MIRA INFORM REPORT

Report Date :

08.04.2008

IDENTIFICATION DETAILS

Name :	PARRY ENTERPRISES INDIA LIMITED
Formerly Known As :	PARRY ENGINEERING AND EXPORTS LIMITED
Registered Office :	Dare House, 234, N.S.C. Bose Road, Chennai - 600 001, Tamilnadu
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	14.12.1990
Com. Reg. No.:	18-020023
CIN No.: [Company Identification No.]	U29142TN1990PLC020023
TAN No.: [Tax Deduction & Collection Account No.]	BRDP01533A
PAN No.: [Permanent Account No.]	AAACP3643D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Polymers and Knitted Fabrics.

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 495700
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established company having satisfactory track. Trade relations are fair. Financials position is satisfactory. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings. It can be regarded as a promising business partner in a medium to long run. The company is a part of Murugappa Group, a well know industrial house. It can be regarded as a promising business partner in a medium to long run.

LOCATIONS

Registered /

Corporate Office :

Dare House, 234, N.S.C. Bose Road, Chennai - 600 001, Tamilnadu, India

Tel. No.:

91-44-25340251 / 25306457 / 58 / 25306395

Fax No.:

91-44-25342378 / 25340030 / 25342378 / 25302378

Email :

marketinghead@tuflex.net

saravananm@parry.murugappa.com

netlon@tulex.net

Area :

35000 Sq. fts

Location :

Owned

Head Office :

Tuflex India Division, 201/202 Regent Tower, Race Cource Circle, Vadodara – 390007, India

Tel. No.:

91-265-2312900

Fax No.:

91-265-2339352 / 2327239

E-Mail :

geosynthetics@tuflex.net

Website:

http://www.polymernets.com

Branches :

Unit of Murugappa Group - Parry Company Limited have branches in all Metro-Cities

CHENNAI
Address:	Dare House, 2, NSC Bose Road, Chennai 600 001 INDIA
Tel:	91 - 44 - 25340030 / 25340251
Fax:	91 - 44- -25340030
KOLKATA
Address:	Shop NO.:  G/3A, Circular Mansion, 222, Acharya Jagdish Chandra Bose Road,
	KOLKATA 700 017 INDIA
Tel:	91 - 33 - 22408612
Fax:	91 - 33 - 22408612
MUMBAI
Address:	102,Vardhman Estate,  near Telephone Exchange, LBS Marg. Vikhroli (West)
	MUMBAI 400 083  INDIA
Tel:	91 - 22 - 5597 4332 / 5597 4333
Fax:	91 - 22 - 5597 4332
BANGALORE
Address:	No8, 1st Floor,
	1st B Cross, Sudamanagar, Lal Bagh Cross Rd, BANGALORE 560 027 INDIA
Tel:	91-80-22229054
NEW DELHI
Address:	Jeevandeep Building 10, Parliament Street, NEW DELHI 110 001
Tel:	91 - 11 - 23363915 / 23361770 / 23365606
Fax:	91 - 11 - 23342580
GUWAHATI
Address:	C/o. Jalan Trading Co, P.R. Phukan Road, Fancy Bazaar, GUWAHATI 781 001.
Tel:	91 - 361 - 2520543 / 2514754
Fax:	91 - 361 - 2550467

Factory :

702/704, GIDC Palej, Bharuch District 392 220, India

Tel. No.:

91-2642 -277663 / 4

Area:

27000 Sq.fts

Location :

Owned

DIRECTORS

Name :	Mr. M. A. Alagappan
Designation :	Chairman
Address :	17, Chittaranjan Road, Chennai - 600 018, Tamilnadu, India
Date of Birth/Age :	06.12.1943
Name :	Mr. A. Vellayan
Designation :	Vice-Chairman
Address :	5, Ambadi Road, Rotturpuram, Chennai - 600 085
Date of Birth/Age :	09.01.1953
Date of Appointment:	25.07.1996
Name :	Mr. R. Srinivasan
Designation :	Director
Address :	13, East Main Road, Gopalapuram, Chennai - 600 085, Tamilnadu, India
Date of Birth/Age :	27^th May, 1934
Name :	Mr. N. K. Rawlley
Designation :	Director
Address :	3, Arunachalam Road, Kotturpuram- 600 086
Date of Birth/Age :	02.09.1937
Date of Appointment:	25.07.1996
Name :	Mr. Sanjiv K. Menon
Designation :	Director
Address :	Sashanth AJ 13, 5^th Street , Off 9^th Main Road, Annanagar (West), Chennai – 600 040, Tamil Nadu, India
Date of Birth/Age :	21.09.1959
Date of Appointment :	29.12.2000
Name :	Mr. M M Murugappan
Designation :	Director
Name :	Mr. Subaya
Designation :	Director
Date of Birth/Age :	55 years
Name :	Mr. M Vanliantchallm
Designation :	Director
Date of Birth/Age :	43 years
Name :	Mr. Ganapthi Kalpathy Ramakrishnan
Designation :	Director
Address :	23, Ganesh Street, Gopalapuram, Chennai – 600 086, Tamil Nadu,. India
Date of Birth/Age :	12.09.1934
Date of Appointment :	14.07.2004
Email:	ganapathyseetha@yahoo.com
Name :	Mr. M V Subbiah
Designation :	Director
Address :	10, Boat Club Road, Coromandel House, Chennai – 600 028, Tamil Nadu, India
Date of Birth/Age :	02.02.1939
Date of Appointment :	14.07.2004
Email:	subbiah@corp.murugappa.com
Name :	Mr. C R Rajan
Designation :	Director
Address :	B -1, Ashok Tapasvi , 9 Lock Street Kotturpuram, Chennai – 600 085, Tamil Nadu, India
Date of Birth/Age :	13.07.1951
Date of Appointment :	10.08.2005
Name :	Ms. Vidya
Designation :	Director
Address :	M 84/4, II Cross Street Besant Nagar, Chennai – 600 090, Tamil Nadu, India
Date of Birth/Age :	08.11.1981
Date of Appointment :	01.10.2004
Date of Ceasing:	21.07.2005
Name :	Ms. Saranya Padmanaban
Designation :	Director
Address :	Divya Apartment Flat G 1, V Street, Balaji Nagar, Ananakaputhur, Chennai – 600 070, Tamil Nadu, India
Date of Appointment :	01.08.2005
Name :	Mr. Venkatachalam Murugappan Muthiah
Designation :	Director
Address :	20/1 Valliammai Achi Road, Kotturpuram , Chennai – 600 085, Tamil Nadu, India
Date of Birth/Age :	24.11.1958
Date of Appointment :	14.07.2004

KEY EXECUTIVES

Name :	Mr. Saravanan Muthukumaraswmay
Designation :	Secretary
Address :	48, Neelakidangu Street, Karaikal – 609 602, Pondicherry, India
Date of Birth/Age :	14.02.1976
Date of Appointment :	25.06.2006
Email:	saravananm@parry.murugappa.com
Name :	Mr. A S Parasuraman
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders (as on 31.03.2007)		No. of Shares
Mrs. A M Meyyammai		14000
Mr. M A M Arunachalam		95900
Mr. A M A Alagappan		19250
Mrs. A Alagappan		49000
Mr. Arun Alagappan		27650
Mr. Lakshmi Ramaswamy		14000
Mrs. Lakshmi Chokalingam		7000
Mrs. M M Setha Lakshmi		98000
Mr. M M Murugappan		49000
Mrs. Meenakshi Murugappan		27000
Master M M Muthiah		29400
Mr. M M Ventkatachalam		63000
Mrs. Lakshmi Ventkatachalam		15400
Master M M Muthiah		15000
Mrs. A R Meeenakshi		28000
Mr. A Vellayan		29750
Master V Arunachalam		9215
Mr. A Venkatachlama		29160
Mr. M V Murugappan		12830
Mrs. M V Valli Murugappan		79100
Ms. M Vellachi		4200
Mr. M V Subbiah		12835
Mrs. M V Seetha Subbiah		73500
Mr. S Vellayan		9800
Mr. M S Rao		5830
M/s New Ambadi Investment Private Limited		612250
M/s New Ambadi Estates Private limited		732630
M/s Kartik Investment Trust Limited		201600
M/s A M MK Vellayan Sons Private Limited		8400
M/s A R Lakshmi Achi Trust		35000
Mr. R R N Swamy		350
Mr. M A Alagappan Kadamane Estate Company		20275
Mrs. A M Meyyammai		7000
Mr. M A Alagappan Murugappa and sons		7490
Mr. M Alagappan		18700
Mrs. Valli Alagappan Mr. Lalagapan		9300
A M M Educational Foundation		58800
	Total	2529615

Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-

Sr No.	Category	Percentage
1	Bodies corporate	75.70
2	Directors or relative of directors	24.13
3	Other top fifty (50) shareholders	0.17
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Polymers and Knitted Fabrics.

Products :

v Engines, Alternators & others

v Tube

v Diesel Gensets

v Commission Income

Item Code	Product Description
392690.09	Manufactured Polymer Meshes
291521.00	Trading of Acetic Acid
7306.00	Tubes

Exports :

Countries :

Sri Lanka , UAE

Imports :

Products :

Raw materials, Polymers net and Knitted Fabrics

Countries :

Germany, Singapore

Terms :

Selling :

Advance payment, Credit (30 days)

Purchasing :

L/C, Credit

GENERAL INFORMATION

No. of Employees :	100
Bankers :	· State Bank of India, Commercial Branch, NSC Bose Road, Chennai - 600 001, Tamilnadu, India · ICICI Bank Limited, Landmark, Race course circle, Vadodara – 390 007, Gujarat, India
Banking Relations :	Satisfactory
Auditors :
Name1:	Lovelock and Lewes Chartered Accountants
Address1:	Mylapore, Chennai - 600 004, Tamilnadu, India
Address 2:	32 Khader Nawaz Khan Road, Nugumbakkam, Chennai – 600 034, Tamil Nadu, India
Address 3:	Sachithanantha Towers, Chennai - 600006, Tamil Nadu, India
Associates/Subsidiaries :	All Companies of Murugappa Group
Holding Company :	Murugappa Group The Murugappa Group has 29 companies active in the areas of engineering, abrasives, sanitaryware, fertilisers, finance, bio-products and plantations. The major companies of the group are: v Carborundum Universal Limited v Cholamandalam Investment and Finance Company Limited v Coromandel Fertilisers Limited v EID Parry India Limited v Godavari Fertilisers Limited v Parry Agro Industries Limited v Parry Nutraceuticals Limited v Tube Investments of India Limited The other companies are: v Ambadi Enterprises Limited v Cholamandalam Distribution Services Limited v Cholamandalam MS General Insurance Company Limited v Cholamandalam Mutual v Cholamandalam Risk Services Limited (CRSL) v Cholamandalam Securities Limited v Coromandel Engineering Company Limited v Kadamane Estates Company v Laserwords Private Limited v Murugappa Morgan Thermal Ceramics Limited v Net Access India Private Limited v New Ambadi Estates Private Limited v Parry Engineering and Exports Limited v Tuflex Division v Parry Travels v Parry Murray and Co Limited v Placon (India) Private Limited v Polutech Limited v Prodorite Anticorrosives Limited v Southern Energy Development Corporation v Sterling Abrasives Limited v Wendt India Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs. 10/- each	Rs. 60.000 millions
6000000	Preference shares	Rs. 10/- each	Rs. 60.000 millions
		Total	Rs.120.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2529600	Equity Shares	Rs. 10/- each	Rs.25.296 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		25.296	25.296	25.296
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		98.629	92.029	76.660
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		123.925	117.325	101.956
LOAN FUNDS
1] Secured Loans		94.235	62.269	80.469
2] Unsecured Loans		2.864	2.943	44.573
TOTAL BORROWING		97.099	65.212	125.042
DEFERRED TAX LIABILITIES		9.300	9.500	0.000
TOTAL		230.324	192.037	226.998
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		129.032	121.061	123.720
Capital work-in-progress		0.215	0.406	2.507
INVESTMENT		0.872	0.872	40.875
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	39.820	31.647	25.081
	Sundry Debtors	107.564	63.610	56.576
	Cash & Bank Balances	22.812	17.922	10.639
	Other Current Assets	0.012	0.009	0.004
	Loans & Advances	26.268	22.618	20.457
Total Current Assets		196.476	135.806	112.757
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	94.971	64.857	48.456
	Provisions	1.300	1.251	4.405
Total Current Liabilities		96.271	66.108	52.861
Net Current Assets		100.205	69.698	59.896
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		230.324	192.037	226.998

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		302.650	222.849	160.986
Other Income		7.115	16.038	36.538
Total Income		309.765	238.887	197.524
Profit/(Loss) Before Tax		10.000	25.170	49.119
Provision for Taxation		3.400	9.800	13.800
Profit/(Loss) After Tax		6.600	15.370	35.319
Export Value		6.333	3.226	NA
Expenditures :
	Raw Material Consumed	107.455	74.907	51.269
	Purchases made for re-sale	46.362	27.741	45.645
	Consumption of stores and spares parts	5.296	4.411	0.000
	Increase/(Decrease) in Finished Goods	[8.292]	[3.614]	0.000
	Salaries, Wages, Bonus, etc.	39.632	33.398	24.931
	Payment to Auditors	0.235	0.200	0.177
	Interest	7.600	9.358	3.074
	Insurance Expenses	1.275	1.134	0.923
	Power & Fuel	9.711	7.737	4.125
	Depreciation & Amortization	12.927	12.766	7.442
	Other Expenditure	77.564	45.679	10.816
Total Expenditure		299.765	213.717	148.402

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	2.13	6.43	17.88
Net Profit Margin (PBT/Sales)	(%)	3.30	11.29	30.51
Return on Total Assets (PBT/Total Assets}	(%)	3.07	9.75	17.55
Return on Investment (ROI) (PBT/Networth)		0.08	0.21	0.48
Debt Equity Ratio (Total Liability/Networth)		1.56	1.19	1.74
Current Ratio (Current Asset/Current Liability)		2.04	2.05	2.13

LOCAL AGENCY FURTHER INFORMATION

FORM 8:-

Name of the company	PARRY ENGINEERING AND EXPORTS LIMITED
Presented By	Mr. A Vellayan of PARRY ENGINEERING AND EXPORTS LIMITED
1) Date and description of instrument creating the change	Deed of hypothecation date4d the 13^th day of October , 2004 executed by Parry Engineering and Exports Limited (therein and hereinafter referred to as the Company) in favour of ICIC Bank Limited (therein and hereinafter referred to as “ICICI Bank”)
2) Amount secured by the charge/amount owing on the securities of charge	Rupee Term Loan of Rs. 62.000 million (hereinafter referred to as “the facility”)
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	The whole of the movable properties of the company including its movable plant and machinery , machinery spares , tools and accessories and other movables , both present and future , whether installed or not and whether lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the continuance of the security of theses present be brought into or upon or be stored or be in or about all the company factories , premises and godowns situated at Chennai , Madurai , Mumbai , Delhi , Kolkata , Kochi, Bangalore, Secunderabad and Baroda (hereinafter referred top as “the said goods”) short particulars where of are given in Annexure I.
4) Gist of the terms and conditions and extent and operation of the charge.	In consideration of ICICI Bank having agreed to lend pay and advance to the company the facility , agreement and declaration by the company , inter alia, as follows: Covenant by the company to repay the facility and pat Interest all other monies in the manner set out in the credit facility agreement dated October 13, 2004 (hereinafter referred to as “the said facility agreement” ) between the company and ICICI Bank and to comply with term and conditions of the said facility agreement. The said goods were thereby hypothecated to ICICI Bank, as and by way of first charge as security for and by charged with repayment of the facility with all Interest liquidated damages, commitments. Charge, premia on prepayment or on redemption , costs, charges and expenses and all other monies payable by the company to ICICI Bank in respect thereof. Provided that the charge of ICICI Bank on the said goods will be subject to the charge or charges created and / or to be created by the company in favour of its banker on its stocks of raw material , semi finished goods , consumables stores and book debts and such other movables as may be agreed to by ICICI Bank for securing the borrowing for working capital requirement in the ordinary course of business. The company to keep the said goods in marketable and good condition and also insured as provided therein Power of entry, power to take charge and / or possession of, seize, recover, receive, appoint receivers of and remove and / or sale by public auction or private contract, dispatch for realisations or otherwise, dispose off or deal with all or any part of the said goods, etc as provided therein.
5) Name and Address and description of the person entitled to the charge.	ICICI Bank Limited Landmark Race course circle Vadodara – 390 007, Gujarat, India
6) Date and brief description of instrument modifying the charge	No instrument was executed but on the 30^th Days of June 2005, mortgage was created by the company in favour of ICICI Bank by deposit of title deeds with ICICI Bank in respect of the company immovable properties admeasuring 26323.00 sq.mtrs situate at palej Village, Taluka Bharuch , Bharuch district in the State of Gujarat in order to create a security thereon as and by way of mortgage by deposit of title deeds pursuant to the resolution passed by the board Meeting of Director of the company on May 10, 2005
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	The facility together with Interest thereon at the respective agreed rates, additional Interest, liquidated damages, commitments. Charges premia on prepayment , costs, charges and other expenses payable by the company to ICICI Bank in respect thereof secured under the above mentioned deed of hypothecation is also now secured , interalia, by the said mortgage by deposit of title deed in respect of the company immovable properties admeasuring 26323.00 sq.mtrs situate at palej Village, Taluka Bharuch District in the State of Gujarat (more particularly described in the Annexure II hereto ) together with all buildings and structures thereon and all plant and machinery attached to earth or permanently fastened anything attached to the earth.

Corporation identity number or foreign company registrations number of the company

U29142TN1990PLC020023

Name of the company

PARRY ENTERPRISES INDIA LIMITED

Address

Dare House, 234, N.S.C. Bose Road, Chennai - 600 001, Tamilnadu, India

This Form is for

Modification of charge

Type of Charges

Others

Particular of the charge holder

State Bank of India

No. 232 NSC Bose Road, Chennai – 600 001, Tamil Nadu , India

Email: k.menon@sbi.co.in

Nature or description of the instrument creating charge

· Supplemental agreement of hypothecation of goods and assets for increase in the overall limits.

· Letter regarding the grant of individual limits within overall limit.

· Supplemental agreement of loan for increase in the overall limit.

All dated 13.02.2007

Date of the instrument creating charge

13.02.2007

Amount Secure by the charge

Rs. 134.300 millions

Brief of the principal terms and conditions and extent and operation of the charge

Rate of Interest :

As stipulated by the bank from time to time

Terms of repayment:

As per the agreement enclosed

Margin:

As per the agreement enclosed

Extent and operation of the charge:

As per the agreement enclosed

Short particulars of the Property charged

Extension of equitable mortgage on the company leasehold property rights in respect of the factory land and building constructed thereon – admeasuring 26323.00 sq.mtrs situated at Palej Village, Taluka Bharuch, Bharuch district in the state of Gujarat is given as a collateral security for the cash credit facility of Rs. 50.000 millions letter of credit facility of Rs. 10.000 millions, Bank guarantee and primary security for the term loan of Rs. 64.300 millions.

Particulars of the present modification

Enhancement in the credit facilities from the present limit of Rs. 119.300 millions to Rs. 134.300 millions as under:

Cash credit	50.000
Term Loan	64.300
Letter of credit	10.000
Bank guarantee	10.000

Vide supplemental agreement dated 13.02.2007 fro hypothecation of goods and assets for increases in the overall limits

TRADE REFERENCES:

· Reliance Industry

WEBSITE DETAILS:

TUFLEX INDIA (Division of Parry Enterprises India Limited) is part of the well known Murugappa Group of companies, set up in the year 1985 and manufactures a wide range of polymer meshes and knitted fabrics.

The polymer nets and knitted fabrics are manufactured in India using the best international technology and machinery. Their machineries are always the best in the world. This along with the Tuflex high quality standards makes their products amongst the best in the world. Today Tuflex India has a strong presence in the various fields like Geotechnical Engineering, Mosquito Proofing, Agro Shading, Garden Fencing, Packaging and various domestic products.

The Head office of Tuflex India is based in the city of Vadodara, state of Gujarat. The company is driven by an aggressive marketing team and a strategy of growth through innovation.

The Murugappa Group started over 100 years ago as a small family run business in indigenous financing. Today the group corporate has 29 companies with diversified interests in engineering, abrasives, polymer nets, knitted fabrics, farm inputs, plantations, sugar, bio-products, fertilisers, chemicals, nutraceuticals, insurance and financial services. The Murugappa Group has presence in 12 Indian states, The UK, The USA, Austrailia, Canada, South Africa, UAE and other countries.

Product Range
	Application
Geogrids A wide range of high strength uniaxial, biaxial and other extruded/knitted	Soil Stabilisation, Soil Reinforcement, for roads and highways, Track bed Stabilisation, Mattresses and Gabions for Erosion Control, River training and Coastal protection
Non Woven Geotextiles Nonwoven and Woven polypropylene / Polyester / Fiberglass / Geotextiles of various types.	Separation, Filtration, Reinforcement Erosion Control, Paving Fabric, etc. Ideal for roads, slopes and embankments.
Geocomposites Geomembranes, HDPE / LDPE Geomembranes, drainage nets, pipes etc.	Their products can be used for waste management landfills, reservoirs, runways in airports, taxiways, warehouses, ports, patch repairs of roads for higher fatigue life. Tuflex Geobags are used for coastal Erosion Control

PRESS RELEASES:

Parry Engineering becomes Parry Enterprises

27 January, 2006

Chennai: In keeping with the company's new activity profile, Parry Engineering & Enterprises Limited has received approval for change of its name to Parry Enterprises India Limited (PEIL). PEIL has under it the Tuflex India Division, the General Marketing Division and Parry Travels.

Tuflex India, which is in the polymer business with its factory in Vadodara, markets Insect Proofing nets under the Radium, Netlon, Polynex and Katch brands and shading nets under the Rakshak brand. Other products include Protective Sleeves, Packaging Nets, Fencing kits, Sericulture meshes and Geosynthetic products. The General Marketing Division is a supplier of key ingredients like Flavours, Food colour powders, Cocoa Powder, Industrial chocolates and Skimmed milk powder to the food processing industry. It has recently made a foray into Natural Fruit beverages and Green tea under the Unif Brand and has also launched Packaged drinking water in Bubble tops under the Parry brand. Parry Travels which is one of the oldest IATA accredited Travel agencies in Chennai has drawn up ambitious plans for becoming a leading full service travel solution provider for Corporate and Leisure travel and in the Packaged tours segment.

Parry Enterprises India Limited is part of the US $ 1.5 billion conglomerate Murugappa Group. The group is one of India's largest family promoted, professionally managed corporates with over 28,000 employees. A pioneer and market leader in several fields with over 40 manufacturing operations across 12 states in India, the Group has a strong presence in abrasives, engineering and cycles, bio-products, sanitaryware, plantations, sugar, farm Inputs, finance, general insurance, and nutraceuticals.

It's name change for Parry Engg

NT Bureau

Chennai, Feb 2:

In keeping with the company's new activity profile, Parry Engineering and Enterprises Limited has received approval for change of its name to Parry Enterprises India Limited (PEIL). PEIL has under it the Tuflex India division, the general marketing division and Parry Travels.

Tuflex India, which is in the polymer business with its foray in Vadodara, markets insect proofing nets under the Radium, Netion, Polynex and Katch brands and shading nets under the Rakshak brand. Other products include protective sleeves, packaging nets, fencing kits, sericulture meshes and geosynthetic products.

It has recently made a foray into natural fruit beverages and green tea under the Unif brand and has also launched packaged drinking water in Bubble tops under the Parry brand.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.40.02
UK Pound	1	Rs.79.44
Euro	1	Rs.62.94

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		63

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

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

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

RATING EXPLANATIONS

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

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