MIRA INFORM REPORT

Report Date :

05.08.2014

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) :	31.03.2014
Date of Incorporation :	10.02.1976
Com. Reg. No.:	11-136836
Capital Investment / Paid-up Capital :	Rs. 277.534 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 :	Manufacturer and Exporter of Dairy Products and Trader of Agro Commodities
No. of Employees :	45 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 10030000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s established and growing scale of operations in the dairy business marked by sound financial risk profile and adequate liquidity position of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

NOTES:

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

INDIAN ECONOMIC OVERVIEW

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: (BBB)
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	10.02.2014

Rating Agency Name	CARE
Rating	Short term bank facilities: (A3+)
Rating Explanation	Moderate degree of safety and high credit risk
Date	10.02.2014

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Nandkishor
Designation :	Accountant
Contact No.:	91-731-4018009
Date :	04.08.2014

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: 30.03.2013

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 :	Independent Director
Name :	Mr. Vijay Rathi
Designation :	Independent Director

KEY EXECUTIVES

Name :	Mr. Shailesh Kumath
Designation :	Company Secretary
Name :	Mr. Nandkishor
Designation :	Accountant

SHAREHOLDING PATTERN

As on: 30.06.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	4560310	16.43
Bodies Corporate	9498509	34.22
Sub Total	14058819	50.66
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	14058819	50.66
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	19500	0.07
Foreign Institutional Investors	1111175	4.00
Sub Total	1130675	4.07
(2) Non-Institutions
Bodies Corporate	4356681	15.70
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	2759032	9.94
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	644492	2.32
Any Others (Specify)	4803787	17.31
Non Resident Indians	85956	0.31
Overseas Corporate Bodies	4523914	16.30
Clearing Members	6390	0.02
Hindu Undivided Families	151967	0.55
Foreign Nationals	35560	0.13
Sub Total	12563992	45.27
Total Public shareholding (B)	13694667	49.34
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 BELONGING TO THE CATEGORY "PROMOTER AND PROMOTER GROUP"

S.No	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Manish Shahra	5,76,307	2.08	2.08
2	Manish Shahra HUF	68,005	0.25	0.25
3	Nitesh Shahra	4,98,172	1.79	1.79
4	Mriduladevi Shahra	7,44,294	2.68	2.68
5	Suresh Chandra Shahra	4,45,350	1.60	1.60
6	Abha Devi Shahra	2,000	0.01	0.01
7	Usha Devi Shahra	50,000	0.18	0.18
8	Umesh Shahra	40,200	0.14	0.14
9	Savitri Devi Shahra	2,100	0.01	0.01
10	Neeta Shahra	32,100	0.12	0.12
11	Dinesh Shahra	7,000	0.03	0.03
12	Dinesh Shahra HUF	30,000	0.11	0.11
13	Santosh Shahra HUF	65,100	0.23	0.23
14	Vishesh Shahra	27,000	0.10	0.10
15	Kailash Shahra	20,100	0.07	0.07
16	Kailash Shahra HUF	15,000	0.05	0.05
17	Suresh Chandra Shahra HUF	5,46,438	1.97	1.97
18	Bhavna Goel	10,000	0.04	0.04
19	Shewta Shahra	7,02,320	2.53	2.53
20	Madhuri Shahra	6,64,294	2.39	2.39
21	Neha Shahra	14,530	0.05	0.05
22	Mahakosh Papers Pvt Ltd	4,39,100	1.58	1.58
23	Ruchi Acroni Industries Ltd	3,17,600	1.14	1.14
24	APL International Pvt Ltd	12,86,400	4.64	4.64
25	ArandiInvestmentPvt Ltd	34,500	0.12	0.12
26	Shahra Brothers Pvt Ltd	2,55,000	0.92	0.92
27	MahakoshHolding Pvt Ltd	1,21,550	0.44	0.44
28	Ruchi Soya Industires Ltd	4,00,000	1.44	1.44
29	National Steel & Agro Industies Ltd	1,00,000	0.36	0.36
30	Promise Securities Pvt Ltd	16,09,125	5.80	5.80
31	Mahakosh Amusement Pvt Ltd	1,00,000	0.36	0.36
32	VishalWarehousingPvt Ltd	2,50,000	0.90	0.90
33	Shahra Securities Pvt Ltd	5,64,722	2.03	2.03
34	SamradhiReal EstatePvt Ltd	5,00,200	1.80	1.80
35	Deepti Properties Pvt Ltd	4,00,000	1.44	1.44
36	Suman Agritech Ltd	16,58,754	5.98	5.98
37	Neha Resorts & HOTELS Pvt Ltd	14,61,448	5.27	5.27
38	Neeta Shahra (Trustee)	100	0.00	0.00
39	Anik Infotech Pvt Ltd	10	0.00	0.00
	Total	1,40,58,819	50.66	50.66

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

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Lotus Global Investments Ltd	1041116	3.75	3.75
2	Sarthak Global Ltd	568950	2.05	2.05
3	Anandmangal Investments & Fin Pvt Ltd	354400	1.28	1.28
4	BumkinFinance & Investment Pvt Ltd	972201	3.50	3.50
5	Arav Housing & Property DevelopersPvt Ltd	590620	2.13	2.13
6	Mardale Investments Co Ltd	1125520	4.06	4.06
7	TopCommoditiesCommission Agents Ltd	500376	1.80	1.80
8	Clemfield Industries Ltd	2898018	10.44	10.44
9	Jayati Finance & Investment Pvt Ltd	604065	2.18	2.18
10	Teej Impex Pvt Ltd	343632	1.24	1.24
	Total	8998898	32.42	32.42

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

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	CLEMFIELD INDUSTRIES LTD	2898018	10.44	10.44
	Total	2898018	10.44	10.44

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Dairy Products and Trader of Agro Commodities
Brand Names :	ANIK and SOURABH
Exports :
Products :	· Milk · Ghee · Milk Powder · Wind Power Generation
Countries :	· Taiwan · Malaysia · Thailand · Germany · Australia
Imports :
Products :	Raw Material
Countries :	· Indonesia · South Africa · China · Malaysia
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

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 :

45 (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 :

(Rs. In Millions)

Secured Loan	As on 31.03.2014	As on 31.03.2013
Long term borrowings
Term loans from banks	NA	190.105
Other loans from banks	NA	0.000
Less :Amount disclosed under the head Current Maturities of Long Term Debt	NA	(92.631)
Short term borrowings
Working capital loan from banks	NA	856.319
Total	NA	953.793
Note: 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, Dist. Dewas (M.P.) , Kasganj Road, Etah(U.P.), Govindpura , Bhopal units or whereever else, the same may be held or kept. b) Further secured by Equitable Mortgage created over the Land situated at village Bilawali Dist .Dewas (M.P.), 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:	· Shahra Securities Private Limited · Mahadeo Shahra Sukrat Trust · Mahakosh Family Trust · Suman Agritech Limited

CAPITAL STRUCTURE

As on: 31.03.2014

Authorised capital: Not Available

Issued, Subscribed & Paid-up Capital: Rs. 277.534 Millions

As on: 31.03.2013

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. 277.534 Millions

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

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

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	277.534	277.534	277.534
(b) Reserves & Surplus	2230.887	2119.834	2013.191
(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)	2508.421	2397.368	2290.725
(3) Non-Current Liabilities
(a) long-term borrowings	227.999	97.473	195.605
(b) Deferred tax liabilities (Net)	104.603	102.398	98.706
(c) Other long term liabilities	137.313	0.000	0.000
(d) long-term provisions	7.483	8.429	7.951
Total Non-current Liabilities (3)	477.398	208.300	302.262
(4) Current Liabilities
(a) Short term borrowings	1486.329	1918.452	2990.041
(b) Trade payables	4721.285	3636.051	4117.726
(c) Other current liabilities	228.072	213.764	268.530
(d) Short-term provisions	4.342	3.979	4.255
Total Current Liabilities (4)	6440.028	5772.246	7380.552
TOTAL	9425.847	8377.914	9973.539
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1590.421	1468.948	1163.022
(ii) Intangible Assets	0.000	0.029	3.892
(iii) Capital work-in-progress	0.000	25.507	18.230
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.610	1.016	0.708
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	58.772	59.560	51.699
(e) Other Non-current assets	60.700	0.000	0.000
Total Non-Current Assets	1710.503	1555.060	1237.551
(2) Current assets
(a) Current investments	170.490	128.877	246.128
(b) Inventories	1394.911	1339.080	1414.330
(c) Trade receivables	4558.282	3601.341	4436.647
(d) Cash and cash equivalents	700.638	730.356	1624.806
(e) Short-term loans and advances	668.210	757.482	775.838
(f) Other current assets	222.813	265.718	238.239
Total Current Assets	7715.344	6822.854	8735.988
TOTAL	9425.847	8377.914	9973.539

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations (Net)	14435.001	12640.047	16076.963
		Other Income	612.810	401.236	509.979
		TOTAL (A)	15047.811	13041.283	16586.942
Less	EXPENSES
		Cost of materials consumed	3943.189	3209.959	3392.950
		Purchases of Stock-in-Trade	9423.471	8253.226	11382.394
		Changes in inventories of finished goods, work-in-progress and Stock- in-Trade	(52.898)	94.452	162.038
		Employee benefits expense	140.944	122.356	111.051
		Other expenses	832.174	698.461	742.231
		TOTAL (B)	14286.880	12378.454	15790.664
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		760.931	662.829	796.278
Less	FINANCIAL EXPENSES (D)		566.574	474.810	578.724
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		194.357	188.019	217.554
Less/ Add	DEPRECIATION/ AMORTISATION (F)		53.599	57.184	56.409
	PROFIT BEFORE TAX (E-F) (G)		140.758	130.835	161.145
Less	TAX (H)		29.705	24.193	28.707
	PROFIT AFTER TAX (G-H) (I)		111.053	106.642	132.438
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1308.863	1202.221	1069.783
	BALANCE CARRIED TO THE B/S		1419.916	1308.863	1202.221
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on FOB basis	NA	63.185	54.994
		Merchandise trade on FOB basis	NA	829.541	837.263
	TOTAL EARNINGS		NA	892.726	892.257
	IMPORTS
		Purchase of Raw Materials & Finished Goods	NA	2373.902	4387.126
		Merchandise Trade	NA	810.746	820.527
	TOTAL IMPORTS		NA	3184.648	5207.653
	Earnings Per Share (Rs.)		4.00	3.84	4.77

Particulars	31.03.2014
Sales Turnover (Approximately)	14480.000

The above information has been parted by Mr. Nandkishor.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	0.74	0.81	0.80
Net Profit Margin (PBT/Sales)	(%)	0.98	1.03	1.00
Return on Total Assets (PBT/Total Assets}	(%)	1.49	1.57	1.61
Return on Investment (ROI) (PBT/Networth)		0.06	0.06	0.08
Debt Equity Ratio (Total Debt/Networth)		0.68	0.84	1.40
Current Ratio (Current Asset/Current Liability)		1.20	1.18	1.18

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	277.534	277.534	277.534
Reserves & Surplus	2013.191	2119.834	2230.887
Net worth	2290.725	2397.368	2508.421
long-term borrowings	195.605	97.473	227.999
Short term borrowings	2990.041	1918.452	1486.329
Total borrowings	3185.646	2015.925	1714.328
Debt/Equity ratio	1.391	0.841	0.683

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	16076.963	12640.047	14435.001
		(21.378)	14.201

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	16076.963	12640.047	14435.001
Profit	132.438	106.642	111.053
	0.82%	0.84%	0.77%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
Short term borrowings
From banks	NA	500.000
Buyers credit from banks	NA	562.132
Total	NA	1062.132

LITIGATION DETAILS:

Case Details
Bench:-Bombay
Lodging No.:-	CONPL/1/2011	Filing Date:-	06/01/2011
Main Matter

Lodging No.:-		ARBPL/1375/2010		Reg No.:-	ARBP/312/2011
Petitioner:-	MAX BUCK GMBH AND CO KG-		Respondent:-	ANIK INDUSTRIES LTD. AND 3 ORS. -
Petn.Adv:-	ASHWIN SHANKER
District:-	OUTSIDE MAHARASHTRA
Bench:-	SINGLE		Category:-	CONTEMPT MATTER SUIT
Status:-	Pre-Admission		Stage:-	FOR REJECTION (ORIGINAL SIDE MATTERS)
Last Date:-	27/03/2012
Last Coram:-
Act. :	Arbitration and Conciliation Act 1996

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2013
a) Outstanding Bank Guarantees	42.418
b) Income tax / Sales tax/ Excise duty demand disputed in appeal [Net of advance paid Rs. 27.486 millions against disputed demand]	59.291
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	Nil
e) Claims against the company not acknowledged as debt	54.048
f) Bills Discounting with Banks	24.371

PRESS RELEASE

ANIK IND'S 5-BLN-RUPEE FERRO ALLOY, POWER UNIT COMPLETION IN 2.5 YR

MUMBAI - Anik Industries Ltd is setting up an integrated ferro alloy and power unit at Jhabua in Madhya Pradesh at a total investment of 5 bln rupees, and it is likely to be completed in two-and-a-half-years, company officials said at a press meet today.  

The company will execute the project, which marks its foray into ferro alloy-manufacturing, in two phases. The Indore-headquartered company has diversified business interests, primarily in dairy products and mining of minerals.    

In the first phase, the company would invest 1.5 bln rupees to set up 20 MW of power generation capacity and 36,000 tn per year of ferro alloy capacity by the end of 2010-11 (Apr-Mar), said Executive Director Deepakk Goyal.    

"In the first phase, our equity contribution would be 400.000-450.000 millions
(400-450 mln rupees), which we have raised through warrants issue to promoter group. We have almost tied up the debt and the project would be financially closed by March," Goyal said.

In the second phase, the company would set up 70 MW of power generation capacity and a manufacturing capacity of 100,000 tn per year for ferro alloy and a 500,000 tn per year beneficiation unit.     Of the total 90 MW of power generation capacity being set up in Madhya Pradesh, the company would use 70% for captive use, while the balance would be sold through power supply pacts.     "Approximately 65% of the required manganese ore for the ferro alloy unit shall be sourced from the captive mines," Goyal said.     The company has concession for mining manganese ore in Madhya Pradesh and Maharashtra, he said.

MILK PROCESSING

Anik Industries is planning to expand its milk processing capacity to 1 mln ltr per day by March 2011 from 600,000 ltr per day now.    

"Our expenditure for expansion of milk output capacity is 30 crore (300 mln) rupees in the current financial year. In the next two months, our processing capacity is expected to increase to 800,000 tn," Goyal said.

He also said the company is planning to launch "a number of new dairy products" in the next six months. However, he did not give any specifications. Anik Industries sells milk and a variety of milk and dairy products under the brand name of Anik and Sourabh.     "Currently, our presence is mainly in north and east India. We are planning to expand to western and southern India as well. We are planning to build a milk plant in south India on the Karnataka-Tamil Nadu border, which will cater to the preferences of the local people there," Goyal said.

On product pricing policy, he said, the company will hike prices of its products in tandem with the rise in input cost.

Today, shares of Anik Industries ended flat at 62.25 rupees on the National Stock Exchange, from the previous close. 

FIXED ASSETS

· Land - Free Hold

· Land – Leasehold

· Buildings

· Plant and Machinery

· Office Equipments

· Furniture and Fixtures

· Vehicles

· Trade Mark

· Software’s

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 judgment 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.61.01
UK Pound	1	Rs.102.69
Euro	1	Rs.81.90

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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	--

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