MIRA INFORM REPORT

Report Date :

28.08.2013

IDENTIFICATION DETAILS

Name :	RIDDHI SIDDHI GLUCO BIOLS LIMITED
Registered Office :	701, Sarkar 1, Opposite Gandhigram Railway Station, Ashram Road, Ahmedabad-380009, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.07.1990
Com. Reg. No.:	04-013967
Capital Investment / Paid-up Capital :	Rs.144.748 Millions
CIN No.: [Company Identification No.]	L24110GJ1990PLC013967
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Liquid Glucose, Maize Starch, Corn Gluten and Other Corn based ingredients.
No. of Employees :	1500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 40000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exists
Comments :	Subject is an established company having satisfactory track record. The company’s corn wet milling business along with its assets and liabilities has been transferred to Riddhi Siddhi Corn Processing Limited with effect from May 2012 overall financial appears to be satisfactory. Trade relations are fair. Business is active. Payments terms are usually correct. The company can be considered for business dealing at usual trade terms and condition.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : BBB
Rating Explanation	Moderate credit quality and average credit risk.
Date	4 December 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Durga
Designation :	Admin
Contact No.:	91-79-26581000
Date :	27.08.2013

LOCATIONS

Registered Office :	701, Sarkar 1, Opposite Gandhigram Railway Station, Ashram Road, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-26581000
Fax No. :	91-79-26580894
E-Mail :	inquiry@riddhisiddhi.co.in ahmd@riddhisiddhi.co.in
Website :	www.riddhisiddhi.co.in
Location :	Owned
Marketing Office :	Delhi C-3/90, Janakpuri, Near Dabri mode, New Delhi – 110 058, India Tel : 91-11-32532554 Mumbai 401, Mathru Arcade, 32, Subhash Road, Opp. Garware House, Ville Parle (E) Mumbai – 400 057, Maharashtra (India) Tel/Fax : 91-22-26845635/26848348 Bangalore 638/1, 2nd Floor, 3rd Cross, Dr. Rajkumar Road, ‘D’ Block, IInd Phase, Rajajinagar, Bangalore – 560 010, Karnataka (India) Tel/Fax: 91-80-23527475/23429684 Chennai Door No.2, 6th Floor, Crown Court No. 128, Cathedral Road, Chennai – 600 086 TamilNadu (India) Tel : 91-44-42043700/ 39183704 Uttarakhand (Pantnagar) Plot No – 12, Sector – 9, SIDCUL, Rudrapur, Udham Singh Nagar, Uttrakhand – 263153, India Tel No.: 91-5944-250241/42/428 Fax No.: 91-5944-250240
Factory :	Viramgam Block No.51-52, Riddhi Siddhi Nagar, Village – Juna Paddar, Viramgam, Becharaji Road, Taluka – Viramgam, District – Ahmedabad (India) Tel : 91-2715-234182/234181 Gokak (Belgaum) Post Box No. 9, Gokak Falls Road, Gokak – 591 307, District – Belgaum, Karnataka (India) Tel : 91-8332-229240/41/42 Fax: 91-8332-226721 / 227266 Uttrakhand Unit : IV, Plot No.12 , Sector – 9, IIE, SIDCUL, Pant Nagar, Rudrapur, dist - Udham Singh Nagar, Uttrakhand-263153, India Tel : 91-5944-250241/42/428 Fax: 91-5944-250240 1 Taluka : Alangulam /Tenkasi, District : Tirunelveli, Tamilnadu, India 2. Site : KAS, District : Satara, Maharashtra, India 3. Village : Vandhiya, District : Kutch, Gujarat, India

DIRECTORS

As on 31.03.2012

Name :	Mr. Sampatraj L Chowdhary
Designation :	Chairman
Name :	Mr. Ganpatraj L Chowdhary
Designation :	Managing Director
Name :	Mr. P. G. Zalani
Designation :	Director
Name :	Mr. R. Sathyamurthi
Designation :	Director
Name :	Mr. Jayprakash M. Patel
Designation :	Director
Name :	Mr. Mukesh Kumar Chowdhary
Designation :	Whole Time Director

KEY EXECUTIVES

Name :	Mr. Durga
Designation :	Admin

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1761941	18.59
Bodies Corporate	3027691	31.94
Sub Total	4789632	50.53
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	4789632	50.53
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	679	0.01
Foreign Institutional Investors	264728	2.79
Any Others (Specify)	13	0.00
Trusts	13	0.00
Sub Total	265420	2.80
(2) Non-Institutions
Bodies Corporate	2381635	25.13
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1018544	10.75
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	951679	10.04
Any Others (Specify)	71390	0.75
Clearing Members	14274	0.15
Non Resident Indians	57116	0.60
Sub Total	4423248	46.67
Total Public shareholding (B)	4688668	49.47
Total (A)+(B)	9478300	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)	9478300	0.00

SHAREHOLDING BELONGING TO THE CATEGORY "PROMOTER AND PROMOTER GROUP"

Sl.No.	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Rajuldevi Choudhary	3,98,620	4.21	4.21
2	Shrenikkumar S Chowdhary	25,000	0.26	0.26
3	Safari Biotech Private Limited	2,00,000	2.11	2.11
4	Telecon Infotech Private Limited	2,00,000	2.11	2.11
5	Ganpatraj Chowdhary	25,010	0.26	0.26
6	Vicas Vehicles Private Limited	10,21,943	10.78	10.78
7	Creflotex Engineers Private Limited	11,05,748	11.67	11.67
8	Ganpatraj Lalchand Choudhary Huf	4,15,808	4.39	4.39
9	Vascroft Design Private Limited	5,00,000	5.28	5.28
10	Ganpatraj Lalchand Choudhary	1,95,000	2.06	2.06
11	Sampatraj Lalchand Chowdhary	1,85,000	1.95	1.95
12	Shankarlal Lalchand Chowdhary	1,44,800	1.53	1.53
13	Pushpadevi Sampatraj Chowdhary	69,900	0.74	0.74
14	Parvatiben Shankarlal Chowdhary	65,000	0.69	0.69
15	Shankarlal Lalchand Chowdhary	50,000	0.53	0.53
16	Pushpadevi Sampatraj Chowdhary	35,000	0.37	0.37
17	Mukesh Shankerlal Chowdhary	25,000	0.26	0.26
18	Shankarlal Lalchand Chowdhary	24,900	0.26	0.26
19	Shripalkumar Sampatraj Chowdhary	20,000	0.21	0.21
20	Siddharth Chowdhary	20,000	0.21	0.21
21	Mukesh Shankerlal Chowdhary	17,903	0.19	0.19
22	Sampatraj Lalchand Chowdhary	15,000	0.16	0.16
23	Mukesh Shankerlal Chowdhary	10,000	0.11	0.11
24	Parvatiben Shankarlal Chowdhary	10,000	0.11	0.11
25	Shrenikkumar Sampatraj Chowdhary	10,000	0.11	0.11
	Total	47,89,632	50.53	50.53

SHAREHOLDING BELONGING TO THE CATEGORY "PUBLIC" AND HOLDING MORE THAN 1% OF THE TOTAL NO. OF SHARES

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Morgan Stanley Mauritius Company Limited	236528	2.50	2.50
2	Shreepal Starch Products Private Limited	548799	5.79	5.79
3	Ajaya Jain	128500	1.36	1.36
4	Siwana Agri Marketing Limited	852897	9.00	9.00
5	Marg Biotech Private Limited	600000	6.33	6.33
6	Raamdeo Ramgopal Agrawal	150000	1.58	1.58
7	Oswal Sharesand and Securities Limited	133252	1.41	1.41
	Total	2649976	27.96	27.96

SHAREHOLDING BELONGING TO THE CATEGORY "PUBLIC" AND HOLDING MORE THAN 5% OF THE TOTAL NO. OF SHARES

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Shreepal Starch Products Private Limited	548799	5.79	5.79
2	Siwana Agri Marketing Limited	852897	9.00	9.00
3	Marg Biotech Private Limited	600000	6.33	6.33
	Total	2001696	21.12	21.12

BUSINESS DETAILS

Line of Business :	Manufacturer of Liquid Glucose, Maize Starch, Corn Gluten and Other Corn based ingredients.
Exports :
Products :	· Liquid Glucose · Maize Starch · Corn Gluten · Other Corn based ingredients
Countries :	· Gulf Countries · Africa Countries
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

· Wholesalers

· End Users

No. of Employees :

1500 (Approximately)

Bankers :

· ICICI Bank Limited

· Oriental Bank of Commerce

· Indian Overseas Bank

· IDBI Bank Limited

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Term loans From Banks: External Commercial Borrowings	1346.112	298.182
Other loans Vehicle loans	3.024	4.794
Short-term borrowings
Loan repayable on demand:
Cash credit from banks	0.000	252.893
Overdraft from banks	0.000	3.501
Foreign currency loans from banks	0.000	462.742
Working Capital loans from banks	0.000	424.476
Total	1349.136	1446.588
NOTE: LONG-TERM BORROWINGS (a) ECBs carry an interest of 6 to 7% p.a. and are secured against the windmills of the Company. ECB of JPY 85.410 Millions is payable in 18 half yearly installment commencing from February 22, 2012 and ECB of USD 20.000 Millions is payable in 18 half yearly installments commencing from September 20, 2012. (b) Vehicle loans are secured by hypothecation of underlying vehicle taken against loan SHORT-TERM BORROWINGS The above loans are secured by way of the first pari-passu charges on current assets of the Company and fixed deposits with the bank and second charge on the entire fixed assets of the Company and further secured by personal guarantee of some of the Directors of the Company.

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	3rd Floor, “Heritage”, Near Gujarat Vidhyapith, Off. Ashram Road, Ahmedabad – 380 014, Gujarat, India.
Subsidiary Company:	Riddhi Siddhi Corn Processing Private Limited (till September 30, 2011)
Enterprises commonly controlled or influenced by Directors / Key Management Personnel of the Company and their Relatives (EHSI):	· Vicas Vehicles Private Limited · Creelotex Engineers Private Limited · Vascroft Design Private Limited · Safari Biotech Private Limited · Telecom Infotech Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
14,000,000	Equity Shares	Rs.10/- each	Rs. 140.000 Millions
12,000,000	Preference Shares	Rs.10/- each	Rs. 120.000 Millions
	Total		Rs. 260.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9,478,300	Equity Shares	Rs.10/- each	Rs. 94.783 Millions
	Less: Calls in arrears- other than directors		Rs. 0.035 Millions
5,000,000	8% Non Cumulative Redeemable Preference Share	Rs.10/- each	Rs. 50.000 Millions
	Total		Rs. 144.748 Millions

NOTE:

a. Reconciliation of shares outstanding at the beginning and at the end of the reporting period

Equity Shares

	31.03.2012
PARTICULARS	No	Rs. In Millions
At the beginning of the year	111414000	111.414
Less: Cancelled during the year as per the Composite Scheme of Arrangement	1663100	16.631
Outstanding at the end of the year	9478300	94.783

Preference Shares

	31.03.2012
PARTICULARS	No	Rs. In Millions
At the beginning of the year	5,000,000	50.000
Outstanding at the end of the year	5,000,000	50.000

b. Terms / Rights attached to the equity shares

The Company has only one class of equity shares having a par value of `10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. During the year, the board of directors have recommended dividend payout of Rs.25 per share (Previous Year: Rs.12.5 per share) to the shareholders of the Company. In the event of liquidation of the company, the holders of the equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the Company.

c. Terms / Rights attached to the preference shares

Preference shares are redeemable at par on November 3, 2013 with a put and call option anytime after November 3, 2009

d. Details of equity share holders holding more than 5 % shares in the company

	31.03.2012
PARTICULARS	No. of shares held	% Holding
Roquette Freres	--	--
Siwana Agri Marketing Limited	852,897	9%
Marg Biotech Private Limited	600,000	6%
Creelotex Engineers Private Limited	1,105,748	12%
Vicas vehicles Private Limited	1,021,943	11%

e. Details of preference share holders holding more than 5 % shares in the company

	31.03.2012
PARTICULARS	No. of shares held	% Holding
Siwana Agri Marketing Limited	5,000,000	100%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	144.748	161.379
(b) Reserves & Surplus	9957.642	3410.971
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	10102.390	3572.350
(3) Non-Current Liabilities
(a) long-term borrowings	1349.136	302.976
(b) Deferred tax liabilities (Net)	133.701	429.208
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1482.837	732.184
(4) Current Liabilities
(a) Short term borrowings	0.000	1455.751
(b) Trade payables	813.986	297.431
(c) Other current liabilities	810.310	2093.555
(d) Short-term provisions	1844.337	260.762
Total Current Liabilities (4)	3468.633	4107.499
TOTAL	15053.860	8412.033
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1900.638	3649.167
(ii) Intangible Assets	0.000	0.039
(iii) Capital work-in-progress	43.000	1470.758
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.022	0.022
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	5.488	224.229
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1949.148	5344.215
(2) Current assets
(a) Current investments	0.000	1.100
(b) Inventories	0.000	976.646
(c) Trade receivables	79.289	1412.564
(d) Cash and cash equivalents	74.435	88.238
(e) Short-term loans and advances	1588.695	546.850
(f) Other current assets	11362.293	42.420
Total Current Assets	13104.712	3067.818
TOTAL	15053.860	8412.033

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		161.379
2] Share Application Money		0.000
3] Reserves & Surplus		1957.747
4] (Accumulated Losses)		0.000
NETWORTH		2119.126
LOAN FUNDS
1] Secured Loans		2002.458
2] Unsecured Loans		259.468
TOTAL BORROWING		2261.926
DEFERRED TAX LIABILITIES		339.846
TOTAL		4720.898
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3178.842
Capital work-in-progress		67.943
INVESTMENT		1.007
DEFERREX TAX ASSETS		0.000
DIFFERENCE ACCOUNT		4.354
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	839.770
	Sundry Debtors	857.914
	Cash & Bank Balances	183.121
	Other Current Assets	38.370
	Loans & Advances	220.036
Total Current Assets		2139.211
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	437.068
	Other Current Liabilities	37.325
	Provisions	196.066
Total Current Liabilities		670.459
Net Current Assets		1468.752
MISCELLANEOUS EXPENSES		0.000
TOTAL		4720.898

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	236.990	69.146	7456.171
		Other Income	0.000	8.690	22.166
		TOTAL (A)	236.990	77.836	7478.337
Less	EXPENSES
		Purchase of Stock in trade	109.265	52.357
		Other expenses	5.626	0.427
		TOTAL (B)	114.891	52.784	6263.685
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		122.099	25.052	1214.652
Less	FINANCIAL EXPENSES (D)		256.624	24.199	208.265
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(134.525)	0.853	1006.387
Less/ Add	DEPRECIATION/ AMORTISATION (F)		257.623	30.211	242.294
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(392.148)	(29.358)	764.093
Less	TAX (H)		(968.358)	(1674.242)	371.901
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		576.210	1644.884	392.192
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1973.918	695.441	423.103
Less	APPROPRIATIONS
		Dividend on Preference Shares	NA	4.000	4.000
		Proposed Dividend on Equity Shares	NA	139.180	55.707
		Tax on Dividend	NA	23.227	10.147
		Transfer to General Reserve	NA	200.000	50.000
	BALANCE CARRIED TO THE B/S		NA	1973.918	695.441
	EARNINGS IN FOREIGN CURRENCY
		Export Sales	621.011	696.212	575.216
	TOTAL EARNINGS		621.011	696.212	575.216
	IMPORTS
		Raw Materials	4.132	11.228	22.435
		Stores & Spares	7.109	10.458	7.029
		Capital Goods	2.705	8.538	33.521
	TOTAL IMPORTS		13.946	30.224	62.985
	Earnings / (Loss) Per Share (Rs.)
	Basic and Diluted
	(i) Continuing Operations		(51.46)	(6.50)	--
	(ii) Total Operations		55.44	147.22	34.78

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	243.14	2113.27	5.24
Net Profit Margin (PBT/Sales)	(%)	(165.47)	(42.45)	10.25
Return on Total Assets (PBT/Total Assets}	(%)	(2.61)	(0.42)	35.72
Return on Investment (ROI) (PBT/Networth)		(0.04)	(0.01)	0.36
Debt Equity Ratio (Total Debt /Networth)		0.13	0.49	1.07
Current Ratio (Current Asset/Current Liability)		3.78	0.75	3.19

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
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

LITIGATION DETAILS

HIGH COURT OF GUJARAT

TAX APPEAL No. 515 of 2011

Status : PENDING

( Converted from : ST/821/2011 )

CCIN No : 001092201100515

Last Listing Date:

08/08/2012

Coram

· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE N.V.ANJARIA

S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF INCOME TAX-III	MR.VARUN K.PATEL for: Appellant(s) 1

S.NO.	Name of the Respondant	Advocate On Record
1	RIDDHI SIDDHI GLUCO BIOLS LIMITED	MR B S SOPARKAR for :Opponent(s) 1

Presented On	: 17/02/2011	Registered On	: 17/02/2011
Bench Category	: DIVISION BENCH	District	: AHMEDABAD
Case Originated From	: THROUGH ADVOCATE	Listed	: 4 times
Stage Name	: FOR REGULAR ADMISSION (SPL.)

Classification	DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA
Act	INCOME-TAX ACT, 1961

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	15/08/2011	VAKALATNAMA	MR B S SOPARKAR ADVOCATE for RESPONDENT(s) 1	-	MR B S SOPARKAR:1
2	15/08/2011	VAKALATNAMA	MR.VARUN K.PATEL ADVOCATE for PETITIONER(s) 1	-	MR.VARUN K.PATEL:1
3	26/07/2012	APPEARANCE NOTE	MR.VARUN K.PATEL ADVOCATE for PETITIONER(s) 1	-	MR.VARUN K.PATEL:1
4	26/09/2012	VAKALATNAMA	MR B S SOPARKAR ADVOCATE for RESPONDENT(s) 1	5	MR B S SOPARKAR:1
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	04/03/2011	3	-	OFFICE OBJECTION (FILING STAGE)	NEXT DATE	· ADDITIONAL REGISTRAR ( JUDICIAL)
2	07/03/2011	3	-	OFFICE OBJECTION REMOVED	NEXT DATE	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI
3	14/06/2012	3	-	OFFICE OBJECTION REMOVED	NEXT DATE	· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE N.V.ANJARIA
4	08/08/2012	3	-	FOR REGULAR ADMISSION (SPL.)	FIXED RULE / ADMIT	· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE N.V.ANJARIA

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short-term borrowings
Other short term loans from banks	0.000	312.139
Total	0.000	312.139

OPERATIONS:

The Hon’ble High Court of Gujarat vide its order dated February 7, 2012 has approved the Scheme of Arrangement (“the Scheme”) in the nature of Demerger and Transfer of Demerged Undertaking of the Company to Riddhi Siddhi Corn Processing Private Limited (“RSCPPL”) The Appointed Date as per the Scheme is October 1, 2011 and the Effective Date is May 29, 2012 (the date the said order has been filed with the Registrar of Companies, Gujarat). Accordingly, the Company’s Corn Wet Milling business along with its assets and liabilities has been transferred to RSCPPL from the Appointed Date October 1, 2011 and Company has received the consideration as per the sanctioned scheme. Further as per the sanctioned scheme the 16,63,100 equity shares held by M/s Roquette Freres were cancelled and accordingly Company’s paid up capital stands reduced by Rs. 16.631 Millions.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10287109	12/05/2011	910,000,000.00	ICICI BANK LIMITED	SUITE 1504 B-1505, LEVEL 15, INTERNATIONAL COMME RCIAL CENTRE,1 AUSTIN ROAD, WEST KOWLOON, - 48619, HONG KONG	B12937686
2	10249145	08/11/2010	465,000,000.00	ICICI BANK LIMITED	SUIT 1504 B - 1505, LEVEL 15, INTERNATIONAL COMMERCIAL CENTRE, 1 AUSTIN ROAD, WEST KOWLOON, - 48619, HONG KONG	A98820038

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2012	31.03.2011
(i) Outstanding Corporate Guarantees at the balance sheet date [Corporate Guarantees by the Company Rs. Nil Millions (Previous Year Rs.550.000 Millions)]	0.000	251.621
(ii) Claims against the Company not acknowledged as debt
Excise Duty	241.208	192.340
Sales Tax	0.100	0.100
Service Tax	0.803	0.803
Income Tax	92.113	0.000
Other Maters	3.500	4.800
(iii) Bills Discounted with Banks	0.000	42.931
	337.724	492.595
NOTE: a) Towards Levy of excise duty, including penalty but other than interest thereof on account of dispute in classification of finished goods, against which Company has appealed before Appellate Authorities and Commissioner (Appeals). b) Towards penalty charges on account of dispute for sales tax demand against the pending form 19 to be submitted to tax authorities. c) Towards Service Tax demand on refund claimed on services availed on export of goods i.e. CHA Services, Port Services and Goods Transport Services. d) The Company received the Court order on May 1, 2012 and hence had not paid advance income tax pursuant to the gain on demerger and sale of Corn Wet Milling undertaking. The Company is in the process of filling the Interest waiver application as required under CBDT Circular 400/29/2002-IT(B) for waiver of interest under section 234 A, B and C of the Income tax Act, 1961. Hence, the amount Rs.92.113 Millions (Previous Year: NIL) pertains to the possible claim of interest in case the waiver application is not accepted. e) Others include possible claim relating to dispute with workers of Rs.0.300 Million (Previous Year: Rs.4.300 Millions) and a claim in case lodged against Company for an accident in Maize Starch Powder (MSP) plant of Gokak Unit amounting to Rs.3.200 Millions (Previous Year: Rs.0.500 Million) It is not practicable to estimate the timing of cash outflows, if any in respect of matters (a) to (e) above, pending resolution of the proceedings with the appellate authorities.

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.65.68
UK Pound	1	Rs.102.20
Euro	1	Rs.87.75

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.