MIRA INFORM REPORT

Report No. :	320909
Report Date :	05.05.2015

IDENTIFICATION DETAILS

Name :	PI INDUSTRIES LIMITED
Registered Office :	Post Box No. 20, Udaisagar Road, Udaipur - 313001, Rajasthan
Tel. No.:	91-294-6454304/ 305/ 2491451-5/ 2491477
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.12.1946
Com. Reg. No.:	17-000469
Capital Investment / Paid-up Capital :	Rs.136.109 Million
CIN No.: [Company Identification No.]	L24211RJ1946PLC000469
TAN No.: [Tax Deduction & Collection Account No.]	JDHP01697D
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and Marketing of Pesticides, Industrial Chemicals and Polymers, etc.
No. of Employees :	1401 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 19500000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of the PI Group. It is a well-established company having fine track record. Overall financial position of the company seems to be decent. The rating takes into consideration group’s established position in the domestic agro chemicals business, increasing presence as one of India’s major players in the custom synthesis, contract manufacturing exports and supported by its strong tie-ups with global innovators. Further, it also considered healthy financial risk profile, adequate liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered good for normal 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : AA-
Rating Explanation	Have high degree of safety and carry low credit risk.
Date	07.11.2014

Rating Agency Name	CRISIL
Rating	Short term rating : A1+
Rating Explanation	Have very strong degree of safety and carry lowest credit risk.
Date	07.11.2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY (PARTIAL DETAILS)

Name :	Ms. Renu
Designation :	Admin Executive
Contact No.:	91-124-6790000

LOCATIONS

Registered Office / Research Office / Factory 1 :	Post Box No. 20, Udaisagar Road, Udaipur - 313001, Rajasthan, India
Tel. No.:	91-294-6454304/ 305/ 2491451-5/ 2491477
Fax No.:	91-294-2491946/ 2491384
E-Mail :	s.varghese@piind.com piind@piind.com payal.puri@piind.com investor.grievance@piind.com
Website :	http://www.piindustries.com
Corporate Office/ Share Department / Head Office:	5th Floor, Vipul Square, B Block, Sushant Lok, Phase - 1, Gurgaon - 122009, Haryana, India
Tel. No.:	91-124-4159000/ 6790000
Fax No.:	91-124-4081247
Research Office / Factory 2 :	Lane IV, Bari Brahmana, Jammu and Kashmir, India
Research Office / Factory 3 :	Plot No. 237, GIDC, Panoli, District Bharuch- 313001, Gujarat, India
Tel. No.:	91-2646-272392/ 320797/ 655471/ 72
Fax No.:	91-2646-272313/ 348
E-Mail :	piagriinput@piind.com
Research Office / Factory 4 :	Plot No. SPM 28, Sterling SEZ, Village Sarod, Jabusar – 392180, Gujarat, India
Branches :	Located At Ranchi Kolkata Siliguri Cutteck Bathinda Patna Guwahati Raipur

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Salil Singhal
Designation :	Chairman and Managing Director
Address :	Lake House, P P Singhal Marg, Udaipur – 313001, Rajasthan, India
Date of Birth/Age :	21.08.1946
4Date of Appointment :	03.12.1984
Name :	Mr. Mayank Singhal
Designation :	Managing Director and Chief Executive Officer
Address :	P P Singhal Marg, Udaipur – 313001, Rajasthan, India
Date of Birth/Age :	03.04.1973
Date of Appointment :	28.09.1998
Name :	Mr. Anurag Surana
Designation :	Whole Time Director
Address :	Ameya Plot No. 1 / 2, B/H Sagar Darshan Apartment, Devali, Udaipur – 313004, Rajasthan, India
Date of Birth/Age :	22.01.1965
Date of Appointment :	30.09.1998
Name :	Mr. P. N. Shah
Designation :	Director (resigned w.e.f. 1st April 2014)
Name :	Mr. Raj Kaul
Designation :	Director
Date of Birth/Age :	30.10.1942
Qualification :	B. Sc (Engg) Hons. and Diploma in Business Administration
Date of Appointment :	18.01.2008
Name :	Mr. Narayan K Seshadri
Designation :	Director
Name :	Mr. Bimal Kishore Raizada
Designation :	Director
Name :	Mr. Pravin K. Laheri
Designation :	Director
Name :	Mrs. Ramni Nirula
Designation :	Additional Director
Name :	Mrs. Rajnish Sarna
Designation :	Whole Time Director
Name :	Mr. Venkatrao S. Sohani
Designation :	Additional Director

KEY EXECUTIVES

Name :	Mr. Naresh Kapoor
Designation :	Company Secretary
Name :	Ms. Renu
Designation :	Admin Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

CATEGORY OF SHAREHOLDER	TOTAL NO. OF SHARES	TOTAL SHAREHOLDING AS A % OF TOTAL NO. OF SHARES
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	79720110	58.37
Sub Total	79720110	58.37
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	79720110	58.37
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	11681655	8.55
Financial Institutions / Banks	4306	0.00
Foreign Institutional Investors	25323683	18.54
Sub Total	37009644	27.10
(2) Non-Institutions
Bodies Corporate	2811276	2.06
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	7023842	5.14
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2784399	2.04
Any Others (Specify)	7226911	5.29
Clearing Members	54038	0.04
Directors & their Relatives & Friends	2018654	1.48
Non Resident Indians	668180	0.49
Trusts	1744065	1.28
Foreign Corporate Bodies	2741974	2.01
Sub Total	19846428	14.53
Total Public shareholding (B)	56856072	41.63
Total (A)+(B)	136576182	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	136576182	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of Pesticides, Industrial Chemicals and Polymers, etc.

Products :

Products Description	ITC Code
Insecticides	380810.00
Meterin and Allied Products	902830.00
Polypropylene	390210.00

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Unit	Actual Production
Chemicals including by-product/ Traded goods	In tonnes	49046

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 :

1401 (Approximately)

Bankers :

Bank Name	State Bank of Bikaner and Jaipur State Bank of India Axis Bank Limited Standard Chartered Bank
Branch	Not Divulged
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

Facilities :

Secured Loans	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWING
Term Loans - From Banks and Financial Institutions
Foreign Currency Loans from Banks	480.800	797.720
SHORT TERM BORROWING
Working Capital Loans from Banks	358.846	765.612
Total	839.646	1563.332

Note:

LONG TERM BORROWING

a. Foreign Currency Loan includes:

ECB from Standard Chartered Bank amounting to USD 13.333 Million carrying interest rate of 90 days LIBOR plus 2.75% is outstanding as on 31st March, 2014 and is repayable in balance 10 Quarterly instalments of USD 1.333 Million each. The loan is secured by first exclusive charge on movable fixed assets of the Company situated at Jambusar and first pari passu charge on the movable fixed assets of the Company, situated at 237, GIDC, Panoli and second pari passu charge on all the currents assets of the Company.

SHORT TERM BORROWING

Working capital loans are secured by way of first pari passu charge on all the current assets by hypothecation of stocks of raw materials, finished and semi-finished goods, stores and spares not related to plant and machinery, bills receivable, book debts and all other movable current assets of the Company and additionally secured by way of second charge on all the fixed assets of the Company excluding leasehold land situated at Jambusar (Gujarat) in favour of the consortium bankers.

Working Capital Loan includes Foreign currency Loan (Buyers Credit Loan) amounting to Rs.18.647 Million (Previous Year Rs.67.866 Million).

Banking Relations :	--
Auditors :
Name :	S.S. Kothari Mehta and Company Chartered Accountants
Address :	New Delhi, India
Internal Auditor :	Protiviti Consulting Private Limited
Address :	Gurgaon
Cost Auditors :
Name :	K.G. Goyal and Company Cost Accountants
Address :	Jaipur, Rajasthan, India
Memberships :	--
Collaborators :	--
Holding Company	Prateek Finance and Investment Company (w.e.f. 01.01.2013)
Subsidiaries :	PILL Finance and Investments Limited PI Life Science Research Limited PI Japan Company Limited
Enterprises in respect of which reporting enterprise is an associate :	Lucrative Leasing Finance and Investment Company Limited (Upto 31.12.2012) Parteek Finance and Investment Company Limited (Upto 31.12.2012)
Enterprises over which KMP and their relatives are able to exercise significant influence :	Samaya Investment and Trading Private Limited (Upto 31.12.2012) Wolkem India Limited Secure Meters Limited Singhal Foundation PI Foundation PII ESOP Trust Salil Singhal (HUF)

CAPITAL STRUCTURE

AS ON 10.09.2014

Authorised Capital : Rs. 723.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 62.725 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000,000	Equity Shares	Rs. 1/- each	Rs. 200.000 Million
5,000,000	Preference Shares	Rs. 100/- each	Rs. 500.000 Million
	Total		Rs. 700.000 Million

Issued :

No. of Shares	Type	Value	Amount
136,285,655	Equity Shares	Rs. 1/- each	Rs. 136.286 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
136,109,080	Equity Shares	Rs. 1/- each	Rs. 136.109 Million

The difference between the issued and subscribed capital is on account of less number of shares allotted in right issue in earlier years.

Terms/ rights attached to Equity Shares

The Company has only one class of Equity Shares having a par value of Rs.1 per share (Previous Year Rs.5 per share). Each holder of Equity Shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General meeting except interim dividend.

During the year ended 31st March 2014, the Company has declared 100% final dividend and 100% interim dividend on Equity Shares of face value of Rs.1 each to the equity shareholders, which is recognised as distribution to the equity shareholders. (Previous Year Final dividend of 100% on face value of Rs.1 per share post split)

Issue of Shares through Qualified Institutional Placement (QIP)

During the previous year ending 31st March 2013, the Company has raised an amount of Rs.1173.270 Million through Qualified Institutional Placement (QIP) route: accordingly 1,924,656 Equity Shares @ Rs.609.60 per share have been allotted on 31st January 2013. The Company has received the listing/ trading approvals from Stock Exchange for aforementioned allotment.

Issue of Shares under ESOP Scheme

During the year ended 31st March 2014, the Company has issued 649,930 Equity Shares of Rs.1 each (Previous Year 118,796 Equity Shares of Rs.5 each), as per exercise price to PII ESOP Trust (Trust), set up to administer Employee Stock Option Plan. Out of total Equity Shares issued to the Trust 521,961 Equity Shares of face value of Rs.1 each (Previous Year 97,427 Equity Shares of face value of Rs.5 each) have been allocated by the Trust to respective employees upon exercise of Stock Option from time to time. As on 31st March 2014, 234,814 Equity Shares of face value of Rs.1 per share (Previous Year 106,845 of face value of Rs.1 each post split) are pending to be allocated to employees upon exercise of Stock option.

Split of Shares

Pursuant to the approval of the shareholders through postal ballot dated 3rd April 2013, the Company has sub-divided the existing Equity Shares of Rs.5 each fully paid up into 5 Equity Shares of Rs.1 each.

Shareholdings of the Holding Company

Pursuant to Delhi High Court Order, some of the promoter companies have merged w.e.f 1st January 2013, resulting in making PI Industries Limited. subsidiary of Parteek Finance and Investment Company Limited. The said Promoter Company holds 73,851,390 Equity Shares which is 54.26% of the total shareholding of the Company.

Reconciliation of Shares outstanding at the beginning and at the end of the reporting period

Particulars	Equity Shares (No. of Shares)	Amount In Million
Share outstanding at beginning of period	27,127,145	135.636
Shares issued under Qualified Institutional Placement (Refer Note 1(c))	–	--
Shares issued under ESOP Scheme (Refer Note 1(d))	649,930	0.650
Split of shares (Refer Note 1(e))	108,508,580	--
Share outstanding at end of period	136,285,655	136.286

The Share outstanding at the end of the financial year is at face value of Rs.1 per share (Previous Year Rs.5 per share)

Subscribed & Paid up

Particulars	Equity Shares (No. of Shares)	Amount In Million
Share outstanding at beginning of period	27,091,830	135.459
Shares issued under Qualified Institutional Placement (Refer Note 1(c))	–	--
Shares issued under ESOP Scheme (Refer Note 1(d))	649,930	0.650
Split of shares (Refer Note 1(e))	108,367,320	--
Share outstanding at end of period	136,109,080	136.109

The Share outstanding at the end of the financial year is at face value of Rs.1 per share (Previous Year Rs.5 per share)

Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares brought back during the period of five years immediately preceding the reporting period

Particulars	No. of Shares
Equity Shares allotted as fully paid up Bonus shares by capitalisation of reserves as on	36,364,605

Year of Issue	No. of Shares
2010-11	18,645,835
2009-10	17,718,770

Shares reserved for issue under option

Shares reserved for issue under ESOP

Details of shareholders holding more than 5% shares in the Company

Equity Shares

Name of Shareholders	No of Shares	% of Holding
Parteek Finance and Investment Company Limited	73,851,390	54.26

Shares held by Holding Company

Name of Shareholders	No of Shares	% of Holding
Parteek Finance and Investment Company Limited	73,851,390	54.26

The Board has approved the draft scheme of amalgamation between Parteek Finance and Investment Company Limited (which is holding Company of PI Industries Limited.) and PI Industries Limited. subject to requisite regulatory approvals. Under this scheme there would be no change in the promoters shareholding of the Company.

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	136.109	135.459	125.242
(b) Reserves & Surplus	6694.730	5110.475	3066.783
(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)	6830.839	5245.934	3192.025
(3) Non-Current Liabilities
(a) long-term borrowings	501.268	851.142	1190.570
(b) Deferred tax liabilities (Net)	432.534	478.134	324.287
(c) Other long term liabilities	137.761	125.379	105.986
(d) long-term provisions	59.930	43.869	17.696
Total Non-current Liabilities (3)	1131.493	1498.524	1638.539
(4) Current Liabilities
(a) Short term borrowings	358.846	1022.163	1131.286
(b) Trade payables	2931.270	2412.121	963.862
(c) Other current liabilities	1557.198	925.780	878.548
(d) Short-term provisions	281.280	182.128	162.479
Total Current Liabilities (4)	5128.594	4542.192	3136.175
TOTAL	13090.926	11286.650	7966.739
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5198.137	4727.856	2922.820
(ii) Intangible Assets	38.304	20.700	17.891
(iii) Capital work-in-progress	355.532	551.397	777.691
(iv) Intangible assets under development	69.308	53.791	32.331
(b) Non-current Investments	19.676	19.677	19.677
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	112.190	90.794	190.612
(e) Other Non-current assets	19.151	17.658	16.294
Total Non-Current Assets	5812.298	5481.873	3977.316
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3187.588	2417.458	1787.513
(c) Trade receivables	2564.706	2625.370	1718.690
(d) Cash and cash equivalents	371.038	120.045	76.268
(e) Short-term loans and advances	1079.747	602.783	387.923
(f) Other current assets	75.549	39.121	19.029
Total Current Assets	7278.628	5804.777	3989.423
TOTAL	13090.926	11286.650	7966.739

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	15856.441	11475.643	8749.696
		Sale of services	6.507	0.000	0.000
		Other operating Revenues	86.283	29.683	21.209
		Other Income	156.142	83.660	51.906
		TOTAL	16105.373	11588.986	8822.811
Less	EXPENSES
		Cost of Materials consumed	9093.679	6429.605	4866.806
		Purchase of Stock in Trade	459.797	295.202	390.002
		Changes in Inventories of finished goods, work in progress and stock in trade	(362.581)	17.196	(335.986)
		Employee Benefits expenses	1089.333	864.373	701.712
		Other Expenses	2813.144	2105.562	1737.745
		Exceptional Items	0.000	0.000	(303.428)
		TOTAL	13093.372	9711.938	7056.851
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		3012.001	1877.048	1765.960
Less	FINANCIAL EXPENSES		118.234	221.451	201.092
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2893.767	1655.597	1564.868
Less/ Add	DEPRECIATION/ AMORTISATION		313.679	218.131	171.094
	PROFIT BEFORE TAX		2580.088	1437.466	1393.774
Less	TAX		742.716	474.019	388.359
	PROFIT AFTER TAX		1837.372	963.447	1005.415
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2800.600	2091.800	1332.500
	APPROPRIATIONS
		Transfer to General Reserve	183.700	96.300	100.500
		Equity Shares – Proposed	136.100	135.500	75.100
		Interim Dividend	0.700	0.400	0.000
		Interim Dividend on Equity Shares	136.100	0.000	50.100
		Income tax on Interim Dividend	23.900	0.000	8.100
		Dividend Distribution Tax	23.100	22.400	12.200
	BALANCE CARRIED TO THE B/S		4134.400	2800.600	2091.800
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on FOB Basis	9704.666	6280.041	3915.026
	TOTAL EARNINGS		9704.666	6280.041	3915.026
	IMPORTS
		Raw Materials	5284.175	3379.650	1855.137
		Stores & Spares	4.333	8.705	26.404
		Capital Goods	7.093	22.191	46.012
	TOTAL IMPORTS		5295.601	3410.546	1927.553
	Earnings Per Share (Rs.)
	Basic (in Rs.)		13.52	7.57	8.05
	Diluted (in Rs.)		13.42	7.52	8.00

QUARTERLY RESULTS

Particulars	31.12.2014	30.09.2014	30.06.2014
Audited / Unaudited	Unaudited	Unaudited	Unaudited
Net Sales	5049.200	4265.500	4712.000
Total Expenditure	4108.000	3539.200	3632.500
PBIDT (Excl OI)	941.200	726.300	1079.500
Other Income	105.300	105.800	75.100
Operating Profit	1046.500	832.100	1154.600
Interest	35.800	18.500	17.600
Exceptional Items	0.000	0.000	0.000
PBDT	1010.700	813.600	1137.000
Depreciation	96.900	96.400	97.700
Profit Before Tax	913.800	717.200	1039.300
Tax	291.600	227.500	321.900
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	622.200	489.700	717.400
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	622.200	489.700	717.400

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	11.59	8.40	11.49
Operating Profit Margin (PBIDT/Sales)	(%)	19.00	16.36	20.18
Return on Total Assets (PBT/Total Assets}	(%)	20.40	13.48	19.53
Return on Investment (ROI) (PBT/Networth)		0.38	0.27	0.44
Debt Equity Ratio (Total Debt /Networth)		0.13	0.36	0.73
Current Ratio (Current Asset/Current Liability)		1.42	1.28	1.27

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	125.242	135.459	136.109
Reserves & Surplus	3066.783	5110.475	6694.730
Share Application money pending allotment	0.000	0.000	0.000
Net worth	3192.025	5245.934	6830.839
long-term borrowings	1190.570	851.142	501.268
Short term borrowings	1131.286	1022.163	358.846
Total borrowings	2321.856	1873.305	860.114
Debt/Equity ratio	0.727	0.357	0.126

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	8749.696	11475.643	15856.441
		31.155	38.175

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	8749.696	11475.643	15856.441
Profit	1005.415	963.447	1837.372
	11.49%	8.40%	11.59%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the fbusiness	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWING
Deposit
Directors	4.394	11.718
Shareholders	12.239	9.748
Others	3.835	31.956
Other loans and advances
Packing Credit Foreign Currency Loan	0.000	256.551
Total	20.468	309.973
Note: Long Term Borrowing Deposits from Directors, shareholders and others carries interest ranging from 9% to 11% per annum depending upon the amount of deposit. Non- cumulative deposits have a maturity period of two years and are paid interest at the interval of every six months. Cumulative deposits have maturity period of three years and the interest is compounded six monthly. As on the Balance sheet date there is no default in repayment of loans and interest.

CONTINGENT LIABILITIES

Disputed Taxation demands not acknowledged as debts:	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
-Sales Tax	11.906	12.813
- Excise Duty	50.917	8.499
- Income Tax	68.947	53.642
- Custom Duty	---	7.108
-ESI	0.609	0.508
Anti-Dumping Duty	23.044	23.044
Counter Guarantee to GIDC	3.285	3.285
Bill Discounted	238.245	317.114

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10308321	03/12/2013 *	1,000,000,000.00	STANDARD CHARTERED BANK	(ACTING AS AN SECURITY AGENT) C D U, NARAIN MANZI  L, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001,  INDIA	B92736925
2	10053208	13/03/2015 *	4,294,000,000.00	STATE BANK OF BIKANER AND JAIPUR	CHETAK CIRCLE, UDAIPUR, RAJASTHAN - 313001, INDIA	C48198618
3	90032965	11/02/1993	150,000.00	STATE BANK OF BIKANARE AND JAIPUR	SAFDERJUNG ENCLAVE BRANCH, NEW DELHI, DELHI, INDI  A	-
4	90071626	27/12/1991	1,032,000.00	PAL HIRE PURCHASE LIMITED	505; KAKAD CHAMBERS, 5TH FLOOR; 132; DR. ANNIE BE  SANT ROAD; WORLI, BOMBAY, MAHARASHTRA - 400018, IN  DIA	-
5	90069633	30/11/1990	318,990.00	CITI BANK N.A.	JEEVAN BHARATI BUILDING, 124; CONNAUGHT CIRCUS, N  EW DELHI, DELHI - 110001, INDIA	-
6	90032261	30/07/1988	875,000.00	STATE BANK OF BIKANARE AND JAIPUR	SAFDERJUNG ENCLAVE BRANCH, NEW DELHI, DELHI, INDIA	-

* Date of charge modification

KEY HIGHLIGHTS

The Net Sales for the year grew to Rs. 15949.200 Million from Rs.11505.300 Million last year i.e., a growth Rs. of 38.62% YoY.

The Operating Profit for the year grew to Rs.3012.000 Million from Rs.1877.000 Million last year i.e., an increase of 60.47% YoY.

The Net Profit for the year on stand-alone basis grew to Rs.1837.400 Million from H96.34 Million in the previous year i.e., an increase of 90.72% YoY.

The Company’s Net Profit on a consolidated basis increased to Rs.1880.000 Million during the year as compared to Rs.973.400 Million in the previous year, a growth of 93.14% YoY.

The Earnings per share (EPS) for the year stood at Rs.13.52 per share an increase of 78.60% compared to Rs.7.57 per share for the previous year.

OPERATIONS

FY 2013-14 was a notable year for the Indian agriculture sector, which witnessed a sharp improvement in performance as a result of: a) supportive South West monsoons; b) farmers’ response to better output prices; c) continued response to the investments made by private sector in terms of new technologies and their promotion and d) policy initiatives taken by the government to drive agricultural growth in the less developed geographies mainly in the East and the North-East.

Favourable agro-climatic conditions combined with better acreages helped improve the overall sectoral prospects. In the main monsoon season i.e. during the period of June to September, 2013, cumulative rainfall for the country was 6% more than the LPA. Out of the total 36 meteorological subdivisions present, 30 meteorological sub-divisions, which constitute 86% of the total area of the country received excess/ normal rainfall and the remaining 6 meteorological subdivisions constituting 14% of the total area of the country received deficient rainfall. Although excess rainfall towards the end of the monsoon period in Eastern and Central India led to crop damage, the late rains helped the rabi crops with reported increase in the sown area. There was an overall increase in area and production estimates of all the major food grains, pulses and oilseeds. Despite soya bean taking a marginal hit in the country, it is expected to record highest ever production rates. The Company made the best use of this opportunity and registered a healthy performance during the year, posting a growth of 19% YoY in the domestic agri-input segment. This growth was mainly on account of an increased market share in terms of their core in licensed products backed by a focused branding approach, a wider distributional reach and an optimal product mix.

While on one hand their domestic agri-inputs continued to record sharp enhancement in the portfolio of leading brands mainly Nominee Gold, Biovita, Foratox and Rocket, they also consolidated and launched a new brand, Osheen in the Indian market. PI successfully established Osheen as the brand of first preference by paddy farmers to manage the destructive Brown Plant Hopper. Moreover, the Company was also successful in introducing Osheen for the cotton crop in new geographies, which will be the area of growth for PI in the forthcoming years. FY 2013-14 also saw the introduction of two new products, MELSA®, a wheat herbicide and PIMIX, a rice herbicide under co-marketing agreements with the innovator MNCs to provide integrated weed management solutions to wheat and rice growers respectively. Both the products got substantial interest from their customers and helped PI to strengthen its market share. Their efforts alone and jointly with leading state agricultural universities to promote the cultivation of Direct Seeded Rice (DSR) and thus water conservation through reduced irrigational water usage as opposed to transplanted rice has gathered momentum and wide acceptance in the farming community in the states of Karnataka, Tamil Nadu and Uttar Pradesh. Their prominent product Nominee Gold has been identified as a key enabler of DSR and has been recommended by leading state agriculture universities as a part of sustainable agricultural practices.

The Company is dedicated to encourage the promotion and help the adoption of innovative, advanced and sustainable farming practices keeping in mind the burgeoning food demand and environmental concerns. In order to further build up a pipeline of products for introduction in the Indian market, the Company signed three new agreements with their patent holders in insecticide/ herbicide/fungicide segments to evaluate their potential in the domestic market. These products once finalized for marketing in India would further strengthen the Company’s existing pipeline of ~15 such products currently at different stages of evaluation, development and registration.

During the year, the Company also reached the advanced stage of obtaining the registration approval for two new insecticides, which are expected to be launched in domestic market in the year 2014-15.

The Company witnessed significant enhancement in custom synthesis exports growing robustly by 56% during the year. This was on the back of a strong scale-up in the existing molecules combined with new additions in the CSM portfolio. The growth was in-line with the global demand for these molecules. For FY14, PI commercialised three new molecules, which are expected to gain traction over the next few years. Their new site at Jambusar performed they during the year and they have now initiated construction of new multiproduct plants in the SEZ, which will support growth, going forward.

MANAGEMENT DISCUSSION AND ANALYSIS

GLOBAL ECONOMIC SCENARIO

Global economic growth is projected to strengthen from 3% in 2013 to 3.6% in 2014 to 3.9% in 2015. In the advanced economies, growth is expected to increase to 2.25% in 2014 while in the developing economies, growth is projected to rise gradually from 4.7% in 2013 to about 5% in 2014 and an estimated 5.25% in 2015.

INDIAN ECONOMY

Indian economic growth continued to be slow for another straight year with the country recording a GDP growth of 4.7% in 2013-14. The year 2014-15 is likely to be one of slow recovery, and hopefully will result in economic growth rising, inflation easing and currency rates stabilizing.

OVERVIEW OF PI INDUSTRIES (PI)

PI possesses a unique business model. On one hand, the domestic agri-inputs business focuses on in-licensed products and exclusive marketing rights of innovator molecules; the custom synthesis exports on the other hand intends to be the sole (or the preferred) supplier to innovators for their process research, process development and manufacturing requirements.

The domestic agri-inputs operation has shown consistent growth. The margin profile has undergone enhancement to a higher band over the past three or four years. PI continues to build strong brands around products, use intensive farmer connect initiatives and strengthen extensive distribution capabilities. In 2013-14 PI benefitted from a good kharif crop and good traction in rabi on the back of healthy reservoir levels.

PI’s custom synthesis exports gained substantial scale in the past few years and there are all indications that exports are moving in the right direction. PI engages with prominent names in the global agrochemicals industry, playing the role of a preferred supplier for newly discovered products. Due to its strong order book, PI’s capacities find optimal utilisation. The high growth in this area is the result of robust volumes expansion following commercialization of existing molecules as well as contributions from newer commercialization.

DOMESTIC AGRICULTURE AND AGRI INPUT REVIEW

At 179.9 million hectares, India accounts for the second largest agricultural area in the world with a majority of the

population dependent on agriculture (for employment and livelihood). Agriculture accounts for 14% of the country’s gross domestic product. India is the world’s largest rice exporter and second largest exporter of wheat. India’s agro exports during 2013-14 touched US$ 45 billion as against US$ 41 billion in 2011-12 [Source: IBEF]. India’s agricultural sector is likely to grow at 5.2-5.7% in the 2013-14 agriculture year (July-June), nearly three times the rate of the previous year.

At prevailing yields (among the lowest in the world), India’s incremental food grain demand could exceed incremental supply by ~50 MTPA over the decade. At current yields, the annual foodgrain production per capita could decline to 188 kg per hectare by FY22 from 207 kg per hectare in FY12.

The agri inputs sector continued to perform creditably due to favourable monsoons, higher crop prices and increased output. Correspondingly, agrochemical companies continued to report robust results while the fertilizer sector lagged due to higher discounts and interest costs.

For the year under review, minimum support prices of key crops were raised by the government. In the 2013 kharif season, the MSP of paddy (common) was fixed at Rs.1,310 per quintal and paddy (Grade-A) at Rs.1,345 per quintal. MSP of wheat was increased by Rs.50

per quintal to Rs.1,400 for the 2013-14 crop year as against Rs.1,350 in 2012- 13. These increases augur well for the country’s farming sector as well as for the agrochemicals industry.

OUTLOOK

With a population of about 1.2 billion, India requires a modernized agriculture sector to enhance its food security. Demand for foodgrains is expected to double from the year 2000 levels to 2030, making it necessary for the government to work towards improving yields. This increase is urgently warranted considering that planted area growth has been muted and there is a scarcity of fertile land. Current estimates indicate that other than wheat, India is expected to suffer a shortage of cereals, pulses, edible oil and sugar by 2021, which could increase significantly by 2026. The only solution lies in increasing crop yields through the prudent use of quality of

agri-inputs like seeds, fertilisers and agrochemicals.

SUBSIDIARY COMPANIES

The Company has three Wholly-owned Subsidiary Companies as on March 31, 2014. The member may refer to their financial statements forming part of the Annual Report as required under the provisions of Sec 212 of the Companies Act, 1956.

The key highlights of these subsidiary companies are as under:

(i) PI Life Science Research Limited (PILSR)

During the year, the Company posted a profit of Rs.40.005 Million, earned on account of various R&D activities for developing new products.

(ii) PI Japan Company Limited

The Company posted a net profit of JPY 19,01,615 during the year. Due to the size of operations and local laws, the annual accounts of this Company are not required to be audited. The same have been certified by the Management of the Company.

(iii) PILL Finance and Investments Limited (PILL-F)

The Company posted a profit of Rs.1.328 Million during the year.

OUTLOOK

Despite the announcement of a probable El Nino, They are confident about the agro-economic scenario of the country in 2014-15. A strong monsoon during the last season left most water reservoirs at a high level, as a result of which water may not be an issue barring a few areas in the country. Following an encouraging MSP announcement, farmers are upbeat and expect to invest in more crop protection solutions. They will continue to introduce niche molecules that drive their growth in terms of topline and bottomline. They are also bringing newer crops under their fold and introducing solutions which target multiple crops, helping expand their target sector.

In the custom synthesis exports, they reinforced their position in terms of research and manufacturing capabilities to deliver quality products faster and attract more business with existing and new customers.

They have been continuously investing in process efficiencies, thereby allowing us to optimize operational costs. They have a robust R&D pipeline of products and expect to commercialize 6-7 new molecules in three years to catalyse their growth. The development of the second phase of the Jambusar facility is underway and expected to be commissioned by Q3 2015, which will accelerate their growth. Based on the above developments and emerging realities, I am confident that they are attractively positioned to capture market opportunities and emerge as a stronger organization.

STATEMENT OF UNAUDITED STANDALONE RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2014

(Rs, in Million)

Particular	Quarter Ended		Nine Months Ended
	31.12.2014 (Unaudited)	30.09.2014 (Unaudited)	31.12.2014 (Unaudited)
Income from Operations
Net Sales/Income from Operations	5020.500	4249.900	13971.900
Other Operating Income	28.700	15.600	54.800
Total Income from operations (net)	5049.200	4265.500	14026.700
Expenses
(a) Cost of Material Consumed	2979.300	2244.200	7733.500
(b) Purchase of stock in trade	157.700	143.600	509.400
(c) Changes in inventories of finished goods, work in progress and stock in trade	(207.100)	55.300	(189.300)
(d) Employee benefit expenses	335.000	319.000	971.000
(e) Depreciation and amortization expenses	96.900	96.400	291.000
(f) Other Expenses	843.100	777.100	2254.800
Total Expenses	4204.900	3635.600	11570.700
Profit from Operations before Other Income, Finance costs and Exceptional item	844.300	629.900	2456.000
Other Income	59.300	55.300	150.600
Profit/ Loss from Ordinary Activities before Finance costs and Exceptional item	903.600	685.200	2606.600
Finance costs	35.800	18.500	71.900
Exchange Fluctuation (Gain)/ Loss	(46.000)	(50.500)	(135.600)
Profit/ Loss from Ordinary Activities after Finance costs but Exceptional item	913.800	717.200	2670.300
Exceptional item	--	--	--
Profit/ Loss from Ordinary Activities before tax	913.800	717.200	2670.300
Tax Expenses	291.600	227.500	841.000
Net Profit/ Loss from Ordinary Activities after tax	622.200	489.700	1829.300
Extraordinary Items	--	--	--
Net Profit for the period	622.200	489.700	1829.300
Paid- up Equity Share Capital (Face value of the share – Rs. 1)	136.600	136.600	136.600
Reserves excluding revaluation reserves as per balance sheet of Previous Accounting Year	-	-	-
Earnings per share
Basic	4.56	3.59	13.42
Diluted	4.52	3.56	13.28
PARTICULARS OF SHAREHOLDING
1. Public shareholding	56856072	56856072	56856072
Number of Shares	41.63	41.63	41.63
Percentage of Shareholding
2. Promoters and promoter group shareholding
a) Pledged/Encumbered
- Number of Shares	Nil	Nil	Nil
- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	0.00	0.00	0.00
- Percentage of Shares (as a % of the Total Share Capital of the Company)	0.00	0.00	0.00
Non - encumbered
- Number of Shares	79720110	79720110	79720110
- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	100.00	100.00	100.00
- Percentage of Shares (as a % of the total share capital of the company)	58.37	58.37	58.37

	Particulars	Quarter Ended 31.12.2014
B	Investor complaints
	Pending at the beginning of the quarter	Nil
	Received during the quarter	16
	Disposed of during the quarter	15
	Remaining unresolved at the end of the quarter	1

NOTES

1. The above financial results were reviewed and recommended by the Audit Committee of the Board and approved by the Board of Directors at their meeting held on February 11, 2015.

2. The Statutory auditors of the Company have carried out a limited review of the results.

3. The Company had adopted the principle of hedge accounting in the previous year as set out in ‘Accounting Standard 30 - Financial Instruments Recognition and Measurement’ issued by the Institute of Chartered Accountant of India to implement the foreign exchange risk management policy under which the net foreign exchange exposure over a period of one year against the committed order in hand, is partially hedged through forward contracts. Accordingly marked to market loss of Rs. 4.700 Million arising on foreign currency instruments qualifying for hedge accounting during the quarter ended December 31, 2014 has been transferred to Cash Flow Hedge Reserve Account which has resulted in net loss of Rs. 23.600 Million as on December 31, 2014.

4. The useful life of fixed assets have been revised in accordance with the Schedule II to the Companies Act 2013 which is applicable from accounting periods commencing on or after April 01, 2014. Accordingly, an amount of Rs. 38.600 Million (net of deferred tax) representing assets beyond their useful life as of April 01, 2014 has been charged to General Reserve in the previous quarter and in respect of the remaining assets, an additional depreciation amounting to Rs. 9.400 Million has been charged to the Profit and Loss Statement for the current quarter and Rs. 41.100 Million on a year to date basis based on the residual useful life. Further, in respect of plant and machinery, Management is evaluating useful life of certain components, impact of which, if any, would be accounted for in subsequent quarter(s).

5. During the previous quarter, the Compensation Committee of the Board had allotted 467102 Equity Shares to PII ESOP Trust under PII ESOP Scheme 2010 and granted 186680 performance options to eligible employees as per the aforesaid Scheme.

6. Pursuant to the application of the Scheme of Amalgamation of Parteek Finance and Investment Company Limited with PI Industries Limited filed before the Honorable Delhi and Jodhpur High Courts, the Company has received the final approval from the Honorable Jodhpur High Court on February 10, 2015. As a result of this amalgamation, there is no change in the promoter’s shareholding and has no significant impact on the financials of the Company.

7. The Company has one reportable business segment viz. 'Chemicals'.

8. The previous period's figures have been regrouped / rearranged / reclassified wherever necessary.

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Office Equipments
• Vehicles
• Library
• Tools and Equipments

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. 63.58
UK Pound	1	Rs. 99.99
Euro	1	Rs. 70.53

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis done by :	RAS
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	----
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--EPF	YES/NO	NO
--RBI	YES/NO	NO
TOTAL		65

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.