MIRA INFORM REPORT

Report Date :

22.12.2014

IDENTIFICATION DETAILS

Name :	SAYAJI INDUSTRIES LIMITED MAIZE PRODUCTS (A DIVISION OF SAYAJI INDUSTRIES LIMITED)
Registered Office :	P.O. Kathwada Maize Products, Ahmedabad – 382430, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	30.01.1941
Com. Reg. No.:	04-000471
Capital Investment / Paid-up Capital :	Rs.7.900 Million
CIN No.: [Company Identification No.]	L99999GJ1941PLC000471
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	AHMS00665A/ AHMS07196A
PAN No.: [Permanent Account No.]	AADCS0861R
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer, Exporter and Importer of Starch and Derivatives.
No. of Employees :	1200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is a well-established company having satisfactory track record. The ratings takes into account the established track record of more than seven decades of the company in manufacturing starch and its derivatives and a diversified product profile, strong and reported clientele base of the company, steady growth in operating income and low working capital intensity. Trade relations are reported as fair. Business is active. Payments are usually correct. The company can be considered 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.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term loan = BBB-
Rating Explanation	Moderate degree of safety and high credit risk.
Date	April, 2014

Rating Agency Name	ICRA
Rating	Letter of credit = A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	April, 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. Verma
Designation :	Senior Executive Marketing
Contact No.:	91-79-22901581
Date :	20.12.2014

LOCATIONS

Registered Office / Factory:	P.O. Kathwada Maize Products, Ahmedabad – 382430, Gujarat, India
Tel. No.:	91-79-22901581 / 82 / 83 / 84 / 85
Mobile No.:	91-9898032023 (Mr. Deora)
Fax No.:	91- 79-22902424/ 22901013
E-Mail :	rhs@maizeproducts.com njd@maizeproducts.com sales@maizeproducts.com
Website :	www.maizeproducts.com
Area :	507000 sq. m
Location :	Owned

DIRECTORS

As on 31.03.2014

Name :	Mr. Priyam Bipinbhai Mehta
Designation :	Managing director
Address :	Bipin Nivas, Panchvati, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	01.01.1964
Qualification :	Graduate
Date of Appointment :	12.08.2008
PAN No.:	ABAPM7126N
DIN No. :	00030933
Name :	Mr. Varun Priyam Mehta
Designation :	Whole-time director
Address :	Bipin Nivas, Panchvati, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	29.06.1986
Qualification :	Graduate
Date of Appointment :	16.01.2010
PAN No. :	AKEPM9196M
DIN No. :	00900734
Name :	Mr. Vishal Priyam Mehta
Designation :	Whole-time director
Address :	Bipin Nivas, Panchvati, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	14.12.1986
Qualification :	Graduate
Date of Appointment :	26.07.2011
PAN No. :	APVPM4361C
DIN No. :	02690946
Name :	Mr. Mahendrabhai Natvarlal Shah
Designation :	Director
Address :	2 Walkeshware Society, Ambawadi, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	02.02.1934
Qualification :	Chartered Accountant
Date of Appointment :	26.07.2014
DIN No. :	00021194
Name :	Mr. Gaurang Kantilal Dalal
Designation :	Additional director
Address :	3, Ashani Society, Behind Aristovilla, Jodhpur, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	18.05.1952
Qualification :	Doctor
Date of Appointment :	26.07.2014
DIN No. :	00040924
Name :	Mr. Janak Dinkar Desai
Designation :	Director
Address :	11, Heritage Residency Thaltej, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	13.04.1958
Qualification :	Doctor
Date of Appointment :	26.07.2014
DIN No. :	02565216
Name :	Mr. Chirag Mahendrabhai Shah
Designation :	Additional director
Address :	2, Walkeshwara Society, Ambawadi, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	27.07.1958
Qualification :	Chartered Accountant
Date of Appointment :	26.07.2014
DIN No. :	00021298
Name :	Sujata Priyambhai Mehta
Designation :	Additional director
Address :	Bipin Nivas, Panchvati, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	03.12.1962
Date of Appointment :	26.07.2014
PAN No. :	AABPM0160C
DIN No. :	00037746

KEY EXECUTIVES

Name :	Mr. Verma
Designation :	Senior Executive Marketing
Name :	Mr. Rajesh H. Shah
Designation :	Company Secretary
BOARD COMMITTEES :
AUDIT COMMITTEE :
Name :	Chirag M. Shah
Designation :	Chairman
Name :	Priyam B. Mehta
Designation :	Managing director
Name :	Vishvajit M. Mehta
Designation :	Directors
Name :	Gaurang K. Dalal
Designation :	Director
NOMINATION AND REMUNERATION COMMITTEE :
Name :	Mahendra N. Shah
Designation :	Chairman
Name :	Chirag M. Shah
Designation :	Chairman
Name :	Janak D. Desai
Designation :	Director
STAKEHOLDERS RELATIONSHIP COMMITTEE :
Name :	Mahendra N. Shah
Designation :	Chairman
Name :	Gaurang K. Dalal
Designation :	Director
Name :	Varun P. Mehta
Designation :	Director
Name :	Vishal P. Mehta
Designation :	Director
CORPORATE SOCIAL RESPONSIBILITY COMMITTEE :
Name :	Varun P. Mehta
Designation :	Chairman
Name :	Gaurang K. Dalal
Designation :	Director
Name :	Janak D. Desai
Designation :	Director

MAJOR SHAREHOLDERS

As on 31.03.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Sujata Priyam Mehta	14221	18.00
C.V. Mehta Private Limited	11994	15.18
Priyam Commercial Enterprises Private Limited	10705	13.55
Priyam B. Mehta	9115	11.54
Bini Commercial Enterprises Private Limited	5740	727

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Starch and Derivatives.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Africa Kenia Uganda Nigeria
Imports :
Products :	Spare Parts
Countries :	Germany
Terms :
Selling :	Cash and Advance Payment 30 Days
Purchasing :	Advance Payment, L/c and Credit 30 Days

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Gujarat Mining Development Corporation Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Colgate Limited, Mumbai, Maharashtra, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

1200 (Approximately)

Bankers :

· Punjab National Bank, Vanijya Bhavan Branch, Vanijya Bhavan, Kankaria, Ahmedabad - 380022, Gujarat, India

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India

• Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point,, Mumbai - 400021, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan
From Banks and Financial Institution	98.861	157.702
SHORT TERM BORROWINGS
Working Capital Loans	249.311	276.962
Total	348.172	434.664
Note: 1. Term loan from Punjab National Bank of Rs.9.994 Million (Previous year Rs. 29.994 Million) is collaterally secured by hypothecation of plant and machineries of Kathwada Unit excluding specific plant and machinery, if any, purchased and/or to be purchased under any scheme of financial institution/bank and other assets excluded for the charge and also by mortgage of land and building of Kathwada Unit. This loan is repayable in 20 equal quarterly instalments. 2. Term loans from HDFC Bank of Rs.64.819 Million (Previous year Rs. 84.913 Million) are secured by way of equitable mortgage of the building at Mumbai. The said loan is repayable in 20 equal quarterly instalments. 3. Term Loan of Kotak Mahindra Bank of Rs.70.000 Million (Previous Year Rs. 90.000 Million) is secured by way of Equitable mortgage of building in Mumbai. The said loan is repayable in 20 equal quarterly instalments. 4. Vehicle loans from Banks & Financial Institution amounting to Rs.12.910 Million (Previous year Rs.22.252 Million) are secured by way of hypothecation of respective motor vehicles purchased. The said loans are repayable in 36 equal monthly instalments.

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Ahmedabad, Gujarat, India
Memberships :	Not Available
Collaborators :	Not Available
Joint Venture Company :	Sayaji Sethness Limited
Entities under Common Control:	C. V. Mehta Private Limited Bini Commercial Enterprises Private Limited Priyam Commercial Enterprises Private Limited N.B. Commercial Enterprises Private Limited Viva Tex Chem Private Limited Varun Travels Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/-each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
79000	Equity Shares	Rs.100/-each	Rs.7.900 Million

Note:

1. Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

	Opening Balance	Fresh Issue	Closing Balance
Equity Shares with voting rights
Year Ended 31st March, 2014
- Number of Shares	79000	---	79000
- Amount (Rs.)	7900000	---	7900000

2. Details of Shareholders holding more than 5%

Class of Shares/Name of Shareholder	As at 31.03.2014
	Number of Shares held	% holding in that class of Shares
Equity Shares with voting rights
Sujata Priyam Mehta	14221	18.00
C.V. Mehta Private Limited	11994	15.18
Priyam Commercial Enterprises Private Limited	10705	13.55
Priyam B. Mehta	9115	11.54
Bini Commercial Enterprises Private Limited	5740	7.27

3. The Company has issued only one class of shares referred to as Equity Shares having a par value of Rs.100/-.

All Equity Shares carry one vote per share without restrictions and are entitled to Dividend, as and when declared. All Equity shares rank equally with regard to the Company's residual assets.

4. The amount of per share dividend recognized as distributions to Equity Shareholders during the year ended

March 31, 2014 is Rs.150/- (Previous Year Rs.115/-), subject to approval by Shareholders in the ensuing Annual

General Meeting.

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	7.900	7.900	7.900
(b) Reserves & Surplus	387.451	334.662	274.256
(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)	395.351	342.562	282.156
(3) Non-Current Liabilities
(a) long-term borrowings	253.543	311.666	263.040
(b) Deferred tax liabilities (Net)	110.829	99.226	85.164
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	24.532	21.675	29.045
Total Non-current Liabilities (3)	388.904	432.567	377.249
(4) Current Liabilities
(a) Short term borrowings	336.822	306.957	271.266
(b) Trade payables	472.812	684.617	553.353
(c) Other current liabilities	138.149	132.219	86.580
(d) Short-term provisions	86.210	69.268	57.955
Total Current Liabilities (4)	1033.993	1193.061	969.154
TOTAL	1818.248	1968.190	1628.559
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	903.143	832.683	820.591
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	35.138	32.643	13.731
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	15.498	15.139	15.139
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	35.548	43.825	23.318
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	989.327	924.290	872.779
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	237.170	468.669	407.228
(c) Trade receivables	388.767	397.548	303.259
(d) Cash and cash equivalents	17.655	9.909	11.149
(e) Short-term loans and advances	185.329	167.774	34.144
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	828.921	1043.900	755.780
TOTAL	1818.248	1968.190	1628.559

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	4968.312	4737.338	3651.623
	Other Income	4.191	2.997	7.029
	TOTAL	4972.503	4740.335	3658.652
Less	EXPENSES
	Cost of Materials Consumed	2694.089	2597.769	2213.574
	Purchases of Stock-in-Trade	278.663	585.425	6.639
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	58.116	(31.467)	(21.091)
	Employees benefits expense	325.504	257.086	240.643
	Other expenses	1355.444	1127.344	1052.174
	TOTAL	4711.816	4536.157	3491.939
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	260.687	204.178	166.713
Less	FINANCIAL EXPENSES	80.631	78.760	67.110
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	180.056	125.418	99.603
Less/ Add	DEPRECIATION/ AMORTISATION	64.250	60.521	51.700
	PROFIT/ (LOSS) BEFORE TAX	115.806	64.897	47.903
Less	TAX	49.153	(6.138)	17.226
	PROFIT/ (LOSS) AFTER TAX	66.653	71.035	30.677
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	69.959	29.553	18.058
Less	APPROPRIATIONS
	Transfer to General Reserve	50.000	20.000	10.000
	Dividend	11.850	9.085	7.900
	Tax on Dividend	2.014	1.544	1.282
	Total (M)	63.864	30.629	19.182
	Balance Carried to the B/S	72.748	69.959	29.553
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.000	1464.297	1056.943
	Freight	0.000	0.000	0.000
	Insurance
	TOTAL EARNINGS	0.000	1464.297	1056.943
	IMPORTS
	Raw Materials
	Components and Stores parts	10.370	27.036	36.499
	Machineries	3.871	0.000	0.545
	TOTAL IMPORTS	14.241	27.036	37.044
	Earnings / (Loss) Per Share (Rs.)	843.71	899.18	388.32

Expected Sales (2014-2015): Rs.5000.000 Million

The above information has been parted by Mr. Verma (Senior Executive Marketing).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	1.34	1.49	0.84
Operating Profit Margin (PBDIT/Sales)	(%)	5.24	4.30	4.56
Return on Total Assets (PBT/Total Assets}	(%)	6.55	3.38	2.99
Return on Investment (ROI) (PBT/Networth)		0.29	0.19	0.17
Debt Equity Ratio (Total Liability/Networth)		1.49	1.81	1.89
Current Ratio (Current Asset/Current Liability)		0.80	0.87	0.78

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	7.900	7.900	7.900
Reserves & Surplus	274.256	334.662	387.451
Net worth	282.156	342.562	395.351
long-term borrowings	263.040	311.666	253.543
Short term borrowings	271.266	306.957	336.822
Total borrowings	534.306	618.623	590.365
Debt/Equity ratio	1.894	1.806	1.493

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	3651.623	4737.338	4968.312
		29.732	4.876

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	3651.623	4737.338	4968.312
Profit	30.677	71.035	66.653
	0.84%	1.50%	1.34%

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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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

LITIGATION DETAILS:

HIGH COURT OF GUJARAT TAX APPEAL No. 1803 of 2006
Status: PENDING ( Converted from : ST/3300/2006 ) CCIN No : 001092200801295 Next Listing Date: 08/01/2015 Coram: Honorable Mr.Justice Ks Jhaveri Honorable Mr.Justice K.J.Thaker Not Before : HONOURABLE MR.JUSTICE
S.NO.	Name of the Petitioner			Advocate On Record
1	COMMISSIONER OF INCOME TAX			MR NITIN K MEHTA for: Appellant(s)  1
S.NO.	Name of the Respondant			Advocate On Record
1	M/S. SAYAJI INDUSTRIES LTD.			MR MANISH J SHAH for :Opponent(s)  1
Presented On		: 07/11/2006			Registered On		: 07/11/2006
Bench Category		: DIVISION BENCH			District		: AHMEDABAD
Case Originated From		: THROUGH HIS/HER/THEIR ADVOCATE			Listed		: 17 times
StageName		: FOR FINAL HEARING
Classification :		DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA
Act		INCOME-TAX ACT, 1961
Office Details
S. No.	Filing Date	Document Name	Advocate Name			Court Fee on Document		Document Details
1	15/08/2006	VAKALATNAMA	MR MANISH J SHAH ADVOCATE for RESPONDENT(s)  1			-		MR MANISH J SHAH:1
2	15/08/2006	VAKALATNAMA	MS PAURAMIB SHETH ADVOCATE for PETITIONER(s)  1			-		MS PAURAMI B SHETH:1
3	14/05/2012	APPEARANCE NOTE	MS PAURAMIB SHETH ADVOCATE for PETITIONER(s)  1			-		MS PAURAMI B SHETH:1
4	29/01/2014	APPEARANCE NOTE	MR NITIN K MEHTA ADVOCATE for PETITIONER(s)  1			0		MR NITIN K MEHTA(3286) for P:1

Court Proceedings

S. No.	Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
1	27/07/2007	1	-	FOR FINAL HEARING - TAX MATTERS	RULE/ADMIT	HONOURABLE THE CHIEF JUSTICE Y.R.MEENA HONOURABLE MR.JUSTICE AKIL KURESHI
2	16/10/2014	5	386	WARNED LIST - TAX APPEAL	NEXT DATE	HONOURABLE MR.JUSTICE KS JHAVERI HONOURABLE MR.JUSTICE K.J.THAKER
3	03/12/2014	5	84	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE KS JHAVERI HONOURABLE MR.JUSTICE K.J.THAKER
4	08/01/2015	5	84	FOR FINAL HEARING		HONOURABLE MR.JUSTICE KS JHAVERI HONOURABLE MR.JUSTICE K.J.THAKER
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgment	Questions	Transferred
1	TAX APPEAL/1803/2006	HONOURABLE THE CHIEF JUSTICE Y.R.MEENA HONOURABLE MR.JUSTICE AKIL KURESHI	27/07/2007	N	ORDER	-	Y
Certified Copy

S. No.	Applicant Name	Application Type	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MR MANISH R BHATT	ORDINARY	30/07/2007	O/40053/2007	27/07/2007	08/08/2007	09/08/2007	Delivered	ORDER

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10367927	25/07/2012	100,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, MUMBAI, Maharashtra - 400021, INDIA	B44651651
2	10021607	29/09/2006	80,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	A05367693
3	10007887	04/02/2013 *	180,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B69523868
4	80005786	17/09/2014 *	441,500,000.00	Punjab National Bank	Vanijya Bhawan Branch, Vanijya Bhawan, Kankaria, Opp. D B School,, Ahmedabad, Gujarat - 380022, INDIA	C25761206
5	80005787	17/09/2014 *	441,500,000.00	Punjab National Bank	Vanijya Bhawan Branch, Vanijya Bhawan,, Kankaria, Opp. D B School,, Ahmedabad, Gujarat - 380022, INDIA	C25761032

FUTURE OUTLOOK:

With less than normal rains projected in the current year, your directors expect that the price of all inputs like maize, coal, chemicals, electricity etc. may be substantially higher. Your Directors are, however hopeful that the company would be able to improve its profitability by getting better price realization for its products, change in the product mix, further improvement in technical efficiency and continued application of stringent cost cutting measures at all levels.

With installation of new equipment’s, de-bottlenecking, automation of the existing production processes and improvement in effluent treatment facilities, your directors expect that the company would be able to increase the grinding activity as compared to previous years. By doing so your company will be able to achieve a higher top line and improved bottom line in the years to come.

MANAGEMENT DISCUSSION AND ANALYSIS

INDIAN ECONOMY

As per estimate of organization for economic cooperation and development (OECD) Indian economy is poised to inch up by 4.9% in 2014 and is expected to gain momentum with a stable government at centre after the general elections . The said estimate by OECD is higher than the growth for the year 2013.

It is also estimated by Confederation of Indian Industries (CII) that Indian economy can grow well over 6% this

fiscal which can inch up to 8% in the next two years with stable government at the centre which is expected to carry out systemic reforms. CII was of the opinion that growth slowdown and high inflation adversely impacted the employment generation and it expects the new government to concentrate on reviving growth to generate new jobs.

STARCH INDUSTRY – AN OVERVIEW

GLOBAL STARCH MARKET

Global starch consumption is projected to reach 133.5 million metric tons by the year 2018, driven primarily by the diversity and sheer number of end-use applications in both food and non-food industries, according to a new report from market researcher Global Industry Analysts, Inc. (GIA).

According to “Starch: A Global Strategic Business Report” economic recovery, rise in per capita consumption, and growing demand for starch products from developing nations translates into a bright outlook for the sector. Starch end-use applications have grown in number over the years, and now include diverse applications ranging from food and beverages to medicine, cosmetics, pharmaceuticals and more.

Growing consumption of liquid starches and modified starches has been one of the key reasons behind the quick recovery of the market post-recession. With the global economy gradually improving and resulting in an increased intake of processed and convenience foods, the market for modified starch, which finds substantial usage in these food applications, is finding increased demand, thereby driving the overall market at a CAGR of more than 7% till 2018.

YEAR IN RETROSPECT

Their directors are very pleased to report that during the year under review, the revenue from operations (gross) of your company has increased to Rs.5310.433 Million from Rs.5076.305 Million. There has been increase in the input costs during the year under review. However, with better price realization of finished products, better product mix, improved technical parameters and application of stringent cost cutting measures, your company has been able to increase the profitability. The operating profit of the company is Rs.260.687 Million as against Rs.204.178 Million in the previous year. The Gross Profit of the Company stands at Rs.180.056 Million as against. Rs.125.418 Million in the previous year. During the year under review, the profit before tax of the company increased by 78% from Rs.64.897 Million to Rs.115.806 Million and the net profit after tax (without considering the write back of MAT credit of current year and earlier years) increased by 76% from Rs.37.835 Million to Rs.66.653 Million.

With effect from August, 2013 your company has discontinued its arrangement with Yashwant Sahakari Glucose Karkhana Limited. The company is in the process of giving effect to the terms of agreement entered into with Yashwant Sahakari Glucose Karkhana Limited on such discontinuation of the arrangement.

BUSINESS OUTLOOK

The company continues to remain one of the market leaders in the starch industry. The products of the company are very well accepted in local and international markets due to its quality and applications. There has been continuous increase in the maize grinding activity of the company. The company is planning to increase its activity to approx. 650 Tons/ day during this year and utilise such increased facility for production of high margin products.

COMPANY PERFORMANCE AND ANALYSIS

1. Net Sales of the company has increased in terms of both quantity and value as compared to previous year.

2. Export of the company has been Rs.15.692 Million during the year under review.

3. Profitability of the company has increased despite of increase in the input costs due to stringent cost cutting measures, increased productivity from debottlenecking, automation, better product mix and better price realization of finished products.

4. Despite of increase in the turnover of the company the credit period has been reduced due to efforts on the part of sole selling agents of the company.

5. The company enjoys highest health code from its bankers for many years which has enabled it to borrow at a comparatively lower costs.

6. EPS of the company works out to Rs.843.71.

UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED ON 30TH JUNE, 2014

Particulars	Quarter Ended
	30.06.2014
	Unaudited
Income from Operations
Net Sales / Income from Operations	1142.520
Other Operating Income	6.158
Total Income from Operations (net)	1148.678
Expenditure
Cost of materials consumed	579.144
Purchase of stock in trade	---
Changes in inventories of finished goods, work-in-progress and stock-in-trade	30.853
Employee benefits expense	90.384
Depreciation and amortisation expense	16.747
Power and Fuel	89.002
Other expenses	289.766
Total Expenses	1095.896
Profit from Operations before Other Income and Finance Costs	52.782
Other Income	0.825
Profit before finance costs	53.607
Finance Costs	15.212
Profit before exceptional items	38.395
Exceptional Items	---
Profit Before Tax	38.395
Tax Expenses	14.360
Net Profit after Tax	24.035
Extraordinary Items	---
Net Profit / (Loss) for the period	24.035
Paid up Equity Share Capital [Face Value - Rs.100 per share]	7.900
Reserves excluding Revaluation Reserves	---
Basic and diluted EPS (before extraordinary items) (of Rs.100/-each) [Not annualised]	304.24
Basic and diluted EPS (after extraordinary items) (of Rs.100/-each) [Not annualised]	304.24
PARTICULARS OF SHAREHOLDING
Public Shareholding
- Number of Shares	19759
- Percentage of Shareholding	25.01
Promoters and Promoter Group Shareholding
a) Pledged/Encumbered
- Number of Shares	Nil
- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	Nil
- Percentage of Shares (as a % of the Total Share Capital of the Company)	Nil
b) Non Encumbered
- Number of Shares	59241
- 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)	74.99

PARTICULARS	For the quarter ended 30^th June 2014
B INVESTORS COMPLAINTS
Pending at the beginning of the quarter	NIL
Received during the quarter	3
Disposed during the quarter	3
Remaining unresolved at the end of the quarter	NIL

Note:

1.The above results have be n reviewed by audit commit e and thereafter approved by the Board of Directors at their respective me tings held on August 8, 2014 and a limited review of the same has been carried out by the Statutory Auditors of the Company.

2. The Company operates in only one business segment i.e. corn wet milling. Accordingly, no further financial information for business segment is required to be given.

3. The figures for the previous periods have be n re-classified/re-grouped/re-arranged wherever necessary to confirm to cur ENT quarter presentation.

4. The figures for the previous quarter (i.e. three months ended March 31, 2014) are the balancing figures between audited figures in respect of the full financial year ended March 31, 2014 and the year to date figures up to the period ended December 31, 2013.

5.Effective from 1st April, 2014, the Company has charged depreciation based on the remaining useful life of the assets as per the requirements of Schedule II of the Companies Act, 2013 (“the act”). Consequent to this depreciation charge for the quarter ended on 30^th June, 2014 is higher by Rs. 0.276 Million. In accordance with transitional provisions provided in Note 7(b) of Schedule II of the Act, an amount of Rs. 6.100 Million (net of deferred tax) has been adjusted against the opening balance of retained earnings in respect of assets wherein the remaining useful life of the assets is Nil.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Fixed Deposits	85.832	69.614
Deposits from related parties	68.850	84.350
SHORT TERM BORROWINGS
Deposits from related parties	0.000	2.500
Fixed Deposits	32.675	27.495
Purchase bill discounting	54.836	0.000
Total	209.518	156.464

Note:

Working Capital loans are secured by hypothecation of stock of stores, stock-in-trade including stock meant for exports and book debts present and future and collaterally secured by hypothecation of plant & machineries of

Kathwada Unit excluding specific plant and machinery, if any, purchased and/or to be purchased under any scheme of financial institution/bank and other assets excluded for the charge and also by mortgage of land and building of Kathwada Unit.

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Office Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.17
UK Pound	1	Rs.98.85
Euro	1	Rs.77.41

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUB
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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 unfavorable 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.