1. Summary Information

		Country	India
Company Name	GINNI INTERNATIONAL LIMITED (TRANSFER FROM DELHI TO RAJASTHAN)	Principal Name 1	Mr. Sharad Jaipuria
Status	Satisfactory	Principal Name 2	Mr. Salil Bhandari Kumar
		Registration #	17-011217
Street Address	SP-2/ 1A and SP-2-2, RIICO Industrial Area, Neemrana, Behror, District Alwar – 301705, Rajasthan, India
Established Date	24.04.1984	SIC Code	--
Telephone#	91-1494-246116	Business Style 1	Manufacturing
Fax #	91-1494-246070	Business Style 2	--
Homepage	http://www.ginniint.com	Product Name 1	Yarn
# of employees	1530 (Approximately)	Product Name 2	Fabrics
Paid up capital	Rs. 404,950,000/-	Product Name 3	--
Shareholders	Bodies corporate - 95.91% Directors or relatives of Directors - 3.29% Other top fifty shareholders - 0.79% Others - 0.01%	Banking	Bank of India
Public Limited Corp.	Yes	Business Period	29 Years
IPO	Yes	International Ins.	-
Public Enterprise	Yes	Rating	Ba (47)
Related Company
Relation	Country	Company Name	CEO
Subsidiary company	Ginni Global Limited	India	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	768,283,000	Current Liabilities	516,530,000
Inventories	879,782,000	Long-term Liabilities	1,539,581,000
Fixed Assets	1,745,171,000	Other Liabilities	190,012,000
Deferred Assets	0,000	Total Liabilities	2,246,123,000
Invest& other Assets	25,712,000	Retained Earnings	767,875,000
		Net Worth	1,172,825,000
Total Assets	3,418,948,000	Total Liab. & Equity	3,418,948,000
Total Assets (Previous Year)	3106,680,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	4,436,798,000	Net Profit	244,564,000
Sales(Previous yr)	4,033,049,000	Net Profit(Prev.yr)	(87,322,000)

MIRA INFORM REPORT

Report Date :

07.12.2013

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) :	31.03.2013
Date of Incorporation :	24.04.1984
Com. Reg. No.:	17-011217
Capital Investment / Paid-up Capital :	Rs. 404.950 Millions
CIN No.: [Company Identification No.]	L70101RJ1984PLC011217
TAN No.: [Tax Deduction & Collection Account No.]	JPRG02317A
PAN No.: [Permanent Account No.]	AAACG0182E
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing of Yarn and Fabrics.
No. of Employees :	1530 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 4690000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is a well established company having satisfactory track record. The company has performed well, marked by an improvement in its sales turnover as well as net profitability during 2013. Financial position appears to be decent. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of long standing experience of the promoters, the subject can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

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: “BB+”
Rating Explanation	Moderate risk of default.
Date	28.05.2013

Rating Agency Name	CARE
Rating	Short term bank facilities: “A4+”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	28.05.2013

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/ Factory 1 :	SP-2/ 1A and SP-2-2, RIICO Industrial Area, Neemrana Behror, District Alwar – 301705, 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 :	www.ginniint.com
Yarn Enquiries and Fabric Enquiries Corporate/ Head 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 26.07.2013

Name :

Mr. Sharad Jaipuria

Designation :

Chairman and Managing Director

Address :

A-9/24, Vasant Vihar, New Delhi – 110057, 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	1/3/1995	1/3/1995	-	Active	NO
2	L70101RJ1984PLC011217	GINNI INTERNATIONAL LIMITED (TRANSFER FROM DELHI TO RAJ.)	Managing director	1/7/2010	1/7/1995	-	Active	NO
3	U17119DL1989PLC038457	GINNI GLOBAL LIMITED	Director	24/07/2000	24/07/2000	-	Active	NO
4	U17120MH1967PLC013669	CONFEDERATION OF INDIAN TEXTILE INDUSTRY	Director	28/09/2010	7/3/2005	-	Active	NO
5	U51399RJ1993PTC025357	CASTLE MERCHANTS PRIVATE LIMITED	Director	26/05/2006	26/05/2006	-	Amalgamated	NO
6	U74899DL1991PTC044893	GINNI ENERGY PRIVATE LIMITED	Director	27/08/2010	1/10/2009	9/11/2010	Active	NO
7	U01111DL2010PTC211675	RAMYA AGROTECH PRIVATE LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO
8	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	24/12/2010	24/12/2010	-	Active	NO
9	U80301RJ2013PTC041401	JAIPURIA EDUTECH PRIVATE LIMITED	Director	5/2/2013	5/2/2013	-	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	9/8/1984	9/8/1984	-	Active	NO
2	U51492RJ1992PLC022945	BSL WULFING LIMITED	Director	27/03/1996	27/03/1996	-	Amalgamated	NO
3	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	15/12/1997	15/12/1997	31/12/2012	Active	NO
4	L30103HR1983PLC026142	OMAX AUTOS LIMITED	Director	16/08/1999	16/08/1999	-	Active	NO
5	L70101RJ1984PLC011217	GINNI INTERNATIONAL LIMITED (TRANSFER FROM DELHI TO RAJ.)	Director	30/01/2001	30/01/2001	-	Active	NO
6	U74899DL1988PTC033376	SPECTRUM CREDIT AND INVESTMENT PRIVATE LIMITED	Director	27/11/2001	27/11/2001	-	Active	NO
7	U74140DL2001PTC113304	INTEGRATED OUTSOURCING SOLUTIONS PRIVATE LIMITED	Director	28/11/2001	28/11/2001	-	Active	NO
8	U80302DL2003PTC121966	SAFAL SKILLS DEVELOPMENT PRIVATE LIMITED	Director	28/08/2003	28/08/2003	17/03/2010	Active	NO
9	L29303WB1982PLC034996	POLAR INDUSTRIES LIMITED	Director	26/05/2006	26/05/2006	6/4/2007	Active	NO
10	U31101DL2006PLC148862	BHILWARA ENERGY LIMITED	Director	20/07/2006	20/07/2006	-	Active	NO
11	U91990DL2007PLC158833	SYENERGY ENVIRONICS LIMITED	Director	27/12/2007	13/04/2007	-	Active	NO
12	U17119DL1989PLC038457	GINNI GLOBAL LIMITED	Director	30/08/2008	31/05/2008	22/01/2013	Active	NO
13	L28122DL1983PLC017141	AMD INDUSTRIES LIMITED	Director	26/09/2008	20/06/2008	2/1/2009	Active	NO
14	L24302RJ1970PLC002266	BSL LIMITED	Director	23/09/2009	25/10/2008	-	Active	NO
15	U40101HR2010PLC040909	OMAX ENGINEERING SERVICES LIMITED	Director	31/12/2011	15/07/2010	-	Active	NO
16	L51433WB1960PLC024539	HSIL LIMITED	Director	19/09/2012	29/05/2012	-	Active	NO

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., LLB

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	7/6/1998	7/6/1998	16/07/2008	Active	NO
2	L70101RJ1984PLC011217	GINNI INTERNATIONAL LIMITED (TRANSFER FROM DELHI TO RAJ.)	Director	30/01/2001	30/01/2001	-	Active	NO
3	L18100WB1991PLC099782	SAHARA HOUSINGFINA CORPORATION LIMITED	Director	24/08/2002	24/08/2002	-	Active	NO
4	L67120MH1981PLC024947	SAHARA ONE MEDIA AND ENTERTAINMENT LIMITED	Director	29/07/2006	29/07/2006	-	Active	NO
5	U65999UP2000PLC025635	SAHARA INDIA LIFE INSURANCE COMPANY LIMITED	Director	14/08/2013	28/04/2013	-	Active	NO

Name :

Mr. Shreevats Jaipuria

Designation :

Whole-time director

Address :

A-9/24, Vasant Vihar, New Delhi – 110057, India

Date of Birth/Age :

11.03.1988

Qualification :

B.SC. (H) Business Administration

Date of Appointment :

26.07.2013

DIN No. :

02670857

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	U17119DL1989PLC038457	GINNI GLOBAL LIMITED	Director	28/08/2009	27/05/2009	30/11/2012	Active	NO
2	U51399RJ1993PTC025357	CASTLE MERCHANTS PRIVATE LIMITED	Additional director	1/11/2009	1/11/2009	-	Amalgamated	NO
3	U72900RJ2000PTC034107	INTEGRAL INFOTECH PRIVATE LIMITED	Director	1/9/2010	19/11/2009	-	Active	NO
4	U51109RJ2006PTC036003	MOUNTVIEW SUPPLIERS PRIVATE LIMITED	Director	31/08/2010	9/12/2009	-	Amalgamated	NO
5	U51109RJ2007PTC036002	LAGAN SALES PRIVATE LIMITED	Director	31/08/2010	27/04/2010	-	Amalgamated	NO
6	U74899DL1991PTC044893	GINNI ENERGY PRIVATE LIMITED	Director	30/11/2011	19/11/2010	-	Active	NO
7	L70101RJ1984PLC011217	GINNI INTERNATIONAL LIMITED (TRANSFER FROM DELHI TO RAJ.)	Director	26/07/2013	26/10/2012	-	Active	NO
8	U80301RJ2013PTC041401	JAIPURIA EDUTECH PRIVATE LIMITED	Director	5/2/2013	5/2/2013	-	Active	NO

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

Qualification :

Graduate

Date of Appointment :

23.06.2011

DIN No.:

03583731

Name :

Mr. Prem Sardarilal Malik

Designation :

Director appointed in casual vacancy

Address :

Akhand Aabhar Apartments, 501, 21^st Road, Near Khar, Gymkhana, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

03.02.1942

Date of Appointment :

23.04.2013

DIN No. :

00023051

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	U51909MH1995PTC089716	ALDER TRADING COMPANY PRIVATE LIMITED	Director	25/11/1995	25/11/1995	-	Active	NO
2	U17120MH1967PLC013669	CONFEDERATION OF INDIAN TEXTILE INDUSTRY	Director	18/09/2009	8/9/2000	-	Active	NO
3	U74210MH2003PTC141755	SMILESVILLE CARE PRIVATE LIMITED	Director	14/08/2003	14/08/2003	-	Active	NO
4	U91110MH1954NPL009385	THE COTTON TEXTILES EXPORT PROMOTION COUNCIL	Director	30/09/2005	30/09/2005	15/11/2010	Active	NO
5	L74899DL1991PLC138153	SPENTEX INDUSTRIES LIMITED	Director	12/9/2006	12/9/2006	-	Active	NO
6	U99100MH1954NPL009434	THE SYNTHETIC AND RAYON TEXTILES EXPORT PROMOTION COUNCIL	Director	29/09/2006	29/09/2006	10/9/2012	Active	NO
7	L18101KL2005PLC018062	GTN TEXTILES LIMITED	Director	28/10/2006	28/10/2006	-	Active	NO
8	L27209GJ1999PLC036656	GYSCOAL ALLOYS LIMITED	Director	30/09/2008	18/02/2008	-	Active	NO
9	U17124MP2008PTC020601	CLC TEXTILE PARK PRIVATE LIMITED	Managing director	1/5/2009	21/04/2008	-	Active	NO
10	U91110MH1921NPL000940	COTTON ASSOCIATION OF INDIA	Nominee director	5/6/2008	5/6/2008	31/03/2010	Active	NO
11	L72200PN1988PLC068972	INDO COUNT INDUSTRIES LIMITED	Director	31/07/2010	30/10/2009	-	Active	NO
12	U17121MH2010NPL199093	INDIAN TECHNICAL TEXTILE ASSOCIATION	Director	20/01/2010	20/01/2010	16/06/2011	Active	NO
13	U55101GJ2009PLC056756	FOUR SEASONS RESIDENCY LIMITED	Director	26/09/2012	21/10/2011	-	Active	NO
14	U70100MP2012NPL027877	CHHINDWARA INFRASTRUCTURE PRIVATE LIMITED	Director	2/3/2012	2/3/2012	-	Active	NO
15	L74999MH1995PLC087643	LAHOTI OVERSEAS LIMITED	Director	28/09/2012	28/03/2012	-	Active	NO
16	L18101KL1991PLC006194	PATSPIN INDIA LTD	Director	13/08/2012	15/05/2012	-	Active	NO
17	L70101RJ1984PLC011217	GINNI INTERNATIONAL LIMITED (TRANSFER FROM DELHI TO RAJ.)	Director appointed in casual vacancy	23/04/2013	23/04/2013	-	Active	NO
18	U13209MH2003PTC143345	M & M MINING PRIVATE LIMITED	Director	26/09/2013	19/09/2013	-	Active	NO
19	U72200MH2004PTC144224	TECHWARE CONSULTANTS PRIVATE LIMITED	Director	26/09/2013	19/09/2013	-	Active	NO

Name :

Mr. Surendra Prasad Bhatt

Designation :

Nominee director

Address :

C-207, IFCI Colony, Paschim Vihar, New Delhi – 110063, India

Date of Birth/Age :

02.08.1957

Qualification :

MA, LLB

Date of Appointment :

07.02.2013

DIN No. :

05160464

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	L74899HR1985PLC034348	KLG SYSTEL LIMITED	Director	29/09/2012	30/12/2011	19/02/2013	Active	NO
2	L17115PB1976PLC003702	MALWA COTTON SPINNING MILLS LIMITED	Nominee director	14/02/2012	14/02/2012	14/02/2013	Active	NO
3	L70101RJ1984PLC011217	GINNI INTERNATIONAL LIMITED (TRANSFER FROM DELHI TO RAJ.)	Nominee director	7/2/2013	7/2/2013	-	Active	NO

Name :

Mr. Umesh Gupta

Designation :

Whole Time Director

Address :

Ginni Staff Colony, RIICO Industrial Area, Neemrana, Alwar – 301705, Rajasthan, India

UDate of Birth/Age :

05.08.1962

Date of Appointment :

01.10.2011

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

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 26.07.2013

Note: Shareholding details file attached.

As on 26.07.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	95.91
Directors or relatives of Directors	3.29
Other top fifty shareholders	0.79
Others	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Yarn and Fabrics.

Products :

Item Code No. (ITC Code)	Product Description
52050000	Cotton Yarn
52080000	Woven Fabric
52094200	Denim Fabric

PRODUCTION STATUS AS ON 31.03.2012

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

GENERAL INFORMATION

No. of Employees :

1530 (Approximately)

Bankers :

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

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

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

Export - Import Bank of India, Centre One Building Floor 21, World Trade Centre Complex Cuffe Parade, Mumbai - 400005, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
From Banks
Rupee Loans	545.095	494.396
From Financial Institutions
Foreign Currency Loan	159.250	187.107
Rupee Loans	90.250	123.136
From Others
Deferred Supplier's Credit	2.954	16.324
SHORT TERM BORROWINGS
Working Capital Loans from Banks	742.032	738.735
Total	1539.581	1559.698

NOTE:

LONG TERM BORROWINGS

i) Security

(a) Rupee Loans of Rs 378.096 from Banks are secured by First ranking pari passu mortgage and charge on all immovable properties including fixed assets, plant and machinery (both tangible and intangible), present and future, except any fixed assets, plant and machinery (both tangible and intangible) exclusively charged to banks. These loans are further secured by way of second ranking pari passu charge on the current assets of the company and also guaranteed by

Managing Director and Corporate Guarantee from Shishir Finstock Private Limited.

(b) Rupee Loans of Rs 197.149 from Banks and Rs 130.786 from Financial Institution are secured by First ranking pari passu mortgage and charge on all immovable properties including fixed assets, plant and machinery (both tangible and intangible), present and future, except any fixed assets, plant and machinery (both tangible and intangible) exclusively charged to banks. These loans are further secured by way of second ranking pari passu charge on the current assets of the company and also guaranteed by Managing Director.

(c) Rupee Loans of Rs 57.820 from Banks are secured by First ranking pari passu mortgage and exclusive charge on specific fixed assets, plant and machinery (both tangible and intangible). These loans are further guaranteed by Managing Director and Corporate Guarantee from Shishir Finstock Pvt. Limited.

(d) Rupee Loans of Rs 14.600 from Banks are secured by First ranking pari passu mortgage and exclusive charge on specific fixed assets, plant and machinery (both tangible and intangible) . These loans are further guaranteed by Managing Director.

(e) Rupee Loans of Rs 2.387 from Banks are secured by hypothecation of specific vehicles being financed by them.

(f) Foreign Currency Loans of Rs 191.678 and Rupee Loans of Rs 33.750 from Financial Institution are secured by First ranking pari passu mortgage and charge on all immovable properties including fixed assets, plant and machinery (both tangible and intangible), present and future, except any fixed assets, plant and machinery (both tangible and intangible) exclusively charged to banks. These loans are further secured by way of second ranking pari passu charge on the current assets of the compan y, guaranteed by Managing Director and Pledge of 4205900 equity shares of the company held by promoter and associates.

(g) Deferred Supplier's Credit of Rs 22.631 from overseas suppliers are secured by hypothecation of specific tangible fixed assets being financed by them.

(h) Deferred Supplier's Credit of Rs 18.383 from overseas suppliers are secured against letter of credits accepted by the company.

SHORT TERM BORROWINGS

Working Capital Loans from Banks are secured by First ranking pari passu charge on the current assets of the company, both present and future and second ranking pari passu mortgage and charge on all immovable properties including fixed assets, plant and machinery (both tangible and intangible), present and future. These loans are also guaranteed by Managing Director and Corporate Guarantee from Shishir Finstock Private Limited.

Banking Relations :	--
Financial Institution:	Picanol NV, Karel Steverlyncklaan, 15 B-8900 leper, Belgium - 8900
Auditors :
Name :	B. Chhawchharia and Company Chartered Accountants
Address :	8A and 8B, Satyam Tower, 3, Alipore Road, Kolkata - 700027, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AADFB3201F
Subsidiary company :	Ginni Global Limited, India CIN No.: U17119DL1989PLC038457
Associate :	Shishir Finstock Private Limited, India CIN No.: U18201DL1991PTC117262
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Piambari Engineers Private Limited, India CIN No.: U29299RJ1993PTC021948 Borodrill Commercial Company Private Limited, India CIN No.: U99999RJ1993PTC025360 Ginni Energy Private Limited, India CIN No.: U74899DL1991PTC044893 Integral Infotech Private Limited, India CIN No.: U72900RJ2000PTC034107 Mountview Suppliers Private Limited, India CIN No.: U51109RJ2006PTC036003

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
23,550,000	Equity Shares	Rs.10/- each	Rs. 235.500 Millions
2,100,000	Preference Shares	Rs.100/- each	Rs. 210.000 Millions
	Total		Rs. 445.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22,197,000	Equity Shares	Rs.10/- each	Rs. 221.970 Millions
1,829,800	Preference Shares	Rs.100/- each	Rs. 182.980 Millions
	Total		Rs. 404.950 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	404.950	397.400	398.400
(b) Reserves & Surplus	767.875	529.760	147.430
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	10.050	0.000
Total Shareholders’ Funds (1) + (2)	1172.825	937.210	545.830
(3) Non-Current Liabilities
(a) long-term borrowings	797.549	844.173	1023.733
(b) Deferred tax liabilities (Net)	153.863	49.382	84.305
(c) Other long term liabilities	10.636	12.869	7.958
(d) long-term provisions	30.312	25.420	21.734
Total Non-current Liabilities (3)	992.360	931.844	1137.730
(4) Current Liabilities
(a) Short term borrowings	742.032	757.955	857.808
(b) Trade payables	183.693	172.190	271.949
(c) Other current liabilities	322.201	306.678	228.152
(d) Short-term provisions	5.837	0.803	0.647
Total Current Liabilities (4)	1253.763	1237.626	1358.556
TOTAL	3418.948	3106.680	3042.116
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1745.171	1831.587	1398.790
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	22.762	0.026	2.970
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.950	2.950	16.825
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	103.234	63.208	79.909
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1874.117	1897.771	1498.494
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	879.782	728.805	1083.929
(c) Trade receivables	473.237	382.784	367.638
(d) Cash and cash equivalents	36.998	7.375	8.361
(e) Short-term loans and advances	119.858	66.464	58.698
(f) Other current assets	34.956	23.481	24.996
Total Current Assets	1544.831	1208.909	1543.622
TOTAL	3418.948	3106.680	3042.116

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	4428.486	3992.539	3384.533
		Other Income	8.312	40.510	7.739
		TOTAL (A)	4436.798	4033.049	3392.272
Less	EXPENSES
		Cost of materials consumed	2637.634	2707.262	2316.880
		Purchases of stock-in-trade	53.060	5.993	13.971
		Employee benefit expense	229.856	188.848	164.497
		Other expenses	917.676	714.765	615.413
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(122.649)	169.524	(246.381)
		TOTAL (B)	3715.577	3786.392	2864.380
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		721.221	246.657	527.892
Less	FINANCIAL EXPENSES (D)		198.624	206.834	158.871
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		522.597	39.823	369.021
Less/ Add	DEPRECIATION/ AMORTISATION (F)		158.209	162.068	154.693
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		364.388	(122.245)	214.328
Less	TAX (H)		119.824	(34.923)	70.066
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		244.564	(87.322)	144.262
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(84.927)	2.395	(141.867)
	BALANCE CARRIED TO THE B/S		159.637	(84.927)	2.395
	EARNINGS IN FOREIGN CURRENCY		1126.457	1209.654	1249.167
	Earnings / (Loss) Per Share (Rs.)		10.36	(4.81)	6.09

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.51	(2.17)	4.25
Net Profit Margin (PBT/Sales)	(%)	8.23	(3.06)	6.33
Return on Total Assets (PBT/Total Assets}	(%)	10.74	(3.94)	7.09
Return on Investment (ROI) (PBT/Networth)		0.31	(0.13)	0.39
Debt Equity Ratio (Total Debt/Networth)		1.31	1.71	3.45
Current Ratio (Current Asset/Current Liability)		1.23	0.98	1.14

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	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	No
16]	Details of sister concerns	No
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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

RAJASTHAN HIGH COURT

BENCH, JAIPUR

Petitioner :	RAJ STATE INDUSTRIAL DEV AND INVEST(RIIC
Respondent:	M/S GINNI INTERNATIONAL LTD
Petitioner Advocate:	AJEET BHANDARI
Respondent Advocate:	MAHENDRA SINGH
Class Code : 1600	Registered on : 10/6/2013
Bench : SB	Stage : FOR ADMISSION- NOTICE SERVED
DATE GIVEN BY:	PESHI CLERK DATE
Date of Listing :	21/3/2014
Listed in court No. 10 on 08/11/2013

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10433771	20/06/2013 *	140,000,000.00	ORIENTAL BANK OF COMMERCE	A 30-33, CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA	B78400850
2	10428436	24/05/2013	30,000,000.00	ORIENTAL BANK OF COMMERCE	A-30-33, INDUSTRIAL FINANCE BRANCH, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	B75991646
3	10425482	25/04/2013	15,552,000.00	PICANOL NV	KAREL STEVERLYNCKLAAN, 15 B-8900 LEPER, BELGIUM, - 8900, BELGIUM	B75053314
4	10409606	12/02/2013	65,000,000.00	ORIENTAL BANK OF COMMERCE	H- 15 CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA	B69859510
5	10400747	28/01/2013	75,000,000.00	EXPORT - IMPORT BANK OF INDIA	CENTRE ONE BUILDING FLOOR 21, WORLD TRADE CENTRE COMPLEX CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B67097352
6	10364073	09/08/2012 *	150,000,000.00	BANK OF INDIA	NEW DELHI MID CORPORATE BRANCH, 37 SHAHEED BHAGAT, SINGH MARG, NEAR SHIVAJI STADIUM, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	B45689957
7	10349371	06/04/2012	8,274,000.00	PICANOL NV	KAREL STEVERLYNCKLAAN, 15 B-8900 LEPER, BELGIUM, - 8900, BELGIUM	B37479938
8	10347905	21/03/2012	60,000,000.00	ORIENTAL BANK OF COMMERCE	IFB, H- BLOCK, CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA	B37061314
9	10306015	31/08/2011	33,000,000.00	PICANOL NV	KAREL STEVERLYNCKLAAN, 15 B-8900 LEPER, BELGIUM, - 8900, BELGIUM	B20417143
10	10250243	11/11/2010	23,100,000.00	PICANOL NV	KAREL STEVERLYNCKLAAN, 15 B-8900 LEPER, BELGIUM, - 8900, BELGIUM	A99267676
11	10235974	29/10/2010 *	100,000,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	A98203748
12	10225838	19/06/2010	85,000,000.00	ORIENTAL BANK OF COMMERCE	INDUSTRIAL FINANCE BRANCH, H-15, CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA	A88175732
13	10068597	21/01/2008 *	62,000,000.00	PUNJAB NATIONAL BANK	ECE HOUSE, 28A, K. G MARG, NEW DELHI - 110001, INDIA	A32607418
14	10063431	17/10/2013 *	1,217,500,000.00	BANK OF INDIA	37 SHAHEED BHAGAT SINGH MARG, HOTEL CONNAUGHT PLA CE , NEAR SHIVAJI STADIUM, DELHI - 110001, INDIA	B87765988
15	10020563	29/08/2006	49,500,000.00	IFCI LIMITED	IFCI TOWER, 61, NEHRU PLACE, NEW DELHI - 110019, INDIA	A05079520
16	10001802	29/08/2006 *	150,000,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	A00278622
17	80011338	29/08/2006 *	210,000,000.00	ORIENTAL BANK OF COMMERCE	INDUSTRIAL FINANCE BRANCH, H-15, CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA	-
18	90113360	17/01/2006	186,225,000.00	PUNJAB NATIONAL BANK	ECE HOUSE; 28-A, K.G. MARG, NEW DELHI - 110001, INDIA	-
19	80011342	29/08/2006 *	60,000,000.00	PUNJAB NATIONAL BANK	ECE HOUSE; 28-A, K.G. MARG, NEW DELHI - 110001, INDIA	-
20	80056906	26/11/2009 *	240,000,000.00	INDIAN BANK	A-7 SOUTH EXTENSION PART -I, NEW DELHI, DELHI - 110049, INDIA	A75082644
21	90069120	29/11/2004 *	95,000,000.00	ORIENTAL BANK OF COMMERCE	INDUSTRIAL FINANCE BRANCH, H-15; CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA	-
22	80056907	26/11/2009 *	81,000,000.00	INDIAN BANK	A-7 SOUTH EXTENSION PART -I, NEW DELHI, DELHI - 110049, INDIA	A75083048

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
From Others
Loan from Bodies Corporate	0.000	9.927
Loans from Related Parties	0.000	13.283
SHORT TERM BORROWINGS
Loan from others	0.000	19.016
Loans and advance from related parties	0.000	0.204
Total	0.000	42.430

OPERATIONS

During the year, the company scaled new heights in terms of revenue from operations and profitability. Revenue from operations increased to Rs 4428.486 millions as against Rs.3992.539 millions in the previous year , registering a growth of 10.92 % . Gross profit increased to Rs. 522.597 millions from Rs.39.823 millions of the previous year. The company earned all time high Net Profit after tax amounting to Rs 244.564 millions against Rs.(-) 87.322 millions in the previous year.

The Company has achieved all round growth in its operations due to its emphasis on production of value added products, continuous change in product mix, new marketing initiatives and optimum utilization of available resources. Steady textile market also enabled the company to further improve its operating margins.

In order to conserve resources for future, the Directors, however, do not recommend any dividend for the year.

EXPANSION

The Company is expanding its Denim production capacity from 15 million meters to 18 million meters per annum by debottlenecking its existing plant. Increased capacity is expected to be commissioned by May, 2013.

FUTURE OUTLOOK

The future outlook of Textile Industry looks positive due to growing demand of yarn & fabric in the domestic market .The company continues to lay emphasis on the production of value added products to realize higher operating margins. The ongoing expansion plan will also be completed during the year which will enable the company to further improve its profitability.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY SCENARIO AND FUTURE CHALLENGES

India is poised to become a significant player in the global textile economy both as a consumer and as a producer of textiles. Indian textile industry estimated to be USD 89 billion in 2011 is projected to grow at CAGR of 9.30% to reach at USD 223 billion by 2021. In the 12th Five year plan, Govt. has targeted an average annual growth rate of 11.50% in terms of volume in cloth production and 15% in value of exports by increasing domestic value addition, technological depth and by enhancing global competitiveness of textile products. To enable Indian Textile industry to consolidate its position in the growing domestic market and capitalize on the vast opportunities for growth in export, Govt has not only extended and enlarged the scope of existing schemes such as Technology Upgradation Fund Scheme (TUFS) Technology mission on Cotton (TMC) and Integrated Textile Park (SITP) but has also taken new initiatives such as Integrated Processing Development Scheme to address environment concerns of textile industry etc. Conducive policy environment and stable international textile market enabled Indian Textile industry to register a growth of 6.90% in the first three quarters of 2012-13 against (-)1.30% growth in 2011-12.

However, acute shortage of skilled labour, low labour productivity, rapidly rising transportation and power cost and highly fragmented industry with large number of small size and technologically outdated plant, continues to be the serious impediments restricting growth AND competitiveness of the Industry.

UNAUDITED FINANCIAL RESULTS  FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2013

(Rs. In Millions)

Sl. No.	Particulars	Quarter ended		Half year ended
		30.09.2013	30.06.2013	30.09.2013
1.	Income from operations
	a) Net Sales/Income from Operations (Net of excise duty)	1195.043	1237.903	2432.946
	b) Other Operating Income	45.502	55.241	100.743
	Total income from operations (net)	1240.545	1293.144	2533.689
2	Expenses
	a) Cost of material consumed	695.315	725.094	1420.409
	b) Purchase of stock in trade	3.813	5.362	9.175
	c) Changes in inventories of finished goods, work in progress and stock in trade	(18.949)	34.301	15.352
	d) Employee benefits expenses	81.710	70.093	151.803
	e) Depreciation and amortisation expenses	55.113	45.551	100.664
	f) Other expenses	262.403	246.268	508.671
	Total expenses	1079.405	1126.669	2206.074
3	Profit / (loss) from operations before other Income, finance costs & exceptional items(1-2)	161.140	166.475	327.615
4	Other Income	2.413	1.386	3.799
5	Profit / (loss) from ordinary activities before finance costs and exceptional items(3+4)	163.553	167.861	331.414
6	Finance Costs	43.746	51.590	95.336
7	Profit / (loss) from ordinary activities after finance cost but before exceptional items(5-6)	119.807	116.271	236.078
8	Exceptional items	-	-	-
9	Profit / (Loss) from Ordinary Activities before tax(7-8)	119.807	116.271	236.078
10	Tax Expense
	a) Current Tax	50.059	46.248	96.307
	b) Mat Credit Entitlement	-	-	-
	b) Deferred Tax (assets)	(9.061)	0.667	(8.394)
	Total	40.998	46.915	87.913
11	Net Profit / (Loss) from Ordinary Activities after Tax (9-10)	78.809	69.356	148.165
12	Extraordinary Items (net of tax expense)	-	-	-
13	Net Profit / (Loss) for the period (11-12)	78.809	69.356	148.165
14	Paid-up equity share capital ( Face value Rs 10/-)	221.970	221.970	221.970
15	Reserves excluding revaluation reserve as per Balance Sheet of previous accounting year	-	-	-
16	Earnings Per Share (EPS)
	Basic & Diluted (before & after extra ordinary items) -  in Rs.)	3.38	2.96	6.34
A	PARTICULARS OF SHAREHOLDINGS
1	Public shareholding
	- Number of equity shares	5,593,300	5,593,300	5,593,300
	,- Percentage of equity shareholding	25.20	25.20	25.20
2	Promoters and promoter group shareholding
	a) Pledged/Encumbered
	-Number of shares	4,205,900	4,205,900	4,205,900
	-percentage of equity shares (as a % of the total equity shareholding of promoters and promoters group)	25.33	25.33	25.33
	-percentage of equity shares (as a % of the total equity share capital of the company)	18.95	18.95	18.95
	b) Non Encumbered
	-Number of shares	12,397,800	12,397,800	12,397,800
	-percentage of equity shares (as a % of the total equity shareholding of promoters and promoters group)	74.67	74.67	74.67
	-percentage of equity shares (as a % of the total equity share capital of the company)	55.85	55.85	55.85

	Particulars	Quarter ended 30.09.2013
B.	Investors Complaints (Nos.)
	Pending at the beginning of the quarter	Nil
	Received during the quarter	Nil
	Disposed off during the quarter	Nil
	Remaining unresolved at the end of the quarter	Nil

STATEMENT OF ASSETS AND LIABILITIES

Sr. No	Particulars	As At   30.09.2013
A	EQUITY AND LIABILITIES
1	Shareholders Funds
	(a) Share Capital	404.950
	(b) Reserves & Surplus	913.139
	Sub Total- Shareholders Funds	1318.089
2	Non- Current Liabilities
	(a) Long Term Borrowings	770.874
	(b) Deferred tax liability (net)	145.469
	(c) Other Long Term Liabilities	10.919
	(d) other Long Term Provisions	39.230
	Sub Total- Non Current Liabilities	966.492
3	Current Liabilities
	(a) Short Term Borrowings	479.527
	(b) Trade Payables	182.749
	(c) Other Current Liabilities	328.151
	(d) Short Term Provisions	13.309
	Sub Total- Current Liabilities	1003.736
	Total Equity and Liabilities	3288.317
B	ASSETS
1	Non Current Assets
	(a) Fixed Assets	1811.944
	(b) Non Current Investments	2.950
	(c) Long Term Loans and Advances	57.584
	(d) Other Non Current Assets	-
	Sub Total Non Current Assets	1872.478
2	Current Assets
	(a) Current Investments	-
	(b) Inventories	613.643
	(c) Trade Receivables	608.819
	(d) Cash and cash equivalent	37.371
	(e) Short Term Loans and Advances	120.940
	(f) Other Current Assets	35.066
	Sub Total Current Assets	1415.839
	TOTAL ASSETS	3288.317

Note:

The company has a single reportable segment i.e "Textile"

The above results have been reviewed by the audit committee and thereafter, approved by the Board of Directors at its meeting held on 30th October 2013

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

FIXED ASSETS

v Tangible Assets

Land

Buildings

Plant and equipment

Furniture and fixtures

Vehicles

Office equipment

v Intangible Assets

Goodwill

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.61.67
UK Pound	1	Rs.100.65
Euro	1	Rs.84.25

INFORMATION DETAILS

Report Prepared by :

MRI

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		47

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.