MIRA INFORM REPORT

Report Date :

15.03.2013

IDENTIFICATION DETAILS

Name :	OSWAL WOOLLEN MILLS LIMITED OSWAL DENIMS (UNIT OF OSWAL WOOLLEN MILLS LIMITED)
Registered Office :	G.T. Road, Sherpur, Ludhiana – 141 003, Punjab
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.06.1949
Com. Reg. No.:	16-001522
Capital Investment / Paid-up Capital :	Rs.161.850 Millions
CIN No.: [Company Identification No.]	U40300PB1949PLC001522
PAN No.: [Permanent Account No.]	AAACO1973F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers of combed wool and synthetic yarns
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 11000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. There appears some dip in the profitability of the company during current year. However, Networth of the company is good. General financial position of the company is good. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. The company 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 – June 30, 2012

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

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

INDIAN ECONOMIC OVERVIEW

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

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB (Fund Based Limit)
Rating Explanation	Moderate credit quality. It carry higher than average credit risk.
Rating	An (Non-Fund Based Limit)
Rating Explanation	The above average credit quality. It carry higher credit risk.
Date	December, 2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered/ Corporate Office 1 :	G.T. Road, Sherpur, Ludhiana – 141 003, Punjab, India
Tel. No.:	91-161-2542512 / 2535740 / 2535741 / 2544313 / 2542501 / 2 / 5 / 7 / 10
Fax No.:	91-161-2662235 / 2660943 / 44 / 2542514/ 2542509
Email:	rmsood@oswnnahar.com davinder@owmnahar.com gayathribprakash@owmnahar.com oswal@owmnahar.com
Website:	http://www.owmnahar.com
Area :	1000 sq. mtrs.
Location :	Owned
Corporate Office 2 :	“Nahar Tower” Industrial Area-A, Ludhiana-141003, India
Tel. No.:	91-161-2600701 to 705
Fax No.:	91-161-2600709 / 2601956
E-Mail :	nahar@owmnahar.com
Corporate Office 3 :	Ludhiana-141010, India
Tel. No.:	91-161-2672590 to 592
Fax No.:	91-161-2674072 / 2670596
E-Mail :	nilldh@owmnahar.com
Sale Office :	Miller Ganj, Ludhiana – 141003, Punjab, India
Factory 1:	G. T. Road, Sherpur, Ludhiana – 141 003, Punjab, India
Factory 2:	Industrial Area `A’, Ludhiana – 141 003, Punjab, India
Factory 3:	Village Lalru, P.O. Dappar, Ambalal, Chandigarh Road, District Mohali, India
Factory 4:	Plot No. 22, Sector 18, Gurgaon, Haryana, India
Factory 5:	Plot No 92, Daba Road, Sherpur, Ludhiana, Punjab, India
0Factory 6:	212 Cochrane Basin Road, Chennai, Tamilnadu, India
Branch Office :	Located at v New Delhi v Mumbai v Kolkata v Chennai v Jammu v Amritsar v Ambala.

DIRECTORS

AS ON 27.09.2012

Name :

Mr. Jawahar Lal Oswal

Designation :

Chairman and Managing Director

Address :

514/2, College Road, Civil Lines, Ludhiana, Punjab, India

Date of Birth/Age :

01.10.1943

Date of Appointment :

31.03.1964

DIN No.:

00463866

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Managing director	01-10-07	31-03-64	Active	NO
2	U74899DL1972PLC006181	VARDHMAN INVESTMENTS LIMITED	Director	30-04-78	30-04-78	Active	NO
3	U67120DL1980PTC161885	NAGDEVI TRADING AND INVESTMENT COMPANY LIMITED	Director	16-06-80	16-06-80	Active	NO
4	U67120DL1982PTC161884	OGDEN TRADING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	20-07-82	20-07-82	Amalgamated	NO
5	U65993DL1972PLC006178	VANAIK INVESTORS LIMITED	Director	30-12-84	30-12-84	Active	NO
6	U74899DL1991PTC043052	ABHILASH GROWTH FUND PRIVATE LIMITED	Director	12-02-91	12-02-91	Active	NO
7	U74899DL1991PTC043053	NAHAR GROWTH FUND PRIVATE LIMITED	Director	12-02-91	12-02-91	Active	NO
8	U74999DL1991PLC043054	J L.GROWTH FUND LIMITED	Director	12-02-91	12-02-91	Active	NO
9	U74899DL1979PLC009739	PALAM MOTELS LIMITED	Director	26-02-91	26-02-91	Active	NO
10	U74899DL1991PTC043957	NEHA CREDIT AND INVESTMENT PRIVATE LIMITED	Director	15-04-91	15-04-91	Active	NO
11	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	14-10-91	14-10-91	Active	NO
12	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	14-10-91	14-10-91	Active	NO
13	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	30-09-92	30-09-92	Active	NO
14	U65992DL1972PLC006182	GIRNAR INVESTMENT LIMITED	Director	06-09-93	06-09-93	Active	NO
15	U67120DL1972PLC006180	ATAM VALLABH FINANCIERS LIMITED	Director	26-11-94	26-11-94	Active	NO
16	U74899DL1990PTC041601	MONICA GROWTH FUND PRIVATE LIMITED	Director	17-02-98	17-02-98	Active	NO
17	U74899DL1990PTC041600	RUCHIKA GROWTH FUND PRIVATE LIMITED	Director	17-02-98	17-02-98	Active	NO
18	U67120DL1979PLC009388	SANKESHWAR HOLDING COMPANY LIMITED	Director	12-10-99	12-10-99	Active	NO
19	U67120DL1972PLC006179	LUDHIANA HOLDINGS LIMITED	Director	12-10-99	12-10-99	Active	NO
20	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	31-03-06	31-03-06	Active	NO
21	U51494PB2008PLC032059	Monte Carlo Fashions Limited	Managing director	10-08-11	01-07-08	Active	NO

Name :

Mr. Kamal Oswal

Designation :

Director

Address :

514/2, College Road, Civil Lines, Ludhiana, Punjab, India

Date of Birth/Age :

29.02.1962

Date of Appointment :

29.12.1993

DIN No.:

00493213

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65992DL1972PLC006182	GIRNAR INVESTMENT LIMITED	Director	14-05-83	14-05-83	-	Active	NO
2	L65910DL1983PLC016036	OSWAL LEASING LIMITED	Director	12-08-83	12-08-83	-	Active	NO
3	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Managing director	01-02-08	27-09-83	-	Active	NO
4	U67120DL1979PLC009388	SANKESHWAR HOLDING COMPANY LIMITED	Director	18-11-83	18-11-83	-	Active	NO
5	U74899DL1983PTC015104	KULU INVESTMENT AND TRADING PRIVATE LIMITED	Director	22-03-84	22-03-84	-	Amalgamated	NO
6	U67120DL1980PTC161885	NAGDEVI TRADING AND INVESTMENT COMPANY LIMITED	Director	13-10-84	13-10-84	-	Active	NO
7	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	15-11-89	15-11-89	-	Active	NO
8	U74899DL1979PLC009739	PALAM MOTELS LIMITED	Director	26-02-91	26-02-91	23-07-08	Active	NO
9	U74899DL1991PTC043052	ABHILASH GROWTH FUND PRIVATE LIMITED	Director	01-06-91	01-06-91	-	Active	NO
10	U74899DL1991PTC043053	NAHAR GROWTH FUND PRIVATE LIMITED	Director	01-06-91	01-06-91	-	Active	NO
11	U74999DL1991PLC043054	J L.GROWTH FUND LIMITED	Director	01-06-91	01-06-91	-	Active	NO
12	U74899DL1991PTC043957	NEHA CREDIT AND INVESTMENT PRIVATE LIMITED	Director	01-06-91	01-06-91	-	Active	NO
13	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	30-09-91	30-09-91	-	Active	NO
14	U74899DL1972PLC006181	VARDHMAN INVESTMENTS LIMITED	Director	20-08-92	20-08-92	-	Active	NO
15	U67120DL1982PTC161884	OGDEN TRADING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	30-08-93	30-08-93	-	Amalgamated	NO
16	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Director	29-12-93	29-12-93	-	Active	NO
17	U45202PB1994PLC014964	NAHAR INDUSTRIAL INFRASTRUCTURE CORPORATION LIMITED	Director	22-08-94	22-08-94	-	Active	NO
18	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	31-03-06	31-03-06	-	Active	NO
19	U51311PB2001PLC024753	COTTON COUNTY RETAIL LIMITED	Managing director	01-03-12	30-11-06	-	Active	NO
20	U67120DL1972PLC006180	ATAM VALLABH FINANCIERS LIMITED	Director	27-09-08	14-02-08	-	Active	NO
21	U51494PB2008PLC032059	Monte Carlo Fashions Limited	Director	01-07-08	01-07-08	-	Active	NO

Name :

Mr. Dinesh Oswal

Designation :

Director

Address :

514/2, College Road, Civil Lines, Ludhiana, Punjab, India

Date of Birth/Age :

04.10.1965

Date of Appointment :

13.07.1992

DIN No.:

00607290

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U67120DL1972PLC006180	ATAM VALLABH FINANCIERS LIMITED	Director	06-05-85	06-05-85	Active	NO
2	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Managing director	21-05-85	21-05-85	Active	NO
3	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	12-01-07	11-11-88	Active	NO
4	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	15-12-88	15-12-88	Active	NO
5	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Director	13-07-92	13-07-92	Active	NO
6	U67120DL1979PLC009388	SANKESHWAR HOLDING COMPANY LIMITED	Director	31-08-92	31-08-92	Active	NO
7	U74899DL1979PLC009739	PALAM MOTELS LIMITED	Director	08-02-93	08-02-93	Active	NO
8	U74899DL1983PTC015104	KULU INVESTMENT AND TRADING PRIVATE LIMITED	Director	30-04-93	30-04-93	Amalgamated	NO
9	U67120DL1982PTC161884	OGDEN TRADING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	30-08-93	30-08-93	Amalgamated	NO
10	U65993DL1972PLC006178	VANAIK INVESTORS LIMITED	Director	06-09-93	06-09-93	Active	NO
11	U45202PB1994PLC014964	NAHAR INDUSTRIAL INFRASTRUCTURE CORPORATION LIMITED	Director	22-08-94	22-08-94	Active	NO
12	U67120DL1972PLC006179	LUDHIANA HOLDINGS LIMITED	Director	12-10-99	12-10-99	Active	NO
13	U74899DL1972PLC006181	VARDHMAN INVESTMENTS LIMITED	Director	09-12-04	09-12-04	Active	NO
14	U74999DL1991PLC043054	J L.GROWTH FUND LIMITED	Director	09-12-04	09-12-04	Active	NO
15	U74899DL1991PTC043052	ABHILASH GROWTH FUND PRIVATE LIMITED	Director	01-10-05	01-10-05	Active	NO
16	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Managing director	01-12-07	31-03-06	Active	NO
17	U51494PB2008PLC032059	Monte Carlo Fashions Limited	Director	01-07-08	01-07-08	Active	NO
18	U51311PB2001PLC024753	COTTON COUNTY RETAIL LIMITED	Director	01-09-08	06-08-08	Active	NO

Name :

Mr. Sandeep Jain

Designation :

Executive Director

Address :

514/2, College Road, Civil Lines, Ludhiana, Punjab, India

Date of Birth/Age :

24.12.1971

Date of Appointment :

30.04.1998

DIN No.:

00565760

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Whole-time director	01-10-07	30-04-98	Active	NO
2	U51494PB2008PLC032059	Monte Carlo Fashions Limited	Director	01-07-08	01-07-08	Active	NO
3	U17115DL1980PLC177084	VANAIK SPINNING MILLS LIMITED	Director	23-09-10	10-11-09	Active	NO

Name :

Mr. Dinesh Gogna

Designation :

Executive Director – Corporate Finance and Taxation

Address :

30 H, B.R.S. Nagar, Ludhiana, Punjab, India

Date of Birth/Age :

07.07.1953

Date of Appointment :

18.10.2006

DIN No.:

00498670

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U65992DL1972PLC006182	GIRNAR INVESTMENT LIMITED	Director	10-06-80	10-06-80	Active	NO
2	L65910DL1983PLC016036	OSWAL LEASING LIMITED	Director	19-01-84	19-01-84	Active	NO
3	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	21-05-85	21-05-85	Active	NO
4	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	15-11-89	15-11-89	Active	NO
5	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Whole-time director	01-10-11	18-10-06	Active	NO
6	U51311PB2001PLC024753	COTTON COUNTY RETAIL LIMITED	Director	30-11-06	30-11-06	Active	NO
7	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	07-12-06	07-12-06	Active	NO
8	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	29-12-07	12-01-07	Active	NO
9	U51494PB2008PLC032059	Monte Carlo Fashions Limited	Director	01-07-08	01-07-08	Active	NO

Name :

Mrs. Harbhajan Kaur Bal

Designation :

Director

Address :

House No. 2322, Phase X1, Mohali-160065, Punjab, India

Date of Birth/Age :

12.06.1939

Date of Appointment :

01.11.2006

DIN No.:

00008576

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	28-09-92	28-09-92	-	Active	NO
2	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	25-08-00	25-08-00	-	Active	NO
3	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	30-06-01	30-06-01	-	Active	NO
4	L24116PB1986PLC007030	IOL CHEMICALS AND PHARMACEUTICALS LIMITED	Director	27-03-02	27-03-02	21-05-11	Active	NO
5	L17115PB1979PLC003994	SHREYANS INDUSTRIES LIMITED	Director	29-04-03	29-04-03	28-05-11	Active	NO
6	L17122DL1989PLC035050	SPORTKING INDIA LIMITED	Director	25-04-06	25-04-06	-	Active	NO
7	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Director	29-09-07	01-11-06	-	Active	NO
8	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	29-12-07	12-01-07	-	Active	NO

Name :

Mr. Suresh Kumar Singla

Designation :

Director

Address :

H. No. 119 C, Ward No. 26, Kitchlu Nagar, Ludhinana-141001, Punjab, India

Date of Birth/Age :

07.07.1950

Date of Appointment :

01.11.2006

DIN No.:

00403423

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	31-07-02	31-07-02	Active	NO
2	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LTD	Director	29-09-07	01-11-06	Active	NO
3	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	29-11-08	30-04-08	Active	NO
4	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	29-09-08	30-06-08	Active	NO

Name :

Mr. Kanwar Sain Maini

Designation :

Director

Address :

H.No. 20 SF, H.I.G Flats, Rani Jhansi Raod, Civil Lines, Ludhiana-141001, Punjab, India

Date of Birth/Age :

02.07.1939

Date of Appointment :

01.11.2006

DIN No.:

00454686

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	30-06-01	30-06-01	Active	NO
2	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	30-06-01	30-06-01	Active	NO
3	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	30-09-02	30-09-02	Active	NO
4	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Director	29-09-07	01-11-06	Active	NO
5	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	29-12-07	12-01-07	Active	NO

Name :

Mr. Om Parkash Sahni

Designation :

Director

Address :

House No. 217-E, Kitchlu Nagar, Ludhinana-141001, Punjab, India

Date of Birth/Age :

16.02.1941

Date of Appointment :

01.11.2006

DIN No.:

00458499

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	28-09-92	28-09-92	Active	NO
2	U74899DL1993PLC055880	MIDLAND INTERNATIONAL LIMITED	Director	23-11-96	23-11-96	Amalgamated	NO
3	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	30-06-01	30-06-01	Active	NO
4	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	30-09-02	30-09-02	Active	NO
5	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Director	29-09-07	01-11-06	Active	NO
6	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	29-12-07	12-01-07	Active	NO

Name :

Mr. Sat Paul Nijhawan

Designation :

Director

Address :

B 45, Moti Nagar, Ludhiana-141003, Punjab, India

Date of Birth/Age :

01.04.1945

Date of Appointment :

03.06.2011

DIN No.:

00495688

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67120DL1972PLC006179	LUDHIANA HOLDINGS LIMITED	Director	07-12-82	07-12-82	-	Active	NO
2	U65992DL1972PLC006182	GIRNAR INVESTMENT LIMITED	Director	07-12-82	07-12-82	-	Active	NO
3	U74899DL1972PLC006181	VARDHMAN INVESTMENTS LIMITED	Director	07-12-82	07-12-82	-	Active	NO
4	L65910PB1981PLC023058	KOVALAM INVESTMENT AND TRADING COMPANY LIMITED	Director	01-02-83	01-02-83	-	Active	NO
5	U67120DL1979PLC009388	SANKESHWAR HOLDING COMPANY LIMITED	Director	09-06-88	09-06-88	-	Active	NO
6	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	26-03-99	26-03-99	31-07-08	Active	NO
7	L74900DL1979PLC009989	NAHAR FINANCIAL AND INVESTMENTS LIMITED	Director	30-09-08	31-10-07	-	Active	NO
8	U74899DL1993PTC055526	VIGIL INVESTMENT PRIVATE LIMITED	Director	27-09-08	31-10-07	-	Active	NO
9	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Director	26-08-11	03-06-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Gayathri B. Prakash
Designation :	Company Secretary
Address :	Staff Quarters All Saints Institute of Med SCS and Resch., VPO Jaspal Nagar, Ludhinana-141122, Punjab, India
Date of Birth/Age :	04.07.1979
Date of Appointment :	01.08.2008
PAN No.:	AEXPG6855N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2012

NOTE:

SHAREHOLDING FILE ATTACH

AS ON 27.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	92.48
Directors or relatives of directors	7.30
Others	0.22
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers of combed wool and synthetic yarns
Products :	v Yarn of Combed Wool v Synthetic Yarn v Denim Fabric etc.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v Allahabad Bank, IIFB Branch, 165 Industrial Area – A Near Cheema Chowk, Ludhiana – 141003, Punjab, India

v Indian Development Bank of India, Sector 17 B, Chandigarh , India

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
Long Term (Term Loans)
Borrowings	2923.536	1404.664
Short Term (Working Capital Loan from and other companies)
Borrowings	1989.993	2351.486
Total	1989.993	2351.4860

Banking Relations :	--
Auditors :
Name :	Gupta Vigg and Company Chartered Accountants
Address :	K-101, Kismat Complex, G. T. Road, Miller Ganj, Ludhiana – 141 003, Punjab, India
Income-tax PAN of auditor or auditor's firm :	AAEFG0353Q
Enterprises over which key Management Personnel is able to exercise significant Influence :	Atam Vallabh Financiers Limited. Girnar Investment Limited J.L. Growth Fund Limited. Kulu Investment and Trading Private. Limited. Ludhiana Holdings Limited. Nagdevi Trading and Investment Co. Limited. Abhilash Growth Fund Private Limited Ruchika Growth Fund Private. Limited. Vanaik Investors Limited. Vanaik Spinning Mills Limited. Vardhman Investments Limited. Nahar Spinning Mills Limited Nahar Industrial Enterprises Limited Nahar Capital and Financial Services Limited Cotton County Retail Limited Monte Carlo Fashions Limited

CAPITAL STRUCTURE

AS ON 27.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs. 10/- each	Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16185000	Equity Shares	Rs. 10/- each	Rs. 161.850 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs. 10/- each	Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16185000	Equity Shares	Rs. 10/- each	Rs. 161.850 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		161.850	249.000	249.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2073.370	2510.718	1691.591
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2235.220	2759.718	1940.591
LOAN FUNDS
1] Secured Loans		4913.529	3756.150	2689.578
2] Unsecured Loans		0.000	0.000	209.483
TOTAL BORROWING		4913.529	3756.150	2899.061
DEFERRED TAX LIABILITIES		159.294	162.696	150.596
TOTAL		7308.043	6678.564	4990.248
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4016.306	2595.658	2177.111
Capital work-in-progress		270.073	220.838	115.391
INVESTMENT		287.838	290.463	580.929
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2356.117	2648.301	1819.012
	Sundry Debtors	908.438	1402.391	939.367
	Cash & Bank Balances	498.111	370.394	104.190
	Other Current Assets	294.714	572.075	0.000
	Loans & Advances	592.313	810.803	752.557
Total Current Assets		4649.693	5803.964	3615.126
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1183.252	1087.964	402.238
	Other Current Liabilities	619.615	738.396	811.071
	Provisions	113.000	406.000	285.000
Total Current Liabilities		1915.867	2232.360	1498.309
Net Current Assets		2733.826	3571.604	2116.817
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		7308.043	6678.564	4990.248

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Operating Income	8441.850	9612.589	6335.615
		Other Income	350.724	82.138	82.801
		TOTAL	8792.574	9694.727	6418.416
Less	EXPENSES
		Consumption material changes inventories	5409.642	4580.199	3627.419
		Purchases of stock-in- trade	186.279	788.226	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(340.830)	(237.736)
		Manufacturing Expenses	0.000	0.000	519.368
		Employee related expenses	486.319	503.166	402.110
		Administrative and selling expenses	0.000	0.000	589.142
		Other Expenses	1552.662	2128.739
		TOTAL	7294.072	7762.594	1510.62
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1498.502	1932.133	1280.377
Less	FINANCIAL EXPENSES		372.976	234.585	173.186
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1125.526	1697.548	1107.191
Less/ Add	DEPRECIATION/ AMORTISATION		569.772	324.058	273.470
	PROFIT BEFORE TAX		555.754	1373.490	833.721
Less	TAX		137.839	418.102	292.538
	PROFIT AFTER TAX		417.915	955.388	541.183
Less	APPROPRIATIONS		NA	NA	17.794
	BALANCE CARRIED TO THE B/S		NA	NA	523.389
	Earnings Per Share (Rs.)		26.16	32.90	21.73

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.75	9.85	8.43
Net Profit Margin (PBT/Sales)	(%)	6.58	14.28	13.12
Return on Total Assets (PBT/Total Assets}	(%)	6.41	16.35	14.39
Return on Investment (ROI) (PBT/Networth)		0.25	0.50	0.43
Debt Equity Ratio (Total Debt/Networth)		2.20	1.36	2.34
Current Ratio (Current Asset/Current Liability)		2.43	2.60	2.41

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	No
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U40300PB1949PLC001522
Name of the company	OSWAL WOOLLEN MILLS LIMITED
Address of the registered office or of the principal place of business in India of the company	G.T. Road, Sherpur, Ludhiana – 141 003, Punjab
This form is for	Creation of charge
Type of charge	Immovable Property Book Debts Movable Property Others (project assets, acquired for the project)
Particular of charge holder	STATE BANK OF PATIALA
Nature of description of the instrument creating or modifying the charge	Joint Deed of Hypothecation and Working Capital Consortium Agreement dated 03.08.2012 executed on Non Judicial Stamp Papers
Date of instrument Creating the charge	03/08/2012
Amount secured by the charge	Rs. 5120.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit - 2.25% above Base rate i.e presently 12.75% p.a floating at monthly rests EPC as per bank's extant instructions Terms of Repayment on demand Margin Raw Material, SIP and FG - 25% Receivables (cover days) - 30% (90 days) EPC - 10% BG (performance) - 100% Extent and Operation of the charge 100%
Short particulars of the property charged	v first pari passu hypothecation on all current assets, bills, book debts, raw material, stock in progress, finished goods both present and future. v second pari passu charge on land, building and other structures and Plant and Mach. and other movables(other than current assets) situated at G.T Road, Sherpur, Daba Road, Lalru and Bhopal. v personal guarantees of S/Sh.Jawahar Lal Oswal, Kamal Oswal and Dinesh Oswal

OPERATIONS, STRATEGY AND RESULTS

In the previous year ended on 31.03.2011, out of the total turnover of Rs.9612.600 Millions, Monte Carlo business segment turnover was Rs.2888.700 Millions and the balance turnover of Rs.6723.900 Millions was on account of the other business of the company. Monte Carlo business segment was demerged from the company w.e.f 01.04.2011.

Operating income (exclusive of other income and excise duty) for the year comes to Rs.8441.900 Millions as against corresponding income of Rs.6723.900 Millions of the previous year, giving an impressive growth of 25.55%. Similarly, the profit before tax and depreciation for the year ended on 31.03.2011 was Rs. 1697.500 Millions which after adjustment of the profit before depreciation and financial charges of the demerged monte carlo business segment, balanced out to be Rs.985.300 Millions. The profit before tax and deprecation for the year ended on 31.03.2012 is Rs.1498.500 Millions as against the corresponding income of Rs 985.300 Millions of the previous year, an impressive growth of 52.09%.

Your directors have the pleasure to report that inspite of the demerger of monte carlo business segment, substantial increase in the cost of the inputs consequent to volatile forex market and abnormal increase in the cost of raw cotton etc. the company has achieved impressive growth of net profit before tax and depreciation.

The main reason for higher profits was substantial growth in sales of the company’s products namely woollen/ Acrylic/worsted yarns, denim fabrics and cotton yarn.

As reported in our last report, 4 Nos Wind Energy Generators (WEG) one each in the States of Tamil Nadu and Madhya Pradesh and two in the State of Karnataka with an aggregate capacity of 5.3 MW at a total cost of Rs. 1039.100 Millions have been commissioned during the year as per its original implementation schedule except for a delay of five months in the commissioning of 1 No. WEG of 1.5 MW capacity in the State of M.P.

1st phase of 5MW solar PV Power Project out of the proposed 25MW PV Power Project at village Jatisar, Tehsil Phalodi, Distt Jodhpur (Raj) has also been implemented as per its original implementation schedule.

The 1st phase of the Denim Fabric project comprising of 80 airjet looms with a capacity of 15 Million Meters which was scheduled to be commissioned by the end of February, 2012, could be commissioned with 48 airjet looms on 15.03.2012. The balance 32 airjet looms have been commissioned during the current financial year. The 2nd phase of the denim fabric project comprising of 24 airjet looms scheduled for commissioning on 31st December, 2012 would be commissioned ahead of its commissioning schedule by end of September, 2012.. The 1st phase of the cotton Spinning plant with the capacity of 16992 spindles and 864 rotors which was scheduled for commissioning on 1st of February, 2012 was under implementation as per original commissioning schedule but had to be put on hold because of the collapse of its factory shed, while the same was under erection, due to sever storm and heavy rain. However, the 1st phase of the project for cotton spinning plant comprising of 16972 spindles and 864 rotors shall be implemented before the close of the current financial year. The 2nd phase of the cotton spinning plant comprising of 26112 spindles which was scheduled for commissioning on 31st December, 2012 shall be commissioned by 1st October, 2013.

The aforesaid expansion in the textile division and commissioning of the new energy project have shown partial impact on turnover and the net profit of the company. However, during the current financial year full impact of these projects will be reflected and the results for the current financial are quite encouraging.

The operations of the I.T. Infrastructure services and other services segments were satisfactory.

PROSPECTIVE PLANS, BUSINESS STRATEGIES AND FINANCES

Encouraged with year on year growth in turnover and the net profit, the company has further planned to expand its existing production capacities in the Denim Fabric Division by adding 147 airjet looms and this expansion scheme shall be commissioned before the end of this current financial year.

The company has also planned to develop a solar farm at Village Deh, Tehsil Koloyat, Distt Bikaner (Raj) and has already acquired 370 acres of land out of 580 acres of land proposed for this project.

The company shall put up its own solar PV Power project as well as invite the other solar power developers to put their projects in the said solar farm.

The company has already planned to put up two solar power projects one each for 5MW at Bikaner in Rajasthan and M.P. respectively.

The financial closure in respect of denim fabric and cotton spinning projects has already been achieved and the cost of solar farm and solar power projects shall be met partly out of internal accruals and partly from term loans from banks/financial institutions.

CONTINGENT LIABILITIES

There are contingent liabilities in respect of :

i) M/s Madhya Pardesh Rajya Tilhan Udyog Limited Bhopal (M.P.) lodged a claim for recovery of Rs.1.481 Millions (including a sum of Rs.0.480 Million on account of interest) being the amount deducted/retained by the company on account of its claim for quality rebate/quality allowance on the material supplied by them. The company has filed a counter suit denying the said claim and the suit is pending with the High Court at Jabalpur. After adjusting a credit balance of Rs.1.001 Million against the claim a sum of Rs.0.480 Million (Previous year Rs.0.480 Million) is the balance amount of claims against the company for which no provision has been made.

ii) Leave with wages amounting to Rs.0.646 Million (Previous year Rs.0.634 Million) have not been provided for in respect of company’s employees at Vanaspati Unit, Chennai.

iii) The company has given counter guarantees of Rs.91.848 Millions (Previous year Rs.92.380 Millions) to the Company's bankers for guarantees given by them to the company's constituents and others against fulfillment of certain obligations of the company.

iv) The Company has contested additional demand in respect of Excise Duty and Sales Tax etc., amounting to Rs. 58,51,906.00 (Previous Year . 92,27,568.00). As against this a sum of Rs.0.707 Million (Previous Year Rs. 1.809 Million) has been deposited under protest and is included in “Advances recoverable in cash or kind”. The company has filed an appeal with the Appellate Authorities and is advised that the demand is not in accordance with the law. No provision, therefore, has been made in the financial accounts.

v) Levy of Entry Tax on certain items including yarn by the Punjab State Government is sub-judice before the Hon’ble High Court of Punjab. The Punjab State Government has deferred the same subject to undertaking by the company that if the same is held valid by the Hon’ble High Court, then the company will deposit the same with effect from the date of undertaking. The amount of such entry tax for the current year is Rs.14672162.00 lacs (Previous year NIL), it has no affect on the profitability of the company since the same will be claimed as input tax credit.

vi) The preceding years, the company had entered into derivative contracts, which as per expert’s opinion are illegal, void and not enforceable.

Though, the company has paid a sum of Rs.51.329 Millions to the banks towards settlement of these contracts and shown as the amount recoverable in the books of account, yet the company has filed a suit for recovery of this amount and the company has not provided for this amount as an expense. However, to meet the liability finally arising for this amount of Rs.51.329 Million, the company has created a foreign exchange contingent (disputed liability) reserve.

vii) The Income Tax Assessment upto the Assessment year 2009-2010 has since been completed and the assessment for the financial year relevant to the assessment year 2010-2011 is in progress.

viii) In the Arbitration proceedings between Oswal Agro Mills Limited (OAM) and the company, the Hon’ble High Court of Delhi vide judgment and order dated. 17.04.2007 awarded to OAM a sum of Rs.5.757 Millions alongwith simple interest @ 18% p.a. on the principal amount from 01.11.1991 till the date of award i.e 21.02.2000 and simple interest of 12% from the date of award till date of recovery. The company preferred an appeal in the Hon’ble High Court of Delhi against the judgement and order of the Hon’ble single judge of the said Court and also filed an application for stay of recovery and the Stay has been granted subject to deposit of the Awarded amount of Rs. 5.757 Millions alongwith interest.

The company deposited a sum of Rs. 10.097 Millions and the same has been shown as amount recoverable. No provision for any liability which may ultimately arise as a final result of the decision of the Hon’ble Court, has been made in the accounts.

ix) (i) Company has given a corporate guarantee of Rs.20.000 Millions (Previous year 20.000 Millions) to State Bank of Patiala (SBOP) in respect of Term loan sanctioned by SBOP in account of M/S. Nahar International Limited (now merged with M/S. Nahar Industrial Enterprises Limited), one of the constituents of the company.

(ii) The company has given a corporate guarantee of Rs.540.000 Millions (Previous year Rs.410.000 Millions) to State Bank of Patiala (SBOP) in respect of Working Capital Limits sanctioned by SBOP in account of M/S.Vanaik Spinning Mills Limited, one of the constituents of the company.

x) M.P. Audyogik Kendra Vikas Nigam (Bhopal) Limited, Bhopal (MPAKVN) had allotted to the company PlotNo. 87 admeasuring 97.64 Acres of Land on lease hold basis in Industrial Area, Pillukhedi, Distt Rajgarh, Madhya Pradesh for putting 100% Composite Denim Fabric Unit, at a total cost of Rs. 74.434 Millions and the lease deed dated 15.06.2010 was executed. Subsequently, MPAKVN vide letter No BF.3(iii)/2010/5816 dated 19.08.2010 raised an additional demand for Rs. 44.410 Millions on account of subsequent hike in the rates for land premium and development charges. The company has contested the additional demand, the same being unjust, unfair, illegal and arbitrary and has also filed a Writ Petition No. 16796/2010 in the Hon’ble High Court of Madhya Pradesh at Jabalpur. No provision, therefore, has been made in the financial accounts.

On re-measurement of Plot No.87, the actual area of the said plot was found to be 102.80 Acres i.e. an increase of 5.16 Acres. In respect of this increase, MPAKVN has claimed an amount of Rs. 11.436 Millions as consideration for the allotment of the said land. Since the additional land offered for allotment is part and parcel of the land originally allotted on lease basis, the company has advised MPAKVN to allot the said land at original rate and for the amount aggregating to Rs.4.233 Millions. Dispute over the differential value of Rs.7.202 Millions of the additional land would be decided after our aforesaid petition No.16796/2010 pending in the High Court of Madhya Pradesh at Jabalpur is decided. Since the consideration demanded for the additional land offered for allotment being unjust, unfair, illegal and arbitrary, the Company has kept the demand of MPAKVN in abeyance. Howsoever, the additional of 5.16 Acres is in possession of the company.

xi) The company is eligible for sales tax incentive/subsidy from the Government of Madhya Pradesh. Since these incentives/subsidies are available subject to the completion of certain formalities, hence the company has decided to account for the same on the basis of actual receipt of the same.

FIXED ASSETS :

¨ Land

¨ Roads

¨ Building

¨ Plant and Machinery

¨ Furniture and Fixtures

¨ Vehicles

¨ Computer software

AS PER WEBSITE DETAILS

PROFILE:

From 1949 when small hosiery factory was incorporated into a public limited company, to the present day, constant upward growth has symbolized the charter of a company called Oswal Woollen Mills Limited.

Subject, established in 1949 surges ahead to establish it self as a reputed industrial conglomerate with a wide ranging portfolio from wool   combing, spinning, knitting, fabric, hosiery garments etc.

From starting out with 800 spindles to 25000 spindles today, from simple hosiery items to high value – added items like designer knitwear (Monte Carlo and Canturbury).all these are no mean achievements and what made them possible in so short a time is nothing but a miracle that combined brilliant market insight with diversification.

As the company progressively increased spindlage to 2000 in the year 1960, it had already established a market for itself in the areas of hosiery knitwear and textile fabrics like blankets and shawls etc.

Very soon, it became the first Indian exporter of woolen garments to Russia and shortly after in 1972, the company set up its owm wool combing unit – the first of several backward integration measures. Soon began the in – house processing for the woollen division.

With increasing capacity and demand for its products, subject soon became a name to reckon with, both in the domestic and international markets. Research and development also received focused attention and today the company boasts of north India’s most sophisticated laboratory, approved by the international wool secretariat (IWS) and is even authorized to act as a quality checking center for other manufacturers.

For the domestic market the company launched ‘Monte Carlo’, the first truly international range of designer knitwear followed by another prestigious brand “Canterbury”.

Later on an ultra modern lambs wool and angora spinning plant has been set up, of which more than 50% manufacturer is for captive consumption. The balance meets the requirements of other hosiery knitwear exporters in India. This in turn means immense saving in foreign exchange for India. Further a modernization cum balancing program has been introduced to upgrade its capacity for manufacturing garments and fabrics for various government and defense departments.

The group has spinning capacity of  0.55 millions cotton spindles 25000 worsted spindles with turn over of $550 million inclusive of export turnover of $175 million. The production fascility have been awarded ISO 9001:2000/ISO 14002 certification and okotex certification.

The markets of Nahar Group are cris crossed allover the globe. The objective is meeting the buyers expectations with consistant quality backed by r& d divisions equipped with latest equipment, cream of highly qualified technocrats and adhering to timely schedules.

Today Subject, Is a company that owes its strength in the market and solidity to foresight of its chairman
Sh jawahar lal oswal,the professional inputs of  the board of directors and  able team of highly skilled managers Subject is the flagship company of over us$ 550 millions Nahar Group Of Companies.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.44
UK Pound	1	Rs.81.33
Euro	1	Rs.70.50

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.