MIRA INFORM REPORT

Report Date :

08.09.2011

IDENTIFICATION DETAILS

Name :	RAMA PHOSPHATES LIMITED
Registered Office :	812, Raheja Chambers, Nariman Point, Mumbai-400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	03.09.1984
Com. Reg. No.:	11-033917
Paid-Up Capital :	Rs. 55.083 Millions
CIN No.: [Company Identification No.]	L24110MH1984PLC033917
TAN No.: [Tax Deduction & Collection Account No.]	MUMR15092A
PAN No.: [Permanent Account No.]	AAACR7191Q
Legal Form :	A Public Limited Liability Company. The company’s shares are listed on stock exchange.
Line of Business :	Manufacturer and Distributor of fertilizers and Soyabean Oil
No. of Employees :	Information not divulged by management

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 100000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

NOTES :

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

INFORMATION DECLINED BY

Name :	Mr. Jeetendra
Designation :	Finance Head
Date :	07.09.2011

LOCATIONS

Registered Office :	812, Raheja Chambers, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-22834123
Fax No.:	91-22-22049946
E-Mail :	compliance@ramagroup.co.in
Corporate Office / Branch Office :	51/52, Free Press House, Nariman Point, Mumbai 400021, Maharashtra, India
Tel. No.:	91-22-22833355/22834182
Fax No.:	91-22-22049946
E-Mail :	rama@ramagroup.co.in
Factory 1 / Administrative Offices 1 :	P.O. Loni Kalbhor, Tal. Haveli, District Pune - 412 201, Maharashtra, India
Tel. No.:	91-20-26914642
Fax No.:	91-20-26913479
E-Mail :	rama.pune@ramagroup.co.in
Factory 2 :	20/4 KM Stone, Indore - Ujjain Road (Dharampuri), District Indore, Madhya Pradesh - 453 557, Madhya Pradesh, , India
Tel. No.:	91-7321-226566/226401
Fax No.:	91-7321-226401/226216
Factory 3 :	4807/4808 Umra Village, Jamarkotra Road, Teh. Girwa, District Udaipur 313 901, Rajasthan, India
Tel. No.:	91-294-2342074/2342026
Fax No.:	91-294-2342070
E-Mail :	rama.udaipur@ramagroup.co.in
Administrative Offices 2 :	100, Chetak Centre, R.N.T. Marg, Indore 452 001, Madhya Pradesh, India
Tel. No.:	91-731-2520302-0304
Fax No.:	91-731-2520301
E-Mail :	rama.indore@ramagroup.co.in
Administrative Offices 3 :	106, 1st Floor, 4-AVinayak Complex, New Fatehpura, Udaipur-313 004, Rajasthan, India

DIRECTORS

As on 31.03.2010

Name :	Mr. Daulat J Ramsinghani
Designation :	Chairman cum Managing Director
Name :	Mr. Deonath Amar Singh
Designation :	Director
Name :	Mr. Chandrkant R Malaviya
Designation :	Director
Name :	Mr. Yashpal Omprakash Gupta
Designation :	Nominee Director of IDBI Bank Limited (upto 05.04.2010)
Name :	Mr. H D Ramsinghani
Designation :	Director
Name :	Mr. Kanayo Dayaram Ailani
Designation :	Nominee Director of IDBI Bank Limited (From 05.04.2010 to 13.08.2010)
Name :	Ms. Ambika Prasad Mohanty
Designation :	Nominee Director of Bank of India
Name :	Mr. K. Raghuraman
Designation :	Special Director of BIFR

KEY EXECUTIVES

Name :	Mr. Jambu Parasmal Parakh
Designation :	Secretary
Name :	Mr. Jeetendra
Designation :	Finance Head
Address :	Mumbai, Maharashtra, India
Name :	Mr. Arvind Rai
Designation :	Finance Head
Address :	Pune, Maharashtra, India
Name :	Mr. Umesh
Designation :	Purchase Department
Name :	Mr. R. K. Gupta
Designation :	General Manager - Works
Name :	Mr. K. P.Sukthanker
Designation :	General Manager - Works
Name :	Mr. S. R.Chimote
Designation :	General Manager - Works
Name :	Mr. Rajesh Gupta
Designation :	Chief Marketing Officer
Name :	Dr. IK Shukla
Designation :	General Manager (Marketing)
Name :	Mr. S. G.Ghatol
Designation :	Chief Marketing Advisor

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2011

Category	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	34,482	0.19
Bodies Corporate	1,507,248	8.52
Sub Total	1,541,730	8.71
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	2,821,769	15.95
Bodies Corporate	10,049,755	56.80
Sub Total	12,871,524	72.75
Total shareholding of Promoter and Promoter Group (A)	14,413,254	81.46
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	5,320	0.03
Financial Institutions / Banks	23,329	0.13
Sub Total	28,649	0.16
(2) Non-Institutions
Bodies Corporate	419,997	2.37
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	1,982,628	11.21
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	660,347	3.73
Any Others (Specify)	188,338	1.06
Non Resident Indians	101,592	0.57
Clearing Members	81,746	0.46
Trusts	5,000	0.03
Sub Total	3,251,310	18.38
Total Public shareholding (B)	3,279,959	18.54
Total (A)+(B)	17,693,213	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	17,693,213	-

“Promoter and Promoter Group”

Sl. No.	Name of the Shareholder	Total Shares held		Shares pledged or otherwise encumbered
		Number	As a % of grand total (A)+(B)+(C)	Number	% of Total shares held	As a % of grand total (A)+(B)+(C)
1	Daulat J Ramsinghani	60	0.00	-	-	-
2	Lajwanti D Ramsinghani	34,422	0.19	-	-	-
3	Pooja Ramsinghani	2,487,111	14.06	-	-	-
4	Nilanjana H Ramsinghani	334,658	1.89	-	-	-
5	Blue Lagoon Investments Private Limited	552	0.00	-	-	-
6	Jupiter Corporate Services Private Limited	1,506,696	8.52	-	-	-
7	Indo-US Investments Inc	251,300	1.42	-	-	-
8	NRI Investors Inc	9,543,895	53.94	1,770,563	18.55	10.01
9	Indus Investments Inc	254,560	1.44	-	-	-
	Total	14,413,254	81.46	1,770,563	12.28	10.01

Details of Locked-in Shares

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	Lajwanti D Ramsinghani	34,422	0.19
2	NRI Investors Inc	7,773,332	43.93
3	Jupiter Corporate Services Private Limited	1,506,666	8.52
4	Nilanjana H Ramsinghani	334,658	1.89
5	Pooja Ramsinghani	2,487,111	14.06
	Total	12,136,189	68.59

BUSINESS DETAILS

Line of Business :

Manufacturer and Distributor of fertilizers and Soyabean Oil

Products :

Product Description	ITC Code
Single Super Phosphates	31031000
Meal of Soyabean, Solvent Extracted	23040030
Sulphuric Acid	28070010
Soyabean Oil – Edible Grade	15079010

PRODUCTION STATUS (As on 31.03.2010)

(9 Months)

Particulars	Unit	Installed Capacity	Actual Production
Single Super Phosphates *	Qty. Mts.	462000	243334
Sulphuric Acid	Qty. Mts.	183600	38644
Granulated SSP	Qty. Mts.	258000	76841
NPK	Qty. Mts.	120000	6215
Solvent Extraction Plant, Seed Crushing	Qty. Mts.	120000	12542
Refinery	Qty. Mts.	30000	1059

* Includes 76,841 MT consumed for granulation (Previous Period 111,023 MT)

Figures in the brackets are for the previous Period (15 Months).

The details of the licensed Capacity has not been given as the Industries have been de-licensed.

GENERAL INFORMATION

No. of Employees :

Information not divulged by management

Bankers :

· Bank of India

· State Bank of Indore

· Central Bank of India

· Syndicate Bank

· State Bank of Hyderabad

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions) [9 Months]	30.06.2009 (Rs. In Millions) [15 Months]
Term Loans
Institution	92.600	284.422
Interest accrued and due	0.000	27.622
Others	115.000	0.000
Banks
Cash Credit, Working Capital Demand Loans	340.507	342.423
Total	548.107	654.467
Note: 1 Term Loan are secured by first parripassu charge by way of Equitable mortgage of immovable properties, present and future and by hypothecation of all movables (excluding book debts) including movable machinery and further secured by personal guarantee of a Director. 2 Working Capital facilities from the banks are secured against hypothecation of raw materials, stock in process, finished goods, stores and spares and book debts and by second charge on immovable properties of the company and further secured by personal guarantee of a Director. 3 The above term loans and working capital facilities are further secured by way of equitable mortgage of the properties situated at Indore owned by a firm in which director is interested and also property situated at mumbai
Unsecured Loans	31.03.2010 (Rs. In Millions) [9 Months]	30.06.2009 (Rs. In Millions) [15 Months]
Loans and Trade Deposits		86.244
Total		86.244

Banking Relations :	--
Auditors :
Name :	Dayal and Lohia Chartered Accountant
Address :	Kamanwala Chmabers, Office No. 6 and 7, Sir P M Road, Fort, Mumbai-400001, Maharashtra, India
Associates/Subsidiaries :	· Rainbow Denim Limited · Rainbow Agri Industries Limited · Rama Petrochemicals Limited · Rama Industries Limited · Rama Capital and Fiscal Services Private Limited · Blue Lagoon Investments Private Limited · Rama Enterprises · R C Fertilisers Private Limited · Rama Cylinders Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
31000000	Equity Shares	Rs. 10/- each	Rs. 310.000 Millions
10000000	Preference Shares	Rs. 10/- each	Rs. 100.000 Millions
	Total		Rs. 410.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5557026	Equity Shares	Rs. 10/- each	Rs. 55.570 Millions
Less:	Calls in Arrears		Rs. 0.487 Million
	Total		Rs. 55.083 Millions

Note:

Of these, 3830 (previous period 3830) shares were issued for consideration other than cash.

After 30.09.2010

Authorised Capital : Rs. 410.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 176.445 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010 (9 Months)	30.06.2009 (15 Months)	30.03.2008 (12 Months)
SHAREHOLDERS FUNDS
1] Share Capital		55.083	55.083	155.083
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		457.801	381.979	172.166
4] (Accumulated Losses)		(485.953)	(522.870)	(559.919)
NETWORTH		26.931	(85.808)	(232.670)
LOAN FUNDS
1] Secured Loans		548.107	654.467	931.422
2] Unsecured Loans		82.320	86.244	170.644
TOTAL BORROWING		630.427	740.711	1102.066
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		657.358	654.903	869.396
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		270.829	306.440	351.158
Capital work-in-progress		3.346	0.258	2.876
INVESTMENT		1.248	1.161	1.161
DEFERREX TAX ASSETS		40.000	40.000	40.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	834.701	241.398	456.209
	Sundry Debtors	76.618	183.694	60.488
	Cash & Bank Balances	56.227	47.399	194.791
	Other Current Assets	115.648	464.051	98.120
	Loans & Advances	75.231	81.966	161.615
Total Current Assets		1158.425	1018.508	971.223
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	239.271	207.034	97.408
	Other Current Liabilities	575.981	499.840	394.866
	Provisions	1.238	4.590	4.748
Total Current Liabilities		816.490	711.464	497.022
Net Current Assets		341.935	307.044	474.201
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		357.358	654.903	869.396

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010 (9 Months)	30.06.2009 (15 Months)	30.03.2008 (12 Months)
	SALES
		Income	1309.450	4349.516	2655.835
		Other Income	31.246	70.913	16.753
		TOTAL	1340.696	4420.429	2672.588
Less	EXPENSES
		Manufacturing and Other Expenses	1771.292	4092.873	2535.997
		Increase/ Decrease in Stock	(506.077)	140.521	18.129
		TOTAL	1265.215	4233.394	2554.126
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		75.481	187.035	118.462
Less	FINANCIAL EXPENSES		30.165	85.621	11.838
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		45.316	101.414	106.624
Less/ Add	DEPRECIATION/ AMORTISATION		36.790	58.618	51.723
	PROFIT BEFORE TAX		8.526	42.796	54.901
	Prior period adjustments (net)		1.124	2.081	(3.660)
	Depreciation of earlier years		(0.045)	0.000	553.373
	Provision for subsidy		(0.582)	0.000	0.000
	Excess Provision w/back		0.042	0.000	0.000
	Capital surplus arising out of Waiver of Principal liability by Banks & Institutions		75.822	111.063	0.000
	Capital surplus arising upon waiver of right to redeem Preference Capital		0.000	94.000	0.000
	Waiver of Interest		27.622	0.000	0.000
	Excess Provision for FBT reversed		0.230	0.000	0.000
	Fringe Benefit Tax		0.000	(1.828)	(1.331)
	PROFIT AFTER TAX		112.739	248.112	603.284
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(522.870)	(559.919)	(1163.203)
Less	APPROPRIATIONS
		Transfer to Capital Reserve being Capital Surplus	75.822	205.063	0.000
		Transfer to Capital Redemption Reserve	0.000	6.000	0.000
	BALANCE CARRIED TO THE B/S		(485.953)	(522.870)	(559.919)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	33.228	6.798
	TOTAL EARNINGS		0.000	33.228	6.798
	IMPORTS
		Raw Materials	510.048	830.099	146.058
	TOTAL IMPORTS		510.048	830.099	976.157
	Earnings Per Share (Rs.)
	Basic before extra-ordinary item		16.7	7.75	8.98
	Basic after extra-ordinary item		20.29	44.65	118.92
	Diluted before extra-ordinary item		0.57	2.99	5.37
	Diluted after extra-ordinary item		6.97	17.26	64.87

QUARTERLY RESULTS

PARTICULARS	30.06.2010 1^ST Quarter	30.09.2010 2^nd Quarter	31.12.2010 3^rd Quarter	31.03.2011 4^th Quarter	30.06.2011 5^th Quarter
Net Sales	1167.790	856.550	891.290	654.200	1094.490
Total Expenditure	999.830	707.200	790.710	619.470	900.230
PBIDT (Excl OI)	167.960	149.350	100.580	34.730	194.260
Operating Profit	167.960	149.350	100.580	34.730	194.260
Interest	12.870	13.610	16.210	16.250	21.550
Exceptional Items	0.210	(1.810)	(0.040)	(0.33)	0.000
PBDT	155.310	133.930	84.330	18.150	172.710
Depreciation	11.040	13.270	12.470	9.540	10.770
Profit Before Tax	144.270	120.660	71.860	8.620	161.940
Tax	0.000	0.000	0.000	0.000	53.800
Profit After Tax	144.270	120.660	71.860	8.620	108.150
Extraordinary Items	0.000	50.100	0.000	0.000	0.000
Net Profit	144.270	170.760	71.860	8.620	108.150

KEY RATIOS

PARTICULARS		31.03.2010 (9 Months)	30.06.2009 (15 Months)	30.03.2008 (12 Months)
PAT / Total Income	(%)	8.41	5.61	22.57
Net Profit Margin (PBT/Sales)	(%)	0.65	0.98	2.07
Return on Total Assets (PBT/Total Assets}	(%)	0.60	3.23	4.15
Return on Investment (ROI) (PBT/Networth)		0.32	(0.50)	(0.24)
Debt Equity Ratio (Total Liability/Networth)		53.73	(16.92)	)6.87)
Current Ratio (Current Asset/Current Liability)		1.42	1.43	1.95

LOCAL AGENCY FURTHER INFORMATION

The Details of Sundry Creditors:

Rs . in Millions

Particulars	31.03.2010 (9 Months)	30.06.2009 (15 Months)	30.03.2008 (12 Months)
Sundry Creditors for goods, services and capital goods	239.271	207.034	97.408

CHANGE OF ACCOUNTING YEAR

The previous Accounting year of the Company was for a period of 15 months from 01.04.2008 to 30.06.2009. The Board of Directors have decided to change the Accounting year so as to align the same with the Financial Year under the Income Tax Act,1961 and hence the current Accounting Year is for a period of nine months commencing from 01.07.2009 and ending on 31.03.2010.

REVIEW OF OPERATIONS

The company manufactures phosphatic fertilizers viz., Single Super Phosphate (SSP) in both Powder and Granular form along with Mixed Fertilizers, Sulphuric Acid and Soya oil. The concession scheme announced by the Govt. w.e.f. 01.05.2008 envisaged uniform MRP @ Rs. 3400/- per MT with differential concession payment based on prevailing rate of Rock Phosphate and Sulphur and this scheme was revised w.e.f. 01.10.2009 by implementing fixed ad-hoc subsidy of Rs. 2000/- per MT with open selling price of SSP. It may be pertinent to note that Govt. of India thankfully finalized the revised Nutrient Based Subsidy (NBS) Policy effective from 01.05.2010 and this placed SSP industry at par with other complex manufacturers. Moreover, the main objective of shifting from product-based subsidy (PBS) to nutrientbased subsidy (NBS) regime was to restore soil health by addressing the nutrient imbalances since sulphur has also been considered as one of the nutrients, which was neglected till now. The capacity utilization during the period was 70.22% as against 58.79% reported for 15 months period ended 30.06.2009 which is considered to be highest in the industry of there size and operations.

This increase in increased capacity utilization was mainly due to availability of Rock Phosphate and better management of working capital with support from consortium member banks. The Company also decided to concentrate on other products like mixed fertilizers – NPK of various grades, Sulphuric acid, Oleum and Sulphur Trading activities etc. The company was granted permission to manufacture value-added product viz. Boronated SSP at there Indore unit. The combined results of the activities undertaken ultimately helped the Company in improving the bottom line.

During the period Soya industry underwent huge speculative business resulted into mismatch between seed procurement price and oil and de-oiled cake price. This led to unviable operations during the entire season and thus there was lack lusture performance in the industry. During the period, the company took cautious move and decided to go slow by under-utilising the facility. However, this approach ultimately helped in incurring avoidable losses.

Due to implementation of CDR package and with the infusion of promoters contribution commensurating with reduction of debt burden, the company could able to substantially reduce interest burden of the company which has helped in improving financials.

Due to proposed allotment of 1,21,36,190 equity shares of Rs. 10/- each at a premium of Rs. 20/-, equity base will go up from present level to Rs. 176.900 Millions.

During the period, the company has entered into settlement with some of the secured lenders.

The Directors are hopeful that all round efforts made by the Company in achieving production efficiency, improving brand image and thriving for higher capacity utilization, will help the Company to stay afloat in competitive market. Various reliefs and concessions approved by CDR-EG will further strengthen Company’s position.

FUTURE PROSPECTS

With the establishment of its brand leadership in M.P. and Maharashtra states, company would be in a position to reap benefits in the days to come. The Management is also planning to plunge in a big way in Uttar Pradesh, Karnataka and Andhra Pradesh markets. The company also proposes to import and trade in P and K Fertilizers viz. MOP, DAP etc., which would also be consumed for various grades of NPK fertilizers. In view of increasing trend in consumption of Mixed fertilizers, company is increasing its production at Indore and Pune plants which remained under utilised as of now. Company is also introducing Boronated SSP in Indore market to take advantage of better realization and also to improve its capacity utilization.

The management is hopeful to encash the opportunity of increased soya sowing subsequent to good monsoon in the year and thus will revive its soya seed crushing and refining activities at its Indore plant.

The Directors are glad to inform you that with the implementation of Nutrient Based Subsidy (NBS) policy, which envisages at-par treatment with other complex fertilizers, will help in improving capacity utilization and performance of the company in the years to come.

With better financial management within the existing available limits and also reduction in overall debts and timely support from bankers, the Management is hopeful to improve its operations and achieve better results in coming years.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENTS

Fertilizer : Company is predominantly engaged in Single Super Phosphate (SSP) business which is the most popular fertilizer in farming community. SSP provides basic nutrients like Phosphorous, Calcium and Sulphur which enhances soil fertility. The production of SSP remained almost stagnant during the current decade with intermittent troughs and peaks in the trend. The production of SSP showed significant increase to the tune of 53% during Kharif 2009 over Kharif 2008. However, the production of SSP did not show any perceptible change during Rabi 2009-10 and increased marginally by 2% and thus overall production of SSP increased by 22.1% during the full year 2009-10 over 2008-09.

All India capacity utilization of SSP improved from 36.2% during 2008-09 to 40.4% during 2009-10 Followed by a good increase in production during Kharif 2009, the total dispatch of SSP increased by 36.4% during Kharif 2009 over Kharif 2008. However, as a result of change in policy w.e.f. 01.10.2009, the dispatch of SSP declined by 16% during Rabi 2009-10 over Rabi 2008-09. In nutshell, with higher quantum of dispatch during Kharif’09 and lower quantum during Rabi 2009-10, overall despatches of SSP increased by 6.5% only during the full year 2009-10 as it touched 2.784 million tones during 2009-10 as against 2.615 million tones during 2008-09. It may be pertinent to note that Govt. of India thankfully finalized the revised Nutrient Based Subsidy (NBS) Policy effective from 01.05.2010 and this placed SSP industry at par with other complex manufacturers. Moreover, the main objective of shifting from product-based subsidy (PBS) to nutrientbased subsidy (NBS) regime was to restore soil health by addressing the nutrient imbalances since sulphur has also been considered as one of the nutrients, which was neglected till now. This policy hopefully would popularize SSP fertilizer in the market and boost its consumption. The all India installed capacity of SSP increased from 7.459 million tonnes during 2008-09 to 7.939 million tonnes at the end of 2009-10 with effective capacity utilization of 7.660 million tonnes during the year 2009-10.

However, during the period between 01.05.2008 and 30.09.2009 when the concession payment was linked with international prices of Rock Phosphate and Sulphur, there was marginal increase in capacity utilisation with overall production of SSP 3.093 million tonnes with industry average of 40.4% capacity utilisation.

Soya Oil : Soya based edible oil is becoming popular due to nutritional value on one hand and competitive prices on the other. As on date, majority of middle and upper-middle class population is shifting to Soya oil from the traditional consumption pattern. It is interesting to note that Soya seed growing pattern has been spreading from M.P. to neighbouring states like Maharashtra, Rajasthan, Karnataka etc., due to remunerative prices to farmers. It is worthwhile to note that consumption of soya is gradually increasing on account of the properties of oil it contains and also due to high protein content. Traditionally soya meal is used to provide low cost hi-protein feed to animals; but of late, soya meal is also slowly being used for human consumption due to high nutritional value.

In the years to come, the pattern is likely to grow further and it will definitely help Soya industry to grow further. Due to this property, Soya meal demand is also growing steadily in domestic market for both human as well as animal consumption.

Soya oil in its crude form is the most traded oil in international market after palm oil. Soybean accounts for more than 50% of the world oilseeds production and around 35% of the beans production is traded in world market. USA is the biggest producer of soybeans at 38% followed by Brazil at 25% and Argentina at 19%.

Moreover, Soybean oil is the second leading vegetable oil traded in international market after palm. Palm and Soyabean oils together constitute around 68% global oil trade volume and Soyabean oil alone constitutes 22.85% on the whole. India is the sixth largest producer of Soya oil which account of 4% of world production. In India, Madhya Pradesh produces estimated 53% of the country’s soybean followed by Maharashtra at 34% and Rajasthan at 8%. It is sown during June-July period and harvested bt October. The domestic production of Soyabean is around 1.4 million tonne in 2009-10. Almost 70 to 80% of total oilseed production is crushed for oil while the balance quantity goes for food, feed and seed use in the country. So, total soya oil production is around 0.7 – 0.8 million tonne in 2009-10 while annual consumption is around 2.0 to 2.2 million tonne.

SEGMENTWISE PERFORMANCE

The requisite information regarding Segment wise performance has been given in the Notes forming part of the Accounts.

OUTLOOK

With the introduction of Nutrient Based Subsidy (NBS) policy, company is hopeful to perform at its optimum level considering basic strength, brand image and strategic location advantage of plants. The company is hopeful to continue to maintain its leadership in the states of operation viz. Maharashtra and Madhya Pradesh. Sensing the opportunity, company plans to crush soya at optimum level.

Hopefully with the above initiatives, company would be in a position to deliver superior returns to the stake holders.

FINANCIAL PERFORMANCE

During the nine months period sales amounted to Rs. 1368.318 Million as compared to Rs.4420.429 Million for fifteen months period ended 30.06.2009. The profit for the period is Rs. 112.741 Million as compared to Rs. 248.112 Million in the previous period.

Contingent Liabilities not provided for:

a) Amount of Letters of Credit and Bank Guarantee issued by banks Rs. 47.543 Millions (Previous Period Rs. 2.132 Millions)

b) Service tax demand raised by excise authorities and disputed by the company Rs. 0.226 Million (Previous Period Rs. 0.226 Million)

c) Royalty and Environment Cess on rock phosphate claimed by RSMML Rs. 52.260 Millions (Previous Period Rs. 52.260 Millions)

d) Amount to be paid to CWIP GSSP Creditor Rs.0.045 million ( Previous period Rs. Nil)

UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED 30.06.2011

Rs. In Millions

Particulars	Quarter ended 30.06.2011 (Unaudited)	Corresponding quarter ended 30.06.2010 (Unaudited)	Year ended 31.03.2011 (Audited)
a) Net Sales / Income from Operations	1093.562	1165.523	3542.571
b) Other Operating Income	0.924	2.269	16.212
Total Income	1094.486	1167.792	3558.783
Expenditure
(a) (Increase)/decrease in Stock in Trade	163.453	262.445	25.767
(b) Consumption of Raw Materials	548.282	554.183	2288.446
(c) Purchase of traded goods	0.013	11.505	33.727
(d) Personnel Cost	26.453	22.348	99.985
(e) Selling and Distribution Expenses	90.114	73.284	279.602
(f) Depreciation	10.774	11.040	44.165
(g) Other Expenditure	71.903	76.065	384.383
(h) Total	910.992	1010.870	3156.075
Profit From Operations before other Income Interest & Exceptional Items	183.494	156.922	402.708
Other Income	--	--	--
Profit before Interest and Exceptional items	183.494	156.922	402.708
Interest	21.550	12.865	59.444
Profit after interest before Exceptional items	161.944	144.057	343.264
Exceptional Items	--	0.209	5.243
Profit From Ordinary activities before Tax	161.944	144.266	348.507
Provision for Taxation
- Income Tax / Differed Tax	53.798	--	49.037
Net Profit From Ordinary activities after Tax	108.146	144.266	299.470
Extraordinary Items	--	--	35.100
Net Profit for the period	108.146	144.266	334.570
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each )	176.932	55.570	176.932
Reserves (Excluding Revaluation Reserves)	--	--	735.625
Earning Per Share (EPS) in Rs.
-Basic and Diluted EPS before Extraordinary Items (not annualised)	6.11	25.96	16.93
-Basic and Diluted EPS after Extraordinary Items (not annualised)	6.11	25.96	18.91
Public Share Holding
- Number of Shares	3279959.00	3279989.00	3279959.00
- Percentage of shareholding	18.54	59.02	18.54
Promoters and Promoter group share holding
a) Pledged / Encumbered
- Number of Shares	1770563.00	1770563.00	1770563.00
- Percentage of share (as a % of the total shareholding of promoter and promoter group)	12.28	77.76	12.28
- Percentage of shares(as a % of the total share capital of the company)	10.01	31.86	10.01
b) Non-encumbered
- Number of Shares	12642691.00	506474.00	12642691.00
- Percentage of Share (as a % of the total shareholding of promoter and promoter group)	87.72	22.24	87.72
- Percentage of Share (as a % of the total share capital of the company)	71.45	9.11	71.45

Segmentwise Revenue, Results and Capital Employed under Clause 41 of the Listing Agreement for the quarter ended 30.06.2011.

Rs. In Millions

Sr. No.	Particulars	Quarter ended 30.06.2011 (Unaudited)	Corresponding quarter ended 30.06.2010 (Unaudited)	Year ended 31.03.2011 (Audited)
	Segment revenue
	Fertiliser & Chemical	1091.031	1131.534	3078.079
	Soya	2.531	33.989	464.492
	Net sales / Income from operations	1093.562	1 165.523	3542.571
	Segment result
	Profit after depreciation but before interest and taxation
	Fertiliser & Chemical	197.398	1,84 1.29	4,946.98
	Soya	(5.402)	(58.91)	(313.51
	Total	1,91.996	1,782.38	4,633.47
	Less :
	i) Interest	(19.796)	(128.65)	(594.44
	ii) Other unallocable expenses net of unallocable Income	(8.502)	(21.107)	(60.639
	Profit before Tax & Exceptional item	161.944	144.057	343.264
	Exceptional item	-	0.209	40.343
	Profit before tax	161.944	144.266	383.607
	Capital employed
	(Segment Assets-Segment Liabilities)
	Fertiliser & Chemical	1011.898	812.343	895.556
	Soya	19.103	(37.308)	(4.985)

Notes:

1) The above result have been reviewed by the Audit Committee and were taken on the record by the Board at their Board meeting held on 12.08.2011.

2) Figures of the previous quarter/period have been regrouped/rearranged, wherever necessary to make them comparable.

3) The number of complaints received and disposed off during the quarter ended 30.06.2011

Pending at the beginning of the quarter NIL

Received during the quarter 11

Disposed off during the quarter 11

Lying unresolved at the end of the quarter NIL

4) The Company's main product viz. fertilizers fall in the seasonal category hence result for the quarter may not be strictly comparable with the annual performance.

5) Soya division has not operated due to off season and disparity in business.

Fixed Assets:

· Freehold Land and Site Dev

· Building

· Plant and Machinery

· Railway Siding

· Furniture and Fixtures

· Vehicles

· Office Equipments.

PRESS RELEASE:

Accord Fintech (India)

17.08.2011

India, August 17 -- Rama Phosphates Limited has informed BSE that the 26th Annual General Meeting of the Company will be held on Friday the 30.09.2011 at 10.00 a.m. at Babasaheb Dahanukar Hall, Oricon House, 12, K. Dubash Marg, Fort, Mumbai- 400001. Published by HT Syndication with permission from ACCORD FINTECH BSE.

Aii Data Processing Limited

18.02.2011

(ADPnews) – 18.02.2011 - Indian rating agency CRISIL today reaffirmed the ratings on a cash credit facility and a proposed long-term bank loan facility of Rama Phosphates Limited at BB-/"stable".

The agency issued the following press release:

Rs.362.700 Million Cash Credit Facility* BB-/Stable (Reaffirmed)

Rs.65.700 Million Proposed Long-Term Bank Loan Facility BB-/Stable (Reaffirmed)

Rs.101.600 Million Letter of Credit^# P4+ (Reaffirmed)

*Includes Adhoc limit of Rs.45.000 Million, ^ Fully interchangeable with Bank Guarantee

# Includes Adhoc limit of Rs.10.000 Million

CRISIL has reaffirmed its ratings of �BB-/Stable/P4+� on the bank facilities of Rama Phosphates Limited (RPL).

The ratings continue to reflect RPL�s susceptibility to adverse changes in government regulations and its limited track record of profitable operations. These weaknesses are partially offset by the benefits RPL derives from the Government of India�s nutrient-based subsidy for single super phosphate (SSP) manufacturers.

Outlook: Stable

CRISIL believes that RPL�s credit risk profile will remain stable over the medium term, backed by expected growth in revenues and profitability. The outlook may be revised to �Positive� if the company achieves more-than-expected profitability and net cash accruals while efficiently managing its working capital. Conversely, the outlook may be revised to �Negative� if the company�s revenues, operating margin, and operating cycle weaken, exerting significant pressure on its profitability and liquidity, or if adverse regulatory changes impact its growth and profitability, thereby weakening its credit risk profile.

Update

The company moved out of the purview of the Board for Industrial and Financial Reconstruction in December 2010, after settling all financial obligations by October 2010. In November 2010, the central government announced changes to its nutrient-based subsidy policy on fertilizers. The subsidy on phosphate was slashed by nearly 20 per cent and around 16 � 17 per cent on other nutrients; these changes will take effect starting April 2011. CRISIL believes that the lower subsidy for SSP manufacturers may result in the increase in the farm gate price of SSP and adversely affect the competitiveness of SSP vis-�-vis other fertilizers. This may also adversely affect the revenues and profitability of RPL. However, recent announcement by the government to increase the subsidy on the nutrients might be favorable to the revenue growth of RPL. CRISIL will closely monitor the impact of regulatory changes on RPL�s credit risk profile.

About the Company

RPL, incorporated in 1984, was promoted by the Ramsinghani family. The company manufactures SSP, sulphuric acid, and soya oil. Its three manufacturing facilities in Pune (Maharashtra), Indore (Madhya Pradesh), and Udaipur (Rajasthan) have a capacity of 4,62,000 tonnes per annum (tpa) for SSP, 1,83,600 tpa for sulphuric acid, 1,20,000 tpa for soya crushing, and 30,000 tpa for refining. It is currently owned and managed by Mr. Daulat Jaisingh Ramsinghani and his son, Mr. Haresh Daulat Ramsinghani.

RPL reported a profit after tax (PAT) of Rs.36.900 million on net sales of Rs. 1009.000 million for 2009-10 (refers to financial year, April 1 to March 31), against a PAT of Rs. 41.700 million on net sales of Rs.2563.800 million for 2008-09.

Accord Fintech (India)

08.10.2010

India, October 08 -- Rama Phosphates has obtained consent from Rajasthan State Pollution Control Board for enhancing its production capacity of Single Super phosphates at its Udaipur Unit. The capacity will be enhanced from existing 1,32,000 Mts per year to 1,81,000 Mts per year. The company shall commence its enhanced approved production during this financial year. Rama Phosphates is one of the leading fertilizer manufacturing companies in India. It is in existence for the last 21 years and one of its units at Pune is in existence for last 40 years and is pioneer in India. Published by HT Syndication with permission from Accord Fintech.

Accord Fintech (India)

08.10.2010

India, October 08 -- Rama Phosphates is currently trading at Rs. 78.50, up by 0.55 points or 0.71% from its previous closing of Rs. 77.95 on the BSE. The scrip opened at Rs. 81.00 and has touched a high and low of Rs. 81.65 and Rs. 77.25 respectively. So far 10,034 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 86.80 on 03.09.2010 and a 52 week low of Rs. 17.50 on 27.11.2009.Last one week high and low of the scrip stood at Rs. 82.55 and Rs. 74.95 respectively. The current market cap of the company is Rs. 670.100 million. The promoters holding in the company stood at 40.98% while Institutions and Non-Institutions held 8.58% and 50.44% respectively. �Rama Phosphates has obtained consent from Rajasthan State Pollution Control Board for enhancing its production capacity of Single Super phosphates at its Udaipur Unit. The capacity will be enhanced from existing 1,32,000 Mts per year to 1,81,000 Mts per year. The company shall commence its enhanced approved production during this financial year. Rama Phosphates is one of the leading fertilizer manufacturing companies in India. It is in existence for the last 21 years and one of its units at Pune is in existence for last 40 years and is pioneer in India. Published by HT Syndication with permission from Accord Fintech.

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.46.02
UK Pound	1	Rs.73.61
Euro	1	Rs.64.78

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.