MIRA INFORM REPORT

Report Date :

09.05.2013

IDENTIFICATION DETAILS

Name :	SIYARAM SILK MILLS LIMITED
Registered Office :	H-3/2, MIDC, A-Road, Tarapur, Boisar, District Thane - 401 506, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.06.1978
Com. Reg. No.:	11-020451
Capital Investment / Paid-up Capital :	Rs. 93.738 Millions
CIN No.: [Company Identification No.]	L17116MH1978PLC020451
TAN No.: [Tax Deduction & Collection Account No.]	MUMS37269B
PAN No.: [Permanent Account No.]	AAACS6995
Legal Form :	A Public Limited Liability Company. The Company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturer of Woven Fabrics, Texturising Yarn and Readymade Garments.
No. of Employees :	3000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

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

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

NOTES :

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A (Cash Credit)
Rating Explanation	Having adequate degree of safety regarding timely servicing of fincial obligation. It carry low credit risk.
Date	November 2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

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

DIRECTORS

AS ON 31.03.2012

Name :	Mr. Dharaprasad R. Poddar
Designation :	Chairman
Name :	Mr. Ramesh D. Poddar
Designation :	Vice Chairman and Managing Director
Name :	Mr. Brijmohan L. Sarda
Designation :	Director
Name :	Prof. (Dr.) Mangesh D. Teli
Designation :	Director
	Mr. Shailesh S. Vaidya
Name :	Director
Designation :
	Mr. Ashok N. Garodia
Name :	Director
Designation :
	Mr. Dileep H. Shinde
Name :	Director
Designation :
	Mr. Pramod S. Jalan
Name :	Director
Designation :
	Mr. Harish N. Motiwalla
	Director (w.e.f. 21.05.2011)
Name :
Designation :	Mr. Arvind M. Poddar
	Director
Name :
Designation :	Mr. Pawan D. Poddar
	Joint Managing Director
Name :
Designation :	Vijaylaxmi A. Poddar
	Executive Director
Name :
Designation :	Mr. Shrikishan D. Poddar
	Executive Director
Name :	Mr. Ashok M. Jalan
Designation :	Senior President cum Director

KEY EXECUTIVES

Name :	Mr. William V. Fernandes
Designation :	Company Secretary
Name :	Mr. Surendra S Shetty
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2013

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	3590637	38.31
Bodies Corporate	2694298	28.75
Sub Total	6284935	67.06
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	6284935	67.06
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	687713	7.34
Financial Institutions / Banks	1140	0.01
Foreign Institutional Investors	5000	0.05
Sub Total	693853	7.4
(2) Non-Institutions
Bodies Corporate	346687	3.7
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1746883	18.64
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	299690	3.2
Sub Total	2393260	25.54
Total Public shareholding (B)	3087113	32.94
Total (A)+(B)	9372048	100
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0
(1) Promoter and Promoter Group	0	0
(2) Public	0	0
Sub Total	0	0
Total (A)+(B)+(C)	9372048	0

BUSINESS DETAILS

Line of Business :

Manufacturer of Woven Fabrics, Texturising Yarn and Readymade Garments.

Products :

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

PRODUCTION STATUS (AS ON 31.03.2011)

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

(Figures in Lacs)

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

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

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

GENERAL INFORMATION

No. of Employees :

3000 (Approximately)

Bankers :

• Bank of Baroda
• Central Bank of India
• Corporation Bank

Facilities :

Secured Loan

Rs. In Millions

31.03.2012

Rs. In Millions

31.03.2011

LONG TERM BORROWINGS

a) Term Loans from Banks

785.160

704.060

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

16.424

17.702

SHORT-TERM BORROWINGS

a) Working Capital Loans from Banks :- *

i) Cash Credit/ Demand Loans/ Short Term Loan

666.766

687.297

ii) Packing Credit

76.993

52.721

iii) Bills Discounting

3.126

12.625

TOTAL

1548.469

1474.405

NOTES

LONG TERM BORROWINGS

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

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

iii) Maturity profile of Secured Term Loan

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

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

SHORT-TERM BORROWINGS

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

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

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

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

Issued Capital :

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

Subscribed & Paid-up Capital :

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

NOTES

SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY:

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

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

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

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

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		93.738	93.738	93.738
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2577.488	2105.091	1604.909
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2671.226	2198.829	1698.647
LOAN FUNDS
1] Secured Loans		1548.469	1474.405	1545.549
2] Unsecured Loans		600.000	970.400	351.909
TOTAL BORROWING		2148.469	2444.805	1897.458
DEFERRED TAX LIABILITIES		159.894	170.047	182.914
TOTAL		4979.589	4813.681	3779.019
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2302.619	2307.102	2001.246
Capital work-in-progress		149.083	11.379	4.559
INVESTMENT		29.698	181.193	281.648
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1877.648	1491.879	893.355
	Sundry Debtors	1898.326	1953.553	1167.863
	Cash & Bank Balances	19.887	28.705	29.430
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	978.930	710.911	423.373
Total Current Assets		4774.791	4185.048	2514.021
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1011.288	922.517	710.724
	Other Current Liabilities	614.755	531.830	2.720
	Provisions	650.559	416.694	309.011
Total Current Liabilities		2276.602	1871.041	1022.455
Net Current Assets		2498.189	2314.007	1491.566
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4979.589	4813.681	3779.019

PROFIT & LOSS ACCOUNT

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

QUARTERLY RESULTS

(Rs. In Millions)

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

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	6.12	6.62	5.03
Net Profit Margin (PBT/Sales)	(%)	8.87	9.64	7.43
Return on Total Assets (PBT/Total Assets}	(%)	11.47	12.76	10.85
Return on Investment (ROI) (PBT/Networth)		0.30	0.38	0.29
Debt Equity Ratio (Total Debt /Networth)		0.80	1.11	1.12
Current Ratio (Current Asset/Current Liability)		0.48	0.45	2.46

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	No
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

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

OPERATIONS

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

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

MANAGEMENT DISCUSSION AND ANALYSIS

CURRENT YEAR REVIEW

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

FUTURE OUTLOOK

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

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

FIXED ASSETS

• Freehold Land
• Leasehold Land
• Building
• Factory Road
• Plant and Machinery
• Electrical Installation
• Furniture and Equipments
• Vehicles
• Computer Software
• Trade Mark

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER I NINE MONTH ENDED 31ST DECEMBER 2012

(Rs. in millions)

Sr. No.	Particular	Quarter Ended		Nine Month Ended
		31.12.2012 (Unaudited)	30.09.2012 (Unaudited)	31.12.2012 (Unaudited)
1.	Income from Operations
	Net Sales	2780.400	2663.100	7494.100
	Other Operating Income	7.700	9.700	22.900
	Net Sales/Income from Operations	2788.100	2672.800	7517.000
2.	Expenditure
	Cost of Material Consumed	1088.400	1120.900	3078.700
	Purchase of Stock In Trade	357.400	393.800	986.200
	Change in Inventories of Finished Goods, Work-In-Progress and Stock In Trade	(22.100)	(116.800)	(249.700)
	Employee Benefits Expenses	246.000	226.400	659.200
	Processing and Labour Charges	300.800	259.200	776.000
	Depreciation and Amortization Expenses	55.700	49.900	157.300
	Other Expenses	505.700	533.400	1469.000
	f) Total	2531.900	2466.800	6876.700
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	256.200	206.000	640.300
4.	Other Income	33.200	103.600	164.900
5.	Profit Before Interest and Exceptional Items (3+4)	289.400	309.600	805.200
6.	Interest	79.200	68.500	200.700
7.	Profit After Interest but before Exceptional Items (5-6)	210.200	241.100	604.500
8.	Exceptional Items	--	--	--
9.	Profit from Ordinary Activities before Tax (7+8)	210.200	241.100	604.500
10.	Tax Expense
	a) Current tax	55.500	69.000	179.500
	b) Deferred tax	16.600	(7.100)	4.600
11.	Net Profit from Ordinary Activities after Tax (9-10)	138.100	179.200	420.400
12.	Extraordinary Item (net of expense)	--	--	--
13.	Net Profit for the period (11-12)	138.100	179.200	420.400
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	93.700	93.700	93.700
15.	Reserves Excluding Revaluation Reserve	--	--	--
16.	Earning Per Share (EPS) (Rs.)	14.73	19.12	44.85
17.	Public Shareholding
	-Number of Shares	3087113	3087113	3087113
	- Percentage of Shareholding	32.94	32.94	32.94
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	Nil	Nil	Nil
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	Nil	Nil	Nil
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	Nil	Nil	Nil
	b) Non Encumbered
	- Number of Shares	6284935	6284935	6284935
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100.00	100.00	100.00
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	67.06	67.06	67.06

Particulars	31.12.2012
Pending at the beginning of the quarter	Nil
Received during the quarter	17
Disposed of during the quarter	17
Remaining unresolved at the end of the quarter	Nil

NOTES

i) The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 14.02.2013 The Statutory Auditors have carried out a limited review of the above financial results.

ii) The activities of the Company relate to only one primary business segment i.e. Textiles

iii) Under the ongoing expansion programme 72 numbers of looms along with balancing equipments will be installed by end of this financial year.

iv) The figures of previous periods / year have been regrouped / reclassified wherever necessary.

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. 54.16
UK Pound	1	Rs. 83.88
Euro	1	Rs. 70.99

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

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

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

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

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

RATING EXPLANATIONS

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

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

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