MIRA INFORM REPORT

Report No. :	341965
Report Date :	23.09.2015

IDENTIFICATION DETAILS

Name :	VIMAL OIL AND FOODS LIMITED
Registered Office :	4^th Floor, Heritage, Near The Grand Bhagwati, Sarkhej Gandhinagar Highway, Ahmedabad – 380054, Gujarat
Tel. No.:	91-79-26841851
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	14.05.1992
Com. Reg. No.:	04-017626
Capital Investment / Paid-up Capital :	Rs. 300.200 Million
CIN No.: [Company Identification No.]	L15400GJ1992PLC017626
IEC No.:	0894009613
TAN No.: [Tax Deduction & Collection Account No.]	AHMV00816E
PAN No.: [Permanent Account No.]	AABCV0765H
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacture, Exporter and Importer of Edible Oils and also Wind Mill Generation
No. of Employees :	125 (Approximately)

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 :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1992. It is engaged in the business of manufacturing, exporting and importing of edible oil and wind mill generation. For the financial the year 2015, the company has fine operational activity along with profitability margin of 0.59 %and decent net worth base. Ratings continue to be constrained by the company's low profitability indicators, high competitive intensity in the edible oils industry and vulnerability of the company's profitability to the volatility in crude oil prices. Trade relations are fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	Fund based limits: BB-
Rating Explanation	Inadequate credit quality and high credit risk.
Date	16.09.2015

Rating Agency Name	ICRA
Rating	Non fund based limits: A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	16.09.2015

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 (GENERAL DETAILS)

Name :	Mrs. Monan Acharya
Designation :	Export – Import Department
Contact No.:	91-79-26841851
Date :	21.09.2015

LOCATIONS

Registered Office :	4^th Floor, Heritage, Near The Grand Bhagwati, Sarkhej Gandhinagar Highway, Ahmedabad – 380054, Gujarat, India
Tel. No.:	91-79-26841851/ 52/ 53/ 54
Fax No.:	91-79-26841850
E-Mail :	investor@vimaloil.com ahd@vimaloil.com sec.vimal@yahoo.co.in secretarial@vimalgroup.com mail@vimaloil.com
Website :	http://www.vimaloil.com
Corporate Office / Factory :	At: Village Hanumant Heduva, Near Palavasna Railway Crossing, Highway, Mehsana – 384002, Gujarat, India
Tel. No.:	91-2762-225700/ 225058
Fax No.:	91-2762-225835
E-Mail :	mail@vimaloil.com

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Jayeshbhai Chandubhai Patel
Designation :	Managing director
Address :	Vimal Park, B/H Vijay Guest House, Rajkamal Petrol Pump, Highway, Mehsana - 384002, Gujarat, India
Date of Appointment :	14.05.1992
DIN No.:	00027767
Name :	Mr. Mukeshbhai Narayanbhai Patel
Designation :	Director
Address :	39, Swami Simandhar Nagar Society, Nagalpur, Mehsana - 384002, Gujarat, India
Date of Appointment :	16.01.2003
DIN No.:	00498451
Name :	Mr. Alkeshkumar Bhavanbhai Patel
Designation :	Director
Address :	B/4, Arunprakash Society, Opposite Ashish School, Ramdevnagar, Satellite, Ahmedabad, 380015, Gujarat, India
Date of Appointment :	13.12.2011
DIN No.:	05142040

KEY EXECUTIVES

Name :	Mr. Jitendra M Patel
Designation :	Chief Executive Officer
Address :	7, Green Park, Vibhag 3, Opposite Tahuko Party Plot, Modhera Road, Mehsana - 384002, Gujarat, India
Date of Appointment :	14.08.2014
PAN No:	AKHPP5637M
Name :	Mr. Fageshkumar Rameshbhai Soni
Designation :	Secretary
Address :	F-1 New Ashiyana Flats, Bhimjipura, Navavadaj, Ahmedabad - 380013, Gujarat, India
Date of Appointment :	30.07.2010
PAN No:	BNSPS6825B
Audit Committee:	Mr. Mukesh N. Patel Chairman Mr. Alkesh B. Patel Mr. Jayesh C. Patel
Stakeholders Relationship Committee:	Mr. Mukesh N. Patel Chairman Mr. Jayesh C. Patel Mr. Alkesh B. Patel
Nomination and Remuneration Committee:	Mr. Mukesh N. Patel Chairman Mr. Alkesh B. Patel Mr. Mahendrabhai V. Patel (Resigned w.e.f. 10.10.2014)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholder	Total No. of Shares	As a %
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	10892500	72.52
Bodies Corporate	220000	1.46
Sub Total	11112500	73.98
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	11112500	73.98
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	800	0.01
Financial Institutions / Banks	500	0.00
Sub Total	1300	0.01
(2) Non-Institutions
Bodies Corporate	777809	5.18
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	631107	4.20
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2392516	15.93
Any Others (Specify)	104768	0.70
Clearing Members	23526	0.16
Non Resident Indians	56742	0.38
Overseas Corporate Bodies	24500	0.16
Sub Total	3906200	26.01
Total Public shareholding (B)	3907500	26.02
Total (A)+(B)	15020000	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)	15020000	0.00

BUSINESS DETAILS

Line of Business :

Manufacture, Exporter and Importer of Edible Oils and also Wind Mill Generation

Products/ Services :

ITC Code No.	Product Descriptions
15141003	Rap Seed Oil
23064002	Rap Seed DOC
120190	Cotton Seed Oil

Brand Names :

“VIMAL”,

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• South Korea
• Singapore

Imports :

Products :

Raw Material

Countries :

• Indonesia
• Brazil
• Korea

Terms :

Selling :

Depend

Purchasing :

Depend

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 :

End users and OEMS

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 :

125 (Approximately)

Bankers :

• Bank of Baroda
• Dena Bank
• IDBI Bank
• Andhra Bank
• Punjab National Bank
• Syndicate Bank
• Indian Overseas Bank
• Union Bank of India

Banker Name	Bank of India
Branch Address	Ashram Road, Ahmedabad, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Rupee Vehicle Loan
Yes Bank Limited#	0.253	1.240
HDFC Bank Limited @	0.000	1.636
ICICI Bank Limited.$	7.108	0.000
SHORT TERM BORROWING
Working Capital Loans From Banks
Bank of India	502.771	911.131
Bank of Baroda	497.526	419.469
Dena Bank	209.946	234.097
IDBI Bank Limited	29.789	57.555
Punjab National Bank	99.546	97.495
Andhra Bank	169.692	149.958
Indian Overses Bank	39.097	0.000
Syndicate Bank	119.200	0.000
Union Bank of India	38.170	0.000
Total	1713.098	1872.581

NOTE:

Secured against hypothecation of vehicles

*Terms:12 Monthly Instalments & ROI @ 14.50% p.a.

#Terms:15 Monthly Instalments & ROI @ 10.50% p.a.

@Terms:10 Monthly Instalments & ROI @ 9.039% p.a.

$ Terms:52 Monthly Instalments & ROI @ 10.00% p.a.

	Maturity Profile
	6-11 years	2-5 years	1 year	Total
Vehicle Loans - From banks	0.000	7.362	11.849	19.210

Secured by hypothecation of present and future stock of raw materials, stock in process, finished goods, stores & spares, packing materials, by products, book debts, outstanding monies, receivables Secured by equitable mortgage over land & Building situated at Village: Heduva Hanumant, Mehsana and at Kalyanpur, Jamnagar and personal guarantee of Managing Director and promoters. Terms:Repayble on Demand

Auditors :
Name :	S. D. Mehta and Company Chartered Accountants
Address :	16-a, Ghanshaym Avenue Sattar Taluka Society, Opposite C U Shah College, Near Incometax Under Bridge, Ahmedabad – 380014, Gujarat, India
Tel No.:	91-79-27541742
Mobile No.:	91-9727595108/9879549579
Email:	allsdm@yahoo.com
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Company:	Vimal Dairy Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
18000000	Equity Shares	Rs. 10/- each	Rs. 180.000 Million
15000000	Preference Shares	Rs. 10/- each	Rs. 150.000 Million
	Total		Rs. 330.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15020000	Equity Shares	Rs. 10/- each	Rs. 150.200 Million
5000000	6% Preference shares	Rs. 10/- each	Rs. 50.000 Million
10000000	8% Preference shares	Rs. 10/- each	Rs. 100.000 Million
	Total		Rs. 300.200 Million

NOTE:

(i) The details of shareholders holding more than 5% of Equity shares

Name of Shareholders	31.03.2015
	No. of Share	% Held
Jayesh C. Patel	3196300	21.28
Chandubhai I. Patel	2885100	19.21
Pradip C. Patel	2770300	18.69

(ii) The details of shareholders holding more than 5% of Preference shares

8% Preference Shares

Name of Shareholders	31.03.2015
	No. of Share	% Held
Jayesh C. Patel	6000000	60.00
Chandubhai I. Patel	4000000	40.00

6% Preference Shares

Name of Shareholders	31.03.2015
	No. of Share	% Held
Jayesh C. Patel	3500000	70.00
Chandubhai I. Patel	1500000	30.00

The reconciliation of the number of shares outstanding is set out below.

Particulars	31.03.2015
Equity shares at the beginning of the year	15020000
Add: Shares issued during the year	0
A. Equity shares at the end of the year	15020000
Preference shares at the beginning of the year	15000000
Add: Shares issued during the year	0
B. Preference shares at the end of the year	15000000

Terms /rights attached to equity share and preference share

(i) Equity : The company has equity shares having par value of Rs. 10 per share. Each holder of equity shares is entitled to have one vote per share. The company declares and pays dividends in Indian rupees. 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 of the company, the holders of the equity shares will be entitled to receive the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of shares held by the shareholders.

During the year ended 31 March 2015, the amount of per share dividend recognized as distribution to equity shareholders was Rs. 1.20 (31 March 2014: Rs.1.20) (ii) Preference: The company has (a) 6% Non cumulative Redeemable preference shares and (b) 8% Non cumulative Redeemable preference shares having par value of Rs. 10 per share. The holders of preference share are entitled to enjoy the rights of not only receiving the dividend at fixed rate but also receiving the capital on winding up.

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	300.200	300.200	264.200
(b) Reserves & Surplus	1327.816	1187.818	708.245
(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)	1628.016	1488.018	972.445
(3) Non-Current Liabilities
(a) long-term borrowings	51.948	45.236	193.680
(b) Deferred tax liabilities (Net)	46.795	58.861	50.432
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	98.743	104.097	244.112
(4) Current Liabilities
(a) Short term borrowings	1705.737	1869.705	1382.614
(b) Trade payables	5733.411	3857.294	3792.402
(c) Other current liabilities	39.309	14.474	63.465
(d) Short-term provisions	116.722	121.134	99.364
Total Current Liabilities (4)	7595.179	5862.607	5337.845
TOTAL	9321.938	7454.722	6554.402
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	328.398	386.590	396.651
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	124.810	124.800	124.800
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	54.267	79.588	88.284
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	507.475	590.978	609.735
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3219.959	2107.792	1792.829
(c) Trade receivables	4718.470	3957.588	3560.552
(d) Cash and cash equivalents	751.413	554.886	478.076
(e) Short-term loans and advances	124.621	243.478	113.210
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	8814.463	6863.744	5944.667
TOTAL	9321.938	7454.722	6554.402

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	30346.741	22800.408	19482.114
	Other Income	1.729	20.873	0.446
	TOTAL (A)	30348.470	22821.281	19482.560
Less	EXPENSES
	Cost of Materials Consumed	22300.811	15578.513	14679.928
	Purchases of Stock-in-Trade	6935.763	5301.275	3225.912
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1487.840)	(248.003)	(391.155)
	Employees benefits expense	69.564	46.655	38.385
	Other expenses	1563.351	1414.265	1381.658
	TOTAL (B)	29381.649	22092.705	18934.728
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	966.821	728.576	547.832
Less	FINANCIAL EXPENSES (D)	637.084	427.867	299.533
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	329.737	300.709	248.299
Less/ Add	DEPRECIATION/ AMORTISATION (F)	74.469	31.184	28.035
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	255.268	269.525	220.264
Less	TAX (H)	74.768	97.996	69.659
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	180.500	171.529	150.605
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	449.651	319.578	205.184
	Adjustments Related to Fixed Assets	5.569	0.000	0.000
	APPROPRIATIONS
	Dividend & Dividend Tax	34.933	33.957	28.712
	General Reserve	7.500	7.500	7.500
	Balance Carried to the B/S	582.148	449.651	319.578
	EARNINGS IN FOREIGN CURRENCY
	FOB Value of Exports	176.862	103.459	23.605
	TOTAL EARNINGS	176.862	103.459	23.605
	IMPORTS
	CIF Value of Imported Raw Materials	2861.407	4890.879	3134.237
	TOTAL IMPORTS	2861.407	4890.879	3134.237
	Earnings / (Loss) Per Share (Rs.)	12.02	14.03	13.45

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current maturities of long term debt and vehicle loan	11.849	9.765	34.181
Cash generated from operations	1050.113	(158.966)	1470.582
Net Cash from Operating Activities	944.947	(228.204)	1445.632

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.59	0.75	0.77
Operating Profit Margin (PBIDT/Sales)	(%)	3.19	3.20	2.81
Return on Total Assets (PBT/Total Assets}	(%)	2.78	3.68	3.43
Return on Investment (ROI) (PBT/Networth)		0.16	0.18	0.23
Debt Equity Ratio (Total Debt /Networth)		1.09	1.29	1.66
Current Ratio (Current Asset/Current Liability)		1.16	1.17	1.11

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.70.90/-

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	264.200	300.200	300.200
Reserves & Surplus	708.245	1187.818	1327.816
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	972.445	1488.018	1628.016
long-term borrowings	193.680	45.236	51.948
Short term borrowings	1382.614	1869.705	1705.737
Current maturities of long term debt and vehicle loan	34.181	9.765	11.849
Total borrowings	1610.475	1924.706	1769.534
Debt/Equity ratio	1.656	1.293	1.087

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	19482.114	22800.408	30346.741
		17.033	33.097

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	19482.114	22800.408	30346.741
Profit	150.605	171.529	180.500
	0.77%	0.75%	0.59%

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	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)	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

NATURE OF BUSINESS

The Company is engaged in the business of manufacturing and trading of edible oils and Namkeen Products under its own brand name – “VIMAL”, with a strong focus on quality. Vimal Oil and Foods Limited is always committed to quality and integrity, and that’s what is reflected in its products that never fail to delight its customers. Further, during the year 2014-15, there was no change in the nature of business of the Company.

MANAGEMENT DISCUSSION and ANALYSIS REPORT

ECONOMY OVERVIEW

The Indian GDP grew (Based on a revised base year (from 2004-05 to 2011-12) and a new calculation methodology) at 7.3 % in 2014-15 as against 6.9 % in 2013-14. Industry growth increased to 5.9 % and services sector growth increased to 10.6 % in 2014-15. Agricultural sector growth slipped to 1.1 % mainly on account of erratic monsoon. Private consumption recorded a growth of 7.1 %. Declining oil prices, weakening food inflation, improved job prospects, and a stable currency helped to lift the consumer confidence. The growth in capital formation was increased from 3.0 % in 2013-14 to 4.1 % in 2014-15.

Overall, the macroeconomic situation in India Improved during 2014-15. Also, in view of the Government’s commitment to reforms, the economic outlook for 2015-16 looks positive and a GDP growth of over 8% is expected in 2015-16 as per the projections of the Government.

SEGMENT ANALYSIS AND REVIEW

The sales including other income for the year under reviewed was Rs. 30348.470 Million as against Rs. 22821.281 Million for the previous financial year. The EBIT of this division has recorded with Rs. 892.352 Million.

Integrated Oil Division

The Sales of oil division of the Company has increased by 35 % compared to previous year.

Wind Mill Division

The Company has installed three windmills having capacity of 1.425 MW. The segment result of this division has decreased from Rs. 10.695 Million to Rs. 10.359 Million.

FUTURE OUTLOOK

The Government of India is taking various steps to boost the infrastructure development in the country. Looking at the huge potential for growth in the infrastructure sector, the company sees a good outlook for the coming years and the Company will benefit from the same.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
From Promoters and their Relatives	44.437	42.160
Dealers/Distributors Deposit	0.150	0.200
Total	44.587	42.360

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10527959	07/10/2014	390,000,000.00	BANK OF INDIA	AHMEDABAD LARGE CORPORATE BRANCH, BANK OF INDIA B LDG, 2ND FLOOR, BHADRA, AHMEDABAD, GUJARAT - 38000 1, INDIA	C31355134
2	10488786	28/03/2014	350,000,000.00	BANK OF INDIA	BANK OF INDIA, BANK OF INDIA BLDG, 2ND FLOOR, BHA DRA, AHMEDABAD, GUJARAT - 380001, INDIA	C02558138
3	10426552	14/05/2013	40,000,000.00	BANK OF BARODA	ASHRAM ROAD BRACH, VALLABH SADAN, OPP. NATRAJ CIN EMA, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, IND IA	B75427021
4	10430447	14/05/2013	1,982,500,000.00	BANK OF INDIA	AHMEDABAD LARGE CORPORATE BRANCH, 2ND FLOOR BOI B UILDING BHADRA, AHMEDABAD, GUJARAT - 380001, INDIA	B76860063
5	10393117	05/12/2012	200,000,000.00	DENA BANK	INDUSTRIAL FINANCE BRANCH, 2ND FLOOR, DENA LAXMI BUILDING, 188/A, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA	B64572571
6	10335340	18/01/2012	250,000,000.00	DENA BANK	INDUSTRIAL FINANCE BRANCH, 2ND FLOOR, DENA LAXMI BUILDING, 188/A, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA	B32019721
7	10211692	29/01/2010	5,500,000.00	KOTAK MAHINDRA PRIME LIMITED	36-38A NARIMAN BHAVAN,, 227, NARIMAN POINT,, MUMB AI, MAHARASHTRA - 400021, INDIA	A81394496
8	10211177	29/01/2010	7,000,000.00	KOTAK MAHINDRA PRIME LIMITED	36-38A NARIMAN BHAVAN,, 227, NARIMAN POINT,, MUMB AI, MAHARASHTRA - 400021, INDIA	A81394793
9	10211620	29/01/2010	2,500,000.00	KOTAK MAHINDRA PRIME LIMITED	36-38A NARIMAN BHAVAN,, 227, NARIMAN POINT,, MUMB AI, MAHARASHTRA - 400021, INDIA	A81395055
10	10126875	16/09/2008	335,000,000.00	DENA BANK	INDUSTRIAL FINANCE BRANCH, 2ND FLOOR, DENA LAXMI BUILDING, 188/A, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA	A49483829

* Date of charge modification

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30^th JUNE, 2015

(RS. IN MILLION)

Sr. No.	Particulars	3 Months ended 30.06.2015
		(Unaudited)
1	Income from Operations Net Sales/Income from Operations
		6153.381
	Total Income from Operations (net)	6153.381
2	Expenses a) Cost of materials consumed	2661.938
	b) Purchase of stock-in-trade	2516.689
	c) Changes in inventories of finished Goods, work-in-Progress and stock-in-trade	1044.575
	d) Employee benefits expense	15.114
	e) Depreciation and amortisation expenses	19.017
	f) Other expenses	343.749
	Total Expenses	6601.083
3	Profit from Operations before other income, finance costs and Exceptional item(1-2)	(447.703)
4	Other income	0.000
5	Profit from ordinary activities before finance costs and Exceptional items (3+4)	(447.703)
6	Finance costs	172.817
7	Profit from ordinary activities after finance costs but before Exceptional items (5-6)	(620.520)
8	Exceptional items	0.000
9	Profit (+)/Loss (-) from ordinary activities before tax (7+8)	(620.520)
10	Tax expense	0.000
11	Net Profit (+)/Loss (-) from ordinary activities after tax (9-10)	(620.520)
12	Extraordinary items(net of tax expenses)	0.000
13	Net Profit(+) / Loss(-) for the period (11-12)	(620.520)
14 15 16i	Paid-up equity share capital (Face value of Rs. 10/- per share)	150.200
	Reserve excluding revaluation reserves as per balance sheet of previous accounting year	0.000
	Earnings Per Share(before extraordinary items) a) Basic EPS before extraordinary items (Not to be Annualised)	(41.13)
16ii	b) Diluted EPS before extraordinary items (Not to be Annualised)	(41.13) (41.13)
	Earnings Per Share(after extraordinary items) a) Basic EPS after extraordinary items (Not to be Annualised)
	b) Diluted EPS after extraordinary items (Not to be Annualised)	(41.13)
	PART - II
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding Number of Shares	3907500
	Percentage of Shareholding	26.02%
2	Promoter and Promoter Group Shareholding
	a) Pledged / Encumbered
	- Number. of Shares	NIL
	- Percentage of Shares (as a % of total shareholding of Promoter and Promoter Group)	NIL
	- Percentage of shares (as a % total Share capital of the Company)	NIL
	b) Non-encumbered
	- Number. of Shares	11112500
	- Percentage of Shares (as a % of total shareholding of Promoter and Promoter Group)	100%
	- Percentage of shares (as a % total Share capital of the Company)	73.98%

	Particulars	3 Months ended 30.06.2015
B	Investor complaints (Nos.)
	Pending at the beginning of the quarter	Nil
	Received during the quarter	Nil
	Disposed of during the quarter	Nil
	Remaining unresolved at the end of the quarter	Nil

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30^TH JUNE, 2015 UNDER CLAUSE 41 OF THE LISTING AGREEMENT

Sr. No.	Particulars	3 Months ended 30.06.2015
		(Unaudited)
1	Segment Revenue
	a) Integrated Oil Division	6148.693
	b) Powder Mfg. Division	1.487
	c) Wind Mill	3.201
	TOTAL	6153.381
	Less: Inter Segment Revenue	0.0000
	Net Sales/Income from Operations	6153.381
2	Segment Results
	a) Integrated Oil Division	(450.557)
	b) Powder Mfg. Division	0.532
	c) Wind Mill	2.323
	TOTAL	(447.703)
	Less:
	Interest	172.817
	Total Profit Before Tax	(620.520)
3	Capital Employed
	(Segment Assets-Segment Liabilities)
	a) Integrated Oil Division	1102.204
	b) Powder Mfg. Division	5.211
	c) Wind Mill	44.681
	TOTAL	1152.096

NOTES

1. The Statutory Auditors of the Company have carried out the limited review of the results for the quarter ended on 30th June, 2015.

2. The above results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors at their meeting held on 27th August, 2015.

3. During the quarter, the Company has sold its investment in M/s Vimal Dairy Ltd which was not material Subsidiary Company. As such M/s Vimal Dairy Ltd ceased to be Subsidiary of the Company.

4. Further, the Company has acquired/ purchased the 100% equity shares of the M/s. Brinda Exports Limited. As such, M/s. Brinda Exports Limited has become wholly-owned subsidiary of the Company.

5. Previous period/year figures have been regrouped/rearranged, wherever necessary.

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Bank guarantee given in favor of GAIL	0.650	0.650
Liability in respect of Letter of credit against which goods not received upto 31st March,2015	436.856	0.000
Sales Tax Demand under Sales Tax Laws for the accounting year 2001-02, 2002-03, 2003-04 - (Note i)	61.822	61.822
Sales Tax Demand under Rajasthan Sales Tax Act, 1994 for the year 2002-03 – (Note i)	13.948	13.948
Demand under Income Tax Act, 1961 for the accounting year 1999-00	5.383	5.383
Demand under Income Tax Act, 1961 for the accounting year 2006-07	2.772	2.772
Demand under Income Tax Act, 1961 for the accounting year 2007-08	1.793	6.399
Demand under Income Tax Act, 1961 for the accounting year 2008-09	0.397	0.397
Demand under Income Tax Act, 1961 for the accounting year 2009-10	0.444	0.559
Corporate Bank Guarantee Given in favor of Gayatri Enterprise	100.000	100.000
Note: As against the same, the company has paid under protest of Rs 406.50 lacs and shown as Long Term Loans and Advances.

FIXED ASSETS

Tangible Assets :

• Land
• Land Site Development
• Road Construction
• Factory Building
• Office and Other Buildings
• Plant and Machinery
• Lab. Equipment
• Electrification
• Computer
• Furniture and Fixture
• Office Equipment
• Vehicle (HMV)
• Vehicle (LMV)

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.63
UK Pound	1	Rs.101.73
Euro	1	Rs.73.26

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	AMR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--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	--

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.