MIRA INFORM REPORT

Report Date :

27.08.2013

IDENTIFICATION DETAILS

Name :	SUGUNA FOODS LIMITED (w.e.f. 28.03.2012)
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) :	31.03.2012
Date of Incorporation :	23.03.1994
Com. Reg. No.:	18-004951
Capital Investment / Paid-up Capital :	Rs.386.800 Millions
CIN No.: [Company Identification No.]	U01222TZ1994PLC004951
IEC No.:	3295001022
TAN No.: [Tax Deduction & Collection Account No.]	CMBS03633A
PAN No.: [Permanent Account No.]	AADCS0655F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is engaged in the business of poultry farms and hatcheries, poultry feed manufacturing, sale of chicks, birds, eggs, poultry meat product, soya meal and poultry equipments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 23000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is the Flagship company of “Suguna Holdings Private Limited”. It is a well established company having a good track record. There appears fall in its profitability during the year 2011-2012. However, general financial position of the company is strong. Performance capability is high. Liquidity position seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Rating = BBB+
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk
Date	November 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

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 bsr@sugunapoultry.com gbs@sugunpoultry.com ramjee@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 10.09.2012

Name :

Mr. Bangarusamy Soundararajan

Designation :

Whole-time director

Address :

No.7, Rain Tree Shire Parsn Sesh Nestle Apartments, Nanjundapuram, Coimbatore – 641 036, Tamilnadu, India

Date of Birth/Age :

12.04.1961

Qualification :

School Level

Date of Appointment :

30.10.2012

DIN No.:

00063462

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01222TZ1994PLC004951	SUGUNA FOODS LIMITED	Director	30-10-12	23-03-94	-	Active	NO
2	U74999MH2002NPL137058	POULTRY PROCESSORS' ASSOCIATION OF INDIA	Director	06-09-02	06-09-02	-	Active	NO
3	U55101TZ2006PLC012813	FOUR WAY RETAIL LIMITED	Managing director	01-06-06	01-06-06	-	Amalgamated	NO
4	U67120TZ2006PTC012976	SUGUNA CAPITAL VENTURES PRIVATE LIMITED	Director	01-08-06	01-08-06	-	Active	NO
5	U24231TZ2006PTC013159	GLOBION INDIA PRIVATE LIMITED	Director	18-10-06	18-10-06	-	Active	NO
6	U85110TZ2004PTC010914	M AND M MEDICAL CENTRE PRIVATE LIMITED	Director	22-02-07	22-02-07	-	Amalgamated	NO
7	U00113TZ1996PTC006876	DRIZZLE AGRO FARMS PRIVATE LIMITED	Director	24-09-07	10-05-07	-	Amalgamated	NO
8	U00113TZ1996PTC006875	UZHAVAN AGRO FARMS PRIVATE LIMITED	Director	24-09-07	10-05-07	-	Amalgamated	NO
9	U00113TZ1996PTC006878	CHERAN AGRO FARMS PRIVATE LIMITED	Director	24-09-07	10-05-07	-	Amalgamated	NO
10	U00113TZ1995PTC006782	SUGUNA AGRO PRODUCTS PRIVATE LIMITED	Director	10-05-07	10-05-07	-	Amalgamated	NO
11	U00113TZ1996PTC006877	AMUDHA SURABI AGRO FARM PRIVATE LIMITED	Director	10-05-07	10-05-07	-	Amalgamated	NO
12	U65993TZ2008PTC014318	SUGUNA HOLDINGS PRIVATE LIMITED	Managing director	25-09-12	19-03-08	-	Active	NO
13	U24239TZ2012PTC017981	BOVIAN HEALTH CARE PRIVATE LIMITED	Director	05-03-12	05-03-12	-	Active	NO
14	U74999TZ2012PTC018405	SUGUNA POULTRY PRIVATE LIMITED	Director	20-06-12	20-06-12	-	Active	NO
15	L01542TZ1985PLC001706	RAJSHREE SUGARS AND CHEMICALS LIMITED	Additional director	05-11-12	05-11-12	-	Active	NO

Name :

Mr. Ganapathypalayam Bangarusamy Soundararajan

Designation :

Managing Director

Address :

Site No.4, East End, Kallimadai Road, Singanallur, Coimbatore – 641 005, Tamilnadu, India

Date of Birth/Age :

12.04.1963

Qualification :

School Level

Date of Appointment :

02.05.2011

DIN No.:

00062984

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U00113TZ1996PTC007442	SUGUNA FARMS PRIVATE LIMITED	Director	06-09-96	06-09-96	-	Amalgamated	NO
2	U01222TZ1994PLC004951	SUGUNA FOODS LIMITED	Managing director	02-05-11	23-04-03	-	Active	NO
3	U55101TZ2006PLC012813	FOUR WAY RETAIL LIMITED	Director	01-06-06	01-06-06	-	Amalgamated	NO
4	U67120TZ2006PTC012976	SUGUNA CAPITAL VENTURES PRIVATE LIMITED	Director	01-08-06	01-08-06	-	Active	NO
5	U24231TZ2006PTC013159	GLOBION INDIA PRIVATE LIMITED	Director	18-10-06	18-10-06	04-08-10	Active	NO
6	U85110TZ2004PTC010914	M AND M MEDICAL CENTRE PRIVATE LIMITED	Director	22-02-07	22-02-07	-	Amalgamated	NO
7	U00113TZ1996PTC006875	UZHAVAN AGRO FARMS PRIVATE LIMITED	Director	24-09-07	10-05-07	-	Amalgamated	NO
8	U00113TZ1996PTC006878	CHERAN AGRO FARMS PRIVATE LIMITED	Director	24-09-07	10-05-07	-	Amalgamated	NO
9	U00113TZ1996PTC006877	AMUDHA SURABI AGRO FARM PRIVATE LIMITED	Director	24-09-07	10-05-07	-	Amalgamated	NO
10	U00113TZ1995PTC006782	SUGUNA AGRO PRODUCTS PRIVATE LIMITED	Director	10-05-07	10-05-07	-	Amalgamated	NO
11	U00113TZ1996PTC006876	DRIZZLE AGRO FARMS PRIVATE LIMITED	Director	10-05-07	10-05-07	-	Amalgamated	NO
12	U65993TZ2008PTC014318	SUGUNA HOLDINGS PRIVATE LIMITED	Director	19-03-08	19-03-08	-	Active	NO
13	U24239TZ2012PTC017981	BOVIAN HEALTH CARE PRIVATE LIMITED	Director	05-03-12	05-03-12	-	Active	NO
14	U74999TZ2012PTC018405	SUGUNA POULTRY PRIVATE LIMITED	Director	20-06-12	20-06-12	-	Active	NO

Name :

Mr. Balasubramaniam Ramjee

Designation :

Director

Address :

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

Date of Birth/Age :

12.08.1943

Qualification :

ACS

Date of Appointment :

09.08.2003

DIN No.:

00066535

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01222TZ1994PLC004951	SUGUNA FOODS LIMITED	Director	09-08-03	09-08-03	-	Active	NO
2	U55101TZ2006PLC012813	FOUR WAY RETAIL LIMITED	Additional director	13-03-08	13-03-08	-	Amalgamated	NO
3	U74900TN2012FTC086226	CALL PRINT (INDIA) PRIVATE LIMITED	Director	08-06-12	08-06-12	-	Active	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

Qualification :

MBA

Date of Appointment :

15.07.2006

DIN No.:

01259495

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01222TZ1994PLC004951	SUGUNA FOODS LIMITED	Director	15-07-06	15-07-06	-	Active	NO
2	U55101TZ2006PLC012813	FOUR WAY RETAIL LIMITED	Director	22-06-07	22-06-07	13-03-08	Amalgamated	NO

Name :

Mr. Kadankote Kannan Unni

Designation :

Director

Address :

D-309, Marigold, Raheja Enclave Race Course Road, Coimbatore – 641018, Tamilnadu, India

Date of Birth/Age :

15.07.1941

Date of Appointment :

10.09.2012

DIN No.:

00227858

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999GJ1990PTC049322	BILAG INDUSTRIES PRIVATE LIMITED	Director	13-07-99	13-07-99	31-12-11	Active	NO
2	L24200MH1988PTC048028	HIKAL LIMITED	Director	12-05-00	12-05-00	-	Active	NO
3	U24220GJ1991PLC016598	MICRO INKS LIMITED	Director	29-07-10	27-06-00	-	Active	NO
4	U85110TN2001PLC046794	HARVEY HEALTHCARE LIMITED	Director	03-01-02	03-01-02	07-01-08	Active	NO
5	U05110TZ1913PLC000273	STANES AGENCIES LIMITED	Director	21-07-03	21-07-03	-	Active	NO
6	U74140MH1999PTC117931	MALABAR CONSULTANTS PRIVATE LIMITED	Director	23-04-07	23-04-07	-	Active	NO
7	L24117TN1972PLC006271	TANFAC INDUSTRIES LIMITED	Director	13-07-07	24-04-07	-	Active	NO
8	L02421TZ1910PLC000221	T STANES AND COMPANY LIMITED	Director	10-08-12	11-11-11	-	Active	NO
9	U01222TZ1994PLC004951	SUGUNA FOODS LIMITED	Director	10-09-12	26-04-12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Karthikeyan V
Designation :	Secretary
Address :	No.5C, Periyar Street, 4^th Cross, Ramkrishnapuram, Ganapathy, Coimbatore – 641006, Tamilnadu, India
Date of Birth/Age :	29.02.1980
Date of Appointment :	17.08.2012
Pan No.:	AVBPK9518K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.09.2012

SHAREHOLDING DETAILS FILE ATTACHED

As on 10.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	99.36
Directors or relatives of Directors	0.07
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of poultry farms and hatcheries, poultry feed manufacturing, sale of chicks, birds, eggs, poultry meat product, soya meal and poultry equipments.

Products :

Production Description	ITC Code
Meat Product (other than canned)	02071100
Poultry Feed	23099090
Live Poultry	01059300
Egg	04070010
Soya Meal	12081000

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• ICICI Bank Limited, Cheran Plaza, 1090, Trichy Road, Coimbatore – 641018, Tamilnadu, India
• Corporation Bank, Industrial Finance Branch, 1604, Coimbatore – 641018, Tamilnadu, India
• Axis Bank Limited, "Vigneshhwar Cresta", 1095, Avinashi Road, Pappanaickenpalayam, Coimbatore – 641 018, Tamilnadu, India
• Bank of Baroda
• Central Bank of India
• HDFC Bank Limited
• IDBI Bank Limited
• Indian Bank
• ING Vysya Bank Limited
• Oriental Bank of Commerce
• Standard Chartered Bank Limited
• State Bank of India
• State Bank of Indore
• State Bank of Mysore

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Rupee term loans from banks (The term loans are primarily secured by the first charge created on the land and buildings,plant and machinery and pari-passu second charge on the existing and future current assets of the company.)	1569.800	2193.400
Short-term borrowings
Working capital loans from banks Inventory and Receivables	5224.100	3315.000
Total	6793.900	5508.400

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Shanmuga Mandaram, 41, Race Course Road, Coimbator - 641 018, Tamilnadu, India
PAN.:	AACFD3771D
Holding company :	Suguna Holdings Private Limited
Wholly owned subsidiary :	Ocean Feeds Private Limited, Srilanka
Suguna Foundation Enterprises significantly influenced by directors and / or their relatives	Suguna Capital Ventures Private Limited Globion India Private Limited Quality Feeds Private Limited, Srilanka Suguna Foods and Feeds Bangladesh Private Limited, Bangladesh Suguna Institute Of Poultry Management

CAPITAL STRUCTURE

As on 10.09.2012

Authorised Capita: Rs.580.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.321.424 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
34000000	Equity Shares	Rs.10/- each	Rs.340.000 Millions
800000	8.45% Redeemable Cumulative Convertible 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% Redeemable Cumulative Convertible Preference Shares	Rs.300/- each	Rs.236.844 Millions
	Total		Rs.386.844 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	386.800	386.800
(b) Reserves & Surplus	5410.400	4638.100
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	5797.200	5024.900
(3) Non-Current Liabilities
(a) long-term borrowings	1569.800	2193.400
(b) Deferred tax liabilities (Net)	580.300	558.000
(c) Other long term liabilities	14.800	12.400
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	2164.900	2763.800
(4) Current Liabilities
(a) Short term borrowings	6723.900	3317.500
(b) Trade payables	1181.300	1419.400
(c) Other current liabilities	847.400	971.900
(d) Short-term provisions	29.900	926.200
Total Current Liabilities (4)	8782.500	6635.000
TOTAL	16744.600	14423.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6067.700	6219.600
(ii) Intangible Assets	12.300	17.000
(iii) Capital work-in-progress	321.900	76.600
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	10.000	41.200
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	325.700	272.700
(e) Other Non-current assets	1.700	2.500
Total Non-Current Assets	6739.300	6629.600
(2) Current assets
(a) Current investments	31.200	10.700
(b) Inventories	9074.300	7016.400
(c) Trade receivables	216.500	131.700
(d) Cash and cash equivalents	451.200	419.100
(e) Short-term loans and advances	221.200	207.800
(f) Other current assets	10.900	8.400
Total Current Assets	10005.300	7794.100
TOTAL	16744.600	14423.700

SOURCES OF FUNDS		31.03.2010 (9 Months)
SHAREHOLDERS FUNDS
1] Share Capital		386.844
2] Share Application Money		0.000
3] Reserves & Surplus		3153.799
4] (Accumulated Losses)		0.000
NETWORTH		3540.643
LOAN FUNDS
1] Secured Loans		7542.459
2] Unsecured Loans		1464.166
TOTAL BORROWING		9006.625
DEFERRED TAX LIABILITIES		455.962
TOTAL		13003.230
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5582.275
Capital work-in-progress		461.647
INVESTMENT		92.285
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7035.908
	Sundry Debtors	131.379
	Cash & Bank Balances	358.097
	Other Current Assets	0.000
	Loans & Advances	1514.549
Total Current Assets		9039.933
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1078.422
	Other Current Liabilities	354.204
	Provisions	750.650
Total Current Liabilities		2183.276
Net Current Assets		6856.657
MISCELLANEOUS EXPENSES		10.366
TOTAL		13003.230

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010 (9 Months)
	SALES
		Income	42070.600	37228.800	24079.861
		Other Income	707.600	112.600	369.653
		TOTAL (A)	42778.200	37341.400	24449.514
Less	EXPENSES
		Cost of materials consumed	33675.500	26870.500
		Purchases of stock-in-trade	105.000	79.200
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(1122.200)	(389.900)	23217.108
		Employee benefit expense	1090.800	878.000
		Other expenses	6769.600	5599.100
		TOTAL (B)	40518.700	33036.900	23217.108
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2259.500	4304.500	1232.406
Less	FINANCIAL EXPENSES (D)		764.400	594.300	584.681
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1495.100	3710.200	647.725
Less/ Add	DEPRECIATION/ AMORTISATION (F)		457.300	354.900	311.164
	PROFIT BEFORE TAX (E-F) (G)		1037.800	3355.300	336.561
Less	TAX (H)		242.300	1171.700	120.568
	PROFIT AFTER TAX (G-H) (I)		795.500	2183.600	215.993
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3590.500	2333.800	2239.200
Less	APPROPRIATIONS
		Provision for Dividend	0.000	570.000	75.000
		Provision for Dividend Tax	20.000	31.400	12.800
		Dividend Tax Paid	3.200	97.900	0.000
		Transfer to General Reserve	77.200	227.600	33.600
	BALANCE CARRIED TO THE B/S		4285.600	3590.500	2333.800
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on F.O.B. Basis	NA	NA	32.000
		Commission Earnings	NA	NA	320.800
	TOTAL EARNINGS		NA	NA	352.800
	IMPORTS
		Live Poultry			113.900
		Raw Materials			1571.100
		Packing Material	NA	NA	0.300
		Capital Goods			32.800
		Spare Parts			24.900
	TOTAL IMPORTS		NA	NA	1743
	Earnings Per Share (Rs.)
	- Basic		51.48	143.14	13.23
	- Diluted		52.06	143.14	13.68

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010 (9 Months)
PAT / Total Income	(%)	1.86	5.85	0.88
Net Profit Margin (PBT/Sales)	(%)	2.47	9.01	1.40
Return on Total Assets (PBT/Total Assets}	(%)	6.34	23.45	2.30
Return on Investment (ROI) (PBT/Networth)		0.18	1.67	0.10
Debt Equity Ratio (Total Debt /Networth)		1.43	1.10	2.54
Current Ratio (Current Asset/Current Liability)		1.14	1.17	4.14

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
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 involved in	----------------------
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

PERFORMANCE REVIEW

The company had achieved a turnover of Rs.42190.300 Millions for the Year of April-2011 to March 2012. This shows an increase of Rs.4955.300 Millions over the achieved turnover of Rs.37235.000 Millions for the previous period April 2010 to March 2011.

Profit after tax, including exceptional item, for the period was Rs.795.500 Millions as against Rs.2183.600 Millions for the previous period April 2010 to March 2011.

PERFORMANCE

As a pioneer in the poultry industry, they have proved ourselves in many areas and have set a benchmark in the industry and the company has grown tremendously. During the financial year 2011-12, the company has reached the heights with the attainment of Rs.42190.300 Millions turnover. The company has stepped into diversification with inception of various new business verticals like Cattle Feed, Soya Edible Oil retail pack and Organic Manures. The Company has also decided for further expansion of its business, with the adoption of new business like Pet food, Dairy, Herbal and Aqua Feeds. The achievement of this growth and success is a dedication and commitment of employees and team work.

Awards

• Asian Poultry Personality of 2011 by international Poultry Production awarded at Bangkok

• Ernst and Young Entrepreneur of the Year 2011 Award finalist awarded for the year 2011.

• National Entrepreneurship Award and Quality Assurance Award 2012 from “National Association of Veterinary Public Health”

• ISO 22000:2005 (Food Safety Management System) Certificate – 2012 awarded to processing plant @ vayalur and Nagpur Soya Plant

ECONOMIC OUTLOOK:

The Indian economy is marching towards a high growth trajectory with certain impediments on the horizon. While the year began on an optimistic note, concerns on sustainability of the high growth phase had surfaced by the end of financial year 2011. It has become imperative for businesses to track the economic environment on an ongoing basis when changes come in such a dynamic fashion, when perceptions on macroeconomic risks lie are so numerous and changing so often, when the immediate business environment becomes so closely linked with events that are largely beyond their immediate control.

The fiscal year 2011 witnessed a faster and more broad based recovery in the Indian economy. While the country expected GDP to gather significant momentum, the robust growth of 8.9% during the financial year was a positive surprise. While the long term growth prospects of the economy seem bright given the strong fundamentals of the economy, the short term outlook needs to be assessed in context of the emerging macroeconomic dynamics that might support or limit India’s economic growth.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Short-term borrowings
Loans repayable on demand	1255.700	0.000
Loans and advances from related parties	244.100	2.500
Total	1499.800	2.500

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U01222TZ1994PLC004951
Name of the company	SUGUNA FOODS 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 corporate@sugunafoods.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10023437
Type of charge	Immovable property Book debts Movable property (not being pledge) Others (Current Assets and Fixed Assets)
Particular of charge holder	Axis Bank Limited, "Vigneshhwar Cresta", 1095, Avinashi Road, Pappanaickenpalayam, Coimbatore – 641 018, Tamilnadu, India G1.Maheswari@axisbank.com
Nature of instrument creating charge	Memorandum of Agreement Evidencing Deposit of title of Deeds (For creation of Equitable Mortgage by Deposit of Title of deeds)
Date of instrument Creating the charge	08.01.2012
Amount secured by the charge	Rs.9400.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As stipulated by the bank from time to time Terms of Repayment on demand Margin As stipulated by the bank from time to time Extent and Operation of the charge First Pari Passu Charge on the entire current assets of the company along with other banks under the multiple banking arrangements. Pari passu first charge on the unencumbered fixed assets of the company along with other banks under multiple banking arrangements Pari passu Second Charge on the fixed assets of the company along with other banks under multiple banking arrangements.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First pari passu Charge on Current Assets and unencumbered fixed assets of the Company Second pari passu Charge on the fixed assets of the Company
Date of instrument modifying the charge	19.11.2012
Particulars of the present modification	No changes in existing credit limit Rs.940 crores. Extension of equitable mortgage by constructive delivery and re-deposit of title deeds executed on 08.01.2013 and same registered with Registration department, Government of Tamilnadu

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 exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.664.23
UK Pound	1	Rs.100.00
Euro	1	Rs.85.93

INFORMATION DETAILS

Report Prepared by :

DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.