MIRA INFORM REPORT

Report Date :

19.11.2013

IDENTIFICATION DETAILS

Name :	SHRI DINESH MILLS LIMITED
Registered Office :	Post Box No 2501, Padra Road, Vadodara-390020, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.07.1935
Com. Reg. No.:	04-000494
Capital Investment / Paid-up Capital :	Rs. 52.775 Millions
CIN No.: [Company Identification No.]	L17110GJ1935PLC000494
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Suiting and Industrial Textile.
No. of Employees :	1200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 3900000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears dip in sales and profit of the company. However, rating continue to derive comfort from long established track record with established presence in woolen fabrics and manufacturing segments. Liquidity position of the company appears to be good. Trade relation reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered for business dealing 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.

INDIAN ECONOMIC OVERVIEW

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

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

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

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities (A)
Rating Explanation	Adequate degree of safety it Carry Low Credit Risk.
Date	23.10.2012

Rating Agency Name	CARE
Rating	Short Term Bank Facilities (A1)
Rating Explanation	Highest Degree of Safety it Carry Lowest Credit Risk.
Date	23.10.2012

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 PARTED BY

Name :	Mr. B C Shah
Designation :	Finance Manager
Contact No.:	91-265-2330060
Date :	16.11.2013

LOCATIONS

Registered Office /Factory 1:	Post Box No 2501, Padra Road, Vadodara-390020, Gujarat, India
Tel. No.:	91-265-2330060/ 61/ 62/ 63/ 64/ 65
Fax No.:	91-265-2336195
E-Mail :	sojitra@dineshmills.com suiting@dineshmills.com exports@dineshmills.com bcshah@dineshmill.com
Website :	www.suiting.dinesh.com
Location :	Owned
Factory 2 :	Village : Bhadkodra, Ankleshwar, District Bharuch, Gujarat, India

DIRECTORS

As on: 31.03.2013

Name :	Mr. Upendrabhai M. Patel
Designation :	Chairman
Name :	Mr. Bharatbhai U. Patel
Designation :	Chairman and Managing Director
Date of Birth/Age :	58 Years
Qualification :	B. Text, M.B.A
Experience :	39 Years
Date of Appointment :	12.05.1973
Name :	Mr. Nimishbhai U. Patel
Designation :	Managing Director
Date of Birth/Age :	46 Years
Qualification :	B.B.A, M.B.A (Finance)
Experience :	21 Years
Date of Appointment :	01.12.1990
Name :	Mr. Atulbhai G. Shroff
Designation :	Director
Name :	Mr. Jal R. Patel
Designation :	Director
Name :	Mr. H. N. Elavia
Designation :	Director
Name :	Mr. Ambubhai T. Patel
Designation :	Director
Name :	Mr. Tanujbhai M. Patel
Designation :	Director
Name :	Mr. Sudhir Mankad
Designation :	Director
Name :	Mr. Rakesh Agrawal
Designation :	Director
Name :	Mr. J. B. Sojitra
Designation :	Director

KEY EXECUTIVES

Name :	Mr. J. B. Sojitra
Designation :	Company Secretary
Name :	Mr. B C Shah
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.06.2013

Category of Shareholders	No. of Shares	Percentage of holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2288372	43.72
Sub Total	2288372	43.72
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2288372	43.72
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	10	0.00
Financial Institutions / Banks	3760	0.07
Sub Total	3770	0.07
(2) Non-Institutions
Bodies Corporate	144123	2.75
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	1936818	37.00
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	843033	16.11
Any Others (Specify)	18307	0.35
Non Resident Indians	18307	0.35
Sub Total	2942281	56.21
Total Public shareholding (B)	2946051	56.28
Total (A)+(B)	5234423	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	5234423	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

Sl.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Upendrabhai Maganbhai Patel	5,31,655	10.16
2	Bharatbhai Upendrabhai Patel	3,76,300	7.19
3	Nimishabhai Upendrabhai Patel	3,16,360	6.04
4	Nimish Upendrabhai Patel	2,57,028	4.91
5	Aditya B Patel	2,09,639	4.01
6	Patel Miraben Upendrabhai	1,81,856	3.47
7	Bharatbhai Upendrabhai Patel	1,15,410	2.20
8	Patel Nimish Upendrabhai	69,590	1.33
9	Arushaben Nimishbhai Patel	58,085	1.11
10	Nishank Nimishbhai Patel	47,589	0.91
11	Minal Shekhar Desai	34,640	0.66
12	Ranak Kamlesh Lashkari	34,060	0.65
13	Roopaben Bharatbhai Patel	29,140	0.56
14	Jemika Bharatbhai Patel	20,560	0.39
15	Aditya Bharatbhai Patel	3,960	0.08
16	N U Patel	1,020	0.02
17	Aditya Bharatbhai Patel	880	0.02
18	Jemika Bharatbhai Patel	600	0.01
	Total	22,88,372	43.72

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Vinodchandra Mansukhlal Parekh	90721	1.73
2	Pranav Kumarpal Parekh	86220	1.65
3	Chandrika Madanmohan Desai	76750	1.47
4	Sharad Kanayalal Shah	71000	1.36
5	Varsha Sharda Shah	60200	1.15
	Total	384891	7.35

BUSINESS DETAILS

Line of Business :	Manufacturer of Suiting and Industrial Textile.
Brand Names :	Dines
Exports :
Products :	Textile
Countries :	USA Canada Dubai
Imports :
Products :	Raw material
Countries :	USA Australia
Terms :
Selling :	L/C and Advance
Purchasing :	Advance, thought bank

PRODUCTION STATUS (31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Woollen Fabrics		80 Power Looms	80 Power Looms	12,421 Mtrs.
Worsted Fabrics		20 Looms	30 Looms	1,413,227 Mtrs.
Woollen Yarn		3,100 Spindles	3,100 Spindles	(C)
Felt		250 M.T	250 M.T	266 M.T
Wool Tops		1,000,000 Lbs.	1,000,000 Lbs.	(C)
Worsted Yaarn		10,908 Spindles	13,476 Spindles	(C)

Notes :

(A) Licensed and Installed Capacity on three shift per annum basis.

(B) Licensed and Installed Capacity on Maximum Utilisation basis.

(C) Captive consumption only

GENERAL INFORMATION

Suppliers :

• Digican International Private Limited, Ahmedabad
• Strong Holding Corporation, Baroda

Customers :

Wholesalers and Dealers

• Ranka Brothers, Bangalore

No. of Employees :

1200 (Approximately)

Bankers :

· Bank of Baroda

· Central Bank of India

· Indian Overseas Bank

Facilities :

Fund based: Rs. 80.000 Millions (From Indian Overseas Bank)

Non fund based: Rs. 40.000 Millions (From Indian Overseas Bank)

Non fund based: Rs. 10.000 Millions (From Bank of Baroda)

(Rs. In Millions)

Secured Loan

As on

31.03.2013

As on

31.03.2012

Long term borrowings

Term loans

217.124

245.211

Short term borrowings

Loan from Indian Overseas Bank - I

3.883

22.691

Loan from Bank of Baroda

0.000

0.384

Cash credit

(16.357)

(16.721)

Total

204.650

251.565

Note:

Terms of repayment of term loans

		Repayment schedule
Name of Institutions	Instruments	Frequency	Number of Installments	Rate of Interest	First installment due
Indian Overseas Bank - II	Term Loan	Quarterly	24	12.25%	Jul-09
Indian Overseas Bank – III	Term Loan	Quarterly	24	12.25%	Aug-10
South Indian Bank - II	Term Loan	Quarterly	24	12.00%	Apr-13
South Indian Bank - III	Term Loan	Quarterly	24	12.00%	May-14

The above term loan from IOB is repayable in 24 quarterly installments, commencing from October 2007, Last installment due in July 2013 rate of interest is 12.25%

The above term loan from BOB is repayable in 24 quarterly installments, commencing from April 2007, Last installment due in March 2013 rate of interest is 15.75%

The above term loans are secured by way of hypothecation of machineries purchased therefrom.

Banking Relations :	--
Auditors :
Name :	Dhirubhai Shah and Company Chartered Accountants
Address :	Ahmedabad, Gujarat, India
Subsidiaries :	Dinesh Remedies Limited, India
Other Related Parties :	· Dinesh Foundation · Maganbhai B. Patel's Charity Trust

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
9500000	Equity Shares	Rs. 10/- each	Rs. 95.000 Millions
50000	Unclassified Shares	Rs. 100/- each	Rs. 5.000 Millions
	Total		Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5277500	Equity Shares	Rs. 10/- each	Rs. 52.775 Millions

Board approves Buy-Back of Equity Shares

The company has informed SEBI (BSE) that the Board of Directors of the Company at its meeting held on March 9, 2013, have accorded to buy back from shareholders of the company of its own fully paid equity shares of Rs. 10/- each not exceeding 13,00,000 equity shares, being 24.63% of the total existing paidup equity share capital at a price not exceeding Rs. 91/- per equity share to be financed out of the Free Reserves such that the aggregate consideration for the shares to be bought-back does not exceed Rs. 95.000 millions being an amount not exceeding 10% of the paid-up equity share capital and Free Reserves of the Company ('buy-back').The buy-back period shall close at the end of 12 months from the date of the resolution, i.e., March 9, 2013 approving buy-back.

The reconciliation of the number of shares outstanding:

The Company has not issued or bought back any equity or preference shares during the year.

The details of Shareholders holding more than 5% shares:

Name Of the Shareholders	As at 31.03.2013
	Nos. of Shares Held	% of Holding
U M Patel	531655	10.07
B U Patel	491710	9.32
N U Patel	643998	12.20

30,780 Equity shares allotted to Shareholders of Platewel Processes and Chemicals Limited as fully paid without payment being received in cash in terms of amalgamation scheme sanctioned by Gujarat High Court, as per order Dated 20th March, 1981.

4,775,420 Equity shares issued as Bonus Shares by way of capitalization of Reserve and Share Premium

Account.

The Company has only one class of equity shares having a par value of Rs.10 per share. Each Shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	52.775	52.775
(b) Reserves & Surplus	927.428	907.564
(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)	980.203	960.339
(3) Non-Current Liabilities
(a) long-term borrowings	236.711	274.315
(b) Deferred tax liabilities (Net)	78.981	78.310
(c) Other long term liabilities	55.142	51.745
(d) long-term provisions	33.527	35.350
Total Non-current Liabilities (3)	404.361	439.720
(4) Current Liabilities
(a) Short term borrowings	18.020	45.468
(b) Trade payables	15.550	24.960
(c) Other current liabilities	129.589	128.554
(d) Short-term provisions	14.556	21.443
Total Current Liabilities (4)	177.715	220.425
TOTAL	1562.279	1620.484
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	627.010	701.060
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	20.584	4.862
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	214.407	215.953
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	15.753	7.638
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	877.754	929.513
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	403.549	398.150
(c) Trade receivables	112.268	115.493
(d) Cash and cash equivalents	144.645	137.915
(e) Short-term loans and advances	17.683	28.930
(f) Other current assets	6.380	10.483
Total Current Assets	684.525	690.971
TOTAL	1562.279	1620.484

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		52.775
2] Share Application Money		0.000
3] Reserves & Surplus		869.755
4] (Accumulated Losses)		0.000
NETWORTH		922.530
LOAN FUNDS
1] Secured Loans		265.724
2] Unsecured Loans		45.547
TOTAL BORROWING		311.271
DEFERRED TAX LIABILITIES		66.240
TOTAL		1300.041
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		561.043
Capital work-in-progress		0.487
INVESTMENT		359.988
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	312.941
	Sundry Debtors	97.495
	Cash & Bank Balances	177.073
	Other Current Assets	12.807
	Loans & Advances	25.930
Total Current Assets		626.246
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.730
	Other Current Liabilities	174.193
	Provisions	47.800
Total Current Liabilities		247.723
Net Current Assets		378.523
MISCELLANEOUS EXPENSES		0.000
TOTAL		1300.041

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	863.321	864.887	825.228
		Other Income	25.328	36.130	26.608
		TOTAL	888.649	901.017	851.836
Less	EXPENSES
		Cost of Material Consumed	283.972	293.942	228.647
		Purchases of Stock in Trade	0.180	0.310	0.070
		Changes in Inventories of Finished Goods	(19.044)	(61.919)	6.311
		Employee Benefits Expenses	243.671	226.139	199.840
		Other Expenses	206.107	248.732	204.199
		TOTAL	714.886	707.204	701.779
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		173.763	193.813	150.057
Less	FINANCIAL EXPENSES		37.064	36.802	31.356
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		136.699	157.011	181.413
Less/ Add	DEPRECIATION/ AMORTISATION		97.479	84.985	74.769
Add	EXCEPTIONAL ITEMS		1.766	0.724	3.181
	PROFIT BEFORE TAX		40.986	72.750	109.825
Less	TAX		10.081	22.675	31.769
	PROFIT AFTER TAX		30.905	50.075	78.056
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		23.992	26.184	20.393
Less	APPROPRIATIONS
		Transfer to General Reserve	25.000	40.000	60.000
		Proposed Dividend	9.499	10.555	10.555
		Dividend Tax	1.542	1.712	1.712
	BALANCE CARRIED TO THE B/S		18.856	23.992	26.184
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	46.558	30.994	39.739
		Others	0.000	0.243	0.461
	TOTAL EARNINGS		46.558	31.237	40.200
	IMPORTS
		Raw Materials	152.576	200.999	128.765
		Capital Goods	8.792	111.041	5.946
	TOTAL IMPORTS		161.368	312.040	134.711
	Earnings Per Share (Rs.)
	Basic		5.86	9.49	14.79
	Diluted		5.86	9.49	14.79

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.48	5.56	9.16
Net Profit Margin (PBT/Sales)	(%)	4.75	8.41	13.31
Return on Total Assets (PBT/Total Assets}	(%)	3.09	5.20	9.26
Return on Investment (ROI) (PBT/Networth)		0.04	0.08	0.11
Debt Equity Ratio (Total Debt/Networth)		0.26	0.33	0.34
Current Ratio (Current Asset/Current Liability)		3.85	3.13	2.52

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long term borrowings
From Directors & Shareholders	12.965	22.669
From Public	6.622	6.435
Short term borrowings
From Directors & Shareholders	24.255	30.116
From Public	6.239	8.998
Total	50.081	68.218

MANAGEMENT DISCUSSION AND ANALYSIS

OVERALL REVIEW OF OPERATIONS

They are a composite textile sector company manufacturing woolen / worsted suiting and machine clothing (felt). The Company manufactures and markets high quality products under the brand name 'dinesh'. There are few organized sector companies and many companies are in un-organized sector and the Company has to face cut throat competition in the domestic and international markets. The Textile Industry is labour and capital intensive and one of the largest employers in India which contributes 4% to the GDP and the industry has to face various internal and external challenges and their Company is not an exception to these challenges. Despite the global slowdown, their Company could achieve sales turnover of Rs.863.300 millions and the net profit of Rs.30.900 millions during the year as compared to Rs.864.900 millions and Rs.50.100 millions respectively of the previous year. The profitability has been affected mainly due to increase in the raw material price, depreciation, personnel expenses and sluggish consumer demand.

During the year, they could achieve higher export turnover of suiting amounting to Rs.46.600 Millions as compared to Rs. 31.000 millions of the previous year in spite of sluggish demand in the overseas market.

OVERALL OUTLOOK

Due to adverse impact of the Euro Zone crisis on the developed and developing countries, their GDP could grow merely 5 % during the year 2012 - 2013 which is lowest in the decade which is expected to increase to 6 % during the year 2013 - 2014 and their Company would strive to increase the sales turnover but the profitability could be adversely affected. The Management would strive to mitigate various risks viz. interest rate, commodity price, foreign exchange, business operations and Regulatory etc. through regular monitoring and taking corrective actions as and when required from time to time.

The Company assumes no responsibility in respect of forward looking statements made herein above which may substantially change based on subsequent developments, events, change in the Government policies, exchange rate etc. over the globe.

CONTINGENT LIABILITIES:

As on: 31.03.2013

(Rs in Millions)

Workers' demand - matter under appeal	4.032
Claims against the company not acknowledged as debts	0.302
Income tax Demands (including interest) - matter under appeal	53.343
Excise matter under appeal	0.817

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED ON 30ST SEPTEMBER, 2013

(Rs. In Millions)

Sr. No	Particulars
		Quarter Ended (Unaudited)		Half year Ended (Unaudited)
		30.09.2013	30.06.2013	30.09.2013
1	Income from operations
	(a) Net Sales/Income from Operations (Net of excise duty)	242.600	178.500	421.100
	(b) Other Operating Income	2.700	2.300	5.000
	Total income from operations (net) (a) + (b)	245.300	180.800	426.100
2	Expenses (a) Cost of materials consumed	45.100	62.500	107.600
	(b) Purchases of stock-in-trade	Nil	0.300	0.300
	(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	21.100	7.100	28.200
	(d) Employee benefits expense	60.300	59.700	120.000
	(e) Depreciation and amortisation expense	24.300	24.300	48.600
	(f) Other expenditure	50.700	38.300	89.000
	Total expenses	201.500	192.200	393.700
3	Profit / (Loss) from operations before other income, finance costs and exceptional items(1-2)	43.800	(11.400)	32.400
4	Other Income	3.900	3.900	7.800
5	Profit / (Loss) from ordinary activities before finance costs and exceptional items(3 + 4)	47.700	(7.500)	40.200
6	Finance costs	8.600	7.700	16.300
7	Profit / (Loss) from ordinary activities after finance costs but before exceptional items(S - 6)	39.100	(15.200)	23.900
8	Exceptional items	Nil	0.800	0.800
9	Profit / (Loss) from ordinary activities before tax (7 + 8)	39.100	(14.400)	24.700
10	Tax Expense	10.000	3.700	6.300
11	Net Profit / (Loss) from ordinary activities after tax (9-10)	29.100	(10.700)	18.400
12	Extraordinary Items (net of tax expense)	Nil	Nil	Nil
13	Net Profit / (Loss) for the period (11 -12)	29.100	(10.700)	18.400
14	Paid-up equity share capital (Nominal value Rs. 10 per share)	52.400	52.800	52.400
15	Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	-	-	-
16(i)	Earnings per share (before extraordinary items) (of Rs. 10/- each) (not annualised):
*	(a) Basic	5.54	(2.03)	3.51
	(b) Diluted	5.54	(2.03)	3.51
17	Earnings per share (after extraordinary items) (of Rs. 10/- each) (not annualised):
*	(a) Basic	5.54	(2.03)	3.51
	(b) Diluted	5.54	(2.03)	3.51
	PARTICULARS OF SHAREHOLDING
	Public shareholding - Number of shares
	- Numbers of Shares	2946051	2989128	2946051
	- Percentage of shareholding	56.28%	56.64%	56.28%
2	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	2288372	2288372	2288372
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100%	100%	100%
	- Percentage of shares (as a % of the total share capital of the company)	43.27%	43.36%	43.72%

Particulars	Quarter ended 30.09.2013
B INVESTOR COMPLAINTS (Nos)
Pending at the beginning of the quarter	NIL
Received during the quarter	NIL
Disposed of during the quarter	NIL
Remaining unresolved at the end of the quarter	NIL

SOURCES OF FUNDS	As on 30.09.2013
EQUITY AND LIABILITIES
Shareholders' Funds
(a) Share Capital	52.400
(b) Reserves & Surplus	943.000
Total Shareholders’ Funds	995.400
Non-Current Liabilities
(a) long-term borrowings	278.300
(b) Deferred tax liabilities (Net)	71.700
(c) Other long term liabilities	67.700
(d) long-term provisions	24.500
Total Non-current Liabilities	442.200
Current Liabilities
(a) Short term borrowings	15.900
(b) Trade payables	7.100
(c) Other current liabilities	121.600
(d) Short-term provisions	12.700
Total Current Liabilities (4)	157.300
TOTAL - EQUITY AND LIABILITIES	1594.900
ASSETS
Non-current assets
(a) Fixed Assets	673.800
(b) Non-current Investments	349.500
(c) Long-term Loan and Advances	14.700
(d) Other Non-current assets	--
Total Non-Current Assets	1038.000
Current assets
(a) Current investments	--
(b) Inventories	363.200
(c) Trade receivables	135.500
(d) Cash and cash equivalents	41.500
(e) Short-term loans and advances	7.500
(f) Other current assets	9.200
Total Current Assets	556.900
TOTAL – ASSETS	1594.900

NOTE:

1. The Company has only one business segment – Textiles and no reportable geographical segment.
2. 43077 equity share of Rs. 10/- each bought back by the company under the buyback scheme are extinguished and therefore, the paid up equity share capital has been reduced from Rs. 52.800 Millions as on 30^th September,2013 and as result thereof, promoter group shareholding has been increased from 43.36% to 43.72%.
3. The above Unaudited Financial Results duly reviewed by the audit committee were approved by the Board of Directors at the meeting held on 30^th October 2013.
4. The statutory auditors of the company have carried out a “Limited Review” of the above financial results.
5. The performance of the quarter/nine months is not representative of the full years Performance.
6. Previous period figures have been regrouped wherever necessary.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10339474	10/02/2012	360,000,000.00	THE SOUTH INDIAN BANK LIMITED	ORIENT BUSINESS CENTRE FIRST FLOOR, SAYAJIGUNJ, OPP SURAJ PLAZA, VADODARA, GUJARAT - 390005, INDIA	B33823220
2	10336196	23/01/2012	66,000,000.00	THE SOUTH INDIAN BANK LIMITED	ORIENT BUSINESS CENTRE FIRST FLOOR, SAYAJIGUNJ, OPP SURAJ PLAZA, VADODARA, GUJARAT - 390005, INDIA	B32365140
3	10115661	22/07/2008	131,000,000.00	INDIAN OVERSEAS BANK	MEHTA POLE, NR. MANDVI, VADODARA, GUJARAT - 390006, INDIA	A43165851
4	10115664	22/07/2008	167,500,000.00	INDIAN OVERSEAS BANK	MEHTA POLE, NR. MANDVI, VADODARA, GUJARAT - 390006, INDIA	A43166479
5	90379810	22/07/2003 *	152,900,000.00	HDFC BANK LIMITED	169 BACKBAY RECLAMATION, CHURCH GATE, MUMBAI, MAHARASHTRA, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Land

· Assets Under Lease

· Buildings

· Plant and Equipment’s

· Furniture and Dead Stock

· Vehicles

· Electrical Installation

· Tubewell and Waterworks

· Drainage Installation

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. 62.62
UK Pound	1	Rs. 101.06
Euro	1	Rs. 84.56

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.