MIRA INFORM REPORT

Report Date :

17.12.2013

IDENTIFICATION DETAILS

Name :	REID AND TAYLOR (INDIA) LIMITED
Registered Office :	Marathon Innova IT Park, B2/501 and C – 501, 5^th Floor, Off. G. K. Marg, Lower Parel (West), Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.04.2000
Com. Reg. No.:	11-126018
Capital Investment / Paid-up Capital :	Rs.1345.975 Millions
CIN No.: [Company Identification No.]	U17114MH2000PLC126018
TAN No.: [Tax Deduction & Collection Account No.]	MUMR13430E
PAN No.: [Permanent Account No.]	AACCR2067H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company is engaged in textile industry and operates in several product categories including all wools, polyester wool, luxury, premium or super premium polyester viscose fabric and ready-to-wear garments and in all fiber categories (natural, blended and man-made fibers).
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (62)

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 73300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a subsidiary of S. Kumars Nationwide Limited. It is a well-established company having fine track record. The ratings derive strength from company’s consistent growth in operations and its comfortable capital structure. The ratings also take congnizance of integrated operations, wide distribution network coupled with strong brand recognition. Directors are reported to be experienced and respectable businessmen. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and condition.

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 and low credit risk.
Date	16.10.2012

Rating Agency Name	CARE
Rating	Short term bank facilities: “A2+” (Suspended)
Rating Explanation	Strong degree of safety and low credit risk.
Date	16.10.2012

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 DECLINED BY

Name :	Mr. Rakesh
Designation :	Finance
Contact No.:	91-22-24824500
Date :	12.12.2013

LOCATIONS

Registered Office :	Marathon Innova IT Park, B2/501 and C – 501, 5^th Floor, Off. G. K. Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-28250797/ 24824500
Fax No.:	91-22-24931685/ 24931685
E-Mail :	nihar.avasare@sknl.co.in info@sknl.co.in sandeep.sharma@sknl.co.in abhishek.juvekar@sknl.co.in nimesh.shah@sknl.co.in
Website :	http://www.bondwithbest.com http://www.sknl.co.in
Factory :	Worsted Fabric Complex, Thandavpura, Nanjangud Taluka, Mysore District, Karnataka, India

DIRECTORS

As on 27.09.2012

Name :

Mr. Nitin Shambhukumar Kasliwal

Designation :

Managing Director

Address :

Flat No.1, Kanta, Little Gibbs Road, Malbar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

22.11.1960

Date of Appointment :

19.05.2011

DIN No.:

00022630

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	U99999MH1968PLC013974	S.KUMAR ENTERPRISES (SYNFABS) LIMITED	Director	02-12-78	02-12-78	-	Active	NO
2	L17120MH1990PLC058361	S KUMARS NATIONWIDE LIMITED	Managing director	01-04-12	28-09-90	-	Active	NO
3	U65990MH1991PTC060533	ANJANEYA HOLDINGS PRIVATE LIMITED	Director	27-02-91	27-02-91	-	Active	NO
4	U52321MH1967PTC013807	S.K.WORSTEDS PRIVATE LIMITED	Director	30-06-92	30-06-92	20-11-07	Active	NO
5	U66010MH2000PLC128178	S KUMARS LIFE ASSURANCE CORPORATION LIMITED	Director	09-08-00	09-08-00	31-03-09	Active	NO
6	U17114MH2000PLC126018	REID AND TAYLOR (INDIA) LIMITED	Managing director	19-05-11	01-02-01	-	Active	NO
7	U70109MH2001PLC131631	K U ENTERPRISES LIMITED	Director	17-04-01	17-04-01	28-06-08	Active	NO
8	U51494MH2002PLC136420	S KUMAR AND COMPANY (TRADES) LIMITED	Director	04-07-02	04-07-02	28-06-08	Active	NO
9	L17110MH1935PLC002241	SHREE RAM URBAN INFRASTRUCTURE LIMITED	Director	28-04-03	28-04-03	29-01-08	Active	NO
10	U17120MH1967PLC013669	CONFEDERATION OF INDIAN TEXTILE INDUSTRY	Director	24-09-03	24-09-03	26-09-07	Active	NO
11	L52320MH2004PLC146760	BRANDHOUSE RETAILS LIMITED	Managing director	30-01-10	07-04-06	-	Active	NO
12	U73100MH1970NPL014686	M.VISVESVARAYA INDUSTRIAL RESEARCH AND DEVELOPMENT CENTRE	Director	22-09-06	22-09-06	-	Active	NO
13	U65990MH1995PTC088586	NATTY FINANCE AND INVESTMENT PRIVATE LIMITED	Director	10-03-07	10-03-07	-	Active	NO
14	U67120MH1995PTC089606	VERVE PROPERTIES AND INVESTMENT PRIVATE LIMITED	Director	10-03-07	10-03-07	-	Active	NO
15	U65990MH1995PTC088313	INGENIOUS FINANCE AND INVESTMENT PRIVATE LIMITED	Director	10-03-07	10-03-07	-	Active	NO
16	U51909MH2007PTC169905	SANSAR EXIM PRIVATE LIMITED	Director	12-04-07	12-04-07	-	Active	NO
17	U74999MH2007PTC169900	MAVERICK MERCANTILE PRIVATE LIMITED	Director	12-04-07	12-04-07	-	Active	NO
18	U51909MH2007PTC170077	CHAMUNDESHWARI MERCANTILE PRIVATE LIMITED	Director	18-04-07	18-04-07	-	Active	NO
19	U51909MH2007PTC170076	TULJA ENTERPRISES PRIVATE LIMITED	Director	18-04-07	18-04-07	-	Active	NO
20	U52100MH2009PLC194418	BRANDHOUSE OVIESSE LIMITED	Director	29-07-09	29-07-09	18-12-09	Active	NO
21	U74990MH2011PTC213690	ROSEWOOD HOLDINGS PRIVATE LIMITED	Director	18-02-11	18-02-11	-	Active	NO
22	U17120MH1977PLC019468	S KUMARS TEXTILES LIMITED	Director	05-04-12	05-04-12	-	Active	NO
23	U85100MH2009NPL189775	ANJANEYA FOUNDATION	Director	05-08-13	05-08-13	-	Active	NO
24	U67120MH2009PLC189346	N'ESSENCE HOLDINGS LIMITED	Director	05-08-13	05-08-13	-	Active	NO
25	U45202GJ2000PTC037991	SAILEE CONSTRUCTION PRIVATE LIMITED	Director	11-09-13	11-09-13	-	Active	NO

Name :

Mr. Anil Kumar Channa

Designation :

Director

Address :

71, Sagar Tarang CHS., 15, K. Abdul Gafur Khan Road, Worli, Mumbai – 400018, Maharashtra

Date of Birth/Age :

01.09.1948

Qualification :

Bachelor's Degree in Textile Technology from Indian Institute of Technology Delhi.

Date of Appointment :

11.08.2011

DIN No.:

01359682

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	L17120MH1990PLC058361	S KUMARS NATIONWIDE LIMITED	Whole-time director	12-01-10	30-12-06	-	Active	NO
2	U17120MH1967PLC013669	CONFEDERATION OF INDIAN TEXTILE INDUSTRY	Director	26-09-07	26-09-07	19-11-09	Active	NO
3	U17114MH2000PLC126018	REID AND TAYLOR (INDIA) LIMITED	Director	25-08-08	25-08-08	-	Active	NO
4	U67120MH2009PLC189346	N'ESSENCE HOLDINGS LIMITED	Director	05-01-09	05-01-09	-	Active	NO
5	U52100MH2009PLC194418	BRANDHOUSE OVIESSE LIMITED	Director	03-12-11	03-12-11	-	Active	NO

Name :

Vijay Goverdhandas Kalantri

Designation :

Additional Director

Address :

2, Wahedna Apts, 75, Hill Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

05.01.1949

Date of Appointment :

10.08.2012

DIN No.:

00019510

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	U65921MH1985PLC037703	BALAJI INFRA PROJECTS LIMITED	Managing director	15-04-12	09-10-85	-	Active	NO
2	U29100MH1978PLC020710	GANNON DUNKERLEY REALTY LIMITED	Director	15-07-88	15-07-88	15-12-08	Active	NO
3	U65923MH1989PLC053436	HINDUSTAN HOUSING FINANCE AND DEVELOPMENT CORPORATION LIMITED	Director	12-09-89	12-09-89	-	Active	NO
4	U51900MH1989PTC051927	METROPOLITAN TRADERS PRIVATE LIMITED	Director	20-03-90	20-03-90	-	Amalgamated	NO
5	L36912MH1974PLC017505	SOVEREIGN DIAMONDS LIMITED	Director	12-11-92	12-11-92	13-08-11	Active	NO
6	U91110MH1995PLC086016	INDIAN COUNCIL OF INVESTORS	Director	02-03-95	02-03-95	10-06-08	Active	NO
7	U91110MH1996NPL098104	ALL INDIA ASSOCIATION OF INDUSTRIES	Director	13-03-96	13-03-96	-	Active	NO
8	U45200MH1998PLC114567	BALAJI INFRASTRUCTURE AND DEVELOPMENT COMPANY LIMITED	Director	21-04-98	21-04-98	30-03-09	Active	NO
9	U40100MH1997PLC106044	VINDHYACHAL HYDRO POWER LIMITED	Director	14-08-99	14-08-99	-	Active	NO
10	L25200MH1968PLC013914	V I P INDUSTRIES LIMITED	Director	22-05-00	22-05-00	-	Active	NO
11	U72100MH2000PLC127887	ANYUSER TELECOM (INDIA) LIMITED	Director	24-07-00	24-07-00	14-12-07	Active	NO
12	U35110MH2000PLC127953	DIGHI PORT LIMITED	Managing director	01-04-12	27-07-00	-	Active	NO
13	U99999MH1997NPL111379	BOWLING AND BILLIARDS ASSOCIATION OF INDIA	Director	05-01-01	05-01-01	-	Active	NO
14	L99999MH1988PLC047408	MAN INDUSTRIES (INDIA) LIMITED	Director	15-02-01	15-02-01	03-02-11	Active	NO
15	U74300MH1997PTC105548	LAQSHYA MEDIA PRIVATE LIMITED	Director	15-01-02	15-01-02	27-03-12	Active	NO
16	U74999MH2002NPL136048	INDO POLISH CHAMBER OF COMMERCE AND INDUSTRIES	Director	29-05-02	29-05-02	-	Active	NO
17	U74999MH2002GAP136310	INDO MAURITIUS CHAMBER OF COMMERCE AND INDUSTRIES	Director	25-06-02	25-06-02	-	Active	NO
18	L32109MH1994PLC083391	ZICOM ELECTRONIC SECURITY SYSTEMS LIMITED	Director	01-12-03	01-12-03	-	Active	NO
19	U51109HP1998PLC000592	DARJEELING POWER LIMITED	Director	17-09-04	17-09-04	11-12-08	Active	NO
20	L17110MH1935PLC002241	SHREE RAM URBAN INFRASTRUCTURE LIMITED	Director	25-08-05	25-08-05	-	Active	NO
21	L00000CH1983PLC031318	SAB INDUSTRIES LIMITED	Director	30-12-05	30-12-05	-	Active	NO
22	U45200MH2006PLC158665	DIGHI PROJECT DEVELOPMENT COMPANY LIMITED	Director	05-01-06	05-01-06	-	Active	NO
23	U92419MH2006NPL160614	MAHARASHTRA TENPIN BOWLING ASSOCIATION	Director	21-03-06	21-03-06	-	Active	YES
24	U35110MH2005PLC151518	BALAJI SHIPPING AND LOGISTICS LIMITED	Director	27-04-06	27-04-06	30-03-12	Active	NO
25	U51909WB1995PTC076031	SIMPARK INFRASTRUCTURE PRIVATE LIMITED	Director	30-11-06	30-11-06	03-02-11	Active	NO
26	L17120MH1990PLC058361	S KUMARS NATIONWIDE LIMITED	Director	17-07-07	03-02-07	-	Active	NO
27	U22120MH1985PTC035722	COURIER PUBLICATIONS PRIVATE LIMITED	Director	26-09-08	25-09-07	-	Active	NO
28	U73100MH1970NPL014686	M.VISVESVARAYA INDUSTRIAL RESEARCH AND DEVELOPMENT CENTRE	Director	25-09-07	25-09-07	-	Active	NO
29	U45203MH2008PLC183839	DIGHI RAIL INFRASTRUCTURE LIMITED	Director	23-06-08	23-06-08	-	Active	NO
30	U45202MH2008PTC185677	DIGHI LNG TERMINALS PRIVATE LIMITED	Director	11-08-08	11-08-08	-	Active	NO
31	U51109MH1924PLC001107	GANNON DUNKERLEY AND COMPANY LIMITED	Director	09-09-10	11-12-08	-	Active	NO
32	L36911RJ1990PLC005651	GOENKA DIAMOND AND JEWELS LIMITED	Director	31-07-09	31-07-09	-	Active	NO
33	U74999MH2011PTC218985	DIGHI LOGISTICS PRIVATE LIMITED	Director	22-06-11	22-06-11	-	Active	NO
34	L52320MH2004PLC146760	BRANDHOUSE RETAILS LIMITED	Director appointed in casual vacancy	13-02-12	13-02-12	-	Active	NO
35	U17114MH2000PLC126018	REID AND TAYLOR (INDIA) LIMITED	Additional director	10-08-12	10-08-12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rakesh
Designation :	Finance
Name :	Abhishek S Juvekar
Designation :	Secretary
Address :	B7, Ratnadeep CHS, Mahant Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India
Date of Birth/Age :	21.07.1982
Date of Appointment :	01.06.2012
PAN No.:	AHFPJ5971M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2012

Names of Shareholders	No. of Shares
S. Kumars Nationwide Limited, India Jointly with Ganesh Pai	1
S. Kumars Nationwide Limited, India Jointly with L.N. Somani	1
S. Kumars Nationwide Limited, India Jointly with Nimesh Shah	1
S. Kumars Nationwide Limited, India Jointly with Ramesh Ladha	1
S. Kumars Nationwide Limited, India Jointly with Naresh Maheshwari	1
S. Kumars Nationwide Limited, India Jointly with Jagadeesh Shetty	1
S. Kumars Nationwide Limited, India	100124994
Indivest Pte Limited, Singapore	34472453
Total	134597453

As on 27.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	25.61
Bodies corporate	74.39
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in textile industry and operates in several product categories including all wools, polyester wool, luxury, premium or super premium polyester viscose fabric and ready-to-wear garments and in all fiber categories (natural, blended and man-made fibers).

Products :

Item Code No. (ITC Code)	Product Description
55159999	Blended Fabrics

Brand Name:

” Reid and Taylor”

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Indian Bank, No.1, Sane Guruji Premises, 386 Veer Savarkar Marg, Opposite Siddhi Vinayak Temple, Mumbai – 400025, Maharashtra, India

· IDBI Bank Limited, IDBI Towerwtc Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

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

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	2673.150	150.000
Other loans and advances, others	0.000	0.325
SHORT TERM BORROWINGS
Working capital loans from banks	8320.110	6161.960
Total	10993.260	6312.285

Banking Relations :	--
Financial Institution :	IFCI Limited, IFCI Tower, 61 Nehru Place, New Delhi – 110019, India
Auditors :
Name :	Haribhakti and Company Chartered Accountants
Address :	42, Free Press House, 4^th Floor, 215, Nariman Point, Mumbai – 400021, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :
Holding company:	S Kumars Nationwide Limited, India CIN No.: L17120MH1990PLC058361
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Brandhouse Retails Limited CIN No.: L52320MH2004PLC146760
Fellow Subsidiary Company:	Coppley Corp HMX LLC

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
160000000	Equity Shares	Rs.10/-each	Rs.1600.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
134597453	Equity Shares	Rs.10/-each	Rs.1345.975 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1345.975	1345.975
(b) Reserves & Surplus	16982.784	14211.726
(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)	18328.759	15557.701
(3) Non-Current Liabilities
(a) long-term borrowings	2673.150	150.325
(b) Deferred tax liabilities (Net)	151.910	17.331
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	14.122	9.597
Total Non-current Liabilities (3)	2839.182	177.253
(4) Current Liabilities
(a) Short term borrowings	8366.207	6161.960
(b) Trade payables	666.032	586.458
(c) Other current liabilities	1620.373	1042.585
(d) Short-term provisions	2389.081	1702.493
Total Current Liabilities (4)	13041.693	9493.496
TOTAL	34209.634	25228.450
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3401.249	971.625
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	2228.342	42.009
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.010	0.010
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	5234.764	4922.180
(e) Other Non-current assets	9.786	182.989
Total Non-Current Assets	10874.151	6118.813
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	5231.613	3565.174
(c) Trade receivables	7795.916	5575.109
(d) Cash and cash equivalents	112.185	480.204
(e) Short-term loans and advances	10153.183	9452.619
(f) Other current assets	42.586	36.531
Total Current Assets	23335.483	19109.637
TOTAL	34209.634	25228.450

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		538.389
2] Share Application Money		0.000
3] Reserves & Surplus		12594.012
4] (Accumulated Losses)		0.000
NETWORTH		13132.401
LOAN FUNDS
1] Secured Loans		4239.281
2] Unsecured Loans		0.000
TOTAL BORROWING		4239.281
DEFERRED TAX LIABILITIES		15.251
TOTAL		17386.933
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		849.956
Capital work-in-progress		2186.648
INVESTMENT		0.010
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2848.030
	Sundry Debtors	4864.618
	Cash & Bank Balances	701.303
	Other Current Assets	0.000
	Loans & Advances	7940.237
Total Current Assets		16354.188
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	572.992
	Other Current Liabilities	48.628
	Provisions	1382.249
Total Current Liabilities		2003.869
Net Current Assets		14350.319
MISCELLANEOUS EXPENSES		0.000
TOTAL		17386.933

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	15398.022	12516.542	9849.378
		Other Income	335.987	440.358	562.849
		TOTAL (A)	15734.009	12956.900	10412.227
Less	EXPENSES
		Cost of materials consumed	8322.272	6679.164
		Employee benefit expense	541.588	419.994
		Other expenses	2187.272	1753.049
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(683.027)	(563.180)
		TOTAL (B)	10368.105	8289.027	6628.031
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5365.904	4667.873	3784.196
Less	FINANCIAL EXPENSES (D)		1329.687	835.591	514.425
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4036.217	3832.282	3269.771
Less/ Add	DEPRECIATION/ AMORTISATION (F)		104.700	107.418	85.602
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		3931.517	3724.864	3184.169
Less	TAX (H)		962.673	1299.566	1154.785
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		2968.844	2425.298	2029.384
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6167.046	3741.748	1712.364
Less	APPROPRIATIONS		197.786	0.000	0.000
	BALANCE CARRIED TO THE B/S		8938.104	6167.046	3741.748
	EARNINGS IN FOREIGN CURRENCY		374.719	424.732	290.716
	IMPORTS
		Raw Materials		206.868	206.722
		Stores & Spares		14.881	12.229
		Capital Goods		72.513	19.490
		Finished Goods		56.851	65.941
	TOTAL IMPORTS		NA	351.113	304.382
	Earnings / (Loss) Per Share (Rs.)		22.06	18.02	15.51

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	18.87	18.72	19.49
Net Profit Margin (PBT/Sales)	(%)	25.53	29.76	32.33
Return on Total Assets (PBT/Total Assets}	(%)	12.29	14.79	18.51
Return on Investment (ROI) (PBT/Networth)		0.21	0.24	0.24
Debt Equity Ratio (Total Debt/Networth)		0.60	0.41	0.32
Current Ratio (Current Asset/Current Liability)		1.79	2.01	8.16

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	Yes
10]	Designation of contact person	Yes
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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10399847	29/12/2012	430,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B66744392
2	10362117	16/06/2012	1,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	B42229757
3	10358902	02/05/2012	100,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH NO 7/3, MRN SIGNATURE, VISHWAM ANAVA DOUBLE ROAD, SARASWATHIPURAM, MYSORE - 570009, KARNATAKA, INDIA	B40870842
4	10344330	16/06/2012 *	200,000,000.00	EXPORT - IMPORT BANK OF INDIA	21ST FLOOR, CENTER ONE BUILDING, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B43010099
5	10324245	24/12/2011	1,000,000,000.00	UCO BANK	FLAGSHIP CORPORATE BRANCH, 1ST FLOOR, MAFATLAL CENTRE, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B28257020
6	10321597	10/12/2011 *	1,400,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B27416031
7	10322509	16/06/2012 *	750,000,000.00	LAKSHMI VILAS BANK LIMITED	FORT MUMBAI BRANCH, BHARAT HOSUE, 104, B. S. MARG, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B42966150
8	10311664	16/06/2012 *	500,000,000.00	L & T FINANCE LIMITED	L&T HOUSE,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B42298844
9	10309328	18/11/2011 *	400,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BR., 1 FLOOR,UNION BANK BHAVAN,, 239, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B27583731
10	10306732	16/06/2012 *	413,900,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B43242106
11	10277968	19/04/2011 *	588,400,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B11701356
12	10238165	06/09/2010 *	945,400,000.00	PUNJAB NATIONAL BANK	PNB HOUSE, P.M.ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	A96524640
13	10239750	16/06/2012 *	800,000,000.00	INDIAN OVERSEAS BANK	2/10, ELPHINSTONE BUILDING, VEER NARIMAN ROAD, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	B44488955
14	10195934	11/07/2011 *	800,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B18018416
15	10179546	30/09/2009 *	50,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTER ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	A71979843
16	10182563	17/09/2009	2,750,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	A69951358
17	10169760	04/08/2009	429,100,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	A66632092
18	10165880	28/08/2009 *	997,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH NO 7/3, MRN SIGNATURE, VISHWAM ANAVA DOUBLE ROAD, SARASWATHIPURAM, MYSORE - 570009, KARNATAKA, INDIA	A71534994
19	10166237	12/06/2009	507,200,000.00	STATE BANK OF INDORE	COMMERCIAL BRANCH NO 7/3, MRN SIGNATURE, VISHWAM ANAVA DOUBLE ROAD, SARASWATHIPURAM, MYSORE - 570009, KARNATAKA, INDIA	A65483570
20	10163026	12/06/2009 *	79,300,000.00	EXPORT IMPORT BANK OF INDIA	21ST FLOOR, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	A65015349
21	10147732	16/11/2011 *	8,800,000,000.00	BANK OF INDIA	LARGE CORPORATE BANKING BR, 92/93 FREE PRESS HOUSE, FREE PRESS JOURNAL MARG, 215 NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B26164020
22	10136737	18/11/2011 *	2,386,500,000.00	BANK OF INDIA	LARGE CORPORATE BANKING BR, 92/93 FREE PRESS HOUSE, FREE PRESS JOURNAL MARG, 215 NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B26535393
23	10135439	12/06/2009 *	821,300,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	A63979926
24	10118186	12/06/2009 *	3,270,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	A64164601

* Date of charge modification

LITIGATION DETAILS

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

Presentation Date: 31/07/2013

Lodging No: ARBPL/1266/2013 Filing Date: 31/07/2013 Reg. No.: ARBP/663/2013 Reg. Date: 07/08/2013

Petitioner: L AND T FINANCE LIMITED - Respondent: REID AND TAYLOR (I) LIMITED AND 2 ORS -

Petn. Adv : S I JOSHI AND CO ()

District: MUMBAI

Bench: SINGLE

Status: Pre-Admission Category: ARBITRATION ACT.

Next Date: 23/12/2013 Stage:- ARBP FOR HEARING AND FINAL

DISPOSAL U/S 9

Coram:- HON’BLE SHRI JUSTICE R.D. DHANUKA

Last Date: 11/12/2013 Stage:- ARBP FOR HEARING AND FINAL

DISPOSAL U/S 9

Last Coram: REGISTRAR(OS)/PROTHONOTARY & SR. MASTER

Act: Arbitration and Concialiation Act 1996 UNDER SECTION: 9

UNSECURED LOANS

PARTICULAR	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans repayable on demand from others	46.097	0.000
Total	46.097	0.000

NOTE

The registered office of the company has been shifted from Avadh, Avadhesh Parisar, Shri Ram Mills Premises, G.K. Marg, Worli, Mumbai – 400018, Maharashtra, India to the present address w.e.f. 27.09.2010.

CORPORATE INFORMATION

The Company is a public limited company in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in textile industry and operates in several product categories including all wools, polyester wool, luxury, premium or super premium polyester viscose fabric and ready-to-wear garments and in all fiber categories (natural, blended and man-made fibers). The Company caters to both domestic and international markets.

YEAR IN RETROSPECT:

Even though competition in the domestic market was fierce during the financial year 2011-12, the Companys turnover has increased to Rs. 1,53,980 Lacs showing growth of approximately 23% (YoY) and Profit After Tax (PAT) increased to Rs. 29,688 Lacs showing growth of approximately 22.4% (YoY). The growth in performance due to the strong brand image of Reid & Taylor and extensive marketing and nationwide distribution network continues to be most encouraging for the business.

CURRENT BUSINESS OUTLOOK AND PLANS:

The Company manufactures Reid and Taylor Worsted Suiting and Premium natural fibre suiting. The Company also markets premium Ready-to-Wear Garments under the brand Reid and Taylor. The Company has recorded a consistent growth over a period of time. Despite increased selling expenses and rising raw material prices for both polyester and wool, EBIDTA margins remained fairly steady due to expanding volumes and better realizations in polyester-wool as well as polyester-viscose fabrics. In order to neutralise the steep increase in wool prices, the Company also developed and introduced new and innovative products such as Showcase suiting fabric, pure wool suiting with jacquard designs, laser engraving etc. Plans for the nationwide unveiling of Kruger, a premium casual brand have been progressing well with the launch expected soon.

FIXED ASSETS

· Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Motor Vehicles

Office Equipment

Computer Equipments

Other Equipments

Leasehold Improvements

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.62.10
UK Pound	1	Rs.101.27
Euro	1	Rs.85.43

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	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		62

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.