MIRA INFORM REPORT

Report No. :	356300
Report Date :	31.12.2015

IDENTIFICATION DETAILS

Name :	PERRY SUGARS REFINERY INDIA PRIVATE LIMITED (w.e.f. 10.04.2007)

Formerly known as :	SILKROAD SUGAR PRIVATE LIMITED

Registered Office :	Dare House, Parry Corner, Chennai – 600001, Tamilnadu
Tel. No.:	91-44-25306789

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	13.01.2006

Com. Reg. No.:	18-058579

Capital Investment / Paid-up Capital :	Rs.2792.812 Million

CIN No.: [Company Identification No.]	U15421TN2006PTC058579

IEC No.:	Not Divulged

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AADCP7828H

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in the manufacture of refined sugar. (Registered activity)

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1500000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is a subsidiary of “E.I.D Parry (INDIA) Limited, INDIA which is part of Tamil Nadu based Murrugappa Group, the largest sugar producer in South India and is one of the top sugar producer in the country. It is an established company incorporated in the year 2006 having satisfactory track. The company has some accumulated losses. However, the rating derives strength from its strong holding and its experienced management. Promoters are reported to be well experience and knowledgeable businessmen. The rating also takes into consideration company’s strategic important and operational and financial linkages, with its parent. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct as per commitment. In view of strong holding support and experienced promoters, the company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long-term Rating = (A)
Rating Explanation	Adequate degree of safety and carry low credit risk.
Date	November 25, 2015

Rating Agency Name	CRISIL
Rating	Short-term Rating = (A1)
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	November 25, 2015

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 31-03-2015.

INFORMATION DECLINED

Management Non-Cooperative (Tel No: 91-44-25306789)

LOCATIONS

Registered Office :	Dare House, Parry Corner, Chennai – 600001, Tamilnadu, India
Tel. No.:	91-44-25306789
Fax No.:	91-44-2537064
E-Mail :	srspl@parry.murugappa.com

Corporate Office :	No 234 NSC Bose Road, Chennai – 600001, Tamilnadu, India

DIRECTORS

As on 31.03.2015

Name :

Mr. Venkatachalam Ravichandran

Designation :

Director

Address :

3/8, Wittypool Complex, 2 and 3, Boat Club Road, R.A. Puram, Chennai - 600028, Tamil Nadu, India

Date of Birth/Age :

09.06.1956

Date of Appointment :

31.03.2010

DIN No.:

00110086

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	U24131TN1996PLC035030	PARRY AGROCHEM EXPORTS LIMITED	Director	02/04/1996	02/04/1996	18/10/2010	Active	NO
2	L24239TG1981PLC003325	GODAVARI FERTILISERS AND CHEMICALS LTD	Managing director	08/05/2007	14/07/2004	-	Amalgamated	NO
3	L24120TG1961PLC000892	COROMANDEL INTERNATIONAL LIMITED	Director	19/10/2010	15/07/2004	-	Active	NO
4	U74999MH1995PLC088809	PARRY CHEMICALS LIMITED	Director	28/07/2006	28/07/2006	17/05/2011	Active	NO
5	U24210MH1979PLC021306	FICOM ORGANIES LIMITED	Director	28/07/2006	28/07/2006	-	Amalgamated	NO
6	L24211TN1975PLC006989	E.I.D PARRY (INDIA) LIMITED	Director	28/07/2010	30/10/2009	-	Active	NO
7	U15421TN2006PTC058579	PARRY SUGARS REFINERY INDIA PRIVATE LIMITED	Director	31/03/2010	31/03/2010	-	Active	NO
8	L28100KA1986PLC049077	Parrys Sugar Industries Limited	Director	28/09/2011	27/08/2010	-	Active	NO
9	L24110GJ1991PLC020753	SABERO ORGANICS GUJARAT LIMITED	Director	29/09/2011	11/07/2011	-	Amalgamated	NO
10	U65993TN1977PLC070246	MURUGAPPA HOLDINGS LIMITED	Director	28/07/2012	09/02/2012	-	Active	NO
11	U99999DL1969GAP005106	INDIAN SUGAR EXIM CORPORATION LTD.	Director	30/09/2013	30/09/2013	23/09/2014	Active	NO
12	U45203TN2006PTC058518	PARRY INFRASTRUCTURE COMPANY PRIVATE LIMITED	Director	28/07/2014	09/10/2013	-	Active	NO
13	U29253TG2014PTC094854	YANMAR COROMANDEL AGRISOLUTIONS PRIVATE LIMITED	Director	31/07/2015	28/07/2014	-	Active	NO
14	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	Director	27/03/2015	27/03/2015	-	Active	NO

Name :

Suri Venkataraman

Designation :

Director

Address :

Old No 2 New No 5 4th Main Road, Nehru Nagar Adyar, Chennai - 600020, Tamil Nadu, India

Date of Appointment :

28.07.2014

DIN No.:

05154266

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	U29309TN1993PLC025896	MURUGAPPA ORGANO WATER SOLUTIONS LIMITED	Director	03/09/2011	22/07/2011	25/09/2015	Active	NO
2	U45203TN2006PTC058518	PARRY INFRASTRUCTURE COMPANY PRIVATE LIMITED	Director	28/07/2014	09/10/2013	-	Active	NO
3	U24231PN2003PTC017935	Parry Phytoremedies Private Limited	Director	28/07/2014	16/10/2013	-	Amalgamated	NO
4	U15421TN2005PLC058106	PARRYS SUGAR LIMITED	Director	28/07/2014	16/10/2013	-	Active	NO
5	U24131TN1996PLC035030	PARRY AGROCHEM EXPORTS LIMITED	Director	28/07/2014	16/10/2013	-	Active	NO
6	U15421KA2002PLC029968	SADASHIVA SUGARS LIMITED	Additional director	19/10/2013	19/10/2013	-	Amalgamated	NO
7	L28100KA1986PLC049077	Parrys Sugar Industries Limited	Additional director	21/10/2013	21/10/2013	28/04/2014	Active	NO
8	U15421TN2006PTC058579	PARRY SUGARS REFINERY INDIA PRIVATE LIMITED	Director	28/07/2014	23/10/2013	-	Active	NO

Name :

Mr. Ramesh V

Designation :

Director

Address :

Old No 55 New No 17 20th Street, Anna Nagar, Chennai - 600040, Tamil Nadu, India

Date of Appointment :

30.07.2015

DIN No.:

01412093

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	U74140TN1972PLC006192	MURUGAPPA MANAGEMENT SERVICES LIMITED	Director	30/07/2007	22/12/2006	30/03/2012	Active	NO
2	U24117TN1999PLC043439	PRODORITE ANTICORROSIVES LIMITED	Director	24/07/2007	25/01/2007	-	Amalgamated	NO
3	U40100TN1985PLC012425	SOUTHERN ENERGY DEVELOPMENT CORPORATION LIMITED	Director	24/07/2007	25/01/2007	20/07/2011	Active	NO
4	U74999TN1997PLC039545	NET ACCESS INDIA LIMITED	Director	24/07/2007	27/01/2007	26/07/2011	Active	NO
5	U26990TN2008PLC069898	CELLARIS REFRACTORIES INDIA LIMITED	Director	19/11/2008	19/11/2008	16/03/2009	Active	NO
6	U29259GJ1979PLC003467	STERLING ABRASIVES LIMITED	Director	04/06/2009	17/01/2009	15/04/2014	Active	NO
7	L24211TN1975PLC006989	E.I.D PARRY (INDIA) LIMITED	Managing director	30/07/2014	30/01/2014	-	Active	NO
8	U45203TN2006PTC058518	PARRY INFRASTRUCTURE COMPANY PRIVATE LIMITED	Director	28/07/2014	24/03/2014	-	Active	NO
9	L28100KA1986PLC049077	Parrys Sugar Industries Limited	Managing director	01/09/2014	28/04/2014	-	Active	NO
10	U15421TN2006PTC058579	PARRY SUGARS REFINERY INDIA PRIVATE LIMITED	Director	30/07/2015	11/11/2014	-	Active	NO

Name :

Mr. Padmanabhan Nagarajan

Designation :

Director

Address :

Flat No.201, Vineyard Jasper, Plot No.37-17/634, Defence Colony, Sainikpuri, Secunderabad - 500094, Telangana, India

Date of Appointment :

30.07.2015

DIN No.:

00110344

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	U24131TN1996PLC035030	PARRY AGROCHEM EXPORTS LIMITED	Director	27/05/2005	27/05/2005	18/10/2010	Active	NO
2	U74999MH1995PLC088809	PARRY CHEMICALS LIMITED	Director	20/06/2006	20/06/2006	30/06/2009	Active	NO
3	U74140TN1972PLC006192	MURUGAPPA MANAGEMENT SERVICES LIMITED	Director	09/09/2015	22/12/2006	-	Active	NO
4	U50300TG1987PTC008010	JASPER INDUSTRIES PRIVATE LIMITED	Director	19/06/2012	24/04/2012	-	Active	NO
5	U34201UP2006PTC041454	ADITHYA AUTOMOTIVE APPLICATIONS PRIVATE LIMITED	Alternate director	23/01/2014	28/04/2012	01/04/2014	Active	NO
6	U63011AP1982PTC003450	Jasper Auto Services Private Limited	Director	03/09/2012	08/05/2012	27/08/2015	Active	NO
7	U50102TG1982PTC003449	Jasper Auto Parts Private Limited	Director	20/09/2012	10/05/2012	28/05/2014	Active	NO
8	U50500AP2012PTC081367	Jasper Automobiles Telangana Private Limited	Director	07/06/2012	07/06/2012	-	Active	NO
9	U40109TG2006PTC050759	BHUBANESHWAR POWER PRIVATE LIMITED	Director	10/09/2012	10/09/2012	-	Active	NO
10	U50102AP2013PTC087649	Jasper Automobiles Private Limited	Director	27/09/2014	16/05/2013	-	Active	NO
11	L74910TN1947PLC000343	COROMANDEL ENGINEERING COMPANY LIMITED	Director	24/07/2015	30/07/2014	-	Active	NO
12	L21010TG1938PLC000591	THE SIRPUR PAPER MILLS LTD	Director	29/09/2014	11/08/2014	31/12/2014	Active	NO
13	U15421TN2006PTC058579	PARRY SUGARS REFINERY INDIA PRIVATE LIMITED	Director	30/07/2015	30/03/2015	-	Active	NO
14	U65993TN1977PLC070246	MURUGAPPA HOLDINGS LIMITED	Director	12/08/2015	30/03/2015	-	Active	NO

Name :

Ms. Lalitha Balakrishnan

Designation :

Director

Address :

No. H-12/4, Pari Street, Kalakshetra Colony, Besant Nagar, Chennai - 600090, Tamil Nadu, India

Date of Appointment :

30.07.2015

DIN No.:

02973332

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	U72200PN2005PTC020880	BuildOnline Software Private Limited	Director	26/10/2007	26/10/2007	-	Strike off	NO
2	U72200TN1999PTC042119	SWORD GLOBAL (INDIA) PRIVATE LIMITED	Director	19/10/2011	19/10/2011	-	Active	NO
3	U74900PN2011PTC141637	CT Space Technologies Private Limited	Director	14/12/2011	14/12/2011	15/09/2012	Active	NO
4	L28100KA1986PLC049077	Parrys Sugar Industries Limited	Director	24/07/2015	30/03/2015	-	Active	NO
5	U15421TN2006PTC058579	PARRY SUGARS REFINERY INDIA PRIVATE LIMITED	Director	30/07/2015	30/03/2015	-	Active	NO

Name :

Mr. Srinivasan Suresh

Designation :

Whole-Time Director

Address :

Flat No. 8D, Block 3, Ceebros Shyamala Gardens, 136 Arcot Road, Near Avichi School, Saligramam, Chennai - 600093, Tamil Nadu, India

Date of Birth/Age :

04.08.1958

Date of Appointment :

30.07.2015

DIN No.:

06999319

KEY EXECUTIVES

Name :	S Muthukrishnan
Designation :	Secretary
Address :	New No.36,Old No.14/2,, Sowrashtra Nagar, 6th Street, Choolaimedu, Chennai - 600094, Tamil Nadu, India
Date of Appointment :	17.08.2012
PAN No.:	ATRPM8276G

Name :	Mr. Sankararaman Ganesh
Designation :	Chief Financial Officer
Address :	No 26 Jambukeswarar Main Road, Korattur, Chennai - 600080, Tamil Nadu, India
Date of Appointment :	22.06.2015
PAN No.:	AENPG2168J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Names of Equity Shareholders		No. of Shares
E.I.D. Parry (India) Limited		116281219
V. Ramesh		1
V. Suri		1
G. Jalaja		1
A K Dora		1
S. Ganesh		1
S Shanmugasundaram		1
Total		116281225

Names of Preference Shareholders		No. of Shares
E.I.D. Parry (India) Limited		11300000
Total		11300000

Equity Share Break up (Percentage of Total Equity)

As on 28.07.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the manufacture of refined sugar. (Registered activity)

Products :	Not Divulged

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	HDFC Bank Limited
Branch	HDFC Bank House Senapati Bapat Marg, Lower Parel, West, Mumbai - 400013, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

ICICI Bank Limited, No. 1, Cenotaph Road, Teynampet, Chennai, Chennai-600018, Tamil Nadu, India

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

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from Bank	3758.700	2945.430
Total	3758.700	2945.430

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	ASV N Ramana Tower , 5 2 Venkatnarayana Road, T Nagar, Chennai – 600017, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFD3771D

Memberships :	Not Available

Collaborators :	Not Available

Fellow Subsidiary company:	Parrys Sugar Industries Limited, India L28100KA1986PLC049077 Parry Infrastructure Company Private Limited, India U45203TN2006PTC058518 Coromandel International Limited, India L24120AP1961PLC000892

Holding company :	EID Parry (India) Limited, India L24211TN1975PLC006989

CAPITAL STRUCTURE

As on 28.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

120000000	Equity Shares	Rs.10/- each	Rs.1200.000 Million
2000000	Preference Shares	Rs.100/- each	Rs.200.000 Million
			Rs.1400.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

116281225	Equity Shares	Rs.10/- each	Rs.1162.812 Million
1300000	Preference Shares	Rs.100/- each	Rs.130.000 Million
			Rs.1292.812 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

120000000	Equity Shares	Rs.10/- each	Rs.1200.000 Million
2000000	Preference Shares	Rs.100/- each	Rs.200.000 Million
			Rs.1400.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

116281225	Equity Shares	Rs.10/- each	Rs.1162.812 Million
1100000	Preference Shares	Rs.100/- each	Rs.110.000 Million
			Rs.1272.812 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1272.812	1162.812	1162.812
(b) Reserves & Surplus	(751.076)	(149.977)	508.022
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	20.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	541.736	1012.835	1670.834

(3) Non-Current Liabilities
(a) long-term borrowings	3758.700	2945.430	1965.901
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.199
Total Non-current Liabilities (3)	3758.700	2945.430	1966.100

(4) Current Liabilities
(a) Short term borrowings	100.000	90.934	4.098
(b) Trade payables	211.596	406.516	378.278
(c) Other current liabilities	100.814	28.853	689.827
(d) Short-term provisions	2.230	4.064	4.676
Total Current Liabilities (4)	414.640	530.367	1076.879

TOTAL	4715.076	4488.632	4713.813

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3761.230	3977.065	4194.740
(ii) Intangible Assets	0.530	0.818	1.060
(iii) Capital work-in-progress	382.246	5.419	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	422.614	385.731	302.379
(e) Other Non-current assets	2.121	2.122	5.512
Total Non-Current Assets	4568.741	4371.155	4503.691

(2) Current assets
(a) Current investments	0.000	0.000	0.306
(b) Inventories	110.394	39.144	45.481
(c) Trade receivables	0.033	0.033	0.080
(d) Cash and cash equivalents	4.620	56.261	123.995
(e) Short-term loans and advances	31.288	22.039	40.260
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	146.335	117.477	210.122

TOTAL	4715.076	4488.632	4713.813

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	0.000	18.655	3236.902
	Other Income	2.844	12.450	20.085
	TOTAL (A)	2.844	31.105	3256.987

Less	EXPENSES
	Cost of Materials Consumed	0.000	6.353	3139.873
	Exceptional Items	(168.638)	0.000	0.000
	Employees Costs	14.811	13.393	44.285
	Other Operating expenses	145.666	91.960	720.379
	TOTAL (B)	(8.161)	111.706	3904.537

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	11.005	(80.601)	(647.550)

Less	FINANCIAL EXPENSES (D)	395.281	360.527	377.576

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(384.276)	(441.128)	(1025.126)

Less/ Add	DEPRECIATION/ AMORTISATION (F)	216.823	216.871	212.468

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(601.099)	(657.999)	(1237.594)

Less	TAX (H)	0.000	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(601.099)	(657.999)	(1237.594)

	Earnings / (Loss) Per Share (Rs.)	(5.17)	(5.66)	(17.36)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	(197.129)	(124.831)	1236.666
Net cash flow from operating activity	(197.409)	(125.624)	1236.666

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(21135.69)	(3527.20)	(38.23)

Operating Profit Margin (PBIDT/Sales)	(%)	386.95	(432.06)	(20.01)

Return on Total Assets (PBT/Total Assets}	(%)	(13.87)	(14.68)	(26.25)

Return on Investment (ROI) (PBT/Networth)		(1.11)	(0.65)	(0.74)

Debt Equity Ratio (Total Debt /Networth)		7.12	3.00	1.18

Current Ratio (Current Asset/Current Liability)		0.35	0.22	0.20

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1162.812	1162.812	1272.812
Reserves & Surplus	508.022	(149.977)	(751.076)
Net worth	1670.834	1012.835	541.736

long-term borrowings	1965.901	2945.430	3758.700
Short term borrowings	4.098	90.934	100.000
Total borrowings	1969.999	3036.364	3858.700
Debt/Equity ratio	1.179	2.998	7.123

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3236.902	18.655	2.844
		-99.424	(84.755)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3236.902	18.655	2.844
Profit	(1237.594)	(657.999)	(601.099)
	(38.23%)	(3527.20%)	(21135.69%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION:

The entity has a manufacturing facility in Kakinada (A unit in Parry Infrastructure Company Private Limited SEZ in Vakalapudi village). The Company is a subsidiary of E.I.D.- Parry (India) Limited. The company is established in a SEZ and is engaged in the manufacture of refined sugar.

PERFORMANCE

The Company recorded revenue of Rs.2.844 Million (including other income of Rs. 2.844 Million) for the year ended 31st March, 2014. After providing for expenses amounting to Rs.772.581 Million, the net loss before exceptional items for the year was Rs.769.737 Million. The net loss after exceptional income arises out-of Cargill trade payable reversal for the year was Rs.601.099 Million.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Term loans from Bank	100.000	0.000
Loans and advances from related parties	0.000	90.934
Total	100.000	90.934

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10606761	12/10/2015	1,000,000,000.00	HDFC BANK LIMITED	HDFC Bank House Senapati Bapat Marg, Lower Parel, West, MUMBAI, Maharashtra - 400013, INDIA	C72601347
2	10559270	03/03/2015	1,500,000,000.00	ICICI BANK LIMITED	No. 1, Cenotaph Road,, Teynampet, Chennai, Chennai, Tamil Nadu - 600018, INDIA	C49168578
3	10530792	10/11/2014	600,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Building, Ground Floor,, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA	C33245291
4	10525620	08/06/2015 *	3,000,000,000.00	YES BANK LIMITED	Nehru Centre 9th Floor, Discovery of India, Dr. A .B.Road,Worli, Mumbai, Maharashtra - 400018, INDIA	C58081878
5	10525625	17/08/2015 *	2,690,000,000.00	Axis Bank Limited	Trishul' 3rd Floor Opposite Samartheswar Temple, Law Garden, Ellis Bridge, Ahmedabad, Gujarat - 380006, INDIA	C64143571
6	10525956	19/09/2014	100,000,000.00	HDFC BANK LIMITED	HDFC Bank House Senapati Bapat Marg, Lower Parel, West, Mumbai, Maharashtra - 400013, INDIA	C29709268
7	10519213	08/09/2014	2,700,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Building, Ground Floor,, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA	C19770601
8	10517785	06/08/2014	1,700,000,000.00	ING VYSYA BANK LIMITED	22 ING VYSYA HOUSE M.G. ROAD, BANGALORE, Karnataka - 560001, INDIA	C19023159
9	10503165	09/06/2014	1,800,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI,KOLHAPUR,, KOLHAPUR, Maharashtra - 416001, INDIA	C06727481
10	10460728	09/07/2014 *	880,000,000.00	INDUSIND BANK LIMITED	OLD No. 115,116, NEW No.34,G.N.CHETTY ROAD, TNAGAR, CHENNAI, Tamil Nadu - 600017, INDIA	C14949564

FIXED ASSETS

Land
Buildings
Plant and equipment
Furniture and fixtures
Vehicles
Office equipment

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.66.37
UK Pound	1	Rs.98.91
Euro	1	Rs.72.84

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION		--
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	3
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit