MIRA INFORM REPORT

Report Date :

10.11.2011

IDENTIFICATION DETAILS

Name :	OSWAL WOOLLEN MILLS LIMITED OSWAL DENIMS (UNIT OF OSWAL WOOLLEN MILLS LIMITED)
Registered Office :	G.T. Road, Sherpur, Ludhiana – 141 003, Punjab
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	23.06.1949
Com. Reg. No.:	16-001522
Capital Investment / Paid-up Capital :	Rs. 249.000 Millions
CIN No.: [Company Identification No.]	U40300PB1949PLC001522
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers of combed wool and synthetic yarns
No. of Employees :	830 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

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 7700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having good track. Directors reported as experienced and respectable businessmen. Trade relations are fair. Business is active. Payments are usually 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered/ Corporate Office 1 :	G.T. Road, Sherpur, Ludhiana – 141 003, Punjab, India
Tel. No.:	91-161-2542512 / 2535740 / 2535741 / 2544313 / 2542501 / 2 / 5 / 7 / 10
Fax No.:	91-161-2662235 / 2660943 / 44 / 2542514
Email:	rmsood@oswnnahar.com davinder@owmnahar.com gayathribprakash@owmnahar.com oswal@owmnahar.com
Website:	http://www.owmnahar.com
Area :	1000 sq. mtrs.
Location :	Owned
Corporate Office 2 :	“Nahar Tower” Industrial Area-A, Ludhiana-141003, India
Tel. No.:	91-161-2600701 to 705
Fax No.:	91-161-2600709 / 2601956
E-Mail :	nahar@owmnahar.com
Corporate Office 3 :	Ludhiana-141010, India
Tel. No.:	91-161-2672590 to 592
Fax No.:	91-161-2674072 / 2670596
E-Mail :	nilldh@owmnahar.com
Sale Office :	Miller Ganj, Ludhiana – 141003, Punjab, India
Factory 1:	G. T. Road, Sherpur, Ludhiana – 141 003, Punjab, India
Factory 2:	Industrial Area `A’, Ludhiana – 141 003, Punjab, India
Factory 3:	Village Lalru, P.O. Dappar, Ambalal, Chandigarh Road, District Mohali, India
Factory 4:	Plot No. 22, Sector 18, Gurgaon, Haryana, India
Factory 5:	Plot No 92, Daba Road, Sherpur, Ludhiana, Punjab, India
0Factory 6:	212 Cochrane Basin Road, Chennai, Tamilnadu, India
Branch Office :	Located at v New Delhi v Mumbai v Kolkata v Chennai v Jammu v Amritsar v Ambala.

DIRECTORS

AS ON 26.08.2011

Name :	Mr. Jawahar Lal Oswal
Designation :	Chairman and Managing Director
Address :	514/2, College Road, Civil Lines, Ludhiana, Punjab, India
Date of Birth/Age :	01.10.1943
Date of Appointment :	31.03.1964
DIN No.:	00463866

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Managing director	01-10-07	31-03-64	Active	NO
2	U74899DL1972PLC006181	VARDHMAN INVESTMENTS LIMITED	Director	30-04-78	30-04-78	Active	NO
3	U67120DL1980PTC161885	NAGDEVI TRADING AND INVESTMENT COMPANY LIMITED	Director	16-06-80	16-06-80	Active	NO
4	U67120DL1982PTC161884	OGDEN TRADING AND INVESTMENT CO PRIVATE LIMITED	Director	20-07-82	20-07-82	Amalgamated	NO
5	U65993DL1972PLC006178	VANAIK INVESTORS LIMITED	Director	30-12-84	30-12-84	Active	NO
6	U74899DL1991PTC043052	ABHILASH GROWTH FUND PRIVATE LIMITED	Director	12-02-91	12-02-91	Active	NO
7	U74899DL1991PTC043053	NAHAR GROWTH FUND PRIVATE LIMITED	Director	12-02-91	12-02-91	Active	NO
8	U74999DL1991PLC043054	J L.GROWTH FUND LIMITED	Director	12-02-91	12-02-91	Active	NO
9	U74899DL1979PLC009739	PALAM MOTELS LIMITED	Director	26-02-91	26-02-91	Active	NO
10	U74899DL1991PTC043957	NEHA CREDIT AND INVESTMENT PRIVATE LIMITED	Director	15-04-91	15-04-91	Active	NO
11	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	14-10-91	14-10-91	Active	NO
12	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	14-10-91	14-10-91	Active	NO
13	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	30-09-92	30-09-92	Active	NO
14	U65992DL1972PLC006182	GIRNAR INVESTMENT LIMITED	Director	06-09-93	06-09-93	Active	NO
15	U67120DL1972PLC006180	ATAM VALLABH FINANCIERS LIMITED	Director	26-11-94	26-11-94	Active	NO
16	U74899DL1990PTC041601	MONICA GROWTH FUND PRIVATE LIMITED	Director	17-02-98	17-02-98	Active	NO
17	U74899DL1990PTC041600	RUCHIKA GROWTH FUND PRIVATE LIMITED	Director	17-02-98	17-02-98	Active	NO
18	U67120DL1979PLC009388	SANKESHWAR HOLDING COMPANY LIMITED	Director	12-10-99	12-10-99	Active	NO
19	U67120DL1972PLC006179	LUDHIANA HOLDINGS LIMITED	Director	12-10-99	12-10-99	Active	NO
20	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	31-03-06	31-03-06	Active	NO
21	U51494PB2008PLC032059	MONTE CARLO FASHIONS LIMITED	Managing director	10-08-11	01-07-08	Active	NO

Name :	Mr. Kamal Oswal
Designation :	Director
Address :	514/2, College Road, Civil Lines, Ludhiana, Punjab, India
Date of Birth/Age :	29.02.1962
Date of Appointment :	29.12.1993
DIN No.:	00493213

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65992DL1972PLC006182	GIRNAR INVESTMENT LIMITED	Director	14-05-83	14-05-83	-	Active	NO
2	L65910DL1983PLC016036	OSWAL LEASING LIMITED	Director	12-08-83	12-08-83	-	Active	NO
3	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Managing director	01-02-08	27-09-83	-	Active	NO
4	U67120DL1979PLC009388	SANKESHWAR HOLDING COMPANY LIMITED	Director	18-11-83	18-11-83	-	Active	NO
5	U74899DL1983PTC015104	KULU INVESTMENT AND TRADING PRIVATE LIMITED	Director	22-03-84	22-03-84	-	Amalgamated	NO
6	U67120DL1980PTC161885	NAGDEVI TRADING AND INVESTMENT COMPANY LIMITED	Director	13-10-84	13-10-84	-	Active	NO
7	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	15-11-89	15-11-89	-	Active	NO
8	U74899DL1979PLC009739	PALAM MOTELS LIMITED	Director	26-02-91	26-02-91	23-07-08	Active	NO
9	U74899DL1991PTC043052	ABHILASH GROWTH FUND PRIVATE LIMITED	Director	01-06-91	01-06-91	-	Active	NO
10	U74899DL1991PTC043053	NAHAR GROWTH FUND PRIVATE LIMITED	Director	01-06-91	01-06-91	-	Active	NO
11	U74999DL1991PLC043054	J L.GROWTH FUND LIMITED	Director	01-06-91	01-06-91	-	Active	NO
12	U74899DL1991PTC043957	NEHA CREDIT AND INVESTMENT PRIVATE LIMITED	Director	01-06-91	01-06-91	-	Active	NO
13	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	30-09-91	30-09-91	-	Active	NO
14	U74899DL1972PLC006181	VARDHMAN INVESTMENTS LIMITED	Director	20-08-92	20-08-92	-	Active	NO
15	U67120DL1982PTC161884	OGDEN TRADING AND INVESTMENT CO PRIVATE LIMITED	Director	30-08-93	30-08-93	-	Amalgamated	NO
16	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Director	29-12-93	29-12-93	-	Active	NO
17	U45202PB1994PLC014964	NAHAR INDUSTRIAL INFRASTRUCTURE CORPORATION LIMITED	Director	22-08-94	22-08-94	-	Active	NO
18	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	31-03-06	31-03-06	-	Active	NO
19	U51311PB2001PLC024753	COTTON COUNTY RETAIL LIMITED	Managing director	30-11-06	30-11-06	-	Active	NO
20	U67120DL1972PLC006180	ATAM VALLABH FINANCIERS LIMITED	Director	27-09-08	14-02-08	-	Active	NO
21	U51494PB2008PLC032059	MONTE CARLO FASHIONS LIMITED	Director	01-07-08	01-07-08	-	Active	NO

Name :	Mr. Dinesh Oswal
Designation :	Director
Address :	514/2, College Road, Civil Lines, Ludhiana, Punjab, India
Date of Birth/Age :	04.10.1965
Date of Appointment :	13.07.1992
DIN No.:	00607290

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U67120DL1972PLC006180	ATAM VALLABH FINANCIERS LIMITED	Director	06-05-85	06-05-85	Active	NO
2	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Managing director	21-05-85	21-05-85	Active	NO
3	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	12-01-07	11-11-88	Active	NO
4	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	15-12-88	15-12-88	Active	NO
5	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Director	13-07-92	13-07-92	Active	NO
6	U67120DL1979PLC009388	SANKESHWAR HOLDING COMPANY LIMITED	Director	31-08-92	31-08-92	Active	NO
7	U74899DL1979PLC009739	PALAM MOTELS LIMITED	Director	08-02-93	08-02-93	Active	NO
8	U74899DL1983PTC015104	KULU INVESTMENT AND TRADING PRIVATE LIMITED	Director	30-04-93	30-04-93	Amalgamated	NO
9	U67120DL1982PTC161884	OGDEN TRADING AND INVESTMENT CO PRIVATE LIMITED	Director	30-08-93	30-08-93	Amalgamated	NO
10	U65993DL1972PLC006178	VANAIK INVESTORS LIMITED	Director	06-09-93	06-09-93	Active	NO
11	U45202PB1994PLC014964	NAHAR INDUSTRIAL INFRASTRUCTURE CORPORATION LIMITED	Director	22-08-94	22-08-94	Active	NO
12	U67120DL1972PLC006179	LUDHIANA HOLDINGS LIMITED	Director	12-10-99	12-10-99	Active	NO
13	U74899DL1972PLC006181	VARDHMAN INVESTMENTS LIMITED	Director	09-12-04	09-12-04	Active	NO
14	U74999DL1991PLC043054	J L.GROWTH FUND LIMITED	Director	09-12-04	09-12-04	Active	NO
15	U74899DL1991PTC043052	ABHILASH GROWTH FUND PRIVATE LIMITED	Director	01-10-05	01-10-05	Active	NO
16	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Managing director	01-12-07	31-03-06	Active	NO
17	U51494PB2008PLC032059	MONTE CARLO FASHIONS LIMITED	Director	01-07-08	01-07-08	Active	NO
18	U51311PB2001PLC024753	COTTON COUNTY RETAIL LIMITED	Director	01-09-08	06-08-08	Active	NO

Name :	Mr. Sandeep Jain
Designation :	Executive Director
Address :	514/2, College Road, Civil Lines, Ludhiana, Punjab, India
Date of Birth/Age :	24.12.1971
Date of Appointment :	30.04.1998
DIN No.:	00565760

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Whole-time director	01-10-07	30-04-98	Active	NO
2	U51494PB2008PLC032059	MONTE CARLO FASHIONS LIMITED	Director	01-07-08	01-07-08	Active	NO
3	U17115DL1980PLC177084	VANAIK SPINNING MILLS LIMITED	Director	23-09-10	10-11-09	Active	NO

Name :	Mr. Kanvar Sain Maini
Designation :	Director
Address :	H.No. 20 SF, H.I.G Flats, Rani Jhansi Raod, Civil Lines, Ludhiana-141001, Punjab, India
Date of Birth/Age :	02.07.1939
Date of Appointment :	01.11.2006
DIN No.:	00454686

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	30-06-01	30-06-01	Active	NO
2	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	30-06-01	30-06-01	Active	NO
3	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	30-09-02	30-09-02	Active	NO
4	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Director	29-09-07	01-11-06	Active	NO
5	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	29-12-07	12-01-07	Active	NO

Name :	Mr. Om Prakash Sahni
Designation :	Director
Address :	House No. 217-E, Kitchlu Nagar, Ludhinana-141001, Punjab, India
Date of Birth/Age :	16.02.1941
Date of Appointment :	01.11.2006
DIN No.:	00458499

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	28-09-92	28-09-92	Active	NO
2	U74899DL1993PLC055880	MIDLAND INTERNATIONAL LIMITED	Director	23-11-96	23-11-96	Amalgamated	NO
3	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	30-06-01	30-06-01	Active	NO
4	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	30-09-02	30-09-02	Active	NO
5	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Director	29-09-07	01-11-06	Active	NO
6	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	29-12-07	12-01-07	Active	NO

Name :	Mr. Harbhajan Kaur Bal
Designation :	Director
Address :	House No. 2322, Phase 11, Mohali-160065, Punjab, India
Date of Birth/Age :	12.06.1939
Date of Appointment :	01.11.2006
DIN No.:	00008576

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	28-09-92	28-09-92	-	Active	NO
2	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	25-08-00	25-08-00	-	Active	NO
3	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	30-06-01	30-06-01	-	Active	NO
4	L24116PB1986PLC007030	IOL CHEMICALS AND PHARMACEUTICALS LIMITED	Director	27-03-02	27-03-02	21-05-11	Active	NO
5	L17115PB1979PLC003994	SHREYANS INDUSTRIES LIMITED	Director	29-04-03	29-04-03	28-05-11	Active	NO
6	L17122DL1989PLC035050	SPORTKING INDIA LIMITED	Director	25-04-06	25-04-06	-	Active	NO
7	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Director	29-09-07	01-11-06	-	Active	NO
8	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	29-12-07	12-01-07	-	Active	NO

Name :	Mr. Dinesh Gogna
Designation :	Executive Director – Corporate Finance and Taxation
Address :	30 H, B.R.S. Nagar, Ludhiana, Punjab, India
Date of Birth/Age :	07.07.1953
Date of Appointment :	18.10.2006
DIN No.:	00498670

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U65992DL1972PLC006182	GIRNAR INVESTMENT LIMITED	Director	10-06-80	10-06-80	Active	NO
2	L65910DL1983PLC016036	OSWAL LEASING LIMITED	Director	19-01-84	19-01-84	Active	NO
3	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	21-05-85	21-05-85	Active	NO
4	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	15-11-89	15-11-89	Active	NO
5	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Whole-time director	01-10-11	18-10-06	Active	NO
6	U51311PB2001PLC024753	COTTON COUNTY RETAIL LIMITED	Director	30-11-06	30-11-06	Active	NO
7	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	07-12-06	07-12-06	Active	NO
8	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	29-12-07	12-01-07	Active	NO
9	U51494PB2008PLC032059	Monte Carlo Fashions Limited	Director	01-07-08	01-07-08	Active	NO

Name :	Mr. Suresh Kumar Singla
Designation :	Director
Address :	H. No. 119 C, Ward No. 26, Kitchlu Nagar, Ludhinana-141001, Punjab, India
Date of Birth/Age :	07.07.1950
Date of Appointment :	29.09.2007
DIN No.:	00403423

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	31-07-02	31-07-02	Active	NO
2	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Director	29-09-07	01-11-06	Active	NO
3	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	29-11-08	30-04-08	Active	NO
4	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	29-09-08	30-06-08	Active	NO

Name :	Mr. Sat Paul Nijhawan
Designation :	Director
Address :	B 45, Moti Nagar, Ludhiana-141003, Punjab, India
Date of Birth/Age :	01.04.1945
Date of Appointment :	03.06.2011
DIN No.:	00495688

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67120DL1972PLC006179	LUDHIANA HOLDINGS LIMITED	Director	07-12-82	07-12-82	-	Active	NO
2	U65992DL1972PLC006182	GIRNAR INVESTMENT LIMITED	Director	07-12-82	07-12-82	-	Active	NO
3	U74899DL1972PLC006181	VARDHMAN INVESTMENTS LIMITED	Director	07-12-82	07-12-82	-	Active	NO
4	L65910PB1981PLC023058	KOVALAM INVESTMENT AND TRADING COMPANY LIMITED	Director	01-02-83	01-02-83	-	Active	NO
5	U67120DL1979PLC009388	SANKESHWAR HOLDING COMPANY LIMITED	Director	09-06-88	09-06-88	-	Active	NO
6	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	26-03-99	26-03-99	31-07-08	Active	NO
7	L74900DL1979PLC009989	NAHAR FINANCIAL AND INVESTMENTS LIMITED	Director	30-09-08	31-10-07	-	Active	NO
8	U74899DL1993PTC055526	VIGIL INVESTMENT PRIVATE LIMITED	Director	27-09-08	31-10-07	-	Active	NO
9	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Director	26-08-11	03-06-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Gayathri B. Prakash
Designation :	Company Secretary
Address :	Staff Quarters All Saints Institute of Med SCS and Resch., VPO Jaspal Nagar, Ludhinana-141122, Punjab, India
Date of Birth/Age :	04.07.1979
Date of Appointment :	01.08.2008
PAN No.:	AEXPG6855N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.08.2011

Names of Shareholders	No. of Shares	Percentage of Holding
Nagdevi Trading and Investment Company Limited, India	5749122	35.00
Nahar Capital and Financial Services, India	1462500	9.04
Abhilash Growth Fund Private Limited, India	1093805	6.75
Girnar Investment Limited, India	4856163	30.00
Ludhiana Holdings Limited, India	845530	5.22
Vanaik Investors Limited, India	802308	4.96
Jawahar Lal Oswal	196862	1.22
Dinesh Oswal	33962	0.21
Abhilash Oswal	199797	1.23
Sambhav Oswal	162500	1.00
Tanvi Oswal	162500	1.00
Abhinav Oswal	130000	0.80
Rishabh Oswal	130000	0.80
Manisha Oswal	97500	0.60
Ritu Oswal	32500	0.20
Shri Paul Jain	244	0.00
Nirmal Kumari Jain	15380	0.10

AS ON 26.08.2011

Equity Shares Break Up	Percentage
Bodies corporate	92.48
Directors or relatives of Directors	7.30
Others	0.22
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of combed wool and synthetic yarns

Products :

Product Description	Item Code No.
Yarn of Combed Wool	5107
Synthetic Yarn	5509
Denim Fabric	52099 42 00

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Main Textile Unit
Yarn all kinds (Own)	NA	29560 spindles	6261133 Kgs
Yarn all kinds (Own)	NA		16710 Kgs
Yarn all kinds (Fabrication)	NA		284411Kgs
Textile goods (From Outside Party)	NA	51083 Pcs	158375 Pcs
	NA		631404 Mtrs
Wool / Mohair Top	NA	2.500 Millions Lbs. P. A.	2160135 Kgs
Wool Grease	NA		92100 Kgs
Noils	NA		190353 Kgs
Top	NA		4807808 Kgs.
O.W.M. Unit 4
Woollen Yarn	NA	1472 Spindles	469710 Kgs
Yarn	NA		16710 Kgs
O.W.M. Unit 5
Hosiery Knitwears	NA	Not Flexible	1135446 Pcs
O.W.M. Unit - 6
Hosiery Goods	NA	Not Flexible	828180 Pcs
Oswal Denims
Cotton Denim Cloth	20.000 million MTR	20.000 million MTR	15929139 MTR
Dyed yarn			264710 Kgs
Waste			350175 Kgs
Oswal Denims – SPG Unit
Yarn	NA	17768 Spindles	6011099 Kgs
Waste	NA	--	733850 Kgs

GENERAL INFORMATION

No. of Employees :

830 (Approximately)

Bankers :

v Indian Bank, 1601, Kalsi Nagar, G. T. Road, Ludhiana-141003, Punjab, India

v State Bank of Patiala, Commercial Branch, G T Raod, Miller Ganj, Ludhiana-141003, Punjab, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
i) From Banks For Working Capital
a) Allahabad Bank	389.899	637.068
b) State Bank of Patiala	385.033	216.810
c) Punjab and Sind Bank	219.760	222.933
d) IDBI Bank Limited	220.00	0.000
Secured by hypothecation of entire present and future movable assets of the company, such as stock of raw material, work in process, finished goods, goods in transit, stores and spares, book debts and claims etc., advances from all banks have been further secured by a second joint equitable mortgage of properties comprising of spinning, weaving and combing sections. These advances have also been guaranteed by the Managing Director and two other promoter directors in their personal capacity.
(ii) TERM LOANS
A RUPEE TERM LOAN FROM STATE BANK OF PATIALA UNDER TECHNOLOGY UPGRADATION FUND (TUF) SCHEME.
a) Secured by the hypothecation of specific equipment purchased under the Project Financing Scheme and Ist pari passu charge with other, term lenders, on the company's immovable properties situated at village Sherpur and Giaspura, Daba Road, Industrial Area-A, Tehsil and District Ludhiana. The loan is also guaranteed by the Managing Director and two other promoter directors in their personal capacities.	1106.198	1271.746
b) Interest Accrued and Due Thereon	9.914	11.540
B RUPEE TERM LOAN FROM CENTRAL BANK OF INDIA UNDER TECHNOLOGY UPGRADATION FUND (TUF) SCHEME.
a) Secured by the hypothecation of specific equipment purchased under the Project Financing Scheme and Ist pari passu charge with other, term lenders, on the company's immovable properties situated at village Sherpur and Giaspura, Daba Road, Industrial Area-A, Tehsil and District Ludhiana. The loan is also guaranteed by the Managing Director and two other promoter directors in their personal capacities.	10.261	15.159
C RUPEE TERM LOAN FROM ALLAHABAD BANK UNDER TECHNOLOGY UPGRADATION FUND (TUF) SCHEME.
a) Secured by the hypothecation of specific equipment purchased under the Project Financing Scheme and Ist pari passu charge with other, term lenders, on the company's immovable properties situated at village Sherpur and Giaspura, Daba Road, Industrial Area-A, Tehsil and District Ludhiana. The loan is also guaranteed by the Managing Director and two other promoter directors in their personal capacities.	79.848	94.848
b) Interest Accrued and Due Thereon	0.688	0.847
D RUPEE TERM LOAN FROM PUNJAB NATIONAL BANK UNDER TECHNOLOGY UPGRADATION FUND (TUF) SCHEME.
a) Secured by the hypothecation of specific equipment purchased under the Project Financing Scheme and Ist pari passu charge with other, term lenders, on the company's immovable properties situated at village Sherpur and Giaspura, Daba Road, Industrial Area-A, Tehsil and District Ludhiana. The loan is also guaranteed by the Managing Director and two other promoter directors in their personal capacities.	106.932	118.000
b) Interest Accrued and Due Thereon	1.045	1.198
E RUPEE TERM LOAN FROM ORIENTAL BANK OF COMMERCE UNDER TECHNOLOGY UPGRADATION FUND (TUF) SCHEME.
a) Secured by the hypothecation of specific equipment purchased under the Project Financing Scheme and Ist pari passu charge with other, term lenders, on the company's immovable properties situated at village Sherpur and Giaspura, Daba Road, Industrial Area-A, Tehsil and District Ludhiana. The loan is also guaranteed by the Managing Director and two other promoter directors in their personal capacities.	160.000	0.000
(Amount due within one year in respect of 3(ii) Rs.257.121 millions Previous year Rs. 220.913 millions)
Total	2689.578	2590.149
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
a) Short term loans and advances from companies	168.527	110.495
b) Interest free security Deposit	40.956	40.956
Total	209.483	151.451

Banking Relations :	--
Auditors :
Name :	Gupta Vigg and Company Chartered Accountant
Address :	K-101, Kismat Complex, G. T. Road, Miller Ganj, Ludhiana – 141 003, Punjab, India
Pan No.:	AAEFG0353Q
Subsidiaries :	Monte Carlo Fashions Limited CIN No.:U51494PB2008PLC032059
Enterprises over which key Management Personnel is able to exercise significant Influence :	v Atam Vallabh Financiers Limited v Girnar Investment Limited v J.L. Growth Fund Private Limited v Ludhiana Holding Limited v Nagdevi Trading and Investment Company v Abhilash Growth Fund Private Limited v Ruchika Growth Fund Private Limited v Vanaik Investors Limited v Vanaik Spinning Mills Limited v Vardhman Investment Limited v Nahar Capital and Financial Services Limited v Nahar Industrial Enterprises Limited v Nahar Industrial Infrastructure Limited v Nahar Polyfilms Limited v Nahar Spinning Mills Limited v Cotton County Retail Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24900000	Equity Shares	Rs.10/- each	Rs. 249.000 Millions

Note:

(16600000 Equity Shares of Rs. 10/- each are allotted as fully paid up, by way of bonus shares by capitalisation of General Reserve in the year 2004-05)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		249.000	249.000	249.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1691.591	1150.409	913.527
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1940.591	1399.409	1162.527
LOAN FUNDS
1] Secured Loans		2689.578	2590.149	2799.087
2] Unsecured Loans		209.483	151.451	147.567
TOTAL BORROWING		2899.061	2741.600	2946.654
DEFERRED TAX LIABILITIES		150.596	155.050	166.500
TOTAL		4990.248	4296.059	4275.681
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2177.111	2046.378	1960.253
Capital work-in-progress		115.391	38.061	72.403
INVESTMENT		580.930	159.087	133.919
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1819.012	1291.591	1280.083
	Sundry Debtors	939.367	772.900	618.663
	Cash & Bank Balances	104.189	327.766	293.088
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	752.557	650.009	821.094
Total Current Assets		3615.125	3042.266	3012.928
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	402.238	558.817	271.671
	Current Liabilities	811.071	305.416	558.759
	Provisions	285.000	125.500	74.000
Total Current Liabilities		1498.309	989.733	904.430
Net Current Assets		2116.816	2052.533	2108.498
MISCELLANEOUS EXPENSES		0.000	0.000	0.608
TOTAL		4990.248	4296.059	4275.681

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Operating Income	6335.615	5381.435	4421.352
		Other Income	82.801	94.916	89.390
		TOTAL	6418.416	5476.351	4510.742
Less	EXPENSES
		Cost of Material	3282.499	2829.848	2333.592
		Manufacturing Expenses	519.398	515.274	424.046
		Personnel Expenses	405.282	360.626	320.706
		Administrative Expenses	130.240	106.622	90.598
		Store Consumed	344.921	356.833	280.817
		Selling Expenses	378.471	350.864	279.562
		Other Expenditure	82.190	118.281	38.262
		Increase/(Decrease) in Finished Goods	(0.030)	(0.001)	0.537
		TOTAL	5142.971	4638.347	3768.120
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1275.445	838.004	742.622
Less	FINANCIAL EXPENSES		168.255	218.980	170.785
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1107.190	619.024	571.837
Less/ Add	DEPRECIATION/ AMORTISATION		273.470	275.521	245.599
	PROFIT BEFORE TAX		833.720	343.503	326.238
Less	TAX		292.537	114.147	114.813
Add	Excess Provision for Income Tax for Earlier Years Written Back		0.000	7.526	0.000
	Income Tax Refund Received for Earlier Years		0.000	0.000	1.330
	PROFIT AFTER TAX		541.183	236.882	212.755
Less	APPROPRIATIONS
		Foreign Exchange Contingent (Disputed) Liability Reserve	17.794	158.922	0.000
	BALANCE CARRIED TO THE B/S		523.389	77.960	212.755
	EARNINGS IN FOREIGN CURRENCY
		Main Textile Unit	142.902	153.259	169.052
		O.W.M. Unit-5	0.000	0.000	1.502
		Oswal Denims	0.488	2.150	7.201
		Oswal Denims-Spinning Unit	11.722	0.000	0.000
	TOTAL EARNINGS		155.112	155.409	177.755
	IMPORTS
		Main Textile Unit	751.944	671.248	622.943
		O.W.M. Unit-1	25.855	33.471	20.122
		O.W.M. Unit-4	7.601	0.355	0.189
		O.W.M. Unit-5	28.582	69.501	75.178
		O.W.M. Unit-6	0.220	19.111	0.832
		Oswal Denims	69.956	21.429	24.971
		Oswal Denims-Spinning Unit	122.228	29.716	229.564
	TOTAL IMPORTS		1006.386	844.831	973.799
	Earnings Per Share (Rs.)		21.73	9.51	8.54

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	8.43	4.33	4.72
Net Profit Margin (PBT/Sales)	(%)	13.12	6.38	7.38
Return on Total Assets (PBT/Total Assets}	(%)	14.39	6.75	6.56
Return on Investment (ROI) (PBT/Networth)		0.43	0.25	0.28
Debt Equity Ratio (Total Liability/Networth)		2.34	2.67	3.31
Current Ratio (Current Asset/Current Liability)		2.41	3.07	3.33

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS, STRATEGY, EXPERIMENTATION AND RESULTS

Operating income exclusive of other income and excise duty for the year was Rs.6335.000 millions against corresponding income of Rs.5381.400 millions of the previous year, an impressive growth of 17.72%. The profit before tax and depreciation were higher at Rs.1107.200 millions against corresponding figure of Rs.619.000 millions of the previous year, an impressive growth of 78.87%. The main reason for higher profits was substantial growth in sales of the company’s products namely woollen hosiery knitwears, readymade cotton garments, denim fabrics, cotton yarn and woollen/woollen worsted yarns.

As reported in their last report, the production in both Denim Unit and Denim Spinning unit had stabilized and received overwhelming response from industrial and other customers.

In Woollen Division, the company took extensive steps for modernization and balancing of its production capacities. Further additions were made in the knitting, finishing processes of garments and woollen spinning plant.

In its endeavor to expand its retail network all over India, the company further appointed 20 new Franchisees during the year, thus increasing the number of the franchisees from 88 to 108.

The operations of the I.T. Infrastructure services and other services segments were satisfactory.

PROSPECTIVE PLANS, BUSINESS STRATEGIES AND FINANCES

The company plans to improve its product mix in the denim fabric unit, cotton spinning unit and woollen spinning unit of the company to achieve higher value addition. The working of these units has improved and is giving good results. Encouraged with overwhelming response from industrial and other customers of Denim and Denim Spinning units, the Company has decided to expand its capacity of Denim Fabric unit from 20 Million Meter to 30 Million Meter, the capacity of Denim Spinning unit from 17768 spindles to 21368 spindles and 864 Open End Rotors. The spinning capacity of the woollen worsted spinning and woollen spinning plants is also being enhanced from 29560 spindles to 32488 and 1472 spindles to 1920 spindles respectively.

The Company is taking further steps to appoint more Franchisees to achieve the projected figures of 125 Franchisee by the end of the current financial year.

The amount of capital expenditure on the expansion, modernization and upgrading of production capacities and retail outlet business, shall be met partly out of internal accruals and partly by raising long term loans from Banks/Financial Institutions under TUF Scheme.

The company, with a view to expand its operational base, has taken possession of 97.64 acres (approx) of land on lease hold basis initially for 30 years from Madhya Pradesh Audyogik Kendra Vikas Nigam (Bhopal) Limited at Village Pillukhedi, District Raj Garh, Bhopal (M.P.) for setting up in a phased manner, a cotton spinning unit with a total capacity of 50592 spindles and a denim fabric unit with a total capacity of 20.00 Million meters. The total estimated cost of this project shall be Rs.3000.000 millions and the same shall be met partly out of internal accruals and partly by raising long term loans from banks/financial institutions under Technology up-gradation Fund (TUF) Scheme. With the implementation of this project, the company will have a total denim fabric capacity of 50 Million Meters and Denim spinning capacity of 71960 spindles and 864 rotors.

The company also plans for setting up of a 25 MW PV Solar power plant in Rajasthan and for the purpose, the company has engaged a team of consultants and has also moved an application with The Rajasthan Renewable Energy Corporation Limited for allotment of required area of land and the allotment is awaited. The company plans to implement the solar Power project in a phased manner over a period of 5(five) years i.e 5MW per year. The estimated total cost of the project will be Rs.4250.000 millions and the same shall be met partly out of internal accruals and partly out of the long term loans to be raised from the banks/financial institutions.

FORM 8

Corporate identity number of the company	U17117PB1949PLC001522
Name of the company	OSWAL WOOLLEN MILLS LIMITED
Address of the registered office or of the principal place of business in India of the company	Address : G. T. Road, Sherpur, Ludhiana – 141 003, Punjab, India Email : gayathribprakash@owmnahar.com
This form is for	Creation of charge
Type of charge	Immovable property Movable property (not being pledge)
Particular of charge holder	Indian Bank, 1601, Kalsi Nagar, G. T. Road, Ludhiana-141003, Punjab, India
Nature of instrument creating charge	Medium term loan agreement for Rs. 472.500 millions; and agreement for hypothecation of movables for the said medium term loan; agreement for hypothecation of goods received under advance payment guarantees/ LCs for a limit of Rs.92.500 millions all documents executed on non judicial stamp paper of Rs.100
Date of instrument Creating the charge	23.05.2011
Amount secured by the charge	Rs. 565.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest BR + 1.50% p.a., presently at 11.50% Terms of repayment 32 quarterly installments of Rs.14.766 millions each commencing from second quarter of 2013-2014 after moratorium period of 2 years Margin 30.00% Extent and operation of the charge 100%
Short particulars of the property charged (Including location of the property)	First charge on the solar PV modules and other equipments comprising solar PV project on pari passu basis with existing term lenders. First charge on the lease hold land acquired for setting up of 5 MW Solar PV project on pari passu basis with existing term lenders. Collateral security being first pari passu charge on all the present and future fixed assets of the company, with existing term lenders. Personal guarantee of S/Sh. Jawahar Lal Oswal, Kamal Oswal, Dinesh Oswal.

FIXED ASSETS :

¨ Land

¨ Roads

¨ Building

¨ Plant and Machinery

¨ Furniture and Fixtures

¨ Vehicles

¨ 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 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. 49.78
UK Pound	1	Rs. 80.10
Euro	1	Rs. 68.81

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		63

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.