MIRA INFORM REPORT

Report No. :	340422
Report Date :	11.09.2015

IDENTIFICATION DETAILS

Name :	PARRY ENTERPRISES INDIA LIMITED (w.e.f. 21.12.2005)
Formerly Known As :	PARRY ENGINEERING AND EXPORTS LIMITED (w.e.f.14.12.1990) MURUGAPPPPA PARRY LIMITED
Registered Office :	Dare House, No.234, N.S.C. Bose Road, Chennai - 600001, Tamilnadu
Tel. No.:	91-44-25346457/25306322
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.12.1990
Com. Reg. No.:	18-020023
Capital Investment / Paid-up Capital :	Rs. 50.415 Million
CIN No.: [Company Identification No.]	U29142TN1990PLC020023
IEC No.:	Not Available
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 :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “AMBADI INVESTMENTS PRIVATE LIMITED”. Subject is a well-established company having fine track record. The company possesses moderate operational performance and it has incurred huge losses from its operational activities. However, rating reflects well-established operations of the company supported by the strong brand image of ‘Parry’, its diversified and stable revenue stream, nationwide distribution network and its leadership position in the domestic extruded polymer net industry. Rating also reflects strong financial and managerial support that company receives from its holding company. Trade relations are reported as fair. Payments are reported to be regular and as per commitment. In view of aforesaid, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CARE
Rating	Long Term bank facilitates = A-
Rating Explanation	Adequate degree of safety and low credit risk
Date	01.09.2015

Rating Agency Name	CARE
Rating	Commercial Paper Issue = A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	01.09.2015

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 31-03-2013.

INFORMATION DENIED

Management non co-operative (91-44-25306322)

LOCATIONS

Registered Office :	Dare House, No.234, N.S.C. Bose Road, Chennai - 600001, Tamilnadu, India
Tel. No.:	91-44-25346457/25306322
Fax No.:	91-44-25342378
E-Mail :	baskerrs@party.murugappa.com sridharganesh@corp.murugappa.com secrerarialpeil@parry.murugappa.com
Website :	www.peil.in
Branch Offices :	Located at: · Chennai · Cochin · Bangalore · Hyderabad · Mumbai · Hooghly

DIRECTORS

As on 25.07.2014

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 25.07.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

As on 25.07.2014

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”

Agencies Held :

Not Available

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 :

· 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 :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loans from Banks	18.333	74.997
SHORT TERM BORROWING
Loans repayable on demand	242.326	227.121
Other loans and advances	57.460	114.482
Total	318.119	416.600

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
Memberships :	--
Collaborators :	--
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 25.07.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3541461	Equity Shares	Rs. 10/-each	Rs. 35.415 Million
1500000	Preference Shares	Rs. 10/-each	Rs. 15.000 Million
	Total		Rs. 50.415 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	50.415	50.415	50.415
(b) Reserves & Surplus	159.900	231.121	316.511
(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)	210.315	281.536	366.926
(3) Non-Current Liabilities
(a) long-term borrowings	18.333	74.997	118.266
(b) Deferred tax liabilities (Net)	2.500	47.800	44.100
(c) Other long term liabilities	7.320	6.994	7.735
(d) long-term provisions	13.938	13.588	10.762
Total Non-current Liabilities (3)	42.091	143.379	180.863
(4) Current Liabilities
(a) Short term borrowings	299.786	391.603	344.210
(b) Trade payables	87.637	82.644	135.465
(c) Other current liabilities	81.749	104.276	121.567
(d) Short-term provisions	3.944	2.699	1.464
Total Current Liabilities (4)	473.116	581.222	602.706
TOTAL	725.522	1006.137	1150.495
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	137.586	142.168	448.792
(ii) Intangible Assets	1.486	0.842	2.511
(iii) Capital work-in-progress	0.059	0.000	6.992
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.720	0.910	0.910
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	10.447	7.685	11.956
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	150.298	151.605	471.161
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	149.224	137.830	252.729
(c) Trade receivables	291.071	256.947	296.572
(d) Cash and cash equivalents	32.649	29.431	22.719
(e) Short-term loans and advances	83.190	77.528	95.907
(f) Other current assets	19.090	352.796	11.407
Total Current Assets	575.224	854.532	679.334
TOTAL	725.522	1006.137	1150.495

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1300.357	1194.366	1643.790
	Other Income	6.487	3.899	3.272
	TOTAL (A)	1306.844	1198.265	1647.062
Less	EXPENSES
	Cost of Materials Consumed	304.977	275.708	580.076
	Purchases of Stock-in-Trade	650.685	603.177	701.064
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(6.393)	3.031	(24.307)
	Employees benefits expense	94.033	86.185	112.652
	Other expenses	177.751	153.272	208.642
	Extra-Ordinary Item	3.598	0.000	0.000
	TOTAL (B)	1224.651	1121.373	1578.127
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	82.193	76.892	68.935
Less	FINANCIAL EXPENSES (D)	30.272	28.687	53.223
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	51.921	48.205	15.712
Less/ Add	DEPRECIATION/ AMORTISATION (F)	26.217	25.039	52.709
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	25.704	23.166	(36.997)
Less	TAX (H)	0.000	3.700	2.100
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	25.704	19.466	(39.097)
	EARNINGS IN FOREIGN CURRENCY
	FOB value of Exports	105.145	31.254	1.326
	Commission and Service Income	1.761	14.698	10.933
	TOTAL EARNINGS	106.906	45.952	12.259
	IMPORTS
	Finished Goods Spares and Components	112.627	217.462	240.489
	Raw Materials	29.060	52.991	65.527
	Capital Goods	5.445	38.784	0.99
	TOTAL IMPORTS	147.132	309.237	307.006
	Earnings / (Loss) Per Share (Rs.)	(19.76)	(23.76)	(11.04)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	24.000	62.481	55.360
Cash generated from operations	NA	NA	NA
Net Cash flow from operating activities	(105.710)	(23.416)	(17.649)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.98	1.63	(2.38)
Operating Profit Margin (PBIDT/Sales)	(%)	6.32	6.44	4.19
Return on Total Assets (PBT/Total Assets}	(%)	3.55	2.30	(3.24)
Return on Investment (ROI) (PBT/Networth)		0.12	0.08	(0.10)
Debt Equity Ratio (Total Debt /Networth)		1.63	1.88	1.41
Current Ratio (Current Asset/Current Liability)		1.22	1.47	1.13

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	50.415	50.415	50.415
Reserves & Surplus	316.511	231.121	159.900
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	366.926	281.536	210.315
long-term borrowings	118.266	74.997	18.333
Short term borrowings	344.210	391.603	299.786
Current Maturities Of Long-Term Debts	55.360	62.481	24.000
Total borrowings	517.836	529.081	342.119
Debt/Equity ratio	1.411	1.879	1.627

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	1643.790	1194.366	1300.357
		(27.341)	8.874

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	1643.790	1194.366	1300.357
Profit/(Loss)	(39.097)	19.466	25.704
	(2.38%)	1.63%	1.98%

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
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

UNSECURED LOAN

(Rs. In Million)

PARTICULAR	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWINGS
Other loans and advances, others	0.000	50.000
Total	0.000	50.000

PERFORMANCE

The company achieved a turnover of Rs. 1310.000 Million during the year as against previous year turnover of Rs. 1200.000 Million, posting a moderate growth of 9%. During the year under review, the company has posted Rs. 29.000 Million as profit before extraordinary and exceptional items as against Rs. 23.000 Million of last year. The profit before exceptional and extraordinary items posted a growth of 26% over last year. Inspite of higher raw material prices and the volatility in currency, the growth in profit was possible because of the improvement in productivity, operational efficiency and cost reduction measures by the businesses.

The company has set up state of art manufacturing facility to produce flexible packaging products, in GIDC, Palej, near Baroda in Gujarat in September 2008. Over the years, the unit was supplying materials to leading companies in the food and beverages, fertilizers and pesticides, pharmaceutical industries. Due to low capacity utilization, extremely competitive markets, low price realization, increasing raw material costs, the unitwas making loss since inception, which put stra in on the company’s cash flow and affected the overall performance of the company. Various options had been explored, including the sale of the business unit, to avoid further loss to the company.

The approval of the shareholders was obtained in the extra ordinary general meeting held on 25th March 2013, to dispose off the unit.

During the year , the unit was sold in the month of October 2013, on a slump salebasis. The sale proceed was utilized to repay long term and short term funds borrowed for this unit. The company incurred a loss of Rs. 6.8 Million on the sale of the unit on a slump sale basis and another Rs. 62.000 Million operational loss during the year.

TUFLEX DIVISION

The polymer nets business achieved an all time high turnover of Rs. 50 Million during the year posting a growth of 29% over the last year turnover of Rs. 390.000 Million. The new products introduced over the years, increase in customer base, shift to new technology in knitting plant coupled with process improvements are the factors contributed to the higher output and growth.

The business continues to focus on leveraging existing distribution and customer base, consolidating export markets and expanding to new countries, develop institutional business through value add and application products, improve sales process efficiency and cost reduction to sustain its top line growth and its profitability.

GENERAL MARKETING DIVISION

The business has achieved a turnover of Rs. 760.000 crore as against Rs. 770.000 Million last year.

In spite of the adverse factors during the year such as shortage in availability of dairy products, government regulations in import of products, etc, the business was able to achieve sale due to its sustained efforts in increasing customer base and the market reach both in the country and the overseas. Also, the sourcing efficiency and improvement in inventory turnover have contributed to the sale volume.

TRAVELS DIVISION

The gross income of the division was Rs. 46.000 Million during the year as against previous year income of Rs. 40.000 Million.

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10297819	30/01/2015 *	220,000,000.00	New India Co-op Bank Limited	NEW INDIA BHAVAN, ANANT VISHRAM NAGWEKAR MARG,, B  ABASAHEB WORLIKAR CHOWK, PRABHADEVI, MUMBAI, Maharashtra - 400025, INDIA	C46782926
2	10285989	30/03/2011	140,000,000.00	SYNDICATE BANK	ARMENIAN STREET, LEELAVATHY BUILDING 69 ARMENIAN  STREET, CHENNAI, Tamil Nadu - 600001, INDIA	B12631982
3	10266144	10/02/2012 *	295,000,000.00	INDUSIND BANK LTD.	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

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.66.58
UK Pound	1	Rs.102.29
Euro	1	Rs.74.27

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	-
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.