MIRA INFORM REPORT

Report Date :

30.03.2013

IDENTIFICATION DETAILS

Name :	JAYANT AGRO-ORGANICS LIMITED
Registered Office :	38, Marol Co-operative Industrial Estate, Off M.V. Road, Sakinaka, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.05.1992
Com. Reg. No.:	11-066691
Capital Investment / Paid-up Capital :	Rs.75.000 Millions
CIN No.: [Company Identification No.]	L24100MH1992PLC066691
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ08573F
PAN No.: [Permanent Account No.]	AAACJ7581Q
Legal Form :	A Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Castor Oil and Castor Oil Derivatives.
No. of Employees :	500 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 4690000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having good track. Directors are reported to be an experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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	BBB [Long Term Loan]
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	January 2012

Rating Agency Name	CRISIL
Rating	A3 + [Packing Credit]
Rating Explanation	Moderate degree of safety it carry higher credit risk.
Date	January 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. Suresh
Designation :	Accounts Manager
Contact No.:	91-22-40271300

LOCATIONS

Registered / Corporate Office / Headquarters :	38, Marol Co-operative Industrial Estate, Off M.V. Road, Sakinaka, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-66970470 / 40271300
Fax No.:	91-22-66970474 / 40271399
E-Mail :	jaol@vsnl.net
Website :	www.jayantagro.com
Location :	Owned
Factory 1:	Plot No.601, 602, 624-627, and 603 Behind G.A.C.L., Post Petrochemicals, District Baroda – 391 346, Gujarat, India
Tel. No.:	91-265-2230350  / 2232112 / 2231552 / 2230683
E-Mail :	91-265-2230958
Factory 2 :	Plot No. 667, State Highway No. 41, Jagana , Palanpur, District Banaskantha-385011, Gujarat, India
Tel. No.:	91-2742-252658
E-Mail :	91-2742-257158

DIRECTORS

AS ON 31.03.2012

Name :	Mr. Vithaldas G Udeshi
Designation :	Chairman
Name :	Mr. Hemant V Udeshi
Designation :	Managing Director
Name :	Mr. Subhash V Udeshi
Designation :	Director
Name :	Mr. Jayasinh V Mariwala
Designation :	Director
Name :	Mr. Vijay Kumar Bhandari
Designation :	Director
Name :	Mr. Mukesh C Khagram
Designation :	Director
Name :	Mr. Deepak V Bhimani
Designation :	Director
Name :	Mr. Abhay V Udeshi
Designation :	Director
Name :	Mr. Jayasinh V Mariwala
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Dinesh Kapadia
Designation :	Company Secretary
Name :	Mr. Vikram V. Udeshi
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2012

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	772246	5.15
Bodies Corporate	8945830	59.64
Sub Total	9718076	64.79
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	9718076	64.79
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	7200	0.05
Financial Institutions / Banks	400	0.00
Sub Total	7600	0.05
(2) Non-Institutions
Bodies Corporate	731399	4.88
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	2958334	19.72
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	959718	6.40
Any Others (Specify)	624873	4.17
Non Resident Indians	24873	0.17
Overseas Corporate Bodies	600000	4.00
Sub Total	5274324	35.16
Total Public shareholding (B)	5281924	35.21
Total (A)+(B)	15000000	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)	15000000	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Castor Oil and Castor Oil Derivatives.

Products :

PRODUCT DESCRIPTION	ITC CODE
Hydrogenated Castor Oil	151620.03
Castor Refined Oil	151530.00
12 Hydroxy Stearic Acid/Fatty Acid	151911.00

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity
Castor Oil and its derivatives including refined Castor Oil, Oxidized, Dehydrated, Blown, Polymerized etc.	MT	50400	43000
Hydrogenated Castor Oil	MT	15600	18720
Fatty Acid and its Salt, Easters, Amides, Polyamides, Polyols, and its allied products	MT	38340	27000

GENERAL INFORMATION

No. of Employees :

500 [Approximately]

Bankers :

• Central Bank of India
• State Bank of India
• Oriental Bank of Commerce
• Kotak Mahindra Bank Limited
• ICICI Bank Limited

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Term Loans
From Banks	1928.739	1563.620
TOTAL	1928.739	1563.620
NOTES: Loans are secured against hypothecation of Wind Mill, Vehicles, Plant and Machinery and personal guarantee of directors. Term Loan from banks amounting to Rs. 247.266 Millions are secured against pari passu charge on all fixed assets of the Company. Term loans are collaterally secured by personal guarantee of two of directors of the Company. Term loan amounting to Rs. 139.861 Millions is repayable in 38 monthly installments from the date of loan along with interest @ "BPLR" + 4.25% p.a. Term loan amounting to Rs. 107.405 Millions is repayable in 39 monthly installments from the date of loan along with interest @ "ICICI Bank Benchmark Advance Rate" - 2.25% p.a. Term loan amounting to Rs. 38.285 Millions is repayable in 29 monthly installments from the date of loan along with interest @ "BPLR" + 4.25% p.a. Term loan amounting to Rs. 84.354 Millions is repayable in 36 monthly installments from the date of loan along with interest @ "BPLR" + 4.25% p.a. (BPLR - Benchmark Prime Lending Rate)
Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
From Banks	0.000	100.000
Loan From Related Parties	20.000	0.000
TOTAL	20.000	100.000

Banking Relations :	--
Auditors :
Name :	T P Ostwal and Associates Chartered Accountants
Holding Company :	Jayant Finvest Limited (from 28th March, 2012)
Subsidiaries :	Ihsedu Agrochem Private Limited Ihsedu Speciality Chemicals Private Limited (up to 30th September, 2011) Ihsedu Coreagri Services Private Limited Ihsedu Itoh Green Chemicals Marketing Private Limited Mitsui and Co (Asia Pacific) Pte Limited, Singapore (up to 31st August, 2011) Mitsui and Co Limited, Japan (up to 31st August, 2011) Itoh Oil Chemicals Co. Limited, Japan. (from 19th January 2012)
Related Parties :	Enlite Chemical Industries Limited Gokuldas K. Udeshi Investments. Innovative Micro Systems Private Limited Varun Leasing and Finance Private Limited Kalyan Impex Private Limited Gokulmani Real Estate Development Private Limited Akhandanand Engineering and Trading Company.

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
29000000	Equity Shares	Rs.5/- each	Rs.145.000 Millions
6000000	Preferences Shares	Rs.5/- each	Rs.30.000 Millions
	Total		Rs.175.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.5/- each	Rs.75.000 Millions

NOTES:

• Reconciliation of outstanding number of shares

Particular	As on 31.03.2012
	No. of Shares	Rs. in Million
Shares outstanding at the beginning of the year	15000000	75.000
Shares outstanding at the end of the year	15000000	75.000

• Details of shareholders holding more than 5% shares

Particular	As on 31.03.2012
	No. of Shares	% of Holding
Jayant Finvest Limited	7551390	50.34
Udeshi Trust	600000	4.00

• Rights, preferences and restrictions attached to equity shares:

The company has one class of equity

shares having a face value of Rs. 5/- each per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

• Equity Shares held by holding company:

Holding Company#:

7,551,390 (P.Y. 5,628,519) equity shares held by Jayant Finvest Limited.

# Jayant Finvest Limited has become Holding Company w.e.f. March 28, 2012.

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		75.000	75.000	75.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1098.899	860.881	713.633
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1173.899	935.881	788.633
LOAN FUNDS
1] Secured Loans		1928.739	1563.620	1378.536
2] Unsecured Loans		20.000	100.000	275.000
TOTAL BORROWING		1948.739	1663.620	1653.536
DEFERRED TAX LIABILITIES		140.300	73.750	69.627
TOTAL		3262.938	2673.251	2511.796
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1404.213	369.377	354.222
Capital work-in-progress		96.229	15.365	5.299
Advanced Against capital commitments		0.000	0.000	11.808
INVESTMENT		74.903	258.204	257.304
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	831.668	939.978	927.295
	Sundry Debtors	1079.930	784.353	429.818
	Cash & Bank Balances	145.625	58.972	102.712
	Other Current Assets	261.080	291.921	0.000
	Loans & Advances	449.342	562.242	946.428
Total Current Assets		2767.645	2637.466	2406.253
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	606.567	255.253	187.931
	Other Current Liabilities	417.323	279.178	159.628
	Provisions	56.162	72.730	175.531
Total Current Liabilities		1080.052	607.161	523.090
Net Current Assets		1687.593	2030.305	1883.163
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3262.938	2673.251	2511.796

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	16624.214	11426.526	8789.522
		Other Income	59.203	19.763	5.814
		TOTAL (A)	16683.417	11446.289	8795.336
Less	EXPENSES
		Cost of Materials Consumed	6757.486	7389.194
		Purchases of Stock-in-Trade	7782.997	2983.894
		Employee Benefits Expense	100.330	72.986	8495.297
		Other Expenses	1098.243	991.067
		Exceptional Items	9.089	0.622
		Changes in Inventories of Finished Goods, Work-in-Process and Stock-in-Trade	249.008	(481.744)
		TOTAL (B)	15997.153	10956.019	8495.297
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		686.264	490.270	300.039
Less	FINANCIAL EXPENSES (D)		310.416	202.344	121.092
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		375.848	287.926	178.947
Less/ Add	DEPRECIATION/ AMORTISATION (F)		44.803	26.852	23.830
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		331.045	261.074	155.117
Less	TAX (H)		111.293	83.673	76.676
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		219.752	177.401	78.441
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		394.680	265.232	220.547
Less	APPROPRIATIONS
		Proposed Dividend	30.000	26.250	22.500
		Corporate Dividend Tax on Proposed Dividend	2.637	3.903	3.356
		Transfer to General Reserve	22.000	17.800	7.900
	BALANCE CARRIED TO THE B/S		559.795	394.680	265.232
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	14.057	8589.425	6919.253
	IMPORTS
		Chemicals	59.902	33.133	38.216
		Stores & Spares	20.733	0.192	0.000
		Capital Goods	26.300	17.002	1.529
	TOTAL IMPORTS		106.935	50.327	39.745
	Earnings / (Loss) Per Share (Rs.)		14.65	11.83	5.23

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	4364.900	3319.800	2699.600
Total Expenditure	4147.300	3149.400	2551.600
PBIDT (Excl OI)	217.600	170.400	148.000
Other Income	0.000	30.200	05.000
Operating Profit	217.700	200.600	153.100
Interest	76.300	75.700	63.100
PBDT	141.400	125.000	89.900
Depreciation	23.000	23.200	23.800
Profit Before Tax	118.400	101.800	66.100
Tax	36.800	14.300	27.100
Profit After Tax	81.600	87.600	39.000
Net Profit	81.600	87.600	39.000

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.32	1.55	0.89
Net Profit Margin (PBT/Sales)	(%)	1.99	2.28	1.76
Return on Total Assets (PBT/Total Assets}	(%)	7.94	8.68	5.61
Return on Investment (ROI) (PBT/Networth)		0.28	0.28	0.19
Debt Equity Ratio (Total Liability/Networth)		2.58	2.43	2.76
Current Ratio (Current Asset/Current Liability)		2.56	4.34	4.60

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	No
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	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	No
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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’s sales turnover during the year under report was Rs. 16624.214 Millions against the sales of Rs. 11426.526 Millions during the previous year, an increase of 45.49 %. Profit after tax has increased by Rs. 42.351 Millions i.e. by 23.87% as compared to the previous year.

BUSINESS PROSPECTS:

The Company has shown satisfactory performance during the first quarter of the current year. With a record crop of 1.6 million MT. The Directors feel that the performance for the year should be satisfactory.

PERFORMANCE OF SUBSIDIARY COMPANIES:

IHSEDU AGROCHEM PVT. LIMITED (IHSEDU)

During the year, IHSEDU a wholly owned Subsidiary of the Company achieved a turnover of Rs. 9193.258 Millions as compared to Rs. 2980.624 Millions in the previous year. The profit after tax increased to Rs. 92.006 Millions against Rs. 69.729 Millions in the previous year. During the year ended March 31, 2012, IHSEDU has declared a Dividend of Rs. 2.50 per equity share of Rs. 10/- each.

IHSEDU SPECIALITY CHEMICALS PRIVATE LIMITED (ISCPL)

The Hon’ble High Court of Bombay vide its order dated July 6, 2012 sanctioned the “Scheme of Amalgamation” of ISCPL, a wholly owned subsidiary of the Company with the Company. The “Appointed Date” is October 1, 2011. Thus, from this date ISCPL stands amalgamated with the Company and the legal entity of ISCPL stands dissolved without winding up. Further, the entire business undertaking of ISCPL gets transferred to and vested in the Company.

IHSEDU COREAGRI SERVICE PVT. LIMITED (ICAS)

During the year, ICAS has extended services to improve yield and reduce cost by providing scientific methods and input. During the year, the ICAS a Subsidiary of the Company achieved a turnover of Rs. 490.743 Millions as compared to Rs. 634.039 Millions in the previous year. The profit before tax is Rs. 27.72 Millions against Profit of Rs. 2.908 Millions in the previous year.

IHSEDU ITOH GREEN CHEMICALS MARKETING PRIVATE LIMITED (IIGCM)

During the year, the Company has invested further a sum of Rs. 6.500 Millions by way of subscribing 650,000 equity shares of Rs. 10/- each and Itoh Oil Chemicals Company Limited, Japan, has also Invested a sum of Rs. 5.000 Millions by way of subscribing 500,000 equity shares of Rs. 10/- each in the capital of IIGCM. IIGCM has not yet started its business activities.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENTS

India continues to be the largest castor seed growing country in the world. The estimated total production of castor seeds for the season is around 16 lac metric tons against about 12 lac metric tons for the previous year, a growth of about 25%. This increase has led to a much needed correction in castor seed price. Demand for Castor Oil at reasonable and stable price continues to remain encouraging. Unrealistic and high prices are likely to have an adverse effect on the growth of the industry.

OUTLOOK

During the year the company has crossed the milestone of 1600 crores in sales. The demand outlook for Company’s products remains positive. Emphasis on green eco-friendly products is likely to lead to increase in innovation of new products and uses in the Castor Oil Industry. The Company continues to invest in Research & Development to tap on new growth opportunities. The Company is also undertaking a backward integration program in order to increase the availability of Castor Seeds. Barring unforeseen circumstances the Directors expect satisfactory growth.

CONTINGENT LIABILITIES:

Particulars	31.03.2012 (Rs. in millions)	31.03.2011 (Rs. in millions)
Claims against company not acknowledged as debts -
Excise Duty	20.280	58.611
Service Tax	0.000	2.804
VAT/CST	0.000	148.368
Income Tax	3.945	56.569
Liability in respect of excise duty where the issue was decided in favour of the Company	0.000	0.744
Bill Discounted	352.039	330.314
Guarantees Given on behalf of its Subsidiaries (excluding merged company)	932.000	1056.500
Guarantee Given to Bank for Discounting of Bills	200.000	500.000
Bank Guarantee Given to GSAMB (Gujarat State Agricultural Marketing Board)	3.000	3.000
Total	1511.264	2156.910

Notes:

i. Advances recoverable includes an amount of Rs.1.877 Millions (P.Y. Rs.1.877 Millions) paid to the excise authorities under protest on account of disputed availment of Cenvat Credit of Service Tax.

ii. Unclaimed Dividend:

The balance with banks in current accounts include Rs. 2.154 Millions (P.Y. Rs. 1.996 Millions) set aside for payment of dividends.

iii. The Company had entered into Memorandum of Understanding (MOU) with a party to carry out import and export trade in certain commodities. In respect of such trade, the Company has received show cause notices from the authorities for alleged violation of regulation in terms of the export value of goods under Section 14 of the Customs Act, 1962 read with Section 11 of Foreign Trade Development and Regulation Act, 1992 and rule 11 and 14 of Foreign Trade (Regulation) Rule,1993 and under Section 16 of the Foreign Exchange Management Act, 1999 read with Rule (4) of the Foreign Exchange Management (Adjudication Proceedings and Appeal) Rule, 2000. Neither any quantification has been done by the authorities of any potential penal liabilities nor is it possible to ascertain the same. The Company has been indemnified with regards to such potential liabilities by the said party with whom it has MOU.

FIXED ASSETS:

• Freehold Land
• Leasehold Land
• Buildings
• Plant and Machinery
• Computers
• Furniture and Fixtures
• Vehicles

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

Rs. in Millions

Sr. No.	Particular	Quarter Ended		Nine Months Ended
		31.12.2012 (Unaudited)	30.09.2012 (Unaudited)	31.12.2012 (Unaudited)
1.	Net Sales/Income from Operations	2682.748	3326.509	10552.043
	Other Operating Income	1685.300	(6.690)	(183.236)
	Total Income From Operations (Net)	4368.048	3319.819	10368.807
2.	Expenditure
	Cost of materials consumed	1100.983	1335.266	3820.659
	Purchase of stock in trade	833.963	1939.858	5016.725
	Changes in inventories of finished goods, work in progress and stock in trade	395.042	(493.350)	28.319
	Employee benefits expenses	38.283	28.254	91.829
	Depreciation and amortization expenses	23.844	23.149	69.999
	Other expenses	183.305	339.412	875.236
	Total Expenses	2575.420	3175.587	9902.767
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	124.181	147.232	466.040
4.	Other Income	5.019	30.227	35.277
5.	Profit Before Interest and Exceptional Items (3+4)	129.200	177.459	501.317
6.	Interest	63.118	75.661	215.033
7.	Profit After Interest but before Exceptional Items (5-6)	660.082	101.798	286.284
8.	Exceptional Items	--	--	--
9.	Profit from Ordinary Activities before Tax (7+8)	660.082	101.798	286.284
10.	Tax Expense
	a) Current tax	--	--	--
	b) Excess provision of tax of earlier year	27.055	14.249	78.147
11.	Net Profit from Ordinary Activities after Tax (9-10)	39.027	87.549	208.137
12.	Extraordinary Item (net of expense)	--	--	--
13.	Net Profit for the period (11-12)	39.027	87.549	208.137
14.	Paid-up Equity Share Capital (Face Value of Rs.5/- Each)	75.000	75.000	75.000
15.	Reserves Excluding Revaluation Reserve	--	--	--
16.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised
	a) Basic and diluted EPS before extraordinary items	2.60	5.84	13.88
	b) Basic and diluted EPS after extraordinary items	2.60	5.84	13.88
17.	Public Shareholding
	-Number of Shares	5281924	5281924	5281924
	- Percentage of Shareholding	35.21	35.21	35.21
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	Nil	Nil	Nil
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	Nil	Nil	Nil
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	Nil	Nil	Nil
	b) Non Encumbered
	- Number of Shares	9718076	9718076	9718076
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100%	100%	100%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	64.79	64.79	64.79

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

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

Rs. in Millions

Sl. No.	Particulars	Quarter Ended		Nine Months Ended
		31.12.2012	30.09.2012	31.12.2012
		(Unaudited)	(Unaudited)	(Unaudited)
1	Segment Revenue
	Castor Oil Derivatives	1427.765	1413.359	4355.418
	Castor Oil	1249.015	1907.273	6178.519
	Power Generation	5.968	5.877	18.106
	Unallocated	0.000	0.000	0.000
	Total	2682.748	3326.509	10552.043
	Less : Inter Segment Revenue (Net of Excise)	0.000	0.000	0.000
	Net Sales / Income from Operation	2682.748	3326.509	10552.043
2	Segment Results
	Castor Oil Derivatives	110.305	128.123	379.109
	Castor Oil	13.868	15.054	78.027
	Power Generation	0.525	4.472	9.869
	Unallocated	4.502	29.610	34.312
	Total	129.200	177.259	501.317
	Less :Interest	63.118	75.661	215.033
	NET PROFIT (+) / LOSS(-) BEFORE TAX	66.082	101.798	286.284
3	Capital Employed
	Castor Oil Derivatives	874.780	1155.794	874.780
	Castor Oil	366.407	139.204	366.407
	Power Generation	73.468	71.260	73.468
	Unallocated	67.381	96.340	67.381
	Total	1382.036	1462.598	1382.036

NOTES:

1. The Auditors of the Company have carried out the Limited Review of the above Unaudited Financial Results.

2. The above results, after reviewed by the Audit Committee, were approved by the Board and taken on record, in the meeting held on 2nd February, 2013.

3. The above results are prepared in accordance with the recognition and measurement principles laid down in Accounting Standard (AS-25) “Interim Financial Reporting” issued by the Institute of Chartered Accountants of India.

4. Pursuant to merger of Ihsedu Speciality Chemicals Private Limited with the Company, the figures of the Unaudited results of Quarter/Nine months ended 31.12.2012 are not strictly comparable with the previous unaudited result of Quarter/Nine months ended 31.12.2011.

5. The consolidated Financial Results have been prepared in accordance with Accounting Standard (AS) 21 on ‘‘Consolidated Financial Statements” issued by the Institute of Chartered Accountants of India.

6. Previous years figures have been regrouped wherever necessary.

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.54.39
UK Pound	1	Rs.82.32
Euro	1	Rs.69.54

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.