MANAGEMENT DISCUSSION AND ANALYSIS - 2015 Cautionary Statement Statements in this Management Discussion and Analysis describing the Group's objectives, projections, estimates, and expectations may be forward-looking statements. Actual results may differ materially from those exbrssed or implied. Important factors that could make a difference to the Group's operations include economic conditions affecting demand/supply and price conditions in the domestic and overseas markets in which the Group operates, changes in the Government regulations, tax laws, statutes and other incidental factors. Overview The following operating and financial review is intended to convey the management's perspective on the financial and operating performance of Rain Industries Limited ("The Company") and its Subsidiaries (together referred as "RAIN Group") for the year ended December 31, 2015. This should be read in conjunction with the Company's Stand-alone and Consolidated Financial Statements, the schedules and notes thereto and the other information included elsewhere in the Annual Report. The Company's Financial Statements have been brpared in compliance with the requirements of the Companies Act, 2013, the guidelines issued by the Securities and Exchange Board of India ("SEBI") and the Generally Accepted Accounting Principles ("GAAP") in India. I. INDUSTRY STRUCTURE 1. Carbon Products RAIN Group is engaged in manufacturing and trading of Carbon Products. Carbon Products include Calcined Petroleum Coke ("CPC"), Coal Tar Pitch ("CTP"), Green Petroleum Coke ("GPC"), Other Derivatives of Coal Tar Distillation and co-generated energy. 1.1. Calcined Petroleum Coke ("CPC") and Green Petroleum Coke ("GPC") RAIN Group carries-on the business of manufacturing of CPC through its Wholly Owned Subsidiaries in India and the US. CPC is produced from GPC, a by-product of the crude oil refining process, through a process known as "calcining", which removes moisture and volatile matter from GPC at a high temperature. CPC is produced in two primary forms:(i) Anode Grade CPC (for use in the Aluminum smelting process), and (ii) Industrial Grade CPC (for use in the manufacturing of Titanium Dioxide and other industrial applications). Anode Grade CPC rebrsents approximately 77% of Global CPC production and Industrial Grade CPC rebrsents the remaining 23%. For every metric ton of primary Aluminum produced, approximately 0.4 metric tons of CPC is consumed. Worldwide CPC production for CY15 is estimated to be 27.5 million metric tons, 74% of which was produced in China and North America. China continues to play a key role in the CPC industry and its share of the world's CPC production is estimated to remain at 54%in the near term. RAIN Group estimates that over 130 oil refineries worldwide produce and sell GPC in varying forms and qualities. Generally, the sale of GPC does not constitute a material portion of oil refineries' revenues. The price of GPC varies depending on the quality and the market in which it will be used and is largely driven by demand and supply conditions in such market. A refinery typically realizes higher prices for GPC used in Anode Grade CPC production than in Industrial Grade CPC production. However the quality of GPC (whether Anode Grade or Industrial Grade) cannot be modified by a refinery; as the quality is determined by the type of crude oil being refined. In general, CPC and GPC prices move in parallel. Consequently, CPC producers typically pass on GPC cost increases or decreases to their customers. However, there may be a time lag of one or two quarters for such an adjustment. Threats & Challenges The main threat to the supply of CPC is the availability of suitable quality GPC. GPC is a by-product of the oil refining process and is not produced to meet the supply or quality needs of the World's CPC or Aluminum producers. Changes in the economics of oil refineries over the past 15 - 20 years have resulted in a trend towards refining heavier and sour crude oil. While petroleum refineries continue to build refining capacity (and, therefore, indirectly GPC production capacity), the Worldwide supply of Traditional Anode Grade GPC is expected to grow at a slower pace as refineries are processing more sour crude oil, which results in lower quality (Fuel Grade) GPC. As a result, global CPC producers have experienced, and may continue to experience, decline in the availability of Anode Grade GPC that they require. To economically and efficiently support growth in the Aluminum industry, RAIN Group believes that Aluminum Smelters and CPC manufacturers need to work together to expand existing quality specifications for Anode Grade CPC, and allow for use of more Non-Traditional Anode Coke ("NTAC") blends in the production of Anode Grade CPC. A decline in US Fuel Grade GPC prices was observed during CY15 and is expected to continue. This will provide some cost relief for US Calciners as Fuel Grade GPC prices set the price floor for Anode Grade GPC. RAIN Group's patented Isotropic Coke Experiment ("ICE") technology is one method of utilizing inferior grades of GPC to produce CPC without materially compromising the product quality. Additionally, RAIN Group's infrastructure is uniquely placed in the industry to be able to quickly realign its customer mix to competitively meet the increased demand for CPC in the Middle-East, Russia and India. Furthermore, RAIN Group has set-up a new CPC Blending Facility in India to substantially increase its CPC sales to the Aluminum Smelters in India and the region around India. Recent strategic investments in FGD Plants in Lake Charles, Louisiana, US and Chalmette, Louisiana, US allow RAIN Group to unlock an unmatchable advantage in serving the Aluminum Smelters in India and the region around India. 1.2. Coal Tar Pitch ("CTP") and Other Carbon products RAIN Group has four Coal Tar Distillation Facilities in Belgium, Canada, Germany and Russia. Coal Tar Distillation is carried-out in Belgium, Canada and Germany through wholly owned subsidiaries, and Tar Distillation is carried-out in Russia through a Joint Venture with PAO Severstal, Russia. Coal Tar is a liquid by-product derived in the conversion process of coal into metallurgical coke. During this conversion process, approximately 80% of the coal volume is processed into metallurgical coke. Metallurgical coke is used as an important reducing agent and energy source in blast furnaces for the production of pig iron and steel. Consequently, the supply of Coal Tar is correlated to pig iron production, which, in turn, is driven by steel production. Asia (including 60% from China) contributes approximately 77% of total World pig iron production and the European Union's 27 Countries (including 2% from Germany) contribute about 8% of total world pig iron production. According to recent industry estimates, global metallurgical coke supply will increase from 715.0 million metric tons in CY15 to 743.1 million metric tons by CY20 rebrsenting a Compound Annual Growth Rate ("CAGR") of +0.8%. However, lately there has been a decrease in demand for hot metal, especially in China, related to slowing growth in steel demand and lack of production gains. This has reduced demand and therefore production of metallurgical coke during CY15. The aforementioned, long-term growth is expected to be supported through a recovery of coke production in Europe and production gains in Japan and Korea. Nevertheless, demand for and production of steel in China will remain the single most determining factor for the global metallurgical coke market. Every metric ton of metallurgical coke produced yields, on average, 0.04 metric tons of Coal Tar. As per the latest industry estimates, World Coal Tar supply will increase from 23.0 million metric tons in CY15 to 24.1 million metric tons in CY20, which corresponds to a CAGR of +0.9%. Coal Tar is the main raw material in Coal Tar Distillation process. The Coal Tar Distillation business can be categorized into two stages: (i) The primary Coal Tar Distillation business ("Primary Distillation") and (ii) the downstream processing of selected products of Primary Distillation into refined products ("Downstream"). Primary Distillation products include CTP, naphthalene oil and aromatic oils. With a distillation yield of 48%, CTP is the main end product in Coal Tar Distillation business and therefore crucial for its success and development. While the consumption of CTP in the rest of the world was shrinking, consumption of CTP in Asia (including China and Middle East) and in Europe has increased by 9% and 2%, respectively. According to recent industry estimates, World-wide demand for CTP aggregated to approximately 6.5 million metric tons in CY15.It is expected to grow to approximately 8.2 million metric tons by CY20, rebrsenting a CAGR of +4.8%.Worldwide production of CTP aggregated to approximately 6.6 million metric tons in CY15 and is expected to grow to approximately 8.2 million metric tons by CY20, rebrsenting a CAGR of +4.5%. Geographically, CTP production is led by China, rest of Asia and Europe with an aggregate share of 89% in CY15. These are the only regions with positive demandproduction- balance before imports and exports. In this context, Europe is forecasted to be the only region to expand this positive balance ratio through CY20 with a CAGR of +16.8%, while demand-production-balances for CTP in China and the remaining Asian countries are expected to decline in future years Eighty percent of the world's CTP production is primarily used to produce carbon anodes for the Aluminum smelting process. For every metric ton of Primary Aluminum, approximately 0.1 metric ton of CTP is consumed. Therefore production of Primary Aluminum is one of the most important determinants of CTP demand. The second largest CTP end-user, consuming approximately 11% of the World's production, is Graphite Electrode producers. Graphite Electrodes are used in the manufacturing of steel in electric arc furnaces. Aluminum industry consumed about 5.2 million metric tons of CTP in CY15. During CY15, approximately 54% of total global primary Aluminum production was in China, 14% in Europe (including Russia) and 8% in North America. According to recent industry forecasts, the demand for CTP by Aluminum industry will increase from 5.2 million metric tons in CY15 to 6.6 million metric tons in CY20, rebrsenting a CAGR of over 5.0%.Further, world demand for primary Aluminum aggregated to approximately 56.3 million metric tons in CY15 and is expected to grow to approximately 69.3 million metric tons by CY20, rebrsenting a CAGR of 4.3%.Of the total demand for primary Aluminum in CY15, 51% was from China, 15% from Europe (including Russia) and 11% from North America. As observed earlier, it is expected that China will increase its share in Aluminum consumption to about 54% of total demand for primary Aluminum by CY20. The said demand will be driven by electrical conductors and excellent growth in packaging demand. Western Europe is expected to see an increase in Aluminum consumption of about 0.9% CAGR, which will be mainly driven by the transportation and packaging industries. Naphthalene, as a chemical intermediate, is mainly used as a brcursor to other chemicals or as a solvent for a chemical reaction. Naphthalene is used both in the production of dispersants, used in the construction industry, and as super plasticizers for the production of concrete and gypsum. Therefore, demand for naphthalene is correlated to the building materials industry. According to current industry estimates, world building materials output increased at about 2.2% during CY15. Developed economies had a growth rate of 1.5% for building materials, while emerging economies had a growth rate of about 3.1% in CY15. Naphthalene is also used in theproduction of Phthalic Anhydride as a substitute for Orthoxyleneas it is more cost-effective. Phthalic Anhydride is used in the manufacturing of plastics, polyester resins and alkyd resins. Additionally, phthalate esters made from Phthalic Anhydride are used as plasticizers in the production of several PVC products. Aromatic oils, such as Creosote Oil and Carbon Black Oil, are sold to a variety of industries. Creosote Oil is used by the wood treatment industry for the imbrgnation of wood. Carbon Black Oil is primarily used by the rubber and automobile tyre industries. Prices for Aromatic Oils are highly correlated to the price of fuel oil. Although fuel oil prices increased during the second quarter of CY15, they declined by the end of the year After industrial processing, the down stream products made from Naphthalene and Aromatic Oils are indispensable constituents of many articles of daily life. For example, they are used in the leather, construction, car tyres and pharmaceutical industries, as a key raw material. Threats & Challenges World Coal Tar production for CY16 is estimated to be about 23.2 million metric tons slightly higher than in CY15by approximately 0.20 million metric tons. With approximately 8% of total Coal Tar production in EU's 27 countries, supply of Coal Tar for most of RAIN Group's Coal Tar Distillation capacity (which also is located brdominantly in Europe) is currently not subject to downside risk. In addition, RAIN Group strengthened its Coal Tar sourcing, by about 20%, through Russian Joint Venture. With approximately 5% of Global Coal Tar production, Russia will be an important hedge for Coal Tar supply in the future. Although the Aluminum industry has experienced production and consumption growth on a long-term basis, there may be cyclical periods of weak demand which could result in decreased primary Aluminum production RAIN Group's sales have historically declined during such cyclical periods of weak global demand for Aluminum. Naphthalene and Aromatic Oils (other by-products in Primary Distillation) are subject to the demand-supply dynamics of the construction industry and the development of prices of correlated commodities. Decreasing prices of Fuel oil and Ortho-xylene could reduce margins and competiveness of Naphthalene and Aromatic Oils. 1.3. Co-generated Energy RAIN Group is able to co-generate energy through waste heat recovered in calcining process. Currently RAIN Group co-generates energy at five out of eight CPC plants with a combined generation capacity of approximately 125MW. RAIN Group is committed to a clean and efficient industry that works in harmony with the environment. As part of this commitment, RAIN Group has made a significant investment in waste-heat recovery systems at our petroleum coke calciners. Heat recovery process reduces greenhouse gas emissions and EPA criteria pollutants, and result in the more carbon-neutral co-generation of energy. Further, RAIN Group made substantial investments in Flue Gas Desulfurization plants in its CPC Plants in India and US to minimize the emissions. 2. Chemicals The Company's Chemical products are produced in two parallel production streams. One stream is derived from the downstream refining of primary coal tar distillates, while the other stream from petroleum derivatives, such as C9 and C10 fractions as its raw material. The Chemicals produced include aromatic chemicals, super plasticizers and resins & modifiers. Consequently the production of RAIN Group's Chemicals depends on the Coal Tar Distillation process and on the proximity to petroleum refineries and their availability of suitable-quality petroleum derivatives, like C9 and C10. These chemical products are used in a broad variety of end-markets including paints, coatings, construction, plastics, paper, tyres, rail ties, insulation and foam. RAIN Group's Chemicals business can be broken down into three sub product categories: 2.1. Resins & Modifiers The Resins & Modifiers business produces specialty resins, with a wide range of softening points and compatibilities for use in the adhesive, coating, rubber and printing ink industries. In addition, it produces modifiers for high-performance coating systems and environmentally friendly applications for the paper industry. Products are derived from a variety of raw materials, such as Carboindene, (produced in RAIN Group's distillation process) and C9 and C10 fractions, which are externally sourced. 2.2. Super plasticizers The Super plasticizer business is comprised of naphthalene and polymer-based products that are used as additives for gypsum and concrete, such as polymeric dispersants, which are used in the formulation of super plasticizers for the concrete industry. RAIN Group's Super plasticizer business is a leading supplier of dispersing agents for a wide range of uses, including gypsum wallboards, textiles, leather tanning agents, pulp, paper, agricultural chemicals, ceramics, dyes, polymer emulsions, lead storage batteries, electroplating and pigment slurries. 2.3. Aromatic Chemicals The Aromatic Chemicals business extracts pure products derived from Coal Tar and other sources. These products comprise of aromatic hydrocarbons such as Phenols, Cresols, Xylenols, Carbazole and Anthracite as well as 3.5-Xylenol and Acetophenone. The aforementioned products are used in a wide range of industries, such as paper, pharmaceutical, pigments and fragrance and are essential in the manufacturing of many products, including paints, drugs, agrochemicals, fragrances, disinfectants, paper and dyestuffs. They are also used in applications in high-tech industries, including magnetic wire for electrical motors. Global chemical production volumes in CY15 were affected by geopolitical uncertainty, recessions in Russia, Brazil and other countries, as well as a distinct slowdown in China. Due to these factors, the global chemical production increased only by 2.8% in CY15, as compared to increase of 3% in CY14. The US reached an annual growth rate of 3.6%, Western Europe 2.4%, and Central/ Eastern Europe 4.7%. The growth in demand for Chemicals primarily depends on the manufacturing sector, which rebrsents the primary customer base for the Chemical Industry. After Global Annual Growth of 1.7% in regards to industrial production output in CY15, Annual Growth is projected to be 3.1% in CY16 and 3.3% in CY17. Such growth will be led by Asia (especially China, India and South Korea), US, Mexico and parts of Europe (especially Germany and Spain). With improving economic prospects, particularly through the development of the manufacturing sector, global annual growth in Chemicals is projected to be 3.3% in CY16 and 3.7% in CY17. The most significant growth is expected to originate in the developing nations of Asia- Pacific, Africa and the Middle-East. Due to competitive advantages from shale gas, which led to an increased supply of cheap shale-derived raw materials like natural gas, North America is also expected to generate strong growth. According to the US chemical industry association, American Chemistry Council (ACC), chemical output in the US is expected to grow by 2.9% in CY16 and by 4.4% in CY17. Growth is estimated to be moderate in Europe since reliable access to low-cost feedstock from shale gas is not available. However, European chemical exports are expected to be supported by favorable Euro exchange rates. According to recent industry reports, chemical production in Western Europe is expected to grow by 2%; Central/Eastern Europe by 3.1% and 3.7% in CY16 and CY17 respectively. Overall, the Global chemical industry expects to see improvement for years to come through stronger global growth in manufacturing industry driven by consumer demand. Threats& Challenges Key threats for RAIN Group's Chemical business are volatility in commodity prices, exchange rate fluctuations and the availability of competitive raw material supplies. The price of benzene and C9 and C10 fractions depend especially on exchange rates and the price of crude oil and fuel oil. RAIN Groupis reducing pricing and procurement risks through the integrated worldwide management of sales and supply procurement, optimized processes, and long term agreements to ensure reliable sourcing of raw material required. At the end of CY15, RAIN Group also witnessed some seasonality in the Chemical business mainly due to weather conditions in geographies where its plants and/ or end-use customers are located. This has led to general de-stocking and reduced customer production at the end of CY15. 3. Cement RAIN Group has two integrated Cement Plants, one each in the states of Telangana and Andhra Pradesh. RAIN Group also has a Cement packing unit in Karnataka. The Indian cement industry is the second largest national market after China andit accounts for about 8% of total global production. The Indian cement industry had a total production capacity of over 380 million metric tons during CY15,which is expected to increase to around 411 million metric tons by CY18.Cement is a cyclical commodity with a high correlation to GDP. The Indian housing sector is the biggest demand driver of cement, accounting for about 64% of total consumption. The other major consumers of cement include infrastructure (17%), commercial construction (13%) and industrial construction (6%).During the last few years, low capacity utilization coupled with weak prices and increasing input costs have impacted the performance of Cement industry in India. Subdued operating profits and high debt service obligations have even led some Indian cement producers to defer expansion plans. With improved demand resulting from infrastructure and housing sectors coupled with limited capacity additions, the cement capacity utilization on a Pan India basis is expected to gradually improve during CY16. Indian Cement industry grew at a commendable rate in the brvious decade, registering a CAGR of approximately 8%.However, the growth slowed from 2011 to 2013 when cement consumption grew at an average rate of 4%.Moreover, the per capita consumption of cement in India still remains substantially low at about 192 kg when compared with the world average of about 365 kg (excluding China).This underlines the tremendous scope for growth in the Indian cement industry in the long term. Cement, being a bulk commodity, is a freight intensive industry and transporting it over long distances can be uneconomical. This has resulted in cement being largely a regional play with the industry divided into five main regions in India: North, South, West, East and the Central region. The Southern region of India has the highest installed capacity, accounting for about 33% of the Country's total installed cement capacity. Current Position During CY15, demand in India's cement industry grew by 6% year-on-year ("YoY").The subdued growth was mainly attributable to a slowdown in construction activities, regulatory delays in infrastructure projects, high interest rates, prolonged monsoons, and natural disasters in some parts of India. The industry witnessed high operating costs, which included all major cost heads such as raw materials, energy and freight. Near Future As stated earlier, cement demand is closely linked to the overall economic growth, particularly the housing and infrastructure sectors. With Indian Government's thrust on housing and infrastructure development, cement demand is expected to increase in the near future. The weakness in international crude oil prices and other commodities should help bring costs under control and improve profitability of the sector. Once inflation declines, the likely lowering of interest rates would also positively impact the cement sector. While temporary challenges remain in the form of excess capacity, slowing the pace of capacity additions will improve the overall utilization levels. Also, long term drivers for demand for cement remain intact. Higher government spending on infrastructure, robust growth in rural housing and rising per capita incomes will continue to contribute to the growth of the industry. Historically, positive incremental demand over supply has resulted in higher cement prices and vice versa. Levels of capacity utilization aggravate the quantum of increase or decrease in cement prices. Hence, profitability of Southern-based cement companies will remain positive in the short-term due to stable cement prices. Rebound in demand growth from CY17is expected to support prices in the Southern region. Threats & Challenges The Indian cement industry has witnessed a massive capacity addition of over approximately 197 million metric tons during last 7 years. This capacity addition is disproportionately high and concentrated in South India. During the same period, South Indian cement capacity alone has increased by approximately 78 million tons This has resulted in significant brssure on capacity utilization and price realization, as well. India's cement industry's average utilization has come down drastically from approximately 95% in CY08 to approximately 71% in CY15, led by weak demand and an oversupply in the industry. Cement demand and capacity utilization are expected to improve, led by a slower pace in capacity addition and better demand prospects. Until CY14, the Southern region (especially Andhra Pradesh) faced demand issues due to political instability and delays in sanctioning projects across the sectors. However, with the split of Andhra Pradesh into two states, which required the installation of a new government in the new state of Telangana, we expect demand to pick up and utilization to improve on the back of fresh demand for housing, urban and infrastructure development from the new states. Telangana is undertaking major irrigation projects, and Andhra Pradesh is committed to build a new Capital City by CY18.More than 90% of RAIN Group's cement sales volumes are in the Southern region, almost 33% of which is sold in Andhra Pradesh and Telangana. Hence, the above developments planned for these two states will contribute to the growth in the Cement Business of RAIN Group. In addition to the above, there is a lack of cement capacity in the state of Maharashtra, where approximately 50% of its demand is met by the Southern region's cement facilities. With no new capacity additions coming online in Maharashtra during the next 3 years, rising utilization of the Southern region's cement facilities will lead to an increase in performance. Volume growth will benefit most Southern-based companies due to their high operating / financial leverage. RAIN Group has already sbrad its new market such Maharashtra, Odisha, Kerala, Goa and Pondicherry during CY15. These new markets contributed 18% of Cement Sales during CY15, as compared to 7% in CY14 2. DISCUSSION ON FINANCIAL PERFORMANCE During CY15, the Company has achieved revenue from operations of INR 862.08 million and net profit of INR 260.87 million on a standalone basis. During the same period, RAIN Group has achieved net revenue from operations of INR 102,185.31 million and net profit of INR 3,233.39 million on a consolidated basis. The Basic and Diluted Earnings Per Share of the Company as on December 31, 2015 is INR 0.78 on a standalone basis and of the RAIN Group is INR 9.61 on a consolidated basis. The Paid up Share Capital of the Company as on December 31, 2015 is INR 672,691,358 comprising of 336,345,679 Equity Shares of INR 2/- each fully paid-up. 3. OVERALL BUSINESS AND GROWTH STRATEGIES RAIN's Group-wide strategy is to support process improvement and the development of new, higher- margin products and technologies through research and development initiatives, with a focus on performance, sustainability and utilization of alternative raw materials. RAIN Group intends to maximize efficiencies and minimize costs by combining the purchasing, trading and Research and Development ("R&D") functions across all business segments and executing cost reduction initiatives. RAIN Group believes that the scale of its vertically integrated organization will provide a platform to continue to develop higher-margin downstream products. The size and excellent logistic networks of its plants allow RAIN Group to realize economies of scale. RAIN Group has integrated its Coal Tar Distillation operations with its downstream operations that efficiently use the products derived from its Primary Distillation process and allow it to generate incremental margins in excess of the margins that it generates through the sale of its Primary Distillation products. RAIN Group believes it is one of the few global operators to have implemented a fully integrated downstream production process in Coal Tar Distillation. In addition to providing a long-term and reliable source of Coal Tar supply, the Severtar project offers the flexibility to increase the volume of co-products resulting from primary Coal Tar Distillation, which RAIN Group plans to use to increase the production of downstream products. Certain facilities of RAIN Group are strategically located and have direct or indirect access to overseas distribution channels and to major logistic networks. RAIN Group utilizes fully-leased specialty transportation assets including, One icebreaker (deep sea) with 8,000 MT of capacity and secure year-round access to St. Lawrence, Canada and the Baltic Sea; Two barges with 2,000 MT of capacity each for in-land transportation; and approximately 350 rail cars, with RAIN's own terminals and connection of European sites with regional sourcing pools. RAIN Group is also focused on expanding its customer base in high growth areas such as Asia and the Middle- East, where it can maximize its capacity utilization and performance and further envisages optimal product mix by shifting to the production of high-margin chemicals. 4. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY RAIN Group has optimal internal control systems and procedures in place with regards to the purchasing of stores and other raw materials including components, plant and machinery equipment, and for sale of goods and other assets. RAIN Group has clearly defined roles and responsibilities for all managerial positions and all operating parameters are monitored and controlled effectively. 5. HUMAN RESOURCE DEVELOPMENT AND INDUSTRIAL RELATIONS RAIN Group employs more than 2,500 employees directly and indirectly through its subsidiaries across the world. RAIN Group believes that the quality of these employees is the key to its success and is committed to providing necessary human resource development and training opportunities to equip employees with additional skills to enable them to adapt to contemporary technological advancements. Industrial relations during the year continued to be cordial and the RAIN Group is committed to maintaining good industrial relations through effective communication, meetings and negotiation. 6. STATUTORY COMPLIANCE The Managing Director makes a declaration at each Board Meeting regarding compliance with provisions of various statutes after obtaining confirmation from all the units of the RAIN Group. The Company Secretary ensures compliance with the SEBI regulations and provisions of the Listing Agreement. The Company Secretary, as the Compliance Officer, ensures compliance with the guidelines on insider trading for brvention of the same. On behalf of the Board of Directors for Rain Industries Limited N. Jagan Mohan Reddy Managing Director DIN: 00017633 N. Sujith Kumar Reddy Director DIN: 00022383 Place: Hyderabad Date : February 19, 2016 |