Summary Information

		Country	India
Company Name	SILVER SPARK APPAREL LIMITED	Principal Name 1	Mr. Pradeep Kumar Bhandari
Status	Good	Principal Name 2	Mr. Gautam Hari V. Singhania
		Registration #	11-127831
Street Address	New Hind House, Narottam Morarjee Marg, Ballard Estate, Mumbai – 400 001, Maharashtra, India
Established Date	20.07.2000	SIC Code	--
Telephone#	91-22-22686000	Business Style 1	Manufacturer
Fax #	91-22-22620052	Business Style 2	--
Homepage	http://www.raymondindia.com	Product Name 1	Men's Trousers – Wool and Polyester Blended
# of employees	Not Available	Product Name 2	Men's Trousers – 100% wool
Paid up capital	Rs.170,000,000/-	Product Name 3	Men's Jackets/ Blazer – Wool and Polyester Blended
Shareholders	Bodies corporate – 100%	Banking	ING VYSYA Bank Limited
Public Limited Corp.	--	Business Period	13 Years
IPO	--	International Ins.	-
Public Enterprise	--	Rating	Ba (54)
Related Company
Relation	Country	Company Name	CEO
Holding Company	India	Raymond Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	486,099,000	Current Liabilities	329,099,000
Inventories	375,941,000	Long-term Liabilities	356,182,000
Fixed Assets	467,970,000	Other Liabilities	155,345,000
Deferred Assets	0,000	Total Liabilities	840,626,000
Invest& other Assets	0,000	Retained Earnings	319,384,000
		Net Worth	489,384,000
Total Assets	1,330,010,000	Total Liab. & Equity	1330,010,000
Total Assets (Previous Year)	1,170,001,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	2,252,708,000	Net Profit	165,451,000
Sales(Previous yr)	1,489,743,000	Net Profit(Prev.yr)	87,802,000

MIRA INFORM REPORT

Report Date :

06.12.2013

IDENTIFICATION DETAILS

Name :	SILVER SPARK APPAREL LIMITED (w.e.f. 16.09.2003)
Formerly Known As :	RAYMOND TECHNOLOGY SOLUTIONS LIMITED
Registered Office :	New Hind House, Narottam Morarjee Marg, Ballard Estate, Mumbai – 400 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.07.2000
Com. Reg. No.:	11-127831
Capital Investment / Paid-up Capital :	Rs.170.000 Millions
CIN No.: [Company Identification No.]	U72900MH2000PLC127831
PAN No.: [Permanent Account No.]	AACCR1288G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Trousers and Jackets.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 1900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of ‘Raymond Limited’. Well known for manufacturer suits and formal trousers. It is a well-established and reputed company having a fine track record. The financial position of the company appears sound. The rating also take into consideration. The strength from strong parentage, Financial support from parent and healthy debt coverage indications. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities ‘A’
Rating Explanation	Adequate degree of safety. It carry low credit risk.
Date	March, 2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities ‘A1’
Rating Explanation	Highest degree of safety. It carry lowest credit risk.
Date	March, 2013

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 :	New Hind House, Narottam Morarjee Marg, Ballard Estate, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22686000
Fax No.:	91-22-22620052
E-Mail :	uma.ram@raymond.in priti.alkari@raymond.in
Website :	www.raymondindia.com
Factory :	SR.# 56, Majara Hosahalli, Behind DIADB Industrial Estate, Veerapur P.O., Doddaballapur, Bangalore – 561 203, Karnataka, India
Tel. No.:	91-80-27630449 / 27630440 / 27630448 / 27630449
Fax No.:	91-80-27630438

DIRECTORS

AS ON 29.05.2013

Name :

Mr. Gautam Hari V. Singhania

Designation :

Director

Address :

J. K. House, 59 A, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

09.09.1965

Qualification :

B Com (Hons.)

Date of Appointment :

20.07.2000

DIN No:

00020088

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	U99999MH1964PLC012865	J.K.HELENE CURTIS LIMITED	Director	26/12/1989	26/12/1989	-	Active	NO
2	L17117MH1925PLC001208	RAYMOND LIMITED	Managing director	01/07/2009	01/04/1990	-	Active	NO
3	U99999MH1947PLC005735	J.K. INVESTO TRADE (INDIA) LIMITED	Director	20/06/1990	20/06/1990	-	Active	NO
4	U92411MH1991GAP062033	COLOSSEUM SPORTS AND RECREATION INTERNATIONAL	Director	05/09/1991	05/09/1991	-	Strike off	NO
5	U67120MH1945PLC004603	J K INVESTORS(BOMBAY) LIMITED	Director	11/08/1992	11/08/1992	-	Active	NO
6	U24241MH1990PTC055034	SILVER SOAPS PRIVATE LIMITED	Director	16/10/1992	16/10/1992	-	Active	NO
7	U51109MH1948PLC006460	RAYMOND APPAREL LIMITED	Director	30/03/1993	30/03/1993	-	Amalgamated	NO
8	U40100MH1997PLC106133	AQUALINE MARINE INDIA LIMITED	Director	25/02/1997	25/02/1997	-	Strike off	NO
9	U25199MH1996PLC100697	J K ANSELL LIMITED	Director	08/10/1997	08/10/1997	-	Active	NO
10	U72900MH2000PLC127831	SILVER SPARK APPAREL LIMITED	Director	20/07/2000	20/07/2000	-	Active	NO
11	U51102TN1987PLC014467	COLOR PLUS FASHIONS LIMITED	Director	21/02/2003	21/02/2003	-	Active	NO
12	U01100MH2004PTC150094	AVANI AGRICULTURAL FARMS PRIVATE LIMITED	Director	28/04/2005	24/12/2004	-	Active	NO
13	U17120MH2004PLC149276	RAYMOND ZAMBAITI LIMITED	Director	30/03/2005	30/03/2005	-	Active	NO
14	U17115MH2006PTC162450	RAYMOND UCO DENIM PRIVATE LIMITED	Director	12/06/2007	08/08/2006	-	Active	NO
15	U85110MH2007PTC171500	BODY BASIC HEALTH CARE PRIVATE LIMITED	Director	09/06/2007	09/06/2007	-	Active	NO
16	U74990MH2009PTC196992	TILOTTAMA HOSPITALITY & ENTERTAINMENT PRIVATE LIMITED	Director	10/11/2009	10/11/2009	31/03/2010	Active	NO
17	U27104MH1997PLC105955	JK FILES (INDIA) LIMITED	Director	08/06/2010	22/04/2010	-	Active	NO
18	U92412MH2010PTC202465	SUPER CAR CLUB OF INDIA PRIVATE LIMITED	Director	27/04/2010	27/04/2010	-	Active	NO
19	U99999MH1986PLC040885	RING PLUS AQUA LIMITED	Director	03/06/2011	11/08/2010	-	Active	NO
20	U24999MH1948NPL006309	AUDIT BUREAU OF CIRCULATIONS	Director	14/12/2010	14/12/2010	26/09/2011	Active	NO
21	U18100PN2004PLC140524	CELEBRATIONS APPAREL LIMITED	Director	31/05/2011	20/04/2011	-	Active	NO
22	U18109TN2006PLC061384	RAYMOND APPAREL LIMITED	Director	28/07/2011	27/07/2011	-	Active	NO

Name :

Mr. Pradeep Kumar Bhandari

Designation :

Director

Address :

Bungalow No. 36, Neelkanth Woods, Enclaves B, Mullah Baug, Tikuji-Ni- Wadi Road, Thane (West), Thane – 400610, Maharashtra, India

Date of Birth/Age :

15.08.1957

Qualification :

ACA

Date of Appointment :

20.07.2000

DIN No:

00021923

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	U67120MH1990PTC133784	SMART INVESTMENTS PRIVATE LIMITED	Director	14/08/1997	14/08/1997	-	Active	NO
2	U67120MH1945PLC004603	J K INVESTORS(BOMBAY) LIMITED	Director	22/08/1997	22/08/1997	-	Active	NO
3	U67120MH1984PLC032565	TIGER TRAVELS AND TOURS LIMITED	Director	29/08/1997	29/08/1997	-	Active	NO
4	U17110MH1995PLC085884	RAYMOND CALITRI DENIM LIMITED	Director	23/10/1997	23/10/1997	-	Amalgamated	NO
5	U25199MH1996PLC100697	J K ANSELL LIMITED	Director	04/06/1998	04/06/1998	13/12/2011	Active	NO
6	U51109MH1948PLC006460	RAYMOND APPAREL LIMITED	Director	19/06/1998	19/06/1998	-	Amalgamated	NO
7	U72900MH2000PLC127831	SILVER SPARK APPAREL LIMITED	Director	20/07/2000	20/07/2000	-	Active	NO
8	U67120MH1983PLC031734	PASHMINA HOLDINGS LIMITED	Director	15/06/2001	15/06/2001	-	Active	NO
9	L65990MH1974PLC017304	POLAR INVESTMENTS LIMITED	Director	27/07/2001	27/07/2001	-	Active	NO
10	L67120MH1976PLC018836	PEOPLE'S INVESTMENT LIMITED	Director	27/07/2001	27/07/2001	-	Active	NO
11	U92110MH2002PLC136949	RADHA KRSHNA FILMS LIMITED	Director	23/08/2002	23/08/2002	-	Active	NO
12	U51102TN1987PLC014467	COLOR PLUS FASHIONS LIMITED	Director	21/02/2003	21/02/2003	-	Active	NO
13	L17117MH1925PLC001208	RAYMOND LIMITED	Director	23/04/2008	24/04/2003	-	Active	NO
14	U17120MH2004PLC149276	RAYMOND ZAMBAITI LIMITED	Director	30/03/2005	30/03/2005	-	Active	NO
15	U17115MH2006PTC162450	RAYMOND UCO DENIM PRIVATE LIMITED	Director	12/06/2007	08/08/2006	-	Active	NO
16	U74140MH2008PTC179973	BLUEOCEAN CAPITAL AND ADVISORY SERVICES PRIVATE LIMITED	Director	11/03/2008	11/03/2008	-	Active	NO
17	U24241MH1990PTC055034	SILVER SOAPS PRIVATE LIMITED	Director	09/06/2009	22/04/2009	-	Active	NO
18	U65999MH2009PTC197427	GOMUKHI INDUS CAPITAL ADVISORY PRIVATE LIMITED	Managing director	01/04/2010	30/11/2009	-	Active	NO
19	U65923MH2009PTC198198	UNION KBC TRUSTEE COMPANY PRIVATE LIMITED	Director	25/05/2011	03/09/2010	-	Active	NO
20	L24302RJ1976PLC001684	BANSWARA SYNTEX LIMITED	Director	05/08/2011	06/02/2011	-	Active	NO

Name :

Mr. Sunder Hariharan

Designation :

Managing Director

Address :

5C, Regency Park – B, Eden Woods Complex, Gladys Alvares Marg, Office Pokhran Road No. 2, Thane – 400610, Maharashtra, India

Date of Birth/Age :

26.07.1959

Qualification :

ACA

Date of Appointment :

19.09.2012

DIN No:

00020583

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	U72900MH2000PLC127831	SILVER SPARK APPAREL LIMITED	Director	07/09/2012	10/02/2004	-	Active	NO
2	U17120MH2004PTC149277	PLATINUM FASHION APPAREL PRIVATE LIMITED	Director	27/10/2004	27/10/2004	14/05/2008	Active	NO
3	U52320MH2004PTC149312	TRIDENT RETAIL VENTURES PRIVATE LIMITED	Director	29/10/2004	29/10/2004	14/05/2008	Active	NO
4	U18100PN2004PLC140524	CELEBRATIONS APPAREL LIMITED	Director	21/01/2005	21/01/2005	-	Active	NO
5	U72900MH2000PLC124912	EVERBLUE APPAREL LIMITED	Director	17/02/2005	17/02/2005	-	Active	NO
6	U28930MH2005PLC154517	JK TALABOT LIMITED	Director	06/07/2005	06/07/2005	-	Active	NO
7	U29130MH2005PLC154732	SCISSORS ENGINEERING PRODUCTS LIMITED	Director	12/07/2005	12/07/2005	-	Active	NO
8	U99999MH1986PLC040885	RING PLUS AQUA LIMITED	Director	08/08/2005	08/08/2005	-	Active	NO
9	U17120MH2005PLC154066	RAYMOND WOOLLEN OUTERWEAR LIMITED	Director	20/06/2006	19/04/2006	29/08/2011	Active	NO
10	U18100TN2006PTC061374	GOLDPLUS APPAREL PRIVATE LIMITED	Director	25/10/2006	25/10/2006	-	Strike off	NO
11	U93090MH2007PTC167110	ORBITEL NETWORK PRIVATE LIMITED	Director	18/01/2007	18/01/2007	26/04/2007	Active	NO
12	U17210MH2007PTC172300	TB KAWASHIMA AUTOMOTIVE TEXTILE (INDIA) PRIVATE LIMITED	Director	12/07/2007	12/07/2007	29/11/2007	Active	NO
13	U18109TN2006PLC061384	RAYMOND APPAREL LIMITED	Director	25/09/2010	01/10/2009	29/07/2011	Active	NO
14	U27104MH1997PLC105955	JK FILES (INDIA) LIMITED	Director	07/06/2010	22/04/2010	-	Active	NO
15	U70102MH2010PLC202294	JEKEGRAM REALTY LIMITED	Director	22/04/2010	22/04/2010	-	Active	NO
16	L17117MH1925PLC001208	RAYMOND LIMITED	Whole-time director	06/06/2012	29/07/2011	-	Active	NO
17	U67120MH1990PTC133784	SMART INVESTMENTS PRIVATE LIMITED	Director	29/06/2012	09/08/2011	-	Active	NO
18	U25199MH1996PLC100697	J K ANSELL LIMITED	Alternate director	16/09/2011	16/09/2011	18/09/2011	Active	NO
19	U99999MH1964PLC012865	J.K.HELENE CURTIS LIMITED	Director	24/05/2012	23/04/2012	-	Active	NO
20	U17120MH2004PLC149276	RAYMOND ZAMBAITI LIMITED	Additional director	24/07/2013	24/07/2013	-	Active	NO

Name :

Mr. Aniruddha Prabhakar Deshmukh

Designation :

Director

Address :

2/102, Shamishtha, Tarangan Towers, Near Korum Mall / Cadbury Factory, Shaheed Mangal Pandey Road, Thane – 400 606, Maharashtra, India

Date of Birth/Age :

24.04.1958

Date of Appointment :

18.01.2013

DIN No.:

01389267

PAN No.:

AAGPD3374C

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	U18109TN2006PLC061384	RAYMOND APPAREL LIMITED	Director	21/05/2007	03/01/2007	29/07/2011	Active	NO
2	U18100PN2004PLC140524	CELEBRATIONS APPAREL LIMITED	Director	06/06/2012	28/07/2011	-	Active	NO
3	U99999MH1979PLC021252	RAINBOW WEAVERS AND PROCESSORS LIMITED	Director	25/08/2012	19/11/2011	-	Active	NO
4	U25199MH1996PLC100697	J K ANSELL LIMITED	Director	09/07/2013	13/12/2011	-	Active	NO
5	U72900MH2000PLC127831	SILVER SPARK APPAREL LIMITED	Director appointed in casual vacancy	18/01/2013	18/01/2013	-	Active	NO
6	U17120MH2004PLC149276	RAYMOND ZAMBAITI LIMITED	Additional director	24/07/2013	24/07/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Murali Santhanam
Designation :	Secretary
Address :	502, 5^TH Floor, Ratan Mahal CHS Limited, D. K. Sandhu Road, Sandhuwadi, Chembur – 400071, Maharashtra, India
Date of Birth/Age :	29.07.1957
Date of Appointment :	01.11.2011
PAN No.:	AAPPS7878F

MAJOR SHAREHOLDERS

AS ON 29.05.2013

Names of Shareholders (Equity Shares)	No. of Shares
Raymond Limited jointly with Gautam Hari V. Singhani	10
Raymond Limited jointly with Sunder Hariharan	10
Raymond Limited jointly with Pradeep Kumar Bhandari	10
Raymond Limited jointly with Aniruddha Deshmukh	10
Raymond Limited jointly with Gyanmal D. Jain	10
Raymond Limited jointly with Priti N. Alkari	10
Raymond Limited jointly with Thomas Fernandes	10
Raymond Limited, India	6999930
Total	7000000

Names of Shareholders (Preference Shares)	No. of Shares
Raymond Limited, India	1000000
Total	1000000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.05.2013

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Trousers and Jackets

Products :

Item Code No. (ITC Code)	62031100
Product Description	Men’s Suits – 100% wool
Item Code No. (ITC Code)	62031919
Product Description	Men’s Suits – Wool and Polyester Blended
Item Code No. (ITC Code)	62033100
Product Description	Men's Jackets/ Blazer – 100% wool
Item Code No. (ITC Code)	62033990
Product Description	Men's Jackets/ Blazer – Wool and Polyester Blended
Item Code No. (ITC Code)	62034100
Product Description	Men's Trousers – 100% wool
Item Code No. (ITC Code)	62034990
Product Description	Men's Trousers – Wool and Polyester Blended

PRODUCTION STATUS

ANNUAL CAPACITY

Particulars	Installed Capacity	Registered
Trousers	1535000	1500000
Jackets	538200	450000

PRODUCTION STATUS

Particulars	Production Qty
Trousers:
- Own	752737
- Job Work	467694
Jackets :
- Own	442546
- Job Work	262511
Shirts:
- Own	6254
- Job Work	--

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

· ING Vysya Bank Limited, 22, Ground Floor, ING Vysya House, M. G. Road, Bangalore – 560 001, Karnataka, India

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term Loans from banks	92.198	72.264
Short Term Borrowings
Loans repayable on Demand	113.188	190.064
Total	205.386	262.328

Banking Relations :	--
Auditors :
Name :	Dalal and Shah Chartered Accountants
Address :	2^nd Floor, 252, Veer Sawarkar Road, Shivaji Park, Dadar (West), Mumbai – 400 028, Maharashtra, India
Tel. No.:	91-22-66691000
PAN No.:	AAAFD0907D
Holding Company :	Raymond Limited, India [L17117MH1925PLC001208]
Fellow subsidiary Companies :	· Raymond Apparel Limited, India [U51109MH1948PLC006460] · Celebrations Apparel Limited, India [U18100PN2004PLC140524] · Everblue Apparel Limited, India [U72900MH2000PLC124912] · Jakayorg AG, Switzerland · Raymond (Europe) Limited, United Kingdom
Other Related Parties where control exist :	Raymond Zambaiti Limited, India [U17120MH2004PLC149276]

CAPITAL STRUCTURE

AS ON 29.05.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions
1000000	Preference Shares	Rs.100/- each	Rs.100.000 Millions
	Total		Rs.200.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs.80.000 Millions
1000000	Preference Shares	Rs.100/- each	Rs.100.000 Millions
	Total		Rs.180.000 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions
1000000	Preference Shares	Rs.100/- each	Rs.100.000 Millions
	Total		Rs.170.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	170.000	170.000
(b) Reserves & Surplus	319.384	153.933
(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)	489.384	323.933
(3) Non-Current Liabilities
(a) long-term borrowings	242.994	223.060
(b) Deferred tax liabilities (Net)	75.215	72.805
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	318.209	295.865
(4) Current Liabilities
(a) Short term borrowings	113.188	190.064
(b) Trade payables	320.459	279.780
(c) Other current liabilities	80.130	71.783
(d) Short-term provisions	8.640	8.576
Total Current Liabilities (4)	522.417	550.203
TOTAL	1330.010	1170.001
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	467.970	490.623
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	12.218	9.976
(e) Other Non-current assets	0.000	31.854
Total Non-Current Assets	480.188	532.453
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	375.941	269.500
(c) Trade receivables	383.512	307.276
(d) Cash and cash equivalents	0.817	5.361
(e) Short-term loans and advances	21.246	12.104
(f) Other current assets	68.306	43.307
Total Current Assets	849.822	637.548
TOTAL	1330.010	1170.001

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		170.000
2] Share Application Money		0.000
3] Reserves & Surplus		66.131
4] (Accumulated Losses)		0.000
NETWORTH		236.131
LOAN FUNDS
1] Secured Loans		239.473
2] Unsecured Loans		150.796
TOTAL BORROWING		390.269
DEFERRED TAX LIABILITIES		37.821
TOTAL		664.221
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		526.113
Capital work-in-progress		0.208
INVESTMENT		7.400
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories & accumulated costs	134.520
	Sundry Debtors	118.295
	Cash & Bank Balances	6.095
	Other Current Assets	28.790
	Loans & Advances	83.994
Total Current Assets		371.694
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	189.165
	Other Current Liabilities	9.649
	Provisions	42.380
Total Current Liabilities		241.194
Net Current Assets		130.500
MISCELLANEOUS EXPENSES		0.000
TOTAL		664.221

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012
	SALES
		Income		2252.708	1489.743
		Other Income		24.122	10.267
		TOTAL (A)		2276.830	1500.010
Less	EXPENSES
		Cost of Materials Consumed		1226.933	670.704
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(45.775)	(14.853)
		Employee Benefits Expenses		288.779	249.505
		Other Expenses		480.802	395.494
		Exceptional Items		0.000	7.350
		TOTAL (B)		1950.739	1308.200
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			326.091	191.810
Less	FINANCIAL EXPENSES (D)			39.062	23.952
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			287.029	167.858
Less	DEPRECIATION/ AMORTISATION (F)			36.099	35.201
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			250.930	132.657
Less	TAX (H)			85.479	44.855
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			165.451	87.802
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings on FOB	1986.670	160.068
	TOTAL EARNINGS			1986.670	160.068
	IMPORTS
			Raw Materials	402.163	263.388
			Stores & Spares	7.303	1.624
			Capital Goods	6.620	0.329
	TOTAL IMPORTS			416.086	265.341
	Earnings Per Share (Rs.)			23.64	13.80

	PARTICULARS		31.03.2011
	SALES
		Sales, Services and Export Incentives	1093.348
		Other Income	15.021
		TOTAL (A)	1108.369
Less	EXPENSES
		Material Costs	532.610
		Manufacturing Costs	151.506
		(Increase)/ Decrease in Finished and Process Stocks and Accumulated Costs	(6.929)
		Employment Costs	213.784
		Administrative, Selling and General Expenses	110.304
		TOTAL (B)	1001.275
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		107.094
Less	INTEREST & FINANCIAL EXPENSES (D)		20.416
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		86.678
Less	DEPRECIATION/ AMORTISATION (F)		35.815
	PROFIT BEFORE TAX (E-F) (G)		50.863
Less	TAX (H)		(5.325)
	PROFIT AFTER TAX (G-H) (I)		56.188
Add:	Prior Period Adjustments (Net)		0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9.943
	BALANCE CARRIED TO THE B/S		66.131
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Exports	767.716
		Job work charges	127.466
	TOTAL EARNINGS		895.182
	IMPORTS
		Capital Goods	1.501
		Raw Materials	153.198
		Stores & Spares	2.975
	TOTAL IMPORTS		157.674
	Earnings Per Share (Rs.)		8.03

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	7.27	5.85	5.07
Net Profit Margin (PBT/Sales)	(%)	3.79	8.90	4.65
Return on Total Assets (PBT/Total Assets}	(%)	19.04	11.76	5.67
Return on Investment (ROI) (PBT/Networth)		0.51	0.41	0.22
Debt Equity Ratio (Total Debt /Networth)		0.72	1.28	1.65
Current Ratio (Current Asset/Current Liability)		0.94	1.16	1.54

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Intercorporate Borrowings	150.796	150.796
Total	150.796	150.796

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10420102	28/03/2013	150,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B73302564
2	10376993	27/08/2012	200,000,000.00	ING VYSYA BANK LIMITED	22,GROUND FLOOR,ING VYSYA HOUSE, M.G.ROAD, BANGALORE - 560001, KARNATAKA, INDIA	B58306325
3	80006708	13/08/2013 *	469,400,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	B83364208

* Date of charge modification

FIXED ASSETS:

· Building

· Plant and Machinery

· Electrical equipment

· Furniture and Fixtures

· Office Equipment

· Vehicles

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 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.61.69
UK Pound	1	Rs.101.08
Euro	1	Rs.84.07

INFORMATION DETAILS

Report Prepared by :

NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.