MIRA INFORM REPORT

Report Date :

29.11.2013

IDENTIFICATION DETAILS

Name :	RANA POLYCOT LIMITED
Registered Office :	SCO 49-50, Sector 8C, Chandigarh - 160009
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.07.1993
Com. Reg. No.:	53-013489
Capital Investment / Paid-up Capital :	Rs. 616.496 Millions
CIN No.: [Company Identification No.]	U17111CH1993PLC013489
TAN No.: [Tax Deduction & Collection Account No.]	PTLR10065G / PTLR11764E
PAN No.: [Permanent Account No.]	AAACR7623M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Cotton Yarn, Dyed Yarn and Knitted Garments.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2790000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company seems to have below average risk profile. The rating also takes into consideration delay in servicing of term loans, stretched liquidity position and lower than optimum capacity utilization across spinning and knitting units of the company. However, business is active. Payment terms are reported to be slow. The company can be considered for business dealings with great caution.

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

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

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

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

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loans : (ICRA) D
Rating Explanation	The company is in default or expected to be in default soon.
Date	August 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED BY

Name :	Mr. Manoj Gupta
Designation :	Chief Financial Officer
Contact No.:	91-9815900915
Date :	28.11.2013

LOCATIONS

Registered/ Head Office :	SCO 49-50, Sector 8C, Chandigarh – 160009, India
Tel. No.:	91-172-2540007/ 2541904/ 2780580/ 2779565/ 2773422/ 2541505/ 2549217
Mobile No.:	91-9815900915 [Mr. Manoj Gupta]
Fax No.:	91-172-2546809/ 2549510
E-Mail :	info@ranagroup.com info@ranapolycot.com export@ranapolycot.com purchase@ranapolycot.com
Website :	http://www.ranagroup.com
Factory 1 :	Spinning Division : Village Alamgir, Tehsil Lalru, District  Mohali, Punjab, India
Tel. No.:	91-1762-506751-56
E-Mail :	mktg@ranapolycot.com
Factory 2 :	Knitting Division : Plot No. B-103, Phase-VIII, S.A.S. Nagar, Mohali, Punjab, India
Tel. No.:	172-4243000
Fax No.:	172-2236234
E-Mail :	knitting@ranapolycot.com
Factory 3 :	D-114, Phase-VII, Industrial Area, S.A.S. Nagar, Mohali, Punjab, India

DIRECTORS

AS ON 15.06.2013

Name :

Mr. Rana Ranjit Singh

Designation :

Managing director

Address :

H. No. 53, Sector 4, Chandigarh – 160001, U.T, India

Date of Birth/Age :

26.10.1958

Qualification :

Diploma in Hotel Management

Date of Appointment :

27.09.2009

PAN No.:

ADXPS5464N

DIN No.:

00076770

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17111CH1993PLC013489	RANA POLYCOT LIMITED	Managing director	27/09/2009	05/07/1993	-	Active	NO
2	U19201CH1994PTC014802	RANA LEATHERS Private LTD	Director	12/07/1997	12/07/1997	-	Active	NO
3	U99999CH1999PTC022859	RANA INFORMATICS Private LIMITED	Director	17/08/1999	17/08/1999	-	Active	NO
4	U74999CH2000PTC023589	RSL DISTILLERIES PRIVATE LIMITED	Director	05/04/2000	05/04/2000	15/06/2009	Active	NO
5	U65921CH1992PTC012297	R G S TRADERS PRIVATE LIMITED	Director	15/10/2003	15/10/2003	10/05/2012	Active	NO
6	U74899DL1936PLC003853	LAKSHMIJI SUGAR MILLS COMPANY LIMITED	Director	03/08/2006	03/08/2006	05/08/2006	Active	NO
7	L15322CH1991PLC011537	RANA SUGARS LIMITED	Whole-time director	13/05/2011	28/12/2006	-	Active	NO

Name :

Mr. Rana Inder Pratap Singh

Designation :

Director

Address :

H. No. 53, Sector 4, Chandigarh – 160001, U.T, India

Date of Birth/Age :

09.02.1980

Qualification :

MBA

Date of Appointment :

26.12.2003

PAN No.:

AVNPS6106M

DIN No.:

00075107

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L15322CH1991PLC011537	RANA SUGARS LIMITED	Managing director	31/01/2011	31/10/2002	-	Active	NO
2	U99999CH1999PTC022859	RANA INFORMATICS PRIVATE LIMITED	Director	03/09/2003	03/09/2003	-	Active	NO
3	U17111CH1993PLC013489	RANA POLYCOT LIMITED	Director	26/12/2003	26/12/2003	-	Active	NO
4	U65921CH1992PTC012297	R G S TRADERS PRIVATE LIMITED	Director	29/04/2004	29/04/2004	10/05/2012	Active	NO
5	U74999CH2000PTC023589	RSL DISTILLERIES PRIVATE LIMITED	Director	29/04/2004	29/04/2004	20/06/2009	Active	NO
6	U19201CH1994PTC014802	RANA LEATHERS PRIVATE LIMITED	Director	29/04/2004	29/04/2004	-	Active	NO
7	U70100CH2000PTC023903	RANA INFRASTRUCTURES PRIVATE LIMITED	Director	03/10/2005	03/10/2005	-	Active	NO
8	U40108CH2006PLC030500	RANA POWER LIMITED	Director	19/07/2006	19/07/2006	-	Active	NO
9	U74899DL1936PLC003853	LAKSHMIJI SUGAR MILLS COMPANY LIMITED	Director	03/08/2006	03/08/2006	05/08/2006	Active	NO
10	U15400CH2007PTC030671	SUPERIOR FOOD GRAINS PRIVATE LIMITED	Director	28/09/2013	06/09/2012	-	Active	NO

Name :

Mr. Rajbans Kaur

Designation :

Director

Address :

H. No. 53, Sector 4, Chandigarh – 160001, U.T, India

Date of Birth/Age :

05.10.1953

Qualification :

Graduate

Date of Appointment :

05.07.1993

DIN No.:

00074954

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U17111CH1993PLC013489	RANA POLYCOT LIMITED	Director	05/07/1993	05/07/1993	Active	NO
2	U19201CH1994PTC014802	RANA LEATHERS PRIVATE LIMITED	Director	12/07/1997	12/07/1997	Active	NO
3	U99999CH1999PTC022859	RANA INFORMATICS PRIVATE LIMITED	Director	17/08/1999	17/08/1999	Active	NO
4	U40108CH2006PLC030500	RANA POWER LIMITED	Director	19/07/2006	19/07/2006	Active	NO
5	U15400CH2007PTC030671	SUPERIOR FOOD GRAINS PRIVATE LIMITED	Director	30/09/2011	01/06/2011	Active	NO

Name :

Mr. Shivavtar Singh Bajwa

Designation :

Director

Address :

Naya Gaon, Near Sector – 2 CHD, Mohali, Punjab, India

Date of Birth/Age :

01.06.1934

Qualification :

MA, LLB

Date of Appointment :

22.01.1996

DIN No.:

00714772

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	L15322CH1991PLC011537	RANA SUGARS LIMITED	Director	30/11/1992	30/11/1992	Active	NO
2	U17111CH1993PLC013489	RANA POLYCOT LIMITED	Director	22/01/1996	22/01/1996	Active	NO

Name :

Mr. Asdev Singh Sodhi

Designation :

Director

Address :

H. No. 2282, Sector 21 C, Chandigarh, U.T., India

Date of Birth/Age :

09.01.1930

Qualification :

IAS (Retd)

Date of Appointment :

09.12.2002

DIN No.:

00085934

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	L15322CH1991PLC011537	RANA SUGARS LIMITED	Director	30/11/1992	30/11/1992	Active	NO
2	U17111CH1993PLC013489	RANA POLYCOT LIMITED	Director	09/12/2002	09/12/2002	Active	NO

Name :

Mr. Gautam Meour

Designation :

Nominee director

Address :

C-52, Surya Nagar, Ghaziabad – 201011, Uttar Pradesh, India

Date of Birth/Age :

11.11.1957

Qualification :

M.Com, MBA, Dip.

Date of Appointment :

07.02.2013

DIN No.:

00308240

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L18101WB1983PLC035976	I C TEXTILES LIMITED	Nominee director	31/01/2005	31/01/2005	25/03/2008	Active	YES
2	L34101UP1972PLC003612	LML LIMITED	Nominee director	30/04/2008	30/04/2008	31/07/2009	Active	NO
3	L24119CH1975PLC003607	PUNJAB ALKALIES AND CHEMICALS LTD	Nominee director	29/09/2012	13/02/2012	-	Active	NO
4	U17111CH1993PLC013489	RANA POLYCOT LIMITED	Nominee director	07/02/2013	07/02/2013	-	Active	NO
5	U74999MH2011PTC223668	IFCI SYCAMORE CAPITAL ADVISORS PRIVATE LIMITED	Additional director	19/09/2013	19/09/2013	-	Active	NO
6	U40100GJ2009PLC058694	ABG ENERGY (GUJARAT) LIMITED	Nominee director	25/11/2013	25/11/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manoj Gupta
Designation :	Secretary and Chief Financial Officer
Address :	H. No. 5739 – B, Sector 38 B, Chandigarh – 160038, U.T., India
Date of Birth/Age :	17.02.1969
Date of Appointment :	30.06.2008
PAN No.:	AATPG3850H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.06.2013

Names of Shareholders	No. of Shares
Gurjeet Singh Rana	20427218
Ranjit Singh Rana	14037873
Rana Daljit Singh	1
Rajbans Kaur	100001
Sukhjinder Kaur	20001
Rattan Kaur	1
J.S. Randhawa	140000
Rajbir Kaur Randhawa	5757
Jaswant Singh	50000
Harkewal Singh	50000
Ajit Singh	45000
Sukhjit Singh	50000
Kuljit Singh	50000
Punjab State Industrial Development Corpn. Limited, India	6176848
Rana Inder Pratap Singh	3118299
R. J. Texfab Limited, India	6554117
Flawless Traders Private Limited, India	1176470
Amrit Pal Singh Gill	2280882
Regency Investrnents Limited, India	1607334
Healthy Biosciences Private Limited, India	540000
HPC Plastics Private Limited, India	600000
Rana Informatics Private Limited, India	4419844
Rana Karan Pratap Singh	200000
K Sera Sera Production Limited, India	3200000
Maars Software International Limited, India	990000
Total	65839646

AS ON 15.06.2013

Equity Share Breakup	Percentage of Holding
Category
Government companies	9.38
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	3.46
Bodies corporate	29.00
Directors or relatives of directors	57.57
Other top fifty shareholders	0.59
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Cotton Yarn, Dyed Yarn and Knitted Garments.

Products/ Services :

ITC Code No.	Product Descriptions
52050000	Cotton Yarn
52050001	Dyed Yarn
61010000	Cotton Yarn

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
SPINNING
Cotton/Viscose Yarn	Spindles	72768	72768	13592345 Kgs.
KNITTING
Garments	Nos.	--	46	709961 Pcs.
DYEING
Dyed Yarn	M.T./Day	4.8	4.8	1425092 Kgs.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Canara Bank, SCO 117-119 (Annexure `A' - List Of Chargeholders), Sector 17-C, Chandigarh - 160017, India

Andhra Bank, SCO 202-203-204, Sector-17C, Chandigarh - 160017, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	675.330	816.908
Rupee term loans from others	119.198	167.762
Working capital loans from banks	150.241	181.076
SHORT TERM BORROWINGS
Working capital loans from banks	1230.536	1084.387
Total	2175.305	2250.133
Footnotes LONG-TERM BORROWINGS 263.18 Canara Bank 263.18 Repayable in 18 quarterly instalments starting from 1.4.2011 and last installment falling due on 01.07.2015 Standard Chartered Bank 0.00 Repayable in 30 monthly instalments starting from 29.03.2011 and last installment falling due on 29.08.2013 Punjab National Bank 224.18 Repayable in 20 quarterly instalments starting from 1.1.2011 and last installment falling due on 01.10.2015 State Bank of Bikaner & Jaipur 834.44 Repayable in 32 quarterly instalments starting from 1.4.2011 and last installment falling due on 01.01.2019 Canara Bank - Term Loan II 834.46 Repayable in 32 quarterly instalments starting from 1.4.2011 and last installment falling due on 01.01.2019 State Bank of India 1388.23 Repayable in 32 quarterly instalments starting from 1.4.2011 and last installment falling due on 01.01.2019 State Bank of Mysore 455.52 Repayable in 32 quarterly instalments starting from 1.4.2011 and last installment falling due on 01.01.2019 State Bank of Patiala 1216.50 Repayable in 32 quarterly instalments starting from 1.4.2011 and last installment falling due on 01.01.2019 United Bank of India 1183.29 Repayable in 32 quarterly instalments starting from 1.4.2011 and last installment falling due on 01.01.2019 Andhra Bank Term Loan I 75.12 Repayable in 19 quarterly instalments starting from 31.03.2011 and last installment falling due on 30.09.2015 Andhra Bank Term Loan II 278.27 Repayable in 19 quarterly instalments starting from 31.03.2011 and last installment falling due on 30.09.2015 IFCI LIMITED 707.90 Repayable in 21 quarterly installments starting from 15.01.2011 and last installment falling due on 15.01.2016 IDBI LIMITED 397.39 Repayable in 21 quarterly installments starting from 01.01.2011 and last installment falling due on 01.01.2016 EXISTING FUNDED INTT TERM LOAN 86.69 Repayable in 16 quarterly installments starting from 01.04.2011 and last installment falling due on 01.01.2015

Banking Relations :	--
Auditors :
Name :	Kansal Singla and Company Chartered Accountants
Address :	SCO 80-81, 4^th Floor, Sector 17-C, Chandigarh, U.T., India
Income-tax PAN of auditor or auditor's firm :	AAAFK9144R
Associate Companies:	· Rana Sugars Limited [L15322CH1991PLC011537] Rana Infrastructures Private Limited Rana Informatics Limited Rana Leathers Limited Rana Power Limited Superior Foods Grains Private Limited Fortune Online Marketing Private Limited

CAPITAL STRUCTURE

AS ON 15.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000,000	Equity Shares	Rs. 10/- each	Rs. 1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
65,839,646	Equity Shares	Rs. 10/- each	Rs. 658.396 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000,000	Equity Shares	Rs. 10/- each	Rs. 1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
61,649,646	Equity Shares	Rs. 10/- each	Rs. 616.496 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	616.496	616.496	616.496
(b) Reserves & Surplus	40.500	(7.196)	64.270
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	41.900	41.900	41.900
Total Shareholders’ Funds (1) + (2)	698.896	651.200	722.666
(3) Non-Current Liabilities
(a) long-term borrowings	1461.154	1425.561	1577.738
(b) Deferred tax liabilities (Net)	0.000	0.000	28.119
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	6.941	6.157	5.630
Total Non-current Liabilities (3)	1468.095	1431.718	1611.487
(4) Current Liabilities
(a) Short term borrowings	1230.536	1084.387	887.031
(b) Trade payables	736.346	604.061	644.976
(c) Other current liabilities	312.193	278.951	230.468
(d) Short-term provisions	10.357	4.319	4.209
Total Current Liabilities (4)	2289.432	1971.718	1766.684
TOTAL	4456.423	4054.636	4100.837
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1819.905	1972.956	2121.178
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.000	1.000	1.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	27.059	27.340	13.483
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1847.964	2001.296	2135.661
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1306.460	1003.534	1065.196
(c) Trade receivables	499.253	457.400	264.816
(d) Cash and cash equivalents	95.617	69.799	76.325
(e) Short-term loans and advances	607.464	459.923	492.316
(f) Other current assets	99.665	62.684	66.523
Total Current Assets	2608.459	2053.340	1965.176
TOTAL	4456.423	4054.636	4100.837

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	3235.746	3143.717	3034.969
		Other Income	3.879	5.436	3.324
		TOTAL (A)	3239.625	3149.153	3038.293
Less	EXPENSES
		Cost of materials consumed	2625.066	2333.537	2515.611
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(284.076)	72.409	(388.840)
		Employee benefit expense	183.279	157.458	151.693
		Other expenses	256.284	259.852	328.578
		Prior period items	0.492	0.744	0.000
		Exceptional items	0.000	0.374	0.000
		TOTAL (B)	2781.045	2824.374	2607.042
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		458.580	324.779	431.251
Less	FINANCIAL EXPENSES (D)		252.728	271.679	221.648
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		205.852	53.100	209.603
Less/ Add	DEPRECIATION/ AMORTISATION (F)		152.501	152.686	142.892
	PROFIT BEFORE TAX (E-F) (G)		53.351	(99.586)	66.711
Less	TAX (H)		5.654	(28.119)	0.000
	PROFIT AFTER TAX (G-H) (I)		47.697	(71.467)	66.711
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	1842.758	1777.824	1578.734
	IMPORTS
		Stores & Spares	6.553	15.695	9.796
	Earnings Per Share (Rs.)		0.77	(1.16)	0.37

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.47	(2.27)	2.20
Net Profit Margin (PBT/Sales)	(%)	1.65	(3.17)	2.20
Return on Total Assets (PBT/Total Assets}	(%)	1.20	(2.46)	1.63
Return on Investment (ROI) (PBT/Networth)		0.08	(0.15)	0.09
Debt Equity Ratio (Total Debt/Networth)		3.85	3.85	3.41
Current Ratio (Current Asset/Current Liability)		1.14	1.04	1.11

LOCAL AGENCY FURTHER INFORMATION

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10438445	11/07/2013	2,324,000,000.00	CANARA BANK	SCO 117-119 (ANNEXURE `A' - LIST OF CHARGEHOLDERS), SECTOR 17-C, CHANDIGARH - 160017, INDIA	B80271521
2	10414215	01/03/2013	964,800,000.00	ANDHRA BANK	SCO 202-203-204, SECTOR-17C, CHANDIGARH - 160017, INDIA	B71585707
3	10298037	06/07/2011	300,000.00	CANARA BANK	SECTOR 17C, CHANDIGARH - 160017, INDIA	B17161498
4	10298015	24/06/2011	700,000.00	CANARA BANK	SECTOR 17C, CHANDIGARH - 160017, INDIA	B17149931
5	10260945	29/12/2010	1,500,000.00	CANARA BANK	SECTOR 17C, CHANDIGARH - 160017, INDIA	B03335247
6	10260944	17/12/2010	400,000.00	CANARA BANK	SECTOR 17C, CHANDIGARH - 160017, INDIA	B03335379
7	10254557	25/11/2010	923,900,000.00	CANARA BANK	SCO 117-119, SECTOR 17 C, CHANDIGARH - 160017, INDIA	B01105998
8	10204702	15/02/2010	9,371,000.00	IDBI BANK LIMITED	INDIAN RED CROSS SOCIETY BLDG., 1, RED CROSS ROAD, NEW DELHI - 110001, INDIA	A80328677
9	10203323	15/02/2010	12,819,000.00	IFCI LIMITED	IFCI TOWER, 61 NEHRU PLACE, NEW DELHI - 110019, INDIA	A79870507
10	10183636	22/09/2009	450,000.00	CANARA BANK	SECTOR 17C, CHANDIGARH - 160017, INDIA	A72539273
11	10169856	15/02/2010 *	4,700,000.00	ANDHRA BANK	SECTOR 17C, CHANDIGARH - 160017, INDIA	A79178661
12	10169857	15/02/2010 *	79,400,000.00	ANDHRA BANK	SECTOR 17C, CHANDIGARH - 160017, INDIA	A79179305
13	10168837	15/02/2010 *	4,400,000.00	PUNJAB NATIONAL BANK	MID CORPORATE BRANCH, SECTOR 17-B, CHANDIGARH - 160017, INDIA	A79284220
14	10170608	15/02/2010 *	4,700,000.00	STATE BANK OF MYSORE	CORPORATE ACCOUNTS BRANCH-NO.3,4 & 5, DDA BUILDING, NEHRU PLACE, NEW DELHI - 110019, INDIA	A79862603
15	10171887	15/02/2010 *	8,500,000.00	STATE BANK OF BIKANER AND JAIPUR	106-108, BATRA BUILDING, SECTOR 17-D, CHANDIGARH - 160017, INDIA	A79272209
16	10169651	15/02/2010 *	12,100,000.00	UNITED BANK OF INDIA	SCO 32-33-34, SECTOR 17-C, CHANDIGARH - 160017, INDIA	A80294689
17	10167825	15/02/2010 *	12,519,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, SECTOR 8-C, CHANDIGARH - 160009, INDIA	A80326846
18	10169647	15/02/2010 *	14,100,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, SECTOR 17-B, CHANDIGARH - 160017, INDIA	A80006331
19	10170726	15/02/2010 *	14,100,000.00	CANARA BANK	SCO 117-119, SECTOR 17-C, CHANDIGARH - 160017, INDIA	A78889482
20	10168836	15/02/2010 *	38,200,000.00	PUNJAB NATIONAL BANK	MID CORPORATE BRANCH, SECTOR 17-B, CHANDIGARH - 160017, INDIA	A79284345
21	10170718	15/02/2010 *	129,600,000.00	CANARA BANK	SCO 117-119, SECTOR 17-C, CHANDIGARH - 160017, INDIA	A78889649
22	10136942	28/11/2008	150,000,000.00	CANARA BANK	SCO 117-118-119, SECTOR - 17 C, CHANDIGARH - 160017, INDIA	A54159892
23	10125335	19/09/2008	10,000,000.00	PUNJAB NATIONAL BANK	MID CORPORATE BRANCH, SECTOR-17 B, CHANDIGARH - 160017, INDIA	A47313952
24	10125334	16/09/2008	30,000,000.00	ANDHRA BANK	SECTOR 17 C, CHANDIGARH, - 160017, INDIA	A47315718
25	10078423	11/10/2007	100,000,000.00	CANARA BANK	SECTOR 17C, CHANDIGARH - 160017, INDIA	A27332410
26	10072624	28/09/2007	80,000,000.00	PUNJAB NATIONAL BANK	MID CORPORATE BRANCH, SECTOR 17 B, CHANDIGARH - 160017, INDIA	A25396847
27	10072625	28/09/2007	203,500,000.00	PUNJAB NATIONAL BANK	MID CORPORATE BRANCH, SECTOR 17-B, CHANDIGARH - 160017, INDIA	A25397431
28	10066378	25/07/2007	30,000,000.00	ANDHRA BANK	SECTOR 17C, CHANDIGARH - 160017, INDIA	A22312904
29	10039534	15/01/2009 *	65,000,000.00	PUNJAB NATIONAL BANK	MID CORPORATE BRANCH, SECTOR-17B, CHANDIGARH - 160017, INDIA	A56150253
30	10033230	15/01/2009 *	1,711,300,000.00	STATE BANK OF INDIA (LEAD BANK)	SPECIALISED COMMERCIAL BRANCH, SCO 103-106,SECTOR 17-B (OTHER BANKS AS ANNEX-A, CHANDIGARH - 160017, INDIA	A55750160
31	10020913	15/01/2009 *	100,000,000.00	CANARA BANK	SCO 117-119, SECTOR 17-C, CHANDIGARH - 160017, INDIA	A55859508
32	80008150	15/01/2009 *	75,000,000.00	STANDARD CHARTERED BANK	NARAIN MANZIL, 23,BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B16659799
33	80051672	15/01/2009 *	80,000,000.00	ANDHRA BANK	SECTOR 17C, CHANDIGARH - 160017, INDIA	A56110786
34	90180824	29/07/2004	12,000,000.00	CANARA BANK	SECTOR 17C, CHANDIGARH - 160017, INDIA	-
35	90180767	08/04/2004 *	36,000,000.00	ANDHRA BANK	SECTOR 17C, CHANDIGARH - 160017, INDIA	-
36	90183092	21/05/2013 *	2,807,500,000.00	CANARA BANK	SCO 117-119 (LIST OF CHARGE HOLDERS AS ANNEXURE), SECTOR 17-C, CHANDIGARH - 160017, INDIA	B75721894
37	90183050	10/04/2003 *	36,000,000.00	CANARA BANK	SECTOR 17C, CHANDIGARH - 160017, INDIA	-
38	90183032	12/10/2002	36,000,000.00	CANARA BANK	SECTOR 17C, CHANDIGARH - 160017, INDIA	-
39	80051678	15/01/2009 *	41,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	INDIAN RED CROSS SOCIETY BLDG., 1,RED CROSS ROAD, NEW DELHI - 110001, INDIA	A57512873
40	90178224	03/07/2001 *	41,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER; WTC COMPLEX; CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	-
41	80051676	15/01/2009 *	56,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	INDIAN RED CROSS SOCIETY BLDG., 1, RED CROSS ROAD, NEW DELHI - 110001, INDIA	A57513079
42	90182567	17/05/1999	56,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER; WTC COMPLEX, CUFFE PARADE; COLABA, MUMBAI- 400005, MAHARASHTRA, INDIA	-
43	90177990	15/01/2009 *	92,000,000.00	IFCI LIMITED	IFCI TOWER, 61 NEHRU PLACE, NEW DELHI - 110019, INDIA	A56112139
44	80051677	05/04/1999	92,000,000.00	THE INDUSTRIAL FINANCE CORPORATION OF INDIA LIMITE D	IFCI TOWER, 61 NEHRU PLACE, NEW DELHI - 110019, INDIA	-
45	90182334	03/07/2001 *	81,100,000.00	CANARA BANK	SECTOR 17C, CHANDIGARH - 160017, INDIA	-
46	90177760	24/06/1997 *	36,800,000.00	CANARA BANK	SECTOR 17C, CHANDIGARH - 160017, INDIA	-
47	90182229	12/11/1996	3,750,000.00	CANARA BANK	SECTOR 17C, CHANDIGARH - 160017, INDIA	-
48	90176496	15/01/2009 *	27,500,000.00	IFCI LIMITED	IFCI TOWER, 61 NEHRU PLACE, NEW DELHI - 110019, INDIA	A56111842
49	80051675	09/10/1996	27,500,000.00	THE INDUSTRIAL FINANCE CORPORATION OF INDIA LIMITE D	BANK OF BARODA BUILDING, 16 SANSAD MARG, NEW DELHI - 110001, INDIA	-
50	90182197	25/07/1996 *	63,200,000.00	CANARA BANK	IFCI TOWER, 61 NEHRU PLACE, NEW DELHI - 110019, INDIA	-
51	80051673	15/01/2009 *	108,100,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	INDIAN RED CROSS SOCIETY BLDG., 1,RED CROSS ROAD, NEW DELHI - 110001, INDIA	A57536088
52	90177650	16/11/1995	108,100,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	INDIAN RED CROSS SOCIETY BLDG., 1,RED CROSS ROAD, NEW DELHI - 110001, INDIA	-
53	90182119	22/01/1996 *	108,100,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	INDIAN RED CROSS SOCIETY BLDG., 1,RED CROSS ROAD, NEW DELHI - 110001, INDIA	-
54	90177622	15/01/2009 *	110,000,000.00	IFCI LIMITED	IFCI TOWER, 61 NEHRU PLACE, NEW DELHI - 110019, INDIA	A56110992
55	80051674	24/07/1995	110,000,000.00	THE INDUSTRIAL FINANCE CORPORATION OF INDIA LIMITE D	BANK OF BARODA BUILDING , 16 SANSAD MARG, NEW DELHI - 110001, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from related parties	144.532	42.532
Other loans and advances	371.853	217.283
Total	516.385	259.815

TEXTILE INDUSTRY AND FUTURE OUTLOOK:

During the current year, the Company has earned net profit, after tax, of Rs. 47.696 Millions, as against loss of Rs.71.466 Millions in the previous year.

The year 2012-13, was more or less reasonable business year for the Textile Industry. There was low demand in Garment sector. The export incentives were reduced. The Govt. also withdrew, 2% interest subsidy, on export credit limits.

The Company hopes to perform better during the year 2013-14 as it is expected that during the year 2013-14 the prices of raw cotton would remain stable and low. This would make ready availability of raw cotton during the year at stable prices. Further, higher foreign exchange rate and better yarn prices will increase profitability of the Company.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Contingent Liabilities not provided for:
a) Exports/Domestic bills discounted with banks against irrevocable letters of credit	436.893	306.565
b) Bank Guarantees and Letter of Credits outstanding:	600.361	562.983
Total	1037.254	869.548

FIXED ASSETS:

· Land

Buildings

Plant and equipment

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

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. 62.39
UK Pound	1	Rs. 101.80
Euro	1	Rs. 84.75

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.