MIRA INFORM REPORT

Report Date :

03.09.2014

IDENTIFICATION DETAILS

Name :	ELGI ULTRA INDUSTRIES LIMITED
Registered Office :	India House, New No: 1443/1, Trichy Road, Coimbatore – 641018, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.09.1981
Com. Reg. No.:	18-001104
Capital Investment / Paid-up Capital :	Rs.18.727 Millions
CIN No.: [Company Identification No.]	U29253TZ1981PLC001104
TAN No.: [Tax Deduction & Collection Account No.]	CMBE03014E
PAN No.:	AAACE4566G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Textile Machinery Accessories and Ultra Table top Wet Grinders.
No. of Employees :	543 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1600000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is a well Established company having satisfactory track. The company possesses a healthy financial profile marked by low gearing and strong debt protection metrics. The rating also take into consideration the high degree of fragmentation in the home appliances industry and susceptibility of its operating margin to volatility in raw material prices. However, trade relations are fair business is active. Payment terms are reported as usually correct. In view of established market position with a strong brand image, the subject can be considered 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	27.02.2014

Rating Agency Name	CRISIL
Rating	Short term rating A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	27.02.2014

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

Name :	Ms. Bency
Designation :	Accountant
Contact No.:	91-9894150103

LOCATIONS

Registered Office :	India House, New No.1443/1, Trichy Road, Coimbatore – 641018, Tamilnadu India
Tel. No.:	91-422-2304141
Mobile No.:	91-9894150103 (Ms. Bency)
Fax No.:	91-422-2301377
E-Mail :	blyaccts@elgiulltra.com info@elgiultra.com
Website :	www.elgiultra.com
Location :	Owned
Factory:	Avanishi Road, Kannapalayam Village, Arasur, Coimbatore, Tamilnadu, India

DIRECTORS

As on 26.09.2013

Name :

Mr. Balasubramanian Balakrishnan

Designation :

Managing Director

Address :

Alangudi House No.2,Raja Street Kallimadai Road , Singanallur – 641005, Tamilnadu, India

Date of Birth/Age :

14.06.1964

Date of Appointment :

26.09.2013

DIN No.:

00005278

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	U67120TZ1995PLC005671	ELGI SECURITIES LIMITED	Director	08/06/1995	08/06/1995	-	Amalgamated	NO
2	U65993TZ1991PLC003320	DARK HORSE PORTFOLIO INVESTMENT LIMITED	Director	05/07/1995	05/07/1995	-	Active	NO
3	U29199TZ1953PTC008331	PREMIER INDUSTRIAL DRIVES PRIVATE LIMITED	Director	24/01/2000	24/01/2000	01/03/2014	Active	NO
4	U60210TZ1934PTC000105	MADURA PUBLIC CONVEYANCE PRIVATE LIMITED	Director	24/01/2000	24/01/2000	-	Amalgamated	NO
5	L65910TZ1982PLC001159	ELGI INDUSTRIAL PRODUCTS LIMITED	Director	23/03/2000	23/03/2000	-	Amalgamated	NO
6	U29299TZ2012PTC018828	ERGO DESIGN PRIVATE LIMITED	Director	11/10/2012	11/10/2012	-	Active	NO
7	U29253TZ1981PLC001104	ELGI ULTRA INDUSTRIES LIMITED	Managing director	26/09/2013	14/08/2013	-	Active	NO

Name :

Dr. Jairam Varadaraj

Designation :

Director

Address :

5-1, Ward No. 13, Ruckmani Nagar, Ramanathapuram, Coimbatore - 641018 Tamilnadu, India

Date of Birth/Age :

08.04.1961

Date of Appointment :

01.09.2009

DIN No.:

00058056

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	U29253TZ1981PLC001104	ELGI ULTRA INDUSTRIES LIMITED	Director	08/05/1987	08/05/1987	-	Active	NO
2	L65910TZ1982PLC001159	ELGI INDUSTRIAL PRODUCTS LIMITED	Managing director	01/09/2009	19/07/1989	-	Amalgamated	NO
3	L29120TZ1960PLC000351	ELGI EQUIPMENTS LIMITED	Managing director	01/04/2011	29/05/1992	-	Active	NO
4	U32109TZ1972PLC008922	ADISONS PRECISION INSTRUMENTS MANUFACTURING COMPANY LIMITED	Director	25/11/1994	25/11/1994	-	Active	NO
5	L02511TZ1998PLC008630	TREADSDIRECT LIMITED(amalgamated	Director	02/11/1998	02/11/1998	28/03/2008	Amalgamated	NO
6	L17111TZ1962PLC001183	PRECOT MERIDIAN LIMITED	Director	29/01/2002	29/01/2002	-	Active	NO
7	L02511TZ1981PLC010010	ELGI RUBBER COMPANY LIMITED	Director	07/06/2002	07/06/2002	-	Amalgamated	NO
8	L29299PN1980PLC022787	THERMAX LIMITED.	Director	22/07/2014	31/01/2003	-	Active	NO
9	L31103TZ1990PLC002836	MAGNA ELECTRO CASTINGS LIMITED	Director	28/10/2004	28/10/2004	-	Active	NO
10	U74910TN2006PLC059763	COACHING FOUNDATION INDIA LIMITED	Director	27/10/2007	01/12/2006	04/02/2013	Active	NO
11	U34300TZ2007PLC014125	ATS ELGI LIMITED	Director	28/07/2007	28/02/2007	-	Active	NO
12	U29120TZ2008PLC014639	ELGI SAUER COMPRESSORS LIMITED	Director	15/07/2008	15/07/2008	-	Active	NO
13	L25119TZ2006PLC013144	ELGI RUBBER COMPANY LIMITED	Director	14/01/2011	06/01/2011	-	Active	NO

Name :

Mr. Sumanth Ramamurthi

Designation :

Director

Address :

74, Appuswamy Layout, Red Fields, Coimbatore- 641018, Tamilnadu, India

Date of Birth/Age :

12.08.1959

Date of Appointment :

27.04.1984

DIN No.:

00002773

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	U29253TZ1981PLC001104	ELGI ULTRA INDUSTRIES LIMITED	Director	27/04/1984	27/04/1984	-	Active	NO
2	U31200TZ1963PLC000487	ELGI ELECTRIC AND INDUSTRIES LIMITED	Director	14/04/2008	06/10/1988	-	Active	NO
3	L17111TZ1962PLC001183	PRECOT MERIDIAN LIMITED	Director	22/02/1992	22/02/1992	-	Active	NO
4	L17111TZ1962PLC001200	SUPER SPINNING MILLS LIMITED	Whole-time director	01/04/2014	22/02/1992	-	Active	NO
5	U65993TZ1993PTC010451	SARA ELGI INSURANCE ADVISORY SERVICES PRIVATE LIMITED	Director	24/02/1993	24/02/1993	-	Amalgamated	NO
6	U01211TZ1984PTC001522	SUPER FARM PRODUCTS Private Limited	Director	13/03/1993	13/03/1993	-	Active	NO
7	U31100TZ1995PLC006403	SARA ELGI INDUSTRIES LIMITED	Director	03/08/1995	03/08/1995	-	Active	NO
8	U45201TZ1996PLC007037	ELGI BUILDING PRODUCTS LIMITED	Director	15/03/1996	15/03/1996	-	Active	NO
9	U67120TZ1993PLC004314	SARA ELGI INDUSTRIAL RESEARCH AND DEVELOPEMENT LIMITED	Director	30/07/2001	30/07/2001	-	Amalgamated	NO
10	U17111TZ2005PLC012229	SUPER SARA TEXTILES LIMITED	Director	19/10/2005	19/10/2005	-	Active	NO
11	L18100TZ1981PLC013940	KAKATIYA TEXTILES LTD	Managing director	30/05/2011	30/06/2006	-	Active	NO
12	U29197TZ2001PLC009863	SARA ELGI ENVIROTECH LIMITED	Director	30/09/2008	30/07/2008	-	Active	NO
13	U05110TZ1980PLC000989	SARA TRADING AND INDUSTRIAL SERVICES LIMITED	Director	30/09/2008	30/08/2008	-	Amalgamated	NO
14	U28111TZ2003PLC010797	SARA ELGI ARTERIORS LIMITED	Director	30/09/2008	30/08/2008	-	Active	NO

Name :

Mrs. Meenaksi S. Panchapakesan

Designation :

Director

Address :

Old No.9, New No. 12, Rukmani Pagar, Rammathapuram, Coimbdore-641045, Tamilnadu, India

Date of Birth/Age :

07.07.1934

Date of Appointment :

29.09.1988

DIN No.:

00010609

Name :

Dr. Rangaswamy Subbayyan

Designation :

Director

Address :

27, Damu Nagar, Coimbatore - 641045 Tamil Nadu, India

Date of Birth/Age :

08.06.1925

Date of Appointment :

29.09.1988

DIN No.:

00010511

Name :

Mr. Ramdass Vidyasagar

Designation :

Director

Address :

27, Damu Nagar, Coimbatore - 641045 Tamil Nadu, India

Date of Birth/Age :

08.06.1925

Date of Appointment :

29.09.1988

DIN No.:

00005304

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	U29253TZ1981PLC001104	ELGI ULTRA INDUSTRIES LIMITED	Director	29/09/1988	29/09/1988	-	Active	NO
2	U17111TZ1990PTC002732	MAHENDRA SPINNING MILLS PRIVATE LIMITED	Director	06/06/1990	06/06/1990	-	Active	NO
3	U31200TZ1991PLC003193	GEO RENEWABLE POWER LIMITED	Director	21/03/1991	21/03/1991	-	Amalgamated	NO
4	U52110TZ1946PTC008332	SALEM SERVICES PRIVATE LIMITED	Director	27/08/1992	27/08/1992	-	Amalgamated	NO
5	U29199TZ1998PTC008657	MAHEE ENGINEERING PRIVATE LIMITED	Managing director	26/11/1998	26/11/1998	-	Active	NO
6	U45201TZ1996PLC007037	ELGI BUILDING PRODUCTS LIMITED	Director	25/10/1999	25/10/1999	-	Active	NO
7	U31103TZ2001PTC009761	MAHENDRA SUBMERSIBLE PUMPS PRIVATE LIMITED	Director	25/05/2001	25/05/2001	-	Active	NO
8	U29120TZ2001PTC009763	MAARVEL MONOPUMPS COIMBATORE PRIVATE LIMITED	Director	28/05/2001	28/05/2001	-	Strike off	NO
9	U91990TZ1939GAP000035	THE COIMBATORE COSMOPOLITAN CLUB	Director	07/12/2009	07/12/2009	-	Active	NO
10	U29120TZ2001PTC009762	MAHENDRA PUMPS PRIVATE LIMITED	Director	19/06/2013	19/06/2013	-	Active	NO
11	U01210TZ2013PTC020021	SANVEY LIVESTOCK PRIVATE LIMITED	Director	22/11/2013	22/11/2013	-	Active	NO

Name :

Mr. Sudarsan Varadaraj

Designation :

Director

Address :

Tea Estates Race Estates Race Course Coimbatore – 641018, Tamilnadu, India

Date of Birth/Age :

22.01.1958

Date of Appointment :

18.08.1992

DIN No.:

00133533

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	U02511TZ1970PLC000611	ELGI RUBBER PRODUCTS LIMITED	Director	31/03/2008	21/04/1984	-	Amalgamated	NO
2	L02511TZ1981PLC010010	ELGI RUBBER COMPANY LIMITED	Managing director	12/03/1988	12/03/1988	-	Amalgamated	NO
3	L15314TN1961PLC004674	KLRF LIMITED	Director	05/10/1990	05/10/1990	-	Active	NO
4	U31200TZ1991PLC003193	GEO RENEWABLE POWER LIMITED	Director	21/03/1991	21/03/1991	-	Amalgamated	NO
5	U29253TZ1981PLC001104	ELGI ULTRA INDUSTRIES LIMITED	Director	18/08/1992	18/08/1992	-	Active	NO
6	L17111TZ1962PLC001200	SUPER SPINNING MILLS LIMITED	Director	13/03/1993	13/03/1993	-	Active	NO
7	L29120TZ1960PLC000351	ELGI EQUIPMENTS LIMITED	Director	18/11/1993	18/11/1993	-	Active	NO
8	U31200TZ1963PLC000487	ELGI ELECTRIC AND INDUSTRIES LIMITED	Director	15/07/1996	15/07/1996	17/09/2009	Active	NO
9	U72200TZ1996PLC009971	LRG TECHNOLOGIES LIMITED	Director	19/07/1996	19/07/1996	-	Active	NO
10	U51909TZ1997PTC007965	TYRE POINT PRIVATE LIMITED	Director	10/06/1997	10/06/1997	-	Active	NO
11	L02511TZ1998PLC008630	TREADSDIRECT LIMITED(amalgamated	Managing director	01/04/2008	02/11/1998	-	Amalgamated	NO
12	U29220KA1986PTC007449	FESTO CONTROLS PRIVATE LIMITED	Director	16/04/2000	16/04/2000	-	Active	NO
13	L25119TZ2006PLC013144	ELGI RUBBER COMPANY LIMITED	Managing director	01/01/2011	16/10/2006	-	Active	NO
14	U26941TZ1990PTC002672	ACHUTHA VULCANISING CEMENT PRIVATE LIMITED	Director	28/09/2007	28/08/2007	-	Amalgamated	NO
15	U25111TZ2003PLC017268	TITAN TYRECARE PRODUCTS LIMITED	Director	30/09/2009	09/07/2009	-	Active	NO
16	U25114TZ2010PLC016201	TREADSDIRECT LIMITED	Managing director	01/01/2014	07/07/2010	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Bency
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 26.09.2013

Names of Shareholders	No. of Shares
Om Prakash Saraf	400
A. Aathikesavalu	100
Abdul Rashid	100
Abdul Razzak Usmanbhai	100
S.R. Abhani	100
Wg. C. Abraham Koshy	100
Achal Auror0041	100
Rm. Adaikkalavan	400
M. Adaikkammai	100
A.S. Adaikklavan	100
Adarsh Malhotra	300
D.R. Adi Murthy	100
M K.Adinarayana Gupta	100
B. Adireddy	200
M.N. Adireddy	200
Aditya Agarwal	200
S.K. Agarwal	100
S.K. Agarwal	200
P.K. Agarwal	1200
Aggarwal Yashpal Gian	200
S A. Agnimahalingam	100

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2013

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	1.63
Bodies corporate	51.14
Directors or relatives of Directors	13.08
Other top fifty shareholders	12.09
Other	22.06
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Textile Machinery Accessories and Ultra Table Top Wet Grinders.

Products :

Product Description	ITC Code
Synthetic Power Transmission Belts	401031 10
Domestic Appliances – Wet grinders	850940 00
High Pressure Hoses and Tubes	391731 00

Exports :

Products :

Textile Machinery

Countries :

· Europe

· USA

· Africa

· South east aria

Imports :

Products :

Raw Material

Countries :

· Switzerland

· Taiwan

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Dealer and Distributor

No. of Employees :

543 (Approximately)

Bankers :

· Corporation Bank, Industrial Finance Centre, Trichy Road, Coimbatore - 641018, Tamilnadu, India

· Corporation Bank, 1604, Trichy Road, Coimbatore - 641018, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Deposits from others	14.036	8.035
Short Term Borrowings
Intercorporate deposits	34.838	26.499
Loans and advances from directors	2.825	0.250
Other loans and advances	52.667	38.657
Total	104.366	73.441

Banking Relations :	--
Auditors :
Name :	Johendar and Company Chartered Accountants
Address :	20, 1^st Street, Dr. Sivananda Colony, Coimbatore - 641 012, Tamilnadu, India
PAN No.:	ADZPJ6384L
Associates:	· Elgi Equipment Limited · ATS Elgi Limited · Precot Meridian Limited · Super Splnning Mills Limited · Ellargi and Company · L. G. Balakrishnan and Brothers Limited · L. R.G. Technologies Limited · Elgi Rubber Company limited · Elgi Electric and Industries Limited
Sister concern :	· Elgi Rubber Company limited · Elgi Equipment Limited

CAPITAL STRUCTURE

As on 26.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2150000	Equity Shares	Rs.10/- each	Rs.21.500 Millions
5000000	Preference Shares	Rs.10/- each	Rs.50.000 Millions
	Total		Rs.71.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1872650	Equity Shares	Rs.10/- each	Rs.18.727 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	18.727	18.727	18.727
(b) Reserves & Surplus	388.713	330.348	291.962
(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)	407.440	349.075	310.689
(3) Non-Current Liabilities
(a) long-term borrowings	14.036	8.035	11.690
(b) Deferred tax liabilities (Net)	5.394	3.544	1.886
(c) Other long term liabilities	7.465	3.505	7.945
(d) long-term provisions	12.660	9.749	6.502
Total Non-current Liabilities (3)	39.555	24.833	28.023
(4) Current Liabilities
(a) Short term borrowings	90.330	65.406	51.939
(b) Trade payables	49.296	87.458	51.569
(c) Other current liabilities	52.717	47.957	50.916
(d) Short-term provisions	19.481	15.332	31.371
Total Current Liabilities (4)	211.824	216.153	185.795
TOTAL	658.819	590.061	524.507
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	117.639	80.146	50.970
(ii) Intangible Assets	0.583	0.583	0.583
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	94.360	94.360	88.610
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.823	2.155	1.596
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	214.405	177.244	141.759
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	162.215	145.217	80.917
(c) Trade receivables	223.627	176.393	122.871
(d) Cash and cash equivalents	6.443	29.497	95.216
(e) Short-term loans and advances	10.574	14.444	13.542
(f) Other current assets	41.555	47.266	70.202
Total Current Assets	444.414	412.817	382.748
TOTAL	658.819	590.061	524.507

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		1329.333	1084.985	913.097
		Other Income		18.833	30.695	25.746
		TOTAL (A)		1348.166	1115.680	938.843
Less	EXPENSES
		Cost of Materials Consumed		943.331	752.588	608.613
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(43.327)	(7.160)	(10.503)
		Employee Benefits Expenses		127.435	92.471	71.032
		Other Expenses		227.162	205.664	167.800
		TOTAL (B)		1254.601	1043.563	836.942
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			93.565	72.117	101.901
Less	FINANCIAL EXPENSES (D)			12.185	8.283	6.267
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			81.380	63.834	95.634
Less	DEPRECIATION/ AMORTISATION (F)			12.255	8.676	5.430
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			69.125	55.158	90.204
Less	TAX (H)			18.702	14.378	29.959
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			50.423	40.780	60.245
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			57.193	48.808	43.995
Less	APPROPRIATIONS
			Transfer to General Reserve	35.000	30.000	45.000
			Dividend	2.629	2.612	2.611
	BALANCE CARRIED TO THE B/S			80.558	57.193	48.808
	Earnings Per Share (Rs.)			26.93	21.78	32.17

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.74	3.66	6.42
Net Profit Margin (PBT/Sales)	(%)	5.20	5.08	9.88
Return on Total Assets (PBT/Total Assets}	(%)	12.25	11.13	20.69
Return on Investment (ROI) (PBT/Networth)		0.17	0.16	0.29
Debt Equity Ratio (Total Debt /Networth)		0.26	0.21	0.20
Current Ratio (Current Asset/Current Liability)		2.10	1.91	2.06

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	18.727	18.727	18.727
Reserves & Surplus	291.962	330.348	388.713
Net worth	310.689	349.075	407.440
long-term borrowings	11.690	8.035	14.036
Short term borrowings	51.939	65.406	90.330
Total borrowings	63.629	73.441	104.366
Debt/Equity ratio	0.205	0.210	0.256

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	913.097	1,084.985	1,329.333
		18.825	22.521

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	913.097	1,084.985	1,329.333
Profit	60.245	40.780	50.423
	6.60%	3.76%	3.79%

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	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	Yes
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	No

LITIGATION DETAILS:

CHENNAI COURT

CASE STATUS INFORMATION SYSTEM

Case Status:	Pending
Status Of:	TAX CASE APPEAL
Case No.:	401
Year :	2013
Petitioner :	COMMISSIONER OF INCOME TAX
Respondent :	M/S ELGI ULTRA INDUSTRIES LIMITED
Pet's Advocate :	M/S. N.V. BALAJI
Res's Advocate :	COIMBATORE
Category :	NO CATEGORY MENTIONED
	Last Listed on: No Date Mentioned
Case Updated on :	Feb 24 2014

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land

· Goodwill

· Buildings

· Plant and Machinery

· Moulds and dies

· Computers

· Furniture and Fittings

· Office Equipment’s

· Vehicles

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 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.60.61
UK Pound	1	Rs.100.49
Euro	1	Rs.79.65

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		48

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.