MIRA INFORM REPORT

Report Date :

23.04.2012

IDENTIFICATION DETAILS

Name :	SUGUNA FOOD LIMITED (w.e.f. 28.03.2012) SUPREME SUGUNA FOODS COMPANY LIMITED AMALGAMATED WITH SUGUNA FOOD LIMITED
Formerly Known As :	SUGUNA POULTRY FARM LIMITED
Registered Office :	5^th Floor, Jaya Enclave, 1057, Avinashi Road, Coimbatore – 641 018, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.03.1994
Com. Reg. No.:	18-4951
Capital Investment / Paid-up Capital :	Rs.386.844 Millions
CIN No.: [Company Identification No.]	U01222TZ1994PLC004951
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Selling of Poultry Feeds (in Pellet Form) and Broiler or Processed Chicken.
No. of Employees :	3000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 20000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. Note: Supreme Suguna Foods Company Limited Amalgamated With “Suguna Food Limited” Suguna Poultry Farm Limited has changed name to “Suguna Food Limited”

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office / Corporate Office :	5^th Floor, Jaya Enclave, 1057, Avinashi Road, Coimbatore - 641 018, Tamilnadu, India
Tel. No.:	91-422-3073000/ 4392503/ 5392504/ 5392505/ 4343000
Fax No.:	91-422-3073333/ 5392507
E-Mail :	sugies@md3.vsnl.net.in suguna.poultry@rmy.sprintrpg.ems.vsnl.net.in corporate@sugunapoultry.com swaminathan@sugunapoultry.com
Website :	http://www.sugunapoultry.com
Area :	8000 sq. ft.
Location :	Owned
Broiler Offices :	Located at: · Hyderabad · Anand · Bengaluru · Pune · Nasik · Punjab · Orissa · Jaipur · Udumalpet · Madurai · Lucknow · Kolkata
Layer Offices :	Located at: · Hyderabad · East Godavari · Hospet · Chitradurga · Pune · Mohali · Nammakkal
Parent Stock	25, Nehru Street Extension, Udumalpet - 642 126, Tamilnadu, India,
Tel. No.:	91-4252-3321661/771/881
E-Mail :	parentstock@sugunapoultry.com
Hatching Eggs Division :	25, Nehru Street Extension, Udumalpet - 642 126, Tamilnadu, India
Tel. No.:	91-4252-3321661/771/881
E-Mail :	hatchingeggs@sugunapoultry.com
Soya Division :	Mauza – Thambhari, Village- Wani, N.H.NO.7 (NGP-HYD Highway), Hinganghat, Wardha (MS) – 442301, Maharashtra, India
Tel. No.:	91-7153-302400
Fax No.:	91-7153-302407
E-Mail :	soyadivision@sugunapoultry.com
Corn Division :	J2/203 Green Wood Regency, Near Wipro Campus, Shajurpur Road, Kai Kondanahalli, Bangalore - 560 035, Karnataka, India
Tel. No.:	91-80-32555231
Fax No.:	91-80-41508915
E-Mail :	corndivision@sugunapoultry.com

DIRECTORS

As on 26.09.2011

Name :

Mr. Bangarusamy Soundararajan

Designation :

Managing Director

Address :

Plot No.7, Parsn Rain Tree Apartments, Nanjundapuram, Coimbatore – 641 036, Tamilnadu, India

Date of Birth/Age :

12.04.1961

Date of Appointment :

23.03.1994

DIN No.:

00063462

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U01222TZ1994PLC004951	SUGUNA FOODS LIMITED	Whole-time director	2/5/2011	23/03/1994	-	Active	NO
2	U74999MH2002NPL137058	POULTRY PROCESSORS' ASSOCIATION OF INDIA	Director	6/9/2002	6/9/2002	-	Active	NO
3	U55101TZ2006PLC012813	FOUR WAY RETAIL LIMITED	Managing director	1/6/2006	1/6/2006	-	Amalgamated	NO
4	U67120TZ2006PTC012976	SUGUNA CAPITAL VENTURES PRIVATE LIMITED	Director	1/8/2006	1/8/2006	-	Active	NO
5	U24231TZ2006PTC013159	GLOBION INDIA PRIVATE LIMITED	Director	18/10/2006	18/10/2006	-	Active	NO
6	U85110TZ2004PTC010914	M AND M MEDICAL CENTRE PRIVATE LIMITED	Director	22/02/2007	22/02/2007	-	Amalgamated	NO
7	U00113TZ1996PTC006876	DRIZZLE AGRO FARMS PRIVATE LIMITED	Director	24/09/2007	10/5/2007	-	Amalgamated	NO
8	U00113TZ1996PTC006875	UZHAVAN AGRO FARMS PRIVATE LIMITED	Director	24/09/2007	10/5/2007	-	Amalgamated	NO
9	U00113TZ1996PTC006878	CHERAN AGRO FARMS PRIVATE LIMITED	Director	24/09/2007	10/5/2007	-	Amalgamated	NO
10	U00113TZ1995PTC006782	SUGUNA AGRO PRODUCTS PRIVATE LIMITED	Director	10/5/2007	10/5/2007	-	Amalgamated	NO
11	U00113TZ1996PTC006877	AMUDHA SURABI AGRO FARM PRIVATE LIMITED	Director	10/5/2007	10/5/2007	-	Amalgamated	NO
12	U65993TZ2008PTC014318	SUGUNA HOLDINGS PRIVATE LIMITED	Director	19/03/2008	19/03/2008	-	Active	NO
13	U24239TZ2012PTC017981	BOVIAN HEALTH CARE PRIVATE LIMITED	Director	5/3/2012	5/3/2012	-	Active	NO

Name :

Mr. Ganapathypalayam Bangarusamy Soundararajan

Designation :

Joint Managing Director

Address :

Flat No.401 and 402, Raheja Enclave, Race Course, Coimbatore – 641 018, Tamilnadu, India

Date of Birth/Age :

12.04.1963

Date of Appointment :

23.04.2003

DIN No.:

00062984

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U00113TZ1996PTC007442	SUGUNA FARMS PRIVATE LIMITED	Director	6/9/1996	6/9/1996	-	Amalgamated	NO
2	U01222TZ1994PLC004951	SUGUNA FOODS LIMITED	Managing director	2/5/2011	23/04/2003	-	Active	NO
3	U55101TZ2006PLC012813	FOUR WAY RETAIL LIMITED	Director	1/6/2006	1/6/2006	-	Amalgamated	NO
4	U67120TZ2006PTC012976	SUGUNA CAPITAL VENTURES PRIVATE LIMITED	Director	1/8/2006	1/8/2006	-	Active	NO
5	U24231TZ2006PTC013159	GLOBION INDIA PRIVATE LIMITED	Director	18/10/2006	18/10/2006	4/8/2010	Active	NO
6	U85110TZ2004PTC010914	M AND M MEDICAL CENTRE PRIVATE LIMITED	Director	22/02/2007	22/02/2007	-	Amalgamated	NO
7	U00113TZ1996PTC006875	UZHAVAN AGRO FARMS PRIVATE LIMITED	Director	24/09/2007	10/5/2007	-	Amalgamated	NO
8	U00113TZ1996PTC006878	CHERAN AGRO FARMS PRIVATE LIMITED	Director	24/09/2007	10/5/2007	-	Amalgamated	NO
9	U00113TZ1996PTC006877	AMUDHA SURABI AGRO FARM PRIVATE LIMITED	Director	24/09/2007	10/5/2007	-	Amalgamated	NO
10	U00113TZ1995PTC006782	SUGUNA AGRO PRODUCTS PRIVATE LIMITED	Director	10/5/2007	10/5/2007	-	Amalgamated	NO
11	U00113TZ1996PTC006876	DRIZZLE AGRO FARMS PRIVATE LIMITED	Director	10/5/2007	10/5/2007	-	Amalgamated	NO
12	U65993TZ2008PTC014318	SUGUNA HOLDINGS PRIVATE LIMITED	Director	19/03/2008	19/03/2008	-	Active	NO
13	U24239TZ2012PTC017981	BOVIAN HEALTH CARE PRIVATE LIMITED	Director	5/3/2012	5/3/2012	-	Active	NO

Name :

Mr. Balasubramaniam Ramjee

Designation :

Director

Address :

B1, Flat B Block, 1075, Pioneer Apartment, Avinashi Road, Coimbatore – 641 018, Tamilnadu, India

Experience :

32 Years

Date of Birth/Age :

12.08.1943

Date of Appointment :

09.08.2003

DIN No.:

00066535

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U01222TZ1994PLC004951	SUGUNA FOODS LIMITED	Director	9/8/2003	9/8/2003	-	Active	NO
2	U55101TZ2006PLC012813	FOUR WAY RETAIL LIMITED	Additional director	13/03/2008	13/03/2008	-	Amalgamated	NO

Name :

Mr. Koyambedu Subramani Ramesh

Designation :

Director

Address :

No.3, Cedar Wood Apartments, Flat No.11, 4^th Main Road, Ra Puram, Chennai – 600 028, Tamilnadu, India

Date of Birth/Age :

13.08.1951

Date of Appointment :

15.07.2006

DIN No.:

01259495

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U01222TZ1994PLC004951	SUGUNA FOODS LIMITED	Director	15/07/2006	15/07/2006	-	Active	NO
2	U55101TZ2006PLC012813	FOUR WAY RETAIL LIMITED	Director	22/06/2007	22/06/2007	13/03/2008	Amalgamated	NO

Name :

Mr. Palanisamy Angamuthu

Designation :

Whole Time Director

Address :

6/ 1, Subhdarsan Gardens, Veeriampalayam Road, Kalapatty, Coimbatore – 641 035, Tamilnadu, India

Date of Birth/Age :

24.02.1972

Date of Appointment :

09.12.2009

DIN No.:

02981062

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U01222TZ1994PLC004951	SUGUNA FOODS LIMITED	Whole-time director	30/12/2009	9/12/2009	1/12/2011	Active	NO

Audit Committee :

Mr. B. Soundararajan

Mr. B. Ramjee

Mr. K.S. Ramesh

KEY EXECUTIVES

Name :	Mr. R Hariram
Designation :	Secretary
Address :	Old No 39-41, New No. 73, Vaniarstreet, Jpplane, Coimbatore – 641001, Tamilandu, India
Date of Birth :	03.09.1983
Date of Appointment :	28.01.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders	No. of Shares
Lalitha Ramjee	4166
Abupakkar U.	333
Anbumoney. Dr. P.R.	333
Anil Dhumal	1000
Anil Gupta	833
Annadurai S.	2000
Arulmurughu L.	333
Arumugam P.	333
Arun R.	333
Arunaben K. Shah	1333
K. Jayakumar	2914
Balachandran P.K.	333
Bernard Joseph	333
Chandra Kumari N.	333
Chandrasekaran T.	833
Chandrasekaran G.	333
Dharmarajan S	333
Gopalsamy V.	333
Kalpesh Shah K.	1333
Kamalam K.	166
Kamalaveni M.	666
Kirtilal Shah S.	666
Krishnakumar D.	666
Krishnamurthi R.	500
Lakshmanan R.	500
Latha K.K.	333
Mahalakshi S.	333
Menon P.V.	333
Mohhemed Ameer P.	333
Muthu Sivasubramaniam M.	400
Menon U.K.K.	8333
Nailesh Shah K.	1333
Neela N. Shah	1000
Paresh Vakil U.	8333
Primamal B.	333
Ponnudurai M.U.	333
Purushottam	333
Purusothaman V.	166
Pusab Kumar Bafna	333
Radhakrishnan R.	333
Rajammal R.	333
Rajasekar A.	333
Rajashekhar B.N.	333
Rajgopal N.	166
Raju K.N.	333
Ramachandran R.	19333
Rajalakshmi R.	500
Ramamoorthy C.G.	333
Ramanathan G.	666
Ramjee B.	7000
Ravindran K.	8333
Ravisankar S.	333
Renukappa P.P.	333
Renku K. Shah	1000
Rukmangathan Dr.S.	333
Sampathkumar S.	166
Sanjay Kumar	333
Santha M.	416
Satish Kumar C.V.	333
Selvam Broilers Limited	1666
Senguttuvan DR.K.A.	333
Shailaja Dhumal	1000
Shanmugam M.	333
Sivasubramaniyan K.	333
Soundarajan S.	333
Srineevasa G.	333
Subhash Dr.K.	333
Subbalakshmi S.	333
Sukumar S.	333
Sun India Hatcheries (Private) Limited, India	666
Satish Kumar Mittal	3333
Suguna Holdings Private Limited, India	14903795
Thangamani M.	333
Umapathi G.	333
Vaidyanathan R.	333
Vallinarayagam P.	333
Vasanthamani R.	333
Vasanthi S.	500
Total	15000000

Preference Share Holders

Names of Shareholders	No. of Shares
International Finance Corporation	789480
Total	789480

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2011

Category	Percentage
Bodies corporate	99.38
Directors or relatives of Directors	0.07
Other	0.55
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Selling of Poultry Feeds (in Pellet Form) and Broiler or Processed Chicken.
Products :	Production Description	ITC Code
	Meat Product (other than canned)	02071100
	Poultry Food	23099090
	Live Poultry	01059300
	Egg	04070010
	Soya Meal	12081000

GENERAL INFORMATION

No. of Employees :

3000 (Approximately)

Bankers :

Axis Bank Limited, "Vigneshhwar Cresta", 1095, Avinashi Road, Pappanaickenpalayam, Coimbatore – 641 018, Tamilnadu, India

(Rs. In Millions)

Facilities :

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans secured	3846.915	3345.916
Working capital loans banks secured	2365.049	4178.329
Deposits related parties secured	0.000	18.214
Total	6211.964	7542.459
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans others unsecured	0.000	1450.506
Deposits related parties unsecured	2.500	2.500
Hire purchase installment payable unsecured	2.744	0.000
Other debt unsecured	12.401	11.159
Total	17.645	1464.165

Banking Relations :	--
Auditors :
Name :	T.S. Maniam and Associates Chartered Accountants
Address :	No. 63, 2^nd Floor, Sarojini Street, Ram Nagar, Coimbatore – 641 012, Tamilnadu, India
PAN.:	AAEFT0709M
Holding Company :	Suguna Holdings Private Limited, India CIN No.: U65993TZ2008PTC014318
Wholly owned subsidiary :	Ocean Feeds Private Limited, Sri Lanka
Associate Enterprises significantly influenced by Directors and /or their relatives :	Suguna Foundation Suguna Capital Ventures Private Limited Globion India Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
34000000	Equity Shares	Rs.10/- each	Rs.340.000 Millions
800000	Preference Shares	Rs.300/- each	Rs.240.000 Millions
	Total		Rs.580.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 millions
789480	8.45% Preference Shares	Rs.300/- each	Rs. 236.844 Millions
	Total		Rs.386.844 Millions

Note: Equity Share Capital: Out of this 12366668 Equity Shares of Rs.10 each fully paid up, 2633332 Equity Shares of Rs.10 each paid up allotted for Consideration other than cash. Preference Share Capital: 789480 Nosh of 8.45% Redeemable Cumulative Convertible Preference Shares of Rs.300 each.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010 (9 Months)	30.06.2009 (15 Months)
SHAREHOLDERS FUNDS
1] Share Capital		386.844	386.844	386.844
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4638.079	3153.799	3025.581
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5024.923	3540.643	3412.425
LOAN FUNDS
1] Secured Loans		6211.965	7542.459	7498.506
2] Unsecured Loans		17.646	1464.166	757.741
TOTAL BORROWING		6229.611	9006.625	8256.247
DEFERRED TAX LIABILITIES		557.974	455.962	344.186
TOTAL		11812.508	13003.230	12012.858
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6236.572	5582.275	4562.431
Capital work-in-progress		71.554	461.647	1412.642
INVESTMENT		51.942	92.285	199.839
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7021.436	7035.907	6349.565
	Sundry Debtors	131.713	131.379	195.140
	Cash & Bank Balances	419.086	358.097	384.270
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1986.362	1514.550	1655.934
Total Current Assets		9558.597	9039.933	8584.909
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	1781.958	1432.626	2762.521
	Provisions	2326.957	750.650	0.000
Total Current Liabilities		4108.915	2183.276	2762.521
Net Current Assets		5449.682	6856.657	5822.388
MISCELLANEOUS EXPENSES		2.758	10.366	15.558
TOTAL		11812.508	13003.230	12012.858

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010 (9 Months)	30.06.2009 (15 Months)
	SALES
		Income	37194.157	24079.861	37971.900
		Other Income	128.133	369.653	484.200
		TOTAL (A)	37322.290	24449.514	38456.100
Less	EXPENSES
		Material Consumption	27187.539	19088.979	29698.500
		Manufacturing Expenses	4172.436	2930.064	4658.300
		Employee cost	923.139	591.795	970.200
		Administration and Selling Expenses	722.314	595.341	728.900
		Prior Year expenses	6.473	10.929	4.200
		TOTAL (B)	33011.901	23217.108	36060.100
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4310.389	1232.406	2396.000
Less	FINANCIAL EXPENSES (D)		600.163	584.681	1134.800
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3710.226	647.725	1261.200
Less/ Add	DEPRECIATION/ AMORTISATION (F)		354.905	311.164	339.700
	PROFIT BEFORE TAX (E-F) (G)		3355.321	336.561	921.500
Less	TAX (I)		1871.042	120.569	328.300
	PROFIT AFTER TAX (G-I) (J)		1484.279	215.992	593.200
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2333.800	2239.200	1714.200
Less	APPROPRIATIONS
		Provision for Dividend		75.000	25.000
		Provision for Dividend Tax		12.800	4.200
		Transfer to General Reserve		33.600	39.000
	BALANCE CARRIED TO THE B/S			2333.800	2239.200
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on F.O.B. Basis		32.000	27.400
		Dividend Income		320.800	343.000
	TOTAL EARNINGS			352.800	370.400
	IMPORTS
		Live Poultry		113.900	118.300
		Raw Materials		1571.100	2886.000
		Packing Material		0.300	0.000
		Capital Goods		32.800	16.700
		Spare Parts		24.900	270.600
	TOTAL IMPORTS			1743.000	3291.600
	Earnings Per Share (Rs.)
	- Basic		148.27	13.23	37.60
	- Diluted		144.12	13.68	37.57

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010 (9 Months)	30.06.2009 (15 Months)
PAT / Total Income	(%)	3.97	0.88	1.54
Net Profit Margin (PBT/Sales)	(%)	9.02	1.40	2.43
Return on Total Assets (PBT/Total Assets}	(%)	35.10	2.30	7.01
Return on Investment (ROI) (PBT/Networth)		0.66	0.10	0.27
Debt Equity Ratio (Total Liability/Networth)		0.81	3.16	3.23
Current Ratio (Current Asset/Current Liability)		2.36	4.14	3.11

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	No
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

PERFORMANCE REVIEW

The company had achieved a turnover of Rs 37194.100 Millions for the Year of Apr-2010 to Mar-2011. This shows an increase of Rs. 13114.200 Millions over the achieved turnover of Rs. 24079.900 Millions for the previous period July 2009 to March 2010.

Profit after tax, including exceptional item, for the period was Rs. 2183.600 Millions as against Rs. 216.000 Millions for the previous period July 2009 to March 2010.

NEW BUSINESS/PRODUCTS

DIET CHICKEN

In the row of consumer products segment, the Company launched Diet Chicken catering to the need of the diet conscious market. The product is made available in all leading retail outlets.

NEW FEEDMILL PROJECT

They have successfully commissioned a Feed Mill plant with a capacity of producing 1200 MT per day of Pellet Feed in Andhrapradesh near Hyderabad (Toopran) during Jan 2011. This will cater to the needs of feed requirement of broiler integration and feed sales activity in that region.

BUSINESS EXPANSION

As part of poultry expansion plan, they have entered into the state of Assam with broiler integration operations. They have also planned to start operations in the state of Bihar.

POULTRY SECTOR OUTLOOK

The annual per capita poultry meat consumption in India has been increasing from 0.7 kg in 2001 to 2.5 kg in 2010 yet it remains one of the lowest globally with vast gap even between NIN (National Institute of Nutrition) recommended levels of 180 eggs and 11 kg of poultry meat per person. This offers a tremendous opportunity for further integration and growth in industry. The domestic broiler meat demand is expected to grow at around 10-13%, while table egg demand is expected to grow at 5-7% in medium to long term.

Poultry meat is primarily sold through fresh markets in India and consumers prefer to buy live poultry and get it dressed in their presence. The average poultry purchased is fresh chicken meat, mostly slaughtered in small establishments with wet markets accounting for nearly 95% of sales. This is due to the fact that consumers believe such meats are healthy and germ free. A lot of effort is required to change that attitude and consumer confidence has to be gained that dressed poultry is hygienic, healthy and from disease-free birds. Further low penetration of modern retail establishments with back end infrastructure for freezing has limited the growth of this market

Corporate identity number of the company	U01222TZ1994PLC004951
Name of the company	SUGUNA POULTRY FARM LIMITED
Address of the registered office or of the principal place of business in India of the company	5^th Floor, Jaya Enclave, 1057, Avinashi Road, Coimbatore - 641 018, Tamilnadu, India Email: corporate@sugunapoultry.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10042576
Type of charge	Immovable property Movable property (not being pledge)
Particular of charge holder	Axis Bank Limited, "Vigneshhwar Cresta", 1095, Avinashi Road, Pappanaickenpalayam, Coimbatore – 641 018, Tamilnadu, India Email: G1.Maheswari@axisbank.com
Nature of instrument creating charge	Amendment cum link agreement
Date of instrument Creating the charge	28.01.2012
Amount secured by the charge	Rs.380.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Term Loan- I- Base rate +1.50% p.a., Term Loan- II- Base rate +1.75% p.a. Terms of Repayment For Term Loan I - 31 quarterly installments of Rs.15.000 Millions each after 12 months commencing from September 2007.For Term Loan II - Quarterly installments of Rs. 4.000 Millions + interest for 6 years with a moratorium period of 12 months commencing from 12.07.2009 Margin Term Loan I - 15% Tern Loan II - 15% Extent and Operation of the charge Exclusive first charge on land and building and other fixed assets pertaining to the projects financed.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Term Loan-I- Primary security : Exclusive first charge on land and building and other fixed assets pertaining to the projects financed. Collateral Security: nil Term Loan-II - Primary security: Exclusive first charge on land and building and other fixed assets pertaining to the projects financed. Collateral Security: nil
Particulars of the present modification	Term Loan- I - Interest rates was previously linked to BPLR which has been modified at present to link Base rate +1.50%p.a (the present applicable base rate being 9.75% p.a) i.e presently at 11.25% p.a. Term Loan-II - Interest rates was previously linked to BPLR which has been modified at present to link Base rate +1.75%p.a ( the present applicable base rate being 9.75% p.a) i.e presently at 11.50% p.a.

FIXED ASSETS

Tangible Assets

• Land
• Building
• Plant and Machinery
• Furniture and Fittings
• Computer and
• Accessories
• Vehicles
• Agri Equipments

Intangible Assets

• Computer
• Software
• Goodwill

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.51.99
UK Pound	1	Rs.83.53
Euro	1	Rs.68.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	6
--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		65

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

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

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

RATING EXPLANATIONS

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

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

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