MIRA INFORM REPORT

Report No. :	306924
Report Date :	06.02.2015

IDENTIFICATION DETAILS

Name :	GOKUL REFOILS AND SOLVENT LIMITED
Registered Office :	State Highway No. 41, Near Sujanpura Patia, Sidhpur– 384151, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.12.1992
Com. Reg. No.:	04-018745
Capital Investment / Paid-up Capital :	Rs.263.790 Millions
CIN No.: [Company Identification No.]	L1514GJ1992PLC018745
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
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 Solvent Extraction, Refining of Edible Oils and Vanaspati Manufacturing.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track. Trade relation are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal for business dealing 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based: Cash Credit - “BBB-”
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	July, 2014

Rating Agency Name	ICRA
Rating	Non-Fund based limits: “A3”
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	July, 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office / Factory :	State Highway No. 41, Near Sujanpura Patia, Sidhpur – 384151, Gujarat, India
Tel. No.:	91-2767-222075
Fax No.:	91-2767-223475
E-Mail :	csgrsi@gokulgroup.com grsl@gilulgroup.com
Website :	www.gokulgroup.com
Location :	Owned
Locality :	Commercial
Corporate Office :	"Gokul House" 43, Shreemali Co-Operative Housing Society Limited, Opposite Shikhar Building, Navrangpura, Ahmedabad - 380009, Gujarat, India
Tel. No.:	91-79-66304555 / 66615253 / 54 / 55
Fax No.:	91-79-66304543
E-Mail :	mail@gokulgroup.com grsl@gokulgroup.com
Sidhpur Unit :	State Highway No. 41, Near Sujanpur Patia, Sidhpur -384151, Gujarat, India
Tel. No.:	91-2767-222075
Fax No.:	91-2767-223475
E-Mail :	mail@gokulgroup.com
Gandhidham Unit :	89, Meghpar-Borichi, Galpadar Road, Near Sharma Resort, Taluka Anjar, District Kutch - 370110, Gujarat, India
Tel. No.:	91-2836-247075 to 79
Fax No.:	91-2836-247080
Surat Unit:	National Highway No. 8, Near Kamrej Sugar Factory, At Navi Pardi, Taluka Kamrej, District Surat, Gujarat, India
Tel. No.:	91-2621-234845
Haldia Unit	J.L.No-149 Plot, Near Essar Petrol Pump, Way to HFCL, Near Renuka Sugar Factory, Haldia Development Authority Area, P.O. Debhog, Haldia, District Purba Medinipur - 721657, West Bengal, India
Tel. No.:	91-3224-252839
Fax No.:	91-3224-252939
Regional Office :	Block No. 1, 17^th Floor, Cheterjee International Centre, 33A, Jawaharlal Nehru Road, Kolkata – 700071, West Bengal, India
Tel. No.:	91-80010-12511
Fax No.:	91-33-22884127
Branch Office :	Office No. E/1, Nisarg Heaven CHS Limited, Mahavir Nagar, Kandivali (West), Mumbai, Maharashtra, India
Tel. No.:	91-22-40140967
Fax No.:	91-22-28675772

DIRECTORS

As on 11.09.2014

Name :	Mr. Balvantsinh C Rajput
Designation :	Chairman and Managing Director
Name :	Mr. Kanubhai J Thakkar
Designation :	Managing Director
Name :	Mr. Piyushchandra R Vyas
Designation :	Independent Director
Qualification :	Graduate in Commerce with Honours and L.L.B.
Name :	Dr. Dipooba H Devada
Designation :	Independent Director
Qualification :	Post Graduate in Science and Ph. D
Name :	Mr. Karansinhji Mahida
Designation :	Independent Director
Name :	Mr. Bipinkumar Thakkar
Designation :	Whole time Director- Legal

KEY EXECUTIVES

Name :	Mr. Harish Motwani
Designation :	Company Secretary and Compliance Officer
AUDIT COMMITTEE
Name :	Mr. Piyushchandra R Vyas
Designation :	Chairman
Name :	Mr. Kanubhai J Thakkar
Designation :	Member
Name :	Mr. Karansinhji Mahida
Designation :	Member
Name :	Dr. Dipooba H Devada
Designation :	Member
REMUNERATION COMMITTEE
Name :	Dr Dipooba H Devada
Designation :	Chairperson
Name :	Mr. Karansinhji Mahida
Designation :	Member
Name :	Mr. Piyushchandra R Vyas
Designation :	Member
SHAREHOLDERS /INVESTORS GRIEVANCES COMMITTEE
Name :	Dr. Dipooba H Devada
Designation :	Chairperson
Name :	Mr. Kanubhai J Thakkar
Designation :	Member
Name :	Mr. Bipinkumar Thakkar
Designation :	Member
MANAGEMENT TEAM
Name :	Mr. Mahesh Agrawal
Designation :	Chief Executive Officer
Name :	Mr. Hitesh Thakkar
Designation :	Chief Executive Officer
Name :	Mr. Dharmendrasinh Rajput
Designation :	President-Corporate Strategies
Name :	Mr. Jayesh Thakkar
Designation :	President-Corporate Plainning
Name :	Mr. Praveen Khandelwal
Designation :	VP Corporate Strategy
Name :	Mr. Rajendra Khiani
Designation :	Sr. VP Banking and Finance
Name :	Mr. Manoj Upadhyay
Designation :	VP- Legal
Name :	Mr. Joseph Chettiar
Designation :	VP Exports
Name :	Mr. Atul Shah
Designation :	VP Asudit and Risk Management
Name :	Mr. Vinod Rajput
Designation :	CEO procurement (Sidhpur)
Name :	Mr. Ajit Rajput
Designation :	VP Operations (Gandhidham)
Name :	Mr. Vinod Rajput
Designation :	Director operations (East)

SHAREHOLDING PATTERN

As on 30.12.2014

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	81162272	61.54
Bodies Corporate	170625000	12.94
Sub Total	98224772	74.47
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	98224772	74.47
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	1000000	0.76
Foreign Institutional Investors	551560	0.42
Sub Total	1551560	1.18
(2) Non-Institutions
Bodies Corporate	21078597	15.98
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2147982	1.63
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	6090079	4.62
Any Others (Specify)	2802010	2.12
Office Bearer	21749	0.02
Non Resident Indians	496517	0.38
Clearing Members	2283444	1.73
Directors & their Relatives & Friends	300	0.00
Sub Total	32118668	24.35
Total Public shareholding (B)	33670228	25.53
Total (A)+(B)	131895000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	131895000	100.00

BUSINESS DETAILS

Line of Business :	Subject is Engaged in the Business of Solvent Extraction, Refining of Edible Oils and Vanaspati Manufacturing.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

· State Bank of India, Ahmedabad, Gujarat, India

· Punjab National Bank

· Central Bank of India

· State Bank of Travancore

· Union Bank of India

· Bank of India

· The Jammu and Kashmir Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loan
From Banks	10.000	231.277
SHORT TERM BORROWING
Loans Payable On Demand
Buyers Credit Loans	79.844	3671.086
Cash / Credit / Overdraft/ Export Packing Credit	5740.611	7334.568
Total	5830.455	11236.931

Auditors :
Name :	M R Pandhi and Associates Chartered Accountants
Address :	101, Panchdeep Complex, Near Mithakhali Six Road, Navrangpura, Ahmedabad - 380009, Gujarat, India
Tel No.:	91-79-26565949/ 26420994
E-mail:	mrpandhi@gmail.com
A Firm in which some of the Directors and Company are partners :	Gokul Overseas
Wholly Owned Subsidiary :	· Maurigo International Limited · Maurigo Pte Limited · Professional Commodity Services Private Limited
Charitable Trust where Key Management Personnel (KMP) are Trustees :	· Gokul Foundation · Shree Bahuchar Jan Seva Trust
Associates :	Gujarat Gokul Power Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
175000000	Equity Shares	Rs. 2/- each	Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
131895000	Equity Shares	Rs. 2/- each	Rs.263.790 Millions

NOTE

Reconciliation of Number of shares outstanding and the amount of share capital

Particulars	As at 31^st March 2014
	Number	Rs. In Millions
Shares outstanding at the beginning of the year	131,895,000	263.790
Shares issued during the year	--	--
Shares bought back during the year	--	--
Shares outstanding at the end of the year	131,895,000	263.790

Shareholders holding more than 5% equity share capital in the Company

Name of Shareholder	Equity Shares (2014)
	No. of Shares held	% of Holding
Bhikhiben Balvantsinh Rajput	18952500	14.37
Balvantsinh Chandansinh Rajput	18742500	14.21
Kanubhai Jivatram Thakkar	18517500	14.04
Manjulaben Kanubhai Thakkar	18465000	14.00
Cresta Fund Limited	11675000	8.85
Profitline Securities Private Limited	9187500	6.97
Shantiniketan Financial Services Private Limited	7875000	5.97

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	263.790	263.790	263.79
(b) Reserves & Surplus	3203.925	3173.043	3043.793
(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)	3467.715	3436.833	3307.583
(3) Non-Current Liabilities
(a) long-term borrowings	510.000	231.277	502.78
(b) Deferred tax liabilities (Net)	10.937	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.724	4.003	6.785
Total Non-current Liabilities (3)	525.661	235.280	509.565
(4) Current Liabilities
(a) Short term borrowings	5820.455	11005.654	16636.748
(b) Trade payables	10761.795	10108.871	13257.31
(c) Other current liabilities	532.119	475.140	612.895
(d) Short-term provisions	204.865	193.664	322.154
Total Current Liabilities (4)	17319.234	21783.329	30829.107
TOTAL	21312.610	25455.442	34646.255
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3298.914	3365.115	3340.885
(ii) Intangible Assets	11.671	13.135	16.52
(iii) Capital work-in-progress	69.570	125.964	278.216
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	146.929	146.929	146.929
(c) Deferred tax assets (net)	0.000	36.251	0.000
(d) Long-term Loan and Advances	37.126	138.303	146.795
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3564.210	3825.697	3929.345
(2) Current assets
(a) Current investments	1187.191	1813.407	2082.965
(b) Inventories	4019.786	5006.614	5818.275
(c) Trade receivables	4209.909	2690.595	4180.436
(d) Cash and cash equivalents	4717.090	8672.630	15518.777
(e) Short-term loans and advances	2517.022	2084.522	1810.643
(f) Other current assets	1097.402	1361.977	1305.814
Total Current Assets	17748.400	21629.745	30716.910
TOTAL	21312.610	25455.442	34646.255

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	63105.228	57184.709	64871.716
		Other Income	992.967	1618.920	662.121
		TOTAL (A)	64098.195	58803.629	65533.837
Less	EXPENSES
		Cost of Materials Consumed	43647.149	48690.406	51344.784
		Purchases of Stock-in-Trade	14235.681	5087.629	8635.875
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	718.522	(236.435)	103.599
		Employees benefits expense	276.952	223.822	250.974
		Other expenses	3844.770	2650.534	4777.797
		TOTAL (B)	62723.074	56415.956	65113.029
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1375.121	2387.673	420.808
Less	FINANCIAL EXPENSES (D)		902.537	1929.218	1496.29
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		472.584	458.455	(1075.482)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		374.321	365.456	328.967
	PROFIT BEFORE TAX (E-F) (G)		98.263	92.999	(1404.449)
Less	TAX (H)		67.381	(36.251)	(333.587)
	PROFIT AFTER TAX (G-H) (I)		30.882	129.250	(1070.862)
	Earnings Per Share (Rs.)		023	0.98	(8.12)

KEY RATIO

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.05	0.23	(1.65)
Operating Profit Margin (PBITD/Sales)	(%)	2.18	4.18	0.65
Return on Total Assets (PBT/Total Assets}	(%)	0.47	0.37	(4.10)
Return on Investment (ROI) (PBT/Networth)		0.03	0.03	(0.42)
Debt Equity Ratio (Total Debt /Networth)		1.83	3.27	5.18
Current Ratio (Current Asset/Current Liability)		1.02	0.99	1.00

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	263.790	263.790	263.790
Reserves & Surplus	3043.793	3173.043	3203.925
Net worth	3307.583	3436.833	3467.715
long-term borrowings	502.780	231.277	510.000
Short term borrowings	16636.748	11005.654	5820.455
Total borrowings	17139.528	11236.931	6330.455
Debt/Equity ratio	5.182	3.270	1.826

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	64871.716	57184.709	63105.228
		(11.850)	10.353

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	64871.716	57184.709	63105.228
Profit	(1070.862)	129.250	30.882
	(1.65%)	0.23%	0.05%

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	No
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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
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

Status : PENDING

( Converted from : O/ST/1246/2014 )

CCIN No : 001058201400129

Next Listing Date:

18/12/2014

Coram

· HONOURABLE MR.JUSTICE N.V.ANJARIA

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S.NO.	Name of the Petitioner	Advocate On Record
1	CONTIGRAIN INTERNATIONAL	MR. S. M. GOHIL for: Petitioner(s) 1

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S.NO.	Name of the Respondent	Advocate On Record
1	GOKUL REFOILS AND SOLVENT LTD	MS AMRITA M THAKORE for :Respondent(s) 1

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Presented On	: 09/05/2014	Registered On	: 16/06/2014
Bench Category	: -	District	: AHMEDABAD
Case Originated From	: THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 12 times
Stage Name	: ADJOURNED MATTERS

Office Objection
Filing Stage Filing Stage Filing Stage Filing Stage Filing Stage Filing Stage	· WHETHER INDEX-CUM-CHRONOLOGY OF DOCUMNETS AND EVENTS FILED? · WHETHER PROPER & FULL COURT FEE IS PAID? · WHETHER PAGING IS DONE? · WHETHER COPIES ARE LEGIBLE AND WHETHER TYPED COPIES OF HAND WRITTEN ANNEXURES FILED? · WHETHER COPIES ARE TRUE COPIES SO SIGNED BY ADVOCATE? · WHETHER EXTRA COPY OF THE FULL EITLE (WITH NAMES AND ADDRESSES OF ALL PARTIES) FURNISHED?

Classification	· SJ - OJ - COMPANY APPLICATION - COMPANIES ACT, 1956 - WINDING UP - 433 AND 434
Act	· COMPANIES ACT, 1956

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Office Details

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S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	09/05/2014	VAKALATNAMA	MR. S. M. GOHIL ADVOCATE for PETITIONER(s) 1	5	MR. S. M. GOHIL(3785) for P:1
2	09/05/2014	MEMO OF APPEAL/PETITION/SUIT	MR. S. M. GOHIL ADVOCATE for PETITIONER(s) 1	50	MR. S. M. GOHIL(3785), for P:1
3	17/07/2014	ADDITIONAL FEE ON MEMO OF APPEAL/PETITION/SUIT	MR. S. M. GOHIL ADVOCATE for PETITIONER(s) 1	50	MR. S. M. GOHIL(3785) for P:1
4	21/07/2014	VAKALATNAMA	MS AMRITA M THAKORE ADVOCATE for RESPONDENT(s) 1	5	MS AMRITA M THAKORE(3208) for R:1
5	07/08/2014	AFFIDAVIT IN REPLY	MS AMRITA M THAKORE ADVOCATE for RESPONDENT(s) 1	0	MS AMRITA M THAKORE(3208) for R:1
6	17/11/2014	AFFIDAVIT IN RE-JOINDER	MR. S. M. GOHIL ADVOCATE for PETITIONER(s) 1	0	MR. S. M. GOHIL(3785) for P:1

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Court Proceedings

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S. No.	Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
1	17/06/2014	9	48	FOR OFFICE OBJECTION	NEXT DATE	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT
2	18/07/2014	9	-	undefined		· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT
3	22/07/2014	9	8	ADMISSION (FRESH MATTERS)	NEXT DATE	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT
4	24/07/2014	9	10	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT
5	07/08/2014	9	6	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT
6	22/08/2014	18	6	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT · HONOURABLE MR.JUSTICE N.V.ANJARIA
7	12/09/2014	17	5	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE N.V.ANJARIA
8	08/10/2014	17	11	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE N.V.ANJARIA
9	15/10/2014	18	4	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE N.V.ANJARIA
10	05/11/2014	18	4	ADJOURNED MATTERS		· HONOURABLE MR.JUSTICE N.V.ANJARIA
11	07/11/2014	18	7	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE N.V.ANJARIA
12	17/11/2014	18	7	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE N.V.ANJARIA
13	25/11/2014	18	7	ADJOURNED MATTERS		· HONOURABLE MR.JUSTICE N.V.ANJARIA

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Available Orders

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S. No.	Case Details	Judge Name	Order Date	CAV	Judgment	Questions	Transferred	Download
1	COMPANY PETITION/129/2014	· HONOURABLE MR.JUSTICE N.V.ANJARIA	15/10/2014	N	ORDER	-	Y	Download

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From Promoters (Related Parties )	500.000	0.000
Total	500.00	0.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10227838	16/06/2010	165,000,000.00	BANK OF MAHARASHTRA	BHADRA BRANCH, MAVLANKAR HAVELI,, VASANT CHOWK, BHADRA, AHMEDABAD, Gujarat - 380001, INDIA	A89210892
2	90100126	03/03/2014 *	20,922,900,000.00	STATE BANK OF INDIA WITH ITS CONSORTIUM BANKS	OVERSEAS BRANCH, 3RD FLOOR, AMRIT JIVAN BHAVAN, N  AVJIVAN TRUST COMPLEX, AHMEDABAD, Gujarat - 380014, INDIA	C00599910

* Date of charge modification

STANDALONE OPERATING PERFORMANCE

The Company closed the financial year 2013-14 with turnover of Rs. 62270.184 millions as compared to Rs. 56426.789 millions made during the previous year.

The achievement of 10.35% increase in turnover as compared to previous year is quite encouraging performance made by the company. Despite the fact that the adverse macro economic scenario particularly in the form of high interest rates, depreciated currency and uncertainty due to general elections led to deceleration in the economic recovery.

The profit before tax of the Company stood at Rs. 98.263 Millions as compared to Rs. 92.999 Millions achieved during previous year.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS :

The year 2013-14 was passed through challenging times that culminated in lower than 5% GDP growth for the Indian Economy. With great uncertainty, volatility in both currency and commodity market, Indian Industries have passed through a tough and turbulence time due to falling profit and substantial reduction in industrial growth. During this year, turnover has increased to Rs.62270.184 Millions as compared to Rs.58153.773 with profit after tax (PAT) reduced to Rs. 30.882 millions as compared to profit of Rs.129.250 Millions in previous year.

Global Outlook- Edible Oil

World’s consumption of edible oil was to the tune of 82 million MT in 1990-91 and has doubled in the two decades. Palm, Soya and Rapeseed oil/ Mustard oil are expected to constitute 64% of the total global oil consumption. From the last two decade, global Palm oil consumption is growing faster than the global edible oil consumption. Global palm oil consumption has grown by 8.7% Cumulative Annual Growth Rate (CAGR), where as global edible oil consumption has grown by 4.4% only.

Palm oil is the more popular oil because of its lowest production cost per ton as well as its worldwide acceptability. The proportion of Palm oil out of total world’s oil consumption has increased from 13.8% in 1990-91 to 29% in 2012-13. More than 85% of global palm oil is produced by Malaysia and Indonesia.

India is the 4th largest edible oil economy after U.S, China and Brazil. As we can see that Asian Industries are emerged as the most promising industry at the world and the Global cues suggest that the next round of growth will come from Asian economies like China and India which have a growing population to feed, younger demographics, better lifestyle choices and increased purchasing power due to local development.

The future for food Companies will be fortified by giving the discerning consumer a sustainable, healthy and value added choice to create a better life. Edible oil Companies will create customer loyalty through sustained brand building efforts by catering to the local tastes of the consumers.

FIXED ASSETS

Tangible Assets

v Freehold Land

v Leasehold Land

v Buildings

v Plants and Equipment’s

v Furniture and Fixtures

v Office Equipment

v Computers

v Vehicles

Intangible Assets

v Brands/ Trademarks

v Computer Software

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30^TH SEPTEMBER, 2014

(Rs. In Millions)

Sr. No	Particulars		Standalone
			Quarter Ended		Half Year Ended
			30.09.2014	30.09.2014	30.09.2014
			Unaudited	Unaudited	Unaudited
1	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)		16750.320	15547.158	32297.477
	b. Other Operating Income		131.484	69.565	201.050
	Total Income from Operations (Net)		16881.804	15616.723	32498.527
2	Expenditure
	a. Cost of material Consumed		14883.446	12757.651	27641.097
	b. Purchase of Stock-in trade		960.057	2583.335	3543.392
	c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade		(6.584)	(708.044)	(716.628)
	d. Employees Benefit Expenses		61.714	69.637	131.351
	e. Depreciation and Amortisation Expenses		91.641	90.120	181.761
	f. Other expenses		719.561	673.772	1393.33
	Total Expenses		16707.837	15466.471	32174.308
3	Profit from Operations before Other Income, Interest and Exceptional Items		173.967	150.252	324.219
4	Other Income		58.371	209.501	267.872
5	Profit from ordinary activities before finance cost & exceptional items		232.338	359.753	592.091
6	Finance Costs		210.958	325.913	536.871
7	Profit from ordinary activities after finance costs & exceptional items		21.380	33.840	55.220
8	Exceptional items		--	--	--
9	Profit from ordinary activities before tax		21.380	33.840	55.220
10	Tax Expense		6.064	12.858	18.922
11	Net Profit from ordinary activity after tax		15.316	20.982	36.298
12	Extraordinary Items		--	--	--
13	Net Profit After Tax		15.316	20.982	36.298
14	Paid-up equity share capital (face value of Rs.10 per share)		263.790	263.790	263.790
15	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year		3240.223	3224.907	3240.223
16	Earning Per Share (of Rs.10 each) (not annualized)
	Basic EPS		0.28	0.16	0.28
	Diluted EPS		0.28	0.16	0.28
A		PARTICULARS OF SHAREHOLDING
17		Public Shareholding
		- No. of shares	33670228	33670228	36263197
		- Percentage of shareholding	25.53%	25.53%	27.49%
18		Promoter & Promoter Group Shareholding
		a) Pledged/Encumbered
		- No. of shares	15000000	15000000	15000000
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	15.27%	15.27%	15.69%
		- Percentage of shareholding (as a % of the total share capital of the company)	11.37%	11.37%	11.37%
		b) Non-encumbered
		- No. of shares	83224772	83224772	80631803
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	84.72 %	84.72 %	84.31%
		- Percentage of shareholding (as a % of the total share capital of the company)	63.10 %	63.10 %	61.13 %
B.		INVESTOR COMPLIANTS
		Pending at the beginning of the Quarter	NIL	NIL	NIL
		Received during the Quarter	NIL	NIL	NIL
		Disposed during the Quarter	NIL	NIL	NIL
		Remaining unresolved at the end of the Quarter	NIL	NIL	NIL

SEGMENT REPORT FOR THE QUARTER AND HALF YEAR ENDED 30^TH SEPTEMBER, 2014

(Rs. In Millions)

Sr. No.	Particulars	Three months ended on 30.09.2014	Three months ended on 30.06.2014	Sex Month Ended 30.09.2014
		(Unaudited)	(Unaudited)	(Unaudited)
1	Segment Revenue
	(net sale/income from each segment [Should be disclosed under this head)
	a) Agro Based Commodities	16750.320	15547.158	32297.477
	Total	16750.320	15547.158	32297.477
	Less: Inter-segment Revenue	-	-	-
	Net Sales/Income from Operations	16750.320	15547.158	32297.477
2	Segment Results
	[Profit (+)/ Loss (-)before tax and interest from each segment]
	a) Agro Based Commodities	147.331	186.764	334.095
	Less: (i) Interest	125.951	152.924	278.875
	Total Profit before Tax (Total Company)	21.380	33.840	55.220
3	Capital Employed (Segment Assets - Segment Liabilities)
	a) Agro Based Commodities	3240.223	3224.907	3240.223
	Total (Total Company)	3240.223	3224.907	3240.223
	Note :
As per accounting standard 17 on segment reporting (as 17,) the company has reported “segment information “as described below.
Based on the guiding principles given in accounting standard on “segment reporting (as -17)issued by the institute of chartered accountant of India, the management classified its primary business segment as ”Agro based commodities” which incorporates products groups viz. Soya bean, Palmolive, cotton seed oil, sunflower oil mustard seed oil, castor oil cakes, de oiled cakes, Vanaspati, oil seeds. Its bye products and other agro – commodities which have similar production processes similar methods of distribution and have similar risks and returns, hence the primary segment information is being reported based reported on this classification.

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

(Rs. In Millions)

Particulars		As at half year ended on 30.09.2014 (Unaudited)
A	EQUITY AND LIABILITIES
1	Shareholders' Funds
	(a) Share Capital	263.790
	(b) Reserves & Surplus	3240.223
	Total Shareholders’ Funds	3504.013
2	Non-Current Liabilities
	(a) long-term borrowings	500.000
	(b) Deferred tax liabilities (Net)	29.859
	(c) Other long term liabilities	0.000
	(d) long-term provisions	4.715
	Sub Total Non-current Liabilities	534.573
3	Current Liabilities
	(a) Short term borrowings	3248.571
	(b) Trade payables	15750.727
	(c) Other current liabilities	359.132
	(d) Short-term provisions	473.432
	Sub Total Current Liabilities	19831.862
	TOTAL- EQUITY AND LIABILITIES	23870.448
A	ASSETS
1	Non-current assets
	(a) Fixed Assets	3407.059
	(b) Non-current Investments	147.930
	(c) Long-term Loan and Advances	50.799
	(d) Other Non-current assets	0.000
	Sub Total Non-Current Assets	3605.788
2	Current assets
	(a) Current investments	2333.373
	(b) Inventories	5525.562
	(c) Trade receivables	4570.759
	(d) Cash and cash equivalents	4310.716
	(e) Short-term loans and advances	2671.510
	(f) Other current assets	852.741
	Sub Total Current Assets	20264.660
	TOTAL-ASSETS	23870.448

Notes:

1. The above results were reviewed by the Audit Committee and approved by the Board of Director at their Meeting held on 12^th November, 2014.
2. Pending details assessment of the useful life of assets, the depreciation charge for the quarter/half year has been provided as in earlier period. Necessary effect, if required will be given in subsequent quarter.
3. Previous quarter/half year are figures are regrouped/reclassified whenever necessary to confirm to current quarter/half year’s classification.
4. The Statutory Auditors of the company have conducted a Limited Review of the above financial Results.

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.61.87
UK Pound	1	Rs.94.07
Euro	1	Rs.70.19

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--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	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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.