MIRA INFORM REPORT

Report Date :

11.10.2013

IDENTIFICATION DETAILS

Name :	GUJARAT AMBUJA EXPORTS LIMITED
Registered Office :	Ambuja Tower, Opposite Memnagar Fire Station, Navrangpura, Post Navjivan, Ahmedabad – 380014, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.08.1991
Com. Reg. No.:	04-016151
Capital Investment / Paid-up Capital :	Rs. 276.700 Millions
CIN No.: [Company Identification No.]	L15140GJ1991PLC016151
TAN No.: [Tax Deduction & Collection Account No.]	AHMG00194F
PAN No.: [Permanent Account No.]	AAACG3980A
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the business of Agro Processing, Cotton Yarn, Maize Processing and Windmills Power Generation.
No. of Employees :	3290 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 26188000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an established company having good track record. The company is performing well. Financial position of the company is strong and healthy. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

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 : A
Rating Explanation	Adequate degree of safety it carry low credit risk.
Date	September 12, 2013

Rating Agency Name	CRISIL
Rating	Short-term Rating : A1
Rating Explanation	Very strong degree it carry very low credit risk
Date	September 12, 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

MANAGEMENT NON-COOPERATIVE [91-79-26423316]

LOCATIONS

Registered Office :	“Ambuja Tower”, Opposite Memnagar Fire Station, Navrangpura, Post Navjivan, Ahmedabad – 380014, Gujarat, India
Tel. No.:	91-79-26423316-20/ 26405535-37/ 39
Fax No.:	91-79-26423079
E-Mail :	info@ambujagroup.com exports@ambujagroup.com
Website :	http://www.ambujagroup.com http://www.ambujaglobal.com
PLANT LOCATIONS :
Agro Processing Division :	1. Edible Oil Refineries and Vanaspati Ghee Unit, Kadi, District Mehsana, Gujarat, India 2. Solvent Extraction Unit-I, Nani Kadi, District Mehsana, Gujarat, India 3. Solvent Extraction Unit-II, Kadi, District Mehsana, Gujarat, India 4. Solvent Extraction Unit-III, Kadi, District Mehsana, Gujarat, India 5. Solvent Extraction Unit-IV, Pithampur, District Dhar, Madhya Pradesh, India 6. Solvent Extraction Unit –V, Village Kanheri-Gawali, Taluka Balapur, District Akola, Maharashtra, India 7. Solvent Extraction Unit – VI, District Mandsaur, Madhya Pradesh, India 8. Wheat Processing Unit, Kadi, District Mehsana, Gujarat, India 9. Cattle Feed Unit, Kadi, District Mehsana, Gujarat, India 10. Wheat Processing Unit, Pithampur, District Dhar, Madhya Pradesh, India
Power Division :	Wind Mills (In the State of Gujarat) 1. B-87, R S No. 471/P, Village Lamba, Taluka Kalyanpur, District Jamnagar, Gujarat, India 2. WTG No. 1, Machine No.1, Survey No. 400, Village Kuranga, Taluka Dwarka, District Jamnagar, Gujarat, India 3. WTG No. 2, Machine No.2, Survey No. 400, Village Kuranga, Taluka Dwarka, District Jamnagar, Gujarat, India 4. WTG No. 3, Machine No. 6, Survey No. 400, Village Kuranga, Taluka Dwarka, District Jamnagar, Gujarat, India 5. Survey No.213/2, Village Satapar, Taluka Kalyanpur, District Jamnagar, Gujarat, India 6. WTG No.1, V-4, Survey No. 43/1/P, Village Motisindhodi, Taluka Abdasa, District Kutch, Gujarat, India 7. WTG No.2, V-7, Survey No. 36/2/P, Village Motisindhodi, Taluka Abdasa, District Kutch, Gujarat, India 8. Survey No. 115/P, Village Mindiyali, Taluka Anjar, District Kutch, Gujarat, India 9. Power Plant (11 MW Cogeneration Plant) Village Dalpur, District Sabarkantha, Gujarat, India
Maize Processing Division :	1. Bio-Chemical Division, Village Dalpur, District Sabarkantha, Gujarat, India 2. Sitarganj, District Udham Singh Nagar, Uttarakhand, India 3. Village Hulsoggi, P.O. Manakatti, Tq. Shiggoan, District Haveri, Karnataka, India
Cotton Yarn Division :	Cotton Spinning Division, Village Dalpur, District Sabarkantha, Gujarat, India
Branch Offices :	Located at: · Mumbai · New Delhi · Indore · Akola · Vietnam

DIRECTORS

AS ON 31.03.2013

Name :	Mr. Vijay Kumar Gupta
Designation :	Chairman and Managing Director
Date of Birth/Age :	64 years
Qualification :	B. DS
Experience :	41 years
Date of Appointment :	18.04.1988
Name :	Mr. Manish V. Gupta
Designation :	Managing Director
Date of Birth/Age :	41 years
Qualification :	B.Com
Experience :	22 years
Date of Appointment :	28.12.1998
Name :	Mr. Mohit V. Gupta
Designation :	Joint Managing Director
Date of Birth/Age :	20.11.1981
Qualification :	B. Com., Diploma in IBM, HRM, FBM and Diploma in computer Information Systems
Name :	Mr. Sandeep N. Agrawal,
Designation :	Whole Time Director
Date of Birth/Age :	12.12.1971
Qualification :	Commerce Graduate and MBA.
Experience :	More than 21 years.
Name :	Mrs. Sulochana V. Gupta
Designation :	Director
Date of Birth/Age :	01.11.1953
Experience :	36 years
Name :	Mr. Sudhin B. Choksey
Designation :	Director
Name :	Mr. Chaitan M. Maniar
Designation :	Director
Date of Birth/Age :	04.12.1935
Qualification :	B. Com. LLB, MA
Name :	Mr. Prakash G. Ramrakhiani
Designation :	Director
Date of Birth/Age :	25.11.1940
Qualification :	B.A. [Hons], M.A. [Eco], IAS
Name :	Mr. Ashok C. Gandhi
Designation :	Director
Date of Birth/Age :	04.12.1939
Qualification :	B. Com. LLB and Advocate
Experience :	More than 42 years in the legal profession.
Name :	Mr. Rohit J. Patel
Designation :	Director
Date of Birth/Age :	22.02.1946
Qualification :	B. E. [Electrical]

KEY EXECUTIVES

Name :	Mr. N. Giridhar
Designation :	Chief Financial Officer
Name :	Mr. Manan C. Bhavsar
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Category of Shareholder	Total No. of Shares	As a %
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	96808017	69.97
Sub Total	96808017	69.97
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	96808017	69.97
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1048270	0.76
Financial Institutions / Banks	11450	0.01
Sub Total	1059720	0.77
(2) Non-Institutions
Bodies Corporate	2951700	2.13
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	34063237	24.62
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	3452797	2.50
Any Others (Specify)	16404	0.01
Directors & their Relatives & Friends	2500	0.00
Trusts	13904	0.01
Sub Total	40484138	29.26
Total Public shareholding (B)	41543858	30.03
Total (A)+(B)	138351875	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	138351875	100.00

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

Sl. No.	Name of the Shareholders	Details of Shares held
		No. of Shares held	As a %
1	Vijaykumar Gupta	28023083	20.25
2	Manish Gupta	37025348	26.76
3	Mohit Gupta	21067415	15.23
4	Sulochana Gupta	4485385	3.24
5	Shilpa Gupta	6206786	4.49
	Total	96808017	69.97

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Agro Processing, Cotton Yarn, Maize Processing and Windmills Power Generation.

GENERAL INFORMATION

No. of Employees :

3290 (Approximately)

Bankers :

· Bank of India

· State Bank of India

· Union Bank of India

· HDFC Bank Limited

· State Bank of Mysore

· Yes Bank Limited

· Punjab National Bank

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans
From Banks - TUF Scheme	0.000	26.100
SHORT TERM BORROWINGS
Working Capital Facilities from Banks Payable on demand	1331.600	3311.000
Short Term Loan From Banks	500.000	252.300
Total	1831.600	3589.400
LONG-TERM BORROWINGS (i) Term loan from Bank of India carries gross interest @ 12.25% p.a. The loan is secured by hypothecation of specific movable Plant and Machinery. Further, the loan has been guaranteed by the personal guarantee of three promoter directors. The loan is repayable in quarterly installments of Rs.3.800 Millions each along with interest, from the date of loan, viz. September 2009. This loan is eligible for interest subsidy of 4% p.a. under TUF scheme of Central Govt. The loan has been fully repaid during the year. (ii) Term loan from Indian Renewable Energy Development Agency, New Delhi carries interest @ 8% p.a. The loan is repayable in quarterly installments of Rs.1.700 Millions along with interest from the date of June 2007.The loan is secured by hypothecation of Wind Mills. The loan has been repaid during the year. SHORT TERM BORROWINGS Working Capital and Short term loan from banks is secured by a hypothecation of current assets and certain tangible movable plant and machinery and joint equitable mortgage of certain immovable fixed assets of the Company, personal guarantee of three promoter directors and lien on certain Fixed Deposits of the company.

Banking Relations :	--
Auditors :
Name :	Kantilal Patel and Company (A member firm of PrimeGlobal, USA). Chartered Accountants
Address :	2^nd Floor, Paritosh Building, Usmanpura, Ahmedabad – 380013, Gujarat, India
Tel. No.:	91-79-27551333/ 27552333
Fax No.:	91-79-27550538
E-Mail :	services@kpcindia.com
Wholly Owned Subsidiary :	Gujarat Ambuja International Pte. Limited, Singapore
Enterprise significantly influenced by Key Managerial Persons :	· Jay Infrastructure and Properties Private Limited · Jay Ambe Infra Projects Private Limited · Jay Infrastructure and Properties LLP

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Rs. 2/- each	Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
138351875	Equity Shares	Rs. 2/- each	Rs. 276.700 Millions

a. Reconciliation of the Shares Outstanding at the Beginning and at the end of the Reporting Period

Equity shares	31.03.2013
	No. of Share	Rs. in Millions
Outstanding at the beginning of the period	138351875	276.700
Outstanding at the end of the period.	138351875	276.700

b. Terms/rights attached to Equity Shares

i) The company has only one class of equity shares carrying par value of Rs.2 per share, carrying equal rights as to dividend, voting and in all other respects.

ii) During the year ended 31st March 2013, the amount of per share dividend recognized as distribution to equity shareholders was Rs.0.80 (31st March 2012: Rs.0.60).

c. During the period from 01.04.2007 to 31.03.2013, in the year 2007-08 company bought back 966615 equity shares out of 139318490 equity shares as per the Board resolution passed by the company at its Board Meeting held on 16th January 2007.

d. Details of shareholders holding more than 5% shares in the company.

Equity shares of Rs. 2 each fully paid	31.03.2013
Name of the Shareholders	No. of Shares Held	% Holding in the class
Vijay Kumar Gupta	39023083	28.206
Manish V. Gupta	37025348	26.761
Mohit V. Gupta	9017095	6.517

As per of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents legal ownerships of shares.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	276.700	276.700	276.700
(b) Reserves & Surplus	6270.400	5271.000	4787.100
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	6547.100	5547.700	5063.800
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	26.100	38.500
(b) Deferred tax liabilities (Net)	583.500	493.200	492.100
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	6.800	6.800	38.200
Total Non-current Liabilities (3)	590.300	526.100	568.800
(4) Current Liabilities
(a) Short term borrowings	1831.600	3563.300	2226.100
(b) Trade payables	2691.200	1378.500	1706.500
(c) Other current liabilities	309.300	351.900	263.500
(d) Short-term provisions	50.800	21.300	116.600
Total Current Liabilities (4)	4882.900	5315.000	4312.700
TOTAL	12020.300	11388.800	9945.300
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4564.800	2881.600	2981.600
(ii) Intangible Assets	14.700	7.400	4.300
(iii) Capital work-in-progress	381.200	1690.600	452.200
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	446.000	443.200	437.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	264.800	266.400	239.700
(e) Other Non-current assets	4.500	5.800	8.800
Total Non-Current Assets	5676.000	5295.000	4124.100
(2) Current assets
(a) Current investments	0.000	0.300	345.500
(b) Inventories	4571.200	3711.000	3646.200
(c) Trade receivables	1088.000	1730.900	1148.700
(d) Cash and cash equivalents	324.200	224.000	173.000
(e) Short-term loans and advances	275.700	372.400	426.200
(f) Other current assets	85.200	55.200	81.600
Total Current Assets	6344.300	6093.800	5821.200
TOTAL	12020.300	11388.800	9945.300

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue From Operations (Net)	30046.200	21140.900	19409.000
		Other Income	94.500	55.100	168.500
		TOTAL (A)	30140.700	21196.000	19577.500
Less	EXPENSES
		Cost of Materials Consumed	20691.000	14290.100	12594.400
		Purchase of Traded Goods	4113.400	2587.900	3892.100
		(Increase)/ Decrease in Inventories of Finished Goods, Work-in-Progress and Traded Goods	(49.800)	232.800	(1172.400)
		Employee Benefits Expenses	660.700	471.800	510.400
		Other Expenses	2685.200	2500.700	2185.800
		TOTAL (B)	28100.500	20083.300	18010.300
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2040.200	1112.700	1567.200
Less	FINANCIAL EXPENSES (D)		217.000	208.900	125.500
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1823.200	903.800	1441.700
Less/ Add	DEPRECIATION/ AMORTISATION (F)		366.800	298.600	292.300
	PROFIT BEFORE TAX (E-F) (G)		1456.400	605.200	1149.400
Less	TAX (H)		322.900	108.200	208.400
	PROFIT AFTER TAX (G-H) (I)		1133.500	497.000	941.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3486.700	3141.200	2397.000
Less	APPROPRIATIONS
		Interim Dividend	110.600	83.000	83.000
		Dividend Distribution Tax On Interim Dividend	17.800	13.500	13.800
		Transfer To General Reserve	120.000	55.000	100.000
	BALANCE CARRIED TO THE B/S		4371.800	3486.700	3141.200
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export Sales	7791.300	5384.800	5472.400
	IMPORTS
		Raw Materials	6689.300	2556.400	3128.900
		Stores and Components	14.100	6.800	12.600
		Capital Goods	53.700	234.600	55.400
	TOTAL IMPORTS		6757.100	2797.800	3196.900
	Earnings Per Share (Rs.)		8.19	3.59	6.80

QUARTERLY RESULTS

PARTICULARS	30.06.2013
Type	1^st Quarter
Net Sales	5287.100
Total Expenditure	5035.100
PBIDT (Excl OI)	252.000
Other Income	37.500
Operating Profit	289.500
Interest	37.000
Exceptional Items	0.000
PBDT	252.600
Depreciation	116.100
Profit Before Tax	136.500
Tax	27.500
Provisions and contingencies	0.000
Profit After Tax	109.000
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	109.000

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.76	2.34	4.81
Net Profit Margin (PBT/Sales)	(%)	4.85	2.86	5.92
Return on Total Assets (PBT/Total Assets}	(%)	13.01	6.54	12.69
Return on Investment (ROI) (PBT/Networth)		0.22	0.11	0.23
Debt Equity Ratio (Total Debt/Networth)		0.28	0.65	0.45
Current Ratio (Current Asset/Current Liability)		1.30	1.15	1.35

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Term Loans
(i) From Banks - TUF Scheme	0.000	15.000	52.500
(ii) From Indian Renewable Energy Development Agency , New Delhi	0.000	1.700	6.700
Total	0.000	16.700	59.200

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	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

STAMP NUMBER No. 1796 of 2013

Status: PENDING CCIN No: 001087201301796

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER OF INCOME TAX II

MRS MAUNA M BHATT for: null 1

S.NO.

Name of the Respondant

Advocate On Record

1

GUJARAT AMBUJA EXPORTS LTD

Presented On : 08/07/2013 Registered On : --

Bench Category : -- District : AHMEDABAD

Case Originated From: THROUGH ADVOCATE Listed : 0 times

Stage Name : --

OTHER FORUMS

S. No.	CASE DETAILS	TRIBUNAL REFERRENCE	ORDER PASSED BY	JUDGEMENT DATE	PLACE
1	IT(SS)A/587/AHD/2011	INCOME TAX APPELLATE TRIBUNAL AHMEADBAD A BENCH	JUDICIAL MEMBER AND ACCOUNTANT MEMBER	31/01/2013	AHMEDABAD

OFFICE DETAILS

S. NO

FILING DATE

DOCUMENT NAME

ADVOCATE NAME

COURT FEE ON DOCUMENT

DOCUMENT DETAILS

1

08/07/2013

APPEARANCE NOTE

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) 1

0

MRS MAUNA M BHATT(174), for P:1

2

08/07/2013

CERTIFIED COPY

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) 1

6

MRS MAUNA M BHATT(174), for P:1

3

08/07/2013

MEMO OF APPEAL/PETITION/SUIT

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) 1

20

MRS MAUNA M BHATT(174), for P:1

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10086124	06/05/2013 *	10,810,600,000.00	BOI CONSORTIUM - BOI LEAD + UBI + SBM + HDFC BK + SBI + YES BK	AHMEDABAD LARGE CORPORATE BRANCH, 2ND FLOOR BOI B UILDING BHADRA, AHMEDABAD, GUJARAT - 380001, INDIA	B76179225

* Date of charge modification

COMPANY INFORMATION

Subject is Agro Processing conglomerate with various manufacturing plants at different locations in states of Gujarat, Maharashtra, Madhya Pradesh, Uttarakhand and Karnataka. The Group’s product profile includes Solvent Extraction comprising of all types of Oil Seed processing, Edible Oil Refining, Cotton Yarn Spinning, Maize based Starch and its derivatives, Wheat Processing, Cattle Feed and Power Generation through Wind Mills, Bio gas and Thermal Power Plants. The Company’s shares are listed with BSE and NSE.

The company has also setup a wholly-owned subsidiary at Singapore to focus on international trading activities.

BUSINESS OPERATIONS

A. OPERATIONAL PERFORMANCE

The Company recorded operational revenue of Rs.30046.200 Millions as compared to Rs.21140.900 Millions during the previous financial year registering growth of more than 42 % compared to previous financial year. The revenue from Exports also has more or less similar growth rate at around 40% for the year 2012-13. The various profit parameters have significant growth during the year. The Company achieved EBIDTA margin of 6.77% in FY 2012-13 against the same at the level of 5.25% in FY 2011-12. The growth of 1.50% in EBIDTA margin shows the efficiency in managing the operations of the Company considering the fact of huge uncertainty in the market and economy. The other operational parameters have also registered sizeable growth during the year.

Export sales for the year 2012-13 was Rs.7860.400 Millions as compared to Rs.5603.800 Millions for the year 2011-12. The Company achieved Earnings before Interest, Depreciation and Tax (EBIDTA) of Rs.2040.200 Millions for the year 2012-13 against that of Rs.1112.700 Millions for the year 2011-12.

The Cash Profit before tax, Profit after tax and EPS for the year remained at Rs.1823.200 Millions, Rs.1133.500 Millions and Rs.8.19 per share respectively.

B. CAPITAL PROJECTS FOR THE YEAR 2012-13

The Company has successfully commenced the commercial production of its 750 TPD new maize processing, derivatives and other value added products processing Unit in the Haveri District in the State of Karnataka in the second half of the financial year. Apart from this, the 11 MW Cogeneration Power Plant has also begun its operation at Village Dalpur, Himmatnagar. This project has helped the Cotton Yarn segment to control its power cost significantly. The Company has also carried out routine modernization and improvements at all of its other manufacturing Units. The Board of Directors is proud to inform that the Company is ploughing back the retained earnings for the future growth of the Company.

FINANCE AND INSURANCE

WORKING CAPITAL

The Company has adequate working capital facilities from the consortium of Banks. The CRISIL has continued with the highest rating for safety as per Basel-II norms.

TERM LOANS

During the year, the Company has not availed term loan from any Banks/Financial Institutions. The Company has prepaid the term loan availed for Cotton Yarn Segment and Wind Mills. As on the date of annual report, the Company does not have any outstanding term debts.

INSURANCE

All Assets and insurable interests of the Company, including building, plant and machineries, stocks, stores and spares have been adequately insured against various risks and perils.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

GLOBAL BUSINESS ENVIRONMENT

The sentiments in the global business remained neutral during the year. Generally the business improved across the Globe with changing outlook for the future. There was more stability in the global market compared to last few years. The position of EU started improving and US and other majors like China, Japan etc. have achieved the consistence growth. Various economic fundamentals were also stable, the global inflation was also least volatile compared to previous few years. This entire factor has resulted in global stability in business.

The above factors are expected to continue in Financial Year 2013-14 also. The overall outlook for the year is generally stable with continued improvement in EU and US economy.

INDIAN ECONOMY AND INDUSTRY AND SCENARIO

The performance of Indian Economy was not at par with the global sentiments in Financial Year 2012-13. The year started with positive note in first Quarter for Indian economy. However, the factors like political instability, high inflation, increasing current account deficit and revenue deficit have spoiled the stable performance across the various sectors of industries. The Government initiated some steps to overcome all these, however the results of the same was not visible during the year. The sectors purely depending on domestic inputs with higher exports have performed well during the last Financial Year.

The above negative sentiments are continuing in current Financial Year also and the current business sentiments are having negative outlook for the Economy. However, traditionally the first half of the year is a low performing part for the Indian economy, due to non agriculture season, its core area for Economy.

INDUSTRY STRUCTURE AND DEVELOPMENTS AND COMPANY’S PERFORMANCE

The Company is more focusing in corn processing segment as its core operational area. The other Segments have also contributed in the growth of the Company with consistent performance. The Company is also improving its operations in trading activities over a period of last few years.

During the last Financial Year, the Company performed well on all fronts and has registered positive EBIDTA.

The Company is engaged in manufacturing and exports of various “agro based products”. The Company has also investment and contribution in environment friendly power generation through windmills and non conventional source of energy (Biomass). With the commissioning of Karnataka corn processing plant and also addition of value added derivatives in Uttarakhand corn processing plant, the Company is hoping to achieve improved topline and operating margins in this Segment.

SEGMENT WISE PERFORMANCE

The Company’s presence is in the segments of Agro Processing, Cotton Yarn, Maize processing and Windmills Power generation.

AGRO PROCESSING SEGMENT

This segment has two major activities in the form of solvent extraction of oil seed and refining of raw edible oil. The performance of this segment has improved significantly. During the first quarter, Iran imported sizeable quantity of deoiled cake from India. Subsequently, the Government also worked out trade with Iran in INR. This has resulted in good demand of deoiled cakes throughout the year with better returns. The crop of oil seed was good, the volatility in the prices were also under check during the season. The exchange rate volatility was also under check during the season and the Government of India’s initiative for INR trade with Iran also minimized the currency risk.

The refining activity was also higher and contributed for improvement in various financial parameters. The Import trading activity was also higher during the year and it helped the Company for improved top line.

Revenue from this Segment registered growth of around 52%. Earnings before interest and tax increased from Rs.715.600 Millions to Rs.971.500 Millions registering a growth of 35.76% as compared to previous financial year.

COTTON YARN SEGMENT

The Segment has performed well and recovered from the huge negative contribution. The commissioning of 11 MW cogeneration power plant, consistency in cotton price, import of raw cotton in past and favorable exchange rate scenario contributed recovery of the Segment and it started generating cash profit by the second half of the financial year 2012-13. The Government continued with the pre registration of cotton yarn exports, but also maintained positive export policy for export of yarn. The Company also imported sizeable quantity of cotton from US and Brazil, which fetched better recovery and higher export price of yarn. All these have contributed for absolute “U” turn in performance of this segment during the last Financial Year.

The feel good factors for this segment are continuing in First Quarter of current financial year also and the same are also likely to be continued throughout the year.

In second half of 2012, the Government of Gujarat also announced its textile policy and gave good incentives for spinning industries. This gave the Company enough encouragements to modernize the some portion of spinning machines of initial set up during 1995. The Company is planning to invest around INR 500.000 Millions for modernization. This would help the Company to remove bottlenecks, improve productivity and increase the automation.

Revenue from this Segment is at consistence level of above INR 2000.000 Millions.

CORN PROCESSING SEGMENT - THE GOLDEN TRIANGLE

The Corn Processing continued to perform at improved levels. The Karnataka Unit started functioning during the FY 2012-13. The Company has now geographical presence in the North, West and South India, thereby forming the golden triangle. This segment of the Company is now one of the best performing corn processing Units in India. It has good capacity and diversified products profile to maintain the growth even in bad economic scenario.

Earnings before interest and tax increased from Rs.4394.100 Millions to Rs.5809.200 Millions registering a growth of 32.20% as compared to previous financial year. With the stability of operation of Karnataka Unit and additions in value added products at Uttarakhand Unit, the segment is poised to carry forward its growth story in coming years.

POWER DIVISION AND CONTRIBUTION TO RENEWABLE ENERGY

The Company has presence in environment friendly renewable energy and has total investment in 8 wind turbines with total capacity of 8.45 MW. Overall performance of all wind turbines during the Financial Year 2012-13 was satisfactory and the same has contributed to reduction in power cost for both agro processing and maize processing divisions. The Company has also investment and contribution in environment friendly power generation through windmills and non conventional source of energy (Biomass). Apart from this, the 11 MW Cogeneration Power Plant has also begun its operation at Village Dalpur, Himmatnagar.

FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE and OVER ALL ANALYSIS

The performance during the last financial year as a whole is satisfactory considering the decent topline under present economic scenario.

OUTLOOK FOR THE YEAR 2013-14

In the financial year 2012-13, the performance of various Segments of the Company was satisfactory. The commercial production of new maize processing Unit in Karnataka has started in the second half of the financial year 2012-13. This new project will help the maize processing division to gain more market share and will help the Company by improving overall performance in the financial year 2013-14.

UNAUDITED STANDALONE FINANCIAL RESULTS (PROVISIONAL) FOR QUARTER ENDED 30th JUNE

[Rs. in Millions]

Sr. No.	PARTICULARS	Quarter Ended
		30.06.2013 (Unaudited)
	PART-I
1.	Income from Operations
a)	Net Sales (Net of Excise duty)	5283.204
b)	Other Operating Income	3.885
	Total Income (1a+1b)	5287.089
2.	Expenditure
a)	Cost of materials consumed	3643.894
b)	Purchases of stock-in-trade	167.586
c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	313.254
d)	Employee benefits expense	148.692
e)	Depreciation and amortisation expense	116.083
f)	Exchange Fluctuation (Gain)/Loss (Net)	185.814
g)	Other Expenditure	575.840
	Total	5151.163
3.	Profit / (Loss) from operations before other income, finance costs and exceptional items(1-2)	135.926
4.	Other income	37.523
5.	Profit / (Loss) from ordinary activities before finance costs and exceptional items (3+4)	173.449
6.	Finance costs	36.945
7.	Profit / (Loss) from ordinary activities after finance costs but before exceptional item and before tax (5-6)	136.504
8.	Exceptional items	0.000
9.	Profit / (Loss) from ordinary activities before tax(7+8)	136.504
10.	Tax expense :
	: Current tax	28.497
	: Less : MAT Credit Entitlement	0.000
	: Deferred tax	(9.83)
	: (Excess)/Short provision of tax of earlier years	0.000
11.	Net Profit/(Loss) from ordinary activities after tax(9-10)	108.990
12.	Extra ordinary items (Net of tax expenses)	0.000
13.	Net Profit / (loss) for the period (11-12)	108.990
14.	Paid-up equity share capital (? 2/- each Face Value)	276.704
15.	Reserve excluding Revaluation Reserves	0.000
16.	Earnings Per Share (EPS)
a)	Basic and Diluted EPS before extraordinary items (of ?. 2/- each)	0.79
b)	Basic and Diluted EPS after extraordinary items (of ?. 2/- each)	0.79
	PART-II
A.	PARTICULARS OF SHAREHOLDING
1.	Public Shareholding
	- Number of Shares	43650670
	- Percentage of Shareholding	31.55%
2.	Promoters and Promoter Group Shareholding
a)	Pledged / Encumbered
	- Number of shares	--
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	--
	- Percentage of shares (as a % of the total share capital of the Company)	--
b)	Non - encumbered
	- Number of shares	94701205
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100.00%
	- Percentage of shares (as a % of the total share capital of the Company)	68.45%

	Particulars	Quarter Ended 30.06.2013
B	Investor complaints (Nos.)
	Pending at the beginning of the quarter	Nil
	Received during the quarter	14
	Disposed of during the quarter	14
	Remaining unresolved at the end of the quarter	Nil

SEGMENT – WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Millions)

Particulars	Quarter Ended
	30.06.2013 (Unaudited)
1. Segment Revenue
a. Cotton Yarn Division	560.308
b. Maize Processing Division	1905.944
c. Other Agro Processing Division	2798.659
d. Power Division	156.796
e. Unallocated	0.000
Total	5421.707
Less: Inter – segment revenue	134.618
Total income from operations (net)	5287.089
2. Segment Results
Profit/ (loss) before tax and interest
a. Cotton Yarn Division	43.389
b. Maize Processing Division	234.872
c. Other Agro Processing Division	22.461
d. Power Division	53.389
e. Unallocated	0.000
Total	354.111
Less : i Inter Segment Profit / (Loss)	26.959
Less : ii Finance costs	36.945
Less : iii (Gain /Loss on account of restatement of monetary Assets and Liabilities	154.384
Less : iv Net unallocable (Income)/Expenditure	(0.681)
Less : v Exceptional items	0.000
Total Profit Before Tax	136.504
3. Capital Employed
(Segment Assets – Segment Liabilities)
a. Cotton Yarn Division	1195.781
b. Maize Processing Division	4389.151
c. Other Agro Processing Division	2483.342
d. Power Division	517.562
e. Unallocated Assets
Less : Unallocated Liabilities	(1929.729)
Total	6656.107

NOTE:

1. The above standalone unaudited financial results have been reviewed by the Audit Committee of the Board and approved and taken on record, by the Board of Directors of the Company at its meeting held on 31^st July, 2013. Further in accordance with the requirements of Clause 41 of the Listing Agreement with the Stock Exchange, the Statutory Auditors have carried out Limited Review and the Review Report has been approved by the Board.

2. The Company results have been impacted due to volatile foreign exchange fluctuations. The total exchange fluctuation loss of Rs.185.814 Millions during the quarter (March 13 quarter-gain of Rs.74.192 and June 12 quarter-loss of Rs.171.212 Millions) comprises of Rs.31.430 Millions on account of sales and purchases (March 13 quarter-gain of Rs.6.492 Millions and June 12 quarter-loss of Rs.32.111 Millions) which is allocated to respective segments and Rs.154.384 Millions on account of restatement of foreign currency borrowings (March 13 quarter-gain of Rs. 67.700 Millions and June 12 quarter-loss of Rs.139.141 Millions) which is shown as unallocated expenditure.

3. The figures for the quarter ended 31st March, 2013, are the balancing figures between the audited figures in respect of the full financial year ended 31st March 2013 and unaudited published year to date figures up to the third quarter ended 31st December 2012, which were subjected to Limited Review.

4. Figures for the previous period have been regrouped / rearranged wherever necessary to make them comparable with current figures.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
(a) Claims against the Company /disputed liabilities not acknowledged as debts	63.400	21.600
(b) Disputed Statutory Claims
i) Excise, Customs, Service Tax and DGFT	74.300	60.000
ii) Income Tax
a) Appeals preferred by Company	52.900	293.600
b) Appeals preferred by Department	6.200	266.800
iii) Sales Tax , VAT, Entry Tax and Mandi Tax	22.300	22.300
iv) Others	13.300	12.500
TOTAL	169.000	655.200
(c) Export obligation on duty free imports (Differential amount of custom duty in respect of machinery and inputs imported under EPCG and Advance License Scheme)	0.000	3.800
(d) Corporate guarantee in favour of Bank on behalf of wholly owned subsidiary Gujarat Ambuja International Pte Limited (Outstanding against this as at 31st March)	136.300 (US $ 2500000) Nil	127.200 (US $ 2500000) Nil
Note: Outflow in respect of 1 (a) and (b) disputes/ contingencies is dependent upon final outcome of the disputes or ultimate agreement to resolve the differences.

FIXED ASSETS:

Tangible assets

· Freehold Land

· Leasehold Land

· Buildings

· Windmills

· Plant and Equipments

· Office Equipments

· Computers

· Furniture and Fixtures

· Vehicles

Intangible assets

· Brands / Trademarks

· Technical know how

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. 62.14
UK Pound	1	Rs. 99.02
Euro	1	Rs. 83.87

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.