MIRA INFORM REPORT

Report Date :

28.11.2012

IDENTIFICATION DETAILS

Name :	VIJAY SOLVEX LIMITED JAIPUR GLASS AND POTTERIES UNIT OF VIJAY SOLVEX LIMITED
Registered Office :	Bhagwati Sadan, Swami Dayanand Marg, Station Road, Alwar – 301001, Rajasthan
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.12.1987
Com. Reg. No.:	17-004232
Capital Investment / Paid-up Capital :	Rs.32.019 Millions
CIN No.: [Company Identification No.]	L15142RJ1987PLC004232
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The company is engaged in the business of Solvent Extraction, Vegetable Oil Refinery and Compound Cattle Feed.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 2500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears sharp dip in the profitability in the current year. However, general financial position of the company appears to be good. Fundamental are healthy and strong. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A3 (Short Term Rating)
Rating Explanation	Having moderate degree of safety regarding timely payment of financial obligation it carry higher credit risk.
Date	April 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Bhagwati Sadan, Swami Dayanand Marg, Station Road, Alwar – 301001, Rajasthan, India
Tel. No.:	91-144-2332358/ 2332922
Fax No.:	91-144-2332320
E-Mail :	cs_lodha@dataoils.com
Factory 1 :	Old Industrial Area, Itarana Road, Alwar – 301001, Rajasthan, India
Factory 2 :	Ceramic Division Tonk Road, Jaipur - 302018, Rajasthan, India
Tel. No.:	91-141-2704612/ 2708339/ 2704445
Fax No.:	91-141-2704182
Factory 3 :	Wind Power Village - Hansua, District Jaisalmer, Rajasthan, India

DIRECTORS

As on: 29.09.2012

Name :

Mr. Niranjan Lal Data

Designation :

Whole Time Director

Address :

Bhagwati Sadan, Swami Dayanand Marg, Alwar – 301001, Rajasthan, India

Date of Birth/Age :

14.04.1934

Date of Appointment :

30.09.2010

DIN No.:

00286337

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24232RJ1979PTC001933	INDO CAPS PRIVATE LIMITED	Director	12/01/1980	12/01/1980	-	Active	NO
2	U15142RJ1986PTC003676	VIJAY AGRO MILLS PRIVATE LIMITED	Director	01/07/1986	01/07/1986	-	Active	NO
3	L15142RJ1987PLC004232	VIJAY SOLVEX LIMITED	Whole-time director	30/09/2010	29/12/1987	-	Active	NO
4	U85195RJ1993PLC007176	DATA INFOCOM LIMITED	Director	21/01/1993	21/01/1993	24/09/2008	Active	NO
5	U18101RJ1993PLC007186	VIJAY INTERNATIONAL LIMITED	Director	22/01/1993	22/01/1993	-	Active	NO
6	U72200RJ1995PLC010248	DATA INFOSYS LIMITED	Director	21/06/1995	21/06/1995	24/09/2008	Active	NO
7	U45201RJ1995PLC011298	DATA DEVELOPERS LIMITED	Director	27/12/1995	27/12/1995	-	Active	NO
8	U55101RJ1991PTC006330	JHANKAR MOTELS PRIVATE LIMITED	Director	01/08/1999	01/08/1999	-	Active	NO
9	U72200RJ2000PLC016309	DATA DOT COM LIMITED	Director	11/04/2000	11/04/2000	24/09/2008	Active	NO
10	U99999WB1983PLC036069	RAGHUVAR (INDIA) LTD	Director	09/02/2004	09/02/2004	-	Active	NO
11	U15134RJ1994PTC008689	DEEPAK VEGPRO PRIVATE LIMITED	Director	11/03/2004	11/03/2004	-	Active	NO
12	U02001RJ1988PLC004643	BHAGWATI AGRO PRODUCTS LIMITED	Director	27/09/2010	01/03/2010	-	Active	NO
13	U15142RJ2010PTC032598	GAURAV VEGPRO PRIVATE LIMITED	Director	12/08/2010	12/08/2010	-	Active	NO

Name :

Mr. Vijay Kumar Data

Designation :

Managing Director

Address :

Bhagwati Sadan, Swami Dayanand Marg, Alwar – 301001, Rajasthan, India

Date of Birth/Age :

01.07.1955

Date of Appointment :

26.09.2009

DIN No.:

00286492

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15142RJ1986PTC003676	VIJAY AGRO MILLS PRIVATE LIMITED	Director	01/07/1986	01/07/1986	-	Active	NO
2	L15142RJ1987PLC004232	VIJAY SOLVEX LIMITED	Managing director	26/09/2009	29/12/1987	-	Active	NO
3	U70101RJ1983PTC002862	JAY COMPLEX PRIVATE LIMITED	Director	15/02/1988	15/02/1988	-	Active	NO
4	U85195RJ1993PLC007176	DATA INFOCOM LIMITED	Director	21/01/1993	21/01/1993	29/05/2009	Active	NO
5	U18101RJ1993PLC007186	VIJAY INTERNATIONAL LIMITED	Director	22/01/1993	22/01/1993	-	Active	NO
6	U72200RJ1995PLC010248	DATA INFOSYS LIMITED	Director	21/06/1995	21/06/1995	30/01/2009	Active	NO
7	U45201RJ1995PLC011298	DATA DEVELOPERS LIMITED	Director	27/12/1995	27/12/1995	-	Active	NO
8	U72200RJ2000PLC016309	DATA DOT COM LIMITED	Director	11/04/2000	11/04/2000	-	Active	NO
9	U15134RJ1994PTC008689	DEEPAK VEGPRO PRIVATE LIMITED	Director	01/11/2001	01/11/2001	-	Active	NO
10	U99999WB1983PLC036069	RAGHUVAR (INDIA) LIMITED	Director	09/02/2004	09/02/2004	-	Active	NO
11	U91110MH1971NPL015233	THE SOLVENT EXTRACTORS ASSOCIATION OF INDIA	Director	22/09/2006	22/09/2006	-	Active	NO
12	U45201RJ2006PTC023235	GAURAV ENCLAVE PRIVATE LIMITED	Director	17/10/2006	17/10/2006	-	Active	NO
13	U45201RJ2006PTC023236	DHRUVA ENCLAVE PRIVATE LIMITED	Director	17/10/2006	17/10/2006	-	Active	NO
14	U26933RJ2007PTC024245	GAURAV CERAMICS PRIVATE LIMITED	Director	18/04/2007	18/04/2007	-	Active	NO
15	U02001RJ1988PLC004643	BHAGWATI AGRO PRODUCTS LIMITED	Director	27/09/2010	01/03/2010	-	Active	NO
16	U45201RJ2010PTC032066	DATA ENCLAVE PRIVATE LIMITED	Director	09/06/2010	09/06/2010	-	Active	NO
17	U15142RJ2010PTC032598	GAURAV VEGPRO PRIVATE LIMITED	Director	12/08/2010	12/08/2010	-	Active	NO

Name :

Mr. Daya Kishan Data

Designation :

Whole Time Director

Address :

C-82, Chaitanya Marg, C – Scheme, Jaipur, 301001, Rajasthan, India

Date of Birth/Age :

04.09.1962

Date of Appointment :

29.09.2009

DIN No.:

01504570

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15142RJ1986PTC003676	VIJAY AGRO MILLS PRIVATE LIMITED	Director	01/07/1986	01/07/1986	-	Active	NO
2	L15142RJ1987PLC004232	VIJAY SOLVEX LIMITED	Whole-time director	29/09/2009	29/12/1987	-	Active	NO
3	U85195RJ1993PLC007176	DATA INFOCOM LIMITED	Director	21/01/1993	21/01/1993	29/05/2009	Active	NO
4	U18101RJ1993PLC007186	VIJAY INTERNATIONAL LIMITED	Director	22/01/1993	22/01/1993	-	Active	NO
5	U72200RJ1995PLC010248	DATA INFOSYS LIMITED	Director	21/06/1995	21/06/1995	24/09/2008	Active	NO
6	U55101RJ1991PTC006330	JHANKAR MOTELS PRIVATE LIMITED	Director	01/08/1999	01/08/1999	-	Active	NO
7	U99999WB1983PLC036069	RAGHUVAR (INDIA) LIMITED	Director	13/02/2004	13/02/2004	-	Active	NO
8	U45201RJ2006PTC023236	DHRUVA ENCLAVE PRIVATE LIMITED	Director	17/10/2006	17/10/2006	-	Active	NO
9	U45201RJ2006PTC023235	GAURAV ENCLAVE PRIVATE LIMITED	Director	17/10/2006	17/10/2006	-	Active	NO
10	U26933RJ2007PTC024245	GAURAV CERAMICS PRIVATE LIMITED	Director	18/04/2007	18/04/2007	-	Active	NO
11	U15134RJ1994PTC008689	DEEPAK VEGPRO PRIVATE LIMITED	Director	30/09/2010	16/08/2010	-	Active	NO
12	U45201RJ1995PLC011298	DATA DEVELOPERS LIMITED	Director	25/09/2012	11/02/2012	-	Active	NO

Name :

Mr. Ram Babu Jhalani

Designation :

Director

Address :

Ward No.5, Jhalani Mohalla, Khairthal, Alwar – 301404, Rajasthan, India

Date of Birth/Age :

17.02.1953

Date of Appointment :

08.03.2003

DIN No.:

01614184

KEY EXECUTIVES

Name :	Mr. Jay Prakash Lodha
Designation :	Secretary
Address :	The Government Employee Co-operative Housing Society Limited, Flat No. 03, Sector – 3, Part –II, Bawal Road, Rewari – 123401, Haryana, India
Date of Birth/Age :	16.05.1969
Date of Appointment :	01.08.2012
PAN No.:	AAOPL7753M
Audit Committee
Name :	Mr. Mukesh Sethi
Designation :	Chairman
Name :	Mr. Niranjan Lal Data
Designation :	Member
Name :	Mr. Ram Babu Jhalani
Designation :	Member
Shareholders/Investors Grievance Committee
Name :	Mr. Mukesh Sethi
Designation :	Chairman
Name :	Mr. Vijay Data
Designation :	Member
Name :	Mr. Ram Babu Jhalani
Designation :	Member
Remuneration Committee
Name :	Mr. Mukesh Sethi
Designation :	Chairman
Name :	Mr. Niranjan Lal Data
Designation :	Member
Name :	Mr. Ram Babu Jhalani
Designation :	Member

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	23.62
Directors or relatives of directors	33.55
Other top fifty shareholders	20.93
Others	21.90
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of Solvent Extraction, Vegetable Oil Refinery and Compound Cattle Feed.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of Bikaner and Jaipur, Near Bus Stand, Alwar – 301001, Rajasthan, India

· State Bank of Bikaner and Jaipur, Tilak Marg Branch, Jaipur, Rajasthan, India

· IDBI Bank Limited, 18, Lajpat Nagar, Scheme No.2, Gaurav Path, Alwar - 301001, Rajasthan, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Working Capital Loan
From Banks
Foreign Currency Loan - LC/Buyers Credit	235.975	311.585
Rupee Loan	630.633	564.090
Total	866.608	875.675
Note: 1 Working Capital Loan from State Bank of Bikaner and Jaipur, Alwar are secured by hypothecation, both present and future, of raw material, finished goods, work-in-process, packing materials, stores, bills for collection and book-debts and on the personal guarantee of Directors Mr. Niranjan Lal Data, Mr. Vijay Data, Mr. Daya Kishan Data and their relative Ms. Nirmala Devi and Mr. Saurabh Data and first charge over the fixed assets of the Company. 2 Short term loan from IDBI are secured by first pari passu charge by way of equitable mortgage of land and building of company's Jaipur Unit and personal guarantee of Directors Mr. Vijay Data and Mr. Daya Kishan Data.
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
From Bank	100.000	100.000
Total	100.000	100.000

Note:

1. Unsecured loan from bank of Rs.100.000 Millions is taken from Kotak Mahindra Bank Limited. This loan is a short term loan and is personally guaranteed by Mr. Niranjan Lal Data and Mr. Vijay Data.

Banking Relations :	--
Auditors :
Name :	K.L. Datta and Company Chartered Accountants
Address :	Opposite Clock Tower, Alwar – 301001, Rajasthan, India
PAN No.:	AAEFK0682Q
Associates and Joint Ventures :	· Saurabh Agrotech Private Limited · Raghuvar (India) Limited · Vijay International Limited · Vijay Agro Mills Private Limited · Dhruva Enclave Private Limited · Data Houseware Limited · Data Foods Private Limited · Gaurav Enclave Private Limited
Enterprises where Key Management Personnel or relatives of Key Management Personnel have significant influence :	· Vijay Industries · Vijay Oil Mills · Pyarelal Niranjanlal and Company · Pyare Lal Niranjan Lal · Data Infosys Limited · Indo Caps Private Limited · Shree Bhagwati Farms · Bhagwati Agro Products Limited · Jhankar Motels Private Limited · Data Developers Limited · Swastic Udyog · Data Arcade · Shree Data Krishi Farm · Gaurav Ceramics Private Limited · Deepak Vegpro Private Limited · Pawan Udyog · Gaurav Vegpro Private Limited · Data Enclave Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3201263	Equity Shares	Rs.10/- each	Rs.32.013 Millions
	Add: Amount Originally Paid-up on forfeited Shares		Rs.0.006 Million
	Total		Rs.32.019 Millions

1 Of the above 15500 (P.Y. 15500) Equity shares were allotted as fully paid up pursuant to contracts without payments being received in cash.

2 Of the above 1456126 (P.Y. 1456216) Equity shares issued as fully paid up Bonus shares by way of capitalisation of free reserves.

3 Of the above 19962 (P.Y. 19962) Equity shares were allotted as fully paid up pursuant to the scheme of arrangment for amalgamation of the Jaipur Glass and Potteries Limited with the Company.

4 Of the above 56205 (P.Y. 56205) Equity shares were allotted as fully paid up pursuant to the scheme of amalgamation for amalgamation of Goenka Products Private Limited with the Company.

5 Shareholder holding more than 5% of the Ordinary Shares in the company.

	As at 31.03.2012
	No. of Shares	%
Vijay Agro Mills Private Limited	249120	7.78

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		32.019	32.019	32.019
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		616.899	597.554	556.857
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		648.918	629.573	588.876
LOAN FUNDS
1] Secured Loans		866.608	875.685	675.934
2] Unsecured Loans		100.000	100.000	150.000
TOTAL BORROWING		966.608	975.685	825.934
DEFERRED TAX LIABILITIES		37.648	37.133	42.013
TOTAL		1653.174	1642.391	1456.823
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		195.426	209.194	226.212
Capital work-in-progress		95.219	92.019	1.590
INVESTMENT		181.511	181.194	168.544
DEFERREX TAX ASSETS		0.000	0.000	0.000
OTHER NON-CURRENT ASSETS		0.100	0.100	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	455.581	284.102	306.678
	Sundry Debtors	362.928	325.524	168.864
	Cash & Bank Balances	57.574	38.553	123.957
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	634.547	618.320	567.625
Total Current Assets		1510.630	1266.499	1167.124
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	291.193	61.828	80.607
	Other Current Liabilities	5.979	3.949	2.999
	Provisions	32.540	40.838	33.273
Total Current Liabilities		329.712	106.615	116.879
Net Current Assets		1180.918	1159.884	1050.245
MISCELLANEOUS EXPENSES		0.000	0.000	10.232
TOTAL		1653.174	1642.391	1456.823

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
SALES
	Income	7593.503	6057.704	4396.296
	Other Income	6.645	7.641	5.699
	TOTAL (A)	7600.148	6065.345	4401.995
EXPENSES
	Cost of material consumed	6466.796	4820.536
	Purchase of Stock in trade	447.132	519.139
	(Increase)/decrease in stock in trade and work-in-progress	(119.953)	20.157
	Employees Benefit Expenses	95.825	80.183
	Other Expenditure	577.035	507.471
	TOTAL (B)	7466.834	5947.486	4298.956
PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		133.314	117.859	103.039
FINANCIAL EXPENSES (D)		82.056	40.211	32.843
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		51.258	77.648	70.196
DEPRECIATION/ AMORTISATION (F)		22.897	23.630	22.163
PROFIT BEFORE TAX (E-F) (G)		28.360	54.018	48.033
TAX (H)		9.015	13.320	10.600
PROFIT AFTER TAX (G-H) (I)		19.345	40.698	37.433
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		499.270	458.333	420.901
Transfer from Revaluation Reserve		0.239	0.239	0.000
BALANCE CARRIED TO THE B/S		518.854	499.270	458.334
EARNINGS IN FOREIGN CURRENCY
	Export Earnings	40.594	79.450	NA
	Interest	1.000	0.755	NA
TOTAL EARNINGS		41.594	80.205	NA
IMPORTS
	Raw Materials and Traded Goods	557.433	904.412	NA
	Stores, Spares and Consumables	0.000	0.654	NA
	Capital Goods	0.000	3.911	NA
TOTAL IMPORTS		557.433	908.977	NA
Earnings Per Share (Rs.)		6.04	12.71	11.69

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.25	0.67	0.85
Net Profit Margin (PBT/Sales)	(%)	0.37	0.89	1.09
Return on Total Assets (PBT/Total Assets}	(%)	1.66	3.66	3.45
Return on Investment (ROI) (PBT/Networth)		0.04	0.09	0.08
Debt Equity Ratio (Total Liability/Networth)		2.00	1.72	1.60
Current Ratio (Current Asset/Current Liability)		4.58	11.88	9.99

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BUSINESS PERFORMANCE

The Company has achieved the turnover of Rs.7600.148 Millions as against Rs.6065.345 Millions achieved during the previous years profit before interest, depreciation and taxes was at Rs.133.312 Millions, an increased of 13.11%. The Company recorded net profit after tax of Rs.19.345 Millions.

MANAGEMENT'S DISCUSSION AND ANALYSIS

INDUSTRIAL STRUCTURE AND DEVELOPMENTS

The primary business of the Company is processing oil-seeds and refining of crude oil for edible use. The domestic edible oil consumption has been steadily growing in which the company has a dominant presence. While the growth in population and disposable income due to economic growth is resulting in higher consumption, the supply growth has been primarily lower due to relative stagnancy in domestic oil seed output.

In order to bridge the growing demand - supply gap in edible oil, the volumes of import of edible oil have gone up over last five years. This has improved the capacity utilization of the port - based edible oil refining facilities in the country.

Keeping in view the growing demand of Palm oil and augmentation of the domestic supply, the Government of India and State Governments have identified potential areas for palm cultivation and taken measures to promote oil palm cultivation and processing in India. It is believed that this will benefit farmers with better income, reduce import bill of edible oil, support domestic industry and promote regional development.

The Indian edible oil industry is highly fragmented, with the presence of a large number of participants in the organised and unorganized sectors. This has resulted in severe competition and inherently thin profitability margins. Further, the profitability of market participants has also been vulnerable to risks emanating from weak harvests; commodity price volatility and forex movements.

FINANCIAL REVIEW AND ANALYSIS

EDIBLE OIL DIVISION

The Edible Oil business continues to account major part of the company's turnover. The market environment continuous to be very competitive. The Company's products are well accepted in national market under the brand name of "SCOOTER". The company is a leading regional player in edible oil and vanaspati ghee, backed up with strong distribution network. The company faces intense competition from low priced and unscrupulous brands. The outlook of he industry is positive looking to the size of opportunity. The company is hopeful that there would be healthy market growth over the next few years.

CERAMIC DIVISION

The company's ceramic division sale performance during the year Rs.164.139 Millions. Company's ceramic products are well accepted in India and abroad. The company is hopeful of a healthy growth both in volume and value over next few years.

WIND POWER DIVISION

The project is eco-friendly as natural resources like wind is exploited for generation of electricity and there is no burning fuel and thus no pollution. Company has committed to sell 60 per cent of electricity of generation to RVPNL, Jaipur and use balance electricity so generated for captive consumption by oil division at Alwar and Ceremic Division at Jaipur by paying two per cent as wheeling charges to RVPNL, Jaipur. At Jaisalmer quality wind is regularly available throughout the year so company is hopeful for good generation of electricity from wind farm at Jaisalmer.

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	31.03.2012	31.03.2011
Excise/Sales Tax/Income Tax PF/ESI/Customs/ Service Tax demands made by the authorities in respect of which appeal has been filed.	40.118	51.511
Claims against the Company not acknowledged as debts estimated at : In respect of Third parties	68.020	66.340

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	L15142RJ1987PLC004232
Name of the company	VIJAY SOLVEX LIMITED
Address of the registered office or of the principal place of business in India of the company	Bhagwati Sadan, Swami Dayanand Marg, Station Road, Alwar – 301001, Rajasthan, India E-mail: accounts@dataoils.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80002027
Type of charge	· Immovable property · Any interest in immovable property · Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	State Bank of Bikaner and Jaipur, Near Bus Stand, Alwar – 301001, Rajasthan, India E-mail: sbbj10051@sbbj.co.in
Nature of instrument creating charge	Sanction of adhoc cash credit limit of Rs300.000 Millions Letter regarding TEH grant of individual limits within the overall limit
Date of instrument Creating the charge	29.03.2012
Amount secured by the charge	Rs.950.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit (CC) - 13% P.A. Adhoc CC - 14% Terms of Repayment Repayble on demand Margin Raw Material 25% Stock In Process 25% Finished Goods 25% Stores and Consumables Spares 50% Book Debts 25% Tin Boxes 25% Extent and Operation of the charge 1st charge on entire current assets of the company including stock, book debts ETCL IST charge on fixed assets of the company net book of Rs. 211.000 Millions as on 31.03.2011 Others Cash Credit Rs.300.000 Millions Adhoc CC Rs.300.000 Millions LC/BG Rs.300.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Residential Property Near Circuit House, Alwar Office Land Scheme No. 8, Alwar Factory Land and Building Itarana Road, Alwar L and B Jaipur Glass and Potteries Tonk Road, Jaipur
Date of instrument modifying the charge	24.08.2007
Particulars of the present modification	An additional adhoc CC limit of Rs.300.000 Millions sanctioned

FIXED ASSETS:

· Lease Hold Land

· Free Hold Land

· Agriculture Land

· Building

· Plant and Machinery

· Lab. Equipments

· Misc. Assets

· Furnitures and Fixtures

· Cars/Vehicles

· Office Equipments / Computers

· Transport Vehicles

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 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.55.70
UK Pound	1	Rs.89.34
Euro	1	Rs.72.35

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		48

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.