MIRA INFORM REPORT

Report Date :

19.08.2011

IDENTIFICATION DETAILS

Name :	S KUMARS NATIONWIDE LIMITED (w.e.f. April 12, 2000)

Formerly Known As :	S. KUMAR SYNFABS LIMITED

Registered Office :	B-2, 5^th Floor, Marathon Nextgen, Off G.K. Marg, Worli, Lower Parel (West), Mumbai – 400 013, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	28.09.1990

Com. Reg. No.:	11-058361

Capital Investment / Paid-up Capital :	Rs.3373.129 millions

CIN No.: [Company Identification No.]	L17120MH1990PLC058361

IEC No.:	0392025728

TAN No.: [Tax Deduction & Collection Account No.]	MUMS17736F

PAN No.: [Permanent Account No.]	AAACS0767K

Legal Form :	A Public Limited Liability Company. The company's shares are listed on the Stock Exchanges.

Line of Business :	Manufacture and Sale of Synthetics, Blended Cotton, High Value Fine Cotton, Worsted Fabrics, Home Textiles and Ready-to-Wear Garments.

No. of Employees :	3056 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 60498000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established and reputed having fine track. Trade relations are reported as fair. Business is active. Payments are reported to be correct and as per commitments. 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.

INFORMATION PARTED BY

Name :	Mr. Sandeep Sharma
Designation :	Assistant Vice President
Date :	17.08.2011

LOCATIONS

Registered Office :	B-2, 5^th Floor, Marathon Nextgen, Off G.K. Marg, Worli, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
Tel No.:	91-22-24824500
Fax No.:	91-22-24931685
E-Mail :	nimesh.shah@sknl.co.in info@skumars.co.in lnsomani@skumars.co.in nimesh.shah@skumars.co.in jss@sknl.co.in
Website :	http://www.skumars.net http://www.sknl.co.in
Area :	17,000 sq. ft.
Location :	Leased

Corporate Office 1:	Avash Shree Ram Mills Premises, G K Marg, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-24930180/ 24933184/ 22818432/ 22818694/ 24965700/ 01/ 03/ 24933184
Fax No.:	91-22-24950402/ 24931685/ 22818619
Email :	contact@sknl.co.in

Corporate Office 2:	Sr. No.90/ H No.5, Inga Complex, Mahakali Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel No.:	91-22-28250797
Fax No.:	91-22-28207578/ 28207577
Location :	Rented

Factory 1 :	Menswear and Home Textiles Complex 3B, Industrial Area No. 2, Agra Bombay Road, Dewas, Madhya Pradesh, India
Tel. No.:	91-7272-258025/ 258026/ 258027
Fax No.:	91-7272-252424
Location :	Leased

Factory 2:	Spinning and Weaving Complex Chamunda Standard Mills, Balgarh, Dewas, Madhya Pradesh, India
Tel. No.:	91-7272-252891
Fax No.:	91-7272-253261
Location :	Leased

Factory 3:	Total Wardrobe Solutions No. 121/52, Hosahalli Gollarahii, Magadi Road, Benglur-91, Karnataka, India
Tel. No.:	91-8040-610610
Fax No.:	91-8041-410057
Location :	Leased

Factory 4:	High Value Fine Cotton (HVFC) and Home Textiles Jhagadia Industrial Estate, GIDC, Ankleshwar, Gujarat, India
Tel. No.:	91-264-5226774
Location :	Leased

Factory 5:	Worsted Fabrics Complex Thandavapura, Nanjangud Taluka, Mysore District, Karnataka, West Bengal, India

Factory 6:	Hartmarx Corporation 1680, East Touhy Avenue, Desplanes, IL 60018

Factory 7:	Hickey Freeman 1155 Clinton Avenue North, Rochester, Monroe County, NY 14621

Factory 8:	Coppley Corporation 56, York Boulevard, Hamilton ON, L8N 3S6

Factory 9:	Marling and Evans Limited Vernon House, 40 New North Road, Huddersfield, West Yorkshire, HD1 5LS

Factory 10:	Leggiuno SPA Via Dante Alighieri, 1, 21038 Leggiuno (VA) - Italy

DIRECTORS

As on 31.03.2011

Name :	Dr. A. C. Shah
Designation :	Chairman – Non-Executive
Address :	C – 12, Lioyds Garden, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400 025, Maharashtra, India
Date of Birth/Age :	16.10.1932
Qualification :	Doctorate Degree in Economics
Date of Appointment :	14.11.1994

Name :	Mr. Nitin S. Kasliwal
Designation :	Vice Chairman and Managing Director
Address :	Kanta Flat No.1, Little Gibbs Road, Malabar hill, Mumbai – 400 006, Maharashtra, India
Date of Birth :	22.11.1960
Qualification :	Mater in Business administration from the European Business School, Switzerland
Experience :	32 years

Name :	Mrs. Jyoti N. Kasliwal
Designation :	Director (Promoter – Non Executive)
Address :	Kanta Flat No.1, Little Gibbs Road, Malabar hill, Mumbai – 400 006, Maharashtra, India
Date of Birth :	26.12.1960
Qualification :	Bachelors degree in arts (Economics)

Name :	Mrs. Amita Narain
Designation :	IDBI - Nominee Director (Non Executive – Independent)
Address :	Flat No. 44, Jolly Maker Apartment, No. Il, 4^th Floor, Cuffe Parade, Mumbai - 400 005, Maharashtra, India
Date of Birth :	06.07.1959
Nominee Company :	IDBI Bank

Name :	Dr. Vinayshi Gautam
Designation :	EXIM - Nominee Director (Non Executive – Independent)
Address :	9, West Avenue, Opposite Directors House, lIT Campus, Hauz Khas, New Delhi – 110 016, India
Date of Birth :	03.06.1946
Nominee Company :	Exim Bank

Name :	Mr. Anish Modi
Designation :	IDM - Nominee Director (Non Executive – Independent)
Address :	314, Shalaka, Maharshi Karve Road, Mumbai - 400 021, Maharashtra, India
Date of Birth/Age :	21.03.1966
Qualification :	Masters degree in Finance and Economics from London School of Economics (UK)
Date of Appointment :	27.06.2007
Nominee Company :	IDM Private Limited
Directorships held in other Public Companies (excluding foreign Companies) :	· Saurashtra Cement Limited · Shree Nirmal Commercial Limited · Kitply Industries Limited · Brandhouse Retails Limited
Memberships / Chairmanships of committees of other public companies (includes only Audit and Shareholders / Investors Grievance Committee) :	· Saurashtra Cement Limited · Brandhouse Retails Limited · Kitply Industries Limited

Name :	Mr. Denys Firth
Designation :	IDM - Nominee Director (Non Executive – Independent)
Address :	Flat 301, La Hacidenda, 31 - 33, Mount Kellett
Date of Birth/Age :	26.05.1951
Qualification :	Bachelors Degree in Arts and in Physics (Oxon) from Oxford University
Date of Appointment :	09.10.2007
Nominee Company :	India Debt Management Private Limited
Directorships held in other Public Companies (excluding foreign Companies) :	· Saurashtra Cement Limited · Mauritius Debt Management Limited · Brandhouse Retails Limited

Name :	Mr. Jitender Balakrishnan
Designation :	Director - Non Executive - Independent
Address :	A - 1, Flat No. 12, 1st Floor, Tahna Residency, Opposite Siddhivinayak Temple, Veer Savarkar Marg, Prabhadevi, Mumbai - 400 025, Maharashtra, India
Date of Birth/Age :	08.05.1949
Qualification :	Post Graduate Diploma in Industrial Management from Bombay University and has done Bachelors in Engineering (Mechanical) from National Institute of Technology of Madras University.

Name :	Mr. Suresh N. Talwar
Designation :	Additional Director

Name :	Mr. M. Damodaran
Designation :	Additional Director

Name :	Mr. Martin Henry
Designation :	Director (Non Executive – Independent)
Address :	The Old Rectory, Congerstone, Neneaton, Warwickshire, CVI 36LZ, UK
Date of Birth/Age :	20.06.1933
Qualification :	Masters Degree in Arts from the University of Oxford
Date of Appointment :	24.02.2005

Name :	Mr. Vijay Kalantri
Designation :	Director (Non Executive – Independent)
Address :	2, Wahedna Appartment, 75, Hill Road, Bandra (West), Mumbai -400 050, Maharashtra, India
Date of Birth/Age :	05.01.1949
Qualification :	Government Commercial Diploma holder from Maharashtra State Technical Board and has Diploma in Textile from Sasmira Institute of Textile

Name :	Mr. Dara D. Avari
Designation :	Director (Non Executive)
Address :	A - 4, Diamond Court, 40, Nepean Sea Road, Mumbai -400 036, Maharashtra, India
Date of Birth/Age :	21.10.1934
Qualification :	Bachelor’s Degree in Science and Law from the University of Gujarat
Date of Appointment :	27.03.1997

Name :	Mr. Anil Channa
Designation :	Deputy Managing Director
Address :	71, Sagar Tarang Co-Operative Housing Society, 15, K. Abdul Gafur Khan Road, Worth, Mumbai – 400 018, Maharashtra, India
Date of Birth/Age :	01.09.1948
Qualification :	Bachelors in Techonlogy (Textile Technology) from Indian Institute of Technology, Delhi and holds a Masters in Business Administration from the Delhi University.
Directorships held in other Public Companies (excluding foreign Companies) :	Reid and Taylor (India) Limited N’Essense Holdings Limited
Memberships / Chairmanships of committees of other public companies (includes only Audit and Shareholders / Investors Grievance Committee) :	Reid and Taylor (India) Limited

Name :	Mr. Alexander Shaik
Designation :	Alternate Director (Alternate to Mr. Denys Firth) – Nominee – Non Executive – Independent
Address :	Asia Debt Management Hong Kong Limited, 1008, ICBC Tower, 3, Garden Road, Central, Hong Kong
Qualification :	Bachelors degree in Arts (Politics and Asian History) and Honors in Law from The University of Melbourne, Australia

KEY EXECUTIVES

Name :	Mr. Sandeep Sharma
Designation :	Assistant Vice President

Name :	J.S. Shetty
Designation :	CFO and President Finance

Name :	Nimesh S. Shah
Designation :	Senior Vice President and Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2011

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	3,033,113	1.06
Bodies Corporate	127,310,168	44.67
Sub Total	130,343,281	45.74
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	130,343,281	45.74
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	684,400	0.24
Financial Institutions / Banks	17,250	0.01
Foreign Institutional Investors	83,886,451	29.44
Any Others (Specify)	7,356,631	2.58
NRI Company	7,356,631	2.58
Sub Total	91,944,732	32.26
(2) Non-Institutions
Bodies Corporate	30,955,914	10.86
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	11,712,598	4.11
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	15,766,444	5.53
Any Others (Specify)	4,255,408	1.49
Clearing Members	1,256,491	0.44
Non Resident Indians	2,990,917	1.05
Trusts	8,000	-
Sub Total	62,690,364	22.00
Total Public shareholding (B)	154,635,096	54.26
Total (A)+(B)	284,978,377	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	284,978,377	-

Shareholding belonging to the category:

"Promoter and Promoter Group"

Sl. No.	Name of the Shareholder	Number	As a %
		1,482,453	0.52
2	Jyoti Nitin Kasliwal	1,464,660	0.51
3	Kartikeya Nitin Kasliwal	42,500	0.01
4	Anjani Nitin Kasliwal	42,500	0.01
5	Rajkumari S Kasliwal	1,000	0.00
6	Anjani Finvest Private Limited	102,570,168	35.99
7	N Essence Holdings Limited	12,425,000	4.36
8	Chamundeshwari Mercantile Private Limited	3,182,500	1.12
9	Tulja Enterprises Private Limited	3,832,500	1.34
10	Ingenious Finance and Investment Private Limited	2,650,000	0.93
11	Verve Properties and Investment Private Limited	2,650,000	0.93
	Total	130,343,281	45.74

Shareholding belonging to the category

"Public" and holding more than 1% of the Total No. of Shares

Sl. No.	Name of the Shareholder	No. of Shares	Shares as % of Total No. of Shares
1	Morgan Stanley Mauritius Company Limited	6,438,322	2.26
2	Merrill Lynch Capital Markets Espana SA	10,188,621	3.58
3	Columbia Acorn International	9,600,000	3.37
4	Copthall Mauritius Investment Limited	14,803,445	5.19
5	Chamundeshwari Trading and Finance Private Limited	4,254,649	1.49
6	IL and FS Securities Services Limited	4,462,500	1.57
7	Artha Emerging Markets Fund (Mauritius) Limited	9,295,491	3.26
8	Citigroup Global Markets Mauritius Private Limited	2,859,995	1.00
9	Daiwa Capital Markets Singapore Limited	7,095,789	2.49
10	The India Fund Inc	3,780,770	1.33
11	Macquarie Bank Limited	2,996,000	1.05
	Total	75,775,582	26.59

Details of Locked-in Shares

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	N Essence Holdings Limited	12,425,000	4.36
	Total	12,425,000	4.36

BUSINESS DETAILS

Line of Business :

Manufacture and Sale of Synthetics, Blended Cotton, High Value Fine Cotton, Worsted Fabrics, Home Textiles and Ready-to-Wear Garments.

Products :

Item Code No.	Product Description
5515	Blended Fabrics
5509	Blended Yarn
5111	Worsted Fabrics

Brand Names :

v REID AND TAYLOR

v BELMONTE

v S. KUMARS

v UNIFORMITY BY BELMONTE

v CARMICHAEL HOUSE

v STEPHENS BROTHERS

PRODUCTION STATUS (AS ON 31.03.2010)

a) Licensed capacity: Not applicable

b) Installed capacity:

i) Spinning: 38,564 Spindles

ii) Weaving: 344.13 lacs mtrs p.a. (As certified by the Management, being a technical matter)

iii) Apparels: 11.4 lacs pcs. p.a. (Ready-to-wear Garments)

Particulars	Unit	Actual Production
Fabrics	Mtrs	2,231.06
Yarn	Kgs	26.49
Ready Made Garments	Pcs	29.74

GENERAL INFORMATION

No. of Employees :

3056 (Approximately)

Bankers :

v Bank of India, Bullion Exchange Branch, 185, Sheikh Memom St., Mumbai – 400 002, Maharashtra, India

v Industrial Development Bank of India, IDBI Tower, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

v Exim Bank, World Trade Centre, Cuffe Parade, Mumbai - 400 005, Maharashtra, India

v Union Bank of India, Union Bank Bhavan, 239, Vidhan.Bhavan Marg, Mumbai – 400 021, Maharashtra, India

v The Jammu and Kashmir Bank Limited, Mehta House, Bombay Samacliar Marg, Fort, Mumbai – 400 001, Maharashtra, India

v State Bank of India, Vishva Manava Double Road, Saraswathipuram, Mysore – 570 009, India

v Punjab National Bank, ONB House, Sir PM Road, Fort, Mumbai - 400 001, Maharashtra, India

v Indian Overseas Bank, Elphinstone Building, Fort, Mumbai – 400 023, Maharashtra, India

v Indian Bank, 386, Veer Savarkar Marg, Prabhadevi, Mumbai - 400 025, Maharashtra, India

v Federal Bank, Rajabahadur Mansion, 32, Mumbai Samachar Marg, Fort, Mumbai – 400 001, Maharashtra, India

v Bank of India, Rajabahadur Mansion, 32, Mumbai Samachar Marg, Fort, Mumbai – 400 001, Maharashtra, India

v Industrial Development Bank of India, Rajabahadur Mansion, 32, Mumbai Samachar Marg, Fort, Mumbai – 400 001, Maharashtra, India

v Exim Bank, Rajabahadur Mansion, 32, Mumbai Samachar Marg, Fort, Mumbai – 400 001, Maharashtra, India

v Union Bank of India, Rajabahadur Mansion, 32, Mumbai Samachar Marg, Fort, Mumbai – 400 001, Maharashtra, India

v Central Bank, M G Road, Fort, Mumbai – 400 023, Maharashtra, India

v ICICI Bank, ICICI Towers, Bandra Kurla Complex, Mumbai – 400 051, Maharashtra, India

v State Bank of Indore

v Export Import Bank of India

v ICICI Bank Limited

v Corporation Bank

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Non-Convertible debentures (NCDs) (note no.2)* 1,50,78,805 non convertible Debentures of Rs.100 each (Previous year 1,50,78,805)	1609.941	1507.881
Balances of Debts repayable to CDR lenders	0.000	586.175
Term Loan Under Technology Upgradation Fund Scheme (TUFS) (note no.3)*	4201.022	2503.180
Term Loan Under Overseas Investment Finance Programme (OIFP) (note no.4)*	2677.314	2804.814
Rupee Term Loan from Banks (note no.5)*	4472.850	2894.750
Equipment Finance Loan (note no.6)	29.193	26.087
Loan from Reid and Taylor (India) Limited (note no.7)	2750.000	3850.000
Credit facility for pre-cum post shipment (note no. 8)*	358.186	0.000
Working Capital Advances from Banks (note no.9)	10306.442	8458.459
Total	26404.948	22631.346

Notes:

1. (i) *Due within one year , regular repayment Rs.2874.283 millions (previous year Rs.2463.420 millions) and other repayment Rs.1887.881 millions (previous year Rs.932.690 millions)

(ii) The balances include interest accrued and due Rs.363.272 millions (previous year Rs.239.408 millions)

2. Non Convertible Debentures (NCDs) issued to India Debt Management Private Limited are secured by way of an equitable mortgage on immovable properties both present and future and by a first charge by way of hypothecation of all the Company's movables Fixed Assets both present and future (excluding Jhagadia Assets), ranking pari passu along with the lenders.

3. The Term Loan under Technology Upgradation Fund Scheme (TUFS) are secured by first pari passu charge on specific project assets, second charge on all other existing fixed and current assets both present and future of the Company and guaranteed by Managing Director of the Company.

4. Term Loan under Overseas Investment Finance Programme (OIFP) are secured by way of first parri-pasu charge on fixed assets (excluding Jagadia assets), pledge of promoter's shares held in SKNL and pledge of equity shares of acquired company/subsidiary company, second charge on Jagadia assets and current assets of the Company and guaranteed by Managing Director of the Company.

5. Rupee Term Loan are secured by first parri-pasu charge on fixed assets of the Company, second charge on current assets of the Company , second charge on Jagadia assets, guaranteed by Managing Director of the Company and pledge of promoters shares.

6. Equipment Finance Loan are secured by hypothecation of specific equipment / assets.

7. Loan from Reid and Taylor (India) Limited is secured by way a second charge on all the immovable properties of the Company including plant and machinery, machinery spares, tools and accessories and other movables both present and future.

8. Credit facility for pre-cum post shipment is secured by hypothecation of Company's stocks and book-debts and second charge on fixed assets of the Company both present and future and guaranteed by Managing Director of the Company.

9. Working capital advances from Banks are secured by hypothecation of Company's stocks and book-debts, present and future and second charge on all the immovable properties of the Company including plant and machinery, machinery spares, tools and accessories and other movable both present and future and guaranteed by Managing Director of the Company.

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
i) Loan from Subsidiary Reid and Taylor (India) Limited	400.000	400.000
ii) Long Term Loans
a) From Banks*	143.636	159.139
b) Zero Coupon Bonds/Funded Interest term loans
- CDR Lenders*	0.000	8.501
- Non CDR Lenders	53.158	50.811
c) From Others
- 2% Foreign Currency Convertible Bonds due in 2011	0.000	408.265
Total	596.794	1026.716

Notes:

1. *Due within one year , regular repayment Rs.69.525 millions (Previous year Rs.44.304 millions) and other repayment Rs. Nil (Previous year Rs.412.961 millions)

2. The balances include interest accrued and due Rs.0.283 million (Previous year Rs.3.926 millions)


Banking Relations :	--

Financial Institution :	v Wachovia Capital Finance Corporation v Banca Intesa, Italy

Auditors :
Name :	Haribhakti and Company Chartered Accountants
Address :	Leela Business Park, 7^th Floor, Opposite Leela Galleria, Andheri Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-66729999
Fax No.:	91-22-66729777

Wholly Owned Subsidiary (As on 31.03.2010):	v SKNL International B.V. v SKNL Europe B.V. v SKNL Italy S.p.A.

Subsidiaries (As on 31.03.2010) :	v Reid and Taylor (India) Limited

Enterprises over which Key Managerial Personnel are able to exercise significant influence (As on 31.03.2010) :	v Brandhouse Retails Limited v Brandhouse Oviesse Limited v S. Kumars Enterprises (Synfabs) Limited v S. Kumars Textiles Limited v Belmonte Lifestyles Limited v N’Essence Holdings Limited v Anjani Finvest Private Limited v Verve Properties and Investment Private Limited v Ingenious Finance and Investment Private Limited v Natty Finance and Investment Private Limited v S. K. Worsteds Private Limited v Tulja Enterprises Private Limited v Sansar Exim Private Limited v Chamundeshwari Mercantile Private Limited v Maverick Mercantile Private Limited v Anjaneya Foundation v SKNL Foundation v Reid and Taylor Limited, U.K.

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
370000000	Equity shares	Rs.10/- each	Rs.3700.000 millions
9000000	Preference Shares	Rs.100/- each	Rs.900.000 millions
	Total		Rs.4600.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
284978377	Equity shares (Equity Shares of Rs.10 each fully paid up)	Rs.10/- each
	Balance as per last account		Rs.2365.138 millions
	Add : Allotted during the year		Rs.484.646 millions
			Rs.2849.784 millions

527500	6% Cumulative Redeemable Preference Shares [6% Cumulative Redeemable Preference Shares of Rs.100 each, fully paid-up (Redeemableby2013)]	Rs.100/- each
	Balance as per last account		Rs.198.250
	Less: Redeemed during the year		Rs.145.500 millions
			Rs.52.750 millions

4705947	0.01% Redeemable Preference Shares [0.01% Redeemable Preference Shares of Rs.100 each, fully paid-up (Redeemable by 2017-2020)]	Rs.100/- each
	Balance as per last account		Rs.565.579 millions
	Less: Redeemed during the year		Rs.94.984 millions
			Rs.470.595 millions

	Total		Rs.3373.129 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		3373.129	3128.967	3103.351
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		11368.789	7448.550	5974.690
4] (Accumulated Losses)		0.000	0.000	0.000
5] Equity Share Warrants		325.446	134.035	0.000
6] Employee Stock Option Outstanding		57.097	63.184	48.054
NETWORTH		15124.461	10774.736	9126.095
LOAN FUNDS
1] Secured Loans		26404.948	22631.346	17151.479
2] Unsecured Loans		596.794	1026.716	2224.919
TOTAL BORROWING		27001.742	23658.062	19376.398
DEFERRED TAX LIABILITIES		269.235	170.652	78.610

TOTAL		42395.438	34603.450	28581.103

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		7641.895	6513.916	4887.076
Capital work-in-progress (including capital advances)		5175.990	5640.651	6071.293

INVESTMENT		5041.758	4256.881	2063.209
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9406.981	7259.387	5777.268
	Sundry Debtors	11887.253	10296.335	8366.694
	Cash & Bank Balances	477.505	462.582	429.787
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7069.121	4267.538	3809.369
Total Current Assets		28840.860	22285.842	18383.118
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1442.398	789.547	865.508
	Other Current Liabilities	1434.326	1652.253	565.760
	Provisions	1428.341	1652.040	1392.325
Total Current Liabilities		4305.065	4093.840	2823.593
Net Current Assets		24535.795	18192.002	15559.525

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		42395.438	34603.450	28581.103

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Gross Sales and service charges	27573.568	21548.212	15502.284
		Other Income	38.237	47.468	33.840
		TOTAL	27611.805	21595.680	15536.124

Less	EXPENSES
		Increase/Decrease in Inventories	(1180.923)	(936.848)	(695.425)
		Raw Material Consumed/Fabric Purchases	20477.466	16410.256	12347.186
		Manufacturing Expenses	567.531	298.955	232.418
		Personnel Expenses	536.730	410.444	290.378
		Administrative Expenses	530.390	554.704	396.581
		Selling and Distribution Expenses	809.345	558.464	379.867
		Restructured Financial Cost Amortised	159.627	159.627	126.149
		Exceptional (Expenses)/ income on settlement of CDR debts	0.000	0.000	(577.975)
		TOTAL	21900.166	17455.602	12499.179

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		5711.639	4140.078	3036.945

Less	INTEREST EXPENSES		2951.376	2307.738	1346.126

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2760.263	1832.340	1690.819

Less/ Add	DEPRECIATION/ AMORTISATION		740.026	417.121	265.449

	PROFIT BEFORE TAX & PRIOR PERIOD ADJUSTMENT		2020.237	1415.219	1425.370

	Prior period (expenses)/income		(0.086)	3.402	(5.452)

	PROFIT BEFORE TAX		2020.151	1418.621	1419.918

Less	TAX		293.116	357.596	819.054

	PROFIT AFTER TAX		1727.035	1061.025	600.864

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		504.797	0.000	(200.512)

Less	APPROPRIATIONS
		Transfer to Debenture Redemption Reserve	95.045	22.515	0.000
		Transfer to Capital Redemption Reserve	0.000	533.713	400.352
		Preference Dividend	53.474	0.000	0.000
		Tax on Preference Dividend	8.881	0.000	0.000
		Proposed Equity Dividend	284.978	0.000	0.000
		Tax on Proposed Equity Dividend	47.331	0.000	0.000
	BALANCE CARRIED TO THE B/S		1742.123	504.797	0.000

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	109.039	8.837
	TOTAL EARNINGS		NA	109.039	8.837

	IMPORTS
		Raw Materials	NA	0.000	2.264
		Stores & Spares	NA	0.000	3.252
		Finished fabrics	NA	7.850	20.213
		Capital Goods	NA	71.483	1016.772
	TOTAL IMPORTS		NA	79.333	1042.501

	Earnings Per Share (Rs.) - Basic - Diluted		6.57 6.25	4.49 4.32	2.74 2.46

QUARTERLY RESULTS

PARTICULARS			30.06.2011
Type			1^st Quarter
Net Sales			7842.100
Total Expenditure			6221.300
PBIDT (Excl OI)			1620.800
Other Income			0.000
Operating Profit			1620.800
Interest			879.300
Exceptional Items			0.000
PBDT			741.500
Depreciation			207.200
Profit Before Tax			534.300
Tax			177.500
Provisions and contingencies			0.000
Profit After Tax			356.800
Extraordinary Items			0.000
Prior Period Expenses			0.000
Other Adjustments			0.000
Net Profit			356.800

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.25	4.91	3.87

Net Profit Margin (PBT/Sales)	(%)	7.33	6.58	9.16

Return on Total Assets (PBT/Total Assets}	(%)	5.54	4.93	6.10

Return on Investment (ROI) (PBT/Networth)		0.13	0.13	0.16

Debt Equity Ratio (Total Liability/Networth)		2.07	2.58	2.43

Current Ratio (Current Asset/Current Liability)		6.70	5.44	6.51

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Creditors for goods and expenses
(i) Total outstanding due of Micro, Small and Medium Enterprises	--	--	--
(ii) Others	1442.398	789.547	865.508
Total	1442.398	789.547	865.508

FIXED ASSETS

Tangible Assets

v Freehold Land

v Leasehold Land

v Building

v Leasehold Improvements

v Plant and Machinery

v Office Equipments

v Computers

v Furniture and Fixtures

v Vehicles

Intangible Assets

v System Development

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 records 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.45.61
UK Pound	1	Rs.75.32
Euro	1	Rs.65.68

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
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

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

9406.981

7259.387

11887.253

10296.335

477.505

462.582

0.000

0.000

7069.121

4267.538

28840.860

22285.842

789.547

1434.326

1652.253

1428.341

1652.040

4305.065

4093.840

24535.795

18192.002

6.25

4.91

7.33

6.58

5.54

4.93

0.13

0.13

2.07

2.58

6.70

5.44

Unit