MIRA INFORM REPORT

Report Date :

25.03.2008

IDENTIFICATION DETAILS

Name :	ANIK INDUSTRIES LIMITED
Formerly Known As :	MADHYA PRADESH GLYCHEM INDUSTRIES LIMITED
Registered Office :	610, Tulsiani Chambers, Nariman Point, Mumbai-400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	10.02.1976
Com. Reg. No.:	11-136836
CIN No.: [Company Identification No.]	L24118MH1976PLC136836
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 :			USD 6740000
	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 mpglychem@ruchigroup.com
Corporate Office:	201, Mahakosh House, 7/5 South Tikoganj, Nath Mandir Road, Indore- 452 001, Madhya Pradesh, India
Tel No.:	91-98-10298516
Fax No.:	91-98-10298516

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
Name :	Mr. Ashok Mehta
Designation :	Whole Time Director
Name :	Mr. Manish Shahra
Designation :	Director
Name :	Mr. Ashok Trivedi
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Manish Parikh
Designation :	Company Secretary

BUSINESS DETAILS

Line of Business :

Processing and Exports of Soyabean.

Products:

Product Description	ITC Code No.
Milk	401
Ghee	4059020
Milk Powder	4021010/04022910

PRODUCTION STATUS (as on 31.03.2007):-

Installed Capacity	Unit	Quantity
Milk Processing	KLs	165000
Wing Power Generation	MWH	1.85

Actual Production	Unit	Quantity
Ghee	MTs	3906.521
Pasteurized Milk	KLs	39343.075
Soya Iso Prolet	MTs	27.722
Milk Powder	MTs	4126.842
Wing power Generation	KWH	3315454

· Milk Powder excludes 244.573 MT productions done job work for others.

GENERAL INFORMATION

Suppliers :

· Konica Cartons

· Laxmi Enterprises

· Narmada Enterprises, Bhopal

· Rockwell Industries Limited, Hyderabad

· SS Packaging Industries

No. of Employees :

206

Bankers:

· Axis Bank

· Punjab National bank

· Consortium Bank

Facilities:

SECURED LOAN	31.03.2007 (Rs. in millions)
Term Loans : From
Axis Bank	39.596
Working capital Loans from Punjab National Bank	99.990
Working capital Loans from Consortium Bank	227.181
Other loans	2.958
Overdraft from Banks	59.251
Interest Accrued and due	0.021
Total	428.997

Note of secured loan:

I) a) The Term Loan from UTI Bank Limited is secured by hypothecation of movable plant and machinery, furniture, fixtures, both present and future installed at the Wind Power Projects of the Company situated at Jaisalmer (Raj.) and Nagda Hills, Dewas( M.P.), equitable mortgage of land and structures thereon situated at Nagda Hills, Dewas and personal guarantee of two directors.

b) Installments of term loan due within next one year Rs11.200 millions (Prev. year Rs.11.200 millions).

II) a) Working Capital Loan from Punjab National Bank (relating to Anik Industries Private Limited merged with the company) are secured by hypothecation of stock of raw materials, stock in process, finished goods, stores and spares, book debts and other current assets and First charge by way of Equitable mortgage over the land situated at Etah (U.P.) together with all buildings, super structures, plant and machinery, constructed or to be constructed or installed orto be installed thereon.

Charge on paripassu basis in the favour of consortium banks is yet to be executed/modified,

b) Working Capital Loans (including for SVF Business) from Consortium Banks are secured by:

(i) Hypothecation of stock of raw materials, finished goods, stores and spares, stock in process and book debts, and all other movables, both present and future, lying or stored in factory premises at Village Bilawali, Dist. Dewas (including stocks and book debts relating to SVF business transferred by way of slump sale during the previous year) or where ever else, the same may be held or kept and charge by way of equitable mortgage over the land situated at Village Bilawali, Dist. Dewas, M.P. together with all buildings, superstructures, plant and machinery constructed or to be constructed or installed or to be installed thereon.

The charge referred to above relating to assets of SVF business which have been transferred by way of slump sale are subject to modification.

(ii) Personal guarantee by two Directors.

(iii) a) Loan from others is secured by charge on specific asset purchased.

b) Installments of loan due within next twelve months Rs.1.404 millions (p.y. NIL)

(iv) Overdraft from banks is secured by pledge of Fixed Deposits receipt with the Banks.

UNSECURED LOAN	31.03.2007 (Rs. in millions)
Short Term Loans :
From Banks	994.065

Banking Relations :

Satisfactory

Auditors :

Name :

Ashok Khasgiwaa & Company

Chartered Accountants

Associates/Subsidiaries :

· Mahadeo Shahra Sukrat Trust

· Shahra Securities Private Limited

· Shahra Brothers Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs.350.000 millions
1500000	Redeemable Non – cumulative Preference shares	Rs.100/- each	Rs.150.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
27753486	Equity Shares	Rs.10/- each	Rs.277.534 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		277.534	277.534	211.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1406.819	1330.418	682.600
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1684.353	1607.952	893.700
LOAN FUNDS
1] Secured Loans		428.999	203.453	795.100
2] Unsecured Loans		994.065	1342.941	728.300
TOTAL BORROWING		1423.064	1546.394	1523.4
DEFERRED TAX LIABILITIES		54.380	53.683	0.000
TOTAL		3161.797	3208.029	2417.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		724.636	610.717	978.300
Capital work-in-progress		31.122	4.649	4.500
INVESTMENT		106.854	148.964	107.500
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	641.143	224.683	1164.600
	Sundry Debtors	1209.109	679.863	510.200
	Cash & Bank Balances	1522.276	1488.788	901.200
	Other Current Assets	1176.620	27.489	0.000
	Loans & Advances	30.513	601.315	623.000
Total Current Assets		4579.661	3022.138	3199.000
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	2027.391	395.675	1770.600
	Provisions	253.085	182.764	101.600
Total Current Liabilities		2280.476	578.439	1872.200
Net Current Assets		2299.185	2443.699	1326.800
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3161.797	3208.029	2417.100

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		4789.093	2029.800	10904.600
Other Income		442.130	67.800	[433.300]
Total Income		5231.223	2235.300	10471.300
Profit/(Loss) Before Tax		182.154	113.600	165.800
Provision for Taxation		66.790	[32.700]	48.700
Profit/(Loss) After Tax		115.364	146.300	117.100
Export Value		139.160	44.884	NA
Import Value		2418.491	805.853	NA
Expenditures :
	Manufacturing Expenses	0.000	74.500	258.500
	Raw Material Consumed	4656.170	0.000	0.000
	Administrative Expenses	0.000	64.700	273.000
	Raw Material Consumed	0.000	1755.800	9154.500
	Miscellaneous Expenses	0.000	19.300	41.900
	Salaries, Wages, Bonus, etc.	0.000	29.200	54.600
	Interest	91.262	98.800	169.200
	Power & Fuel	0.000	58.100	151.300
	Depreciation & Amortization	23.196	21.300	56.500
	Other Expenditure	278.440	0.000	146.000
Total Expenditure		5049.068	2121.700	10305.500

QUARTERLY RESULTS

PARTICULARS	30.06.2007	30.09.2007	31.12.2007
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Sales Turnover	1024.000	1168.100	1677.200
Other Income	13.300	16.000	18.900
Total Income	1037.300	1184.100	1696.100
Total Expenditure	964.400	1097.800	1562.500
Operating Profit	72.900	86.300	133.600
Interest	13.300	22.600	21.700
Gross Profit	59.600	63.700	111.900
Depreciation	6.000	6.200	5.900
Tax	12.200	15.300	38.300
Reported PAT	40.500	41.200	66.800

KEY RATIOS

Year	31.03.2007	31.03.2006	31.03.2005
Debt-Equity Ratio	0.90	1.23	2.56
Long Term Debt-Equity Ratio	0.75	0.96	1.54
Current Ratio	2.17	1.92	1.41
TURNOVER RATIOS
Fixed Assets	6.01	2.09	9.46
Inventory	10.65	2.92	6.66
Debtors	4.88	3.41	18.64
Interest Cover Ratio	2.65	2.15	1.98
Operating Profit Margin(%)	6.84	11.51	3.59
Profit Before Interest And Tax Margin(%)	6.34	10.46	3.07
Cash Profit Margin(%)	3.01	8.26	1.59
Adjusted Net Profit Margin(%)	2.50	7.21	1.07
Return On Capital Employed(%)	9.34	7.62	11.09
Return On Net Worth(%)	7.15	12.02	13.81

LOCAL AGENCY FURTHER INFORMATION

Biodata:

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.

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 and 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: 
The overall performance of the Company showed considerable improvement as compared to the previous year with revenue growing by 119%. This improvement is appreciable since it come in the succeeding year of amalgamation and arrangement within group. The company has shown its potential to grow and recorded a gross turnover of Rs.4789.094 millions as compared to Rs.2182.779 millions in the previous year. Net Profit stood at Rs.115.364 millions. 

Management of the Company under the direction of the Board of Directors is continued in achieving the targets of cutting down in the cost of operations and getting efficiency in this area by using better alternate resources/ means. 

FOREIGN EXCHANGE EARNINGS: 

The company remain committed to enlarge foreign exchange earnings. During the year under review,the company's earnings from export of goods on FOB basis was Rs.139.160 millions earned through export of SMP, Soyabeen Meal and Cotton. Company is eyeing other countries with additional products on opportunity basis to increase its foreign earnings. 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:  

Industry Structure and Developments: 

India's economy, which has expanded by an average annual 8.6 per cent in the past three years, is the fastest growing after neighboring China.

China's economy expanded by a roaring 11.9 per cent in the second quarter.

Vigorous growth with strong macro-economic fundamentals has characterized developments in the Indian economy in 2006-07 so far. After a great rate of 9% in the previous year, the economy has grown at 9.2% in the year 2006-07.

Industrial growth was around 10% during the period under review. Steady progress at infrastructure front and sharp rise in investment in the country helped economy to move up. However agricultural growth remained at 2.7% and its share in GDP dips to 18.5%. 

India ranks first in the world in milk production, which rose from 17 Million Tonnes in 1950-51 to around 100 Million Tonnes by 2006-07.The per capita availability of milk has also increased from 112 grams in 1968-69 to 245 grams per day in 2006-07 According to estimates released by Dairy India 2007, total production of milk in the country will touch 120 million tonnes in 2011, with the organised sector accounting for as much as 30%. Further, by 2011 the share of private players will escalate to 24 million tonnes against 8.5 million tonnes in 2005. The worldwide installed capacity of wind power is 78728 MW. In wind power installed capacity India now has the 4th largest capacity in the world which has reached 7093 MW. Out of which most of the total installed capacity has come through commercial projects. 

Opportunities and Threats: 

Dairy Business:

In India potential is there for expansion in smaller towns. Presently, about 1.13 lakh village level co-operative societies spread over 265 districts in the country form part of the National Milk Grid. The Grid links the milk producers throughout India with consumers in over 700 towns and cities smoothing the seasonal and regional variations in the availability of milk, and ensuring a remunerative price to the producers and a reasonable price for quality milk and milk products to the consumers.

Almost an equal quantity of milk is handled by the cooperative and private sectors. 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:

Wind Power projects of the company at Nagda Hills, Dewas (MP) and Jesalmer (Raj) are running successfully. In financial year 2006-07 Nagda Hills, Dewas Unit generated 2458508 electricity units while Jesalmer Unit generated 856946 electricity units. In India there is an estimated Gross Potential of 45200 MW. New initiatives have been taken in re-assessment 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 and other commodities on opportunity basis. 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 already taken initiatives to enter in Real Estate business and become a major partner of M/s. Mahakosh Property Developers. A integrated township project is being carried under this partnership concern at Kolkata on total land of 17 acres with total construction area of approx. 20 lacs sq. ft. Success in the said project will lead the Company to enter in real estate business directly. The company is also having keen interest in entering into venture with the other real estate company as a major initiative in the said sector. 

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 20, note 13 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 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 Electricity Board (RSEB) while in Madhya Pradesh they have captive consumption in their plant and remaining electricity is sold to Madhya Pradesh Electricity Board. They see ecological power generation as the sunrise industry of tomorrow and have positioned their selves 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. 

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

a. Giant corporates are taking interest in dairy sector with huge investment, however the availability of milk is limited. 

b. 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 affect adversely. 

c. 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. 

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

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

FIXED ASSETS:

· Land

• Freehold

• Leasehold

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Laboratory Equipments

· Vehicles

OTHER INFORMATION:

The name of the company is changed from 'Madhya Pradesh Glychem Industries Limited' to 'Anik Industries Limited' w.e.f. 8th September, 2006 vide Fresh Certificate of Incorporation consequent upon change of name received from Registrar of Companies, Maharashtra.

Reserve and Surplus:

Particulars	As at 01.04.2006 (In millions)	Additions due to Scheme of arrangement and amalgamation	Additions during the year	Adjustment/ Transfer	As at 31.3.2007 (Rupees)
Capital Reserve	3.225	----	---	----	3.225
Securities Premium	162.532	----	---	----	162.532
General Reserve	584.030	----	2.884	----	586.914
Profit and Loss Account Balance	580.631	----	73.516	----	654.147
Total	1330.418	----	76.400	----	1406.819
Previous year	682.613	536.322	113.832	2.350	1330.418

CONTINGENT LIABILITIES:-

Contingent Liabilities not provided for:	31.03.2007 (Rs. in millions)
a) Outstanding Bank Guarantees	12.774
b) Estimated amount of contracts remaining to be executed on capital account (Net of advances)	8.053
c) Income tax/ Sales tax / Excise duty demand disputed in appeal [Net of amount paid Rs.813788A (Previous year Rs.813788A) against disputed demand]	2.024
d) Letter of Credit opened on behalf of others	127.023
e) Guarantee issued by bank for and on behalf of third party against, lien on fixed deposit	16.392
f) Claims against the company not acknowledged as debt	0.929

WEBSITE DETAILS:

Quality Policy :

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

Qualitative Advantage :

Every product of the company 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 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 and Anik Anytime and Anik Madhur, Dairy Mixes with a sizeable market segment.

Subject, 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 certified company. Subject 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 and 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 and 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. and 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.40.12
UK Pound	1	Rs.79.95
Euro	1	Rs.62.41

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