MIRA INFORM REPORT

Report Date :

01.11.2012

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) :	31.03.2011
Date of Incorporation :	24.04.1984
Com. Reg. No.:	17-011217
Capital Investment / Paid-up Capital :	Rs. 398.400 Millions
CIN No.: [Company Identification No.]	L70101RJ1984PLC011217
TAN No.: [Tax Deduction & Collection Account No.]	JPRG02317A
PAN No.: [Permanent Account No.]	AAACG0182E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers of Superior Quality Textile.
No. of Employees :	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 2183000
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. Note: Subject is de-listed from NSE and BSE

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BB (Long term Bank Facilities)
Rating Explanation	Having Moderate risk of default regarding timely servicing of Financial obligation
Date	October, 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

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 geeta@eximbankindia.in
Website :	http://www.ginniint.com
Yarn Enquiries and Fabric Enquiries Corporate Office/ Factory 2 :	2nd Floor, 11/ 6B, Shanti Chambers, Pusa Road, New Delhi – 110005, India
Tel. No.:	91-11-25826667/ 25826668/ 25826669/ 25827433/ 37 / 40088000
Fax No.:	91-11-25827433/ 25827437/ 25863255/ 25742042/ 25863157/
Email :	plant@ginniint.com yarnmktg@ginniint.com fabricmktg@ginniint.com

DIRECTORS

As on 31.03.2012

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

Qualification :

L.L.B

PAN No.:

AANPJ5626J

DIN No.:

00017049

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U18201DL1991PTC117262	SHISHIR FINSTOCK PRIVATE LIMITED	Director	01/03/1995	01/03/1995	-	Active	NO
2	L70101RJ1984PLC011217	GINNI INTERNATIONAL LTD. (TRANSFER FROM DELHI TO RAJ.)	Managing director	01/07/2010	01/07/1995	-	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	07/03/2005	-	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	01/10/2009	09/11/2010	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. 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

Qualification :

M.SC

DIN No.:

00014619

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L63581MH1991PLC063581	HANIL ERA TEXTILES LIMITED	Director	21/10/1992	21/10/1992	23/02/2009	Active	NO
2	L21011WB1936PLC008726	STAR PAPER MILLS LTD.	Director	29/06/1993	29/06/1993	-	Active	NO
3	L70101RJ1984PLC011217	GINNI INTERNATIONAL LTD. (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	03/08/2010	09/10/2009	-	Active	NO

Name :

Mr. Salil Bhandari Kumar

Designation :

Director

Address :

B-381, Chittaranjan Park, New Delhi, India

Date of Birth/Age :

28.11.1957

Date of Appointment :

30.01.2001

Qualification :

C.A

DIN No.:

00017566

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1984PTC018948	ADISHREE CHEMICALS AND FERTILIZERS PRIVATE LIMITED	Additional director	09/08/1984	09/08/1984	-	Active	NO
2	U51492RJ1992PLC022945	BSL WULFING LTD.	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 LTD. (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 LTD	Director	26/05/2006	26/05/2006	06/04/2007	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	02/01/2009	Active	NO
14	L24302RJ1970PLC002266	BSL LTD	Director	23/09/2009	25/10/2008	-	Active	NO
15	U40101HR2010PLC040909	OMAX ENGINEERING SERVICES LIMITED	Director	31/12/2011	15/07/2010	-	Active	NO
16	L51433WB1960PLC024539	HSIL LIMITED	Director	19/09/2012	29/05/2012	-	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

Qualification :

M.A -ECO

DIN No.:

00017600

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U67120UP1987PLC008909	SAHARA INDIA FINANCIAL CORPORATION LIMITED	Director	07/06/1998	07/06/1998	16/07/2008	Active	NO
2	L70101RJ1984PLC011217	GINNI INTERNATIONAL LTD. (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 :

Mr. Umesh Gupta

Designation :

Whole Time Director

Address :

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

UDate of Birth/Age :

05.08.1962

Date of Appointment :

31.07.2006

Qualification :

B.Tec

PAN No.:

ABJPG7767N

DIN No.:

00658794

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L70101RJ1984PLC011217	GINNI INTERNATIONAL LTD. (TRANSFER FROM DELHI TO RAJ.)	Whole-time director	01/10/2011	31/07/2006	-	Active	NO
2	U29299RJ1993PTC021948	PITAMBARI ENGINEERS PVT LTD	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	-	Amalgamated	NO

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

Name :

Mrs. Geeta Vishwanath Poojary

Designation :

Nominee Director

Address :

Flat No.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

Nominee Company :

Export Import Bank of India

DIN No.:

03583731

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
PAN No.:	AIGPS1236A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.09.2011

Category of Shareholder	No. of Shares	Percentage of Holding
Shareholding of Promoter and Promoter Group2
Indian
Individuals/ Hindu Undivided Family	730900	3.29
Central Government/ State Government(s)	0	0.00
Bodies Corporate	15872800	71.51
Financial Institutions/ Banks	0	0.00
Any Others(Specify)	0	0.00
Sub Total(A)(1)	16603700	74.80
Foreign
Individuals (Non-Residents Individuals/ Foreign Individuals)	0	0.00
Bodies Corporate	0	0.00
Institutions	0	0.00
Any Others(Specify)	0	0.00
Sub Total(A)(2)	0	0.00
Total Shareholding of Promoter     and Promoter Group (A)= (A)(1)+(A)(2)	16603700	74.80
Public shareholding
Institutions
Mutual  Funds/ UTI	0	0.00
Financial Institutions / Banks	0	0.00
Central Government/ State Government(s)	0	0.00
Venture  Capital Funds	0	0.00
Insurance Companies	0	0.00
Foreign Institutional Investors	0	0.00
Foreign Venture Capital Investors	0	0.00
Any Other (specify)	0	0.00
Sub-Total (B)(1)	0	0.00
Non-institutions
Bodies Corporate	5415400	24.40
Individuals		0.00
Individuals -i. Individual shareholders holding nominal share capital up to Rs. 0.100 Millions	94950	0.43
ii. Individual shareholders holding nominal   share capital in excess of Rs. 0.100 Millions	82950	0.37
Any Other (specify)	0	0.00
Sub-Total (B)(2)	5593300	25.20
Total Public Shareholding (B)= (B)(1)+(B)(2)	5593300	25.20
TOTAL (A)+(B)	22197000	100.00
Shares  held by Custodians and against which Depository Receipts have been issued
Promoter and Promoter Group
Public	0	0
Sub-Total (C )	0	0
GRAND TOTAL (A)+(B)+(C)	22197000	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Superior Quality Textile

Products :

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

PRODUCTION STATUS AS ON 31.03.2012

Particulars	Unit	Licensed Capacity	Installed Production
Cotton Yarn	Spindles	NA	39312
Woven Fabric	Looms	NA	108
Denim Fabric	Meters (000)	NA	14000

GENERAL INFORMATION

No. of Employees :

1550 (Office : 50, Factory : 1500) Approximately

Bankers :

· Bank of India, New Delhi Mid Corporate Branch, 37 Shaheed Bhagat, Singh Marg, Near Shivaji Stadium, Connaught Place,, New Delhi - 110001, India

· Bank of India 37 Saheed Bhagat Singh Marg, Hotel Connaught, Near Shivaji Stadium, New Delhi - 110001, Delhi, India

· Oriental Bank Of Commerce IFB, H- Block, Connaught Circus, New Delhi - 110001, India

· Punjab National Bank

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans bank secured	905.316	942.360
Foreign currency loans financial institutions secured	230.555	231.293
Foreign currency loans others secured	20.024	0.000
Working capital loans bank secured	845.154	649.845
Loans taken for fixed assets secured	0.424	0.885
Total	2001.473	1824.383
Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans others unsecured	22.977	9.886
Foreign currency loans others secured	13.822	22.375
Total	36.799	32.261

Banking Relations :	--
Financial Institution:	Picanol NV, Karel Steverlyncklaan, 15 B-8900 leper,, Belgium - 8900, Belgium
Auditors :
Name :	B. Chhawchharia and Company Chartered Accountants
Address :	8A and 8B, Satyam Tower, 3, Alipore Road, Kolkata - 700 027, West Bengal, India
PAN No.:	AADFB3201F
Subsidiaries :	Ginne Global Limited PAN No.: AAACG3064H CIN No.: U17119DL1989PTC038457
Related Parties:	Borodril Commercial Company Private Limited, India PAN No.:AACCB0115E CIN No.: U99999RJ1993PTC025360 Piambari Engineers Private Limited, India PAN No.:AABCP7212M CIN No.: U29299RJ1993PTC021948 Mountview Suppliers Private Limited, India PAN No.:AAECM5341D CIN No.: U51109RJ2006PTC036003 Shrivats Texknit Private Limited, India PAN No.: AACCS3202P CIN No.: U17124RJ1991PTC020942
Associate:	Shirshir Finstock Private Limited, India PAN No.: AADCS1575J CIN No.: U18201DL1991PTC117262 Lagan Sales Private Limited, India PAN No.:AABCL3786C CIN No.: U51109RJ200PTC036002

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
22000000	Equity Shares	Rs.10/- each	Rs.220.000 Millions
2100000	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
1854800	Preference Shares	Rs.100/- each	Rs.185.480 Millions
	Total		Rs. 398.400 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		398.400	403.400	385.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		147.431	146.285	147.910
4] (Accumulated Losses)		0.00	(141.867)	(161.084)
NETWORTH		545.831	407.818	372.726
LOAN FUNDS
1] Secured Loans		2001.473	1824.383	1770.630
2] Unsecured Loans		36.799	32.261	31.992
TOTAL BORROWING		2038.272	1856.644	1802.622
DEFERRED TAX LIABILITIES		84.306	15.641	6.894
TOTAL		2668.409	2280.103	2182.242
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1398.790	1412.076	1555.714
Capital work-in-progress		21.376	0.000	0.974
INVESTMENT		16.825	16.825	16.875
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1083.929	636.775	404.974
	Sundry Debtors	367.638	265.264	239.966
	Cash & Bank Balances	8.361	15.068	15.037
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	193.520	170.512	108.825
Total Current Assets		1653.448	1087.619	768.802
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	271.950	139.031	46.959
	Other Current Liabilities	79.377	77.581	90.922
	Provisions	70.703	19.805	22.242
Total Current Liabilities		422.030	236.417	160.123
Net Current Assets		1231.418	851.202	608.679
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2668.409	2280.103	2182.242

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3379.274	2662.978	2309.277
		Other Income	12.997	18.199	11.057
		TOTAL (A)	3392.271	2681.177	2320.334
Less	EXPENSES
		Consumption materials changes inventories	2276.241	--	--
		Manufacturing service costs	268.721	--	--
		Employee related expenses	164.497	--	--
		Materials and Manufacturing Expenses	--	2125.882	1868.960
		Payments and Benefits to employees	--	130.882	119.778
		Administration, Selling and Other Expenses	162.652	122.951	123.931
		Accretion/ Decretion in Stock	--	(14.524)	64.886
		Pre-Production period deficit allocated to fixed assets	--	0.000	0.000
		TOTAL (B)	2872.111	2365.191	2177.555
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		520.160	315.986	142.779
Less	INTEREST (D)		151.140	149.089	156.593
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		369.020	166.897	(13.814)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		154.692	138.910	144.997
	PROFIT BEFORE TAX (E-F) (G)		214.328	27.987	(158.811)
Less	TAX (H)		70.066	8.747	(27.169)
	PROFIT AFTER TAX (G-H) (I)		144.262	19.240	(131.642)
	Income tax adjustment relating to earlier year		0.000	(0.023)	1.161
	Transferred from General Reserve		0.000	0.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(141.867)	(161.084)	(30.603)
	BALANCE CARRIED TO THE B/S		2.395	(141.867)	(161.084)
	EARNINGS IN FOREIGN CURRENCY		1249.167	915.217	746.721
	IMPORTS
		Raw Materials	NA	0.462	1.166
		Stores & Spares	NA	47.107	43.074
		Capital Goods	NA	9.450	3.879
	TOTAL IMPORTS		NA	57.019	48.119
	Earnings Per Share (Rs.)		6.09	0.35	(6.74)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.25	0.72	(5.67)
Net Profit Margin (PBT/Sales)	(%)	6.34	1.05	(6.88)
Return on Total Assets (PBT/Total Assets}	(%)	7.02	1.12	(6.83)
Return on Investment (ROI) (PBT/Net worth)		0.39	0.07	(0.43)
Debt Equity Ratio (Total Liability/Net worth)		4.51	5.13	5.27
Current Ratio (Current Asset/Current Liability)		3.92	4.60	4.80

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	------
22]	Litigations that the firm / promoter involved in	------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	------
26]	Buyer visit details	------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

CONTINGENT LIABILITIES NOT PROVIDED FOR: AS ON 31.03.2011

(Rs. in Millions)

Particulars	31.03.2011
Bills discounted with banks	161.453
Excise,textile cess, sale tax and other demands under dispute	3.484

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER , 2012

(Rs. in Millions)

			Quarter ended			Half year ended		Year Ended
S. No.		Particulars	30.09.2012 Reviewed	30.06.2012 Audited	30.09.2011 Reviewed	30.09.2012 Reviewed	30.09.2011 Reviewed		31.03.2012Audited
1.		Income from operations
	a)	Net Sales/Income from Operations (Net of excise duty)	1043.317	974.349	1087.132	2017.666	2015.320		3783.793
	b)	Other Operating Income	47.982	48.078	3.609	96.060	5.776		208.746
		Total income from operations (net)	1091.299	1022.427	1090.741	2113.726	2021.096		3992.539
2		Expenses
	a)	Cost of material consumed	631.226	581.897	731.168	1213.123	1492.357		2707.262
	b)	Purchase of stock in trade	11.043	0.266	-	11.309	5.993		5.993
	c)	Changes in inventories of finished goods, work in progress and stock in trade	(29.124)	13.371	153.377	(15.753)	130.357		169.524
	d)	Employee benefits expenses	63.158	54.421	52.689	117.579	98.668		190.632
	e)	Depreciation and amortisation expenses	38.795	39.390	38.612	78.185	74.982		162.068
	f)	Other expenses	236.428	192.591	188.537	429.019	331.873		712.981
		Total expenses	951.526	881.936	1164.383	1833.462	2134.230		3948.460
3		Profit / (loss) from operations before other Income, finance costs & exceptional items(1-2)	139.773	140.491	(73.642)	280.264	(113.134)		44.079
4		Other Income	1.025	0.905		1.930			40.510
5		Profit / (loss) from ordinary activities before finance costs and exceptional items(3+4)	140.798	141.396	(73.642)	282.194	(113.134)		84.589
6		Finance Costs	48.644	56.087	49.123	104.731	97.436		2,06.834
7		Profit / (loss) from ordinary activities after finance cost but before exceptional items(5-6)	92.154	85.309	(122.765)	177.463	(210.570)		(122.245)
8		Exceptional items	-	-	-	-	-		-
9		Profit / (Loss) from Ordinary Activities before tax(7-8)	92.154	85.309	(122.765)	177.463	(210.570)		(122.245)
10		Tax Expense
	a)	Income Tax	18.438	17.068	-	35.506			-
	b)	Mat Credit Entitlement	18.438	(17.068)	-	(35.506)			-
	c)	Deferred Tax (assets)	28.476	26.360	-37.945	54.836	(65.066)		(34.923)
		Total	28.476	26.360	(37.945)	54.836	(65.066)		(34.923)
11		Net Profit / (Loss) from Ordinary Activities after Tax (9-10)	63.678	58.949	(84.820)	122.627	(145.504)		(87.322)
12		Extraordinary Items (net of tax expense)	-	-	-	-	-		-
13		Net Profit / (Loss) for the period (11-12)	63.678	58.949	(84.820)	122.627	(145.504)		(87.322)
17		Paid-up equity share capital ( Face value Rs 10/-)	221.970	221.970	212.920	221.970	212.920		211.920
18		Reserves excluding revaluation reserve as per Balance Sheet of previous accounting year	-		-	-	-		61.116
19		Earnings Per Share of Rs. 10/- each (not annualised )*
19		Basic & Diluted (before & after extra ordinary items) -  in Rs.)	2.71	2.49	(3.99)	5.20	(7.00)		(4.81)
A		PARTICULARS OF SHAREHOLDINGS
1		Public shareholding
		- Number of equity shares	5,593,300	5,593,300	5,593,300	5,593,300	5,593,300		5,593,300
		,- Percentage of equity shareholding	25.20	25.20	26.27	25.20	26.27		26.39
2		Promoters and promoter group shareholding
		a) Pledged/Encumbered
		-Number of shares	7,105,900	7,105,900	4,205,900	7,105,900	4,205,900		7,105,900
		-percentage of equity shares (as a % of the total equity shareholding of promoters and promoters group)	42.80	42.80	26.79	42.80	26.79		45.55
		-percentage of equity shares (as a % of the total equity share capital of the company)	32.01	32.01	19.75	32.01	19.75		33.53
		b) Non Encumbered
		-Number of shares	9,497,800	9,497,800	11,492,800	9,497,800	11,492,800		8,492,800
		-percentage of equity shares (as a % of the total equity shareholding of promoters and promoters group)	57.20	57.20	73.21	57.20	73.21		54.45
		-percentage of equity shares (as a % of the total equity share capital of the company)	42.79	42.79	53.98	42.79	53.98		40.08

	Particulars	Quarter ended 30.09.2012
B.	Investors Complaints
	Pending at the beginning of the quarter	Nil
	Received during the quarter	Nil
	Disposed off during the quarter	Nil

STATEMENT OF ASSETS AND LIABILITIES

(Rs. in Millions)

S. No	Particulars	31.03.2012	31.03.2011
A	EQUITY AND LIABILITIES
1	Shareholders Funds
	(a) Share Capital	407.450	407.450
	(b) Reserves & Surplus	649.449	529.760
	Sub Total- Shareholders Funds	1056.899	937.210
3	Non- Current Liabilities
	(a) Long Term Borrowings	843.630	844.173
	(b) Deferred tax liability (net)	104.218	49.382
	(c) Other Long Term Liabilities	9.326	12.869
	(d) Other Long Term Provisions	32.256	25.420
	Sub Total- Non Current Liabilities	989.430	931.844
4	Current Liabilities
	(a) Short Term Borrowings	560.810	757.955
	(b) Trade Payables	107.938	172.190
	(c) Other Current Liabilities	301.031	306.678
	(d) Short Term Provisions	0.803	0.803
	Sub Total- Current Liabilities	970.582	1237.626
	Total Equity and Liabilities	3016.911	3106.680
B	ASSETS
1	Non Current Assets
	(a) Fixed Assets	1762.927	1831.613
	(b) Non Current Investments	2.950	2.950
	(c) Long Term Loans and Advances	110.185	63.208
	(d) Other Non Current Assets	-	-
	Sub Total Non Current Assets	1876.062	1897.771
2	Current Assets
	(a) Current Investments	-	-
	(b) Inventories	590.004	728.805
	(c) Trade Receivables	484.112	382.784
	(d) Cash and Bank Balances	18.697	7.375
	(e) Short Term Loans and Advances	27.683	66.464
	(f) Other Current Assets	20.353	23.481
	Sub Total Current Assets	1140.849	1208.909
	TOTAL ASSETS	3016.911	3106.680

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

BANKERS CHARGES REPORT AS PER REGISTRY

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, Behror, District Alwar – 301705, Rajasthan Email: pawan.singhal@ginniint.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10364073
Type of charge	Immovable property
Particular of charge holder	Bank of India, New Delhi Mid Corporate Branch, 37 Shaheed Bhagat, Singh Marg, Near Shivaji Stadium, Connaught Place,, New Delhi - 110001, India Email: MCB.NewDelhi@bankofindia.co.in
Nature of instrument creating charge	Declaration dated 09.08.2012 by the Chairman and Managing Director for creating joint mortgage by way of first pari passu charge, by deposit of title deed by way of constructive delivery with IFCI in favour of Bank of India, Oriental Bank of Commerce and Punjab National Bank in respect of immovable properties of the company as security for the repayment and discharge by the company to the banks of their corporate loan of Rs. 150.000 Millions no new instrument was created
Date of instrument Creating the charge	09.08.2012
Amount secured by the charge	Rs. 150.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest No new instrument executed. A joint mortgage by way of 1st pari passu charge, by deposit of title deed by way of constructive delivery was created with IFCI in favour of BOI, OBC and PNB Terms of Repayment No new instrument executed. A joint mortgage by way of 1st pari passu charge, by deposit of title deed by way of constructive delivery was created with IFCI in favour of BOI, OBC and PNB Margin No new instrument executed. A joint mortgage by way of 1st pari passu charge, by deposit of title deed by way of constructive delivery was created with IFCI in favour of BOI, OBC and PNB Extent and Operation of the charge No new instrument executed. A joint mortgage by way of 1st pari passu charge, by deposit of title deed by way of constructive delivery was created with IFCI in favour of BOI, OBC and PNB Others No new instrument executed. A joint mortgage by way of 1st pari passu charge, by deposit of title deed by way of constructive delivery was created with IFCI in favour of BOI, OBC and PNB
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All those pieces and parcels of leasehold land admeasuring 160000 sq mt situtated at plot no. SP-2/1A and SP-2-2 at Neemrana Industrial Area, Tehsil Behror, Dist Alwar, in the sate of Rajasthan together with all buildings and structures constructed / to be constructed thereon, fixed P and M, fixtures and fittings, erected/ installed or to be installed or to be erected and installed thereon
Particulars of the present modification	Corporate term loan of Rs. 150.000 Millions is further secured by creating joint mortgage by way of 1st pari passu charge, by deposit of title deed by way of constructive delivery with IFCI in favour of BOI, OBC and PNB

FIXED ASSETS:

· Leasehold Land

· Buildings

· Plant and Machinery

· Electric Installation

· Office and Other Equipments

· Furniture and Fixtures

· Vehicles

WEB DETAILS:

Subject is an established textile manufacturing company with a reputation of being a trusted supplier of cotton yarn, woven 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 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.54.12
UK Pound	1	Rs.87.08
Euro	1	Rs.70.15

INFORMATION DETAILS

Report Prepared by :

MRI

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.