MIRA INFORM REPORT

Report Date :

10.12.2014

IDENTIFICATION DETAILS

Name :	SYNTHITE INDUSTRIES LIMITED
Formerly Known As :	SYNTHITE INDUSTRIAL CHEMICALS LIMITED (w.e.f 19.09.2008) SYNTHITE INDUSTRIAL CHEMICALS PRIVATE LIMITED
Registered Office :	Synthite Corporate House, VIII-683-A, Kadayirippu, Kolenchery – 682311, Kerala
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.07.1970
Com. Reg. No.:	09-002294
Capital Investment / Paid-up Capital :	Rs.10.590 Millions
CIN No.: [Company Identification No.]	U24299KL1970PLC002294
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHNS02494C
PAN No.: [Permanent Account No.]	AADCS5616E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of a Wide Spectrum of Spice Products including Oleoresins, Essential Oils, Natural Food Colors, Health Ingredients, Herb Extracts etc.
No. of Employees :	2500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (64)

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 21400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having good track record. There seems some dip in the profit of the company during F.Y. 2014. However, general financial position of the company is sound. Fundamentals of the company are healthy. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

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, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = AA-
Rating Explanation	High degree of safety and very low credit risk.
Date	19.03.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	19.03.2014

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Jimi Jose
Designation :	HR Department
Contact No.:	91-484-3051265
Date :	09.12.2014

LOCATIONS

Registered Office :	Synthite Corporate House, VIII-683-A, Kadayirippu, Kolenchery – 682311, Kerala, India
Tel. No.:	91-484-2375294 / 3012222 / 2378503 / 2375294
Fax No.:	91-484-2378801
E-Mail :	synthite@synthite.com
Website :	www.synthite.com
Corporate Office/ Potpourri Division / Factory :	Synthite Valley, Kolenchery – 682311, Kerala, India
Tel. No.:	91-484-2760285 / 3051200 / 3051201 / 3051208 / 2761183
Fax No.:	91-484-3051351
E-Mail :	info@synthite.com
Location :	Owned
Fragrance Division :	Marudur, Karamadai – 641104, Tamilnadu, India
Tel. No.:	91-4254-227229 9 /2272542
Fax No.:	91-4254-2272889
E-Mail :	synthitefrg@satyam.net.in
Harihar Division :	Kumarapatanam, Harihar – 581123, Karnataka, India
Tel. No.:	91-8373-20449 / 242058 / 240449
Fax No.:	91-8373-240448
E-Mail :	synthite_hrr@rediffmail.com
Branch :	39/1799, Ajay Viharam, ‘G’ Road, Ernakulam – 682016, Kerala, India

DIRECTORS

As on 18.09.2014

Name :

Mr. George Paul

Designation :

Managing Director

Address :

Embassery 39/64, Banerji Road, Cochin – 682 018, Ernakulam, Kerala, India

Date of Birth/Age :

27.11.1949

Qualification :

B. Sc

Experience :

32 Years

Date of Appointment :

01.10.2013

PAN No. :

ABGPP9054J

DIN No.:

00030530

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	U24299KL1970PLC002294	SYNTHITE INDUSTRIES LIMITED	Managing director	01/10/2013	26/09/1977	-	Active	NO
2	U15495KL1984PTC004002	HERBAL ISOLATES PRIVATE LIMITED	Director	29/06/1984	29/06/1984	-	Active	NO
3	U70101KL1993PLC007482	Speaks Properties Limited	Managing director	01/10/1999	01/10/1999	20/11/2012	Active	NO
4	U51909KL2000PLC013664	SYNTHITE EXPORTS LIMITED	Director	15/11/2006	10/02/2000	-	Active	NO
5	U74999MH1968GAP014120	INDO-AMERICAN CHAMBER OF COMMERCE	Director	06/10/2004	06/10/2004	28/09/2007	Active	NO
6	U24117KL2006PTC019196	SYMEGA FLAVOURS (INDIA) PRIVATE LIMITED	Director	20/12/2013	15/02/2006	28/03/2014	Active	NO
7	U64200KL2008PTC022895	NEW AGE NEWS INDIA PRIVATE LIMITED	Director	31/07/2008	31/07/2008	-	Active	NO
8	U45400KL2008PTC029096	Modulex Modular Buildings Private Limited	Director	01/12/2011	01/12/2011	-	Active	NO
9	U52201KL2005PLC018757	OMEGA FLAVOUR TECHNOLOGY LIMITED	Director	30/09/2013	06/11/2012	-	Active	NO
10	U67120KL2013PTC033611	INTERGROW HOLDINGS PRIVATE LIMITED	Director	24/03/2013	24/03/2013	25/03/2013	Active	NO
11	U91110KL1938NPL001413	COCHIN CHAMBER OF COMMERCE AND INDUSTRY	Director	11/06/2013	11/06/2013	-	Active	NO
12	U15500KL2013PTC035116	INTERGROW FOODS AND BEVERAGES PRIVATE LIMITED	Director	01/10/2013	01/10/2013	24/06/2014	Active	NO

Name :

Mr. Jacob Chennakatu Varkey

Designation :

Whole Time Director

Address :

Nechupdam Kadayiruppu, Kolenchery, Cochin – 682 311, Ernakulam, Kerala, India

Date of Birth/Age :

27.09.1933

Experience :

57 Years

Date of Appointment :

01.10.2013

PAN No. :

AAWPJ5618D

DIN No.:

00030106

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	U24299KL1970PLC002294	SYNTHITE INDUSTRIES LIMITED	Whole-time director	01/10/2013	03/03/1972	-	Active	NO
2	U15142KL1977PLC002933	SIJMAK OILS LIMITED	Managing director	26/08/1992	26/08/1992	-	Amalgamated	NO
3	U63033KL1994PLC007803	COCHIN INTERNATIONAL AIRPORT LIMITED	Director	30/03/1994	30/03/1994	-	Active	NO
4	U35303KL2005PLC018632	COCHIN INTERNATIONAL AVIATION SERVICES LIMITED	Director	28/09/2006	18/04/2006	-	Active	NO
5	U62100KL2006PLC019227	AIR KERALA INTERNATIONAL SERVICES LIMITED	Director	31/07/2010	29/07/2009	-	Active	NO
6	U45203KL2012PLC031692	CIAL INFRASTRUCTURES LIMITED	Director	20/07/2012	20/07/2012	-	Active	NO

Name :

Dr. Varghese Jacob

Designation :

Whole Time Director

Address :

Nechupdam Kadayiruppu, Kolenchery, Cochin – 682 311, Ernakulam, Kerala, India

Date of Birth/Age :

21.03.1961

Qualification :

B.Com, Ph.D

Experience :

24 Years

Date of Appointment :

01.10.2012

PAN No. :

AAWPJ5617N

DIN No.:

00030179

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	U15495KL1984PTC004002	HERBAL ISOLATES PRIVATE LIMITED	Director	10/05/1985	10/05/1985	-	Active	NO
2	U24299KL1970PLC002294	SYNTHITE INDUSTRIES LIMITED	Whole-time director	01/10/2012	31/12/1985	-	Active	NO
3	U70101KL1993PLC007482	Speaks Properties Limited	Director	30/09/1994	30/09/1994	-	Active	NO
4	U51909KL2000PLC013664	SYNTHITE EXPORTS LIMITED	Director	17/04/2000	17/04/2000	-	Active	NO
5	U51225KL2006PLC019598	SYMEGA SAVOURY TECHNOLOGY LIMITED	Director	07/07/2006	07/07/2006	13/01/2014	Active	NO
6	U52201KL2005PLC018757	OMEGA FLAVOUR TECHNOLOGY LIMITED	Director	30/09/2013	06/11/2012	-	Active	NO

Name :

Mr. Mani Varghese

Designation :

Whole Time Director

Address :

29/752 Cheruparambath Road, Koavanthra, Cochin – 682 020, Ernakulam, Kerala, India

Date of Birth/Age :

05.04.1957

Qualification :

C.A

Experience :

29 Years

Date of Appointment :

30.09.1983

PAN No. :

ABNPV1132C

DIN No.:

00030972

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	U24299KL1970PLC002294	SYNTHITE INDUSTRIES LIMITED	Whole-time director	01/10/2012	30/09/1983	-	Active	NO
2	U15495KL1984PTC004002	HERBAL ISOLATES PRIVATE LIMITED	Director	29/06/1984	29/06/1984	-	Active	NO
3	U15142KL1977PLC002933	SIJMAK OILS LIMITED	Director	26/08/1992	26/08/1992	-	Amalgamated	NO
4	U70101KL1993PLC007482	Speaks Properties Limited	Director	30/09/1994	30/09/1994	-	Active	NO
5	U51909KL2000PLC013664	SYNTHITE EXPORTS LIMITED	Director	09/02/2000	09/02/2000	-	Active	NO
6	U74140KL1993PTC006919	GEORGE VENTURES CONSULTANTS PRIVATE LIMITED	Director	19/04/2005	19/04/2005	-	Active	NO
7	U24117KL2006PTC019196	SYMEGA FLAVOURS (INDIA) PRIVATE LIMITED	Director	15/02/2006	15/02/2006	28/03/2014	Active	NO
8	U52201KL2005PLC018757	OMEGA FLAVOUR TECHNOLOGY LIMITED	Director	30/09/2013	06/11/2012	-	Active	NO
9	U67120KL2013PTC033611	INTERGROW HOLDINGS PRIVATE LIMITED	Director	24/03/2013	24/03/2013	25/03/2013	Active	NO
10	U85195KL2000PTC013645	KALATHIL RESORTS PRIVATE LIMITED	Alternate director	12/03/2014	12/03/2014	-	Active	NO

Name :

Mr. Aju Jacob

Designation :

Whole Time Director

Address :

Nechupdam Kadayiruppu, Kolenchery, Cochin – 682 311, Ernakulam, Kerala, India

Date of Birth/Age :

29.05.1964

Qualification :

B.Tech

Experience :

22 Years

Date of Appointment :

05.01.1987

PAN No. :

ACNPJ7961N

DIN No.:

00030332

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	U24299KL1970PLC002294	SYNTHITE INDUSTRIES LIMITED	Whole-time director	01/10/2012	05/01/1987	-	Active	NO
2	U15142KL1977PLC002933	SIJMAK OILS LIMITED	Director	01/02/1994	01/02/1994	-	Amalgamated	NO
3	U70101KL1993PLC007482	Speaks Properties Limited	Director	30/09/1994	30/09/1994	-	Active	NO
4	U51225KL2006PLC019598	SYMEGA SAVOURY TECHNOLOGY LIMITED	Director	07/07/2006	07/07/2006	13/01/2014	Active	NO
5	U33112KA2011PTC059915	S3V Vascular Technologies Private Limited	Director	30/09/2013	29/06/2012	-	Active	NO
6	U15500KL2013PTC035116	INTERGROW FOODS AND BEVERAGES PRIVATE LIMITED	Director	01/10/2013	01/10/2013	24/06/2014	Active	NO

Name :

Mr. Ninan Philip Modayil

Designation :

Director

Address :

310 Panampilly Nagar, Perumanoor, Cochin – 682 025, Ernakulam, Kerala, India

Date of Birth/Age :

07.10.1956

Date of Appointment :

31.12.1985

DIN No.:

00030445

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	U15495KL1984PTC004002	HERBAL ISOLATES PRIVATE LIMITED	Managing director	29/06/1984	29/06/1984	-	Active	NO
2	U24299KL1970PLC002294	SYNTHITE INDUSTRIES LIMITED	Director	31/12/1985	31/12/1985	-	Active	NO
3	U70101KL1993PLC007482	Speaks Properties Limited	Director	30/09/1994	30/09/1994	-	Active	NO

Name :

Mayara Eswaran Narayanan Nambudiry

Designation :

Director

Address :

Mayara House, X/591, Pratibha Layout, P.O. Kusumagori, Kakkanad – 682030, Kerala, India

Date of Birth/Age :

12.11.1947

Date of Appointment :

10.12.2013

DIN No.:

06777724

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	U24299KL1970PLC002294	SYNTHITE INDUSTRIES LIMITED	Director	18/09/2014	10/12/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jimi Jose
Designation :	HR Department

MAJOR SHAREHOLDERS

As on 18.09.2014

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 18.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	2.27
Bodies corporate	11.61
Directors or relatives of Directors	58.44
Other top fifty shareholders	27.68
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of a Wide Spectrum of Spice Products including Oleoresins, Essential Oils, Natural Food Colors, Health Ingredients, Herb Extracts etc.

Products :

Product Description	Item Code No. (ITC Code)
Oleoresins of spices not elsewhere specified	33019029
Other extracts, essences and concentrates of coffee	21011190
Other Mixtrs of Odorifrs Substns N.E.S	33029090
Other pepper neither crushed nor grinded	09041190
Cinnamon Ground	09061190
Clove Ground	09072000
Cardamom Green WH Sorted Thrips Ipm	09083050
Cumin Ground IPM HT	09093121
Turmeric Ground Curcumin HT	09103030

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

• European Countries
• China
• USA
• Middle East Countries

Imports :

Products :

Raw Material

Countries :

• Sri Lanka
• China

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	D.A. Patel, Unjha, Gujarat, India
Name of the Person :	Mr. Suresh Patel (Partner)
Contact No.:	91-9825017732
Since How Long Known :	10 Years
Maximum Limit Dealt :	Yearly Rs.80.000 Millions
Experience :	Payment Behaviors – Good Market Goodwill – Good Overall – Good
Remark :	As claimed by Mr. Suresh Patel (Partner) that they has good experience with subject company.

Customers :

Reference :	Givudin, US
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

2500 (Approximately)

Bankers :

• DBS Bank
• ICICI Bank
• Federal Bank
• State Bank of Travencore
• Standard Charted Bank, 19 Rajaji Salai, Chennai – 600001, Tamilnadu, India

Facilities :

• CC Rs. 3000.000 Millions From Standard Charted Bank
• CC Rs. 3000.000 Millions From DBS Bank
• CC Rs. 3000.000 Millions From ICICI Bank
• CC Rs. 3000.000 Millions From Federal Bank
• CC Rs. 3000.000 Millions From State Bank of Travencore

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Rupee term loans from banks	433.331	316.359
Foreign currency term loans from banks	139.421	89.569
SHORT TERM BORROWINGS
Rupee term loans from banks	15.040	100.000
Foreign currency term loans from banks	3231.654	1832.266
Total	3819.446	2338.194

Banking Relations :	--
Auditors :
Name :	Elias George and Company Chartered Accountants
Address :	B-16, HIG Avenue, Gandhinagar, Cochin – 682020, Kerala, India
Tel. No.:	91-484-2204008/2206648
Fax No.:	91-484-2204008
E-Mail :	elias_george@satyam.net.in eliasgeorge@asianetindia.com
PAN No.:	AAAFE5440J4
Memberships :	--
Collaborators :	--
Subsidiaries :	Synthite (USA) Inc Herbal Isolates Private Limited CIN No.: U15495KL1984PTC004002 Synthite Exports Limited CIN No.: U51909KL2000PLC013664 Spice Mill Synthite (Xinjiang) Bio Tech Company Limited, China Synthite Lanka Private Limited
Joint Venture :	Symega Savoury Technology Limited Symega Flavours (India) Private Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Synthite Brasil Impotacao and Exportacao Ltda

CAPITAL STRUCTURE

As on 18.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.100/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
105900	Equity Shares	Rs.100/- each	Rs.10.590 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.590	10.590	10.590
(b) Reserves & Surplus	7,481.877	6,730.937	5,910.168
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7,492.467	6,741.527	5,920.758
(3) Non-Current Liabilities
(a) long-term borrowings	572.752	405.928	17.695
(b) Deferred tax liabilities (Net)	6.734	11.721	10.592
(c) Other long term liabilities	3.550	3.500	0.000
(d) long-term provisions	28.459	21.133	20.161
Total Non-current Liabilities (3)	611.495	442.282	48.448
(4) Current Liabilities
(a) Short term borrowings	3,246.694	1,932.266	1,682.067
(b) Trade payables	524.786	505.436	476.369
(c) Other current liabilities	322.504	325.279	183.021
(d) Short-term provisions	7.025	13.310	27.194
Total Current Liabilities (4)	4,101.009	2,776.291	2,368.651
TOTAL	12,204.971	9,960.100	8,337.857
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2,064.238	1,599.747	1,393.941
(ii) Intangible Assets	35.865	32.958	18.551
(iii) Capital work-in-progress	418.565	465.631	88.311
(iv) Intangible assets under development	0.000	0.000	0.095
(b) Non-current Investments	1,068.360	948.958	797.949
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	366.016	238.235	31.511
(e) Other Non-current assets	2.355	3.581	4.432
Total Non-Current Assets	3,955.399	3,289.110	2,334.790
(2) Current assets
(a) Current investments	481.411	496.653	501.624
(b) Inventories	3,777.107	2,784.929	2,467.241
(c) Trade receivables	2,727.141	2,175.935	2,088.120
(d) Cash and cash equivalents	349.689	327.049	92.960
(e) Short-term loans and advances	894.953	859.803	840.222
(f) Other current assets	19.271	26.621	12.900
Total Current Assets	8,249.572	6,670.990	6,003.067
TOTAL	12,204.971	9,960.100	8,337.857

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		10,222.473	9,109.167	8,642.207
		Other Income		203.270	144.498	117.999
		TOTAL (A)		10,425.743	9,253.665	8,760.206
Less	EXPENSES
		Cost of Materials Consumed		7,444.303	6,011.556	5,991.542
		Purchase of Stock-in-trade		3.757	15.951	7.889
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(573.416)	(19.926)	(187.384)
		Employee Benefits Expenses		506.304	435.792	339.256
		Other Expenses		1,540.387	1,333.343	1,038.751
		TOTAL (B)		8,921.335	7,776.716	7,190.054
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			1,504.408	1,476.949	1,570.152
Less	FINANCIAL EXPENSES (D)			208.585	85.687	46.653
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			1,295.823	1,391.262	1,523.499
Less	DEPRECIATION/ AMORTISATION (F)			281.138	206.975	206.509
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			1,014.685	1,184.287	1,316.990
Less	TAX (H)			260.013	351.129	353.654
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			754.672	833.158	963.336
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			1,766.158	1,028.800	235.800
Less	APPROPRIATIONS
			Transfer to General Reserve	75.467	83.400	96.400
			Dividend	5.295	10.600	63.500
			Tax on Dividend	0.900	1.800	10.300
	BALANCE CARRIED TO THE B/S			2,439.168	1,766.158	1,028.936
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	7130.207	6444.021	6364.003
	TOTAL EARNINGS			7130.207	6444.021	6364.003
	IMPORTS
			Raw Materials	3711.682	2233.322	2112.793
			Stores & Spares	92.711	18.123	4.138
			Capital Goods	37.497	75.714	12.210
	TOTAL IMPORTS			3841.890	2327.159	2129.141
	Earnings / (Loss) Per Share (Rs.)			7126.00	7867.00	9097.00

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	7.38	9.15	11.15
Operating Profit Margin (PBIDT/Sales)	(%)	14.72	16.21	18.17
Return on Total Assets (PBT/Total Assets}	(%)	9.47	13.86	17.67
Return on Investment (ROI) (PBT/Networth)		0.14	0.18	0.22
Debt Equity Ratio (Total Debt /Networth)		0.51	0.35	0.29
Current Ratio (Current Asset/Current Liability)		2.01	2.40	2.53

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	10.590	10.590	10.590
Reserves & Surplus	5910.168	6730.937	7481.877
Share Application money pending allotment	0.000	0.000	0.000
Net worth	5920.758	6741.527	7492.467
Long Term borrowings	17.695	405.928	572.752
Short Term borrowings	1682.067	1932.266	3246.694
Total borrowings	1699.762	2338.194	3819.446
Debt/Equity ratio	0.287	0.347	0.510

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	8,642.207	9,109.167	10,222.473
		5.403	12.222

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	8,642.207	9,109.167	10,222.473
Profit	963.336	833.158	754.672
	11.15%	9.15%	7.38%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BUSINESS

During the year 2013-2014, the Company witnessed stiff competition under volatile markets. Though the company continued to see growth across some markets, the net profit before exceptional items and tax decreased by 14% at Rs. 1014.700 Millions as against Rs.1184.300 Millions in the previous year. Decrease in profitability has been due to stiff competition in the market driving down operating margins in the Business. Their competitors have also significantly increased their market share and impacted margins

The Board recognizes that these are volatile times and continues to exhibit a mix of caution and aggression in its growth approach. We shall leave no stone unturned to move ahead on this journey based on the strength of our convictions and proven capability to create newer products to maintain profitability on a sustainable basis without compromising growth. The Company has adopted a multipronged strategy by Investments through Associates, Joint Ventures and Subsidiaries to increase customer base, diversify products and reduce market risks while ensuring that key customer concerns are also addressed. One such initiative has been the vertical integration of the Consumer Products division undertaken through its participation in Associate companies. Given the high risks associated and requirement of risk capital to scale up such consumer initiatives, the Company has adopted this strategy to sustain good financial health of this Company.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10524851	13/10/2014	906,750,000.00	Export - Import Bank of India	World Trade Centre, Cuffe Parade, Mumbai, Maharashtra - 400005, India	C28586030
2	10413406	11/04/2014 *	121,100,000.00	Andhra Bank	Ajay Vihar, M.G. Road, Ernakulam, Kerala - 682016, INDIA	C05391685
3	10388114	11/07/2014 *	500,000,000.00	DBS Bank Limited	806, Anna Salai, Chennai, Tamil Nadu - 600002, India	C14675144
4	10377312	11/09/2012	50,000,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 40001 3, India	B58416009
5	10375255	18/04/2013 *	1,480,000,000.00	Union Bank of India	Overseas Branch, M G Road, Ernakulam, Kerala - 682035, India	B75000976
6	10375947	30/07/2012	750,000,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 40001 3, India	B57890980
7	10264530	18/11/2014 *	1,250,000,000.00	Standard Chartered Bank	19 Rajaji Salai, Chennai, Tamil Nadu - 600001, India	C34565580
8	10261949	26/11/2010	30,000,000.00	State Bank Of India	Commercial Branch Ernakulam,First Floor, Vankarat H Towers, Byepass Junction , Padivattom, Kochi, Kerala - 682024, India	B03777604
9	10195123	11/09/2012 *	500,000,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 40001 3, India	B58469669
10	10109117	25/04/2008	150,000,000.00	Union Bank of India	Overseas Branch, Ernakulam, Kochi, Kerala - 682035, India	A40681371
11	10033904	30/04/2013 *	1,360,000,000.00	Citibank N. A.	Photofast House, Door No.38/1581,, M.G Road, Padma Junction, Cochin, Kerala - 682035, India	B74631524
12	10007148	19/11/2012 *	530,000,000.00	State Bank Of Travancore	Kolenchery Main Branch, Kolenchery, Ernakulam, Kerala - 682311, India	B64022775
13	90020721	01/06/2005	60,000,000.00	Union Bank of India	Overseas Branch, M G Road, Ernakulam, Kerala - 682035, India	-
14	90016581	26/09/2006 *	101,000,000.00	Union Bank of India	Overseas Branch, M G Road, Ernakulam, Kerala - 682035, India	-
15	90015656	22/12/2011 *	1,120,000,000.00	Union Bank of India	Overseas Branch, M G Road, Ernakulam, Kerala - 682035, India	B32282022
16	90015538	07/11/1985	527,000.00	Union Bank of India	Kadayiruppu, Kadayiruppu, Kerala, India	-
17	90015515	10/05/1985	1,000,000.00	Union Bank of India	Kadayiruppu, Kadayiruppu, Kerala, India	-
18	90015496	24/01/1985	150,000.00	Union Bank of India	Kadayiruppu, Kadayiruppu, Kerala, India	-
19	90015449	04/05/2000 *	300,000.00	Union Bank of India	Kadayiruppu, Kadayiruppu, Kerala, India	-
20	90015384	29/03/1983	100,000.00	Union Bank of India	Kadayiruppu, Kadayiruppu, Kerala, India	-
21	90015336	05/10/1981	200,000.00	Union Bank of India	Kadayiruppu, Kadayiruppu, Kerala, India	-
22	90015308	03/05/1984 *	900,000.00	Union Bank of India	Kadayiruppu, Kadayiruppu, Kerala, India	-
23	90015281	20/12/1979 *	250,000.00	Union Bank of India	Kadayiruppu, Kadayiruppu, Kerala, India	-
24	90015280	14/08/1979	250,000.00	Union Bank of India	Kadayiruppu, Kadayiruppu, Kerala, India	-
25	90015135	01/07/1972	350,000.00	Union Bank of India	Kadayiruppu, Kadayiruppu, Kerala, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.92
UK Pound	1	Rs.96.37
Euro	1	Rs.76.10

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	VNT

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
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		64

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.