MIRA INFORM REPORT

Report Date :

26.04.2014

IDENTIFICATION DETAILS

Name :	VIPPY INDUSTRIES LIMITED
Registered Office :	28, Industrial Area, A.B. Road, Dewas – 455001, Madhya Pradesh, India
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.09.1973
Com. Reg. No.:	10-001225
Capital Investment / Paid-up Capital :	Rs.160.578 Millions
CIN No.: [Company Identification No.]	L15142MP1973PLC001225
TAN No.: [Tax Deduction & Collection Account No.]	BPLV00877C
PAN No.: [Permanent Account No.]	AABCV1297N
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of De oiled cake (DOC) and Edible Refined oil from soyabean seed through solvent extraction method.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 4495000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company is sound. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealing 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 DENIED

MANAGEMENT NON CO-OPERATIVE (91-7272-288545)

LOCATIONS

Registered Office :	28, Industrial Area, A.B. Road, Dewas – 455001, Madhya Pradesh, India
Tel. No.:	91-7272-258545 / 258546 / 268821
Fax No.:	91-7272-258552
E-Mail :	admin@vippysoya.com rh@vippysoya.com vippy@mantrafreenet.com sales@vippysoya.com export@vippysoya.com
Website :	www.vippysoya.com
Factory :	28, 29 and 30 Industrial Area, A.B. Road, Dewas – 455001, Madhya Pradesh, India

DIRECTORS

As on 31.03.2013

Name :	Mr. Rahul Mutha
Designation :	Managing Director
Address :	Manas, 41, University Road, Ujjain – 456010, Madhya Pradesh, India
Date of Birth/Age :	16.09.1965
Date of Appointment :	01.02.1992
PAN No. :	ACAPM7694L
DIN No.:	00424128
Name :	Mr. Praneet Mutha
Designation :	Executive Director
Address :	Manas, 41, University Road, Ujjain – 456010, Padhya Pradesh, India
Date of Birth/Age :	11.09.1971
Date of Appointment :	31.10.2007
PAN No. :	AFTPM5681H
DIN No.:	00424250
Name :	Mr. Sajeve Deora
Designation :	Director
Address :	EC-13, Indrapuri, New Delhi – 110012, Delhi, India
Date of Birth/Age :	27.12.1959
Date of Appointment :	30.10.2001
DIN No.:	00003305
Name :	Mr. Kadayya Savagaon
Designation :	Director
Address :	303, Aditya, Cosmos, Heritage, Ti Kuginiwadi, Thane – 4000610, Maharashtra, India
Date of Birth/Age :	15.03.1936
Date of Appointment :	08.06.2001
DIN No.:	00424393
Name :	Mr. Shailendra Karnawat
Designation :	Director
Address :	E - 27/28 Sanket Nagar, Indore – 452018, Madhya Pradesh, India
Date of Birth/Age :	21.10.1960
Date of Appointment :	07.02.2012
DIN No.:	02850202

KEY EXECUTIVES

Name :	Mr. Prakash Chakrawarti
Designation :	Secretary
Address :	156 – B, Laxman Nagar, Dewas, 455001, Madhya Pradesh, India
Date of Birth/Age :	01.07.1975
Date of Appointment :	15.09.2005
PAN No. :	AFGPC3925H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2014

Category of Shareholder	Total No. of Shares	% of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	33375494	20.78
Bodies Corporate	120299490	74.92
Sub Total	153674984	95.70
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	153674984	95.70
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	60255	0.04
Financial Institutions / Banks	285354	0.18
Foreign Institutional Investors	7700	0.00
Sub Total	353309	0.22
(2) Non-Institutions
Bodies Corporate	3011212	1.88
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	3300189	2.06
Any Others (Specify)	237902	0.15
NRIs/OCBs	237844	0.15
Clearing Members	58	0.00
Sub Total	6549303	4.08
Total Public shareholding (B)	6902612	4.30
Total (A)+(B)	160577596	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)	160577596	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of De oiled cake (DOC) and Edible Refined oil from soyabean seed through solvent extraction method.

Products :

Item Code No. (ITC Code)	Product Description
150710	Soya Oil
230400	Soya Meal

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• HDFC Bank
• Axis Bank
• Bank of Baroda

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
MPSIDC	20.759	20.759
HDFC Car loan	1.132	0.000
SHORT TERM BORROWINGS
Axis Bank overdraft account	20.454	54.105
HDFC Bank overdraft account	33.804	99.662
Bank of Baroda over draft account	41.773	177.761
Total	117.922	352.287

NOTE:

LONG TERM BORROWINGS

Commercial/Central Sales Tax

Principal amount of Rs. 20.759 millions of deferred sales tax is loan liability payable by the company through MPSIDC. It is secured by charge ranking subsequent to the charge created or to be created in favour of Financial Institutions, Rehabilitation scheme sanctioned by Hon’ble BIFR vide its order dated 04.10.2007, provide settlement in line with settlement with other secured lender of the company, and the relief stand accorded by deemed consent by the Agency. The aforesaid settlement as contained in the Rehabilitation scheme sanctioned by Hon’ble BIFR has not been accepted by the commissioner of commercial Tax .M.P .Indore. Subsequent to that the proposal of the company to settle these dues in light of the Industrial policy 2004 is pending before the state government.

HDFC Bank car loan @ 9.885% are secured by hypothecation of vehicle. The Company has not mad any default as at the reporting date in repayment of installment and interest.

SHORT TERM BORROWINGS

Overdraft accounts against fixed deposit lien with bank.

Banking Relations :	--
Auditors :
Name :	Sodani and Company Chartered Accountant
Address :	2, Ramkrishna Colony, Dewas Road, Ujjain – 456010, Madhya Pradesh, India
PAN.:	AAFFS7590A
Cost Auditors :
Name :	M. Goyal and Coampny Chartered Accountants
Related Party :	Vipro Exim Limited CIN No. U01112MP1995PLC010151 Vippy Spin Pro Limited CIN No. L01710MP1992PLC007043

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Rs.1/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
160577596	Equity Shares	Rs.1/- each	Rs.160.578 Millions

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	160.578	160.578	160.578
(b) Reserves & Surplus	963.380	842.253	726.039
(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)	1123.958	1002.831	886.617
(3) Non-Current Liabilities
(a) long-term borrowings	21.891	20.759	20.759
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	2.500	2.500	19.700
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	24.391	23.259	40.459
(4) Current Liabilities
(a) Short term borrowings	96.031	331.528	210.920
(b) Trade payables	117.043	123.578	194.475
(c) Other current liabilities	10.875	18.235	8.281
(d) Short-term provisions	246.014	200.933	244.495
Total Current Liabilities (4)	469.963	674.274	658.171
TOTAL	1618.312	1700.364	1585.247
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	522.669	572.593	607.158
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	3.458	3.082	10.011
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.260	2.260	2.260
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	8.965	6.954	5.163
(e) Other Non-current assets	8.595	19.167	15.435
Total Non-Current Assets	545.947	604.056	640.027
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	396.656	487.560	479.099
(c) Trade receivables	211.740	148.861	143.727
(d) Cash and cash equivalents	413.140	437.101	291.904
(e) Short-term loans and advances	50.829	22.786	30.490
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1072.365	1096.308	945.220
TOTAL	1618.312	1700.364	1585.247

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	12254.511	9703.446	7647.374
		Other Income	43.734	34.916	21.896
		TOTAL	12298.245	9738.362	7669.270
Less	EXPENSES
		Cost of Materials Consumed	9865.292	8531.683	6708.399
		Purchases of Stock-in-Trade	1286.753	166.319	104.907
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	58.540	(25.912)	(81.999)
		Employees benefits expense	74.580	64.988	54.310
		Other expenses	752.778	750.432	664.632
		TOTAL	12037.943	9487.510	7450.249
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		260.302	250.852	219.021
Less	FINANCIAL EXPENSES		15.647	13.866	20.437
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		244.655	236.986	198.584
Less/ Add	DEPRECIATION/ AMORTISATION		42.644	40.295	38.998
	PROFIT/ (LOSS) BEFORE TAX		202.011	196.691	159.586
Less	TAX		40.357	39.950	32.973
	PROFIT/ (LOSS) AFTER TAX		161.654	156.741	126.613
	Earnings / (Loss) Per Share (Rs.)		1.00	0.98	0.79

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.31	1.61	1.65
Net Profit Margin (PBT/Sales)	(%)	1.65	2.03	2.09
Return on Total Assets (PBT/Total Assets}	(%)	12.53	11.60	10.15
Return on Investment (ROI) (PBT/Networth)		0.18	0.20	0.18
Debt Equity Ratio (Total Debt/Networth)		0.10	0.35	0.26
Current Ratio (Current Asset/Current Liability)		2.28	1.63	1.44

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	160.578	160.578	160.578
Reserves & Surplus	726.039	842.253	963.380
Net worth	886.617	1002.831	1123.958
long-term borrowings	20.759	20.759	21.891
Short term borrowings	210.920	331.528	96.031
Total borrowings	231.679	352.287	117.922
Debt/Equity ratio	0.261	0.351	0.105

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	7647.374	9703.446	12254.511
		26.886	26.290

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	7647.374	9703.446	12254.511
Profit	126.613	156.741	161.654
	1.66%	1.62%	1.32%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	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	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80066990	29/03/1975	300,000.00	M P FINANCIAL CORPORATION	A B ROAD, , INDORE, Madhya Pradesh - 452001, INDIA	-

GENERAL INFORMATION

Subject is a manufacturer of De oiled cake (DOC) and Edible Refined oil from soyabean seed through solvent extraction method.

The Company's manufacturing facilities are located at 28, Industrial Area, A.B. Road, Dewas, Madhya Pradesh

OPERATIONALPERFORMANCE

The Company recorded a turnover of 12298.200 millions during the year 2012-13 as compared to Rs.9738.300 millions during the previous financial year and this represents a 26.29 % increase compared to previous financial year.

The Company achieved Earning before Finance Cost, Depreciation and Tax of Rs. 260.200 millions for the year 2012-13 against Rs. 250.800 millions in the previous financial year and this represents a 3.75% increase compared to previous financial year. The Profit after tax of Rs. 161.700 millions during the year 2012-13 against Rs. 156.700 millions in the previous year and this represents a 3.19% increase compared to previous financial year.

AWARDS

¨ Company received Bhama Shah Puraskar from Commercial Tax Department for 3rd highest commercial tax deposit.

¨ Company has been awarded Food Safety System Certificate (FSSC) ISO 22000-2010 from Bureau VERITAS Certification.

¨ Company has been awarded GMP + Feed Safety Assurance Certificate from Control Union Certifications.

MANAGEMENTDISCUSSION AND ANALYSIS REPORT

ECONOMY-OVERVIEW

Global economic prospects have improved again but the road to recovery in the advanced economies will remain bumpy. World output growth is forecast to reach3¼ percent in 2013 and 4 percent in 2014. In advanced economies, activity is expected to gradually accelerate, starting in the second half of 2013. Private demand appears increasingly robust in the United States but still very sluggish in the euro area. In emerging market and developing economies, activity has already picked up steam.

The Indian Economy has experienced its worst slowdown in a decade and the year 2012-13 was challenging year for the economy. The things were bad, but they were not so bad for India Inc. Indian business is now slowly taking a turn for better. A Government trying hard to revive the Economy, moderating inflation, and softening interest rates. Only China and Indonesia are growing faster than India in 2012-13. And in 2013-14, if India grow at the rate projected by many forecasters, only China will grow faster than India in the world. India, only next to China in attracting investments, provides exciting opportunities to people willing to start new business. India, a BRIC nation, has been considered a one of the most favourable countries for doing business in the world at present. Ample manpower, cost competitiveness apart from other factors have led many corporates to Indian shores to do business. The Indian Economy likely to grow at 6.1% to 6.7% in the year 2013-14 from 5% in the previous year 2012-13 as per the Economic Survey of Govt. of India.

INDUSTRYSTRUCTURE AND DEVELOPMENTS

India is the world's fourth largest edible oil economy, after USA, China and Brazil. India, the world's biggest Vegetable oil importer after China, buys almost half of its annual consumption, including palm oil from Malaysia and Indonesia and soya oil from Brazil and Argentina, olive oil from Spain, Italy, Turkey and Greece. According to the Industry estimates, the consumption of edible oil expected to increase from the current level to over 21 Million MT by the year 2015. Due to lower domestic supply, the import of edible oil will rise to meet the demand supply gap. Indian soybean extractions has a high profat (protein and fats) content (49% - 50%) as compared to a (44 48%) profit content of China and American countries and is very well accepted in the international market. Japan, South East Asia (Vietnam, Thailand, Indonesia, Philippines, Singapore, Malaysia, Cambodia, Myanmar), Taiwan, China, South Korea and Middle East countries are major markets for Indian soybean meal. Solvent-extracted soybean meal is major part of the total oil meals export from India.

The main business of the Company is processing of soya seeds and refining of soya oil for edible propose. The company also produces Lecithin, Soya Meal and Soya Flour, Soya TVP, and varieties of Soya products.

FUTURE OUTLOOK

The demand of soya oil is continuously increasing in India due to high growth in income levels, increasing trend in spending and better living standards. The Demand of soya value added products is continuously increasing in food industry speedily.

The consumption of edible oil in packaged form given tremendous business opportunities to expand business volume in retail segment. The company, significantly strengthening business process for quality, scalability, sustainability and visibility in the area of branded products. The company is expanding its distribution channels across the country, broad base its products range and invest in brand position/promotion programs to achieve the objective. The Indian soya meal being processed from Non Genetically Modified (Non GMO) soya seed, gives a value advantage in India as well rest of the World. The company is continuously striving and shuffling its products mix to establish itself as a producer of Non- GMO soya value added products not only in the India but in the global area, the company strategically transforming itself to be recognized name in soya products and show its presence in Indian Market as well as International Market.

FIXED ASSETS

œ Land

œ Lease Hold Land

œ Plant and Machinery

œ Furniture and Fixture

œ Vehicles

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31^ST DECEMBER, 2013

(Rs. In Millions)

		Particulars	Quarter Ended		Nine Month
			31.12.2013	30.09.2013	31.12.2013
1	a) Net Sales/Income from Operations (net of excise duty)		3672.500	2890.100	8213.600
	b) Other Operating Income		0.000	0.000	0.000
	Total Income from Operations (Net)		3672.500	2890.100	8213.600
2	Expenses
	a)	Cost of Materials consumed	3070.300	2413.900	6930.400
	b)	Purchase of stock in-trade	362.200	190.300	768.000
	c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	(76.200)	45.500	(183.900)
	d)	Employee benefit expenses	19.800	19.700	59.300
	e)	Depreciation and amortization expense	11.200	11.100	33.100
	f)	Other expenses	245.600	176.700	525.900
	Total Expenses		3632.900	2857.200	8132.800
3		Profit /(Loss) from operations before other income, finance costs and exceptional items (1-2)	39.600	32.900	80.800
4	Other Income		21.700	13.500	46.500
5		Profit /(Loss) from ordinary activities before finance costs and exceptional items (3+4)	61.300	46.400	127.300
6	Finance Costs		11.000	3.800	15.900
7		Profit /(Loss) from ordinary activities after finance costs but before exceptional items (5-6)	50.300	42.600	72.100
8	Exceptional Items		44.500	0.000	44.500
9	Profit /(Loss) from ordinary activities before tax		5.800	42.600	66.900
10	Tax Expense		1.200	9.100	14.000
11	Net Profit /(Loss) from ordinary activities after tax (9-10)		4.600	33.500	52.900
12	Extraordinary items (net of tax expense)		0.000	0.000	0.000
13	Net Profit /(Loss) for the period (11-12)		4.600	33.500	52.900
14	Paid up equity share capital (Eq. shares of Rs.10/- each)		160.600	160.600	160.600
15	Reserve excluding revaluation reserves
16		Earnings per share (before/after extraordinary items) of Rs.10/- each
		Basic	0.03	0.21	0.33
		Diluted	0.03	0.21	0.33
A		PARTICULARS OF SHAREHOLDING
1		Public Shareholding
		- No. of Shares	6902612	6902612	6902612
		- Percentage of Shareholding	4.30%	4.30%	4.30%
2		Promoters and promoter group shareholding
		a) Pledged/Encumbered
		- Number of shares	Nil	Nil	Nil
		- Percentage of shares ( as a % of the total shareholding of the 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	153674984	153674984	153674984
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	100.00%	100.00%	100.00%
		- Percentage of shares (as a % of the total share capital of the Company)	95.70%	95.70%	95.70%

	Particulars		Quarter ended 31.12.2013
B		Investor Complaints
		Pending at the beginning of the quarter	0
		Received during the quarter	11
		Disposed during the quarter	11
		Remaining unresolved at the end of the quarter	0

1. The above results were considered by the Audit Committee at its meeting held on 12th February, 2014 and were taken on record by Board of Directors in its meeting held on 12th February,2014.The Auditors have carried out the Limited Review of the above financial results

2. Provision for Income tax has been made after set off of MAT Credit.

3. The Company operates in only one segment and hence, no segment reporting is required

4. A Rehabilitation Scheme has been sanctioned by Hon'ble BIFR vide its order date 04.10.2007 and it is under implementation

5. The Company had contracted for purchase and sale of cotton seed oil on National Spot Exchange Limited (NSEL). Goods having sale value of Rs. 93.600 millions were stored in warehouse nominated by NSEL. The Company has recovered Rs.4.600 millions from NSEL and though NSEL has issued assurances over last 5 months that the balance amount will be paid, the Company has sought legal advice to ascertain legal action against one or more counter parties. In view of ongoing enquiries on the part of the Company, as an ad-hoc measure, the Company has made Provision for Doubtful Recoveries of Rs.44.500 millions (50% of the balance amount). The Company will take a final view in the matter on receipt of legal advice. The Provision for Doubtful Recoveries has been disclosed in the statement of financial results under the line item exceptional items.

6. The Non promoter holding of Equity Shares is less than the stipulated minimum due to issue of equity shares to promoters of the Company in terms of Rehabilitation Scheme sanctioned by Hob'ble BIFR vide its Order Date 4.10.2007. SEBI vide its Order Date 04.06.2013 issued certain restrictions on the Company, its promoters and directors and issued a show cause notice in relation to the compliance not being met by the Company with requirement of Minimum Public Shareholding. The company has submitted reply against the order and show cause notice to SEBI. The Hon’ble BIFR during the hearing held on 10.06.2013 in Miscellaneous Application filed by the company has stayed the operation of the aforesaid SEBI's Order Date 04.06.2013 in relation to Subject. The Company had filed separate Miscellaneous Application before Hon'ble BIFR to seek permission for providing exit to public shareholders of the Company by purchase of such shares by promoters ,and delisting of Company shares from Stock Exchange, to be effected in terms of regulation 3(2) of SEBI(Delisting of Equity shares) Regulations,2009.The Hon’ble BIFR vide its order dated 19.12.2013 permitted the promoters of the company to purchase 4.3% of public shareholding at the rate of Rs. 7.21 per equity share from public shareholders and delisting of shares from Stock Exchange(s) where the equity shares are presently listed in terms of Regulation 3(2) of SEBI (Delisting of Equity Shares) Regulations, 2009. The Hon'ble BIFR vide its aforesaid order has approved the inter-alia structural procedure to be followed for deleting of shares.

7. Public Announcement for delisting offer was published on 11.02.2014 in Business Standard (English and Hindi) and Mumbai Lakshadeep( Marathi) in accordance with structural procedure approved by Hon'ble BIFR. The offer letter along with application form are being sent to shareholders independently.

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] 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.61.12
UK Pound	1	Rs.102.70
Euro	1	Rs.84.52

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	SUM
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.