MIRA INFORM REPORT

Report Date :

13.09.2011

IDENTIFICATION DETAILS

Name :	GRASIM BHIWANI TEXTILES LIMITED
Registered Office :	409, Cotton Exchange Building, Kalbadevi Road, Mumbai- 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	11.09.2007
Com. Reg. No.:	11- 173993
Capital Investment / Paid-up Capital :	Rs.200.500 millions
CIN No.: [Company Identification No.]	U17120MH2007PLC173993
Legal Form :	A closely held public limited liability company
Line of Business :	Manufacturer of Textile.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 2408628
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an Aditya Birla Group company, a well known industrial house in the country. It is an established company having satisfactory track. Directors are reported to be experienced and respectable businessman. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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 DECLINED BY

Name :	Mr. Sumit
Designation :	Accounts Manager
Name :	Mr. Shiv Kumar Sharma
Designation :	General Manager in Accounts and Finance
Date :	12.09.2011

LOCATIONS

Registered Office :	409, Cotton Exchange Building, Kalbadevi Road, Mumbai- 400002, Maharashtra, India
Tel. No.:	91-22-22404392
Fax No.:	91-22-22404392
E-Mail :	robin.chawla@adityabirla.com roopesh.kumar@adityabirla.com
Website :	www.adityabirla.com

DIRECTORS

AS ON 21.07.2011

Name :	Mr. Shailendra K Jain
Designation :	Director
Address :	Grasim Staff Colony, Birlagram Nagda, Ujjain- 456331, Madhya Pradesh, India
Date of Birth/Age :	04.12.1943
Date of Appointment :	11.09.2007

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	L01710MP1992PLC007043	VIPPY SPIN PRO LIMITED	Director	01/09/1992	01/09/1992	-	Active	NO
2	U73100MH1999PTC118379	ADITYA BIRLA MANAGEMENT CORPORATION Private LIMITED	Director	15/06/1999	15/06/1999	01/03/2011	Active	NO
3	U67120MP1994PLC008446	SUN GOD TRADING AND INVESTMENT LIMITED	Nominee director	15/05/2000	15/05/2000	-	Active	NO
4	U99999MH1987NPL043302	ASSOCIATION OF MANMADE FIBRE INDUSTRY OF INDIA	Whole-time director	01/06/2001	01/06/2001	-	Active	NO
5	U67120MP1994PLC008447	SAMRUDDHI SWASTIK TRADING AND INVESTMENTS LIMITED	Nominee director	02/08/2003	02/08/2003	-	Active	NO
6	L17124MP1947PLC000410	GRASIM INDUSTRIES LTD	Director	20/08/2010	01/12/2003	-	Active	NO
7	U17120MH2007PLC173993	GRASIM BHIWANI TEXTILES LIMITED	Director	11/09/2007	11/09/2007	-	Active	NO

Name :	Mr. Vikram Dhondu Rao
Designation :	Director
Address :	No. 395, 16^th Main II ‘A’ Cross III, Block, Koramangala, Bangalore- 560034, Karnataka, India
Date of Birth/Age :	10.09.1950
Date of Appointment :	11.09.2007

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	L17199GJ1956PLC001107	ADITYA BIRLA NUVO LIMITED	Whole-time director	01/11/2006	30/10/2001	01/02/2009	Active	NO
2	U85110GJ1994PLC058690	MADURA GARMENTS EXPORTS LIMITED	Director	12/06/2006	12/06/2006	31/01/2009	Amalgamated	NO
3	U73100MH1999PTC118379	ADITYA BIRLA MANAGEMENT CORPORATION Private LIMITED	Director	29/08/2006	29/08/2006	-	Active	NO
4	U65990MH1988PLC048117	Aditya Birla Retail Limited	Director	29/09/2007	10/11/2006	22/04/2008	Active	NO
5	U52520AP1990PTC011172	TRINETHRA SUPERRETAIL Private LIMITED	Director	29/09/2007	02/01/2007	22/04/2008	Active	NO
6	U64202AP1999PTC072731	H.A.S.TWO HOLDINGS PRIVATE LIMITED	Director	29/09/2007	02/01/2007	22/04/2008	Active	NO
7	U18101AP2002PTC073589	FABMALL (INDIA) PRIVATE LIMITED	Director	29/09/2007	02/01/2007	22/04/2008	Active	NO
8	U15499AP2005PTC047082	TERRAFIRMA AGROPROCESSING (INDIA) PRIVATE LIMITED	Director	29/09/2007	02/01/2007	22/04/2008	Active	NO
9	U18101GJ2007PLC058606	Peter England Fashions and Retail Limited	Director	19/04/2007	19/04/2007	31/01/2009	Active	NO
10	U18101GJ2007PLC058604	Madura Garments Lifestyle Retail Company Limited	Director	01/05/2007	01/05/2007	31/01/2009	Active	NO
11	U18101KA2007PLC042754	Indigold Trade and Services Limited	Director	10/05/2007	10/05/2007	02/02/2009	Active	NO
12	U17120MH2007PLC173993	GRASIM BHIWANI TEXTILES LIMITED	Director	11/09/2007	11/09/2007	-	Active	NO

Name :	Mr. Girish M Dave
Designation :	Director
Address :	Dave and Girish and Company, Advocates, 1^st Floor, Sethana Building, 55, Maharshi Karve Road, Marine Lines, Mumbai- 400002, Maharashtra, India
Date of Birth/Age :	12.07.1938
Date of Appointment :	11.09.2007

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	L24116MH1989PLC052224	VINATI ORGANICS LIMITED	Director	24/09/1990	24/09/1990	-	Active	NO
2	L74200MH1981PLC024279	PCS TECHNOLOGY LIMITED	Director	29/09/1995	29/09/1995	-	Active	NO
3	U67120MH1997PLC110386	HSBC InvestDirect (India) Limited	Director	19/02/2003	19/02/2003	26/09/2008	Active	NO
4	U72200KA1976PLC027564	Aditya Birla Minacs IT Services Limited	Director	18/04/2003	18/04/2003	15/07/2009	Active	NO
5	U67190MH1996PLC097473	INVESTSMART FINANCIAL SERVICES LIMITED	Director	29/09/2006	20/06/2006	26/09/2008	Active	NO
6	L26940MH2000PLC128420	ULTRATECH CEMENT LIMITED	Director	07/07/2006	07/07/2006	-	Active	NO
7	L92142MH2002PLC135964	Cinemax India Limited	Director	07/09/2007	31/07/2007	-	Active	NO
8	U17120MH2007PLC173993	GRASIM BHIWANI TEXTILES LIMITED	Director	11/09/2007	11/09/2007	-	Active	NO
9	U67120KA1991PTC059126	Vistaar Livelihood Financial Services Private Limited	Director	15/01/2008	15/01/2008	13/05/2009	Active	NO
10	U52520AP1990PTC011172	TRINETHRA SUPERRETAIL Private LIMITED	Director	29/09/2008	22/04/2008	-	Active	NO
11	U18101AP2002PTC073589	FABMALL (INDIA) PRIVATE LIMITED	Director	29/09/2008	22/04/2008	-	Active	NO
12	U64202AP1999PTC072731	H.A.S.TWO HOLDINGS PRIVATE LIMITED	Director	29/09/2008	22/04/2008	-	Active	NO
13	U15499AP2005PTC047082	TERRAFIRMA AGROPROCESSING (INDIA) PRIVATE LIMITED	Director	29/09/2008	22/04/2008	-	Active	NO
14	U65990MH1988PLC048117	Aditya Birla Retail Limited	Director	29/09/2008	22/04/2008	-	Active	NO
15	L17299GJ1972PLC011626	CAMPHOR AND ALLIED PRODUCTS LTD	Director	30/09/2008	22/08/2008	-	Active	NO
16	U67190MH2007PTC171369	BIRLA FAMILY INVESTMENTS PRIVATE LIMITED	Director	30/05/2009	04/05/2009	-	Active	NO
17	L26959GJ2009PLC058011	SAMRUDDHI CEMENT LIMITED	Director	24/07/2010	18/05/2010	-	Amalgamated	NO
18	L24100JH1976PLC001255	ADITYA BIRLA CHEMICALS (INDIA) LIMITED	Director	08/08/2011	16/04/2011	-	Active	NO

Name :	Mr. Bhupendranath Vidyanath Bhargava
Designation :	Director
Address :	B/1201, Gulmohar Apartment Ceaser Road, Amboli, Andheri (West), Mumbai- 400056, Maharashtra, India
Date of Birth/Age :	16.04.1936
Date of Appointment :	20.12.2007

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	L67120MH1987PLC042363	CRISIL LIMITED	Director	28/12/1992	28/12/1992	-	Active	NO
2	L17117MH1925PLC001208	RAYMOND LIMITED	Director	16/08/1996	16/08/1996	10/06/2009	Active	NO
3	L35920MH1942PLC003554	THE SUPREME INDUSTRIES LIMITED	Director	25/09/1996	25/09/1996	-	Active	NO
4	L17124MP1947PLC000410	GRASIM INDUSTRIES LTD	Director	26/03/1997	26/03/1997	-	Active	NO
5	L74999RJ1938PLC019511	JK LAKSHMI CEMENT LIMITED	Director	03/04/1997	03/04/1997	-	Active	NO
6	U67200MH2000PLC129408	ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED	Director	29/04/2002	29/04/2002	-	Active	NO
7	U99999MH1963PLC012674	SI GROUP - INDIA LIMITED.	Director	27/06/2002	27/06/2002	04/12/2009	Active	NO
8	U51909MH2003PLC140116	NATIONAL COMMODITY AND DERIVATIVES EXCHANGE LIMITED	Director	29/04/2003	29/04/2003	23/03/2010	Active	NO
9	L74999MH1964PLC012878	EXCEL CROP CARE LTD	Director	29/10/2003	29/10/2003	-	Active	NO
10	U72200TN2003PLC051323	IREVNA RESEARCH SERVICES LIMITED	Director	21/12/2005	21/12/2005	-	Dormant	NO
11	U67190TN2006PLC059527	LANDT INFRASTRUCTURE FINANCE COMPANY LIMITED	Director	10/10/2007	17/02/2007	-	Active	NO
12	U17120MH2007PLC173993	GRASIM BHIWANI TEXTILES LIMITED	Director	20/12/2007	20/12/2007	-	Active	NO
13	L35999HR1968PLC004977	LAKSHMI PRECISION SCREWS LIMITED	Director	30/09/2009	09/06/2009	-	Active	NO
14	U32204MH2004PLC143794	MAXX MOBILE COMMUNICATIONS LIMITED	Director	27/12/2010	01/08/2010	05/04/2011	Active	NO
15	U67120MH2008PLC181833	L&T FINANCE HOLDINGS LIMITED	Director	25/09/2010	25/09/2010	-	Active	NO

Name :	Mr. Pranab Barua
Designation :	Director
Address :	D-1, Cedar Crest, 258, 10^th Main Defence Colony, Indira Nagar, Bangalore- 560038, Karnataka, India
Date of Birth/Age :	21.09.1952
Date of Appointment :	18.07.2009

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	U36101KA2008PTC045811	NICORA INTERIORS PRIVATE LIMITED	Director	28/03/2008	28/03/2008	-	Active	NO
2	U18101GJ2007PLC058606	Peter England Fashions and Retail Limited	Director	27/07/2009	23/01/2009	-	Active	NO
3	U18101GJ2007PLC058604	Madura Garments Lifestyle Retail Company Limited	Director	15/07/2009	27/01/2009	-	Active	NO
4	U85110GJ1994PLC058690	MADURA GARMENTS EXPORTS LIMITED	Director	31/01/2009	31/01/2009	-	Amalgamated	NO
5	U65990MH1988PLC048117	Aditya Birla Retail Limited	Director	29/09/2009	01/02/2009	-	Active	NO
6	U18101KA2007PLC042754	Indigold Trade and Services Limited	Director	11/08/2009	02/02/2009	04/12/2009	Active	NO
7	U17120MH2007PLC173993	GRASIM BHIWANI TEXTILES LIMITED	Director	18/07/2009	21/04/2009	-	Active	NO
8	L17199GJ1956PLC001107	ADITYA BIRLA NUVO LIMITED	Whole-time director	01/05/2009	01/05/2009	-	Active	NO
9	U25200AP2010PTC071057	GANAPATHI POLYMATS PRIVATE LIMITED	Director	02/11/2010	02/11/2010	02/02/2011	Active	NO

Name :	Mr. Adesh Kumar Gupta
Designation :	Director
Address :	701, Tagore Avenue, Tagore Road, Santa Cruz, Mumbai- 400054, Maharashtra, India
Date of Birth/Age :	11.09.1956
Date of Appointment :	18.07.2009

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	U65910GJ1994PLC022685	ABNL INVESTMENT LIMITED	Director	16/07/1999	16/07/1999	15/07/2009	Active	NO
2	U72200KA1976PLC027564	Aditya Birla Minacs IT Services Limited	Director	24/10/2001	24/10/2001	22/07/2009	Active	NO
3	U72200KA2000PLC031939	ADITYA BIRLA MINACS TECHNOLOGIES LIMITED	Director	19/02/2002	19/02/2002	15/07/2009	Active	NO
4	U31300GJ2002PLC040905	Aditya Birla Insulators Limited	Director	09/07/2002	09/07/2002	-	Amalgamated	NO
5	U99999KA1995PLC052040	ADITYA BIRLA MINACS WORLDWIDE LIMITED	Director	21/07/2003	21/07/2003	15/07/2009	Active	NO
6	L17199GJ1956PLC001107	ADITYA BIRLA NUVO LIMITED	Whole-time director	01/10/2005	01/10/2005	01/05/2009	Active	NO
7	U64202MH2005PLC158190	ADITYA BIRLA TELECOM LIMITED	Director	20/12/2005	20/12/2005	-	Active	NO
8	U85110GJ1994PLC058690	MADURA GARMENTS EXPORTS LIMITED	Director	10/09/2007	03/08/2006	15/07/2009	Amalgamated	NO
9	U99999GJ2001PLC062239	ADITYA BIRLA INSURANCE BROKERS LIMITED	Director	08/11/2006	08/11/2006	-	Active	NO
10	U18101GJ2007PLC058606	Peter England Fashions and Retail Limited	Director	19/04/2007	19/04/2007	06/08/2009	Active	NO
11	U18101GJ2007PLC058604	Madura Garments Lifestyle Retail Company Limited	Director	01/05/2007	01/05/2007	20/07/2009	Active	NO
12	U18101KA2007PLC042754	Indigold Trade and Services Limited	Director	10/05/2007	10/05/2007	15/07/2009	Active	NO
13	U74999MH2008PTC186670	Aditya Birla Trustee Company Private Limited	Director	14/09/2009	26/11/2008	-	Active	NO
14	U67120MP1994PLC008446	SUN GOD TRADING AND INVESTMENT LIMITED	Director	08/08/2009	20/04/2009	-	Active	NO
15	U67120MP1994PLC008447	SAMRUDDHI SWASTIK TRADING AND INVESTMENTS LIMITED	Director	08/08/2009	20/04/2009	-	Active	NO
16	U17120MH2007PLC173993	GRASIM BHIWANI TEXTILES LIMITED	Director	18/07/2009	21/04/2009	-	Active	NO
17	U65920MH1986PLC041322	BIRLA INDUSTRIAL FINANCE (INDIA) LIMITED	Additional director	11/06/2009	11/06/2009	-	Active	NO
18	U67120MH1987PLC043065	BIRLA INDUSTRIAL INVESTMENTS (INDIA) LTD	Additional director	11/06/2009	11/06/2009	-	Active	NO
19	U01222MH1969PLC014244	BIRLA CONSULTANTS LIMITED	Additional director	11/06/2009	11/06/2009	-	Active	NO
20	L26959GJ2009PLC058011	SAMRUDDHI CEMENT LIMITED	Director	04/09/2009	04/09/2009	-	Amalgamated	NO
21	L17124MP1947PLC000410	GRASIM INDUSTRIES LTD	Whole-time director	03/10/2009	03/10/2009	-	Active	NO
22	L26940MH2000PLC128420	ULTRATECH CEMENT LIMITED	Additional director	26/10/2010	26/10/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Surendra Kumar Sharma
Designation :	Manager
Address :	Rajshree Colony, BTM Road, Bhiwani – 127021, Haryana, India
Date of Birth/Age :	03.01.1958
Date of Appointment :	17.04.2010
Name :	Mr. Roopesh Kumar
Designation :	Secretary
Address :	H. No. 1791, Sector 13, Huda, Bhiwani – 127021, India
Date of Birth/Age :	09.02.1976
Date of Appointment :	16.03.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 21.07.2011

Names of Shareholders	No. of Shares
Grasim Industries Limited	20049400
Pavan Kumar Jain (Nominee of Grasim Industries Limited)	100
Sushil Agarwal (Nominee of Grasim Industries Limited)	100
Gopi Kishan Tulsian (Nominee of Grasim Industries Limited)	100
Ashok Malu (Nominee of Grasim Industries Limited)	100
Adesh Kumar Gupta (Nominee of Grasim Industries Limited)	100
Hemant Kandel (Nominee of Grasim Industries Limited)	100
Total	20050000

Equity Share Breakup (Percentage of Total Equity)

AS ON 21.07.2011

Category	Percentage
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Textile.
Products :	Products Description	31.03.2009 (Rs. In Millions)
	Fabric	5515 11 30
	Yarn	5509 51 00

PRODUCTION STATUS

As on 31.03.2010

Particulars	Unit	Licensed/ Registered Capacity	Installed Capacity	Actual Production
Man Made Fiber Fabrics	Mtr.	600 Looms	600 Looms	17124.38
Man- Made Fiber Yarn	Kg.	92500 Spindles	92500 Spindles	1977.19

Notes:

a) Registered capacities are those capacities for which registration granted pursuant to the scheme.

b) The Installed capacities are certified by the Management and accepted by the Auditors as correct being a technical matter.

c) Excluding captive consumption of 3449.74 kg 000 (Previous year 1484.81 kg 000) and Fabric 28231 Mtr. 000 (Previous year 9079 mtr 000)

GENERAL INFORMATION

No. of Employees:	Not Divulged
Bankers :	HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel, (West), Mumbai- 400013, Maharashtra, India
Facilities :	Secured Loan	31.03.2010 (Rs. In Millions)
	From Banks Working Capital Borrowing	1.455
	From Others Term loan from LIC/HDFC Bank	650.000
	Total	651.455

Banking Relations :	--
Financial Institute:	Life Insurance Corporation of India, Yogakshema Jeevan Bima Marg, Mumbai-400021, Maharashtra, India
Auditors :
Name :	G.P Kapadia and Company Chartered Accountant
Address :	Hamam House, Ambala Doshi Marg Fort, Mumbai- 400001, Maharashtra, India
Tel. No.:	91-22- 22654239 / 22654313/ 40186333
Fax No.:	91-22-22654256
E-Mail :	info@gpkco.com
Pan No.:	AAAFK1144P
Holding Company :	Grasim Industries Limited CIN: L17124MP1947PLC000410
Subsidiaries :	Sun God Trading and Investment Limited, Samruddhi Samruddhi Swastik Trading and Investment Limited Harish Cements Limited Samruddhi Cement Limited Bhaskar Coal Company Limited Ultra Tech Cement Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Share	Rs.10/- Each	Rs.250.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20050000	Equity Share	Rs.10/- Each	Rs.200.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	11.09.2007 to 31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		200.500	200.500	200.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		401.657	400.000	400.000
4] (Accumulated Losses)		0.000	(44.214)	(46.834)
NETWORTH		602.157	556.286	553.666
LOAN FUNDS
1] Secured Loans		651.455	705.152	466.374
2] Unsecured Loans		304.626	323.051	524.046
TOTAL BORROWING		956.081	1028.203	990.420
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1558.238	1584.489	1544.086
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		890.560	938.428	611.219
Capital work-in-progress		5.398	14.324	316.194
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	517.195	414.408	501.414
	Sundry Debtors	503.200	478.133	478.389
	Cash & Bank Balances	0.438	0.340	0.175
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	187.873	202.893	181.575
Total Current Assets		1208.706	1095.774	1161.553
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	180.516	109.848	134.873
	Other Current Liabilities	333.280	322.093	379.031
	Provisions	32.630	32.096	30.976
Total Current Liabilities		546.426	464.037	544.880
Net Current Assets		662.280	631.737	616.673
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1558.238	1584.489	1544.086

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	11.09.2007 to 31.03.2008
	SALES
		Income	2722.870	2529.569	1142.923
		Other Income	167.577	90.003	103.271
		TOTAL (A)	2890.447	2619.572	1246.194
Less	EXPENSES
		Raw Material Consumed	1017.326	847.792	558.590
		Manufacturing Expenses	661.021	533.685	269.243
		Purchase of Finished and other products	364.923	391.887	454.682
		Payments to and provision for tax	372.615	328.070	199.888
		Selling, Distribution and Administrative Expenses	374.894	311.278	180.545
		Increase/(Decrease) in Finished Goods	(85.625)	79.087	[423.339]
		TOTAL (B)	2705.154	2491.799	1239.609
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		185.293	127.773	(6.585)
Less	FINANCIAL EXPENSES (D)		58.152	61.663	23.128
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		127.141	66.110	(16.543)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		76.592	59.329	28.125
	PROFIT BEFORE TAX (E-F) (G)		50.549	6.781	(44.668)
Less	TAX (H)		4.677	4.161	2.166
	PROFIT AFTER TAX (G-H) (I)		45.872	2.620	(46.834)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		[44.214]	[46.834]	0.000
	BALANCE CARRIED TO THE B/S		1.658	[44.214]	(46.834)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	548.790	420.066	209.208
	TOTAL EARNINGS		548.790	420.066	209.208
	IMPORTS
		Stores & Spares	0.000	25.759	12.483
		Capital Goods	30.333	4.454	59.062
		Finished Goods	22.209	0.000	0.000
	TOTAL IMPORTS		52.542	30.213	71.545
	Earnings Per Share (Rs.)		2.29	0.13	(3.43)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	11.09.2007 to 31.03.2008
PAT / Total Income	(%)	1.59	0.10	(3.76)
Net Profit Margin (PBT/Sales)	(%)	1.86	0.27	(3.91)
Return on Total Assets (PBT/Total Assets}	(%)	2.41	0.33	(2.52)
Return on Investment (ROI) (PBT/Networth)		0.08	0.01	(0.08)
Debt Equity Ratio (Total Liability/Networth)		2.50	0.83	0.98
Current Ratio (Current Asset/Current Liability)		2.21	2.36	2.13

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	11.09.2007 to 31.03.2008
Sundry Creditors
a) Micro Small and medium Enterprises (To the extent identified with available information)	--	--	--
b) others	180.516	109.848	134.873

OPERATIONS

During the year, the turnover was Rs. 2722.900 Millions as against Rs. 2529.600 Millions for the previous year. The Gross Profit was Rs. 185.300 Millions as against Rs. 127.800 Millions and net profit was Rs. 45.800 Millions as against Rs. 2.600 Millions of previous year.

There is high growth potential in Tier II/III towns for domestic fabric business in India. The blends of Poly Viscose Wool from your company basket are becoming a good option for the buyers to switch over from the expensive Poly Wool and Wool blended fabrics. Already, the high value and superior fabric blends like Poly Modal, etc. are being supplied to leading brands in USA. There is also attractive international market for women’s wear products and continuous growth exists in dope dyed K-Match/Mix-n-Match suit-separates in the Global market.

The Thermal Power Plant was commissioned in the last quarter of financial year 2008-09. Since then it has been functioning efficiently. It has been tested to run at full load satisfactorily. TPP has enabled substantial cost saving during the period coupled with profit on power sale. In addition the availability of TPP provides uninterrupted power supply, thereby enabling higher production and lower wastages.

BUSINESS OUTLOOK

India is now a fast emerging market inching to reach half a billion middle income population by 2030. Coupled with increasing purchasing power, this is likely to provide continuous growth in textiles demand in the country. The growth, however, would be influenced by the level of innovation in the industry.

Your company is increasing customer base in USA and UK being the two biggest markets in the world. The company will aggressively offer stretch products and cater to the untapped women’s wear segment in these markets, leading to higher business growth in the financial year 2010-11.

CONTINGENT LIABILITIES NOT PROVIDE FOR IN RESPECT OF

Particulars	31.03.2010 Rs. In Millions
Claims not acknowledged as debts (net of tax Rs. 121.855 Millions) (Previous year Rs. 127.399 Millions)	193.000
Estimated amount of contracts remaining to be executed on capital account and not provided (Net of Tax Rs. 0.446 Million) (Previous year Rs. 1.475 Million)	0.675

Fixed Assets

• Freehold Land
• Building
• Plant and Machinery
• Furniture and Fitting and Office Equipments
• Vehicles

Intangible Assets

· Computer Software

NOTES of ACCOUNTS

Contingent Liability

Particular	31.03.2009 Rs. In Millions
Contingent liabilities nor provided for in respect of claims not acknowledged as debts (Net of tax Rs.123.396 millions ) (Previous year Rs.97.771 millions)	186.936
Estimated amount of contractor remaining to be executed on capital account and provided (Advanced paid Rs.1.475 millions) (previous year Rs.294.170 millions)	1.657

Bankers Charges Report as per Registry

Corporate identity number of the company	U17120MH2007PLC173993
Name of the company	GRASIM BHIWANI TEXTILES LIMITED
Address of the registered office or of the principal place of business in India of the company	409, Cotton Exchange Building, Kalbadevi Road, Mumbai- 400002, Maharashtra, India
This form is for	Creation of Charge
Type of charge	Immovable Property Movable Property
Particular of charge holder	Life Insurance Corporation of India, Yogakshema Jeevan Bima Marg, Mumbai-400021, Maharashtra, India
Nature of instrument creating charge	Deed of confirmation cum noation dated 25.03.2010 amongst Grasim Industries Limited, Grasim Bhiwani Textiles Limited and Life Insurance Corporation of India
Date of instrument Creating the charge	25.03.2010
Amount secured by the charge	Rs. 383.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 9.5%% p.a. Terms of Repayment First 8 quarterly installments of Rs. 12.068 Millions each starting from 01.04.2011 Next 8 installments of Rs. 14.462 Millions each Next 8 Installments of Rs. 18.973 Millions each And last installment of Rs. 18.976 Millions each Margin 1.25 times Extent and Operation of the charge First charge on movable and immovable properties of the company’s following divisions: a) Bhiwani Textiles Mills at Bhiwani (Haryana) and b) Elegant Spinners at Bhiwani (Haryana) As more particularly stated in the Deed of Confirmation-cum-Novation dated 25.03.2010 The company undertaken to LIC to repay the loan together with interest, additional interest thereon and all other costs, charges and expenses in relations thereto, to LIC
Short particulars of the property charged	Movable Properties (save and except book debts and other current assets and investments) of the company, as per Deed of confirmation cum Novation dated 25.03.2010 Immovable properties of the company at Bhiwani (Haryana), as per Deed of confirmation cum Novation dated 25.03.2010, of its following Divisions: a) Bhiwani Textile Mills and b) Elegant Spinners.

This form is for	Creation of charge
Corporate identity number of the company	U17120MH2007PLC173993
Name of the company	GRASIM BHIWANI TEXTILES LIMITED
Address of the registered office or of the principal place of business in India of the company	409, Cotton Exchange Building, Kalbadevi Road, Mumbai- 400002, Maharashtra, India
Type of charge	Movable Property
Particular of charge holder	CIN: L65920MH1994PLC080618 HDFC Bank Limited HDFC Bank Housesenapati Bapat Marg, Lower Parel, (West), Mumbai- 400013, Maharashtra, India E-Mail: vijay.gorasia@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum relating to hypothecation assets
Date of instrument Creating the charge	20.04.2009
Amount secured by the charge	Rs.267.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 10.25% p. a. for a period of three years from the date of disbursement and therafter, at such rate as may be mutually agreed to between the borrower the borrower and the bank Terms of Repayment i) 0-2 years :- Moratorium- Nil Repayments ii) 3^rd to 4^th year :- 15% of Loan in 8 equal quarterly installment from 01.10.2010 to 01.07.2010 (i. e. Rs.5.006 per installment) iii) 5^th to 6^th year :- 25% of loan in 8 equal quarterly installment from 01.10.2012 to 01.07.20174 (i. e. Rs.8.344 millions per installment) iv) 7^th to 10^th year :- 60% of loan in 16 equal quarterly installments from 01.10.2014 to 01.07.2018 ( i. e. Rs.10.012 millions per installment) Margin 1.25 times of the loan amount (as stipulated in the loan agreement) Extent and Operation of the charge Hypothecation by the way of first pari passu charge on all moveable fixed assets both present and future.
Short particulars of the property charged	Hypothecation by the way of first pari passu charge on all moveable fixed assets both present and future.

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.46.97
UK Pound	1	Rs.74.21
Euro	1	Rs.63.66

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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.