MIRA INFORM REPORT

Report Date :

30.05.2013

IDENTIFICATION DETAILS

Name :	ANIK INDUSTRIES LIMITED (w.e.f 19.10.2006)
Formerly Known As :	MADHYA PRADESH GLYCHEM INDUSTRIES LIMITED
Registered Office :	610, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.02.1976
Com. Reg. No.:	11-136836
Capital Investment / Paid-up Capital :	Rs.277.535 Millions
CIN No.: [Company Identification No.]	L24118MH1976PLC136836
TAN No.: [Tax Deduction & Collection Account No.]	MUMM20568C
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Processing of Milk and Milk Products and also Trading of Agri- Commodities and coal and Wind power Generation.
No. of Employees :	362 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 9160000
Status :	Satisfactory
Payment Behaviour :	Correct
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having satisfactory track record. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be correct and as per commitments. The company can be considered normal for business dealings at usual trade terns 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	12.03.2013

Rating Agency Name	CARE
Rating	Short term bank facilities: A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	12.03.2013

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.

INFORMATION DECLINED BY

Name :	Mr. Gautam Jain
Designation :	Finance Manager
Contact No.:	91-731-4018009
Date :	23.05.2013

LOCATIONS

Registered Office :	610, Tulsiani Chambers, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-22824851/ 53/ 57/ 59/ 63 / 22886871
Fax No.:	91-22-22042865
E-Mail :	myglychem@ruchigroup.com mpglychem@ruchigroup.com shailesh_kumath@ruchigroup.com investors@anikgroup.com anik@sarthakglobal.com
Website :	http://www.anikgroup.com
Corporate Office:	2/1 South Tikoganj, Behind High Court, Indore- 452001, Madhya Pradesh, India
Tel No.:	91-731-4018009 / 10
Fax No.:	91-731-2513285
Dairy Unit 1 :	Unit I-Village Bilawali, Dewas Maksi Road, Dewas, Madhya Pradesh, India
Dairy Unit 2 :	Unit II-Village Bilawali, Dewas Maksi Road, Dewas, Madhya Pradesh, India
Dairy Unit 3 :	Dairy Complex, Kasganj Road, Etah, Uttar Pradesh, India
Dairy Unit 4 :	Govindpura Industrial Area, Bhopal, Madhya Pradesh, India
Wind Power Unit 1:	Located at: Village Gorera, Dist. Jaisalmer, Rajasthan, India Village Nagda, Dist. Dewas, Madhya Pradesh, India

DIRECTORS

As on 31.03.2012

Name :	Mr. Kailash Chandra Shahra
Designation :	Chairman
Name :	Mr. Suresh Chandra Shahra
Designation :	Managing Director
Name :	Mr. Manish Shahra
Designation :	Jointly Managing Director
Name :	Mr. Ashok Trivedi
Designation :	Whole Time Director
Name :	Mr. Ashok Mehta
Designation :	Independent Director
Name :	Mr. Kamal Kumar Gupta
Designation :	Additional Director
Name :	Mr. Vijay Rathi
Designation :	Additional Director

KEY EXECUTIVES

Name :	Mr. Shailesh Kumath
Designation :	Company Secretary
Name :	Mr. Gautam Jain
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2013

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	4431327	15.97
Bodies Corporate	9498509	34.22
Sub Total	13929836	50.19
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	13929836	50.19
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	19500	0.07
Foreign Institutional Investors	1438880	5.18
Sub Total	1458380	5.25
(2) Non-Institutions
Bodies Corporate	4230152	15.24
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	2788844	10.05
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	556156	2.00
Any Others (Specify)	4790118	17.26
Non Resident Indians	98214	0.35
Overseas Corporate Bodies	4523914	16.30
Clearing Members	9849	0.04
Hindu Undivided Families	122581	0.44
Foreign Nationals	35560	0.13
Sub Total	12365270	44.55
Total Public shareholding (B)	13823650	49.81
Total (A)+(B)	27753486	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)	27753486	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Name of Shareholder	No. of Shares	Percentage of Holding
Manish Shahra	4,47,324	1.61
Manish Shahra HUF	68,005	0.25
Nitesh Shahra	4,98,172	1.79
Mriduladevi Shahra	7,44,294	2.68
Suresh Chandra Shahra	4,45,350	1.60
Abha Devi Shahra	2,000	0.01
Usha Devi Shahra	50,000	0.18
Umesh Shahra	40,200	0.14
Savitri Devi Shahra	2,100	0.01
Neeta Shahra	32,100	0.12
Dinesh Shahra	7,000	0.03
Dinesh Shahra HUF	30,000	0.11
Santosh Shahra HUF	65,100	0.23
Vishesh Shahra	27,000	0.10
Kailash Shahra	20,100	0.07
Kailash Shahra HUF	15,000	0.05
Suresh Chandra Shahra HUF	5,46,438	1.97
Bhavna Goel	10,000	0.04
Shewta Shahra	7,02,320	2.53
Madhuri Shahra	6,64,294	2.39
Neha Shahra	14,530	0.05
Mahakosh Papers Private Limited	4,39,100	1.58
Ruchi Acroni Industries Limited	3,17,600	1.14
APL International Private Limited	12,86,400	4.64
Arandi Investment Private Limited	34,500	0.12
Shahra Brothers Private Limited	2,55,000	0.92
Mahakosh Holding Private Limited	1,21,550	0.44
Ruchi Soya Industires Limited	4,00,000	1.44
National Steel and Agro Industies Limited	1,00,000	0.36
Promise Securities Private Limited	16,09,125	5.80
Mahakosh Amusement Private Limited	1,00,000	0.36
Vishal Warehousing Private Limited	2,50,000	0.90
Shahra Securities Private Limited	5,64,722	2.03
Samradhi Real Estate Private Limited	5,00,200	1.80
Deepti Properties Private Limited	4,00,000	1.44
Suman Agritech Private Limited	16,58,754	5.98
Neha Resorts and Hotels Private Limited	14,61,448	5.27
Neeta Shahra (Trustee)	100	0.00
Anik Infotech Private Limited	10	0.00
Total	1,39,29,836	50.19

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Name of Shareholder	No. of Shares	Percentage of Holding
Lotus Global Investments Limited	1041116	3.75
Sarthak Global Limited	568950	2.05
Anandmangal Investments and Fin Private Limited	354400	1.28
Bumkin Finance and Investment Private Limited	972201	3.50
Sarthak Industries Limited	600620	2.16
Mardale Investments Company Limited	1125520	4.06
Top Commodities Commission Agents Limited	500376	1.80
Clemfield Industries Limited	2898018	10.44
Jayati Finance and Investment Private Limited	604065	2.18
Mavi Investment Fund Limited	381464	1.37
Total	9046730	32.60

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Name of Shareholder	No. of Shares	Percentage of Holding
Clemfield Industries Limited	2898018	10.44
Total	2898018	10.44

BUSINESS DETAILS

Line of Business :

Processing of Milk and Milk Products and also Trading of Agri- Commodities and coal and Wind power Generation.

Products :

Product Description	ITC Code No.
Milk	401
Ghee	4059020
Milk Powder	4021010/04022910

Brand Names :

ANIK and SOURABH

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed capacity
Milk Processing	KLs	2,91,000
Wind Power Generation	MWH	1.85

The licensed capacity is not given as licensing has been abolished

Particulars	Unit	Actual Production
Ghee	MTs	5,271.69
Pasteurized Milk	KLs	46,671.38
Soya Iso Prolet	MTs	8.63
Milk Powder	MTs	6,145.57
Wind Power Generation	KWH	27,75,416.00

(i) Milk powder excludes Nil MT (Previous Year 20.746 MT) production done on job work for others.

GENERAL INFORMATION

No. of Employees :

362 (Approximately)

Bankers :

· Dena Bank

· Punjab National Bank

· Central Bank of India

· Oriental Bank of Commerce

· Bank of India

· State Bank of Travancore

· Allahabad Bank

· IDBI Bank Limited

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term Loans
- From Banks
Dena Bank	26.089	64.375
HDFC Bank Limited-I	0.000	1.854
HDFC Bank Limited-II	72.000	90.000
Punjab National Bank Limited	71.500	88.000
IDBI Bank Limited	144.737	172.368
Other Loans - From Bank	0.692	4.281
Less :Amount disclosed under the head Current Maturities of Long Term Debt	119.413	135.574
Working Capital loan from banks	1326.398	1111.336
Total	1522.003	1396.640
SHORT TERM BORROWINGS Working Capital Loans from Consortium Banks are secured by : a) Hypothecation of stocks of raw materials, finished goods, stores and spares, stock in process, packing materials and book debts, and all other movables, both present and future, lying or stored in factory premises, at Village Bilawali, District Dewas (M.P.), Kasganj Road, Etah (U.P.), Govindpura , Bhopal units or where ever else, the same may be held or kept. b) Further secured by Equitable Mortgage created over the Land situated at village Bilawali District Dewas (MP), Kasganj Road, Etah (U.P.) with all buildings, super structures, plant and Machinery installed thereon except specific equipment, Plant and Machinery charged to Dena Bank for securing Term Loan. c) Personal guarantee of two Directors.

Banking Relations :	--
Auditors :
Name :	Ashok Khasgiwala and Company Chartered Accountants
Associate/ Joint Venture :	Mahakosh Property Developers (a firm where company is a partner)
Other parties where Key Management Personnel and/or their relatives have significant influence:	v Shahra Securities Private Limited v Mahadeo Shahra Sukrat Trust v Mahakosh Family Trust

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
45000000	Equity Shares	Rs.10/- each	Rs. 450.000 Millions
500000	Non-cumulative Redeemable Preference Shares	Rs.100/- each	Rs. 50.000 Millions
	Total		Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
27753486	Equity Shares	Rs.10/- each	Rs. 277.535 Millions

The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, 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 of their shareholding.

The details of Shareholders holding more than 5% shares in the company:

Name of the Shareholders	31.03.2013
	No. of shares held	%Held
Equity Shares
Clemfield Industries Limited	28,98,018	10.44
Suman Agritech Private Limited	16,58,754	5.98
Promise Securities Private Limited	16,09,125	5.80
Neha Resorts and Hotels Private Limited	14,61,448	5.27

The reconciliation of the number of shares outstanding is set out below:

Particulars	31.03.2013
	No. of Shares	Rs. In millions
Equity Shares at the beginning of the year	2,77,53,486	277.535
Add: Shares issued during the year	--	--
Equity Shares at the year	2,77,53,486	277.535

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		277.535	277.535	277.535
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2013.192	1880.754	1779.833
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2290.727	2158.289	2057.368
LOAN FUNDS
1] Secured Loans		1522.003	1396.640	1625.946
2] Unsecured Loans		1663.643	1045.446	1953.356
TOTAL BORROWING		3185.646	2442.086	3579.302
DEFERRED TAX LIABILITIES		98.706	92.778	79.133
TOTAL		5575.079	4693.153	5715.803
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1166.915	1198.271	965.850
Capital work-in-progress		18.229	17.965	226.497
INVESTMENT		246.836	143.246	165.883
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1414.330	1580.693	1311.043
	Sundry Debtors	4436.647	3124.783	2967.995
	Cash & Bank Balances	1624.806	1194.463	2284.877
	Other Current Assets	204.922	187.753	179.220
	Loans & Advances	860.854	837.210	837.195
Total Current Assets		8541.559	6924.902	7580.330
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4117.725	3328.437	3097.208
	Other Current Liabilities	268.530	253.243	95.691
	Provisions	12.205	9.551	29.858
Total Current Liabilities		4398.460	3591.231	3222.757
Net Current Assets		4143.099	3333.671	4357.573
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5575.079	4693.153	5715.803

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations (Net)	16076.963	12766.246	12168.135
		Other Income	509.979	316.761	64.624
		TOTAL (A)	16586.942	13083.007	12232.759
Less	EXPENSES
		Cost of materials consumed	3392.950	2680.819
		Purchases of Stock-in-Trade	11382.394	9344.402
		Changes in inventories of finished goods, work-in-progress and Stock- in-Trade	162.038	(249.914)
		Employee benefits expense	111.051	101.308
		Other expenses	742.231	639.606
		TOTAL (B)	15790.664	12516.221	12041.940
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		796.278	566.786	190.818
Less	FINANCIAL EXPENSES (D)		578.724	354.426	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		217.554	212.360	190.818
Less/ Add	DEPRECIATION/ AMORTISATION (F)		56.409	49.577	38.783
	PROFIT BEFORE TAX (E-F) (G)		161.145	162.783	152.035
Less	TAX (H)		28.707	61.863	41.430
	PROFIT AFTER TAX (G-H) (I)		132.438	100.920	110.605
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1069.783	968.863	927.675
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	50.000
		Dividend	0.000	0.000	16.652
		Tax on Dividend	0.000	0.000	2.765
	BALANCE CARRIED TO THE B/S		1202.221	1069.783	968.863
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on FOB basis	54.994	172.398	788.087
		Merchandise trade on FOB basis	837.263	283.281	145.868
	TOTAL EARNINGS		892.257	455.679	933.955
	IMPORTS
		Purchase of Raw Materials & Finished Goods	4387.126	4119.151	4693.814
		Merchandise Trade	820.527	275.454	142.767
	TOTAL IMPORTS		5207.653	4394.605	4836.581
	Earnings Per Share (Rs.)		4.77	3.64	3.99

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	3178.200	3017.100	2937.000
Total Expenditure	3119.200	2872.800	2888.000
PBIDT (Excl OI)	59.000	144.300	48.900
Other Income	75.200	47.900	99.300
Operating Profit	134.200	192.200	148.200
Interest	92.400	150.100	115.500
Exceptional Items	0.000	0.000	0.000
PBDT	41.900	42.100	32.700
Depreciation	14.200	14.300	14.300
Profit Before Tax	27.700	27.800	18.400
Tax	7.000	9.000	3.000
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	20.700	18.800	15.400
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	20.700	18.800	15.400

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.80	0.77	0.90
Net Profit Margin (PBT/Sales)	(%)	1.00	1.28	1.25
Return on Total Assets (PBT/Total Assets}	(%)	1.66	2.00	1.78
Return on Investment (ROI) (PBT/Networth)		0.07	0.08	0.07
Debt Equity Ratio (Total Debt/Networth)		1.39	1.13	1.74
Current Ratio (Current Asset/Current Liability)		1.94	1.93	2.35

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
Trade payables	(Rs. In Millions)
-Due to Others	4117.725	3328.437	3097.208

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	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
From Banks	400.000	400.000
Buyers credit from Banks	0.000	625.446
Intercorporate Deposits	1263.643	20.000
Total	1663.643	1045.446

GENERAL INFORMATION

Subject (Formerly known as Madhya Pradesh Glychem Industries Limited) was incorporated as a Limited Company on February 10^th, 1976.

The Company's manufacturing units of dairy business are situated at Dewas and Bhopal in M.P. and at Etah in U.P. The Company's products i.e. Ghee, SMP, Milk etc. are marketed in all over the country under leading brands ANIK and SOURABH, which are assurance of best quality.

Company is also having presence in Housing and Property Development, Merchant Trading, Wind Power Generation and Mining activities.

The shares of the Company are listed at the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

OPERATIONS

The overall performance of the Company showed remarkable improvement as compared to the previous year. The Company achieved turnover and other income of Rs. 16586.942 millions with around 27% growth as compared to previous year however due to increased cost of raw material and other variable costs of Operating profit has increased only by 2.45% at Rs. 217.553 millions and Net profit increased handsomely by 31.23% at Rs. 132.438 millions during the year.

Management of the Company under the direction of the Board of Directors is continued in achieving the targets of cutting down the cost of operations and getting efficiency in this area by using better and alternated resources/means.

BUSINESSEXPANSION AND DIVERSIFICATION

Mining Business

On the front of newly diversified business of mining the year under review has remained productive one wherein after getting final approval of Ministry of Mines, Government of India for earlier recommended mining concessions, the Company has aggressively applied for various procedural formalities which includes prospecting work of allotted area, application before Ministry of Environment & Forest, submission of draft mining plan to Indian Bureau of Mines and various other field work formalities, however start of functioning from allotted mines needs to comply with various lengthy procedural formalities but with their sincere and aggressive efforts towards these they expect to complete all the formalities in a further period of one year from the date hereof.

Further the Company is also very enthusiastic to set up mineral based industry in Madhya Pradesh to process minerals to be explored from its own mines. Land has been indentified at two locations and project work shall start in near future. Better profitability and turnover is expected from these activities in future.

Real Estate Business

The integrated township project named 'Active Acres' at Kolkata launched few years back by Mahakosh Property Developers a partnership wherein the Company is a partner with major stake is continued to acknowledge great response from all segments which can be seen in the form of encouraging bookings even in the tight phase in the Real Estate Sector, which is a good sign of the Company's reputation and sustainability which will result in good profits in the years to come. Further the Company has also been allotted land by the Maharashtra Industrial Development Corporation at Butibori Industrial Area in Nagpur and also acquired land near to Kolkata Leather Complex, KITP, Gangapur, West Bengal where also the Company is keen to set up an IT project under one of its sole proprietary concern Ruchi Infosystems.

New Dairy Plant

A new Milk processing plant with capacity to produce 30 Tons Milk Powder per day by processing 4 Lacs litres per day commissioned at Dewas (MP) is running successfully. This plant has provided great opportunities of exports available in Milk Powder business to the Company after recently lifting of ban on skimmed milk powder by the Govt. of India, resulting in good profits in the years to come.

The Company is also planning to setup a new dairy plant at Etah for better quality of milk powder to cater northern and north-east part of the Country. This plant is expected to be operational by April 2013.

In addition to this, the Company is enthusiastically keeping a watch on the southern and the eastern regions of India for setting up few more dairy plants to cover these regions where they are sure that the products of the Company shall be taken hand to hand.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRYSTRUCTUREANDDEVELOPMENTS

India is amongst one of the fastest growing consumer markets in the world with its huge population & powerful purchasing power and can be seen as rising star of the world economy in near future. In 2011-12 the Indian Economy has registered a Growth Rate of 6.5% driven on strong domestic demand despite the industrial sluggishness throughout the world.

The Company is primarily engaged in the business of processing of Milk & Milk Products, Trading of Agri- Commodities and coal and Wind power Generation.

India, the largest Milk Producing country in the World accounts for around 20 per cent of global milk production, with most of it consumed domestically, which is also the fastest growing market for milk and milk products with about 10% growth rate annually. The market size in value term for milk and milk product including the organized and un-organized sector is estimated to be around USD 70 Billion. India, where consumption of dairy products is rapidly increasing, having great business opportunities in dairy sector. As per Assocham “milk production is likely to reach about 190 million tones in 2015 from current level of about 123 million tonnes,"

In terms of wind power installed capacity, India is the number five in the world. The unexploited resource has the potential to sustain the growth of wind energy in future. The renewable energy in India already has a significant share of India’s installed power capacity & it is expected, that this share will keep on growing.

SEGMENT-WISEORPRODUCT-WISEPERFORMANCE

The Company has identified three business segments in line with the accounting standard on segment reporting. These are:

Dairy Products-Milk, Ghee, Milk Powder and other Dairy products.

Wind Power-Wind Power Generation

Others -Trading of Coal, Agri Commodities, Edible Oil etc.

The segment wise performance in detail is given in Note 38 to the audited accounts of the company as available in this annual report.

OUTLOOK

With increasing demand of dairy products, the Company has successfully set up a new dairy plant at Dewas, whereby the total milk processing capacity reached to 10 lacs litres milk per day. Company is also setting up a new dairy plant at Etah (UP) where an old dairy plant is already exists. During the year under review the Company has successfully entered in states of Central India and Western India and products of the Company are welcomed in these markets. Endeavours are continuing to enter into remaining parts of Central, Western and Southern parts of India also. They have started concentrating more on hygienic consumer packaged products instead of bulk and are hopeful that this will further strengthen their position in the market.

Further, the Wind Power Projects of the Company are generating electricity satisfactorily. Electricity produced in

Rajasthan Plant is being sold to Rajasthan Electricity Board (RSEB) while in Madhya Pradesh they have captive consumption in their plant and remaining electricity is sold to Madhya Pradesh Electricity Board. They see ecological power generation as the sunrise industry of tomorrow and have positioned ourselves to save the nature and to reap the reward for their stakeholders. With their strong focus on core business activities and their competitive position, better performance is expected in the years to come.

UNAUDITED (PROVISIONAL) FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER, 2012

(Rs. in Millions)

	PARTICULARS	Quarter Ended (3 months)		Nine Months Ended
		31.12.2012	30.09.2012	31.12.2012
		Unaudited	Unaudited	Unaudited
1	Income from operations
	(a) Net Sales / Income From Operations (Net of excise Duty)	2924.750	3001.722	9101.418
	(b) Other Operating Income	12.203	15.331	30.786
	Total Income from operations (net)	2936.953	3017.053	9132.204
^—2	Expenses
	a) Cost of materials consumed	1094.601	796.039	3031.595
	b) Purchase of stock in trade	1505.051	1976.090	4802.626
	c) Changes in inventories of finished goods, work in progress & stock in trade	58.326	(13.977)	599.303
	d) Employee benefit expense	34.864	26.929	88.731
	e) Depriciation & Amortisation Expense	14.293	14.344	42.847
	f) Other Expenditure	195.170	87.667	3,57.692
	Total expenses (a) to (f)	2902.305	2887.092	8922.794
3	Profit/ (Loss) from Operations before other Income, Finance Costs and Exceptional Items(1-2)	34.648	129.961	209.410
4	Other Income	99.254	47.925	222.406
5	Profit/(Loss) from ordinary activities before finance costs and exceptional items (3+4)	133.902	177.886	431.816
6	Finance Costs	115.505	150.084	357.939
7	Profit? (Loss) from ordinary activities after finance costs but before exceptional items (5-6)	18.397	27.802	73.877
8	Exceptional items		0.000
9	Profit(+)/Loss(-) from Ordinary Activities Before Tax (7+8)	18.397	27.802	73.877
10	Tax Expense
	Current Tax	2.000	7.000	14.500
	Deferred Tax	1.000	2.000	4.500
11	Net Profit (+)/ Loss(-) from Ordinary Activities after tax (9-10)	15.397	18.802	54.877
12	Extraordinary Item (net of tax expense)	0.000	0.000	0.000
13	Net Profit/ (Loss) for the period (11-12)	15.397	18.802	54.877
14	Share of profit/(loss) of associates*	NA	NA	NA
15	Minority Interest*	NA	NA	NA
16	Net profit/(loss) after taxes, minority interest and share of profit/(loss) of associates (13+14+15)*	15.397	18.802	54.877
17	Paid up equity share capital (FV of shares of Rs. 10/ each)	277.535	277.535	277.535
18	Reserves excluding revaluation Reserves as per balance sheet of previous accounting year
19.i.	Earnings per share (before extraordinary items) of Rs. 10/- each (not annualised)
	(a) Basic	0.55	0.68	1.98
	(b)Diluted	0.55	0.68	1.98
19.ii.	Earnings per share (after extraordinary items) of Rs. 10/- each (not annualised)
	(a) Basic	0.55	0.68	1.98
	(b) Diluted	0.55	0.68	1.98

	PARTICULARS	Quarter Ended (3 months)		Nine Months Ended
		31.12.2012 Unaudited	30.09.2012 Unaudited	31.12.2012 Unaudited
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	i) Number of shares	13823650	13823650	13823650
	ii) Percentage of shareholding	49.81	49.81	49.81
2	Promoters and promoter group shareholding
	a) Pledged/Encumbered
	i) Number of shares	0.00	0.00	0.00
	ii) Percentage of shares (as a % of total shareholding of the promoter and promoter group)	0.00	0.00	0.00
	iii) Percentage of shares (as a % of the total share capital of the Company)	0.00	0.00	0.00
	b) Non-encumbered
	i) Number of shares	13929836	13929836	13929836
	ii) Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00	100.00	100.00
	iii) Percentage of shares (as a % of the total share capital of the Company)	50.19	50.19	50.19

	Particulars	3 months ended (31.12.2012)
B	INVESTOR COMPALIANTS (No.)
	Pending at the beginning of the quarter	NIL
	Received during the quarter	8
	Disposed of during the quarter	8
	Remaining unresolved at the end of the quarter	NIL

Notes:

1. The above results have been reviewed by the Audit Committee and taken on record by the Board of Directors of the Company at their meeting held on 14.02.2013 and have undergone limited review by the Statutory Auditors.

2. Previous period/year figures have been regrouped/recasted where ever necessary.

Segment wise Revenue, Results and Capital Employed as per Clause 41 of the Listing Agreement (for the quarter ended 31st December, 2012)

(Rs. in Millions)

	PARTICULARS	Quarter Ended		Nine Months Ended
		31.12.2012 Unaudited	30.09.2012 Unaudited	31.12.2012 Unaudited
1	Segment Revenue (Net Sales/ Income)
a.	Dairy Products	1443.355	1463.872	4572.271
b.	Wind Power	0.982	4.238	7.249
c.	Trading Others	1480.413	1533.613	4521.898
d.	Unallocable amount	111.457	63.255	253.192
	Net Sales / Income	3036.207	3064.978	9354.610
2	Profit before Tax and Interest
a.	Dairy Products	40.671	71.256	175.970
b.	Wind Power	0.843	2.521	4.726
c.	Trading others	92.388	104.109	251.120
d.	Unallocable amount	0.000	0.000	0.000
	Total	133.902	177.886	431.816
	Less : -
i)	Interest	115.505	150.084	357.939
ii)	Prior Period Adjustment	0.000	0.000	0.000
ii)	Other unallocable expenditure net of unallocated income	0.000	0.000	0.000
	Total Profit before Tax	18.397	27.802	73.877
3	Capital Employed
a.	Dairy Products	1809.239	1933.440	1809.239
b.	Wind Power	67.997	69.164	67.997
c.	Trading Others	930.304	822.266	930.304
	Total Capital Employed in Segments	2807.540	2824.870	2807.540
	Add :
	Unallocable Corporate Assets Less Liabilities	(455.437)	(494.665)	(455.437)
	Total	2352.103	2330.205	2352.103

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2012
a) Outstanding Bank Guarantees	42.638
b) Income tax / Sales tax/ Excise duty demand disputed in appeal [Net of advance paid Rs. 27.486 millions against disputed demand]	39.493
c) Estimated liability of Custom Duty, which may arise if export obligation/ commitment is not fulfilled	13.559
d) Letter of Credit opened on behalf of others	3.083
e) Claims against the company not acknowledged as debt	43.999
f) Bills Discounting with Banks	90.226

FIXED ASSETS

v Tangible Assets

• Land - Free Hold
• Land – Leasehold
• Buildings
• Plant and Machinery
• Office Equipments
• Furniture and Fixtures
• Vehicles

v Intangible Assets

• Trade Mark
• Softwares
  

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.55.24
UK Pound	1	Rs.84.54
Euro	1	Rs.72.32

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA / MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--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	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.