MIRA INFORM REPORT

Report No. :	344470
Report Date :	12.10.2015

IDENTIFICATION DETAILS

Name :	GUJARAT AMBUJA EXPORTS LIMITED

Registered Office :	Ambuja Tower, Opposite Memnagar Fire Station, Post Navjivan, Navarangpura, Ahmedabad – 380014, Gujarat
Tel. No.:	91-79-26423316

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	21.08.1991

Com. Reg. No.:	04-016151

Capital Investment / Paid-up Capital :	Rs. 276.700 Million

CIN No.: [Company Identification No.]	L15140GJ1991PLC016151

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	AHMG00194F

PAN No.: [Permanent Account No.]	AAACG3980A

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Subject is mainly engaged in various segments such as : Agro processing for solvent extraction and oil refining Maize processing through corn wet milling for manufacturing of unmodified starch and other downstream value added derivations Cotton yarn manufacturing Power Generation

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 23590000

Status :	Good

Payment Behavior :	Regular

Litigation :	Exist

Comments :	Subject was incorporated in the year 1991 and it is a manufacturer and exporter of agro commodities which included cotton yarn, soyabean and refined edible oil etc. For the financial year ended 2015, company revenue has declined by 18.10% along with dip of 24.64% in its net profit during the year under a review. Rating continue to derive strength from the wide experience of the promoters in various agro processing business supported by company’s long operational track record, established market position and diversified revenue profile. Rating also takes into account of company’s healthy financial profile backed by its comfortable capital structure, sound debt-coverage indicators and healthy liquidity position. However, rating strength partially offset by vulnerability of its operating margins to volatility in the agro commodity prices and forex fluctuation and its working capital intensive operations. Trade relations are reported as fair. Payments are reported to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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	CARE
Rating	Long term Bank Facilities = A+
Rating Explanation	Adequate degree of safety and low credit risk.
Date	26.02.2015

Rating Agency Name	CARE
Rating	Short term Debt: A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	26.02.2015

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.

LOCATIONS

Registered Office / Corporate Office:	“Ambuja Tower”, Opposite Memnagar Fire Station, Navrangpura, Post Navjivan, Ahmedabad – 380014, Gujarat, India
Tel. No.:	91-79-26423316 (5 Lines)/ 26405535 (5 Lines)
Fax No.:	91-79-26423079
E-Mail :	info@ambujagroup.com exports@ambujagroup.com cs@ambujagroup.com
Website :	http://www.ambujagroup.com http://www.ambujaglobal.com

FACTORY:

Cotton Yarn Division/ Maize Processing Unit :	1, Vrindavan Road, Village Dalpur, Taluka Prantij District Sabarkantha, Gujarat, India
Tel. No.:	91-2772-226252-54
Fax No.:	91-2772-226250
E-Mail :	cotspin@ambujagroup.com

Maize Processing Unit :	C-50, Eldeco Sidcul Industrial Park, Sitargang, District Udhamsingh Nagar – 263153, Uttranchal, India
Tel. No.:	91-5948-260564
E-Mail :	ua@ambujagroup.com

Soya Processing / Edible Oil / Vanaspati Ghee / Cattle Feed / Flour Mill Unit:	Kadi-Thore Road, Mehsana, Kadi – 382715, Gujarat, India
Tel. No.:	91-2764-264013/ 14/ 15/ 16
Fax No.:	91-2764-264012
E-Mail :	soyakadi@ambujagroup.com

Soya Processing / Atta Chakki Unit :	Plot No. : 414-417, Sector-III, Pithampur Industrial Area, District Dhar, Madhya Pradesh, India
Tel. No.:	91-7292-256790/ 256264
Fax No.:	91-7292-256199
E-Mail :	soyapith@ambujagroup.com

Soya Processing / Edible Oil Unit :	Village Post : Kanheri, Gawali, N.H.No.6, Akola-Balapur Road, Taluka Balapur, District:Akola, Maharastra, India
Tel. No.:	91-7257-285026/ 285027
Fax No.:	91-7257-285025
E-Mail:	akola@ambujagroup.com

Soya Processing / Edible Oil Unit :	Village Sondhani Mhow - Neemuch Road, Sondhani, District Mandsaur – 458001, Madhya Pradesh, India
Tel. No.:	91-7422-285237/ 285238
E-Mail:	mandsaur@ambujagroup.com

Maize Processing Unit :	Madli Cross P.B. Road, 37 km from Hubli Towards Bangalore Haveri, Shiggoan - 581205, Karnataka, India
Tel. No.:	91-836-2382432
Fax No.:	91-836-2382433
E-Mail:	hubli@ambujagroup.com

Power Division I – Wind Mills	· B-87, R S No. 471/P, Village Lamba, Taluka Kalyanpur, District Jamnagar, Gujarat, India · WTG No. 1,Machine No.1, Survey No. 400, Village Kuranga, Taluka Dwarka, District Jamnagar, Gujarat, India · WTG No. 2, Machine No.2, Survey No. 400, Village Kuranga, Taluka Dwarka, District Jamnagar, Gujarat, India · WTG No. 3, Machine No. 6, Survey No. 400, Village Kuranga, Taluka Dwarka, District Jamnagar, Gujarat, India · Survey No.213/2, Village Satapar, Taluka Kalyanpur, District Jamnagar, Gujarat, India · WTG No.1, V-4, Survey No. 43/1/P Village Motisindhodi, Taluka Abdasa, District Kutch, Gujarat, India · WTG No.2, V-7, Survey No. 36/2/P, Village Motisindhodi, Taluka Abdasa, District Kutch, Gujarat, India · Survey No. 115/P, Village Mindiyali, Taluka Anjar, District Kutch, Gujarat, India

II – Power Plant (11 MW Cogeneration Plant) :	Located at : · Himmatnagar · Shiggaon

III – Biogas Power Plants :	Located at · Himmatnagar · Sitarganj · Shiggaon

Branch Offices :	Located At: · Mumbai · New Delhi · Indore · Akola · Vietnam

DIRECTORS

AS ON 31.03.2015

Name :	Mrs. Sulochana Vijaykumar Gupta
Designation :	Director
Address :	8 Pratima Society Near Dada Saheb Na Pagla, Navrangpura, Ahmedabad - 380009, Gujarat, India
Date of Birth/Age :	01.11.1953
Experience :	36 Years
Date of Appointment :	21.08.1991
DIN No.:	00028225

Name :	Mr. Prakash Gopichand Ramrakhiani
Designation :	Director
Address :	279/1/1, Hansol, Airport Circle, Behind Gateway Hotel, Ahmedabad - 382475, Gujarat, India
Date of Birth/Age :	25.11.1940
Qualification :	B.A. [Hons], M.A. [Eco], IAS
Date of Appointment :	08.03.2003
DIN No.:	00027900

Name :	Mr. Ashok Chandrakant Gandhi
Designation :	Director
Address :	2, Prabhat Society, Paldi, Ahmedabad - 380007, Gujarat, India
Date of Birth/Age :	04.12.1939
Qualification :	B. Com. LLB and Advocate
Experience :	More than 42 years in the legal profession.
Date of Appointment :	24.07.2003
DIN No.:	00022507

Name :	Mr. Rohitbhai Jashbhai Patel
Designation :	Director
Address :	7, Anand Park, Naranpura, Ahmedabad - 380013, Gujarat, India
Date of Birth/Age :	22.02.1946
Qualification :	B. E. [Electrical]
Date of Appointment :	30.07.2005
DIN No.:	00012367

Name :	Mr. Sudhin Bhagwandas Choksey
Designation :	Director
Address :	B - 601, Ratnakar, Lane Opposite 10C Petrol Pump, Off 132 Feet Ring Road, Satellite, Ahmedabad - 380015, Gujarat, India
Date of Appointment :	29.09.2012
DIN No.:	00036085

Name :	Mr. Sandeep Agrawal
Designation :	Whole-Time Director
Address :	302, Sankalp Grace, Behind Rajpath Club, Near Satyam House, Bodakdev, Ahmedabad - 380054, Gujarat, India
Date of Birth/Age :	12.12.1971
Qualification :	Commerce Graduate and MBA.
Experience :	More than 21 Years
Date of Appointment :	01.08.2014
DIN No.:	00027244

Name :	Mr. Vijaykumar Durgaprasad Gupta
Designation :	Managing Director
Address :	8 Pratima Society, Near Dada Saheb Na Pagla, Navrangpura, Ahmedabad - 380009, Gujarat, India
Date of Birth/Age :	65 Years
Qualification :	B. DS
Experience :	42 Years
Date of Appointment :	24.05.2014
DIN No.:	00028173

Name :	Mr. Manish Vijaykumar Gupta
Designation :	Managing Director
Address :	8 Pratima Society, Near Dada Saheb Na Pagla, Navrangpura, Ahmedabad - 380009, Gujarat, India
Date of Birth/Age :	42 Years
Qualification :	B.Com
Experience :	23 Years
Date of Appointment :	24.05.2014
DIN No.:	00028196

Name :	Mr. Mohit Vijaykumar Gupta
Designation :	Managing Director
Address :	8 Pratima Society Near Dada Saheb Na Pagla, Navrangpura, Ahmedabad - 380009, Gujarat, India
Date of Birth/Age :	20.11.1981
Qualification :	B. Com., Diploma in IBM, HRM, FBM and Diploma in computer Information Systems
Date of Appointment :	24.05.2014
DIN No.:	00028282

Name :	Mr. Rashmikant Navinchandra Joshi
Designation :	Director
Address :	51, Sangrila Bungalows, Thaltej(Ct), Taluka - Daskroi, Ahmedabad - 380059, Gujarat, India
Date of Appointment :	12.09.2015
DIN No.:	06930067

KEY EXECUTIVES

Name :	Mr. Giridhar Nagaraj Venkatrao
Designation :	Chief Financial Officer
Address :	A/802, Heritage Skyz, Opposite Auda Garden, Prahladnagar, Satellite, Ahmedabad - 380015, Gujarat, India
PAN No :	AAIPG8171G
Date of Appointment :	24.05.2014

Name :	Mr. Chetna Prabhatkumar Dharajiya
Designation :	Secretary
Address :	97, Umiya Nagar Society, Near Nirnaynagar Sector-2, Rani, Ahmedabad - 382480, Gujarat, India
PAN No :	AKDPD5975A
Date of Appointment :	13.08.2015

Name :	Dr. K.R. Chandratra
Designation :	Practicing Company Secretary, Pune

SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholder	Total No. of Shares	% of Total No. of Shares

(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	99564393	71.96
Sub Total	99564393	71.96
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	99564393	71.96
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	67095	0.05
Financial Institutions / Banks	7450	0.01
Sub Total	74545	0.05
(2) Non-Institutions
Bodies Corporate	2753604	1.99
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	30926510	22.35
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	4195655	3.03
Any Others (Specify)	837168	0.61
Trusts	12850	0.01
Non Resident Indians	821818	0.59
Directors & their Relatives & Friends	2500	0.00
Sub Total	38712937	27.98
Total Public shareholding (B)	38787482	28.04
Total (A)+(B)	138351875	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	138351875	0.00

BUSINESS DETAILS

Line of Business :	Subject is mainly engaged in various segments such as : Agro processing for solvent extraction and oil refining Maize processing through corn wet milling for manufacturing of unmodified starch and other downstream value added derivations Cotton yarn manufacturing Power Generation

Products/ Services :	Agro Processing Oil Refining Maize Processing Windmills Power Generation

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :	Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Bank Name	Not Available
Branch	Not Available
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
From Banks
TUF scheme	311.400	0.000
Amount disclosed under the head “other current liabilities”	(62.300)	0.000
Short-term borrowings
Working Capital Facilities from Banks Payable on demand	1711.100	2939.200
Suppliers line of credit from banks in foreign currency	739.000	0.000
Short term loan from banks	250.000	1000.000
Total	2949.200	3939.200

Note:

Long term borrowing :

Term loan is availed from HDFC bank limited, which carries gross interest @11.00% p.a. the loan is secured by hypothecation of specific movable plant and machineries.

The loan is repayable in quarterly installments of Rs. 15.600 million, each along with interest, form the next financial year i.e. 2015-2016. This loan is eligible for interest subsidy of 2% p.a. under TUF scheme of central government and 7% p.a. by Gujarat state government under the textile policy, 2012.

Short term borrowing :

Working capital, suppliers line of credit from banks in foreign currency and short term loan from banks is are secured by a hypothecation of current assets and certain tangible movable plant and machineries and joint equitable mortgage of certain immovable fixed assets of the company, personal guarantee of three promoter directors and lien on certain fixed deposits of company.

Auditors :
Name :	Kantilal Patel and Company (A member firm of PrimeGlobal, USA). Chartered Accountants
Address :	2^nd Floor, Paritosh Building, Usmanpura, Ahmedabad – 380013, Gujarat, India
Tel. No.:	91-79-27551333/ 27552333
Mobile No.:	91-79-27550538
E-Mail :	services@kpcindia.com
Memberships :	-----

Collaborators :	-----

Subsidiary :	Gujarat Ambuja International Pte. Limited

Enterprise significantly influenced by Key Managerial Persons :	· SMAS Investors LLP · Jay Infrastructure and Properties LLP

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

250000000	Equity Shares	Rs.2/- each	Rs. 500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

138351875	Equity Shares	Rs.2/- each	Rs. 276.700 Million

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

Equity shares	As At 31^st March 2015
	Number of share	Amount
Outstanding at the beginning of the period	138351875	276.704
Outstanding at the end of the period	138351875	276.704

Terms/rights attached to equity shares

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

ii) During the year ended 31st march 2015, the amount of per share dividend recognized as distributions to equity shareholders was Rs. 0.84

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

	As At 31^st March 2015
Equity shares of Rs. 2 each fully paid	No. Shares Held	% Holding in the class
Name of the Shareholder
Vijay Kumar Gupta	28023083	20.255
Manish V Gupta	37585230	27.166
Mohit V Gupta	22447442	16.225
Shiplap M Gupta	7023253	5.076

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

FINANCIAL DATA

[All figures are in Rupees 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	276.700	276.700	276.700
(b) Reserves & Surplus	7982.300	7273.700	6270.400
(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)	8259.000	7550.400	6547.100

(3) Non-Current Liabilities
(a) long-term borrowings	249.100	0.000	0.000
(b) Deferred tax liabilities (Net)	550.800	519.900	583.500
(c) Other long term liabilities	36.200	17.400	6.800
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	836.100	537.300	590.300

(4) Current Liabilities
(a) Short term borrowings	2781.600	4014.700	1831.600
(b) Trade payables	628.500	670.900	2691.200
(c) Other current liabilities	278.400	266.600	309.300
(d) Short-term provisions	45.400	62.000	50.800
Total Current Liabilities (4)	3733.900	5014.200	4882.900

TOTAL	12829.000	13101.900	12020.300

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5417.000	4781.000	4564.800
(ii) Intangible Assets	10.900	12.400	14.700
(iii) Capital work-in-progress	629.400	635.800	381.200
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	424.400	417.200	446.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	343.500	380.100	264.800
(e) Other Non-current assets	2.400	3.700	4.500
Total Non-Current Assets	6827.600	6230.200	5676.000

(2) Current assets
(a) Current investments	100.000	0.000	0.000
(b) Inventories	4436.900	4972.900	4571.200
(c) Trade receivables	1080.700	1496.000	1088.000
(d) Cash and cash equivalents	55.900	57.800	324.200
(e) Short-term loans and advances	290.900	298.300	275.700
(f) Other current assets	37.000	46.700	85.200
Total Current Assets	6001.400	6871.700	6344.300

TOTAL	12829.000	13101.900	12020.300

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Revenue from operations	25313.000	30918.100	30046.200
	Other Income	91.300	100.900	94.500
	TOTAL	25404.300	31019.000	30140.700

Less	EXPENSES
	Cost of Materials Consumed	16813.300	23665.300	20691.000
	Purchases of Stock-in-Trade	2164.400	1902.300	4113.400
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	851.300	(830.200)	(49.800)
	Employees benefits expense	762.000	722.000	645.200
	Other expenses	3076.000	3509.300	2700.700
	TOTAL	23667.000	28968.700	28100.500

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1737.300	2050.300	2040.200

Less	FINANCIAL EXPENSES	150.000	206.500	217.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1587.300	1843.800	1823.200

Less/ Add	DEPRECIATION/ AMORTISATION	609.700	474.100	366.800

	PROFIT/ (LOSS) BEFORE TAX	977.600	1369.700	1456.400

Less	TAX	135.900	253.100	322.900

	PROFIT/ (LOSS) AFTER TAX	841.700	1116.600	1133.500

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	5255.100	4371.800	3486.700

Less	APPROPRIATIONS
	Interim Equity Dividend	(116.200)	(96.800)	(110.600)
	Transfer to General Reserve	0.000	(120.000)	(120.000)
	Dividend	0.000	0.000	0.000
	Tax on Dividend Equity dividend	(19.700)	(16.500)	(17.800)
	Total	(135.900)	(233.300)	(248.400)

	Balance Carried to the B/S	5960.900	5255.100	4371.800

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	3006.400	6068.600	7791.300
	TOTAL EARNINGS	3006.400	6068.600	7791.300

	IMPORTS
	Raw Materials	2953.500	1464.700	6689.300
	Components and Stores parts	7.100	18.900	14.100
	Capital Goods	171.700	192.000	53.700
	TOTAL IMPORTS	3132.300	1675.600	6757.100

	Earnings / (Loss) Per Share (Rs.)	6.08	8.07	8.19

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	62.300	0.000	NA
Cash generated from operations	2711.700	(889.000)	3202.700
Net cash flow from (used in) operations	2535.200	(1204.800)	2941.900

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / sales)	(%)	3.33	3.61	3.77

Operating Profit Margin (PBIDT/Sales)	(%)	6.86	6.63	6.79

Return on Total Assets (PBT/Total Assets}	(%)	8.30	11.37	13.01

Return on Investment (ROI) (PBT/Networth)		0.12	0.18	0.22

Debt Equity Ratio (Total Debt /Networth)		0.37	0.53	0.28

Current Ratio (Current Asset/Current Liability)		1.61	1.37	1.30

QUARTERLY RESULTS

PARTICULARS			30.06.2015
Unaudited			1^st Quarter
Net Sales			6105.870
Total Expenditure			5557.210
PBIDT (Excl OI)			548.660
Other Income			17.460
Operating Profit			566.120
Interest			35.550
Exceptional Items			NA
PBDT			530.570
Depreciation			155.910
Profit Before Tax			374.660
Tax			126.160
Provisions and contingencies			NA
Profit After Tax			248.510

STOCK PRICES

Face Value	Rs.2.00/-
Market Value	Rs.52.30/-

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	276.700	276.700	276.700
Reserves & Surplus	6270.400	7273.700	7982.300
Net worth	6547.100	7550.400	8259.000

long-term borrowings	0.000	0.000	249.100
Short term borrowings	1831.600	4014.700	2781.600
Total borrowings	1831.600	4014.700	3030.700
Debt/Equity ratio	0.280	0.532	0.367

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)
Revenue from operations	30046.200	30918.100	25313.000
		2.902	(18.129)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	30046.200	30918.100	25313.000
Profit	1133.500	1116.600	841.700
	3.77%	3.61%	3.33%

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	No
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	Yes
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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
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	Yes
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS:

HIGH COURT OF GUJARAT

TAX APPEAL No. 886 of 2011

Status : PENDING

( Converted from : ST/1607/2011 )

CCIN No : 001092201100886

Last Listing Date:

16/04/2014

Coram

HONOURABLE MR.JUSTICE AKIL KURESHI

HONOURABLE MS JUSTICE SONIA GOKANI

S.NO.

Name of the Petitioner

Advocate On Record

COMMISSIONER OF INCOME TAX

MRS MAUNA M BHATT for: Appellant(s) : 1

S.NO.	Name of the Respondant		Advocate On Record
1	GUJARAT AMBUJA EXPORTS LIMITED		MR B S SOPARKAR for :Opponent(s) : 1
Presented On		: 02/05/2011	Registered On	: 02/05/2011
Bench Category		: DIVISION BENCH	District	: AHMEDABAD
Case Originated From		: THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 293 times
StageName		: TAX APPEALS U/S 80 IB (10)

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

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	02/05/2011	MEMO OF PETITION/APPEAL/SUIT	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) : 1	20	MRS MAUNA M BHATT:1
2	15/08/2011	VAKALATNAMA	MR B S SOPARKAR ADVOCATE for RESPONDENT(s) : 1	-	MR B S SOPARKAR:1
3	15/08/2011	VAKALATNAMA	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) : 1	-	MRS MAUNA M BHATT:1
4	17/07/2012	VAKALATNAMA	MR B S SOPARKAR ADVOCATE for RESPONDENT(s) : 1	5	MR B S SOPARKAR:1

Linked Matters

S. No.	CaseDetail	Status Name	Disposal Date	Action/Coram
1	TAX APPEAL/887/2011	PENDING	-	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI
2	TAX APPEAL/1067/2014	PENDING	-	· HONOURABLE MS.JUSTICE HARSHA DEVANI · HONOURABLE MS JUSTICE SONIA GOKANI
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	17/05/2011	3	-	OFFICE OBJECTION (FILING STAGE)	NEXT DATE	· ADDITIONAL REGISTRAR ( JUDICIAL)
2	21/06/2012	3	22	BOARD NO. I-A	NEXT DATE	· HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI · NOURABLE MR.JUSTICE N.V.ANJARIA
3	30/11/2013	5	139	FOR FINAL HEARING	NEXT DATE	· HONOURABLE MR.JUSTICE M.R. SHAH · HONOURABLE MR.JUSTICE R.P.DHOLARIA
4	03/12/2013	5	58	FOR FINAL HEARING	RULE DISCHARGED/DISMISSED @ FH	· HONOURABLE MR.JUSTICE M.R. SHAH · HONOURABLE MR.JUSTICE R.P.DHOLARIA
5	17/12/2013	5	21	FOR FINAL HEARING	NEXT DATE	· HONOURABLE MR.JUSTICE M.R. SHAH · HONOURABLE MR.JUSTICE R.P.DHOLARIA
6	21/12/2013	5	12	FOR FINAL HEARING	NEXT DATE	· HONOURABLE MR.JUSTICE M.R. SHAH · HONOURABLE MR.JUSTICE R.D.KOTHARI and HONOURABLEMR.JUSTICE R.P.DHOLARIA
7	26/12/2013	5	49	FOR FINAL HEARING	NEXT DATE	· HONOURABLE MR.JUSTICE M.R. SHAH · HONOURABLE MR.JUSTICE R.P.DHOLARIA
8	13/01/2014	7	93	FOR FINAL HEARING	NEXT DATE	· HONOURABLE MR.JUSTICE M.R. SHAH · HONOURABLE MR.JUSTICE AKIL KURESHI and HONOURABLE MS JUSTICE SONIA GOKANI and HONOURABLE MR.JUSTICE R.P.DHOLARIA
9	26/02/2014	7	76	TAX APPEALS U/S 80 IB (10)	NEXT DATE	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI
10	05/03/2014	7	142	TAX APPEALS U/S 80 IB (10)	NEXT DATE	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI
11	16/04/2014	7	90	TAX APPEALS U/S 80 IB (10)		· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI

Available Orders

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

TAX APPEAL/886/2011

· HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI

· HONOURABLE MR.JUSTICE N.V.ANJARIA

21/06/2012

ORDER

Certified Copy

S. No.	ApplicantName	AppliScationType	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MRS MAUNA M BHATT	ORDINARY	22/06/2012	O/18913/2012	21/06/2012	25/06/2012	26/06/2012	Delivered	ORDER

Company information:

Subject is a public limited company domiciled in India. GAEL is an agro processing conglomerate with various manufacturing plants at different locations in states of Gujarat, Maharashtra, Madhya Pradesh, uttarkhand and Karnataka. The group’s product profile includes solvent extraction comprising of all types of oil seed processing , edible oil refining, cotton yarn spinning, maize based starch and its derivatives, wheat processing cattle feed and power generation through wind mills, bio gas and thermal power plants, mainly for internal consumption.

OPERATIONAL PERFORMANCE:

The company recorded operational revenue of Rs. 25313.000 Million as compared to Rs. 30918.100 Million during the previous financial year. The various profit parameters have significant growth during the year. The company achieved EBIDTA margin of 6.86% in FY 2014-15 against the same at the level of 6.61% in FY 2013-14.

Export sales for the year 2014-15 was Rs. 3176.200 Million as compared to Rs. 6261.100 Million for the year 2013-14 mainly due to surge in the domestic market in respect of Agro processing segment products. The company achieved Earnings before Interest, Depreciation and Tax (EBIDTA) of Rs. 1737.300 Million for the year 2014-15 against that of Rs. 2050.300 Million for the year 2013-14.

The cash Profit before tax, Profit after and EPS for the year remained at Rs 1587.300 Million, Rs. 841.700 Million and Rs. 6.08 per share respectively.

OUTLOOK FOR THE YEAR 2015-16

The global economic climate continues to be volatile, uncertain and prone to geo-political risks. The marked slowdown in global markets is expected to continue in 2015. The sharp fall in growth of emerging markets, notably china, will continue to keep commodity prices including oil, which is significantly lower than last year, volatile.

In this global backdrop, India is expected to perform batter, aided by improving macroeconomics fundamentals. However, execution of the reform agenda and kick starting the investments cycle will be key determinants of India’s economic performance. While currently inflation is benign, upside pressures on inflation from the vagaries of monsoon or sudden changes in the rupee, could have a significant bearing on inflation.

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short term borrowing
Short term loan from banks	81.500	75.500
Total	81.500	75.500

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2015 (Rs. In Million)
(a) Claims against the Company /disputed liabilities not acknowledged as debts	52.000
(b) Disputed Statutory Claims
i) Excise, Customs, Service Tax and DGFT	74.300
ii) Income Tax
a) Appeals preferred by Company	----
b) Appeals preferred by Department	6.200
iii) Sales Tax , VAT, Entry Tax and Mandi Tax	27.500
iv) Others	11.300
TOTAL	182.700

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10506595	23/06/2014	400,000,000.00	HDFC BANK LIMITED	HDFC HOUSE, NR. MITHAKHALI SIX ROADS, NAVRANGPUR A, AHMEDABAD - 380009, Gujarat, INDIA	C09659657
2	10086124	17/04/2015 *	10,110,600,000.00	BOI CONSORTIUM - BOI LEAD + UBI + HDFC BK + SBI + YES BK	AHMEDABAD LARGE CORPORATE BRANCH, 2ND FLOOR BOI B UILDING BHADRA, AHMEDABAD - 380001, GUJARAT, INDIA	C52076114

* Date of charge modification

UNAUDITED STATEMENT STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH JUNE, 2015

(Rs. in Million)

Sr. No		Particulars	Quarter Ended 30.06.2015 Unaudited
1		Income From Operations
		a. Net Sales/ Income from Operations (Net of Excise Duty)	6084.688
		b. Other Operating Income	21.1 77
		Total Income from Operations (Net)	6105.865
2		Expenditure
		a. Cost of material Consumed	4187.504
		b. Purchase of Stock-in trade	551.835
		c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade	(135.782)
		d. Employees Benefit Expenses	201.657
		e. Depreciation and Amortization Expenses	155.910
		f. Exchange Fluctuation	3.128
		g. Other expenses	748.857
		Total Expenses	5713.109
3		Profit from Operations before Other Income, Interest and Exceptional Items	392.756
4		Other Income	17.461
5		Profit from ordinary activities before finance cost & exceptional items	410.217
6		Finance Costs	35.553
7		Profit from ordinary activities after finance costs & exceptional items	374.664
8		Exceptional items	0.000
9		Profit from ordinary activities before tax	374.664
10		Tax Expense
		-Current Tax	98.000
		- Income Tax	0.000
		- Deferred Tax	28.157
11		Net Profit from ordinary activity after tax	248.507
12		Extraordinary Items	0.000
13		Net Profit After Tax	248.507
14		Paid-up equity share capital (face value of Rs.10 per share)	276.704
15		Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year	-
16		Earning Per Share (of Rs.10 each) (not annualized)	-
		Basic EPS	1.80
		Diluted EPS	1.80
A	PARTICULARS OF SHAREHOLDING
17	Public Shareholding
	- No. of shares		38787482
	- Percentage of shareholding		28.04%
18	Promoter & Promoter Group Shareholding
	a) Pledged/Encumbered
	- No. of shares		0.000
	- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)		0.00%
	- Percentage of shareholding (as a % of the total share capital of the company)		0.00%
	b) Non-encumbered
	- No. of shares		99564393
	- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)		100.00%
	- Percentage of shareholding (as a % of the total share capital of the company)		71.96%

B. INVESTOR COMPLAINTS FOR THE QUARTER ENDED JUNE 30, 2015.

Pending at the beginning of the quarter	Received during the quarter	Disposed of during the quarter	Remaining unresolved at the end of the quarter
0	7	7	0

NOTE:

1. The above standalone unaudited results have been resolved by the audit committee of the board and approved and taken on record by the board. of Directors of the company its meeting held on 25th July 2015. Further in accordance with the requirements of clause 41 of the listing agreement with the stock exchange the statutory auditors have carried out limited review and the review report has been approved by the board.

2. The break up details of exchange fluctuation (gain) loss are as follows.

Particulars	Quarter ended 30.06.2015
(gain)/loss (net) on account of sales/purchase	8.394
(gain)/loss (net) on account of restatement of foreign currency working capital borrowing	(2.023)
(gain)/loss (net) on account of restatement of foreign currency working capital borrowing	(3.243)
Total	3.128

3. The figures for the quarter ended march 2015 are the balancing figures between the audited figures in respect of the full financial year ended 31st march and unaudited published figures up to the third quarter ended 31st December 2014, which were subject to limited review.

4. Figures for the previous period have been regrouped rearranged wherever necessary to make them companies with current figures.

SEGMENT REVENUE AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30^TH JUNE 2015

(Rs. In Million)

Sr. No.	Particulars	Quarter Ended ( Unaudited)
		30.06.2015
1.	SEGMENT REVENUE
	a. Cotton Yarn Division	414.129
	b. maize processing Division	2581.073
	c. other Agro processing Division	3081.988
	d. Power division	205.983
	e. Unallocated	0.000
	Total	6283.173
	Less : Inter Segment Revenue	177.308
	Net Sales	6105.865

2.	SEGMENT RESULT
	a. Cotton yarn Division	(57.124)
	b. Maize Processing Division	353.698
	c. Other Agro Processing Division	144.801
	d. Power Division	63.944
	e. Unallocated	0.000
	Total	505.319
	Less : Interest	42.694
	Total	35.553
	Less: Inter Segment	42.694
	Less: Finance costs	35.553
	Less: Loss on account of restatement of monetary Assets and Liability	(3.243)
	Less: Net unallocated income (expenditure)	55.651
	Less: Exceptional Item	0.000
	Total Profit Before Tax	374.664

3.	CAPITAL EMPLOYED
	a. Cotton yarn Division	1033.589
	b. Maize Processing Division	5688.286
	c. Other Agro Processing Division	3388.363
	d. Power Division	1185.015
	e. Unallocated
	Less: Unallocated	(2793.936)
	Net Total	8501.317

FIXED ASSETS

Tangible Assets

· Freehold Land

· Leasehold Land

· Buildings

· Windmills

· Plant and Equipments

· Office Equipments

· Computers

· Furniture and Fixtures

· Vehicles

Intangible Assets

· Brands / Trademarks

· Technical know how

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No 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. 64.78
UK Pound	1	Rs. 99.54
Euro	1	Rs. 73.08

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	SANS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	----
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavorable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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

MIRA INFORM REPORT

Unit