MIRA INFORM REPORT

Report No. :	352656
Report Date :	05.12.2015

IDENTIFICATION DETAILS

Name :	RUCHI SOYA INDUSTRIES LIMITED
Registered Office :	Ruchi House, Royal Palms, Survey No. 169, Aarey Milk Colony, Near Mayur Nagar, Goregaon (East), Mumbai – 400065, Maharashtra
Tel. No.:	91-22-39388200
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	06.01.1986
Com. Reg. No.:	11-038536
Capital Investment / Paid-up Capital :	Rs.688.121 Million
CIN No.: [Company Identification No.]	L15140MH1986PLC038536
IEC No.:	0388133252
TAN No.: [Tax Deduction & Collection Account No.]	MUMR14074E BPLR03207B
PAN No.: [Permanent Account No.]	AAACR2892L
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged primarily in the business of processing of oil-seeds and refining of crude oil for edible use. The Company also produces oil meal, food products from soya and value added products from downstream and upstream processing. The Company is also engaged in trading in various products and generation of power from wind energy. (Registered Activity)
No. of Employees :	10000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an old established company incorporated in the year 1986 having a satisfactory track. The company has progressed well during FY 2015. It has achieved healthy growth in its turnover and profit during the year under a review. General financial position of the company is sound and healthy. Trade rating also takes into consideration company’s leadership position in the domestic edible oil market. Trade relations are reported as fair. Business is active. Payment terms are reported as usually correct and as per commitments. In view of long track record and established position, 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: BBB+
Rating Explanation	Moderate degree of safety and It carry moderate credit risk.
Date	13.01.2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities: A2
Rating Explanation	Strong degree of safety and carry low credit risk.
Date	13.01.2015

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Suresh Kumar Varadachari
Designation :	Chief Financial Officer
Contact No.:	91-22-66560600
Date :	03.12.2015

LOCATIONS

Registered Office :	Ruchi House, Royal Palms, Survey No. 169, Aarey Milk Colony, Near Mayur Nagar, Goregaon (East), Mumbai – 400065, Maharashtra, India
Tel. No.:	91-22-39388200
Mobile No.:	91-9967584902 (Mr. Ramesh Gupta)
Fax No.:	91-22-22837525/ 22042865
E-Mail :	amrita_shahra@ruchigroup.com snehhal@ipan.com rl_gupta@ruchigroup.com milind_s@ruchigroup.com ruchisoya@ruchigroup.com
Website :	http://www.ruchisoya.com
Location:	Owned
Locality:	Industrial
Head/ Administrative Office :	301, Mahakosh House, 7/5 South Tukoganj, Nath Mandir Road, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2513281/ 282/ 283
Fax No.:	91-731-4065019/ 2527250
Branch Office:	408, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India
Factory 1 :	Survey No.217/1, Village Mityhirohar, Taluka Gandhidham, Kutch, Gandhidham – 370201, Gujarat, India
Tel No.:	91-2836-645672/73
Fax No.:	91-2836-286509/286473
Factory 2 :	Mangliagaon, A. B. Road, Indore, Madhya Pradesh, India
Factory 3 :	Baikampady Industrial Area, Mangalore, Karnataka, India
Factory 4 :	Village Esambe, Taluka Khalapur, District Raigad, Maharashtra, India
Factory 5 :	Bijoyramchak, Ward No. 9, P.O. Durgachak, Haldia, West Bengal, India
Factory 6 :	Village Butibori, Tehsil Nagpur, Maharashtra, India
Factory 7 :	Akodia Road, Industrial Area, Shujalpur, District Shajapur, Madhya Pradesh, India
Factory 8 :	Village Kamati, Gadarwada, District Narsinghpur, Madhya Pradesh, India
Factory 9 :	Gram Mithi Rohar, Taluka Gandhidham, District Bhuj, Gujarat, India
Factory 10 :	Kannigaiper Village, Uthukottai Taluk, Thiruvallur District, Tamilnadu, India
Factory 11 :	RIICO Udyog Vihar, Sriganganagar, Rajasthan, India
Factory 12 :	RIICO Industrial Area, Govindpur Bawari, Post Talera District, Bundi, Rajasthan, India
Factory 13 :	Kusmoda, A.B. Road, Guna, Madhya Pradesh, India
Factory 14 :	Kota Road, Baran, Rajasthan, India
Factory 15 :	Rani Piparia, District Hoshangabad, Madhya Pradesh, India
Factory 16 :	SIDCO Industrial Estate, Bari Brahmana, Jammu and Kashmir, India
Factory 17 :	Village Daloda, District Mandsaur, Madhya Pradesh, India
Factory 18 :	Survey No. 178, Surkandi Road, Washim, Maharashtra, India
Factory 19 :	Bapulapadu Mandal, Ampapuram Village, Krishna District, Vijaywada, Andhra Pradesh, India
Factory 20 :	IDA, ADB Road, Peddapuram, East Godawari District, Andhra Pradesh, India
Factory 21 :	Village Karanpura, Durgawati, District Kaimur, Bihar, India
Factory 22 :	Survey No. 162 and 163, Bhuvad, Talluka- Anjar, District Kutch, Gujarat, India

DIRECTORS

As on 31.03.2015

Name :	Mr. Kailashchandra Shahra
Designation :	Director
Address :	29, Old Palasia, A. B. Road, Indore – 452001, Madhya Pradesh, India
Date of Birth/Age :	31.03.1938
Date of Appointment :	07.01.1986
DIN No.:	00062698
Pan No.:	ABJPS9987Q
Name :	Mr. Dinesh Chandra Shahra
Designation :	Managing Director
Address :	Sharda Building, Flat No. 2A, Road, Churchgate, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	14.07.1952
Qualification :	B. E. (Chemical Engineer)
Date of Appointment :	07.01.1986
PAN No.:	AACHD3089G
DIN No.:	00533055
Name :	Mr. A. B. Rao
Designation :	Director (Legal) (upto September 13, 2013)
Name :	Mr. Vijay Kumar Jain
Designation :	Whole-Time Director
Address :	C-119, Ground Floor, Sun City Sector – 54, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	03.10.1957
Date of Appointment :	27.07.2009
PAN No.:	AAIPJ2722L
DIN No.:	00098298
Name :	Mr. Prabhu Dayal Dwivedi
Designation :	Director
Address :	34 / 513, Pratap Nagar, Sector No 3, Sanganer, Jaipur – 302203, Rajasthan, India
Date of Birth/Age :	30.01.1941
Date of Appointment :	26.09.2014
DIN No.:	02114285
Name :	Mr. Sajeve Deora
Designation :	Director
Address :	EC-13, Inderpuri, New Delhi – 110012, India
Date of Birth/Age :	27.12.1959
Date of Appointment :	26.09.2014
DIN No.:	00003305
Name :	Mr. Murugan Navamani
Designation :	Director
Address :	No 2 CP, Ramasamy Road, Alwarpet Chennai – 600018, Tamilnadu, India
Date of Birth/Age :	24.05.1946
Date of Appointment :	26.09.2014
DIN No.:	01309393
Name :	Mr. Navin Khandelwal
Designation :	Director
Address :	5/1, Saket, Nagar, Indore – 452018, Madhya Pradesh, India
Date of Birth/Age :	22.04.1973
Date of Appointment :	26.09.2014
DIN No.:	00134217
Name :	Ms. Meera Dinesh Rajda
Designation :	Director
Address :	Row House No. 5, Konark Arcade 76, Viman Nagar, Pune - 411014, Maharashtra, India
Date of Appointment :	26.03.2015
DIN No.:	07130303

KEY EXECUTIVES

Name :	Mr. Suresh Kumar Varadachari
Designation :	Chief Financial Officer
Address :	404, Kanakshree Apartment, PLT-15/6, Sec-11,, Kopar Khairane, Navi Mumbai - 400709, Maharashtra, India
Date of Birth/Age :	14.08.2014
Date of Appointment :	AAFPV7375Q
Name :	Mr. Ramji Lal Gupta
Designation :	Company Secretary
Address :	8, Regency Priya Darshani, Khajrana Circle, Indore – 452001, Madhya Pradesh, India
Date of Birth/Age :	10.06.1962
Date of Appointment :	01.12.1993
PAN No.:	AENPG4648H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	103195858	30.89
Bodies Corporate	83503938	24.99
Sub Total	186699796	55.88
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	186699796	55.88
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	33411	0.01
Financial Institutions / Banks	465621	0.14
Foreign Institutional Investors	56957944	17.05
Sub Total	57456976	17.20
(2) Non-Institutions
Bodies Corporate	24142666	7.23
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	18552523	5.55
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	10136290	3.03
Any Others (Specify)	37112471	11.11
Clearing Members	127251	0.04
Others	36985220	11.07
Sub Total	89943950	26.92
Total Public shareholding (B)	147400926	44.12
Total (A)+(B)	334100722	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)	334100722	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total
1	Abha Shahra	38,28,926	1.15
2	Dinesh Shahra	21,11,383	0.63
3	Dinesh Shahra HUF	1,72,05,836	5.15
4	Kailash Shahra	1,98,500	0.06
5	Mridula Shahra	9,92,055	0.30
6	Neeta Sharma	2,00,300	0.06
7	Santosh Shahra HUF	6,51,340	0.19
8	Suresh Shahra	2,54,080	0.08
9	Savitridevi Shahra	8,23,683	0.25
10	Neeta Umesh Shahra (Trustee of Suyash Trust)	500	0.00
11	Umesh Shahra	5,48,860	0.16
12	Ushadevi Shahra	6,74,850	0.20
13	Amrita Shahra	26,21,354	0.78
14	Ankesh Shahra	33,62,921	1.01
15	Sarvesh Shahra	53,06,872	1.59
16	Amisha Shahra	30,32,570	0.91
17	Suresh Shahra HUF	1,75,000	0.05
18	Manish Shahra	1,62,120	0.05
19	Neha Shahra	5,450	0.00
20	Bhawana Goel	1,00,000	0.03
21	Nitesh Shahra	55,71,153	1.67
22	Kailash Shahra HUF	85,000	0.03
23	Vishesh Shahra	1,15,300	0.03
24	Mamta Khandelwal	8,500	0.00
25	APL International Private Limited	71,21,805	2.13
26	Arandi Investment Private Limited	86,79,170	2.60
27	National Steel and Agro Industries Limited	2,07,500	0.06
28	Mahakosh Holdings Private Limited	25,11,906	0.75
29	Ruchi Infrastructure Limited	82,59,625	2.47
30	Dinesh Shahra ( Trustee of Ruchi Soya Industries Limited Beneficiery Trust)	76,30,115	2.28
31	Dinesh Shahra (Trustee of Shiva Foundation)	4,74,40,350	14.20
32	Mahakosh Papers Private Limited	7,87,875	0.24
33	Ruchi Acroni Ind Limited	13,48,475	0.40
34	Shahra Estate Private Limited	10,12,610	0.30
35	Ruchi Global Limited	7,31,330	0.22
36	Ruchi Infotech Limited	1,66,665	0.05
37	Suresh Chandra Santosh Kumar Shahra (Trustee of Mahakosh Family)	88,840	0.03
38	Soyumm Marketing Private Limited	2,91,45,577	8.72
39	Shahra Brothers Private Limited	29,31,400	0.88
40	Spectra Realities Private Limited	1,81,00,000	5.42
41	Evershine Oleoochem Limited	25,00,000	0.75
	Total	18,66,99,796	55.88

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Cresta Fund Limited	14941373	4.47
2	Albula Investment Fund Limited	14408754	4.31
3	Merdale Investment Company Limited	4249645	1.27
4	Clemfield Industires Limited	4001080	1.20
5	Elara India Opportunities Fund	13809097	4.13
6	Sawit Plantations PTE Limited	19612913	5.87
7	New Leaina Investments Limited	3979267	1.19
8	Suresh Kumar Gupta	4821185	1.44
9	EM Resurgent Fund	6263969	1.87
	Total	86087283	25.77

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares
1	Sawit Plantations PTE Limited	19612913	5.87
	Total	19612913	5.87

BUSINESS DETAILS

Line of Business :

Subject is engaged primarily in the business of processing of oil-seeds and refining of crude oil for edible use. The Company also produces oil meal, food products from soya and value added products from downstream and upstream processing. The Company is also engaged in trading in various products and generation of power from wind energy. (Registered Activity)

Products :

Products Description	Item Code No.
Soya Extraction	23040030
RBD Palm/ Palmolein Oil	15111000
Guargum	15159099

Brand Names :

· Nutrela Oil

· Mahakash

· Sunrich

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Products :

Raw Material

Countries :

Indonesia

Terms :

Selling :

Cash and Credit (30/ 60/ 90 Days )

Purchasing :

Cash and Credit (30/ 60/ 90 Days )

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

10000 (Approximately)

Bankers :

• Axis Bank Limited
• Bank of Baroda
• Bank of India
• Bank of Maharashtra
• Central Bank of India
• Corporation Bank
• Dena Bank
• ICICI Bank Limited
• IDBI Bank Limited
• Oriental Bank of Commerce
• Punjab National Bank
• State Bank of Bikaner & Jaipur
• State Bank of Hyderabad
• State Bank of India
• State Bank of Mysore
• State Bank of Patiala
• State Bank of Travancore
• Syndicate Bank
• The Karur Vysya Bank Limited
• UCO Bank
• Union Bank of India

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term Loans from Banks
- Rupee Loans	1095.961	3495.812
- Foreign Currency Loans	5225.661	6256.825
Long Term Maturity of Finance Lease Obligation	4.090	5.645
Short-term borrowings
Working Capital Loans from Banks	7434.326	2911.887
Total	13760.038	12670.169

Auditors :
Name :	P. D. Kunte and Company Chartered Accountants
Address :	205/206, Turf Estate, Shakti Mills Lane, Off Dr. E. Moses Road, Mumbai – 400011, Maharashtra, India
Tel. No.:	91-22-24903751/ 24903752/ 24903753
Fax No.:	91-22-24903754
E-Mail :	mail@pdkunte.com
Cost Auditor:
Name :	K.G. Goyal and Company Chartered Accountants
Memberships :	--
Collaborators :	--
Subsidiaries :	· Ruchi Worldwide Limited · Mrig Trading Private Limited · Gemini Edibles and Fats India Private Limited · Ruchi J-Oil Private Limited · RSIL Holdings Private Limited · Ruchi Industries Pte. Limited · Ruchi Ethiopia Holdings Limited
Step down Subsidiaries:	Ruchi Hi-Rich Seeds Private Limited Ruchi Agri Plantation (Combodia) Company Limited Ruchi Agritrading Pte. Limited Ruchi Agri SARLU Ruchi Agri PLC Palmolien Industries Pte. Limited
Associate:	GHI Energy Private Limited Ruchi Kagome Foods India Private Limited
Parties where control exists:	Indian Oil Ruchi Bio Fuels, Limited Liability Partnership
Entities where Key Management Personnel or relatives of Key Management Personnel have significant influence:	Ruchi Bio Fuels Private Limited High Tech Realties Private Limited Mahakosh Holdings Private Limited Mangalore Liquid Impex Private Limited Ruchi Marktrade Private Limited Shahra Brothers Private Limited Mahadeo Shahra & Sons Mahadeo Shahra Sukrat Trust Disha Foundation (Trust) (Formerly Shiva Foundation) RSIL Benificiary Trust Shahra Estate Private Limited Ruchi Infrastructure Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
1010250000	Equity Shares	Rs.2/- each	Rs.2020.500 Million
5100000	Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.510.000 Million
	Total		Rs.2530.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
334060422	Equity Shares	Rs.2/- each	Rs.668.121 Million
200000	6% Non-Convertible Redeemable Preference Shares	Rs.100/- each	Rs.20.000 Million
	Total		Rs.688.121 Million

a) Reconciliation of the number of shares

Particulars	As at March 31, 2015
	Number of Shares	Rs. in Million
Equity Shares
Balance as at the beginning of the year	33,40,46,422	6,68.093
Add: Shares issued under Employee Stock option during the year	14,000	0.028
Balance as at the end of the year	33,40,60,422	6,68.121
ii) Preference Shares
Balance as at the beginning of the year	200000	20.000
Add: Shares issued during the year	--	--
Balance as at the end of the year	200000	20.000

b) Rights, Preferences and Restrictions attached to shares

Equity Shares:

The Company has one class of equity shares having a par value of Rs.2 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive th e remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Lock in Restrictions

Non of the shares are subject to lock in restrictions.

Preference Shares:

6% Non-Convertible Redeemable Cumulative Preference Shares of Rs.100/- each were issued pursuant to the Scheme of Amalgamation and Arrangement between Sunshine Oleochem Limited, Ruchi Soya Industries Limited and their respective shareholders sanctioned by the Hon’ble High Court of judicature of Mumbai in an earlier year on the same terms and conditions as originally issued by Sunshine Oleochem Limited.

These preference shares are redeemable as follows:

First installment of Rs. 33/- per preference share on completion of 144 months from March 31, 2009.

Second installment of Rs. 33/- per preference share on completion of 156 months from March 31, 2009.

Third installment of Rs. 34/- per preference share on completion of 168 months from March 31, 2009.

Shares alloted under Employee Stock Option Plan Scheme, 2007 as modified from time to time. Refer Note 2 (L).

Details of shares held by shareholders holding more than 5% shares in the Company.

Name of Shareholder	Number of Shares	% holding
Equity Shares
Mr. Dinesh Shahra [in the capacity of Trustee of Disha Foundation (Formerly known as Shiva Foundation)]	47440350	14.20%
Dinesh Shahra (HUF)	17205836	5.15%
Soyumm Marketing Private Limited	29145577	8.72%
Spectra Realties Private Limited	18100000	5.42%
Sawit Plantations Pte Limited	19612913	5.87%
Preference Shares
Ruchi Infrastructure Limited	200000	100.00%

The issued, subscribed and paid-up share capital includes 2,13,08,462 ( Previous Year 5,66,38,462) Equity Shares and 2,00,000 ( Previous Year 2,00,000) Preference Shares issued during the last five years pursuant to Schemes of Amalgamation, Arrangement and Mergers. For shares reserved for issue under options - Refer Note 2 (L).

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	688.121	688.093	687.845
(b) Reserves & Surplus	21388.080	22696.430	22974.421
(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)	22076.201	23384.523	23662.266
(3) Non-Current Liabilities
(a) long-term borrowings	6996.246	10478.818	10374.181
(b) Deferred tax liabilities (Net)	2580.023	2699.497	2466.711
(c) Other long term liabilities	2039.496	148.962	279.543
(d) long-term provisions	0.015	0.015	0.015
Total Non-current Liabilities (3)	11615.780	13327.292	13120.450
(4) Current Liabilities
(a) Short term borrowings	25483.283	15201.657	44013.239
(b) Trade payables	61823.129	54589.441	48232.945
(c) Other current liabilities	17341.932	16466.833	15032.327
(d) Short-term provisions	351.497	134.020	211.985
Total Current Liabilities (4)	104999.841	86391.951	107490.496
TOTAL	138691.822	123103.766	144273.212
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	23776.020	24923.651	24769.012
(ii) Intangible Assets	29.282	37.926	28.998
(iii) Capital work-in-progress	1001.674	1433.556	2133.226
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2818.279	3233.362	2610.795
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1352.401	969.796	1189.145
(e) Other Non-current assets	2.607	1.745	3.419
Total Non-Current Assets	28980.263	30600.036	30734.595
(2) Current assets
(a) Current investments	4.705	110.584	218.257
(b) Inventories	30594.618	34456.750	33441.506
(c) Trade receivables	59870.115	45665.766	42467.747
(d) Cash and cash equivalents	5240.348	3789.577	29499.432
(e) Short-term loans and advances	12723.455	7100.967	5456.038
(f) Other current assets	1278.318	1380.086	2455.637
Total Current Assets	109711.559	92503.730	113538.617
TOTAL	138691.822	123103.766	144273.212

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	283090.788	243810.148	261464.379
	Other Income	1025.359	2200.708	3384.073
	TOTAL (A)	284116.147	246010.856	264848.452
Less	EXPENSES
	Cost of Materials Consumed	159805.748	140197.426	159113.488
	Purchases of Stock-in-Trade	98013.718	76350.448	75179.792
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1481.360	2315.619	2398.305
	Employees benefits expense	2014.910	1769.161	1425.59
	Other expenses	16540.082	18040.737	17314.973
	Exceptional Items	(649.243)	(110.541)	0.000
	TOTAL (B)	277206.575	238562.850	255432.148
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	6909.572	7448.006	9416.304
Less	FINANCIAL EXPENSES (D)	4623.254	5305.972	4838.227
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	2286.318	2142.034	4578.077
Less/ Add	DEPRECIATION/ AMORTISATION (F)	1480.094	1644.865	1542.629
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	806.224	497.169	3035.448
Less	TAX (H)	196.945	362.968	672.808
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	609.279	134.201	2362.640
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	9040.475	9070.212	7084.037
Less	APPROPRIATIONS
	General Reserve	100.000	100.000	250.000
	Proposed Dividend	1.200	54.650	108.095
	Tax on Dividend	64.600	9.288	18.370
	Total (M)	165.800	163.938	376.465
	Balance Carried to the B/S (J+K+L-M)	9483.954	9040.475	9070.212
	EARNINGS IN FOREIGN CURRENCY
	F. O. B value of Export	45781.400	48436.800	43210.658
	F. O. B value of Merchandise trade	0.000	0.000	14675.056
	TOTAL EARNINGS	45781.400	48436.800	57885.714
	IMPORTS
	Purchase of Oils	104484.138	68644.754	81644.833
	Purchases for Merchandise exports	12066.468	12293.162	14554.083
	Purchase of Consumables/ packing materials	43.250	31.840	68.974
	TOTAL IMPORTS	116593.856	80969.756	96267.89
	Earnings / (Loss) Per Share (Rs.)
	Basic - After Exceptional and Extraordinary items	1.82	0.40	7.08
	Diluted - After Exceptional and Extraordinary items	1.82	0.40	7.07

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt
From Banks	3904.630	3646.924	2787.777
From State Government	50.002	1.595	0.000
Total	3954.632	3648.519	2787.777
Cash generated from operations	(5018.766)	34791.418	(19447.940)
Net cash flow from operating activity	(5079.232)	34511.873	(20282.738)

QUARTERLY RESULTS

Particulars	30.06.2015	30.09.2015
UnAudited	1^st Quarter	2^nd Quarter
Net Sales	58503.760	56520.940
Total Expenditure	56871.300	54310.570
PBIDT (Excl OI)	1632.460	2210.370
Other Income	181.390	179.160
Operating Profit	1813.850	2389.530
Interest	1225.740	1810.650
Exceptional Items	16.410	NA
PBDT	604.520	578.880
Depreciation	366.110	362.550
Profit Before Tax	238.410	216.330
Tax	222.700	145.550
Provisions and contingencies	NA	NA
Profit After Tax	15.710	70.780
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	15.710	70.780

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.22	0.06	0.90
Operating Profit Margin (PBIDT/Sales)	(%)	2.44	3.05	3.60
Return on Total Assets (PBT/Total Assets}	(%)	0.60	0.42	2.18
Return on Investment (ROI) (PBT/Networth)		0.04	0.02	0.13
Debt Equity Ratio (Total Debt /Networth)		1.47	1.10	2.30
Current Ratio (Current Asset/Current Liability)		1.04	1.07	1.06

STOCK PRICES

Face Value	Rs.2.00/-
Market Value	Rs.30.90/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	687.845	688.093	688.121
Reserves & Surplus	22974.421	22696.430	21388.080
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	23662.266	23384.523	22076.201
long-term borrowings	10374.181	10478.818	6996.246
Short term borrowings	44013.239	15201.657	25483.283
Current Maturities of Long-Term Debts	2787.777	3648.519	3954.632
Total borrowings	57175.197	29328.994	36434.161
Debt/Equity ratio	2.416	1.254	1.650

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	261464.379	243810.148	283090.788
		(6.752)	16.111

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	261464.379	243810.148	283090.788
Profit	2362.640	134.201	609.279
	0.90%	0.06%	0.22%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

CHANGE OF ADDRESS

The registered office of the company has been shifted from 614, Tulsiani Chambers, 2nd Floor, Backbay Reclamation, Nariman Point, Mumbai – 400021, Maharashtra, India to the present address.

GENERAL INFORMATION

The Subject is a Public Limited Company engaged primarily in the business of processing of oil-seeds and refining of crude oil for edible use. The Company also produces oil meal, food products from soya and value added products from downstream and upstream processing. The Company is also engaged in trading in various products and generation of power from wind energy. The Company has manufacturing plants across India and is listed on the Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India Limited (NSE) .

OPERATION AND STATE OF AFFAIRS

During the year, the total income (revenue) of the Company have increased to Rs.284116.100 Million as against Rs. 24601.900 Million in the previous year. The Profit after tax increased to Rs.609.300 Million as against Rs.134.200 crore in the previous year.

The sharp fall in commodity prices during the first half of the year has led to intense competition and pressure on margins. Also, higher price of soya bean in domestic market due to lower domestic crop and lower realization for end products namely soya meal and oil, caused a drastic fall in domestic crushing operations. The above primary factors affected the operating performance of your company during the year.

FUTURE OUTLOOK

Keeping in view the size of the population, expectation of improved business sentiments and the growing disposable income, the demand for food products will continue to grow in the times to come. The low commodity prices have resulted in increase in demand and imports to bridge the demand-supply gap. This is expected to expand the capacity utilization of production facilities. Also, the industry expects that due to improved weather conditions and the satisfactory sowing of soya seed in terms of acreage, the current year augurs well for better crop size than the previous year, entailing better availability of seeds for crushing and capacity utilization of the production capacities. Thus the company anticipates better operational performance in the current year.

Considering the trend of edible oil growth in packed form far exceeding the overall growth and our consistent and concerted strategy in sustaining leadership in the retail segment, it is anticipated that the product and activity mix of there operations will result in adding sustainable value to the company in future.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENT

The primary business of the Company is processing of oilseeds and refining of crude oil for edible use. The Company also produces oil meal, food products from soya and value added products from downstream and upstream businesses.

The domestic edible oil consumption has been steadily growing with per capita consumption of approx. 15 kg (2014-15), it still remains far below the estimated world average per capita consumption of around 22 kg. The demand drivers include consistent disposable income over a period of time, demographic profile, low commodity prices etc. However, the supply growth has been primarily lower due to relative stagnancy in the domestic oil seed output, thereby resulting in India becoming the largest importer of vegetable oil in the world. In view of the demand supply gap, over 60% of the domestic edible oil consumption is met by imports, with Palm and Soya oil accounting for over 84% of the imported volume. The oil meal produced as a result of processing of oil seed, is essentially consumed as poultry, fish and cattle feed. A significant part of soya meal is generally exported to the Asian region even though the domestic demand is fast growing.

The record world-wide production of soyabean in 2014-15 created an over supply in the world market leading to a drastic fall in soya meal prices and a significant drop in global commodity prices resulted in low domestic edible oil prices. Higher price of soya bean in domestic market due to lower domestic crop and lower realization for end products namely soya meal and oil, caused a drastic fall in domestic crushing and export of soya meal. As per industry data, the export of soya bean meal during the year April, 2014 to March, 2015 fell to 6,59,593 MT (approx. Rs,2063 Crore) from 27,81,985 MT (approx. ` 9626 Crore) during

the corresponding previous year.

During the year, the international economic situations coupled with steep fall in commodity prices have impacted domestic business sentiments considerably. The landed import prices of vegetable oils in India also moved downward in line with the fall in international prices : Crude palm oil by 32%, Crude Soyabean oil by 23%, Crude sunflower by 16% , while Indian Rupee (with reference to USD) by 2.5%. The steep fall in commodity prices has caused increase in consumption of edible oil and imports and also intense competition and pressure on margins.

The company’s performance for the year 2014-15 may be viewed in the context of the above mentioned economic/ market environment.

INDUSTRY OUTLOOK

Keeping in view the weather conditions in the soyabean growing areas and sowing data in the current year, the crop size for the current year is expected to be better than the previous year. The industry expects that, considering the steady commodity price trend and the availability of soyabean, the capacity utilization and operating performance would be better than the previous year.

Keeping in view the expanding domestic consumption of edible oil and the low commodity prices, the volumes of imports will continue to increase to bridge the growing demand- supply gap. This will enhance better utilization of port based refining capacity and performance. The domestic refining industry is operating on highly competitive terms to offer economical prices of refined edible oils to Indian consumers. Any adverse landed cost of inputs due to domestic duty structure would adversely impact the functioning of the refining industry and its associated dependent sectors. Considering the global economic scenario and encouraging business conditions in domestic markets, the industry hopes that the Government of India would set (and review from time to time, as may be required) tariff policy so as to stimulate the domestic industry on a consistent basis and harmonise the interest of domestic farmers, processors and consumers through appropriate and differential import duties between import of crude and refined oils. The industry further hopes that the Government would proactively respond to global factors and genuine requests of the industry on a regular basis so as to foster domestic manufacturing growth and to prop up investments in the domestic manufacturing sector, given the vast potential of edible oil consumption in India.

To bridge the gap between demand and supply .it is ,therefore, essential to increase the availability of vegetable oils from domestic resources by encouraging diversification of land from good grains to oil seeds, increasing productivity of oil seeds, encourage oil palm cultivation, place oil palm cultivation under plantation crops and ullest exploitation of non traditional domestic sources. This will improve capacity utilization, increase production and productivity thereby bring the industry to be competitive in the international market. The biggest beneficiaries would be the marginal farmers whose entire livelihood depend s on the meagre earnings that they get from small piece of land.

The agro-climatic conditions of India offer an opportunity to produce globally competitive oil seeds, given the right policy environment and support. It is desired that the Integrated Scheme of oil seeds, Pulses, Oil palm and Maize (ISOPOM) and National Mission on Oil seeds and Oil Palm (NMOOP) focus on increasing availability of high quality seed materials to the producers. Given the growing dependency of imports for such a basic commodity of mass consumption, it is believed that strong and speedy policy actions such as amendments in relevant laws for stimulating investments and reduction of transaction costs, use of technology and mechanization for fostering productivity and conservation of natural resources, steps for remunerative prices of products for farmers without consumer price increase, better agro infrastructure connectivity between production, storage, distribution and supply in the market place etc. would be needed to boost higher growth of domestic supply .

The Indian economy is showing signs of strength, backed by improvement in overall business sentiments. The pattern of consumption of edible oil is moving towards packed and/or branded form due to factors such as rising incomes coupled with changes in household demographics, improving health consciousness, growing organized retail improving reach of the products across the country, visual advertisements etc.. Given the growth in the overall edible oil consumption, keeping in view the discerning and value conscious need of the growing consumer base, the growth in packed segment has been growing almost twice of the overall edible oil growth in the recent past. The trend is expected to continue due to low base and vast potential.

BUSINESS STRATEGY

The size, diversity and the overall steady growth of the edible oil industry in India offer great potential for the company to proactively adopt strategies to sustain leadership position in the Industry. The company is pursuing business strategies considering strong business potential in the front end and back end activities and also related businesses to strengthen the core business focus.

Keeping in view the growth in the retail segment of edible oil and food products , the company would continue to aggressively focus on investing resources to cater to the growing presence in the branded segment and expand visibility in the market place by leveraging the distribution network, existing brand potential and offering value added products to consumers. The focus is also oriented towards achieving continuous improvement in product, process, service offerings to efficiently serve our growing customer base.

The company has already secured procurement rights for the development and sourcing of oil palm over 2,00,000 Hectares of land, suitable for the cultivation, across various states in India, and set up commensurate processing capacities/facilities appropriate to the requirements. They have encouraged farmers to expand the domestic palm plantation with planted area of over 55,000 hectares for sourcing Fresh Fruit Bunches (FFB) of Palm and achieved crushing of FFB over 3,00,000 MT during year 2014-15. Despite the challenging the task of scale ability, the company has resolved to step up the efforts resulting in increase in the area of oil palm plantation in the coming years, thereby contributing to income of farmers, the regional development and increase in domestic oil production. We believe that our initiatives will entail long term procurement efficienciesdue to captive sourcing and integration of activities and support to sustain the profitability in the times to come. The activecompletion of oil palm plantation in India will be one of the key focus drivers in the future.

The productivity in Indian soya seed yield per hectare is woefully low as compared to the developed countries for a variety of reasons. Considering our leadership position in the industry and the need for improvement in the yield or the benefit of farming community, industry and country, we have entered into a Joint venture with a reputed and experienced Canadian organization having domain expertise and proven track research and development track record in the area of improvement of yield of soya crop , both in terms of yield per hectare and oil content in soya seed. The research work is in progress. We believe that the success of this venture will prove beneficial entailing higher income for farmers, greater availability of seeds for crushing by the industry and larger volume of export of soya meal and production of oil (and thereby reducing import bill) and cascading effect to the rural economy. We thus hope that our initiatives in this regard would contribute and benefit the nation as a whole.

The company is in the processing of adding businesses withmdiversification to support our sustainable growth strategy, leverage there upstream and downstream strengths and sustain presence in agro and export market segments , within the overall product portfolio in agro sector. In the recent past, We have made significant improvement in our presence in the businesses of manufacture of guar and castor products which have high farmer and export orientation. We believe that this will support sustainable linkages with the farming community and there growing presence in the international markets through export of value added products.

Apart from the above, the company is also evaluating and reviewing the business processes keeping the following areas under consideration:

(a) Incorporation of design of there products to address social and environmental concerns.

(b) Initiatives on energy efficiency, renewable energy ,clean technology.

(c) Establishment of long term relationship with farmers/ vendors /customers to facilitate inclusion of growth strategy.

(d) Identification of opportunities to recycle products and reuse to the extent possible.

(e) Community development and incorporation of social responsibility in our business model

The Company is of the view that the initiatives in the above mentioned areas will improve the product mix and enhance the margin profile in future. Keeping in view the scale of operations and the overall growth, the company believes that the strategic moves will prove beneficial for the Company and the stakeholders in the long term.

INFORMATION TECHNOLOGY

SAP has been implemented in all plants, depots, regional offices and head office of the Company enabling alignment of strategies and operations, better supply chain control at operational level and access to consolidated data of the Company through integrated system.

This has enabled higher level of stakeholders’ services, like Collection of Fresh Fruit Bunches online through Hand held devices and Integrating the same in Real Time with SAP, Ware House Management and Tank Management System to know status of Material Warehouse Wise and Tank Wise. Customer Complaint System is extended to our Guargum Division and Vendor Complaint System rolled out in our Soap Division.

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Deferred Sales Tax Liability	670.534	720.536
Short-term borrowings
From Banks / Financial Institutions	18048.957	12289.770
Total	18719.491	13010.306

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10596617	22/09/2015	750,000,000.00	RBL Bank Limited	SHAHUPURI,KOLHAPUR, KOLHAPUR, Maharashtra - 416001, INDIA	C67079335
2	10581365	30/06/2015	1,015,690,500.00	Standard Chartered Bank	19, Rajaji Salai, Chennai, Tamilnadu - 600001, INDIA	C59548057
3	10569814	24/07/2015 *	600,000,000.00	State Bank of India	Commercial Branch, A.B. Road, Near GPO, Indore, Madhya Pradesh - 452001, INDIA	C59977850
4	10561099	27/03/2015	900,000,000.00	United Overseas Bank Limited	3, North Avenue, Maker Maxity, Unit 31 and 37, 3rd  Floor,Bandra Kurla Complex, Bandra (East), Mumbai  , Maharashtra - 400051, INDIA	C49947898
5	10534007	18/11/2014	1,800,000,000.00	AXIS BANK LIMITED	'Trishul', 3rd Floor , Opposite Smartheshwar, Temple, Law Garden, Ellis Bridge,, Ahemdabad, Gujarat  - 380006, INDIA	C35441534
6	10512373	31/07/2014	1,680,000,000.00	Standard Chartered Bank	Narain Manzil 23, Barakhamba Road, New Delhi- 110001, INDIA	C14547269
7	10494305	29/03/2014	3,000,000,000.00	State Bank of India	Commercial Branch, A. B. Road, Near GPO, Indore,  Madhya Pradesh - 452001, INDIA	C03965878
8	10419930	22/03/2013	3,650,000,000.00	STATE BANK OF INDIA	Commercial Branch, A. B Road, Near GPO, Indore, Madhya Pradesh - 452001, INDIA	B73253957
9	10386062	19/10/2012	2,650,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, A. B. ROAD, NEAR G.P.O., INDORE, Madhya Pradesh - 452001, INDIA	B61783767
10	10373592	30/08/2012	1,669,455,000.00	DBS Bank Limited	3rd Floor, Fort House,, 221, Dr. D. N. Road, Fort  , Mumbai, Maharashtra - 400001, INDIA	B56697717

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^th SEPTEMBER 2015

(Rs. In Million)

		Particulars	Quarter Ended 30.09.2015	Quarter Ended 30.06.2015	Half Year Ended 30.09.2015
1		Income from Operations
		Sales/Income from Operations (Gross)	53378.672	56661.838	110040.510
		b) Other Operating Income	3142.264	1841.922	4984.186
	Total Income from Operations (Net)		56520.936	58503.760	115024.696
2	Expenses
	a)	Cost of Materials consumed	35618.056	36257.979	71876.035
	b)	Purchase of Stock-in-trade	10802.640	14053.342	24855.982
	c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	2535.673	583.540	3119.213
	d)	Employee benefit expenses	484.490	462.559	947.049
	e)	Depreciation and amortization expense	362.551	366.108	728.659
	f)	Other expenses	4869.705	5513.880	10383.586
	Total Expenses		54673.116	57237.408	111910.524
3		Profit /(Loss) from operations before other income, finance costs and exceptional items	1847.820	1266.352	3114.172
4	Other Income		179.159	181.391	360.550
5	Profit /(Loss) from ordinary activities before finance costs and exceptional items		2026.979	1447.743	3474.722
6	Finance Costs		1810.646	1225.736	3036.382
7	Profit /(Loss) from ordinary activities after finance costs but before exceptional items		216.333	222.007	438.340
8	Exceptional Items		-	16.406	16.406
9	Profit /(Loss) from ordinary activities before tax		216.333	238.413	454.746
10	Tax Expense		145.551	222.702	368.253
11	Net Profit /(Loss) from ordinary activities after tax		70.782	15.711	86.493
12	Paid up equity share capital (Eq. shares of Rs.10/- each)		668.201	668.201	668.201
	Preference shares capital		20.000	20.000	20.000
13	Reserve excluding revaluation reserves		--	--	--
14		Earnings per share (before/after extraordinary items) of Rs.2/- each
		Basic & Diluted	0.21	0.01	0.25
A		PARTICULARS OF SHAREHOLDING
1		Public Shareholding
		- No. of Shares	147400926	147400926	147400926
		- Percentage of Shareholding	44.12	44.12	44.12
2		Promoters and promoter group shareholding
		a) Pledged/Encumbered
		- Number of shares	25791907	27949065	25791907
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	13.81	14.97	13.81
		- Percentage of shares (as a % of the total share capital of the Company)	7.72	8.37	7.72
		b) Non- encumbered
		- Number of shares	160907889	158750731	160907889
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	86.19	85.03	86.19
		- Percentage of shares (as a % of the total share capital of the Company)	48.16	47.51	48.16

Particulars	Quarter Ended 30.09.2015
Pending at the beginning of the quarter	-
Received during the quarter	5
Disposed of during the quarter	3
Remaining unresolved at the end of the quarter	2

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30^TH SEPTEMBER 2015

(Rs. In Million)

Particulars	Quarter Ended ( Unaudited)	Quarter Ended ( Unaudited)	Half Year Ended ( Unaudited)
	30.09.2015	30.06.2015	30.09.2015
Segment revenue
Oils	42106.984	42066.380	84173.364
Vanaspati	2054.113	2046.012	4100.125
Seed Extraction	8808.134	10692.824	19500.958
Food Products	1402.155	1336.571	2738.726
Wind Turbine Power Generation	202.906	162.494	365.400
Others	4986.130	6805.321	11791.451
Total Segment Revenue	59560.422	63109.602	122670.024
Less: Inter segment revenue	6181.750	6447.764	12629.514
Net Sales/ Income from Operations	53378.672	56661.838	110040.510
Segment results
Oils	1756.075	1134.170	2890.245
Vanaspati	3.888	3.338	7.226
Seed Extraction	92.886	202.579	295.465
Food Products	83.288	77.981	161.269
Wind Turbine Power Generation	121.575	83.572	205.147
Others	(190.439)	(223.457)	(413.896)
Unallocated	-	-	-
TOTAL	1867.273	1278.183	3145.456
Less:
Finance cost	1810.646	1225.736	3036.382
Interest Income	(156.798)	(169.523)	(326.321)
Other un-allocable Income	(2.908)	(0.037)	(2.945)
Add: Exceptional Items	-	16.406	16.406
Total Profit before tax	216.333	238.413	454.746
Capital employed
Segment Assets less Segment Liabilities
Oils	23690.966	23291.223	23690.966
Vanaspati	2545.548	3563.684	2545.548
Seed Extraction	29097.422	29141.887	29097.422
Food Products	2370.825	2072.980	2370.825
Wind Turbine Power Generation	4460.430	4461.133	4460.430
Others	7902.520	9504.554	7902.520
Total	70067.711	72035.461	70067.711

STATEMENT OF ASSETS ANS LIABILITIES AS ON 30^TH SEPTEMBER 2015

(Rs. In Million)

SOURCES OF FUNDS	30.09.2015
	(Half Year ended)
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	688.201
(b) Reserves & Surplus	21232.935
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	21921.136
(3) Non-Current Liabilities
(a) long-term borrowings	6166.442
(b) Deferred tax liabilities (Net)	2841.476
(c) Other long term liabilities	2098.574
(d) long-term provisions	0.015
Total Non-current Liabilities (3)	11106.307
(4) Current Liabilities
(a) Short term borrowings	35707.223
(b) Trade payables	48527.686
(c) Other current liabilities	14443.221
(d) Short-term provisions	314.639
Total Current Liabilities (4)	98992.769
TOTAL	132020.212
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24340.963
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	2817.798
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	1407.205
(e) Other Non-current assets	1.595
Total Non-Current Assets	28567.561
(2) Current assets
(a) Current investments	4.705
(b) Inventories	22440.077
(c) Trade receivables	60019.181
(d) Cash and cash equivalents	4719.682
(e) Short-term loans and advances	15293.080
(f) Other current assets	975.926
Total Current Assets	103452.651
TOTAL	132020.212

Note:

1. The above results have been reviewed by the Audit Committee at its meeting held on November 2, 2015 and have been approved at the meeting of Board of Directors of the Company held on November 2, 2015.

2. The Company has exercised the option provided under paragraph 46A of AS 11: The Effects of Changes in Foreign Exchange Rates inserted vide Notification dated December 29, 2011. Consequently, the exchange differences on long term foreign currency monetary items are dealt within the following manner:

The exchange difference to the extent it relates to acquisition of depreciable assets, is adjusted to the cost of the depreciable assets, and depredated over the balance life of the asset.

In other cases, the exchange difference is accumulated in a Foreign Currency Monetary Item Translation Difference Account and amortised over the balance period of such long term asset / liability.

Accordingly, the Company has (a) adjusted exchange toss of Rs.170.956 Million in respect of long term foreign currency monetary items relating to acquisition of depreciable fixed assets to the cost of fixed assets and (b) amortised exchange loss relating to long term foreign currency monetary Item in other cases over the life of the tong term liability and included Rs. 66.575 Million being the unamortised portion in Foreign Currency Monetary Item Translation Difference Account.

4. Pursuant to the Scheme of Amalgamation and Arrangement between the Company and Mac Oil Palm Limited, the Board has approved the following amounts as charge to Business Development Reserve during the quarter ended on September 30, 2015 

5. With effect from 1 April 2011, the Company has adopted the principles of derivatives and hedge accounting of Accounting Standard (AS) 30 '‘Financial Instruments: Recognition and Measurement”, to account for interest rate swaps. Accordingly, mark to market gain of Rs. 6.789 Million for the 3 months on account of interest rate swaps designated as effective hedge has been recognized in the balance sheet under the head "Hedging Reserve”.

6. During the six months period ended September 30, 2015, the Company discovered misappropriation of approximately Rs. 90.000 Million by certain employees at two of its branches situated in the State of Andhra Pradesh by Inflating the expenses for the earlier years. The Company has filed a First Information Report with CID Andhra Pradesh. The matter is under investigation. The Company has recovered Rs. 16.406 Million in this regard till date which has been disclosed as an Exceptional Item.

7. Tax expenses comprises of the following

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
a) Claims against the Company not acknowledged as debts	127.349	85.047
b) Guarantees
(i) Outstanding bank Guarantees	459.375	596.469
(ii) Outstanding letter of credit	--	--
(iii) Outstanding corporate gurantees given on behalf of
- Indian Subsidiaries (Share in sanctioned amount ` 61,065.73 lac ( Previous year ` 70,208.79 lac)	4527.890	4239.171
Indian Associate (Sanctioned amount ` 9,600.00 lac ( Previous year ` 9,600.00 lac)	670.000	732.600
Foreign Subsidiaries (Sanctioned amount ` 97,780.80 lac ( Previous year ` 51,034.00 lac)	4526.809	1373.415
c) Other Money for which Company is Contingently liable
(i) EPCG Licences benefit in event of default of Export Obligation	60.711	127.584
(ii) Income tax/Sales tax/Excise/Octroi/Custom duty/ESIC/ Electricity Duty/demand disputed	8905.866	4845.268
Bills discounted	5590.565	5011.609

FIXED ASSETS

· Freehold Land

· Lease hold Land

· Buildings

· Plant and Machinery

· Windmills

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Trade Marks

· Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] 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.66.83
UK Pound	1	Rs.101.04
Euro	1	Rs.73.04

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	DIV
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	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	NO
--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		50

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.