MIRA INFORM REPORT

Report Date :

21.11.2014

IDENTIFICATION DETAILS

Name :	GUJARAT AMBUJA EXPORTS LIMITED
Registered Office :	Ambuja Tower, Opposite Memnagar Fire Station, Navrangpura, Post Navjivan, Ahmedabad – 380014, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.08.1991
Com. Reg. No.:	04-016151
Capital Investment / Paid-up Capital :	Rs. 276.704 Millions
CIN No.: [Company Identification No.]	L15140GJ1991PLC016151
TAN No.: [Tax Deduction & Collection Account No.]	AHMG00194F
PAN No.: [Permanent Account No.]	AAACG3980A
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the business of Agro Processing, Cotton Yarn, Maize Processing and Windmills Power Generation.
No. of Employees :	3290 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an established company having fine track record. Financial position of the company seems to be sound. Trade relations are fair. Business is active. Payment term are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term bank facilities: A
Rating Explanation	Have adequate degree of safety and carry low credit risk.
Date	25.06.2014

Rating Agency Name	CRISIL
Rating	Short term Instrument: A1
Rating Explanation	Have very strong degree of safety and carry lowest credit risk.
Date	25.06.2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name has been found enlisted as a defaulter in the publicly available RBI Defaulters’ list and the details of the same are as under :

Note: The subject company of Ahmedabad Branch has been found under RBI Defaulters List. Name of the Credit Grantors is Indusind Bank Limited and the amount charges is Rs. 78.700 Millions

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Naresh Vidhani
Designation :	Account Manager
Contact No.:	91-79-26423316
Date :	04.11.2014

LOCATIONS

Registered Office / Corporate Office:	“Ambuja Tower”, Opposite Memnagar Fire Station, Navrangpura, Post Navjivan, Ahmedabad – 380014, Gujarat, India
Tel. No.:	91-79-26423316-20/ 26405535-37/ 39
Fax No.:	91-79-26423079
E-Mail :	info@ambujagroup.com exports@ambujagroup.com cs@ambujagroup.com
Website :	http://www.ambujagroup.com http://www.ambujaglobal.com
FACTORY:
SOYA PROCESSING UNIT:
Kadi Division :	Kadi-Thor Road, Kadi-382 715, Dist. Mehsana, Gujarat
Pithampur Division:	Plot No. : 414-417, Sector-III, Pithampur Industrial Area, Dist.: Dhar, Madhya Pradesh.
Mandsaur Division:	Survey No.41, Village Sondhani Near, Railway Crossing Mhow-Neemach Road, Mandsaur (M.P)
Akola Division:	Village & Post - Kanheri Gawali N.H. -8, Akola Balapur Raod, Ta.- Balapur, Dist. Akola (M.S.) 444 302
Maize Processing Division :	Himatnagar Division, 1, Vrindavan Road, Village Dalpur, Taluka Prantij (Himmatnagar) District Sabarkantha, Gujarat, India C-50 Eldeco Sidcul Industrial Park Sitaganj 262405 Distt Udhamsingh Nagar Sitarganj, Uttarakhand, India Village Hulsoggi, P.O. Manakatti, Taluka Shiggoan, District Haveri, Karnataka, India
Cotton Yarn Division :	1, Vrindavan Road, Village Dalpur, Taluka Prantij (Himmatnagar) District Sabarkantha, Gujarat, India
Wholly Owned Subsidiary:	#11-11 Tong Eng Building, 101-Cedi Street, Singapore – 069533.
Branch Offices :	Located At: Mumbai New Delhi Karnataka Indore Akola Maharashtra

DIRECTORS

As on: 31.03.2014

Name :	Mr. Vijay Kumar Gupta
Designation :	Chairman and Managing Director
Date of Birth/Age :	65 years
Qualification :	B. DS
Experience :	42 Years
Date of Appointment :	18.04.1988
Name :	Mr. Manish V. Gupta
Designation :	Managing Director
Date of Birth/Age :	42 years
Qualification :	B.Com
Experience :	23 years
Date of Appointment :	28.12.1998
Name :	Mr. Mohit V. Gupta
Designation :	Joint Managing Director
Date of Birth/Age :	20.11.1981
Qualification :	B. Com., Diploma in IBM, HRM, FBM and Diploma in computer Information Systems
Name :	Mr. Sandeep N. Agrawal,
Designation :	Whole Time Director
Date of Birth/Age :	12.12.1971
Qualification :	Commerce Graduate and MBA.
Experience :	More than 21 Years
Name :	Mrs. Sulochana V. Gupta
Designation :	Director
Date of Birth/Age :	01.11.1953
Experience :	36 Years
Name :	Mr. Sudhin B. Choksey
Designation :	Director
Name :	Mr. Chaitan M. Maniar
Designation :	Director
Date of Birth/Age :	04.12.1935
Qualification :	B. Com. LLB, MA
Name :	Mr. Prakash G. Ramrakhiani
Designation :	Director
Date of Birth/Age :	25.11.1940
Qualification :	B.A. [Hons], M.A. [Eco], IAS
Name :	Mr. Ashok C. Gandhi
Designation :	Director
Date of Birth/Age :	04.12.1939
Qualification :	B. Com. LLB and Advocate
Experience :	More than 42 years in the legal profession.
Name :	Mr. Rohit J. Patel
Designation :	Director
Date of Birth/Age :	22.02.1946
Qualification :	B. E. [Electrical]

KEY EXECUTIVES

Name :	Mr. N. Giridhar
Designation :	Chief Financial Officer
Name :	Mr. Manan C. Bhavsar
Designation :	Company Secretary
Name :	Dr. K.R. Chandratra
Designation :	Practising Company Secretary, Pune

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	99564393	71.96
Sub Total	99564393	71.96
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	99564393	71.96
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	67095	0.05
Financial Institutions / Banks	8842	0.01
Foreign Institutional Investors	107200	0.08
Sub Total	183137	0.13
(2) Non-Institutions
Bodies Corporate	3205647	2.32
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Millions	31061364	22.45
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Millions	3612801	2.61
Any Others (Specify)	724533	0.52
Trusts	8050	0.01
Non Resident Indians	713983	0.52
Directors & their Relatives & Friends	2500	0.00
Sub Total	38604345	27.90
Total Public shareholding (B)	38787482	28.04
Total (A)+(B)	138351875	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	138351875	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of Agro Processing, Cotton Yarn, Maize Processing and Windmills Power Generation.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

3290 (Approximately)

Bankers :

· Bank of India

· State Bank of India

· Union Bank of India

· HDFC Bank Limited

· State Bank of Mysore

· Yes Bank Limited

Facilities :

(Rs. In Millions)

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans
From Banks - TUF Scheme	0.000	0.000
SHORT TERM BORROWINGS
Working Capital Facilities from Banks Payable on demand	2939.200	1331.600
Short Term Loan From Banks	1000.000	500.000
Total	3939.200	1831.600

Note:

SHORT TERM BORROWINGS

Working Capital and Short term loan from banks is secured by a hypothecation of current assets and certain tangible movable plant and machinery and joint equitable mortgage of certain immovable fixed assets of the Company, personal guarantee of three promoter directors and lien on certain Fixed Deposits of the company.

Banking Relations :	--
Auditors :
Name :	Kantilal Patel and Company (A member firm of PrimeGlobal, USA). Chartered Accountants
Address :	2^nd Floor, Paritosh Building, Usmanpura, Ahmedabad – 380013, Gujarat, India
Tel. No.:	91-79-27551333/ 27552333
Mobile No.:	91-79-27550538
Fax No.:	services@kpcindia.com
Memberships :	Not Available
Collaborators :	Not Available
Wholly Owned Subsidiary :	Gujarat Ambuja International Pte. Limited, Singapore
Enterprise significantly influenced by Key Managerial Persons :	· SMAS IInverstors LLP · Jay Infrastructure and Properties LLP

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorized Capital:

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

Issued, Subscribed & Paid-up Capital:

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

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

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

b. Terms/rights attached to Equity Shares

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

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

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

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

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

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	276.700	276.700	276.700
(b) Reserves & Surplus	7273.700	6270.400	5271.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7550.400	6547.100	5547.700
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	26.100
(b) Deferred tax liabilities (Net)	519.900	583.500	493.200
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	17.400	6.800	6.800
Total Non-current Liabilities (3)	537.300	590.300	526.100
(4) Current Liabilities
(a) Short term borrowings	4014.700	1831.600	3563.300
(b) Trade payables	670.900	2691.200	1378.500
(c) Other current liabilities	266.600	309.300	351.900
(d) Short-term provisions	62.000	50.800	21.300
Total Current Liabilities (4)	5014.200	4882.900	5315.000
TOTAL	13101.900	12020.300	11388.800
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4781.000	4564.800	2881.600
(ii) Intangible Assets	12.400	14.700	7.400
(iii) Capital work-in-progress	635.800	381.200	1690.600
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	417.200	446.000	443.200
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	380.100	264.800	266.400
(e) Other Non-current assets	3.700	4.500	5.800
Total Non-Current Assets	6230.200	5676.000	5295.000
(2) Current assets
(a) Current investments	0.000	0.000	0.300
(b) Inventories	4972.900	4571.200	3711.000
(c) Trade receivables	1496.000	1088.000	1730.900
(d) Cash and cash equivalents	57.800	324.200	224.000
(e) Short-term loans and advances	298.300	275.700	372.400
(f) Other current assets	46.700	85.200	55.200
Total Current Assets	6871.700	6344.300	6093.800
TOTAL	13101.900	12020.300	11388.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue From Operations (Net)	30918.100	30046.200	21140.900
		Other Income	100.900	94.500	55.100
		TOTAL (A)	31019.000	30140.700	21196.000
Less	EXPENSES
		Cost of Materials Consumed	23665.300	20691.000	14290.100
		Purchase of Traded Goods	1902.300	4113.400	2587.900
		(Increase)/ Decrease in Inventories of Finished Goods, Work-in-Progress and Traded Goods	(830.200)	(49.800)	232.800
		Employee Benefits Expenses	722.000	645.200	471.800
		Other Expenses	3509.300	2700.700	2500.700
		TOTAL (B)	28968.700	28100.500	20083.300
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2050.300	2040.200	1112.700
Less	FINANCIAL EXPENSES (D)		206.500	217.000	208.900
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1843.800	1823.200	903.800
Less/ Add	DEPRECIATION/ AMORTISATION (F)		474.100	366.800	298.600
	PROFIT BEFORE TAX (E-F) (G)		1369.700	1456.400	605.200
Less	TAX (H)		253.100	322.900	108.200
	PROFIT AFTER TAX (G-H) (I)		1116.600	1133.500	497.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4371.800	3486.700	3141.200
Less	APPROPRIATIONS
		Interim Dividend	96.800	110.600	83.000
		Dividend Distribution Tax On Interim Dividend	16.500	17.800	13.500
		Transfer To General Reserve	120.000	120.000	55.000
	BALANCE CARRIED TO THE B/S		233.300	4371.800	3486.700
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export Sales	6068.800	7791.300	5384.800
	IMPORTS
		Raw Materials	1464.700	6689.300	2556.400
		Stores and Components	18.900	14.100	6.800
		Capital Goods	192.000	53.700	234.600
	TOTAL IMPORTS		1675.600	6757.100	2797.800
	Earnings Per Share (Rs.)		8.07	8.19	3.59

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	3.61	3.77	2.35
Operating Profit Margin (PBIDT/Sales)	(%)	6.63	6.79	5.26
Return on Total Assets (PBT/Total Assets}	(%)	11.37	13.01	6.54
Return on Investment (ROI) (PBT/Networth)		0.18	0.22	0.11
Debt Equity Ratio (Total Debt/Networth)		0.53	0.28	0.65
Current Ratio (Current Asset/Current Liability)		1.37	1.30	1.15

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	276.700	276.700	276.700
Reserves & Surplus	5271.000	6270.400	7273.700
Net worth	5547.700	6547.100	7550.400
long-term borrowings	26.100	0.000	0.000
Short term borrowings	3563.300	1831.600	4014.700
Total borrowings	3589.400	1831.600	4014.700
Debt/Equity ratio	0.647	0.280	0.532

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	21140.900	30046.200	30918.100
		42.124	2.902

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	21140.900	30046.200	30918.100
Profit/(Loss) After Tax	497.000	1133.500	1116.600
	2.35%	3.77%	3.61%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS:

HIGH COURT OF GUJARAT

STAMP NUMBER No. 34 of 2013 To STAMP NUMBER No. 39 of 2013

Status : PENDING

CCIN No : 001087201300034

Last Listing Date:

-

Coram

· -

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER OF INCOME TAX II

MRS MAUNA M BHATT for: null 1

S.NO.	Name of the Respondant			Advocate On Record
1	GUJARAT AMBUJA EXPORTS LTD
Presented On		: 07/01/2013	Registered On		: 07/01/2013
Bench Category		: DIVISION BENCH	District		: AHMEDABAD
Case Originated From		: THROUGH HIS/HER/THEIR ADVOCATE	Listed		: 0 times
StageName		: ADMISSION (FRESH MATTERS)

Classification	DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA
Act	INCOME-TAX ACT, 1961

Other Forums

S.No.	CASEDETAILS	TRIBUNAL REFERRENCE	ORDER PASSED BY	JUDGEMENT DATE	PLACE
1	ITA/202/AHD/1999	INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH	JUDICIAL MEMBER AND ACCOUNTANT MEMBER	20/07/2012	AHMEDABAD

UNSECURED LOAN

Particular	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Short term Borrowing
Short term loan from Banks	75.500	0.000
Total	75.500	0.000

COMPANY INFORMATION

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

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

OPERATIONAL PERFORMANCE:

The company recorded operational revenue of Rs. 30918.100 Millions as compared to Rs. 300046.200 Millions during the previous financial year. The various profit parameters have significant growth during the year. The company achieved EBIDTA margin of 6.81% in FY 2013-14 against the same at the level of 6.77% in FY 2012-13.

Export sales for the year 2013-14 was Rs. 6261.100 Millions for the year 2012-13 mainly due to surge in the domestic market in respect of Agro processing segment products. The company achieved Earning before Interest, Depreciation and Tax (EBIDTA) of Rs. 2050.300 Millions for the year 2013-14 against that of Rs.2040.200 Millions for the year 2012-13.

The cash Profit before tax, Profit after and EPS for the year remained at Rs 1843.800 Millions, Rs. 1116.800 Millions and Rs. 8.07 per share respectively.

Highlights of performance are discussed in detail in the Management Discussion and analysis report attached as Annexure to Directors Reports.

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10506595	23/06/2014	400,000,000.00	HDFC BANK LIMITED	HDFC HOUSE, NR. MITHAKHALI SIX ROADS, NAVRANGPURA,, AHMEDABAD, GUJARAT - 380009, INDIA	C09659657
2	10086124	06/05/2013 *	10,810,600,000.00	BOI CONSORTIUM - BOI LEAD + UBI + SBM + HDFC BK + SBI + YES BK	AHMEDABAD LARGE CORPORATE BRANCH, 2ND FLOOR BOI BUILDING BHADRA, AHMEDABAD, GUJARAT - 380001, INDIA	B76179225

* Date of charge modification

FIXED ASSETS:

Tangible Assets

· Freehold Land

· Leasehold Land

· Buildings

· Windmills

· Plant and Equipments

· Office Equipments

· Computers

· Furniture and Fixtures

· Vehicles

Intangible Assets

· Brands / Trademarks

· Technical know how

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.10
UK Pound	1	Rs.97.32
Euro	1	Rs.77.91

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RSM
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	YES
--EPF	YES/NO	NO
TOTAL		51

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.