MIRA INFORM REPORT

Report Date :

25.10.2011

IDENTIFICATION DETAILS

Name :	FOODS FATS AND FERTILISERS LIMITED

Registered Office :	Tanuku Road, Tadepalligudem, West Godavari District - 534 101, Andhra Pradesh

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	10.05.1960

Com. Reg. No.:	01-000888

Capital Investment / Paid-up Capital :	Rs.106.167 Millions

CIN No.: [Company Identification No.]	U24120AP1960PLC000888

TAN No.: [Tax Deduction & Collection Account No.]	VPNF00052D

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of vegetable oils and extractions and company trades in different products and items of products

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (55)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 3700000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is an old and well established company having fine track. General financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office Specialty Fats Division Edible Oils and Bakery Fats Division Stearic Acid / Fatty Acid / Refined Wax Division Engineering Division Natural Products Division :	Tanuku Road, Tadepalligudem, West Godavari District - 534 101, Andhra Pradesh, India
Tel. No.:	91-8818-222571
Fax No.:	91-8818-222172
E-Mail :	info@fff.co.in
Website :	http://www.fff.co.in

Oil Palm Division / Head Office :	6-3-569/2, 1st Floor, Rockdale, Somajiguda, Hyderabad – 500 082, Andhra Pradesh, India
Tel. No.:	91-40-44311999
Fax No.:	91-40-44311777
E-Mail :	hyd@fff.co.in

Commodity Trading Division ;	7th Floor, Fountain Plaza, Pantheon Road, Egmore, Chennai - 600 008, Tamilnadu, India
Tel. No.:	91-44-28263121
Fax No.:	91-44-28263022
E-Mail :	sbg@fff.co.in

Consumer Products Division :	1st Floor, Fountain Plaza, Pantheon Road, Egmore, Chennai - 600 008, Tamilnadu, India
Tel. No.:	91-44-28263121
Fax No.:	91-44-28263022
E-Mail :	jitendra@fff.co.in

Branch Office :	A-513, TTC Industrial area, Mahape, Navi Mumbai - 400709, Maharashtra, India
Tel. No.:	91-22-6716 4100
Fax No.:	91-22-6716 4150

Branch Office :	Also Located At Bangalore Baroda Cochin Kakinada Kolkata

DIRECTORS

As on 30.09.2010

Name :	Mr. Bala Krishen Goenka
Designation :	Whole-time director
Address :	47, Kasturi Avenue, MRC Nagar, R a Puram, Chennai – 600 028, Tamilnadu, India
Date of Birth/Age :	05.11.1918
Date of Appointment :	10.05.1960
DIN No.:	00708715

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24120AP1960PLC000888	Foods Fats and Fertilisers Limited	Managing director	01-04-11	10-05-60	-	Active	NO
2	U14299TN1990PTC019560	Galaxy Granites Private Limited	Director	11-07-02	11-07-02	-	Active	NO

Name :	Mr. Gaurishankar Ganpatrai Goenka
Designation :	Whole-time director
Address :	P-1, Palm Spring, Cuff Parade Road, Colaba, Mumbai – 400 005, Maharashtra, India
Date of Birth/Age :	16.04.1932
Date of Appointment :	15.04.1969
DIN No.:	00563209

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24120AP1960PLC000888	Foods Fats And Fertilisers Limited	Whole-time director	01-04-11	15-04-69	-	Active	NO
2	L74999MH1984PLC032132	Ayepee Lamitubes Limited	Director	01-06-87	01-06-87	-	Active	NO

Name :	Mr. Shiv Bhagwan Goenka
Designation :	Whole-time director
Address :	47, Kasturi Avenue, MRC Nagar, R a Puram, Chennai – 600 028, Tamilnadu, India
Date of Birth/Age :	08.06.1938
Date of Appointment :	10.05.1960
DIN No.:	00350224

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24120AP1960PLC000888	Foods Fats and Fertilisers Limited	Whole-time director	01-04-11	10-05-60	-	Active	NO
2	U25199TN1988PTC016424	Speciality Rubbers Private Limited	Director	02-11-88	02-11-88	-	Active	NO
3	U52520AP1999PLC031721	Asia Pacific Commodities Limited	Whole-time director	18-05-99	18-05-99	-	Active	NO
4	U91110TN1928NPL000030	Andhra Chamber Of Commerce	Director	10-10-01	10-10-01	-	Active	NO
5	U18101DL1998PTC092327	Raj Syntex Private Limited	Director	07-05-04	07-05-04	-	Active	NO
6	U31200AP2006PTC051503	Asian Renewable Energy Private Limited	Director	01-11-06	01-11-06	-	Strike off	NO
7	U45400TN2007PTC063767	Goenka Infrastructures Private Limited	Director	04-06-07	04-06-07	-	Active	NO
8	U01403TN2007PTC065362	Genetwister Biotech Private Limited	Director	13-11-07	13-11-07	-	Active	NO
9	U55204TN2008PTC068550	Goenka Blom Infrastructure Private Limited	Director	14-07-08	14-07-08	-	Active	NO
10	U15400AP2010PTC069556	3f Oil Palm Agrotech Private Limited	Director	20-07-10	20-07-10	-	Active	NO

Name :	Mr. Omprakash Goenka
Designation :	Whole-time director
Address :	PB No.15, Tanuku Road, Tadepalligudem – 534101, Andhra Pradesh, India
Date of Birth/Age :	12.12.1941
Date of Appointment :	23.12.2004
DIN No.:	00533274

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15429AP1978PLC002337	Reliance Cellulose Products Limited	Director	23-09-99	23-09-99	-	Active	NO
2	U24120AP1960PLC000888	Foods Fats and Fertilisers Limited	Whole-time director	01-04-08	23-12-04	-	Active	NO
3	U25209DL1996NPL078182	The Central Organisation For Oil Industry And Trade	Director	22-09-06	22-09-06	-	Active	NO

Name :	Mr. Bharat Kumar Goenka
Designation :	Director
Address :	W-149, Greater Kailash – II, New Delhi – 110 048, India
Date of Birth/Age :	10.05.1943
Date of Appointment :	22.03.1980
DIN No.:	01290474

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24120AP1960PLC000888	Foods Fats and Fertilisers Limited	Whole-time director	01-04-11	22-03-80	-	Active	NO
2	U17121DL2007PTC160772	Forever New Apparels Private Limited	Director	20-03-07	20-03-07	-	Active	NO
3	U74140DL2007PTC164667	Apostle Trading Consultants Private Limited	Additional director	12-01-08	12-01-08	-	Active	NO

Name :	Mr. Sitaram Goenka
Designation :	Whole-time director
Address :	New No. 57, 2^nd Main Roadm R A Puram, Chennai – 600 028, Tamilnadu, India
Date of Birth/Age :	14.06.1947
Date of Appointment :	09.05.1997
DIN No.:	00552269

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U25199TN1988PTC016424	Speciality Rubbers Private Limited	Director	02-11-88	02-11-88	-	Active	NO
2	U24120AP1960PLC000888	Foods Fats and Fertilisers Limited	Whole-time director	01-04-11	09-05-97	-	Active	NO
3	U18101DL1998PTC092327	Raj Syntex Private Limited	Director	07-05-04	07-05-04	-	Active	NO

Name :	Mr. Sushil Goenka
Designation :	Whole-time Director
Address :	PB No.15, Tanuku Road, Tadepalligudem – 534101, Andhra Pradesh, India
Date of Birth/Age :	10.07.1954
Date of Appointment :	09.05.1997
DIN No.:	00533097

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24120AP1960PLC000888	Foods Fats and Fertilisers Limited	Whole-time director	01-04-11	09-05-97	-	Active	NO
2	U52520AP1999PLC031721	Asia Pacific Commodities Limited	Whole-time director	18-05-99	18-05-99	-	Active	NO
3	U91110MH1971NPL015233	The Solvent Extractors Association Of India	Director	22-09-06	22-09-06	-	Active	NO
4	U17121DL2007PTC160772	Forever New Apparels Private Limited	Director	20-03-07	20-03-07	-	Active	NO

Name :	Mr. Shiv Kumar Jatia
Designation :	Director
Address :	B50, Gulmohar Park New Delhi – 110 049, India
Date of Birth/Age :	10.12.1952
Date of Appointment :	06.11.1989
DIN No.:	00006187

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L55101DL1980PLC011037	Asian Hotels (North) Limited	Managing director	10-04-11	06-12-80	-	Active	NO
2	U24120AP1960PLC000888	Foods Fats and Fertilisers Limited	Director	06-11-89	06-11-89	-	Active	NO
3	U74899DL1985PTC021808	Chanakya Hotels Private Limited.	Director	03-02-95	03-02-95	-	Active	NO
4	U74899DL1994PTC061697	Rose Servised Apartments Private Limited	Director	20-04-95	20-04-95	-	Active	NO
5	U74899DL1995PLC071257	Energy Infrastructure (India) Limited	Director	31-07-95	31-07-95	-	Active	NO
6	U15114DL1997PTC084568	Danisco (India) Private Limited	Director	21-01-97	21-01-97	-	Active	NO
7	U45202DL1998PTC093696	Country Development And Management Services Private Limited	Director	08-05-98	08-05-98	-	Active	NO
8	U74899DL1999PTC097862	Pergo India Private Limited	Director	08-01-99	08-01-99	-	Active	NO
9	U32201DL1999PTC101112	Hind Broadcasting Company Private Limited	Director	26-10-99	26-10-99	-	Active	NO
10	U64120DL1999PTC101120	Bollywood Broadcasting Company Private Limited	Director	26-10-99	26-10-99	-	Active	NO
11	U22300DL1999PTC099966	Sun Media Private Limited	Director	24-08-00	24-08-00	-	Active	NO
12	U99999MH1999PTC133968	Mumbai Broadcasting Company Private Limited	Director	12-10-00	12-10-00	-	Dormant	NO
13	U99999DL2001PLC175768	Magus Estates And Hotels Limited	Director	01-06-09	13-11-01	-	Active	NO
14	U80301DL2002PTC118129	Amazing Academics Private Limited	Director	20-12-02	20-12-02	-	Active	NO
15	U95201DL2003PTC122395	Smart Realtors Private Limited	Director	25-09-03	25-09-03	-	Active	NO
16	U55204DL2004PTC126559	Amazing Recreations Private Limited	Director	25-05-04	25-05-04	-	Active	NO
17	U55101DL2004PTC127439	Smart Tourism Private Limited	Director	12-07-04	12-07-04	-	Active	NO
18	U70101DL2005PTC142889	Rsj Developers Private Limited	Director	23-11-05	23-11-05	-	Active	NO
19	U55101DL2005PLC143141	Leading Hotels Limited	Director	01-12-05	01-12-05	-	Active	NO
20	U55101MH2005PTC154475	Ascent Hotels Private Limited	Managing director	15-12-10	31-03-06	-	Active	NO
21	U70101WB2006PTC109524	Keppel Magus Development Private Limited	Director	22-05-06	22-05-06	-	Active	NO
22	U01403DL2006PTC151397	Prudential Hotels Private Limited	Director	28-07-06	28-07-06	-	Active	NO
23	U45400WB2008PTC125527	Newtown Leisure Private Limited	Director	08-05-08	08-05-08	-	Active	NO
24	U74899DL1981PTC012009	Asian Holdings Private Limited	Director	10-06-08	30-05-08	-	Active	NO
25	U51909WB2008PTC125609	Axis Commercial Private Limited	Director	02-07-08	02-07-08	-	Active	NO
26	U55101DL2010PTC198852	Wisdom Hotels Private Limited	Director	09-02-10	09-02-10	-	Active	NO
27	U55101DL2011PTC221767	Source Hotels Private Limited	Additional director	08-07-11	08-07-11	-	Active	NO

Name :	Mr. Vinod Kumar Saraogi
Designation :	Director
Address :	51A, Chamiers Road, R A Puram, Chennai – 600 028, Tamilnadu, India
Date of Birth/Age :	12.07.1955
Date of Appointment :	25.02.1988
DIN No.:	00496254

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15499TN1984PTC010925	Meridian Creations Private Limited	Director	20-06-84	20-06-84	-	Active	NO
2	U24120AP1960PLC000888	Foods Fats and Fertilisers Limited	Director	25-02-88	25-02-88	-	Active	NO
3	U18101TN1993PLC024764	Meridian Apparels Limited	Managing director	01-01-10	06-04-93	-	Active	NO
4	U51909TN1989PTC017683	Mahalakshmi Electronics Private Limited	Director	01-02-06	01-02-06	-	Active	NO

Name :	Mr. Anand Chordia
Designation :	Director
Address :	22, Kalawthipillai St Sowkarpet, Chennai – 600 079, Tamilnadu, India
Date of Birth/Age :	20.10.1948
Date of Appointment :	06.01.2005

KEY EXECUTIVES

Name :	Mr. Chandramouli R.
Designation :	Secretary
Address :	135 A, SRP Colony Main Road, Jawahar Nagar, Chennai – 600 082, Tamilnadu, India
Date of Birth/Age :	20.05.1956
Date of Appointment :	26.04.2000

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders		No. of Shares
Shiv Bhagwan Goenka (HUF)		300374
Om Prakash Goenka (HUF		176000
Sushil Goenka (HUF)		256333
Sitaram Goenka (HUF)		451373
Bharat Kumar Goenka (HUF)		357133
Sita Devi Goenka		468632
Sudhir Goenka (HUF)		36000
Sunil Kumar Goenka (Indl)		93334
Sasi Mohan Goenka		230067
Sudha Goenka		326000
Jitendra Goenka		154667
Sanjay Goenka (HUF)		221717
Bimla Devi Goenka		312467
Jivesh Goenka		245422
Tapesh Goenka		200040
Seema Goenka		231667
Om Prakash Goenka (Indl)		182040
Bharat Kumar Goenka (Indl)		281933
Sitaram Goenka (Indl)		763892
Shiv Bhagwan Goenka (Indl)		532600
Bala Krishan Goenka (Indl)		10400

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	5.81
Bodies corporate	94.18
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Products :

Edible Oil
Bakery Fats
Stearic Acid
Fatty Acid
Glycerin
RB Wax
Garments
Granite

Product Description	Item Code No.
Refined Rice bran Oil	151590-11
Vanaspathi	151620-09
Stearic Acid	151620-09

PRODUCTION STATUS

As on 31.03.2010

Particulars		Unit	Licensed Capacity	Installed Capacity	Actual Production
Solvent Extraction Plants	Oils	MT	15250	9250	2722
Solvent Extraction Plants	Extractions	MT	91000	55000	9769

ExpeIler Plant	Oils	MT	NA	34080	11917
ExpeIler Plant	Oil Cakes	MT	NA	68950	27464

Palm Oil Plant	Crude oil	MT	NA	2000	6871
Palm Oil Plant	Palm Kernal	MT	NA	3000	3043

S F Plants	Stearins	MT	NA	10800	6479
S F Plants	Oleins	MT	NA	16200	10232

Oil Refinery III , IV and V	Ref Oils	MT	3000	57500	17285
Oil Refinery III , IV and V	Acid Oils	MT	NA	NA	722

Wax refining Plant		MT	NA	200	87
Hydrogenation and Vanaspati Plant	Vanaspati	MT		30000	25474

Fatty Acid Plants	DFA	MT	9660	7200	7195
Fatty Acid Plants	Pitch Oil	MT	NA	1725	1026

Glycerin Plant	Ref Glycerin	MT	336	300	0
Glycerin Plant	FC Glycerin	MT	NA	NA	0

Hydrogenation and Stearic Acid Plant	Stearic Acid	MT	7500	7500	7308

Wax Purification Plant	Veg. Wax	MT	NA	200	115
Wax Purification Plant	Veg. Oils	MT	NA	200	113

PR Plant, CDP II , III and IV	Ref Oils	MT	NA	56625	30654
PR Plant, CDP II , III and IV	Fatty Acids	MT	NA	4375	1112

Dry Fractionation Plant	Steariness	MT	NA	1800	10
Dry Fractionation Plant	Oleins	MT	NA	1200	6

Power Plant(KWH)			NA	6.00 (KWH)	33591400

Flour Mill	Flour	MT	NA	22500	4
Flour Mill	Flakes/ Extraction	MT	NA	NA	1

Note :

Licensed Capacities shown above are the Licenses obtained prior to Delicencing of the above products.

Licensed and Installed capacities are as certified by the management and relied up-on by the auditors, being technical in subject

The above quantities of production d m not include job work production at others plants, of oils -12918 and Extractions – 19703

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

IDBI Bank
State Bank of India
Central Bank of India
Exim Bank
Standard Chartered Bank, No.19, Rajani Salai, Chennai – 600 001, Tamilnadu, India
ING Vysya Bank Limited,185, Anna Salai, Near TVS, Chennai – 600 006, Tamilnadu, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
FROM BANK
1) Working Capital Loans	278.865	733.921

2) Term Loans from :
a) IDBI Bank	64.196	92.408
b) State Bank of India (Corporate Loan)	0.000	6.315
c) State Bank of India (Power project)	51.757	70.910
d) State Bank of India (Buildings)	5.969	10.419
e) State Bank of India (Term Loan)	41.698	56.873
f) State Bank of India (S F Plants)	68.039	75.326
g)Central Bank of India	0.000	2.475
h) Exim Bank	18.756	30.000
i) Other Term Loans	5.060	6.107

3) From Companies – Term Loans	5.916	8.677
Total	540.256	1093.431

Notes :

Working Capital Loans:

Working Capital Loans are secured by hypothecation of raw materials, finished goods. Stores and spares wherever situated, and book debts and further secured by a second charge on the company’s immovable and movable assets such as land, buildings, plant and machinery wherever situated both present and future and are further guaranteed by some of the directors in their personal capacity.

Term Loans:

1) Term loan from 1081 is secured by a first charge on the Compan9s immovable and movable assets, such as land, buildings. Plant and machinery, wherever situated. Both present and future, ranking pail passu among all the participating financial institutions, subject to the. Exclusive/prior charges. Created/to be created in favour of any one or more financial institutions, and companies, second charge on raw material/finished goods/stores and spares stocks wherever situated both present and future ranking pan passu among all participating financial institutions/banks and Further guaranteed by some of the directors of the Company.

2) Term Loans under (b) and (c) are secured by a first charge on the fixed assets of the company, present and future, (excluding specific charges created by the company in favour of other lenders) on paripasu basis with [DIII and is guaranteed hy7 directors of the company in their personal capacity.

3) Term Loan under (d) is secured by a First Charge(exclusive) on the Assets acquired under this loan and is guaranteed by 7 directors of the company in their personal capacity.

4) Term Loan from Central bank of India is secured by an exclusive charge on the Machinery acquired and second charge on the existing block of assets. The loan is further guaranteed by 7 directors of the company in their personal capacity

5) Term Loans under (e) and (h) are secured by way of primary security of shares held by the company in 3F Ghana Ltd on paripassu basis among SBI and Exim bank and first charge on the fixed assets of the company present and future (excluding specifically charged assets to banks / Fls) on paripassu basis with other banks and us.

6) Other Term loan from companies are secured by exclusive charge on assets purchased there against and further guaranteed by two directors of the company in their personal capacity.

Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Fixed Deposits
- Shareholders		5.192
- Public		171.927
Unsecured loan from Director (Including Rs.3.413 Millions guardant by Directors in their personal capacity)		0.000
Interest free Sales Tax Loan (Repayable at the end of 14^th year without interest from the year of deferment). (First repayment falls due in the year 201 4-2015)		65.476
Other Unsecured Loans (Intercorporate Deposit)		56.719
Total	389.713	299.314


Banking Relations :	--

Auditors :
Name :	Brahmayya and Company Chartered Accountants
Address :	33-25-33b Govindarajulu Naidu Street, Suryaraopet, Vijayawada – 520002, Andhra Pradesh, India
Tel. No.:	91-866-2444593 / 2444594
Fax No.:	91-866-2444592
E-Mail :	vrthota@yahoo.com
PAN.:	AADFB8032G

Subsidiaries :	Asia Pacific Commodities Limited CIN No.U41410AP1999PLC031721 Parker International Pte Limited, Singapore 3F Ghana Limited, Ghana Ceylone Specialty Fats Private Limited Goenka Infrastructure Private Limited 3F Ghana Commodities Limited, Ghana 3F Ghana Trading Limited 3F Benin Sarl 3F Mali Sarl Viaton Energy Private Limited

Enterprises controlled by Key Management personnel / Relatives of KMP :	Krishnas Creations Bharat Export Corporation Speciality Rubbers Private Limited Ashirvad Enterprises Best Investments Pte. Limited Samyak Udyog Plastics Private Limited Mikesh Electronics Fashion Handloom 3F Investments

Group Companies :	Modesty Garments Galaxy Granites Golden Needle Apparels Viaton Infrastructure Private Limited Viaton Energy Private Limited Ceylon Specialty Fats 3F Africa

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount

13000000	Equity Shares	Rs.10/- each	Rs.130.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

10616725	Equity Shares	Rs.10/- each	Rs.106.167 Millions

Notes :

Out of the above 5700000 Shares of Rs.10/- each were allotted as bonus shares by capitalization of Rs.27.750 Millions from general Reserves and Rs.29.250 Millions from Asset Revaluation Reserve.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		106.167	106.167	106.167
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		825.168	643.073	487.393
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		931.335	749.240	593.560
LOAN FUNDS
1] Secured Loans		540.256	1093.431	1157.156
2] Unsecured Loans		389.713	299.314	234.136
TOTAL BORROWING		929.969	1392.745	1391.292
DEFERRED TAX LIABILITIES		141.204	138.356	131.919

TOTAL		2002.508	2280.341	2116.771

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		886.745	795.701	723.709
Capital work-in-progress		11.861	28.371	58.025

INVESTMENT		291.740	228.419	129.460
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1252.961	1154.890	1808.705
	Sundry Debtors	187.808	392.627	325.659
	Cash & Bank Balances	167.271	126.193	123.204
	Other Current Assets	0.519	0.474	0.316
	Loans & Advances	473.815	280.420	224.178
Total Current Assets		2082.374	1954.604	2482.062
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	228.261	92.298	315.576
	Other Current Liabilities	1029.740	616.431	918.017
	Provisions	12.211	18.025	42.892
Total Current Liabilities		1270.212	726.754	1276.485
Net Current Assets		812.162	1227.850	1205.577

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		2002.508	2280.341	2116.771

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	4981.471	4744.953	4505.006
		Other Income	12.665	40.228	28.980
		TOTAL (A)	4994.136	4785.181	4533.986

Less	EXPENSES
		Purchase of finished goods	649.067	372.107	969.204
		Raw materials consumed	2834.251	2987.338	2426.037
		Payments and Benefits to employees	145.691	116.574	100.191
		Other Expenses	862.074	781.142	756.222
		(Increase) / Decrease in Stocks	23.583	58.998	(147.089)
		TOTAL (B)	4514.666	4316.159	4104.565

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		479.470	469.022	429.421

Less	FINANCIAL EXPENSES (D)		129.179	156.398	129.169

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		350.291	312.624	300.252

Less/ Add	DEPRECIATION/ AMORTISATION (F)		68.732	61.410	57.333

	PROFIT BEFORE TAX (E-F) (G)		281.559	251.214	242.919

Less	TAX (H)		96.580	90.936	90.136

	PROFIT AFTER TAX (G-H) (I)		184.979	160.278	152.783

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		386.921	226.643	151.992

Less	APPROPRIATIONS
		Transfer to General Reserve	20.000	0.000	53.290
		Dividend	0.000	0.000	21.233
		Tax on Dividend	0.000	0.000	3.609
	BALANCE CARRIED TO THE B/S		551.900	386.921	226.643

	EARNINGS IN FOREIGN CURRENCY
		FOB value of Export	1801.888	1862.640	1752.853
		Dividends Received	0.000	5.901	2.085
		Export of Services	0.000	1.583	6.564
	TOTAL EARNINGS		1801.888	1870.124	1761.502

	IMPORTS
		Oil and Seeds	2573.980	2031.173	1777.936
		Stores	38.866	13.677	0.000
		Sapling	8.408	15.755	0.532
	TOTAL IMPORTS		2621.254	2060.605	1778.468

	Earnings Per Share (Rs.)		17.42	15.10	14.39

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.70	3.35	3.37

Net Profit Margin (PBT/Sales)	(%)	5.65	5.29	5.39

Return on Total Assets (PBT/Total Assets}	(%)	10.96	9.13	7.58

Return on Investment (ROI) (PBT/Networth)		0.30	0.34	0.41

Debt Equity Ratio (Total Liability/Networth)		2.36	2.83	4.49

Current Ratio (Current Asset/Current Liability)		1.64	2.69	1.94

LOCAL AGENCY FURTHER INFORMATION

REVIEW OF OPERATIONS:

During the financial year 2009-10 the company has crossed the Rs.5000.000 Millions turnover mark and achieved a turnover of Rs.5007.500 Millions thereby registering a modest growth of 5% over the previous year's turnover of Rs.4781.900 Millions.

The company's overall performance during the year is in line with the expectations. Despite global economic slowdown and the sluggish market conditions, the performance of the company both in terms of turnover and the profitability has been reasonably good.

The Profit before Tax of Rs.281.600 Millions is an increase of 12.10%, over the previous year's figure of Rs.251.200 Millions. This increase is mainly due to the reduction in the cost of production and other input costs, improved operating efficiencies and increase in sales volumes of value added products such as Bakery Shortenings and margarine.

FORM 8:

Corporate identity number of the company	U24120AP1960PLC000888
Name of the company	FOODS FATS AND FERTILISERS LIMITED
Address of the registered office or of the principal place of business in India of the company	Tanuku Road,Tadepallegudem, West Godavari District - 534102, Andhra Pradesh, India E-Mail : tpg@fff.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10214413
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Standard Chartered Bank, No.19 Rajaji Salai, Chennai – 600001, Tamilnadu, India
Nature of instrument creating charge	Supplemental to unattested Memorandum of Hypothecation
Date of instrument Creating the charge	29.09.2011
Amount secured by the charge	Rs.300.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As may be negotiated and agreed to by the bank from time to time. Terms of repayment Preshipment Financing under Export Orders- Maximum upto 150 days Import L/c-Maximum upto 180 days Short Term Loan - Maximum upto 90 days Overdraft - Maximum upto 1 day Export Invoice Financing - Maximum upto 120 days Financial guarantees/standby LC(Trade)-Maximum upto 180 days Shipping guarantees-Maximum upto 30 days Bonds and Guarantees-Maximum upto 360 days Import L/C Capital goods for Krishnapatnam Project -Maximum upto 12 months Maturity period for all the above is 30th November 2012 Margin As may be negotiated and agreed to by the bank from time to time. Extent and operation of the charge First paripassu Hypothecation charge on stocks and book debts upto Rs.200.000 Millions and residual first charge for the balance amount of Rs.100.000 Millions Second Paripassu hypothecation charge on the movable and immovable fixed assets upto Rs.200.000 Millions and residual second charge for the balance amount of Rs.100.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Present and future movable properties including movable plant and machinery, furniture and fittings, Equipments, Computer hardware/software, machinery spares, tools and accessories at all locations. Present/future book debts outstanding, moneys receivable, claims and bills Present and future stock in trade consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise at all locations.
Date of instrument modifying the charge	10.06.2011
Particulars of the present modification	Facilities revised from Rs.200.000 Millions to Rs.300.000 Millions First paripassu Hypothecation charge on stocks and book debts upto Rs.200.000 Millions and residual first charge for the balance amount of Rs.100.000 Millions Second Paripassu hypothecation charge on the movable and immovable fixed assets upto Rs.200.000 Millions and residual second charge for the balance amount of Rs.100.000 Millions

CONTINGENT LIABILITY:

(Rs. In Milions)

Particulars	31.03.2010	31.03.2009
a. Estimated amount of contracts remaining to be executed on Capital Account, and not provided for	190.155	9.493
b. Claims against the Company, not acknowledged as debts
(1) Disputed demands lbs Income Tax	0.706	0.706
(2) Disputed demand for sales tax (Rs.3.234 Millions (Rs.3.565 Millions) paid under protest against the above)	64.903	3.363
c. Amount of Guarantee given to Andhra Pradesh State Financial Corporation, Hyderabad against corporate loan sanctioned to Asia Pacific Commodities Limited a wholly owned subsidiary). Amount Out standing as on3l-4)3-2010	92.203	121.500
d. Amount of Guarantee given to State Bank of India and ICICI Bank Limited, Chennai against credit facilities sanctioned to Asia Pacific Commodities Limited (a wholly owned subsidiary) Amount Out standing as on 31-03-2010	0.080	163.500

FIXED ASSETS:

Land
Building
Plant and Machinery
Furniture and Fittings
Vehicles
Ships (Barges)

WEBSITE DETAILS:

HISTORY:

Subject was conceived in 1959, born in 1960 and was on its feet by 1962.

Today subject was matured into a conglomerate of 20 industrial units spread over 40 acres constantly bussing with activity and providing employment to over 1000 persons .

Their product range today includes oils of rice bran, soyabean, sunflower, groundnut , sesame, palm, sal seed, mango kemel, acid oils, wax, gums, deoiled meals (extractions), crude distilled and hydrogenated fatty acids, oil tractions, stearic acids, glycerine, hydrogenated fats for industrial use, vanaspati / shortening, margarine, canned fruits, vegetables, bakery fats, speciality fats for manufacturing chocolate, confectionery and cosmetics, natural colours for use in food and feed industry, oleo resins and herbal extracts, fabrication and installation of turnkey projects for processing of vegetable oils and their derivatives.

Research and development is the pivot of our activities and has made us to stand in good stead. Continuous upgradation processes and diversification in new research based projects is their corporate culture leading us to steady upward movement.

PROFILE:

Celebrations are never complete without confectioneries. And confectioneries are incomplete without a kiss of Specialty Fats. The 3F Group has been a silent partner in sweet moments. Obscure, hidden and yet adding flavor you have relished.

Over 30 years starting from 1975 we have grown hand in hand with the confectionery industry providing her with exotic fats extracted from Shea nuts, Sal seeds, Kokum kernel, Mango kernel and Illipe. These products have been tailor-made to suit the needs of various confectioners. Subject s today one of the largest sources of specialty fats in the world.

Subject pioneered in India, the process of both dry fractionation and solvent fractionation through in-house development of the process technology. They manufacture world-class Sal, Mango and Shea stearine using modern solvent fractionation techniques. They also have the capability to produce Illipe and kokum fats and high quality Palm Mid Fraction (IV-33). These products find extensive application in the manufacture of cocoa butter equivalents (CBE), which are used in the chocolate industry. Tailor-made CBEs have functional properties similar to cocoa butter and are far more economical. In combination with cocoa butter it standardizes product quality and enhances product shelf life. This is made possible by use of special types of CBE's known as Cocoa Butter Improvers (CBI) which raise the melting point of chocolate for better storage stability in tropical climates. The Specialty Fats Division has always observed stringent quality assurance systems in its processes.

Subject is today, one of the largest sources of specialty fats in the world. Testimony to mark our quality is the continued patronage we enjoy from large manufacturers of Cocoa Butter Equivalents from Japan, Malaysia, Italy, Holland, UK and the Scandinavian countries.

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.49.87
UK Pound	1	Rs.79.73
Euro	1	Rs.69.53

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		55

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	Capability to overcome financial difficulties seems comparatively below average.	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
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

1252.961

187.808

167.271

0.519

473.815

2082.374

228.261

1029.740

12.211

1270.212

812.162

3.70

5.65

10.96

0.30

2.36

1.64

Unit