MIRA INFORM REPORT

Report Date :

28.08.2013

IDENTIFICATION DETAILS

Name :	SIYARAM SILK MILLS LIMITED
Registered Office :	H-3/2, MIDC, A-Road, Tarapur, Boisar, District Thane - 401 506, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.06.1978
Com. Reg. No.:	11-020451
Capital Investment / Paid-up Capital :	Rs.93.738 Millions
CIN No.: [Company Identification No.]	L17116MH1978PLC020451
TAN No.: [Tax Deduction & Collection Account No.]	MUMS37269B
PAN No.: [Permanent Account No.]	AAACS6995Q
Legal Form :	A Public Limited Liability Company. The Company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturer of Woven Fabrics, Texturising Yarn and Readymade Garments.
No. of Employees :	3000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 10680000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track record. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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.

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A (Cash Credit)
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation. It carry low credit risk.
Date	November 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. R. D. Bajaj
Designation :	Accounts Department
Contact No.:	91-22-30400500
Date :	27.08.2013

LOCATIONS

Registered Office/ Factory 1 :	H-3/2, MIDC, A-Road, Tarapur, Boisar, District Thane - 401 506, Maharashtra, India
Tel. No.:	91-22-23071180/ 23082917/ 3119/ 23097963 91-2525-329910/ 11
Fax No.:	91-22-23073922/ 23073602 91-2525-272475
E-Mail :	tarkeshwar.singh@siyaram.com william.fernades@siyaram.com
Website :	www.siyaram.com
Location :	Owned
Corporate Office :	B-5, Trade World, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India
Tel. No.:	91-22-30400500
Fax No.:	91-22-30400599
E-Mail :	sharedept@siyaram.com
	WEAVING DIVISION
Factory 2 :	D-23/1, MIDC, Tarapur, Boisar, District Thane - 401 506, Maharashtra, India
Factory 3 :	E/125, MIDC, Tarapur, Boisar, District Thane – 401 506, Maharashtra, India
Factory 4 :	Survey No.367, P.O. Sailly, Silvassa – 396 230, U.T. of Dadra and Nagar Haveli, India
	YARN DIVISION
Factory 5 :	G-1/1, MIDC, Tarapur, Boisar, District Thane - 401 506, Maharashtra, India
	READYMADE GARMENTS DIVISION
Factory 6 :	481/1-2, Dabhel, Daman, Daman and Diu (U.T.) - 396 210, India
Factory 7 :	Plot No.722, Dabhel, Daman, Daman and Diu (U.T) – 396 210, India

DIRECTORS

AS ON 31.03.2012

Name :	Mr. Dharaprasad R. Poddar
Designation :	Chairman
Name :	Mr. Ramesh D. Poddar
Designation :	Vice Chairman and Managing Director
Date of Birth/Age :	60 Years
Qualification :	B.Sc.
Experience :	39 Years
Name :	Mr. Brijmohan L. Sarda
Designation :	Director
Date of Birth/Age :	09.04.1949
Qualification :	B.Com, FCA
Name :	Prof. (Dr.) Mangesh D. Teli
Designation :	Director
Date of Birth/Age :	10.07.1952
Qualification :	B.Sc.(H), B.Sc.(Tech) Ph. D. (Tech), FT
Name :	Mr. Shailesh S. Vaidya
Designation :	Director
Date of Birth/Age :	03.11.1957
Qualification :	B.Com, LLB
Name :	Mr. Ashok N. Garodia
Designation :	Director
Name :	Mr. Dileep H. Shinde
Designation :	Director
Name :	Mr. Pramod S. Jalan
Designation :	Director
Date of Birth/Age :	15.02.1954
Qualification :	B.Com, FCA
Name :	Mr. Harish N. Motiwalla
Designation :	Director (w.e.f. 21.05.2011)
Name :	Mr. Arvind M. Poddar
Designation :	Director
Name :	Mr. Pawan D. Poddar
Designation :	Joint Managing Director
Date of Birth/Age :	58 Years
Qualification :	B.Com
Experience :	37 Years
Name :	Vijaylaxmi A. Poddar
Designation :	Executive Director
Date of Birth/Age :	52 Years
Qualification :	B.Com
Experience :	25 Years
Name :	Mr. Shrikishan D. Poddar
Designation :	Executive Director
Date of Birth/Age :	49 Years
Qualification :	B.Com
Experience :	30 Years
Name :	Mr. Ashok M. Jalan
Designation :	Senior President cum Director
Date of Birth/Age :	02.10.1959
Qualification :	B.Com

KEY EXECUTIVES

Name :	Mr. William V. Fernandes
Designation :	Company Secretary
Name :	Mr. Surendra S Shetty
Designation :	Chief Financial Officer
Name :	Mr. R. D. Bajaj
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2013

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	3140637	33.51
Bodies Corporate	3144298	33.55
Sub Total	6284935	67.06
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	6284935	67.06
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	687713	7.34
Financial Institutions / Banks	1140	0.01
Foreign Institutional Investors	5000	0.05
Sub Total	693853	7.40
(2) Non-Institutions
Bodies Corporate	348984	3.72
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1716679	18.32
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	327597	3.50
Sub Total	2393260	25.54
Total Public shareholding (B)	3087113	32.94
Total (A)+(B)	9372048	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	9372048	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

Sl.No.	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Abhishek S Poddar	1,04,999	1.12	1.12
2	Abhishek Shrikishan Poddar	15,000	0.16	0.16
3	AKP Enteprises LLP	25	0.00	0.00
4	Ankit Poddar	1,33,258	1.42	1.42
5	Ankit Promodkumar Poddar	22,741	0.24	0.24
6	Anurag Pawankumar Poddar	1,04,999	1.12	1.12
7	Arvindkumar Poddar	100	0.00	0.00
8	Arvindkumar Poddar	100	0.00	0.00
9	Arvindkumar Mahabirprasad Poddar	100	0.00	0.00
10	Ashadevi Rameshkumar Poddar	3,62,169	3.86	3.86
11	Avnish Pawankumar Poddar	1,05,000	1.12	1.12
12	Balgopal Holding and Traders Limited	10	0.00	0.00
13	Dhara Prasad Poddar	13,500	0.14	0.14
14	Dhara Prasad Poddar	19,500	0.21	0.21
15	Dhara Prasad Poddar	27,000	0.29	0.29
16	Dharaprasad Ramrikhdas Poddar	44,999	0.48	0.48
17	DPP Enterprises LLP	25	0.00	0.00
18	Gaurav Poddar	22,500	0.24	0.24
19	Gaurav Poddar	21,825	0.23	0.23
20	Gaurav Promod Poddar	1,34,175	1.43	1.43
21	Geetadevi Dharaprasad Poddar	1,24,499	1.33	1.33
22	GPP Enterprises LLP	11,13,193	11.88	11.88
23	Harshit S Poddar	94,500	1.01	1.01
24	Harshit Shrikishan Poddar	25,500	0.27	0.27
25	HSP Enterprises LLP	8,99,725	9.60	9.60
26	Madhudevi Pawankumar Poddar	1,62,668	1.74	1.74
27	Pawan Kumar Poddar	27,000	0.29	0.29
28	Pawankumar Dharaprasad Poddar	52,499	0.56	0.56
29	PKP Enterprises LLP	25	0.00	0.00
30	Poddar Brothers Investment Private Limited	10	0.00	0.00
31	Rajiv A Poddar	100	0.00	0.00
32	Ramesh Kumar Poddar	22,500	0.24	0.24
33	Ramesh Kumar Poddar	18,000	0.19	0.19
34	Rameshkumar Dharaprasad Poddar	67,499	0.72	0.72
35	RAP Enterprises LLP	11,31,193	12.07	12.07
36	Risabh Sureshkumar Poddar	100	0.00	0.00
37	S P Finance And Trading Limited	10	0.00	0.00
38	S P Investrade (India) Limited	11	0.00	0.00
39	Sanchna Trading and Fin Limited	11	0.00	0.00
40	Sangeeta Promod Poddar	16,090	0.17	0.17
41	Sangeeta Pramodkumar Poddar	1,01,579	1.08	1.08
42	Shikishan Dharaprasad Poddar	25,500	0.27	0.27
43	Shrikishan Poddar HUF	30,000	0.32	0.32
44	Shyamlata Sureshkumar Poddar	100	0.00	0.00
45	TMP Enterprises LLP	25	0.00	0.00
46	Tribendevi Poddar	11,10,769	11.85	11.85
47	Vibhadevi Shrikishan Poddar	1,29,669	1.38	1.38
48	Vijaylaxmi Arvindkumar Poddar	100	0.00	0.00
49	Vishal Furnishings Ltd	10	0.00	0.00
50	VKP Enterprises LLP	25	0.00	0.00
	Total	62,84,935	67.06	67.06

Note: (*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	ICICI Prudential Dynamic Plan	306000	3.27	3.27
2	ICICI Prudential Discovery Fund	189884	2.03	2.03
3	ICICI Prudential Midcap Fund	101075	1.08	1.08
4	TATA Investment Corporation Limited	103377	1.10	1.10
	Total	700336	7.47	7.47

BUSINESS DETAILS

Line of Business :

Manufacturer of Woven Fabrics, Texturising Yarn and Readymade Garments.

Products :

Item Code No. (ITC Code)	5515
Product Description	Woven Fabrics
Item Code No. (ITC Code)	5402
Product Description	Dyed Yarn
Item Code No. (ITC Code)	6201
Product Description	Readymade Garments

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Licensed Capacity	Installed Capacity
Looms (Nos.)	N.A.	494
Stitching Machine (Nos.)	N.A.	746
Yarn Dyeing Capacity (Tons) Per Annum	N.A.	6000

(Figures in Lacs)

Particulars	Unit	Actual Production
i) Cloth @	Mtrs	663.18
ii) Yarn *	Kgs	33.93
iii) Readymade Garments	Nos.	19.53

@ Including captive consumption 0.20 Lacs mtrs. and Jobwork Production of 10.91 Lacs mtrs.

* Including captive consumption 8.23 Lacs Kgs. and Jobwork Production of 6.63 Lacs Kgs.

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

3000 (Approximately)

Bankers :

· Bank of Baroda

· Central Bank of India

· Corporation Bank

Facilities :

Secured Loan

Rs. In Millions

31.03.2012

Rs. In Millions

31.03.2011

LONG TERM BORROWINGS

a) Term Loans from Banks

785.160

704.060

b) From Government of Maharashtra (Interest free Sales Tax Loan)

16.424

17.702

SHORT-TERM BORROWINGS

a) Working Capital Loans from Banks :- *

i) Cash Credit/ Demand Loans/ Short Term Loan

666.766

687.297

ii) Packing Credit

76.993

52.721

iii) Bills Discounting

3.126

12.625

TOTAL

1548.469

1474.405

NOTES

LONG TERM BORROWINGS

i) Term loan of Rs. 513.801 Millions is secured by way of mortgage and hypothecation on paripasu basis created on the entire fixed assets of the company and second charge over stock and book debts of the company.

ii) Term loan of Rs. 271.359 Millions is secured by way of exclusive charge created/ to be created on the fixed assets procured from the said term loan and second charge over stock and book debts of the company.

iii) Maturity profile of Secured Term Loan

1-2 years	2-3 years	3-4 years	Beyond 4 Years
418.952	242.303	280.000	95.905

iv) Interest on above said term loan ranging between 12% to 13.25%.

SHORT-TERM BORROWINGS

* Working Capital loans from Banks are secured by hypothecation of stocks, Book debts and second charge created or to be created over entire fixed assets of the Company.

Banking Relations :	--
Statutory Auditors :
Name :	Jayantilal Thakkar and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Cost Auditors :
Name :	Tholiya and Associates Cost Accountants
Internal Auditors :
Name :	K.M. Garg and Company Chartered Accountants
Related Parties :	· Balkrishna Synthetics Limited · Govind Rubber Limited · S.P. Investrade (India) Limited · Sanchana Trading and Finance Limited · S.P. Finance and Trading Limited · Santigo Textile Mills (Private) Limited · Balgopal Holdings and Traders Limited · Oxemberg Fashion Limited · Beetee Textile Industries Limited · Futuristic Concepts Media Limited · Vishal Furnishing Limited · Fabwear Garments · Poddar Bio Diesel Private Limited · Poddar Brothers Investment Private Limited · Balkrishna Paper Mill Limited · GRL International Limited · Balkrishna Industries Limited · Seeom Fabrics Limited · Image Commercial Private Limited · SPG Reality Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
9750000	Equity Shares	Rs.10/- each	Rs. 97.500 Millions
25000	11% Redeemable Cumulative Preference Shares	Rs.100/- each	Rs. 2.500 Millions
	TOTAL		Rs.100.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
9374016	Equity Shares	Rs.10/- each	Rs.93.740 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9372048	Equity Shares	Rs.10/- each	Rs.93.720 Millions
Add	Forfeited Equity Shares		Rs. 0.018 Million
	TOTAL		Rs.93.738 Millions

NOTES

SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY:

	As at 31st March, 2012
Particulars	No. of Shares	% of Holding
ICICI Prudential	5,95,884	6.36
Vijaylaxmi A. Poddar	6,11,539	6.53
Rajeev A Poddar	6,15,789	6.57
GPP Enterprises LLP	11,13,193	11.88
RAP Enterprises LLP	11,31,193	12.07

a) Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period:

	As at 31st March, 2012
Particulars	No. of Shares	Rs. In Millions
At the beginning of the period	93,72,048	93.720
Issued during the period	--	--
Outstanding at the end of the period	93,72,048	93.720

b) Terms/rights attached to equity/preference shares :

The company has issued only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity share is entitled to one vote per share. The company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	93.738	93.738
(b) Reserves & Surplus	2577.488	2105.091
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2671.226	2198.829
(3) Non-Current Liabilities
(a) long-term borrowings	801.584	721.762
(b) Deferred tax liabilities (Net)	159.894	170.047
(c) Other long term liabilities	233.203	189.588
(d) long-term provisions	33.664	27.592
Total Non-current Liabilities (3)	1228.345	1108.989
(4) Current Liabilities
(a) Short term borrowings	1346.885	1723.043
(b) Trade payables	1011.288	922.517
(c) Other current liabilities	381.552	342.242
(d) Short-term provisions	616.895	389.102
Total Current Liabilities (4)	3356.620	3376.904
TOTAL	7256.191	6684.722
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2295.343	2302.346
(ii) Intangible Assets	7.276	4.756
(iii) Capital work-in-progress	149.083	11.379
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	2.127	1.169
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	196.143	210.768
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	2649.972	2530.418
(2) Current assets
(a) Current investments	27.571	180.024
(b) Inventories	1877.648	1491.879
(c) Trade receivables	1898.326	1953.553
(d) Cash and cash equivalents	19.887	28.705
(e) Short-term loans and advances	782.787	500.143
(f) Other current assets	0.000	0.000
Total Current Assets	4606.219	4154.304
TOTAL	7256.191	6684.722

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		93.738
2] Share Application Money		0.000
3] Reserves & Surplus		1604.909
4] (Accumulated Losses)		0.000
NETWORTH		1698.647
LOAN FUNDS
1] Secured Loans		1545.549
2] Unsecured Loans		351.909
TOTAL BORROWING		1897.458
DEFERRED TAX LIABILITIES		182.914
TOTAL		3779.019
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2001.246
Capital work-in-progress		4.559
INVESTMENT		281.648
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	893.355
	Sundry Debtors	1167.863
	Cash & Bank Balances	29.430
	Other Current Assets	0.000
	Loans & Advances	423.373
Total Current Assets		2514.021
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	710.724
	Other Current Liabilities	2.720
	Provisions	309.011
Total Current Liabilities		1022.455
Net Current Assets		1491.566
MISCELLANEOUS EXPENSES		0.000
TOTAL		3779.019

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	9155.406	8595.452	6597.272
		Other Income	110.097	88.981	92.962
		TOTAL (A)	9265.503	8684.433	6690.234
Less	EXPENSES
		Cost of materials consumed	3700.057	3776.557	5878.639
		Purchases of Stock-in-Trade	1164.701	1005.006
		Employee benefits expense	628.185	467.183
		Other expenses	2761.797	2677.385
		Changes in inventories of finished goods, work in progress and stock in trade	(264.595)	(429.980)
		TOTAL (B)	7990.145	7496.151	5878.639
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1275.358	1188.282	811.595
Less	FINANCIAL EXPENSES (D)		240.186	150.573	119.677
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1035.172	1037.709	691.918
Less/ Add	DEPRECIATION/ AMORTISATION (F)		223.059	209.319	201.933
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		812.113	828.390	489.985
Less	TAX (H)		244.847	253.133	153.400
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		567.266	575.257	336.585
Add	Adjustments relating to earlier years		(13.200)	1.100	0.649
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		518.600	118.500	58.242
Less	APPROPRIATIONS
		Proposed Dividend	70.300	65.600	0.000
		Interim Dividend	0.000	0.000	56.232
		Tax on Dividend	11.400	10.700	9.557
		Transferred to General Reserve	100.000	100.000	211.247
	BALANCE CARRIED TO THE B/S		890.966	518.557	118.440
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	361.333	407.416	386.367
		Recovery towards freight and Insurance	2.555	3.301	2.928
	TOTAL EARNINGS		363.888	410.717	389.295
	IMPORTS
		Raw Materials	38.087	15.027	17.815
		Stores & Spares	57.334	40.478	37.543
		Capital Goods	45.932	42.348	56.005
		Packing Materials/Finished Goods	0.000	1.347	0.000
	TOTAL IMPORTS		141.353	99.200	111.363
	Earnings Per Share (Rs.)		59.12	61.51	35.98

QUARTERLY RESULTS

(Rs. In Millions)

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	2056.100	2672.800	2788.100
Total Expenditure	1826.300	2416.900	2476.200
PBIDT (Excl OI)	229.800	255.900	311.900
Other Income	28.100	103.600	33.200
Operating Profit	257.900	359.500	345.100
Interest	53.000	68.500	79.200
Exceptional Items	0.000	0.000	0.000
PBDT	204.900	291.000	265.900
Depreciation	51.700	49.900	55.700
Profit Before Tax	153.200	241.100	210.200
Tax	50.100	61.900	72.100
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	103.100	179.200	138.100
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	103.100	179.200	138.100

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	6.12	6.62	5.03
Net Profit Margin (PBT/Sales)	(%)	8.87	9.64	7.43
Return on Total Assets (PBT/Total Assets}	(%)	11.43	12.42	10.85
Return on Investment (ROI) (PBT/Networth)		0.30	0.38	0.29
Debt Equity Ratio (Total Debt /Networth)		0.80	1.11	1.12
Current Ratio (Current Asset/Current Liability)		1.37	1.23	2.46

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS

(Rs. In Millions)

Particular	31.03.2012	31.03.2011	31.03.2010
Current maturities of long-term debt details	225.437	213.431	NA
Total	225.437	213.431	NA

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
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)	Yes
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	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
SHORT-TERM BORROWINGS
i) Short Term Loans from Banks**	600.000	950.000
a) Others : Unsecured
i) Fixed deposit	0.000	20.400
TOTAL	600.000	970.400
NOTE ** Personally guaranteed by two directors.

CONTINGENT LIABILITIES

Particular	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Guarantees given by the Company's bankers on behalf of the Company	72.847	69.613
Disputed claims for excise and sales tax	12.886	12.886
Custom Duty which may arise if obligation for export is not fulfilled	6.300	7.500
Income tax Demand, interest & penalty under dispute	6.993	41.519

OPERATIONS

During the year, the total Income of the Company was Rs. 9265.500 Millions against Rs.8684.400 Millions in the previous year, registering a growth of 6.69 %. The net profit after tax was Rs. 554.100 Millions against Rs.576.400 Millions in the previous year.

The Company has been able to register growth in its turnover against a back drop of falling demand and difficult market conditions. Rising cost of raw material and interest rates put pressure on the profitability.

MANAGEMENT DISCUSSION AND ANALYSIS

CURRENT YEAR REVIEW

During the year, weak growth in several big emerging economies, volatility in raw material prices, continuing inflation and credit crisis within the domestic market collectively played havoc with the Indian Textile Industry. On one hand rising inflation and rising cost of living resulted in lowered demand while on the other hand to check rising inflation regularly authorities tightened liquidity which increased interest cost this coupled with increase in other operating cost reduced margins. In spite of this the Company was able to achive marginal growth, however there was a pressure on the profitability.

FUTURE OUTLOOK

On the Global Economic front, the Factors that contributed to the gloom during the year does not seem to have withered away thus casting uncertainity for the year ahead. On the Domestic front, as inflation is unlikely to moderate substantially, expected upward revision of price of fuel items, electricity and coal is on the anvil and high interest rates are collectively expected to create a difficult business atomsphere. As for the Indian Textile Industry, with the expectation of good monsoon, stabilization of prices of raw material at acceptable levels, improvement in micro economic factors, growing middle class and young population and continued urbanization, gives them a glimpse of hope for a moderate growth in 2012-13.

The Company being a major domestic player, with its well established brands, resilient distribution network, dynamic marketing strategies and introduction of quality products, the Company expects to continue its good performance in the ensuing year.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH, JUNE 2013

(Rs. In Millions)

SR. NO.	PARTICULARS	QUARTER ENDED (UNAUDITED)			YEAR ENDED (AUDITED)
		30.06.2013	31.03.2013	30.06.2012	31.03.2013
1	Income From Operations
	a) Net Sales/Income from operations (Net of Excise Duty)	2507.300	2892.200	2050.600	10391.500
	b) Other operating income	3.500	3.900	5.500	21.600
	Total Income From Operation (Net)	2510.800	2896.100	2056.100	10413.100
2	Expenditure
	a) Cost of materials consumed	973.100	1082.600	869.400	4161.300
	b) Purchases of stock-in-trade	403.500	354.900	235.000	1341.100
	c) Changes in inventories of Finished Goods, Work-in-Progress
	and Stock-in-Trade	(139.700)	69.800	(110.800)	(179.900)
	d) Employee benefits expense	257.400	231.700	186.800	890.900
	e) Processing and labour Charges	250.300	328.400	216.000	1104.400
	f) Depreciation and amortisation expense	67.600	60.900	51.700	218.200
	g) Other expenses	507.800	531.200	428.800	1992.800
	Total	2320.000	2659.500	1876.900	9528.800
3	Profit From Operations Before Other Income & Finance Costs (1-2)	190.800	236.600	179.200	884.300
4	Other income	36.500	27.600	27.000	185.100
5	Profit From Ordinary Activities Before Finance Costs (3+4)	227.300	264.200	206.200	1069.400
6	Finance costs	65.600	50.800	53.000	251.500
7	Profit From Ordinary Activities After Finance Costs (5-6)	161.700	213.400	153.200	817.900
8	Tax Expenses - Current Tax	52.000	56.500	55.000	236.000
	- Deferred Tax (Assets)/Liability	2.400	27.200	(4.900)	31.800
9	Net Profit From Ordinary Activities After Tax (7-8)	107.300	129.700	103.100	550.100
10	Paid up Equity Share Capital (Face Value of Rs. 10 Each)	93.700	93.700	93.700	93.700
11	Reserve (Excluding Revaluation Reserve)				3046.800
12	Earning Per Share of Rs.10/- each : Basic & Diluted (Rs.)	11.45	13.95	11.00	58.85
PART II
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	i) Number of Shares	3087113	3087113	3087113	3087113
	ii) Percentage of Shareholding	32.94	32.94	32.94	32.94
2	Promoters & Promoter Group Shareholding
	a) Pledged/ Encumbered	Nil	Nil	Nil	Nil
	b) Non Encumbered
	- Number of Shares	6284935	6284935	6284935	6284935
	- Percentage of Shares (As a % of the total Shareholding of Promoter and Promoter Group)	100.00	100.00	100.00	100.00
	- Percentage of Shares (As a % of the total Share Capital of the Company)	67.06	67.06	67.06	67.06

B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	NIL
	Received during the quarter	1
	Disposed off during the quarter	1
	Remaining unresolved at the end of the quarter	NIL

Notes:

1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 20.07.2013 The Statutory Auditors have carried out a limited review of the above financial results.

2. The Company is engaged only in Textile business and there are no separate reportable segments as per Accounting Standard 17.

3. There was no exceptional / extraordinary items.

4. The previous years/periods figures have been regrouped/rearranged wherever necessary.

FIXED ASSETS

· Freehold Land

· Leasehold Land

· Building

· Factory Road

· Plant and Machinery

· Electrical Installation

· Furniture and Equipments

· Vehicles

· Computer Software

· Trade Mark

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 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.65.67
UK Pound	1	Rs.102.20
Euro	1	Rs.87.75

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		63

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.