MIRA INFORM REPORT

Report Date :

03.01.2012

IDENTIFICATION DETAILS

Name :	GINNI INTERNATIONAL LIMITED (TRANSFER FROM DELHI TO RAJASTHAN)
Registered Office :	SP-2/ 1A and SP-2-2, RIICO Industrial Area, Neemrana, Behror, District Alwar – 301705, Rajasthan
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.04.1984
Com. Reg. No.:	17-11217
Capital Investment / Paid-up Capital :	Rs.403.400 Millions
CIN No.: [Company Identification No.]	L70101RJ1984PLC011217
TAN No.: [Tax Deduction & Collection Account No.]	JPRG02317A
PAN No.: [Permanent Account No.]	AAACG0182E
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Manufacturers of Superior Quality Textile.
No. of Employees :	Total: 1550 (Office : 50, Factory : 1500) Approximately

RATING & COMMENTS

MIRA’s Rating :

B (32)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1600000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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 Office/ Factory 1 :	SP-2/ 1A and SP-2-2, RIICO Industrial Area, Neemrana Behror, District Alwar – 301 705, Rajasthan, India
Tel. No.:	91-1494-246116 / 246117/ 8/ 246069/ 246070
Mobile No.:	91-9414785389 (Mr. Umesh)
Fax No.:	91-1494-246070
E-Mail :	gniint@vsnl.net pawan.singhal@ginniint.com pnb.ecehouse@hotmail.com
Website :	http://www.ginniint.com
Area :	1.57 lakhs Sq. mtr
Location :	Leased
Corporate Office/ Factory 2 :	2^nd Floor, 11/ 6B, Shanti Chambers, Pusa Road, New Delhi – 110005, India
Tel. No.:	91-11-25826667/ 25826668/ 25826669/ 25827433/ 37
Fax No.:	91-11-25827433/ 25827437/ 25863255/ 25742042
Email :	plant@ginniint.com yarnmktg@ginniint.com fabricmktg@ginniint.com
Location :	Rented

DIRECTORS

AS ON 22.09.2011

Name :

Mr. Sharad Jaipuria

Designation :

Chairman and Managing Director

Address :

Ginni Staff Colony, RIICO Industrial Area, Neemrana, Alwar – 301 705, Rajasthan, India

Date of Birth/Age :

07.04.1957

Date of Appointment :

01.07.1995

DIN No.:

00017049

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	U18201DL1991PTC117262	SHISHIR FINSTOCK PRIVATE LIMITED	Director	1/3/1995	1/3/1995	-	Active	NO
2	L70101RJ1984PLC011217	GINNI INTERNATIONAL LTD. (TRANSFER FROM DELHI TO RAJ.)	Managing director	1/7/2010	1/7/1995	-	Active	NO
3	U17119DL1989PLC038457	GINNI GLOBAL LIMITED	Director	24/07/2000	24/07/2000	-	Active	NO
4	U17120MH1967PLC013669	CONFEDERATION OF INDIAN TEXTILE INDUSTRY	Director	28/09/2010	7/3/2005	-	Active	NO
5	U51399RJ1993PTC025357	CASTLE MERCHANTS PRIVATE LIMITED	Director	26/05/2006	26/05/2006	-	Amalgamated	NO
6	U74899DL1991PTC044893	GINNI ENERGY PRIVATE LIMITED	Director	27/08/2010	1/10/2009	9/11/2010	Active	NO
7	U01111DL2010PTC211675	RAMYA AGROTECH PRIVATE LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO
8	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	24/12/2010	24/12/2010	-	Active	NO

Name :

Mr. Umesh Gupta

Designation :

Whole Time Director

Address :

Ginni Staff Colony, RIICO Industrial Area, Neemrana, Alwar – 301 705, Rajasthan, India

Date of Birth/Age :

05.08.1962

Date of Appointment :

31.07.2006

DIN No.:

00658794

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	L70101RJ1984PLC011217	GINNI INTERNATIONAL LIMITED (TRANSFER FROM DELHI TO RAJ.)	Whole-time director	1/10/2011	31/07/2006	Active	NO
2	U29299RJ1993PTC021948	PITAMBARI ENGINEERS PRIVATE LIMITED	Director	23/09/2006	28/08/2006	Active	NO
3	U17124RJ1991PTC020942	SHRIVATS TEXKNIT PRIVATE LIMITED(TRANSFERRED FROM UTTAR PARDESH)	Director	23/09/2006	28/08/2006	Active	NO

Name :

Mr. Shiromani Sharma

Designation :

Director

Address :

B-45, Sector – 44, Noida, Uttar Pradesh, India

Date of Birth/Age :

05.07.1938

Date of Appointment :

18.07.1995

DIN No.:

00014619

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	L63581MH1991PLC063581	HANIL ERA TEXTILES LIMITED	Director	21/10/1992	21/10/1992	23/02/2009	Active	NO
2	L21011WB1936PLC008726	STAR PAPER MILLS LIMITED	Director	29/06/1993	29/06/1993	-	Active	NO
3	L70101RJ1984PLC011217	GINNI INTERNATIONAL LIMITED (TRANSFER FROM DELHI TO RAJ.)	Director	18/07/1995	18/07/1995	-	Active	NO
4	U18101DL1993PLC052309	IMX EXPORTS LIMITED	Director	24/01/1996	24/01/1996	14/06/2001	Active	NO
5	L34101UP1972PLC003612	LML LIMITED	Director	28/01/2002	28/01/2002	-	Active	NO
6	U85110WB2000PTC092469	PALLMALL EDUSYSTEMS AND MEDICARE SERVICES PRIVATE LIMITED	Director	29/09/2008	29/09/2008	-	Amalgamated	NO
7	U67190DL2009PTC194809	LEAPSTART TRUSTEE COMPANY PRIVATE LIMITED	Director	3/8/2010	9/10/2009	-	Active	NO

Name :

Mr. Salil Bhandari

Designation :

Director

Address :

B-38, Chittaranjan Park, New Delhi, India

Date of Birth/Age :

28.11.1957

Date of Appointment :

30.01.2001

DIN No.:

00017566

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	U74899DL1984PTC018948	ADISHREE CHEMICALS AND FERTILIZERS PRIVATE LIMITED	Additional director	9/8/1984	9/8/1984	-	Active	NO
2	U51492RJ1992PLC022945	BSL WULFING LIMITED	Director	27/03/1996	27/03/1996	-	Amalgamated	NO
3	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	15/12/1997	15/12/1997	-	Active	NO
4	L30103HR1983PLC026142	OMAX AUTOS LIMITED	Director	16/08/1999	16/08/1999	-	Active	NO
5	L70101RJ1984PLC011217	GINNI INTERNATIONAL LIMITED (TRANSFER FROM DELHI TO RAJ.)	Director	30/01/2001	30/01/2001	-	Active	NO
6	U74899DL1988PTC033376	SPECTRUM CREDIT AND INVESTMENT PRIVATE LIMITED	Director	27/11/2001	27/11/2001	-	Active	YES
7	U74140DL2001PTC113304	INTEGRATED OUTSOURCING SOLUTIONS PRIVATE LIMITED	Director	28/11/2001	28/11/2001	-	Active	YES
8	U80302DL2003PTC121966	SAFAL SKILLS DEVELOPMENT PRIVATE LIMITED	Director	28/08/2003	28/08/2003	17/03/2010	Active	NO
9	L29303WB1982PLC034996	POLAR INDUSTRIES LIMITED	Director	26/05/2006	26/05/2006	6/4/2007	Active	NO
10	U31101DL2006PLC148862	BHILWARA ENERGY LIMITED	Director	20/07/2006	20/07/2006	-	Active	NO
11	U91990DL2007PLC158833	SYENERGY ENVIRONICS LIMITED	Director	27/12/2007	13/04/2007	-	Active	NO
12	U17119DL1989PLC038457	GINNI GLOBAL LIMITED	Director	30/08/2008	31/05/2008	-	Active	NO
13	L28122DL1983PLC017141	AMD INDUSTRIES LIMITED	Director	26/09/2008	20/06/2008	2/1/2009	Active	NO
14	L24302RJ1970PLC002266	BSL LIMITED	Director	23/09/2009	25/10/2008	-	Active	NO
15	U40101HR2010PLC040909	OMAX ENGINEERING SERVICES LIMITED	Director	15/07/2010	15/07/2010	-	Active	NO

Name :

Mr. Tara Kumar Sinha

Designation :

Director

Address :

211, J Block Mandir Marg, New Delhi – 110 017, India

Date of Birth/Age :

03.01.1932

Date of Appointment :

18.02.1995

DIN No.:

01188140

Name :

Mr. Brijendra Sahay

Designation :

Director

Address :

472, Sector – 15A, Noida, Uttar Pradesh, India

Date of Birth/Age :

26.07.1939

Date of Appointment :

30.01.2001

DIN No.:

00017600

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	U67120UP1987PLC008909	SAHARA INDIA FINANCIAL CORPORATION LIMITED	Director	7/6/1998	7/6/1998	16/07/2008	Active	NO
2	L70101RJ1984PLC011217	GINNI INTERNATIONAL LIMITED (TRANSFER FROM DELHI TO RAJ.)	Director	30/01/2001	30/01/2001	-	Active	NO
3	L18100WB1991PLC099782	SAHARA HOUSINGFINA CORPORATION LIMITED	Director	24/08/2002	24/08/2002	-	Active	NO
4	L67120MH1981PLC024947	SAHARA ONE MEDIA AND ENTERTAINMENT LIMITED	Director	29/07/2006	29/07/2006	-	Active	NO

Name :

Mrs. Geeta Vishwanath Poojary

Designation :

Director

Address :

Flat Noo.1401, Wallace Apartment Sleater Road, Grant Road, West, Mumbai – 400007, Maharashtra, India

Date of Birth/Age :

27.01.1956

Date of Appointment :

23.06.2011

DIN No.:

03583731

Name :

Ms. Pooja S. Mahajan

Designation :

Nominee Director

Address :

B-1/ 721, Tower No.16, Silver City, Sector – 93, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

11.09.1979

Date of Appointment :

31.10.2009

Nominee Company :

IFCI Limited

DIN No.:

02874604

KEY EXECUTIVES

Name :	Mr. Pawan Kumar Singhal
Designation :	Company Secretary
Address :	MP-114, Pitampura, New Delhi, India
Date of Birth/Age :	12.06.1961
Date of Appointment :	26.06.2000
	AIGPS1236A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2010

Category of Shareholder	No. of Shares	Percentage of Holding
Shareholding of Promoter and Promoter Group^2
Indian
Individuals/ Hindu Undivided Family	362400	1.70
Bodies Corporate	7574700	35.58
Sub Total(A)(1)	7937100	37.28
Foreign
Bodies Corporate	7761600	36.45
Sub Total(A)(2)	7761600	36.45
Total Shareholding of Promoter and Promoter Group (A)= (A)(1)+(A)(2)	15698700	73.73
Public shareholding
Institutions
Sub-Total (B)(1)	0	0.00
Non-institutions
Bodies Corporate	5415400	25.43
Individuals		0.00
Individuals -i. Individual shareholders holding nominal share capital up to Rs.0.100 million	94950	0.45
ii. Individual shareholders holding nominal share capital in excess of Rs.0.100 million	82950	0.39
Any Other (specify)	0	0.00
Sub-Total (B)(2)	5593300	26.27
Total Public Shareholding (B)= (B)(1)+(B)(2)	5593300	26.27
TOTAL (A)+(B)	21292000	100
Shares held by Custodians and against which Depository Receipts have been issued	--	N.A
GRAND TOTAL (A)+(B)+(C)	21292000	--

BUSINESS DETAILS

Line of Business :

Manufacturers of Superior Quality Textile.

Products :

ITC Code	Product Description
52050000	Cotton Yarn
600120	Cotton Knitted Fabric
52080000	Woven Fabric
52094200	Denim Fabric

GENERAL INFORMATION

No. of Employees :

Total: 1550 (Office : 50, Factory : 1500) Approximately

Bankers :

· Punjab National Bank,

ECE House, 28, A K Marg, New Delhi – 110001, India

· HDFC Bank,

H T House, K G Marg, New Delhi – 110001, India

· Export Import Bank of India,

Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

· Canara Bank

2^nd Floor, World Trade Tower, Barakhamba Lane, Cannaught Place, New Delhi, India

· Bank of India

New Delhi Overseas Branch, Vijaya Building, 17 Barakhamba Road, New Delhi, India

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)
I. TERM LOANS
a) From Financial Institution
i) Foreign Currency Loan	231.293
b) From Banks
i) Rupee Loans	942.360
The above loans are secured by - Equitable mortgage of the immovable property ranking pan passu, interse and guaranteed by Managing Director. - Hypothecation of all the movable assets (except book debts) subject to prior charges on current assets/specific fixed assets in favour of company’s bankers for working capital/ term loans. - Rupee lean of Rs.39.600 millions is secured by hypothecation of specific assets and guaranteed by Managing Director. - Further secured by pledge of 4205900 equity shares of the company held by promoter and associates against Term Loans of Rs.293.723 millions
ii) Rupee loans - Secured by hypothecation of Vehicles	0.884
II. WORKING CAPITAL LOANS FROM BANKS Secured by hypothecation of inventories and book debts, second charge on the fixed assets and guaranteed by Managing Director	649.846
Total	1824.383
Unsecured Loans	31.03.2010 (Rs. In Millions)
From Bodies Corporate	9.886
Supplier’s Deferred Credit	22.375
Total	32.261

Banking Relations :	--
Financial Institution :	· Picanol NV Karel Steverlyncklaan, 15 B -8900 Ieper, Belgium – 8900
Auditors :
Name :	B. Chhawchharia and Company Chartered Accountants
Address :	K – 3/27, DLF City, Phase – II, Gurgaon – 122002, Haryana, India
Subsidiaries :	Ginni Global Private Limited CIN No.: U17119DL1989PTC038457

CAPITAL STRUCTURE

AS ON 22.09.2010

Authorised Capital:

No. of Shares	Type	Value	Amount
22000000	Equity Shares	Rs.10/- each	Rs.220.000 Millions
2100000	Redeemable Cumulative Preference Shares	Rs.100/- each	Rs.210.000 millions
	Total		Rs.430.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
21292000	Equity Shares	Rs.10/- each	Rs.212.920 millions
1904800	Redeemable Cumulative Preference Shares	Rs.100/- each	Rs.190.480 millions
	Total		Rs.403.400 millions

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		403.400	385.900	385.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		146.285	147.910	147.910
4] (Accumulated Losses)		(141.867)	(161.084)	(30.603)
NETWORTH		407.818	372.726	503.207
LOAN FUNDS
1] Secured Loans		1824.383	1770.630	1796.152
2] Unsecured Loans		32.261	31.992	9.472
TOTAL BORROWING		1856.644	1802.622	1805.624
DEFERRED TAX LIABILITIES		15.641	6.894	35.013
TOTAL		2280.103	2182.242	2343.844
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1412.076	1555.714	1633.355
Capital work-in-progress		0.000	0.974	1.178
INVESTMENT		16.825	16.875	3.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	636.775	404.974	487.771
	Sundry Debtors	265.264	239.966	236.918
	Cash & Bank Balances	15.068	15.037	4.949
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	170.512	108.825	141.546
Total Current Assets		1087.619	768.802	871.184
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	139.031	46.959	131.383
	Other Current Liabilities	77.581	90.922	21.456
	Provisions	19.805	22.242	12.034
Total Current Liabilities		236.417	160.123	164.873
Net Current Assets		851.202	608.679	706.311
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2280.103	2182.242	2343.844

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	2662.978	2309.277	2100.569
		Other Income	18.199	11.057	9.566
		TOTAL (A)	2681.177	2320.334	2110.135
Less	EXPENSES
		Materials and Manufacturing Expenses	2125.882	1868.960	1787.304
		Payments and Benefits to employees	130.882	119.778	116.165
		Administration, Selling and Other Expenses	122.951	123.931	111.209
		Accretion/ Decretion in Stock	(14.524)	64.886	(22.024)
		Pre-Production period deficit allocated to fixed assets	0.000	0.000	(14.990)
		TOTAL (B)	2365.191	2177.555	1977.664
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		315.986	142.779	132.471
Less	INTEREST (D)		149.089	156.593	149.646
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		166.897	(13.814)	(17.175)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		138.910	144.997	128.534
	PROFIT BEFORE TAX (E-F) (G)		27.987	(158.811)	(145.709)
Less	TAX (H)		8.747	(27.169)	1.025
	PROFIT AFTER TAX (G-H) (I)		19.240	(131.642)	(146.734)
	Income tax adjustment relating to earlier year		(0.023)	1.161	0.000
	Transferred from General Reserve		0.000	0.000	0.804
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(161.084)	(30.603)	115.327
	BALANCE CARRIED TO THE B/S		(141.867)	(161.084)	(30.603)
	Earnings Per Share (Rs.)		0.35	(6.74)	(7.46)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.72	(5.67)	(6.95)
Net Profit Margin (PBT/Sales)	(%)	1.05	(6.88)	(6.94)
Return on Total Assets (PBT/Total Assets}	(%)	1.12	(6.83)	(5.82)
Return on Investment (ROI) (PBT/Networth)		0.07	(0.43)	(0.29)
Debt Equity Ratio (Total Liability/Networth)		5.13	5.27	3.92
Current Ratio (Current Asset/Current Liability)		4.60	4.80	5.28

LOCAL AGENCY FURTHER INFORMATION

The registered office of the company has been shifted from Delhi to Rajasthan.

OPERATIONS

During the year, the company manufactured 9413.29 MT of cotton yam and 175.02 lac metre of fabric. Sales and other Income registered a growth of 15.55% over the previous year. During the year, the company regained operating margins with the recovery of global economy and earned gross profit of Rs.166.897 millions against gross loss of Rs.13.814 millions in the previous year.

The directors are unable to recommend any dividend for the year due to accumulated Losses.

FUTURE OUTLOOK

Surging demand of cotton textiles had a positive Impact on the operating margins of the company. Continuous emphasis on the sale of value added products and development of new markets are also contributing in improving operating margins.

The directors are optimistic about the further improved performance of the company during the current financial year.

PAID-UP CAPITAL

During the year, the company issued 300,000 Redeemable Cumulative Preference Shares (RCPS) of Rs.100/- each aggregating to Rs.30.000 millions on preferential basis to redeem outstanding preference shares, becoming due for redemption and financing capital expenditure.

FORM 8

Corporate identity number of the company	L70101RJ1984PLC011217
Name of the company	GINNI INTERNATIONAL LIMITED (TRANSFER FROM DELHI TO RAJASTHAN)
Address of the registered office or of the principal place of business in India of the company	SP-2/ 1A and SP-2-2, RIICO Industrial Area, Neemrana, District Alwar – 301 705, Rajasthan, India E-Mail: pawan.singhal@ginniint.com
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	Picanol NV Karel Steverlyncklaan, 15 B -8900 Ieper, Belgium – 8900 E-Mail: pksv@picanol.be
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation dated 31.08.2011
Date of instrument Creating the charge	31.08.2011
Amount secured by the charge	Rs.33.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 3.19% p.a. Terms of Repayment: Repayment over a period of 35 months in six half yearly installments. Margin: NA Extent and Operation of the charge: Exclusive charge on the 16 Picanol Airjet Weaving Machines (Machine Nos. 305877-305892)
Short particulars of the property charged	16 Picanol Airjet Weaving Machines being 16 Omniplus 800 2 P 190 CM (Machine No’s 305877-305892) installed at RIICO Industrial Area, Neemrana, district Alwar, Rajasthan

Name of the company

GINNI INTERNATIONAL LIMITED

Presented By

Mr. P.K. Singal

CFO and Company Secretary

1) Date and description of instrument creating the change

Agreement of Hypothecation of plant and machinery dated 30^th day of January, 2006.

2) Amount secured by the charge/amount owing on the securities of charge

Credit facilities of Rs.273.500 millions only as per details given:

(Rs. in millions)

I. Fund Based
a. Packing Credit/ CC Limit	182.500
b. Post Shipment - FBN	75.000
Sub Total-I	257.500
II. Non Fund Based
a. L/C	15.000
b. Guarantees (inland)	1.000
Sub Total-II	16.000
Grand Total	273.500

Agreement of Hypothecation

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

First pari passu charge on stock of raw materials, WIP, finished goods, stores and spares, fuel and other stock, book debts, more specifically defined in hypothecation deed dated 30^th January, 2006.

4) Gist of the terms and conditions and extent and operation of the charge.

Rupee Packing Credit: 6.50% p.a. upto 180 days, 11.25% for 180 to 270 days, 4% over BPLR, presently 14.75% p.a. for beyond 270 days.

PCFC/ FBN/ FBP in Foreign Currency: 75 basis point over 6 months LIBOR upfront 0.50%.

CC Limit: 8.75% p.a.

5) Name and Address and description of the person entitled to the charge.

Bank of India, New Delhi Overseas Branch, Vijaya Building, 17, Barakhamba Road, New Delhi, India

6) Date and brief description of instrument modifying the charge

N.A.

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

N.A.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH JUNE, 2011.

(RS. IN MILLIONS)

S. No.		Particulars	Quarter ended 30.06.2011 (Reviewed)	Quarter Ended 30.06.2010 (Reviewed)	Year ended 31.03.2011 (Reviewed)
1.		Income
	(a)	Net Sales/Income from Operations	928.188	730.512	3379.274
	(b)	Other Operating Income	2.168	3.254	12.997
	(c)	Total	930.356	733.766	3392.271
2		Expenditure
	(a)	Decrease / (Increase) in Stock in trade & work in progress	(23.020)	(19.790)	(246.381)
	(b)	Consumption of Raw Materials	761.189	469.210	2316.880
	(c)	Purchase of traded goods	5.993	--	13.971
	(d)	Power & Fuel	55.955	60.398	232.776
	(e)	Employees Costs	45.979	37.143	164.497
	(f)	Depreciation	36.370	34.174	154.693
	(g)	Other Expenditure	87.381	78.702	390.367
	(h)	Total	969.847	659.837	3026.803
3		Profit from operations before other Income, Interest & exceptional items(1-2)	(39.491)	73.929	365.468
4		Interest	48.313	40.776	151.140
5		Profit / (Loss) from Ordinary Activities before tax(3-4)	(87.804)	33.153	214.328
6		Tax Expense
	(a)	Income Tax	--	--	1.401
	(b)	Deferred Tax (assets)/ Liabilities	(27.121)	10.257	70.066
		Total	(27.121)	10.257	70.066
7		Net Profit / (Loss) from Ordinary Activities after Tax (5-6)	(60.683)	22.896	144.262
8		Paid-up equity share capital ( Face value Rs 10/-)	212.920	212.920	212.920
9		Reserves excluding revaluation reserve as per Balance Sheet of previous accounting year	--	--	1474.30
10		Basic & diluted EPS before & after extra ordinary items for the period (Rs.)*	(3.01)	0.90	6.09
11		Public shareholding
	(a)	Number of equity shares	5593300	5593300	5593300
	(b)	Percentage of shareholding	26.27	26.27	26.27
12		Promoters and promoter group shareholding
	(a)	Pledged/Encumbered
		No of shares	4205900	4205900	4205900
		percentage of shares(as a % of the total shareholding of promoters and promoters group	26.79	26.79	26.79
		percentage of shares(as a % of the total share capital of the company	19.75	19.75	19.75
	(b)	Non Encumbered
		No of shares	11492800	11492800	11492800
		percentage of shares(as a % of the total shareholding of promoters and promoters group	73.21	73.21	73.21
		percentage of shares(as a % of the total share capital of the company	53.98	53.98	53.98

*After considering preference dividend at the contracted rate.

• During the quarter neither any complaint received from the investors nor any complaint was outstanding at the beginning and at the end of the quarter.

• Previous period figured have been regrouped/ recast, wherever necessary to conform to the current period classification.

• The above results have been reviewed by the audit committee and thereafter, approved by the board of directors at the meeting held on 10^th August, 2011.

FIXED ASSETS:

· Leasehold Land

· Buildings

· Plant and Machinery

· Electric Installation

· Office and Other Equipments

· Furniture and Fixtures

· Vehicles

WEBSITE DETAILS:

PROFILE:

Subject is an established textile manufacturing company with a reputation of being a trusted supplier of cotton yarn, grey fabric and denim fabric in India and overseas. The company started its commercial production in 1996 with a state-of-the-art manufacturing unit at RIICO Industrial Area, Neemrana, Distt. Alwar, Rajasthan (on Delhi-Jaipur Highway 120 kms. from Delhi).

This was the time when the Indian economy had begun to liberalize, and investment in technology was being encouraged as ‘Quality’ became the prime concern for the various industry sectors. Ginni was ahead of its time, in adopting modern technology in its manufacturing setup. The company established itself as a successful textile manufacturer within a short period of time and received ISO certification in the year 1997.

Ginni has come a long way since its inception. The company banks upon its core strength that lies in its unmatched quality, modern manufacturing technology and commitment to customer satisfaction. Ginni is today a leading integrated textile company.

With consistent growth and a remarkable improvement in the quality and durability of its products, Ginni was also awarded the Oeko Tex certificate in the year 2009. Ginni is a certified manufacturer of Organic Cotton yarn, Woven fabric and Denim fabric.

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.53.27
UK Pound	1	Rs.82.10
Euro	1	Rs.68.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		32

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.