MIRA INFORM REPORT

Report Date :

15.09.2014

IDENTIFICATION DETAILS

Name :	PARRY ENTERPRISES INDIA LIMITED (w.e.f. 21.12.2005)
Formerly Known As :	PARRY ENGINEERING AND EXPORTS LIMITED MURUGAPPPPA PARRY LIMITED
Registered Office :	Dare House, New No. 2, Old No.234, N.S.C. Bose Road, Chennai - 600001, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.12.1990
Com. Reg. No.:	18-020023
Capital Investment / Paid-up Capital :	Rs. 50.415 Millions
CIN No.: [Company Identification No.]	U29142TN1990PLC020023
TAN No.: [Tax Deduction & Collection Account No.]	BRDP01533A CHEP00713G
PAN No.: [Permanent Account No.]	AAACP3643D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture of Polymer nets and Knitted Fabrics; Manufacture of Flexible packaging; Trading of Food intermediary products; Consignment agents and Air Travel agency business.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 1130000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “AMBADI INVESTMENTS PRIVATE LIMITED”. It is an established company having satisfactory track record. The company has incurred loss from its operational activities. However, the rating takes into consideration company’s established track record of business operations supported by wide distribution network and leadership position in the domestic extruded polymer net industry. Further rating also takes into consideration financial and managerial support that company receives from its parent company. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of strong holding support, 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 that 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	CARE
Rating	Long term bank facilities: “BBB+”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	16.04.2014

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 DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-44-25306400)

LOCATIONS

Registered Office/ Head Office :	Dare House, New No. 2, Old No.234, N.S.C. Bose Road, Chennai - 600001, Tamilnadu, India
Tel. No.:	91-44-25346457/25306400
Fax No.:	91-44-25342378
E-Mail :	baskerrs@party.murugappa.com sridharganesh@corp.murugappa.com
Website :	www.peil.in
Branch Offices :	Located at: · Chennai · Cochin · Bangalore · Hyderabad · Mumbai · Hooghly

DIRECTORS

As on 26.07.2013

Name :

Mr. Arunachalam Murugappa Arunachalam Murugappan

Designation :

Managing Director

Address :

The Laurels, New No.9, (Old No.4), Chitharanjam Road, Teynampet Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

18.06.1967

Qualification :

B.Com, MBA

Date of Appointment :

18.01.2014

PAN No ;

AACPA9626N

DIN No.:

00202958

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	U65993TN1942PTC003659	AMBADI INVESTMENTS PRIVATE LIMITED	Director	04-09-1995	04-09-1995	-	Active	NO
2	L74910TN1947PLC000343	COROMANDEL ENGINEERING COMPANY LIMITED	Director	06-09-1995	06-09-1995	-	Active	NO
3	U25209TN1995PLC033299	COROMANDEL BATHWARE LIMITED	Director	19-10-1995	19-10-1995	14-03-2008	Strike off	NO
4	U93090TN1991NPL020297	AR LAKSHMI ACHI TRUST	Director	04-01-1999	04-01-1999	-	Active	NO
5	U25209TN1992PTC023721	PLACON (INDIA) PRIVATE LIMITED	Director	06-09-2001	06-09-2001	-	Amalgamated	NO
6	U65993TN1980PTC008445	A M M ARUNACHALAM & SONS PRIVATE LIMITED	Director	05-12-2005	05-12-2005	-	Amalgamated	NO
7	U29142TN1990PLC020023	PARRY ENTERPRISES INDIA LIMITED	Managing director	18-01-2014	18-01-2008	-	Active	NO
8	U65990TN2008PTC066257	NEW AMBADI ESTATES PRIVATE LIMITED	Director	31-01-2008	31-01-2008	-	Active	NO
9	U74999TN2011PTC081339	M.A.MURUGAPPAN HOLDINGS PRIVATE LIMITED	Director	04-07-2011	04-07-2011	-	Active	NO

Name :

Mr. Rajan Chittur Ramakrishanan

Designation :

Director

Address :

B-1, Ashok Tapasvi , 9 Lock Street, Kotturpuram, Chennai – 600085, Tamilnadu, India

Date of Birth/Age :

13.07.1951

Qualification :

B.SC(Hons), MBA

Date of Appointment :

25.07.2014

DIN No.:

00111933

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	U29142TN1990PLC020023	PARRY ENTERPRISES INDIA LIMITED	Director	25-07-2014	10-08-2005	-	Active	NO
2	U28994RJ1986PTC020686	GLAMOUROOM TAPS PRIVATE LIMITED(TRANSFERRED FROM TAMIL NADU)	Director	15-10-2007	15-10-2007	16-07-2008	Amalgamated	NO
3	L28100KA1986PLC049077	Parrys Sugar Industries Limited	Director	25-07-2014	24-04-2013	-	Active	NO

Name :

Mr. Sridhar Ganesh

Designation :

Director

Address :

New No.25, Old No.10/3, Archbishop Mathia’s Avenue, Raja Annamalai Puram, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

31.12.1950

Qualification :

B.Sc.(Physics), IIM kolkata

Date of Appointment :

23.07.2010

DIN No.:

01681018

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	L29224TN1954PLC000318	CARBORUNDUM UNIVERSAL LIMITED	Director	27-07-2007	30-04-2007	31-01-2014	Active	NO
2	U30007TN2000PTC045768	LASER WORDS PRIVATE LIMITED	Director	09-09-2008	16-07-2008	04-11-2011	Active	NO
3	L24211TN1975PLC006989	E.I.D PARRY (INDIA) LIMITED	Director	29-07-2009	20-03-2009	30-10-2009	Active	NO
4	U29142TN1990PLC020023	PARRY ENTERPRISES INDIA LIMITED	Director	23-07-2010	24-10-2009	-	Active	NO
5	U65991TN1941PLC001437	AMBADI ENTERPRISES LIMITED	Director	24-07-2010	24-10-2009	-	Active	NO
6	U65993TN1977PLC070246	MURUGAPPA HOLDINGS LIMITED	Director	30-07-2010	30-10-2009	16-11-2013	Active	NO
7	L74910TN1947PLC000343	COROMANDEL ENGINEERING COMPANY LIMITED	Director	29-07-2010	30-10-2009	29-10-2013	Active	NO
8	U72200TN2002PLC048860	ADRENALIN ESYSTEMS LIMITED	Additional director	10-08-2011	10-08-2011	-	Active	NO
9	U01132TN2011PLC079800	PARRY AGRO INDUSTRIES LIMITED	Director	27-07-2012	03-03-2012	-	Active	NO
10	U74900TN2013PTC092749	LOOKING GLASS CONSULTANTS PRIVATE LIMITED	Director	29-08-2013	29-08-2013	-	Active	NO
11	U74999TN2010PTC075713	EQUITAS HOUSING FINANCE PRIVATE LIMITED	Additional director	25-07-2014	25-07-2014	-	Active	NO

Name :

Mr. Srinivasan Harikesanallur Ramani

Designation :

Director

Address :

72, Venkatakrishna Road, Raja Annamalaipuram, Chennai - 600028, Tamilnadu, India

Date of Birth/Age :

22.03.1964

Qualification :

PG in Management and public administration

Date of Appointment :

25.07.2014

DIN No.:

00130277

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
1	U74140TN2000PTC044919	AAKANKSHA MANAGEMENT CONSULTANCY AND HOLDINGS PRIVATE LIMITED	Director	11-05-2000	11-05-2000	-	Active
2	U74140TN2004PTC052667	CROSS CREEK CHANNEL INVESTMENT ADVISORS PRIVATE LIMITED	Director	04-03-2004	04-03-2004	10-11-2008	Active
3	U30009TN2001PTC046977	NEXGE TECHNOLOGIES PRIVATE LIMITED	Director	18-03-2005	18-03-2005	18-09-2007	Active
4	U55109TN2006PTC059561	AASHEESHA HOSPITALITY SERVICES AND HOLDINGS PRIVATE LIMITED	Additional director	28-03-2014	20-04-2006	-	Active
5	L63090TN2000PLC046338	TAKE SOLUTIONS LIMITED	Managing director	01-04-2013	06-06-2006	-	Active
6	L51909TN1955PLC002431	SICAL LOGISTICS LIMITED.	Director	24-09-2013	26-09-2006	-	Active
7	U72900TN2007PTC062313	TAKE BUSINESS CLOUD PRIVATE LIMITED	Additional director	23-10-2007	23-10-2007	23-04-2012	Active
8	U72200TN2000PTC044317	APA ENGINEERING PRIVATE LIMITED	Director	30-09-2013	29-01-2009	-	Active
9	U40103MH2010PTC198444	MAHADHAN ENERGY PRIVATE LIMITED	Director	04-01-2010	04-01-2010	24-03-2011	Active
10	U29142TN1990PLC020023	PARRY ENTERPRISES INDIA LIMITED	Director	25-07-2014	13-01-2010	-	Active
11	U45200TG2003PLC040470	SHALIVAHANA POWER AND INFRA VENTURES LIMITED	Additional director	26-07-2010	26-07-2010	17-11-2010	Active
12	U85320TN1999NPL041989	YOUNG PRESIDENTS ORGANISATION (CHENNAI CHAPTER)	Director	02-12-2013	14-08-2010	-	Active
13	U24119TN2009PLC072263	BHARATH COAL CHEMICALS LIMITED	Director	17-08-2011	25-02-2011	18-07-2014	Active
14	U45200TN2010PTC075701	SHRIRAM PROPERTIES HOLDINGS PRIVATE LIMITED	Director	30-09-2011	09-03-2011	-	Active
15	U74900TN1995PLC032506	SHRIRAM VENTURE LIMITED	Director	29-09-2011	09-03-2011	-	Active
16	U15135TN2000PTC045542	ASIA GLOBAL TRADING (CHENNAI) PRIVATE LIMITED	Director	29-09-2012	17-10-2011	-	Active
17	U72300TN1999PLC043666	ESYSPRO INFOTECH LIMITED	Director	17-10-2011	17-10-2011	-	Active
18	U65999TN2011PLC083483	Shriram Business Solutions Limited	Director	08-12-2011	08-12-2011	-	Active

Name :

Mr. Venkatarathnam Balaraman

Designation :

Director

Address :

Guru Guha, New No.24, Third Main Road, Kasturbai Nagar, Chennai - 600020, Tamil Nadu, India

Date of Birth/Age :

18.08.1946

Qualification :

B.Tech. MBA

Date of Appointment :

25.07.2014

DIN No.:

00267829

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	U24246TN1981PLC008785	PONDS EXPORTS LIMITED	Director	03-01-2000	03-01-2000	22-05-2014	Active	NO
2	U65910TN1988PTC015757	COMPUTER AGE MANAGEMENT SERVICES PRIVATE LIMITED	Director	15-04-2000	15-04-2000	-	Active	NO
3	U92490TN1997PLC037551	MAHINDRA WORLD CITY DEVELOPERS LIMITED	Director	22-07-2014	25-03-2002	-	Active	NO
4	U72200TN2002PLC048860	ADRENALIN ESYSTEMS LIMITED	Director	01-05-2002	01-05-2002	-	Active	NO
5	U85100TN2008PTC068431	ANANDA NIDRA SLEEP MEDICINE CENTERS PRIVATE LIMITED	Director	02-07-2008	02-07-2008	-	Strike off	NO
6	L31901TN1984PLC011021	INDIA NIPPON ELECTRICALS LIMITED	Director	31-08-2009	25-10-2008	-	Active	NO
7	U74900TN2011PLC080610	CAMS REPOSITORY SERVICES LIMITED	Director	07-08-2012	12-05-2011	-	Active	NO
8	U29142TN1990PLC020023	PARRY ENTERPRISES INDIA LIMITED	Director	25-07-2014	23-07-2011	-	Active	NO
9	L65993TN1993PLC024142	POLARIS FINANCIAL TECHNOLOGY LIMITED	Director	23-07-2014	27-04-2013	-	Active	NO
10	U15209DL2000PTC104671	MOTHER DAIRY FRUIT AND VEGETABLE PRIVATE LIMITED	Director	14-07-2014	31-01-2014	-	Active	NO

Name :

Mr. M. M. Murugappan

Designation :

Chairman

Address :

Coramandel House, New No. 14, Old No. 12, Boat Club Road, Raja Annamalaipuram, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

12.11.1955

Qualification :

B.Sc. MBA

Date of Appointment :

26.07.2013

PAN No.:

AAGPM1775L

DIN No.:

00170478

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	U65993TN1942PTC003659	AMBADI INVESTMENTS PRIVATE LIMITED	Director	03-03-1979	03-03-1979	-	Active	NO
2	U93090TN1982NPL009388	A M M MEDICAL FOUNDATION	Director	16-11-1983	16-11-1983	-	Active	NO
3	U73100TN1983NPL010490	M.M.MUTHIAH RESEARCH FOUNDATION	Director	29-11-1983	29-11-1983	-	Active	NO
4	U30006TN1990PLC019611	MEL SYSTEMS AND SERVICES LTD	Director	07-09-1990	07-09-1990	-	Active	NO
5	L65990MH1945PLC004558	MAHINDRA AND MAHINDRA LIMITED	Director	08-08-2014	28-08-1992	-	Active	NO
6	U29259GJ1979PLC003467	STERLING ABRASIVE LIMITED	Director	28-10-1995	28-10-1995	22-04-2009	Active	NO
7	L29224TN1954PLC000318	CARBORUNDUM UNIVERSAL LIMITED	Director	17-10-1996	17-10-1996	-	Active	NO
8	L72200TG1991PLC013134	CYIENT LIMITED	Director	17-07-2014	11-08-1997	-	Active	NO
9	U26919TN1982PLC009622	MURUGAPPA MORGAN THERMAL CERAMICS LTD	Director	24-06-1998	24-06-1998	-	Active	NO
10	U73100TN2000PTC045328	IDEA LAB (INDIA) PRIVATE LIMITED	Director	05-07-2000	05-07-2000	-	Active	NO
11	U74999TN1997PLC039545	NET ACCESS INDIA LIMITED	Director	29-07-2000	29-07-2000	09-07-2014	Active	NO
12	L85110KA1980PLC003913	WENDT INDIA LIMITED	Director	29-01-2001	29-01-2001	-	Active	NO
13	L35921TN1949PLC002905	TUBE INVESTMENTS OF INDIA LIMITED	Director	27-03-2002	27-03-2002	-	Active	NO
14	L24120TG1961PLC000892	COROMANDEL INTERNATIONAL LIMITED	Director	15-07-2004	15-07-2004	23-01-2007	Active	NO
15	U65993MH1996PLC211198	L&T MUTUAL FUND TRUSTEE LIMITED	Additional director	18-10-2006	18-10-2006	14-08-2008	Active	NO
16	U28991TN2001FTC047397	BORGWARNER MORSE TEC INDIA PRIVATE LIMITED	Director	26-01-2007	26-01-2007	30-09-2008	Active	NO
17	U93090TN1982NPL009389	MURUGAPPA EDUCATIONAL AND MEDICAL FOUNDATION	Director	30-09-2010	30-08-2010	-	Active	NO
18	U74140TN1994PLC029257	CHOLAMANDALAM MS RISK SERVICES LIMITED	Director	27-07-2012	27-01-2012	-	Active	NO
19	U65993TN1977PLC070246	MURUGAPPA HOLDINGS LIMITED	Director	28-07-2012	09-02-2012	-	Active	NO
20	U65990TN2008PTC066257	NEW AMBADI ESTATES PRIVATE LIMITED	Director	27-07-2012	26-03-2012	-	Active	NO
21	U29142TN1990PLC020023	PARRY ENTERPRISES INDIA LIMITED	Director	26-07-2013	20-07-2012	-	Active	NO
22	L29130TZ1972PLC000649	SHANTHI GEARS LIMITED	Director	24-07-2013	03-09-2012	-	Active	NO
23	U73100TN2006NPL059651	IIT MADRAS RESEARCH PARK	Director	31-08-2013	31-08-2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.07.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

As on 26.07.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	74.14
Directors or relatives of Directors	24.70
Others	1.16
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of Polymer nets and Knitted Fabrics; Manufacture of Flexible packaging; Trading of Food intermediary products; Consignment agents and Air Travel agency business.

Products :

Item Code No. (ITC Code)	Product Description
18050000	Cocoa Powder not containing added sugar
29181400	Citric Acid
29152100	Acetic Acid
39269099	Other Article of plastic nets
39219096	Other plastics, sheets, films, foil, strip, etc

Brand Names :

“PARRY”

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity *	Purchases/ Actual Production
Extruded Polymer Meshes	MT	2090	2090	1883.97
Knitted Fabrics	MT	NA	535	370.08
Flexible Packing	MT	6000	4200	1578.00

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· State Bank of India, Commercial Branch, -Credit Processing Cell, Bombay Mutual Building, 232, NSC Bose Road, Chennai – 600001, Tamilnadu, India

New India Co-operative Bank Limited, New India Bhavan, Anant Vishram Nagwekar Marg, Babasaheb Worlikar Chowk, Prabhadevi, Mumbai - 400025, Maharashtra, India

Cholamandalam Investment And Finance Company Limited, Dare House, No. 2, N S C Bose Road, Parrys, Chennai - 600001, Tamil Nadu, India

Syndicate Bank, Armenian Street, Leelavathy Building 69 Armenian Street, Chennai - 600001, Tamil Nadu, India

Indusind Bank Limited, Nungambakkam Branch, No.3 Village Road, Nungambakkam, Chennai - 600034, Tamilnadu, India

Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	74.997	118.266
SHORT TERM BORROWINGS
Rupee term loans from banks	300.866	302.589
Loans and advances from others	14.482	41.621
Other loans and advances, others	100.000	0.000
Total	490.345	462.476

Banking Relations :	--
Auditors :
Name :	R.G.N Price and Company Chartered Accountants
Address :	Simpson Building, 861, Anna Salai, Chennai - 600002, Tamil Nadu, India
Income-tax PAN of auditor or auditor's firm :	AAAFR0651G
Holding Company :	Ambadi Investments Private Limited, India CIN No.: U65993TN1942PTC003659
Fellow Subsidiaries :	· Parry Agro Industries Limited CIN No.: U01132TN2011PLC079800 Murugappa Holdings Limited CIN No.: U65993TN1977PLC070246

CAPITAL STRUCTURE

As on 26.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs. 10/-each	Rs. 60.000 Millions
6000000	Preference Shares	Rs. 10/-each	Rs. 60.000 Millions
	Total		Rs. 1200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3541461	Equity Shares	Rs. 10/-each	Rs. 35.415 Millions
1500000	Preference Shares	Rs. 10/-each	Rs. 15.000 Millions
	Total		Rs. 50.415 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	50.415	50.415	50.415
(b) Reserves & Surplus	231.130	316.511	356.829
(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)	281.545	366.926	407.244
(3) Non-Current Liabilities
(a) long-term borrowings	74.997	118.266	134.940
(b) Deferred tax liabilities (Net)	47.800	44.100	42.000
(c) Other long term liabilities	6.994	7.735	7.456
(d) long-term provisions	13.588	10.762	9.180
Total Non-current Liabilities (3)	143.379	180.863	193.576
(4) Current Liabilities
(a) Short term borrowings	465.348	344.210	264.461
(b) Trade payables	97.227	135.465	105.913
(c) Other current liabilities	106.590	121.567	112.306
(d) Short-term provisions	2.550	1.464	1.459
Total Current Liabilities (4)	671.715	602.706	484.139
TOTAL	1096.639	1150.495	1084.959
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	470.953	448.792	428.235
(ii) Intangible Assets	0.842	2.511	4.179
(iii) Capital work-in-progress	0.894	6.992	26.469
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.910	0.910	0.906
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	10.113	11.956	7.944
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	483.712	471.161	467.733
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	156.609	252.729	162.513
(c) Trade receivables	278.537	296.572	242.300
(d) Cash and cash equivalents	28.850	22.719	54.367
(e) Short-term loans and advances	134.892	95.907	149.760
(f) Other current assets	14.039	11.407	8.286
Total Current Assets	612.927	679.334	617.226
TOTAL	1096.639	1150.495	1084.959

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1446.036	1643.790	1332.536
		Other Income	6.534	3.272	4.889
		TOTAL (A)	1452.570	1647.062	1337.425
Less	EXPENSES
		Cost of Materials Consumed	471.836	580.076	401.878
		Purchases of Stock-in-Trade	603.177	701.064	648.254
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	17.809	(24.307)	(39.906)
		Employees benefits expense	115.134	112.652	95.659
		Other expenses	196.163	208.642	151.241
		TOTAL (B)	1404.119	1578.127	1257.126
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		48.451	68.935	80.299
Less	FINANCIAL EXPENSES (D)		66.268	53.223	35.681
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(17.817)	15.712	44.618
Less/ Add	DEPRECIATION/ AMORTISATION (F)		62.644	52.709	40.917
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(80.461)	(36.997)	3.701
Less	TAX (H)		3.700	2.100	1.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(84.161)	(39.097)	2.701
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Exports	31.254	1.326	1.502
		Commission and Service Income	14.698	10.933	8.346
	TOTAL EARNINGS		45.952	12.259	9.848
	IMPORTS
		Finished Goods Spares and Components	217.462	240.489	256.727
		Raw Materials	52.991	65.527	48.714
		Capital Goods	38.784	0.990	0.000
	TOTAL IMPORTS		309.237	307.006	305.441
	Earnings / (Loss) Per Share (Rs.)		(23.76)	(11.04)	3.02

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(5.79)	(2.37)	0.20
Net Profit Margin (PBT/Sales)	(%)	(5.56)	(2.25)	0.28
Return on Total Assets (PBT/Total Assets}	(%)	(7.35)	(3.24)	0.35
Return on Investment (ROI) (PBT/Networth)		(0.29)	(0.10)	0.01
Debt Equity Ratio (Total Debt/Networth)		1.92	1.26	0.98
Current Ratio (Current Asset/Current Liability)		0.91	1.13	1.27

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	50.415	50.415	50.415
Reserves & Surplus	356.829	316.511	231.130
Net worth	407.244	366.926	281.545
long-term borrowings	134.940	118.266	74.997
Short term borrowings	264.461	344.210	465.348
Total borrowings	399.401	462.476	540.345
Debt/Equity ratio	0.981	1.260	1.919

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	1332.536	1643.790	1446.036
		23.358	(12.030)

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	1332.536	1643.790	1446.036
Profit	2.701	(39.097)	(84.161)
	0.20%	(2.38%)	(5.82%)

LOCAL AGENCY FURTHER INFORMATION

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10297819	06/02/2014 *	220,000,000.00	NEW INDIA CO-OP BANK LIMITED	NEW INDIA BHAVAN, ANANT VISHRAM NAGWEKAR MARG, BA BASAHEB WORLIKAR CHOWK, PRABHADEVI, MUMBAI, MAHARASHTRA - 400025, INDIA	B98846074
2	10285989	30/03/2011	140,000,000.00	SYNDICATE BANK	ARMENIAN STREET, LEELAVATHY BUILDING 69 ARMENIAN STREET, CHENNAI, TAMILNADU - 600001, INDIA	B12631982
3	10266144	10/02/2012 *	295,000,000.00	INDUSIND BANK LIMITED	2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA	B36206027
4	10101528	19/08/2011 *	150,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B19315514

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Other loans and advances, others	50.000	0.000
Total	50.000	0.000

PERFORMANCE

The gross sales and other income for the year were Rs.1452.600 Millions as against Rs.1647.100 Crore for the previous year. The loss for the year was Rs.8.05 crores as against the last year loss of Rs.37.000 Millions. Slow down in economy, Input cost inflation, persistent increase in raw material price, and fluctuation in currency are the factors which affected the drop in turnover and increased loss for the year.

TUFLEX DIVISION

During the year, the division has registered a turnover of Rs.644.600 Millions as against Rs. 762.400 Millions during the previous year.

The polymer nets business registered only a moderate growth during the year because of drop in institutional sales and overall drop in demand, especially from infrastructure projects. Absorption of new technology in Knitting plant, impact of higher cost of raw materials, has lead to drop in production, which in turn increased their manufacturing cost.

The new products introduced during the year had evinced keen interest among customers. The division has expanded its portfolio of agriculture related products and now offers one stop service to meet the needs of farmers. Moving forward the division plans to leverage its strength in the segment to offer comprehensive range of application based support to customers.

The laminate business was set up during September 2008, to manufacture flexible packaging products to various industries like Food and Beverages, Fertilizer and Pesticides, Pharma and other industrial applications. However, due to various reasons like low capacity utilization, extremely competitive markets, low price realization, ever increasing raw materials cost, they are not able to achieve their planned target. The unit continues to make loss.

In view of the continuing loss by the Flexi unit, which affects the overall performance, company is considering various options including the sale of the business.

GENERAL MARKETING DIVISION

The business has registered total income of Rs.767.900 Millions as against Rs.845.700 Millions in the previous year.

The drop in turnover mainly on account of fall in commodities prices, rupee fluctuation and surplus dairy products. During the year, the business has taken over the bulk water manufacturing facility near Chennai. The capacity in the plant being upgraded and facilities improved to increase output and maintain the quality. The market inventories of dairy products have started to decline towards end of the year across the country and the business has witnessed improvement in market sentiments. The business has bagged its first export orders for 881 MT of dairy ingredients in the last quarter of the year.

TRAVELS DIVISION

The division has registered gross income or Rs.39.700 Millions as against Rs.37.000 Millions in the previous year. Focus on Group tours and improved service levels continues to contribute to the growth of the business.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

COMPANY PROFILE:

Subject is engaged in the business of Manufacture of Polymer nets and Knitted Fabrics; Manufacture of Flexible packaging; Trading of Food intermediary products; Consignment agents and Air Travel agency business.

PEIL is a constituent of the Murugappa Group and is a subsidiary of M/s. Ambadi Investments Private Limited, (formerly known as M/s. New Ambadi Estates Private Limited), which holds 66.55% of the equity share capital of the Company.

POLYMER MESHES:

Industry Scenario : Their products can be classified as Extruded Nets and Knitted Fabrics. Their product category can be classified as follows:

Extruded Nets

Category	Products
Agro	Anti Bird net, Layer Cage Floor Mesh, Shading Nets, Mulch Film, Tea Withering, Insect nets, skirting sheet, Crop string.
Garden landscape	Perimeter Fencing, Chain Link Fencing, Square Meshes
Mosquitoe Proofing	Netlon Insect Screen, Radium, Polynex
Packaging	Fruit bags, Soft Sleeves, Protective Sleeves
Institutional	Nertika, Tuflex 101, Rear Netting

Institutional and project demand for extruded products likely to pick up from second half of the year (Gas Pipe lines, Road Strengthening, Waste management, reinforcement, etc). The Agri shading nets demand is likely to grow by 20% in the coming year. Indian technical textile organization under the ministry of textiles, is actively promoting exhibitions and organizing technical seminars to create awareness on technical textile. Other players in the industry are expanding their capacity. Demand for extrusion and knitted products picking up in Africa, Middle east and SAARC countries. Infrastructure demand is likely to pick up especially in north india. Green house fabricators are emerging as influencers providing one stop solution for setting up of green houses.

Polynet to sustain its leadership position is introducing new products in Agri segment and extrusions. The business is exploring the possibility of overseas tie ups and focusing on product promotions by participating in key exhibitions. The unit is in the verge of improving its productivity by moving into newer technologies and increasing its capacity by deploying TPM, among other efforts.

The measures by the business in bring down the raw material cost and other operating cost per unit of production will bear benefit during the coming years.

The new knitting machines installed during the year are stabilizing and will be optimally utilized during next year.

The business efforts in value engineering of products and material combinations to remain competitive, has started yielding result.

FLEXIBLE PACKAGING:

Industry Scenario : Flexible packaging constitutes 33% of the Indian packaging industry which is at Rs.40000 cr with a 15% growth per annum. Fast Moving FMCG sector, Organized Retail, growth of food industry, convenience, healthy and packaged foods are industry drivers. As the Flexible packaging is the most convenient, cost effective, elegant and visible method of packaging, it is the most preferred option for all FMCG industries such as Diary, Oil, Healthcare, Food, Pharma, Pesticides, Cosmetics, Beverages, etc.

The company entered into the manufacture of Flexible packaging laminates in September?08. The Flexible packaging uses single or multilayer polymer substrate directly or in conjunction with other material, usually laminated using adhesives. Because of the increasing raw material price and higher operating cost and un economical order quantity, the business is not competitive.

GENERAL MARKETING DIVISION:

The General Marketing Division deals in trading of Food intermediary products, like Cocoa Products, Diary Ingredients, Acidulants, Proteins, Bakery ingredients, Emulsifiers, Preservatives etc, and Packaged drinking water, bulk and retail.

INDUSTRY SCENARIO:

Cocoa Products : The Biscuits, Diary, Health Drinks, Industrial Chocolates and Confectionery are major industries, which drives demand for Cocoa products.

During the first half of the year, the prices of cocoa remained stable; whereas in the second half the prices have started to drop due to increased availability of cocoa beans and reduction of ratios due to higher realization of cocoa butter. Foreign Trade agreement with ASEAN countries has helped reduction of customs duty from 25% to15% and subsequently to 13%.

Dairy Ingredients : A key raw material in the manufacture of products such as Ice cream, Health drinks, Milk reconstitution, Confectionery and Indian sweets.

Higher yield in the second half of last year and ban in export by the Government led to a surplus situation for most part of the year. The surplus milk availability during summer months has led to 20% drop in procurement price coupled with excess build up of inventory by domestic companies, forcing the prices of the diary ingredients to crash. However, in the last quarter the industry witnessed positive signs on account of lifting of export ban and start of the new season.

Packaged Drinking Water : The failure of monsoon and consequent drop in water table across the state has shot up the demand for packaged drinking water in the state of Tamilnadu. The current market size of bulk packaged drinking water is around 8.5 million liter per day in Tamil Nadu. The market is dominated by the unorganized sector and the national players enjoy only a pedestrian share of market.

Over the years, General Marketing division has established itself as a leading supplier of high quality ingredients to the trade and end customer segment. The division, deals in a vast product portfolio which caters to all food segments such as beverages, Processed foods, Dairy, Baked goods etc. Focus on sourcing of high quality ingredients, tie up with leading manufacturers, packaging in Parry brand and width of distribution are the factors behind the continuous growth of the business.

The business offers multiple ingredients to the various food segments and is a leasing player in the supply of high quality ingredients. Product range, competitive pricing, and good customer service has helped them emerge as a preferred vendor to leading food companies.

TRAVELS DIVISION

Industry Scenario: The heavy competition among airlines and the increasing air fares forced the air passengers, both corporate and individuals, to curtail the air travel. The online portals, the zero commission by airlines, extended credit by some air travel agents, affects the margin of the travel agents industry. Though, there was an increase in Air passenger traffic, the earnings of the travel agents is decreasing year after year.

The travel business acts as a one stop shop for all the travel needs, air ticketing and value added services like, Visa, Passport, Hotels, Forex, and Group Tours.

COMPANY’S PERFORMANCE:

During the year the Company achieved a turnover of Rs.1452.600 Millions, as against last year turnover of Rs.1647.100 Millions. Finance Cost : The increase in the interest rates during the year as compared to previous year affected the profit of the company. The finance cost for the year was Rs.66.400 Millions as against Rs.52.700 Millions in 2011-12. Profits: The company incurred loss of Rs. 80.461 Millions as against a loss of Rs.36.997 Millions in the previous year, mainly on account of reduced turnover, higher input cost and operating cost.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Claims against the company not acknowledged as debts	1.498	1.498
- Disputed Sales Tax

FIXED ASSETS

Tangible Assets

· Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Office Equipment

Computer Equipments

Leasehold Improvements

Intangible Assets

· Computer Software

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.60.84
UK Pound	1	Rs.98.73
Euro	1	Rs.78.64

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	--
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.