MIRA INFORM REPORT

Report Date :

10.04.2013

IDENTIFICATION DETAILS

Name :	SITASHREE FOOD PRODUCTS LIMITED [w.e.f. 14.02.1997]
Formerly Known As :	SITA SHREE FOOD PRODUCTS PRIVATE LIMITED
Registered Office :	332/4/2, R.D. Udyog Nagar, Palda Nemawar Road, Mathurawala’s Colony, Indore-452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.04.1996
Com. Reg. No.:	10-010741
Capital Investment / Paid-up Capital :	Rs.220.368 Millions
CIN No.: [Company Identification No.]	L15314MP1996PLC010741
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on The Stock Exchanges.
Line of Business :	Manufacturer of Wheat Flour and Soya Oil.
No. of Employees :	Not Available

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 1940000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company appears to be low. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. 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.

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	CARE
Rating	BB [Long Term Bank Facilities]
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	March 2013

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/Factory :	332/4/2, R.D. Udyog Nagar, Palda Nemawar Road, Mathurawala’s Colony, Indore-452001, Madhya Pradesh, India
Tel. No.:	91-731-2862121 / 22 / 2862200 / 2439901 / 902 / 920
Fax No.:	91-731-4068448 / 2862375
E-Mail :	info@sitashri.com sitashrifoodproducts@yahoo.com
Website :	http://www.sitashri.com http://www.sitashree.com

DIRECTORS

AS ON 31.03.2012

Name :	Mr. Dinesh Agrawal
Designation :	Chairman and Managing Director
Name :	Mr. Ashish Goyal
Designation :	Whole Time Director
Name :	Mr. Anoop Goyal
Designation :	Whole Time Director
Name :	Mr. Suresh Narayan Wagh
Designation :	Non-Executive Independent Director
Name :	Mr. Ganesh Prasad Sharma
Designation :	Non-Executive Independent Director
Name :	Mr. Santosh Kumar Gupta
Designation :	Non-Executive Independent Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2013

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	9002221	40.85
Bodies Corporate	3097243	14.05
Sub Total	12099464	54.91
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	12099464	54.91
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	2636587	11.96
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	5318765	24.14
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	1859553	8.44
Any Others (Specify)	122431	0.56
Clearing Members	13066	0.06
NRIs/OCBs	109365	0.50
Sub Total	9937336	45.09
Total Public shareholding (B)	9937336	45.09
Total (A)+(B)	22036800	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	22036800	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Wheat Flour and Soya Oil.
Exports :
Countries :	Middle East Gulf Country
Imports :
Countries :	USA

PRODUCTION STATUS [AS ON 31.03.2012]

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Wheat Flour Mill	MT	43200	43200	42869
Dall Mill	MT	3500	3500	1776
Processed Goods	--	--	--	--

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of India
• Union Bank of India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Term Loan For Soya Project (Pari passu Charge over Entire Fixed Assets of the Company)	8.123	0.000
Car Loan (U.B.I.) (Secured by Hypothecation of Car)	0.284	0.379
Reliance Capital Limited (Secured by Hypothecation of Car (Pajero))	0.743	0.000
Working Capital Loan From Union Bank Of India (Pari passu charge of goods consisting as finished Goods, semi finished goods, raw material, book debts And all current assets & fixed assets of the company And personal guarantee of the directors	163.120	214.048
Working Capital Loan From Axis Bank (Secured by way of hypothecation of ware house receipt against stock)	0.131	0.000
Working Capital Loan From State Bank Of India (Pari passu charge of goods consisting as finished Goods, semi finished goods, raw material, book debts And all current assets and fixed assets of the company And personal guarantee of the directors)	80.009	0.000
TOTAL	252.410	214.427

Banking Relations :	--
Auditors :
Name :	M. K. Shah and Associates Chartered Accountants
Address :	City Plaza, 564 M.G. Road, 2^nd Floor Chamber No. 207, Near Regal Square Indore- 452001, Madhya Pradesh, India
Tel No.:	91-731-2536214/4048445
Mobile No.:	91-9425057217
Email:	mkshahassociates@yahoo.com
Associates/Subsidiaries :	G.G. Real Estate Private Limited
Group Company :	Anoop Foods Limited GG Infra Private Limited
Other Related Parties :	Manish Trading Company Sitaram Shreenarayan Agrawal and Company Sita Shree Marketing Private Limited Usha Dall Mill

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
24000000	Equity Shares	Rs.10/- each	Rs.240.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22036800	Equity Shares	Rs.10/- each	Rs.220.368 Millions

NOTES:

The Detail of Share Holders Holding More than 5% Shares

NAME OF THE SHAREHOLDER	AS ON 31.03.2012
	No. of Shares	% Held
Sita Shree Marketing Private Limited	1588957	7.21
Anoop Foods Limited	1508286	6.84
Ashish Goyal	1415800	6.42
Ruchi Agrawal	1195035	5.42
Chandrika Agrawal	1475565	6.70

During the year out of Shares Issued subscribed and paid up Share capital held by under mentioned the company has been pledged by the Company in favour of State Bank of India Consortium with Union Bank of India for securing loan taken by the Sita Shree Food Products Limited of Rs. 951.600 Millions. Detail of Share Pledge of following share holder.

NAME OF THE SHAREHOLDER	AS ON 31.03.2012
	No. of Shares	% of Holding
Anoop Foods Limited	1508286	6.84
Ashish Goyal	1415800	6.42
Anoop Goyal	788735	3.58
Dinesh Agrawal	282430	1.28
Dinesh Agrawal-HUF	412109	1.87

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		220.368	220.368	220.368
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		265.559	255.621	246.248
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		485.927	475.989	466.616
LOAN FUNDS
1] Secured Loans		252.410	214.427	323.970
2] Unsecured Loans		172.500	0.000	0.000
TOTAL BORROWING		424.910	214.427	323.970
DEFERRED TAX LIABILITIES		13.167	13.167	13.167
TOTAL		924.004	703.583	803.753
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		81.687	78.910	114.834
Capital work-in-progress		155.714	40.843	0.000
INVESTMENT		11.375	8.425	0.130
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	179.425	190.344	235.491
	Sundry Debtors	247.655	213.995	213.486
	Cash & Bank Balances	18.080	18.160	190.611
	Other Current Assets	36.652	25.295	0.000
	Loans & Advances	226.662	166.982	97.682
Total Current Assets		708.474	614.776	737.270
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.988	31.884	66.093
	Other Current Liabilities	15.864	1.153	0.750
	Provisions	6.394	6.334	6.125
Total Current Liabilities		33.246	39.371	72.968
Net Current Assets		675.228	575.405	664.302
MISCELLANEOUS EXPENSES		0.000	0.000	24.487
TOTAL		924.004	703.583	803.753

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1427.184	1368.594	1352.567
		Other Income	15.323	17.893	15.038
		TOTAL (A)	1442.507	1386.487	1367.605
Less	EXPENSES
		Cost of material consumed	1181.545	815.380
		Purchase of stock-in-trade	61.226	368.103
		Employee benefits expenses	2.796	2.025	1316.097
		Change in inventories of finished goods work-inprogress And stock-in-trade	52.916	91.395
		Other expenses	91.902	66.985
		TOTAL (B)	1390.385	1343.888	1316.097
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		52.122	42.599	51.508
Less	FINANCIAL EXPENSES (D)		31.472	22.875	29.282
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20.650	19.724	22.226
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.877	4.502	4.202
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		15.773	15.222	18.024
Less	TAX (H)		5.836	5.849	6.125
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		9.937	9.373	11.899
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		45.621	36.248	24.349
	BALANCE CARRIED TO THE B/S		55.558	45.621	36.248
	Earnings / (Loss) Per Share (Rs.)		0.45	0.43	0.54

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	245.600	303.700	519.600
Total Expenditure	231.800	286.600	501.700
PBIDT (Excl OI)	13.800	17.100	17.900
Operating Profit	13.800	17.100	17.900
Interest	10.700	06.600	13.800
PBDT	03.100	10.500	04.100
Depreciation	01.300	01.300	01.300
Profit Before Tax	01.900	09.200	02.800
Tax	00.600	03.100	00.900
Profit After Tax	01.200	06.100	01.800
Net Profit	01.200	06.100	01.800

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.69	0.67	0.87
Net Profit Margin (PBT/Sales)	(%)	1.10	1.11	1.33
Return on Total Assets (PBT/Total Assets}	(%)	2.00	2.19	2.12
Return on Investment (ROI) (PBT/Networth)		0.03	0.03	0.04
Debt Equity Ratio (Total Debt/Networth)		0.87	0.45	0.69
Current Ratio (Current Asset/Current Liability)		21.31	15.61	10.10

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)	Yes
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	No
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

WORKING PERFORMANCE REVIEW:

During the financial year income of the company is increased from Rs. 1386.488 Millions to Rs. 1442.508 Millions resulting in increase in net profit from Rs. 9.373 Millions to Rs. 9.937 Millions. There is slight increase net profit of the Company. Increase in turnover is satisfactory as compare to growth in industry. The Directors are confident and trying hard to increase the profitability during the current financial year with dedicated efforts of the management.

FUTURE DEVELOPMENT AND ACTIVITIES:

At upcoming Soya Extraction Plant at Barlai Jangir, civil construction is almost completed. Installation of Plant and Machinery is in process and the same is expected to be completed soon. All necessary permission and statutory licenses has been obtained. Company has increased plant capacity to 600 TPD from 500 TPD for Soya Extraction, Oil refinery to 200 TPD from 100 TPD and Lecithin Plant 5 TPD for powder and liquid both, earlier it was only for liquid and new plant will produce high protein products i.e. Badi, floor, lecithin powder and liquid, suitable for export. Earlier, in the prospectus, this plant was proposed with products which are not high protein products. Although said project was delayed, as proposed in prospectus of the Company, due to problems relating to land which was proposed in prospectus, for project. At that time this land was converted land and ready to be used for industrial purpose. But after some time before the starting of the project, Government changethe land use of this land and therefore, industrial development could not be carried on the said land. Then Company started searching new and suitable land for the project, applied to various govt. authorities like DIC and MPAKVN, but no land was made available to us. Finally, Company purchased private land at Barlai Jangir at Kshipra nearby Indore and started required activities for setting up the proposed plant. Project cost is also gone up due to price escalation, capacity enhancement and acquisition of new land. Earlier project cost of Rs. 481.292 Millions and now it is Rs. 968.723 Millions. Production is expected by October 2012. Meanwhile proceed of the public issue was kept in fixed deposit and used for working capital requirements of the Company and now being utilized for the aforesaid purpose. Specific utilization details of fund are given in the notes of accounts of the Company. With increase in capacity and quality of products new plant is more viable in terms of technology, product and finance.

SUBSIDIARY COMPANY:

Company has a 100% subsidiary company GG Real Estate Private Limited, a Company engaged in the business of real estate. At present Company is developing a multistory residential building at Indore. Mr. Santosh Kumar Gupta, Independent non-executive Director of Company, has been appointed as Director on the Board of the GG Real Estate Private Limited.

MANAGEMENT DISCUSSION AND ANALYSIS:

INDUSTRY STRUCTURE AND DEVELOPMENTS:

Packed flour industry is growing day by day as habits of peoples residing in cities and preferably in nuclear families, is changing to purchase flour in spite of wheat. Increasing demand of bakery products and its penetration in small town is also a good sign for our industry. Turnover of Company is continuously increasing, during 2011-12 Company has achieved total turnover of Rs. 1427.200 Millions out of which export turnover was of Rs. 07.600 Millions. Proposed Soya Extraction Plant is in Installation stage, Civil Construction is almost completed. We are expecting production run by October 2012.

OUTLOOK:

The outlook for the food industry sounds promising. Development of nuclear family concept is the basic line for packed food industry i.e. Atta and other packed basic food. With high protein soya products we are looking forward towards export market with good amount of margin. In real estate sector, running project will provide good amount of return through its subsidiary.

SEGEMENT- WISE PERFORMACE:

The Company is engaged in the business of wheat and pulses products manufacturing, trading and derivative of agro commodities in local as well as international market. In manufacturing activity turnover is Rs. 1342.200 Millions as compare to Rs. 962.400 Millions of previous year. In trading activity turnover is Rs. 84.500 Millions as compare to Rs. 406.300 Millions of previous year. In real estate sector (through subsidiary) turnover increases from Rs. 06.800 Millions to Rs. 27.000 Millions.

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Intercorporate Loan	170.000	0.000
Intercorporate Loan (From Other)	2.500	0.000
TOTAL	172.500	0.000

CONTINGENT LIABILITY NOT PROVIDED FOR:

Particulars	31.03.2012 (Rs. in millions)	31.03.2011 (Rs. in millions)
Bank Guarantee in favour of Authorities	1.575	1.575
Claim against the Company not Acknowledged as debts	0.000	0.000
TOTAL	1.575	1.575

FIXED ASSETS:

· Land

· Site Development

· Factory Building

· Building under Construction

· Office Equipment

· Plant and Machinery

· Mobile Phone

· Vehicle

· Furniture and Fixture

· Lab Equipment

· Computers

· Air Conditioners

· Electrical Installation

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON DECEMBER 31, 2012

Rs. in Millions

Sr. No.	Particular	3 Months Ended		Year to Date Figures for Current Period Ended
		31.12.2012 (Unaudited)	30.09.2012 (Unaudited)	31.12.2012 (Unaudited)
1.	Net Sales/Income from Operations	513.886	295.918	1055.173
	Other Operating Income	5.696	7.849	13.777
	Total Income From Operations (Net)	519.582	303.767	1068.950
2.	Expenditure
	Cost of materials consumed	394.891	254.791	836.374
	Purchase of stock in trade	45.870	6.664	83.399
	Changes in inventories of finished goods, work in progress and stock in trade	13.425	(9.437)	(9.966)
	Employee benefits expenses	1.033	1.017	2.784
	Depreciation and amortization expenses	1.284	1.268	3.799
	Other expenses	46.513	33.665	107.593
	Total Expenses	503.016	287.987	1023.984
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	16.566	15.799	44.965
4.	Other Income	0.000	0.000	0.000
5.	Profit Before Interest and Exceptional Items (3+4)	16.566	15.799	44.965
6.	Interest	13.792	6.619	31.139
7.	Profit After Interest but before Exceptional Items (5-6)	2.774	9.181	13.827
8.	Exceptional Items	--	--	--
9.	Profit from Ordinary Activities before Tax (7+8)	2.774	9.181	13.827
10.	Tax Expense	0.943	3.121	4.700
11.	Net Profit from Ordinary Activities after Tax (9-10)	1.831	6.606	9.127
12.	Extraordinary Item (net of expense)	--	--	--
13.	Net Profit for the period (11-12)	1.831	6.606	9.127
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	220.368	220.368	220.368
15.	Reserves Excluding Revaluation Reserve	289.686	287.854	289.686
	Convertible Warrants Partly Paid Up (Face Value of Rs.10/- Each)	30.000	30.000	30.000
16.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised
	a) Basic and diluted EPS before extraordinary items	0.08	0.28	0.41
	b) Basic and diluted EPS after extraordinary items	0.07	0.24	0.36
17.	Public Shareholding
	-Number of Shares	9937336	9937336	9937336
	- Percentage of Shareholding	45.09	45.09	45.09
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	4407360	4407360	4407360
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	36.43	36.43	36.43
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	20.00	20.00	20.00
	b) Non Encumbered
	- Number of Shares	7692104	7692004	7692104
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	63.57	63.57	63.57
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	34.91	34.91	34.91

Particulars	3 Months Ended 31.12.2012
Pending at the beginning of the quarter	Nil
Received during the quarter	Nil
Disposed of during the quarter
Remaining unresolved at the end of the quarter	Nil

SELECT INFORMATION FOR THE QUARTER ENDED 31.12.2012

Rs. in Millions

Sl. No.	Particulars	3 Months Ended		Year to Date Figures for Current Period Ended
		31.12.2012 (Unaudited)	30.09.2012 (Unaudited)	31.12.2012 (Unaudited)
1	Segment Revenue
	Manufacturing Activities	470.232	288.947	995.093
	Trading Activities	43.654	6.972	60.080
	Real Estate Development	0.000	0.000	0.000
	NET OPERATIONAL INCOME	513.886	295.919	1055.173
2	Segment Results
	(Profit / Loss) Before Tax and Interest From Each Segment
	Manufacturing Activities	35.796	30.292	85.290
	Trading Activities	2.466	0.043	6.505
	Real Estate Development	0.000	0.000	0.000
	TOTAL	38.262	30.335	91.795
	Less :Interest	13.792	6.819	31.139
	Depreciation	1.284	1.268	3.799
	Net of Unallocable Expenditure	20.412	13.268	43.031
	Net Profit (+) / Loss(-) before Tax	2.774	9.181	13.827
3	Capital Employed
	(Segment Assets – Segment Liabilities)
	Manufacturing Activities	161.181	203.635	161.181
	Trading Activities	31.710	27.015	31.710
	Real Estate Development	0.000	0.000	0.000
	Unallocable Assets Less Liabilities	354.866	311.575	354.866
	TOTAL	547.757	542.225	547.757

NOTES:

• The above unaudited result were reviewed by the audit committee and were approved and were approved and taken on record by the board in their respective meeting held on 12^th February, 2013.

• The previous year figures have been regrouped/ reclassified wherever required.

• The company is having operation in two segment, whose results are produced separately, apart from that 100% subsidiary is operating in Real Estate Sector.

• Consolidated results include result of 100% subsidiary GG Real Estate Private Limited

• As per requirement of listing agreement company is having (a) turnover 1055.173 millions (b) profit before tax 13.827 millions (c) profit after tax 9.127 millions on standalone basis.

• Comparison of project status as detailed in prospectus and actual positions:

CAPACITY:	AS PER PROSPECTUS	ACTUAL PROJECT
Solvent Extraction Plant	600 TPD	600 TPD
	[Normal]	[High Protein]
Edible Oil Refinery	100 TPD	200 TPD
Lecithin Plant	5 TPD	5 TPD
Flour Mill	275 TPD	275 TPD
Soya Nuggets	--	50 TPD
Acid Oil Plant	--	10 TPD

Rs. in Millions

COST	AS PER PROSPECTUS	ACTUAL PROJECT	UPTO 31.12.2012
Land and Site Development	43.125	43.379	57.134
Factory Building and Others	60.317	148.423	124.976
Plant and Machinery	247.923	477.000	584.674
Other Fixed Assets	4.600	26.420	15.331
Contingencies	8.459	30.926	0.000
Pre-operative Expenses	17.376	29.383	48.126
Working Capital	75.867	188.480	0.000
IPO Expenses	23.625	24.712	24.712
TOTAL	481.292	968.723	854.953

• Expenditure for plant and machinery includes advances for capital expenditure.

• As per prospectus of the company said plant was expected to commence commercial production by September, 2008. Soya extraction plant has started commercial production as on 06.02.2013. delay was occurred due to acquisition of new land, inflation in project cost and increase in capacity.

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 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.54.46
UK Pound	1	Rs.83.13
Euro	1	Rs.70.99

INFORMATION DETAILS

Report Prepared by :

TPT

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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.