Government/ state Government Bodies Corporate Financial Institutions/ Banks Any Other( Specify) Sub- Total Foreign Individuals (Non- Resident Individuals/ Foreign Individuals) Bodies Corporate Institutions Any Other( Specify) Sub- Total Total shareholding of Promoter and Promoter Group(A)= (A)(1)+(A)(2) Public shareholding Institutions Mutual Funds/ UTI Financial Institutions/ Banks Central Government/ State Government(s) Venture Capital Funds Insurance Companies Foreign Institutional Investors Foreign Venture Capital Investors Any Other (specify) Sub- Total(B)(1) Non-Institutions
	0	15.54
	0	0.00
	249173	32.70
	0	0.00
	0	0.00
	249173	48.24
	0	0
	0	0
	0	0
	0	0
	0	0
	249173	48.24
	0	0.07
	50100	0.18
	0	0
	90000	0.32
	0	0
	941116	3.44
	0	0
	0	0
	1081216	4.02
Bodies Corporate Individuals-                 i. Individual shareholders holding nominal share capital up to Rs. 1 lakh     ii. Individual Shareholders holding nominal share capital in excess of Rs. 1 lakh Any Other (specify) Sub- Total Total Public Shareholding Shares held by Custodians and  against which Depository Receipts have been issued   GRAND TOTAL	2708411	30.85
	2878559	15.19
	460580	1.71
	0	0
	6047550	47.75
	7128766	51.76
	0	0.00
	7377939	99.99996397

BUSINESS DETAILS

Line of Business :

Processing and Exports of Soyabean.

GENERAL INFORMATION

No. of Employees :

206

Banking Relations :	Satisfactory
Auditors :
Name :	Ashok Khasgiwaa & Company Chartered Accountants

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
277534860	Equity Shares	Rs.10/- each	Rs.277.535 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		277.500	211.100	211.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1330.400	682.600	591.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1607.900	893.700	802.000
LOAN FUNDS
1] Secured Loans		203.500	795.100	1354.900
2] Unsecured Loans		1342.900	728.300	1465.900
TOTAL BORROWING		1546.400	1523.4	2820.8
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3154.300	2417.100	3622.800
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		610.700	978.300	851.700
Capital work-in-progress		4.700	4.500	5.300
INVESTMENT		149.000	107.500	1.200
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	224.700	1164.600	2107.800
	Sundry Debtors	679.800	510.200	660.000
	Cash & Bank Balances	1488.800	901.200	1768.700
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	630.500	623.000	408.400
Total Current Assets		3023.800	3199.000	4944.900
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	451.100	1770.600	2083.400
	Provisions	182.800	101.600	97.100
Total Current Liabilities		633.900	1872.200	2180.500
Net Current Assets		2389.900	1326.800	2764.400
MISCELLANEOUS EXPENSES		0.000	0.000	0.200
TOTAL		3154.300	2417.100	3622.800

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
Sales Turnover		2029.800	10904.600	10855.400
Other Income		67.800	(433.300)	837.000
Total Income		2235.300	10471.300	11692.400
Profit/(Loss) Before Tax		113.600	165.800	192.900
Provision for Taxation		(32.700)	48.700	76.300
Profit/(Loss) After Tax		146.300	117.100	116.600
Total Earnings		44.884	NA	NA
Expenditures :
	Manufacturing Expenses	74.500	258.500	175.200
	Administrative Expenses	64.700	273.000	290.100
	Raw Material Consumed	1755.800	9154.500	10440.500
	Miscellaneous Expenses	19.300	41.900	81.700
	Salaries, Wages, Bonus, etc.	29.200	54.600	40.900
	Interest	98.800	169.200	161.400
	Power & Fuel	58.100	151.300	124.000
	Depreciation & Amortization	21.300	56.500	49.300
	Other Expenditure	0.000	146.000	136.400
Total Expenditure		2121.700	10305.500	11499.500

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	30.06.2006	30.09.2006	31.12.2006
Sales Turnover	2333.600	839.800	927.800
Other Income	3.900	12.100	3.800
Total Income	2337.500	851.900	931.600
Total Expenditure	2255.200	812.700	881.500
Operating Profit	82.300	39.200	50.100
Interest	12.800	1.500	15.200
Gross Profit	69.500	37.700	34.900
Depreciation	16.600	7.100	3.200
Tax	11.200	6.100	11.300
Reported PAT	40.200	23.000	22.400

200606 Quarter 1

Notes

Expenditure Includes (Increase) / Decrease in Stock in Trade Rs (46.952)million Purchase & Consumption of Raw Materials Rs 2194.753 million Staff Cost Rs 17.069 million Other Expenditure Rs 90.349 million Tax Includes Provision for Current Tax Rs 11.000 million Deferred Tax Rs 1.500 million Fringe Benefit Tax Rs 0.145 million EPS is Basic and Diluted Status of Investor Complaints for the quarter ended June 30, 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 11 Complaints disposed off during the quarter 11 Complaints unresolved at the end of the quarter Nil 1. The above results have been reviewed by the audit committee and taken on records at the adjourned meeting of the Board of Directors held on August 01, 2006. 2. The figures have been regrouped or rearranged wherever necessary. 3. The unaudited accounts for the quarter ended March 31, 2006 are subject to Limited Review by auditor. 4. The Board of Directors of the Company, have on October 06, 2005 approved the Composite Scheme of Arrangement and Amalgamation of General Foods Limited and Ruchi Health Foods Limited and Ruchi Private Limited and Nutrela Marketing Private Limited and Soya Processing, Vegetable oils & Fats and food business (other than dairy business) of Madhya Pradesh Glychem Industries Limited (MPGIL) with Ruchi Soya Industries Limited and Anik Industries Private Limited with residual MPGIL and their respective shareholders under section 391 to 394 of the Companies Act, 1956. The above scheme would be operative from April 01, 2005 and has been approved by the shareholders, creditors and Jurisdictional High Court. However, the certified true copies of the orders of the Hon'ble High Court is awaited. Hence, no effect of the scheme has been given in the unaudited accounts of the Company.

200609 Quarter 2

Notes

1. The above results have been reviewed by the Audit Committee end taken on record by. the Board of Directors of the company at the meeting held on 31st October, 2006, and are subject to limited review by the Statutory Auditors. 2. The Name of the Company. has been changed from'Madhya Pradesh Glychem Industries Limited to Anik Industries Limted. vide Fresh Certificate of Incorporation consequent upon change of name dated 08.09.2006 issued by the Registrar of Companies, Maharashtra 3. The number of Investor complaint pending as on 1 st July, 2006 Nil, received during the quarter ended 30th September 2006- 21 & unresolved at the end of the quarter- Nil. 4. The Board of Director's of the Company, have on October 06, 2005 approved the Composite Scheme of Arrangement and Amalgamation of General Foods Limited and Ruchi Heath Food Limited and Ruchi Private: Limited & Nutrela Markefing Private Limited Limited and Soye Processing, Vegetable Oils & Fats and Foods businesses (other then dairy business) hereinafter referred to as 'SVF Business' of Madhya Pradesh Glychem Industries Limited (now known as Anik Industries Limited.) with Ruchi Soya Industries Limited and Anik Industries Private Limited Limited with residual Madhya Pradesh Glychem Industries Limited (now known as Anik Industries Limited) and their respective shareholders under section 391 to 394 of the Companies Act. 1956, The Scheme has been approved by the shareholders, creditors and Hon'ble High Court of Bombay. The Scheme was Implemented on September 04, 2006 and is operative from April 01, 2005. 5. The Financial results of the Company for the quarter and half year ended September 30, 2006 are Inclusive of finandal results of the merged company I.e. Anik Industries Private Limited and exclusive of the 'SVF Business' in accordance with the schema referred to above. The results for the corresponding periods of the previous year and year ended March 31, 2006 ere of the Company on standalone basis without giving effect of scheme referred to above. Hance tin results for the quarter and half year ended September 30, 2006 are not comparable with the results of the corresponding periods. 6. Pending regulatory approvals, 6642956 equity shares have not been allotted to the Shereholders of the erstwhile Anik Indusdes Private Limited. Paid up Equity share capital, reserves Basic EPS and Diluted EPS have been given for the Company without giving effect of the scheme referred to above. If the fact is given for the equity shares to be allotted to the shareholders of merging Company then paid up Equity Share Capital, basic EPS & Diluted EPS for the quarter and half year ended September 30, 2006 would be as under: For the qarter ended 30.09.2006 For the half year ended 30.09.2006 paid up Equity share Capital paid up Equity share Capital Rs. 27,75,34,860 Rs. 27,75,34,860 Basic & Diluted EPS Rs. 0.83 Basic & Diluted EPS Rs. 1.73

200612 Quarter 3

Notes

EPS is Basic & Diluted Status of Investor Complaints for the quarter ended December 31, 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 15 Complaints disposed off during the quarter 15 Complaints unresolved at the end of the quarter Nil 1. The above results have been reviewed by the Audit Committee and taken on record by the Board of Directors of the Company at their adjourned meeting held on February 3, 2007 and are subject to Limited Review by the Statutory Auditors. 2. Pursuant to the Composite Scheme of Arrangement and Amalgamation of Anik Industries Private Limited and General Foods Limited and Madhya Pradesh Glychem Industries Limited and Ruchi Health Foods Limited and Ruchi Private Limited and Nutrela Marketing Private Limited and Ruthi Soya Industries Limited and their respective shareholders and as approved by the Hon'ble High Court of Bombay vide its order dated June 30, 2006, the Board of Directors of the Company at their meeting held December 23, 2006 have allotted 6642956 Equity Shares of Rs 10/- each, fully paid up on pari-paasu basis, to the shareholders of Anik Industries Private Limited (merging company). As the scheme was operative from April 01, 2005, the effect of the same has already been given in the audited results of the company for the year ended March 31, 2006. 3. The financial results of the Company for the quarter and nine months ended December 31, 2006 are inclusive of financial results of the merged company i.e. Anik Industries Private Limited and exclusive of the 'SVF Business' in accordance with the scheme referred to above. The results for the corresponding periods of the previous year are of the Company on standalone basis without giving effect of scheme referred to above. Hence the results for the quarter and nine months ended December 31, 2006 are not comparable with the results of the corresponding period of the previous year.

KEY RATIOS

PARTICULARS	30.06.2006	30.09.2006	31.12.2006
Debt-Equity Ratio	1.23	2.56	2.35
Long Term Debt-Equity Ratio	0.96	1.54	1.28
Current Ratio	1.92	1.41	1.36
TURNOVER RATIOS
Fixed Assets	2.09	9.46	11.22
Inventory	2.92	6.66	7.60
Debtors	3.41	18.64	18.19
Interest Cover Ratio	2.15	1.98	2.20
Operating Profit Margin(%)	11.51	3.59	3.72
Profit Before Interest And Tax Margin(%)	10.46	3.07	3.26
Cash Profit Margin(%)	8.26	1.59	1.53
Adjusted Net Profit Margin(%)	7.21	1.07	1.07
Return On Capital Employed(%)	7.62	11.09	14.00
Return On Net Worth(%)	12.02	13.81	15.41

STOCK PRICES

Face Value	Rs.10.00/-
High	Rs.25.95/-
Low	Rs.25.30/-

LOCAL AGENCY FURTHER INFORMATION

Madhya Pradesh Glychem Industries (MPGIL), incorporated as a public limited company on 10 Feb.'76 was promoted as a joint venture between the M P State Industries Corporation and a private promoter, Chemical Construction Company Private Limited, to set up a solvent extraction plant. However, there was not much activity in MPGIL till 1985 when the Ruchi Group acquired the controlling interest from its erstwhile promoter. 

Apart from its 3000-tpa milk-processing plant, MPGIL has a 0.24 million tpa solvent extraction unit, which received the prestigious Solvent Extraction Association (SEA) award for the highest export of salseed extract during 1991-92. 

The company set up an 800-tpd food processing unit (soya unit) and a 100-tpd oil refinery at Gadarwara (Narsinghpur district), MP. It has diversified by setting up a dairy unit at Dewas, with ultra-modern facilities to process upto 0.15 millions ltr of liquid milk daily, and to manufacture skimmed milk powder, butter, ghee, cheese, dairy whitener, etc. The plant was designed by Alfa Laval, Sweden, to produce skimmed milk powder according to specifications demanded by the export market. The company made a public issue in Mar.'94 to part-finance these projects with a Rs 194.8 million public issue of equity shares at a premium of Rs 15.  

The dairy unit of the company commenced production in Dec.'95. The company is also finalising tie-ups for the export of edible casein and lactose from its dairy unit. 

The company was awarded, the third highest exporter of soyabean meal in the private sector and the third highest processor of soyabean in the private sector by the Soyabean Processors Association of India for the year 1997-98. 

During 1999-2000, the company has been conferred with Certificate of Merit for highest sale of soya protein concentrate/isolet from SOPA (The Soyabean Processors Association of India). 

The company has commsissioned its new composite plant consisting of 600 tpd Edible Oil Refinery and 150 tpd Vanaspati at Halda, West Bengal on Dec 2002.

As you all are well aware that during the year under review, a restructuring and consolidation process within the Ruchi Group has taken place vide a Composite Scheme of Arrangement and Amalgamation. By way of the Composite Scheme the Company has transferred its Soya Processing, Vegetable Oils & Fats and Food Businesses (other than Dairy Business) (in short 'SVF Business') to Ruchi Soya Industries Limited on slump sale basis. In an other measure of consolidating itself in Dairy Business a dairy company M/s. Anik Industries Private Limited has been merged with the company under the same Composite Scheme. Anik Industries Private Limited is an eminent name in the business of Dairy. The Hon'ble High Court of Mumbai vide its order dated 30.06.2006 has approved the aforesaid Composite Scheme of Arrangement and Amalgamation and the said Composite Scheme has been made effective w.e.f. 4th September, 2006. 

In a further step of establishing the Company at National level in the business of Dairy, the name of the Company has also been changed w.e.f. 8th September, 2006 as 'ANIK INDUSTRIES LIMITED', with new business logo printed on the cover page of this Annual Report. 

It is a matter of specific attention that though the Composite Scheme has become effective w.e.f. 4th September, 2006 but the appointed date fixed for giving effect to Composite Scheme is 1st April, 2005. Therefore, the previous year figures are not comparable with the current year figures. 

OPERATIONS: 

As aforesaid discussed during the year 2005-06, the consolidation within the Ruchi Group has taken place. By result of which SVF business of the Company is transferred to Ruchi Soya Industries Limited while a renowned dairy Company M/s. Anik Industries Private Limited Limited is merged with the Company. Therefore, Dairy has become core business of Company alongwith wind power and real estate business to some extent. Company is having two very famous dairy brands in its beg 'ANIK' and 'SOURABH' and the core concentration of the Company is to increase its consumer base by selling its products in consumer pack. Though tough competition exists in dairy business, prudent management policies, better economies of scales and stringent cost control measures enabled us to maintain competitive position in the industry. 

During the year under review, Gross Turnover of the Company is Rs.2182.779 millions, the Profit Before Tax is Rs.113.562 millions and Net Profit stood at Rs.146.293 millions. These figures are not comparable with the previous years as Composite Scheme has come into force w.e.f. 1st April, 2005. 

FOREIGN EXCHANGE EARNINGS: 

During the year under review, the company's earnings from export of goods on FOB basis was Rs.44.884 millions earned through export of SMP and WMP. Company is eying other countries with additional products to increase its foreign earnings.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT: 

Industry Structure and Developments: 

During the year under review buoyant agriculture has pushed up the Gross Domestic Product (GDP) growth rate to 8.4%, up from 8.1% projected by the Government. Although the GDP rate of 8.4% is not the highest in the post-reform period, it is significant as it comes after the high growth rate of 7.5% recorded during the previous fiscal. The highest post-reform growth rate at 8.5% was witnessed in 2003-04. 

India's milk and milk products output is set to outpace the growth in the global market. While world milk and milk products output is expected to grow by 2.6%, India is expected to register upto 4% increase. The country will account for nearly half of the expected 5% growth in Asia. As the largest single dairy producing country in the world, India's output continues to grow strongly in the 3-4% range, largely in response to internal demand growth and sustained by increasing productivity. India will account for nearly half the 226 million ton total milk output of Asia. 

 In wind power installed capacity, India now has the 5th largest capacity in the world which has reached 1870 MW. Out of which 1805 MW of the total installed capacity has come through commercial projects. About 11.80 billion units of electricity have been fed to various State grids from Wind power projects. 

Opportunities & Threats: 

Dairy Business: 

In India potential is there for expansion in smaller towns. Technological upgradation with aim to provide nutrition, health and high quality are key factors for success in dairy business. With increasing understanding of quality milk and dairy products, consciousness about nutrition and unadulterated pasteurized liquid milk and increasing demand of modern dairy products like cheese, butter and ice-cream, companies are increasingly coming up with new milk base beverages and the products are well accepted in the market place. In years to come greater demand for unadulterated pasteurized liquid milk in poly pouches, high quality nutrition products will be the thrust area for growth. 

Company is at present exporting SMP to different countries while the prospects of exporting WMP, Soya Protein Isolate and Concentrate and Casein is very bright. In European countries demand for these products at better rate is available. Export prospects of these products will help company to get noted in other countries. 

 Wind Power: 

 Successful commissioning of Wind Power projects at Nagda Hills, Dewas (MP) and Jaisalmer (Raj) has shown the ability of the Company to diversify in non-conventional energy sector. In financial year 2005-06 Nagda Hills, Dewas Unit generated 23,46,897 electricity units while Jaisalmer Unit generated 8,92,218 electricity units. In India there is an estimated Gross Potential of 45,000 MW & Technical Potential of 13,000 MW. New initiatives have been taken in reassessment and expansion of the wind resource base and large private sector corporations, public sector units and power utilities are being motivated to set up wind power projects. 

Others: 

With the favourable monsoon, the current year has seen reasonable growth in agri-sector. The company tried hard to keep pace with past performance of previous years and got success in same to some extent. Their core competence remained in import-export operations and vast experience in agri-industry. The company proposes to continue to recognize the full potential agro commodities offer. 

The future performance of the company would depend to a large extent on its ability to successfully introduce and market dairy products. They are hopeful that through the combination of market developments and expansion activity, there will be healthy growth over the next few years. 

The Company has also taken initiatives to enter in Real Estate business and become a major partner of Mahakosh Property Developers. 

Segment wise or product-wise performance: 

The company has identified three business segments in line with the accounting standard on segment reporting. These are: 

Dairy Products - Milk, Ghee, Milk Powder and other Dairy products.Wind Power - Wind Power Generation Others - Trading of Steel, Pulses etc. 

The segment wise performance in detail is given in Schedule 21, note 16 to the audited accounts of the company as available in this annual report. 

Outlook: 

 With increasing demand of dairy products of the Company, it is also proposed to raise the installed capacity of the Company in near future. During the year under review the company has successfully entered in states of Central India and products of the Company are welcomed in these market. Endeavors are continue to enter into Western and Southern parts of India also. They have started concentrating more on consumer packaged products instead of bulk and hopeful that this will further strengthen their position in the market. 

Further, the Wind Power Projects of the Company, are generating electricity satisfactorily. Electricity produced in Rajasthan Plant is being sold to Rajasthan State Electricity Board (RSEB) while in Madhya Pradesh they have captive consumption in their plant and remaining electricity is sold to Madhya Pradesh State Electricity Board. They see ecological power generation as the sunrise industry of tomorrow and have positioned ourselves to save the nature and to reap the reward for their stakeholders. 

With their strong focus on core business activities and their competitive position, better performance is expected in the years to come. 

Risk and concerns: 

The major risk and concerns attributed to the performance of the company are: 

The company is exposed to risks from market fluctuation of foreign exchange. (Hence the erratic movement in foreign exchange rates and international prices of dairy products may influence the performance of the company. Change in duty structure may also affect adversely. 

Increase in input costs, change in tax structure, change in interest rates, changes in govt. policies/laws of land, development and stability of Indian economy against the negative external and internal forces may also impact the overall performance of the company.

Profitability may be affected on account of competition from existing and prospective manufacturers of the company's products. 

Diary business is basically based on monsoon. Unfavourable monsoon may affect the milk availability and Company may not get milk upto installed capacity and demand. 

Internal control system and their adequacy: 

The company has good and effective internal control system for its various units in respect of efficiency of operations, financial reporting, proper recording and safeguarding of assets, compliance with applicable laws and regulations, etc. 

The adequacy of the same has been reported by the statutory auditors of the company in their report as required under the Manufacturing & Other Companies (Auditors Report) Order, 2003. 

Website Details :

Quality Policy :


“Their Endeavor is to produce consistently safe and quality products”

Qualitative Advantage :

Every product of Anik Industries Limited conforms to the exacting International and National standards. Elaborate, state-of-the-art and stringent quality control systems manned by highly qualified personnel ensure that the product that reaches the consumer meets the expectations of the best quality.

Historic Fusion

Fusion is the amalgamation of energy of two similar entities to produce a greater whole. In this case, when the fusion is of two reputed market leaders of analogous segments, the result is bound to be spectacular.

Anik Industries Private Limited Limited carved a distinctive niche in the dairy segment with manufacturing of Anik Pure Ghee, by the traditional crème process, in 1965, in its plant at Etah, on Aligarh-Agra Highway, 70 Kms. from Aligarh, in U.P., India. Anik Pure Ghee was the first branded ghee in consumer packs to have entered the Indian market scenario and since the past four decades, this brand has firmly established its reputation as a pure ghee with distinctive aroma and rich grainy constituency. It has established its brand equity owing to the consistent quality of the ghee since past 40 years.

Other well known brands of Anik Industries are Anik Spray, Skimmed Milk Powder & Anik Anytime & Anik Madhur, Dairy Mixes with a sizeable market segment.

Anik Industries Limited, Dewas Unit has a range of products that have found widespread brand preference especially its dairy products and packaged milk, marketed under the brand name Sourabh, in Central India. The company has being in Wind power generation too.

This fusion has indeed proved to be more than profitable to millions across the country.

The Inheritance

An ISO 9001: 2000 cirtified company. Anik Industries Limited is the proud inheritor of an enviable state of the art infrastructure of the two component units which are working in perfect synergy to provide an output and growth unlike any other.

The combined infra-structure is as formidable as it looks:

v Milk Processing plant for manufacture of ghee and Skimmed Milk Powder at Etah, on Agra-Aligarh Highway, U.P., India with an installed capacity of processing 300,000 litres of milk per day supported by 5 chilling centres spread across U.P. to milk producers in 800 villages in the Ganges plain.

v Milk processing unit for manufacturing of Ghee, skimmed milk powder, whole milk powder, cheese, butter etc. at village Bilawali, Distt. Dewas, M.P., India with a capacity to process 2, 40,000 litres of milk per day. The unit has been granted license as standard grade from the Bureau of Indian Standards for skimmed milk powder and Agmark Special Grade status for pure ghee.

v Today at Anik they manufacture two different Brands- “ANIK as premium brand, and SOURABH as Popular Brand”.

v Wind Power generation plant have been commissioned in Jaisalmer (Raj). And Dewas (M.P.).

v Soya Protein Isolate and Concentrate manufacturing unit with a capacity of 600 MT p.a. is situated at Dewas (M.P.)

ANIK GHEE: (Clarified Butter)

Anik Pure Ghee is the oldest offering of Anik Industries. Introduced four decades ago. Produced from the traditional Crème based method, Anik Ghee has white uniform granulated texture and a natural rich aroma not found in any other packaged ghee in the market.

It has a fresh & pleasing taste enhancing the quality of food and sweets. Anik Ghee produced from fresh cream, packed in a most hygienically method and transported timely to destinations all over India, Anik Ghee is also the most widely used ghee in religious and ayurvedic applications owing to widely acknowledged purity.

Standard Packing:

Poly pouch : 100ml

Carton Packs : 200 ml, 500 ml and 1 litre

Tin Packs : 500 ml, 1 litre, 2 litres and 5 litres

ANIK SPRAY: Skimmed Milk Powder

Anik Spray is manufactured from fresh milk with perfect / instant mixing properties without forming lumps in the final product. It is an excellent product providing high milk proteins and is widely used in making sweet dishes. Uniformly mixing and superbly white, Anik Spray skimmed milk powder is most suitable for all milk preparations including confectionery and sweets. The powder blends perfectly with the dish you make and giving you delicious taste.

Standard Packing:

Poly pouch : 100 Gms / 500 Gms / 1 Kg

Poly Jar : 200 Gms / 500 Gms.

ANIK ANY TIME: Dairy Mix used for tea & coffee

Anik Anytime is a white sweet milk powder and a premium dairy mix having 18% Fat. Its freshness and rich taste gives sparkling whiteness to Tea / Coffee.

Anik Madhur Low in calories with just 4% fat.. Anik Madhur is the dairy mix of choice for everyone looking at a low fat, high protein milk substitute that does not increase cholesterol.

Standard Packing:

Pouch : 60 Gms, 100 Gms, 200 Gms, 500 Gms and 1 Kg

Carton Pack : 200 Gms and 500 Gms

SOURABH : Pure Ghee

Meets the Agmark special grade specification of the Agmark Scheme (1938) of Government of India Agmark CA No. A/I 004824

Special Feature: Creamy white granular texture with traditional rich aroma.

Rich source of vitamin A, D, E and K.

Standard Packing:

Packs : 200 ml, 500 ml. & 1.0 litre, 1.0 Kg

Tin Packs : 15 kg

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	Indian Rupees
US Dollar	1	Rs.44.17
UK Pound	1	Rs.85.58
Euro	1	Rs.58.67

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		65

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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