MIRA INFORM REPORT

Report Date :

09.05.2014

IDENTIFICATION DETAILS

Name :	JAIN IRRIGATION SYSTEMS LIMITED
Registered Office :	Jain Plastic Park, N.H. No.6, Bambhori, Jalgaon – 425001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.12.1986
Com. Reg. No.:	11-042028
Capital Investment / Paid-up Capital :	Rs. 909.830 Millions
CIN No.: [Company Identification No.]	L29120MH1986PLC042028
IEC No.:	0388080361
TAN No.: [Tax Deduction & Collection Account No.]	NSKJ00066D
PAN No.: [Permanent Account No.]	AAACJ7163Q
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of micro irrigation systems, piping systems and agro-processed products.
No. of Employees :	7903 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 93000000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. There appears drastic dip in profitability of the company during financial year 2013. However, the rating reflects company’s dominant market position in Micro Irrigation Systems segment supported by well diversified product offering, widespread distribution network and sound general financial position of the company. Trade relations are fair. Business is active. Payment terms are reported to be slow but 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 – 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	30.04.2014

Rating Agency Name	CARE
Rating	Short term bank facilities: A3
Rating Explanation	Moderate degree of safety and high credit risk.
Date	30.04.2014

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 31-03-2012.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-22610011)

LOCATIONS

Registered Office/ Head/ Research and Development Center/ Factory 1 :	Jain Plastic Park, N.H. No.6, Bambhori, Jalgaon – 425001, Maharashtra, India
Tel. No.:	91-257-2258011/ 2260011/ 22
Fax No.:	91-257-2258111/ 2261111/ 22
E-Mail :	jainmumbai@jains.com jisl@jains.com jmt@jains.com
Website:	www.jains.com
Area :	71 Acres
Location :	Owned
Factory 2 :	Dhobikuva, Muvad, Padra, Vadodara, Gujarat, India
Tel. No.:	91-2662-267281/ 267400
Fax No.:	91-2662-267363
E-Mail :	jianbaroda@jains.com
Area :	4 Acres
Location :	Owned
Factory 3 :	Jain Hills, Jain Agri Park, Shirsoli Road, District Jalgaon – 425001, Maharashtra, India
Tel. No.:	91-257-2260033/ 44/ 2260288
Fax No.:	91-257-2261144
E-Mail :	foodpark@jains.com
Area :	236 Acres
Location :	Owned
Factory 4 :	S.No.587 and 588, Village : Kondamadgu, Mandal Bibi Nagar, District Nalgonda – 508126, Andhra Pradesh, India
Tel No. :	91-8685-277302 / 3
Fax No. :	91-8685-277305
Factory 5 :	Site No.258-90, Village Ellaymuthur, Udumalpet, District Coimbatore – 642154, Tamilnadu, India
Tel No. :	91-4252-278401/ 2
Fax No.:	91-4252-278403
E-Mail :	jainudumalpet@jains.com
Factory 6 :	100, Gollapalli, Village Gangadhara Mandal Nellore, District Chittoor – 517125, Andhra Pradesh, India
Tel No. :	91-8572-273703/ 202022/ 273703
Fax No.:	91-8572-273663
E-Mail :	foodchittoor1@jains.com
Factory 7 :	Avalkonda Road, Village Gangadhara, Mandal Nellore, District Chittoor – 517125, Andhra Pradesh, India
Tel No. :	91-8572-273185/ 86/ 273185/ 202033
Fax No.:	foodchittoor2@jains.com
Factory 8:	Plot No. SP-1, Matsya Industrial Area, Alwar – 301030, Rajasthan, India
Tel No. :	91-144-2881173/ 74/ 75/ 99
E-Mail :	jainalwar@jains.com
Factory 9:	Survey No.215, JIDC4, At Post Ghangali, Taluka Sihor, District Bhavnagar – 364240, Gujarat, India
Tel No.:	91-2846-294222/ 225503
E-Mail :	jainbhavnagar@jains.com
Demo and Research and Development Farm 1 :	Jain Hills, P.O. Box: 72, Jalgaon – 425001, Maharashtra, India
Demo and Research and Development Farm 2 :	At. Takarkheda, Post Kadholi, Taluka Erandol, District Jalgaon – 425001, Maharashtra, India
Demo and Research and Development Farm 3 :	Angora Breeding Farm, Village Pirdi, Taluka Mahol, District Kulu, Himachal Pradesh, India
Demo and Research and Development Farm 4 :	Site No. 258-90, Ellaymuthur Village, Udumalpet, District Coimbatore – 642154, Tamilnadu, India
Demo and Research and Development Farm 5 :	Aarogyadham” Kasturba Nisarga Upchar Kendra, Varud Road, Kasturba Health Society, Sevagram, Wardha, Maharashtra, India
Plants in Overseas :	Jain Irrigation Inc. - (Micro Irrigation) 2851, East, Florence Avenue, Fresno, California CA.93721 Jain Irrigation Inc. [Winter Haven, Florida] - P.O. Box 3546, 3857 W. Lake Hamilton Dr. Winter, Haven, FL 33881 Chapin Watermatics, Inc. - (Micro Irrigation) 740, Water street, Water town, NY 13601. Cascade Specialities Inc. - (Onion Dehydration Plant) 1 Cascade Way, Boardman, Oregon 97818, USA NuCedar Mills, Inc.- (Building Products-1000 Sheridan Siding and Trim) Tom Opar, President and CEO, Street, Chicopee, Massachusetts.01022. Sleaford Quality Foods Limited [UK]- Woodbridge Road, East Road Industrial Estate, Sleaford, Lincolushire NG3471X - UK. NaanDanJain Irrigation System Limited [Israel]- (Drip and Sprinkler Irrigation) Post Naan 76829, Israel. NaanDanJain Irrigation System Limited [Australia] - 214-216 Hammond Road Dandenong, Victoria 3175 NaanDanJain Irrigation System Limited [Brazil] - Rua Biazo Vicentin No. 260, Bairro Idade Jardim, P.O. Box 175Leme SP - CEP 13614-330. NaanDanJain Irrigation System Limited [Spain]- P.I. La Redonda, c/XIV nº 26 04710 Santa Maria del 􀃤GUILA – El Ejido Almer􀂿a – ESPA􀃖A NaanDanJain Irrigation System Limited [Chile] - Agrosystems, S.A.Carretera San Martin 16.500, Loteo Industrial Los Libertadores – Colina Jain Sulama Sistemleri Sanayi Ve Ticaret AS. [Turkey] - Krizantem Sokak No. 60, Levent Besiktas Istanbul 343330- Turyey THE Machines SA - Rue de l’industries 5, CH-1462 YVONAND, Switzerland. ProTool AG - Bernstrasse 52, CH-4923 Wynau, Switzerland
Laisioning Office :	7, Kumtha Street, Ballard Estate, Mumbai – 400 001, Maharashtra, India
Tel No.:	91-22-22109090/ 22610011/ 22129090/ 22670011
Fax No.	91-22-22621177/ 22641177
Regional Office and Depot :	Sangli-Kolhapur Road, Post Ankali, Taluka Miraj, District Sangli. - 416415, Maharashtra, India
Tel No.:	91-233-2422100
Fax No.	91-233-2422200
Regional Offices :	Located at · Ferozepur Adilabad Ahmedabad Ahmednagar Amravati Anantapur Aurangabad Bangalore Baramati Bardoli Belgaum Bijapur Bikaner Bilaspur Kutch Buldhana Chamba Chandigarh Chennai Chittoor Cochin Coimbatore Cuddapah Nashik Dehradun Deesa East Godavari Guntur Hamirpur Hyderabad Indore Jalbalpur Jaipur Jalgaon Jhalawad Jhansi Jodhpur Karimnagar Kolkata Kullu Kurnool Latur Lucknow Madurai Sangareddy Nagpur Nalgonda Nanded Vizag Nellore Nizamabad New Delhi Palampur Solapur Vizag Patna Pondicherry Pune Ranchi Ratnagiri Shimla Sendhwa Sirsa Srikakulam Mandi Thane Udaipur Una Vadodara Vijaywada Vishakhapatnam Warangal Mohali
Overseas offices :	Located at: · USA · Europe · Australia · Israel · Sri Lanka · France · Egypt

DIRECTORS

As on 31.03.2013

Name :	Mr. Bhavarlal H. Jain
Designation :	Chairman
Address :	Jain House, 7/8, Suyog Colony, Near Girna Water Tank, Jalgaon – 425002, Maharashtra, India
Qualification :	B. Com., LL.B.
Name :	Mr. Devendra Raj Mehta
Designation :	Director
Date of Appointment:	26.12.2007
Name :	Mr. Ghaneshyam Dass
Designation :	Director
Name :	Mr. Ramesh C.A Jain
Designation :	Director
Address:	6 Umesh Society, N.P. Thakur Road, New Rajpuriabaug, Vile Parle (East) Mumbai – 400057, Maharashtra, India
Qualification:	BA, LLB
Name :	Mrs. Radhika C Pereira
Designation :	Director
Address:	Dodhat Pereira and Associates, 1018, 10^th Floor, Maker Chamber V, Nariman Point, Mumbai – 400021, Maharashtra, India
Qualification:	Bsc. LLB, LLM (Cambridge)
Name :	Mr. Vasant V. Warty
Designation :	Director (Nominee SBI)
Name :	Mr. Arunkumar Jain
Designation :	Direcror
Name :	Mr. Ashok B. Jain
Designation :	Vice Chairman
Address:	Jain House, 7/8, Suyog Colony, Near Girna Water Tank, Jalgaon – 425002, Maharashtra, India
Qualification:	M. Com.
Experience:	30 Years
Date of Appointment :	12.01 1987
Name :	Mr. Anil Bavarlal Jain
Designation :	Managing Director
Address:	Jain House, 7/8, Suyog Colony, Near Girna Water Tank, Jalgaon – 425002, Maharashtra, India
Qualification :	B. Com., LL.B.
Experience:	28 Years
Date of Appointment :	12.01.1987
Name :	Mr. Ajit B. Jain
Designation :	Joint Managing Director
Address:	Jain House, 7/8, Suyog Colony, Near Girna Water Tank, Jalgaon – 425002, Maharashtra, India
Qualification:	B.E.
Experience:	28 Years
Date of Appointment :	11.01.1985
Name :	Mr. Atul B. Jain
Designation :	Director- Marketing
Qualification:	B.Com
Experience:	21 Years
Date of Appointment:	25.08.2009
Name :	Mr. R. Swaminathan
Designation :	Director - Technical
Address:	Jain House, 5/B, Suyog Colony, Near Girna Water Tank, Jalgaon – 425002, Maharashtra, India
Qualification:	B. Tech (Chem)
Experience:	40 Years

KEY EXECUTIVES

Name :	Mr. A.V. Ghodgaonkar
Designation :	Company Secretary
Name :	Manoj L. Lodha
Designation :	President – Banking and Finance
Name :	Mr. Sandeep Savani
Designation :	Account Manager
Audit Committee:	· Mr. Ramesh C A Jain – Member · Mrs. Radhika C Pereira - Member · Mr. Vasant V Warty – Member · Mr. Ghaneshyam Dass – Chairman
Shareholders Grievances Committee:	· Mr. Vasant V Warty – Chairman · Mr. Ajit B Jain – Member · Mr. Ramesh C. A. Jain– Member
Compensation Committee :	· Mr. Ramesh C A Jain – Chairman · Mr. Ashok B Jain – Member · Mr. Ajit B Jain – Member · Mr. Vasant V wsarty – Member · Ms. Radhika Pereira - Member
Operations Review Committee :	· Mr. Ashok B Jain – Chairman · Mr. Anil B Jain – Member · Mr. Ajit B Jain – Member · Mr. R Swaminathan – Member · Mr. Atul B Jain- Member

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	20520575	4.65
Bodies Corporate	106593836	24.14
Sub Total	127114411	28.79
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	127114411	28.79
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	9207589	2.09
Financial Institutions / Banks	583193	0.13
Foreign Institutional Investors	173425770	39.28
Qualified Foreign Investor	49733893	11.26
Any Others (Specify)	1000	0.00
Foreign Financial Institutions / Banks	1000	0.00
Sub Total	232951445	52.76
(2) Non-Institutions
Bodies Corporate	22578536	5.11
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	28092350	6.36
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	4750373	1.08
Qualified Foreign Investor	30000	0.01
Any Others (Specify)	26012209	5.89
Non Resident Indians	1574994	0.36
Clearing Members	7554597	1.71
Trusts	25060	0.01
Employees	2563682	0.58
Foreign Corporate Bodies	14293876	3.24
Sub Total	81463468	18.45
Total Public shareholding (B)	314414913	71.21
Total (A)+(B)	441529324	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	1590654	0.00
Sub Total	1590654	0.00
Total (A)+(B)+(C)	443119978	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of micro irrigation systems, piping systems and agro-processed products.

GENERAL INFORMATION

No. of Employees :

7903 (Approximately)

Bankers :

· Axis Bank Limited, Mumbai

Bank of Baroda, Mumbai

Canara Bank, Jalgaon

DBS Bank Limited, Mumbai

Export Import Bank of India, Mumbai

ICICI Bank Limited, Mumbai

IDBI Bank Limited, Mumbai / Pune

Indian Bank, Mumbai

Rabo Bank International, Mumbai

Standard Chartered Bank, Mumbai

State Bank of India, Mumbai / Jalgaon

State Bank of Patiala, Mumbai

Union Bank of India, Mumbai

Yes Bank Limited, Mumbai

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Term loans
- From banks	1001.800	1837.400
- From financial institutions	11327.870	8321.550
Vehicle loans	41.300	30.940
Current maturities of long term borrowings	(2636.300)	(2461.85)
Loans repayable on demand
- Working capital demand loan	5810.410	3109.000
- Cash credit account	4296.530	6179.410
- Export packing credit	4104.970	1959.40
Total	23946.580	18975.850

Banking Relations :	--
Auditors :
Name :	Haribhakti and Company Chartered Accountants
Address :	42, Free Press House, 4th Floor, 215, Nariman Point, Mumbai - 400021, Maharashtra, India
Solicitors :
Name :	Mulla and Mulla and Craigie and Blunt and Caroe,
Address :	Mulla House, 51, M.G. Road, Fort, Mumbai - 400001, Maharashtra, India
Name :	Solomon and Company
Address :	Calcot House, 3rd Floor, 8/10, M.P. Shetty Marg, (Tamarind Street), Fort, Mumbai – 400023, Maharashtra, India
Wholly owned subsidiaries of JISL Overseas Limited, Mauritius:	· Jain (Europe) Limited, UK Jain (Americas) Inc., USA Jain Overseas BV., Netherland
Subsidiaries of Jain (Americas) Inc, USA:	· Cascade Specialties Inc., USA Jain Irrigation Holding Inc., USA
Subsidiary of Jain Irrigation Holding Corporation :	Jain Irrigation Inc, USA
Wholly Owned Subsidiary of Jain Irrigation Inc, USA :	Point Source Irrigation, Inc., USA
Wholly Owned Subsidiaries of Jain Overseas B V, Netherland :	· JISL Global SA, Switzerland Jain (Israel) BV, Netherland Jain Sulama Sistemleri Sanayi Ve Ticaret Anonim Sirkti, Turkey
Wholly Owned Subsidiaries of JISL Global SA :	JISL Systems SA, Switzerland
Subsidiary of Jain (Israel) BV, Netherland :	Naandan Jain Irrigation Limited, Israel
Subsidiary of JISL Systems SA, Switzerland :	THE Machines SA, Switzerland
Subsidiary of Jain (Europe) Limited UK. :	SQF 2009 Limited
Subsidiary of THE Machines SA, Switzerland :	Pro Tool AG, Switzerland
Subsidiaries of Naandan Jain Irrigation Limited, Israel :	· NaanDan Agro-Pro Limited, Israel NaanDan Jain France Sarl, France NaanDan Jain Australia Pty Limited, Australia NaanDan Do Brasil Participacoes Limited, Brazil NaanDan Jain Industria E Comercio de Equipmentos Limited, Brasil NaanDanJain Mexico, S.A. De C.V. Mexico NaanDan Jain S.R.L., Italy NaanDan Jain Iberica S.C., Spain NaanDan Jain Peru S.A.C, Peru Naan Dan Jain Irrigation Projects S.R.L., Romania
Wholly owned subsidiaries of SQF 2009 Limited :	· Sleaford Food Group Limited, UK Sleaford Quality Foods Limited, UK Arnolds Quick Dried Foods Limited, UK
Joint venture of Naandan Jain Irrigation Limited, Israel Not consolidated in Naandan Jain Irrigation Limited, Israel:	· Dansystems S.A., Chile Naan Sprinklers and Irrigation Systems, INC, USA
Companies / Firms in which director, director’s relatives are Directors/ Partners Companies :	Companies Jain Extrusion and Molding Private Limited Pixel Point Private Limited Jain Vanguard Polybutelyne Limited Labh Subh Securities International Limited Atlaz Technology Private Limited Jain Brothers Industries Private Limited JAF Products Private Limited Cosmos Investment and Trading Private Limited Jalgaon Investment Private Limited Stock and Securities (India) Private Limited Jain Rotfil Heaters Private Limited Timbron India Pvt. Limited Jain e-agro.com India Private Limited Jain Green Energy Limited Aadhunik Hi Tech Agriculture Private Limited Gandhi Research Foundation Kantabai Bhavarlal Jain Family Knowledge Institute Partnership firms Jain Computer and Allied Services Jalgaon Udyog Jalgaon Metal and Bricks Manufacturing Company Proprietorship PVC Trading House Plastic Enterprises Drip and Pipe Suppliers Jain Sons Investments Corporation FIG Consultants Trust Anubhuti Scholarship Foundation Bhavarlal and Kantabai Jain Multipurpose Foundation Trust entities Jain Family Holding Trust Jain Family Investment Trust Jain Family Enterprises Trust Jain Family Investment Management Trust Jain Family Trust Foreign companies Jain Investments and Finance BV., Netherland Jain Overseas Investments Limited, Mauritius
Associate companies:	Sustainable Agro-Commercial Finance Limited

CAPITAL STRUCTURE

AFTER 27.09.2013

Authorised Capital : Rs. 2973.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.924.829 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
926500000	Equity Shares	Rs.2/- each	Rs.1853.000 Millions
5000000	Redeemable Preference Shares	Rs.100/- each	Rs.500.000 Millions
310000000	Differential Voting Rights Equity Shares	Rs.2/- each	Rs.620.000 Millions
	Total		Rs. 2973.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
435619978	Equity Shares	Rs.2/- each	Rs.871.240 Millions
19,294,304	Differential Voting Rights Equity Shares	Rs.2/- each	Rs.38.590 Millions
	Total		Rs. 909.830 Millions

NOTE

Rights, preferences and restrictions attached to equity shares

Each holder of ordinary equity shares is entitled to one vote per share. They have right to receive dividend proposed by the Board of directors and approved by the shareholders in the annual general meeting, right to receive annual report and other quarterly/half yearly/annually reports/notices and right to get new shares proportionately in case of issuance of additional shares by the company.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets

of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of

ordinary equity shares held by the shareholders. The company has a first and paramount lien upon all the ordinary quity shares.

Terms and conditions of differential voting rights (DVR)

The DVR equity shareholders have the same rights as the ordinary equity shares of the company except voting

rights. Every 10 DVR equity shares have one voting right on poll (on show of hands however, they carry 1 vote for

every person voting). Any DVR holder holding less than 10 DVR equity shares hold fractional voting rights. The DVR equity shares have right to receive full dividend, to receive annual report and other information/correspondence from time to time, to receive bonus and/or rights shares of the same class of shares as and when such an issue is made in respect of ordinary equity shares and in the same ratio and terms.

In case of buy back or reduction of capital of ordinary equity shares, the DVR equity shares have right subject to buyback or reduction on the same terms as ordinary equity shares. Further, in case of issue of ordinary equity shares or any other securities or assets to ordinary equity shares in case of amalgamation/demerger/ re-organisation/reconstruction, the DVR equity shares have right to receive DVR equity shares and any other securities/assets as issued to ordinary equity shares. They have right to hold separate class meeting if their rights

are affected in any manner adversely.

During October 2012, the company has raised significant long-term funds of Rs. 3978.700 millions by way of allotment of 49,733,893 ordinary equity shares of Rs. 2 each @ premium of Rs. 78 per share to non promoter group on preferential basis. Consequently, the equity share capital has gone up by Rs. 99.470 millions and security premium account by Rs. 3,879.240 millions. The Company has made application to Reserve Bank of India for allotment of equity shares to Non-resident institutional investors as applicable.

Shareholders holding more than 5% of equity share capital/equity share capital with differential voting rights

Name of the Shareholder	31-Mar-2013
	Ordinary equity shares		DVR
	Number of Shares	Percentage of holding	Number of Shares	Percentage of holding
Jalgaon Investments Private Limited	96,605,000	22.18%	4,830,250	25.03%
Emerging Markets Growth Fund, Inc.	15,812,784	3.63%	974,450	5.05%
MKCP Institutional Investor (Mauritius ) II Limited.	35,154,335	8.07%	--	--

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	909.830	810.360	771.450
(b) Reserves & Surplus	22294.980	17961.280	15723.320
(c) Money received against share warrants	161.810	347.930	347.930
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	23366.620	19119.570	16842.700
(3) Non-Current Liabilities
(a (a) long-term borrowings	11779.270	9979.110	7640.270
(b) Deferred tax liabilities (Net)	1810.050	1709.870	1224.250
(c) Other long term liabilities	25.340	0.000	54.490
(d) long-term provisions	46.150	36.660	39.910
Total Non-current Liabilities (3)	13660.810	11725.640	8958.920
(4) Current Liabilities
(a) Short term borrowings	14211.910	15800.030	12966.460
(b) Trade payables	11688.860	11744.540	10936.230
(c) Other current liabilities	4202.660	4198.750	3484.520
(d) Short-term provisions	329.500	509.850	488.230
Total Current Liabilities (4)	30432.930	32253.170	27875.440
TOTAL	67460.360	63098.380	53677.060
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19584.650	17716.900	14811.090
(ii) Intangible Assets	140.150	141.950	141.650
(iii) Capital work-in-progress	599.060	1773.850	832.600
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	7003.210	4307.400	4032.790
(c (c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1967.260	1720.850	1926.680
(e) Other Non-current assets	1694.750	1075.550	83.100
Total Non-Current Assets	30989.080	26736.500	21827.910
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	11570.430	8011.960	9149.470
(c) Trade receivables	15986.790	20286.080	14818.160
(d) Cash and cash equivalents	1716.940	2811.730	3830.300
(e) Short-term loans and advances	3951.680	2402.390	1809.770
(f) Other current assets	3245.440	2849.720	2241.450
Total Current Assets	36471.280	36361.880	31849.150
TOTAL	67460.360	63098.380	53677.060

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	35109.480	37810.920	33309.010
		Other Income	503.940	312.990	828.280
		TOTAL	35613.420	38123.910	34137.290
Less	EXPENSES
		Cost of materials consumed	21687.810	20540.810	21281.480
		Employee benefit expenses	1737.360	1721.860	1503.210
		Other expenses	7378.420	7253.040	5746.180
		Changes in inventories of finished goods and work in progress	(1294.050)	640.070	(2425.02)
		TOTAL	29509.540	30155.780	26105.850
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		6103.880	7968.130	8031.440
Less	FINANCIAL EXPENSES		4421.970	4234.770	2916.860
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1681.910	3733.360	5114.580
Less/ Add	DEPRECIATION/ AMORTISATION		1195.170	1007.270	839.720
	PROFIT BEFORE TAX		486.740	2726.090	4274.860
Less	TAX		185.680	42.300	1322.270
Less	PRIOR PERIOD ITEMS		0.000	0.800	0.000
	PROFIT AFTER TAX		301.060	2682.990	2952.590
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8340.660	6628.580	4449.240
Less	APPROPRIATIONS
		Transfer to General Reserve	30.110	500.000	300.000
		Transfer to Capital Redemption Reserve	0.000	0.000	23.120
		Proposed preference dividend for the year	0.000	0.000	0.230
		Provision for dividend tax on preference dividend for the year	0.000	0.000	0.040
		Proposed Equity Dividend	227.460	405.180	385.790
		Provision for Dividend Tax on Equity Dividend	38.660	65.730	64.070
	BALANCE CARRIED TO THE B/S		8345.490	8340.660	6628.580
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports (on the basis of bill of lading)	6113.230	6348.290	4920.470
	TOTAL EARNINGS		6113.230	6348.290	4920.470
	IMPORTS
		Raw Materials, Components and Stores and Spares	5010.570	6288.910	7781.150
		Capital Goods	301.130	1858.230	1787.890
	TOTAL IMPORTS		5311.700	8147.140	9569.040
	Earnings Per Share (Rs.)		0.70	6.62	7.75

QUARTERLY RESULTS

PARTICULARS	30.06.2013	30.09.2013	31.12.2013
Type	1^stQuarter	2^nd Quarter	3^rd Quarter
Net Sales	9889.700	8064.200	9624.500
Total Expenditure	8150.800	6823.300	8189.800
PBIDT (Excl OI)	1738.900	1240.900	1434.700
Other Income	52.600	71.300	185.500
Operating Profit	1791.500	1312.200	1620.200
Interest	983.600	970.900	967.000
Exceptional Items	(1126.700)	(865.300)	27.300
PBDT	(318.800)	(524.000)	680.500
Depreciation	335.400	344.300	352.500
Profit Before Tax	(654.200)	(868.300)	328.000
Tax	(189.100)	(218.000)	(10.400)
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	(465.100)	(650.300)	338.400
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	(465.100)	(650.300)	338.400

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.85	7.04	8.65
Net Profit Margin (PBT/Sales)	(%)	1.39	7.21	12.83
Return on Total Assets (PBT/Total Assets}	(%)	0.81	4.78	8.76
Return on Investment (ROI) (PBT/Networth)		0.02	0.14	0.25
Debt Equity Ratio (Total Debt/Networth)		1.11	1.35	1.22
Current Ratio (Current Asset/Current Liability)		1.20	1.13	1.14

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	771.450	810.360	909.830
Reserves & Surplus	15723.320	17961.280	22294.980
Money received against share warrants	347.930	347.930	161.810
Net worth	16,842.700	19,119.570	23,366.620
long-term borrowings	7640.270	9979.110	11779.270
Short term borrowings	12966.460	15800.030	14211.910
Total borrowings	20,606.730	25,779.140	25,991.180
Debt/Equity ratio	1.223	1.348	1.112

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	33309.010	37810.920	35109.480
		13.516	(7.145)

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	33309.010	37810.920	35109.480
Profit	2952.590	2682.990	301.060
	8.86%	7.10%	0.86%

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	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)	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 BOMBAY

CASE DETAILS

BENCH: BOMBAY

Lodging No: WPL/17/2012 Filing Date: 06/01/2012 Reg. No.: WP/185/2012 Reg. Date: 16/01/2012

Petitioner: THE COMMISSIONER OF CENTRAL EXCISE Respondent: M/S. JAIN IRRIGATION

SYSTEMS LIMITED

Petn. Adv : R. ASOKAN (0)

District: MUMBAI

Bench: DIVISION

Status: Pre-Admission Category: WRIT PETITION (TAX)

Next Date: 26/03/2014 Stage: FOR DEIRECTION [ORIGINAL SIDE MATTERS]

Coram:

Act: Central Excise and Salt Act

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10464307	26/10/2013	1,500,000,000.00	THE SOUTH INDIAN BANK LIMITED	289, EMCA HOUSE, S B SINGH ROAD, MUMBAI - 400038, MAHARASHTRA, INDIA	B91170894
2	10458956	17/09/2013	66,538,500.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, MUMBAI - 400005, MAHARASHTRA, INDIA	B89056089
3	10444400	25/07/2013	411,180,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, MUMBAI - 400005, MAHARASHTRA, INDIA	B82776915
4	10434071	22/05/2013	5,686,708.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA - 700046, WEST BENGAL, INDIA	B78398179
5	10433110	22/05/2013	1,016,016,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, MUMBAI - 400005, MAHARASHTRA, INDIA	B77997740
6	10424122	06/05/2013	500,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B74567736
7	10419002	26/07/2013 *	4,831,810,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING. GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	B81801128
8	10415976	21/03/2013	789,000,000.00	CANARA BANK	VISANJI NAGAR, JALGAON - 425001, MAHARASHTRA, INDIA	B72052277
9	10402588	08/02/2013	600,000,000.00	RABO INDIA FINANCE LIMITED	GF/A-03 B, GROUND FLOOR,, BUILDING NO. 9, TOWER A, DLF CYBER CITY, PHASE-III, GURGAON - 122002, HARYANA, INDIA	B67936245
10	10406274	08/02/2013	1,500,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B68929579
11	10406496	29/01/2013	1,561,000,000.00	IDBI BANK LIMITED	IDBI BANK LTD, CBG, 2ND FLOOR, PRIDE HOUSE, UNIVERSITY ROAD, GANESHKHIND, NEAR UNIVERSITY CIRCLE, PUNE - 411016, MAHARASHTRA, INDIA	B68993385
12	10443248	15/12/2012	7,025,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA - 700046, WEST BENGAL, INDIA	B76468966
13	10389316	09/11/2012	700,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B63097737
14	10382902	24/09/2012	531,000.00	CENTRAL BANK OF INDIA	REGIONAL OFFICE, KALA BHAVAN, VIDYUT COLONY, DHULIA ROAD, JALGAON - 425001, MAHARASHTRA, INDIA	B60620572
15	10382878	10/09/2012	2,006,977.00	CENTRAL BANK OF INDIA	REGIONAL OFFICE, KALA BHAVAN, VIDYUT COLONY, DHULIA ROAD, JALGAON - 425001, MAHARASHTRA, INDIA	B60608742
16	10382880	04/09/2012	6,369,295.00	CENTRAL BANK OF INDIA	REGIONAL OFFICE, KALA BHAVAN, VIDYUT COLONY, DHULIA ROAD, JALGAON - 425001, MAHARASHTRA, INDIA	B60609302
17	10374545	03/08/2012	4,270,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA - 700046, WEST BENGAL, INDIA	B57302168
18	10368538	09/07/2012	903,000,000.00	IDFC LIMITED	KRM TOWER, 8TH FLOOR,, NO. 1, HARRINGTON ROAD, CHETPET, CHENNAI - 600031, TAMILNADU, INDIA	B44910925
19	10363111	18/06/2012	100,000,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICES BRANCH, 3 WALCHAND H IRACHAND MARG,BALLARD PIER, MUMBAI - 400001, MAHARASHTRA, INDIA	B42675090
20	10344303	28/03/2012	750,000,000.00	GE CAPITAL SERVICES INDIA	AIFCS BUILDING,IST FLOOR, 1,RAFI MARG,, NEW DELHI - 110001, INDIA	B35828672
21	10352906	21/03/2012	500,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B38658605
22	10352487	13/03/2012	1,000,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B38497913
23	10352908	13/03/2012	1,000,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B38658910
24	10308502	28/09/2011	903,000,000.00	INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED	KRM TOWER, 8TH FLOOR,, NO. 1, HARRINGTON ROAD, CHETPET, CHENNAI - 600031, TAMILNADU, INDIA	B21689567
25	10311557	30/08/2011	750,000,000.00	SICOM LIMITED	SOLITAIRE CORPORATE PARK, BUILDING NO.4, ANDHERI KURLA ROAD, CHAKALA, ANDHERI (EAST), MUMBAI - 400093, MAHARASHTRA, INDIA	B23094006
26	10303480	03/09/2013 *	25,202,800,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNT GROUP II, "THE CAPITAL", A WING, 16TH FLOOR, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA, INDIA	B86077294
27	10290362	06/09/2011 *	1,000,000,000.00	CENTRAL BANK OF INDIA	CORPORATE ACCOUNT GROUP II, "THE CAPITAL", A WING, 16TH FLOOR, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA, INDIA	B20587127
28	10285465	21/04/2011	664,500,000.00	INTERNATIONAL FINANCE CORPORATION	2121 PENNSYLVANIA AVENUE, N.W., WASHINGTON, D C 2 0433, WASHINGTON, - 20433, UNITED STATES OF AMERI CA	B12235453
29	10289273	21/04/2011	664,500,000.00	INTERNATIONAL FINANCE CORPORATION	2121 PENNSYLVANIA AVENUE, N.W., WASHINGTON, D C 2 0433, WASHINGTON, - 20433, UNITED STATES OF AMERI CA	B12235198
30	10280910	15/04/2011	500,000,000.00	AXIS BANK LIMITED	JEEVAN PRAKASH BUILDING, SIR. P. M. ORAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B10644706
31	10211218	17/06/2013 *	841,350,000.00	STANDARD CHARTERED BANK	CRESCENZO, 7TH FLOOR, C-38-39, G- BLOCK, BEHIND MCA CLUB, BKC, BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA, INDIA	B79969432
32	10203974	23/02/2010	691,950,000.00	INTERNATIONAL FINANCE CORPORATION	2121 PENNSYLVANIA AVENUE, N.W., WASHINGTON, D.C. 20433, WASHINGTON, - 20433, UNITED STATES OF AMER ICA	A79871901
33	10203975	23/02/2010	691,950,000.00	INTERNATIONAL FINANCIAL CORPORATION	2121 PENNSYLVANIA AVENUE, N W, WASHINGTON, D.C. 2 0433, WASHINGTON, - 20433, UNITED STATES OF AMERI CA	A79872636
34	10203973	31/05/2011 *	695,550,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTR E COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B16624850
35	10178343	31/05/2011 *	120,525,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTR E COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B16624140
36	10155942	06/05/2009	742,500,000.00	INTERNATIONAL FINANCE CORPORATION	2121 PENNSYLVANIA AVENUE, N. W., WASHINGTON, D.C. 20433, WASHINGTON, - 20433, UNITED STATES OF AME RICA	A61768685
37	10158859	06/05/2009	742,500,000.00	INTERNATIONAL FINANCE CORPORATION	2121 PENNSYLVANIA AVENUE, N W, WASHINGTON, D.C. 2 0433, WASHINGTON, - 20433, UNITED STATES OF AMERI CA	A61768164
38	10129847	26/09/2008	13,600,000.00	CANARA BANK	VISANJI NAGAR, JALGAON, MAHARASHTRA - 425001, INDI A	A50411958
39	10114667	04/07/2008	641,850,000.00	INTERNATIONAL FINANCE CORPORATION	2121 PENNSYLVANIA AVENUE, N.W., WASHINGTON, WASHI NGTON, - 20433, UNITED STATES OF AMERICA	A42436188
40	10114857	04/07/2008	641,850,000.00	INTERNATIONAL FINANCE CORPORATION	2121 PENNSYLVANIA AVENUE, N W, WASHINGTON, D.C. 2 0433, WASHINGTON, - 20433, UNITED STATES OF AMERI CA	A42488700
41	10306942	07/03/2008	320,000,000.00	STANDARD CHARTERED BANK	90, M.G. ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	A70551023
42	10075526	19/10/2007	200,000,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	A26655829
43	10061282	26/07/2007	5,600,000.00	CANARA BANK	VISANAJI NAGAR, JALGAON - 425001, MAHARASHTRA, INDIA	A19517663
44	10065679	07/03/2008 *	210,000,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	A38883344
45	10053625	24/05/2007	500,000,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	A15982119
46	10051530	25/04/2007	150,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	A15371610
47	10038858	07/03/2008 *	354,400,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	A38883435
48	10044639	09/02/2007	100,000,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	A11406402
49	80006684	18/05/2006 *	200,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR - 21,, WORLD TRADE CEN TRE, CUFFE PARADE,, MUMBAI, MAHARASHTRA - 400005, INDIA	-
50	80002834	23/03/2006 *	300,000,000.00	UTI BANK LIMITED	CENTRAL OFFICE : MAKER TOWERS, "F", 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	-
51	80017394	31/01/2005	86,800,000.00	EXPORT IMPORT BANK OF INDIA	WTC, CENTER 1, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	-
52	80017395	31/01/2005	91,200,000.00	EXPORT IMPORT BANK OF INDIA	WTC, CENTER 1, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	-
53	80017392	24/01/2005	48,950,000.00	CINCINNATI EXTRUSION GES MBH	LAXENBURGER STRASSE 246, VIENNA, - 000000, AUSTRIA	-
54	80016022	31/03/2003	40,000,000.00	EXPORT IMPORT BANK OF INDIA	CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	-
55	80016018	31/03/2003	53,800,000.00	EXPORT IMPORT BANK OF INDIA	CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	-
56	80017401	31/03/2003	60,000,000.00	EXPORT IMPORT BANK OF INDIA	WTC, CENTER 1, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	-
57	90378229	10/07/1999	4,000,000.00	BANK OF MAHARASHTRA	COLLAGE CAMPUS BRANCH, NASHIK, MAHARASHTRA, INDIA	-
58	90084818	31/03/1998	9,600,000.00	CENTRAL BANK OF INDIA	317; MAHATMA GANDHI ROAD, PUNE - 411001, MAHARASHTRA, INDIA	-
59	90378126	23/10/1997	4,000,000.00	BANK OF MAHARASHTRA	COLLAGE CAMPUS BRANCH, NASHIK, MAHARASHTRA, INDIA	-
60	80017397	06/10/1997	180,000,000.00	EXPORT IMPORT BANK OF INDIA	WTC, CENTER 1, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	-
61	90136793	04/12/1997 *	106,500,000.00	BANK OF INDIA	MUMBAI CORPORATE BANKING BRANCH, M.G. ROAD, MUMBAI - 400023, MAHARASHTRA, INDIA	-
62	80019115	02/05/1997	46,700,000.00	EXPORT IMPORT BANK INDIA	WTC, CENTER 1, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	-
63	80019116	02/05/1997	46,700,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE, MUMBAI - 400005, MAHARASHTRA, INDIA	-
64	90387281	10/02/1997	3,000,000.00	BANQUE INDOSQZ	MUMBAI BRANCH, M.G. ROAD, MUMBAI, MAHARASHTRA, INDIA	-
65	80016051	07/11/1996	178,750,000.00	EXPORT IMPORT BANK OF INDIA	WTC, CENTER 1, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	-
66	80016049	23/10/1996	178,750,000.00	EXPORT IMPORT OF INDIA	WTC, CENTER 1, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	-
67	90137880	14/08/1998 *	7,500,000.00	UTI BANK LIMITED	FORT BRANCH, MUMBAI - 400001, MAHARASHTRA, INDIA	-
68	90084490	08/07/1997 *	16,000,000.00	SICOM LIMITED	NIRAML; 1ST FLOOR; NARIMAN POINT, MUMABI - 400021, MAHARASHTRA, INDIA	-
69	90378024	13/06/1996	5,000,000.00	BANK OF MAHARASHTRA	COLLAGE CAMPUS BRANCH, NASHIK, MAHARASHTRA, INDIA	-
70	90378008	20/04/1996	400,000.00	BANK OF MAHARASHTRA	TIRUPUR, TIRUPUR, MAHARASHTRA, INDIA	-
71	80036755	09/04/1996	52,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	-
72	90378005	29/03/1996	24,000,000.00	MAHARASHTRA STATE FINANCIAL CORPORATION	A.K. NAYAK MARG, FORT, MUMBAI, MAHARASHTRA, INDIA	-
73	90139018	25/03/1996	20,000,000.00	UTI BANK LTD.	FORT BRANCH, BOMBAY, MAHARASHTRA, INDIA	-
74	90137834	14/08/1998 *	2,500,000.00	UTI BANK LIMITED	FORT BRANCH, MUMBAI, MAHARASHTRA - 400001, INDIA	-
75	90156212	16/11/1995	2,000,000.00	THE SARASWAT CO.OPERATIVE BANK LTD.	CENTRAL ADMINISTRATIVE OFFICE; APSARA CINEMA BLDG., DR. D. BHADKAMKAR MARG, MUMBAI - 400007, MAHARASHTRA, INDIA	-
76	90156045	29/03/2004 *	140,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH; KILLICK HOUSE, CHARANJ IT RAI MARG; FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	-
77	90155963	21/12/1995 *	1,578,940.00	SCICI LIMITED	141, MAKER TOWER-F; CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	-
78	90377808	25/03/1994	300,000.00	CENTRAL BANK OF INDIA	M.G. ROAD, MUMBAI, MAHARASHTRA, INDIA	-
79	90140427	15/09/1993 *	3,791,500.00	LAKSHMI GENERAL FINANCE LIMITED	21; PATTULLOS ROAD, CHENNAI - 600002, TAMILNADU, INDIA	-
80	90346567	12/02/1993	35,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, KILLICK HOUSE SIR CHAR ANJIT RAI MARG, MUMBAI - 400001, MAHARASHTRA, INDIA	-
81	90348435	01/01/1992	5,000,000.00	STATE BANK OF INDORE	EMPIRE HOUSE, 214 D. N. ROAD FORT, MUMBAI, MAHARA SHTRA, INDIA	-
82	90138726	26/08/1991 *	1,500,000.00	ANDHRA PRADESH INDUSTRIAL DEVELOPMENT CORPORATION LIMITED	PARISHRAM BHAVAN, BASHEERBAGH, HYDERABAD - 500029, ANDHRA PRADESH, INDIA	-
83	90137336	21/08/1991	1,500,000.00	ANDHRA PRADESH INDUSTRIAL DEVELOPMENT CORPORATION LIMITED	PARISHRAM BHAVAN, BASHEERBAGH, HYDERABAD - 500029, ANDHRA PRADESH, INDIA	-
84	90138725	26/08/1991 *	7,500,000.00	ANDHRA PRADESH STATE FINANCIAL CORP.	CHIRAG ALI LANE, HYDERABAD - 500001, ANDHRA PRADESH, INDIA	-
85	90137319	10/06/1991	6,000,000.00	ANDHRA PRADESH STATE FINANCIAL CORPORTATION LTD.	HYDERABAD, HYDERABAD , ANDHRA PRADESH, INDIA	-
86	90386886	25/03/1991	28,500,000.00	STATE BANK OF INDIA	D.N. ROAD BRANCH, MUMBAI, MAHARASHTRA, INDIA	-
87	90356913	12/03/1991	13,500,000.00	STATE BANK OF INDIA	D.N. ROAD BRANCH, BOMBAY, MAHARASHTRA, INDIA	-
88	90386858	30/08/1990	7,400,000.00	BANQUE INDOSEQZ	ROMAN HOUSE 169 BACKBAY RECLAMATON, MUMBAI, MAHARA SHTRA, INDIA	-
89	90346465	28/08/1990	6,000,000.00	STATE BANK OF INDIA	172 D N ROAD TEJPAL HOUSE, MUMBAI - 400020, MAHARASHTRA, INDIA	-
90	90386852	25/07/1990	8,700,000.00	THE STATE INDUSTRIAL AND INVESTMENT CORPORATION OF MAHARASHT	NIRMAL, NARIMAN POINT, MUMBAI, MAHARASHTRA, INDIA	-
91	90346452	08/05/1990	7,500,000.00	INDUSTRIAL FINANCE CORPN. OF INDIA	BANK OF BARODA BUILDING, 16 SANSAD MARG, NEW DELHI - 110001, INDIA	-
92	90346447	19/03/1990	10,000,000.00	INDUSTRIAL CREDIT AND INVESTMENT	CORPORATION OF INDIA LIMITED, 163 BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA	-
93	90357761	03/02/1988	1,600,000.00	MAHARASHTRA STATE FINANCIAL CORPORATION	NEW EXCELSIOR CINEMA BLDG., 5;7;8;9; FLOORS; A.K. NAIK MARG; FORT, MUMBAI, MAHARASHTRA, INDIA	-
94	90386649	29/01/1987	6,000,000.00	BANQUE INDOSQZ	MUMBAI BRANCH, M.G. ROAD, MUMBAI, MAHARASHTRA, INDIA	-
95	90346248	27/01/1987	3,500,000.00	TEMPORARY OFFICE	601 RAHAJA CENTRE, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	-
96	90386647	27/06/1988 *	6,000,000.00	BANQUE INDOEQUZ	NARIMAN POINT, MUMBAI, MAHARASHTRA, INDIA MUMBAI	-
97	90356644	27/06/1988 *	9,500,000.00	BANQUE INDOSUEZ	MUMBAI BRANCH, 115; M.G. ROAD, MUMBAI, MAHARASHTRA, INDIA	-
98	90356645	27/06/1988 *	9,500,000.00	BANQUE INDOSUEZ	MUMBAI BRANCH, 115;. M.G. ROAD, MUMBAI, MAHARASHTRA, INDIA	-
99	90355742	31/03/1986	1,050,000.00	MAHARASHTRA STATE FINANCIAL CORPORATION	NEW EXCELSIOR BLG., A.K.NAYAK MARG, MUMBAI, MAHARASHTRA, INDIA	-
100	90346125	24/05/1984	5,250,000.00	BANK OF CREDIT COMMERCE INTERNATIONAL	OVERSEAS LIMITED, ATLANTA BUILDING NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOANS

Particulars	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Term loans
- From financial institutions	2044.600	2251.070
Loans repayable on demand
- Money market borrowing (Commercial papers)	0.000	100.000
- Short term loan (Average interest rate – 13.27%)	0.000	4452.220
Total	2044.600	6803.290

OPERATIONS – STANDALONE

The net sales and operating income degrew by a little over 8%. The domestic revenues at Rs 27,562 million were hit harder due to business model change, especially in MIS/SIS revenues were down 27% YoY, while smaller businesses like Tissue Culture and Green Energy reported 54.4%, 31.2% growth in domestic business. Export of Piping grew by 39%. The operating profit fell by over 23% while interest and finance charges went up by 10% YoY. After the tax adjustments, the profit after tax is at Rs 301 million a fall of 89% YoY

List of Awards / Recognition - Financial Year 2012-13

Jain Irrigation Systems Limited

Award/Recognition name	Instituted by	Given for
The Good Company Award	Forbes India	For impacting the lives of over three million farmers by helping them shift to more scientific and sustainable agriculture.
Kashalkar Memorial Award	All India Food Processors' Association	Outstanding contribution to the development of Food Processing Industries in the Country (for the year 2011).
Aqua Excellence Award	Aqua Foundation, New Delhi	Outstanding contribution towards cause of water private sector.
Award of Excellence	Israel-Asia Chamber of Commerce and Industry, Israel	For Leadership, Innovation and continuous Involvement and Investment in the Agriculture Technology and Irrigation Sector in Israel and in India and contribution to Israel-Asia Co-operation.
Star Performer	EEPC India (Formerly Engineering Export Promotion Council)	Large Enterprise Agricultural or Forestry Machinery and Parts.
APEDA Export Award	Ministry of Commerce and Industry, Government of India	Outstanding export performance and contribution in the processed fruits and vegetable sector.
Indian Exporter's Excellence Award -2012	Dun and Bradstreet and Export Credit Guarantee Corporation of India Limited.	Winner position in the Food and Agro products sector under the large exporter's category.
Felicitation	GAIL (India) Limited.	Ranked 3rd in Top 10 Customers in quantity lifting of Polyethylene grade during year 2010-11.

B) Padmashri Bhavarlal H. Jain – Chairman

Award/Recognition name	Instituted by	Given for
Qimpro Platinum Standard 2012	Qimpro Foundation, Mumbai	National Statesman for excellence in quality.
Heroes of Philanthropy	Forbes Asia	One of the 48 Heroes of Philantrophy in the Asia-Pacific Region (Published by Forbes Asia, July 2012) For people who are giving their own money, not their company's (unless they own most of the company) and Bhavarlal Jain opened GRF cost $6 million shared with Company).
ISAE Gold Medal (Lifetime Achievement Award)	Indian Society of Agricultural Engineers	Outstanding contribution in Agricultural Engineering Industry.
Jivan Gourav Puraskar	Daryasagar Samajik Sanstha	Social work.

Other major developments during FY 2013

During the year under review the NBFC arm of the group namely Sustainable Agro Commercial Finance Limited (SAFL) has started its operations. SAFL company has raised Rs60 crores equity and is expecting soon contribution from International Finance Corporation(IFC), Washington, an arm of World Bank (WB) who intends to hold 10% Equity stake for Rs69 million in the NBFC.SAFL has started operations in Maharashtra at about 22 branches since beginning of 2013 and has divided the state in 4 zones Jalgaon, Pune, Aurangabad and Amravati with a staff of approx. 105 so far. It will finance for micro irrigation and other products for a tenure up to 3 years. Till date it has sanctioned loans worth Rs 365million and disbursed Rs 275 million to approx 3,250 farmers.

Other major developments post March 2013

The Company is in process of seeking shareholder approval for divesting/ disposing its Wind Power undertaking through the Postal Ballot route and shall result in repayment of little more than $ 10 million Foreign Currency loans raised for the project in 2009.

Management Discussion and Analysis

Overall Economic Scenario

The Indian economy performed poorly in the Financial Year 2012-13. Faced with economic turbulence abroad and an unsupportive policy environment at home, industrial activity slowed steadily through the year, critical infrastructural projects stalled and private corporate investments lost much of their dynamism. A weak southwest monsoon in 2012 added further stress. Food prices shot up, keeping inflation and interest rates high through most of the year, while rural incomes lost momentum, consumer demand, as a result, slowed sharply, impacting business performance and profitability across the board. The country’s current account deficit widened significantly, putting severe pressure on the rupee. At the same time, with domestic economic activity slowing, Government revenues lost buoyancy, worsening the already weak state of Government finances. With the economy was under severe pressure and rating agencies threatening a downgrade, the Government finally swung into action in the second half of the year, announcing a series of critical reforms. These measures have undoubtedly improved the extant economic environment in the country, but deeper structural and administrative reforms are needed for the economy to regain momentum, and fully realise its long term potential. The slow down was reflected in all sectors of the economy but the industrial sector suffered the sharpest deceleration.

The global economy is in an extended slow down since 2008, financial markets crisis, though an initial upward momentum is being seen in later part of fiscal year 2013,especially in developed markets while emerging markets have slowed down. Despite slowdown concerns, the commodity cycle remains uncertain and prices remain high. Exports from emerging and developing countries have been detained by weak global economic activity.

On the domestic front too, macro-economic indicators are raising concerns about growth which is being revised downward by independent agencies to just above 5% per annum. Since last quarter of Financial Year 2011, the actual GDP growth rates of 9% plus p.a. are now down to 5% plus p.a. in last quarter of Financial Year 2013. Domestic interest rates are still very high despite RBI lowering Repo rate by 125 bps and hence not conducive to new investment decisions. The forex situation looks precarious and there is a sharp depreciation of 11% in local currency since beginning of May, 2013. Meanwhile economic atmosphere has been vitiated with constant stream of negative news, stretched government finances and pessimistic emerging industrial scenario and high current account and fiscal deficit. Currently good monsoon rains in 2013 seems to be silver lining on the horizon of dark clouds all around. First half of rainy season has been good or above average for most parts and even distribution is good this season. Inflation remains sticky due to primary food inflation and is expected to improve if good rains were to be confirmed by end of Monsoon season in September, 2013.

It was a challenging year with several shocks in the global and domestic environment. The Company however, fortified by its philosophy of accepting no limits, innovative thinking and being positive change agent, successfully took on the challenge of performing in a very volatile environment.

Overview of Business

Subject is the flagship Company with 14subsidiary operating companies (including 2nd step subsidiaries) with diverse businesses across the globe and aggregate revenues of Rs 50 Billion. The Company is a leadingagri-business Company, present in entire value chain. It is the second largest micro irrigation Company globally and is largest manufacturer of micro irrigation systems in India. It is also the largest manufacturer of Mango pulp, puree and concentrate in the world and the third largest manufacturer of dehydrated onions. JISL is also India’s largest manufacturer of polyethylene pipes, leading PVC pipe manufacture and is furthermore the largest manufacturer of Tissue Culture banana plants in the world. JISL is additionally into hybrid and grafted plants; greenhouses, poly and shade houses, bio-fertilizers, biogas and green energy (solar and wind), solar water heating systems, solar panels, solar water pumps and wood substitute plastic sheets. These plants are ISO9001 and HACCP certified and meet International FDA statute requirements. Solar Energy Heating and Lighting Equipment’s, Solar Pump and Bio-Energy sources are new additions. Over the past few years JISL has done a few of acquisitions and merged a few companies. All acquisitions and mergers have been a strategic fit with the intent of strengthening the business and increasing reach in every segment. JISL renders consultancy for complete or partial project planning and implementation e.g. watershed or wasteland and / or crop selection and rotation.

Each of their products is an outcome of an effort to conserve nature's precious resources through substitution or value addition. This is the legacy of a deliberate and conscious endeavour that stems from a deep-rooted concern for nature with same intensity for development and growth of agriculture, resulting in higher income for farmers.

Overseas Holding Companies

a) JISL Overseas Limited., Mauritius is a wholly owned subsidiary of the Company and was incorporated in 1994 under the laws of Mauritius. JISL Overseas Limited. acts as a holding Company for the UK and USA based overseas subsidiaries. It holds70.57 % in Jain Europe Limited and 68.73% in Jain Americas Inc, Ohio, USA. For the year ended 31stMarch, 2013,JISL Overseas Limited. Had share capital of US$79.23 million. The said Company had a loss of US$ 738,239 for the year ended 31stMarch, 2013.

b) Jain International Trading B.V., Netherland is a wholly owned subsidiary of the Company and is incorporated in 2010 under the laws of Netherland. For the year ended 31st March, 2013,Jain International Trading B.V. had share capital of US$ 62.96 million. The said Company had a loss of US$ 107,574 for the year ended 31stMarch, 2013.

c) Jain Overseas B.V., Netherland was a wholly owned subsidiary of the JISLOverseas Limited Mauritius and was incorporated in 2007 under the laws of Netherland. During the year Jain International Trading B.V., Netherland had purchased 100% shares from JISL Overseas Limited and became holding Company of for this Company. The said Company had a loss of US$676,853 for the year ended 31stMarch, 2013.

d) Jain (Israel) B.V. Netherland is a wholly owned subsidiary of the Jain Overseas BV., Netherlands and was incorporated in 2007 under the laws of Netherland. The said Company had a loss of US$ 1,435,472 for the year ended 31stMarch, 2013.

e) JISL Global SA, Switzerland is a wholly owned subsidiary of the Jain OverseasBV., Netherlands and was incorporated in 2007 under the laws of Switzerland. The said Company had a loss of CHF17,591 (approx. US$ 18,773) for the year ended 31stMarch, 2013.

f) JISL Systems SA, Switzerland is a wholly owned subsidiary of the JISL GlobalSA., Switzerland and was incorporated in 2007 under the laws of Switzerland. The said Company had a profit of CHF1,175,976 (approx. US$ 1,255,008) for the year ended 31stMarch,2013.

g) Jain Irrigation Holdings Inc. Delaware, USA is a subsidiary of the Jain Americas Inc., USA and was incorporated in 2007 under the laws of USA.

Overseas Marketing Companies

a) Jain (Americas) Inc., USA (Including Nu Cedar Mills Inc., USA merged w.e.f.31stMar 2011) is a wholly owned subsidiary of the Company and was incorporated in 1994, under the laws of Ohio, USA. It is their key marketing, distribution and investment arm in the United States. For the year ended 31stMarch,2013, Jain (Americas) Inc. had sales of US$ 24.12million.

b) Jain (Europe) Limited., UK is a wholly owned subsidiary of the Company and was incorporated in 1996, under English laws. Jain (Europe) Limited. is their key marketing and distribution arm in the UK and other European countries. For the year ended 31stMarch,2013, Jain (Europe) Limited. had sales of GBP 30.47 million(Equivalent to US$48.14 million).

Operating Subsidiary Companies

a) Jain Irrigation Inc., USA (Including Chapin Water matics Inc. merged w.e.f. 1stApril 2009 and Point Source Irrigation Inc.) is a wholly owned subsidiary of the Company through the Jain Americas Inc. Jain Irrigation Inc. is engaged in drip tape manufacturing and distribution business based in California. For the year ended 31^st March, 2013, the Company had reported revenue of US$ 61.42 million.

b) Cascade Specialties Inc. USA (Including White Oak Frozen Foods)is a wholly owned subsidiary of the Company through the Jain(Americas) Inc. It is engaged in onion, garlic dehydration and frozen foods business with specialization in natural low bacteria and organic dehydrated products. For the year ended 31^st March, 2013, the Company had reported revenue of US$ 33.06 million.

c) Naan Dan Jain Irrigation Limited. Israel is a wholly owned subsidiary of the Company through the Jain (Israel) B.V. It is engaged in the manufacturing of drip / sprinkle rirrigation. Naan Dan Jain also has manufacturing facilities in Chile, Brazil, and Spain. For the year ended 31^st March, 2013, the Company had reported revenue of NIS 449.13 million (Equivalent to US$ 117.52 million).

d) THE Machines SA, Switzerland is a wholly owned subsidiary of the Company through the JISL Systems SA. It is a Switzerland based manufacturer of plastic extrusion equipment with laser technology. For the year ended 31stMarch, 2013, the Company had reported revenue of CHF 16.41 million (Equivalent to US$ 17.51 million).

e) Jain Sulama Sistemleri San. Tic. A.S., Turkey is a Turkey based manufacturer of drip / sprinkler irrigation. The Company is owned to the extent of 100% through Jain Overseas B.V. For the year ended 31^st March, 2013, the Company had reported revenue of TRL 33.18 million(Equivalent to US$ 18.52 million).

f) SQF 2009 Limited., UK is based in Sleaford town in Lincolnshire County in the East Midlands region of England. The Company is owned to the extent of 90% through Jain(Europe) Limited., UK. The Company had reported revenue of GBP 36.65million (Equivalent to US$ 57.91 million). The Company has a put option to acquire remaining ownership over the next 2 years from other shareholders at an EBIDTA multiple each year.

g) Pro Tool AG, Switzerland is a Switzerland based manufacturer of plastic injection mould. The Company is owned to the extent of 75% through the THE Machine SA., For the year ended 31^st March, 2013 the Company had reported revenue of CHF 1.58million(Equivalent to US$1.69 million). The Company has an option to acquire remaining ownership over the next 9 years from other shareholders at an agreed fixed price.

h) Eurodrip S.A. Greece In February 2006, we acquired 7.39% in Eurodrip through Jain (Europe) Limited. The Company has sold its holding during the year.

Overview of Segment

[A] High-Tech Agri Input Products

This segment comprises of Micro and Sprinkler irrigation systems, PVC Pipes, Biotech Tissue Culture and other agri inputs. The segment has de-grown a little over 12% YoY at Rs 22948.000 millions mainly due to acute drought in major states in the country during the year and change in business model as a part of consolidation process in MIS/SIS segment forenhanced financial discipline in the business. The growth was contributed by PVC Pipes andTissue Culture at 18% and 54% respectively while the MIS/ SIS revenues de-grew by littleover 25% YoY. The profit before tax for the segment was also down 26.7% YoY at Rs 5171.000millions. The Company has added 5,280 MT pa in MIS and 3,720 MT pa in Piping division tocater additional demand.

a) Micro and sprinkler irrigation

i) Industry

The industry is broadly divided into the organized and unorganized segments in the country. The Company is the largest player in the organized sector. In view of theinvolvement of a large number of components in a system, all of which are not available with a single manufacturer, it is difficult to hazard a guess about the exact size of the industry as most of the figures are derived on the basis of information available from different sources. While the Company controls 55% of the Micro Irrigation business in thecountry, it has a market share of 35% in the Sprinkler irrigation business in the country.The current estimate of industry size is Rs 33 bn. and it is growing at a fast pace.Currently only 5 million Ha (7% coverage) of the possible 69 million Ha area is covered under the micro and sprinkler irrigation in the country. However, as per Government taskforce, 17million Ha of land can be easily brought under micro irrigation coverage in thecountry by 2017, while by 2030 the extent of MIS/SIS coverage may reach 69.5 mn Ha.

The prospect for global growth of the MIS industry is strong. Experts estimate that by 2025 the majority of developed countries will confront issues resulting from a scarcewater supply, with all major economies switching to MIS to mitigate the disruption thatsuch a shortage could cause. Although MIS's popularity continues to grow, high initialcosts have hindered its wider application. Despite this, over the last 20 years, there hasbeen a six-fold increase in the area under micro irrigation. North America and Europe havethe highest rates of utilization, with the United States being the first country to employmicro irrigation technology in its fields and achieving the highest micro irrigated area.Asia is in the development phase in its use of the technology, with both India and Chinaadopting the technology, albeit with low utilization rates. India and China both representattractive growth opportunities for the MIS industry.

ii) Performance

FY 2013 was a year of poor farmer sentiment, across agri-inputs - fertilizers, cropprotection, seeds, farm equipment, and micro irrigation systems (MIS). MIS revenues havedeclined driven by a combination of delayed monsoons and drought-like conditions in a fewkey MIS states. To compound matters they have adopted a new business strategy.

The domestic revenues dipped 27.1%% YoY while exports also went down over 6%. Thebusiness contributed a little over 41% of turnover of the Company's total turnover. Thedivision is under a planned slowdown in view of change of business model. The states ofMaharashtra, Andhra Pradesh, Tamil Nadu continue to dominate sales of this division. Thebusiness incurred Rs 916 million capex during FY 2013 while adding 5,280 MT pa ofcapacity. The Alwar plant is fully functional now. The current year looks stable andgrowth oriented with good water availability and SAFL support on financing, however,second half may become more important for growth prospects.

iii) Opportunity and Outlook

Almost 50% of the arable land in the country is still rain fed. The Government (Centraland State) provide 50% capital subsidy for promoting the use of Micro Irrigation byfarmers. While targeting an agricultural growth rate of 4% per annum, the government hadalso placed higher targets for farm credit and agriculture investments at 2% plus of theGDP for the XII plan period. Recently in 2010 the Cabinet Committee of Economic Affairsapproved the "National Mission on Micro Irrigation" (NMMI) during the EleventhPlan period. This again demonstrates the sustained focus of the government on pushing themicro-irrigation as a tool to conserve the water and address the issue of food security.The Union Budget reflected an overall increase in thrust towards agriculture.

The Company has continued its training and extension activities for benefit of farmersthroughout the country. Thus, during the year, the extension activities werecarried out in the country covering over 200,000 farmers in 15 states.

PVC Piping

i) Industry Indian Scenario

India's plastics industry is projected to grow dramatically in the coming years Thecountry's plastics processing sector, for example, is expected to grow to 150,000 machinesin 2020. The PVC industry is integral to the MIS industry. The PVC pipes business isdriven in large measure by demand for pipes used in agriculture, including agricultureunrelated to MIS. With agriculture expected to continue its tepid growth in India, and thepositive correlation historically observed between the growth rates of agriculture andPVC, experts project that the PVC sector will grow by around 9% over the next two years.

Jain Irrigation, with a 15% share, is one of the three major players in the organizedmarket. Rest of the industry, being small and medium scale in nature, is unorganized,fragmented and scattered near the user belts in the country. Increased micro irrigationspends, higher allocation towards rural water infrastructure for potable water, push forurban infrastructure by government agencies and Command Area Development Programme willimprove the demand situation for the industry.

ii) Performance

During FY 2013, this business contributed just under 21% to corporate turnover of theCompany. The revenues grew at 18% in FY 2013 over the last year's level. The capacityaddition during FY 2013 was 3,720 MT pa at a cost of Rs 92 million. At 18% it was one ofthe fastest growing business in the Company during FY 2013. Also it is 2nd ranked inrevenue terms at corporate level.

iii) Opportunity and Outlook

While the expansion of capacity undertaken last fiscal year is complete, in view ofincreased budgetary allocation from government, demand is expected to continue toincrease. While the government infrastructure spends are increasing all the time, thegovernment programmes continued for safe drinking water, urban and rural sanitation,rain-water harvesting and integrated watershed management programme etc. are expected togenerate substantial demand for piping products in the coming years. The Company isconsidering establishing one more production centre in the eastern part of country in nearfuture. A large part of the Urban Infrastructure projects in the current five year plantowards irrigation, drinking water supply and sanitation, provides ample opportunity toscale up production. Current year looks promising for this business as demand has seensudden spike up for business with good water availability.

c) Biotech Tissue Culture

i) Industry

The industry is broadly divided into two segments

1) Fruits and vegetables

2) Leafy Plants and flowering Ornamental Plants.

The industry is not organized although some big names did start forays in this industry in the mid 1990's. Most of the players are engaged in tissue culture for cut flower exports, where the model of business is quite different. The Company started with bananaas the main crop for tissue culture and the efforts have really paid off. The industry is still growing at an estimated 25% per annum.

ii) Performance

The revenues crossed Rs 672 million a growth of 54% YoY. The Company spent Rs 194.000 millions on capex to add 20 million Tissue Culture plants capacity. The unit maintains highest quality together with all certifications from third party quality agencies.

iii) Opportunity and Outlook

The outlook continues to be excellent and demand shows improved uptake in the coming season. Now, many State Governments are evincing keen interest in promoting tissue culture. The Company has the opportunity to diversify the business, produce fruit, ornamental and other fruit plants. The Company has also started production of tissue culture pomegranate plants, onion and even mango. Research and Development to create Citrus plants has been successful. There is also an export potential to other Asian countries which can be tapped.

a) PE Piping

i) Industry

The applications of PE pipes are growing at a fast pace and yet new applications are being developed for the product. In applications like sewage and effluent disposal, due to the tougher environmental laws and stricter application of the same by the Government departments, the replacement of cement/metal pipes by PE pipes is becoming very relevant. Such possibilities are significant especially since the larger diameter PE pipes are now indigenously available within the country itself. The Company's presence in gas and cable duct segments of the PE pipe business is commanding and hence the overall market share is in excess of 30%. The Company is operating in all segments of the applications like cable duct, sprinklers, gas distribution, water conveyance, house service connection, sewage conveyance, effluent disposal, sand stowing, dust suppression etc.

ii) Performance

The business at Rs 2,868 million remained flat mostly due to increased exports and lower (7.6%) revenues in domestic business. The business in domestic area is mainly catering to infrastructure sector segments like Telecom, Gas Pipelines of water etc which is facing slowdown. The unit spent on capex Rs 127.000 millions in FY 2013.

iii) Opportunity and Outlook

The Company has successfully continued to get large supply contracts with multinational companies for supply all over the world as a preferred supplier with very encouraging revenues. The massive infrastructure projects undertaken under the Bharat Nirman Yojana,increased investments by telecommunication industry for 4G layout and plans for piped gasin cities, continue to be the potential demand drivers for the industry. All the Gas Distribution companies are continuing their growth plans as newer cities are being added every year. The telecom sector in India is growing well, more so, the recent allocations of licence for 3G and 4G applications augur well for the telecom sector demand.

In water transmission and distribution business there are around 200 firms registered with BIS, but the national players are only 3 and Jain Irrigation is the only player to manufacture pipes of up to 1600+ mm dia. Jain Irrigation, now, has developed the capability to provide a complete solution to Water Management, Waste-water Treatment and judicious use of treated water.

b) Onion and vegetable dehydration

i) Industry

Dehydrated Onion is the largest used general food ingredient. This industry is dominated by supplies from USA, followed by India and Egypt. USA is also the largest consumer of this ingredient followed by Europe, Asia and South America etc. Dehydrated Onion industry uses less than 2% of world's total fresh onion production of approximately70 million MT. Agro processing in India provides an important link between the country’s rural and urban economies by combining food produced in farms and villages with growing demand in the cities for high value, packaged food. As a result, the agro processing industry has expanded, growing at about 14% and contributing to 10% of India’s manufacturing GDP and 13% of the country's exports. India's total food market turnover is over US$69.4 million, of which the "value-added" food market of the agro processing industry now contributes US$22.2 million. Even accounting for the industry’s recent growth, agro processing in India remains underdeveloped. Only 2% of India's total agriculture and food produce is processed. India's dairy industry is the sector with the highest processing rates at 35%, with only 13% processed by the organized sector.

ii) Performance

The business has grown at little over 9% CAGR in last 5 years. It achieved a revenue level of Rs 1701.000 millions in FY 2013 a growth of 2.8% YoY. The capacity remained constant at a little under 19,000 MT pa. The business maintains all necessary and desirable quality standards for a food product business and even beyond most of times as the product is exported to MNC's. This provides an opportunity to integrate the business of dealing with farmers for inputs as well as output towards 'ONE STOP SHOP' concept of the Company.

iii) Opportunity and Outlook

Outlook for vegetable dehydration industry in general and dehydrated onion industry in particular looks positive. Large multinational companies with very popular household brands are looking towards consolidating the number of suppliers and trying to align with select few suppliers who can provide better traceability and sustainability. This puts the Company in a very good position due to its backward linkages, relationship with farmers, contract farming programs, ability to supply from two different origins with different seasons and product quality attributes and Company's sustainability in general. Company has seen its business grow with quality oriented large multinationals over last few years.

Worldwide Onion dehydration industry is estimated to be around 180,000 MTPA. The industry is growing globally at 3-5% per annum. The Company now has capacity to produce approximately 28,000 MT per annum of finished products between its three plants in two countries. This makes the Company the third largest dehydrated onion producer in the world. Company has also expanded its business by increasing the usage of dehydrated onion in the custom made dry ingredients blends for food industry through its subsidiary in theUK for European market. Demand for naturally produced low micro products and organic dehydrated vegetables continues to grow. The Company estimates that with growing demand of its finished products and general upward movement of food prices globally, the Company will be able to achieve further growth in sale and better realization in the coming year. The Company is also looking at increasing production of value added products like fried onion, frozen onion, dry vegetable ingredients industrial blends and other vegetables in the coming years.

Company has also made good inroads in offering related vegetables like garlic, dehydrated leeks etc., the results of that will be visible during financial year 2014 and onwards.

c) Fruit processing

i) Industry

The fruit and vegetable processing industry has a huge potential in India, with India ranking 2nd in the world in production of fruits and vegetables but is at the lower rung of the value chain in terms of processing. The availability of fruits and vegetables is varied due to diverse agro climatic conditions. Despite the large production of fruits and vegetables, it is estimated that only approximately 6 per cent of total agro output of India is currently processed as against up to 60-80 per cent in some developed countries. India’s share in the global food trade is only 1.5%. All of this implies that there is a great potential to grow this industry. An increase from 6% to 20% in terms of processing and increase in value addition from 20% to 30% will translate into quantum jump in thesize of the processed fruit and vegetable industry.

The installed capacity of India's fruit and vegetable subsector has increased from 1.1 million tonnes in January 1993 to 2.1 million tonnes in 2006. It is estimated that processing fruits and vegetables accounts for around 2.2% of India's total production. Themajor items of this subsector include fruit pulps and juices, fruit-based ready-to-serve beverages, canned fruits and vegetables, jams, squashes, pickles, chutneys and dehydrated vegetables. Recent additions to the space include vegetable curries in restorable pouches, canned mushroom and mushroom products, dried fruits and vegetables and fruit juice concentrates. Globally, demand for fruit juices made from exotic fruits like Mango, Peach, Banana, Papaya etc. is growing at rate faster than juices from traditional fruits like Apple, Orange etc.

ii) Performance

The business contributes a little over 10% of corporate turnover and is growingsteadily through the years, the 5 year CAGR being 15.7%. The business reported a revenueof Rs 3,607 million a growth of 3.8% YoY. Despite Totapuri mango quantity having grownsignificantly due to lower raw material prices last season (i.e. 2012 Fruit season formango) the revenues did not grow significantly. The capex of Rs 99 million was incurred bythe business during FY 2013. It has maintained all quality certification required and necessary for a food business.

iii) Opportunity and Outlook

India's Economic development has registered a growth rate of 8% over 2006-2010 but tapered off thereafter. Contributing to this flourishing economy is the agriculture sector, where productivity is showing an increasing trend. Keeping pace with the world production of Fruits and Vegetables the production in India has also grown and now accounts for 15% of world's vegetable production and 8% of world's fruit production. The focus has now changed from grains and cereals to fruit and vegetables owing to change in consumption pattern resulting in increase in demand for fruits and vegetables.

The fruit and vegetable processing industry is critical to fruit and vegetable sector. Although, the horticulture sector has grown by 10%, only just over 2% of the produce is processed, resulting in huge post harvest losses. Fruit and vegetable processing establishes the vital linkage between agriculture and industry. In order to sustain the growth in the economy, Government has realized the need to support this vital link and has been providing support to accelerate growth in the sector. The sector has seen exponential growth with demand for fruit juices, beverages, convenience foods growing by around 30%YoY.

The demographic profile of the consumers has been changing. With increase in disposable incomes and standard of living, the consumption pattern is shifting from basic foods to more healthy, convenience foods resulting in growing demand for processed food in general and processed fruits and vegetables in particular.

There is a marked shift in the International markets with emphasis being laid on wellness products and products having nutritive/therapeutic properties. There is also a shift from the usual products such as Citrus and Apple to more exotic products like Mango, Guava, and Pomegranate etc. which are increasingly being researched for their wellness aspects.

New markets such as China, Russia and Africa are opening up and the existing marketssuch as Middle East are moving up the value and quality chain. With opening up of US andJapanese markets for fresh Mango, the taste profile is witnessing a change, resulting inopening up of these markets for processed products also.

The demand for tropical fruit purees and concentrates and processed vegetables isgrowing rapidly within India as well as in International markets. The new format storeshave added a different dimension to the distribution and sale of products, opening upopportunities, hitherto nonexistent. The packaged juices/ fruit beverages have seen agrowth of more than 30% YoY and the consumption of fruits and vegetables as whole hasshown an increase of 2.3% CAGR whereas that of cereals has decreased.

With a view to offer products with therapeutic values, the Company is working onoffering products from Amla (Indian Gooseberry) and Mangosteen in the Internationalmarkets.

Company is also working on setting up a processing line for processing Mosambi, themost widely consumed juice in India and also other citrus varieties. The Company wassuccessful in standardizing process and technology for these products, hitherto notprocessed in India.

Orange is the largest processed and consumed juice in the world. To be able to meet thegrowing demand for this juice within the country, the Company has drawn up plans tocultivate the processing variety of Oranges in India.

d) PVC Sheets

i) Industry

Major markets for Company's products are Europe and United States of America. Themarket is divided into two segment; Sign and Graphics (S&G) and Building MaterialsMarket (BMI)

In the BMI segment, Lumber the traditional building material was being replaced by PVC.The basic uses of PVC in BMI was in Trim, used as surrounds for windows and garage doors,Corner Boards, Soffits and interior applications such as Wainscot and Bead boards. Theinherent qualities of PVC such as impervious to water absorption; protection againstinsect attacks and a life term warranty promulgated the product over traditional Lumber.Further, availability of good quality wood was a problem as resources were drying up andcost of processing was escalating.

The market is serviced by 7 manufacturers and some Chinese imports.

The S&G market has been using PVC sheets in manufacturing Sign and Graphic boards,Point-of Purchase displays and large print mediums. This industry has stayed with PVC forover 3 decades.

This segment is serviced by 5 manufacturers. Some China products have attempted topenetrate the market.

ii) Performance

This business has de-grown a little over 16% at Rs 1,517 million in current year. Thedomestic revenues have grown up by 10%, while export shows a downfall of 18% thusresulting in overall de-growth.

iii) Opportunity and Outlook

The economic downturn has resulted into some players exiting the market and othersredefining their basket of offerings. This consolidation in the industry will benefit boththe manufacturer and the end user. US housing market has started showing sign of recoveryand is expected to come back on growth track, while signs are positive, nothing can becertain. They have introduced several new products to the market place: A digital printsheet for optimum print quality, sheet for the environmentally (EFS) conscientious marketplace which has been received well. They have started to get good response from domesticmarketing expect it to grow in robust manner in future.

e) Green Energy

Even though the Company operates in various segments of the Solar business includingSolar Pumps, Solar PV Module, Solar Power, Solar Thermal systems etc. The followingparagraphs are totally focussed on Solar PV Module, their applications like pumps andSolar Power segment, as its contribution is the highest in the Green Energy division.

i) Industry Structure

Due to high Solar radiation and high number of sunny days India has lot of potentialfor developing Solar PV and Solar Power. India is 4th currently after Japan, Germany, andUSA in terms of installed Solar Power of 110 MW in the calendar year 2012. India is also2nd largest in world at 11 MW per annum or 10% of world Solar PV production.

India has more than 80 Companies with latest installed capacity of 1.8 GW (March 2012)out of which 15 Companies manufacture Solar cells with more than 700 MW of installed capacity. So far 1,044 MW capacity of new grid Solar Power projects have been commissioned by 16 states with Gujarat leading and Rajasthan being a distant second.

ii) Performance

The business comprises of Solar Photovoltaic, Solar Thermal, Wind Power, Solar and Biogas Power businesses. The revenues for segment were Rs 2,203 million reflecting growth of a little over 30%. The capex incurred by the business was Rs 186 million, while 1million litres of thermal and 5 million watts of power capacity was added during the FY2013. The segment holds potential for fast growth and could achieve significant positioning corporate turnover in future.

iii) Opportunity and Outlook

The Jawaharlal Nehru National Solar Mission (JNNSM) is the fulcrum of India's solar mission and the driving force for all policy framework. By 20172022 i.e. XIVth Five year plan it is estimated under JNNSM that

i) 20 GW of Grid Solar Power.

ii) 2 GW of Grid Solar Applications and

iii) 20 mn sq. mtrs of Solar Collectors would be installed in the country.

India is among leading countries in emerging/ developing countries for Solar PV Power. Water pumping through Solar PV Module is excellent, simple, reliable with life of 20years. Commercial lighting for security systems, billboard sign, outdoor and streetlighting and signalling can all be put on Solar PV. The consumer electronics sectoralready uses small Solar PV cells for watches, calculators and cameras. To supportTelecommunication Towers and Wind mill sites also Solar Power is being put to use. TheSolar PV application specially in remote un-electrified areas is relevant in Residential Power segment.

An IREDA estimate had targeted 18,000 villages for Solar electrification by end of2012. States like Rajasthan and Gujarat receive plentiful of Solar radiation with potential to produce 20 MW per sq. km of area and it is not much lower elsewhere in the country.

The GOI through the CERC has introduced Renewable Purchase Obligation (RPOs) on all power consumption, as per the requirements of the National Action Plan on Climate Change [NAPCC]. As per the RPO requirements, 15% of all power in the country has to be sourced from renewable energy sources by 2020. For solar power in particular, the RPO requirements has a carve out of 3%. This implies that by 2020, at least 3% of power consumed in India has to be sourced from solar power. As of the end of 2013 March, solar accounted for a little over 0.6% of the overall installed capacity in the country.

DISCOMS both public and private, open access consumers and captive consumers with acapacity of over 1 MW are obligated entities, who have to fulfill a solar RPO. Currently all states except Arunachal Pradesh and Sikkim have declared a solar RPO, which are set atan average of 0.35% by March 2013. This implies that a distribution utility that distributes 1 million of electricity in a year is under obligation to source 3500 kWh ofit from solar energy. An obligated entity can fulfill its solar RPOs by either setting upits own solar power plant or by purchasing power directly from the producer by signing ape or by purchasing RECs.

As of May 2013, a capacity of 129 MW has been registered under the REC framework, of this 111 MW has been registered in the last six months. The price discovery for solar RECsis expected to fall towards the floor prices as the supply of RECs increase.

MNRE had planned 800 MW through bundling of power mechanism [ as in phase 1 of the JNNSM], and 750 MW through a Viability Gap funding [VGF] mechanism in 2013. MNRE has decided to go ahead only with the allocations for 750 MW based on VGF.

Rising grid electricity prices, frequent power interruptions, costly diesel back up electricity and falling cost of solar PV have made solar PV an attractive technology. The parity for residential and agricultural consumers has not been achieved in any of the states and these markets will still take a few years to take off without any policy support. The MNRE provides up to 30% capital subsidy on the roof tops systems [off grid] with project size up to 500 kw. A Company can claim 80% accelerated depreciation in the first year off installation under section 80IC. Installation and use of solar power is considered to be a CSR activity and expenditure incurred to procure solar power can be shown as such.

PART I: STATEMENT OF UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31- DECEMBER-2013

(Rs. in millions)

PARTICULARS		STANDALONE QUARTER ENDED		STANDALONE NINE-MONTHS ENDED
		UN-AUDITED		UN-AUDITED
		31.12.2013	30.09.2013	31.12.2013
1a	Net Sales / Income from Operations
	Gross Sales	9713.700	8251.600	28080.100
	Less: Excise Duty	(310.900)	(344.500)	(1112.100)
	Net Sales	9402.800	7907.100	26968.000
1b	Other Operating Income	221.700	157.100	610.400
	Total Income	9624.500	8064.200	27578.400
2	Expenditure
	a) Cost of Materials Consumed	5515.900	5273.600	18088.800
	b) Purchase of Traded Goods	--	--	--
	c) Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	497.100	(598.700)	(1696.800)
	d) Employee Benefits Expenses	572.600	575.000	1716.600
	e) Depreciation and Amortization Expenses	352.500	344.300	1032.200
	f) Other Expenditure (i to iii)	1604.200	1573.400	5055.400
	i) Manufacturing Expenses	758.900	792.800	2526.600
	ii) Selling and Distribution Expenses	506.100	495.600	1664.900
	iii) Administrative and Other Expenses	339.200	285.000	863.900
	g) Cost of self-generated capital expenditure	--	--	--
	Total Expenditure	8542.300	7167.600	24196.200
3	Profit/(Loss) from Operations before Other Income, Finance Costs, Tax and Exceptional Items.	1082.200	896.600	3382.200
4	Other Income/ (Expenses)	185.500	71.300	309.400
	- Interest	27.800	35.000	106.100
	- Other	157.700	36.300	203.300
5	Profit/(Loss) Finance Costs and Exceptional Items	1267.700	967.900	3691.600
6	Finance Costs	967.000	970.900	2921.500
7	Profit/(Loss) after Finance Costs but before Exceptional Items	300.700	(0.300)	770.100
8	Exceptional Items	(27.300)	865.300	1964.700
9	Profit/(Loss) From Ordinary Activities Before Tax	328.000	(868.300)	(1194.600)
10	Tax Expense (Including deferred tax and effect of tax of earlier years)	(10.400)	(218.000)	(417.500)
11	Net Profit/(Loss) From Ordinary Activities After Tax	338.400	(650.300)	(777.100)
12	Share of loss in Associate Company	--	--	--
13	Minority interest	--	--	--
14	Net Profit/(Loss) for the period / Year	338.400	(650.300)	(777.100)
15	Paid-up equity share capital at Rs. 2/- each	909.800	909.800	909.800
16	Researve excluding revalution researves
17	Earnings Per Share (EPS ) [without annualising]
	i) Basic	0.74	(1.43)	(1.71)
	ii) Diluted	0.74	(1.43)	(1.71)
	b) EPS After Extra-Ordinary Items for the period.
	i) Basic	0.74	(1.43)	(1.71)
	ii) Diluted	0.74	(1.43)	(1.71)
PART II: SELECT INFORMATION FOR THE QUARTER AND NINE MONTHS ENDED 31-DECEMBER-2013
19	A) Particulars of Shareholding 1) Public Share Holding (Including 'EDR's)
	i) Number of Ordinary Equity Shares	316005567	316005567	316005567
	ii) Percentage of Ordinary Equity Share holding (as a % of the total Ordinary Equity Capital of Company)	72.54%	72.54%	72.54%
	iii) Number of DVR Equity Shares	13438030	13438030	13438030
	iv) Percentage of DVR Share holding (as a % of the total DVR Capital of Company)	69.65%	69.65%	69.65%
	2) Share Holding of Promoter Group
	a) Pledged / Encumbered
	i) Number of Ordinary Equity Shares	19476605	19476605	19476605
	ii) Percentage of Ordinary Equity Shares (as a % of the total Ordinary Equity shareholding of Promoter and promoter group)	16.28%	16.28%	16.28%
	iii) Percentage of Ordinary Equity Shares (as a % of the total Ordinary Equity Capital of Company)	4.47%	4.47%	4.47%
	iv) Number of DVR Equity Shares	669830	669830	669830
	v) Percentage of DVR Share holding (as a % of the total DVR shareholding of Promoter and Promoter Group)	11.44%	11.44%	11.44%
	vi) Percentage of DVR Equity Shares (as a % of the total DVR Capital of Company)	3.47%	3.47%	3.47%
	b) Non Encumbered
	i) Number of Ordinary Equity Shares	100137806	100137806	100137806
	ii) Percentage of Ordinary Equity Shares (as a % of the total Ordinary Equity shareholding of Promoter and promoter group)	83.72%	83.72%	83.72%
	iii) Percentage of Ordinary Equity Shares (as a % of the total Ordinary Equity Share Capital of Company)	22.99%	22.99%	22.99%
	iv) Number of DVR Equity Shares	5186444	5186444	5186444
	v) Percentage of DVR Share holding (as a % of the total DVR shareholding of Promoter and Promoter Group)	88.56%	88.56%	88.56%
	vi) Percentage of DVR Equity Shares (as a % of the total DVR Capital of Company)	26.88%	26.88%	26.88%

Particulars	3 Months Ended 31.12.2013
B) Investor Complaints (Nos.)
i) Pending at the beginning of the quarter	--
ii) Received during the quarter	5
iii) Disposed of during the quarter	5
iv) Remaining unselved at the end of the quarter	--

QUARTERLY / NINE MONTHS ENDED REPORTING OF SEGMENT WISE REVENUE,

RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT

(Rs. in millions)

PARTICULARS		STANDALONE QUARTER ENDED			STANDALONE NINE-MONTHS ENDED
		UN-AUDITED			UN-AUDITED
		31.12.2013	30.09.2013	31.12.2013
1	Segment Revenue
	a) Hi-tech Agri Input Products	6156.800	4182.800	17553.20
	b) Industrial Products	3054.800	3406.100	8852.900
	c) Green Energy	412.900	475.300	1172.300
	Net Sales Income From Operations	9624.500	8064.200	27578.400
2	Segment Result : (Profit/ (Loss) before tax and interest from each segment)
	a) Hi-tech Agri Input Products	1107.700	791.700	3192.800
	b) Industrial Products	391.700	470.500	1282.400
	c) Green Energy	45.700	61.100	163.600
	Total	1545.100	1323.300	4638.800
	Un-allocable expenditure (net)
	Less: i) Finance Costs	967.000	970.900	2921.500
	ii) Other un-allocable expenditure (net of un-allocable income)	277.400	355.400	947.200
	Profit/(Loss ) Before Tax/ Exceptional Items	300.700	(3.000)	770.100
	Less: Exceptional Items	(27.300)	865.300	1964.700
	Profit/ (Loss) Before Tax	328.000	(868.300)	(1194.600)
3	Capital Employed: (Segment Assets -Segment Liabilities)
	a) Hi-tech Agri Input Products	26580.100	24582.600	26580.100
	b) Industrial Products	8277.500	9646.300	8277.500
	c) Green Energy	4048.400	3658.600	4048.400
	d) Other Unallocated	(16391.00)	(15691.700)	(16391.000)
	Total	22515.000	22195.800	22515.000

SEGMENT NOTES

1) Company has considered business segment for reporting purpose, primarily based on customer category. The products considered for the each business segment are:

a. Hi-Tech Agri Input Products includes Micro Irrigation Systems, PVC Piping Products, Tissue Culture Plants and Agri R&D Activities.

b. Industrial Products includes PE Piping Products, Plastic Sheets and Agro Processed Products.

c. Green Energy includes Solar Thermal Products, Solar Photovoltaic Grid and Off-Grid Products and also includes Wind, Bio-gas and Solar Power generation investments to reduce cost of power.

2) The revenue and results figure given above are directly identifiable to respective segments and expenditure on common services incurred at the corporate level are not directly identifiable to respective segments have been shown as “Other Un-allocable Expenditure”.

3) The Capital Employed figures given above are directly identifiable to respective segments and Capital Employed for corporate services for head office and investments related to acquisitions have been shown as “Others” unallocated.

Notes on the quarter ended 31-December-2013:

1) The above results have been taken on record at a meeting by the Audit Committee and the Board of Directors of the Company on 7-February-2014.

2) Exceptional items represents foreign exchange rate difference.

3) Other Income includes profit on sale of wind business on slump sale basis of Rs. 153.100 Millions.

4) The Standalone and Consolidated results for the Quarter and Nine months ended 31-December-2013 have been subjected to Limited review by the Statutory Auditors.

Consolidated results for Quarter and Nine months ended 31-December-2012 are as compiled by the management.

5) The figures have been regrouped, rearranged, reclassified or reworked as necessary to confirm to the current year accounting treatment.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
i) Claims not acknowledged as debts in respect of:
- Customs and excise duty (Paid under protest Rs. 40.780 millions)	347.170	283.970
- Other taxes and levies (Paid under protest Rs. 77.210 millions)	435.430	69.420
- Others (legal case)	40.440	22.440
ii) Guarantees given by the company’s bankers in the normal course of business	1715.050	1704.300
iii) Bills discounted with consortium banks	644.830	1752.520
iv) Export obligation towards duty saved amount under EPCG scheme	1198.590	1446.100
v) Corporate guarantees given for repayment of indebtedness of overseas subsidiaries	2869.810	2141.080
vi) SBLC issued by bank for repayment of indebtedness of overseas subsidiaries	667.360	1268.680
vii) Corporate counter guarantee given for repayment of indebtedness of Kibbuz Naan Israel. During the year, one of the step down subsidiary of the company has exercised call option to acquire the remaining shares (49.999%) of NaandanJain Irrigation Ltd., Israel for an amount of USD 34.00 million of which first installment of USD 7.00 million has been paid and balance USD 27.00 million is payable in five annual installments up to June, 2017. The balance obligation of USD 27.00 million is guaranteed by Exim Bank and counter guaranteed by the Company.	1468.510	0.000
Note In respect of (i) above, the company has taken necessary legal steps to protect its position in respect of these claims, which, in its opinion, based on legal advice, are not expected to devolve. It is not possible to make any further determination of the liabilities, which may arise, or the amounts, which may be refundable in respect of these claims.

FIXED ASSETS

v TANGIBLE ASSETS

Free hold land

Lease hold land

Factory buildings and godowns

Green/poly/shed houses

Plant and equipment’s

Furniture and fixtures

Office equipment

Vehicles

Orchard activities

Live stock

v INTANGIBLE ASSETS

Goodwill

Product development

Computer software

Technical knowhow

Non compete fees

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.59.99
UK Pound	1	Rs.101.75
Euro	1	Rs.83.48

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	KAR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		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 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.