Final Annual Report - 2013-14 PDF

Multiplying
Opportunities
Maximizing
Growth
nd
22 ANNUAL
R
2013-14
Vision
Our vision is to be a globally recognized Company producing and marketing the best
world class quality food products by adopting latest environment friendly technology. We
aim to build a strong brand loyal customer base for the years to come as well as to build
trust and healthy relations among our employees, our investors and our society.
Mission
Our mission is to discover, develop, innovate and successfully reach each and every
Indian family with the best pure healthy oils and food products to fulfill our mission
statement Healthy U, Happy U.
In our journey to the top, we ensure to deliver the best value proposition as per global
standards in each and every area for the total satisfaction of our customers, vendors &
partners, investors & stakeholders, thus contributing towards our nations growth.
22nd Annual Report 2013 - 14
Corporate Information
Board of Directors :
Shri Jayesh C. Patel - Chairman & Managing Director
Shri Mahendrabhai V. Patel - Director
Shri Mukesh N. Patel - Director
Shri Alkesh B. Patel - Director
Audit Committee :
Shri Mahendrabhai V. Patel - Chairman
Shri Mukesh N. Patel
Shri Jayesh C. Patel
Shareholders Relationship Committee:
Shri Mukesh N. Patel - Chairman
Shri Jayesh C. Patel
Shri Mahendrabhai V. Patel
Nomination and Remuneration Committee :
Shri Mahendrabhai V. Patel - Chairman
Shri Mukesh N. Patel
Shri Alkesh B. Patel
Company Secretary :
Shri Fagesh R. Soni
Auditors :
M/s. R R S & Associates, Chartered Accountants, Ahmedabad
Bankers :
Bank of India
Bank of Baroda
Dena Bank
IDBI Bank
Andra Bank
Punjab National Bank
Registered Office :
4th Floor, Heritage, Near The Grand Bhagwati, Sarkhej - Gandhinagar Highway,
Ahmedabad 380 054
Factory :
Village - Hanumant Heduva, Nr. Palavasna Railway Crossing, Highway,
Mehsana 384 002
Registrar & Share Transfer Agent:
M/s. Link Intime India Private Limited, Unit No 303, 3rd Floor,
Shoppers Plaza-V, Opp. Municipal Market, Behind Shoppers Plaza-II,
Off. C.G. Road, Ahmedabad -380 009
Overview
Vimal Oil & Foods Ltd. (VOFL), the flagship company of the Vimal Group, was incorporated on 14th
May, 1992. VOFL is engaged in the business of manufacturing edible oils like Cottonseed Oil,
Mustard Oil, Groundnut Oil, Soybean Oil, Sunflower Oil, Corn Oil, Rice Bran Oil and Table & Bakery
Margarine under its own brand Vimal, with a strong focus on quality and having a motto of
Healthy U, Happy U.
The company started its manufacturing operation in 1993 in Mehsana, Gujarat, with a small 50 Tons
per annum refining capacity, and today it has evolved into a fully integrated 300 Tons per day refining
capacity, a 200 Tons per day crushing capacity and a 250 Tons per day solvent extraction capacity.
The company also manufactures various dairy products through its subsidiary, Vimal Dairy Ltd. like
Milk, Butter, Ghee, Ice Cream, Cheese, Paneer, Dahi, Skimmed Milk Powder, Dairy Whitener,
Flavoured Milk, Mayonnaise etc.
In 2013 the company has also ventured into manufacturing of various Snacks foods like assorted
Wafers, Namkeens, Fryums, Extruded Snacks, etc.
2013
Acquired 52% stake
in Vimal Dairy
and launched
Snack Foods
2011
2008
2003
Refining capacity
was enhanced to
80,000 TPA.
(approx. 300
TPD)
Revenues
crossed the
` 10,000 mn
mark
Plant installed
for Table Margarine
with 13,500 MT
capacity
2001
Company has also
ISO 9001 : 2000
Registration for
Quality System
Certification
1998
Award for the
highest Exporter
of Rapeseed
De-oiled cakes
(DOC) in India
1997
Company has
set up a
Milk Powder
plant
1995
Additional
Oil Refinery
capacity of
100 TPD was
commenced
1994
1993
1992
Incorporated
on 14th May,
1992.
Commenced commercial production with

a 50 TPD capacity in
September,
1993.
200 TPD Solvent

Extraction Plant and
200 TPD Crushing
capacity were
commenced
1996
Dividend
payments
commenced
Financial Performance
20,597
Growth
FY14 - 16%
CAGR - 28%
FY12
FY13
FY14
803
FY 11
12,490
11,398
Total Income (` mn)
23,984
289
641
EBITDA (` mn)
282
Growth
FY14 - 25%
CAGR - 41%
FY12
FY13
103
163
Net Profit (` mn)
FY14
183
FY 11
58
Growth
FY14 - 12%
CAGR - 21%
FY12
FY13
FY14
FY 11
1.49
1.69
Debt/Equity (X)
FY12
FY13
1.16
2.58
FY 11
FY14
FY14
ROCE - 20%
ROE - 16%
Edible Oils
R 26
AG
ar C
FY 11
12,490
3 Ye
19,483
Total Income (` mn)
11,398
VOFL is always committed to

quality and integrity, and thats
what reflects in its products that never fail to delight
its customers. With a single goal of offering
customers a superior range of products that they
can choose as per their needs. In that quest, VOFL
has clearly segmented its wide product range,
comprising of oils like cottonseed, groundnut,
soyabean, rice bran, sunflower, mustard, palm and
corn oil, table margarine, etc.
FY12
FY13
Cottonseed Oil Sunflower Oil Groundnut Oil Mustard Oil Soyabean Oil
Rice Bran Oil Corn Oil Olive Oil Vimal Lite - Table Margarine Mayonnaise
4
22,821
VOFL is engaged in the business

of manufacturing edible oils
under its own brand name,
Vimal, with a strong focus on
quality and having a motto of:
Healthy U, Happy U.
FY14
Dairy
Vimal Dairy Ltd. (VDL), a subsidiary of VOFL, was incorporated in 1992 and
started its operation in 1995. Vimal Oil and Foods Ltd. acquired 52% stake
in Vimal Dairy Ltd.
VDL is engaged in the business of processing milk and manufacturing of
milk products under its brand Vimal. It is one of the largest private sector
Dairy products manufacturer in Gujarat. It has a formidable presence in the
local market for supply of Milk & Milk Products like Butter, Cheese, Paneer,
Dahi, Ghee, Ice-Cream, Flavoured Milk, Skimmed Milk Powder and Dairy
whitener. It has an integrated Plant at Mehsana, Gujarat.
VDLs distribution network is spread across India through 456 Distributors.
The village milk collection centres (VMCC) function on the democratic
principles and voluntary supply of milk by the primary farmers. Milk
collected twice a day at the VMCC, is tested using computerized milk
analysis instruments and automatic weighing machines.
Milk Butter Ghee Ice Cream Cheese Paneer Dahi

Skimmed Milk Powder Dairy Whitener Flavoured Milk
5
Snack Foods
Wafers Namkeen Fryums Tastix Chikki
VOFL has expanded its business by introducing a whole new range of

Healthy, Tasty and Fresh snacks under brand name Vimal Fresh. Vimal
Fresh has all kinds of Wafers, Namkeen, Fryums & extruded snacks and
much more
The Manufacturing facility comprises of an integrated continuous fully
automatic Wafers & Namkeen plant with a capacity of 1,500 Tons Per
Annum. All the packaging is done in-house. In fact the Company has gone
in for backward integration, by manufacturing its own packs. This works out
to be very cost-effective, and also retains the quality of the product. The
products are lab-tested at every stage, starting with the raw material, and
ending with final packaging.
Content
Notice
Directors Report
19
Report on Corporate Governance
24
Management Discussion & Analysis Report
34
Auditors Certificate on Clause 49 Compliance
38
Auditors Report
39
Standalone Financial Statements
42
Consolidated Financial Statements
60
Statement of Financial Information of Subsidiary
75
IMPORTANT COMMUNICATION TO MEMBERS

The Ministry of Corporate Affairs, Government of India, has taken a Green Initiative in the Corporate Governance by
allowing paperless compliances by the Companies and has issued circulars stating that service of notice / documents
including Annual Report (shareholders communication) can be sent by e-mail to its Members. As a support this Green
Initiative of the Government, Shareholders who have not yet registered their e-mail ids / addresses, are requested to kindly
register their e-mail addresses, in respect of electronic holdings with the Depository through their concerned Depository
Participants. Members, who hold shares in physical form, are requested to kindly send the e-Communication Registration
Form as attached with this Annual Report to Registrar and Share Transfer Agent of the Company (M/s. Link Intime India
Private Limited).
NOTICETOSHAREHOLDERS
NOTICE isherebygiventhatthe TwentySecondAnnualGeneralMeeting oftheMembersof VIMALOIL&FOODSLIMITED (CIN
L15400GJ1992PLC017626)willbeheldon Tuesday, September30,2014 at 11.45A.M. attheRegisteredOfficeoftheCompany
at4th Floor,Heritage,Nr.TheGrandBhagwati,SarkhejGandhinagarHighway,Ahmedabad380054totransactthefollowing
business:
ORDINARYBUSINESS:
1. Toreceive,considerandadopttheAuditedBalanceSheetasatMarch31,2014,theStatementofProfitandLossAccount
fortheyearendedonthatdateandtheReportoftheBoardofDirectorsandAuditorsthereon.
2. TodeclaredividendonPreferenceShares.
3. TodeclaredividendonEquityShares.
4. ToappointaDirectorinplaceofShriJayeshC.Patel(DIN00027767)whoretiresbyrotationatthisAnnualGeneralmeeting
andbeingeligible,offershimselfforreappointment.
5. ToreappointAuditorsoftheCompanyandtofixtheirremunerationandinthisregardtoconsiderandifthoughtfit,to
pass,withorwithoutmodification(s),thefollowingresolutionas anOrdinaryResolution:
RESOLVEDTHAT pursuanttoprovisionsofSection139oftheCompaniesAct,2013andtheRulesmadethereunder,and
pursuanttotherecommendationoftheauditcommitteeoftheBoardofDirectors,M/s.RRS&Associates,Chartered
Accountants,Ahmedabad(FirmRegistrationNumber118336W),beandareherebyreappointedastheAuditorsofthe
Company,toholdfromtheconclusionof22nd AnnualGeneralMeetingtilltheconclusionofthe25th AnnualGeneralMeet
ingoftheCompany(subjecttoratificationoftheappointmentbythemembersateveryAGMheldafterthisAGM)andthat
theBoardofDirectorsbeandareherebyauthorizedtofixsuchremunerationasmaybedeterminedbytheAuditCommit
teeinconsultationwiththeAuditors.
SPECIALBUSINESS:
6. TOAPPOINTSHRIMAHENDRABHAIV.PATEL(DIN00027822)ASANINDEPENDENTDIRECTORINTERMSOFSECTION149
OFTHECOMPANIESACT,2013:
Toconsiderandifthoughtfit,topasswithorwithoutmodification(s),thefollowingresolutionas anOrdinaryResolution:
RESOLVEDTHAT pursuanttotheprovisionsofSections149,150,152andanyotherapplicableprovisionsoftheCompanies
Act,2013andtherulesmadethereunder(includinganystatutorymodification(s)orreenactmentthereofforthetime
beinginforce)readwithScheduleIVtotheCompaniesAct,2013,ShriMahendrabhaiV.Patel(DIN00027822)Directorof
theCompanywhoseperiodofofficeisliabletodeterminationbyretirementofdirectorsbyrotationandinrespectofwhom
theCompanyhasreceivedanoticeinwritingfromamemberproposinghiscandidaturefortheofficeofDirector,beandis
herebyappointedasanIndependentDirectoroftheCompany,notliabletoretirebyrotation,toholdofficefor5(five)
consecutiveyearsforatermuptoSeptember30,2019.
7. TOAPPOINTSHRIMUKESHN.PATEL(DIN00498451)ASANINDEPENDENTDIRECTORINTERMSOFSECTION149OFTHE
COMPANIESACT,2013:
Toconsiderandifthoughtfit,topasswithorwithoutmodification(s),thefollowingresolutionas an OrdinaryResolution:
RESOLVEDTHAT Pursuanttotheprovisionsofsections149,150,152andotherapplicableprovisions,ifany,oftheCompa
niesAct,2013(theAct)andtheRulesframedthereunderreadwithScheduleIVtotheAct,asamendedfromtimetotime,
ShriMukeshN.Patel(DIN00498451),DirectoroftheCompanywhoseperiodofofficeisliabletodeterminationbyretire
mentofdirectorsbyrotationandinrespectofwhomtheCompanyhasreceivedanoticeinwritingfromamemberpropos
inghiscandidaturefortheofficeofDirector,beandisherebyappointedasanIndependentDirectoroftheCompany,not
liabletoretirebyrotation,toholdofficefor5(five)consecutiveyearsforatermuptoSeptember30,2019.
8. TOAPPOINTSHRIALKESHB.PATEL(DIN05142040)ASANINDEPENDENTDIRECTORINTERMSOFSECTION149OFTHE
COMPANIESACT,2013:
Toconsiderandifthoughtfit,topasswithorwithoutmodification(s),thefollowingresolutionas anOrdinaryResolution:
RESOLVEDTHAT pursuanttotheprovisionsofSections149,150,152andanyotherapplicableprovisionsoftheCompanies
Act,2013andtherulesmadethereunder(includinganystatutorymodification(s)orreenactmentthereofforthetime
beinginforce)readwithScheduleIVtotheCompaniesAct,2013,ShriAlkeshB.Patel(DIN05142040)Directorofthe
Companywhoseperiodofofficeisliabletodeterminationbyretirementofdirectorsbyrotationandinrespectofwhomthe
CompanyhasreceivedanoticeinwritingfromamemberproposinghiscandidaturefortheofficeofDirector,beandis
8
herebyappointedasanIndependentDirectoroftheCompany,notliabletoretirebyrotation,toholdofficefor5(five)
consecutiveyearsforatermuptoSeptember30,2019.
9. TOREAPPOINTSHRIJAYESHC.PATEL(DIN00027767)ASAMANAGINGDIRECTOR:
Toconsiderand,ifthoughtfit,topasswithorwithoutmodification(s),thefollowingresolutionasan OrdinaryResolution:
RESOLVEDTHATpursuanttotheprovisionsofsections196,197and203readwithScheduleVandotherapplicable
provisions,ifany,oftheCompaniesAct,2013(hereinafterreferredtoasthe`theAct)andtheCompanies(Appointment
andRemunerationofManagerialPersonnel)Rules,2014anymodificationorreenactmentthereof,theconsentofthe
CompanybeandisherebyaccordedtothereappointmentofShriJayeshC.Patel(DIN00027767)asaManagingDirectorof
theCompany,liabletoretirebyrotation,witheffectfromOctober1,2014toSeptember30,2017,foraperiodofthree
yearsonthefollowingtermsandconditionsandalsosetoutinStatementunderthisitemannexedtothenoticeconvening
thismeeting:
I.
TheAnnualRemuneration,payabletoShriJayeshC.Patel,ManagingDirectoroftheCompany,bywayofSalary,Dear
nessallowance,Perquisites,Commission&otherallowancesshallnotexceed5%ofthenetprofitsofeachfinancial
yearduringtheaforesaidperiodofappointmentwiththerighttotheBoardofDirectorsoftheCompanytopaythe
remunerationwithintheaforesaidlimitsasmaybemutuallydecidedinconsultationwiththeappointee.
II.
Theappointeeshallbepaidbywayofsalaryanannualaggregateamountnotexceeding `30Lacs.
III. Incaseofabsenceorinadequacyofprofitsinanyfinancialyear,theappointeeshallbepaidremunerationbywayof
annualsalarynotexceeding `30Lacsandalsoshallbeentitledtotheperquisitesprovidedthattheaggregatevalueof
thesameshallbewithintheapplicableceilingsspecifiedinScheduleVoftheCompaniesAct,2013(correspondingto
ScheduleXIIIoftheCompaniesAct,1956).
IV. Theremuneration payableto ShriJayesh C.Patel,Managing Directorof theCompany,shall bein lumpsum orin
installmentsasmaybemutuallyagreed.
10. TOAPPROVETHEREMUNERATIONPAYABLETOCOSTAUDITOR,M/S.SA&ASSOCIATESFORTHEFINANCIALYEAR201415:
Toconsiderand,ifthoughtfit,topasswithorwithoutmodification(s),thefollowingresolutionasan OrdinaryResolution:
RESOLVEDTHAT pursuanttosection148andotherapplicableprovisions,ifany,oftheCompaniesAct,2013andtheRules
madethereunder,asamendedfromtimetotime,theappointmentofM/s.SA&Associates,CostAccountants,303,Invest
mentHouse,Opp.GandhigramRailwayStation,Off.AshramRoad,Ahmedabad380019(FirmRegistrationNo.00347)asa
CostAuditortoauditthecostrecordsmaintainedbytheCompanyfortheFinancialYear201415onaremunerationof
` 75,000/(RupeesSeventyFiveThousandOnly)plusServiceTaxasapplicable,beandisherebyratified.
11. POWERTOBORROWMONEY:
Toconsiderandifthroughfittopass,withorwithoutmodification(s)thefollowingasa SpecialResolution:
RESOLVEDTHAT insupersessionoftheearlierresolution(s)passedbytheCompanywithrespecttotheborrowingpowers
oftheBoardofDirectors,pursuanttoSection180(1)(c)andotherapplicableprovisionsoftheCompaniesAct,2013andthe
rulesmadethereunder(includinganystatutorymodification(s)orreenactmentthereofforthetimebeinginforce),the
consentoftheCompanybeandisherebyaccordsitsconsenttotheBoardofDirectorsforborrowinganysumsofmoney
fromtimetotimefromanyoneormorepersons,firms,bodiescorporate,orfinancialinstitutionswhetherbywayofcash
credit,advanceordeposits,loansorbilldiscountingorotherwiseandwhetherunsecuredorsecuredbymortgage,charge,
hypothecationorlienorpledgeoftheCompanysassetsandpropertieswhethermovableorstockintrade(includingraw
materials,stores,sparepartsandcomponentsinstockorintransit)andworkinprogressoralloranyoftheundertak
ingsoftheCompanynotwithstandingthatthemoniestobeborrowedtogetherwithmoniesalreadyborrowedbythe
Company(apartfromtemporaryloansobtainedfromtheCompanysbankersintheordinarycourseofbusiness)willor
mayexceedtheaggregateofthepaidupcapitaloftheCompanyanditsfreereserves,thatistosay,reservesnotsetapart
foranyspecificpurpose,but,so,however,thatthetotalamountuptowhichthemoniesmaybeborrowedbytheBoardof
Directorsandoutstandingatanytimeshallnotexceedthesumof ` 1,000Crores(RupeesOneThousandCroresonly);
RESOLVEDFURTHERTHAT forthepurposeofgivingeffecttothisresolution,theBoardbeandisherebyauthorisedtodoall
suchacts,deeds,mattersandthingsasitmayinitsabsolutediscretiondeemnecessary,proper,ordesirableandtosettle
anyquestion,difficulty,doubtthatmayariseintherespectoftheaforesaidborrowing(s).
12. TOAPPROVETHERELATEDPARTYCONTRACTS/ARRANGEMENTS/TRANSACTIONSWITHM/S.VIMALDAIRYLIMITED,A
SUBSIDIARYCOMPANY:
RESOLVEDTHAT pursuanttotheprovisionsofrevisedClause49VIIoftheListingAgreement(effectivefromOctober1,
2014),theapprovaloftheCompanybeandisherebyaccordedtotheBoardofDirectors,toenterintocontracts/arrange
ments/transactionswithM/s.VimalDairylimited(VDL),asubsidiaryoftheCompanyandarelatedpartyasdefinedunder
Section2(76)oftheCompaniesAct,2013andClause49VII(B)(2)oftheListingAgreementrelatingtopurchaseand/orsell
ofproducts,goods,materialsorservices,Jobworkchargesforanestimatedamountofupto ` 20.00Crore(RupeesTwenty
CroreOnly)pereveryfinancialyearonsuchtermsandconditionsasmaybemutuallyagreeduponbetweentheCompany
andVDL;
RESOLVEDFURTHERTHAT theBoardofDirectorsbeandareherebyauthorizedtodecideuponthenatureandvalueofthe
products,goods,materialsorservicestobetransactedwithVDLwithintheaforesaidlimits;
RESOLVEDFURTHERTHATtheBoardofDirectorsoftheCompanybeandareherebyalsoauthorizedtodoallsuchacts,
matters,deedsandthingsasmaybenecessarytogiveeffecttotheaboveresolution.
13. TOADOPTNEWARTICLESOFASSOCIATIONOFTHECOMPANYCONTAININGREGULATIONSINCONFORMITYWITHTHE
COMPANIESACT,2013:
RESOLVEDTHAT pursuanttotheprovisionsofSection14andallotherapplicableprovisionsoftheCompaniesAct,2013
readwithCompanies(Incorporation)Rules,2014(includinganystatutorymodification(s)orreenactmentthereof,forthe
timebeinginforce),thedraftregulationscontainedintheArticlesofAssociationsubmittedtothismeetingbeandare
herebyapprovedandadoptedin substitution,andtotheentireexclusion,ofthe regulationscontainedintheexisting
ArticlesofAssociationoftheCompany;
RESOLVEDFURTHERTHAT theBoardofDirectorsoftheCompanybeandisherebyauthorisedtodoallactsandtakeallsuch
stepsasmaybenecessary,properorexpedienttogiveeffecttothisresolutions.
ByOrderoftheBoardofDirectors
For, VIMALOIL&FOODSLIMITED
Date: August14,2014
FAGESHR.SONI
CompanySecretary
RegisteredOffice:
4th Floor,Heritage,
NearTheGrandBhagwati,
SarkhejGandhinagarHighway,
Ahmedabad380054
10
NOTES:
1. AMEMBERENTITLEDTOATTENDANDVOTEATTHEANNUALGENERALMEETING(THEMEETING)ISENTITLEDTOAPPOINT
APROXYTOATTENDANDVOTEINSTEADOFHIMSELFANDSUCHPROXYNEEDNOTBEAMEMBEROFTHECOMPANY.THE
INSTRUMENTAPPOINTINGTHEPROXYSHOULD,HOWEVER,BEDEPOSITEDATTHEREGISTEREDOFFICEOFTHECOMPANYNOT
LESSTHANFORTYEIGHT(48)HOURSBEFORETHECOMMENCEMENTOFTHEMEETING.
2. CorporateMembersintendingtosendtheirAuthorizedRepresentative(s)toattendtheMeetingarerequiredtosendtothe
CompanyacertifiedcopyoftheBoardResolution,pursuanttoSection113oftheCompaniesAct,2013,authorizingtheir
representative(s)toattendandvoteontheirbehalfattheMeeting.
3. TheExplanatorystatementpursuanttosection102oftheCompaniesAct,2013,inrespectofitemNos.6to13oftheNotice
assetoutaboveisannexedhereto.
4. Membersarerequestedtoaffixtheirsignatureatthespaceprovidedontheattendanceslipannexedtotheproxyformand
tohandovertheslipattheentrancetotheMeeting.
5. MembersarerequestedtobringtheirattendanceslipalongwiththeircopyofAnnualReporttotheMeeting.
6. Membersholdingsharesinphysicalformarerequestedtonotifychangeofaddress,bankmandates,ifany,totheRegistrar
andShareTransferAgent,M/s.LinkIntimeIndiaPrivateLimitedatUnitNo303,3rd Floor,ShoppersPlazaV,Opp.Municipal
Market,BehindShoppersPlazaII,Off.C.G.Road,Ahmedabad,Gujarat380009ortotheirrespectivedepositorypartici
pantsifthesharesareheldinelectronicform.
7. The Register of Members and Share Transfer Books of the Company will remain closed from September 22, 2014 to
September30,2014(bothdaysinclusive)forthepurposeofascertainingtheeligibilityofmembersforthepaymentof
dividend.
8. ThedividendasrecommendedbytheBoardofDirectors,ifdeclaredattheMeeting,willbepaidtothoseMemberswhose
namesappearintheRegisterofMembersoftheCompanyasoncloseofbusinesshoursonSeptember21,2014.
9. Pursuanttosection205CoftheCompaniesAct,1956,theamountofthedividendforthefinancialyearendedMarch31,
2007,whichremainsunpaidorunclaimed,willbeduefortransfertotheInvestorEducationandProtectionFundestab
lishedbytheCentralGovernment(IEPF).MemberswhohavenotencashedtheirDividendWarrant(s)fortheFinancialYear
endedonMarch31,2007oranysubsequentfinancialyear(s),arerequestedtoapproachtheCompanyforrevalidation/
duplicatedividendwarrants.MembersareadvisedthatoncetheunclaimeddividendistransferredtoIEPF,noclaimshalllie
inrespectthereof.
10. Pursuanttosection205AoftheCompaniesAct,1956,unclaimeddividend,forthefinancialyear200506,hasbeentrans
ferredtotheIEPFandnoclaimshallliewiththeCompany.
11. Toavoidlossofdividendwarrantsintransitandunduedelayinrespectofreceiptofdividendwarrants,theCompanyhas
providedafacilitytotheMembersforremittanceofdividendthroughtheElectronicClearingSystem(ECS).TheECSfacility
isavailableatlocationsidentifiedbytheReserveBankofIndiafromtimetotimeandcoversmostofthecitiesandtowns.
MembersholdingsharesinphysicalformanddesirousofavailingthisfacilityarerequestedtocontacttheRegistrarand
ShareTransferAgentoftheCompany.
12. Members who holdshares in the physicalcertificate forms and wishto make/change nominations inrespect of their
shareholdingsintheCompany,aspermittedundersection72oftheCompaniesAct,2013,maysendFormNo.SH14as
prescribedundertheCompanies(ShareCapitalandDebentures)Rules2014to M/s.LinkIntimeIndiaPrivateLimited,the
RegistrarandShareTransferAgentoftheCompany,atUnitNo303,3rd Floor,ShoppersPlazaV,Opp.MunicipalMarket,
BehindShoppersPlazaII,Off.C.G.Road,Ahmedabad,Gujarat380009.
13. ElectroniccopyoftheAnnualReportandNoticeofthe22nd AnnualGeneralMeetingoftheCompany interalia indicating
theprocessandmannerofevotingalongwithAttendanceSlipandProxyFormisbeingsenttoallthememberswhose
emailIDsareregisteredwiththeCompany/DepositoryParticipants(s)forcommunicationpurposesunlessanymemberhas
requestedforahardcopyofthesame.Formemberswhohavenotregisteredtheiremailaddress,physicalcopiesofthe
Noticeofthe22nd AnnualGeneralMeetingoftheCompany interalia indicatingtheprocessandmannerofevotingalong
withAttendanceSlipandProxyFormisbeingsentinthepermittedmode.
14. MembersmayalsonotethattheNoticeofthe22nd AnnualGeneralMeetingandtheAnnualReportforthefinancialyear
201314willalsobeavailableontheCompanyswebsite www.vimaloil.com fortheirdownload.Thephysicalcopiesofthe
aforesaid documents will also be available at the Companys Registered Office for inspection during normal business
hoursonworkingdays.Evenafterregisteringforecommunication,membersareentitledtoreceivesuchcommunication
inphysicalform,uponmakingarequestforthesame,bypostfreeofcost.
11
15. Votingthroughelectronicmeans
I. IncompliancewithprovisionsofSection108oftheCompaniesAct,2013andRule20oftheCompanies(Managementand
Administration)Rules,2014,theCompanyispleasedtoprovidemembersfacilitytoexercisetheirrighttovoteattheAnnual
GeneralMeeting(AGM)byelectronicmeansandthebusinessmaybetransactedthrougheVotingServicesprovidedby
CentralSecuritiesDepositoryLimited(CSDL):
Theinstructionsforevotingareasunder:
Incaseofmembersreceivingemail:
(i) Logontotheevotingwebsite www.evotingindia.com
(ii) ClickonShareholderstab.
(iii) NowEnteryourUserID
a. ForCDSL:16digitsbeneficiaryID,
b. ForNSDL:8CharacterDPIDfollowedby8DigitsClientID,
c. MembersholdingsharesinPhysicalFormshouldenterFolioNumberregisteredwiththeCompany.
(iv) NextentertheImageVerificationasdisplayedandClickonLogin.
(v) Ifyouareholdingsharesindematformandhadloggedonto www.evotingindia.com andvotedonanearliervotingof
anycompany,thenyourexistingpasswordistobeused.
(vi) Ifyouareafirsttimeuserfollowthestepsgivenbelow:
ForMembersholdingsharesinDematFormandPhysicalForm
PAN*
Enteryour10digitalphanumeric*PANissuedbyIncomeTaxDepartment(Applicablefor
bothdematshareholdersaswellasphysicalshareholders)
MemberswhohavenotupdatedtheirPANwiththeCompany/DepositoryParticipant
arerequestedtousethefirsttwolettersoftheirnameandthelast8digitsofthe
demataccount/folionumberinthePANfield.
Incasethefolionumberislessthan8digitsentertheapplicablenumberof0sbefore
thenumberafterthefirsttwocharactersofthenameinCAPITALletters.Eg.Ifyour
nameisRameshKumarwithfolionumber100thenenterRA00000100inthePANfield.
DOB#
EntertheDateofBirthasrecordedinyourdemataccountorinthecompanyrecordsfor
thesaiddemataccountorfolioindd/mm/yyyyformat.
DividendBankDetails#
EntertheDividendBankDetailsasrecordedinyourdemataccountorinthecompanyrecords
forthesaiddemataccountorfolio.
PleaseentertheDOBorDividendBankDetailsinordertologin.Ifthedetailsarenot
recordedwiththedepositoryorcompanypleaseenter thenumberofsharesheldby
youasonthecutoffdate inthe DividendBankdetailsfield.
(vii) Afterenteringthesedetailsappropriately,clickonSUBMITtab.
(viii) MembersholdingsharesinphysicalformwillthenreachdirectlytheCompanyselectionscreen.However,members
holdingsharesindematformwillnowreachPasswordCreationmenuwhereintheyarerequiredtomandatorily
entertheirloginpasswordinthenewpasswordfield.Kindlynotethatthispasswordistobealsousedbythedemat
holdersforvotingforresolutionsofanyothercompanyonwhichtheyareeligibletovote,providedthatcompany
optsforevotingthroughCDSLplatform.Itisstronglyrecommendednottoshareyourpasswordwithanyother
personandtakeutmostcaretokeepyourpasswordconfidential.
(ix) ForMembersholdingsharesinphysicalform,thedetailscanbeusedonlyforevotingontheresolutionscontained
inthisNotice.
(x) ClickontheEVSNfortherelevant<VIMALOIL&FOODSLIMITED>onwhichyouchoosetovote.
(xi) Onthevotingpage,youwillseeRESOLUTIONDESCRIPTIONandagainstthesametheoptionYES/NOforvoting.
SelecttheoptionYESorNOasdesired.TheoptionYESimpliesthatyouassenttotheResolutionandoptionNO
impliesthatyoudissenttotheResolution.
(xii) ClickontheRESOLUTIONSFILELINKifyouwishtoviewtheentireResolutiondetails.
(xiii) Afterselectingtheresolutionyouhavedecidedtovoteon,clickonSUBMIT.Aconfirmationboxwillbedisplayed.
Ifyouwishtoconfirmyourvote,clickonOK,elsetochangeyourvote,clickonCANCELandaccordinglymodify
yourvote.
(xiv) OnceyouCONFIRMyourvoteontheresolution,youwillnotbeallowedtomodifyyourvote.
12
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(xvi) IfDemataccountholderhasforgottenthechangedpasswordthenEntertheUserIDandtheimageverificationcode
andclickonForgotPassword&enterthedetailsaspromptedbythesystem.
Institutional shareholders (i.e. other than Individuals, HUF, NRI etc.) are required to log on to https://
www.evotingindia.com andregisterthemselvesasCorporate.
They should submit a scanned copy of the Registration Form bearing the stamp and sign of the entity to
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wishtovoteon.
Thelistofaccountsshouldbemailedtohelpdesk.evoting@cdslindia.comandonapprovaloftheaccounts,they
wouldbeabletocasttheirvote.
TheyshoulduploadascannedcopyoftheBoardResolutionandPowerofAttorney(POA)whichtheyhaveissued
infavouroftheCustodian,ifany,inPDFformatinthesystemforthescrutinizertoverifythesame.
Incaseofmembersreceivingthephysicalcopy:
(A) Pleasefollowallstepsfromsl.no.(i)tosl.no.(xvi)abovetocastvote.
(B) ThevotingperiodbeginsonSeptember24,2014at9:00A.M.andendsonSeptember26,2014at6:00P.M.Duringthis
periodshareholdersoftheCompany,holdingshareseitherinphysicalformorindematerializedform,asonthecut
offdateAugust29,2014,maycasttheirvoteelectronically.TheevotingmoduleshallbedisabledbyCDSLforvoting
thereafter.
(C) Incaseyouhaveanyqueriesorissuesregardingevoting,youmayrefertheFrequentlyAskedQuestions(FAQs)and
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helpdesk.evoting@cdslindia.com.
16. Membersdesirousofgettinganyinformationabouttheaccountsand/oroperationsoftheCompanyarerequestedto
writetotheCompanyatleastsevendaysbeforethedateoftheMeetingtoenabletheCompanytokeeptheinformation
readyattheMeeting.
17. PursuanttoClause49oftheListingAgreement,theparticularsofDirectorsseekingappointment/reappointmentare
givenhereinbelow:
Name:
ShriMahendrabhaiV.Patel
ShriMukeshN.Patel ShriAlkeshB.Patel
ShriJayeshC.Patel
DateofBirth:
November5,1966
December26,1980
September1,1974
June4,1969
DateofAppointment: January16,2003
January16,2003
December13,2011
May14,1992
Qualification:
B.Com,LL.B.,F.C.A
BachelorofCommerce B.Com.,
B.E.in
(B.Com.)
CharteredAccountant Computer Engineering
Experience:
Shri Mahendrabhai V. Patel is

FellowMemberofthe
Institute of Chartered
AccountantsofIndia.Hehas
wideexperience in thefield of
finance, accountancy and
taxation.HeisaChairman of
theAuditCommittee&
Nomination and
Remuneration Committee
andaMemberofthe
Stakeholders Relationship
CommitteeoftheCompany.
Directorshipsinother NIL
Private / Public
LimitedCompanies
Membershipsof
CommitteesOther
PublicLimited
Companies
NIL
ShriMukeshNPatelis
commercegraduateand
havingwideexperience in
thefieldoffinanceand
Accountancy.Heisa
Chairmanofthe
Stakeholders Relationship
CommitteeandaMember
oftheAuditCommittee&
Nominationand
RemunerationCommittee
oftheCompany.
ShriAlkeshB.Patelis
CharteredAccountant
havingwide
experienceinthe field
ofaudit,taxationand
accountancy. Heisa
Memberofthe
Nominationand
Remuneration
Committeeofthe
Company.
ShriJayeshC.Patel
havingwide
experienceinthe
business i.e.edible
oil,deoiledcake
andmilk&milk
products.
1.VimalDairyLimited
NIL
1. Vimal Dairy
Limited
Vimal Dairy Ltd

(Chairman
AuditCommittee
andNomination&
RemunerationCommittee)
(NIL
NIL
13
ANNEXURETOTHENOTICE
EXPLANATORYSTATEMENTASREQUIREDUNDERSECTION102(1)OFTHECOMPANIESACT,2013:
ITEMNO.06:
ShriMahendrabhaiV.Patel,ages47years,isaPracticingCharteredAccountant.Hehasvastexperienceinthefieldoffinance,
accountandtaxation.Hiskeyperformanceareasincludesfinalizationofaccounts,budgetpreparation,budgetarycontrols,cash
flowstatements,MISreports,bankingrelationshipandnegotiatingworkingcapitalandtermloanfacilitiesforhisclients.
ShriMahendrabhaiV.PatelhasbeenanIndependentDirectorunderlistingagreementontheBoardoftheCompanysince
November16,2003.HeisaChairmanoftheAuditCommittee&NominationandRemunerationCommitteeandaMemberof
theStakeholdersRelationshipCommitteeoftheCompany.
WiththeenactmentoftheCompaniesAct,2013(Act)itisnowincumbentuponeverylistedcompanytoappointIndependent
Directorsasdefinedinsection149(6)oftheActandensurethatatleast1/3rd ofthetotalnumberofdirectorsareIndependent
Directors. TheBoard of Directors ofyour Company, after reviewingthe provisions of theAct, are of theopinion that Shri
MahendrabhaiV.PatelfulfillstheconditionsspecifiedintheActandtheRulesmadethereundertobeeligibletobeappointed
asanIndependentDirectorpursuanttotheprovisionsofsection149oftheAct.TheBoardofDirectorsofyourCompanyisalso
oftheopinionthatShriMahendrabhaiV.PatelisindependentofthemanagementoftheCompany.
ShriMahendrabhaiV.PatelisaDirectorwhoseperiodofofficeisliabletodeterminationbyretirementofdirectorsbyrotation
undertheerstwhileapplicableprovisionsoftheCompaniesAct,1956.IntermsofSection149andotherapplicableprovisionsof
theCompaniesAct,2013,ShriMahendrabhaiV.Patel,beingeligibleforappointment,isproposedtobeappointedasanInde
pendentDirectortoholdofficefor5(five)consecutiveyearsforatermuptoSeptember30,2019.Anoticehasbeenreceived
fromamemberproposingShriMahendrabhaiV.PatelasacandidatefortheofficeofDirectoroftheCompany.
HedoesnotholdanyequitysharesoftheCompanyandisnotrelatedtoanyDirectoroftheCompany.
TheBoardconsidersthathiscontinuedassociationwouldbeofimmensebenefittotheCompanyanditisdesirabletocontinue
toavailservicesofShriMahendrabhaiV.PatelasanIndependentDirector.Accordingly,theBoardrecommendstheresolutionat
itemno.06ofthenoticeinrelationtoappointmentofShriMahendrabhaiV.PatelasanIndependentDirector,fortheapproval
bythemembersoftheCompany.
SaveandexceptShriMahendrabhaiV.Patelandhisrelatives,totheextentoftheirshareholdinginterest,ifany,intheCompany,
noneoftheotherDirectors/KeyManagerialPersonneloftheCompany/theirrelativesare,inanyway,concernedorinterested,
financiallyorotherwise,inthisresolution.
ITEMNO.07:
ShriMukeshN.PatelisaBachelorofCommerce.HehasvastexperienceinthefieldofFinanceandAccountancy.
ShriMukeshN.PatelhasbeenanIndependentDirectorunderlistingagreementontheBoardoftheCompanysinceNovember
16,2003.HeisaChairmanoftheStakeholdersRelationshipCommitteeandaMemberoftheAuditCommittee&Nomination
andRemunerationCommitteeoftheCompany.
Directors.TheBoardofDirectorsofyourCompany,afterreviewingtheprovisionsoftheAct,areoftheopinionthatShriMukesh
NPatelfulfillstheconditionsspecifiedintheActandtheRulesmadethereundertobeeligibletobeappointedasanIndepen
dentDirectorpursuanttotheprovisionsofsection149oftheAct.TheBoardofDirectorsofyourCompanyisalsooftheopinion
thatShriMukeshNPatelisindependentofthemanagementoftheCompany.
ShriMukeshN.PatelisaDirectorwhoseperiodofofficeisliabletodeterminationbyretirementofdirectorsbyrotationunder
theerstwhileapplicableprovisionsoftheCompaniesAct,1956.IntermsofSection149andotherapplicableprovisionsofthe
CompaniesAct,2013,ShriMukeshNPatel,beingeligibleforappointment,isproposedtobeappointedasanIndependent
Directortoholdofficefor5(five)consecutiveyearsforatermuptoSeptember30,2019.Anoticehasbeenreceivedfroma
memberproposingShriMukeshNPatelasacandidatefortheofficeofDirectoroftheCompany.
toavailservicesofShriMukeshN.PatelasanIndependentDirector.Accordingly,theBoardrecommendstheresolutionatitem
no.07ofthenoticeinrelationtoappointmentofShriMukeshN.PatelasanIndependentDirector,fortheapprovalbythe
membersoftheCompany.
14
SaveandexceptShriMukeshN.Patelandhisrelatives,totheextentoftheirshareholdinginterest,ifany,intheCompany,none
oftheotherDirectors/KeyManagerialPersonneloftheCompany/theirrelativesare,inanyway,concernedorinterested,finan
ciallyorotherwise,inthisresolution.
ITEMNO.08:
Shri Alkesh B. Patel, ages 39 years, is a Practicing Chartered Accountant. He has vast experience in audit, taxation and
accountancyandpreparationofprojectreports.Hiskeyperformanceareasincludesfinalizationofaccounts,budgetprepara
tion,budgetarycontrols,cashflowstatements,MISreports,bankingrelationshipandnegotiatingworkingcapitalandterm
loanfacilitiesfortheclient.
ShriAlkeshB.PatelhasbeenanIndependentDirectorunderlistingagreementontheBoardoftheCompanysinceDecember13,
2011.HeisaMemberoftheNomination&RemunerationcommitteeoftheBoardofDirectorsoftheCompany.
Directors.TheBoardofDirectorsofyourCompany,afterreviewingtheprovisionsoftheAct,areoftheopinionthatShriAlkesh
B. Patel fulfills the conditions specified in the Act and the Rules made thereunder to be eligible to be appointed as an
IndependentDirectorpursuanttotheprovisionsofsection149oftheAct.TheBoardofDirectorsofyourCompanyisalsoofthe
opinionthatShriAlkeshBPatelisindependentofthemanagementoftheCompany.
ShriAlkeshB.PatelisaDirectorwhoseperiodofofficeisliabletodeterminationbyretirementofdirectorsbyrotationunder
theerstwhileapplicableprovisionsoftheCompaniesAct,1956.IntermsofSection149andotherapplicableprovisionsofthe
CompaniesAct,2013,ShriAlkeshB.Patel,beingeligibleforappointment,isproposedtobeappointedasanIndependent
Directortoholdofficefor5(five)consecutiveyearsforatermuptoSeptember30,2019.Anoticehasbeenreceivedfroma
memberproposingShriAlkeshBPatelasacandidatefortheofficeofDirectoroftheCompany.
toavailservicesofShriAlkeshB.PatelasanIndependentDirector.Accordingly,theBoardrecommendstheresolutionatitemno.
08ofthenoticeinrelationtoappointmentofShriAlkeshB.PatelasanIndependentDirector,fortheapprovalbythemembers
oftheCompany.
SaveandexceptShriAlkeshB.Patelandhisrelatives,totheextentoftheirshareholdinginterest,ifany,intheCompany,noneof
theotherDirectors/KeyManagerialPersonneloftheCompany/theirrelativesare,inanyway,concernedorinterested,finan
ciallyorotherwise,inthisresolution.
ITEMNO.09:
ThisitemrelatestoreappointmentofShriJayeshC.PatelasaManagingDirectoroftheCompany.
TheBoardofDirectorshadatitsmeeting,heldonOctober1,2009reappointedShriJayeshC.PatelasaManagingDirectorofthe
CompanyforafurtherperiodoffiveyearsfromOctober1,2009toSeptember30,2014.Subsequently,themembersoftheCom
pany,throughthepostalballot,onSeptember9,2010,approvedhisappointmentas a ManagingDirectorfortheperiodof5years
fromOctober1,2009andendingonSeptember30,2014.TheperiodofhisappointmentwillbeexpiredonSeptember30,2014.
Ontherecommendationoftheremunerationcommittee,theBoardofDirectorshadinitsmeetingheldonAugust14,2014re
appointedShriJayeshC.PatelasaManagingDirectoroftheCompanyforafurtherperiodofthreeyearsfromOctober1,2014
toSeptember30,2017asperthetermsandconditionsassetoutintheresolutionandalsosetoutinStatementunderthisitem
annexedtothenoticeconveningthismeeting.
Sincethedateofhisappointmentandchangeinthetermsofhisappointment,thevolumeofbusinessandprofitabilityofthe
companyhasundergonedrasticupwardchange.InthegrowthoftheCompanyShriJayeshC.Patel,ManagingDirectorhaswith
theguidanceoftheBoardofDirectorsandcooperationofworkers,employees,officersandsuppliersofthecompany,contrib
utedsignificantlyinnouncertainterms.IthasbeenconsidereddesirableinthisstageofadvancementoftheCompanytore
appointandcompensateShriJayeshC.Patel,ManagingDirectoradequatelytakingintoconsiderationthetime,energyand
acumeninvolvedinhiscarryingoutthefunctionsofManagingDirectoroftheCompany.
Inadditiontotheannualsalaryof `30lacs,theManagingDirectorshallalsoentitledtofollowingperquisitefortheaforesaid
period.
CATEGORYA:
TheManagingDirectorshallbeentitledtoPersonalAccidentInsuranceandGroupLifeInsurance,clubfeessubjecttoamaxi
mumoftwoclubs,medicalreimbursement,andcompanyprovidedcaranddriver.
15
CATEGORYB:
TheManagingDirectorshallalsobeeligibletothefollowingperquisites,whichshallnotbeincludedinthecomputationofthe
ceilingonremunerationspecifiedabove.
1. Contributiontoprovidentfund,superannuationfundorannuityfundtotheextenttheseeithersinglyorputtogetherare
nottaxableundertheIncomeTaxAct,1961.
2. Gratuitypayableataratenotexceedinghalfamonthssalaryforeachcompletedyearofservice.
3. Encashmentoftheleaveattheendoftenure.
CATEGORYC:
ProvisionofcarforuseonCompanysbusinessandtelephoneatresidencewillnotbeconsideredasperquisites.Personallong
distancecallsonthetelephoneanduseofcarforprivatepurposeshallbebilledbytheCompanytotheManagingDirector.
Theremunerationspecifiedabovecomprisingofsalary,commission&perquisitespayableinaggregateshallnotexceedthe
ceilingof5%ofthenetprofitsoftheCompanyforanyfinancialyearprescribedundersection197oftheCompaniesAct,2013.
MINIMUMREMUNERATION:
Incaseofabsenceorinadequacyofprofitsinanyfinancialyear,theappointeeshallbepaidremunerationbywayofannual
salarynotexceeding `30Lacsandalsoshallbeentitledtotheperquisitesprovidedthattheaggregatevalueofthesameshallbe
withintheapplicableceilingsspecifiedinScheduleVoftheCompaniesAct,2013.
TheremunerationpayabletoShriJayeshC.Patel,ManagingDirectoroftheCompany,shallbeinlumpsumorininstallmentsas
maybemutuallyagreed.
ThismaytreatedasawrittenstatementsettingoutthetermsofappointmentofShriJayeshC.Patel,asManagingDirectorunder
section190oftheCompaniesAct,2013.
ShriJayeshC.Patelisinterestedintheresolutionsetoutatitemno.09oftheNotice,whichpertaintothereappointmentofhim
asaManagingDirector.
TherelativesofShriJayeshC.Patelmaybedeemedtobeinterestedintheresolutionsetoutatitemno.09ofthenotice,to
extendoftheirshareholdinginterest,ifany,intheCompany.
Saveandexceptabove,noneoftheotherDirectors/KeyManagerialPersonneloftheCompany/theirrelativesare,inanyway,
concernedorinterested,financiallyorotherwise,inthisresolution.
TheBoardrecommendstheresolutionatitemno.09ofthenoticefortheapprovalbythemembersoftheCompany.
ITEMNO.10:
OntherecommendationoftheAuditCommittee,theBoardhasapprovedtheappointmentofM/s.SA&Associates,Cost
Accountants,asaCostAuditortoconducttheauditofthecostrecordsoftheCompanyforthefinancialyearendingMarch31,
2015,subjecttoapprovalofthememberoftheCompany.
TheconfirmingregardingtheireligibilityforappointmentasaCostAuditorwillbeavailableforinspectionattheregistered
officeoftheCompanyduring11.00A.Mto1.00P.Mandshallalsoavailableatthemeeting.
AsperRule14ofCompanies(AuditandAuditors)Rules2014,theappointmentandremunerationpayabletotheCostAuditoris
toberatifiedbythemembersoftheCompany.Hence,thisresolutionisputfortheconsiderationofthememberoftheCom
pany.
NoneoftheDirectorsandKeyManagerialPersonneloftheCompanyandtheirrelativesisconcernedorinterested,financially
orotherwise,intheresolutionsetoutatItemNo.10oftheNotice.
ITEMNO.11:
TheMembersoftheCompany,onSeptember9,2010,throughthepostalballot,approvedbywayofanOrdinaryResolution
underSection293(1)(d)oftheCompaniesAct,1956forborrowingsoverandabovetheaggregateofpaidupsharecapitaland
freereservesoftheCompanyprovidedthatthetotalamountofsuchborrowingstogetherwiththeamountsalreadyborrowed
andoutstandingatanypointoftimeshallnotbeinexcessof ` 1000.00Crore.
Section180(1)(c)oftheCompaniesAct,2013requiresthattheBoardofDirectorsshallnotborrowmoneyinexcessofthe
companyspaidupsharecapitalandfreereserves,apartfromtemporaryloansobtainedfromthecompanysbankersinthe
ordinarycourseofbusiness,exceptwiththeconsentofthecompanyaccordedbywayofaSpecialResolution.
16
Itis,therefore,necessaryforthememberstopassaSpecialResolutionunderSection180(1)(c)oftheCompaniesAct,2013,as
setoutatItemNo.11oftheNotice,toenabletotheBoardofDirectorstoborrowmoneyinexcessoftheaggregateofthepaid
upsharecapitalandfreereservesoftheCompany.Approvalofmembersisbeingsoughttoborrowmoneyupto`1000.00
Crores(RupeesOneThousandCrores)inexcessoftheaggregateofthepaidupsharecapitalandfreereservesoftheCompany.
orotherwise,intheresolutionsetoutatItemNo.11ofthenotice.
ITEMNO.12
Vimal Dairy limited (VDL) is a Subsidiary of the Company and a Related Party within the meaning of Section 2(76) of the
CompaniesAct,2013andClause49VII(B)(2)oftheListingAgreement(effectiveOctober1,2014).
IntermsofprovisotoClause49VII(C)oftheListingAgreement,thecontracts/arrangements/transactionsrelatingtotransfer
orreceiptofproducts,goods,materialsorserviceswithVDLarematerialinnatureasthesetransactionsarelikelytoexceed
20%ofthenetworthoftheCompanyasperthelastauditedfinancialstatementsoftheCompany.Therefore,intermsofClause
49VII(E),thecontracts/arrangements/transactionswithVDLrequirestheapprovalofunrelatedshareholdersoftheCom
panybyaspecialresolution.
Theparticularsofthecontracts/arrangements/transactionsareasunder:
1. Nameofrelatedparty:VimalDairyLimited(VDL)
2. Nameofdirectororkeymanagerialpersonnelwhoisrelated:ShriJayeshC.Patel,ManagingDirectorandShriMukesh
N.Patel,IndependentDirectoroftheCompanyarecommonBoardmembers.
3. Natureofrelationship:VDLisasubsidiaryofVimalOil&FoodsLimited.
4. Materialtermsofthecontracts/arrangements/transactions:relatingtopurchaseand/orsellofproducts,goods,mate
rials,services,jobworkchargesonarmslengthbasis.
5. Monetaryvalue:Estimatedamountofupto ` 20.00Croreeveryfinancialyear.
6. Anyotherinformationrelevantorimportantforthememberstomakeadecisionontheproposedtransaction:None
Thecontracts/arrangements/transactionswithVDLhavebeenapprovedbytheAuditCommitteeatitsmeetingheldonAugust
14,2014andconsideredbytheBoardofDirectorsattheirmeetingheldonAugust14,2014forrecommendingthesametothe
unrelatedShareholdersoftheCompanyfortheirapproval.
ShriJayeshC.Patel,ManagingDirectorandShriMukeshN.PatelIndependentDirectoroftheCompanyareinterestedintheresolution
setforthinItemNo.12oftheNoticeastheyarecommonBoardmembers.TherelativesofShriJayeshC.Patelmaybedeemedtobe
interestedintheresolutionsetforthinItemNo.12oftheNotice,totheextentoftheirshareholdinginterest,ifany,intheCompany.
Saveandexcepttheabove,noneoftheotherDirectors/KeyManagerialPersonneloftheCompany/theirrelativesare,inany
way,concernedorinterested,financiallyorotherwise,inthisresolution.
TheBoardrecommendstheresolutionsetforthinItemNo.12oftheNoticeforapprovaloftheunrelatedshareholdersofthe
Company.
ITEMNO.13:
TheArticlesofAssociation(theAOA)oftheCompanyascurrentlyinforcewasoriginallyadoptedundertheCompaniesAct,
1956andthereafteramendedfromtimetotime,overthepastseveralyears.TheseveralregulationsintheexistingAOAcontain
referencestothespecificsectionsoftheCompaniesAct,1956thatmaynolongerinconformitywiththeCompaniesAct,2013.
ConsideringthatsubstantivesectionsoftheCompaniesActwhichdealwiththegeneralworkingofthecompaniesstandnoti
fied,itisproposedtoamendtheexistingArticlesofAssociationtoalignitwiththeprovisionsofCompaniesAct,2013including
theRulesframedthereunderandadoptionofspecificsectionsfromTableFtoScheduleItotheCompaniesAct,2013which
setsoutthemodelarticlesofassociationforacompanylimitedbyshares.
ThenewAoAtobesubstitutedinplaceoftheexistingAoAarebasedonTableFoftheActwhichsetsoutthemodelarticlesof
associationforacompanylimitedbyshares.ShareholdersattentionisinvitedtocertainsalientprovisionsinthenewdraftAoA
oftheCompanyviz:
(a) AmendmentandalignmentwithprovisionoftheCompaniesAct,2013
(b) IntroducingofnewprovisionrelatingtotheappointmentofKeyManagerialPersonnel(KMP)includingChiefExecutive
Officer,ChiefFinancialofficer,inadditiontoManagerandCompanySecretary;
17
(c) Companysliennowextendsalsotobonusesdeclaredfromtimetotimeinrespectofsharesoverwhichlienexists;
(d) Toremoveredundantprovisionsandtoalignnewprovisionsregardingapplicationoffundsfromreserveaccountswhen
amountsinreserveaccountsaretobecapitalized;
(e) newprovisionsrelatingtothestatutoryprovisionsoftheActwhichpermitacompanytodosomeactsifsoauthorizedby
itsarticlesorprovisionswhichrequireacompanytodoactsinaprescribedmannerunlessthearticlesotherwiseprovide
havebeenspecificallyincluded;
(f) provisionsoftheexistingAoAwhicharealreadypartofstatuteintheActhavenotbeenreproducedinthenewdraftAoAas
theywouldonlyleadtoduplicationtheirnoninclusionmakesthenewAoAcrisp,conciseandclearandaidseaseof
readingandunderstanding;and
(g) thenominee(s)ofadeceasedsolememberarerecognizedashavingtitletothedeceasedsinterestintheshare.
TheproposednewdraftAOAisbeinguploadedontheCompanyswebsiteatwww.vimaloil.comforperusalbythemembersof
theCompany.
orotherwise,intheresolutionsetoutatItemNo.13.
TheBoardrecommendstheSpecialResolutionsetoutatitemsetforthinItemNo.13oftheNoticeforapprovalbythemembers
oftheCompany.
ByOrderoftheBoardofDirectors
Date: August14,2014
FAGESHR.SONI
CompanySecretary
RegisteredOffice:
4th Floor,Heritage,
NearTheGrandBhagwati,
Ahmedabad380054
18
DIRECTORSREPORT
To,
TheMembers,
YourDirectorshavepleasureinpresentingthe TwentySecondAnnualReport withtheAuditedAccountsforthefinancialyear
endedMarch31,2014.
FINANCIALRESULTS:
(` inlakhs)
PARTICULARS
SalesIncludingOtherIncome
ProfitBeforeInterest,Depreciation&Taxation
Interest&Financialcharges
Depreciation
ProfitBeforeTaxation
ProvisionForTaxationincludingDeferredTax
ProfitAfterTax
AddingThereto:BalanceB/FFromPreviousYear
AmountsAvailableForAppropriation
Appropriations:
Dividend&DividendTax
GeneralReserve
BalancecarriedForward
CurrentYear
201314
PreviousYear
201213
228212.81
7285.76
4278.67
311.84
2695.25
979.96
1715.29
3195.78
4911.07
194825.60
5478.32
2995.33
280.35
2202.64
696.59
1506.05
2051.84
3557.89
339.57
75.00
4496.50
287.12
75.00
3195.78
DIVIDEND:
The Directors recommends a final dividend of ` 0.60 (6%) per share on 50,00,000 nos. 6% Non Cumulative Redeemable
PreferenceShares, ` 0.80(8%)pershareon1,00,00,000nos.8%NonCumulativeRedeemablePreferenceSharesand `1.20
(12%)pershareonthepaidupequitysharecapitaloftheCompany.
OPERATIONS:
TheCompanysoperations,continuedtobesatisfactory:
( ` inlakhs)
SalesIncludingOtherIncome
Profitaftertax
201314
201213
228212.81
1715.29
194825.60
1506.05
ThesalesincludingotherincomefortheyearendedMarch31,2014was ` 228212.81Lakhsasagainst ` 194825.60Lakhsforthe

previousfinancialyear. ThetotalrevenueoftheCompanyhasincreasedby17%(approx)ascomparedtothepreviousyear.
ThetotalexportsalesfortheyearendedMarch31,2014was ` 4173.54lakhsasagainst ` 2764.85lakhsforthepreviousfinancial
year.TheProfitBeforeTax(PBT)was ` 2695.25lakhsandtheProfitAfterTax(PAT)was ` 1715.29lakhsfortheyearendedon
March31,2014asagainstPBTforthepreviousyearwasrecordedas `2202.64lakhsandPATwasrecordedas ` 1506.05lakhs.
FIXEDDEPOSITS:
TheCompanyhasnotacceptedanyFixedDepositsfromthepublicanditisthereforenotrequiredtocomplywiththerequire
mentunderNonBankingNonFinancialcompanies(ReserveBank)Directions,1966andCompanies(AcceptanceofDeposits)
Rules,1975.
SUBSIDIARIES:
VimalDairyLimitedhasbecomeasubsidiaryCompanyw.e.f.February26,2013.AttheyearendedonMarch31,2014,the
CompanyhasonesubsidiarycompanyinIndia.
PursuanttothegeneralexemptiongrantedbytheMinistryofCorporateAffairs,GovernmentofIndiavideGeneralCircularNo.
2/2011dated 8th February, 2011and resolution passed by the Boardof Directors on May 27, 2014copy of Balance Sheet,
StatementofProfitandLoss,ReportoftheBoardofDirectorsandtheReportoftheAuditorsofsubsidiarycompanyhavenot
beenattachedwiththeannualaccountsoftheCompanyunderSection212oftheCompaniesAct,1956.Asrequiredunderthe
19
abovesaidcircular,astatementcontainingtheinformationofsubsidiariesisattachedandformspartofthisAnnualReport.
Theannualaccountsofthesubsidiarycompaniesandtherelatedinformationareavailableforinspectionbyanyshareholderat
theregisteredofficeoftheCompanyduringbusinesshoursandmakethemavailableupontherequestbyanyshareholderofthe
Company.
CONSOLIDATEDFINANCIALSTATEMENTS
Pursuanttoclause32and41oftheListingAgreementandAccountingStandard21issuedbytheInstituteofCharteredAccoun
tantsofIndia,theBoardofDirectorshaspleasureinattachingtheAuditedConsolidatedfinancialstatementsincludingthe
financialstatementsofsubsidiarycompany.
DIRECTORS:
InaccordancewiththeprovisionsoftheCompaniesAct,2013,thetermsoftheappointmentofShriJayeshC.Patel,Managing
DirectoroftheCompanyhasbeenchangedandheisliabletoretirebyrotation.Asperhistermsofappointmentandapplicable
provisions ofthe CompaniesAct, 2013,Shri JayeshC. Patel,Managing Directorof theCompany retiresby rotationat the
ensuingAnnualGeneralMeetingandiseligibleforreappointment.
PursuanttoSection149oftheCompaniesAct,2013,theBoardofDirectors,atitsmeetingheldonAugust,14,2014,recom
mendedtheappointmentofShriMahendrabhaiV.Patel,ShriMukeshN.Patel,ShriAlkeshB.PatelasIndependentDirectorsof
theCompany,notliabletoretirebyrotationtoholdofficefor5(five)consecutiveyearsforatermuptoSeptember30,2019,
subjecttoapprovalofthemembersoftheCompany.TheseDirectorshavegiventhedeclarationstotheBoardthattheymeetthe
criteriaofindependenceasprovidedunderSection149(6)ofthesaidActandconfirmedthattheywillabidebytheprovisions
asmentionedinScheduleIVoftheCompaniesAct,2013.
ShriJayeshC.Patel,Chairman&ManagingDirectoroftheCompanywasreappointedasaManagingDirectoroftheCompany
fromOctober1, 2009fortheperiodoffive years.Histermexpireson September30,2014.TheBoardof Directorsofthe
CompanyrecommendedreappointinghimasManagingDirectoroftheCompanywitheffectfromOctober1,2014forthe
periodofthreeyearssubjecttoapprovaloftheShareholdersoftheCompany.
Thebriefresume/detailsrelatingtoDirectorwhoistobeappointed/reappointedisfurnishedinthenotes.
DIRECTORSRESPONSIBILITYSTATEMENT:
Pursuanttosection217(2AA)oftheCompaniesAct,1956(hereinafterreferredtoastheAct),theBoardofDirectorsofthe
Companyherebystateandconfirmthat:
i.
InthepreparationoftheAnnualAccountsfortheyearendedonMarch31,2014,theapplicableaccountingstandardshave
beenfollowedbytheCompanyalongwithproperexplanationrelatingtomaterialdeparture,ifany;
ii. Theyhaveselectedsuchaccountingpoliciesandappliedthemconsistentlyandmadejudgmentsandestimatesthatare
reasonableandprudentsoastogiveatrueandfairviewofthestateofaffairsoftheCompanyatMarch31,2014andofthe
profitsoftheCompanyfortheyearendedMarch31,2014;
iii. Theyhavetakenproperandsufficientcareforthemaintenanceofadequateaccountingrecordsinaccordancewiththe
provisionsoftheActforsafeguardingtheAssetsoftheCompanyandforpreventinganddetectingfraudandotherirregu
larities;and
iv. TheyhavepreparedtheAnnualAccountsonagoingconcernbasis.
LISTING:
i.
TheCompanysSharesarelistedontheBSELimited,Mumbai(BSE)andtheNationalStockExchangeofIndiaLimited,
Mumbai(NSE).
Fortheyear201314,theCompanyhaspaidannuallistingfeetoBSEandNSE.
INDUSTRIALRELATIONS:
TheCompanysrelationswithitsemployeesremainedcordialthroughouttheyear.TheDirectorswishtoplaceonrecordtheir
deepappreciationofthedevotedservicesbyworkers,staffandexecutivesoftheCompany.
PARTICULARSOFEMPLOYEES:
Theparticularsofemployeesfallingunderthepurviewofsection217(2A)oftheCompaniesAct,1956readwiththeCompanies
(ParticularsofEmployees)AmendmentRules,2011are NIL.
20
CONSERVATIONOFENERGY,TECHNOLOGYABSORPTIONANDFOREIGNEXCHANGEEARNINGS&OUTGO:
TheparticularsasprescribedunderSection217(1)(e)oftheCompaniesAct,1956,readwiththeCompanies(Disclosureof
ParticularsintheReportofBoardofDirectors)Rules,1988,aresetoutinanannexuretothisreport.
CORPORATEGOVERNANCE:
TheBoardofDirectorsoftheCompanyhaveevolvedandadoptedaCodeofConductbasedontheprinciplesofCorporate
Governanceandbestmanagementpracticesbeingfollowedglobally.TheCodeisavailableonthewebsiteoftheCompanyat
www.vimaloil.com.
ComplianceReport,inaccordancewiththeClause49oftheListingAgreementswithStockExchanges,onCorporateGovernance
formspartoftheAnnualReport.TheAuditorsCertificateonthecomplianceofCorporateGovernanceCodeembodiedinClause
49oftheListingAgreementisattachedheretoandformspartofthisReport.
MANAGEMENTDISCUSSIONANDANALYSISREPORT:
Pursuanttoclause49oftheListingAgreement,theManagementDiscussionandAnalysisReportisannexedaftertheDirectors
ReportandformsapartofthisReport.
COSTAUDITOR
Pursuanttosection233BoftheCompaniesAct,1956,forthefinancialyear201314,theCentralGovernmenthasapprovedthe
appointmentofM/s.N.D.Birla&Co.,CostAccountantsasCostAuditorforconductingcostauditofEdibleoilseedsandOils
(includingvanaspati).AspertheclarificationissuedbyCostAuditBranchofMinistryofCorporateAffairsvideGeneralCircular
No.67/2011datedNovember30,2011,generationofelectricityforcaptiveconsumptionhasbeenexemptedfromtheapplica
bilityofcostaudit.
AspertherequirementoftheCentralGovernmentandpursuanttoSection233BoftheCompaniesAct,1956,theCompanys
costrecordsfortheyearendedMarch31,2014arebeingaudited/reviewedbyCostAuditors,M/s.N.D.Birla&Co.Theduedate
forfilingofcostauditreportfortheEdibleOil&PreparedFoodsfortheperiodendedMarch31,2014isSeptember30,2014.
TheBoardofDirectorshasappointedM/s.SA&Associates,CostAccountantsasaCostAuditorforconductingthecostauditfor
thefinancialyear20142015,subjecttoapprovalofthemembers.
AUDITORS:
M/sR.R.S.&Associates,StatutoryAuditorsoftheCompany,retireattheensuingannualgeneralmeetingandtheyhave
confirmedtheireligibilitypursuanttotheprovisionoftheSection139ofTheCompaniesAct,2013andwillingnesstobere
reappointed.
TheMembersoftheAuditCommitteeandBoardofDirectorsoftheCompanyrecommendedtoappointM/sR.R.S.&Associ
ates,CharteredAccountantsasAuditorsoftheCompanyfromtheconclusionofthe22nd AnnualgeneralMeetingtotheconclu
sionofthe25th AnnualgeneralMeetingoftheCompany,subjecttoratificationoftheappointmentbythemembersateveryAGM
heldaftertheensuingAGM.
TherearenoqualificationsoradverseremarksintheAuditorsReportwhichrequireanyclarification/explanation.TheNoteson
financialstatementsareselfexplanatory,ifany,andneedsnofurtherexplanation.
ACKNOWLEDGEMENT:
YourDirectorswishtoplaceonrecordtheirsincereappreciationandgratitudeforthevaluablesupportandcooperationre
ceivedfromtheCustomersandSuppliers,variousFinancialInstitutions,Banks,GovernmentAuthorities,AuditorsandShare
holdersduringtheyearunderreview.YourDirectorswishtoplaceonrecordtheirdeepsenseofappreciationforthedevoted
servicesoftheExecutives,StaffandWorkersoftheCompanyforitssuccess.
OnbehalfofBoardofDirectors
Place: Ahmedabad
Date: August14,2014
JAYESHC.PATEL
Chairman&ManagingDirector
21
ANNEXURETODIRECTORSREPORT
INACCORDANCEWITHTHECOMPANIES(DISCLOSUREOFPARTICULARSINTHEREPORTOFBOARDOFDIRECTORS)RULES,
1988
A.CONSERVATIONOFENERGY:
a. EnergyConservationMeasureTaken:
1) Preventivemaintenanceofmachinestoreduceenergyloss.
2) InstalledVFDSinmajorelectricmotorstocutdowntheelectricityconsumption.
3) InstalledwindmillstohedgethepowerrequirementofthePlant.
4) EmployeesTrainingProgramconductedfortheawarenessofenergyconservation.
b. Additionalinvestmentsandproposal,ifany,beingimplementedforreductionofconsumptionofenergy:Inthecurrent
year,noadditionalinvestmentsandproposalarebeingconsideredforreductionofconsumptionofenergy.TheCom
panyhasalreadycarriedoutenergyauditfromoutsideagenciesasperthestatutoryrequirement.
c. Impactofthemeasuretakenat(a)and(b)aboveforreductionofenergyconsumptionandconsequentimpactonthe
costofproductionofgoods:
Impacthasnotbeenseparatelymeasured.
FORMA
Disclosureofparticularswithrespecttoconservationofenergy:
A. POWERANDFUELCONSUMPTION
CurrentYear
201314
1. ELERCTRICITY
a. PurchasedUnits
TotalAmount(`)
RateperUnit
b. Owngeneration
I. Throughdieselgenerator
Units
Unitperltr.ofdieseloil
Cost/Unit
2. LIGNITE/COAL
Quantity
Totalcost(`)
AverageRate(` PerM.T)
3. GAS
Quantity
Totalcost(`)
Rateperunit(` PerSCM)
PreviousYear
201213
4581735
32436605
7.08
4170945
28671480
6.87
35946
5.14
11.21
16289
5.09
9.56
24899544
95291669
3830
32617887
117433207
3600
1845077
20672712
11.20
1923280
19208316
9.99
B CONSUMPTIONPERUNITOFPRODUCTION
Standards
(ifany)
CurrentYear
201314
PreviousYear
201213
N.A
N.A
N.A
N.A
17.3361
0.1360
0.0942
6.9813
11.3016
0.0441
0.0884
5.2113
Products(withdetails)
Electricity(KWH/M.T)
Diesel(M.T/M.T)
Lignite/coal(M.T/M.T)
Gas(SCM/M.T)
22
FORMB
B. DISCLOSUREOFPARTICULARSWITHRESPECTTOTECHNOLOGYABSORPTION
RESEARCHANDDEVELOPMENT(R&D)
1. SpecificareasinwhichR&DiscarriedoutbytheCompany:NIL
2. BenefitsderivedasaresultoftheaboveR&D:NIL
3. Futureplanofaction:NIL
4. ExpenditureonR&D
201314
201213
NIL
NIL
ii) Recurring
NIL
NIL
iii) Total
NIL
NIL
iv) TotalR&DExpenditureasPercentageoftotalturnover
NIL
NIL
i)
Capital
TECHNOLOGYABSORPTION,ADAPTATIONANDINNOVATION:
1. Efforts,inbrief,madetowardstechnologyabsorption,adaptationandinnovation:NIL
2. Benefitsderivedasaresultsoftheaboveeffortse.g.costreduction,productdevelopment,importsubstitutionetc.:NIL
3. Incaseofimportedtechnology(importedduringthelast5yearsreckonedfromthebeginningofthefinancialyear)follow
inginformationmaybefurnished:NIL
a. Technologyimported:NIL
b. Yearofimport:NIL
c. Hastechnologybeenfullyabsorbed?:NIL
d. Ifnotfullyabsorbedareaswherethishasnottakenplace,reasonsthereofandfutureplanofaction:NIL
FOREIGNEXCHANGEEARNINGSANDOUTGO:
a) Activitiesrelatingtoexports,initiativestakentoincreaseexports, developmentofnewexportmarketsforproductsand
servicesandexportPlans;Companystotalexportshaveincreasedascomparetopastyear.
TheCompanyseffortscontinueindevelopmentandidentificationofnewexportmarketsandimprovingtheshareinthe
existingmarkets.
b) TotalForeignExchangeusedandearned:
TotalForeignExchangeearnings
` 1034.59Lakhs
TotalForeignExchangeoutgo
` 48908.79Lakhs
NetForeignExchangeoutgo
` (47874.20)Lakhs
OnbehalfofBoardofDirectors
Place: Ahmedabad
Date: August14,2014
JAYESHC.PATEL
23
REPORTONCORPORATEGOVERNANCE
1. CompanysPhilosophyonCorporateGovernance:
TheCompanysphilosophyonCorporateGovernanceenvisagesattainmentofhigherlevelsoftransparency,accountabil
ity and equity in all facets of its operations and in all its interactions with its stakeholders, including shareholders,
employees,customers,suppliers,government,lendersandthecommunityatlarge.Itaimstoincreaseandsustaincorpo
ratevaluethroughgrowthandinnovation.
TheCompanyscorevalueincludesbusinessethics,customerfocus,professionalpride,mutualrespect,speedandinno
vation,excellenceinmanufacturingandtotalquantity.TheCompanybelievesthatitsoperationsandactionsmustserve
theunderlyinggoalofenhancingtheinterestsofitsstakeholdersoverasustainedperiodoftime.
ThepoliciesandactionsoftheCompanyareintermsofapplicableguidelinesonCorporateGovernancewithendeavorto
enhanceshareholdersvalue.
2. BoardofDirectors:
Composition&categoryofDirectorsandtheirotherDirectorshipsandCommitteeMemberships:
TheBoardofDirectorsoftheCompanyishavingoptimumcombinationofexecutiveandNonExecutiveDirectorsincompli
anceofClause49oftheListingAgreement.
TheBoardofDirectorsoftheCompanycomprisesFourMembersone(1)ExecutiveDirectorandthree(3)NonExecutive
andindependentDirectorsduringtheyear201314.ThecompositionofBoardofDirectors,thenumberofotherDirector
shipsorBoardCommitteesofwhichheisaMember/Chairmanisasunder:
OtherDirectorships/
BoardCommittees(Numbers)
NameofDirector
Category
Designation
Directorships
BoardCommittees
Promoter&
ExecutiveDirector
Chairman&
ManagingDirector
NIL
Independent&
NonExecutiveDirector
Director
NIL
NIL
ShriMukeshN.Patel
Independent&
Director
2*
ShriAlkeshB.Patel
Independent&
Director
NIL
NIL
ShriJayeshC.Patel
*ChairmanoftheAuditCommitteeandNomination&RemunerationCommittee
DirectorshipsinotherCompaniesmentionedaboveexcludeDirectorshipsinPrivateLimitedCompanies.
While calculating the number of Membership / Chairmanship in Committees of other Companies, Membership /
ChairmanshipofonlyAuditCommitteeandShareholders/InvestorsGrievanceCommitteehavebeenconsideredpursuant
toClause49oftheListingAgreement.NoneoftheDirectorisaMemberinmorethantenCommitteesandactsasa
ChairmaninmorethanfiveCommitteesacrossallcompaniesinwhichheisaDirector.
NoneoftheDirectoroftheCompanyisrelativeofeachother.
BoardMeetings:
Eleven(11)BoardMeetingswereheld,duringthefinancialyear201314,detailsofBoardMeetingareasunder:
April30, 2013
May14,2013
May31,2013
June15,2013
August13,2013
September28,2013
November13,2013
January9,2014
February12,2014
March26,2014
March28,2014
TheBoardmeetsatleastonceinaquartertoreviewthequarterlyperformanceandthefinancialresults.Agendaofthe
meetingwerepreparedandallnecessarypaperswerecirculatedtoMembersoftheBoardinadvance.AllMembersofthe
BoardhaveaccesstoallinformationoftheCompanyandarefreetorecommendinclusionofanymatterintheAgendafor
discussions.
24
>
AttendanceofDirectorsattheBoardMeeting&LastAnnualGeneralMeeting:
NameofDirector
Numberof
Meetingsheld
duringhistenure
Numberof
Meetings
Attended
%ofTotal
Meetings
Attended
AGMAttendance
ShriJayeshC.Patel
11
11
100%
Yes
11
11
100%
Yes
ShriMukeshN.Patel
11
11
100%
Yes
ShriAlkeshB.Patel
11
11
100%
No
3. AuditCommittee:
TermsofReference:
TheAuditCommitteeoftheCompanywasconstitutedinJanuary,2003,thereafteritwasreconstitutedonNovember12,
2011.TheAuditCommitteehasbeenmandatedwiththesametermsofreferencespecifiedinClause49IIoftheListing
AgreementwiththeStockExchange,asrevisedfromtimetotimeandaswellasthosestipulatedbySEBIGuidelines.These
termsalsosimultaneouslycomplieswithtotherequirementsofsection177oftheCompaniesAct,2013(corresponding
292AoftheCompaniesAct,1956).
Composition:
Presently,theAuditCommitteecomprisestwoNonExecutiveandIndependentDirectors(ShriMahendrabhaiV.Patel&
ShriMukeshN.Patel)andoneExecutiveDirector(ShriJayeshC.Patel).ShriMahendrabhaiV.PatelisaChairmanofthe
AuditCommittee.HeisaCharteredAccountantandhasconsiderablefinancialexpertiseandexperience.ShriFageshR.
Soni,CompanySecretaryactsasaSecretaryoftheCommittee.
MeetingandtheAttendanceduringtheyear201314:
Five(5)AuditCommitteemeetingswereheldduringtheyear201314.TheCommitteealsometpriortofinalizationof
accountsfortheyearendedonMarch31,2014.ThedetailsofattendanceattheAuditCommitteemeetingsisasunder:
NameofDirector
NumberofMeetings
heldduringhistenure
NumberofMeetings
MeetingsAttended
%ofTotalMeetings
Attended
100%
ShriMukeshN.Patel
100%
ShriJayeshC.Patel
100%
4. NominationandRemunerationCommittee(FormerlytermedasRemunerationCommittee):
TheCompanyhadconstitutedaRemunerationCommitteeonJuly31,2007,thereafter,itwasreconstitutedasandwhen
required.Presently,inaccordancewiththesection178oftheCompaniesAct,2013,andaspertherequirementoftheSEBI
CirculardatedApril17,2014foramendmentofListingAgreement(Equity),theBoardofDirectorsoftheCompanyattheir
meetingheldonAugust14,2014,haveapprovedtheChangeofnameoftheRemunerationCommitteetotheNomination
andRemunerationCommitteeandtheCommitteeconstituteswithShriMahendrabhaiV.Patel,ShriMukeshN.Pateland
ShriAlkeshB.Patel,allofthemareNonExecutive&IndependentDirectors.ShriMahendrabhaiV.PatelisaChairmanofthe
Committee.ShriFageshR.Soni,CompanySecretaryactsasaSecretaryoftheCommittee.
TheroleoftheNominationandRemunerationCommittee,interalia,includesthefollowing:
Identifyingpersonswhoarequalifiedtobecomedirectorsandwhomaybeappointedinseniormanagementinaccordance
withthecriterialaiddown,andrecommendtotheBoardtheirappointmentandremoval.
FormulationofcriteriaforevaluationofIndependentDirectorsandtheBoard;
Formulationofthecriteriafordeterminingqualifications,positiveattributesandindependenceofadirectorandrecom
mendtotheBoardapolicy,relatingtotheremunerationofthedirectors,keymanagerialpersonnelandotheremployees;
DevisingapolicyonBoarddiversity;
25
MeetingandtheAttendanceduringtheyear201314:
Duringtheyear,nomeetingofRemunerationCommitteewasheld.
RemunerationPolicy:
TheCompany paysremunerationtoits ManagingDirectorby wayofsalary, perquisitesandallowances.Salary ispaid
withintheceilingprescribedundertheapplicableprovisionsoftheCompaniesAct,1956andasapprovedbytheshare
holdersoftheCompany.
ThedetailsofremunerationpaidtotheManagingDirectorduringthefinancialyear201314areasunder:
Particulars
Remunerationpaidduringtheyear( ` Inlakhs)
Salary, Bonus and allowances
15.00
ContributiontoProvidentfund
1.16
Total
16.16
5. StakeholdersRelationshipCommittee(FormerlyknownasShareholders/InvestorsGrievanceCommittee):
TheCompanyhadconstitutedaStakeholderRelationshipCommittee,however,inaccordancewiththesection178ofthe
CompaniesAct,2013,andaspertherequirementoftheSEBICirculardaredApril17,2014foramendmenttoListingAgree
ment(Equity),TheBoardofDirectorsoftheCompanyattheirmeetingheldonAugust14,2014,haveapprovedtheChange
ofnameoftheShareholders/InvestorsGrievanceCommitteetotheStakeholderRelationshipCommittee.
TheStakeholderRelationshipCommittee,specifically,dealswiththemattersrelatingtoredressalofshareholderandinves
torcomplaintssuchastransferofshares,nonreceiptofannualreport,nonreceiptofdeclareddividendetc.
TheCommitteecomprisesoftwoIndependent&NonExecutiveDirectorsandonePromoter&ExecutiveDirector.Shri
MukeshN.PatelisaChairmanoftheCommitteeandShriMahendrabhaiV.PatelandShriJayeshC.PatelareMembersofthe
Committee.ShriFageshR.Soni,CompanySecretaryactsasaSecretaryoftheCommittee.
AttendanceintheYear201314
Duringthefinancialyear201314,theCommitteemettwentytwo(22)timesandalltheMemberswerepresent.The
Committee,generally,meetsonceortwiceinamonthtotakeanoteofthetransfer,transmissionsofsharesandlookinto
redressingofshareholders/investorsgrievances.
DetailsofShareholdersComplaintsReceived:
Duringthefinancialyear201314,theCompanyreceived7(seven)complaintsinthenatureofnonreceiptofdividend
warrants,annualreports,etc.AllComplaintshavebeensatisfactorilydisposedoffduringtheyearunderreview.Thereare
nocomplaintsoutstandingasatMarch31,2014.
6. CorporateSocialResponsibilityCommittee:
TheCorporateSocialResponsibility(CSR)CommitteecomprisesShriMahendrabhaiV.Patel,ShriMukeshN.PatelandShri
JayeshC.PatelandwhichisconstitutedasrequiredundertheCompaniesAct,2013,to:
formulateandrecommendtotheBoard,aCSRPolicyindicatingthereinCSRactivitiestobeundertakenbythecompany;
recommendtheamountofexpendituretobeincurredonCSRactivities;and
monitortheCSRPolicyoftheCompanyfromtimetotimeandinstituteatransparentmonitoringmechanismforimplemen
tationoftheCSRprojects/programs/activitiesundertakenbytheCompany.
SuchotherfunctionsastheBoardmaydeemfit,inaccordancewiththeSection135oftheCompaniesAct,2013(the
Act)andScheduleVIIoftheActandrulesthereofasapplicablefromtimetotime.
26
7. DetailsofGeneralMeetings:
AnnualGeneralMeeting
FinancialYear
Location
Category
Date
Time
201213
4th Floor,Heritage,Nr.TheGrandBhagwati,
SarkhejGandhinagarHighway,Ahmedabad380054
AGM
September,30,2013
11.30AM
201112
AGM
September,29,2012
11.30AM
201011
AGM
September,30,2011
11.00AM
ExtraOrdinaryGeneralMeeting:
Duringthelastthreeyears,noExtraOrdinaryGeneralMeeting(EGM)washeld.
PostalBallot:
Duringtheyearunderreview,oneresolutionwaspassedthroughthePostalBallotundertheprovisionsofsection192A
oftheCompaniesAct,1956andtheCompanies(PassingoftheResolutionbyPostalBallot)Rules,2011.
Thefollowingresolutionswerepassedthroughthepostalballot:
ResolutionNo.
1
Resolution
SpecialResolution: Preferentialallotmentofequityshares(36,00,000equityshares)
ThenoticeofPostalBallotdated13th November,2013wasdispatchedtoalltheshareholderson28th November,2013and

theresultofthesamewasdeclaredon31st December,2013attheRegisteredOfficeoftheCompanybasedonthereport
ofScrutinizer,detailsoftheresultsareasunder:
Sr. Particulars
No.
1.
2.
3.
4.
5.
6.
7.
Totalnumberofballotpapersreceived
TotalnumberofMemberswhoexercisedtheirfranchisethroughpostalballot
TotalnumberofInvalidvotes
Totalnumberofballotpapersreceivedindefaced/mutilatedconditions
Totalnumberofvalidvotes
Totalnumberofvotespolledinfavouroftheresolution
Totalnumberofvotespolledagainsttheresolution
Reportfor
Resolution
No.1
41
41
4400
NIL
8270421
8270421
650
Theabovespecialresolutionandordinaryresolutionwereapprovedbytheshareholderswithrequisitemajority.
TheBoardofDirectorsappointedShriDipakRachchha,PractisingCompanySecretaryasSrutinisertoconductthepostalballotprocess.
TheCompanyhascompliedtheproceduresforPostalBallotintermsoftheCompanies(PassingoftheResolutionbyPostal
Ballot)Rules,2011andamendmentsthereto.
SpecialResolutionspassedduringlastthreeyears:
i.
Preferentialallotmentofequitysharesthroughthepostalballot(for36,00,000equityshares)andtheresultofthe
samewasdeclaredon31st December,2013.
ii. Preferentialallotmentofequitysharesthroughthepostalballot(for15,00,000equityshares)andtheresultofthe
samewasdeclaredon9th June,2012.
8. Disclosure:
Disclosuresonmateriallysignificantrelatedpartytransactionsi.e.transactionsoftheCompanyofmaterialnature,withits
promoters,Directorsand/ormanagement,theirsubsidiariesorrelativesetc.thatmayhavepotentialconflictwiththe
interestofCompanyatlarge:
TransactionswithrelatedpartiesaredisclosedindetailinNoteNo.25.2inNotesformingpartoftheAccountsannexedto
thefinancialstatementsfortheyear.Therewerenorelatedpartytransactionshavingpotentialconflictwiththeinterestof
theCompanyatlarge.
CodeofConduct:TheBoardhaslaiddownaCodeofConductforalltheBoardMembersandSeniorManagementofthe
Company.TheCodeofConducthasbeenpostedonthewebsiteoftheCompanyi.e.www.vimaloil.com.
27
CEOCertificate:TheManagingDirectoroftheCompanyhasfurnishedtherequisitecertificatetotheBoardofDirectors
underClause49VoftheListingAgreement.
DetailsofnoncompliancebytheCompany,penaltiesandstricturesimposedontheCompanybyStockExchangeorSEBIor
anystatutoryauthority(ies),onanymatterrelatedtocapitalmarkets,duringthelastthreeyears: NIL
WhistleBlowerPolicy/Vigilmechanism:TheCompanyhasadoptedaWhistleBlowerPolicy/Vigilmechanism,whichpro
videsaformalmechanismforallemployeesoftheCompanytomakeprotecteddisclosurestotheManagementabout
unethicalbehavior,actualorsuspectedfraudorviolationoftheCompanysCodeofConduct.Disclosuresreportedare
addressedinthemannerandwithinthetimeframesprescribedinthePolicy.NoemployeeoftheCompanyhasbeendenied
accesstotheAuditCommittee.
9. MeansofCommunication:
HalfYearlyresultswerenotsenttoeachhouseholdoftheshareholders.
AspertheClause41oftheListingAgreement,theBoardofDirectorsconsidered,approvedandtookonrecordthequar
terlyfinancialresultsandsubmittedtotheBSELimited(BSE).TheCompanywaslistedandadmittedtodealingonNational
StockExchangeofIndiaLimited(NSE)witheffectfromMay21,2013,theauditedfinancialresultsasatMarch31,2013was
submittedtoBSEandNSE.
AllthequarterlyfinancialresultswerepublishedinEconomicTimes(Ahmedabad)inEnglishandGujaratieditionNewspa
per.ThequarterlyresultsarealsodisplayedontheCompanyswebsite www.vimaloil.com.
NopresentationhasbeenmadetoInstitutionalInvestorsortoAnalysts.
ThequarterlyfinancialresultshavebeendisplayedonCompanyswebsiteat www.vimaloil.com.
TheManagementDiscussionandAnalysisReportisattachedtotheDirectorsReportinthisAnnualReport.
10. ComplianceCertificateoftheAuditors:
TheCertificatefromtheAuditorsoftheCompany,M/s.RRS&Associates,CharteredAccountants,confirmingcompliance
withtheconditionsofCorporateGovernanceasstipulatedunderClause49,isattachedtotheDirectorsReportforming
partoftheAnnualReport.ThisCertificatehasalsobeenforwardedtotheStockExchangeswherethesecuritiesofthe
Companyarelisted.
11. GeneralShareholderInformation:
I.
AnnualGeneralMeeting
DateandTime
Venue
September30,2014at11.45 A.M.
4thFloor,Heritage,NearTheGrandBhagwati,SarkhejGandhinagar
Highway,Ahmedabad380054
II. FinancialCalendar
Financialreportingforthequarterending
June30,2014
September30,2014
December31,2014
March31,2015
SecondweekofAugust2014
SecondweekofNovember2014
SecondweekofFebruary2015
FourthweekofMay2015
III. BookClosureDate
FromSeptember22,2014toSeptember30,2014(bothdaysin
clusive)
IV. RegisteredOffice
4th Floor, Heritage, Near The Grand Bhagwati, Sarkhej

GandhinagarHighway,Ahmedabad380054
28
V. Detailsregardingdividendpaidduringthelast7years:
Year
Rate(%)
BookClosureDate
AGMDate
PaymentDate
200607
12
September21,2007to
September29,2007
September29,2007
October03,2007
200708
18
September24,2008to
September30,2008
September30,2008
October05,2008
200809
12
(` 1.20per
EquityShare)
September22,2009to
30th September,2009
September30,2009
October05,2009
200910
15
(` 1.50per
EquityShares)
September21,2010to
September30,2010
September30,2010
October04,2010
201011
15
(` 1.50per
EquityShares)
September21,2011to
September30,2011
September30,2011
October05,2011
201112
12
September21,2012to
September29,2012
September29,2012
October04,2012
201213
(` 1.20per
EquityShares)
12
(` 1.20per
EquityShares)
September21,2013to
September30,2013
September30,2013
October03,2013
VI. Transferofunpaid/unclaimedamountstoInvestorEducationandProtectionFund:
Pursuanttosection205AoftheCompaniesAct,1956,unclaimeddividendforthefinancialyear200506havebeentrans
ferredtotheIEPFestablishedbytheCentralGovernmentandnoclaimshallliewiththeCompanyinrespectoftheun
claimeddividendtransferredtoIEPFforthefinancialyear20052006.
VIII. DividendAnnouncement:
TheBoardofDirectorsoftheCompanyhasproposedandrecommendedafinaldividendof ` 0.60(6%)pershareon50,00,000
nos.6%NonCumulativeRedeemablePreferenceShares; ` 0.80(8%)pershareon1,00,00,000nos.8%NonCumulativeRe
deemablePreferenceShares;and ` 1.20(12%)pershareonthepaidupequitysharecapitaloftheCompany,forthefinancial
yearendedonMarch31,2014,subjecttotheapprovaloftheShareholdersattheensuing AnnualGeneralMeeting.
DividendPaymentDate:
Dividend,ifdeclaredbytheMembers,shallbepaidonorafterSeptember30,2014 butwithinthestatutorytimelimit.
IX. ListingofEquitySharesonStockExchange:
StockExchanges
Address
TelephoneNo.
BSELimited
PhirozeJeejeebhoyTowers,DalalStreet,
Mumbai400001
02222721233
02222721234
NationalStockExchangeofIndiaLimited
ExchangePlaza,Plotno.C/1,GBlock,
BandraKurlaComplexBandra
(E)Mumbai400051
02226598100/8114
X. LocationoftheDepositories
Depository
Address
TelephoneNo.
NationalSecuritiesDepositoryLtd.
4th &5th Floor,AWing,TradeWorld,

KamalaMillsCompound,SenapatiBapatMarg,
LowerParel,Mumbai400013
02224994200
CentralDepositoryServices(India)Limited
17th Floor,P.J.Towers,DalalStreet,
Mumbai400001
02222723333
29
XI. StockCode:
NameofExchange
StockCode
BSELimited
519373
NationalStockExchangeofIndiaLimited.
VIMALOIL
DematISINNumberinNSDL&CDSL
INE067D01015
XII. StockMarketData:
BSE&NSEStockMarketPriceDatafortheyear201314:
Month
BSE
Apr13
May13
Jun13
Jul13
Aug13
Sep13
Oct13
Nov13
Dec13
Jan14
Feb14
Mar14
*
High
(`)
106.00
104.90
101.25
97.00
98.00
110.90
107.40
122.75
156.95
171.60
146.35
166.00
Low
(`)
92.20
96.60
90.25
87.00
80.00
82.80
88.00
91.65
118.00
125.00
134.00
130.00
Volume
(No.)
310363
315208
313657
392910
309694
300173
386316
241295
337372
423562
114627
327425
NSE*
High
Low
Volume
(`)
(`)
(No.)
NotApplicable NotApplicable NotApplicable
119.75
85.60
32191
119.30
77.00
90671
97.95
83.05
244147
95.65
77.00
287800
111.70
82.70
329227
108.00
88.80
453439
128.90
91.40
236340
153.00
118.00
284663
170.75
130.05
424362
145.95
134.00
104284
165.20
135.00
281259
TheequitysharesoftheCompanyhavelistedontheNationalStockExchangeofIndiaLimitedMumbai(NSE)andadmitted
todealingonNSEwitheffectfromMay21,2013.
XIII. StockPerformance:
PerformanceofsharepriceofVIMALOIL&FOODSLIMITEDincomparisontoBSESensexfortheyear201314isasunder:
A
ug
01
O
ct
01
N
ov
03
D
ec
02
J
an
31
J
an
04
M
ar
30
Ju
l
Ju
l
30
01
31
Ap
r
03
01
M
ay
25000
24000
23000
22000
21000
20000
19000
18000
ay
170
160
150
140
130
120
110
100
90
80
APRIL2013TOMARCH2014
30
BSESENSEX
VOFLSHAREPRICE`
BSESTOCKPERFORMANCE
PerformanceofsharepriceofVIMALOIL&FOODSLIMITEDincomparisontoNSENiftyfortheyear201314isasunder:
NSESTOCKPERFORMANCE
6200
6000
5800
5600
5400
21
F
eb
21
M
ar
21
Ja
n
21
D
ec
21
N
ov
21
S
ep
21
O
ct
21
J
ul
21
A
ug
5200
Ju
n
6400
21
21
M
ay
6600
NSESENSEX
VOFLSHAREPRICE `
6800
162
152
142
132
122
112
102
92
82
APRIL2013TOMARCH2014
XIV.Registrar&ShareTransferAgent:
TheCompanyhasappointed M/s.LinkIntimeIndiaPrivateLimited astheRegistrarandShareTransferAgentforDemat
sharesw.e.fMarch16,2001havingtheirRegisteredOfficeat:
C13,PannalalSilkMillsCompound,
L.B.S.Marg,Bhandup(W),Mumbai400078
PhoneNo.02225923837FaxNo.02225672693
Email: mumbai@linkintime.co.in
M/s.LinkIntimeIndiaPrivateLimited havealsobeenappointedascommonagencyforshareregistryworkintermsofboth
physicalandelectronicvideSEBIcircularno.D&CC/FITTC/CIR15/2002DatedDecember27,2002w.e.fFebruary1,2003
havingtheirOfficeat:
M/sLinkIntimeIndiaPrivateLimited
UnitNo303,3rd Floor,ShoppersPlazaV,
Opp.MunicipalMarket,BehindShoppersPlazaII,Off.C.G.Road,Ahmedabad380009
PhoneNo.07926465179
Email:ahmedabad@linkintime.co.in
XV. ShareTransferSystem:
TradinginEquitySharesoftheCompanyispermittedonlyindematerializedformw.e.f.March23,2001aspercircular
issuedbytheSecuritiesandExchangeBoardofIndia(SEBI).
ThetransferofsharesinphysicalformisprocessedandcompletedbyM/s.LinkIntimeIndiaPrivateLimited,Registrar&
ShareTransferAgent,withinthestatutorystipulatedperiod.Incasewheresharesareheldinelectronicform,thetransfers
areprocessedbyNSDL/CDSLthroughtheDepositoryParticipantsandRegistrar.
31
XVI. DistributionofShareholding(asonMarch31,2014):
No.ofEquity
SharesHeld
No.of
Shareholders
%of
Shareholding
1728
85.04
254684
1.70
5011000
107
5.27
92462
0.61
10012000
54
2.66
84407
0.56
20013000
26
1.28
66083
0.44
30014000
14
0.69
51197
0.34
40015000
16
0.79
76725
0.51
500110000
22
1.08
163289
1.09
10001&Above
65
3.20
14231153
94.75
2032
100.00
15020000
100.00
CategoriesofShareholding(asonMarch31,2014):
CategoryofHolder
No.ofShares
Promoters/Personsactinginconcert
Banks/Institutions/MutualFunds
PrivateCorporateBodies
ClearingMembers
Indian Public
NRIs
Anyother
Total
XVIII.
TotalNo.of
SharesHeld
1500
Total
XVII.
%of
Shareholders
%ofShareholding
11112500
73.98
1300
0.01
226430
1.51
62530
0.42
3601386
23.98
15754
0.10
100
0.00
15020000
100.00
Dematerialization:
TheCompanysequitysharesarecompulsorilytradedindematerializedformforalltheinvestorswitheffectfrom
March23,2001.
14570825outof15020000EquityShares(97.01%ofthetotalEquityShareCapital)havebeendematerializedupto
March31,2014.
XIX.
ElectronicServiceofDocumentstotheRegisteredEmailAddressofMembers:
TheCompanyhasbeencontinuouslysupportingtheGreenInitiativestakenbytheMinistryofCorporateAffairs,
GovernmentofIndia(MCA)andSecuritiesandExchangeBoardofIndia(SEBI).Accordingly,inrespectofMembers/
Memberswhohaveregisteredtheiremailaddresses,theCompanyhavebeendispatchingdocumentsvideelectronic
formsincelasttwoyears.
In accordance with Rule 18 of the Companies (Management and Administration) Rules, 2014 notified under the
CompaniesAct,2013,theCompanymaygive/sendNoticeoftheGeneralMeetingsthroughelectronicmode.Further,
thesaidrulealsoprovidesthatadvanceopportunityshouldbegivenatleastonceinafinancialyeartotheMembers
forregisteringtheiremailaddressandchangestherein,asmaybeapplicable.AsregardsMemberswhoseshareholding
is held in physical form, the financial statements may be sent in electronic mode to those members who have
positivelyconsentedinwritingforreceivingbyelectronicmode.
Inviewoftheabove,theCompanyshallsenddocumentstoMemberslikeGeneralMeetingNotices(includingAGM),
AnnualReportscomprisingAuditedFinancialStatements,DirectorsReport,AuditorsReportandanyotherfuture
communication(hereinafterreferredasdocuments)inelectronicform,inlieuofphysicalform,toallthosemem
bers,whoseemailaddressis registeredwithDepositoryParticipant(DP)/Registrars& ShareTransferAgents(RTA)
(hereinafterregisteredemailaddress)andmadeavailabletous,whichhasbeendeemedtobethemembersregis
teredemailaddressforservingtheaforesaiddocuments.
32
Toenabletheservicingofdocumentselectronicallytotheregisteredemailaddress,werequestthememberstokeep
theiremailaddressesvalidated/updatedfromtimetotime.WewishtoreiteratethatMembersholdingsharesin
electronicformarerequestedtopleaseinformanychangesintheirregisteredemailaddresstotheirDPfromtimeto
timeandMembersholdingsharesinphysicalformhavetowritetoourRTA,M/s LinkIntimeIndiaPrivateLimited at
theirspecifiedaddressinattachedformat,soastoupdatetheirregisteredemailaddressfromtimetotime.
Further,forconvenienceoftheMembers,theAnnualReportoftheCompanywillalsobemadeavailableontheCompanys
website www.vimaloil.com.Membersarealsorequestedtotakenotethattheywillbeentitledtobefurnished,freeof
cost,theaforesaiddocuments,uponreceiptofrequisitionfromthemember,anytime,asamemberoftheCompany.
XIX.
XX.
Detailsonuseofpublicfundobtainedinthelastthreeyears:
OnAugust4,2012theCompanyhasallotted8,70,000equitysharesof `10/eachatthepremiumof ` 55/aggre

gatingto `5,65,50,000/tothenonpromotersonthepreferentialbasis.Theentireamounthasbeenutilized
towardsthelongtermworkingcapitalrequirements.
OnJanuary9,2014theCompanyhasallotted36,00,000EquitySharesof`10/eachatthepremiumof`95/
aggregatingto ` 37,80,00,000/tothePromoterandNonPromoteronthepreferentialbasis.Theentireamount
hasbeenutilizedtowardsthelongtermworkingcapitalrequirements.
OutstandingGDRs/ADRs/Warrants&ConvertibleBondsconversiondateandlikelyimpactontheequity:
TheCompanyhasnotissuedany GDRs/ADRs/Warrantsduringtheyearunderreport.
XXI.
PlantLocations:
Factory: At:VillageHanumantHeduva,
Nr.PalavasnaRailwayCrossing,
Highway,Mehsana384002
XXII.
InvestorCorrespondence:
Foranyassistanceregardingdematerializationofshares,sharetransfers,transmissions,changeofaddressandany
otherqueryrelatingtosharesoftheCompany,pleasewriteto:
M/s.LinkIntimeIndiaPrivateLimited
UnitNo303,3rd Floor,ShoppersPlazaV,
Opp.MunicipalMarket,
BehindShoppersPlazaII,Off.C.G.Road,
Ahmedabad380009
PhoneNo.07926465179
Email: ahmedabad@linkintime.com
Foranyothergeneralmattersorincaseofanydifficulties/grievancespleasewriteto:
ShriFageshR.Soni,CompanySecretary&ComplianceOfficer
VimalOil&FoodsLimited
4th Floor,Heritage,NearTheGrandBhagwati,
Ahmedabad380054
PhoneNo(079)26841851/52/53/54
FaxNo.(079)26841850
EmailAddress: secretarial@vimalgroup.com
sec.vimal@yahoo.co.in
33
Management Discussion & Analysis

GLOBAL ECONOMY OVERVIEW:
The financial year 2013-14 was an encouraging year with global activity improving during the second half of
2013 and is expected to improve further in 201415 according to the International Monetary Fund (IMF)
World Economic Outlook Report dated April 2014, with much of the impetus coming from advanced
economies. Emerging market economies have had a less encouraging growth rate due to poor external
financial environment, although they continue to contribute more than two-thirds of the global growth.
According to the IMF, with supportive monetary conditions and a smaller drag from fiscal consolidation,
annual growth is projected to rise above trend in the United States and to be close to trend in the core euro
area economies. In the stressed euro area economies, however, growth is projected to remain weak and
fragile as high debt and financial fragmentation hold back domestic demand. Growth in emerging market
economies is projected to pick up modestly. These economies are adjusting to a more difficult external
financial environment in which international investors are more sensitive to policy weakness. As a result,
financial conditions in emerging market economies have tightened further, although their output growth is
expected to be lifted by stronger exports to advanced economies.
Source: (International Monetary Fund, World Economic Outlook Recovery Strengthens, Remains Uneven
(Washington, April 2014).
INDIAN ECONOMY OVERVIEW:
The financial year gone by, 2013-14 in India, was marred by continued low GDP growth, declining industrial
output, decline in investments, higher inflation, lower quality of bank assets, high current account deficit,
which has been brought down drastically through affirmative policy action, and depreciation in the domestic
exchange rate.
The weakness in the Indian economy persisted in FY14 with GDP growth as per the advance estimates
showing a growth of 4.86%, marginally higher than the 4.5% of FY13. The country has been witness to a sharp
drop in its economic growth from an average 8.2% during FY04 - FY12 to sub 5% in FY13 and FY14
According to the IMF, Indias growth is expected to recover from 4.4% in 2013 to 5.4% in 2014, supported by
slightly stronger global growth, improving export competitiveness, and implementation of recently approved
investment projects. A pickup in exports in recent months and measures to curb gold imports has contributed
to lowering the current account deficit. Policy measures to bolster capital flows have further helped reduce
external vulnerabilities. Overall growth is expected to firm up on policies supporting investment and a
confidence boost from recent policy actions.
Source: (International Monetary Fund, World Economic Outlook Recovery Strengthens, Remains Uneven
(Washington, April 2014, CARE Research: )
INDUSTRY OVERVIEW:
EDIBLE OILS
Indian vegetable oil industry consists of 15,000 oil mills, 600 solvent extraction units, 600 vegetable oil
refineries and 250 vanaspati units spread across the country crushing / processing oilseeds, oilcakes, rice bran
& vegetable oils. The domestic turnover of the vegetable oil industry is over ` 1,25,000 crores and importexport turnover of about ` 65,000 crores per annum, consisting of ` 50,000 crores for import of vegetable oils
& `15,000 crores for export of oilmeals, oilseeds castor oil, groundnut oil & vegetable fats of tree borne
oilseeds.
Production of edible oilseeds/edible oils
Production of oilseeds has grown almost double in last 12 years from 176 lakh MT in 2000-01 to 321 lakh MT in
2012-13. In addition, cottonseed has emerged as a significant source of edible oil for India. Other significant
sources of edible oil are copra, palm oil, rice bran and oil meals.
34
Production of Oilseeds (Lakh Tonnes)

2000 01
2007 08
2008 09 2009 10
2010 11 2011 12 2012 - 13
Groundnut
64.1
91.82
71.68
54.29
82.65
69.33
87.14
Sesamum
5.2
7.57
6.4
5.88
8.93
8.21
7.58
Nigerseed
1.1
1.1
1.17
1.08
0.87
Rapeseed
41.9
58.34
72.01
66.08
81.79
67.76
81.93
Linseed
1.63
1.69
1.54
1.47
1.41
2.76
Safflower
2.25
1.89
1.79
1.5
1.21
2.79
Sunflower
6.5
14.63
11.58
8.51
6.51
4.99
11.61
Soyabean
52.8
109.68
99.05
99.65
127.36
122.82
126.19
TOTAL
175.6
287.02
265.47
238.74
311.29
276.73
320.87
Export / Import
200
150
123.9
108.9 113.6 118.3
101.2 96.2 103.3
140.6
163.0 173.4
148.3 157.4
100
12
/1
12
67.5
20
10
11
/
/1
1
0
20
09
/1
Domestic Production
66.4
20
72.5
62.0
20
/0
08
20
07
/0
7
20
/0
63.4
70.0
68.0
06
05
/0
5
04
/0
/0
20
03
69.0
6
55.4
60.7
3
/0
02
20
20
01
/0
43.2
20
56.4
20
50
20
Lakh Tonnes
Despite increase in production of edible oils in the country, around 61% of domestic demand is being met
from imports. Trend of increasing imports over years may be seen in the following chart:
Consumption
Current policy issues

Dept. of Revenue has notified import duty of 2.5% on crude edible oils w.e.f. 23rd January 2013. Tariff value on
edible oils has been de-freezed (which had remained frozen at around USD 485 per MT since 2006) and now
made applicable at current prices. Thus for refined edible oils, import duty is @10% of the current
international prices and for crude oils, it is @2.5%.
DAIRY INDUSTRY
Post white revolution Indian dairy industry has shown a constant growth in milk production as well as in per
capita milk availability. That is 51.4 million tons in 1990 to about 110 million tons in 2009-10 and 261 gm/day
respectively. Few reports suggest that with current growth rate of approx. 3%-4% it is thought to grow to 180
million tons and become a $24 billion (` 1,44,000 Crore) organized industry by 2020 and $140 billion (`
8,40,000 Crore) including unorganized sector. However our research has to consider the same production
levels by 2020 only. Even such volumes could only be attained if the system wakes up and begin to act fast on
the new context being suggested by us by focusing on farmers groups, societies and associations rather than
individuals. Source: Dairy Vision 2030 (Feb 2014)
35
SNACKS INDUSTRY
As of April 2014, the Indian snack food market was pegged at ` 13,000 Crores, while traditional namkeen
(salted Indian snacks) is estimated to be around ` 5,200 Crores. India contributes 3% to the total Asia-Pacific
snack market revenue. The macro snacks category that consist of biscuits, salty snacks, chocolate and
confectionary, is growing at 20% Y-o-Y (year-on-year). Salty snacks is the fastest growing category and is the
second largest among the four items. Some 300 types of savouries sell here and the overall snack product
market (inclusive of sweetmeats) is estimated at ` 25,000 Crore. The branded salty snacks market (size: `
1,200 Crores) is 40% of the total market (size: ` 3,000 Crores), it's bustling nevertheless. The branded segment
is increasing at the rate of 25% per annum whereas the entire market is increasing at the rate of 7%. In the past
2-3 years the unbranded sector has witnessed a decline of 5% per annum.. This is good news for the corporate
sector, given that the past few years have seen a perceptible shift towards the branded sector at the cost of
the unbranded segment. Source: Scribd
SUBSIDIARIES:
Vimal Dairy Limited has become subsidiary of the Company w.e.f. February 26, 2013. The sales & other
income of the Vimal Dairy Limited, for the financial year under review was ` 12,567.45 Lacs as against `
11,741.20 Lacs as recorded for the previous financial year. The Profit before tax for the year under review is `
174.72 Lacs as against `150.89 Lacs for the previous financial year and the profit after tax for the year under
review is `111.01 Lacs as against ` 120.20 Lacs for the previous financial year.
STRENGTHS AND OPPORTUNITIES
In the light of the financial turmoil in the developed countries and subsequent impact in India and more
specifically in the Commodity prices your Company has taken steps to strengthen its position and seek out
opportunities in adversity. The approach has been on containing costs and growing brands. The Company has
been taking measures to keep its brands relevant to the customers and also ensuring that they remain
competitively priced. It is also exploring all possible avenues to reduce costs of inputs and raw materials
without compromising on the quality of the product.
THREATS AND CHALLENGES
For the edible oils industry, the biggest challenges being faced are now are policy related. As edible oils are not
governed by the anti-dumping regulation and with consumption far superseding domestic production,
imports are a necessity in this industry. As a result of which, margins of edible oil manufacturers and refiners
are quite low. Your company is taking necessary steps to address this issue.
Business segments like dairy products and snack foods are highly competitive with several larger multinational companies now present in India with world renowned brands. Competing for a piece of the pie will
be an uphill battle, but it is one your company is well geared to take on.
SEGMENT ANALYSIS AND REVIEW
The sales including other income for the year under reviewed was ` 228212.81 lakhs as against ` 194825.60
lakhs for the previous financial year.
Integrated Oil Division:
The Sales of oil division of the Company has increased by ` 33106.33 lakhs compared to previous
year. The EBIT of this division has increased by ` 1553.51 lakhs.
36
DECLARATION
AsprovidedunderClause49oftheListingAgreementwiththeStockExchangesallBoardMembersandSeniorManagement
PersonnelhaveaffirmedcompliancewithVimalOil&FoodsLimitedCodeofBusinessConductandEthicsfortheyearended31st
March2014.
For, VIMALOIL&FOODSLTD
Place:Ahmedabad
Date :August14,2014
JAYESHC.PATEL
Chairman& ManagingDirector
AUDITORS CERTIFICATE ON CLAUSE 49 COMPLIANCE

TotheMembersof
Ahmedabad
WehavereviewedtherecordsconcerningtheCompanyscomplianceofconditionsofCorporateGovernanceasstipulatedin
clause49oftheListingAgreemententeredintobytheCompanywiththeStockExchangesofIndiaforthefinancialyearended
31st March2014.
TheComplianceofconditionsofcorporategovernanceistheresponsibilityofthemanagement.Ourexaminationwaslimitedto
proceduresandimplementationthereofadoptedbytheCompanyforensuringthecomplianceoftheconditionsoftheCorpo
rateGovernance.ItisneitheranauditnoranexpressionofopiniononthefinancialstatementoftheCompany.
WehaveconductedourreviewonthebasisoftherelevantrecordsanddocumentsmaintainedbytheCompanyandfurnished
tousforthereviewandtheinformation&explanationsgiventousbytheCompany.
Basedonsuchareviewandtothebestofourinformationandaccordingtotheexplanationsgiventousinouropinionthe
CompanyhascompliedwiththeconditionsofCorporateGovernanceasstipulatedinClause49ofthesaidListingAgreement.
WefurtherstatethatsuchcomplianceisneitheranassuranceastothefutureviabilityoftheCompanynorastotheefficiency
oreffectivenesswithwhichthemanagementhasconductedtheaffairsoftheCompany.
ForRRS&Associates
CharteredAccountants
FirmReg.No.:118336W
(RajeshR.Shah)
Partner
(M.No.034549)
Place:Ahmedabad
Date :August14,2014
38
IndependentAuditorsReport
20132014
TotheMembersof,
ReportOntheFinancialStatements
WehaveauditedtheaccompanyingfinancialstatementsofVimalOil&FoodsLimited(theCompany),whichcomprisetheBalanceSheetas
atMarch31,2014,theStatementofProfitandLoss,andCashFlowStatementfortheyearthenended,andasummaryofsignificantaccount
ingpoliciesandotherexplanatoryinformation.
ManagementsResponsibilityfortheFinancialStatements
TheCompanysManagementisresponsible for thepreparationof thesefinancialstatementsthatgivea trueandfairviewofthefinancial
position,financialperformanceandcashflowsoftheCompany inaccordancewiththeAccountingStandardsnotifiedundertheCompanies
Act,1956(theAct)readwiththeGeneralCircular15/2013dated13thSeptember,2013oftheMinistryofCorporateAffairsinrespectofSection
133oftheCompaniesAct,2013andinaccordancewiththeaccountingprinciplesgenerallyacceptedinIndia.Thisresponsibilityincludesthe
design,implementationandmaintenanceofinternalcontrolrelevanttothepreparationandpresentationofthefinancialstatementsthatgive
atrueandfairviewandarefreefrommaterialmisstatement,whetherduetofraudorerror.
AuditorsResponsibility
Ourresponsibilityistoexpressanopiniononthesefinancialstatementsbasedonouraudit.WeconductedourauditinaccordancewiththeStandards
onAuditingissuedbytheInstituteofCharteredAccountantsofIndia.ThoseStandardsrequirethatwecomplywithethicalrequirementsandplanand
performtheaudittoobtainreasonableassuranceaboutwhetherthefinancialstatementsarefreefrommaterialmisstatement.
Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsanddisclosuresinthefinancialstatements.Theproce
duresselecteddependontheauditorsjudgment,includingtheassessmentoftherisksofmaterialmisstatementofthefinancialstatements,
whetherduetofraudorerror.Inmakingthoseriskassessments,theauditorconsidersinternalcontrolrelevanttotheCompanyspreparation
andfairpresentationofthefinancialstatementsinordertodesignauditproceduresthatareappropriateinthecircumstances.Anauditalso
includesevaluatingthe appropriatenessof accountingpoliciesusedand thereasonableness oftheaccountingestimates madeby manage
ment,aswellasevaluatingtheoverallpresentationofthefinancialstatements.
Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.
Opinion
Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,thefinancialstatementsgivetheinformation
requiredbytheActinthemannersorequiredandgiveatrueandfairviewinconformitywiththeaccountingprinciplesgenerallyacceptedinIndia:
(a) InthecaseoftheBalanceSheet,ofthestateofaffairsoftheCompanyasatMarch31,2014,
(b) InthecaseofthestatementofProfitandLoss,oftheprofitfortheyearendedonthatdate,and
(c) InthecaseoftheCashFlowStatement,oftheCashFlowfortheyearendedonthatdate.
ReportonOtherLegalandRegulatoryRequirements
1.
AsrequiredbytheCompanies(AuditorsReport)Order,2003(theOrder)issuedbytheCentralGovernmentofIndia intermsofsub
section(4A)ofsection227oftheAct,wegiveintheAnnexureastatementonthemattersspecifiedintheparagraphs4and5oftheorder.
2.
Asrequiredbysection227(3)oftheAct,wereportthat:
a.
wehaveobtainedalltheinformationandexplanationswhichtothebestofour knowledgeandbeliefwerenecessaryfor thepur

poseofouraudit;
b.
inouropinionproperbooksofaccountasrequiredbylawhavebeenkeptbytheCompanysofarasappearsfromourexamination
ofthosebooks
c.
theBalanceSheet,StatementofProfitandLoss,andCashFlowStatementdealtwithbythisReportareinagreementwiththebooksofaccount.
d.
Inouropinion,theBalanceSheet,theStatementofProfitandLoss,andtheCashFlowStatementcomplywithAccountingStandards
notifiedunder theActreadwiththeGeneralCircular15/2013dated13thSeptember,2013oftheMinistryofCorporateAffairsin
respectofSection133oftheCompaniesAct,2013;
e.
onthebasisofwrittenrepresentationsreceivedfromthedirectorsasonMarch 31,2014,and taken onrecordby theBoardof

Directors,noneofthedirectorsisdisqualifiedasonMarch31,2014,frombeingappointedasadirectorintermsofclause(g)ofsub
section(1)ofsection274oftheCompaniesAct,1956.
For RRS&Associates
(RegistrationNo.118336W)
RajeshR.Shah
Partner
MembershipNo.:034549
Ahmedabad
Date:27/05/2014
39
AnnexuretoIndependentAuditorsReport
1. InrespectofitsFixedAssets:
a. Asinformedtousthecompanyhasmaintainedproperrecordsshowingfullparticularsincludingquantitativedetails
andsituationofitsFixedAssets.
b. Asexplainedtous,thefixedassetshavebeenphysicallyverifiedbythemanagementatreasonableintervalsinaphased
mannerinaccordancewithaprogrammeofverificationadoptedbythecompany,whichinouropinionisreasonable,
havingregardtothecompanyandnatureifitsassets.Nomaterialdiscrepancieswerenoticedonsuchverification.
c. Inouropinion,thecompanyhasnotdisposedoffsubstantialpartoffixedassetsduringtheyearandthegoingconcern
statusofthecompanyisnotaffected.
2.
InrespectofitsInventories:
a. Asexplainedtous,inventoryhasbeenphysicallyverifiedduringtheyearbythemanagement.Inouropinion,the
frequencyofverificationisreasonable.Regardingstocklyingwithoutsideagency,thecompanyhasobtainedstock
confirmationfromtherespectiveagency.
b. Aspertheinformationandexplanationsgiventous,theproceduresofphysicalverificationofinventoryfollowedbythe
managementarereasonableandadequateinrelationtothesizeofthecompanyandthenatureofitsbusiness.
c. Onthebasisofourexaminationoftheinventoryrecords,weareoftheopinionthat,thecompanyismaintaining
properrecordsofinventory.Asinformedtousnomaterialdiscrepancieswerenoticedonverificationbetweenthe
physicalstocksandthebookrecords.
3. Inrespectoftheloans,securedorunsecured,grantedortakenbytheCompanyto/fromcompanies,firmsorotherparties
coveredintheregistermaintainedunderSection301oftheCompaniesAct,1956;
Duringtheyearthecompanyhasnotgranted/takenanyloans,securedorunsecured,toanypartycoveredintheregister
maintainedundersection301totheCompaniesAct,1956ConsequentlytherequirementsofClauses(iii)(b)to(iii)(g)of
paragraph4oftheorderisnotapplicable.
4. Inouropinionandaccordingtotheinformationandexplanationsgiventous,thereisanadequateinternalcontrolproce
durescommensuratewiththesizeofthecompanyandthenatureofitsbusinesswithregardtopurchaseofinventoryand
fixedassetsandforsaleofgoodsandservices.Duringthecourseofouraudit,wehavenotnoticedanycontinuingfailureto
correctthemajorweaknessesinsuchinternalcontrolsystem.
5. InrespectofthecontractsorarrangementsreferredtoinSection301oftheCompaniesAct,1956:
a. Accordingtotheinformationandexplanationsgiventous,weareoftheopinionthattheparticularsoftransactions
thatneedtobeenteredintotheregistermaintainedundersection301ofthecompanyAct,1956havebeensoentered.
b. Inouropinionandaccordingtotheinformationandexplanationsgiventous,thetransactionsmadeinpursuanceof
contracts/arrangementsenteredintheRegistermaintainedundersection301oftheCompaniesAct,1956andex
ceedingthevalue of`5,00,000 inrespect ofeach partyduringthe yearhave beenmade atprices whichappear
reasonableasperinformationavailablewiththeCompany.
6. Accordingtotheinformationandexplanationsgiventous,thecompanyhasnotacceptedanydepositfromthepublic.
Therefore,theprovisionsofClause(vi)ofparagraph4oftheOrderarenotapplicabletotheCompany
7.
Inouropinion,thecompanyhasaninternalauditsystemcommensuratewiththesizeandnatureofitsbusiness.
8. Wehavebroadly reviewedthecostrecordsmaintainedby theCompanypursuanttothe Companies(CostAccounting

Records)Rules,2011prescribedbytheCentralGovernmentunderSection209(1)(d)oftheCompaniesAct,1956andareof
theopinionthat primafacie theprescribedcostrecordshavebeenmaintained.
9.
InrespectofStatutoryDues
a. Accordingtotherecordsofthecompany,undisputedstatutoryduesincludingprovidentfund,investoreducationand
protectionfund,incometax,salestax,servicetax,customsduty,exciseduty,cesshavegenerallybeenregularlydepos
itedwiththeappropriateauthorities.Accordingtotheinformationandexplanationsgiventous,therewerenoundis
putedstatutorydues,outstandingattheyearendedon31st March2014,foraperiodofmorethansixmonthsfromthe
datetheybecamepayable.
40
b. Accordingtotheinformationandexplanationgiventousdisputedgovernmentduesthathavenotbeendepositedas
on31st March2014areasfollows:
NameofStatute
Natureofdues
Amount(`)
Accounting
Periodtowhichthe
amountrelates
Forumwheredispute
ispending
GujaratSalesTaxAct,
1961andCentralSales
TaxAct,1956
SalesTaxandCST
211.72Lacs
200102to200405
AppellateAuthority
Rajasthan
SalestaxAct,1994
IncomeTaxAct,1961
IncomeTaxAct,1961
IncomeTaxAct,1961
IncomeTaxAct,1961
IncomeTaxAct,1961
SalesTax
139.48Lacs
200203
AppellateAuthority
IncomeTax
IncomeTax
IncomeTax
IncomeTax
IncomeTax
53.83Lacs
27.72Lacs
63.99Lacs
3.97Lacs
5.59Lacs
199900
200607
200708
200809
200910
AppellateAuthority
AppellateAuthority
AppellateAuthority
AppellateAuthority
AppellateAuthority
10. TheCompanydoesnothaveaccumulatedlossesattheendofthefinancialyear.TheCompanyhasnot incurredcash

lossesduringthefinancialyearcoveredbytheauditandintheimmediatelyprecedingfinancialyear.
11. Basedonourauditproceduresandaccordingtotheinformationandexplanationsgiventous,weareoftheopinionthat
theCompanyhasnotdefaultedinrepaymentofduestofinancialinstitutions,banksanddebentureholders.
12. In our opinion and according to the explanations given to us and based on the information available, no loans and
advances have been granted by the Company based on security by way of pledge of shares, debentures and other
securities.
13. Inouropinionandaccordingtotheinformationandexplanationsgiventous,thecompanyisnotachitfundoranidhi
/mutualbenefitfund/society.Therefore,theprovisionofclause4(xiii)oftheCompanies(AuditorsReport)Order,2003
arenotapplicabletothecompany.
14. Thecompanyhasmaintainedproperrecordsoftransactionandcontractsinrespectofshares,securitiesandotherinvestments
andtimelyentrieshavebeenmadetherein.Allshares,securitiesandotherinvestmentshavebeenheldbythecompanyinits
ownname.
15. TheCompanyhasgivenguaranteeforloantakenbyothersfrombanks.Accordingtoinformationandexplanationgiven
tousweareoftheopinionthatthetermsandconditionsthereofarenot primafacie prejudicialtotheinterestofthe
company.
16. Inouropinionandaccordingtotheinformationandexplanationgiventous,thetermloanshavebeenappliedforthe
purposesforwhichtheywereobtained.
17. AccordingtotheinformationandexplanationsgiventousandonanoverallexaminationoftheBalanceSheetandcash
flowstatementofthecompany,weareoftheopinionthattherearenofundsraisedonshorttermbasisthathavebeen
usedforlongterminvestment.
18. Duringtheyear,thecompanyhasmadepreferentialallotmenttothethreepartiescoveredundertheregistermaintained
u/s301oftheAct.Inouropinion,thepriceatwhichshareshavebeenissuedisnotprejudicialtotheinterestofthe
company.
19. Thecompanyhasnotissuedanydebenturesduringtheyear.
20. TheCompanyhasnotraisedanymoniesbywayofpublicissuesduringtheyear.
21. Inouropinionandaccordingtotheinformationandexplanationsgiventous,nomaterialfraudonorbytheCompany
hasbeennoticedorreportedduringtheyear.
For RRS&Associates
RajeshR.Shah
Partner
Ahmedabad
Date:28052014
41
VIMALOIL&FOODSLIMITED
BALANCESHEETASATMARCH31,2014
(` inlakhs)
Particulars
NoteNo
I. EQUITYANDLIABILITIES
(1)ShareholdersFunds
(a) ShareCapital
(b) ReservesandSurplus
AsAt
AsAt
31/03/2014 31/03/2014
1
2
3002.00
11878.18
AsAt
AsAt
31/03/2013 31/03/2013
2642.00
7082.45
14880.18
(2) NonCurrentLiabilities
(a) Longtermborrowings
(b) Deferredtaxliabilities(Net)
3
4
452.36
588.61
9724.45
1936.80
504.32
1040.97
(3) CurrentLiabilities
(a) Shorttermborrowings
(b) Tradepayables
(c) Othercurrentliabilities
(d) ShortTermProvisons
5
6
7
8
18697.05
38572.94
144.74
1211.33
Total
II. Assets
(1) Noncurrentassets
(a) Fixedassets
Tangibleassets
(b) NonCurrentInvestments
(c) Longtermloansandadvances
2441.12
13826.14
37924.02
634.65
993.63
58626.06
53378.44
74547.22
65544.02
9
3865.90
1248.00
795.88
10
11
3966.51
1248.00
882.84
5909.78
(2) Currentassets
(a) Inventories
(b) Tradereceivables
(c) CashandBankBalances
(d) Shorttermloansandadvances
Total
SignificantAcountingPolicies
NotestoFinancialStatements
12
13
14
15
21077.92
39575.88
5548.86
2434.78
17928.29
35605.52
4780.76
1132.11
68637.45
74547.22
59446.68
65544.02
1to25
Asperourreportofevendateattachedherewith.
FORRRS&ASSOCIATES
FRN.118336W
FORANDONBEHALFOFTHEBOARDOF
JayeshC.Patel
RAJESHR.SHAH
Partner
M.No.034549
Place:Ahmedabad
Date:May27,2014
6097.35
FageshR.Soni
CompanySecretary
Place:Ahmedabad
Date:May27,2014
42
MahendrabhaiV.Patel
Director
STATEMENTOFPROFITANDLOSSFORTHEYEARENDEDMARCH31,2014
Particulars
I.
(` inlakhs)
201213
NoteNo
201314
16
228,370.97
195,302.47
(366.89)
(481.33)
228,004.08
194,821.14
208.73
4.46
228,212.81
194,825.60
155,785.13
146,799.28
53,012.75
32,259.12
19
(2,480.03)
(3,911.55)
EmployeeBenefitsExpense
20
466.55
383.85
Finance Costs
21
4,278.67
2,995.33
311.84
280.35
14,142.65
13,816.58
225,517.56
192,622.96
2,695.25
2,202.64
Currenttax
825.00
660.60
Deferredtax
84.29
24.11
Incometaxforearlieryears
70.67
11.88
1,715.29
1,506.05
14.03
13.45
INCOME
Revenuefromoperations
Less:ExciseDuty
NetRevenuefromoperations
OtherIncome
17
TotalRevenue
II. EXPENDITURE:
CostofMaterialsConsumed
18
PurchaseofStockinTrade
ChangesinInventoriesofFinishedgoods,
WorkinProgress and by products
DepreciationandAmortizationExpense
OtherExpenses
22
TotalExpenses
III. ProfitBeforeTax
(III)
IV. TaxExpenses
V. Profitfortheyear
Earningperequityshareoffacevalueof ` 10each
Basic&Diluted(In`)
23
Significant Acounting Policies

FORRRS&ASSOCIATES
FRN.118336W
1to25
JayeshC.Patel
RAJESHR.SHAH
Partner
M.No.034549
Place:Ahmedabad
Date:May27,2014
FageshR.Soni
CompanySecretary
Place:Ahmedabad
Date: May27,2014
43
MahendrabhaiV.Patel
Director
VIMALOIL&FOODSLTD.
CASHFLOWSTATEMENTFORTHEYEAR201314
(` in lakhs)
PARTICULAR
A CASHFLOWFROMOPERATING ACTIVITIES
NetProfitbeforeTaxes&ExtraOrdinaryItems
Adjustmentsfor:
Depreciation
Interest&OtherFinancialCharges
DividendIncome&Shorttermgainsoninvestments
Profitonsaleofassets
PriorperiodItems
OperatingProfitbeforeWorkingCapitalChanges
(Increase)/DecreaseinInventory
(Increase)/DecreaseinTradeReceivables
(Increase)/DecreaseinShorttermloans&advances
(Increase)/DecreaseinLongtermloans&advances
Increase/(Decrease)inTradePayables
Increase/(Decrease)inOtherCurrentLiabilities
Increase/(Decrease)inShortTermProvisions
CashGeneratedfromOperation
DirectTaxesPaid
NetCashfromOperatingActivities
B CASHFLOWFROMINVESTING ACTIVITIES
PurchaseofFixedAssets&CapitalWIP
SaleofFixedAssets
PurchaseofInvestment
NetCash(usedin)/fromInvestingActivities
C CASHFLOWFROMFINANCING ACTIVITIES
ShareCapitalReceived
SharePremiumRecived
Proceedsfrom/(Repaymentof)Borrowings
DividendPaid(withTax)
InterestPaid(Net)
NetCash(usedin)/fromFinancingActivities
NetIncreasse/(decrease)inCashandCashEquivalents
OpeningBalanceofCash&CashEquivalents
ClosingBalanceofCash&CashEquivalents
Cash&CashEquivalentscomprisesof:(Referringnote14)
Cashonhand
Balancewithbanks
Total
FORRRS&ASSOCIATES
FRN.118336W
FY201314`
2695.25
2202.64
311.84
4278.67
0.00
(198.81)
17.54
280.35
2995.33
(0.57)
0.00
(1.56)
4409.24
7104.49
(3149.63)
(3970.36)
(1359.12)
86.96
648.92
(245.75)
0.85
3273.55
5476.18
(7421.28)
(5987.89)
72.86
(142.39)
22633.22
66.85
8.28
(7988.12)
(883.63)
(692.38)
(1576.01)
(300.93)
288.51
0.00
0.00
9229.64
14705.82
(249.50)
14456.32
(688.16)
0.00
(1248.00)
0.57
(12.42)
360.00
3420.00
3142.31
(287.12)
(4278.67)
(1935.59)
87.00
478.50
(8007.93)
(274.98)
(2995.33)
2356.53
768.10
4780.76
5548.86
(10712.74)
1807.99
2972.77
4780.76
30.39
5518.47
5548.86
22.48
4758.28
4780.76
JayeshC.Patel
RAJESHR.SHAH
Partner
M.No.034549
Place:Ahmedabad
Date:May27,2014
FY201213`
FageshR.Soni
CompanySecretary
Place:Ahmedabad
Date: May27,2014
44
MahendrabhaiV.Patel
Director
SIGNIFICANTACCOUNTINGPOLICIESFORMINGPARTOFACCOUNTSFORTHEYEAR
ENDEDMARCH31,2014
(A)
(B)
(C)
(D)
(E)
(F)
(G)
(H)
(I)
(J)
(K)
SIGNIFICANTACCOUNTINGPOLICIES
BasisForPreparationOfFinancialStatement
Thefinancialstatementshavebeenpreparedonthehistoricalcostconventionontheaccrualbasisofaccountingand
complywithaccountingstandardsasspecifiedinCompaniesAccountingStandardRules,2006andrelevantprovisionsof
theCompaniesAct,1956,inaccordancewithnormallyacceptedAccountingPrinciples.
UseOfEstimates
ThepreparationoffinancialstatementinconformitywithGenerallyAcceptedAccountingPrinciplesrequiremanagement
tomakeestimateandassumptionsthataffectthereportedamountofassetsandliabilitiesandthedisclosureofcontingent
liabilitiesonthedateoffinancialstatement.Actualresultcoulddifferfromthoseestimates.Anyrevisiontoaccounting
estimatesisrecognizedprospectivelyincurrentandfutureperiods.
REVENUERECOGNITION
(a) Revenuefromsaleofgoodstodomesticcustomersarerecognizedondispatchofgoodsfromthefactory.Revenuefrom
saleofgoodstooverseascustomersarerecognizedonthegoodsbeingshippedonboard.Salesarerecordedatinvoice
valuenetoflocalsalestaxandsalesreturn.
(b) OtherIncomeisrecognizedonaccrualbasisexceptwhenrealizationofsuchincomeisuncertain.
(c) InterestonInvestmentsandFixedDepositskeptwithBanksarebookedonatimeproportionbasisfortheyearend
takingintoaccounttheamountsinvestedandrateofinterest.
FIXEDASSETS
Fixedassetsareshownattheirhistoricalcostlessdepreciationandimpairmentlossesifany.Costcomprisesthepurchase
priceandanyattributablecostofbringingtheassettoitsworkingconditionforitsintendeduse.Borrowingcostrelatingto
acquisitionoffixedassetswhichtakessubstantialperiodoftimetogetreadyforitsintendedusearealsoincludedtothe
extenttheyrelatetotheperiodtillsuchassetsarereadytobeputtouse.
DEPRECIATION
DepreciationisprovidedonstraightlinemethodattheratesandinthemannerspecifiedinScheduleXIVoftheCompanies
Act,1956.
INVESTMENT
Currentinvestmentsarecarriedatlowerofcostandquoted/fairvalue,computedcategorywise.LongTermInvestmentsarestated
atcost.Provisionfordiminutioninthevalueoflongterminvestmentsismadeonlyifsuchadeclineisotherthantemporary.
EXPORTINCENTIVES
Companyisentitledfordrawbackasexportincentiveandthesamearetakenintobooksontheaccrualbasis.
IMPAIRMENTOFASSETS
Whenevereventsindicatesthatassetsmaybeimpaired,theassetsaresubjecttoatestofrecoverabilitybasedonestimatesof
futurecashflowsarisingfromcontinuinguseofassetsandfromitsultimatedisposal.Aprovisionforimpairmentlossisrecognized
whereitisprobablethatthecarryingvalueofanassetexceedstheamounttoberecoveredthroughuseorsalesoftheasset.
VALUATIONOFINVENTORIES
Itemsofinventoriesaremeasuredatlowerofcostandnetrealizablevalueafterprovidingforobsolescence,ifany,exceptin
caseofbyproducts,whicharevaluedatnetrealizablevalue.Costofinventoriescomprisesofcostofpurchase,costof
conversionandothercostsincludingmanufacturingoverheadsincurredinbringingthemtotheirrespectivepresentloca
tionandcondition.
Costofrawmaterials,processchemicals,storesandspares,packingmaterials,tradingandotherproductsaredetermined
onweightedaveragebasis.
EARNINGPERSHARE
Basicearningspersharearecalculatedbydividingprofitfortheyearattributabletotheequityshareholderbyweighted
averagenumberofequitysharesoutstandingduringtheyear.ThedilutedEPSisthesameasbasicEPS.
PROVISIONS,CONTINGENTLIABILITIESANDCONTINGENTASSETS
Provisionsarerecognizedinrespectofobligationswhere,basedontheevidenceavailable,theirexistenceatthebalance
sheetdateisconsideredprobable.
45
Contingentliabilitiesareshownbywayofnotestotheaccountsinrespectofobligationswhere,basedontheevidence
available,theirexistenceattheBalanceSheetdateisconsiderednotprobable.
AnycontingentassetisnotrecognizedintheAccounts.
(L) RETIREMENTBENIFITS
(i) ShortTermBenefit:
Theundiscountedamountofshorttermemployeebenefitsexpectedtobepaidinexchangefortheservicerenderedby
employeeisrecognizedduringtheperiodwhentheemployeerendertheservice.
(ii) PostEmploymentBenefits:
ContributiontodefinedcontributionschemesuchasProvidentFundetcischargedtotheprofit&LossAccountas
incurred.ThecompanyalsoprovidesforpostemploymentbenefitsintheformoftheirshareofProvidentFundand
Gratuityisprovidedforbasedonvaluationsasatthebalancesheetdate,madebyindependentagency.
(M)INCOMETAX
Incometaxescomprisesofcurrent&deferredtaxes.Currenttaxesaremeasuredattheamountexpectedtobepaidtothe
incometaxauthoritiesinaccordancewiththeIncomeTaxAct,1961.Deferredincometaxreflecttheimpactofcurrentyear
timingdifferencesbetweentaxableincomeandaccountingincomefortheyearandreversaloftimingdifferencesofearlier
years.Deferredtaxismeasuredbasedonthetaxratesandthetaxlawsenactedorsubstantiallyenactedatthebalance
sheetdate.Deferredtaxassetsarerecognizedonlytotheextentthatthereisreasonablecertaintythatsufficientfuture
taxableincomewillbeavailableagainstwhichsuchdeferredtaxassetscanberealized.
(N) FOREIGNCURRENCYTRANSACTIONS
(a) Transactionsdenominatedinforeigncurrenciesarerecordedattheexchangerateprevailingonthedateofthetrans
actionorthatapproximatestheactualrateatthedateofthetransaction.
(b) Monetaryitemsdenominatedinforeigncurrenciesattheyearendarerestatedatyearendrates.Incaseofitems,which
arecoveredbyforwardexchangecontracts,thedifferencebetweentheyearendrateandrateonthedateofthecontract
isrecognizedasexchangedifferenceandthepremiumpaidonforwardcontractsisrecognizedoverthelifeofthecontract.
(c) Nonmonetaryforeigncurrencyitemsarecarriedatcost.
(d) Anyincomeorexpenseonaccountofexchangedifferenceeitheronsettlementorontranslationisrecognizedinthe
ProfitandLossaccountexceptincaseoflongtermliabilities,wheretheyrelatetoacquisitionoffixedassets,inwhich
casetheyareadjustedtothecarryingcostofsuchassets.
(O) FORWARDCONTRACTSINFOREIGNCURRENCY
Thecompanyusesforeignexchangeforwardcontractstohedgeitsexposuretomovementsinforeignexchangerates.The
useofthisforeignexchangeforwardreducestheriskorcosttothecompany.Thecompanydoesnotusethisfortradingor
speculationpurposes.Forwardcontractsarefairvaluedatthereportingdate.Theresultantgainorlossfromthesetransac
tionsisrecognizedinthestatementofprofitandloss..
(P) BORROWINGCOSTS
Borrowingcostswhetherspecificorgeneral,utilizedforacquisition,constructionorproductionofqualifyingassetsare
capitalizedaspartofcostofsuchassetstilltheactivitiesnecessaryforitsintendedusearecomplete.Generalborrowing
costsarecapitalizedattheweightedaverageofsuchborrowingsoutstandingduringtheyear.Allotherborrowingcostsare
chargedinstatementofProfit&Lossoftheyearinwhichincurred.
(Q) CONTINGENCIESANDEVENTSOCCURRINGAFTERTHEBALANCESHEETDATE
AllcontingenciesandeventsoccurringaftertheBalanceSheetdate,whichhaveamaterialeffectonthefinancialpositionof
theCompany,areconsideredforpreparingthefinancialstatements.
46
( ` inLakhs)
NotesonFinancialStatementsfortheYearendedMarch31,2014
Thepreviousyearfigureshavebeenregrouped/reclassified,wherevernecessarytoconformtothecurrentyearpresentation.
NOTE:1SHARECAPITAL
Asat31/03/2014
AUTHORISEDSHARECAPITAL:
18000000EquitySharesof ` 10/each
(18000000)
15000000PreferenceSharesof ` 10/each
(15000000)
ISSUED,SUBSCRIBED&PAIDUPCAPITAL:
11420000EquitySharesof ` 10eachfullypaidup
(10550000)
50000006%Preferencesharesof ` 10/each
(5000000)Fullypaidup
100000008%Preferencesharesof ` 10/each
(10000000)Fullypaidup
Asat31/03/2013
1800.00
1800.00
1500.00
1500.00
3,300.00
3,300.00
1502.00
1142.00
500.00
500.00
1,000.00
1,000.00
TOTAL
3002.00
2,642.00
3002.00
2,642.00
1.1(i)Thedetailsofshareholdersholdingmorethan5%ofEquityshares
Sr NameofShreholder
No.
1
2
3
Asat31/03/2014
No.ofShare
%Held
JAYESHC.PATEL
CHANDUBHAII.PATEL
PRADIPC.PATEL
3196300
2885100
2770300
21.28
19.21
18.69
Asat31/03/2013
No.ofShare
%Held
2096300
1785100
1770300
18.36
15.63
15.50
Includessharesheldinindividualnameonly
(ii) Thedetailsofshareholdersholdingmorethan5%ofPreferenceshares
8%PrefernceShares
Sr NameofShreholder
No.
1
2
Asat31/03/2014
No.ofShare
%Held
JAYESHC.PATEL
CHANDUBHAII.PATEL
6000000
4000000
60.00
40.00
Asat31/03/2013
No.ofShare
%Held
6000000
4000000
60.00
40.00
6%PrefernceShares
Sr NameofShreholder
No.
1
2
Asat31/03/2014
No.ofShare
%Held
CHANDUBHAII.PATEL
JAYESHC.PATEL
3500000
1500000
70.00
30.00
Asat31/03/2013
No.ofShare
%Held
3500000
1500000
70.00
30.00
1.2 Thereconciliationofthenumberofsharesoutstandingissetoutbelow.
Particulars
Asat31/03/2014
No.ofShares
Equitysharesatthebeginningoftheyear
Add:Sharesissuedduringtheyear
A.Equitysharesattheendoftheyear
Preferencesharesatthebeginningoftheyear
B.Preferencesharesattheendoftheyear
11420000
3600000
15020000
15000000
0
15000000
47
Asat31/03/2013
No.ofShares
10550000
870000
11420000
15000000
0
15000000
( ` inLakhs)
1.3 Terms/rightsattachedtoequityshareandpreferenceshare
(i) Equity: Thecompanyhasequityshareshavingparvalurof `10pershare.Eachholderofequitysharesisentitledtohave
onevotepershare.Thecompanydeclaresandpaysdividendsinindianrupees.ThedividendproposedbytheBoardof
DirectorsissubjecttotheapprovaloftheshareholdersintheensuingAnnualGeneralMeeting.
Intheeventofliquidationofthecompany,theholdersoftheequityshareswillbeentitledtoreceivetheremainingassets
ofthecompany,afterdistributionofallprefrentialamounts.Thedistributionwillbeinproportiontothenumberofshares
heldbytheshareholders.
Thecompanyhasmadepreferentialallotmentof36,00,000sharesof`10/eachatapremiumof`95/toPromoter/
PromotersGroupandNonPromotersintermsofchapterVIIofSEBI(ICDR)Regulations,2009duringtheyear.
Duringtheyearended31March2014,theamountofpersharedividendrecognizedasdistributiontoequityshareholders
was `1.20(31March2013:`1.20)
(ii) Preference: Thecompanyhas(a)6%NoncumulativeRedeemablepreferencesharesand(b)8%NoncumulativeRedeem
ablepreferenceshareshavingparvalueof ` 10pershare.Theholdersofpreferenceshareareentitledtoenjoytherights
ofnotonlyreceivingthedividendatfixedratebutalsoreceivingthecapitalonwindingup.
NOTE:2RESERVES&SURPLUS
Asat31/03/2014
SecurityPremiumReserve
AsPerLastBalanceSheet
Add:Onissueofshares
2888.00
3420.00
Asat31/03/2013
2409.60
478.50
6308.10
GeneralReserve
AsatCommencementoftheYear
Add:TransferredfromProfit&LossAccount
998.58
75.00
2888.10
923.58
75.00
1073.58
OtherReserves
OpeningBalanceofP&La/c
Add:Duringtheyearprofit
TransfertoGeneralReserve
Less:Appropriations
ProposedDividend
{Dividendpershare ` 1.20/(Previousyear ` 1.20/)}
TaxonDividend
998.58
3195.77
1715.29
75.00
2051.84
1506.05
75.00
290.24
247.04
49.33
40.08
4496.50
11,878.18
TOTAL
NOTE:3LONGTERMBORROWINGS
Asat31/03/2014
Non
Current
Current
A) SecuredLoans
RupeeCorporateLoan#
BankofIndia
Securedbyparipassuchargeoverthespecificfixedassets
Terms:
BOI:fullyrepaidduringtheyear
RupeeVehicleLoan
KotakMahindraBankLtd.*
YesBankLtd#
HDFCBankLtd@
Securedagainsthypothecationofvehicles
*Terms:11MonthlyInstalments&ROI@15.50%p.a.
#Terms:27MonthlyInstalments&ROI@10.50%p.a.
@Terms:22MonthlyInstalments&ROI@9.039%p.a.
48
3195.78
7,082.46
Asat31/03/2013
Non
Current
Current
0.00
0.00
0.00
250.00
0.00
12.40
16.37
.
70.72
8.88
18.05
0.00
0.00
34.45
75.32
0.00
16.49
28.76
97.65
34.45
341.81
( ` inLakhs)
Asat31/03/2014
Non
Current
Current
Asat31/03/2013
Non
Current
Current
B)UnsecuredLoans
FromDirectors,Promoters&theirRelatives
Dealers/DistributorsDeposit
TOTAL
421.60
0.00
1900.00
0.00
2.00
0.00
2.35
0.00
423.60
0.00
1902.35
0.00
452.36
97.65
1936.80
341.81
MaturityProfileofSecuredLoansareassetoutbelow:
611years
VehicleLoansFrombanks
NOTE:4DEFERREDTAXLIABILITY
MaturityProfile
25years
1year
28.76
Asat31/03/2014
DeferredTaxLiability
RelatedtoFixedAssets
TOTAL
NOTE:5SHORTTERMBORROWINGS
TOTAL
126.41
Asat31/03/2013
588.61
504.32
588.61
504.32
Asat31/03/2014
Secured
WorkingCapitalLoans
FromBanks
(i) BankofIndia
(ii) BankofBaroda
(iii) DenaBank
(iv) IDBIBankLtd
(v) PunjabNationalBank
(vi) AndhraBank
97.65
Total
Asat31/03/2013
9111.31
4194.69
2340.97
575.55
974.95
1499.58
4639.67
4444.46
1976.73
900.06
970.16
895.07
18,697.05
13,826.14
Securedbyhypothecationofpresentandfuturestockofraw
materials,stockinprocess,finishedgoods,stores&spares,
packingmaterials, byproducts,book debts, outstandingmonies,
receivablesSecuredbyequitablemortgageoverland&Building
situatedatVillage:HeduvaHanumant,MehsanaandatKalyanpur,
JamnagarandpersonalguaranteeofManaging
Directorandpromoters.
Terms:Repayble onDemand
NOTE:6TRADEPAYABLE
Asat31/03/2014
Tradepayables
ForGoods
ForExpenses
TOTAL
49
Asat31/03/2013
37722.33
850.61
37,174.53
749.49
38572.94
37,920.02
( ` inLakhs)
NOTE:7OTHERCURRENTLIABILITIES
Asat31/03/2014
Currentmaturitiesoflongtermdebt&vehicleloan#
Interestpayableonterm/corporateloan
UnclaimedDividend
SundryCreditorsforCapitalGoods
Otherpayables*
TOTAL
Asat31/03/2013
97.65
0.00
11.11
15.16
20.83
341.81
2.92
9.08
30.86
249.98
144.74
634.65
#Refernote3
*IncludesStatutoryDues
NOTE:8SHORTTERMPROVISIONS
Asat31/03/2014
ForExpenditure
ForTax
ProposedDividend
DividendDistributionTax
TOTAL
Asat31/03/2013
46.77
825.00
290.24
49.33
1211.33
45.91
660.60
247.04
40.08
993.63
NOTE:9FIXEDASSETS
GROSS BLOCK
Particulars
As at
31.3.2013
D EPRECIAT ION
Sales/
Transfers
Additions
As at
31.3.2014
As at
31.3.2013
For the
Year
N ET BL OC K
Adjustment
As at
Sales/Trans 31.3.2014
As at
31.3.2014
As at
31.3.2013
Tangible Assets :
Land
24.13
24.13
24.13
24.13
LandSiteDevelpoment
17.02
17.02
17.02
17.02
RoadConstruction
105.25
0.37
105.62
5.87
1.72
7.58
98.04
99.39
FactoryBuilding
555.87
15.27
571.14
210.30
18.94
229.24
341.90
345.57
Office&OtherBuildings
385.54
25.65
411.20
8.71
6.54
15.25
395.95
376.83
4,490.30
192.20
218.10
4,464.40
1,760.35
230.25
128.40
Plant&Machinery
1,862.20 2,602.20 2,729.95
Lab.Equipment
12.75
12.75
8.20
0.61
8.80
3.95
4.55
Electrification
91.99
2.82
94.80
29.17
4.47
33.64
61.16
62.82
Computer
54.59
9.69
64.28
44.30
10.07
54.37
9.91
10.29
Furniture&Fixture
129.87
2.42
132.29
60.72
8.28
69.00
63.29
69.15
OfficeEquipment
74.46
14.78
89.24
26.47
3.78
30.25
58.99
47.99
Vehicle(HMV)
41.56
32.34
73.90
22.06
6.82
28.89
45.02
19.50
90.30
144.33
159.32
Vehicle(LMV)
229.24
5.39
234.63
69.93
20.37
Total Tangible Asset
6,212.59
300.93
218.10
6,295.42
2,246.08
311.84
128.40
2,429.52 3,865.90 3,966.51
PreviousYear
5,524.43
689.45
1.29
6,212.59
1,965.73
280.35
2,246.08 3,966.51 3,558.70
50
( ` inLakhs)
NOTE:10NONCURRENTINVESTMENTS
Asat31/03/2014
Asat31/03/2013
InvestmentinSubsidiary
NonTradeInvestments
(i)InvestmentinEquityInstruments(Unquoted)
VimalDairyLimitedofRs.10/each
31,20,000shares(P.Y.31,20,000)
1,248.00
1,248.00
1248.00
1248.00
Asat31/03/2014
As at31/03/2013
43.47
337.10
406.50
8.81
43.77
432.57
406.50
0.00
795.88
882.84
Asat31/03/2014
As at31/03/2013
10,044.06
169.35
10,055.77
595.48
139.43
73.83
9,324.83
121.83
7,630.19
660.97
123.56
66.90
21,077.92
17,928.29
Asat31/03/2014
Asat31/03/2013
96.98
39478.91
109.60
35495.92
39,575.88
35,605.52
TOTAL
NOTE:11LONGTERMLOANS&ADVANCES
(UnsecuredandConsideredgood)
Deposits
LoansandAdvancestoOthers
BalancewithRevenueAuthorities
MiscellaneousExpendituretotheextentnotwrittenoff
TOTAL
NOTE:12INVENTORIES
RawMaterial
Stockinprocess
FinishedGoods
PackingMaterial
Stores&Spares
ByProduct
TOTAL
NOTE:13TRADERECEIVABLE
(Unsecuredandconsideredgood)
OversixMonths
Others
TOTAL
NOTE:14CASH&BANKBALANCES
Asat31/03/2014
Asat31/03/2013
30.39
22.48
98.05
5420.42
43.89
4714.38
5,548.86
4,780.76
Cash&cashEquivalents
Cashonhand
BankBalance
InCurrentAccounts#
InDeposits##*
TOTAL
#Includesunclaimeddividendof ` 11.11lacs
(Previousyear ` 9.08lacs)
*includesdepositsgivenasmarginmoneyto
various banks
##IncludesDepositsof `1717.33
lacs(PreviousYear ` 2913.08lacs)with
maturityofmorethan12months.
51
( ` inLakhs)
NOTE:15SHORTTERMLOANS&ADVANCES
Asat31/03/2014
UnsecuredAdvances
BalancewithCustom,CentralExcise
&Incometaxauthorities
Advancestosuppliers
Others*
Asat31/03/2013
592.73
716.60
1,697.87
144.19
259.77
155.74
2,434.78
1,132.11
*Includes,prepaidexpenses,Interest/otherincome
receivable,advancestostaffsandothers
NOTE:16REVENUEFROMOPERATIONS
Asat31/03/2014
SaleofProducts
227898.20
194895.72
472.77
406.74
OtherOperatingRevenues
TOTAL
Note16.1SaleofProducts
DomesticSales
ExportsDirect
ExportsIndirect
Asat31/03/2013
228,370.97
223724.66
1034.59
3138.95
195,302.47
192130.88
236.05
2528.80
227,898.20
NOTE:17OTHERINCOME:
Asat31/03/2014
ExportIncentives
Others#
TOTAL
194,895.72
Asat31/03/2013
9.93
198.81
208.73
2.33
2.13
4.46
#includesprofitonsaleofassets.
NOTE:18COSTOFMATERIALCONSUMED
RawMaterialConsumed
OpeningStock
Purchases(Incl.costofpurchase)
Less:ClosingStock
RawMaterialConsumed
Asat31/03/2014
9324.83
156504.35
165829.18
10044.06
TOTAL
NOTE:18.1 DetailsofMajoritemsofRawMaterialConsumption
CottonseedOil
SoyabeanOil
Rapseeds,Rapeseedoil&cake
Palm,PalmKernel&PalmoleinOil
Others
Purchasecost
TOTAL
52
Asat31/03/2013
6249.71
149874.40
156124.11
9324.83
155785.13
146799.28
Amount
Amosunt
66192.82
18862.50
11438.48
52311.85
3303.67
3675.81
155785.13
40138.59
27217.99
8938.88
63779.66
5385.06
1339.11
146799.28
( ` inLakhs)
NOTE:18.2DetailsofImportedandIndigenous
RawMaterialConsumptionand %
Imported
Indigenous
TOTAL
Amount
Percentage
Amount
Percentage
45514.73
110270.40
29.22%
70.78%
28245.10
118554.18
19.20%
80.80%
155785.13
100.00%
146799.28
100.00%
NOTE:19CHANGEININVENTORIESOFFINISHED
GOODS,STOCKINPROCESSANDBYPRODUCTS
Inventories(atclose)
FinishedGoods
Stockinprocess
Byproducts
Asat31/03/2014
10055.77
169.35
73.83
Asat31/03/2013
7630.19
121.83
66.90
10298.95
Inventories(atcommencement)
FinishedGoods
Stockinprocess
Byproducts
7630.19
121.83
66.90
TOTAL
NOTE:20EMPLOYEEBENEFITSEXPENSE
TOTAL
NOTE:21FINANCECOST
7,818.92
3,907.37
(2,480.03)
(3,911.55)
336.49
15.18
11.22
20.97
466.55
383.85
4619.63
13.17
39.29
(1,461.89)
TOTAL
NOTE:22OTHEREXPENSES
0.00
7,466.98
53
Asat31/03/2013
3754.01
73.53
129.95
(1,726.81)
3,210.20
1068.47
2,230.69
764.64
4,278.67
2,995.33
Asat31/03/2014
201213(%)
0.00%
100.00%
Asat31/03/2013
411.76
19.50
11.98
23.32
Asat31/03/2014
Intereston:
onWorkingCapital
onTermLoans
InteresttoOthers
Less:InterestEarned
InterestExpenses
BankandotherFinancialCharges
ManufacturingExpenses:
Consumtionofpackingmaterials
201314(%)
Imported
0.00%
Indigenous
100.00%
3456.27
334.17
116.94
Asat31/03/2014
Salaries&Wages
ContributiontoProvident&Otherfunds
Bonus
StaffWelfareExpenses
7818.92
7,466.98
Asat31/03/2013
0.00
7053.04
7053.04
( ` inLakhs)
Consumptionofstores,Spares&Tools:
201314(%)
Imported
0.00%
Indigenous
100.00%
Asat31/03/2014
201213(%)
0.00%
100.00%
0.00
770.69
JobworkCharges
Power&Fuel
Repairs&Maintenance
ExchangeDifference
OtherManufacturingExpenses
AdministrativeExpenses
PaymenttoAuditor
(a) AsAuditor
StatutoryAuditFees
TaxAuditFees
(b) ForCompanylawmatters
(c) ForCertification&others
Asat31/03/2013
770.69
0.00
767.14
991.17
1,534.49
185.88
345.78
62.36
4.00
1.75
1.00
1.68
InsuranceCharges
8.43
767.14
934.46
1,702.54
95.71
241.62
74.88
3.62
1.50
0.75
1.43
7.30
215.10
193.74
Legal,Professional&ConsultancyExpesnes
66.16
72.30
RatesandTaxes
31.36
22.76
6.74
11.76
191.79
145.67
239.13
87.07
1645.49
1792.14
381.09
614.45
14,142.65
13,816.58
Office&GodownRents
OtherAdministrativeExpenses
Selling&DistributionExpenses
Advertisementexpenses
Freightexpenses
Othersellinganddistributionexpenses
TOTAL
NOTE:23EARNINGPERSHARE
i)
Asat31/03/2014
Netprofitaftertaxasperstatementofprofitandloss
attributabletoEquityShareholders(Rs.inLakhs)
Asat31/03/2013
1,715.29
1,506.05
12228767
11200192
iii) Basic&DilutedEarningpershare(Rs.)
14.03
13.45
iv) Facevalueperequityshare(Rs.)
10.00
10.00
ii) WeightedAveragenumberofequitysharesusedas
denominatorforcalculatingEPS
54
( ` inLakhs)
24.
AdditionalInformationtotheFinancialStatements
24.1
ThePreviousyearsfigureshavebeenregrouped/reclassifiedwherevernecessarytocorrespondwiththecurrentyear
classification/disclosures.
24.2ContingentLiabilities
Particulars
20132014
( ` inLakhs)
BankguaranteegiveninfavorofGAIL
LiabilityinrespectofLetterofcreditagainstwhichgoodsnotreceived
upto31st March,2014
SalesTaxDemandunderSalesTaxLawsfortheaccountingyear
200102,200203,200304Notei
20122013
( ` inLakhs)
6.50
0.00
6.50
460.95
618.22
618.22
139.48
139.48
DemandunderIncomeTaxAct,1961fortheaccountingyear199900
53.83
53.83
27.72
27.72
63.99
63.99
3.97
3.97
5.59
5.59
1000.00
0.00
SalesTaxDemandunderRajasthanSalesTaxAct,1994forthe
year200203(Notei)
CorporateBankGuaranteeGiveninFavourofGayatriEnterprise
Note:
i)
Asagainstthesame,thecompanyhaspaidunderprotestof `406.50lacsandshownasLongTermLoansandAd
vances.
24.3
IntheopinionoftheBoardandtothebestoftheirknowledgeandbelief,thevalueonrealizationofthecurrentassets,
loansandadvancesintheordinarycourseofthebusinesswillnotbelessthantheamountstatedintheBalanceSheet.
Thebalanceoftradereceivableandtradepayablesaresubjecttoconfirmation,reconciliationandconsequentialad
justments,ifany
24.4
MicroandSmallScaleBusinessEnterprises:
TheCompanyhasnotreceivedinformationfromtheSuppliersregardingtheirstatusunderTheMicro,Small&Medium
EnterprisesDevelopmentAct,2006.Hence,disclosures,ifanyrelatingtoamountsunpaidasatthebalancesheetdate
togetherwithinterestpaidorpayableaspertherequirementunderthesaidAct,havenotbeenmade.
24.5
TherearenoamountsdueandoutstandingtobecreditedtoInvestorEducationandProtectionFund.
24.6
ManagerialRemuneration:
Particulars
20132014 ( Ìnlacs)
20122013 ( ` Inlacs)
Paidduringtheyear
16.16
16.16
Note:1 ManagingDirectors/WholetimeDirectorarebothcoveredundertheCompanysGratuity/Leaveencashmentscheme
alongwiththeotheremployeesofthecompany.Thetotalremunerationasstatedaboveiswithinthemaximumper
missiblelimitundertheCompaniesAct.1956.
24.7
Asperclause32ofthelistingagreement,thedisclosurerelatedtoLoanstoSubsidiary
20132014( Ìnlacs)
20122013( ` Inlacs)
SubsidiaryCompany:VimalDairyLimited
NIL
NIL
MaximumAmountdueduringtheyear
NIL
NIL
Particulars
55
( ` inLakhs)
24.8
Earnings/ExpenditureInForeignCurrency
Particulars
24.9
20132014 (` In lacs)
20122013 (` In lacs)
FOBValueofExports
1034.59
236.05
ForGoodsPurchase
48908.79
31342.37
20132014 (` In lacs)
20122013 (` In lacs)
48908.79
31342.37
CIFValueofImports
Particulars
CIFValueofImportedRawMaterials
24.10
Quantityofinventoriesisbaseduponphysicalverificationbythemanagementandvaluationisbasedondetailsof
costand realizablevalue (whereverapplicable) consideringthe qualityand otherrelevant factorsascertained by
management.Thequantitiesofinventories,salesandpurchasesaretakenbasedondetailsworkedoutfromthebills
andthestockrecordsmaintainedbythecompany(whereverapplicable).
25.
DisclosureunderAccountingstandard
25.1
DisclosureasperAccountingStandard15(Revised)EmployeeBenefits (IncontinuationwithNote:20)
DefinedContributionPlan
Thecompanyprovidesretirementbenefitinformofprovidentfund,gratuityandleaveencashment.Providentfund
contributionmadetoGovernmentAdministeredProvidentFundaretreatedasDefinedContributionPlan,sincethe
companyhasnofurtherobligationbeyonditsmonthlycontribution,
Contributionto.RecognizedProvidentFundandchargedoffduringtheyear,isasunder:
EmployersContributiontoProvidentFund ` 12.88lacs(Previousyear ` 11.43lacs)
DefinedBenefitPlan
Thecompanyhasdefinedbenefitplansforgratuitytoeligibleemployees,contributionsforwhicharemadetoLife
InsuranceCorporationofIndia,whoinvestthefundsasperIRDAguidelines.Thedetailsofthesedefinedplansrecog
nizedinthefinancialstatementsareasunder:
GeneralDescriptionofthePlan
Thecompanyoperatesadefinedbenefitplan(theGratuityPlan)coveringeligibleemployees,whichprovidesalump
sumpaymentstovestedemployeesatretirement,death,incapacitationofterminationofemployment,ofanamount
basedontherespectiveemployeessalaryandthetenureofemployment.
StatusofgratuityplanasrequiredunderAS15(Revised)
ReconciliationofopeningandclosingbalanceofDefinedBenefitsObligations
Particulars
20132014
(ìnlacs.)
20122013
(ìnlacs.)
DefinedBenefitobligationatbeginningoftheyear
29.72
25.27
CurrentServiceCost
5.63
2.73
Benefitspaid
0.00
(0.69)
InterestCost
2.84
2.41
DefinedBenefitobligationatyearend
38.19
29.72
56
( ` inLakhs)
25.2
RelatedPartyDisclosuresAsPerAccountingStandard18
Namesofrelatedpartiesanddescriptionofrelationshipfrom/towhichfollowingtransactionswereenteredduringthe
year:
Sr. Name
No.
Relationship
Manner
(A)
1
JayeshbhaiPatel
ManagingDirector
KeyManagerialPerson&personexercisingmore
than20%votingpower.
ChandubhaiPatel
RelativeofKeyManagerialPerson
RelativeasfatherofJayeshbhaiPatel,theDirector
ofthecompany
JigishabenPatel
RelativeasSisterinLawofJayeshbhaiPatel,the
Directorofthecompany
(B)
1
VimalDairyLimited
SubsidiaryCompany
52%holdingofequitysharesw.e.f.February26,
2013
Transactionswithrelatedparties&BalanceOutstandingasattheyearend
Sr.No. NatureofTransaction
InRelationto(B)above
ManagerialRemuneration
Interestexpenses
Loanreceived
LoanRepaid
OutstandingBalance
LoansReceived
InRelationto(B)above
PurchaseofGoods
Sale&JobWorkIncome
Investments
OutstandingBalance
Debtors
Creditors
Investment
25.3
20132014
(` inLakhs)
20122013
(` inLakhs)
16.16
24.00
0.00
1500.00
Asat31.03.2014
( ` inlacs)
421.60
16.16
42.38
1418.87
0.00
Asat31.03.2013
( ` inlacs)
1900
306.25
629.77
0.00
Asat31.03.2014
( ` inlacs)
90.04
104.72
1248.00
141.99
453.76
1248
Asat31.03.2013
( ` inlacs)
75.62
181.17
1248.00
SegmentInformationasperAccountingStandard17onSegmentReporting
Thecompanyhasidentifiedthreebusinesssegmentsviz.IntegratedOilDivision,PowderPlantandWindMill.Segments
havebeenidentified andreportedtakinginto accountthenatureof products,thedifferingrisks andreturns,the
organizationalstructureandinternalbusinessreportingsystem.
Revenueandexpenseshavebeenidentifiedtoasegmentonthebasisofrelationshiptooperatingactivitiesofthe
segment.
SegmentAssetsandSegmentLiabilitiesrepresentassetsandliabilitiesofrespectivesegments.
Note: (i)The company also exports its products but the disclosures as required under accounting standard 17 on
geographicalsegmenthasnotbeenprovidedasthetotalvalueofexportsislessthan10%ofthetotalrevenue.
57
INFORMATIONABOUTPRIMARYBUSINESSSEGMENTS
IntegrateOilDivision
Particulars
SegmentRevenue
Sales&OperatingIncome
OtherIncome
TotalRevenue
Segmentresultsbefore
201314
PowderPlant
201213 201314
227543.94 194437.61 353.19

208.73
4.46
0.00
227752.68 194442.07 353.19
(ìnlacs)
WindMill
201213 201314
Total
201213 201314
201213
276.78
106.95
0.00
0.00
276.78
106.95
106.75 228212.81 194825.60
106.75 228004.08 194821.14

0.00
208.73
4.46
6622.73
5069.22
309.22
79.75
41.97
49.01
6973.92
5197.97
InterestExpense(Net)
0.00
0.00
0.00
0.00
0.00
0.00
4278.67
2995.33
IncomeTax
0.00
0.00
0.00
0.00
0.00
0.00
895.67
672.48
DeferredTax
0.00
0.00
0.00
0.00
0.00
0.00
84.29
24.11
ProfitAfterTax
0.00
0.00
0.00
0.00
0.00
0.00
1715.29
1505.06
80.28
99.09
479.77
0.00
0.00
0.00
interest&tax
OtherInformation
SegmentAssets
UnallocatedCorporateAssets
73987.17 64918.28
0.00
0.00
522.65 74547.22 65544.03

0.00
Total Assets
73987.17 64918.28
80.28
99.09
479.77
SegmentLiabilities
58626.06 53374.44
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
UnallocatedCorporateLiabilities
Total Liabilities
OtherInformation
CapitalEmployed
58626.06 53374.44
15361.11 11543.85
80.28
99.09
479.77
0.00
0.00
522.65 74547.22 65544.03
58626.06 53378.44
58626.06 53378.44
522.65 15921.16 12165.59
CapitalExpenditure
82.83
688.16
0.00
0.00
0.00
0.00
82.83
688.16
Depreciation
250.15
218.66
18.81
18.81
42.88
42.88
311.84
280.35
FORRRS&ASSOCIATES
FRN.118336W
JayeshC.Patel
RAJESHR.SHAH
Partner
M.No.034549
Place:Ahmedabad
Date:May27,2014
FageshR.Soni
CompanySecretary
Place:Ahmedabad
Date:May27,2014
58
MahendrabhaiV.Patel
Director
To,
TheBoardofDirectorsof
VIMALOILS&FOODSLIMITED
1.
2.
3.
4.
5.
REPORTONTHECONSOLIDATEDFINANCIALSTATEMENTS
WehaveauditedtheattachedConsolidatedBalanceSheetofVIMALOILS&FOODSLIMITED(theCompany)andits
subsidiaryVIMALDAIRYLIMITED(theCompanyanditssubsidiaryconstitutetheGroup)asat31stMarch,2014,the
ConsolidatedStatementofProfitandLossofthegroupfortheyearendedonthatdateandtheConsolidatedCashFlow
Statementfortheyearthenended.ThesefinancialstatementsaretheresponsibilityoftheCompanysManagementand
havebeenpreparedonthebasisoftheseparatefinancialstatementsandotherinformationregardingcomponents.Our
responsibilityistoexpressanopinionontheseConsolidatedFinancialStatementsbasedonouraudit.
MANAGEMENTSRESPONSIBILITYFORTHECONSOLIDATEDFINANCIALSTATEMENTS
Managementisresponsibleforthepreparationoftheseconsolidatedfinancialstatementsthatgiveatrueandfairview
oftheconsolidatedfinancialposition,consolidatedfinancialperformanceandconsolidatedcashflowsoftheGroupin
accordancewiththeAccountingStandardsnotifiedundertheCompaniesAct,1956(theAct)(whichcontinuetobeappli
cableinrespectofSection133oftheCompaniesAct,2013intermsofGeneralCircular15/2013dated13thSeptember,2013
oftheMinistryofCorporateAffairs).Thisresponsibilityincludesthedesign,implementationandmaintenanceofinternal
controlrelevanttothepreparationandpresentationoftheconsolidatedfinancialstatementsthatgiveatrueandfairview
andarefreefrommaterialmisstatement,whetherduetofraudorerror..
AUDITORSRESPONSIBILITY
Ourresponsibilityistoexpressanopinionontheseconsolidatedfinancialstatementsbasedonouraudit.Weconducted
ourauditinaccordancewiththeStandardsonAuditingissuedbytheInstituteofCharteredAccountantsofIndia.Those
Standardsrequirethatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassurance
aboutwhethertheconsolidatedfinancialstatementsarefreefrommaterialmisstatement.
Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsandthedisclosuresintheconsolidated
financialstatements.Theproceduresselecteddependontheauditorsjudgment,includingtheassessmentoftherisksof
materialmisstatementoftheconsolidatedfinancialstatements,whetherduetofraudorerror.Inmakingthoseriskassess
ments,theauditorconsidersinternalcontrolrelevanttotheGroupspreparationandpresentationoftheconsolidatedfinan
cialstatementsthatgiveatrueandfairviewinordertodesignauditproceduresthatareappropriateinthecircumstances,but
notforthepurposeofexpressinganopinionontheeffectivenessoftheCompanysinternalcontrol.Anauditalsoincludes
evaluatingtheappropriatenessoftheaccountingpoliciesusedandthereasonablenessoftheaccountingestimatesmadeby
theManagement,aswellasevaluatingtheoverallpresentationoftheconsolidatedfinancialstatements.Webelievethatthe
auditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.
OPINION
In our opinion and to the best of our information and according to the explanations given to us and based on the
considerationofthereportsoftheotherauditorsonthefinancialstatements/consolidatedfinancialstatementsofthe
subsidiariesandassociatesasnotedbelow,theconsolidatedfinancialstatementsgiveatrueandfairviewinconformity
withtheaccountingprinciplesgenerallyacceptedinIndia:
(a) inthecaseoftheConsolidatedBalanceSheet,ofthestateofaffairsoftheGroupasatMarch31,2014;
(b) inthecaseoftheConsolidatedStatementofProfitandLoss,oftheprofitoftheGroupfortheyearendedonthatdate
and
(c) InthecaseoftheConsolidatedCashFlowStatement,oftheCashFlowfortheyearendedonthatdate.
ForRRS&Associates
RajeshR.Shah
Partner
Ahmedabad
Date:May27,2014
59
CONSOLIDATEDBALANCESHEETASATMARCH31,2014
(` in lakhs)
Particulars
NoteNo
AsAt
AsAt
AsAt
AsAt
31/03/ 2014 31/03/ 2014 31/03/ 2013 31/03/ 2013
I. EQUITYANDLIABILITIES
(1)ShareholdersFunds
(a) ShareCapital
(b) ReservesandSurplus
1
2
2980.00
12187.66
2620.00
7350.14
15167.66
1387.57
MinorityInterest
(2)NonCurrentLiabilities
(a) Longtermborrowings
(b) Deferredtaxliabilities(Net)
3
4
908.30
745.27
9970.14
1322.33
2546.61
636.31
1653.57
(3)CurrentLiabilities
(a) Shorttermborrowings
(b) Tradepayables
(c) Othercurrentliabilities
(d) ShortTermprovisions
5
6
7
8
22294.99
39091.11
473.24
1329.26
3182.92
17130.84
38169.82
1160.74
1093.90
63188.59
81397.39
Total
II. Assets
(1)Noncurrentassets
(a) Fixedassets
Tangibleassets
CapitalWorkinProgress
(b) GoodwillonConsolidation
(c) Investment
(d)Longtermloansandadvances
57555.30
72030.70
9
5811.98
111.71
524.59
75.90
982.28
10
11
5839.07
0.00
524.59
75.90
1097.92
7506.46
(2)Currentassets
(a) Inventories
(b) Tradereceivables
(c) Cashandcashequivalents
(d) Shorttermloansandadvances
12
13
14
15
25607.58
40165.73
5583.39
2534.23
21815.15
36282.42
4871.79
1523.86
73890.93
81397.39
Total
SignificantAcounting Policies&
64493.22
72030.70
1to26
FORRRS&ASSOCIATES
FRN.118336W
JayeshC.Patel
RAJESHR.SHAH
Partner
M.No.034549
Place:Ahmedabad
Date:May27,2014
7537.48
FageshR.Soni
CompanySecretary
Place:Ahmedabad
Date:May27,2014
60
MahendrabhaiV.Patel
Director
CONSOLIDATEDSTATEMENTOFPROFITANDLOSSFORTHEYEARENDEDMARCH31,2014
Particulars
I.
NoteNo
201314
(` in lakhs)
201213
INCOME
Revenuefromoperations
16
Less:ExciseDuty
NetRevenuefromoperations
OtherIncome
239,986.99
206,435.54
(366.89)
(481.33)
239,620.10
205,954.21
224.15
16.38
239,844.24
205,970.59
164,933.53
154,658.75
53166.80
32211.00
17
TotalRevenue
II. EXPENDITURE:
CostofMaterialsConsumed
18
PurchaseofStockinTrade
ChangesinInventoriesofFinishedgoods,WorkinProgressandbyproducts
19
(3,093.87)
(3,409.00)
EmployeeBenefitsExpense
20
712.04
586.64
Finance Costs
21
4,644.13
3,584.03
519.49
468.65
16,093.37
15,517.10
236,975.48
203,617.18
2,868.76
2,353.42
Currenttax
864.05
661.10
Deferredtax
108.96
54.20
70.67
11.98
1,825.08
1,626.13
(65.24)
(6.26)
1,759.84
1,619.87
14.65
14.75
DepreciationandAmortizationExpense
OtherExpenses
22
TotalExpenses
III. ProfitBeforeTax
(III)
IV. TaxExpenses
Incometaxforearlieryears
V. Profitfortheyear(beforeadjustmentforMinorityInterest)
Add:Shareof(profit)transferredtoMinorityInterest
ProfitfortheYear(afteradjustmentforMinorityInterest)
EarningPerEquityShareoffacevalueof `10each
Basic&Diluted(in` )
23
SignificantAcounting Policies&
1to26
FORRRS&ASSOCIATES
FRN.118336W
JayeshC.Patel
RAJESHR.SHAH
Partner
M.No.034549
Place:Ahmedabad
Date:May27,2014
FageshR.Soni
CompanySecretary
Place:Ahmedabad
Date: May27,2014
61
MahendrabhaiV.Patel
Director
CONSOLIDATEDCASHFLOWSTATEMENTFORTHEYEARENDEDMARCH31,2014
(` inlakhs)
PARTICULAR
A
FY201314
CASHFLOWFROMOPERATING ACTIVITIES
NetProfitbeforeTaxes&ExtraOrdinaryItems
Adjustmentsfor:
Depreciation
Interest&OtherFinancialCharges
AdvertisementExpenditureAddedback
(Profit)/LossonSaleofAssets
PriorperiodItems
Subsidy writtenback
OperatingProfitbeforeWorkingCapitalChanges
(Increase)/DecreaseinInventory
(Increase)/DecreaseinTradeReceivables
(Increase)/DecreaseinShorttermloans&advances
(Increase)/DecreaseinLongtermloans&advances
Increase/(Decrease)inTradePayables
Increase/(Decrease)inOtherCurrentLiabilities
Increase/(Decrease)inShortTermProvisions
2868.76
519.49
4644.13
(2.66)
25.83
(198.86)
17.54
(2.75)
5002.71
7871.47
(3792.43)
(3883.32)
(1060.06)
85.01
921.29
(324.42)
14.52
(8039.40)
(167.92)
(729.42)
(897.34)
CashGeneratedfromOperation
DirectTaxesPaid
NetCashfromOperatingActivities
CASHFLOWFROMINVESTINGACTIVITIES
PurchaseofFixedAssets&CapitalWIP
SaleofFixedAssets
DividendIncome
NetCash(usedin)/fromInvestingActivities
CASHFLOWFROMFINANCINGACTIVITIES
ShareCapitalReceived
SharePremiumRecived
Proceedsfrom/(Repaymentof)Borrowings
DividendPaid(withTax)
InterestPaid(Net)
NetCash(usedin)/fromFinancingActivities
NetIncreasse/(decrease)inCashandCashEquivalents
OpeningBalanceofCash&CashEquivalents
ClosingBalanceofCash&CashEquivalents
Cash&CashEquivalentscomprisesof:(Referringnote14)
Cashonhand
Balancewithbanks
(694.38)
289.14
2.66
(402.58)
360.00
3420.00
3162.76
(287.12)
(4644.13)
2011.52
711.59
4871.80
5583.39
`
49.48
5533.91
Total
5583.39
*Previousyearsfiguresarenotpresentedforcomparative,sincethatwasthefirstyearofconsolidation.
FORRRS&ASSOCIATES
FRN.118336W
JayeshC.Patel
RAJESHR. SHAH
Partner
M.No.034549
Place:Ahmedabad
Date:May27,2014
FageshR.Soni
CompanySecretary
Place:Ahmedabad
Date: May27,2014
62
MahendrabhaiV.Patel
Director
( ` inLakhs)
This is the first year to become a holding company. Only current year figures are given in the consolidated financial
statements.
NOTE:1SHARECAPITAL
AsatMarch31,2014
AsatMarch31,2013
18000000EquitySharesof `10/each
(18000000)
1800.00
1800.00
15000000PreferenceSharesof `10/each
(15000000)
1500.00
3,300.00
1500.00
3,300.00
1502.00
1142.00
(22.00)
(22.00)
500.00
500.00
1,000.00
1,000.00
2,980.00
2,620.00
2,980.00
2,620.00
AUTHORISEDSHARECAPITAL:
ISSUED,SUBSCRIBED&PAIDUPCAPITAL:
15020000EquitySharesof `10/eachfullypaidup
(11420000)
Less:SharesHeldbySubsidiary
220000EquitySharesof `10/eachfullypaidup
50000006%Preferencesharesof `10/eachfullypaidup
(5000000)
100000008%Preferencesharesof `10/eachfullypaidup
(10000000)
TOTAL
1.1(i) Thedetailsofshareholdersholdingmorethan5%ofEquityshares
SrNo. NameofShreholder
(ii)
AsatMarch31,2014
No.ofShare %Held
AsatMarch31,2013
No.ofShare %Held
1JAYESHC.PATEL
3196300
21.60
2096300
18.72
2CHANDUBHAII.PATEL
2885100
19.49
1785100
15.94
3PRADIPC.PATEL
2770300
18.72
1770300
15.81
Thedetailsofshareholdersholdingmorethan5%ofPreferenceshares
8%PreferenceShares
AsatMarch31,2014
No.ofShare %Held
AsatMarch31,2013
No.ofShare %Held
1JAYESHC.PATEL
6000000
60.00
6000000
60.00
2CHANDUBHAII.PATEL
4000000
40.00
4000000
40.00
6%PreferenceShares
AsatMarch31,2014
No.ofShare %Held
AsatMarch31,2013
No.ofShare %Held
1CHANDUBHAII.PATEL
3500000
70.00
3500000
70.00
2JAYESHC.PATEL
1500000
30.00
1500000
30.00
63
( ` inLakhs)
1.2Thereconciliationofthenumberofsharesoutstandingissetoutbelow.
Particulars
AsatMarch31,2014
No.ofShares
AsatMarch31,2013
No.ofShares
11420000
10550000
3600000
870000
A.Equitysharesattheendoftheyear
15020000
11420000
Preferencesharesatthebeginningoftheyear
15000000
15000000
15000000
15000000
Equitysharesatthebeginningoftheyear
B.Preferencesharesattheendoftheyear
1.3 Terms/rightsattachedtoequityshareandpreferenceshare
(i)Equity: Thecompanyhasequityshareshavingparvalurof ` 10pershare.Eachholderofequitysharesisentitledtohaveone

votepershare.Thecompanydeclaresandpaysdividendsinindianrupees.ThedividendproposedbytheBoardofDirectorsis
subjecttotheapprovaloftheshareholdersintheensuingAnnualGeneralMeeting.
Intheeventofliquidationofthecompany,theholdersoftheequityshareswillbeentitledtoreceivetheremainingassetsofthe
company,afterdistributionofallprefrentialamounts.Thedistributionwillbeinproportiontothenumberofsharesheldbythe
shareholders.
Thecompanyhasmadepreferentialallotmentof36,00,000sharesof `10/eachatapremiumof `95/toPromoter/Promoters
GroupandNonPromotersintermsofchapterVIIofSEBI(ICDR)Regulations,2009duringtheyear
Duringtheyearended31March2014,theamountofpersharedividendrecognizedasdistributiontoequityshareholderswas
` 1.20(31March2013: `1.20)
(ii)Preference: Thecompanyhas(a)6%NoncumulativeRedeemablepreferencesharesand(b)8%NoncumulativeRedeem
ablepreferenceshareshavingparvalueof ` 10pershare.Theholdersofpreferenceshareareentitledtoenjoytherightsofnot
onlyreceivingthedividendatfixedratebutalsoreceivingthecapitalonwindingup.
NOTE:2RESERVES&SURPLUS
AsatMarch31,2014
SecuritiesPremiumReserve
Asperlastbalancesheet
Add:onissueofnewshare
3,379.48
3,420.00
AsatMarch31,2013
3,379.48
0.00
6,799.48
SubsidyonColdStorageFromNABARD
Less:TransfertoRevenue
7.03
(2.75)
3,379.48
9.78
(2.75)
4.28
GeneralReserve
Add:onissueofnewshare
Profitandlossaccount
Add:Profitfortheyear
TotalReserves
LessAppropriations
TransferredtoGeneralReserve
ProposedDividend
TaxonDividend
975.38
75.00
7.03
900.38
75.00
1,050.38
975.38
2,988.25
1,759.84
1,730.50
1,619.87
75.00
290.24
49.33
75.00
247.04
40.08
4,333.52
12,187.66
TOTAL
64
2,988.25
7,350.14
( ` inLakhs)
NOTE:3LONGTERMBORROWINGS
AsatMarch31,2014
Non
Current
Current
A) SecuredLoans
FromBank
RupeeTermLoan
BankofIndia
Securedagainstmovable&immovablefixed
assetsofthecompanyandcollateralsecurity
offactoryLand,Building,andPersonal
guaranteeofShriJ.C.Patel&ShriC.I.Patel.
(i) Termloan1:Terms:5QuartelyInstalments
of ` 5.12Lakhs,ROI@11.50%
(ii) Termloan2:Terms:6QuartelyBalooning
Instalments,ROI@13.20%
RupeeCorporateLoan#
BankofIndia
Securedbyparipassuchargeoverthe
specificfixedassets
Terms:
1) BOI:fullypaidduringtheyear
AsatMarch31,2013
Non
Current
Current
200.12
220.48
420.53
331.84
0.00
0.00
0.00
250.00
0.00
12.40
0.00
16.37
70.72
8.88
0.74
18.05
0.00
0.00
0.74
34.45
75.32
0.00
8.30
16.49
228.88
318.87
455.72
681.95
421.60
257.82
0.00
0.00
1900.00
190.89
0.00
0.00
679.42
0.00
2090.89
0.00
908.30
318.87
2546.61
681.95
RupeeVehicleLoan
KotakMahindraBankLtd.#
YesBankLimited##
ICICIBankLtd.@
HDFCBankLtd*
Securedagainsthypothecationofvehicles
#Terms:11MonthlyInstalments&ROI@15.50%p.a.
##Terms:27MonthlyInstalments&ROI@10.50%p.a.
@Terms:13MonthlyEMI&ROI@10.50%p.a.
*Terms:22MonthlyInstalments&ROI@9.039%p.a.
B) UnsecuredLoans
FromDirectors,Promoters&theirRelatives
Dealers/DistributorsDeposit
TOTAL
MaturityProfileofSecuredLoansareassetoutbelow:( ìnLakhs)
MaturityProfile
611years
25years
1year
Total
RupeeTermLoan
200.12
220.48
420.60
VehicleLoans
28.76
98.39
127.15
65
( ` inLakhs)
NOTE:4DEFERREDTAXLIABILITY(Net)
Asat31/03/2014
Asat31/03/2013
DeferredTaxLiability
RelatedtoFixedAssets
745.27
636.31
TOTAL
745.27
636.31
Asat31/03/2014
Asat31/03/2013
12709.25
4194.69
2340.97
575.55
974.95
1499.58
7944.37
4444.46
1976.73
900.06
970.16
895.07
22,294.99
17,130.84
NOTE:5SHORTTERMBORROWINGS
Secured
WorkingCapitalLoans
FromBanks
(i) BankofIndia
(ii) BankofBaroda
(iii) DenaBank
(iv) IDBIBankLtd
(v) PunjabNationalBank
(vi) AndhraBank
TOTAL
Securedbyhypothecationofpresentandfuturestockofrawmaterials,stockinprocess,finishedgoods,stores&spares,
packingmaterials,byproducts,bookdebts,outstandingmonies,receivables
Securedbyequitablemortgageoverland&BuildingsituatedatVillage:HeduvaHanumant,MehsanaandatKalyanpur,
JamnagarandpersonalguaranteeofManagingDirectorandpromoters.
Terms:RepaybleonDemand
NOTE:6TRADEPAYABLE
Asat31/03/2014
Asat31/03/2013
38212.51
878.60
37382.38
787.44
39,091.11
38,169.82
Asat31/03/2014
Asat31/03/2013
318.87
0.00
11.11
40.75
102.51
681.95
2.92
9.08
58.80
407.98
473.24
1160.74
Asat31/03/2014
Asat31/03/2013
ForExpenditure
ForTax
ProposedDividend
DividendDistributionTax
130.54
859.15
290.24
49.33
116.02
690.76
247.04
40.08
TOTAL
1329.26
1093.90
Tradepayables
ForGoods
ForExpenses
TOTAL
NOTE:7OTHERCURRENTLIABILITIES
Currentmaturitiesoflongtermdebt&vehicleloan#
Interestpayableonterm/corporateloan
UnclaimedDividend
SundryCreditorsforCapitalGoods
Otherpayables*
TOTAL
#Refernote3
*IncludesStatutoryDues,InterestontermLoan&OtherPayable
NOTE:8SHORTTERMPROVISIONS
66
( ` inLakhs)
Noteson FinancialStatementsfor the Year endedMarch 31, 2014

NOTE:9FIXEDASSETS
GROSS BLOCK
As at
31.3.2013
Particulars
D EPRECIAT ION
Sales/
Transfers
Additions
As at
31.3.2014
As at
31.3.2013
For the
Year
N ET BL OC K
Adjustment
As at
Sales/Trans 31.3.2014
As at
31.3.2014
As at
31.3.2013
Tangible Assets :
Land
LandSiteDevelpoment
RoadConstruction
FactoryBuilding
Office&OtherBuildings
Plant&Machinery
Lab.Equipment
Electrification
Computer
Furniture&Fixture
OfficeEquipment
Vehicle(HMV)
Vehicle(LMV)
43.46
17.02
105.25
1,207.38
409.71
6,395.60
12.75
147.76
83.39
174.26
104.05
285.91
229.24
0.37
20.41
29.51
435.32
2.82
11.67
4.97
22.09
50.14
5.39
218.75
0.14
43.46
17.02
105.62
1,227.79
439.22
6,612.17
12.75
150.58
95.06
179.23
126.14
335.91
234.63
5.87
350.90
12.39
2,592.40
8.20
63.52
67.87
75.84
38.55
91.26
69.93
1.72
40.77
6.93
380.30
0.61
8.61
14.83
10.36
5.41
29.58
20.37
128.46
0.14
43.46
43.46
17.02
17.02
7.59
98.04
99.39
391.67 836.12 856.48
19.32 419.90 397.32
2,844.24 3,767.93 3,803.20
8.81
3.94
4.55
72.13
78.45
84.24
82.70
12.36
15.52
86.20
93.03
98.42
43.96
82.18
65.50
120.70 215.21 194.65
90.30 144.34 159.32
Total Tangible Asset
9,215.80
582.69
218.89
9,579.60
3,376.73
519.49
128.60
3,767.62 5,811.98 5,839.07
Previous Year
8,310.81
1,016.00
111.01
9,215.80
3,008.33
468.65
100.25
3,376.73 5,839.07 5,302.48
WIPGodown
111.71
111.71
111.71
TOTAL WIP
111.71
111.71
111.71
1.29
1.29
Previous Year
NOTE10INVESTMENT
NonTradeInvesements
InEquitySharesUnquoted,fullypaidup
7,50,000(P.Y.7,50,000)EquitySharesofSwastik
CeraconLtd.of `10each
600(P.Y.600)EquitySharesofShahInvestorHomeLtd.of `10each
TOTAL
NOTE:11LONGTERMLOANS&ADVANCES
(UnsecuredandConsideredgood)
Deposits
LoansandAdvancestoOthers
BalancewithRevenueAuthorities
Miscellaneouesexpendituretotheextentnotwrittenoff
DeferredRevenueExpenditure
TOTAL
NOTE:12
INVENTORIES
(AtLowerofCostorNetRealisableValue)
RawMaterial
Stockinprocess
FinishedGoods+stockintrade
PackingMaterial
Stores&Spares
ByProduct
TOTAL
67
Asat31/03/2014
Asat31/03/2013
75.00
75.00
0.90
0.90
75.90
75.90
Asat31/03/2014
Asat31/03/2013
108.07
359.8
453.97
8.81
51.63
106.42
455.27
458.77
0.00
77.46
982.28
1,097.92
Asat31/03/2014
Asat31/03/2013
10112.07
907.09
13579.32
734.97
200.29
73.83
9,388.09
756.65
10,642.82
804.03
156.66
66.90
25,607.58
21,815.15
( ` inLakhs)
NOTE:13TRADERECEIVABLE
(Unsecuredandconsideredgood)
OversixMonths
Others
TOTAL
NOTE:14CASH&CASHEQUIVIVALANTS
BalancewithBanks#
Cashonhand
Fixeddepositswithbanks*##
TOTAL
Asat31/03/2014
Asat31/03/2013
146.67
40019.06
123.21
36159.21
40,165.73
36,282.42
Asat31/03/2014
Asat31/03/2013
113.49
49.48
5420.42
109.30
48.05
4714.43
5,583.39
4,871.79
#Includesunclaimeddividendof`11.11lacs(Previousyear `9.08lacs)
*includesdepositsgivenasmarginmoneytovariousbanks
##IncludesDepositsof `1717.33lacs(PreviousYear `2913.08lacs)withmaturityofmorethan12months.
NOTE:15SHORTTERMLOANS&ADVANCES
Asat31/03/2014
Asat31/03/2013
UnsecuredAdvances
BalancewithCustom,CentralExcise&Incometaxauthorities
Advancestosuppliers
Others*
680.85
1697.87
155.51
797.71
259.77
466.39
TOTAL
2,534.23
1,523.86
*Includesprepaidexpenses,Incomereceivables,advancestostaffsandothers
NOTE:16REVENUEFROMOPERATIONS
SaleofProducts
OtherOperatingRevenues
TOTAL
Note16.1
Asat31/03/2014
Asat31/03/2013
239679.82
307.16
206037.65
397.89
239,986.99
206,435.54
235,506.28
1034.59
3138.95
203272.80
236.05
2528.80
239,679.82
206,037.65
Asat31/03/2014
Asat31/03/2013
9.93
2.66
211.56
2.33
0.00
14.05
224.15
16.38
SaleofProducts
DomesticSales
ExportsDirect
ExportsIndirect
TOTAL
NOTE:17OTHERINCOME:
ExportIncentives
DividendIncome
Others#
TOTAL
#includesprofitonsaleofassets&otherincomes
68
( ` inLakhs)
NOTE:18COSTOFMATERIALCONSUMED
Asat31/03/2014
RawMaterialConsumed
OpeningStock
Purchases(Incl. costof purchase)
9388.09
165649.04
175037.13
10103.61
Less:ClosingStock
RawMaterialConsumed
Asat31/03/2013
6259.00
157787.84
164046.84
9388.09
TOTAL
164933.53
154658.75
66192.82
18862.50
11438.48
52311.85
9148.40
3303.67
3675.81
40138.59
27217.99
8938.88
63779.66
7859.47
5385.06
1339.11
164933.53
154658.75
Note18.1:DetailsofMajoritemsofRawMaterialConsumption
CottonseedOil
Soyabean&Oil
Rapseeds,Rapeseedoil&cake
Palm,PalmKernel&PalmoleinOil
Milk&Otherrawmaterials
Others
Purchasecost
TOTAL
DetailsofImportedandIndigenousRawMaterialConsumptionand%
Imported
Indigenous
TOTAL
NOTE:19CHANGEININVENTORIESOFFINISHED
Amount Percentage
Amount Percentage
45514.73
119418.80
27.60 28245.10
72.40 126413.65
18.26
81.74
164933.53
100.00 154658.75
100.00
Asat31/03/2014
GOODS,STOCKINPROCESSANDBYPRODUCTS
Inventories(atclose)
FinishedGoods&Stockintrade
Stockinprocess
Byproducts
13579.32
907.09
73.83
Asat31/03/2013
10642.82
756.65
66.90
14560.24
Inventories(atcommencement)
FinishedGoods&Stockintrade
Stockinprocess
Byproducts
10642.82
756.65
66.90
TOTAL
NOTE:20EMPLOYEEBENEFITSEXPENSE
Salaries & Wages
ContributiontoProvident&otherfunds
Bonus
StaffWelfareExpenses
TOTAL
69
11466.37
7246.41
694.02
116.94
11,466.37
8,057.37
(3,093.87)
(3,409.00)
Asat31/03/2014
Asat31/03/2013
526.75
39.69
26.86
118.73
435.00
28.35
24.46
98.83
712.04
586.64
( ` inLakhs)
NOTE:21FINANCECOST
Asat31/03/2014
Intereston:
onWorking Capital
onTermLoans
InteresttoOthers
Less:InterestEarned
InterestExpenses
BankandotherFinancialCharges
5101.99
13.17
69.94
(1617.90)
4048.17
73.53
411.33
(1743.21)
3,567.21
1076.92
4,644.13
TOTAL
Asat31/03/2014
ManufacturingExpenses:
Consumtionofpackingmaterials
201314(%) 201213(%)
Imported
0.00%
0.00%
Indigenous
100.00%
100.00%
Consumptionofstores,
Spares&Tools,Chemical
201314(%) 201213(%)
Imported
0.00%
0.00%
Indigenous
100.00%
100.00%
JobworkCharges
Power&Fuel
Repairs&Maintenance
ExchDiff
OtherManufacturingExpenses
AdministrativeExpenses
PaymenttoAuditor
(a) AsAuditor
StatutoryAuditFees
TaxAuditFees
(b) ForCompanylawmatters
(c) For Certification &others
0.00
8,202.64
0.00
867.23
8202.64
867.23
1125.23
1951.99
213.59
345.78
71.83
6.25
2.25
1.00
2.34
InsuranceCharges
Legal,Professional&ConsultancyExpesnes
RatesandTaxes
Office&GodownRents
OtherAdministrativeExpenses
Selling&DistributionExpenses
Advertisementexpenses
Freightexpenses
Othersellinganddistributionexpenses
TOTAL
70
Asat31/03/2013
2,789.82
794.21
3,584.03
Asat31/03/2013
0.00
7,641.65
0.00
873.11
7641.65
873.11
1061.61
2068.73
128.21
241.62
85.50
5.87
2.00
0.75
2.04
11.84
238.68
72.91
31.36
6.74
281.43
10.66
210.93
86.11
22.76
11.76
221.71
343.99
1866.50
461.62
187.74
1991.10
673.90
16,093.37
15,517.10
( ` inLakhs)
NOTE:23EARNINGPERSHARE
i) Netprofitaftertax(afteradjustingMinorityInterest)asper
statementofprofitandlossattributableto
EquityShareholders(Rs.inLakhs)
ii) WeightedAveragenumberofequitysharesusedasdenominatorfor
calculatingEPS
iii) Basic&DilutedEarningpershare(`)
Iv) Facevalueperequityshare(`)
Asat31/03/2014
Asat31/03/2013
1,759.84
1,619.87
12008767
10980192
14.65
14.75
10.00
10.00
SignificantAccountingPolicies,AdditionalInformationtotheConsolidatedFinancialStatementsandDisclosures
underAccountingStandards(ContdfromConsolidatedFinancialStatements):
24
SignificantAccountingPolicies
24.1
BasisofAccounting
ThefinancialstatementsarepreparedunderthehistoricalcostconventionandcomplywiththeapplicableAccounting
Standards.
24.2
PrinciplesofConsolidation
TheconsolidatedfinancialstatementsrelatetoVimalOil&FoodLimited(thecompany)anditssubsidiaryVimalDairy
Limited.Theconsolidatedfinancialstatementshavebeenpreparedonthefollowingbasis:
a) Thefinancialstatementsofthecompanyanditssubsidiarycompanyarecombinedonalinebylinebasisbyadding
togetherthebookvaluesoftheitemsofassets,liabilities,incomeandexpenses,afterfullyeliminatingintragroup
balancesandintragrouptransactionsinaccordancewithAccountingStandard(AS)21ConsolidatedFinancial
Statements
b) Thedifferencebetweenthecostofinvestmentinthesubsidiary,overthenetassetsatthetimeofacquisitionof
sharesinthesubsidiaryisrecognizedinthefinancialstatementsasGoodwillandCapitalReserveasthecasemay
be.
c) Thedifferencebetweentheproceedsfromdisposalofinvestmentinsubsidiaryandthecarryingamountofits
assetslessliabilitiesasofthedateofdisposalisrecognizedintheconsolidatedStatementofProfit&Lossbeing
profitorlossondisposalofinvestmentinsubsidiary.
d) MinorityInterestsshareofnetassetsofconsolidatedsubsidiaryisidentifiedandpresentedintheconsolidated
balancesheetseparatefromliabilitiesandtheequityoftheCompanysshareholders.
e) MinorityInterestsshareofnetprofitofconsolidatedsubsidiariesfortheyearisidentifiedandadjustedagainstthe
incomeofthegroupinordertoarriveatthenetincomeattributabletotheshareholdersofthecompany.
f) Asfaraspossible,theconsolidatedfinancialstatementsarepreparedusinguniformaccountingpoliciesforlike
transactionandothereventsinsimilarcircumstancesandarepresentedinthesamemannerastheCompanys
separatefinancialstatements.
24.3
Investmentsotherthaninsubsidiaryandassociates,ifanyistobeaccountedasperAccountingStandard(AS)13on
AccountingforInvestments.
24.4
Othersignificantaccountingpolicies:
ThesearesetoutunderSignificantAccountingPoliciesasgivenintheCompanysSeparateFinancialStatements.
24.5
ThesubsidiaryCompanyconsideredintheconsolidatedfinancialstatementsis:
Nameofthecompany
CountryofIncorporation
%ofvotingpowerheldasat
31/03/2014
ReportingDate
VimalDairyLimited
India
52%
31/03/2014
71
( ` inLakhs)
25.
AdditionalInformationtothefinancialstatements
25.1
Contingentliabilitiesnotprovidedforinrespectof
Particulars
20132014
( ` inLakhs)
20122013
( ` inLakhs)
BankguaranteegiveninfavorofGAIL
6.50
6.50
LiabilityinrespectofLetterofcreditagainstwhichgoodsnotreceived
upto31st March,2014
0.00
460.95
SalesTaxDemandunderSalesTaxLawsfortheaccountingyear
200102,200203,200304Notei
618.22
618.22
SalesTaxDemandunderRajasthanSalesTaxAct,1994forthe
year200203(Notei)
139.48
139.48
53.83
53.83
27.72
27.72
63.99
63.99
3.97
3.97
5.59
5.59
1000.00
0.00
CorporateBankGuaranteeGiveninFavourofGayatriEnterprise
Note:1) Asagainstthesame,thecompanyhaspaidunderprotestof`406.50lacsandshownasLongTermLoansand
Advances
25.2
IntheopinionoftheBoard,CurrentAssets,Loans&advanceshaveavalueonrealizationintheordinarycourseof
businessatleastequaltotheamountatwhichtheyarestated.
25.3
Micro,SmallandMediumEnterprises
Themanagementhasinitiatedtheprocessofidentifyingenterprisesthosehaveprovidedgoodsandservicestothe
companyandwhichqualifyunderthedefinitionofmicroandsmallenterprises,asdefinedunderMicro,Smalland
Medium EnterpriseDevelopmentAct,2006.Accordingly,noneofthesuppliersofthecompanyaremicroenterprises,
smallandmediumenterprisesundertheMicro,SmallandMediumEnterpriseDevelopmentAct,2006.Therefore,the
disclosuresundersection22ofthesaidactarenotnecessary.
25.4
25.5
TherearenoamountsdueandoutstandingtobecreditedtoInvestorEducationandProtectionFund.
ManagerialRemuneration:
Particulars
Paidduringtheyear
20132014 ( ` inLacs)
20122013(` Inlacs)
16.16
16.16
Note:1ManagingDirectors/WholetimeDirectorarebothcoveredundertheCompanysGratuity/Leaveencashment
schemealongwiththeotheremployeesofthecompany.Thetotalremunerationasstatedaboveiswithinthemaximum
permissiblelimitundertheCompaniesAct.1956.
25.6
Earnings/ExpenditureInForeignCurrency
Particulars
20132014(` Inlacs)
20122013(` Inlacs)
FOBValueofExports
1034.59
236.05
ForGoodsPurchase
48908.79
31342.37
72
( ` inLakhs)
25.7
CIFValueofImports
Particulars
20132014(Ìnlacs)
20122013(` Inlacs)
48908.79
31342.37
CIFValueofImportedRawMaterials
25.8
Quantityofinventoriesisbaseduponphysicalverificationbythemanagementandvaluationisbasedondetailsofcost
andrealizablevalue(whereverapplicable)consideringthequalityandotherrelevantfactorsascertainedbymanage
ment.Thequantitiesofinventories,salesandpurchasesaretakenbasedondetailsworkedoutfromthebillsandthe
stockrecordsmaintainedbythecompany(whereverapplicable).
26.
DisclosureunderAccountingStandards
26.1
RelatedPartyDisclosuresasperAccountingStandard18
Namesofrelatedpartiesanddescriptionofrelationshipfrom/towhichfollowingtransactionswereenteredduring
theyear.
Sr. Name
No.
Relationship
Manner
(A)
JayeshbhaiPatel
ManagingDirector
KeyManagerialPerson&personexercisingmorethan20%votingpower.
ChandubhaiPatel
Relativeof KeyManagerialPerson
RelativeasfatherofJayeshbhaiPatel,theDirectorofthecompany
PradipbhaiPatel
RelativeasbrotherofJayeshbhaiPatel,theDirectorofthecompany
JigishabenPatel
Relativeof KeyManagerialPerson
RelativeasSisterinLawofJayeshbhaiPatel,theDirectorofthecompany
SonalbenPatel
RelativeaswifeofJayeshbhaiPatel,theDirectorofthecompany
Transactionswithrelatedparties&BalanceOutstandingasattheyearend
Sr.No. NatureofTransaction
201314( ` Inlacs)
201213( ` Inlacs)
InRelationto(A)above
1
ManagerialRemuneration
16.16
16.16
EmployeesBenefitsExpenses
17.38
16.19
FinanceCost
24.00
42.38
Loanreceived
0.00
1418.87
LoanRepaid
1500.00
0.00
Asat31.03.2014( ` Inlacs)
Asat31.03.2013( ` Inlacs)
421.60
1900.00
OutstandingBalance
6
26.2
LoansReceived
DisclosureasperAccountingStandard15(Revised)EmployeeBenefits
DefinedContributionPlan
Thecompanyprovidesretirementbenefitinformofprovidentfund,gratuityandleaveencashment.Providentfund
contributionmadetoGovernmentAdministeredProvidentFundaretreatedasDefinedContributionPlan,sincethe
companyhasnofurtherobligationbeyonditsmonthlycontribution,
Contributiontorecognizedandchargedofftheyear,isasunder:
EmployersContributiontoProvidentFund`23.24lacs(Previousyear`21.74lacs)
73
( ` inLakhs)
DefinedBenefitPlan
Thecompanyhasdefinedbenefitplansforgratuitytoeligibleemployees,contributionsforwhicharemadetoLife
InsuranceCorporationofIndia,whoinvestthefundsasperIRDAguidelines.Thedetailsofthesedefinedplansrecog
nizedinthefinancialstatementsareasunder:
GeneralDescriptionofthePlan
Thecompanyoperatesadefinedbenefitplan(theGratuityPlan)coveringeligibleemployees,whichprovidesalump
sumpaymentstovestedemployeesatretirement,death,incapacitationofterminationofemployment,ofanamount
basedontherespectiveemployeessalaryandthetenureofemployment.
StatusofgratuityplanasrequiredunderAS15(Revised)
ReconciliationofopeningandclosingbalanceofRunningAccount
20132014( ` inlacs.)
54.27
6.39
(2.71)
4.82
62.77
Particulars
Openingbalance
Amountcreditedtowardsthefund
Amountpaidasclaim
Interestcreditedfortheyear
Closingbalance
26.3
20122013( ` inlacs.)
44.68
8.41
(2.90)
4.08
54.27
SegmentInformationasperAccountingStandard17onSegmentReporting
Thecompanyhasidentifiedfourbusinesssegmentsviz.IntegratedOilDivision,PowderPlant,WindMillandDairy.
Segmentshavebeenidentifiedandreportedtakingintoaccountthenatureofproducts,thedifferingrisksandreturns,
theorganizationalstructureandinternalbusinessreportingsystem.
Revenueandexpenseshavebeenidentifiedtoasegmentonthebasisofrelationshiptooperatingactivitiesofthe
segment.
SegmentAssetsandSegmentLiabilitiesrepresentassetsandliabilitiesofrespectivesegments.
Sr.No. Particulars
Fortheyearended
Fortheyearended
31/03/2014( ` inlacs)
31/03/2013( ` inlacs)
1
SegmentRevenue
a) IntegratedOilDivision
227752.68
194441.60
b) PowderMfg.Division
353.19
276.78
c) WindMill
106.95
106.75
d) Dairy
12567.44
11740.73
TOTAL
240780.25
206565.86
Less:InterSegmentRevenue
936.01
595.74
NetSales/IncomefromOperations
239844.24
205970.59
2
SegmentResults
6622.72
5068.30
309.22
79.75
c) WindMill
41.97
49.00
d) Dairy
538.97
739.48
TOTAL
7512.89
5936.52
Less:
Interest
4644.13
3584.03
TotalProfitBeforeTax
2868.76
2352.49
3
CapitalEmployed
(SegmentAssetsSegmentLiabilities)
15423.94
11706.21
32.13
42.28
c) WindMill
479.77
522.65
d) Dairy
2272.96
2204.25
TOTAL
18208.80
14475.39
Note: Thecompanyalsoexportsitsproductsbutthedisclosuresasrequiredunderaccountingstandard17ongeographicalseg
menthasnotbeenprovidedasthetotalvalueofexportsislessthan10%ofthetotalrevenue.
74
( ` inLakhs)
Noteson FinancialStatementsfor the Year endedMarch 31, 2014

STATEMENTOFFINANCIALINFORMATIONOFSUBSIDIARY
StatementofFinancialInformationofVimalDairyLimited,aSubsidiaryCompanyason31/03/2014asperGeneralCircularNo.
2/2011dated8thFebruary,2011oftheMinistryofCorporateAffaris
Sr.No. Particulars
Amountason
31/03/2014(` inLacs)
Amountason
31/03/2013(` inLacs)
600.00
600.00
Capital
Reserves
1866.16
1757.91
TotalAssets
7836.04
7537.38
TotalLiabilities
7836.04
7537.38
Dtailsofinvestments(exceptincaseofinvestment
inthesubsidiaries)
142.28
142.28
Turnover
12552.04
11728.82
ProfitbeforeTaxation
174.72
150.89
Provisionfortaxation
63.72
(30.69)
ProfitafterTaxation
111.01
120.20
10
ProposedDividend
NIL
NIL
11
Country
India
India
FORRRS&ASSOCIATES
FRN.118336W
JayeshC.Patel
RAJESHR.SHAH
Partner
M.No.034549
Place:Ahmedabad
Date:May27,2014
FageshR.Soni
CompanySecretary
Place:Ahmedabad
Date: May27,2014
75
MahendrabhaiV.Patel
Director
Vimal Oil & Foods Ltd.

CINL15400GJ1992PLC017626
Regd.Office: 4thFloorHeritageNearTheGrandBhagwati
SarkhejGandhinagarHighwayAhmedabad380054.
Tel.:07926841851525354,Fax:07926841850
Web: www.vimaloil.com
Email: sec.vimal@yahoo.co.in,secretarial@vimalgroup.com
ATTENDANCE SLIP
PleasecompletetheattendanceslipandhanditoverattheentranceoftheMeetinghall.
I/Weherebyrecordmypresenceatthe22ndAnnualGeneralMeetingoftheCompanytobeheldon Tuesday,
September30,2014at11.45A.M. attheRegisteredofficeoftheCompany.
DPID
FOLIONO
ClientID
NOOFSHARES
NameoftheShareholder(InBlockLetters)
SignatureofShareholder
Nameoftheproxy(InBlockLetters)
SignatureoftheProxy
NOTE: (1)
(2)
ThisattendanceisvalidonlyincasesharesareheldonthedateofthisAnnualGeneral
Meeting.
Youarerequestedtosignandhandoverthisslipattheentrance.
TheElectronicvotingparticularsaresetoutbelow:
EVSN
(ElectronicVoting
SequenceNumber)
USERID
PASSWORD
PleasereferNoticeforinstructionsonevoting.
Evotingfacilityisavailableduringthefollowingvotingperiod:
Commencementofevoting
EndofEvoting
September24,2014(From9:00a.m.)
September26,2014(upto6:00p.m.)
76
ECOMMUNICATIONREGISTERATION FORM
To
LinkIntimeIndiaPrivateLimited
UnitNo.303,
3rd Floor,ShoppersPlazaV,
Opp.MunicipalMarket,B/hShopperPlazaII,
C.G.Road,
Ahmedabad380009
DearSir/Madam,
RE:GreenInitiativeinCorporateGovernance
IagreetoreceiveallshareholdercommunicationfromtheCompanyinelectronicmode.
Pleaseregistermyemailidinyourrecordsforsendingshareholdercommunicationthroughemail.
FolioNo.
DPID
ClientID
PAN
Nameof1st RegisteredHolder
NameofJointHolder(s)
RegisteredAddress
EmailID
Date:__________________
Signatureofthefirstholder______________________________
ImportantNotes:
1)
Onregistration,allthecommunicationwillbesenttotheemailIDregisteredinthefolio/DPID&
ClientID.
2)
ShareholdersarerequestedtokeepCompanyinformedasandwhenthereisanychangeinthee
mailaddress. Unlessthe emailid /address givenabove is changed byyou bysending another
communicationinwriting,theCompanywillcontinuetosendthenotices/documentstoyouon
theabovementionedemailID.
77
FORMMGT11
PROXY FORM

CINL15400GJ1992PLC017626
Regd.Office: 4thFloorHeritageNearTheGrandBhagwati
SarkhejGandhinagarHighwayAhmedabad380054.
Tel.:07926841851525354,Fax:07926841850
Web: www.vimaloil.com
Email: sec.vimal@yahoo.co.in,secretarial@vimalgroup.com
NameoftheMember(s):
RegisteredAddress:
EmailId:
Folio/DPIDClientIDNo.
I/WebeingaMember(s)of____________sharesoftheabovenamedCompany,herebyappoint
1.
Name:___________________________________________________________________________________________
Address:___________________________________________________________________________________________
Emailid:___________________________________________________________________________________________
Signature:_________________________________________offailinghim
2.
Name:___________________________________________________________________________________________
Address:___________________________________________________________________________________________
Emailid:___________________________________________________________________________________________
Signature:_________________________________________offailinghim
3.
Name:__________________________________________________________________________________________
Address:____________________________________________________________________________________________
EmailId:___________________________________________________________________________________________
Signature:_______________________________________
asmy/ourproxytoattendandvote(onapoll)forme/usandonmy/ourbehalfthebehalfatthe22nd AnnualGeneral
MeetingoftheCompanytobeheldonTuesday,September30,2014at11.45A.M.attheRegisteredOfficeofthe
Companyandatanyadjournmentthereofsuchresolutionsasareindicatedbelow:
78
Resolu
tionNo.
Resolutions
Vote
(OptionalseeNote3)
(Pleasementionno.ofshares)
OrdinaryBusiness
For
OrdinaryResolutionforadoptionofAnnualAccountsand
ReportofDirectorsandAuditorsthereonforthefinancial
yearended31st March,2014
Ordinary Resolution for declaration of Dividend on

PreferenceShares
OrdinaryResolutionfordeclarationofDividendonEquity
Shares
OrdinaryResolutionforreappointmentofShriJayeshC.
Patel(DIN00027767)whoretiresbyrotationand,being
eligible,offershimselfforreappointment
Ordinary Resolution for appointment of M/s. R R S &

AssociatesasAuditorsoftheCompany
Against
SpecialBusiness
6
Ordinary Resolution for appointment of Shri

MahendrabhaiV.Patel(DIN00027822)asanindependent
directorintermsofsection149oftheCompaniesAct,2013.
Ordinary Resolutionfor appointment of ShriMukesh N.

Patel(DIN00498451)asanindependentdirectorinterms
ofsection149oftheCompaniesAct,2013.
Ordinary Resolution for appointment of Shri Alkesh B.

Patel(DIN05142040)asanindependentdirectorinterms
ofsection149oftheCompaniesAct,2013.
OrdinaryResolutionforreappointmentofShriJayeshC.
Patel(DIN00027767)asaManagingDirector
10
Ordinary Resolution for approval of the remuneration

payable to cost auditor, M/s. S A & Associates for the
financialyear201415
11
Special Resolution for power to borrow money under

Section180(1)(c)oftheCompaniesAct,2013
12
Special Resolution for approval of the related party

contracts/ arrangements / transactions with M/s. Vimal
DairyLimited,asubsidiarycompany
13
Special Resolution for adoption of new articles of

association of the Company containing regulations in
conformitywiththeCompaniesAct,2013
Signedthis____________________dayof_________2014.
SignatureofShareholder:___________________________
SignatureofProxyholder(s):________________________
Affix
Revenue
Stamp
NOTE:
1. The Proxy Formsigned across revenue stamp should reachat the Companys Registered Office at 4th Floor Heritage, Nr. The Grand
Bhagwati ,Sarkhej Gandhinagar Highway, Ahmedabad 380 054.
2. For the Resolutions, Explanatory Statementand Notes, please refer to the Notice ofthe 22nd Annual General Meeting.
3. Itis optionalto putX inthe appropriatecolumn againstthe Resolutionsindicated inthe Box.If you leave theFororAgainst column
blank againstany or all Resolutions, your Proxywill beentitled to vote in the manner as he/she thinks appropriate.
4. The Proxy neednot to be aMember ofthe Company.
5. Please fill in full particulars.
6. Company reserves the right to ask foridentification of the proxy.
79
80
In
te
nt
io
la
ll y
B
na
nk
Choose from Vimal's widest range of

Healthy Cooking oils to get the best of health.
BOOK-POST
To,
If Undelivered, Please Return To :

ISO 22000:2005 Certified Company
CIN: L15400GJ1992PLC017626
th
Regd. Office: 4 Floor, Heritage, Nr. The Grand Bhagwati, Sarkhej-Gandhinagar Highway, Ahmedabad - 380 054
Tel.: 079-26841851 / 52 / 53 / 54 Fax: 079-26841850 Website: www.vimaloil.com

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Report on Corporate Governance

Management Discussion & Analysis Report

Auditors Certificate on Clause 49 Compliance

Standalone Financial Statements

Consolidated Financial Statements

Statement of Financial Information of Subsidiary

IMPORTANT COMMUNICATION TO MEMBERS

Shri Mahendrabhai V. Patel is

Vimal Dairy Ltd

ThesalesincludingotherincomefortheyearendedMarch31,2014was ` 228212.81Lakhsasagainst ` 194825.60Lakhsforthe

Salary, Bonus and allowances

ThenoticeofPostalBallotdated13th November,2013wasdispatchedtoalltheshareholderson28th November,2013and

4th Floor, Heritage, Near The Grand Bhagwati, Sarkhej

4th &5th Floor,AWing,TradeWorld,

OnAugust4,2012theCompanyhasallotted8,70,000equitysharesof `10/eachatthepremiumof ` 55/aggre

22nd Annual Report 2013 - 14

Management Discussion & Analysis

22nd Annual Report 2013 - 14

Production of Oilseeds (Lakh Tonnes)

2010 11 2011 12 2012 - 13

Current policy issues

22nd Annual Report 2013 - 14

AUDITORS CERTIFICATE ON CLAUSE 49 COMPLIANCE

wehaveobtainedalltheinformationandexplanationswhichtothebestofour knowledgeandbeliefwerenecessaryfor thepur

onthebasisofwrittenrepresentationsreceivedfromthedirectorsasonMarch 31,2014,and taken onrecordby theBoardof

8. Wehavebroadly reviewedthecostrecordsmaintainedby theCompanypursuanttothe Companies(CostAccounting

10. TheCompanydoesnothaveaccumulatedlossesattheendofthefinancialyear.TheCompanyhasnot incurredcash

Significant Acounting Policies

1,862.20 2,602.20 2,729.95

Total Tangible Asset

2,429.52 3,865.90 3,966.51

2,246.08 3,966.51 3,558.70

227543.94 194437.61 353.19

227752.68 194442.07 353.19

106.75 228212.81 194825.60

106.75 228004.08 194821.14

522.65 74547.22 65544.03

522.65 74547.22 65544.03

522.65 15921.16 12165.59

(i)Equity: Thecompanyhasequityshareshavingparvalurof ` 10pershare.Eachholderofequitysharesisentitledtohaveone

Noteson FinancialStatementsfor the Year endedMarch 31, 2014

Total Tangible Asset

3,767.62 5,811.98 5,839.07

3,376.73 5,839.07 5,302.48