MIRA INFORM REPORT

Report Date :

11.09.2014

IDENTIFICATION DETAILS

Name :	SUGUNA FOODS LIMITED
Formerly Known As :	SUGUNA POULTRY FARM LIMITED
Registered Office :	5^th Floor, Jaya Enclave, 1057, Avinashi Road, Coimbatore – 641 018, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.03.1994
Com. Reg. No.:	18-004951
Capital Investment / Paid-up Capital :	Rs. 428.522 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 :	Poultry Farms and Hatcheries, Poultry Feed Manufacturing, Sale of Chickens, Poultry Equipments.
No. of Employees :	Information Declined By The Management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 24200000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “SUGUNA HOLDINGS PRIVATE LIMITED”. It is an established company having satisfactory track record. There appears sharp dip in profitability of the company during financial year 2013. However, the ratings continue to derive comfort from Suguna’s dominant position in the domestic broiler market by established brand name and proven track record of the promoters in the poultry and poultry related business. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company 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	ICRA
Rating	LTSCALE – Term Loans BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	March 2014

Rating Agency Name	ICRA
Rating	ST Scale - Non fund based facilities A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	March 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 DENIED BY

Management non co- operative

Tel No.: 91-422-3073000

LOCATIONS

Registered Office / Factory :	5^th Floor, Jaya Enclave, 1057, Avinashi Road, Coimbatore - 641 018, Tamilnadu, India
Tel. No.:	91-422-3073000/ 4392503/ 5392504/ 5392505/ 4343000
Mob No:	91-9361226101 (Mr.Arvinda)
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	30/10/2012	23/03/1994	-	Active	NO
2	U74999MH2002NPL137058	POULTRY PROCESSORS' ASSOCIATION OF INDIA	Director	06/09/2002	06/09/2002	23/10/2013	Active	NO
3	U55101TZ2006PLC012813	FOUR WAY RETAIL LIMITED	Managing director	01/06/2006	01/06/2006	-	Amalgamated	NO
4	U67120TZ2006PTC012976	SUGUNA CAPITAL VENTURES PRIVATE LIMITED	Director	01/08/2006	01/08/2006	-	Active	NO
5	U24231TZ2006PTC013159	GLOBION INDIA PRIVATE LIMITED	Director	18/10/2006	18/10/2006	-	Active	NO
6	U85110TZ2004PTC010914	M AND M MEDICAL CENTRE PRIVATE LIMITED	Director	22/02/2007	22/02/2007	-	Amalgamated	NO
7	U00113TZ1996PTC006876	DRIZZLE AGRO FARMS PRIVATE LIMITED	Director	24/09/2007	10/05/2007	-	Amalgamated	NO
8	U00113TZ1996PTC006875	UZHAVAN AGRO FARMS PRIVATE LIMITED	Director	24/09/2007	10/05/2007	-	Amalgamated	NO
9	U00113TZ1996PTC006878	CHERAN AGRO FARMS PRIVATE LIMITED	Director	24/09/2007	10/05/2007	-	Amalgamated	NO
10	U00113TZ1995PTC006782	SUGUNA AGRO PRODUCTS PRIVATE LIMITED	Director	10/05/2007	10/05/2007	-	Amalgamated	NO
11	U00113TZ1996PTC006877	AMUDHA SURABI AGRO FARM PRIVATE LIMITED	Director	10/05/2007	10/05/2007	-	Amalgamated	NO
12	U65993TZ2008PTC014318	SUGUNA HOLDINGS PRIVATE LIMITED	Managing director	25/09/2012	19/03/2008	-	Active	NO
13	U24239TZ2012PTC017981	BOVIAN HEALTH CARE PRIVATE LIMITED	Director	05/03/2012	05/03/2012	-	Active	NO
14	U74999TZ2012PTC018405	SUGUNA POULTRY PRIVATE LIMITED	Director	20/06/2012	20/06/2012	-	Active	NO
15	L01542TZ1985PLC001706	RAJSHREE SUGARS & CHEMICALS LIMITED	Director	12/08/2013	05/11/2012	19/11/2013	Active	NO
16	U65921TZ2013PTC019647	SUGUNA FINCORP PRIVATE LIMITED	Director	03/07/2013	03/07/2013	-	Active	NO
17	U74140MH2004PLC148859	NATIONAL COLLATERAL MANAGEMENT SERVICES LIMITED	Nominee director	04/12/2013	04/12/2013	-	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	06/09/1996	06/09/1996	-	Amalgamated	NO
2	U01222TZ1994PLC004951	SUGUNA FOODS LIMITED	Managing director	02/05/2011	23/04/2003	-	Active	NO
3	U55101TZ2006PLC012813	FOUR WAY RETAIL LIMITED	Director	01/06/2006	01/06/2006	-	Amalgamated	NO
4	U67120TZ2006PTC012976	SUGUNA CAPITAL VENTURES PRIVATE LIMITED	Director	01/08/2006	01/08/2006	-	Active	NO
5	U24231TZ2006PTC013159	GLOBION INDIA PRIVATE LIMITED	Director	18/10/2006	18/10/2006	04/08/2010	Active	NO
6	U85110TZ2004PTC010914	M AND M MEDICAL CENTRE PRIVATE LIMITED	Director	22/02/2007	22/02/2007	-	Amalgamated	NO
7	U00113TZ1996PTC006875	UZHAVAN AGRO FARMS PRIVATE LIMITED	Director	24/09/2007	10/05/2007	-	Amalgamated	NO
8	U00113TZ1996PTC006878	CHERAN AGRO FARMS PRIVATE LIMITED	Director	24/09/2007	10/05/2007	-	Amalgamated	NO
9	U00113TZ1996PTC006877	AMUDHA SURABI AGRO FARM PRIVATE LIMITED	Director	24/09/2007	10/05/2007	-	Amalgamated	NO
10	U00113TZ1995PTC006782	SUGUNA AGRO PRODUCTS PRIVATE LIMITED	Director	10/05/2007	10/05/2007	-	Amalgamated	NO
11	U00113TZ1996PTC006876	DRIZZLE AGRO FARMS PRIVATE LIMITED	Director	10/05/2007	10/05/2007	-	Amalgamated	NO
12	U65993TZ2008PTC014318	SUGUNA HOLDINGS PRIVATE LIMITED	Director	19/03/2008	19/03/2008	-	Active	NO
13	U24239TZ2012PTC017981	BOVIAN HEALTH CARE PRIVATE LIMITED	Director	05/03/2012	05/03/2012	25/06/2013	Active	NO
14	U74999TZ2012PTC018405	SUGUNA POULTRY PRIVATE LIMITED	Director	20/06/2012	20/06/2012	-	Active	NO
15	U65921TZ2013PTC019647	SUGUNA FINCORP PRIVATE LIMITED	Director	03/07/2013	03/07/2013	-	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	09/08/2003	09/08/2003	14/07/2014	Active	NO
2	U55101TZ2006PLC012813	FOUR WAY RETAIL LIMITED	Additional director	13/03/2008	13/03/2008	-	Amalgamated	NO
3	U74900TN2012FTC086226	CALL PRINT (INDIA) PRIVATE LIMITED	Director	08/06/2012	08/06/2012	06/06/2013	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	15/07/2006	15/07/2006	-	Active	NO
2	U55101TZ2006PLC012813	FOUR WAY RETAIL LIMITED	Director	22/06/2007	22/06/2007	13/03/2008	Amalgamated	NO

Name :

Mr. 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 :

15.07.2006

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	U01222TZ1994PLC004951	SUGUNA FOODS LIMITED	Director	15/07/2006	15/07/2006	-	Active	NO
2	U55101TZ2006PLC012813	FOUR WAY RETAIL LIMITED	Director	22/06/2007	22/06/2007	13/03/2008	Amalgamated	NO

Name :

Mr. Selvam

Designation :

Director

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 :27.03.2014

Names of Allottee (Preference share)	No. of Shares Allotted
Suguna Holdings Private Limited, India	620155
Total	620155

Equity Share Break up (Percentage of Total Equity)

As on: 10.09.2012

Category	Percentage
Bodies corporate	99.36
Directors or relatives of Directors	0.07
Other top fifty shareholders	0.57
Total	100.00

BUSINESS DETAILS

Line of Business :

Poultry Farms and Hatcheries, Poultry Feed Manufacturing, Sale of Chickens, Poultry Equipments.

Products :

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

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Retailers

No. of Employees :

Information Declined By the Management

Bankers :

· ICICI Bank Limited, Cheran Plaza, 1090, Trichy Road, Coimbatore – 641018, Tamilnadu, India

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

· HDFC Bank Limited, HDFC Bank Housesenapti Bapat Marg, Lower Parel w, Mumbai – 400013, Maharashtra, India

· IDBI Bank Limited, D. Mo. 72, ,Auf;Pwer, E, Castle, Dr. Nalasundram Road, ATT Colony, Coimbatore – 641018, Tamilnadu, India

· CITI Corp Finance (India) Limited, Unit 3 & 4, Third Floor, People’s Park, Arts College Road, Coimbatore – 641018, Tamilnadu, India

· State Bank of India

· Canara Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
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.)	1580.600	1569.800
Short-term borrowings
Working capital loans from banks Inventory and Receivables	5227.400	5224.100
Total	6808.000	6793.900

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Shanmuga Mandaram, 41, Race Course Road, Coimbator - 641 018, Tamilnadu, India
PAN No.:	AACFD3771D
Holding company :	Suguna Holdings Private Limited
Enterprises significantly influenced by directors and / or their relatives	· Suguna Capital Ventures Private Limited · Globion India Private Limited · Ocean Feeds Private Limited, Srilanka · Suguna Foods and Feeds Bangladesh Private Limited, Bangladesh · Suguna Institute Of Poultry Management
Wholly owned subsidiary :	Ocean Feeds Private Limited, Srilanka

CAPITAL STRUCTURE

As on: 29.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
34000000	Equity Shares	Rs.10/- each	Rs.340.000 Millions
900000	8.45% Redeemable Cumulative Convertible Preference Shares	Rs.300/- each	Rs.270.000 Millions
	Total		Rs.610.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16360036	Equity Shares	Rs.10/- each	Rs.163.600 Millions
883315	8.45% Redeemable Cumulative Convertible Preference Shares	Rs.300/- each	Rs.264.994 Millions
	Total		Rs.428.594 Millions

As on 31.03.2013

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
1,63,52,778	Equity Shares	Rs.10/- each	Rs. 163.500 Millions
5,26,320	8.45% Redeemable Cumulative Convertible Preference Shares	Rs.300/- each	Rs.157.900 Millions
	Total		Rs. 321.400 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	321.400	386.800	386.800
(b) Reserves & Surplus	5750.700	5410.400	4638.100
(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)	321.400	386.800	386.800
(3) Non-Current Liabilities
(a) long-term borrowings	1580.600	1569.800	2193.400
(b) Deferred tax liabilities (Net)	664.900	580.300	558.000
(c) Other long term liabilities	19.300	14.800	12.400
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	2264.800	2164.900	2763.800
(4) Current Liabilities
(a) Short term borrowings	6609.100	6723.900	3317.500
(b) Trade payables	2255.100	1181.300	1419.400
(c) Other current liabilities	916.500	847.400	971.900
(d) Short-term provisions	7.700	29.900	926.200
Total Current Liabilities (4)	9788.400	8782.500	6635.000
TOTAL	18125.300	16744.600	14423.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6224.200	6067.700	6219.600
(ii) Intangible Assets	32.400	12.300	17.000
(iii) Capital work-in-progress	388.500	321.900	76.600
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	10.000	41.200
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	302.600	325.700	272.700
(e) Other Non-current assets	0.400	1.700	2.500
Total Non-Current Assets	6948.100	6739.300	6629.600
(2) Current assets
(a) Current investments	16.200	31.200	10.700
(b) Inventories	9948.900	9074.300	7016.400
(c) Trade receivables	325.700	216.500	131.700
(d) Cash and cash equivalents	690.400	451.200	419.100
(e) Short-term loans and advances	184.800	221.200	207.800
(f) Other current assets	11.200	10.900	8.400
Total Current Assets	11177.200	10005.300	7794.100
TOTAL	18125.300	16744.600	14423.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	48489.800	42249.500	2943.183
		Other Income	23.200	526.000	43.295
		TOTAL (A)	48513.000	42775.500	2986.478
Less	EXPENSES
		Cost of Materials Consumed	41696.300	34474.600	0.000
		Purchases of Stock-in-Trade	107.600	105.000	1728.442
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2591.300)	(1122.200)	(141.789)
		Employees benefits expense	1165.000	1090.800	16.992
		Other expenses	6482.200	5939.000	1105.234
		TOTAL (B)	46859.800	40487.200	2708.879
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1653.200	2288.300	277.599
Less	FINANCIAL EXPENSES (D)		957.000	793.200	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		696.200	1495.100	277.599
Less/ Add	DEPRECIATION/ AMORTISATION (F)		473.700	457.300	101.710
	PROFIT BEFORE TAX (E-F) (G)		222.500	1037.800	175.889
Less	TAX (H)		148.800	242.300	12.005
	PROFIT AFTER TAX (G-H) (I)		73.700	795.500	163.884
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4285.600	3590.500	2333.800
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	77.200	227.600
		Dividend for redeemable preference share	0.000	20.000	31.400
		Tax on Dividend	03.200	0.000
	BALANCE CARRIED TO THE B/S		4280.400	4285.600	3590.500
	Earnings Per Share (Rs.)		7.37	79.55	143.14

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.15	1.86	5.49
Net Profit Margin (PBT/Sales)	(%)	0.46	2.46	5.98
Return on Total Assets (PBT/Total Assets}	(%)	1.25	6.32	1.23
Return on Investment (ROI) (PBT/Networth)		0.04	0.18	0.04
Debt Equity Ratio (Total Debt/Networth)		1.35	1.43	1.10
Current Ratio (Current Asset/Current Liability)		1.14	1.14	1.17

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	386.800	386.800	321.400
Reserves & Surplus	4638.100	5410.400	5750.700
Net worth	5024.900	5797.200	6072.100
long-term borrowings	2193.400	1569.800	1580.600
Short term borrowings	3317.500	6723.900	6609.100
Total borrowings	5510.900	8293.700	8189.700
Debt/Equity ratio	1.097	1.431	1.349

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	2943.183	42249.500	48489.800
		1,335.504	14.770

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	2943.183	42249.500	48489.800
Profit	163.884	795.500	73.700
	5.57%	1.88%	0.15%

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	Yes
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)	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.48494.300 Millions for the Year of April-2012 to March 2013. This shows an increase of Rs.6242.100 Millions over the achieved turnover of Rs.42252.200 Millions for the previous period April 2011 to March 2012.

Profit after tax, including exceptional item, for the period was Rs.73.700 Millions as against Rs.795.00 Millions for the previous period April 2011 to March 2012.

UNSECUTED LOAN

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
Short-term borrowings
Loans repayable on demand	1250.000	1255.700
Loans and advances from related parties	131.700	244.100
Total	1381.700	1499.800

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10515817	01/08/2014	750,000,000.00	UNION BANK OF INDIA	2012, TRICHY ROAD,, OPPOSITE TO RAJALAKSHMI MILLS, SINGANALLUR,, COIMBATORE - 641005, TAMILNADU, INDIA	C17087495
2	10505832	10/06/2014	500,000,000.00	ING VYSYA BANK	185, ANNA SALAI, CHENNAI - 600006, TAMIL NADU, INDIA	C09143025
3	10471051	17/12/2013	800,000,000.00	IDBI BANK LIMITED	NO.93-95 , PRASAD CHAMBERS, EAST AROKIYASAMY ROAD, R.S PURAM, COIMBATORE - 641002, TAMIL NADU, INDIA	B93837722
4	10456338	04/03/2014 *	600,000,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, 1604, TRICHY ROAD, COIMBATORE - 641018, TAMILNADU, INDIA	C05932140
5	10370805	27/06/2012	700,000,000.00	IDBI BANK LIMITED	72, MAY FLOWER "E" CASTLE, DR.BALASUNDRAM ROAD, OFF AVINASHI ROAD, ATT.COLONY, COIMBATORE - 641018, TAMILNADU, INDIA	B45733169
6	10333404	06/08/2012 *	178,000,000.00	AXIS BANK LIMITED	NO.1095,VIGNESHWAR CRESTA,, AVINASHI ROAD,, P N P ALAYAM,, COIMBATORE - 641037, TAMILNADU, INDIA	B58166208
7	10206902	12/09/2011 *	760,000,000.00	CENTRAL BANK OF INDIA	830, CROSS CUT ROAD,, GANDHIPURAM,, COIMBATORE - 641012, TAMILNADU, INDIA	B20503439
8	10206899	02/03/2010	1,000,000,000.00	CENTRAL BANK OF INDIA	830, CROSS-CUT ROAD,, GANDHIPURAM, COIMBATORE - 641012, TAMILNADU, INDIA	A80808587
9	10191397	02/12/2009	750,000,000.00	IDBI BANK LIMITED	D NO. 72, MAYFLOWER, 'E' CASTLE,, DR. BALASUNDRAM ROAD, ATT COLONY, COIMBATORE - 641018, TAMIL NADU, INDIA	A75501106
10	10122372	24/09/2012 *	930,000,000.00	STATE BANK OF MYSORE	75-76, OPPANAKARA STREET, COIMBATORE, COIMBATORE - 641001, TAMILNADU, INDIA	B58537218

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 judgment 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 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.60.82
UK Pound	1	Rs.98.15
Euro	1	Rs.78.66

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		44

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.